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

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

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Newspaper Page TextTIIE MORNING OEEGONIAN, SATURDAY, OCTOBER 21, 1922 23 NEW YORK MARKET BEGINS RECOVER! 1M1 11)52 1942 1U3T 11)52 1925 1925 1931 19B3 German Mark Falls to 4000 for Dollar. STERLING TAKES JUMP Apprehension Over Change Made in British Ministry Lasts i but Short Time. (By Chicago Tribune Leased Wire.) NEW YOKK, Oct. 20. Recovery in the stock market, rather irregularly dis tributed, attracted most of Wall street's attention today. But the larger econ omic Interest attached to such incidents as the fall in the German mark to 2V4 one-Uundredths of a cent, the rise of spot cotton to 23.40 cents highest in just two years, except for a single day lust July and the publication of a sur prising statement of last month's mer chandise import trade. The day's ad vance in stocks converged mainly on the industrial shares, which had fallen most heavily- in the last two or three days, but it affected the railways also. Con- elderable. repurchase or stocks by recent speculative sellers was in evidence. That financial apprehension over the change inthe British ministry had been only momentary, was proved not only by the course of today's European stock markets, but by the movement of ster ling, which, at one time, got back to $4.47 as against the $4.44 rate touched in Thursday's abrupt reaction. y But the sudden fall of the German mark, measured in hundredths of a cent, from its previous lowest figure of 8H to 2 today, was the outstanding movement in exchange. The cables quoted wild ex citement on the Berlin stock exchange, which may easily be Imagined; for, small es the unit now is in which' the mark's gold value is measured, today's decline amounted virtually to a 20 per cent fur ther overnight depreciation in the Ger--man currency. This, collapse la a not1 uninteresting commentary on the latest futilities of the German government; its attempt to prohibit purchase of foreign, currencies with paper marks and Its quite Incomprehensible offer of "gold interest bearing mark certificates" with out any visible gold reserve behind them. But the new valuation Of 4000 marks to the dollar Instead of 2100 a fortnight ago and 400 in July, is perfectly well explained by the currency statements which Berlin declares have nothing to do with it. The Belchsbank today re ported addition to the paper circulation during the second week of October to have been 30.334,000,000 marks, an in crease of nearly 9 per cent in a week and of 120 per cent since July 1. But the Reichsbank has promised presently to do Better with Its printing press than this 5,000,000,000 daily output. During September there was very lit tle of the talk of huge "anticipatory imports." which is usually heard on the eve of A great advance in the tariff. It was, iffeed, a matter of rather general comment, how little interest the for eign markets then seemed to take in the matter. Nevertheless, it was generally assumed that September's trade returns would show substantial increase in ar rivals of foreign merchandise which ex plains the surprise of everybody on learning, from today's foreign trade Rtatement, that 'mporta last month were '$39,000,000 less than in August. m Reading was the outstanding leader of the railway shares today, making a new high for the year on an unusually large turnover, which totaled something like 58,000 shares. The stock opened at S04., the low for the day and closed at S3Vj, the high for the day and net ad vance being 3 points. JCo particular i explanation was offered in the financial community for the rise, but in certain railway quarters, it was held that the approach of another step in the Reading segregation case was considered as" en couraging news. It Is a comparatively simpile matter for the etock market friends of Mexl ca.n Petroleum and Corn Products to put them ahead at will. Just now both of them have back of the market op erations the knowledge that they have extremely large cash surpluses and that it Is extremely fashionable to reduce these surpluses by stock dividends. Bradstreet describes the industrial and distributive situation as "about the bet since the late spring of 1920." Dun. al though admitting irregularity and "fluc tuation in volume of operations," finds that "the rising trend of demand is clearly manifest." There was no further reflection of the British cabinet crisis in the foreign quarter of the. bond market. Whereas British issues came down about a point when the resignation of Lloyd George and his ministry was- announced, the in fluence of this ceased to exist. The United Kingdom 54s were appreciably stronger, making up .half the loss ex perienced the day before. LlbeTty bonds, with the exception of the 3Vs9, which had a remarkable move ment yesterday, were strong. The tax exempt issue dropped fully Jl on profit faking. The new treasury 4Yte sold at the usual discount above the subscrip tion price, and the balance of the. 4 per cent issue showed smaller advances. N T Tel N Amor Ed 6s PG&E gen & rf A 5s Pao Tel 5s do 5s Sinclair cv 7Aa Sinclair C O 5V&S a u cal is U. S Steel s f 5s Wilson 7tts' 1931 r or. uovt. Inter. Bonds Bremen 4s . trench Internal 4s 1(117 French Victory 5s 1920 Belgian Restoration Cs British 214 consols Ital Cons War Loan 5 For. Govt. City Bonds Berlin 4s Greater Berliu 4s . . . , namnurg 4s Bremen 4s Cologne 4s .... Dresden 4s do 4s Dusseldorf 4s .