The Sunday Oregonian. (Portland, Ore.) 1881-current, October 16, 1921, Section One, Image 21

The Sunday Oregonian., October 16, 1921, Section One, Page 21, Image 21

Image provided by: University of Oregon Libraries; Eugene, OR

About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Oct. 16, 1921)

Prev Page of 94 Next Prev Issue Next Text PDF JP2 (4.2 MB) Clip/Print Image

Return to Top

Prev Page of 94 Next Prev Issue Next

Newspaper Page TextTIIE SUNDAY OREGOXIAX, TORTLAXD, OCTOBER 16, 1D21 CI PRICE MOVEMENT IN IMETS CONFUSING Week's Developments Jumble of Good and Bad. EXPORT TRADE DECLINES Falling orf In Wheat Shipment In September Forces Totals Back to Low July Record. BT STUART P. WEST. fCosyrlsbt. 1S21, by Ths Oreronlan.) NEW TORK. Oot. IS. (Special.) Ths main developments af the week bearlni upon the financial altuatlon have been ex tremelr varied. The decision of the allied upreme council threatening- to take upper Silesia from Germany waa followed by a fraao. collapae In the value of the mark. Tha Heptember figures on our foreign trade hewed that export have not Improved ver the July minimum. The remark able recovery In ell prtcea oontlnued. Smphult waa laid upon the fact that the test companies, deaplte the recent ad wance In prt6 are atlll a a rule losing money, and finally the railroad iltuatlon baa taken an unfavorable turn, between tha Insistence that ratea come down and the treat difficulty that evidently would confront the carrier! If they were to at tempt another reduction in wages. Thla Jumble of lncldenta, some food, ems had, naturally produced a confused rice movement In all marketa There la as yet no suggestion that Germany will repudiate her currency, as Austria Is sup posed to be facing the repudiation of hers. But the German government officials and financiers are on record as predicting that, deprived of the enormously valuable Btleelan mlnea. a still further shrinkage in the price of the mark would be Inev table and with It the ability to meet future installments of reparationa would even more seriously be called Into question. There Is no reason to challenge the good (alth of these opinions. This week's break in mark exchange to .71 of a cent la a sufficient Indication of the mind of finan cial Europe. Expert Trade Falls Off. The September foreign trade statement bas furnished fresh material for those who maintain that the slackness In Europe's buying power ' la the cmei tumbling block In the path of trad re covery at home. August exports rose over those of July only because of the ab normal wheat shipments. The falling off In the wheat movement in September forced the export totals back to the low record of July. The meaning; of this Is that the foreign demand for everything but wheat and cotton la atlll at the lowest ebb since 1914. Our bankers, merchants and political leaders continue to talk about the neces sity of stimulating export trade and the remedy they suggest Is the granting of long-term credits on a large scale, as has been done In certain Industries like cop per and cotton, In a small way. but noth ing practical bas yet come from these nrglngs. What has become of the 1100. 000.000 foreign finance corporation about which there waa so much stir last winter? Are we to assume that the failure of thla and other schemes to make progress Is due to the reluctance of American banks and business men to Imitate the British and German practice and grant their foreign customers credit over an extended period? OU Men Surprised. The experience of the oil trade during the last two weeks represents the most astonishing reversal which any Industry bas yet been through. Less than a month ago over-production waa tha phrase every where used when referring to OIL To be ore, there were hints that September would see a aharp curtailment In output at the wella There were the other and Bow very familiar Intimations that Mexico as a source of supply wsa giving out, and tbe Mexican compantee would have to turn to American oil reserves to fill their needs. But few took these suggestions seriously and It appears to be a fact that the great majority of oil men themselves hsve been completely surprised by what haa nap ax ned within the last fortnight. Whether so rapid an advance will hold to a question which will not be settled until the lateat figures on production and consumption have coma to hand. But In the meantime we have' had an example cf how, when buying etarts up In any commodity after a long Interval of stag nation. It Is apt to mount and spread up wards It la the old story of Intending buyers who bsve been holding off finally becoming fearful of missing their market. Steel Re porta Disappointing. The eteel reports for the third quarter, jadglng by the reception given to the ticokawanna ateel flgurea. are going to be taken as decidedly