Morning Oregonian. (Portland, Or.) 1861-1937, September 23, 1922, Image 21

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Morning Oregonian., September 23, 1922, Page 21, Image 21

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Newspaper Page Text21 TIIE MORNING OREGONIAN. SATURDAY, SEPTEMBER 23, 1923 WAR SCIRE HITS FINANCIAL MARKETS Stock Speculators Repur chased Declines. , ADVANCES MARK CLOSE N A Ed 6s C E I 6s M St P & S S M H 1948 M K & T 43 1090 M P sen 4s 1975 do ref 5a 1926 NYC deb 4s 1!3 do con 4s 18 do ret imp 4s 2013 do cv deb tts 135 N Y N H A H cv 6s 1948 N O Tex & Mex 6s. ........ 1935 N p P L, 4s 1997 X P 6s . 2047 O S L ref 4s 1929 Penna 6Hs 1936 do gen 44s 1W05 do 4 'as I"150 do gen 5s ...... 1963 do 7s -. -. l3W European Exchanges Show Mod- Recovery and Ster ling Loses Slightly. erate CBy Chicago Tribune Leased Wire.) NEW YORK. SnpU 22. What may be called secondary war scare over the Turkish dispute probably had some in fluence on financial markets today, but Its result was uncertanty and Irregular ity rather than actual weakness. On the stock exchange there was quite as much evidence, during the day, of speculators repurcnaslng on the decline what they had previously sold as there was of new professional selling. The market was in fact greatly confused ail day; it closed with as many advances as declines from Thursday's final prices and with the ad vances on the whole more substantial than the declines. foreign markets moved in much, the same way as our own; that is to say, they were irregular and undecided, but lot distinctly weak; which would appear to mean mat tne decline In prices ear ner in tne week had fairly "discounted whatever was unpleasant in the Euro pean political situation, also that little or no fresh apprehension had been caused oy today s cabled view of affairs from Constantinople. One interesting fact in the day's financial markets was the mod. ra.te recovery in the continental ex changes along with, the loss of the pre vious oays 4-cent recovery by sterling. it has become rather evident that ster ling la now bearing the brunt of the pressure caused by remittances from all European markets to provide for their puroaases or produce in this oountry. -r-rioe in tooay s Dona market moved as Inconsistently, with one another as did prices of stocks. French, bonds, which had advanced the day before declined again today; so did the United Kingdom Donas. AS a Whole, the dav's finnnr-lal movement indicated little except the di vergent and conflicting views of epecula- witn me atutuae or real Investors not In evidence. The ft per cent stock exchange call money market of the day before was not repeated. As a matter of fact, the disposition today was to lay more stress, as a cause for yesterday's t..uicuiiis in&ritet, on tne sudden de mand lor money to take out merchan dise from bond In anticipation of the higher duties than on withdrawals by standard Oil company of New Jersey was one of the features of the listed etandard.stocks today, gaining Si, points i eeiung witnin striking distance of the high level of the year. The rise In the stock, according to Wall street opinion, is based upon the belief that the company, probably within the ntt six montns. will make anextrs. distrlhiitinn cither in the form of a stock dividend or an extra dividend in cash. The report was also circulated declar ing that the company contemplated a re adjustment of the capitalization and in creasing it to one billion dollars. This report was followed by an official denial of the company, but Wall street paid little attention to the denial. New Jersey strength was followed by an advance in other Standard stocks, but some issues in the eroup sold off on profit taking. - For several days rumors have been cir culated .In the financial district declar ing that the Pennsylvania Railroad com pany was contemplating the sale of $50, 000,000 new capital stuck which was to be offered to stockholders at $50 a share. Announcement of the sale, according to report, was awaiting a further advance In the outstanding stock in order to per. mit the successful sale of the new issue. According to reports received in the financial districts from Philadelphia, officials of the company were questioned In regard to the reported offerrings, but they would neither confirm nor deny the rumor. Several years ago, one could hear on every hand in Wall street the solemn prediction that the automobile industry would be a "survival of the fittest," and that only the best and soundest of the corporations would continue to operate. For everyone that has dropped out in the last year there have been two to take its place. Despite the tremendous bulk of the German circulation, Berlin bankers con tinue to demonstrate the fact that they are past-masters at foreign exchange. In a week in which there have been crowded an international crisis, an increase in the German bank rate and a further tremendous outpouring of German cur rency, the mark not only has held steadily, but has even advanced, and it is not too much to say that some of the speculators whp sold marks around the .00 level, for the decline, expecting to "cover" at about .03 or .04 cents on the swing downward which was an ticipated, as the other exchanges pointed lower, are watching the foreign exchange market with something of chagrin. The low of marks this week was touched on Monday, when they sold at .0694 c. To day's quotation hovered around the .07 point