Morning Oregonian. (Portland, Or.) 1861-1937, September 26, 1922, Image 21

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Morning Oregonian., September 26, 1922, Page 21, Image 21

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Newspaper Page TextTHE HORNING OREGONIAN, TUESDAY, SEPTEMBER 26, fW22 2L V hSTDGKS AFFECTED BY EASTERN CRISIS Trend Still Is Upward , New York Market. in DAY'S GAINS FRACTIONAL Advance, However", Occasions Jfo Enthusiasm Bond Market Dull and Uncertain, fBy Chicago Tribune Leased Wire.) KEW YORK. Sept. 25. Whether th ohnrinr nhsses of the controversy be- . Turkey and the entente allies, and between the allies themselves over the terms of comoromise with Turkey, are or are not the present governing influ- mu on financial sentiment, the move ment sn th surfafa of the markets ap narAnilv rpsnonrla to news from that strange negotiation. It could hardly be otherwise, when the buying or selling un der which the markets fluctuate comes almost wholly from professional Bpecu; latnrtt A veir a en the attitude was the same; all that could be inferred from the day-to-day action of the financial markets wji that the Dublic at large would nsithA, mu when nrices were forced down by professional operators, nor buy when prices were bid up. From this position there was practically no change until the rise of the foreign exchange, the fall in money rates and the subse quent notable broadening of the market lar investment bonds gave a new color to tb financial situation. .-The probability is that the charaoter lrit this coming season's events in all of taese directions win aeioiuuu - oftitnriB of the financial public As yet, with the possible exception of for avnhiuK'ft. the tendency is not plain In any of them, and even the weakness fnMm A-mhiinttA compared with Year ago Is commonly ascribed to the larger magnitude of the necessary au tumn purchases of our grain and cotton toy Europe. The trend of today's stock market was trpward from the start and most Stocks eleeed around the best prices of tho day. But the advance was fractional as a rule. Gains of a point or more were not very numerous and there were some deollnes. The agreements on the concessions to be rranted to the Turkish government doubtless had a hand in the recovery; not, however, to the extent of causing anything like enthusiasm. Even the French republic bonds, which advanoed U to In the early trading, ended prac tically at last week's final prices and United Kingdom bonds closed slightly lower There was no uniformity of movement in the pricea of government loans at London and Paris; they ad vanced in the one market and declined In the other. United States government bonds ended a small fraction lower. Since those bonds are selling now for less than their ruling prices before the soldiers-' bonus bill was disposed of, it iB pretty well proved not only that the defeat of that measure had been fully anticipated but that the actual restraining influence on ths market ts the impending announce ment of the treasury's plans to refund the maturing victory loan and other short-term debts. Foreign exchange rates moved In as purposeless a manner as security prices. Practically all the European exchanges advancc-d in the early hours of busi ness, but ended practically unchanged from Saturday. Among the numerous mofe or less conflicting movements of the day, the cotton market, whose de cline last week was popularly ascribed to the 'near eastern crisis," declined again today notwithstanding the turn for the better in that matter, whereas the wheat market, which advanced last week on the war talk. declined today and was declared to be declining be cause the crisis was past. All this probably illustrates the ex tent to which political Influences are overrated. Nevertheless, with the actual forces which determine the balance be tween supply and demand, so particu larly obscure in all the markets, we shall doubtless continue to hear of politics as tha cause of higher or lower prices. ' When the United States Steel corpora tion announced an advance lit steel rail prices from $40 to $43 a ton, to .take effect October 1, predictions were made In the street that a flood of rail buying would be witnessed before that date in order that the carriers might take ad vantage of the lower prices. This pre' diction has proved correct. "..s . Mexican Petroleum during the course of today's trading broke more than 4 points on reports that the state of Vera Crua was about to levy a local tax of 2 per cent on crude