-
17
THE 3IORXING - OREGOXIAN, MONDAY, OCTOBER 2, 1922
BONDS TAKE SLUMP
I GOTHAM MMKET
y. Week's Offerings Reach To
tal of $118,000,000.
LIBERTIES BELOW PAR
Fear of Liquidation by Large
Institutions Forces Down
Price of Securities.
W!W YORK. Oct. 1. (By the Asso
ciated Press.) New bond offerings last
week totaled 118.000,O0O, as compared
with 1 74,600.000 the week before, the
principal feature be in? the $75,000,000
Issue of 414 per cent federal land bank
bonds, which were sold on a 4.30 to
4.15 per cent basis.
Unfavorable developments in the near
east, weakness of foreign exchange and
uncertainty regarding the terms of the
government' new financing:, all contrib
uted to the reactionary trend of bond
prices on the New York stock exchange.
Foreign bonds were particularly weak,
and a number of Liberty issues went be
low par for the first time in several
weeks. Fear of liquidation by large in-:
tltutions which Invested heavily in
Liberty bonds to give temporary em-;
ployment to idle funds also was a factor:
In the decline. The demands for com- !
merclal credit are growing, and It is i
only a question of time when large sums
Invested in government issues will be
turned into business channels.
Argentine Loan nelayed
Except for the lil2,000.000 Argentine
loan, which was delayed another montn
by the failure of the Argentine congresrs
to approve the tentative agreement with
New York bankers, considerable prog
Teas was tnade during the week In the
condition of foreign loans.
The Haitian loan of $16,000,000. to be
used in the refunding of an old French
debt, was sold to a syndicate of New
York bankers and will be offered next
week. The Cuban legislature approved
the $50,000,000 loan desired by that eoun
trv to rehabtlitfete its finances, and i
Chilean loan of 9.000,000 pounds sterling
In hftlncr no-nt in tarl for hv local hank
ers. Four loans, aggregating $32,000,000'
for Colombia are in the process of
gotlation. and the first of these, a loan
of $15,000,000 to the province of Antio
quia. Is reported to have been sold t
New York bankers.
Local bankers Raid that there has
been a decided drift to Europe recently
of a 1 irge number of European securi
ties, particularly of those of recent issue.
Amsterdam Bankers Buying.
"More than $1,000,000 of the recent
fuiltler loan i supposed to have been
"re-sold here to Amsterdam bankers.
Weakness of sterling and continental ex
change rates has retarded the "hom
ing" process of other foreign Hens, but
It was expected that this will be resumed
when exchange rates go .higher.
The principal offerings last wek were:
8.095.000 4 per cent three to 19 year
gold bonds of the city of Chicago, offered
to yield slightly more than 4 per cent;
$7,000,000 5 per cent 30-year first re
funding mortgage bondB, series B, of the
Pennnylvania Power & Light company,
offered at 92, to yield 54 per cent ;
$5,000,000 7 per cent 15-year sinking fund
convertible gold notes of Booth Fisheries
Company, offered at OT's, to yield 7.25
per cent; $3,000,000 5 per cent 30-year
farm bonds of the California Joint Stock
Land bank, offered at 103, to yield 4.60
to 4.55 per cent.
"Sew York Bonds,
NEW YORK, Oct. 1. Following are
last week's high, low and closing prices
of bonds on the New York Stock ex
Change, and the week's total sales of
ach bond: a
United States bonds
Sale-s (in $100. High. Low. Close
Cerro de Pasco 8s 154 127 121 122
Ches A Ohio cv 5a. 432 S7 95 V5
Uo 4 fee ...... . til SKI' S84 881a
C B & Q ref 5s A. 2i2 101 100 101
Chi & E 111 5s.... 202 8.i. 83 44
Chi Gt West 4s.. 271 54 .51 V 51
C M St 6 P cv 4fes 8-44 73 70 71
ref 4s 212 834 65 6"i
Chi NW 7s ... 11 110 109
Cni&NWefca 49 111 411 11-Hi
ini nys os ....... ox
Ij K 1 & P gen 4a. . 67 86
cio ref 4s 846 86
C A Western Ind 4a 2 7814
C C C & St L gen 4s 15 84
Chile Copper7s ... 200 110
do 6s RJ8 96
tjoio ina os ivz
Colo & Sou ref 448 63
Col Gas & Elyec os. S
Con Coal of Md 5s. 72
Cuba C Sugar deb 8s 129
co fleb Ts 3o
Cuba R R 7HsA ..
Cuba Am Sugar 8s.
89 4
9
ao
86
84
83
76
83
107
95
78
88
96
90
88
85
81
84
84
77
83
108
95
78
88
96
80
8814
85
1 106 106 106
34 108 lf7 1$7
41 KM" 1UU ll
51 81 80 81i
44 105 lt3 14
58 85 85 85
36 107 107 1$7
Zi 01 51
118 108 107
100 105 104
INDUSTRY ACTIVE;
DEPOSITS INCREASE
Lumber and Metals Output
. on Coast Larger.
Del & Hud cv a
J A R Q Imp 5 ...
Det Edison ref 8.
Det Utd Rya 4s. .