disappointing. At the moment they have nullified the favorable sentiment created by last month's advance In abeet and wire prlcee and the Increase f operations at the mtlta However, these quarterly reporte do not In the least wndo the evidence that tha turn In the steal trade oame In midsummer. While It bas not yet gone far enough for the In dependent steel companies to begin mak ing money again. It will keep on gradually ttntll by next aprlng. so It Is expected, busl aeae wlU be back to something like nor mal. The railway problem haa one more be came acute because of the pressure which the carriers will srarcely.be abla to re sist, to reduce their freight ratea Evi dently, if rates are reduced, wages must come down also or else the gain accruing ander the 12 per cent reduction of last July will be Jeopardised. But with the rail operatives not even accepting the July reduction, and threatening to strike, the difficulty of putting through another lowering of the wage scale would seem to be so great as to be almost Insurmount able. SAM FBAKCISCO PRODI CE MARKET srteeg Current ca Teg-stables, Fresh Fruits, Etc.. at Bay City. SAT FRANCISCO. Oct. IS. Vegetables Artlchokee, 17.60010 case; squash, B0c9 II 2S 40-lb. lug; potatoes, I33 W; onions, yellow. S.2R; brown. 13 503-4; crystal wnx. $3: tomatoes. 73c9$1.2S lug; cucum bers. ftSOHVc a lug; bell peppers, S94c; beans, string. 8Sc: llmas, &4P8c: carrots, I101.2S a sack; eggplant, US 1.25 a lug; corn, IJti'S.M) sack; lettuce. i.Vtjtl crate; celery, 1:103 crate; peas, 7 8 lie lb.; spin ach. 4c lb.; sprouts, ltd So lb. Poultry liens, i'5633c: youn roosters, SOw'-tc; old roosters. ltf'irlc; young chick ens. BUttSOc: ducks, 31w33c; dressed tur keys. 43c; live. S3CS0O. Fruit Oranges Valencia, f4TtS0; lemons, 18.00$ 3.75; grapefruit, I4S.S0; apples. IH and 4-tier, 11.4063 30; straw berries, per crate. fl.SOl.SO; raspber ries, per drawer, 6S0eSo; blackberries, 81 MIS) 1.75: cantaloupes, standards, 11.75 e3.23; figs, nominal; plums, nominal; caaabaa. dca., eActfll; watermelons, per dca, 8192.M1; grapes, per crate, seedless, H!M: others, t.gScM.T: pes re, per box, S2.S0C: prunes, per crate. H-MO 1.73; cranberrlea, per box, $4.6003. Receipts Flour. 26111 quarter sacka; wheat, SBO centals; barley, 2281 centals; corn, SOU centals; potatoes, 313S sacks; onions. 14 sacks; hay, IV I tone; hides. ; livestock, aoo head. QUOTATIONS OX DAIRY PRODUCE. Better Prices Baling- a Batter, Cheese and laggs. SAX FRANCISCO, Oct. 13. Buttsr Bxtra, 60c; prime firsts, 48c Gggs ifixtxaa, 64 c; extra firsts. 60c; extra pulieta, 41c; undersized pullets. No. a, SH.C Cheese California flat fancy. 24c; Cali fornia flat f irate. 20c; California Toung America, fancy, 26 He. . NEW TORK, Oct. 13. Butter, steady. Creamery higher than extraa, 4SM8Vc; creamery extraa, 47c; firsts, lalbl. Eggs Klrm, unchanged. Cheese Steady, unchanged. CHICAGO, Oct. 13. Butter. lower. Creamery extras, 44ttc: firsts, 83w44c; sec onds, 30631c; standards, Svsc, feggs Unchanged. Receipts. 638T casta. SBATTLB, Oct. 16. Eggs, select local ranch, white shells, 8Hc; do mixed colors, 60c; pullets. 42c. Butter City creamery cubes. 46c; bricks or print, 48c. GRAIN TRADE UNSETTLED UNOFFICIAL REPORT OX FARM RESERVES ISSUED. MIL STOCKS ARE WEAKER INVESTMENT 1 TO ISSTHES DOWN S POINTS. ARK TOH LOOKING FOR A TK FEN'DAULE 1KOIHCI DEALER? Veal Butter Fork , f heeae Poultry F.ggo Honey Any Prod net Get our prtcea KCBT CO.. let Front at. Portlsnd. Or. Sixteen Tears Reliability. Figures Difficult to Reconcile With Previous Estimates as to Movement and Supply. CHICAGO. Oct. 15. Uncertainty regard ing farm reservea flgurea credited to the government but not officially Issued from Washington, gave an advantage to bears in wneat toaay during moat of tne session. Wonk-end evening up, however, caused a rally. The close waa unsettled at H cent net decline to a like advance, with Decem ber ll.liK to tl.lits and May Sl.lHt to tl.M. Corn finished cent off to and cent up and oats gained to cent to V and cent. In provlaions, the outcome varied from 2! cents decline to a rise of 10 cents. The farm reserve estimate, which was current, put the total at 419.0O0.0OU bushels as against 477,000.000 bushels last year. Apparently, this showing would be a disappointment to the bulls, but there waa much question as to whether the amount named took In seed requirements and also whether country mill and elevator stocks were Included. One comment which attracted attention was that if the esti mate should finally be Put out aa offlcal, It would bo difficult to reconcile It with previous reports generally accepted as to consumption, exports and Increased visible supply since July 1, amounting to more tnan suo.ooo.ooo bueneis. Corn and oats were governed chiefly by wheat. Rural offerlnge lacked volume. Provlaions averaged a little higher wltb hogs. The Chicago grain letter, received yes terday by the Overbeck 4k Cooke company of Portland, follows: Wheat A report placlneT farm reserves of wheat ae elu.OOO.OOO bushels caused great deal of confusion In the trade early m the day. 