The Sunday Oregonian. (Portland, Ore.) 1881-current, September 10, 1922, Section One, Image 21

The Sunday Oregonian., September 10, 1922, Section One, Page 21, Image 21

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Newspaper Page TextTHE SUNDAY OREGONIAJT, PORTLAND, SEPTEMBER 10, 1923 21 RAIL STRIKE FAILS TOBKWIiG "Outside Public" Refrains From Selling Holdings. RAILWAY SHARES FIRM Forward Movement Affects Whole Market; Gains Over Week Ago Are Notable. NEW YORK, Sept. 9 Although the week ended In the financial markets to day with pricea moving more irregularly than on the two preceding days, there was no change . In the general attitude. Railway shares were particularly strong. The greater part of that group shows rather notable advance In prices' as com pared with a week ago. But the for ward movement haa affected the whole market and perhaps has been especially Impressive as an indication of the finan cial mood from the fact hat the Wall street professional speculator has con vinced himself that the termination of the strikes would be followed at once by reaction in prices under realizing sales of stocks that had been accumu lated or supported when the labor con troversy was in its most threatening stages. "Outside Public" Doesnt Sell. Such reaction, after the situation has cleared up, is not at all unusual, but its scope is apt to depend on the extent to which people identified with the prop erties represented on the stock exchange bad found It necessary to put in "sup porting orders" to avert a heavy break due to frightened selling by the public. The peculiar fact about the financial markets during the critical period of the recent strike was that the "outside pub lic" did not sell. Very rarely in Wall street's experience have holders of se curities, while on the one hand giving voice in ' private conversation to their personal misgivings, refrained so per sistently from throwing their investment holdings on the market. Unfilled Orders Large. Nothing in today's rather meager fin ancial news threw any new light on the general situation. The United States Steel corporation's "unfilled-order state ment." showing increase of 173,944 tons during August and of 314,574 since July 1, conformed with expectations. Prob ably the- figures Indicate hesitation in accepting orders pending the uncertain--tiea of fuel supply, for otherwise, with the country's actual steel production de creasing loi.lHio tons In July and 272,000 more in August, applications by consum-Vi-s of stefl would have backed up orders i. t a considerably more rapid rate than actual unfilled tonnage figures show, in the two mouths prior to July the .orpuration's books showd increase of . 3t,A0 ions. do 7 1930 Penna R R 8fes 193a Reading gen 4a 1997 S A Li 4s 1950 do 6s 1949 do 6s A 1945 Sou Ry coo 5a 1994 So Pac cv 4s - 1929 do ref 4s 1955 do sf term 4s 1950 S P conv 5s 1934 St L. & 3 P P L. 4a A 1950 do gen 5s 1931 do P t. Ss B 1950 do gen & 193t do adj 6s 1953 do lnc 6s 19S0 St J, & S W 1st 5s 1952 do con 4s 1932 do 1st 4s 1989 Tex Pao 1st 5s 2000 In Pao 1st 4a 1947 do cv 4s 1927 do ref 4s 200$ do s 1928 Un Tank 7s 1930 Wabash 1st 5s 1939 do 2d 5s 1939 West Pac 6s 1946 Industrials Am Agr Chem 7Hs 1941 Am Smelt 1st 5s 1947 Am Tobacco 7s 1923 Anaconda 6s A 1929 do 7a B 1929 Armour cv 7a 1930 do 4Hs 1939 Beaver Board 8s 1933 Beth Steel 7s 1923 do eq 7s 1935 do ref 5s 1942 Cerro de Pasco 8s 1931 Chile conv 6s A ,. 1932 do conv 7 - 1923 Colum Graph 8s 192-5 Copper Exp 8a . .. 1923 do 8a 1924 do 8s 1925 Colo F & Li gen 6s 1943 Colo Ind 5s 1934 Cuban Am Sug 8s 1931 Cuban Cane cv 7s 1980 Distillers Sec cv 5s 1927 Diamond Match 7 Vis 1935 Dupont 7V4s 1931 Fisk 8s .i 1941 Gn Elec deb 6s 1952 do deh s 1940 Goodrich 7s 1925 Goodyear 8s 1941 Helna 7a , 1930 Hershey 1V, 1930 111 Steel deb 44a 1940 Ind Steel 5a 1952 Int Agr 5s , ... 