17
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