'ot only aa to whether It waa bullish or bearish, but because there was an element of doubt as to its accuracy. It later developed that the figures were given out by the state agricultural depart ment of Indiana, which overlooked a de sire on the part of Washington to bold back the flgurea until Monday. The re port to be issued Monday will Include mill and elevator stocks bringing the total weH above the 300,000,000 expectation. Outside trade today was small and the later up turn was due largely to buying by local shorts and light offerings. Corn Trade waa very quiet and without Important feature. Sentiment appears to ler.a to the buying aide, based purely on the fact that prices are low but overlook ing or Ignoring the undeniable certainty that there will be a heavy run of corn to take care of for some time to come. Oats Held fairly steady on a light vol ume of trade. Receipts were estimated at 63 oars and sold at yesterday's basla Ship ping demand waa only fair with sales of 63,000 bushels reported. Rye Trade was dull, bot tbe market waa ateady. due to buying orders from the seaboard allfrhtly under the trading level. Leading futures ranged as follows: WHEAT. ODen. Hts-h. Irfrw. Close. 31. 10"4 31.14 31.10- , 1.21 1.18 LID'S. CORN. . .4tt .4TH .47V, .5J .62 Ts .63 Vs OATS. Dee. 84 .34 Vi .83 S .84' May 88 S .88 .3814 .88 5, Dec. May. Dec May., 1.20 .471. .63 MESS PORK. Jan... 13.00 8 2 8.02 T.B2 7.W0 LARD, Jsn..... 8 89 8.82 8 75 Mar..... 8.0O B 02 9.00 SHORT RIBS. Jan..... ... ... ... May...., ... ... ... Cash prices were: Wheat No. 1 bard, SI 1V4. Corn No. 2 mixed, 4604Vac; No. 2 yel low. 4dVi 94640. Oats No. 2 white, S3Q3Sc; No. I white, 806310. Kye No. a, 80c Barley, nominal. Timothy seed. 34.609 3.60, Clover seed. 3120 18. Pork, nominal. 1-e.rd, (t.05tf fl.15. Ribs, a.MKa?7.75. Primary Receipts. CHICAGO, Oct. 16. Primary receipts Wheat, l.SBl.OOO bushels versus 1,638.000 bushels; corn, 1,378,000 bushels versus 623. 000 bushels; oats, 760.000 bushels versus 633,000 bushels. Shipments Wheat, 1.263,000 bushels ver sus 674,000 bushels; corn, 840.000 bushels versus 263,000 bushels; oats, 633,000 bush els versus 644,000 bushels. Clearances Wheat, 760.000 bushels; corrl. 60.000 bushels; oats, none; barley, 8000 bushele; flour, 83.000 barrels. Minneapolis Grain Market. MINNEAPOLIS, Oct. 15 Cash wheat. No. 1 dark northern. Il.-10ei.44; No. 2, 31.3091.33; No. 3. $1.189121; No. 1 north ern. 1. 83m 1.37; No. 2. 31.2091.33; No. 8. 31.1631.21;. No. 1 hard Montana, 31.22-9 I. 26; No 1 durum. Due 9 31.01; io. 2, 3 9 8bc: No. 8, 89 084c. Barley, 329 5Jc. Flax No. 1 31.7791.82. Futures Wheat, December, 31.26; May, II. 26. Winnipeg Grain Market, WINNIPEG. Oct. 15. Wheat October, ti lt) !: November, 11.18 W; December, 31.16; May. 31.21. Grain at Hon Francisco. SAN FRANCISCO. Oct. 13. drain Wheat, milling, 3111092; feed. 1.B02; barley, feed, 31.2091.25; shipping, 31.309 1 87; oats, red feed, 31.439160; corn, white Egyptian, 31.7091.75; red mllo, 31.6391 70. Hay Wheat, No. 1, 315918: fair. 3139 13; tame oats. ,12915; wild oats, 310912; alfalla, 312914; stock. 38 9 10; straw, nom inal. Seattle Grain Market. SEATTLE, Oce. 15. Wheat, hard white, soft white, soft red winter, 31.06; white club, northern spring, 31.07; hard red winter, 31.00; eastern red Walla, 31.04; Big Bend bluestem, 31-16. City delivery: Corn, whole yellow 337, oracked 83U, feed meal $39; barley, .whole feed $34, rolled 336. ground 336, clipped 341; oats, whole feed $36. rolled t3S. ground $38, sprouting 341; wheat recleaned feed 345, all grain chop I3S. chick feed $57, chick mash $54, growing teed 35, growing mash 552. egg mash. No. B M., 347, scratch teed $46, wheat mixed feed 823, cocoanut meal $27, linseed oil meal 350, soy bean meal $56. Hay Alfalfa No. 1. $20: mixed No. L $22; timothy No. 1. 327; straw, Jia. Coffee Futures Quiet. NEW TORK, Oct. 15 The market for coffee futures was quiet today, with fluctuations correspondingly narrow. The opening was two to five points higher on a little covering through commission bouse brokers, but prices later eased on reports that some Santos shippers had accepted bids at slight concessions. De cember sold off from 7.70o to 7.A5o and tha market closed net three points lower to one point higher. Sales were eetlmated at about 10.000 baga Closing bids: De cember. 7.64c; March. 7.74c; May, T.tlo; July. T86c; September. 7.83c. Spot coffee, quiet; Hio 7a, 8c; Santos 4s. 11C to 12 He. New York Sugar Market. NEW TORK. Oct. IS. Raw sugar, cen trifugal. 