all day. . liberty loans were under moderate pressure, owing to the scarcity of avail able lending capital on the stock ex change and were Blightly lower. The foreign government group displayed de cided irregularity with a break of a point la the French 7 4s featuring. On the whole, European loans reacted, the most important loss next to that in French bends being in British 6'4a in 1937. This quite naturally reflected the acute near east troubles.. An exception . was Norway 8s which rose about a point. Unusual activity and a striking re covery in Distillers' Jt Securities 5s was the overshadowing feature of the cor poration quarter. The bonds went up 2 points to a new high for the year, pre dicted on a confident belief that re organization plans may provide for con tinuation of the business without liqui dation. There was also a strong market for Atlantic Fruit 7s, also involved in a re organization. Buying of copper con vertibles continued, with the main gain shown by Chile Copper 64s. Magma 7s were under profit taking. New York Bonds. Furnished by Jordan, Wentworth Co. of Portland: Railroad bonds Atchison gen 4s 1995 A C Lf 4s 1952 do 7s 1930 B O gold 4s 1948 do con 44s cv 1933 do ref 5s ............. 1995 Cansda Southern 5s 1962 Canadian Nal eq 7s 1935 Canadian Nor C4s ......... 1943 do 7s 4 1940 Central Pacific Is- 4s 194U Cbes & Ohio cv 4& 1930 do gen 4 "4s 1992 do cv 5s 1048 do con Bs 1930 C. B & Q 111 div 4s 1949 C. A West Ind 4s 31152 C O & W 4s i. 1050 C M & St P 4s 1925 do deb 43 1934 do gen 4s A 19S9 do cv 5s . .... 2014 do g & r 4s A 2014 Reading gen 4s S A L. 4S do 5s ...... do 6s A Sou Ry con 5s...... So Pac cv 4s do ref 4s . .y do sf term 4s .... S P conv 5s SIL 4 S F P L i! 1997 1950 1949 1945 1994 1929 1955 1950 1934 A 1950 do gen 5s ., 1931 do P L, 5s B 1950 " do gen 6s 1931 do adj 6s 1955 do inc 6s I960 St Li & S W 1st 5s 1952 do con 4s .......x. 1932 do 1st 4s 1H Tex Pac 1st 5s . . . . 2000 Union Pacific 1st 4s 1947 do cv 4s ................. 1927 do ref 4s 2008 do 6s 1923 Union Tank 7s 1930 Wabash 1st 5s 1939 do 2d 5s 1939 West Pacific 5s . . 1946 M K T adj 5s Market St Ky, 96 4 85 4 105 84 4 67i 97 Ti 92 85 4 90 107 84 79 80 108 93 11114 94 4 100 101 110 85H By 27 63 99 3 Yj 81 84 104 751 100 91 104 85 77 Ts 81 78 80 99 84(4 05 89 195 103 100 86 63 89 FDREI6H BfliS SLUMP DECLINES RANGE TO NEARIiT FOUR POINTS. Portland Kallway, Light & Power One of Few Exceptions Weakness in Domestics. to osn !! Third A VA mil 5s - .... 66 Alton 8s 35 industrials l!!!.il Vntlrr fl . IflaS 83 Ami Agr Ch 7s 1941 104 Amn fun lit 5 s 1947 95 mn Toh To 1923 101i Anaconda 6s A. L 1929 102 do 7s B i 1929 108 Armmir cv 7s -190 IOO do ,44s 1939 913i Beaver Board 8s 1933 Beth Steel 7s 1923 do eq 7s , 1935 do ret 5s ., .4 1942 Cerro de Pasco 8s 1931 Chile Conv 6s A 1932 do conv 7s 1923 Copper Exp 8s 1923 do 8s 1924 do Ss 1925 Colo F & I gen fie 1943 Colo Ind 5s T 1934 Cuban Amn Sug 8s 1931 Cuban Cane cv 7s 1930 Distillers ,Sec cv 5s 1927 Diam Match 7s 1935 Dupont 7s 1981 Fisk 8s 1941 Gen Elec deb 6s 1952 do 6s 1640 Goodrich 7s ..-.1925 Goodyear Ss . . 1941 Heinz 7s 1930 Bershey 7s 1930 111 Steel deb 4a 1940 Ind Steel 5s 1952 Int Agr 5s . . . , 1932 Int Marine C T 6B 1941 Kelly Springfield 8 1931 Kennecott 7s 1930 Lack Steel fis 1923 do 1st 5s 1950 Libby McN It 7s 1931 Lis & Myers 5s 1951 do 7s 1944 Lorillard 7s 1951 do 7s 1944 Midvale 5s .. 1939 Morris & Co 7 Vis ........... 1930 Proc & Gamble 7s 1923 Republic I & St 5s 1940 Bdg 6 .... 100 Amn Sugar 6s 103 1061 102 97 127 96 109 102 102S 103 92 78 107 62 107 107 101 106 1U3 118 105 105 73 101 80 BS 108 ft luo 100 94 102 99 119 98 119 90 106 101 97 Chicago N W sf 5s 1929 do gen 4s 19S7 do tifes 193S do 7 1930 C R I & P ref 4s 1934 Colo Southern rf ex 4s... 1035 do 4s 192!) Dei & Hudson cv 5s 1935 do 7s 1930 D & R G cv 4s..., 1930 do ref 5s 1955 3o P U 4s 1996 c con 4s A 1953 do B 1953 do D 1953 Erie Pa C G 1951 Grand Trunk eq 6s 1936 Great Northern 4s 1961 do 7s 1936 Gt Trunk 6s 1936 do 7s 1940 111 Central joint 5s 1963 do ref 4s 1955 K C Southern ref 5s :. 1950 Ken & Des M 1st 5s 1923 IiSM8 4s 193t L 4 N il 1930 do unl 4s ............... 1940 Sears Roe 7s 1922 do 7s 1923 Steel & Tube 7s 1951 Swift & Co 7s 1925 do 7s 1931 United Drug 8s 1941 U S Rub 1st ref 5s 1947 do 7s 1930 U S Steel sf 5s 1963 Va Chem 5s 1923 Va Car Chem 7s 1932 West Elec os 1922 West U T col Tr 5s 1938 West Union 6s 1936 Wilson 1st 6s 1941 do cv 63 1928 West Elec 7s 1925 Westinghouse 7s:... 1931 Pub ic Ut ities Amn I-t & Tran Os 1925 Amn Tel coll 4s 192!) do 5s 1946 do 6s 1925 Bell Tel of Pa 7s 1945 B R T 5s 1945 Cal Gas unl 6s 1937 Cities Service 7s B 1966 de C 1966 do D 1906 Int Met 4s 1956 Int R T ref 5s 1906 Laclede Gas 7s 1930 Mont Power 5s A 1934 Northwest Tel 7s 1941 Pac Tel 5s 1037 Pac Gas os ............ . 1942 Souwest Tel 7s ............. 1926 Oil Bonds Anglo Amn 7s 1925 Galena S Oil 7s 1930 Gulf Oil 7s 1933 Humble 7s 1923 Pan Amn 7s 1930 Mex Pet cv 8s ,. 1936 Sinclair 7s 1925 8 O Cal 7s 1031 do N Y 7s 1931 Tidewater Oil 6s 1931 vacuum oil is 1936 100 101 100 107 102 in 90 107 103 100 105 100 100 112 101 99 108 108 106 . 92 100 115 106 65 98 131 96 91 16 72 102 99 107 99 94 103 108 106 104 100 102 106 106 105 100 103 lOV Foreign government Internal bonds- French Internal 4s French Victory 5s Beiffian Reatoratien 5s . . British 2 oonsols ... Itai Cons War Loan 5. L R Stockholm Christiania ,. Copenhagen Rupees ................. Argentine .............. Chile Brazil Peru Greek .' Holland Spain Czecho ................. Serbian Swiss Finland Foreign government Argentine 7a i.. Belgium fis Bolivia 8s : Brazil 8s do 7s Canada 5s Chile 8 Czecho-SIovak 8s Denmark 6s Dutch East Indies 6s do 6s 1917 1920 . 