- Frankfort 4s Leipzig 4s .., do 4 , Munich 4s Stuttgart 4s Essen 4s Canadian N R 7s Clev Un Ter 5Us Laclede G L 7s bears Roe 7s bouthwestern B T 7s... Allied Packers fls Am Tel & Tel 6s do 6s Anaconda Copper 6s . . . do 7s Anglo-Am Oil 714s Armour & Co 7s Metn steel 7s Copper Ex Assn 8s do 8s Galena Signal Oil 7s.... lirana Trunk 6 s Gulf Oil Co 7s inter j-tapld Tran 7s So West Tel 7s tts.... MR. DICKEY GETS NEW JOB Western Position With w York Bank Is Accepted. Walter P. Dickey, president of the Livestock state bank, North Portland; president of the Portland Cattle Loan ,A-eompany and director of the Union stock yards, has resigned his local positions and accepted the position of western representative of the Mechanics & Metals National bank of New York city, one of the big financial institutions of th tiopolis. He will take the new position ai uuce, il was announced yesterday Mr. Dickey will still make Portland his home, however .although his new position will take him throughout the west from Denver, Colo., to all parts of the Pacific coast. He will investigate and pass upon all loans made by the bank In the west and will reDresent the New York banking Institution In all Banning- ways. Mr. Dickey came to Portland 11 years ago, being brought by the Swift interests when they started packing northwest livestock here on a. large scale. Through out that time he has been closely in touch with the livestock Industry in all Its phases, from the growing of cattle to tne preparation or tne finished prod uct in North Portland. Few men, it is said, are as well equipped as he to ap praise livestock loans and values. The position offered Mr. Dickey Is said to have been created for him and is the first such place to be made in the west by any rew lork oank. New York Bonds. Furnished by Jordan, Wentworth & Co. of .Portland: A T & St F gen 4s 1995 87 It O com 4 'is li83 fc3 9i do Us IMS 100i 1 no iO UW oilv ...... .... U Ches & O conv 4js 1930 8714 do conv 6s 1946 965 Chi & Bur Q 5s 11171 101 Chi Gt W lsct 4s 195B B21i Chi M 4: St P cv 4 Ms 1982 711? do st & ref 4s S3Vi Gt Nor 7a ser A 103 110 do 514s ser B 1952 101 K C S ref & imp 5s due Apr 1 1950 91 li Minn SP&SSMlOyr col tr g 014s 1931 103K M K T 5s cm adj s A... 1967 lli M P 1st & ref (Is sr D 1049 100 N T Cent cv deb Cs 1935 106'i N T C & H R rf & im - 6s C 2013 n-4 N P ref & imp B 6s 2047 108'4 O W & Nav 1st & rf 4s.. 1961 il4 J'enna R R R R E A 41js.. 1965 91 do B 5s 196S 100 R Co & P & R C L gen 4s 1997 84 S L-S F pr 1 4s 1950 72 do Income A (is I960 07 S P S F Terms 4s I9.M) 82 fcio Pac 1st ref 4s 1955 87 lj So 1st dev & gen 614s ... 1!)5 102 W P 1st 5s 1946 83 Miscellaneous ' Am S R Co 6a 1937 10214 Am Tel Tel conv 0s 1925 llfl Cal Gas Unf Bs 1937 -9614 DuPont 10-yr 714s 1931 108 Duquesne 6s 1949 1H3U Empire G & T 714s ...19.17 84 Kramer Ind 714s 1942 92 Goodrich 614s 1047 10114 Goodyear 8s 1941 lit do 8s 1931 Humble Oil 514s 1932 I P 1st & rf 5s B...... 1947 N England Tel 6s 1952 N If Edison 614s 1941 1935 1972 1929 1923 1925 1922 1924 193S 1924 1925 Stand Oil N Y do 7m Swift & Co 7s Vacuum Oil 7s 1933 1926 1931 S914 98i4 ' 89 99 10914 105 94 9314 94 !)2 103 88 14 105 10114 10514 40 4714 5714 6414 5214 3414 40 50 55 65 40 50 55 60 55 70 65 . 55 50 00 11014 10414 101 10114 102 77 99 100 101 103 103 104 102 102 10314 105 10514 103 101 10 10714 106 102 107 New York Curb Market. Furnished by Jordan. Wentworth & Co. of Portland; . Last Industrials Sale. Acme Coal Co 72 Acme Packing Co. 32 Car Light & Power Co 2 Continental Motors 1014 Glen Alden Coal 65 Phillip Morris 20 ' rtadlo Corp com -.. 414; United Ret Stores Candy 6 West End Chem Co.. 60 Heyden Chem 2 Durant (old) 501a Mining Alaska-Br Col Met 214 Big Ledge 9 Boston & Montana 12 Candelaria Sliver ... 39 Cresson Cons G MIn 2 Divide Extension '. . . . 14 El Salvador Mines ' 4 Eureka Croesus M Co.... 26 Gold Zone Divide 11 Jerome Verde Copper 2 Knox Divide Mines 4 McNamara Mine . - 7 McKinley Darrairh 21 National Tin & T 22 Nevada Ophir .i 22 Niplsslng Mines 5 Rex Consolidated 6 Tonopah Divide 70 united Eastern Mine 111-16 Hecla 714 Cons Copper 4 Oils Allied Oil 3 Anglo-Am Oil 2114 Arkansas Natural Gas 914 Boone Oil .10 Boston-Wyoming 1 Carib Syndicate ........... 6 Cities Service, com 108 do B T shares 2014 Creole Syndicate 2 Cushing Petroleum 3 Mutual Oil 1214 Engineers' Petroleum 20 Federal Oil : '80 Gllliland Oil 414 Glenrock OH 15-16 Hudson Oil ........ 13 International Petroleum . 2214 Maracaibo Oil 1814 Mexico Oil . . .' "...13-16 Noble Oil & Gas com.. 25 Omar Oil & Gas 1 Producers & Refiners 7 Sapulpa Refining Co 3 Southern Pet & Ref Corp 15 Standard OH of Indiana ...JU5 Texon Oil & Land 41 Victoria Oil 25 Mex Eagle i 1214 Merrltt 7 Boston Alining Stocks. Furnished by Overland & Cooke com pany of Portland: Bid. Asked. BOND LIST IIM FOREIGN IiOAXS DOWNWARD IN TREND , AT NEW YpRK. Domestic Issues Inclined to Im prove All Liberty Group Except 3 y2 s Steady. NEW YORK, Oct. 20. Conflicting price movements again took place in to day's bond market, foreign issues gen erally exhibiting a reactionary trend while domestic liens were inclined to im prove. Liberty 314 s, which registered a sen sational advance yesterday by touching 103.02, & new high record, and closing at 102, fell back to 100.84 today, a net loss of $1.16. "Other United States govern ment securities were either unchanged or registered moderate gains. Mixed changes occurred in the railroad group with the main trend upward. The advance was led by Baltimore te Ohio gold 4a and Pennsylvania consolidated 