oil produced within the state in addition to a 5 per cent tax on all plants where crude oil Is re fined. The stock snapped 'back sharply, however, following reassuring remarks from local oil men with interests in Jlexlco regarding the situation. nirectors of the American Railway as ceiation are expected to hold their reg ular quarterly meeting in this city to morrow. According to information in railroad circles, the main topic to be discussed at this meeting deals with the current supply situation in view of tha 'fact that the railreads of the country within the next few weeks will face the neaviest trarnc oi the entire year. Higher prices for foreign bonds in a generally dull and uncertain market fea tured trading today, but Belgian T14s rose a point to 105. Another exception wasAnton Jurgens 6s, with an advance of Shi points. French 8s sold slightly above last week's closing level of par and the 7s also worked ahead. There was a good inquiry for Dutch Bast In dies 6s, of 1962. There was a spread of H of a point on two successive sales of Japanese 4s. Mexican 4s sustained a small loss. There was moderate shading of prices in the low-priced rails. An advance of a point in Canadian National 6s was a feature. American Sugar and Refining: 6s feil nearly a point from an early high of 104. Colorado Industrial 6s went up sharply from 7814 to around 80. , In liberty bonds half the group showed small advances and the others propor tionate reactions. N P P-L 4s 199T 91U N P 6s ,...,.,, 2047 jog O 8 I, ref 4s 1929 38 & Penna 6V4s 1636 111"A do . gen 414s. 1965 94$. do 414s ...,.. 1980 lOlli do gen-6s 1968 101 do 7s 1930 110 Reading gen 4s 17 86 S A L, 4s 1950 60 do 5s 1849 27 do 6s A '. 145 6714 Sou Ry con 5s 1994 9914 50 Pac cv 4s 1929 72 do S F term 4s 1950 85 S P conv 5s 1934 10414 51 L 4 S P P L (l A 19.10 7ol, St L & S F gen 5s 1031 100 St Ij & S F P L. 5s B. ...... 1950 90 St L, & 3 F gen 6s 1921 10414 do adj 6s 1955 85 H do ino 6s I960 . 77 St L. at S W 1st 5s 1952 81 do con 4s..,,, 1932 ; 78'4 do 1st 4s 1989 79 Tex Pac 1st 5s 2000 99 Un Pac 1st 4s.. 1947 9414 An r.f 4a. . 2fl08 89 do 6s. 1928 -105 10314 100 92V4 87 89 105 94 10114 10514 103 v4 104 9114 106 102 9614 12614 96 10914 103 Vi 1021i 91 79 108 87 B0 10714 108 J06 10114 11514 102 116 10614 105 93 101 80 109 10514 100 9414 10214 9914 11814 98 118 90 11614 101 97 100 101 10114 10114 103 111 90 107 103 100 Furnished by jo. ot jfortland. Railroad Bonds-- Atch gen 4s A C I, 43 do 7s B O gold 4a do con 414 s cv Sew York Bonds. Jordan, Wentworth 1995 1953 1H30 do ref 5s iit5 Canada Southern 5s ........ 1962 Canadian Nor. 614s 1946 do 7s 1940 Cent Pac 1st 4s 1949 Ches & Ohio cv 414s 1930 do gen 414 1992 do cv 5s 1946 do con os 1939 C B & Q 111 div 4s 1949 C & West Ind 4s 195a CO&Wta 1959 C M St P cv 414s 1932 do deb 4s 1934 do gn 4s A 19S9 do cv 5s 2014 ' do r & r 4'4s A 2014 Chgo N W sf 5s 1929 da gen- 43 . 1987 do 614s J93H do 7s 1930 C R I & P ref 4s 1934 Colo Sou rf ex 414s 1935 do 4s 1929 Del & Hudson cv 5s 1935 do 7s 1930 D & R a ref 5s 1955 Erie P Ja 4s 1996 do con 4s A 1953 do B J 853 do D 1953 Kris Pa C G 4s, 1951 Od Trunk eq 614 s 1936 Ot Nor 414s 1901 do 7s . 59SG Gt Trunk 6s ISSrt do 7s . .k 1910 III Cent t 5s 1963 do ref 4s lr5 K G Sou ref 5s 1950 Keo & Des M 1st 6s 1923 X, S-S M 3 4s X. ,& N 7s Ij & N unl 4a , M K ft T 4s M P gen 4s. ........... M P ref 5s NYC deb 4s do con 4s do ref imp 414s... w. do cv deb 6s N T N H & H cv 6a. . N O Tex Mex 6,,.. 1931 1930 1940 1998 1975 1928 1934 1398 2013 1935 1948 1935 02 81 108 - 85 8 90 100 113 114 90 90 90 97 102 9 '4 77 5314 72 6614 78 7614 68 101 90 112 109 85 90 9314 100 111 46 5 51 52 54 89 107 90 "4 112 105 113 98 90 92 Ul 93 107 ii 93 8414 60 97 91 85 90 106 84 7 TJn Tank 7s 1930 Wabash 1st as 1919 do 2d 6s 1939 West Pac. 5s 19- Industrials Allied Packers 6s... 1939 Am Agr Chem 7s 1941 Am Smelting 1st 5s....... 1947 Am Tobacco 7 1923 Anaconda 6s A 1929 do 7s B 1929 Armour cv 7a. ............. . 1930 do 4s . 1939 Bethlehem Steel 7s 1923 do eq 7s 193o do ref 5s 1B2 Cerro de Fasea 8s 1931 Chile cottv &s A 1932 do conv 7s 1923 Copper Export 8s 1924 do Ss .... 1925 Colo P & I gen 5s 1943 Colo Tnd 5s 1934 Cuban Am Sugar 8s 1931 Cuban Cane cv 7e 1930 Distillers Sec cv 6a .... 1927 Diam Match 7s 1935 Dupont 7s 1931 Fisk Ss 191 Gen Elec deb 5s 1952 do deb 6s ,1040 Goodrich 7s 1925 Goodyear 8s , 1941 Heina 7s J930 Hershey 7s 1930 111 Steel deb 4s 1940 Ind Steel 5s.. 7 1952 Int Agr os 1932 Kelly Spgtield 8s 1931 Kennecott 7e 1930 Lack Steel a .1923 do 1st 5s ... ' 19S0 Libby, McN & L 7s , 1931 Liggett & Myers 5s , 1951 do 7s 1944 Lorillard 6s 1951 do 7a 1944 . Mldvale 5s 1936 Morris & Co 7 1930 Procter & Gamble 7s , 1923 Re-publto I & fi 5 . 