Morning Oregonian. (Portland, Or.) 1861-1937, September 21, 1922, Image 17

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Morning Oregonian., September 21, 1922, Page 17, Image 17

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Newspaper Page Text17 BOND, RISE IS SPIRITED TnE MORNING OREGONIAN, THURSDAY. SEPTEMBER 21, 1922 pOKEIGX, INDUSTRIAL. AND LIBKKTY ISSUES .UP. , Leading French Loans Make Gajns or Point or More Spec ulative Rails in Demand. NEW YORK, Sept. 20. Some excellent bains were nm.de la today's relatively ight bond market session, foreign gov rnment securities, Industrial is-gues and iberty bonds being particularly prom- nent. French dollar bonds, regarded In some martera as an index of financial condi- ions abroad, were substantially better. ;ains of a point or more belns recorded y French s. Seine 7s, 8olssons us. Jarls-lJyons-Mediterranean 6s find Bel gian 7s. Mexican 4s and ts also moved up more han a point on announcement that unds to meet the initial payment on the tMexicael debt were on deposit in this tty. C'zecho-Slovakian 8s droppad nearly XL M to a new low. Liens of copper companies operating n South America strengthened in re ponse to the better stock prices, Chile 'opper 7s rising the s (.od Cerro e Pasco 8s 1. Distillers' Securities 5s jumped more than 4 points in reflection of 1m- orovement in the company's financial position, while Invincible Oil hs touched . new top in sympathy with the recent dvance of the price of that company's tock.- Gains of 1 hi points or more were Imade by Wilson company convertible es, Donnear Steel 6s and Republic Steel 6s. (Southern Bell Telephone 9s dropped three points. Railroad mortgages were not much m fdemand, but some speculative liens like New Haven 6s and St. Paul convertible -4 Us were a point or more higher. Chi tago & northwestern 7s and Illinois fOentral refunding 4s each yielded taoint. President Harding s veto of the bonus olll was believed to be responsible for the early strength in war issues of our own government, the liberty 3&s jump ing 24 points to a new high. Dut kliDDlnK back later when word came tha he house had passed tne Dili over me President's veto. Other. Issues regis Iteree: only nominal gains, tne lourxn 4s icfhr particularly active. Total board iJes, par value, were $12,921,000. Pool operations in special stocks, sev- era.1 of which were pushing up to new high records for the year, provided the ionlv Interesting feature In today a rel tlvely auiet stock maritet session, rrices In which were mainly upward. Short covering accelerated the advance n earlv dealings, but some unsettlement iwas noted towards the close on receipt iof Washington dispatches that the house had overriden the president s veto on tne onus bill and the calling; oi loans ana Sris In monev rates. Special demonstrations were staged in Austin Nichols, Beechnut Packing, Mal- inson Silk. White Eagle Oil, Tidewater Oil. Consolidated Cigtr, National Cloak & Suit preferred, federal tuning oi Hmeltine and American Zinc preferred, 11 of which established peak prices, tne et gains ranging from small fractions to i-nore than three points. Bull operations some of these issues were aided py rthe limited floating supply. Public utilities and oils were tnemosx tpopular of the standard shares, gains of Doint or more being recorded Dy Lon 40lid&ted Gas, Pacific Gas, . Western Union, Standard Oil of New Jersey and Tidewater Oil. Mexican