4.11c Refined, fine granulated. t.SOc Steels, Equipments and Other In dustrials Also Lower, bnt Oil Shares Are Strong. NEW TORK, Oct. IS. Overnight de velopments In the railroad situation nn settled today's stock market sessions, rails of the investment divisloa reacting 1 to t pointa The reversals extended to steels, equip ments and numerous allied issues, but do mestic oils followed their recent move ment into new high ground. ; Several for eign oila, especially Mexican Petroleum, also were substantially better. Elsewhere trading was of a desultory character, specialties tending mainly down ward, wltb a new low for American Sugar. Salea were 275,000 shares. Aside from the 3 Sis. which rose slightly over 50 pointa dealings In liberty bonds were dull and featurelesa The general bond market was Irregular. Another sharp rally in British rates, with demand sterling at 33.89, or al most 5 centa over the week'a minimum and tbe further slump In German marks to a level approximating 65-100tha di rected renewed attention to chaotlo con ditions abroad. Moat other European rates were better on limited dealinga Total salea Par Talus, aggregated $7. 162,000. yfJJSIItO" STOCK QUOTATIONS. (Furnished by Overbeck A Cooke com- any, f Studebaker . , swift a co ... Tenn C A C... Toxaa OU .... Texas Pac . ... Tex P C A O. Tob Products. Ti Contl Oil.. Union Oil DeU Union Pac ... United Alloy.. United Drug.. Untd Fd Prod. United Fruit.. Untd Rds N J do pfd Utd Rtl Stores U S Ind Al... U S Rubber... do 1st pfd.. TJ S Smelting. U S Steel do pfd ..... Utah Cop . .. Va Chem .... do pfd Van Steel Vivandou ..... Wabash do A pfd... do B pfd... West Pac .... West Union. .. Weeth E A M. West Md .... White Motors. Wlllys-Ovld .. do pfd ..... Wilson Pack.. Wis Central.. Wolworth .... Worth Pump.. W A L E 3,000 73 70 Portland.) Adams Exp. . . Advance Hum. Agr Chem .... do pfd ..... AJax Rubber.. Alaska Gold.. Alaska Juneau Allied Chem.. Allls-Chal ... do pfd Am ncet Sug. Am Bosch .... Am Cal Co do pfd Am Car A F. . do pfd ..... Am Cot Oil... do pfd ..... Am Drug Syn. Am Hide A L. do pfd ..... Am Ice Am lntl Corp. Am Linseed... do pfd Am Loco .... do pfd ..... Am Saf Rax. Am Ship 4 C. Am Smelter..: do pfd Am Snff Am steel Fdy. Am Sugar ... do pfd ..... Am Sumatra.. Am T A T. . .. Am Tob do B Am Wool Sales. High. Low. "260 "isvi '12 ""too '20"" "26" "100 "" ""it 100 45 5 2U0 34 S3 "Voo '25" 24 100 84 34 60O 2rt 26 100 83 63 2U0 127 127 100 60O OOO 200 61 60 1 23 61 68 31 23 200 88 89 400 lOO 4 5 4 6OO 86 86 "lOO 24 24 4.100 53 62 20O 74 74 900 86 36 1,600 108 106 200 124 124 100 123 123 800 74 74 Bid. 46 12 82 57 SO 45 33 75 24 33 26 82 127 110 16 88 4 10 61 69 61 24 49 89 105 4 6 86 75 104 24 53 74 36 107 123 122 74 do pfd 7 1.900 i.Voo i.Voii 4,600 S.VoO 100 2.2DO 10O 100 1U0 ' 10 0 2,100 100 a.800 800 "Voo 900 " 20O 800 200 700 i,900 100 8U0 ' 2.6 4)0 4.2O0 SOO 600 100 6.300 8.400 " V0 2,100 "Voo 1,200 700 800 200 l.oOO 100 Am W P pfd Am z,tnc ..... Anaconda .... Atud OU Atchison do pfd Atl G A W I. Bald Loco .... do pfd Balto A Ohio. do pfd ..... Beth Steel B.. B R T Butte C A Z.. Butte A 8up. Burnes Bros.. Caddo Oil Cal Packing... Cal Pet do pfd ..... Can I'ac ..... Cen Leather.. Cerro de P... Chand Motor.. .Chi A N W... Chi Gt West.. do pfd ..... Chill Cop Chlno C M St P do pfd ..... Coco Cola .... C A O Colo F I Colo Southern. Colo OA E. .. Col Graph .... Con Gas ..... Con Cigars ... Contl Can ... Corn Prod ... do pfd ..... Cosden Oil ... C R I A P do A pfd... do B pfd.... Crucible ..... dop fd ..... Cuba Cane ... do pfd ..... Cub Am Sug.. Del A Hudson. Dome Mines... D A R O do pfd Endi Johnson. Erie do 1st pfd.. do 2d pfd.. . Fam Players.. Fed M & Sm.. do pfd ..... FIsk Tire .... Gaston Wms.. Gen Cigars . . . Qen Elec .... Gen Motors... Gien Atden... Gen Asphalt.. Goodrich ..... Goodyear .... Granby ...... Gt Nor Ore... do pfd ..... Greene Can .. Gulf S Steel.. Hask Barker.. Houston OU... Hup Motor ... Ill Cen Inspiration . .. int Agr corp. do pfd Intcrboro ..... do old Intr Callahan. Int Harv .... Int Mer Mar.. do pfd ..... Int Nickel ... Int Paper do pld Invln Oil Island Oil .... Jewel Tea ... K C Southern, do Dfd . ... Kelly-Spgfld . Kennecott ... Keystone Tire Lack Steel ... Lee Tire Leh 2h Val .. Ljrillard Lowe Theaters L N Marland Oil... Mel Pet Miami Mid States Oil Mldv Steel . .. M K A T do pfd Mont Power.. Mont Ward . - Mo Pac 1.800 do prd l.ou North Am . ... 1.000 89 'si" "27 86 '' 61 53 7 89 '83' 28 85 '06 61 52 7 14 104 12 65 40 78 111 27 40 66 'i 11 25 23 87 8.1 68 "si" 60 8 88 78 ' 107 32 7 59 "6 15 11 110 63 12 17 14 104 12 65 40 78 110 27 'in" es "ii 11 24 23 88 85 63 'ii" 8 88 77 107 81 31 'ii" 68 "" 14 11 99 63 12 17 1,100 68 57 500 100 600 1,300 '4.V06 eno 6,600 200 1.2O0 800 200 600 300 loo 1O0 400 100 800 700 8600 1.900 31)0 8"0 2O0 l.ooo 5O0 1,800 1O0 100 2.700 500 13.400 800 3,100 200 100 10 124 9 88 63 28 71 68 6.". 11 96 84 4 75 10 45 13 13 8 10 24 50 41 21 10 89 63 23 9.'