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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Nov. 3, 1922)
THE MORNING OTtEGONTAN. FRIDAY, NOVEMBER 3, 1922 27 RETREAT TOR DROP CLEARLY INDICATED Exchange Recovery Is Much More Emphatic. LIBERTIES UP SMARTLY Reserve System's Weekly State ment Shows 1 Per Cent Reduction in Reserve. (By Chicago Tribune Leased Wire.) NEW YORK, Nov. 2. Today was one of those occasional days on which a number of interesting movements, not all related to one another, occur simul taneously. Recovery on the stock ex change, much more emphatic than the brief upward reaction of last Friday, Save pretty plain eviflence of ietreat by speculators for the decline. Liberty bonds moved smartly upward, the fourth 4JA per cents gaining point for the day and reaching a price nearly a full point above last week's low fig ure. Both the wheat market and the cotton market moved into new high ground for the present crop season, cot ton almost touching the 25-cent price, .which it crossed on the down-grade on October 2, 11(10. The reserve system's weekly statement showed reduction of 1 per cent in ratio of reserve; a result of $118,000,000 in . crease of rediscounts, apparently in prep aration for the large "November fcettie mente of inland trade. W-hile the for eign exchange market, as a whole again moved irregularly, the German mark found a new low level of depreciation in the price of .0175. The advance on the stock exchange which began with the opening of busi ness and continued with little interrup tion up to the closing, was the most considerable that has occurred on any day since professional speculation for the rise broke down in the first week of Oc tober. It gave the impression that the decline had legitimately terminated with the break in prices of a week ago, but that resistance by the "bear operators" and the momentum which the downward movement had acquired had been able for a time to prevent continuing recovery. How far even today's recovery will be carried must depend chiefly on the size of outstanding commitments for the de cline. The market certainly had ceased to indicate anything in the underlying situation; even the period of particularly active use of credit was approaching its end and rates of term loans had re mained at the lowest figure of any corre sponding period since 116. No doubt we shall presently be hearing of the new and violent "inflation boom," which is about to sweep the stock market up ward. Eut that is a different story. What has been, happening in the past four weeks was not artificial Interrup tion of a normal rise, but readjustment of an overdone and "over-discounted Situation." A report was circulated in the finan cial district today declaring that the directors of the Johns Manville com pany were contemplating declaring a 400 per cent stock dividend on the common stock. The report could not be con firmed In official circles. An interesting market is quoted for the stock, how ever, in connection with the rumor. One stock broker today asked the house which specializes in the issue for a quo tation and this was the reply, "350 bid 4i0 offered, no stock to be had, will pay as high as 550" The company has ' completed arrangements to retire its pre ferred stock which will leave only $2, 500,000 common capital stock outstand ing. Against this there was reported in the last balance sheet a profit and loss surplus in. excess of f 13,000,000. The present series of refunding opera tions is a perfectly natural one, and has been expected. No corporation official wants to see a 7 or 8 per cent bond re main outstanding, if it can be replaced with a 54 or a 6 per cent security, even though a premium must be paid to the holders whose bonds are retired. In one of those recent operations it was figured by statisticians that the refunding opera tion would save something like $1,750,000 , in interest charges over the period the original securities had to run, The president of a southern bank who was in Wall street today conferring with his correspondents gave an interesting pair of figures today to demonstrate how very quickly the people in that part of the country have paid their obliga tions, made possible to a large extent by the advance in cotton. "Six months ago, 78 per cent of our clients were indebted to the bank," he declared, "for large and small amounts. On the first of Novem ber this had been reduced to approx imately 22 per cent of them, and the fig ure will be much lower by thd first of the year." New York Bonds. Furnished Dy Jordan, Wentworth & Co. of Portland: Rails AT&titF gn 4s 395 B O con 48 3933 1929 1930 H46 3950 1071 IP 59 1932 1934 3955 1938 1952 B O 6s Can Pac 4 deb stk. Cent Pac 1st 4s 3949 Ches & O conv 4s do conv 5s , Chic&Alton 1st 3s Chic & Burl Q 6s Chic Gt W 1st 4s Chic M & St P cv 4s... CRI&P 1st & ref 4s...... D & RG 1st & ref 5...,. Gt Nor 7s ser A do hVz ser B KCS ref&imp 5s due Apr. 1 1950 jwinn E.