Seaboard tans however, were reactionary. No definite movement took place in the rail group, price changes In which hvere largely nominal. Norfolk & West ern, Canadian Pacific, .Erie nrst pre- erred and Chicago & Nortnwestern pre erred were relatively heavy. Steel shares also showed little change, United States Steel common and Re public declining fractionally, while Mid- ale, Bethlehem B. and uull states moved to higher ground. Several weak spots were uncovered oy he bear faction In the final dealings, mtably British Empire Steel second pre erred. Marine preferred and United states Rubber common and preferred, the losses ranging from 2 to nearly ihi ipolnts. Copper shares were again active, se- fcuritles of South American companies -egisterlng the largest gains because or heir lower production. costs. Chile Cop per was pusned up over a pmoi una ractiona.1 gains were made Dy several domestic shares. Total sales approximated. .. buu.uuu fchares. Call money opened at 44 ano men hardened to 6. where It held until cios- ng. Rates for time money also were nclined to firmness. This was attrib- lited to the shifting of funds in con nection with recent government opera- inn- anil innntine fax navmenis. Foreign exchange rates continued heir upward course, despite the usual heasnnal heavy offering of grain and otton bills against export shipments, vhich were not as large, however, as , a number of other days in the last hree weeks. Demand sterling made a L-ood response to the optimistic reports oncerning the meeting between loro nrr.nn jind Premier Poincare on the near east situation, aemana oins veius fouoted at $4.43 3-16, or more than a ;:ent above yesterday s iigure. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland: Stock Sales. High. Low. Adams Express. 3.40O 200 2,400 Erie 3.100 1614 do 1st pfd.... 2,800 25 54 Famous playrs.. 2,500 100 Fed Mng & Sm.. 200 154 do pfd . . 2.S00 62. Fisk Tire 400 13. Gen Cigars 1.U00 62 Gen Elec 400 lhO Gen Motor 10.400 14 94 do 6'i -700 85 Gen Asphalt 3,200 66 Glldden Paint. .. 100 14 Goodrich T & R. 700 844 Glen Alden ..t. Granby 2.600 82hi Gt Nor Ore 2.400 40 do pfd . 1.800 H4 Greene Cananea.. 100 81 1& iiuii. a steel..... z,iou Houston Oil 200 Hupp Motor .... 1,100 15 24 80 Vi 15 60 81 179 14H 84 64 14 33 83 M. 22 224 21 Ills Central 600 114 113 112 inspiration 700 41 n 41 41 lat Ag Cor com ..... 0 do pfd 87 Interboro 2O0 1 y, ly, 1 do pfd 4O0 4 4 4 Int Harv 300 111 111 110 Int iler Mar l.soo 14 14 14 14? do pfd 8,600 60 57 68 Int Nickel 500 17 17 17? Int Paper 1,700 68 58 68 do pfd y5 Invincible Oil Island Oil Jewel Tea . . . K C Southern. do pfd ICayser J Kelly-Spgfld... Kennecott . . . , Keystone Tire... 6,600 16 300 200 18 1,200 24 200 58 6,700 47 1,600 44 7,800 36 V4 1 :tno STi. Lack Steel. 4 MOO -L Lee Tire 25 .-.cjusi! vaiiey.. o.nw iu? ill Lorlllard 000 179 176 Loew Theaters.. 5,000 22 21 L & N 100 138 13S Lima Loco 1,400 62 l . Marland Oil 2,700 40 40'' Maxwell Mot A.. 1,500 60 58 do B 2,400 10 18. May Stores 100 135 135 Mex Pet 17,000 182 190 Mex Seaboard.. 3,900 22 20 Miami 400 29 29 jiiu otaies iru.. s,4uu j;i 14 MldvaJe Steel 8,800 35 34 Z.OlNI 600 2,800 400 18 59 74 22 22 61 176 21 137 1 40 69 18 190 20 29 13 35 18 58 T4 22 22 60 10 159 62 86 87 26 J0 87 6 80 M K & T Wl Mack Truck.. Mont Power Mont Ward ., Mo Pan 1,200 do pfd 2,100 M St P & S S M Nat Biscuit .... 200 160 Nat Enamel 3,9)0 62 Nat Lead , SMt 106 Nevada Con .... 200 16 New Haven .... 