1940 Sears Roe 7s .1922 do 7s 1923 Steel & Tube 7s 1951 Swift & Co 7s 1925 do 7s ,.. 1931 TJn! Drug 8s 1941 U S Rub 1st ref Ss 1947 do7 1930 US Steel sf 5s 1963 Vnhm6 1923 Va Car Chem T l93a 105 West Elec 6s 1922 loo West U T col tr 6s 1938 99 West Union 6a 1936 112 Wilson 1st 6s 1941 101 do cv 6s 192S 99 West Elec 7s 1925 108 Westingheuse 7 1931 108 Public utilities Aran Tel eoll 4s 1929 92 do 5s 1946 10014 do 6s 1925 116 Bell Tel ot Pa 7s 1945 108 B R T 5s 1945 65 CnlGasuniSs 1937 98 Cities Service 7sB 1960 30 do7ol 19G0 91 Int Met 414 s 1956 10 Int RT ref 5s 1906 27 Laclede Gas 7s ., 1930 102 Mont Power 6A 1943 99 Northwest Tel 7 1941 107 Pao Tel 6s ....J 1937 99 PaoGasSs 1942 , 94 Souwest Tel 7s 1925 103 Oil bonis Anglo Amn7s 1925 103 Galena S Oil 7s 1030 105 Gulf Oil 7s , 1933 104 Humble 7s ................. .1923 100 Pan Amn 7s .-...,,.1980 102 Mex Pet cv 8s 1936 106 Sinclair 7 s 1925 106 SOCal7s 1931 105 SONY7S '. 1931 109 Tidewater Oil 6s 1931 103 Vacuum Oil 7 , 1936 109 Foreign government bonds Argentine 7s 1927, 102 Belelum 8s 1941 104 Bolivia 8s :.. 1947 98 Brazil 8s 1941 102 do 7s 1951 91 Canada 6s 1952 99 Chile 8s 1940 104 r'aecho-Slovak Ss . 1051 04 Denmark 6s 1942 09 Dutch East Indies 6s ....... 1947 u.i do 6s 1962 95 French Cities 6s 1934 80 Mexico external 5s 1954 5514 do 4s , 1954 40 Netherlands s 1972 94 Paris-Lyon Mdtrn 6s 1958 75 Rio de Janeiro 8s 1947 ' 100 Seine 7s 1942 89 Foreign government internal bonds Frenoh internal 4a 1917 48 do victory 6s ' 1920 69 Belgian restoration 6s 66 British consols 2s ,. 52 Italian cons war loan 5s ,. 35 Stockholm 27.63 Christianla . .... 16.89 Copenhagen. .....(....,. 20.90 Rupees 29 Argentine .... 85.30 Chile .... 13.90 Peru 4.01 Greek 2.30 Holland S8..17 Czecho t 3.14 Serbian 1.88 Swiss , 18.73 Finland , 2.20 Curb bonds Allied Packers 81 Am Tel & Tel 0s 1922 loo- do 6s 1924 101 Anaconda Copper -.0s .... 10214 do 7s 103 Anglo-Am Oil 7s 103 Armour & Co 7s 104 Beth Steel 5s 1935 102 copper express Ann ss .... 102 do 8s 1925 103 Galena Signal Oil 7s 106 gulf Oil Co 7s ... 103 Libby McN & Libby 7s 102 ouumweet lei is .... 103 Standard oil N J 8 1933 do 7s 1926 Swift A Co 7s 1925 do 7s 1931 Vacuum Oil 7s ....4 Brazil 7s 1052 Elberfeld 6s 1932-52 Prague 7s . , 1952 Hamburg 4s Mexico 4 ............ i .... . 3 945 Jugo-Slavift Ss . 3902 Switzerland Ss 1929 Netherlands (bid) , FOHEIGf. BONDS STEADY DOMESTIC ISSUES - LOWER AT NEW YORK. to 109 106 101 102 86 1 83 78 40 92 104 ,94 Mining; Stocks at Boston. Mining stock quotations at Boston lurnisnea oy me uverbeck & Cooke com pany of Portland: Bid. Asked. Arizona commercial 8 Adventure 50 Ahmeek .................... 62 Algomah 13 - Allouez 24 Arcadian , 2 Bingham Mines 17 Calumet & Arizona t. 60 Calumet & Hecla 2S3 New Corn 17 Centennial 9 Copper Range 3914 uavls .Ualy , 4 East Butte Franklin Mining Hancock Helvetia . .' Island Creek . . . Keweenaw Lake Copper ., La uiie 10 .. 2 1 .105 .. 214 .. 3 1 Michigan 2 Mass Con .................. 2 Mohawk 59 May-Old Colony 3 Mason Valley 1 North Butte ............... 11 iij,iaaj,iS a North Lake 30 Old Dominion Copper 23 Osceola Mining ............ 84 Ojibway - 2 Quinoy Mining 39 Isle Royale 22 South Lake 43 Superior Boston 1 United Shoe Machinery 43 do pfd 24 South Utah 2 Superior Copper - ............ 4 Tuolumne J 57 Ulah Metals 1 Utah Consolidated 2 U S Mining ................ 41 do pfd 2s Ventura 29 Victoria ..,.,........,...... 1 Winona ........... 1 Wolverine '.........,..... 10 Wyandotte. 50 Shannon 80 8 51 63 15 25 2T4 18 ' 61 284 - 18 10 40 4 10 2 2 1 106 214. 41 1 3 3 60 3 3 11 6 35 24 30 - 4? 23 44 114 43 25 7 1 65 1 2 42 28 29 : 1 1114 60 90 -Chicago Oil Market. CHICAGO, Sept. 25. Gasoline Tank wagons, 21c; service stations. 23c; ma chine. 