&s.a.Ai. io yr. col. tr. g. G4b ,1931 MK&T 5s cm adj sA 19t!7 , MP 1st & ref 6s sr D 1949 NY Cent cv deb 6s 1935 NYC&HR rf&im5s C 2013 OST. ens 1st gtd 5s 1946 OW&Nav ist & rf 4s 1961 PenuaRRRE A 4&s 1965 do B os 1908 RCo&P&RCL gen 4s 1997 St L-S F pr 1 4s 19.10 StL&SF adj A6s 1955 tL-F Income A 6s 1960 S P S F Term 4s 1950 So Pac 1st ref 4s 1953 Sa in dev & gn GMn ir6 1TP 1st and id grt 4s 1947 WP 1st js 194Q Miscellaneous Am SRCo 6 1937 Am Tel&T conv 6s 1925 Cal Gas TJnf 5s 1937 IuPont 10-yr 7 Mb 3931 Dusquene 6s 1949 Kmpire G & T 7 Mb 1937 Framer Ind 7&s . ... 1942 Goodrich 64s 1947 Goodyear 8s 1941 do 1931 Humble O 56s 1932 IP 1st & rf 5s B 1947 N England Tel 5s 1952 N Y Kdison 6M 1941 1952 1941 1937 1952 1925 3925 3931 1963 1936 1924 1929 1947 1930 1935 1947 1935 do 5s 1929 108 Foreign Government Internal Bonds French Internal 4s . 1917 43-. French Victory 5s 1920 53 Belgian Restoration 5s 60 British 2 consols 524 1 Ital Cons War Loan 5.... 34 New York Curb Stocks, Furnished by Jordan, Wentworth & Co. of Portland. Last Industrials Sale. Acme Coal Co 64 Acme Packing Co 38 Car Light & Power Co 2M Continental Motors 10 14 Glen Alden Coal 61 is Peerless Truck & Motor. 59 Phillip Morris 19 Radio Corp com 4H United Retail Stores Candy........ 6 West End Chem Co 63 Heyden Chemical 2 Durant.(oid) 1 '48 Mining Alaska-British Colum Met 2 Big Ledge 8 Boston & Montana 9 Candelaria Silver 33 Colombian Emerald Syn 60 Cresson Cons G Mining 2 7-l Divide Extension 12 El Salvador Mines 3 Eureka Croesus M Co 28 Gold Zone Divide 8 Jerome Verde Copper 2 Knox Divide Mines. 3 McNamara Mine , 8 McKinley Darragh 15 National Tin &. T 20 Nevada Ophir 12 Nipissing Mines 0 Rex Consolidated 6 Tonopah Divide 73- United Eastern Mine 1 Hecla 7 Consolidated Copper 3 Oils; Allied Oil 2 Anglo-American Oil 20 $4 Arkansas JNaturai tiaa Boone Oil 10 Boston-Wyoming 98 Carib Syndicate 5 FOREIGN BONDS STRONG! DOMESTIC RAILS ALSO SCORE GOOD ADVANCE. Large Blocks Taken Out of Mar ket by Financial Interests; Liberties Are Higher. lilies service tora ........... do, B T shares . ,. Creole Syndicate Cushing Petroleum ..7 Mutual Oil Engineers Petroleum Federal Oil Gilllland Oil ... Glenrock Oil Hudson Oil International Petroleum Maracaibo Oil Mexico Oil Noble Oil & Gas Com Omar Oil & Gas Producers & Refiners Sapulpa Refining Co .............. 3 Simms Petroleum 11 Southern Pet & Ref Corp 13 Standard Oil of Indiana 1-0 Texas Oil & Land 41 Victoria Oil 10 Mexican Eagle- 11 Merritt 7 Shell Un 11 & Foreign Bonds. Reported by Overbeck & pany of Portland. Russian 5s ..... do 5s 4s do s French os do 4s ... do 5s British as . do 5s do Vict. do ref 4s Belgium premium. German W 1. 6s.... Berlin 4s Hamburg 4s ...... do iftti Leipsig 4s do 5s Munich 5d do 5s Frankfort 4s Jap 4s , do. 1st -ihia do l!d 4s United Kingdom . do Argentina 5s ..... Belgium 7Vss ..... Brazil 7s , Bordeaux 6s , Brazil 8s Canada 5s ........ Chile Ss , do 8s do ks Czecho. 8s Bolivia 8s Denmark 8s French 7s do bs Norway 8s 1921 lfl2 191!) 1931 1917 1920 1827 1929 Cooke corn Bid. Ask. NEW YORK, Nov. 2. Foreign gov ernment securities and speculative rail road mortgages led a general advance in prices in today's broad and active bond dealings on the New York stock ex change. Large blocks of bopds were reported -taken out of the market by big final, cial interests. Strength of foreign bonds was rather surprising in CTew of the weakness of foreign exchange. Belgian 7s and 8s advanced and 2 points, respectively, while gains of 1 to 1' were recorded by Belg an 6s. Swiss 8s. Japanese 4s and French 8 French municipal issues im proved fractionally. There were two notable exceptions to the upward trend, Berne 8s and Copenhagen 5s, which dropped two and one point, respectively. In the railroad list, the greatest bulge tbok place in Cleveland, Cincinnati, Chi cago & St. Louis 6s, which rose 2 points Erie convertible 4s, series A, moved up 2 and series B 2 points. San Antonio & Aransas Pass 4s also rallied 2 points. In the long list of mortgages which were pushed up from 1 to 1 9 V ' points were Baltimore & Ohio