2,000 82 Norfolk & W. 1.500 121 Nor American... 4,000 96 Nor Pac 1.900 88 Nova Scotia Steel . 36 p i Air crane.. mi 44 404 411 jn x central.... 4,200 , 99 98 Okla Prod ref . . . 1.600 2 2 Orpheum 6.300 24 28 Ontario & W.... 100 Otis Steel 100 Pacific Dev .' 4.300 Pac Gas & Elec. 3.700 Pacific OH 3,200 Pan Ann Pet... 17,800 do B 4.00O Penna 7.000 4 8 4S Penna Sea. Steel. 1.800 8 Peo Gas 200 97 97 Pere Marquette.. 900 38 - 38 Philadelphia Co l.oo 44 44 Phillips .Pete 2.000 52 Elk Pierce Arrow 400 13 13 Pierce Oil 7,300 6 6 Pitts Coal .. 2,100 71 70 Pitts & West Va 100 39 39 Pressed Steel Car 100 81 01 Punta. Aleere.... 700 48 48 Pullman ........ 3.000 135 134 fure oil 3.000 32 32 Ray Cons 1.400 15 15 Reading 1.300 78 79 Replogle Steel... 1,500 83 32 Republic I & 3.. 1.700 69 08 do pfd 92 Rep Motors 100 3 3 Royal Dutch Oil. 7,800 59 P8 Ry Steel Spg 100 120 120 Saxon Motors... 6,000 4 sears rtoeouck.. 200 Shattuck Ariz. 1,400 Shell T & T 200 Sinclair ...25,400 Sloss Shef 100 Sou Pacific .... 3.600 Sou Ry 2.800 do. pfd a.aoo Stand Oil cal do Ind . . 90 10 40 35 40 95 26 63 98 2 24 26 10 5 87 56 80 78 4S 6 97 88 " 44 51 12 6 70 39 91 47 134 32 15t 79 32 e 59 119 4 90 10 39 34 48 94 26 03 4,200 115 114 114 119 117 117 CHAPTER I It is easy to buy bonds WHO BUYS THE MOST BONDS? 70 26 ;4 Our records of sales of bonds of five strong California power com' panies -Pacific Gas & Electric, San Joaquin. Lignt & Power Cor" poration, Great Western Power, Southern CaliforniaEdison,West' em States Gas & Electric bring out these interesting facts: 70- of bond sales were to Indi viduals. . 3.6 of bond sales were to Banks. 4 of bond sales were to Insur . ance Companies. In the volume of sales: 46 of the total was sold to In dividuals. 33 ofthetotalwassoldtoBanks. ai of.the total was sold to In' , surance Companies. It is easy to buy bonds. Small amounts or large. Our service is the tame to all. Call or use the maiL Buy Bonds ! Ask for our booklet "It Is Easy to Buy Bonds" Name Address- ,. do N J 2,100 188 186 do Ky 108 108 St. L & S F .. 300 30 80 Stromberg Carb 400 53 iS3 Studebaker J.. .17,500 129 128 Hwirt & Co 1.500 5,200 1.700 800 3, t00 2.000 100 1.100 900 400 7 85 34 67 54 97 69 15 6S 13 2,500 3,300 1,600 K 1 85 58 100 103 500 46 1O0 41 1.400 61 300 1011 109 400 187 1 84 57 103 46 41 61 Bid. 81 39 68 13 1 84 57 102 45 40 61 109 300 100 1S6 186 121 28 A.gr Chem do pfd Max Rubber Vlaska Gold . .Vlaska Juneau vliied Chem . Vllia-Chalmers do pfd ..m Beet Sugar. Vm Bosch ...... vm Can Co .... do pfd 1 Car & fay.. pfd Am Cot Oil .... do pfd Vm Drug Synd Am Hide & L do pfd 300 71 Vm Ice 1.600 118 Vn Intl Corp 1,800 36 Vm Linseed .... 1,200 38 rin nfd lm Loco 1.300 124 123 124 do pfd 11" Vm Sal Razor. 200 7 7 m Ship & Com. 900 22 21 Am Smelter. ... 2.100 64 L 63 do pfd 400 103 102 103 Am Steel Fdy . 3,400 44 44 44 10O 82, 82 55 53 71 115 35 37 6 14 70 114 35 37 56 7 21 63 Am Sugar do pfd ....... Vm Sumatra . . Vm Tel & Tel , . m Tobacco . . . do B 82 110 42 1.200 43 42 6,300 122 121 122 600 165 162 162 400 161 159 159 !m Wool 7,800 100 99 100 do pfd 1U8 Am W P pfd 32 Am Zinc 2.400 21 20 20 Vnaconda 4,900 54 &S 04 Vssd Oil 116 Ivtchlson 1.300 107 106 106 do pfd 200 2 92 92 tl Coast Line. 100 121 121 121 Vtl Gulf & W I 10 32 31 31 laldwin Loco .16.400 137 135 iao do Pfd 200 115 115 114 Bait & Ohio ... 3,300 57 56 66 do pfd iuam Corp "A". 6,700 42 41 do B Reth Steel "B". 3.900 77 76 iooth Fish 1 R T 1,900 26 iutte C & Z... 1.000 7 iutte Sup . . 