. 22 13 24 1R 18 40 10 124 9 87 62 27 68 58 64 11 98 84 1 6 4 75 10 45 13 13 3 10 24 60 40 21 10 39 27 62 'is" '22 93 22. 13 23 18 18 4 40 23 9 89 92 85 80 X 27 80 97 86 61 63 7 4 14 104 12 65 40 . 77 110 27 29 40 65 7 16 11 24 23 36 84 53 24 84 00 3 88 22 44 77 100 . 81 31 78 6ft 58 83 6 14 11 99 18 MS 63 12 17 12 68 6 25 10 68 124 9 87 62 30 10 19 27 60 21 36 68 65 11 96 84 7 87 1 6 8 75 9 45 H 13 N 47 83 13 3 10 s 21 9 811 26 52 146 13 105 20 93 22 13 24 1 2 53 18 18 40 40 at Bixeutt 116 4U 75 11 18 93 70 24 71 2 1 Nat Enamel Nat Lead .... Nev Con ..... New Haven . Nor A West... Nor Psc Nov Sco Steel. N T Central. . Okla Prod ref Ont Silver . ... Ont A West... Otis Steel .... Pac pev Pac Q A E. . .. Punta Allegro Pac Oil Pan Am Pet.. do B Penna Peo Gas Pere Marq Phlla Co Pure Oil Pierce Arrow. Pierce Oil ... Pitts Coal . . .. Pitts A W Va. do Dfd Pr Steel Car. Pullman Ray con Reading ..... Remington ... Rep I S.... do Pfd Rep Motors. . . Rvl Dutch Olt Ry Steel Spg. Saxon Motors. Sears Roebuck Shattuck Aria Shell T A T.. Sinclair Stand Oil CaL S!os Shef ... So Pao Bo Ry do pfd . ... St L S F... Strom Carb... loo l.loo 200 8.000 "i.'s'fio 1,000 "1 00 100 ViM) 100 8.400 4.500 800 1.100 'i.'ooo 100 2.000 9.000 100 200 400 11 13 94 73 - 0 2 'io 'so" 27 40 43 40 36 "ii" 29 29 13 7 58 24 . l.roo 92 4.200 'i.Voo 000 2,400 47 8 43 11 13 94 . 70 '71 2 "i 9 6(i" 27 80 41 89 85 "is 29 28 11 67 24 2 '8 '" "'' 43 600 68 68 700 21 21 100 e.200 200 "i'000 204 36 77 19 '22 29 36 76 19 2 10 60 26 81' 42 39 85 49 18 29 28 12 T 68 23 64 65 92 13 68 21 47 81 8 43 81 2 88 6 $3 21 79 86 76 19 43 21 z 9.700 2.000 2. 5O0 1UO 3uo 3.400 1.300 ll0 39 25 63 9 21 119 88 21 24 3 9 21 118 26 8,500 400 13 109 12 109 BOO 60O 1.2O0 lOO 4O0 4.300 100 100 1O0 100 800 100 loo 1,300 60 44 88 32 78 110 62 28 72 30 8 9 20 49 43 4B 88 32 78 110 51 28 .72 80 8 7 20 1.100 20 19 800 200 200 100 44 8 35 6 85 5 Tl 6 7 88 21M 25 62 9 20 118 26 67 12 10S 7 18 49 43 4 88 32 78 110 32 , 28 72 30 8 . 7 20 12 V 20 83 44 8 84 3 2S 33. 200 33 83 400 25 25 200 117 116 200 39 89 lOO 8 8 BONDS. V S 2s reg -100N T Cen deb 6.. 95 U S 2s cou...."100 Nor Pac 4s 77 U S 4s reg 104Nor Pac Ss 57 U 8 cv 4s cou.104Pao TAT 5s... 87 Pan 8a reg.... "76 I Penn con 4s. . 87 Pan Ss cou... 76Sou Pao cv 6s..91 Am A A L cv os 102 i sou Ky OS Atch gen 4s.. 79jUnton Pac 4s D A R U con 4a 68iU S Steei 5s., ejBid. 116 89 8 86 83 93 Liberty Bond Quotations. Liberty bond quotations furnished by Overbeck A Cooke company of Portland: Viosin High. Liberty 8s Liberty 1st 4s Liberty 2d 4s Liberty 1st 4a Liberty 2d 4s Liberty 8d 4s Liberty 4th 4s Victory 4s Victory 8s 91.12 93.30 92.80 04 1W 93.10 9U.44 99.42 Low. 90.40 93.10 92.70 94.80 93 02 9U..I8 99.38 Bid. 90.80 92. 80 92.60 93 14 92.72 94.88 9H.02 99.42 99.42 Earning; Values of Liberty Bonds. SAN FRANC19CO. Oct. 15. Earning values of liberty bonds, based on their market value at the close of business to day, re shown In the weekly table Issued by the federal reserve bask as follows: First 8s, market price $U0.68; approxi mate yield. 4.09 per cent; first 4s, 92.90, 4.46; first 4s, 98. 4.72; second 4s, 92.50, 4.56; second 4s, 92.60, 4.81; third 4s, 94.74, 5.16; fourth 4s, 92.96. 4.86; victory 499.32, 6.22; victory 8s, 99.30, 4.24. Boston Mining Market, BOSTON. Oct. 15. Closing quotations: Alloues 20 Arlx Com 8 Cal A Ariz.... 49 Lai st necia...Z4V Centennial .... Copper Range.. East Butte Franklin Isle Royalle... Lake Copper... Mohawk ...... 8 84 9 2 20 2 60 North Butte 10 Old Dominion ..23 Osceola ..27 Oulncy .........38 Buperlor 2 Sup A Boston... 1 Shannon 1 1-16 Utah Con 2 Winona 40 Wolverine 11 ' Swift A Co. Stocks. Closing prices for Swift A Co. stocks at Chicago were reported by the Overbeck A Cooke company of Portland as follows: Sift A Co. ., 96 Llbby. McNeil A Llbby 8 National Leather Swift International 23 Money, Silver, Etc. NEW TORK, Oct. 15. Foreign bar sil ver, 73c; Mexican dollars, 56c LONDON, Oct. 15. Bar sliver, 42d per ounce; money, 2 per cent. Discount rates Short bills, 8 per cent; three months bills, 4 per cent. Low Record for German Marks. NEW TORK, Oct. 13. German marks made another low record today, prelim inary quotations being .6775. New York Bonds. ' New Tork bond quotations fnrnlehed by Herrin A Rhodes, Inc. of Portland: aiaiuruy. rrice. Am Tob 7s 1922 Am Tob 7s 1923 Anaconda 7s B 1929 do Ss A 1929 Armour cv 7s .1930 do 4s l'-39 Argentine GI 5s 1943 Am As Chm 7s 1941 Beth Steel 7s 1U'2 Beth Steel 7s l-3 Beth Steel Eq 7s.....' 1935 Belgium Ext 7s ....1945 do 8s 140 Beren 8s. City of 1945 P,raxll 8s 141 Canadian 5s 12 Canadian 5s 1931 Can. Nat. Eq. 7s 1935 Chicago N-W 7a 11130 Can Nor 7s 1940 Chile 8s 1941 Christiana 8s. city of 1945 Copper Exp 8s 1922 Copper Exp 8s 1923 Copper Exp 8s ...1924 Copper Exp Ss 1925 Cuban Amer. Sugar 8s 1931 Con Gas cv 7s 1925 Dla Match 7s 1935 Denmark 89 1945 Danish Mun 8s 1945 Dupont 7s 1031 French ext 8s 1943 French 7s 1941 Grand Trunk 7s - 1940 Goodyear 8s... 1941 Gulf Oil 7s...; 1933 Hershey 7s 1930 Int Rap Tr ref 5s. Int Mar CT 6s.... Kennecott 7s..... Morris A Co. 7s . N. Y. C. call 7s Norway 8s Northwest Tel. 7s . Ohio C. G. 7s Ohio Power 7s .... Pan. Amer. 7a .... Penna 6s San Paulo 8s Southwt. Tel. 7s .. Swedish Govt. 6s . Standard Oil. N. T. Stand. OH of CaL Steel A Tube 7s .. Swiss 8s Sears Roe. 7s Sears Roe. 7s ..... Solvay 8s Swift A Co. 7s .... Un. Tank 7s V. S. Rubber Ta Wilson 1st 6s .... West Elec. 7s .... Westlnghouse 7s .. Zurich 8a .1IIH6 1941 1030 1930 1930 1940 1941 1025 19.