convert ible 4s and gold 4s, St. Paul convert ible '44st New York Central consoli dated 4s, and debenture 6s, Frisco ad justment 6s. Income 6s and prior lien 4s. New Haven 6s, Union Pacific 4a, Sea board Air Line consolidated 6s, "Soo 4s, "K.aty" 4s, 6s and adjustment 5s, and Chesapeake & Ohio general 4s. Industrial lines were not so active as the rail or foreign issues, although ad vances of a point or 'more were scored by United States Smelting & Refining 6s. Cerro de Pasco 8s and Chile Copper is. Trection Issues were moderately Etrong, Brooklyn Rapid Transit 7s rising 2 points, and American Telephone con vertible 6a 1. The largest gain in the United States government list was made by the first 44 s. which jumped 30 cents on $100. Other advances registered from 2 to 28 cents. Total sales, par value, were $14,251,. 000. The only offering of note today was an issue of $1,000,000 Empire Gas & Eleitric company general refunding 6 per cent 30-year bonds, series A, offered at 91 to yield 6.30 per cent. Hupp Motor .... 200 21 21 Ills Cent 200 112 vi 112. Inspiration 1,700 34 33 Int Ag Corp ... 100 6 6 do pfd Interboro 60O do pfd ....... 600 1 1 Int Harv 100 105 100 Int Merc Marine do Did 10.700 53 31 51 . int TvicKei ...... l.ui.'u Int Paper 2,200 Int" Comb Eng.. 400 Invincible Oil .. 7,100 Island Oil Jewel Tea ... K C South do pfd ..... Kayser J .... Kelly. Spgtld . Kent ecott Keystone Tire Lack Steel ... Lee Tire .... Lehiph' Valley Loriiiard Lowe Theaters . 1,800 19 L & N 200 137 Lima Loco .... 2,000 60 Marland Oil ...13,200 S3 Maxvell Mo "A" 100 49 do B" 600 15 May Mores ....12,000 loo 2,700 300 300 300 1,300 2.200 5,000 400 1,300 1U0 1,300 15 3S 25 15 . ie 21 56 45 42 32 6 81 26 68 14 57 24 15 19 21 55 44 40 32 6 80 20 67 19 135 60 82 49 15 153 Mex Pet 11,500 226 220 Mex Seaboard . . 700 -Miami 1.100 Midd'e Sta Oil. 13,700 Midvale Steel .10,400 .193 20 2 3 11 19 79 4 1 12 24 18 1 22 1 1 N Amer Ed 6s PG&E gen & rf A 5s. Pac Tel 5s do Sinclair cv 7s Sinclair c O 5s S O Cal 7s II S Steel sf r,s West Union 6s Curb A T & T 6s Anaconda C M 7a Anton Jurgens 6s Armour 7 notes4 Beth Steel Equip 7s .. Brooklyn U G 6s ..... Canadian N R 7s Clev Un Ter 0s 1972 t opper e.x nvo nta lira Grand Trunk6s 1930 Laclede G L Sthwstren B T 7s . . . . S O of N Y deb 6s .. Swift & Co. 7s , .Allied Packers 6s ... Anaconda Copper 6s .nnglo-Am Oil 7s ., Copper Ex Assn 8s . Galena Signal Oil 7s Oulf Oil Co 7s Inter Rapid Tran 7s Libby McN & Lib 7s So West Tel 7s Ptand Oil N Y 7sA.... Swift & Co 7s Vacuum Oil 7s Swiss 5s foreign Government Argentine 7s 1927 Belgium 8s 1!H1 Canada 5s 1931 zecno-alovak 8s .. Denmark 6s Putch Enst Indies 6s French CitieB 6s ... Japanese 2d 4s Mexico External 4b . Netherlands 6s 1972 Paris-Lyon-Mdtrn 6s 1958 United Kingdom 5s 1922 1929 . . 192r. . . 1933 ...1931 1924 1926 1931 1929 1951 1942 1947 1934 1931 1954 87 81 100 79 87 88 S5 30 100 50 69 83 i 50 110 100 90 102 60 99 104 97 103 81 90 100 84 71 78 64 81 87 101 91 82 101 115 95 108 102 93 89 100 115 98 7 87 97 104 93 91 96 91 103 104 102 108 100 103 77 104 102 103 109 103 103 ior 100 102 102 76 100 103 101 1(13 103 104 1011 102 104 102 106 100 100 1(10 98 92 99 94 78 78 37 ' .05 72 99 1929 1937 1909 1945 1952 1934 1941 1952 1941 1926 1946 1951 1947 1945 1941 1945 1940 Queensland 6s 1947 Rio Janeiro 8s 1946 do 8s 1947 Seine Uept 7s 1842 Swedish 6s 1939 Swiss 8s 1940 U K Gt B & I X14-. 1937 Belgium Restor 5s 11 1 12 51 42 60 93 93 78 20 20 35 30 25 78 92 91 108 102 81 100 85 78 99 98 102 102 102 91 94 108 94 98 111 101 97 7 86 102 114 102 54 13 14 ' 52 43 62 95 95 80 77 66 24 35 40 40 40 50 40 50 50 79 93 92 109 '83 101 86 79 100 98 102. 102 102 92 95 109 95 88 112 102 98 98 87 103 116 102 . o . Swift Co. Stocks. Swift & Co. stocks at chimin as re ported by the Overbeck i Cooke com pany of Portland: riw ift & Co 107 Libby, McNeil (k Libby (new) 7 National Leather 8 Swift internation-al 20 Standard Oil Stocks. Standard Oil stocks furnished In. the Overbeck & Cooke company of Portland: J Bid. Ask. Anglo 20 22 uurno oci isniur ........... Buckeye 93 Cheesebrough ..215 do pfd 100 Continental 147 Crtsccnt 34 CumL-.rland ........145 Eureka . 92 Gaiena, com 49 do old pfd 109 do new pfd .nut Illinois Pipe ........174 Indiana Pipe .93 National Transit 25 N Y Transit 173 Northern Pipe 108 CLOSING. STOCK QUOTATIONS. Closing stock quotations at New York furnished "by the Overbeck & Cooke com pany of Portland: Sales. High. Low. Bid. Adams Express.. .700 79 79 79 Advance Rum.... 100 15 15 15 do pfd . .. .