5.000 33 ilurni Bros "A" 2,900 188 do ' B" 500 4S addo Oil alif Packing .. 800 84 :allf Pet 1.800 64 do pfd 93 all Zinc & Lead 4.700 9 8 9 anadian Pac . 1.200 147 146 146 en Leather ... 1.70O 42 erro de Pasoo. 2,500 41 handler Motor. 10,100 01 hKO & N W ... 1.600 84 :hia Gt W do pfd ....... sou 'hill Cop 30,700 hino l."U i M & St P.... 1,800 do pfd 1.200 7 32 137 48 '84 63 42 40 59 93 40 27 78 9 25 7 32 137 48 10 84 63 Tenn C 4 C Texas Oil Texas Pac Tex Pac C & O. Tob Products .. Tran Contl Oil . Union B & P . . Union Oil Del. . . Union Pac United Alloy .. United Drug . . Unit Food Prod United Fruit Unit Rds of N J do pfd hit Ret Stores 3.700 U S. C I Pipe. . 100 U S Ind Alcohol 11.700 u s Rub 17,600 S Rub 1st pfd S.300 U S Smelting t-steei lo.ioo 104 do pfd 100. 122 Utah Copper .. 2.201) 69' va Jhem ..... 200 do pfd 400 Vanadium Steel. 900 Vivandou 2.600 Wabash 1,000 Wabash A pfd. 1,000 wabasn a pfd Wells Fargo . Western Pac . do pfd Western Union. Westingh'se A J3 do E M West Md . . . White Eagle Oil 6,200 White Motors... 1,600 White Oil 300 WJllys-Overland. 800 do pfd 20O Wilson Pkg.. ... 1,000 Wis Cent Woolworth Worthlngton P.. 2,200 W & L E...- 300 10 10 48 48 31. 30 20 28 65 64 14 14 75 - 75 20 20 3,200 152 151 151 I'm H 3 186 108 29 r3 120 109 10 48 81 2S 64 14 75 19 81 7 81 149 14 38 83 34 65 51 95 42 103 104 122 122 83 34 64 57 94 1.100 1.000 100 28 Oil 50 13 12 33 81 18 64 68 27', 64 49 13 12 32 79 18 64 69 27 65 50 13 12 82 21 81 18 64 1,400 117 115 116 ioo ion 103 102 1.200 700 63 in 32 51 .8 7 44 49 42 13 63 J 5 31 60 8 7 44 48 03 14 31 60 ? 43 ' 47 31 18 41 13 13 Liberty Bond Quotations. Liberty bond and victory note quota tions furnished by the Overbeck & Cooke, company of Portland: Closing. Open. High. Low. Bid.' Liberty 3s... 101.40 101.68 101.32 101.38 do 1st 4s. 100.70 o 2d 4s 100.04 100.10 100.04 100.00 do 1st 4s.. 100.64 100.70 100.60 100.64 do 2d 4e... 100.18 100.30 100.10 100.12 do 3d 4s... 100.30 100.88 100.28 100.28 do 4th 4s..l00.64 100.76 100.58 100.60 Vic. 4s call.. 100.32 100.34 100.30 100.32 do 1923 . .100 72 100.76 100.70 100.72 Swift & Co. Stocks. ' Closing prices of Swift & Co. stocks at Chicago were reported by the Overbeck & Cooke company of Portland as follows Swift & Co :..109 Swift International 24 Llbby, McNeil & Libby, new 7 ntiiiuiitti uuainer, new Gyrus Peirce & Company 1002 Wilcox Bldg. PORTLAND Phone Bdwy. 5915 Seattle San Francisco Lob Angeles news of developments in the near east and many of the issues dealt in closed at losses for the day. - Standard Oil Stocks. Standard Oil stocks furnished by the Overbeck & Cooke company of Portland: Bid. Ask. Anglo 19 Borne Bcrysmer ........... .430 Buckeye 97 Cheesebrough 200 do ufd no Continental ................ .143 Crescent 3o Cumberland 148 Eureka ..................... 9,' Galena 53 do old pfd .v 108 do new nfd ........... .103 Illinois Pipe 170 Indiana Pipe 96 National Transit 26 N Y Transit 170 Northern Pipe 107 Ohio Oil 300 International Pet 20 Penn Mex 20 Prairie Oil . ; 615 Prairie Pipe 270 Solar Refg 355 Southern Pipe 06 So Penn Oil 215 S W Penn Oil 00 S O Ind 117 do lvansHS .560 do Kentucky 107 do M Y 570 do Ohio 475 do pfd i 118 Swan & Finch 32 Vacuum 500 Washington 21 8 Nebraska 190 Imperial Oil . 111 20 435 98 205 113 141! 3 I."..) 97 56 112 105 174 98 27 175 109 305 20 29 625 274 36.-. 98 220 6.1 118 570 108 675 485 119 35 60S 200 112 East Butte 10 Franklin Mng 1 Hancock 2 Helvetia 1 Island Creek 106 Kerr Lake ......... 