27.9o. Oils Summer,- 11.4c; win ter, 11.9c. Carbon Perfection, iron bar rels, llo. Linseed oil Raw, 1 to 4 barrels' delivery, 1.02; boiled, $1.04. Turpentine, (1.58. Denatured alcohol, 40c. toffee Futures Irregular. NEW YORK, Sept. 25. The coffee market closed net 2 points higher to 8 points lower. Sales were estimated at about 21.000 bags. - October, 9.11c; De cmber, 8.26o; January, 9.27c; March, 9.29c; May. 9.28c; July, 9.22c. Spot coffee Steady; Rio 7s, 10e: Santos 4a, 13 to 15 Sac I Kelly-Springfield . Exception Reaction in Industrial List; Liberties Irregular. ' NEW YORK, Sept. 25. Prices in to day's relatively dull bond market, moved with an irregular trend. The foreign group held steady or moved to high 1ai,.1h hut a. number of the popular do mestic lines showed declines of a point or more. Large traders in bonds appar ontiv ham AdoDted a "watchfuK wait ing" nnldfiv. uending announcement of the terms of the government's refunding operations, which is expected shortly. Belgian S3 rose 1 and Caeoho-Slo-vakian 8a 1, while Swiss 8s equalled their high for the year and the French issues improved fractionally. Braiil s were down B points in sympathy with the recession in the exchange rate. Chicago & Northwestern 4s of 3987 rose nearly 3 points and Frisco 6s, series C 1. However, West Shore railroad 4s slipped back 2 and declines of 1 to 1 were registered by Rock Island refunding 4s, Chicago & Western In diana 4s, Kansas City Southern 5s and Missouri Pacific general 4s. Kelly-Springfield is, which moved u a point, were the outstanding exception to the rather reactionary tendency I" She industrialflist. Distillers' Securities 5s, which enjoyed a sensational advance last week, dropped 2 today and losses of a point or more took place In General Electrics 6s, Bethlehem Steel refunding os, Donnar Steel 7s, Cerro de Pasco Ss, Brooklyn Union Gas 7s and Wilson Pack ing convertible 6s. 4 Liberties were quite irregular wltn most of the changes downward. Total sales, par value, were $11,049,000. Syndicate managers of the $75,000,000 federal land bank bond offering, which was put out today, reported that the is sue was quickly taken. The books were closed before 11 o'clock. The upward movement in prices- was resumed in today's stock market, but trading was relatively light and fluctua tions generally were within narrow Lmlts, . - A heavy accumulation of week-end buying orders imparted a strong tone to tpening quotations, but when these were disposed of the market lapsed into dull ress. Short pressure against some of the ron-dlvidend paying rails and specula tive industrial favorites later caused some Irregularity, but the general list held up well under the selling pressure. Revived reports of mergers and capital readjustments were partly responsible for the continued rise in Standard Oil shares. Standard Oil of New Jersey crossed 199 to a new peak prloe for the year and Standard Oil of California also moved to new high ground. Another in dividual feature was Gulf States Steel, which was pushed up te a new 1922 high at 94 on a gain of nearly 5 points, but fell back to 91 at the close. The small floating supply el this stock makes It susceptible to pool operations. - Speculative telling of some of the cheaper railroad shares apparently was m anticipation of some poor earnings reports for August coming out In the next few darys. The August figures are expected to' show the principal effect of toe coal and rail strikes. Rock Inland was the principal target of selling pres sure, showing a net loss of 1 point on a turnover in excess of 20,000 shares. Baltimore & Ohio and St. Louis South western also were sold rather freely, but the offerings were 'well absorbed. -The substantial advance in merchan dising shares, particularly Woolworth and Kresge, was attributed to reports of increased retail- business. Woolworth advanced 6 points on a small turn over, while Kresge touched 180, a new high for the year, but fell back later to 177. May Department Stores also made an appreciable gain. St. Joseph Lead advanced 1 in re sponse to higher prices for the metal. Chemical shares also played a promi nent part in today's advance, Davison rising 1, American Agricultural Chem ical 1 and Allied Chemical . North American made a good response to the better earnings report of that company. Baldwin and Studebaker were sub jected to attack by professional interests in the late afternoon trading, each de clining a point or more. Mexican Petroleum, another specula tive favorite, was under pressure earlier in the day on rumors of additional oil taxes being imposed in Mexico, but came back Btrong and closed at a net gain of nearly a point on reports showing Au gust earnings at the rate of $5 a share. Sales totaled 750,300 shares. j Call money opened and renewed at 5 per cent, but eased off to 4 per cent In the early afternoon and held at that figure until the close. Time money was quiet, the shorter maturities being quoted at 4 to 4. Most of the commercial paper was quoted at a rate of 414 peri cent. A large offering of commercial bills caused' a slight recession in some of the foreign exchange rates. Demand ster ling bills were quoted just under $4.4? and French checks were selling on a 7. ill basis. CLOSING STOCK QUOTATIONS. Furnished by the Overbook 4 Cooke company of Portland: tatocK. Sales. Hirn. Low. Bid. Adams 'Express. 