- 48 Agr Chem 400 32 31 81 do pfd 100 63 63 63 Ajax Rubber.... 600 13 13 13 Alaska Gold 300 Alaska Juneau 1 Allied Chem 9,800 78 76 77 Allis-Chalmers .. 1,800 45 44 44 Am Beet Sugar. . 300 39 39 39 Am Bosch 700 39 35 35 Am Can Co 20,400 76 73 75 do pfd 500 110 109 109 Am Car & Fdy.. SOO 186 183 1S6 do pfd 100 124 124 124 Am Cot Oil 1,100 24 23 do pfd 100 48 48 Am Drug Synd Am. Hide &. Lea. 200 12 do pfd 300 71 Am Ice 2,700 113 Am Intl Corp 3,700 31 Am Linseed. . . . do pfd Am Loco do pfd Am Saf Razor Am Ship & Com. Am Smelter do pfd Austin Nichols... Am Steel Fdy. . Am Sugar do pfd Am Sumatra . . Am Tel & Tel.. Am Tobacco.... do "B" Am Wool do pfd Am W P pfd... Am Zinc Anaconda ...... Assd Oil 12 69 108 30 85 600 36 300 67 8.90O 128 124 300 121 121 1,000 7 3,700 22 8,200 56 200 102 1.000 32 16,600 45 2.900 76 200 106 1,900 34 1,900 124 1,300 lo 7 21 55 102 31 42 73 106 82 123 23 47 12 70 112 31 35 57 128 119 7 22 56 101 3 1' 44 75 106 32 14 154 155 500 154 153 153 5,200 98 9H 98 700 110 900 81 100 18 4,400 48 200 117 110 109 2.8 17 47 116 102 92 570 95 217 112 150 36 150 94 51 112 110 Ohio Oil . International Penn Mex . . Prairie Oil ... Prairie Pipe . . . Solar Refg . ... southern Pipe , South Penn Oil S W Penn Oil. S O Indiana . . doKansas ... doKentucky . no New York Pete 298 245 20 645 270 390 94 ....1X0 .... 60 ....120 . . . . 600 ....107 S160 do Ohio 530 do pfd ..117 Swan & Finch 24 vacuum $45 Washington 24 S O Nebraska 190 Imperial Oil 118 95 26 177 110 302 278 23 655 2S0 400 96 190 62 121 610 108 565 540 119 28 655 23 200 119 money 5 per closing Atchison 2,000 103 do pfd 300 92 Atl Coast Line.. 500 118 11 Atl Gulf & W I. 1,800 24 24 Baldwin Loco. . .24,500 132 do efd 300 118 Balto & Ohio 6,800 50 do pfd 400 Barnsdell Cor"A" 4,100 do "B" 500 Beth Stee! "B". .12,000 Booth Fish B R T 1,000 Butte C & Z..., Butte & Sup 500 Burns Bros A do "B" 800 Caddo Oil 400 Calif Packing... 100 Calif Pet 2,900 58 do pfd 300 91 Callahan Z & L. 2,700 8 62 33 23 70 'ii" '31 200 131 47 0 83 80 17 48 117 103 92 118 2364 129 132 ii 117 116 49 60 01 31- 21 68 'l6 "30 130 47 I) 83 52 91 8 Canadian Pac... 2,300 144 144 62 32 21 69 7 16 7 31 129 47 9 83 63 91 8 144 88 36 62 88 600 800 200 3,000 700 4,000 100 M K & T Wi Macs. Truck Mont Power Mont. Ward Mo Pac .... dc pfd . . M St P & S S M Nat Biscuit ... Nat Enamel Nat Lead Nevwda Con ... New Haven . . . Norlolk & W... Nor American . Nor Pao Nova Sco' Steel. N. Y Air Brake N Y Central. Okla Prod ref Orpiieum Ontario & W... Otis Steel Pacific Dev Pao Gas & Elec. 2.700 Pacific Oil 21.900 Pan Ami Pet... 16,000 do ,'B" 25.300 Penna 3,500 Penna Sea Steel 1,000 Peo Gas Pere Marquette 2,400 Philadelphia Co 600 Phillips Peta .. 1,500 Pierce Arrow . . 1,900 Pier-fc.Oil 1,600 Pitts Coal 600 Pitts . West Va 900 Press Steel Car 200 Punta Alefre Pullman 17 27 12 Sl 16 64 70 22 19 16 26 11 29 15 64 70 21 18 63 68 68 800 233 6,100 68 6.200 118 300 14 4.900 30 1.300 120 119 2.600 95 94 S.zuu o 67 109 14 29 600 9,500 1,700 500 300 400 400 34 98 2 22 23 10 2 80 48 91 89 48 3 84 "83 7 2 22 .23 9 o 78 46 87 85 47 i Pur. Oil . F.ay Cons Reading Remingxon 35 41 46 12 5 59 37 82 900 48 .12,100 130 . 4,100 29 . 1.600 .22,200 1.100 Replogle Steel ..1,500 Republic I & S. 2,000 do pfd . 200 Rep Motors Royal Dutch Oil 7,700 ny steel spg Saxon Motors Sears Roebuck... 8,100 Shattuck & Ariz 1,300 SheM T & T 600 Sinclair 10,600 Sloss Shef 100 Sou Pacific .... 3,300 Sou Ry 1,600 d. pfd 400 Stand Oil Cal. Stand Oil Ind Stand Oil N J Stand Oil Ky.. Et L & S F .. Strom Carb Studebaker Swift & Co Tenn Cop & Ch Texas Oil Texas Pac .... Tex Pac C & O. Tob Products .. Tran Contl Oil. Un Bag & Pap. Union Oil Del .. Union Pac United Alloy . . . United Drug . . . United F Prod . . United Fruit ... Un.ted Rds N J. United Rds pfd. United R Stores. U S C I Pipe ... U S Ind Alco 13 83 34 28 50 84 '55 200 118 300 3 87 37 33 42 93 24 65 ?i 9,200 121 119 I2U lli 14,000 214 209 .. 108 107 . . 600 26 26 .. 700 52 62 ..30,000 127 125 34 40 45 11 37 81 42 127 28 13 82 32 27 48 84 '64 116 3 86 6 36 32 42 92 24 64 1,000 9,000 1,000 3.600 6.100 10,000 400 000 9 48 27 23 56 14 70 ii 8 47 26 22 52 13 7 16 0,000 146 144 300 80 600 6 1,000 154 U S Rub 4,400 do 1st pfd .... 300 U S Smelting .. 200 U S Steel 87,400 105 104 do pfd 1,100 121 121 Utah Copper ... 1,300 62 62 Va Chem 200 200 ,000 100 19,500 1 25 83 21! 70 53 96 39 79 6 151 12 25 79 20 69 62 96 38 200 2,600 1,200 ' 700 1,200 800 1,000 60(1 300 Con Leather 1,800 39 88 Cerro de Pasco.. 1,200 30 36 Chandler Motor.. 