8 Lake Cop 3 La Salle ' 1 Mohawk 60 Mason Valley 1 North Butte 11, iNipiHSUlg .................. 6 North Lake SO 8 51 64 7 l Mining Stocks at Boston. Mining stock quotations at Bostom fur nished by the Overbeck & Cooke com pany of Portland: . Bid. Asked Ariz com . 8 Adventure - 50 Ahmeek 61 Algomab. 10 Allouez 24 Arcadian 2 Bingham Mines ........... 17 Cal & Ariz 61 Calumet & Hecla 280 Centennial 0 Cop Rge 40 )avis Daly 25 3 17 ' 62 285 10 40 4 Old Dom Cop Osceola Mining Quincy Mng . . South Lake . . . Unl Shoe Mch . do pfd South Utah Superior Cop ... Trinity Cop ... Tuolumne Utah Metals . . Utah Con U S Mining ... do pfd Utah Apex .... Ventura Victoria ....... Winona ........ Wolverine Wyandot 22 85 40 44 43 26 9 4 1 60 1 2 42 48 -2 28 1 1 J0 50 10 2 1 106 4 4 1 61 1 12 6 50 24 36 41 45 43 27 7 5 1V4 65 1 2 43 48 2 29 1 1 11 00 Foreign Bonds. Furnished by Overbeck & Cooke com pany of Portland: Maturity. Bid. ' Ask Belgian rest 5s 1919 83 65 do prem 5s 1920 6S 72 do 7s 1945 103 104 do 6s 1925 99 100 Brazil 8s 1941 102 102 do 7s 1952 92 92 British 5s 1922 88 90 do 11)27 91 94 do 1929 91 94 do vky 4s. ........ 1919 74 ' 78 do ret 4s 1919 75 77 U K 6s 1922 100 do 1929 106 107 do 1937 103 103 Bordeaux 8s 1934 80 81 Canadian Bs 1926 99 100 do 5s 1927 99 100 do 1929 101 103 do 8s 1937 99 100 do 1931 100 100 Chinese 5s 1951 52 54 Chile 8s 1941 104 104 French 4s 3917 47 48 do 5s 1920 67 69 dft 1931 58 59 ti $15,000,000 The Cudahy Packing Company Sinking Fund 5H Gold Debentures Dated October 2, 1922 Due October 1, 1937. Interest payable semi-annually April 1 and October 1 in New York or Chicago. Debentures to be in coupon form interchangeable denominations of $1000, $500 and $100, registerable as to principal only, the $1000 denomination being exchangeable for fully registered bonds. Coupon and registered bonds interchangeable. Redeemable as a whole or in part except for sink- . ing fund purposes, at any time, upon 60 days' published notice at the following prices and . accrued interest: To October 1, 1927, at 107, after October J, 1927, to October 1, 1932, at 105, and thereafter at 102, except during the last six months, they will be redeemable at par. INTEREST PAYABLE WITHOUT DEDUCTION FOR THE NORMAL FEDERAL INCOME TAX NOW OR HEREAFTER DEDUCTIBLE AT THE SOURCE NOT IN EXCESS OF 2 Farther information in regard to this issae is given in a letter of Mr. E. A. Cadahy, president of the Com pany, from which we summarize as follows: . The Cudahy Packing Company was incorpor ated in October, 1915, under the laws of Maine, to acquire the property and business of its pre decessor companies, originally organized in 1887, and is one of the largest packing house concerns in the country, having plants in South-Omaha,. Kansas City, Sioux City, Wichita, Salt Lake City and Los Angeles and 110 distributing branch houses in the principal cities of the United States. These debentures will be a direct obligation of the Company, and will constitute its only funded debt, except the first closed mortgage (dated De cember 1, 1916, due December 1, 1946), of which there are now outstanding $10,649,500 par value of bonds. Under the debenture agreement the Company will covenant, among other things, that so long as these debentures are outstanding : (1) It will not place any new mortgage on its present properties. (2) It will, at all times, maintain its net cur rent