Diamond Aitch 7s
Diet Sc ft. 27 Bl ft"A t"
fcPd(Sra7l.. 11S I08 WTlk 108
J-uquesna Light 6a loo 105 ltx
Erie Ben 4s .. 11 M4 . B2
no pr lien 4s 7 i 639, 64
Fik Rubber 8s. .. 45 10011. 10 10
Prama In Dev 7s 108 95 4 8214 82 "4
Genlilec deb 5s. . . 17 1014 lOOVs 100
Gdyr Tire t)S, 1931 244 100 UK 99fe
GO ItJ-il Z3U A-ltt'a 114ft JIO
G Tk R of Can 7s 21 118 113 113
do 6s 193 105 102V4 103
Grt North 7s A... 207 113 UOi, 111
do 54S B 222 104 102 102
liberty 3 54 3
do 1st 4a . . .
do 2d 4s
do 1st 4 'is .
do 2d 4 '4s . .
do 3d 4M s . .
do 4th 4.
.14:
. 18 KKl.Oll
. 7S7 100.84
.77X2 1W1. 12
.73.".! 1OO.20
,78114 loo. 5:
7 101.38 lOO. fid 100.08
1O0.00 1)9.84 1OO.00
99.80 99.80
90.98 99.1)8
99.70 99.70
99.72 99.84
99.90 99.94
Vle'y 4!is (unc).1247 100.70 1O0.48 100.50
do-4is (ca'd).1785 100.30 100.16 100.18
Foreign government, state and mu
nicipal-
Bd & Ma ref 5s A
- do adj lnc os.
Ill Cen S'Aa
do ref 4s
Ill Steel deb 4 '4 s
jnd Steel 5s ...
Inter-Met 44s ...
ao 4ft s ctis . .
lu Rap T ref 5s.
In Mer M s f 6s.
Int Paper ref 5s B
Invln Oil 8s ...
Iowa Cen ref 4s
K C F S & Mem 4s 123
k. c south as....
K C Terra 5s ....
Klly-SRr Tire 8s.
lack Stl 5s. 1923.
do 1950
L a of St L 1st 5s
LSUIS deb 4s. '28
do 1931
Lehigh Valtey 6s..
Lig- fc Myers 5s. . .
l.orlllard as
L N ref 6H ...
I. . N unified 4s
Mkt St Ry con 5s 82 90
Marland Oil 8s 20 112
Alex Pet 8s 50 107
Midvale Stl cv 5a 248 1)0 Vi
M & St L ref 5s.. 11 44
M StP ft SSM 6 lis 12 105
MK4T nw p 1 5sA 254 87
do ney ad fisA 1784 64
do 1st 4s 54 MM
Mo Pae gen 4s .. 321 67
Mont Power 5s A 43 99
xnu As Ocaiu con 5s
NO T & 11 lnc 5a
85
65
4 S6A
138 7
73 1021 101
38 IKl'i 8
3' M;il4
83 102
91 16
ia
73)4
93 Vi
90
99
43
83
93
84
10
100
94
95.
95
19
S20
109
152
28
13
78
9
41
11
56
58
19 104
22 SV
3 98
92
101
1S
15
71
2
88 V4
6
42
81
91
83
108
1O0
92
91.
94
S3
93
9
96
85
66
101
89
92.X
1014
15
18
71
92
88
88
42
81
92
83
108
100
93
92
94
83
93
99
16
81 105 104 105
C5 93 92 92
88 89
l()3 4i 104
106 105
88 88
44
104
85
61
83
65
99
A 104 104 104
71 79 7T 78
44
104
86
62
84
65
99
N T Cent deb 6s. 662 106 104 104
do con 4s 43 85 82 82
NT C&StL deb 4s 20 89 87 87
NyNh&H cv 6s 1948 39 8 4 82 8 2
do 1957 12 58 57 67
N Y Rys ref 4s ctfs 68 36 35 S5
NT Tel deb 6s 1949 47 107 106 106
do ref 6s 1941.. 120 107 105 105
NT Wst&Bos 4a 104 56 54' 64
Nor & So 5s A... 3 67 66 66
Nor & W con 4s. . 64 94 91V. 91
90 91 89 89
63 94 93 93
130 107 103 103
10 100 100 10O
23 90 89 89
26 105 104 104
4 93 91 92(4
SI 82 83 "A
4 101 100 lOOVi
155 94 94 94
32 107' 107 107
48 102 101 -A 102
la 111
60 102
109 94
64 99
14 87
18 98
41 88
17 106
86
Argent-me 7s 135 102 101 10174
Chinese Gov Ry 5s 77 52 50 50
City of Bergen 8s. 9 109 109 109
do Berne 8s B3 114 113,4 114
do Bordeaux 6.. 101 80 IflV. 79
do Chrlstiania Ss 21 111 109 111
do Copenh'n 5s 81 93VI 91 91
do Lyons s 74 83 78 78
do Marseilles 6s. 79 81 79 79
do Rio de J'o 8s. 74 1 00 99 B9
do San Paulo 8s. S2 102 H 100 100
do Toklo 5s 20 71 70 70
do Zurli-h 8s ... 17 114 114 114
"Danish Munic 8s A 54 109 , 107 10S
liept of Seine 7s.. 204 89 86 87
V of C 5 "To notes,
1929 134 101 10O 100.
do 3s, 1931 48 lO04 99 99
Dutch E I lis, 1947 42.1 95 1)4 94
Ptch K I 6s 1962. 055 5 94 94
French Repub. .8s 629 100 91) 100
do7s 045 97 95 95
Japanese 1st 4s.. 242 !4 91 92
do 4s '204 81 78 79
Kingd of Bel 7s 259 105 101 102
do 6s 87 100 99 99
Kingd of Den 6s. . 150 99 98 98
Kingd of Italy 6s 21 9(1 96 96
Kingd of Neth 6s 803 94 94 94
King.l of Nor 8s. 73 112 110 111,
Kingd oC Swcd 6s 129 104 103 104
Paris-Ly-Mnd 6s. 48 75 73 73
ll'4
Rep Chill 8s, 1046
Rep Cuba 5s, 1904
Hep Uruguay 8s..
do 6s . '.