1932 . Int Marine C T 6s 1941 Kelly Springfield 8s 1931 Kennecott 7s 1930 Lack Steel 5s 1923 do 1st 5s 1950 Libby Me X & L 7a 1981 Liggitt & Myers 5s 1951 do 7s 1944 Lorillard 5s 1951 do 7s 1944 Morris & Co 7V4s 1930 Procter & Gamble 7s 1923 Republlo I & 3 5s 1940 Sears Roe 7s 1922 do 7s 1923 Steel & Tube 7s 1951 Swift & Co. 7s 1925 do "s ' 1931 fni Drug 8s 1941 US Rub 1st ref 5s 1947 do 74s ; 1930 US Steel sf 5s 1963 Va Chem 5s 3923 V Car Chem 7Vis 1932 West Elec 5s 1922 West U T col Tr OS 1938 West Union 6a 1936 Wilson 1st 6s 1941 do cv 6s 1928 West Elec 7s 1925 Westinghouse 7s 1931 Public utilities Amu I.t. & Tran 6s ; . 1925 Amn Tel coll 4s 1929 do coll 5s 1946 do 6s 1925 Bell Tel of Pa 7s 1945 BRT 5s 1945 Considered in their entirety and par ticularly as compared with first-class municipal issues that are offered cur rently, liberty bond yields present rather and on the majority of them more than i 4 per cent can be secured. At the Clos ing prices today the yields were: Vic tory 4 54s, 3.54 per cent; victory 49 of lyi'3 3. .so rjer cent: third 4is. 4.24 ner cent: fourth 4Vis. 4.16 per cent; second I Tidewater Oil iihim Cities Service is E do 7s C do 7s D Int Met 46s Int R T ref Ba Laclede Gas 7s Mont Power 5s A.. Northwest Tel 7s... Pac Gas os Souwest Tel 7s Oil bonds Anglo Amn 7s ... Atlantic Ref 6a Gulf Oil 7s Humble is Amn 7s Pet cv 8s Sinclair 7s SO Cat 73 I Pan 116(1 1 900 r.itii; r.ir.u 1966 1930 1943 1941 1942 1925 1925 1931 1933 1923 1930 1936 1925 1931 112 110 86 59 Vi 29 V, 69 89 93 914 89 102 75 's 99 H t9 104 84 78 83 80S 98 98 M 94 95 Mi SV, 105 104 100 92 87 lOoH 94 103 102 103 105 92 79 106 103 94 105 94 108 37 103 103 103 90 80 106 89 46 108 108 107 102 105 103 115 106 104 92 101 . 82 63 108 105 93 102 99 119 99 119 11 105 102 95 100 101 100 102 103 112 90 109 103 100 105 loo 100 113 101 97 108 108 106 93 99 115 108 05 128 95 91 15 72 102 99 108 93 103 Federal System -Bakeries. .. . Fidelity Security Corpn Fisher Flouring Mills pfd... Fleischmann Co pfd Foster & Kleiser pfd. 96 97 97 77 General Petroleum com 100 do pfd . . . 95 Good Tire Rub pfd Calif.. 72 Graton-Knight Mfg com.... 50 do pfd 90 Gt North Livestock Units... 60 Hartman Co J I Gen pfd... 82 do redeemable pfd 87 Holt Mfg Co 1st pfd 88 Idaho Gold & Ruby s. . 30 King's Food Products Units. 50 Lilly Co Chas H pfd 86 Luckel King & Cake Soap. .110 Morgan Building 40 Oregon Portland Ce Units... 75 Oregon Worsted Mills 85 Owl Drug Co com 92 do pfd 105 Pacific-Alaska Navigation... 50 Pacific Car & Foundry 65 Pacific Coast Biscuit 115 Pacific Coast Co com 12 do 1st pfd 30 25 95 92 12 80 90 85 20 90 87 do NY 7s 1981 1931 4s, 4.21 per cent: first 4s. 4.17; sec ond 4s, 3.98 per cent: first 4s, 3.92 per cent; 3'is. 3.40 per cent. First-class municipal i.-sues are offered currently from 3.95 per cent to around 4 per It -must be said that the mergers and reports of mergers in the steel trade have been more or less of a fizzle in stock-market reflection on the prices of aecurities of the corporations involved. n. n Caspite- the strenuous and emphatic -' denials which have been made by execu tives of the corporation, certain interests in Wall street continue to insist that a . complete financial reorganization of the Pullman company Is under consideration and probably will go through within the next month. After a period of several weeks, in : which It has been quiet and Irregular, with uprushes here and there as one or two groups of securities were taken in hand, the bond market appears to ob servers in Wall street 'to be getting back on an even keel once more. Although much is heard in the finan cial district regarding the profits of the various oil companies in different sec tions of the country because of tha re cent sharp fluctuations in oil prices, the Industry is o ne in admitting that, re gardless of prices or profits, petroleum is being moved In record quantities. New York Bonds. Furnished by Jordan, Wentworth & Co., of Portland: Atch gen 4a 1995 A C Li 4a 1952 do 7s .... 