4!4s, each up 114 points. Gains of 1 to 114 were made by Chicago & Eastern Illinois 414 s, Kansas City Southern re funding 5s, Baltimore & Ohio refunding 5s and Erie convertible 414s, series B. - Some of the weak spots were Chicago & Erie first 5s, New Orleans, Texas & Mexico 5s. Wabash first 5s, St. Paul general 4s, Atchison adjustment 4s stamped, Frisco adjustment 6s and Nor folk & Western convertible 6s, all down a point or more. Union Bag & Paper 6s improved a point, as did Cerro de Pasco 8s and United Drug 8s. The three Brooklyn Rapid Transit issues strengthened 1 to 114 points, but New York Railway 4s cer tificates were reactionary, as were In terborough Metropolitan 414s and Pa cific Telephone 5s. Total sales, par value, were $20, 925.000. The only important offering today, an issue of $5, 500, 006 first and refunding mortgage 6 per cent gold bonds of the Missouri Pacific Railroad company, sold to the public a,t par, was oversubscribed. CLOSING STOCK QUOTATIONS. Closing stock quotations at New York furnished by the Overbeck 9 Cooke com pany of Portland: Stock Sales. High. Low. Adams Express.. 400 SO 79 PitU A West Va, 500 39 38 38 ; Pressed Stl Car 200.89 89 89 Punta Alegre .. 700 45 45 45 Pullman 1,000 132 "130 13 Pure Oil 1,800 3014 30 30 Ray Cons ...... 800 14 14 14 Reading 41.100 83 80 83 Remington 400 36 86 36 Replogle steel .. 600 82 32 32 Republic I & S.. 2,200 55 54 65 do pfd 300 89 85 86 Rep Motors .... 400 2 2 2- Royal Dutch Oil 2,500 58 57 67 Ry Steel Spg 118 Saxon Motors .. 1,200 Sears Roebuck.. 400 Shattuck & Arix Shell T & T.... 200 Sinciair 9,400 SI oss. Shef Sou Pac 6,700 Sou By 4,800 Std Oil N Y do Cal 8.200 127 do Ind 126 3- 8 37 34 37 33 3 S8 8 37 33 47 95 84 85; 20 26 26 72 667 6o 124 124 1 2m l-. do N J ......12,600 221 216 217 through. Ariz Comra Adventure Algomah Allouez Arcadian Bingham Mns j Cal & Ariz ." ! Calumet & Hecla.., i New Corn . . . . Franklin Mng Hancock Helvetia Island Creek Kewenaw 8 50 10 23 285 1 2 90 102 Kerr Lake ). . lake Cop , La Salle Michigan Mohawk ............. . . Mason Valley Nlpissing North Lake Old Dom Cop Osceola Mng Ojibwey Isle Royale South Lake Supp Boston Un Shoe Mach 4M4 do pfd 26 South Utah 3 Superior Cop Shattuck Trinity T'op Tuolumne Utah Metals Utah Con ;. U S Minins do pfd 4514 Utah Apex 214 Ventura , . . 27 Victoria 1 Winona 1 Wolverine 9 Wyandot 50 3 1 2 -68 1 5 30 1914 "1 21 41 . 4 8 1 . 50 .1 1-16 . 2' . 41 814 100 61 45 24 2 ..18 m. 2S8 18 3 91 10S 4 4 1 S 60 ti . 32 2 1 35 o 22 45 43 27 IO 4 1 65 1 2 42 45 2 28 1 . 1 9 75 II THIS OF OIL SOLO PORTLAND VEGETABLE MILLS OBTAIN HUGE ORDER. Bid. 80 Advance Rum 17 Agr Chem 1.100 36 35 35 do pfd ... . 1,100 66 66 66 AJax Rubber 800 14 14 14 Alaska Gold 400 Alaska Juneau... 100 1 1 1 Allied Chem 1,400 84 84 84 Allis-Chalmers .. 3,700 49 47 48 do pfd 400 95 94 96 Am Beet Sugar.. 100 42 42 42 Am Bosch 100 41 41 41 Am Can Co 7,400 76 74 75 do pfd 300 111 111 111 Am Car & Fdy.. 200 190 190 190 do pfd 122 Am Cot Oil 100 26 26 26 Am Drug Synd.. 300 6 6 6 Am Hide & Leat ( 14 do pfd ., 1.400 74 73 7814 Am Ice 400 112 111 111 Am Intl Corp... 3,000 35 34 84 Am Linseed 4,400 40 39 89 do pfd 400 61 61 60 Am Loco 3,900 133 131 132 do pfd 100 121 121 121 Am Saf Razor... 12,100 8 7 8 Am Ship & Com. 3.400 23 22 22 Am Smelter 2,600 62 61 61 do pfd 900 103 102 103 Austin Nichols . 400 85 34 34 Am Steel Fdy... 500 44 43 43 Am Sugar 1,100 80 79 79 do pfd 400 107 106 107 Am Sumatra ... 200 38 38 38 Am Tel & Tel... 1,100 123 123 123 Am Tobacco 300 164 162 162 do "B" 200 160 1 60 160 Am Wool S.600 100 99 100 do. pfd 110 Am W P pfd 400 34 84 33 Am Zinc 300 1 8 18 18 Anaconda 6.700 52 51 51 Assd Oil 100 123 123 123 Atchison 800 108 106 108 do pfd 1,4110 92 92 Atlantic Coast Ll 400 122 122 Atl Gulf & W I. 1.900 29 29 Baldwin Loco ..13.100 139 137 139 do pfd 100 115 115 115 Balto & Ohio... 4,300 55 54 do pfd 100 64 64 Barnsdell C "A" 200 38 .38 do "B" 3.RO0 25 25 Beth Steel "B". 1,400 74 74 400 7 7 2,100 17 17 700 7 7 S3 33 do Ky 110 110 110 St L ft 6 F 500 28 28 2S Stromherg Carb. 100 54 54 53 Studebaker 87,400 133 12 130 Swift & Co 109 109 10 Tenn Cp Chm 600 1 0 9 Texas Oil 13.900 60 49 Texas Pao . . . . 400 28 28 Tex Pac C & O.. J.000 Tob Prod 1,400 Tr Contl Oil 7,100 Un Bag & Paper Union Oil Del... 1.000 18 Union Pac .. 6,000,149 United Alloy ... United Drug ... United Fd Prod. United Fruit ... .... United Rds N J do pfd United Rtl Strs.- 6,000 U9CI Pipe V a Ind Alcohol 6.100 U S Rub 4,600 do 1st pfd 200 V S Smelting... 1,100 U 8 Steel do pfd . . . -Utah Copper , Va Chem do pfd 100 Vanadium Steel. 1,900 25 61 14 700 6 85 es 57 8 42 ..34,100 109 108 108 211(1 122 m 1.300 01 00 o 9 49 28 25 24 61, 61 13 13 71 17 17 148 149 87 SI 5 155 13 30 84 32 67 56 98 41 5 82 7 55 08 41 67 44 32 11 31 Vivaudou 500 Wabash 200 do A pfd 700 do B pto. Wells Fargo ... 000 97 West Pac 400 17 do pfd . . - 200 60 Western Union. Wesfghouse A B 100 99 do E ft M 1.80O 63 West Md 200 14 White Eagle Oil 200 31 White Motors . . 200 50 White Oil, 300 0 Wlllys-Overiand 1.500 6 do pfd 400 40 Wilson Packing. . Wis Central 300 31 Woolworth ..... Worth Pump 67 43 12 11 31 97" ' 17 59 27 67 44 12 11 31 21 1)5 17 '9 200 113 113 113 99 62 14 31 49 6 39 3i" ' 99 63 14 31 49 6 6 39 42 30 , 194 ' 38 Booth Fish B R T-i Butte C ft Z. . . Butte & Sup. . . Burns Bros 'A" do "B" Caddo Oil Calif Packing . Calif Pet do pfd Call Zinc & Lead 1,700 92 122 29 55 63 37 25 74 7 17 7 33 3.200 138 137 138 1.200 51 50 51 20O Canadian Pac Cen Leather Cerro de Pasco.. 1.400 Chandler Motor.. 