200 79 79 78 Adv Hum 18 do pfd 55 600 9.200 . 1,200 . 400 .22,100 . 1,400 900 Agr Chem Ajax ttuo AJaeka Gold... Alaska J'uneau. Allied Chem .. Allia-Chalmers 1,500 800 7,300 1,700 aoo 14 83 14 1 83 55 38 14 1 83 55 do Pfd ; 100 Am Beet Sugar. 100 45 45 45 Am Bosch 30O 41 41 41 Am Can Co 1,500 00 59 59 do pfd 10814 Am Oar & Fdwy 300 1SS 188 186 do pfd 120 Am Cot Oil 200 27 27 27 do pfd r..: Am Drug Synd. 614 Am Hide & L 13 do pfd Am Ice Am Intl Corp.,, Am Linseed ... do ptd 300 70 70 1,300 lit 113 500 35 35 1,400 88 37 300 58 60 112 34 37 OS Am Loco 1.300 123 12214 122 do pfd 118 Am Saf Razor,. 700 7 6 0 Am Sh & Com.. 1,900 22 21 21 Am Smelter. 60O 02 61 61 do pfd ...... 200 103 103 102 Austin Nichols.. 1,700 37 37 37 Am Steel Fdy. .. 4.600 44 44 44 Am Sug 90O 79 79 79 do pfd 100 110 110 110 Am Sumatra.... 200 40 40 40 Am T & T. 3,400 122 121 121 Am Tob 500 163 161 101 do B 400 3 50 158 158 Am Wool 3.4UO 99 98 98 do pfd 107 Am W P pfd... 600 35 34 34 Am "Zinc 100 19 "A 1!!' luu Anaconda 8,000 54 53 63 Assd Oil , 200 122 319 120 Atchison 2,600 106 106 105 do pfd si-. Atl Coast Line.. 1,000 119 118 119 Atl Gulf & W I. l,50l 31 20 30 Bald Loco 18,500 135 133 133 da Did Tir B & 6 5,000 56 65 6 ' do pfd Barnsdell Cor A 3,300 40 38 aa ts Beth , Steel B... 2,600 Gen Elec ... Gen Motor . do 6 Gen Asphalt tiiaain .raint Goodrich T A B 300 Glen Aiden ... ..... Granby 400 Great Nor Ore. 1,100 do pfd ...... 1.000 Greens Cananea 100 Gulf S Steel ..19.200 Houston Oil ... 2,500 Hupp Motor 1,400 Ills Cent 100 Inspiration .... 200 Int Ag Cor Com do pfd Interboro 100 do pfd Int Harv 300 Int Merc Marine 400 do pfd 1.200 Int Nickel 1,800 Int Paper 900 Invincible Q , , 4,600 Island Oil ..... 300 Jewel Tea 800 K C Southern . . 300 do pfd Kay Ser J 300 Kelly-Spgfld . . . 500 Keystone Tile . . 800 .Kennecott , 1,200 Lack Steel ..... ,bOO Lee Tire 100 Lehigh Valley... 3,200 LorlUard - ....... ..... Loew Theaters.. 5,600 L & N Lima Loco 2,200 Marland Oil 1,300 Maxwell Mot A.. 200 do B May Stores Mex Pet Mex Seaboard.. Miami Mid States Oil.. 2.200 Mldvale Steel... 2,400 M K &. T Wi.,, 800 Mack Truek .... 300 Mont Power Mont Ward .... 2,500 Mo Pac 1,000 do pfd 800 M St P & S S M Nat Biscuit Nat Enamel . . .. 4,000 Nat Lead 300 Nevada Con .... 200 New Haven .... 4,000 Norfolk & W... 1,500 Nor American... 2,300 Nor Pac 1,800 Nova Scotia Stl N Y Air Brake.. 300 N Y Central 2.700 Okla Prod ref. . 6,300 Orpheum 10,000 Ontario & W.... lf0 Otis Steel 100 Pacific Dev 100 Pac Gas Else. 2,600 Pacific Oil 10,000 Pan Amn Pet... 8,600 do B 2.100 Penna 1,700 Penna Sea Steel. 200 Peo Gas 400 Pere Marquette Philadelphia Co.. 900 Phillips Pete . . . 2.100 Pierce Arrow . . 400 Pierce Oil 600 Pitts Coal 00O Pitts & West Va 100 Pressed Steel Car 500 Punta Alegre 800 Pullman 1,900 Pure Oil 7,100 Ray Cons 300 Reading 2,100 Remington Replogle Steel.. 2,500 Republic I & S.. 2,700" do pfd 200 Rep Motors 300 Royal Dutch Oil 4,200 Ry Steel Spg 100 Saxon Motors . . 2.200 Sears Roebuck. 1.000 Shattuck Ariz. 300 Shell T & T 100 Sinclair 17,900 Sloss Shef Sou Pac 1.500 Sou Ry 2.3O0 do pfd 200 Stand Oil Cal.. 75,300 , do Ind do N J 14,400 do KY St L & S F Strom Carb... Studebaker. . . . Swift & Co. . . . Tenn C & C. . . Texas Oil Texas Pac Tex Pac C & O. Tob Produots.. Tran Contl Oil. Union B & P. . Union Oil Del. . 40O Union Pac 800 United Alloy United Drug... United F P...,. United Fruit... U R of N J... United R pfd.. United R S.... U S C I Pipe. .. U S I Alcohol. U S Rub do 1st pfd. . , TT S Smelting.. V S Steel do pfd , Utah Copper. . . Va Chem do pfd. , Van Steel Vivaudou Wabash do A pfd .... do B pfd -Wells -Fargo Western Pac do pfd Western Union. 100 West A B 200 do K & M... 1,100 West Md White Eagle O. White Motors. . White Oil Willys-Ov do pfd Wilson Pack... Wis Central... Woolworth Worth Pump.. W & L E 179 J 3.800 64 84 32 39 93 31 94 81 23 113 40 31 39 93 31 91 79 22 113 40 109 14 58 17 58 16 19 23 46 43 8 85 82 26 9 '21 '60 41 58 19 133 189 21 28 13 85 18 67 73 23 22 60 09 ' 59 87 57 79 7 j 48 6 95 500 117 4 89 IS S4 " 23 63 116 117 196 107 23 18.600 128 12S 300 6,600 500 1.200 3,100 2,400 30 48 30 25 64 14 10 47 29 25 63 13 19 151 19 150 .1,000 400 . 400 100 7.500 1,200 3,400 100 15,200 200 1,200 7 149 15 S3V4 83 '.65 51 104 122 68 5,200 -300 1,200 900 49 1-S 12 82 148 15 32 80 '65' 51 98 103' 122 67 48 13 32 700 500 40l 4,600 3,500 700 114 102 63 '32" ' 50 . 