THE 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