St Rio Gr do Sul 8s
!wiss Confed 8s
00 104 103
7 1)8 OH 90
17 1117 o 106
40 101) 1H7K 108
58 10,-! 100 100
27 101 1O0 1O0
249 122 121 122
IKUBS-l 5s, 1922 1 99 99 997
llo 1929 539 107 105 106
do 1937 710 102 1110 101
tl S of Brazil 8s. 263 10274 100 101
V 8 o( Mexico 6s. 80 5 64 55
do 4s 107 41 39 40
Railway and miscellaneous bonds
Adams Kxpresa 4s 1 80 ho 80
AJhx Rubber 8.. 28 99 98 98
Am Ag Ohem 7s 100 105 103 104
Ant Cotton Oil 5s 20 91 9o 1K
Am Smelting Cs. 254 95 93 94
Am Sugar 6a.... 187 104 102 102
Am T & T cv 6s. 28 116 114 114
do col tr os... 205-100 99 99
Aflii Writ Paper 7s, 2S 85 84 84
- Armour & Co 4s 95 92 90
A T & S F gen 4s. 260 92 91
A C I. 1st can 4s. 43 91 90
Bait ft Ohio 6s... 94 101 lol
do cv 4Vis 162 88L. 8414
en r ot t'a is. .. to in:
Beth Stl ref 5s... 19 97
do p ni 5s 112 94
Uraden Cop 8s... 85 99
Bkl Ed gen 7s D. 28 10S
K R T 7s ctf stpd 184 92U
Cal Gas A; Klec 5s. 3 97 "s
Cr.n Northern 6s 48 113
Can Pac deb 4s.. 323 S3
Cen of Ga 6s 19 101
Cen Leather 5s... 46 9S '-
Cen New Kngr 4s. 43 9S
Cen Vac pM 4... 45 01)'
90
91
90
101
84
107 107
96 97
93 93
Ml) 119
107 107
89 89
1)7 97
112
81
100
9S
9S
9 M
113
82
101
98
98
1 1
Nor Pac p-r .lien 4at
Nor Sit P let 5s A.
N W Bell Tel 7b. .
Or 4 Cal 1st 5s...
O E J; N lit Is . .
OS I. td ia tfs.
do ref 4m
O-W R R & N 4s. ..270
Otis Steel 8s A...
Pac Gas & El 5s. .
Pack Motor Car 8s
Pan-Am P ft T 7s.
Penna R R Ss . .
do gen 6s
do gen 4a. ....
Per Marq ref 5e .
Peoria & B lnc 4s.
Pierce Oil' dab Ss.
Pt Ry I, & P Co
Prod & Ref s . . .
Reading gen 4s . . 292
R I ft St col 5s 9. 6
Rio Gr ft W 1st 4s. 14
R I Ark & La 4s 25
S L I M ft S ref 4a 25
St L & S F adj 6s. 248
do lnc 6s 973
do Tr liejn4s A. . 486
St L S W 4s-. .. 51
St P ft K C Sh L 4s 17
S A ft A P 1st 4s... 23
S B Airline con 6s. 853
do adj os
do ref 4s
S Steel Hoop 8sA.
Sinclair Oil cv 7s
do col is
Siuth Bell Tel 5s..
Sou Pao cv Is ...
ao ret 4s ,
do col tr 4s . . .
SouRygen6s .
uo con os
do gen 4s- -. .
S P Rico Sugar 7a
S O of Cal deb 7s. .
T & P 1st 5s ,
Third Ave adj 5s..
do ref 4s
Tiew Oils 6s ctf
TobPdts7s
U. P. 1st 4s
do cv 4s
do ref 4
Union Tank Car 7s
98
79
84
91
8474
78
76
80
85
79
68
28
109
100
92
99
34
98
87
104
85
96
79
81
89
74
73
79
84
78
65
69 28 26
114 45 42
34 99 98
1096 107 105
404 102 100 1O074
. 21 98 97 97
91 92 91 92
100 Ml 89 90
22 88 87 88
303 103 102 102
200 99 97 98
128 71 68 69
145 102 100 101
90 105 104 105
110
100
92
98
35
98
88
104
46
0
79
82
89
83
75
74
79
84
78
66
26
42
99
106
LABOR SHORTAGE FELT
100 98 98
148 06 64 65
45 69 67 67
72 103 100 103
38 106 105 105
19H4 93 93
104 95 95 95
38 89 88 88
22 103V lOSU 1n:)U
Utd Drug 8s 33 112 110 111
Utd Ry Inv 1st 6s.