8,100 Chgo &.N W. Chgo Gt W 3,600 148 147 do pfd Chili Cop ...... China C M & St P ... do pfd Coco Cola C & 6 Colo F & I Colo Southern . Col Gas & Elec. Columbia Fraph Con Gas . . Cons Cigars so pfd Cons Textile ... 800 10 Lonti t;an 2.2U0 100 1,900 100 1,700 Total Consideration About $700, 000h Plant to Run Seven Days a Week for Output. Sale of 160 tank cars of cocoanut oil for future delivery to one con cern in the middle -west was an nounced yesterday bv officials of the Portland Vegetable Oil Mills company, after the big deal hadj been closed with the middle-west- em buyer by C. A. Painton, presi dent of the local company, over the i long distance telephone. The deal is declared to represent the largest single sale of Cocoanut oil ever con cluded by a vegetable oil crusher In this country. j The oil will be used in the man-, ufacture of soap, although the name of the buying concern was not dis closed. It was declared to le one of the largest soap manufacturers in the middle west. A total consid eration of about $700,000 is involved in the transaction, it was said. De livery of the 160 tanks of oil will start next week and will cover a period of six months. In order to produce this quantity of oil, something like 10,000,000 pounds in all, it will be necessary to import and crush more than 14, 000,000. pounds of copra, it is said. The company already had under contract large .quantities of copra for delivery from the far east and following the receipt of this huge order telegraphic arrangements for additional quantities of copra were placed. "This latest order, with orders al ready on file, will take practically the entire output of the company for the remainder of this year and the first quarter of 1923," said J; W. Parker, secretary-treasurer of the company. "Counting the 160-car order we now have on hand orders for 270 tanks for future delivery. We have been operating the plant 2i hours a day, but in order to handle the additional business It 'will be necessary to keep the mill in operation seven days a week in stead of six as heretofore." Phone your want ads to The Ore gonlan. All its readers are inter ested in the classified columns. Corn Prod do pfd . . . Cosden Oil . C R I & P do "A" pfd do "B" pfd Crucible . . . do pfd . Cuba Cane . do pfd 400 Cuban Am Sugar 900 Davison Chem . . 3,200 Del ft lindson Del & Lack . . Dome Mines . Elec Stor Baty nai Johnson . . Erie do 1st pfd Fam Players ... Fed M& Smelt . do pfd FiskTire ..i... Gen Cigars . Gen Elec Gen Motor do C per cent. . Gen Asphalt . . . Glidder. Paint . . Goodrich T & R. Glen Alden Granby . : Gt Nor Ore do yt& ... Greene Cananea. Gulf S Steel Houston Oil .... Hupp Motor .... Ills Cent ....... Inspiration Int Ag Corp com 1.800 1 0 10 10 300 84 8 84 1,800 62 61 61 94 8 8 8 148 40 40 40 40 60 61 91 91 6 6 15 15 25 25B 28 28 31 32 50 49 79 80 75 78 31 81 48 48 5.600 110 108 109 auu 2 2 2 ...11,800 144 140 144 1,ZUV 4U 39 40 81 10 10 94 95 129 133 120 4 45 1,800 300 1.400 4.000 900 1,600 2.900 1.400 4,200 400 500 41 40 2 92 6 15 26 29 32 50 80 76 49 24.JOO 134 iwi ,,000 ,600 90 86 94 18 37 22 39 47 43 '0 88 94 13 37 22 37 49 45 99 . 90 84 94 13 37 22 87 100 137 137 137 400 140 1.18 14011 4.200 39 88 38 .10.300 58 . 12,400 88 800 16 . 900 24 . 3,800 10 '. "ibb 'zk" . 300 13 . 3.900 80 . 300 184 9,700 14 500 84 2,000 63 57 85 15 24 99 '58" ' 12 78 58 87 15 24 99 12 58 12 19 182 183 14 14 200 400 200 900 36 56 30 38 95 84 61 "34"" 56 30 37 94 , 900 90 89 300 84 83 . 800 22 22 200 113 113 2,900 39 38 100 8 8 84 62 13 34 30 37 94 28 89 83 22 113 38 QLf. uu Piu 33 Interboro 1,100 1 aopfd 1,100 1 1 1 lSW 100 109 109 109 IutMMarine ... 800 -14 14 14 ....... 0 06 Int Nickel 2,200 16 16 Int Paper l.soo ei nost do pfd- os Invincible Oil ... 6,900 17 "16 16 Jewell Tea 300 20 20 K C Southern .. 2.40O 9a at doPJd. ... Jg " 1522 V 1 Kennecott 18.600 Keystone Tire .. 1,800 Lack Steel 900 Lee Tire 200 Lehirh Valley.. S.60O Lorlllard 700 172 170 Loew Theaters.. 80O 91 ti i T. B- XT m . - .7 . ,o i Lima Loco 1.600 60 67 16 60 19 22 44 85 7 83 28T 71 43 S4 7 83 S 26 iu 43 o 7 82 26 70 171 141 141 Marland Oil 14,900- 37 35 35 Maxwell Motor A 1.700 55 54 54 May Stores":::" 400 1M 135 134 Mex Pet 57,200 231 220 231 Mex Seaboard ... 2,700 17 17 17 ... lAiui .......... Middle States Oil 2.600 W ft L E .... 12 Liberty Bond Quotations. Liberty bona and victory note quota tions furnished by the Overbeck & Cooke company of Portland: Closing Open. Hlgn. ijow. bio. Liberty 3 s... 101.60 101.60 100.82 100.84 do, 1st 4s 98.80 do 2d 4s.. 98.84 do. 1st 4s. 99.18 99.18 99.06 99.08 do, 2d 4s. 98.8S 99.02 98.88 99.00 do, 3d 4s. 99.18 99.24 99.16 99.22 do, 4th 4s. 99.06 99.24 99.06 99.22 Vic. 4s call. 100.06 100.18 100.06 100.16 do, 1028 100.28 100.32 100.28 100.28 Money, Silver, Etc. NEW YORK, Oct. 20. Call money, easier; high, 4; low, 4; ruling rate, 4: closing bid. 4; offered at S; last loan. 4 ; call loans against accep tance, 4. Time loans easier, mixed collateral 60- 90 days, 4 (5)5: four to six months, 6. Prims commercial paper, 48. Foreign bar silver, 66 c. Mexican dollars, 51c. LONDON, Oct. 20. Bar silver, 33 d per ounce. Money, 1 per cent. Dis count rates, short, 2 per cent; three months, 2 02 7-16. . Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by North western National bank of Portland. The amount quoted la the equivalent of the foreign unit in United states lunus: NO CUTTLE RECEIVED I;IMITED RUN OF SHEEP AND HOGS AT YARDS. Prices Unchanged in All Lines. Six lioads or Sheep Go Through. Thirteen loads ot stock were received at the 'yards yesterday. Six loads of sheep, about half of those received, went The market generally was steady in all lines with a moderate amount ot business done. Hogs sold below the r,u!lnE top, due to ohe quality of most of the offerings. Only a few cattle were available. Lambs and sheep moved at going prices. Receipts were 283 hogs and 1676 sheep. The day's sales were as follows: Wght. Pricel Wght. rnce 1 cow... 1 cow . . . 1 hog 1 hog.... 4 hogs . . . 19 hogs. . . 17 hogs. . . 9 hogs. . . 25 hogs 46 hogs. . . lil hogs... 10 hogs. . . 7 hogs. . . 12 hogs... 3 hogs. . , 2fhogs. . . 2 hogs 6 hogs. . . 10 hogs. . . 11 hogs. . . 1 hog. .. . 31 hogs. . . 15 lambs. 34 lambs. 1 24 lambs 9 lambs. 1. lamb. . 16 lambs. 920 $3.75121 lambs, 670 2.00)63 Iambs. . 80 10.001 1 lamb... 100 10.00110 lambs. . 110 10.00177 lambs. 102 9.75 101 10.00 290 8.00 282 9.50! 207 10.50 262 9.75 197.10.15 197 10.60 8 ewes. . . 11 ewes.'. . 3 ewes. . . 3 yearl . . . 7 wethers 1 cow. . . . 3 cows. . 1 (ow. . . . 170 10.601 1 cow. 446 8.651 1 hog. 365 9.65i30 hogs, 109 10.151 5 hogs. 198 10.601 6 hogs 230 10.001 3 hogs 269 10.00116 hogs 256 10.001 6 hogs 266 9.T5 1 hoff. 1)4 10.001 2 hogs 61 8.00120 hogs 72 9.00 4 hogs 96 9.001 4 hogs 70 10.001 4 .hogs 89 7.501 1 hog. Prices quoted yesterday at the Port land Union stockyards were as fol lows: Cattle Prlc8'I Choice steers t 6..1O i.50 89 10.00 76 10.00 120 9.00 70 8.00 7U11.0O 1S8 4.00 135 4.00 153 3.50 120 7.50 120 7.00 1110 3 50 1013 2.00 880 2.00 lit',0 2.00 360 9.00 175 10.40 210 10.50 271 10.00 103 10.50 1H7 10.50 11)0 10.50 210 10.50 275 9.50 187 10.50 210 10.50 137 lO.OO 147 10.00 110 9.50 6.75 m 6.50 6.25 5.75 3.75 5.25 6.50 5.25 4.50 5.O0 H.oO& 4.1)0 Country Unit Austria, kronen Belgium, francs ........ Bulgaria, leva Czecho-Slovakia. kronen Denmark, kroner England, pound sterling Finland, finmark France, francs Rate. .$ .000016 . .069300 .. .006900 . .033100 . .201500 .. 4.4S5000 . .024200 . .074800 Germany, marks 000325 Greece, drachmas .021400 Holland, guilders 392000 Hungary, kronen OOOCOO Italy, lire 042300 Jugo-Slavia, kronen .005000 Norway; kroner 179500 Portugal, escudos .051500 Roumanla. lei 006000 Serbia, dlnara .019300 Spain, pesetas 154100 Sweden, kroner .208000 Switzerland, francs 183000 China-Hongkong local currency .55400'' Shanghai, taels 760000 Japan, yen '.4875 NEW YORK, Oct. 20. Foreign ex chancre, irregular. Great' Britain, de mand, $4.46; cables, $4.46; 60'day bills on banks, $4.44. France, demand, 7.4014; cables, 7.41. Italy, demand, 4.20; cables, .4.20. Belgium, demand, 0.98; cables, 6.98-. Germany, demand, .02; cables, .02 9-18. Holland, demand, 89.10; cables, 39.15. Norway, demand, 17.61. Sweden, demand, 26.70. Denmark, demand, 19.99. Switzerland, demand, 18.26. Spain, demand, 15.35. Greece, de mand, 2.00. Poland, demand, .01. Czecho slovakia, demand, 8.31. Argentine, de mand. 86.37. Brazil, demand, 11.75. Montreal, 100 5-32. German Marks Falling. NEW YORK. Oct. 20. Demand ster ling went as high as $4.46, but reacted later to $4.46. Belgian exchange was slightly better, but - most of the other continental rates showed slight deprecia tion. German marks dropped to 2 cents a hundred, another new low. 21 ...425 ...94 ...216 ...110 .. .148 ...35 .145 8 28 28U 13 12 13 S4 33 83 17 17 17 5 56 . 50 72 72 72 22 22 2 21 21 21 69 58 58 75 75 7.1 1,100 237 232 228 900 67 66 67 1AA inn iaa.i - 200 15 1.000 32 2,900 121 129 120 2.200 3.200 700 500 300 1.300 2,600 zoo- Midvale Steel It K ft T Wl.. Mack Truck Mont Power . Mont Ward .. Mo Pac ...... do pfd M St P A S S M Nat Biscuit ... Nat Enamel . . . Nat Lead ..... Nevada Coo. . . New Haven . . . Norfolk ft W. . Nor American... 1,400 96 Nor Pac ....... 4.500 89 n ?COl!. oil ..... ..... N. Y. Air Braks N Y Central 1.400 100 Okla Prod ref.. 2.900 2 Orpheum 1.100 25 Ontario ft W.-t. Otis Steel Pacific Dev 3,500 2 Pac Gas ft Biec. 900 83 Pacific Oil T7,3nO 51 2 Pan Ami Pet. .511,100 94 do B 32,900 94 Penne, 1,100 48 . Penna. Sea. Steel. 900 4 Peo Gas 300 96 Pere Marquette.. 1.1O0 88 Philadelphia Co. 200 41 Phillips Pete ... 4,100 51 Pierce Arrow ... 900- 13 Pierce Oil ...... 800 R PitU Coal 200 ifl 108 109 15 15 31 31 29 120 94 95 88 99 ,? 25 1 83 50 91 4 4 95 37 4f 49 12 6 59 88 39 99 2 24 25 2 10 1 f2 51 93 98 48 s$ 87 41 49 12 e S3 Swift A Co. Stocks. Swift ft Co. stocks at Chicago as re ported by the Overbeck ft Cooke com pany of Portland: Swift ft Co. 109 Libby, new 8 National Leather . . . .' 8 Swift International 21 Standard Oil Stocks. Standard Ol! stocks furnished by the Overbeck ft Cooke company of Portland: Bid. Asked. Anglo Borne Scrysmer Buckeye Cheesebrough do pfd Continental Crescent' ........... Cumberland Eureka 93 Galena com 60 . do Old pfd 110 do New pfd .....105 Illinois Pipe 174 Indiana Fipo 95 Nafl Transit 25 N Y Transit 174 Northern Pipe 108 Ohio Oil 32 Inter'l Pete .'.. 