8 6 42 47 200 190 200 13 114 102 62 '32' ' 49 8 6 40 47 190 '13' 3714 44 51 13 6 69 37 89 46 132 32 15 78 3S 34 604 00 3 59 116 V, 4 89 30 .19 34 47 94 25 62 117 117 197 107 29 52 126 108 - 9 '47 29 25 64 13 73 18 15014 37 80 6 148 " 15 33 83 33 65 51 97 38 103 122 67 26 65 47 33 12 32 21 79 3 7 63 114 102 63 34 31 49 8 6 41 47 29 190 41 13 liberty Bond Quotations. ' Liberty bond and victory loan quota tions furnished by the Overbeck & Cooke company of Portland: Closing open. Hign. Low. Bid. Liberty 314s.. . .101.26 101.38 101.12 101.20 do 1st 4s 100.40 do 2d 4s 99.90 do 1st 4s.. 100.54 100.64 1OO.50 100.42 do 2d 4s.. 100.08 300.412 100.00 30O.00 do 3d 4 Ws. .300.14 10O.2O 100.03 100.02 do 4th 4 s. .100.48 300.48 100.28 3 00.2S Vic 4s call.. 300.30 300.30 300.28 300.28 do 4s 1923.100.66 100.70 100.63 100.66 Money, Silver, Etc. NEW YORK, Sept. 25. Call money easier; high, a per cent; low, 4 per cent; ruling rate, 5 per cent; closing bid. 414 per cent: offered at 5 per cent; last Booth Fish B R T ButteaO & Z. . Butte & Sup.. Burn Bros A. do B Caddo Oil .... cal Pack Cal Pet 76 9 24 7 32 1,300 337 137 700 48 47 100 31 10 200 84 84 8,000 65 63 10 1,400 000 200 75 a 24 7 32 05 39 26 75 9 24 T 32 137 47 10 83 63 do pfd . : hr. Cal Zino & Lead 2,100 9 9 0 Can Pao Cefct Leather.'. trerro ae Pasco Chand Motor.. Chi & N W... Qhgo W. do prd .... Chill Cop .... Chino ........ C M St P.... do pfd Coco Cola . . . C & O Colo F & I. 1,700-147 42 39 61 83 . 6 15 26 30 33 51 71 75 34 146 41 38 60 92 6 15 25 29 32 60 69 74 84 145 42 38 60 92 6 15 35 29 33 60 70 74 33 1.600 1,800 2,000 1.400 500 1.300 4.000 1.100 1,000 200 6,500 1.200 300 Colo Southern 48 ia Col Gas & Elec. 5,200 112 110 111 Columbia Graph 600 8 54 3 3 ton eras ....... o.otiu 141 . Jdn Cons Cigars ... 1,100 39 38 do pfd Cons Textile .. 400 Contl Can 4.300 89 87 Corn Prod ...J 1,200 117 116 117 do pfd 118 Cosden Oil 6,600 50 60 C R I & P 20,700 45 43 do "A" pfd .. 300 102 101 do "B" pfd .. SOU 93 92 Crucible 2,300 90 89 dO Pfd ...... ..... Cuba Cane .... 300 14 14 do pfd TOO 3G1& 30 Cuban Amn Sug 2,100 23 23 nvtMnn Chem . 4.R0O 521 M Del & Hudson.. 100 136 13(i'l3 De! L Lack ... 400 134 133 133 Dome Mines 1,000 39 38 38 Elec Stor Batty 800 53 60 54 inaicoLt doas.. u Erie 2,800 do 1st pfd . . . 900 Famous Players 1,500 Fed M & Sm pfd 12 do dii J.UU uu ou tm Qen Cigars ,jbs, .--. fc 80 139 38 78 10 88 60 43 101 92 89 95 13 36 22 61 Mortgage Loans PROSPECTIVE home-build-ers find us ever ready to accommodate them with money when conditions may warrant. Loans are also made on Apartments, Flats and Busi ness properties so that we are in a position to care for the borrowing; needs of prop erty owners of all kind's. Talk it over with us. Portland Tryst Company qf Oreson SIXTH AND MORRISON ojffiliaied with , , ? tortfovestprn, National Bmk 8lf"-WrTm",'t- 8B 15 25 98 8u 15 24. 97 85 15 24 97 Crystallization It has peen determined that vibration, through the- constant pounding- of the wheel, crystal lizes and shatters rigid pave ment just the same as vibration causes the same result in the finest of steel. A non-jarring, or resillient surface In pavement, like that in Warrenite-Bitulithic, Is, therefore, deemed a neces sity to avoid crystallisation of the pavement and reduce to a minimum the process of crystal lization in the steel parts of the vehicle, " loan, 4 per cent; call loan against ac- Time loans, firm; mixed collateral, 60 90 days, 44 per cent; 4-6 months, 4 per cent. Prime commercial paper, 4 4 per cent. Foreisn bar silver. 69 per cent. Mexican dollars, 53 c. . v LONDON, Sept. 25. Bar silver, S5d per ounce. Money. 1 per cent. Dis count rates, short and three months bills, 2 per cent. Xerei-rn Excliajigre. Foreign exchange rates at the close of business yesterday, furnished by North western National bank of Portland. The amount quoted is the equivalent of the foreign -unit in United States funds: Austria, kronen ( .000020 Belgium, francs .. .0732 Bulgaria, 'eva 0070 Czecho-Slovakia. kronen 032S Denmark, kroner 2195 England, pound sterling' 4.4400 Finland, finmark 0225 France, francs 6770 Germany, marks 000775 drachmas .0270 Holland, guilders , 8880 Hungary. Kronen . . Italy, lirs Jufro-Slavia, kronen Norway, "kroner . . . Portugal, escudos . Roumania. lei .... Serbia, danara .0007 .0423 .0038 .1695 .0545 .0068 .0153 .1535 .2665 .1877 .5750 .7800 .4900 Spain, pesetas Sweden, kronor Switzerland, francs China Hongkong, local