assets, as defined in the debenture agree ment, at an aggregate amount equal to at least 14 times the par amount of these debentures then outstanding, and (3) It will not pay any dividend on the Com pany's stocks which would reduce the Com pany's net current assets to an amount less than y times the par amount of these debentures then outstanding. The financial statement of the Company as of October 29, 1921 (the close of the Company's last fiscal year), including these debentures and applying the proceeds thereof, as well as the proceeds from the recent sale of additional first mortgage bonds, shows total assets in excess of $64,450,000 and net current assets and net tan gible assets, applicable to funded indebtedness of $27,195,969.96 and $52,888,633.14, respectively. It is estimated that the short term debt at the close of the present fiscal year will not exceed $7,500,000. At present the Company is operating on a profitable basis and will earn during the current year more than sufficient to pay dividends on its preferred stock. The profits, since incorpation of the present company, being for the six years ended October 29, 1921, after deducting all charges, including depreciation, all taxes and in ventory adjustments, but before interest charges,' have averaged $4,045,511.67 per annum. The annual interest charges on the funded and short-term debt, as based upon the Company's balance sheet as of October '29, 1921, to be out standing after this financing, and figuring inter est on the current loans at 5, will be $1,732,475. The debenture agreement will provide for a sinking fund beginning April 1, 1924, with semi annual payments amounting to $200,000 each, to' be made to trustee in cash or in the debentures at par. Cash so deposited with the trustee shall be applied to the purchase or redemption of these debentures at not exceeding 102 ' and accrued interest. The debentures thus acquired by the sink ing fund shall be cancelled. WE RECOMMEND THESE DEBENTURES FOR INVESTMENT Price 100 and accrued interest, yielding 5V2 These debentures are offered for delivery when, as and if issued and received by us, and subject to approval of counsel. Temporary debentures or interim receipts exchangeable for definitive debentures will be ready for delivery about October 5, 1922. All statements herein are official or are based on information which we regard as reliable, and, while we do not guarantee them, we ourselves have relied upon them in the purchase of this security. I Halsey, Stuart & Co. Incorporated Chicago, New York. Continental & Commercial Trust & Savings Bank Chicago. Geo. H. Burr & Co. New York, Seattle. F. S. Moseley & Co. Boston, San Francisco. do 7s do 8s Germs n w 1 5s do 4s Hamburg 4s . do 4s JJeipsig 4& .. do 5si Munich 4s ... do 5s Frankfort 4s . Italian 4s .... Jap 4s do 1st 4tts. do 2d 4Vis . Norway 8s ... Swedish 6s Denmark: 6s . . do 8s Russian 64s .. do 5tts Sao Paulo 8s. . Swiss 5 Vis do S3 l4r 1045 1918 11131 1L!5 19U5 1940 1939 1942 1945 1920 1919 1936 1929 1940 100 .40 .60 ' .50 .50 .50 .60 .75 .75 .75 34 Hlhi 94 314 111V4 105 Vi 9 111 1V4 13 102 104 Vi 121 V4 96 A 100 Vi .70 .90 1.00 1.00 1.00 1.25 1.25 1.25 1 . 25 35 82 Vi ' 84 94 112 llll! 100 111H 2Vi in 103 105 122 vice president, and Carlos C. Close, secretary and treasurer, was elected to the vice presidency, retaining also the office of secretary. Frank P. Kelly, for merly cashier of the company, was elected treasurer. Coffee Future Irregular. NEW YORK, Sept. 20. The market for coffee futures remained quiet and fluctu ations were irregular. The market closed net 2 points lower to 4 points higher. Sales were estimated at about -000 bags. September, 9.1.1c; October. 