-.1 1930 1936 1036 1925 1939 S 1931 1931 19.-.1 1940 1922 1923 1927 1923 1930 1930 1928 1925 1931 1945 101 101 96 91 09 63 71 95 loo 98 se 83 100 100 99 93 63 102 104 104 98 102 101 101 101 102 95 103 11)5 103 102 99 99 93 103 103 99 98 54 82 90 101 103 105 ll4 94 95 92 102 97 98 89 307 100 92 107 99 98 100 100 102 101 88 101 103 103 Foreign Bonds. bond quotations furnished by Cooke company of Port- Forelrn the Overbeck A land: Bid. Belgian rest 5s 65 Belgian prem 5s 101 Belgian 7s. 1945 100 Belgian 8s, 1941 100 Belgian 6s, 1921 95 Belgian 6s, 1925 95 Braill 8s (new) 99 British 5s. 1922 373 British 5s, 1927 3;5 British 6s, 1929 363 British vky 4s 280 British ref 4s 270 Bordeaux 6s. 1934 84 Canadian 5s, 1928 93 Canadian 5s, 1929 93 Canadian 5s, 1931 93 Canadian 5s. 1921 9H Canadian 5s. 1927 86 Chilean 8a. 1941 C 98 Currency 8 Denmark 8s. 1945 Dan Muni 8s. 1945 ... French 4s, 1917 French 5s. 1031 French 7s. 1941 French 8s, 1945 Paris 6s German W L 5s Berlin 4s h. . . Hamburg 4s ........ Hamburg 4s Leipslg 4s Leipslg 5s Munich 4s Munich 5s Frankfort 4s ..... Italian 5s. 1918 Jap 4s, 1931 Jap first 4s, 1925 .. Jap second 4 s, 1925 Norway 8s. 1940 Russian 5s, 1021 ... Russian 5s, 1928 ... Russian 6a. 1919 ... Swiss 5s. 1929 .... Swiss 8s. 1940 U K 5s, 1921 U K 5s. 1922 U K 5s, 1U29 U K. 3s, 1937 .103 102 4.. 53 99 09 100 99 6 7 7 7 7 8 7 7 7 6S 84 84 8 14 89 107 99 88 90 ....... 89 Ask. 63 101 100 100 95 95 99 884 875 873 2!0 290 85 94 94 93 100 88 98 . 10 103 102 40 66 99 99 100 100 7 8 8 8 8 9 8 8 8 69 84 84 106 16 4 16 90 107 100 . 88 90 89 Foreign Exchange. Holland, guilders 8402 Hungsry, kronen ................ .0022 Italy, lire 0410 Jugo-Slavia. kronen 0050 Norway, kroner ................... .1245 Portugal. Escudos . .1O40 Roumania, lei .................... .0090 Serbia, dinara .0170 Spain, pesetas .1352 Sweden, kroner .23:13 Switzerland, francs .1740 China-Hongkong, local currency 5925 Shanghai, taeis 84O0 Japan, yen 4t20 Foreign exchange ratee at the close of business yesterday, furnished by North western National bank of Portland. The amount quoted Is the equivalent of the foreign unit tn United States funds: Country, Unit Amt. Austria, kronen .0012 Belgium, francs .0735 Bulgaria, leva 0078 Czecho-Slovakla. kronen 0118 Denmark, kroner .1920 England, pound sterling 8.9100 Finland, flnmark .0163 Germany, marks .................. .0070 1 NEW TORK. Oct. 15. Foreign exchsngs Irregular. Great Britain, demand 3.89: cablea. 8.89. France, demand, 7.32; cables, T.32. Italy, demand, 4.04; cablea 4.04. Belgium, demand. 7.20; cables 7.20. Germany, demand, 65; cables, 66. Holland, demand, 33.62; cables, 83.74. Norway, demand, 12.25. Sweden, demand, 2820. Denmark, demand, 19.10. Switzer land, demand, 13.10. Spain, demand. 13.35. Greece, demand, 4.2S. Argentine, demand, 31.50. Brazil, demand, 12.75. Montreal, 91. DEMAND FOR BONDS SLACKENS Industrial Stocks Fall to Reflect Better Trade Conditions. NEW TORK, Oct. 15. Financial mar kets this week failed to keep step with the further Improvement shown by such trade barometers aa steel, iron, copper, textiles and oils. Dealings In stocks were more evidently of professional origin and the demand tor bonds slackened. A conaiderable pronortion of the dally turnover tn stocks consisted of minor do mestic oils, whose irregular movements towar-1 higher levela resulted chiefly from successive advances la prices of cruds and refined producta 8teels, equipments and other Issues of like description were hesitant, when not heavy - or reactionary. The September statement of the United Spates Steel cor poration, recording the ' first increase of unfilled tonnage In more than a year, seemed to be neutralized by the unfavor able quarterly report ot Lackawanna Steel. Motors, tobaccos, .rubbers snd leathers owed their sluggish tendencies to trade conditions, these suggesting a halt in tha recent revival of those Industries. Sugar suffered additional severe depreciation for more or less patent reasona Heaviness among rails, which later verged upon actual weakness, was accen tuated by threatened labor troubles aris ing from another proposed cut in wagea Mediation