1927 . 1947 . 1947 . 1947 . 1952 . 1952 . 1940 . 3951 . 1642 . 1947 mil' j'rencn titles 6s 1034 Mexico External 5s do 5s Netherlands 6s . . Paris-Lyon-Mdtrn Kle de Janiero Ss .. Seine 7s CurN: bonds - Allied Packers 6s .. Am Tel A Tel 6s do 6s ; Anaconda Copper 6s do 7s Armour & Co 7s ... Beth Step 7s Galena Signal Oil 7s Gulf Oil Co 6s .. 3954 1954 1972 1958 3947-' 1942 3922 1924 1935 49 69 66 51 35 67 26.47 16.85 26. S8 29.50 35.75 13.90 12.55 4.01 2.10 3.87 15.26 3.15 3.32 18.68 2.18 3 02 103 97 102 90 99 103 83 99 95 95 80 55 40 94 74 100 88 81 100 101 101 303 105 302 106 104 Libby McN & Libby 7s 102 So West Te! 7s Stand Oil N Y 6s . do 73 . . . ." Swift & Co 7s do 7s Vacuum Oil 7s Brazil 7b Elberfeld 5s Prague 7s 1052 Hamburg 49 Mexico 4s 1045 Yuijo Slavia Rs inr2 Switzerland1 5s 199 . .. 1923 .. 1933 :. 3928 1925 ..1931 '." 11)52 1932-52 101 103 109 106 101 102 309 88 1 S3 75 40 91 104 ALL TRADE I.IXES ARE BETTER Improvement in Jobbing and Retail Busi ness and in Industries. NEW YORK. Sept. 22. Bradstreefa tomorrow will say: Improvement is the key word in the general trade and industrial situation, the use of this term being more wide spread, than at any time since early last spring. The cooler weather encouraging sales of heavy wearing apparel, strike settlements benefiting business and in dustry in coal mining and iron and steel centers, reaching of a final decision upon the tariff question, anl activity in building, with all that this latter im plies in the way of stimulating sales of lumber, brick, hardware, paints and allied lines,, were aH cited as causes for the better 'tone of Jobbing trade ad vices, also at retail and a better pace in industry. . A rally In grain prices.: by which wheat, corn and oats have been advanced to the highest levels of the month, this latter being mainly attributable to war talk, has been a slight additional stimu lant, then, too, the number of advances reported recently in many commodities, increases having exceeded declines for three weeks past and food index hav ing risen for seven weeks past, have apparently acted as a spur to some buy ing, although the effect of this has been more esuecially notable in wholesale and Jobbing lines. Weekly bank clearings were $7,453, 174,000.,. .. , Cottonseed Oil 'Market. Cottonseed oil futures -at New York, furnished by Jordan-Wentworth & Co., Portland: September, 8.209.40c; Octo ber, 8.238.26c; November, 7.737.75c; December, 7.757.77c; January, 7.85 7.86c; February, 7.07.95c; March, 8.02 ovs.unc. cpot, v.vvc 01a. xotat sales. 92 91 107 86 86 90 100 110 113 113 90 60 90 97 103 92 7S 54 4 60 78 7 68 68 - 60 112 110 86 60 98 100 112 78 47 65 52 52 64 9 107 95 112 104 113 99 60 94 93 63 107 93ti 101 m 1 13.600. .' NEW YORK. Sept. 22. Depression In the prices of foreign bonds in response to the weakened exchange rates and strain over tne near eastern situation was the outstanding development in to day's comparatively active bond market. Losses of 1 to nearly 1 points took place In Queensland 8s, Japanese 4s, French 7s, Belgian 7s and Seine 7s, while substantial fractional recessions took place in United Kingdom 6s of 1937, Queensland 6s, Dutch East Indies 6s of 1967, Argentine 6s and Rio de Janeiro 8s. Cuba government 4s fell nearly four points. Weakness in foreign issues extended to the domestic list, St. Paul convert ible 4s dropping 1 and declines of a point taking place In Minneapolis & St. Louis refunding 4s, Atchison ad justment 4s stamped, Chesapeake & Ohio convertible 6s, Norfolk & Western convertible 6s, Pennsylvania general 6s, New Haven convertible 6s, Invincible Oil 8s and Chile Copper 7s. There were a few exceptions to the downward trend. Distillers' Securities 6s pushed forward 2 points more, rep resenting a gain of 14 points during the week and 80 above the year's lowj Northern Ohio Traction & Light 6s and Portland Railway, Light & Power 5s each were up a point or more and some Improvement was noted in NassaO Elec tric 4s, Chile Copper 6s, Remington Arms 6s and Producers and Refiners 8s. Liberty issues were inclined to heavi ness, the fourth 4s yielding 16 points. Total sales, par value, were $13,432,000. The principal offering today was an issue of $5,000,000 4 per cent bonds of Detroit, which were sold to yield 4 per cent. Reports were current here that the Northern Pactflo was to offer between $4,000,000 and $5,000,000 of 4 per cent equipment trust certificates under the Philadelphia plan. Prices in today's stock market moved with an irregular trend with the losses again exceeding the gains. Trading, which approximated 1,100,000 Bhares, was largely professional. Opening prices were Inclined to sag, probably as the result of forced liquida tion due to the unwillingness or inabil ity of traders to meet overnight margin calls. When this selling had been completed the market rallied, but the bulls were unable to attract enough support to carry prices forward and the market fell baok again, bear traders taking ad vantage of reports, which later proved to be erroneous, that the Turks had entered the neutral zone in the straits. Short covering by this element added impetus to the brisk rally in the final hour which carried several popular shares above Thursday's closing