22 Penn Mex 26 Prairie Oil 656 Prarie Pipe 294 Solar Refg ..385 Southern Pipe 96 South Penn Oil ..190 S W Penn Oil 00 S O Ind 125 S O Kansas 580 S O Kentucky ;..110 S O New York ....565 S O Ohio 540 do pfd 118 Swan & Finch 30 Vacuum ...... r. 650 Washington .., 24 S O Nebraska ...190 '. Imperial Oil 117 440 90 230 115 151 37 153 95 94 113 110 177 97 178 110 37 23 29 675 297 395 98 195 62 125 595 111 570 555 120 32 660 28 200 118 Oil Markets. (By Chicago Tribune Leased Wire.) CHICAGO, Oct. -20. Gasoline Tank wvgons, 19c; service stations, 21c; ma chine, 27.7c . OtUi Summer, 11.4c: winter, 11.9c. Carbon Perfection Iron barrels, 11 e. Linseed Oil Raw, 1 to 4 barrels de livery, $1; boiled, $1.02. Turpentine, $1.68. Denatured alcohol, 42c. NW BRIDGE IS FAVORED Montavilla Club Expected to Sup port Ross Island Project. Official approval lot the proposed Ross island brldgre will probably be made by the members of the Monta villa Community club at their regu lar meeting Monday night in the Oddfellows' hall. East Eightieth and Qllsan streets. The bridge project was presented to the mem ber of the club at their meeting last Monday,' but though indorse ment was postponed until the com ing meeting, it was understood that the proposal was met with favor. Appointment of committees for the various clvlo undertakings by the club will also be made at the corning meeting, according to H. W. Gable, recently elected president. . 7.00 8.50 10.00W10.50 10.0010.75 6.00 7.00 10.00lt.00 Medium to good steers Fair to medium steers . . . Common to fair sheers ... Choice heifers Choice cows and heifers . Mori ' tn ennti ROWI. heifers Common Cows L50 2.00 Canners 2.00 Bulls 4.00 4.50 Choice feeders 4.00 5.00 Fair to good feeders 4.00 6.00 Choice dairy calves 8.50 9.50 Prime light calves 8.50 9.60 Medium to lieht calves 7.50 8.50 Heavy calves 5.00 J.00 Hos ' Prime light 10.2510.65 Smooth heavy, 250300 lbs. 9.5010.00 Smootih heavy, .300 lbs up.. 9.00 9.50 Rough heavy Fat pigs Feeder pigs . Stags, subject to dockage.. Sheep Ea.Rt.-of-mmintain lambs... Choice valley lambs 10 0011.00 Medium valley lambs 9.00 10.00 Common valley latnus 8.00 9.00 Cull lambs ; 6.50 8.00 Light yearlings 8.00 8.50 Heavy searllngs e.nu o.ou Light wethers 6.50 7.50 Heavy wethers 6.50 6.00 Ewes 2.00 6.00 Chicago Livestock Market. CHICAGO, Oct 20. (U. S. Department ot Agriculture.) Cattle Receipts, 4000 head; beef, steers and she-stock fully steadyj top beef steers, $13.25; bulk short fed and warmed up kinds of qual ity and condition to sell at $.5011.75; bulls, slow weak; veal calves opened about steady; tending lower; stockers and feeders about steady; practically no western grassers offered; bulk bologna bulls, " $44.25; bulk veal cows and heifers, $4.600 7.25: bulk desirable veal calves around $11.50 to packers. ' Hogs Receipts, 18,000 head; early market steady to 10c lower; bulk 160 to 200-pound average, $9.309.45; good and choice 210 to 275-pound butchers, $9.509.60; top, $9.60; bulk packing sows, $7.908.40; desirable pigs, strong, mostly $9.25; heavy, $8.809.60; medium, SO.XOlfl!!) 60: liff-ht. 9.209.45: liglht lights $9.159.25-, packing sows, smooth, 1 $88.55; packing sows, rough, $(.00 8.10; kill'ng pigs, $9.25. Sheep Receipts, 15,000 head; fat native lambs opening steady to strong with general trade Thursday; fat west erns steady; early top native $14.60 to city butchers; $14.50 to packers; choice Idaho lambs, $14.60; other westerns to killers, $14 3514.40; two decks 80 pounds; feeding lambs, $13.60; fat west ern yearlings, $12.50, average 80 pounds; feeding lambs and sheep around steady; 54-pound Nevada feeding lambs, $14.25; heavy - fat ewes, $3.504.50; lighter weight upward to $7. Can You Pay? Has the earning capacity of your property increased enough within the past year to meet an increased tax levy and still leave a profit'! "PROFITABLE management of property is as much a vocation for trained and experienced men as successful manufacturing. It requires time and study. " Just when you believe you are around the corner from loss there comes another tax levy, rents decrease, or some other influence cuts into your property pocketbook.. Pit INCREASE n From tht? Oreaoniaiv Oct 18. 1922 SFii IMS Total .MilfageAevy.'37.rftr Taxpayers within the Portland school district tact the probability tnat mo levy ar.insi their prop erty" will to greater the comlhg year than t was for thl year.' Budget roquecjts submitted to the tax super vision and conservation commission call for Increased' levies to suppori every tax-lovylns department of county, tne tax commission Is p mP 1 '4aas'asSMiiiifli! s tn& Anticipating these fac tors and knowing how to analyze and solve their attendant problems re , quires training and ex perience. The increase in taxes that Portland faces is only one of the questions property own ers must know how to answer. Are you trying to an swer your perplexing problems alone or do you have the counsel and guidance of those trained to solve themZ Our organization and its experience are at your service. Let us help you. Strong &l MacNaughton IM PORTLAND, OREGON Investment and Property Man' agers for. Estates and Individuals Kansas City livestock Market. KANSAS CITY, Mo., Oct. 20. (U. S. Department of Agriculture.) Cattle Receipts, 8000 head; stock calves weak to lower; early sales $fi7.25; all other classes active and fully steady with undertone firm on most kinds; one fancy load 1588-pound steers at $13.25; looks unevenly higher; common western grass ers, $4.70 6.60 ; most cows, $3. 75 5 ; few, $5.506; many grass heifers, $4.50 6; good fed lots, $7.75; canners gen erally good medium weights,. $7;, me dium stock steers, $60.50. Hogs Receipt, 6000 head; shipper market steady; packer market steady to 10c lower with most decline on lights; 150 to 190-pound weights, $8.8064). 05; bulk desirable 200 to 2tJ0-pound butchers, $9 9.15; heavy butchers mostly $8.85 9.05; packing sows steady to weak; bulk, $7.858.25; stock pigs steady, bulk $8.50(98.75. Sheep Receipts, 3000 head; killing classes steady; best lambs, $14.35; clip ped lambs, $13.15; Colorado ewes, $0.50; fed Texas wethers, $7.90; feeding lambs, $13.25. Omaha Livestock Market. OMAHA, Oct. 20. (U. S. " Department of Agriculture.) Cattle Receipts, 1700 head; beef steers strong; few choic beeves included; early top, $11.10; other classes mostly steady; feeders slow. Hogs Receipts, 3000 head; light butch ers steady; close weak; all other classes about 10c higher; bulk packing grades, $88.40; bulk 200 to 300-pound butchers, $8.759.10;- top, $0.15. Sheep Receipts. 