2.600 62 61 Chi & N W 2,000 89 88 Chi Gt W 1.600 5 5 do pfd 200 13 12 12 Chili Cop 11.200 25 23 24 Chino 2,300 23 "24 25 C M & St P 1,600 29 28 29 do pfd 7,500 45 44 44 Coco Cola 4,000 7S 77 77 C & O 2.HH) 75 74 74 Colo F S.-, I 3,00 30 29 2fl Colo South 200 47 47 47 Col Gas & Elec. 1.S00 108 106 107 Col Graph . 500 3 3 3 Con Gas 28.400 138 136 137 Cons Cigars 1,300 38 36 08 do pfd 81 Cons Textile ...-2,800 31 10 10 Cont Can 1.100 90 94 95 Corn Prod 15,51)0 129 126 129 ao pta r-ix Money, Silver, Etc. NEW YORK. Nov. 2. Call easier; light. 5 per cent: low cent; ruling rate, 5 per cent: bid, 5 per cent; offered at 5 per cent last loan, 5 per cent; call loans against acceptances, 4 per cent. Time loans firmer; mixed collateral, 60-90 days, S per cent; 4-6 months, S per cent Prime commercial paper, 44 per cent. Foreign bar silver, 61 c. Mexican dollars, 51 c. LONDON. Nov. 2. Bar sliver, 34d per ounce. Money, 1 per cent. v Discount rates, short and three months' bills, S2 7.16 per cent. Foreign Exchange. 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 ia United States funds: - Country, foreign unit Rate Austria, kronen , J .ooK)16 Belgium, francs 065400 Bulgaria leva . OO6S0O Czecho-Slovakia, kronen 031800 Denmark, kroner 2020DO England, pound sterling 4'4SokH) Finland, finmark !02600 France, francs !o70000 .000225 .0-20400 .392200 .000500 .042000 .0O42O0 .183000 .068500 .007000 .6-17300 .156000 .268200 .182601) .555000 763000 9.900 6,500 400 700 9,000 100 1,700 1.20O 48 40 97 90 77 93 Vi 12 36 21 34 Gliddin Paint . .. 12 Goodrich T & B Glen Alden Granby 1,400 Gt Nor Ore 4,500 Gt Nor pfd ... 1.900 Gulf S Steel ... 4.600 1 flfm on .... 3. ' Germany, marks Greece, drachmas ............. Holland, guilders Hungary, kronen Italy, lire Jugo-Slavia, kronen ........... Norway, kroner Portugal, escudos Roumania, lei Serbia, dinara Spain, pesetas Sweden, kroner Switzerland, francs China-Hongknng, local currency Shanghai, taels Japan, yen 487600 NEW YORK, Nov. 2, Foreign ex change Irregular. Great Britain, demand $4.46, cables ?4.46; 60-day bills on banks, $4.43 5-16; France, demand 6.92. cables 6.93; Italy, deniand 4.22, cables Belgium, demand 6.44. cables 6.44; Germany, demand .01, cables .01' 13-16; nunana, nemana na.iu, cames 39.15; Nor way, deniand 18.23; Sweden, demand 26.82; Denmark, demand 20.15; Switzer land, demand 18.15; Spain, demand 15.26; Greece, demand 200; Poland, de mand .0034; Czecho-Slovakia, demand 3.17;- Argentine, demand 36.00; Brazil, demand. 15 50; Montrenl, $1.00' t-lfl. Young Man Tnlversity irraduate, 4 years general oankine experience, 3 years as -ex ecutive of financial institution, de sires association with firm where advancement is measured by results ooiainea. vvouia iiKe opportunity to invest. AC 38, OREGOXIAS Cosden Oil CRI&P... do "A" pfd. do "B" pfd Crucible do pfd ... Cuba Cane .-. do nf d Cuban Am Sugar 1.400 Davison Chem... 2,300 Del & Hudson... 500 130 Del & Lack 900 135 Dome Mines .... 3.000 44 Elec Stor Bat... 3,300 Endicott John Erie do 1st Pfd .. Fam Players Fed Min 4b Sm do pfd ..... Fisk Tiro Gen Cigars . . GenElec .... Gen alotor . . . do Os Gen Asphalt 47' S9 96 90 75 . 93 12 35 21 33 127 134 3.; 1,500 4,aoo 3,-SOO 200 100 200 300 400 179 14,500 14 200 82 10,400 69 47 40 91 89 75 93 12 36 21 83 130 135 44 56 86 14 20 95 9 54 12 78 178 13 82 58 do pfd Vanadium Steel Vivaudou Wabash ...... do A pfd .... do B pfd Wells Fargo .. Western Pac . . do pfd ...... West Union . . . Westing A B . . do E & M . . . West Md White Eagle Oil White Motors . . Whits Oil 3,000 Willys-Overland 3,200 do pfd Wilson Packing Wis Central Woolworth .... Worth Pump .. W & L E 65 39 13 10 - 30 19 65 38 18 10 29 lit 94 W- 93 1.100 112 200 95 2,000 400 300 - 200 1,600 300 60?, 14 31 48 5 41 40 16 09 109 95 60 14 31 47 5 39 39 400 185 184 800 33 32 300 10 10 20 112 33 6 81 1 105 12 52 14 58 25 15 19 21 o5 45 41 82 6 80 25 67 162 19 137 60 32 49 15 156 225 17 26 12 31 16 54 70 21 19 64 68 232 67 117 14 29 120 95 84 82 34 98 2 22 23 9 2 79 47 90 88 48 3 93 34 40 46 11 5 58 37 82 43 129 28 13 82 34 28 49 83 1 55 117 3 87 7 36 32 42 93 24 65 121 120 212 108 26 62 127 107 8 48 26 23 55 13 70 16 145 33 78 6 155 12. 