currency Shanghai, taels Japan, yen ... NEW YORK, Sept. 25. Foreign ex change, steady: Great Britain, demand $4.41, cables $4.42, 00-day bills on banks $4.89; France, demand 7.61, cables 7.62; Italy, demand 4.23, cables 4.23; Belgium, demand 7.16, cables 7.17; Germany, demand .07 1-16. cables .07; Holland, demancj 38.68, cables 38.76; Norway, demand 16.89; Sweden, demand 26.47; Denmark, demand 30.87; Switzerland, demand 18.70; Spain, de mand 15.32; Greece, demand 2.50; Po land, demand .01 : Czecho-Slovakla, de mand 3.14; Argentine, demand 35.60; Brasll, demand 12.12; Montreal, 100. Swift Co. Stocks. Closing prices of Swift & Co. stocks at Chicago were reported by the Overbeck & Cooke company of Portland as follows: Swift & Co 107 Swift International 23 Libby. McNeil & Libby. new 7 National Leather, new 7 Standard Oil Stocks. Standard Oil stocks furnished by the Overbeck & Cooke company of Portland: Bid. Ask. Anglo 20 Borne Scrysmer 425 Buckeye 97 Cheesebrough 195 do pfd 110 Continental 144 Crescent 36 Cumberland 148 Eureka c 97 Galena com 53 do old pfd ' 108 do new pfd 103 Illinois Pipe 170 Indiana Pipe 06 Natl Transit ....4 26 N Y Transit 170 Northern Pipe Ohio Oil Interl Pete ... Penn Mex Prairie Oil . . Prairie Pipe . . Solar Refg Southern Pipe South Penn Oil SO Ind ,. S O Kansas . . . S O Kentucky . SONY S O Ohio . .10' . . ..300 ... 21 26 . . . 035 ...270 ...360 96 215 ...117 . . .690 ...106 . . ..498 . .490 do pfd 118 Swan & Finch Vacuum Washington .. SO Nebraska Imperial Oil . 30 ..601 ....188 Ill 20 435 99 203 115 147 37 153 98 56 112 105 174 98 27 175 109 305 21 29 645 273 370 98 225 117 595 107 602 4115 119 34 605 25 192 113 Foreign Bonds. Reported by Overbeck A Cooke com pany 01 Portland: Belgian Rest 5s 1919 do prem 5s 1920 de 7s IMS do 8s 105 Brazil 8s 1941 do 7s 1952 British 5s 1922 do 1927 do 1929 do Vky 4s 1919 TJ K 6s 1922 do 1929 do .' 1937 Bordeaux 6s 1934 Canadian 5a 19211 do 5s 1I1H7 do 1929 do 6s 1937 do 1931 Chinese 5s 1951 Chile 8s 1941 French 4s 1917 do 6s .i..... 1920 do 7s 1941 do 8s 1945 German WL5s .... .... Berlin 4s Hamburg 4s ........ .... da 4s , ,. . Lelpslg -4s do 6s ............. .... Munich 4s .......... .... do 5s Frankfort 4s , Italian 6s Jap 4s do 1st 4s do 2d 4s . Norway 8s . . , Swedish 6s .. Denmark 6s . do 8s Russian 5s do 5s ...1918 .. 1931 . . 1925 ... 1925 . .. 1940 . . 1939 . . 1942 .. 1945 . . 1921 . .. 1926 do 6s 1919 Sao Pauio 8a 1936 Swiss 5s 1929 iln Ss 1940 Btd. 63 G8 104 99 102 90li 88 . 91 91 75 100 107 102 80 99 99 101 99 100 52 104 47 69 96 100 .40 .60 .59 .50 .50 .50 .75 .75 .75 34 81 93 93 111 104 99 110 12 1 13 102 104 121 Ask. 65 72 104 100 102 91 90 94 94 77 100 107 102 80 100 100 102 100 100 63 104 48 71 96 100 .70 .90 1.00 1.00 1.00 I.25 1.25 1.25 1.25 3.1 82 93 94 112 101 99 111 16 2 16 103 105 122 Sinclair Pipe Line Company 20-Year Sinking Fund 5 Gold Bonds. Due 1$42. Based on the prlre at which the Standard Oil Company of Indiana will . purchase a one-half in . terest in this company,, tbe capital stock repre sents ait uity off mre than S3S,000,0O0 over and above theso bonds. Price to Yield Over 5.40 Circular on request,. The National City Company Offices in more than 50 cities. Iron Bid-- Portland. Telephone Main 0072. Important Bond Financing WHERE LARGE SUMS ARE REQUIRED, WE ARE PRE PARED TO CONSIDER PR0 POSALS 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 St. A Public Utility Stock Yielding 7.40 Paying Dividends Monthly 3,625,600 The Ohio Public Service Company Seven Per Cent Cumulative First Preferred Stock, Series A PAR VALUE $100 Preferred as to both Assets and Dividends over Common Stock Fully Paid and Non-Assessable Redeemable as a whole or in part on the first day of any month on 80 days' notTc at 115 and accrued dividends. Dividends payable on the first of each month to Stockholders of record on ' the 15th of the preceding month. Transfer Agents: Registrars: HENRY L, DOHKRTY & COMPANY, New.Tork. THE OHIO PUBLIC SERVICK COMPANY. Cleveland. NATIONAL BANK OF THE REPUBLIC, Chicago. METROPOLITAN TRUST COMPANY. New York. THE GUARDIAN SAVINGS & TRUST COMPANY. Cleveland. CONTINENTAL &. COMMERCIAL TRUST oi SAVINGS BANK. Chlrafo. Dividends exempt from present Normal Federal 'Income Tax. Issuance authorized by the Public Utilities Commission of Ohio. Mr. T. 0. Kennedy, Vice-President and General Manager of the Company, summarizes the particu lars in regard to this Seven Per cent Cumulative First Preferred Stock, Series A, as follows: Ftsfninrre Net earnings of the &.irillilg5. company