Pi"s 17 89 R9 89
USRtySs 4 98 97 98
U S Rubber 7a.. 24 107 107 107
do 3s 288 90 89 89
US Steel sf 5s 92 103 102 102
Utah P ft L. Ss... 70 94 92 93
Va-Car Chem 7s 41 105 10-3 105
167 100 98 98
18 100 100 100
11 100 100 100
74 67 65 68
107 87 85 83
65 112 110 110
7ft inaii liiTii m?iz
70 108 107 107
2 I Oft 75 76
19 99T4 99 pi.'
C 7s 140 107 105 105
") VWl D! W UK
"
99
98
76
9874
33
81
91
98
95
74
94
61
81
91
99
96
74
94
52
Virginia Ry 5s
Wabash 1st 5s...
West Electric 6s.
West Md 1st 4s..
West Pac 5s .
West Union 6s. .
Westh.se Elec 7s..
Wh & L E 4s. .
Wk-Spen Stl 7s..
Wil & Co ;
do cv 6s
wis Cen gen 4s 30
zec a rep 2 ctfs 144
Dom of Can 5s, '52 694
Rep of Bolivia 8s. 185
C M & St P cv 6s 405
Em G ft F 7s ctf 738
I&GN adj 6s W I 245
Mo Pac con 6s... 104 102 100 101
XET&T 1st 5s ctf 341 100 99 99
t, z. x. . ivw jius auu
P T ft T 5s.'52, ctf a3 93 92 92
Pub Service 6s... 49 90 '88. 89
Slncl Crd Oil 6s 175 99 98 99
I n B ft P 6s A ctf 85 100 100 100
Un Fuel Gas 6s... 22 99 98 99
Va Car Ch 7s ctfs 132 98 97 9774
Total sales o bonds tor the week
Sl,92Q,0OO. '
CAR LIMES REQUESTED
Iiajing of 492 Miles of Track
Proposed in- Chicago.
CHICAGO, Oct. 1. P lis for
construction of 492 miles of trans
portation Hne3, including; Eg miles
of subways, 179 miles of elevated
railway and 255 miles of surface
lines as a proposed solution for the
city's transportation problem have
Been presented to the city council
by the All-Chicago council.- -
The estimated cost of the project
was set at $1-64,-575,-008. The All
Chicagx council, composed of 104)
civic organizations, recommended
municipal ownership bnt private op
eration of the lines, with universal I
transfers from one system to an-1
other.
890,000,000 FEET
National Forest Timber
v for Sale
THIC FIRST 1 MT OF OAK OF THE LARGFST l'M)EVELOPED
TRACTS OK TKILOW P1E IX TUK IMTED STATES.
LOCATION A!,D AMor'T All the merchantable dead timber stand
ing or down and all the live timber marked or designated for
cutting on an area embracing about 7,400 acres in Two. IB
Ranges 29, 3.0 and 31 K.. Twp. 16 S.. Ranges 29, 30. 31 and 32 E.,
. and Twp. 17S., Ranges 29, 30 and 31 K. W. M., Sllvies river
watershed, Malheur national forest, Oregon, estimated to b
770.000,000 feet B. M., more or less, of western yellow pine and
120.A0.000 feet B. M., more or less, of Douglas fir, western larch,
, white fir, lodgcpole pine and other species of timber. The cut
tiny of other species than western yellow pine to be optional
with the purchaser.
STlMFAK PRIt'KJs lowest rates considered. $2.75 per M for
western yellow pile and $.50 pe'r M for other species. Rates to be
readjusted April 1. 192S, and at three-year intervals theaJtr.
DEPOSIT $25,000 must be deposited with each bid to be applied
in the purchase price, reu ruled or retained In part as liquidated
damages, according to conditions of aale
FIX A I DATfc FOR BIOS Scaled bids will be received by the Dis
trict Forester, Portland, Oregon, up to and including February
15. 1923.
The right to reject any and all bids reserved.
Before bids are submitted full information concerning the
character of the timber, conditions of sale, deposits and the sub
mlxKisou of bids should be obtained from the District Forester,
Portland, Oregon, or the Forest Supervisor. John Day, Oregon.
Crop Harvest Expected to Be for
mal or Larger, Says Fed
eral Reserve Report.
A marked activity in industry with a
lumber business 50 per cent more active
than it waa a year ago, an Increased out
put In metals, growth in bank deposits
and a harvest which will yield in most
cases normal or larger than normal quan
tities are features of the summary of
business and agricultural conditions in
the 12th federal reserve district as re
ported to the federal reserve board by
John Perrin, chairman of the board and
federal reserve agent.
"Marked activity in industry, which.
In this district is largely concerned with
the primary handling -of raw materi&Ls,
continued during August and the first
part of September," eays the report. "De
mand has Increased for both skilled and
unskilled labor, particularly farm work
ers, ex peri enced copper miners and
skilled building trades artisans, a short
age of one or more of these classes of
workmen having developed in a few .sec
tions. In one of. the copper mining dis
tricts of Arizona, mining companies have
recently announced a voluntary increase
of 10 per cent in wages.
"The lumber industry is 5 per cent
more active than it was a year ago, and
both domestic and foreign markets are
buying in large quantities The forest
fire hazard, which has been particularly
serious this year, due to the long dry sea
son, wa dispelled by general rains dur
ing August and logging activity increased
immediately. Production of logs on
Sentamber 1 was estimated to be 75 per
cent of normal compared with 40 per cent
on August 1. increased output ox m.n
the principal metals produced In this
district, gold, silver, coppery lead and
sine, is shown byflgurea for July, which
are the latest available. Reports from
the mining district, indicate continued
Improvement during August.