1930 B O gold 4s 1948 do con 48 CV. . , ;,. 1933 do ref 5s 1995 Canada Southern 5s 1962 Canadian Nor 6s 1946 do 7s 1940 Cent Pac 1st 4s 1949 Ches & Ohio cv 4s , 1930 do gen 4a 1992 , do cv 5s 1946 do con 5s 1939 C B & Q 111 dlv 48 1949 C as West Ind 4s 1952 C G & W 4s 1959 t; M Sc tst f 4a 1925 do cv 4s 1982 do deb 4s 1934 do gn 4s A 1989 do cv 6s 2014 do g&r 4s A 2014 Chgo NW gen 4s... 1987 do 68 1936 do 7s 1930 C R I & P ref 4s 1934 Colo- Sou rf ex 48 1935 do 4s 1929 Del & Hudson cv 5s 1935 do 7s 1930 D & R G cv 4s 1936 do ref 6s 1955 Erie pi 4s 1996 do con 4s A 1953 do a 1953 do D 1953 Erie Pa CG 4s Gd Trunk eq 6s. .. Gt Nor 4s do 7s Gt Trunk 6s do 7s Ill Cent Jt 5s do ref 4s K c Sou ref 5s Keo & Des M 1st 5s. I. S & M S 4s I- & N" 7s do uni 4s ......... -S C 7s .i St P & S S M A I K T 4s i' gen 4s ! let 5s ......... .' 'f re I' 5s ......... . V c deb 4s -In con 4s . . do ref imp 4s .. do cv deb 6s tlo coll 7s j X H & H cv 6s. o Tex & Mex 5s 1935 1 P Li 4s 1997 ,is 2047 I' Gt Nor jt 68 1936 K L ref 4s 1929 nna 6 1936 do sen 4s 1965 do 4s i960 tip gen Bs 196S 1951 1936 1961 1936 1936 1940 1963 1955 1950 1923 1931 1930 1940 1946 1990 1975 1923 1926 1934 199S 2013 1935 1930 1949 X 93 80 107 87 86 81 100 113 114 90 75 90 98 108 91 77 68 75 75 67 78 78 68 89 111 109 85 90 93 101 112 78 4S 67 62 02 54 88 107 94 113 10o 113 99 91 1 93 94 108 93 101 106 84 69 100 97 91 83 90 106 105 85 77 91 109 104 93 111 94 IO23 Vacuum Oil 7s 1936 Foreign governments Argentine 7s 1927 Belgium 8s 1941 Holivia 8s 1947 Brazil 8s 1941 do 7s 1952 Canada 5s 1952 Chile 8s 1040 Czecho-Klovak 8s , 1951 Denmark 6s 1942 Dutch East Indies 6s...'... 1947 do 1902 French Cities 6a 1934 Mexico External 5s.. 1954 do 4s 1954 Netherlands 6s 1972 Paris-Lyons-Mdtrn 6s 1958 Rio de Janeiro 8s 1947 Seine 7s 1942 French Internal 4s 1917 French Victory 5s 1920 Belgian Restoration 5s British 2 consols Ital. Cons. War Loan 5 Curb bonds Allied Packers fls Am Tel & Tel 6s 1922 do 6s 1924 Anaconda Copper 7s .... do 7s , . Anglo-Am OH 7s ' Armour & Co. 7s Beth Steel 7s 1935 Consol Textile 7s Copper Ex Assn 8s 1924 do 1925 Galena Signal OH 7s Grand Trunk 6s Gulf Oil Co. 7s Inter-Rapid Tran 7s 102 103 103 105 100 101 107 105 100 109 104 108 101 105 98 102 92 99 101 9(1 99 99 97 84 57 43 95 70 99 90 50 00 68 52 36 81 100 101 H 102 102 103 104 103 99 101 103 105 104 100 do 2d Dfd Pacific Portland Cement.. Palm Olive Co 7 pfd Paraffine Cos com do pfd . . Penn Pacific Oil Portland Feeder Co. Portland Realty Associates Portland Vegetable Oil Refrigerator Car Equipment Keid tiros com do pfd Santa Cruz Portland Cement 90 2d Northwestern fin units... 45 Sperry Flour Mills com..... 61 do pfd 97 Skookum Co com 60 do pfd 70 Superior Portland Cement... 88 Todd Shipbuilding 65 Union Oil. Cal 168 do Associates 167 Utah-Idaho Sugar 2 Wash Brick Lime S P Pfd 15 Western Auto Parts com.... 11 do pfd , 8 Western Auto Supply 12 Western Bond & Mortgage.. 98 Western States Finance Units 35 Western Wall Board com... 60 do pfd 80 Western Wool Warehss pfd. 50 Bonds Albers Bros 7s 1942 99 Asso Oil 1st mtg 6s 1932. ...100 do ref 5s 1930 99 Bdwy-Yam bldg 7s 1923.. 