quotations. Weakness in rails was attributed in part to selling orders of foreign origin. Trading was relatively light, and most net changes were of a fractional char acter. Southern Pacific was pushed up and Rock Island, one of the weak features yesterday, closed at a gain of a point. Standard Oil of New Jersey continued its upward course, registering a net gain of 3, while Standard Oil of Call fornla rose 1. Other changes in the oil group were unimportant. Motor shares mads a good recovery from early weakness, Studebaker im proving fractionally and Chandler gain ing nearly two points as a result of some extensive short covering. Chile copper continued to show re sistance to selling pressure, gaining frac tionally on the day. Mixed changes pre vailed in other coppers. Pullman company failed to respond to the preliminary decision of the Inter state commerce commission upholding Its sleeping car . rates, and variable changes took place in other equipments. American Radiator was the individual strong spot of the day, moving agalast the downward trend to a new 1022 high at a net gain of more than six points. Gulf States Steel also pushed forward to new high ground for the movement, registering a net gain of 2. Seasonal demand for funds caused a firmer tone in the money market. Call money opened nnd renewed at 6 per cent, the highest renewal rate since June 28, and then advanced to 6. where it held until closing. In the time money market, brokers bid 4 per cent for the shorter maturities, but the banks showed a disposition to place funds for longer periods at 4 on the theory that the present firmness is seasonal and not likely to last. A moderate amount of new commescial paper was received here, rates showing a firmer tendency. Further weakness in sterling was at tributed largely to the heavy offering of commercial bills against export ship ments, although uneasiness over the latest developments In the near eastern situation was a sentimental factor. Ex port purchases of wheat also had a stimulating effect on Canadian exchange. par Dias neing received for Canadian dollars. Continental rates showed only nominal changes, mostly downward. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & CooTte company of Portland: Sales. High. Adams Express.. 90O 80 Agr Chem 300 38 Ajax Rubber.... 2,100 13 l.zoo Erie 2,100 13 15 15 do 1st pfd.... 1.400 24 24 14" Famous Players. 4,200 07. 85 66 Fed Mng & Sm 12 do pfd........ 1,000 61 59 - 59 Fisk Tire 400 13 13 13 Gen Cigars 1.4O0 80 79 80 Gen Elec 300 178 177 170 Gen Motor . 1.S00 14U 14 14 do 6 84 Gen Asphalt ...12,400 63 61 62 G iddin Pa nt 14 Goodrich T R. -400 33 33 33 Glen Alden 57 Granby 600 30 30 80 Great Nor Or.... 400 39 39 39 do nfd 8.100 62 61 62 Green Cananec ..... 31 Gulf 8 Steel 11,800 85 83 8B Houston Oib.... 800 79 78 76 Hupp Motor .... 1,300 21 21 21 Ills Cent 1,000 112 111 11- Inspiration 2,100 40 80 40 Interboro do Df d . . . ...... Int Harv ...?. Int Mero Marine do pfd . . Int Nickel Int Paper 2,700 do pfd Invincible Oil .. 7,400 15 14 Island Oil 1,400 Jewel Tea 100 18 18 K C Southern... 600 23 23 do pfd 300 58 58 Kayser J 600 45 44 Kelly-Spgfld ... 1.500 43 42 Kennecott 8,400 35 34 Keystone Tire... 500 8 8 Lack Steel 1.800 81 81 Lee Tire 300 25 25 Lehleh Valley... TOO 69 68 Lnrillard ' i 174 Loew Theaters. 9,700 22, 21 21 Lima Loco .... 4,800 60 - 59 L & N , 4UO 130 JHO Marland Oil ... 2.200. 39 Max Mot "A"... 60067 do "B" 300 18 May Stores .... ooo 130 COO 110 110 . 400 14 14 6.900 58 57 4,800 17 16 67 56 89 67 18 129 1 3 11W 34 58 17 67 85 15 18 3 58' 44 35 8 81 5 68 59 13 39 67 18 129 Swift & Co Tenn Cop & Ch.. '300 10 30 Texas Oil 7,500 47 47 Texas Pac 2.600 29 29 Tex Pac C & O.. 3,400 25 24 Tob Products 6.000 03 62 Tran Contl Oil.. 2,500 14 13 Un Bag & Paper Union Oil Del... 600 19 10 Union Pac 8,300 151 149 United Alloy.... 2O0 38 38 United Drug.... 400 SO 79 United Fd Prod. 700 6 6 United Fruit 200 149 149 Unl Rds of N J. 00 15 35 do pfd U00 32 32 Unl Ret Stores.. 12,900 82 76 U S C I Pipe... 21)0 83 33 U S Ind Alcohol. 5,600 65 64 U S Rub 17,500 51 49 do 1st pfd 2,900 86 64 U S Smelting U 8 Steel 3,600 103 102 do pfd 700 122 122 Utah Copper 1,800-68 67 Va Chem 1,100 27 26 do pfd 300 65 65 Vanadium Steel. 9.000 48 47 Vivaudou 600 13 3 3 Wabash 5M' 12 12 do A pfd 6,000 82 31 do B pfd Alaska Gold Alaska Juneau.. Allied -Chem ..... Allls-Chalniers .. do pfd Am Beet Sugar. . Am Bosch . . . . . Am Can Co do pfd ....... 'Am Car & Fay . . do pfd tAm Cotton Oil. . do pfd Am Drug Synd -Low. 78 38 13 7,200 4,800 300 104 1,000 4 4 200 40 7,700 60 'ioo 187" 83N 81 56 65 104 43 40 Bid. 80 38 13 1 82 55 103 44 40 500 600 28 53 68 - 59 10S 187 180 121 27 27 53 53 6 Am Hide & Le'a 13 do pfd Am Ice Am Intl Corp .. . Am Linseed..-.. do pfd Am Loco ....... do pfd Am Safety Razor Am Ship & Com. Am Smelter .... do pfd Austin Nichols ,. Am Steel Fdy .. Am Sugar ...... do pfd Am Sumatra.... Am Tel & Tel . . Am Tobacco do 700 133 8,200 35 400 300 7,900 30 55 600 7 2,500 21 2,400 62 300 102 6,800 38 4.400 44 2,500 81 IOO 110 1.10O 42 8,000 122 too 11 'B" 400 157 O.lOO 99 300 109 20O 32 4-00 19 900 53 500 118 7,600 400 3,500 Am Wool do pfd do P pfd Am Zinc ....... Anaconda Aasd Oil Atchison- ...... do pfd ."V. . . . Atl Coaat l!ne. Atl Gulf & W I Baldwin Loco.. do, pfd Baltl & Ohio .. do pfd Barns Corp "A" do "B" Beth Steel "B" Booth Fish .... B R T Butte C & z. . . Butte & Sup. . , Burns Bros "A" do "B" Caddo Oil Caiif Packing . Calif Pet do pfd Callahan Z & L Canadian Pac . Cen Leather . . Cerro de Pasco Chandler Motor Chicago & N W Chgo Gt W do pfd 900 Chill Cop 14,800 Chino 1.20O C M St P 2,800 do pfd 6.200 111 33 30 55 121 "Y' 21 61 102 35 43 79 110 38 121 160 157 87 108 107 31 32 19 19 52 53 116 117 68 112 34 36 55 122 116 6 21 61 102 87 43 79 HO 39 121 161 157 98 6,400 104 103 104 200 92 300 119 1,400 30 3,500 135 56 65 40 92 119 29 132 64 63 37 4,800 76 800 9 2,300 24 100 7 . 