"Demand for all of these metals has
Increased during the past year and prices
have risen accordingly. Further evidence
of increased activity In lumbering and
mining is contained in the reports of the
orinciDal electric power companies of
the district. In July. 1922, electric power
companies in the Pacific northwest in
creased their sales to the lumber In
dustry 20 per cent over July, 1021, und.
In the district as a wnoie, saies to me
mtnine industry were 18.7 per cent
greater in Juljr, 1924. than in July, 1921.
Records of production and of stored
stocks of petroleum In California were
again broken during August. Average
daily production at 882.222 barrels was
the highest figure ever reacnea ana
stored stocks on Beptemoer l si o.-
272,194 barrels, was larger than at any
time in the last five years. The num
ber of building permits issued during
August was greater than in any month
since records were first assembled in
1915, and the value of projected construc
tion has been exceeaea only twice, ia
Atji-n and June of this year
"Fs.vora.ble reoorts come from the re-
tall trade. The value of sales ot di rep
resentative department stores in August,
1922. was 5.T ner cent greater than in
August, 1921, and approximately equal to
the value of sales of the same Btores In
August, 1920. The seasonal increase in
activity customary in many wholesale
lines during the first weeks of autumn
was noted. Seven of the 10 reporting
lines experienced increases In the value
of their sales to August, 1922, 10 report
ing lines experienced increases In the
value of their sales in August, 1922, com
pared with August, 1921. Charges to de
positors' accounts (bank debits) in the
banks of the 20 principal cities of the
district were 7.7 per cent greater in Au
gust, 1922, than in August, 1921, a less
favorable showing than in July, 1922,
when an increase of 12 per cent over the
corresponding month a year ago was re
ported, but indicating that business ac
tivity generally has not been materially
curtailed by the recent coal smd railroad
strikes. Business failures continue above
normal levels.
"Weather conditions up to September
15 remained favorable for the agricul
tural crops of the district, and the har
vest is expected" to yield in most cases
normal or larger than normal quantities.
Forecasts of the 1922 yield of wheat re
main unchanged at 98,000,000 bushels,
24,000,000 bushels less than were pro
duced in 1921, but slightly In excess of
the five-year average production. Move
ment of this season's crop to market, up
to September 15 has been un-asually slow.
Plour mills are now grinding new crop
wheat and In August, 1922, operated at
47.2 per cent of capacity, compared with
28.7 per cent in July, 1922, and 43 per
cent in August, 1921. The carlot move
ment of fruit from California to Sep
tember 1, 1922, was larger than last year
to the same date, but prices received
have averaged lower than In 1921.
Shortage of refrigerator cars is hindering
shipment of the large grape crop.
"The United States bureau of labor
Index number of wholesale prices, which
includes 404 commodities in all stages
of manufacture, remained unchanged at
155 in August. This Index has Increased
12 per cent since January, 1922, when
it stood at 138. In a selected group of
products of this district advances and
declines in prices during the month were
almost equally divided.
"An increased demand for bank credit
appeared in the, larger cities of the dis
trict during August. Commercial loans
of 68 reporting member banks Increased
from $700,138,000 on August 9 to $709,
934.000 on September 6, or 1.4 per cent.
The same banks had rediscounts and
bills payable with the Federal Reserve
bank amounting to 113.025,000 on Sep
tember 6, compared with $9.362,000 on
August 9. Country banks, as a group,
on the contrary, reduced their borrow
ings from this bank during the month
and on September 13 the total discounts
of the Federal Reserve bank were 38,000
below the $43,388,000 held on August ltt.
Interest rates charged their customers
by banks in the principal cities of the
district remained unchanged at 5 to 7
per cent in the large coast cities and t
per cent la the interior centers."
The Eaaltable Savings & Loan
elation, which has been operating in
Fortland for more than a quarter of i
century, has moved from its former head
Quarters at Second and Stark streets
to new offices in the Lumbermens build
ins next to the Federal Reserve bank.
During Us operations In Portland the
association has grown from mo aerate pro
portions with a few hundred depositors
to more than 13,000 depositors and with
deposits in excess of $8,200,000. F. Mc
Kercher Is president.
"We have assisted more than 20,000
people in building or acquiring homes,"
he said.
A. C. Cammtck U secretary of the as
sociation. The Northwestern Elevated Railroad
company, the South Side Elevated Rail
road company and the Metropolitan West
Side Elevated Railway company have
jointly sold $1,725,000 A per cent equip
ment trust gold certificates (Series C-l)
to Halsey, Stuart & Co., who will offer
the certificates publicly at prices to yield
from 5.50 per cent to 6 per cent, depend
ing on maturity. The certificates are
guaranteed both as to principal and divi
dend payments by the Issuing companies
and are due serially from September,
JO?3, to September, 1932. They will
represent about 75 per cent of the cost
ot 10O new steel paesenger motor cars,
full title to which will be vested In the
trustee for the benefit of the certificate
holders.
The Issuing companies own the ele
vated lines radiating from the business
district in Chicago. The number of pas
sengers carried by these roads In 1921
was 162,997,129.