101 do 1926 102 Cal-Or Power 6s B 9S do TV-s A 108 Central-Pacific 1st 4s 90 Cen Pacific Col Stock 4s 1949 72 City of Astoria 6s 1927-42. . .100 City of Tillamook 5s 1042. ..100 Denny-Renton 8s 1929 100 Federal Tel 7s 1923-27 92 Gen Petroleum 1st mtg 7s.. 104 Home T & T Spokane 1st mtg 5s 1936 97 Idaho Power 1st 5s 92 Mt Hood Ry s 1927 90 Morgan bldg 7s 1926 97 Northw Elec 1st mtg 63 '36.. 100 Or-Cal 1st 5s 1927 99 Or R R & Nhv 4s 1946 89 Or-Wash RR&Na v 1st 4s '61 83 Or Elec 1st mtg 5s 1936 55 Owl Drug 6 Notes 99 Pac Coast Biscuit 6s 1933... 90 Pac Power & Light 5s 1930. 9 do 8s 1930 Pac Tel & Tel 5s 1937 do 1942 do 1952 Pittock Block 6s 1940 Port of Astoria 5s 1925... Portland Gas & Coke 6s 1940 92 , do 7s 1940 . , 104 do 5s 1951 . 92 P R L & P 8 gold notes '26 97 do 1st ref 5s 1942 85 do 7s 1946 104 do (C & S) 4s 1930 81 do Gen Elec 5s 1936 87 South Idaho L & P 7s 1925. 91 South Pac 1st ref 4s 1955... 90 do 30-vr cv 5s 1934 84 Sperry Fir M 1st mtg 6s '34.102 Santa Cruz Port Cement 6s. 100 Union Oil Cal 0s 101 Wash-Idaho W L & P 6s '41 35 Willamette Val Sou 6s 1939. 87 - 100 102 105 83 HOtf 98 75 55 97 67 90 95 90 35 60 90 120 50 85 100 97 110 75 75 135 18 40 25 100 100 15 . 8.1 4 100 75 90 36 95 93 92 60 65 102 70 1 85 95 68 170 169 5 25 12 , 10 15 105 50 75 85 75 101 101 100 102 103 101 110 91 73 101 102 101 95 105 .105 . 98 . 94 . 99 . 93 96 100 95 93 100 101 100 90 84 65 101 95 93 106 99 95 100 96 99 . 93 105 93 100 87 106 82 89 94 90 - 87 103 101 102 43 90 RAILROAD BONDS Flflfi O.-W. R. & 5T. 4S ADVANCE IJT NEW YOBK MARKET. Traction Issues Tend Upward; liiherty Group Holds Steady; Few Changes in Industrials. Sears Roe 7 So West Tel 7s Standard Oil pJY 6a Swift A Co. 7s do yr 1923 101 108 101 102 1933 1926 1931 INTELLIGENT PRODUCE MARKETING You will get hig-her returns for your produce if you will use our new methods before shipping any product to market.- Write Hm at Once. We Will Be Pleased to Tell Ton How RUBY & CO., 215 FRONT STREET PORTLAyD, OR. Always In the Market for Dressed VEAL, HOGS What Have YonI . Write for Tag and Prices. BLUE VALLEY PRODUCE CO, Foarth and Cliiaa St, Pacific Northwest Stocks and Bonds. Furnished by Jordan, Wentworth & Co. of Portland-: Bank stocks Bid. Asked. Bank of California, N A ... 202 207 t-iuzens oiaie nanx iou Canadian Bank of Com 180 First Nat Bank of Portland. 190 First Nat Bank Freewater. .290 Hibernia Com & Sav Bank.. 175 Ladd At Tilton Bank 300 Livestock State Bank 150 liumbermens Trust Co 90 Multnomah State Bank ....150 Northwestern Nat Bank ....135 Peninsula Nat Bank 125 U S National Bank 320 Public Utilities Boise Gas L, & C pfd 30 Cal & Or Power com 5 do pfd 87 Federal Telegraph 6 Idaho Power pfd 90 Northwestern Elec com .... 16 do 6s pfd 85 do 78 pfd 94 Paclflo P & L pfd 96 Pac Tel & Tel com 55 do pfd . 90 Port Gas i Coka 7s pfd 96 P R L, P com 15 do 1st pfd 65 do 2d pfd 35 Puget Sound P & Tj com.... 54 do pfd 98 Tacoma Gas & Fuel com.... 2 do pfd 25 Washington Water Power. ..103 -Zellerbach Paper com 75 do pfd 98 Insurance stocks Firemen's Fund 320 Home Fire & Marine 25 Montana Fire 40 Montana Life 20 New World Life 11 Northern Life 125 Oregon Surety & Casualty. . .105 INDUSTRIAL REVIEW IN PROSPECT Wall Street Opinion Shown by Steady Rise in Security Values. NEW YORK. Sept. 9. Wall street's belief that a moderate industrial re vival was in prospect for this fall, de- unite the handicaDS imposed by the min ers and railroad shopmen's strike, found expression in the steady rise in quoted values la the securities market. Wednes day's' rather sharp reaction was gen erally regarded as being due to a read- lustment of the technical position, vir tually ail of tne losses oeing recoverea and