by federal authorities. It was believed, would prevent a crista The September foreign trade report. In which both Imports and exports disclosed a falling off of about 50 per cent In com parison with the same month of 1920. merely confirmed forecasts of informed observers, despite the -increaaing outflow ot cotton and grains. Although the reserves now bold by fed eral reserve banks are larger than at any time in the past seven years, money rates held relatively firm. Crop moving re quirements and extensive payments to the federal reserve contributed mainly to this condition. Further collapse of the German mark to an unprecedented low level and concur rent demoralization of remittances to cen tral and eastern Europe. Including Italy, were the disquieting featurea of the for eign exchanges. Sterling rallied buoyantly, however, regardless of the more ominous aspects ot the British industrial and labor situation. Exress Reserve Is Increased. NEW TORK. Oct. 15. The actual condition of clearing bouse banks and trust companies for the week ahows that they hold $39,058,490 reserve In excess of legal requirements. This is an Increase of $11,094,210 from last week. Naval Stores. SAVANNAH, Ga., Oct. 15. Tureen tine Firm, 6sc; sales. 100 barrels: receipts, 330. barrels: shipments. 24 barrels; stock, 10.582 barrels. Rosin Firm; sales. T50 barrela; receipts, 10S2 barrels; shipments, none: stock, 82. 9S5 barrels. Quote:" B. $494.20: D. $4.10; E, $4.1594.20;' F. $4.20; G, $4.25 9 4.30; H. $4 35: I. $4.6094.40: K, $4.66 9 4.60; M. $5i6 05; N, $5.15 9 5.20; WU. $3.45; WW, $5.60. Dried Fruit at New Tork. NBW TORK, Oot. 13. Evaporated ap ples, nominal. Prunes, steady. Peachoa quiet. Cotton Market. NEW TORK. Oct. 15. Cotton Spot, quiet; middling. 19.65c. Djiluth Linseed Market, DT7LTJTH. Oct. 15. Linseed OB traok and to arrive, 31.82. CLARK. KENDALL Cr CO, inc eOVEfiNMfNT MUNICIPALAND CORPORATION BONDS FIFTH AND STARK STREETS - PORTLAND 0PE0ON First Choose Your Bond House and Then the Bond i We hav been saying; this for years, and at the same time, endeavoring to prove ourselves worthy of the trust placed in us by our clients. How -successful we have been in maintaining; our high standard is proved by results. We have just checked over our complete records and verified the fact that during the many years which this firm has served the investing public, no client has suffered loss on bonds recommended by us, through non-payment of either interest or principal. This is a record in which we feel justifiable pride. It was not accomplished by chance, but by painstaking care in the selection of every bond issue. To make this record, required that many a bond issue offering large immediate profit to us and alluring return to the investor had to be turned down. Our ambition is to extend this service to an ever-widening circle of clients, giving them the maximum yield possible with safety, and, in addition, whatever other investment elements may be suitable to the individual requirements of each investor. WE KNOW THAT TOUR PERMANENT PROFIT IS THE VERT FOUNDATION OF OUR SUCCESS The Following STERLING BONDS in our opinion afford one of the most attractive investments now available. These bonds are the general external obligations of the respective nations; the interest and principal are payable iif English Pounds Sterling; a current yield may be realized of from 6 to over 9, besides an increase in principal of from approximately 447o to 1507c, as exchange approaches par value. We own, offer and recommend: Republic of Chile 5 Bonds of 1911 Interest payable semi-annually, January and July. Price: $270.00 Per 100 Bond (Par Value $486.66) Kingdom of Norway 4 Bonds of 1911 Interest payable semi-annually, May and November. Price: $265.00 Per 100 Bond (Par Value $486.66) We are in a position to cash coupons on these issues, at our office. Free details upon request. p.l.nevepeaux Rgmpany INVESTMENT BONOS 6UBTN STRECT PORTLAND. OREGON BlvOAOWRY 1043 CROURD FXOOR WELLS-TARGO BUILDWO A Bargain Counter of Bonds on Easy Terms Yield 5.65 Port of Portland 6s, 1926 2j,600 due Julr 1, '26. JJ. D. 11000-J 500 C 101.50 5.80 Portland Improvement 6s, 1931 500 due Jan. 1, '31. Est. '27. JAJ. D. $600 101. 5.85 Deschutes Co., Or., Road 6s, 1932-34 S5.000 due Aug-. 1. '32-34. M&K. D. 11000 0 101.20-101.35 5.875 Wheeler Co., Or., Road 6s, 1939 31.000 due July 1. '3. JAJ. D. 1000 8i4...llJ 6.00 Enterprise, Or., Imp. 6s, 1931 . 32,600 due Jan. 1, '31. Est. '24. JAJ. D. S5009...100 6.00 Klamath Falls, Or., Sewer 6s, 1936 360.000 due Auk. l.'3S. F&A, D. 1000-600lOO 6.09 Astoria, Or., Imp. 6s, 1940 3500 due February 1, '40. F&A, D. $9009. 6.50 Fresno Co., Cal., Road 7s, 1923-27 33,000 due Apr. 22. '23-'2T, J AJD llOOO S 100.B-10X4S 6.50 Hanford, Cal., Imp. 6s, 1928-29 34,000 due July S. '23-'29. J&J. D. 31000OMT-STJT 6.50 Sanger, Cal., Imp. 6s, 1927 31,000 due July 2, '27. JAJ, D. $500 9.v.