2,800 82 700 137 1WJ , 47' 10 83 62 2K 400 1,800 1.000 5,700 2,200 2,800 6,100 3,300 75 9 24- 7 SI 136 -47 10 83 61 91 119 30 133 115 55 65 39 26 76 . 9 146 41 40 60 92 Coco Cols, C & o Colo F & 1 Colo Southern... Co! Gas & Elec. Columbia Graph. 5.700 4,400 600 300 14 26 30 33 51 68 74 83 48 24 7 32 136 47 10 S3 02 93 8 143 144 40 41 38 39 58 60 91 91 n 14 25 29 83 50 68 73 33 43 14 25. 29 32 49 67 73 33 48 Mex Pet 19.100 187 184 186 Mar Seaboard .. 3.080 21 20 21 Miami 700 29 28 28 Mid States Oil.. 8,600 13 13 33 Midvale Steel... 2.500 85 34 34 M K & T Wi 300 18 18 18V Mack Truck ... 2.400 57 66 67 Mont Power ... 400 73 73 73 Mont Ward -.'v. 3.100 22 22 22 Mo Pac 1,500 22 21 21 do pfd 4,000 68 68 69 M St P & 8 3 M 70 Nat Biscuit .... 100 158 158 157 Nat Enamel ... 4,700 61 59 61 Nat Lead ...... Nevada Con ... New Haven .... Norfolk Ic W... Nor Ameriean... Nor Pac Nova Scotia Steel NY Air Brake.. ooo su a as N Y Central.... 7,800 98 87 97 Okla Prod ref... 1.800 2 2 -2 Orpheum 2,000 24 28 23 Ontario W ... .-. z Otis Steel 100 -10 10 10 Pacific Dev 400 4 4 4 Pac Gas & Eieo. 1.800 86 48 85 Pacific Oil .... 5,000 67 55 66 Pan Am Pet ...15,800 79 77 ,79 do "B" 8.200 74 73 74 Penna 4.800 48 48 48 Penna Sea Steel 1,200 6 6 6 Peo Gas l.aoo 93 4 5 Pare Marauette. 1.500 87 38 87 Philadelphia Co. 1.800 45 44 44 Phillips Pete. ..10.400 61 . 49 -50 Plerce-Arrow ... 2.50O 13 12 13 Pierce Oil 2,700 6 6 6 Pitts Coal . 900 69 69 69 Pitts & W Va .. 1.400 88 37 37 Pressed Steel C. 1,000 00 88 88 100 158 158 4.700 61 59 400 104 103 104 200 16 16 16 6,000 31 30 30 1,700 119 118 118 3.UOO H4"A U3 V 4,000 86 85 85 IOO 36 3 3K 600 89 38 Punta Alegre . . '. . 46 Pullman 7.400 182 1304 131 Pure Oil 3,300 32 31 31 Ray Cons 2,700 Reading ...... 5,200 Remington .... 200 Replogle Steel.. 1,000 Republic I & S. 5,500 do Pfd 100 Rep Motors . . . 200 Royal Dutch Oil 8,900 Ry Steel Spg Saxon Motors Sears Robuok ..1,200 Shattuck & Ariz 100 Shell T & T Sinclair 1,500 Sloss Shef 400 Sou Pacific 17.300 Sou By 2,100 25 5-90 62 Cal. .12.400 116 117 116 196 191 do Ky 107 107 St L & 3 F..'... 1,300 29 28 Stromberg Carb. 300 61 51 Studebaker 89,000 126 124 15 78 36 33 67 91. 4 58 1.000 118 1,300 4 89 9 'S4 48 94 do Dfd Stand Oil do ind ....... .... do N J 18,400 15 77 38 32 65 81 4 67 117 4 88 8 '33 48 93 25 62 114 Wells Fargo. Western Pac. . .. do tfd Western Union.. West'house A B. do E A M West Md White Eag Oil. White Motors... White Oil Willys-Overld . . do Dfd Wilson Pkg Wisconsin Cent Woolworth Worthtn Pump.. W & L E 300 17 17 100 116 200 103 8,100 63 l.huo 1.0O0 1.000 1.O00 8,000 8 00 900 40O 100 184' 600 42 600 18 14 81 6U 8 7 44 . 47 15 86 32 ee 80 3 58 11 1 4 88 39 33 47 94 25 62 115 117 195 1U7 28 51 T 126 109 8 47 29 25 13 15 19i 149 8S 79 6 149 10 82 81 83 64 50 o 42 103 122 67 26 65 47 13 12 31 60 37 03 116 115 103 102 02 62 14 81 49 8 6 44 47 so 184 41 13 14 81 49 8 6 48 47 2 184 41 18 Liberty Bond Quotations Liberty bond and victory loan quota tlons furnished by the Overbeck & Cooke company of Portland: Closing ooen. High. Low. Bid. Liberty 3s ..101.46 1O1.5O1O1.32 101.3O do 1st 4s n00.30 do 2d 4s 100.02 do 1st 4 s... IOO. 56 100.60100.60100.64 do 2d 4s... 100.16 100.16 100.08 100.10 do 3d 4.. .100.24 100.28 1O0.20 100.20 do 4th 4s. .100.60 10O.6O 100.46 100.50 Vic 4s call ..100.84 100.84 100.80 300.80 do 4, 1923. lOO.TZ 10O.72 IOO.66 100.64 , Money, Silver, Ec. NTSW YORK, Sept. 22. Call money easier; high 5 per cent, low 5 per cent; ruling rate, 6 per cent; closing bid, 5 per cent; offered at 6 per cent: last loan. per cent ; can loans against accept ances. 4 per cent. Time loans firm; mixed collateral. 60- 90 days. 4 per cent; rour to o months; 4 per cent. J Time commercial paper, 4si4 per cent- Foreign bar silver. 69c. Mexican dollars, 53c. LONDON, Sept 22. Bar silver, .35 d per ounce. Money, 1 per cent Discount rates Short bins, 2 per cent; three) months' bills, 2i7 1-16 per cent. . I Foreign Exchange. Foreign exchange rates at the close of basiness yesterday, lurnisnea oy ive?rtn western National bank of Portland. The amount quoted Is the equivalent of the foreign unit in United States funds country unit. ' itate. Austria, kronen $ .000020 Belgium, francs .072300 Bulgaria, leva 007000 Czecho-Slovakia, kronen 032300 .211500 4.432500 .022200 .070000 .000775 .025500 .387700 .000700 .042500 .00300 .169000 .054500 .007000 .016200 .153200 .205500 .187000 .575500 .780000 Denmark, kroner England, pound sterling Finland, finmark France, francs Germany, marks Greece, drachmas ............. Holland, guilders Hungary, kronen .............. Ital v. lire Jugo-Slavia. kronen orway. kroner Portugal, escudos .............. Roumanlft, lei ................. Serbia, dlnara Spain, pesetas Sweden, kronor , Switzerland, francs China-Hongkong, local currency Shanghai, taels Japan, yen 490000 8,200 109 107 109 1,600 3 Cons Textile Contl Can ., Corn Prod . . do pfd . . . . Cosden Oil . C R I A P.. do A pfd. do B pfd. Crucible T.200 do pfd r. Cuba Cane 500 do pfd 300 Ctiiban Amn Sug" 3,100 Davison Chem. . 