gains made in the next few days of trading. Traders no longer regard the shop hien's strike as a serious menace in the railroad situation, basing their optimism on the steady increase in car loadings of revenue freight and corresponding de crease in idle cars and the apparent ex pansion In the earnings of the - first class roads, whcih were able to report a net Income for July of only 1-10 of 1 per cent leas than last year, despite the heavy expenses incurred as a result of labor troubles. Commodity prices appear to have be come more stabilized. Coal and steel prices are tending upward because of strike conditions, but dispatches from the iron and steel centers indicate that the higher prices are but temporary and Influenced largely by the increased cost of operation, due to . the high . costs of fuel and scarcity of material. Grain and meat prices showed a reactionary ten dency, as did those of cotton, which waa considered a bit unusual because of the abnormally small supply of the products in prospect. Eastern manufacturing centers report a shortage of skilled labor, while agri cultural districts of the south and north west indicated that unskilled laborers are in irrpat HAmanri frtr th mnvAmonl 02 I ot crops, but the shortage is considered a temporary one. Seasonal falling off of automobile production and building trades activity is expected , to release thousands of men for other lines of work. Postponement of the German repara tions problem to November has removed another "crisis" which has had a de pressing effect on foreign exchange rates. The plan of Hugo Stinnes, Ger man industrial baron, for. the restoration of the devastated districts of Franca with German materials has bn favor ably regarded in local banking circles and has been construed in some quar ters as forecasting a downward revision of the German reparations payment. Foreign exchange rates sagged a bit this week in response to the heavy of fering of demand sterling bills against grain and cotton shipments. The heavy increases in the note circulation ol France and Germany, whloh totalled 572,000,000 francs and 23,800,000,000 marks, respectively, also was a contribut ing factor. Call money rates held fairly steady during the week, betwten 4 and 4 per cent, as compared with a range of S to 5 per cent the week before. Th most activity was noted in the time money and commercial paper markets with the rates increased in firmness 180 100 210 825 190 350 175 100 175 150 135 340 40 7 92 7 95 17 92 96 98 60 91 98 16 65 45 58 97 38 107 SO 100 325 26 50 Paclflo States Fire 7 Pacific Mutual Vulcan Fire .' Western States Life Lumber, pulp and Duoer Arctic Construction Central Coal or Coke com.. do pfd Crown-Will Pulp &. Paper. do A pfd do B pfd Hawley Pulp & Paper Mult Lbr & Box spcl coin.. do 10s pfd Oregon Pulp & Paper com. do ptd Pacific Box pfd ; . . Peninsula Lumber pfd Tum-A-Lum Lumber com. do 8s pfd do 10s pfd Wash Pulp & Paper com... do pfd West Lumber com Weyerhauser Timber Yaqulna Bay Lumber com.. do pfd Miscellaneous stocks Aero Alarm com do pfd Alaska Steamahip Alaska Packers . Albers Bros com do pfd American Chain com do pfd American Liquid Meter pfd. American Nitrogen com do pfd American Securities Co Units 30 American Typefounders com 52 do pfd 98 Asso Engineering Corpn com 50 do ptd 60 Centennial Milia 107 Coast Tire com : 3 do pfd 3 Connor Co Syrup 55 Dennos Food of Seattle..... 4 Dennos Food of Portland..." Dennv-Renton Clay & Coal. Dollar Steamship Durant Motors California. . . Fairbanks-Morse com. do pfd ............ .510 15 . 14 37 . 79 . 79 .400 . 98 . 98 .210 . 70 . 80 .100 97 . 95 . 95 . 75 . 95 .100 . 45 . 