&..T.S 7.00 Prov. of British Columbia 6s, 1926 33.000 due Mar. 21, '20. MAS. I. 1000O..JO 7.00 Prov. of Ontario 6s, 1923 31.000 due Oct. 1, '23. A&O. D. llOOOO.ri.c..MJ 7.00 Casper, Wyo., Imp. 6s, 1930 3500 due Mar. 6, 'SO. Est, '24. M&S. T. tSOOOST.TS 7.20 Govt, of Argentine 7s, 1923 320,000 due Oct. 1. '23. A&O, D. 310009 .8S.S23 7.60 Calgary School District 6s, 1922 3,000 due May 1, '22. MAN, D. 310009 ... ..M.1S t 8.00 Vancouver, B. C, 4y2s, 1923 $973.34 due Feb. 1. '23. F&A, D. $4S(.79..S'S.7V 8.00 Vancouver, B. C, 4Vs, 1923 33.883.32 due Deo. IB. '22. JAD, D. f43t.l79SS.1T 8.10 Fisk Rubber Co. 8s, 1941 35.600 due Sept 1. '41. HAS. D. 31 000-3500 O ... .SS 8.30 Western States Gas & Elec. 6s, 1927 $13,800 due Feb. 1, '27. F&A, D. $1000-$500-$100SO 8.55 Nevada-California Elec. Corp. 6s, 1926 $8,000 due Apr. 1. '6. A&O, D. 310009 B0.S0 We will furnish full details of any of these bonds upon request. Wire orders "collect." Our Easy Payment Plan enables you to buy any of these bonds on easy monthly payments. FREEMAN, SMITH aanmsrUM CAMP LUMBaUKSMS IIHIMIM rim ano Brass. COs rwse ! LANE COUNTY, OREGON, ROAD 5s To Net' 5.80 Assessed Valuation $34, 873. 272. 7 Bonded Indebtedness 250.000.00 VANCOUVER, WASH., GENERAL OBLIGATION DOCK 6s To Net 5.85 to 69 Assessed Valuation $5,207,080.00 Bonded Indebtedness 190,000.00 Detailed Information upon request. WESTERN BOND & MORTGAGE CO. 80 Kourtk Street. Ground Floor Board of Trade Bids Telephone Main 113. Portland. Or. ARE YOU SEEKING CAPITAL? We will finance your company for expansion or development by the sale of an issue of stock or bonds providing you have a meritorious proposition to offer. WRITE G 43, OREGON IAN Grate, drachmas ....... v. v .Mi j ' EUROPEAN BOND NEWS POLISH MARK TAKES NEW JUMP IN VALUE Warsaw, Oct. 19. (I. N. S.) The Polish mark la g-aintngr steadily In value as a result of the League of Nations' decision upon Upper Sile sia. There have been heavy pur chases of Polish money by specu lators. (News Item from local press Oct. 14.) We Offer WARSAW POLAND 5 IMPROVEMENT BONDS PRINCIPAIi AND INTEREST PAYABLE AT WARSAW AND NEW YORK CITY. These bonds may be purchased In the following denominations: 10.0OO-.il ark llund, price 10 QR American funds IOiHl S0,HO-Marlc llond. price C QQ OR American fnnds OSiiJ lOO.OOO-Mark Bund, price I QQ Cfl American funds 9I3U.JU With exchange at normal, a 100,-000-Mark Bond would have a par value of $23,800. Descriptive Literature and For elan Bond llst on Request. H. E. Wills Company Forela-n Bonds. 31 TJ. S. Bank Bids. Broadway 1011. OVERBECK & COOKE CO. Broken, 8 tork a. Bonds. Cott , Ural!), Kto. M-tll BOARD OF TRAI BLDCL Wall WulLa, Wuti, Tort land. Or. sfaadioWa, Or MEMBERS CHICAGO BOARD 0 Carrttopondriits of Loirftst Brjm CsUcacq and w lorfc, MEMBERS Hw Tork Htock Exrhanrj Chicago Htock Eirbwnf Bo-ton Stock Exchanjro. Cbicaco Board of Trade. Ke Vork Cotton Kxchangfw Hew Orlr-ana C;toa KichftufA Mew Vork Produca Exchange, Hiniiiprc Grain Exrhaaee. U?eriMHl Cotton AeociaUon How to Figure Margin Fully explains marginal trading, equities, short sales, odd lots, etc. Writ Jar B-l. Edwin . Kohn & Co. embmn CeiieDilaM Meek Mxmt f Jfww Tart 65 Broadway, ft, Y. TOTE ONXT WAT TO TRADE SAFELY IS THE STOCK MARKET 10 shares $r Unlimited 7-DAY OP- ri ... TIONFOR v Profits Any Stock Exchange Issue '1020 Write for Booklet 64 Free C. Goldhurst & Company Service Reliability BO Broad Street. New York. 6 Installment Loan 6 We can help you own your home and you pay us only 69a interest. Mortgage Bond Company Main 281 , Wilcox Bldg. ORGANIZING A COMPANY? Save the usual Incorporating- ex penses, avoid personal liability and excess profits taxes. Oraranlza on the common law plan under a DECLARATION OF TRUST ' Demaree Standard Forms (ap proved by attorneys) furnish com plete equipment with which any one in any state can organize a company, Issue shares and begin doing business the same day. Aslc for circular A-42 containing- full descriptions. C. . Demaree, Irmnl Blank Printer S13 Walnut, Kansas City, Mo. Buy Safe Bonds 1 i MONTHS 1U TO PAY Send for Partial Payment Booklet, Semi -Monthly Investment Letter and List of 40 Standard $100. $500 and $1000 Bonds netting 6 to 9 L. A. HUGHES & CO. 1 00 Broadway. New York Our Partial Payment Method la a unlqu "way of purchasing PecuH-tle- for Invstmnt or Speculation. It offers exceptional advantage at thla stage ot tbe market. Oar Special Booklet F-129 Tha Partial Payment Plan" explains fully how your Losses Are Minimized Through Its Use BECK & COMPANY STOCKS AND BONDS One Wall PtreH New Tork Phone Rector 2828 HERRIN & RHODES, Inc. Established ISO. BROKERS New Tork Storka, Bonds, Grain, Cottl Privats Wires. Members Chleais Board of Trad. S01-S Railway Eschars Bids, J Xsleskea Mala 2M-M ,f