.
A new Issue of $75,000 of 4- per eent
bonds has been announced- by the Fed
eral Land bank. These are 10 and 20
ear bonds with the. Interest payable
May 1 and November 1 at any Federal
Zand bank or Federal Reserve bank aneH
the principal payable at the bank of
issue. They -are redeemable at par and
Interest at any time after 10 years from
date' of Issue.
UNEASY MARKET LIKELY
NEAR EAST TROUBLE FACTQR
IS TRADE.
Slowness of Trade Revival Con
sidered to Rave Affected
Stock Buyers.
(By Chicago Tribune Leased Wire.)
NEW YORK, Oct. 1. It Is probable
that the real character of the financial
situ-a-tkm anl, of the financial markets
as re ejecting that ettuatlon, will not be
dearly defined until in one way or an
other the curious political episode in
southeastern Europe shall itseif have dis
appeared as the main unsettling- Influ
ence. Tfro effect which that diplomatic
and mlUtary clash has -exe rted on. finan
cial mark eta ha resulted, plai-mly enough
from the wide field which the news gav
for the play of uneasy im agination. Even
unpleasant facts would perhaps have
been, less disturbing to the markets than
absolute uncertainties.
How much of the past week's decline
on the stock exchange was actually due
to the- Turkish affair, how much to dis
appointment over the slowness of trade
revival andi how much to reactkn which
was to be expected after the year's pro
longed advance in prices, it might be
difficult to ay In the case of the stock
market, the poeifSon before the recent
decline began was to be 'measured not
merely by th rise- in prices from the low
point of the year, but by the rise since
the end of June, when the 'railway shop
men's strike was about to begin and
when the continuance of the coal strike
beyond aJl previous expectation was to
alter the aspect of that question.
The common statement is that prices
held firm in the face of these disturbing
influences; but the actual fact is that
they had risen 5 or JO per cent above
these m-id-year figures before the strikes
were trver,
Evidently this must have been in an
ticipation of something more than, set
tlement of the strikes; for busin-e-sa con
ditions, even If no'worse than they had
been before the labor situation became
acute, were at all events no better. The
advance ini the stock market during the
late summer was probably bssed on ex
pectation of still easier money a-nd of
an autumn "boom la trad." Easy money
is still present as an Influence, but the
question of early and vigorous trade ex
pansion has become at least more de
batable. To this aspect of the situation
the reaction on the stock exchange must
be at least partly ascribed. It would
naturally be - accentuated by the "Euro
pean war talk."
The bond market presents an interest
ing problem. Investment demand and
investment values are always tested by
the changing condition of an autumn
season and it was well understood that
the course of the market this season
would be determined by three speci4 in
fluencesthe action of money rates, the
revival or absence of revival in business
activity and the suppdy of new invest
ment -securities. Experience of the past
half dozen years has shown that the last
named consideration exerts lees of an- im
mediate influence on prices of extorting
bonds than might possibly be imagined.
GRAIN TRANSPORT
DECLARED HELD UP
Boats Delayed at Seaboard
by Lack of Cargo.
DEMAND IS HELD KEEN
$35,000 in Bonds Stolen.
JAY, Ok la., Oct. 1. Negotiable
improvement bonds valued at $35,
000 were stolen la&t night when the
safe in the county treasurer's office
here was looted. Between $50 and
$60 in cash aiso was obtained.
Phono your want ads to The Ore
gronian. All its readers are inter
ested in the classified columns
East, South and Southwest Said
x to Want Cereals Buyers
Cannot Obtain.
BY CHARLES D. MICHAELS.
(By Chicago Tribune Leased Wire.)
CHICAGO, Oct. L The aituatkw. in
the grain, trade Is largely a mstter of
transportation. There is s demand from
abroad and from the east, the south and
the southwest for grain which cannot be
fl Lied owins; to in-abUlty of the rallroeds
to furnish sufficient traneportatkosi. Boats
are held up at the seaboard an-d grain la
being rushed alt-rail from Chicago to
Atlantic ports) and considerable to the
gulf ports to load steamers. Buffalo is
congested and Georgian bay port are
under the permit system, the Grand
TrunJc and, Canadian Pacific refuslns; to
accept bus mess except on the permit
plan.
Movement of grain at primary markets
Is heavy. 80.508.000 bushels last week, or
5,854,000 bushels,--' or 23.4 per c-n t above
last year, a-nd practically 4,000.000 bueh
eis, or 13 per cent, over the five-year
average. Grain is ba-ckln-g op at the
primary markets end stocks are ln-cre-as-ing,
whils the exporters are unable to do
buakieas because of inability to Tet grain
moved.
Government Control Blamed.
"The effects of unwise -injection of
government in industry ex tends Itself
over many years of actual suffering aad
loea," said J aid us H. Barnes, president of
the chamber of commerce of the United
State sod former govetrniment wheat dl
rector, who was here Saturday.
"1 use, xor instance, the situation tn
the rr&fea trade svu-d pamticuiaj-ly as a-f
fectlng the wheat. X speak with special
interest, because with 30 years expert
en-ce as s. grain exporter I am personally
coimpeten-t to point this out to the grain
trade. ' The direct loss of the present
situation depend upon the prosperity of
the grain area of the west and. the grain
trade will comprehend the usuaJ results
wmcn now from lu&ue-quate tr-anspoi-t-a-
tion.