75 .140 .350 1 , 42 78 135 47 77 95 95 60 8 10 3 15 30 11 47 2i 12 140 113 8 600 16 15 42 82 100 100 'so' 90 110 100 100 105 85 105 110 55 90 150 400 5 50 82 150 55 S3 100 106 75 12 20 50 55 100 65 75 115 4 4 65 6 5 30 40 12 52 87 NEW YORK, Sept. 9. Railroad bonds were again the favorites in today's brief dealine-s in the bond market, excellent gains being recorded by some ordinarily inactive issues. Iron Mountain River & Gulf 4s rose points and Western Pacific was up 3 on oomnarativelv light turnover. Del ware & Hudson convertible 6a climbed two ooints in belated response to the sensational gain in that road's stock vesterday. Gains of a point or more also were recorded by Oregon-Washington Railway & Navigation 4s and St Paul & Kansas City Short Line 4s. Local traction issues displayed a buoy ant tone; advances of 1 to 2 being recorded by Brooklyn Rapid Transit tier cent certificates, 7s and stamped- ' A gain of a point in Maryland Oil 8s and a decline of a point in American Telephone 6s were the only other im portant changes in the industrial and ntihlirc utilifv firroups. Anton Jurgens 63 dropped a point, but other changes in the foreign division were of a nominal character. Liberty issues held steady. Buying of selected specialties, several of which were pushed up from two to nearly eight points, provided tne stlmu ins tor the rather general advance ti today's brief holiday session of the stock market. Profit-taking in the last hour rave the appearance of irregularity, loss of a point taking place in Crucible, Studebaker and Marine preferred, but the general list held up well and in many cases final prices were at tne nignest figures of -the day. Shares of dividend-paying rauroaos, especially those likely to benefit from the heavy coal and grain movements this fall, were in much better demand. Re cent strength of Louisville & Nashville, whicn advanced to new high ground on a net gain of over 2 points, contributed substantially to the three-point advance to a new peak price in Atlantic coast line, which owns tha controlling inter est in the Louisville road and would benefit materially from the - reported capital readjustment of the latter. Union Pacific closed at a net gain of 1 points. Constantly increasing orders for new railroad equipment were reflected in the trentrth of Baldwin, which toucned the best top price of the year, on a net gain of 2 points, and American Loco motive, which also established a new top price at a gain of 2 points. General JSIectric also was up a point-s, and Railway Steel Spring was up i. United States Steel improved traction- ally, but independent steels were irregu- ar. Tne gain 01 na.v ions in me un filled orders of the United States Steel corporation, which was announced afte the market closed, was a surprise most quarters, as an increase of only 50,000 tons had been looked for. Total sales were 438,100 shares. The weekly clearinghouse statemen showed a decrease of $1,270,000 In loans, discounts and investments, an increase f S6.298.0OO in cash and an increase o: 2,234,000 in the reserve of member banks n thn federal reserve bank, the exces; reserve showing an Increase of $7,541,000. Forelan exchange rates were steaay, moat changes being of a nominal nature. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland: Stock Sales. High. Low. Adams Ex 300 78 77 Advance Rum do ufd Marland OH 3,300 41 41 41 Martin Parry 400 81 80 30 Nat Enamel 600 63 62)4 62 Nat Lead 400 108 108 107 Nevada Con 17 New Haven 2.000 32 82 32 Norfolk & W.... 1,600 125 124 124 Nor Pac 1,100 89 S8 88 Nova Sco Steel 35 N Y Air Brake.. 100 N Y Central 2,300 North Amn 400 Okla Prod ref... 300 Ontario Silver Ontario W.... 400 Otis Steel 100 Pacific Dev 200 Pac Gas Elec. 900 Punta Allegro. . 