2o 83 26 69 53 95 38 105 121 62 25 65 38 13 10 3D 19 94 16 58 112 95 60 14 30 48 5 5 40 40 28 185 33 10 HOGS LOIR JIT IDS HALF DOLLAR DECLINE FOR DAY REPORTED. Tops Quoted at $10.25; Calves Are Also Reduced; Sheep and Lambs Steady. - Fourteen loads of stock reached the yards yesteiday, with, cattle making & good showing among the arrivals. The cattle market was steady to firm on steers, but calves were revised down ward, the new price being 60 cents to $1 lower. Weakness -was evident in the hog division, and final quotations showed losses of 60 cents and more, with prime lights quoted at $10910.25. Sheep and lambs were steady at un changed prices. Receipts were: 344 cattle, 3 calves, 371 hogs, 314 sheep. . Ihe day s sales were as follows: Wt. Price 2 steers. .1005 $3,2! 1 steer.. .1130 6.001 8 steers. . 470 5.00 18 steers. . SKIS 6.25J 3 steers. . 980 5.00 20 steers. .1172 6.75 1 steer. . . 810 4.5CH 7 steers. . 647 5.00 4 steers. . 810 6.1-5! 3 steers.. S73. 5.15 O00CO00C0000O0000000C0000O0000000200O Wt. Price 4 hogs.... 377 $8.25 8 hogs.... 1S1 10.23 4 hogs.... 192 10.25 10 hogs.... l.' S 9.75 5 hogs 113 U.OD 1 hog 100 10.00 6 hogs.... 125 10.00 1 hog SOO 9.50 4 hogs... . 285 9.50 2 hogs 210 10.25 1 steer... 670 4.001 7 hogs. .. . 107 10.00 lcow 890 2.50f!4 hogs... . 194 10.10 f cows... 1087 2.75,21 hogs,... 162 10.00 cows.. .1135 3.00)14 hots.... 203 10.00 icow. ...1300 4.60,22 Ian. be... ei iu.au 150 lambs., so iu.-j 27 cows. ...1072 4.65 11 cows.. .1024 - 4.65 2 cows. . . 1 065 3.50 3 cows. . 70(, 4.00 1 cow.... 860 3.50 3 cows... 930 3.50 lcow.... 1110 4.50 lcow 1080 4.00 2 cows. ..1200 4.00 lcow 1050 3.00 149 lambs.. 85 10.25 11 lambs... 86 10.50 13 mixed.. 122 4.50 12 steers... 1119 6.60 12 steers... 1103 6.60 6 steers. . . W13 o.ov 3 steers... 866 5.25 1 steer. ...1230 6.50 !46 steers... 1169 7.40 1 heifer.. 890 S.00I 2 steers.. . 970 4.50 6 heifers. 755 lcalf 120 lcali. . 150 7.501 1 calf 120 8.00 1 bull.... 680 T.50 2 stags... 1330 4.00 il mixed.. 1011 4.6.j 3 mixed.. 410 2.50 18 hogs. . . 1S5 10.25 1 hog.... 210 10.25 lhosr..:. 440 6.00 103 hogs.. 170 10.2515 lambs. 4 nogs. . . ZU2 10.001 Prices quoted yesterday at the Port- 4.00 1.001 1 cow 1280 3.25 lcow 1200 3.00 3 cows. ... 966 4.00 1 heifer... 960 5.00 1 heifer... 890 4.50 lcalf.... 160 8.50 lcalf.... 90 6.00 1 hog 120 9.25 10 hogs.... 110 10.40 4 hogs... . 2113 10.3. 23 hogs 217 J0.00 91 11.00 Liberty Bond Quotations. Liberty bond and victory note quota tion furaished by the Overbeck & Cooke company of Portland: Closing open, rijgn. JjOW. Bid. 100.64 100.64 100.52 100.52 98.30 Liberty 3s. . do 1st 4s do 2d 4s. . . . do 1st 4s. do 2d 43. do 3d 4s. 9S.3S 98.86 98.38 98.30 98.54 98.26 -9H.76 98.00 98.70 do 4th 4s.. 98.60 98.98 98.56 Vic 4ls call.. 100.04 100.08 10004 100 04 do 4s, 1923 100.36 100.44 100.36 100.36 98.30 98.86 98.50 98.82 98.86 Mining Stocks Furnished by Overo pany of Portland: Adventure Ahmeek Algomah Ailouez Arcadian Bingham Mns Cal & Ariz Calumet & Hecla .... New. Corn Centennial Davis Daly East Butte Franklin Mng Hancock Helvetia Kerr Lake .... Lake Cop .... La Salle Mohawk , May-Old Colony , Mason Valley Nipissing , North Lake , Old Dom Cop , Osceola Mng OJlbway Pond Creek Isle Royal Supp Boston Superior Cop Trinity Cop Tuolumne Utah Con Victoria Wolverine Koston. & Cooke com Bid. Asked. 50 57 10 20 2 16 265 15 8 3 8 11 20 9 3 1 1 54 '3 3 5 9 39 30 1 19 . 19 1 3 1 35 1 1 81 3; 24 2 17 04 275 16 9 4 9 n 20 10 3 1 1 64 3 3 Land Union stockyards were Cattle Choice steers $ Medium to good steers ..... Fair to medium steers Choice heifers Common to fair steers ..... Choice cows and heifers . . . . Med to good cows, heifers.. Fair to med. cows, heifers. Common cows Cancers Bull- Cho.ce feeders Fair to good feeders Cho-.ce dairy calves ....... Prime light calves Medium light calves Heavv calves He PS- Prime light Smooth heavy, 230300 lbs. Smooth heavy, 300 lbs. up.. Rough heavy Fat riigs Feeder pigs Stags, subject to dockage.. Sheep East-of-mountain lambs ... Choice valley lambs ..s.... Medium spring lamba Common valley lambs .... Cull Iambi Light yearlings Heavy yearlings Light wethers Heavy wethers Ewes as follows Price. 7.00 m 7.50 6. 25 Si) 7.00 5.50W 6.25 5.00 5.25 3.75 ! 