"Between Buffalo and New York the
four great trunk lanes servin-g that port
have since the first of e p u mi ber no t
contracted for a single bushel et gram
for export movement. This construction
of the free flow has resulted in an ad
vance In the wheat price in Liverpool
exceeding the advance in Chicago and
American markets by 6 to 7 cents per
Dusnei.
Lake Freight Advanced.
"Moreover, within 10 days the lake
freight on grains from the Lake Su
peri or port of Duluth and the eastern
lake port of Buffalo has advanced from
2 to 5 cents a bushel. This increase is
the measure of the vessels owners' ap
prehension that the grain-filled eleva
tors of uuffaio cannot discharge the lake
carriers on arrival and that the carrier
will lose its earnings by lying in the port
ot rtuiiaio wun uuuiscnargea grain, be
cause the railroads east of Buffalo do
not relieve the elevators of their accu
mulation there. The same condition ex
ists between Chicago and Omaha and
other western markets.
"Corn for September delivery In Chi
cago was worth around 93 cents on Sat
urday, while If that corn is delayed by
inadequate transportation In December It
will bring only 60 cents. Oats for Sep
tember will bring 44 eents and for De
cember 37 cents. Country elevators ar
full of corn and oats that should be
moved to market on the higher price of
current 'delivery, but which instead, by
every analysis or available transDortatlon
In sight, will not arrive before the lower
market oasis for December. Therefore.
the price paid -the growers of the west
represents the hazard of that delayed
transportation x Instead of the immediate
market available at the close of Sep tern
ber if such grains could have been
snipped and delivered.
Farmers Losing; Money.
Th sum total of all these factors with
relation to me wheat, corn and oats
marKecea oy tne farmers In the west may
be fairly rated as to S eents to 10 cents
lower than the present market would
Justify if supplied with adequate trans
portation, it Nebraska raises 500.000,000
bushels of grain and if this condition
snouia maintain throughout the crop
year, wouiu mean tnat farmers there
would be deprived of $25,000,000 to 50
000.000 of possible earnings on their
grain crop, and I do not need to point
out wnai a,uw,wo to iou,uoo,ooo n
larged spending power of the farmers
woulormean to other industries as well.
"In this whole situation we see the
evil reflected to the farmers of the west
and on this one commodity of grain alone
arising out ol inadequate transportation.
Government Is Blamed.
"It is clear that for the latter the un
wise government policy of the past two
years may be fairly judged to blame.
The unfair and unwise restriction of rati
road opportunity for proper earnings
dried up the sources of their credit and
gave them operating deficiencies Instead
of surpluses. Therefore, from neither
source was possible the means of re
plenishing and enlarging railroad equip
ment; for the lack of which we now suf
fer to this tremendous extent Organized
business must play its part In finding
the solution of this menace of trade sus
pension or interruption."
Wheat prices advanced part of the
week in the face of an enormous market
ing In the northwest and in Canada, with
fair export and milling demand and
Prior Preference Stock
Now $98 a Share
Yields 7.14 Per Cent
The PORTLAND RAILWAY, LIGHT & POWER
COMPANY announces that, beginning today, the price of
its 7 Prior Preference Cumulative Stock will be $98 a
share. The price until today has been $96.
At the new price the return on money invested will' be
7.14, a high yield for such a high-class security. Those
fortunate enough to have invested on the old basis will con
tinue to receive a yield of 7.3 on their money.
The announcement of this increase in price of two dollars on every
share comes at the time Dividend No. 3 is in the mail on the way to
hundreds of satisfied holders of this security. Dividend checks
have been mailed quarterly to holders of Prior Preference Stock
certificates.
The advance in price of Prior Preference Stock i due to changing
business conditions. Interest rates are falling. A sound investment
such as this company is offering at a high rate of return is meeting
with quick response on the part of investors.
At the new price this investment is an attractive proposition for persons
who desire good income with safety and permanence.
We will continue to sell stock on the easy installment plan for the same
price as for cash.
. Ask any of our employes about an investment in this stock or call at our
Investment Department, Room 605 Electric Building, Broadway and Alder. .
INVESTMENT DEPARTMENT
Portland Railway, Light & Power Company
" .1 .xt . .
LUMBER production and manufacture la one
of the basic industries of the Pacific North
west. Underlying securities issued by substantial
companies engaged in this and affiliated indus
tries merit consideration. '
Conservative investors may profitably put their
funds into such securities where the ratio of assets
to liabilities indicates a high degree of safety and
where the history of the company shows a capacity
for consistent and satisfactory earnings.
We own and recommend for Investment:
Carman Manufacturing Company
Dated May 1, 1922
612 Serial Gold Notes
Due Serially May 1, 1925, to May 1, 1927
Principal and semi-annual interest, May 1 and November 1, payable at
Ladd & Tilton Bank, Portland, Oregon.
THE CARMAN MANUFACTURING COMPANY HAS A REMARK
ABLE HISTORY OF SUCCESSFUL MANUFACTURE OF FURNITURE,
OPERATING FACTORIES AT TACOMA, SEATTLE, SPOKANE, WASH,
AND PORTLAND, OREGON.