100 Pacific Oil 4.100 Pan Amn Pet... 2,100 do B 900 Penna 2,200 Peo Gas 200 Pere Marquette.. 1,400 Pure Oil 500 Phillips Pete.... 8,300 Pierce Arrow.... 800 Pierce Oil 500 Pitts Coal 1,700 Pitts & West va. 100 78 9S 94 a 78 98 94 1.800 2O0 27 11 4 83 48 59 81 77 46 93 39 33 64 11 7 71 39 7 89 5,100 136 7"U 16 .14.000 . 1,000 100 . 2,000 200 2.600 LlOO 83 40 33 69 92 4 58 100 119 110 92 40 14 89 59 40 'l3' ' 88 59 44 63 Agri Chem do pfd Ajax Rubber .. 3,400 Alaska Gold ... 100 Allied Chem . . . 2.200 Allis Chalmers.. 300 do pfd Am Beet Su... Am Bosch 700 Am Can Co 1,100 do pfd Am Car & F. . do pfd Am Cot Oil do pfd Am Drug Syn. Am Hide & L. do pfd Am Ice Am Int Corp.. Am Linseed . . do pfd Am Loco 5,400 126 123 do pfd 100 109 100 109 800 ' 14 300 73 500 121 500 35 300 35 . 43 63 109 109- 14 73 120 35 35 Am Sat Raz 300 7 6 Am Ship & C... 3,000 19 19 Am Smlt 300 65 64 do pfd 200 102 102 Am Steel Fdy.i 1,900 42 42 Am Sugar . 10O 83 83 do pfd Jim Sumatra ... 800 41 40 Am 'rei & rei. .. a,vu aa'A Am Tobacco ... 400 167 167 do B 100 164 163 Am Wool 3,800 102 100 do pfd 100 110 108 Am W P pfd Am Zinc 18 Anaconda 1,700 55 55 55 Bid 78 20 89 71 14 88 58 IOI 46 43 63 109 109 122 28 Do 6 14 72 120 35 35 54 125 120 6 19 64 102 42 83 110 40 123 Inn 163 101 110 31 Assd Oil 300 119 Atchison 1,400 104 do pfd At Coast L 3,900 123 At G &; W I 800 32 Bald Loco 14,500 136 do pfd B & 6 1,600 58 do pfd 200 65 Barnsdell Cp.:. 700 86 Beth Steel 8s... 200 116 do B 300 78 Booth Fish 118 103 i2' ' 32 132 700 25 25 100 30 200 136 800 's4" 200 04 100 95 2,100 149 1,300 42 MODERATE BULGE IN FUTURES Cotton Prices at Close Are 20 to 32 Points Net Higher. (By Chicago Tribune Leased Wire.) NEW YORK. Sept. 9. A bulge of mod erate proportions followed opening Un certainty in the cotton market today. Demand came chiefly from ahorta even ing up for tha week-end. The first hour advance was 10 to 20 points follow ing a steady and dull opening. The market was still under the influence of its improved technical position, the continued bullish weather in the belt and more favorable outside conditions. In creased support developed in the latter half of the session and the market turned strong in tone, -.with most options across the 22-cent level. Wall street and out- aide shorts bid actively for contracts in the second hour of the short session, un til net gains amounted to 45 to 49 points, but near the close a little long selling appeared and last prices were 20 to 82 points net higher. Spot was steady, 30 points advance, 22c for middling upland. Southern markets were: Galveston, 21.35c, 25 points advance; New Orleans, 21.38c, 53 points advance; Savannah, 21.35c, 15 points advance; Augusta, 21.44c, 44 points advance; Memphis, 21.25c, 25 points advance; Houston, 21.25c, 25 points advance. NEW YORK, Sept. 9. Cotton futures opened steady: October 21.3Sc; Decem ber 21.64c; January, 21.60c; March. 21.75c;May, 21.68c. Futures closed steady; October 21.72; December 21.95c: Januany 21.85c; March 21.99c: May 21.95. Chicago Oil Market. CHICAGO. Sept. 9. Gasoline. tank wagons, 21c; service stations. 23c: ma chine, 27.9c. Oils, summer, 11.4c; win ter, 11.9c. - Carbon perfection, iron barrels, 11 c; linseed oil, raw, 1 to 4 barrels delivery, $1.04; boiled, $1.06. Turpentine. 11.43. Denatured alcohol, 40c. Cotton Seed Oil Market. Cottonseed oil futures at New York, furnished by Jordan-Wentworth & Co., Portland: September. 8.158.35c; Oc tober, 7.817.83c; November, 7.57 7.58c; December, 7.627.65c; January. 7.627.63c; February, 7.667.70c; March 7.757.80c; April. 