after operat ing expenses providing for maintenance, all taxes, interest and other fixed charges for the year ended July 31, 1922, available for dividends and re serves as certified by Arthur Young & Co., were $1,348,878. Annual dividend requirements on the 3,625,600 First Preferred Stock out standing in the hands of the public amounts to $253,702. Net earnings were more than FIVE TIMES first Preferred Stock dividend requirements. Over 90 of the gross and over 93 of the net earnings are derived from the sale of electric current for light and power. Rfrirf innc A11 divisional mort- iestricuons. gapes are cloa0(1 and the issuance of further First Mort gage and Refunding Bonds of the Com pany is restricted by the stringent pro visions of said mortgage, which also makes provision for the establishment of maintenance, depreciation and improve ment funds. No First Preferred Stock shall be issued by the Company if such is suance shall reduce its net assets below an amount equivalent to $125 per share of First Preferred Stock, nor unless net earnings, after providing for mainten ance as elsewhere defined for twelve consecutive months out of the preceding 16 months are at least twice the dividend requirements on the First Preferred Stock outstanding and that proposed to be issued. The required approval of the Public Utilities Commission of Ohio must also be obtained. All legal matters pertaining to this issue of First Preferred Stock. Series A, will be passed upon by Messrs, Frueauff, Robinson & Sloan, Attorneys, New York City, for the Company, and by Henry M. Earle, Esq., New York City, for the bankers. It is anticipated that Stock Certificates will be ready for delivery about October 12, 1922. Application will be made in due course to list this isssue on the New York Stock Exchange. This issue of First Preferred Stock is offered if, as and when issued and received by us and subject to the approval of counsel. PRICE $94 PER SHARE, YIELDING 7.45 Cyrus Peirce & Company A. B. Leach & Co., Inc. Business and Territory: The Ohio Public Service Company is located in one of the most impqrtant", prosperous and steadily growing in dustrial regions of the United States and does all the domestic and substantially all the commercial electric light and power business in Lorain, Elyria, Mans field, Alliance, Massillon, Ashland, War ren and numerous other centers in Ohio. In addition, it furnishes electric power at wholesale to companies supplying other nearby communities. The terri tory served directly and indirectly has a population in excess of 250,000 and be cause of its many highly diversified in dustrial cities and towns and rich agri cultural area, is one of the best fields for power consumption in the United States. Value of Property: he of the Company's property was recently determined by the Public Utilities Com mission of Ohio at $21,360,963. After deducting from this value the outstand ing bonds in the hands of the public, the balance is in excess of $245 per share of First Preferred Stock, Series A, out standing in the hands of the public. The Company's properties are modern and efficiently maintained, over 50 of the generating capacity having been in stalled within the last four yeara. 1002 Wilcox Building Portland 105 South La Salle Street Chicago The information and ftgrures used In this circular ar Uk.n from 0r' 'I?1lf!A worthy, and, while not guaranteed, they have been relied upon by us In the jurcl nana of thene 'curl- September Investment Suggestions - Government, State, Municipal, Joint Stock Land Bank and Agricultural District Bonds T All offerings are subject to prior sale and advance in price. HE midsummer season is always one of comnarative lull in the investment market. Less attention on the part of individual buyers is paid to market conditions, and so, often at the beginning of the Fall season, there remain particularly attractive investment opportunities. With renewal of active interest in the investment market, these offerings will be quickly taken up. If you contemplate making any investment now or in the near future it will pay you to devote a little attention to the question right now and make your selection before resump tion of activity in the Fall eliminates present day opportunities. Ask for our current list of prime bonds. Call, write or phone Broadway 5740. The bonds we sell arm bonds we own 52S Freeman.Smith a Camp Co. PovruNO San Pkamcisco Lo Aimbls Oahlams- . nrrn and stauk ar Mount noo Lumbermen? Budg Portland, Ore. PmOHI Id DWAT B740