These notes are direct obligations of the company and comprise its sole
funded debt. The company covenants that so long as any of these notes are
outstanding it will not place any mortgage on its property; will maintain cur
rent assets of at least one and one-half times all liabilities and total assets
equal to two and one-half times total liabilities; in the event of sale of any
real estate or investments, proceeds shall be immediately devoted to retiring
the notes of this issue.
PRICE: Par and Interest
Complete details on this issue furnished on request.'
Telephone or telegraph orders at our expense.
Bonds which we offer for investment to our clients have been purchased
by us after the most careful consideration. We offer no bonds which we do
not own, and none which we do not consider suitable for our own investment.
r. IAD & TUMN - I
jj BANK E
r TlJi5rT WASHINGTON BsssrsTcssl
Z lj .THIJID -
i i . I
with accumulating supplies domestic
ally, while abroad they have not in
creased. SPOKAXE 19' MOVING WHEAT
Half of Crop Expected to Have Been
Taken Soon.
SPOKANE, Wash., Oct. 1. 8peclal.)
Fully fit per cent of the exportable
surplus of the Pacific northwest wheat
erop this year will be shipped by the end
of November, according to Walter J.
Koblnson, general manager of the Idaho
Washington Wheat tiroweri association.
This ia a much larger perceatags shipped
than usual at that time, but th ton
nage will be less because of th shorter
crop.
"Virtually all the wheat, barring that
from the Big Bend, is in the warehouses
and out pf the farmers' hands," said Mr.
Robinson. "The crop stfems to be arbout
it per cent of last year's production.
"Some warehouse managers report that
while they bad difficulty last year han
dling the wheat offered, they have
cared for It all this year. Seme put the
receipts at not more than 30 per oent
f 1 y, at this time. The association
warehouse figures, however, are much
higher than that probably 50 to 53 per
cent. ,
"The car situation is fast becoming
alarming. The railroads are falling
down in their efforts to move th wheat
from th Interior. This is true of all
the roads, although some are worse than
others. The wheat is ready to ship and
the boats are waiting to 6e loaded and
et we cannot get the cars to move the
grain to the ports. Everything is being
shipped that we can find cars for."
FEDERAL INCOME TAX EXEMPT
Coulee City
WASHINGTON
Sewer Bonds
' Improvement
District No. 1
TO YIELD
(8
iHOEPJS BROTHERS CORPORATION
Government and Municipal Bonds
ForUand.Orcgon
MORRIS BUILDING
BROAD WAV 2151
30$-ll STARK ST
DEPOSIT BOXES
Phone your want ads to The Ore
gonlan. All Its reader are inter
ested In the classified columns.
Liberty Bonds
Bought and Sold
UR investment department
makes a specialty of Lib
erty Bond transactions, buy
ing and selling on New York
quotations.
We also afford coun
sel on bond and
other investments.
Portland Trust
Company ?f Oregon
SIXTH AND MORRISON
. oAffiliatvd - . ,
Northwestern NauorgU Banf
Dated Sept. 1. Optional Dae rat. I. ll
IeanlBat1.ai S2O0
! Principal and annual Interest payable at Coulee fit v.
Washington, or at the quarter ot Mnrrla Brothers
Corporation. 1'ortland. Oregon.
LEGAL IJfVESTMKSTa FOR 1HVKJ, THldT Ft DI
! AVD Kr. TAILS
FINAXCIIX, STATEMENT
Art-sal valnatloa. eatlre dfr T:MX
Aaaeaaeel Talvatloa. entire city :4ilMMl
' Real -valnatloa. thla sUatrlrt HSMjmtn
Aaaeaaed valnatloa, thla si la tr let lun.omi
Floating- debt ollna-
POPTLATIOt (eat.). IM
Coulee Cltjr t located 100 miles nest of Kpnkane In
I the famous Columbia Kssln matrirt. surround. 4 by
i an agricultural, fruit and stock-rata-ina- country. A
branch line of the tireat Northern has Its terminus at
thia point. The City haa two banks, a sood public
school and hinh school, aa well aa a- lot of fine modern
businesa houses. -
I These bonds were lsaued for the Installation of
, the Citv sewer system. This la the first Impruvement
i work done by the City and Is their only debt, rov.r
. Ina- practically the entire City. These bonds ar belntf
paid In advance of their assessments.
On account of the financial condition of the City.
together with the security offered, we recommend this
aa an especially attractive bond.
! LEGALITY APPP.nVKD BY FRKD B. MORHII-U
EFOKANB, WASHINGTON
!
Telesjraph or Telephone Orders at Onr Kspease.
Multnomah
County, Oregon
Union High School
District No. 1
6
School
Building Bonds
A high-grade, income
tax exempt, munici
pal bond for the
conservative in
vestor. Details upon request
JE3
Ukinson.ZiIkafcOA
SMAIK p-p-RTMWCSTf KM SANK .nt-DCL
-V-
An unusual
Public Utility
Investment Stock
Yielding 7-40
With interest rates
dropping rapidly, a
Lign. grade preferred
stock in a strong com
pany yielding more
than 7 is rare. The
price is $94 per $ i oo
share.
Sim sj-nt-Bif at lrtter for eomplra information hj
plaemt your nam and oddrrsi herr.
Name
Addrest.
Cyrus Peirce oiCompany
1002 Wilcox Elds. PORTLAND Phone Bdwy. 5913
KraviH-te
lAm A NsCrtra
i
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