600 Del & Hudson.. 400 137 Del & Lack 100 133 Dome Mines 100 3 7 Elec Stcr Battry l.Rno 50 d Eodicott Johofioa 3,000 . Ai S 139 38 78 10 ss 3 Con Gas 13,200 140 138 Cons Cigars .... 1,900 39. 38 uo ptu .. 1,100 30 30 . 2.3 00 88 S5 .. 7,700 115 113 114 117 ..15,600 50 49 50 ..17,400 45 44 45 400 102 102 102 23 49 33 35 22 49 135 133 37 49 v4 88 . 95 33 35 35 135 1.'13 37 4UU 84 NEW YORK, change, heavy; $4.41; cables. banks, S4.BW4. cables. 7.58. cables, 4.19. cables. 7.18. .07 1-16; cables, Sept 22. Foreign ex Great Britain, demand, (4.41; 60-day bills on France, demand, 7.58; Italy, demand, 4.19; Belgium, demand, 7.18; Germany, demand, 07. Holland, demand 38.65; cables, 38.71. Norway, demand, Iflfta Sweden, demand. 26.50. Denmark. 'demand, 20.82. Switzerland, demand. 18.64. Spam, demand, 15. x. ureecfty derriand, 2.85. Poland, demand, .01 . Czecho-Slovakia, demand, 3.20. Argen tina, demand, 85.40. Brazil, demand, 12.12. Montreal, 99 31-32. Standard Oil Stocks. Standard Oil stocks furnished by the Overbeck & Cooke company of Portland: Bid. Asked. VnglO 20 20 Borne Scrysmer . 425 430 Buckeye 97 99 Gheesebrough 395 205 do pfd. 310 115 Continental ...144 147 Crescent 35 37 Cumberland ............. -.18 - 153 Eureka 95 07 Galena, com. ............ . 53 56 do Old pfd 108 112 do new pfd 103 105 Illinois Pipe 170 174 Indiana Pipe 96 88 National Transit 26 27 N Y Transit 170 175 Northern Pipe 107 109 Ohio Oil 302 805 Inetrnatlonal Pete 21 21 Penn Mex 26 29 Prairie Oil 630 640 I-rairie Pipe 273 277 Solar Refg -.860 370 southern Pipe 96 ' 98 ' South Penn Oil 215 225 W Penn Oil 60 65 S O Indiana 116 116 do Kansas. .............. .675 585 do Kentucky 307 .108 do New York 495 60O do Ohio-' 480 , 490 do pfd. 113 119 . Swan & Finch 32 3 Vacuum 495 600 Washington 22 25 5 O Nebraska 1S8 192 Imperial Oil 110 111 Swift A Co. Stocks. Closing prices of Swift & Co. stocks at Chicago were reported by the Overbeck 6 Cooke company of Portland as follows: Swift & Co 108 Swift International 23 Libby, McNeil & Libby, new 7 National Leather, new . . 7 Mining Stocks at Boston. Mining stock quotations at Boston, furnished by the Overbeck & Cooke com pany of Portland: Bid. ABked. Arizona Comm 7 8 A Hones 4 25 Arcadian 2 Bingham Mns 17 Calumet & Arizona 60 Calumet & Hecla 280 New Cornelia 17 Centennial 9 Copper Range 40 Davis Daly 4 East Butte 10 Franklin Mining 2 Hancock 2 Helvetia 1 Island Creek 104 Keweenaw 2 Kerr Lake 8 Lake Copper 1 3 La Salle J Michigan 2 juonawK ................... nit Mayold Colony Mason Valley North Butte North Lake Old Dominion Copper Osceola Mining ...... Ojlbway ............. Isle Royal South Lake , Supp Boston Uni Shoe Mch do pfd South Utah Superior Copper Tuolumne ........... Utah Metals U 8 Mining do pfd TJtah Apex Ventura 3 1 11 20 23 23 2 23 44 1 43 26 2 4 65 1 41 48 2 2RU. ................... 114 Wolverine ................. 30 Wyandotte 60 - JForergn conn. "aturitv. Bid. Belgian Rest 6s 1919 63 do Prem 5s 3920 68 do 7s , 3945 104 do 6s 1925 99 Brazil 8s 1041 102 do 7s .." 1952 91 British 3s t 1922 88 do 5a 1927 81 - do 5s 1929 61 do Vky 4s 1919 75 U K 5s 1922 100 "do 5s 19-9 107 do 6 s 1037 10.3 Bordeaux 6s 3 934 811 Canadian 6s ........ ..1926 89 do 5s 1927 D do 5s 1929 101 do 5s 1937 99 do 5s 1931 100 Chinese 5s. 1931 52 Chile 8s 1941 104 French, 4s 1937 48 do 5s 1920 69 do 5s 1931 59 do 7s 1941 87 do 8s 1945 10O ' German W L 5s 40 Berlin 4s . . .60 Hamburg 4s .50 do 4s 50 Leipsig 48 50 do 5s 50 Munich 4s 1... 1 .75 do 5s .75 Frankfort 4s 75 Italian 5s 1018 3 18 61 285 18 10 40 4 10 2 2 1 105 2 4 4 1 .'I 60 3 11 60 24 23 2 24 45 1 43 27 7 4 65 1 42 48 3 29 1 11 . 80 Ask. 65 72 305 92 90 64 64 77 S4 Jap 4s 1031 81 do 1st 48 1925 98 do 2d 4s .1925 93 Norway 8s .... 1840 111 Swedish OS 1939 104 Denmark 6s ........ 3842 98 do 6s 1945 110 Russian 5s 1621 13 do 5s . 1926 1 Sao Paulo 8s 1H36 102 Swiss 5s 3929 104 do 8s 1040 121 do 8s . . . 1040 121 German bonds quoted in dollars and cents. 107 103 81 100 300 102 300 100 54 104 71 71 60 97 100 .70 ' .'.(0 1.00 1.0O 1.00 1.25 1.23 1.25 1.25 35 85Vi 03 94 112 105 99 111 16 2 103 105 3 02 12 VALLEY LIBS LIFTED iVLIi GRADES AT YARDS HALF DOLIiAR HIGHER. Good Cattle Steady, While Poor Quality Drops; Supplies Do Wot C lea n Vp . jfo cattle were received at the yard yesterday, but there was held-over stock from 'Wednesday and some of this was still on hand when the yards closed. There was a market for good cattle. hlch sold at steady prices, but the poorer grades dragged. Strength was apparent in the lamo and sheep divisions. Valley lambs were quoted 3Q cents higher, with -the best on parity with atock from, east or the mountains. The -hog market was steady and un changed. Receipts were Sv hogra and 362 sheep. The day s sales were as follows Where - of taxation fall sassnssnsi esssseseesssesBsnessnsssssssssssssBssensssssei ssssssssssssssssss Nearly onejourih of all the city's taxes is v paid by 1-300 of its area WITHIN the area' shown in the accompanying diagram there are 89 city blocks, about 1300 of Portland's 66.6 square miles. Yet, despite their very small proportion to the city's total area, these 89 blocks pay nearly one fourth of all city taxes levied on private property. Think of the burden this small district of high, concen trated values is carrying! It is virtually the "nerve center" of Portland. It is affected every time a new bridge isproposed, every time a new road is considered even though that road be on the other side of the county. Ownership of property with in this area requires accurate knowledge of the cause and effect of all factors involved. Often it happens, as now, that fundamental changes are quiet ly working, unseen by many un til the results are beyond con trol. Property values are thus made and lost. Our experience is at your dis posal. We welcome the oppor tunity to make an appoint ment to discuss your property problems with you. The 89 blocks shown is this diagram about 1-300 of Portland's total area, pay 23 per cent of all city taxes. Eleventh UUUUi nnn LJ ll Ll L-J Ll ll lJ I - Mar- rrnnnorin on nnn" ntiA com a I Strong & MacNaughton rErrJt CORBETT BUILDING rp7 gl PORTLAND, OREGON IJwi Investment and Property Man agers for Estates and Individuals 8 steers. 