0.:ii-: De cember, 9.43c; January, 9.45c; March, May and July, 9.48c. Spot coffee, firm. Rio Ts, 10'i10Vic; Santos 4s, 1515Vic. Dried 1'rult at New York. NEW YORK, Sept. 20. Evaporated apples, nominal; prunes, unsettled; ap ricots and peaches, dull: raisins, steady. Chicago Oil Market. fBy Chicago Tribune Leased Wire.) CHICAGO, Sept. 20. Gasoline Tank wsiirnns. 21 e; service stations. 2-1'': iti- cMne. 27.9c. Oils Hummer. 11. 4o; wla ter, 11 0c. Carbon perfection Iron bar rels. 11V4C I.lnsU Raw, 1 to 4 hr rels delivery, fl i2; boiled. Il.ii. Tur pentine, 91.57. penattirerf air., hoi. 4'H. Head The Orernin r1-nMilf led a. , bonds quoted In dollars and Cerman cents. INVESTMENT BANKERS MOVE riark. Kendall Company In New Quarters. Clark, Kendall & Company, Inc., In vestment bankers, have moved to thel new quarters at the northwest corner of 'irtn. ana tarn streets. This firm started In business in Port land in 1911, and Its growth has been significant of the growth of the bond business in Portland during the past few years. Recently Walter M. Kendall, who was originally associated with Willis K Clark in the old partnership, resigned Money, Silver, Etc. isjsw iubk, Sept. 20. Call money. strong; nign, a per cent; ;ow 4V4 per cent; ruling rate, 4V per cent; closing via, o per cent; onerea at ovi per cent last loan, o per cent; call loans against acceptances, ovs per cent. Time Moans, firmer; mixed collateral, 60-90 days, 4V4 per cent; 4-6 months, 4 per cent.. rrrnw commercial paper, 4 'i rift 14 por cent. Foreign bar silver, 69 per cent. Mexican dollars, 53 Vic. Sept. 20. Bar sliver. 35 7-16 214 :oco Cola . 3.S00 & O Z.liUO olo F I olo Southrn... 'oi Gas & Elc. . iumbia Graph. on Gas .". ons Cigars.... do pfd ons Txtile 1,300 onl Can ....... 600 15 25 31 84 5lVi 70 75V4 15V4 24 29 33 V. 61 69 V 75 49 Vi 4: 40 6(1 93 6 15 25 30 33 51 69 75 83 49 111 111 3 3 orn Prod do pfd . . . osden Oil . R I & P.. do A pfd. . 200 49 1,000 112 400 3 12,200 143 141 142 4,200 41 40 41 100 81 10 88 .. 1.800 118 100 117 ..31,400 62 .. 6, tillO 48 oo 100 81 81 10V4 10 87 87 117 116 117 in 50 47 104 93 90 do B pfd 800 93 ibl 2,200 81 do nfd 2 una Cane 400 14 14 do pfd 1.100 86 36 uban Am Sug. . 8,100 25 24 avison cnem... 790 01 ou'A 1 &. Hudson 136 el A Lack .... 100 133 138 133 om Mines 800 38 37 37 :ic Sor Batt B.2(H 50 49 50 ;ndicot John.... 4,400 89 87 83 51 47 103 98 90 6 14 36 24 50 LONDON, per ounce. Money', 1 per cent. Discount rates: Short bills, per cent. Foreign Exchange, Foreign exchange rates at the close of business yesterday, furnished by North western xsationai Dark 01 Portland. The amount quoted is the equivalent of the loreign unit in united states xunas: Rate . .000020 . .072800 . .007000 . .0.12700 . .209000 . 4.452500 . .022000 . .077000 .000800 .022000 Country. Foreien Unit. Austria, kronen.: Belgium, francs......... Bulgaria, leva Czecho-SIovakla. kronen. Dtnmark, kroner England, pound sterling. Finland, fininark. ...... . France, f ra ncs ......... Germany, marks........ Greece, drachmas. ..... Hungary, kronen .003700 Holland, guilders .388000 Italy, lire r. 042500 Jugo-Slavia. kronen 00.1700 Norway, kroner. .171500 Portugal, escudos. . .057500 Roumanla. lei... 006700 Serbia, dinara .014500 Spain, pesetas. ................ . .152500 Sweden, kroner.... 266000 Switzerland, francs... .188000 China-Hongkong, local currency .57O500 Shanghai, taelg 7S0000 Japan, yen .490000 NEW YORK, Sept. 20. Foreign ex change, firm; Great Britain, demand. $4.43; cables. . $4.43 ; 60-day bills on banks, 54.41 Vi. France, demand, 7.66; cables, 7.67. ;ltaly, ' demand, 4.24; cables, 4.25. Belgium, demand, 7.24; Lcables, 7.25. .Germany, demand. .07; cables, .07 3-16. Holland, demand, 38.80; cables, 38.83. Norway, demand. 16.98. Sweden, demand, 26.52. Denmark, de mand. 20.80. Switzerland, demand, IS. 70. Spain, demand, 15.23. Greece, demand, 1.98. Poland, demand. .01. Czecho slovakia, demand. 2.93. Argentine, de mand, 85.75. Brazil, demand, 12.12. Mon treal, 99 13-16. Montreal Stocks Lower. MONTREAL, Sept. 20. The stock ex change reacted unfavorably today . to ONDS of WELL KNOWN CORPORATIONS still con- tinue to present most attractive invest ment opportunities. The long-term 6 bonds of the CENTRAL COAL & COKE CO., secured by First Mortgage, offer a high degree of safety and, character con sidered, a high return 64. Denominations of $500 and $1000 Call, phone (Broadway 5740) or write for fall particulars. Ask for oar current list of prime bonds. Do It Now Use our Partial Payment Plan Freeman, Smith & Camp Co. """m . San numxace lea Mhui Oamjmb nm ud rm tra. .nuso nm Lumbermen Bums.. Portland. Ore: pmomk . mn dwat S7o jCT fcii Ei fe-XEZTT m LI 0 n Pi EXPANSION Increased -demand by present users re quest for service by prospective users who are now out of reach make EXPANSION not only advisable but necessary by the Northwestern Electric Company. The Company is extending its lines and developing its business as fast as condi-, tions permit. But it takes money to do it ! The new offering of 7, Cumulative, First Preferred Stock makes it possible for thrifty investors to participate in these dividends and activities by purchasing shares now. The Company has never missed a dividend 'payment to its stockholders; having made 30 consecutive payments. Our Special Savings Plan makes it easy for anyone. 'Phone, write or call for illus trated literature and details to aid you in investigating his proposition. Price $100 per share. To pay 7 J. G. TAVARES Manager Stock Sales NORTHWESTERN Electric Company LIGHT POWER HEAT D r L Broadway 0580 Washington at Tenth ZR HEAT 1 j G. Tavare., tlS lit tock It lurk, I I rortluod. j Tl M .lilnnil In. formation regarding your Investment. Addree. , (O) of oaz90ii$ The Choice of Choice Mortgages 'T0 THE man or woman seeking: safe and profitable investment, our 67e Mort?apes offer excep tional opportunities. Each mortrn(t In carefully aeterted. the lPKal routine attended to an'i the collection of interrot and nrln- rlpal made for you by Tha J'ortUnd Trut Company of Oregon. Come form of d talk tkl laveatmrnt ton. Portland Trust Company of Orefjon SIXTH ANO MORRISON a4titia1d with - . Ihff Korttomstern KaUmlBati Important Bond, Financing WHERE LARGE SUMS ARE REQUIRED, WE ARE PRE PARED TO CONSIDER PRO P O S A L S INVOLVING IS SUING OF BONDS, OR PRE FERRED STOCK. BY PUBLIC UTILITIES, RAILROAD, TIM BER OR OTHER INDUSTRIAL CORPORATIONS HAVING A SUCCESSFUL RECORD BACK OF THEM, SUCH PROPOSALS TO COME DIRECTLY FROM PRINCIPALS. EXCLUSION OF MIDDLE MEN ON EACH SIDE OF THE NEGOTIATION AS SURES ECONOMY. EFFI CIENCY AND EXPEDITION. FEAR & GRAY 102 Fourth SU