7600 head; killing classes steady; western lambs, $18.90(3) 14.20; fed clipped, $13413.10; yearlings, $10.50; no choice sheep included; feed ers dull; easier. Pasco livestock Market. PASCO UNION STOCK YARDS, Oct. 20. light runs of cattle were reported with butchers and packers bidding lower on fat cattle. Stocker cattle heloV steady to strong with a good demand for any class of .Uockers or feeders. . Hogs are steady with ' no receipts to test the market. Sheep held strong the fore part of the week but eased off a trifle on fat sheop the latter part. Breed ing ewes are still in good demand and good quality ewes are changing hands often at long prices. Cattle Receipts, 172 - head; prime steers, $66.:j0; good to choice, $5.50 6; common to fair, $4.5035.50; feeder steers, $5 5.50; choioe cows and heifers, $44.50; feeder cows, $33.50; feeder yearlingd, $4 4. 70. Hogs Receipts, none; prime lights, $10 g)10.50; smooth heavies, $99.50; rough heavies, $S.8.50; feeder pigs, $9 $10. Sheep Receipts, 412 head; prime lambs, $9.5010; good to choice, $8 8.75; fat yearlings, $78; fat ewes, $4.505.50; feeder lambs, $910; breed ing ewes, $912 per head. San Francisco livestock Market. SAN FRANCISCO, Oct, 20. (Federal State Livestock Market News Service.) Cattle Beef steers, good grade, $7.75 8 medium grade, $77.50; common grade, $66.75; beef, cows, good grade, $5.75 6 ; medium grade, $5.25 5.50 ; common grades, $45; canners and cut ters, $2&S.50; bologna bulls, $2.504. Calves, 150 to 200 pounds, good and choice, $88.25; 200 to 250 pounds, good and choice, $7.50t&8; 250 to 300 pounds, good and choice, $77.50; over 300 pounds, $5.506.50. HogS1 Good and chqlce, grain fed Cali fornias, 150 to 200 pounds, $10.7511; 200 to 250- pounds, $10.4010.75; 250 to 300 pounds, $9.25G9.75; over 300 pounds, $8.50 9; smooth sows, 250 to S00 pounds, $77.50; rough sows, 250 to 300 pounds, $G$6.E0; over 300 pounds, $56. Sheep and lambs Full pooled lambs, good and .choice grade, $1212.50; me dium grade, $11.5012; ewes, medium and good, $56; wethers, medium and good, $78.50. Seattle Livestock Market. SEATTLE, Oct. 20. Cattle Receipts, 218; market steady; price unchanged. Hogs Receipts, none; market steady; prices unchanged. ' Sugar Market. NEW YORK, Oct. 20. Raw sugar, centrifugal, 6.53c; refined granulated, 6.75c to 6.90c. . SAN FRANCISCO, Oct. 20. Call for n la -Hawaiian raw sugar, 5.53u, iMPOHTS SHOW INCREASE DECLIXB IX NATION'S EX PORT TRADE DISCLOSED. Total Turnover in Foreign Com merce, However, Greater Than Year Ago. WASHINGTON, D. C, Oct. 20. The flood of foreign goods which had been expected in September in anticipation of th new tariff did not materialize, al though the nation's combined imports and e'xports for the month showed an increase of more than $50,000,000 over those of September, 1921. Imports are shown in d,ePaTtment of commerce figures today to have totaled $J32.000,000. as against $179,000,000 in September, 1921. The September figure was about $50,000,000 under the total for August and was the smallest monthly aggregate since last April. , Exports for September were valued at $317,000,000, compared with $324,000,000 in September last year, making the total turnover ot American foreign commerce $549.00,000, n increase 'of approximate ly $50,000,000 over that of September, 1921, but approximately $30,000,000 less than that of last August. The trade balance in favor of the United States for September was $85,000,000, as compared with $145,570,958 in September, 1921, and $20,000,000 last August. For nine months of this year ending with September, exports were valued at $2;740.OOO,00O and imports $2,184,000,000. As compared with the same period In 1921. exports decreased $810,000,000, while imports increased $311,000,000. For the nine months of this year the total trade balance in favor of this country was $556,000,000, against $1,678,000,000 f jr the corresponding period of 1921. Imports of gold last month showed a sharp falling off as compared with the same month In 1921, the figures being $29,000,000 and $66,000,000, respectively. Experts of gold were $1,398,000 last month, compared with $2,448,000 the same month in 1921. Imports of silvei showed a slight increase, the figures be ing $0,370,000 the last month, as against $1,488,000 in September, 1921. Exports were $3,735,000 last month and $4,496,000 in the corresponding period the year be fore. .For the nine months thia year silver Imports totaled $53,000,000, as against $44,000,000 for the same period In 1921 and exports were $46,000,000 as compared with $34,000,000 In the nine months of 1921. to firm; creamery higher than extras 4747c; creamery extras, 46c; cream ery, firsts, 37 g45ic; packinig stock current make No. 2, 2930c. E-ggs Firm; fresh gathered extra firsts, 49 54c; do, firsts, 40 48c; Pacific coast whites extras, 82c; do, firsts to extra firsts, 70 80c. Cheese Firm; state whole milk flats fresh specials, 2526c; do average run, 2525c; state, whole milk twins held specials, 25H26c; do average run, 25c CHICAGO, Oct. 20. Butter Un changed.' -Eggs Higher; receipts 4813 cases; firsts, 3137c; ordinary firsts. 