TIIE 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