7 steers. 3 steera. 1 st-eer. . 1 steer. . 1 cow. . . 9 cows. . 18 hogs. . 18 hogs. . 18 bogs. . 20 hogs. . 16 hogs.. 16 hogs. . 20 hogs. . 1 hog. . 8 hogs. . 18 hogs.. 15 hogs. . 11 hogs. . 14 hogs. . 4 hogs. . 2 hogs. . 10 hogs. . I hog... 12 hogs. .. 24 hogs. . 11 hogs. . 20 hogs. . 4 hoga. . 1 hog Wgt. Pes. 1045 J4.50 1101 6.60! 733 1250 1090 930 662 4.50 6.00 o.ool 4.00 8 lambs.. 154 Iambs. 60 lambs. 10 lambs. 2 lambs. . 140 lambs 4.00 1 ewe. . . 1 ewe. . . 1- ewe . . . 23 yearl. . 1 buck.. 18 hogs. . . 1 hog. .. 1 hog. . . 24 hogs. . 2 hogs. . 14 hogs. . 2 steers. 2 steers. 2 steers. 82 lamtw. 8 lambs. 9 lambs. Wgh. Pee. 70 18.30 71 11.00 66 8.00 97 8.60 110 8.00 86 11.00 90 2.O0 100 6.O0 170 4.00 85 7.60 1RO 2.00 250 10.60 260 6.60 3 30 8.00 240 30.00 ISO 11.50 231 10.60 965 6.75 1460 6.75 1370 7.00 68 11.00 86 9.50 68 8 00 81 6.00 120 6.00 125 7.00 85 10.50 R4 11.00 96 8.00 11S 8.00 the Port- 231 10.5OI 254 10.85 255 10.601 285 10.60 239 10.60! 202 10.75 248 10.60! 290 8.601 231 10.75 238 ITJ.7,I 251 lO-SlT 238 10.60 235 10.75 240 10.50 266 10.60 235 10.75 420 8.50182 ewes. 232 10.65120 ews... 225 10.751 2 wethers 252 10.60122 lambs. 248 10.75175 lambs. 255 10.751 8 yearl. . 270 10.7o16 mixed. Price Quoted yesterday at land Union stockyards were as follows: rfttu Choice toers I T.508 8.00 Medium to good steers 6.75 7.50 Fair ta medium steers 6.75 6.75 Common to fair steers ..... 4.00 ? 5.75 Choice cows and heifers e.OOifc 6.00 Med. to good cows, heirers. 3.oog 4.50 Fair medium cows, heifers. .. 3.006 8.50 Common cows" 2.00 3.00 Canners 1.50 2.00 Bulls ' 8.00 4.00 Choice feeders 5.00 6.50 Fair to good feeders 4.003c 0.00 Choice dairy calves ...-... 8.R04D 6.50 Prime light calves 7.00 8 00 Medium to light calves ...... T.OOfs 8.00 Heavy calves 6.00 7.00 Common heavy calves 4.00 5.00 Hotts Prima light 31.00iffll1.fl0 Smooth heavy, zuu'iraw 10s. lu.vuifl m.ou Smooth heavy, 3O0 lbs. up... 8.00 & 10.00 Rough heavy 7.00W a. 00 Fat pigs 30.5O&11.0O Feeder pigs lO.SO&ll.OO Stags, subject to change ... 5.00 7.50 Sheen East-of-mountaln lambs .... 30.00011.00 Choice of valley lambs 10.00tl.OO Medium valley lambs 8.00 10.00 Common valley lambs 8.00& 9.00 Cull lambs 7.00 8.00 Light yearlings B.OOSfl 8.50 Heavy yearlings 7.50 8 00 Light wethers 6.50(9 7.50 Heavy wethers 5.60 8 60 Ewes 2.00 6.00 Chleaco Livestock Market. CHICAGO. Sept. 23. (U. S. Depart ment of Agriculture.) tattle Receipts, 5000; slow; generally steady on all classes; some weakness apparent on veal calvea and bulls; choice matured beef steers and yearlings comparatively caree: early top beef steers, 811.65: bulk of quality and condition to sell at $9.35 & 10.75; western grassers in ngnt supply; hulk bologna bulls. $4 4.25; bulk de sirable vealers, f 12.50 13 to packers. Hogs Receipts, 18,000; desirable ngnt and butchers very scarce, 25 cents higher; others 10a-5 cents hiuheri bulk 130 to 250-pound averages, 10.3010.30; top, $10.40; 270 to 300-pound botchers, $9.80 0 10; bulk packing sows, $7.75?M.50; pigs mostly $99GO; heavy, $910.20; medinm, $9.7510.80; light, 10&10.40; light lights, $9.6510.10; packing sows, smooth, $88.75; packing sows, rough, $7.258.10; killing pigs, IS.75W9.05. Sheep Receipts, 9O00; fat lambs strong to 25 cents higher; early top natives, $14.75 to packers; bulk natives. $14 to $14.50; culls mostly $9.50; sheep and feeders' firm; eight .cars Washington lambs, mostly 'feeders, sold to arrive at $14.35; desirable Montana feeding lambs. $14.25; few good fat 96-pound Oregon yearling wethers, $11.75; best fat ewes $7.00. Kansas City livestock Market. KANSAS CITY. Mo., Sept. 22. (U. S. Department uf Agriculture.) Cattle Receipts, 5000; canners strong, generally $2. 501' 3; beef steers, stoekers and feed ers steady to lower; calves steady to weak, with practically nothing doing on heavies and medium weights; other classes steady, with no demand for Mock calves; early sales steers, $4.557.25; odd load feed offering. $9; moat common to medium cows, $4(&i5; early good grass heifers, $6 254 -best vealers around $11. Hogs Receipts, 3000; fairly active. 10 120 cents higher; shipper top, $9.75; packer top, $9.65; 140(9. 160-pounders, $9.25JF9.85; 1 80i 240-poundera, mostly $9.509.70; 250 300 - pounders. $9.30 9.60; . bulk, $9.109.65; packing sow steady; bulk, $7.75a8: one smooth load, $3.25; stock pigs steady; mostly $98.33. Sheep Receipts, 4000: killing classes steady to 25 t:ents lower; Utah lambs. $14.75; bulk range lambs, $14.25 S 14. 75 ; Colorado ewes. $5.756. Omaha livestock Market. OMAHA, Neb.. Sept. 22. (U. S. De partment of Agriculture.) Hogs Re ceipts, 6000; active; packing grades 25 85 cents higher; bulk, H8.50; 200 to 300-pound butchers. 