2830c; miscellaneous, 30(&36c; refrigerator ex tras, 26c; refrigerator firsts, 26c. SEATTLE, Oct. 20. Eggs Pullets. 46 42c; others unchanged. Butter Unchanged. rPWARD TREND IN COTTON MARKET With General Demand, Price Close Higher at New York. (By Chicago Tribune Leased Wire.) NEW YORK. Oct. 20. The cotton fu tures list continued upward today. There was little feature in early trading, and movements were within narrow limits, with professional evening up and Wall street give and take. The market opened 3 to 15 points net lower, except for Oc tober, which was up 2 points, and then rallied under trade buying and support from shorts. The south was a small seller. Much of the morning pressure represented profit-taking by old longs who thought the 23-cent level for the time being was the market's high. Gen eral demand increased steadily, however. In the latter trading until prices were about 35 points higher than yesterday's close. Support was largely week-end evening up by Wall street abort Inter ests. Closing prices were around the high, 28 to 42 points net better. Spot, steady, 23.45c, 40 points advance for middling upland. Sales nil. Soul hern spot .markets were : Galves ton, 22.95c, 25 points advance; New Or leans, 22.50c, unchanged; Savannah, ?3c, 25 points advance; Augusta. 23c, 25 points advance; Memphis, 22.25c, un- changeq; Houston. 1 Ac, 4Q points an IMPROVEMENT IN TRDE KEEPS UP Rising Trend of Demand Clearly Indi catedPrices Stronger. NEW YORti Oct 20. Dun's Review tomorrow will say: "Expectation that the final quarter of the year would bring a further extension of business Improvement has been sup ported by developments during the first month of the fall season. While irregu larities have continued in different lines, with considerable fluctuation In volume of operations, the rising trend of demand is clearly maaifest and most wholesale markets are strengthening steadily. "Moderate reaction from the higher price levels for certain commodities, such as iron and steel, reflects an easing of the tension, which had resulted from the paucity of supplies and activity In buy ing and also is an outcome of the re covery in manufacture that has followed the settlement of the coal mining and railroad labor troubles. Relief from tht fuel scarcity, which has seriously ham pered production, has made possible the resumption of work at many plants where idleness had been unavoidable, al though transportation drawbacks still hinder shipments of merchandise and tend to prevent Borne transactions which would otherwise be consummated. "Weekly bank clearings were $8,513, 400,000." QUOTATIONS ON DAIRY PRODUCTS Coast and Eastern Markets for Batter, Cheese and Eggs. SAN FRANCISCO. Oct 20. CU. S. Bu reau of Agricultural Economics.) But ter Extras, 60c; prime firsts, 46c; firsts, 44c. Eggs Extras, 67 c; extra firsts, nom inal; extra pullets, 45o; undersized pul lets. No. 1, 86Hc Cheese California flat, fancy, 5o, firsts, 22Ho; California Young America fancy, ESiio. NEW. YORE, Pet. 20. putter Steady, vance; Little Rock, 22.25c, 25 points ad vance. NEW YORK, Oct. 20. Cotton futures opened steady; October, 22c; December, 22.98c; January, 22.75c; March, 22.83c; May, 22.83c. Futures closed steady; December, 23.42c; January, 23.15c; March. 23.27c; May; 23.23c; July, 22.99c; October, 23.20c. Boston Wool Market. BOSTON; Oct. 20. The Commercial Bulletin tomorrow will publish wool quo tations as follows: Oalifornia, northern, $1.25 1.30; mid dle counties, $L151.20 Oregon, eastern No. 1 staple, $1.27 1,32; fine and fine medium combing, $1.151.20; eastern clothing, $1.10( 1.15; valley, No. 1, $1.12 1.18. Mohair, best combing, 60G5c; best carding, 50 55c. Gii in In Coffee Futures. NEW YORK, Oct. 20. The market for coffee closed today at a net advance of 6 to 12 points; October, 9.22c; December, 9.31c; January, 9.26c; March, 9.17; May, 9.04c; July, 8.85c; September, 8.64c. Spot coffee quiet; Rio 7s, 10c; Santos 4s, 1515-4c. Cost and freight offers from Santos were unchanged to a shade lower including 3s and 5s, part bourbon, 13.1S14c. Cottonseed Oil Market. Cottonseed oil futures at New York furnished by Jordyv- Went worth & Co., ' Portland. October, $8.25(3)3.85; November, $8.55 8.58; December, $S.608.64 ; February, $8.688.70; March, $8.S2S.E4; April, $8.858.92; May, $8.ft(38.fiS. Spot bid, $8.358.39. Total sales, 19.500. Naval Stores. SAVANNAH. Oct 20. Turpentine Strong; $1.551; sales, 150; receipts, 486; shipments, 418; stock, 12,673. Rosin Firm; sales, HOG; receipts. 1847; shipments, 3408; stock, 89,198. Qucte: B, D, E, F, G. H, I. $6.056.07. ; -K, M. $G 058.1 ; N, $6.006.15; WG, $G.256.37tt; WW, $7(&7.Q2V6. Dried Fruit at New York. NEW YOKK, Oct 20. Evaporated ap ples quiet; prunes firm, but quiet; peaches quiet. Read The Oreeronnia classified ads. When Real Estate Takes Wings Courts arc continually setting aside deeds for fraud, incompetency, conflicting rights and many other reasons. Cases are on rec ord of people who have possessed property for 60 years, only to be dispossessed by the legal owners. A secret marriage or an un discovered heir ma invalidate a title after generations of possession or scores of transfers. Granting that your title may be perfect, a TITLE INSURANCE POLICY guarantees your right to enjoy and possess undisturbed the property you hold. For a small premium we will guarantee the valid ity of your title, defend you against lawsuit and indemnify you against loss. A title in surance policy is perpetual. Ask as for further information. title and Trust .452 COMPAHYXT' TOI2 AND TRUST BUILDING- PORTLAND