5.25 4.50W 5.00 3.5(1 4.50 3.00 3.50 1.60 2.00 1.60W 2.00 300 4.00 6.00 5.50 4.00 5.00 8.00 8.50 8.00 8.50 7.50 8.00 5.00 5.50 10.00 10.25 9.00 9.50 8.00 9.00 7.00 8.50 9.5010.00 8.75 9.25 5.00 7.00 10.2511.25 10.25 11.25 9.25 10.25 8.25 9.25 8.50 8.25 8.00 8.50 7.50 8.00 6 50fri) 7.50 5.50 6.50 2.00 Q) 6.00 O o o o o o o o o o o We Are Now Offerin; Under the Durant Plan of Investment Savings . SHARES IN Fully Paid STAR MOT ORS, Inc. Non-Assessable COMMON STOCK Not More Than Fifty Nor Less Than Five Shares to an Individual The Star Is America's Lowest Priced Car of Standard Units AT $15.00 PER SHARE $2.00 a Share With Application and $2.00 a Share Per Month No Interest -CUP AND MAfL- PLEASE SEND ME INFORMATION NAME STREET TOWN STATE THE DURANT CORPORATION 432 Northwestern Bank Bldg. Phone Main 5804 Portland, Oregon O & o o o oooreooooocoooooeooocoeoooooooooesg Chicago Livestock Market. CH'CAGO. Nov. 2. United States De partment of Agriculture.) Hogs 32,000, early market strong to 10c higher; later slow; bulk 150 to 210 pound, averages 8.338.50; bulk butchers, $8.45 8.60; top, $8.60; packing sows, mostly $7.10 7.50 desirable pigs around $8.50; heavy weight. - $8.10(8.60; medium weight, $8.408.60; lightweight, $8.308.50; light lights, $8.258.45; packing sows, smooth $7 307.65; packing sows, rough $6.8o&7.40; killing pigs, $8.35 8. 30. Cattle 13,000, market slow, strictly good and choice native beef steers about steady; other grades and .butcher cows and heifers dull, tending "lower; early top beef steers, $1U.35; long yearlings, $13.10; bulK native beef steers of qual ity and condition to sell at $8.50(&'ll; western grussera in fairly liberal supply; little done early; bulls and canners steaoy to strong; veal calves and Block ers aad feeders about steady; bulk veal calves to packers early, $1010.2a; bulk bologna bulls, $3.904.15v bulk Btockera and feeders, $67. Shi-ep i.2,000, fat native lambs open ing steady ; quality plain; early top, $lli.8i to shippers and city butchers, $13.50 to packers; three loads 82-pound fed .clipped lambs, $12.25; fed yearlings $12, averaging 90 pounds; western most ly feeders; feeding iambs active; few early sales 52 to 57-pound lambs, 118.50; many held higher; sheep about steady. State lvstock Market News Service.)! Cattle, beef steers, good grade, $7.75 1 8; medium grade, $7 7.50; common gradf, $66.75; beef cows, good grade, $5.76 6; medium grade, $5.25 ($ 5.50 ; comn-on grade, $45; canners and cut ters, $2 3.50; bologna bulls. $2.504; calves, 150 to 200 pounds, good and choice, $7.T58; 200 to 250 pounds, good and choice, $7 507.75; 250 to 300 pounds, good and choice, $7&7.50; over 300 pounds, $5.50(6.50. Hogs Good and choice grain fed CaliforniaS, 150 to 200 pounds, $10.75 11; 100 to 250 pounds. $10.25 10.75; 250 to 300 pounds, $99.50; over 300 pounds, $8.509; smooth sows, 250 to 300 pounds, $7(7.50; rough sows, 250 to 300 pounds, $66.50; over 300 pounds, $56. Sheep and lambs Full wooled lambs, good ahd choice grades, $1313.50; medium grade, $12.5013; ewes, medium and good, $56; wethers, medium and good $i!509. Seattle livestock Market. SEATTLE, Nov. 2. Cattle and hogs stead, no receipts, prices unchanged. Hotel Dividend Checks Mailed. OliTAIPIA, Wash.. Nov. 2. (Special.) The second dividend checks of the Olym pia Rotel Building company, which fi nanced the building of the Hotel Olympia two years ago, were mailed to stock holders today. The dividend was 4 per cent. A year ago, after not quite a year of operation, the first dividend of 3 per cent was paid. Naval Stores. SAVANNAH, Ga. Nov. 2u Turpentine firm, $1.57 2 ; sales, 200; receipts, 308; shipments, 327; stock, 10,058. Rosin firm: saiea, 944; receipts, 1312; shipments, 4468; stock, 18.710. fljuote: B, I. K, K, H, $5.7G; I, $5.7214; K, $.5.75; U, $5.W; N, $6; WG, $6.1o WW, $6.90. City of Hanna, Alberta 7 General Obligation Bonds Dated July 1, 192 Denomijiation $500 Dae Serially to 1942. The City of Hanna has a population of 2500, in the heart of a splendid farming territory 140 miles east of Calgary. It has a large payroll, being a divisional point of the Canadian National Railway. Price to Yield 6.50 MIPJS BROTHERS CORPORA Government and Municipal Bonds MORRIS BUILDING PftrtlaTlH OtooViTI 309HI STark ST BROADWAY 2151 XUl UdllU.Ul VigUll SAFE DEPOSIT BOXES m Dried Fruits at New Tork. NEW YORK, No. 2. Evaporated ap ples quiet. Prunes steady. Peaches Kansas City Livestock Market. KANSAS CITY, Mo.. Nov. 2. (Unit ed States Department of Agriculture.) Catt,e, 13.000: beef steers and all grades ahe stock active, steady to strong; big string canners and cutters held higher; best steers early $7.2510. 