15 25 cents higher; bulk, $8.859.60; top, $9.75. Cattle Receipts, 160O; all classes of cattle generally steady: foil loads of corn-fed .beeves up to $11. 05; few head prime yearlings at extreme top of. $11.35. Sheep Receipts, 6O00; fat lambs steady to strong; bulk westorn, $ 14.25i(j 14.35 ; natives, $14.25; clipped, $13.40: sheep steady; feeders strong to higher; top, $14.20. San Francisco Livestock Market. SAN FRANCISCO, Sept. 22. (Quota tions furnished by federal-state live stock market news service. baed on prices off cars at San Francisco.) Cattle Market strong and active ; beef steers, good grads, $7. 75 8; medium grade, $"i?) 7.50; common grade, $6&6.75; beef cows, good grade, $5.758; medium grade, $5.255.60; common grade, $45; can ners and cutters. $23.50; bologna bulls, $2.50t34. Calves Market slow and steady; 150 to 200 pounds, good and choice. $3.50$f9: 200 to 250 pounds, good and cnoice, $7.608.50: 250 to 300 pounds, good and choice, $8.607.50; over 800 pounds, $5.50S6.50. Hogs Market dull. valui frar?y steady; food and choice grain-fed Cali fornia. 160 to 200 pounds. $11 3 II. SO; 200 to 230 pounds. HO.iOiell: 250 to 800 pounds. I9.50W10B0; over 800 poundi. $3. 50 ft' 9. 50; smooth sows. 250 to i0 pounds, $i'ff7.50; rough iowi, I'.'O to shi pounds, $6ll8.50; over 300 pounds. $516. Sheep and lambs, full-wooied Market steady; lambs, good and choice grdB. $1 1.50 M 12; medium grade. $111 11.60; ewea, medium and good. $54?6; wethers, mertlum and good, $7r3.50; yearling wsthers, none offered. Keattle IJveslock Market. . SKATTLK. Sept. 22. Hogs snd cattle steady; no receipts: prices unchanged. - Fasco Livestock Market. PASCO UNION STOCKYARDS. Sept. 22. Large runs of good quality feeder cattle, both steers snd shs stork, gave buyera an opportunity to till their wunta for both range and feed lots. Heavy re ceipts in the feeder cattle section can be expected for the Immed'tate future. Prices held steady throughout the week. There were no hog on the market, but prices are bid steady with a week ago snd a good outlet could be had for a moderate run of feeder pigs. Fair 'receipts In the sheep section were reported. Aotive bid ding took place on all offerings, cleaning the pens daily. A large run of good breeding ewes is reported for next week. Prices on ahep and lambs are fully 73 cents higher than a week ago. Cattle' Receipts). 456; prime steers, $6-50f&7; good to choice. $u&6.50; com mon to fair, $5.50 i; feeder steere, 83 6.75; choice cows, $44.75; cholre heif ers. $4.6005 50; feeder cows. $368.73; stocker yearlings, $444.SO. Hoga Receipts, none; prime light. $0 4910; smooth heavies, $8i9: rough heavies. t'H: feeder pigs, $8,730)9.50. Pheep Receipts, 810; prime lamba, $10 8 11 ; good to choice, 10; feeder lamba, !).50rl0; choice ewes. M.60n3; yearlings, $7&7.50; breeding ewes, $9 12 per head. Metal Market. NEW YORK, 6pt. 22 Copper Dull; p!TtrnlvtliT"tBn1 fnfrpv 14rv Tin Firm; spot sad tutur, 12 30 S2 62r. Iron Htenrtv: pHcee onehnd. Ix.d mrong; spot, n.3C.7e. Z111. cjuln : Kat St. l.ouie spot sad nearby delivery, 6. so w H 850. Antimony upot, 7."Oc VKW YORK", "eft S3 Th American Smeltlnr lieflnlng compeny today ad vanced the price of lead from loo is 6. 25c a pound. QIOTATIONS OS DA IKY I'ROniCTJ Current Market Ruling so Ilulter, Che and ICgge. PAN FRANCISCO. Kept. 2 tV. B. Bureau of Agricultural rVonomlrs ) Butter Kxtraa, 52c; prime first. 434c; firsts, 61i Kkks Kxtres. 61c: prime firsts. 44"; firsts, 34o: extra pullets, I7e; under lined put.etfl. No. I, 37". Cheese California 'let, fancy. 22Se; firsts, 24c; California Young America, fancy, 2Hc. N K IV TORK, Sept. 52 Butter Strong; creamery hlhr then .wires. 434tt44o: creamery extrea, 42t4e. Kg Firm, l'sclflo coast while, ex tras, 68c. C'hene Firm. Live poultry Weak: rhi-kn t.y frelicht. 20u 2uc: by expr.se. 24 It 27. -; dressed, firm: western chirkens, !!Mv. old rooster. 1 -'' CHICAGO. Sept. 22 Putter, blgfler; cr.aiu.ry extra. 41o; first. 3.1 j .' . -tra first, 7(40c; aecouds, JltiJ-c; atandn-rds. 3c. Kmb Higher; retpt. s.via r: first. 28ac; oMInerv first. 2tn2- -. miscellaneous, il72c; refrigerator, first. H5 tt ib 4 c SEATTLE. Sept. 22. Butter and egg, unchanged rhon. your want d to The ore gonlan. All its readers are Inter lereHf In the classified rnllimni STATEMENT Of Income and Expenses for nine months ending August 31, 1922 "In escrow 99 is a conditional delivery of a deed or other in strument through a . third and disinterested party. Title passes upon . ' fulfillment of an agreed condition. . 'V OUR ESCROW DE PARTMENT is an experienced, impartial agency for such transactions. Through us, the wishes of all parties to a deal can be adjusted simultaneously and the interests of all fully protected. Inquiries solicited. Title and Trust COMPANY 91 Fourth St. Broadway 8565 M0ER1S BROTIERS CORPOMHON Government and Municipal Bonds morris building pnrtlaT.H Orio0hTi ?i,5IRJJ BROADWAY 2151 X UL UdilU,Vl UgUll SAf DEPOSIT BOXES Profit on sales .280,217.CC Other income, including interest on bonds sold 107,064.33 Total income $387,781.63 Income charges, including interest on bonds pur chased : 82,302.45 Expense of operations... 115,181.64 Total income charges and expense. $197,484.09 Net profit on operations $190,297.50 Jas. C. Cunning-ham... , President J. M. Clapp - Vice-President John I. Ktheridge Vise-President and Manager Charles Cleveland Treasurer N. C. Jagsrar Secretary John B. Shute. . . Asst. Secretary V. U. Coleman I Auditor A, U Taylor Cashier SAFE DEPOSIT VAULTS