25; one prior lot nt-za aoove $i.i; grassers early, $5.25 (rt7.1&: bulk cows $3.25 0 4.50, few arouim $3.259 5.50; bulk canners, $2 and up; cutters generally $2.7o3, U other classes around steady; bulk bologna bulls. $3 3.50; extreme top vealers, $9.50, few above $9; heavy and medium weight calves, largely $46.50. Hojss B000, mostly 10g15o higher; packer and shipper top, $8.15; light light, mostly $7 858; desirable 175 to 250-round averages, $7.8568.15; mixed weights of quality, $7.fl57.80; bulk of sales, $7.058.15; packing sows, 1020c hightr; bulk, $77.15; stock pigs. 25 50o lower; bulk, $7.608.25. Sheep 8000, slow, around, steady to weak; big packers doing little; odd bunches fat natives up to $13; 64 65 pound westerns selling without choice at $136 13.25: feeder market dull. New York Steam Corporation First Mortgage Bonds Series A, 6 Due 1947 Non-redeemable for Ten Years The rapid prrovvth of the Mteam-heatinK- and power aervice of thta Company baa neceaNltated a con tinual tnerease In the generating; capaelty of lta ateam stations. Price to yield about 6:15 Circular art request The National City Company Offices In more than 50 cities Yeon Buildinc. Portland Telephone 6072 Main To Build, Buy or Pay Off ( the Mortgage pHE Portland Trust Company of Oregon makes Mortgage Loans which will perhaps enable you to do any one of those desirable things. Our terms are liberal and rates of interest moderate. Call for a conference. Portland Trust Company Oregon SIXTH AND MORRISON ? Northwestern Naiiom) 'Baftfi j 8an Francisco's IJvestock Market. ' iL,,,.,,! I I "9j SAN PRANCTPCO, Nov, 2. fFfiieral 1 , - - 1 2" I wLL " "" 1 -T -'.I II I -m. Mill II no 1 I III -1LLK Oi IB V VaT U m Or m JTTB aV H U I HI I II ills TMm m nmma H m&mamm b hi an aa n h u oi ta in i i 24 24 .1! S s& Is I For November Investment J LJL ' -" Income , II m Tnr Exemnf liSrt M -m w a . 1 I I I : Municipal 5""M iVS lirlr1Tt I 1 III Rate Dne Price Yield VA (O?0;i00fj5 J IflUlliCiPdl I Cla.kama. Co., Ore., School I f J ' (j DUt. -No. 2 5 103O-3T Var. 4.60 -i''i"yrt - - ! 0-.-, - 4 Federal Land Bank Yt IMS 101.50 4.30 I" to I I Corporation . yle" I j I Gulf Oil Corp J..5 1937 07 5.S0 j VS O XV 0 II I American Smelting Re- ill I C&-A7f 1 fining 5 1947 94 5.50 W.I Tt C . I Hollr Suftar Corp. .,7 ' 1937 101.50 8.85 ' avv I Utilit5r 2 10 1 New Orleans Public Serylee. 5 1953 90 5.70 1 11 R Los Angeles Gas & Electric I . . f Corp 5 1947 100 5.50 Details upon request .SKI III ' I I Foreign Government gf jjir3 III Republic of Colombia 6 1927 98 7.00 I litkirisonilka&Qxl BepnbUc wf e 1833 M ' B -invsstmKT nonDS-"- !1 fill 111! BIMAIH 0?00 NORTHVfcSTEIM BANK BUXi.' j Jill ' II Puts&Calls Bond & Goodwin sTucker $10 and no ufrrxD "AT'.0.N ,unBW I I Write for booklet. I II 1 w rmwuct - lei.mctui hmtu I I I 908 Loew'a Slate Bid?.. " " 1 1111 ill ill City of Umatilla Oregon General Obligation 6 Street Imp. Bonds Dated July 1, 1fl2i". Due July 1, 1947. The City of Umatilla is a divi sion point on the Union Pacific railroad, located in the north east corner of Umatilla county, on the Columbia river and in the heart of the Umatilla Irri gation district. Population esti mated 500. Price to Yield 5.50 Multnomah County Capital Highway Water District 6 General Obligation Bonds Dated July 1, 1922. Due Serially 19:12-1941. Denomination S."00- 1 (IIMJ These bonds are freneral obliga tion of the Capital Highway Water District, comprising 2400 acres in Multnomah county, directly adjoining the city of Portland on the southwest, and rapidly building: up with modern suburban homes. Price to Yield 5.50 U.S. SHIPPING BOARD Auction Industrial Sites Harbor Frontage Also 70 Residence Sites 70 Comprising THE LIBERTY PLANT, Alameda, California A rare opportunity both rail and water transpor tation available. Write today for details. TERMS: 10 at time of sale, 20 at time of clos ing sale, balance 1, 2 and 3 years at 5. PAYMENTS MUST BE IN CASH OR CERTIFIED CHECK. Sale takes place in Main Warehouse on the grounds. Tuesday, November 14, 10 A. M. For maps and information communicate with U. S. SHIPPING BOARD EMERGENCY FLEET CORPORATION AGTS. WASHINGTON, D. C. or GERTH'S REALTY EXPERTS, Auctioneers, New York INFOR5IATI0N OFFICER, Liberty Plant, Alameda, CaL BONDS Central Pacific Ry. 514 Northwestern Elec. Co. 5.80 Brazil Governing 5s 8.50 Union Safe Deposit & Trust Company 284 Oak Street SAFE DEPOSIT BOXES $3.50 Stop the Jolts If pneumatic tires have a beneficial effect on the vehicle as well as the occupants, it -laturally follows that good ef fects are doubled when the pave ment Itself Is likewise resilient reducing to a minimum the jarrin? and shattering effects to the pavement as well as above In the vehicle and occupants there of. Warrenite-Bitulithic is a re silient pavement. Cascara Bark Hides, Wool, Pelts. Mohair. We Are In the Market. Write tor Prices and Shipping Tare. PORTI.A.VT) HIDE St WOOL CO. GEORGE M. SULLIVAN. Manager. IU7 Union Aye. X Portland, Or. 1 JLos Ancreles, Cal. " I I i !,. m. 'mmfmmmmmim , -uMl