1 T. 75 ft 7.80c. Total sales, 6300. BRT Butte C & Z. Butte & Sup. Burns Bros... Caddo Oil .. Cal Pkg- Cal Petro . . . do pfd .... Can Pacific . Cen Leather C de Pasco. . Con Textile . Chan Motor Chi 4 N W. . do pfd .... Chili Cop ...... 6,600 Chino BOO C M St P 3,700 do pfd 4,100 Coco Cola 600 C & 0 1.400 Colo F & I Colo Southern Col Gas & Eleo. Columbia Graph Con Gas Cons Cigars.'.. Contl Can City S Banker. . Corn Prod 2.400 120 500 1,600 2.400 8.000 300 40 11 64 94 19 24 30 34 53 70 77 30 136 '82 63 95 148 41 40 11 63 93 18 24 30 34 63 69 76 600 105 700 3 4.100 143 600 38 2,100 92 Cosden Oil 5.600 3,100 300 100 5,400 i.Vo'6 100 400 C R I & P do "A" pfd. . . do "B" pfd. . . Crucible do pfd Cuba Cane o pfd Cub Am Sug . . . Del & Hudson . . Dome Mines.... O L & W Davison Chem.. Sndicott John. Erie do 1st pfd. . . . Elec tor Bat. . Famous Players Fed M & Smelt do pfd Fisk Tire Gen Cigars Gen Elec Gen Motor do 6 Gen Asphalt. . . Goodrich Gliesen O & P. . Gran by Great Nor Ore.. do pfd Greene Can . . .'. Gulf S Steel... Glen Alden Houston Oil. . . Hupp Motor. . . . Ills Cent Inspiration. . . . Interboro do pfd Inter Callahan. Int Harv Int M Marine.. do pfd Int Nickel.... Int Paper Invincible Oil. . Island Oil Jewel Tea.'. .... K C Southern . . , do pfd Kelly-Spgfld . . . Kennecott Keystone Tire.., Lack Steel....... Lee Tire Lehigh Valley... 9.500 Lonllard Loew Theaters.. L & N Lima Loco Maxwell Mot A. do B May Stores Mex Pet 6,000 Miami 100 Mid States Oil... 2,200 Midvale Steel M K & T Wt. do pfd Wi. Mont Power. . Mont Ward... Mo Pac do ptd Ilex Seaboard. 49 48 99 88 96 ii" " 38 26 500 135 1,200 39 1,200 137 "VoO 89 " 1.600 16 400 26 1,200 48 1,200 102 "i.'soo 'ei" 200 12 300 81 100 180 31.400 16 500 6,100 100 200 100 1.300 3,100 200 100 200 8.900 900 200 100 3. 700 ' 300 300 1,000 500 1.000 1,000 900 85 68 35 15 32 40 95 83 S3 '84 21 114 42 10 112 14 57 17 60 14 116 104 92 122 32 135 114 57 58 65 65 36 36 115 115 78 78 25 6 29 136 10 84 63 95 148 41 40 11 64 94 18 24 30 34 53 70 76 32 49 105 3 141 38 91 20 119 49 47 98 88 95 98 13 38 25 135 38 135 49 88 16 25 48 102 15 60 12 81 180 14 84 68 35 15 31 40 84 32 82 60 83 21 9 112 13 56 17 105 3 142 37 90 iio" 48 47 99 88 95 "is 38 25 135 39 136 '88 16 25 47 101 '59 12 81 180 14 85 68 35 15 32 40 94 32 83 '83 20 113 42 2 "9" 112 14 66 1& 59 14 Penn Seaboard Pr Steel Car Pullman, ... Ray Cons... Reading .... Remington . . . . Replogle Steel.. Republic I & S. do pfd , Rep Motors Roy Dutch Oil.. Ry Steel Spg Stand OH Ky Sears-Roe 1,700 fahatt, Ariz Shell T & T Sinclair 1.000 34 Stand Oil Ind 119 do N J 1.800 187 Sloss Shef 200 50 So Paclflo ...... 2.200 94 So Ry 1.100 27 S O Cal 5,700 116 StLiSP 20O 30 74 Stromberg Carb. 800 68 Studebaker 6,400 133 Swift & Co Tenn C A 0 200 10 Texaa Oil 4,300 49 Texas Pac 500 32 Tex Pac C & O. 600 26 Tob Products ... 1.000 68 Tran Con Oil.... 1,500 15 Union Oil Del... 1,300 18 Union Pao 4.200 163 United Alloy united LJniar . ' too R274 Uni Food Prod.. 400 6 United Fruit . . . 600 154 Union Bag & P. 100 76 U S O & L P. ... 800 34 Uni Retail St... 5,000 85 U S Ind Alco... 1,500 6 U S Rubber 4,000 67 do 1st pfd 900 103 U S Smelting U S Steel T.600 105 do nfd mo im Utah Copper 600 70 Va Chem 100 29 do pfd .... Vanadium Steel. Vivandou Wabash do A pfd. ; . . . do B nfd Wells Fartro West Pao do pfd West Union .... Westing A B... toEill 1.100 West Md 3.400 White Motors... 1.200 Willys-Overland. 600 do pfd 300 Wilson Packing. - 200 wis ijentrai Woolworth Worth Pump.... 200 44 W & L E 200 14 White Oil 6O0 8 W Eagle Oil.... 0O 29 Orpheum 000 23 27 11 4 83 48 58 81 76 46 93 38 33 54 11 7 70 39 7 89 135 16 81 39 33 69 92 3 58 119 108 90 34 118 184 50 94 26 114 30 56 131 io 48 32 26 68 15 18 151 82 6 154 76 83 83 65 56 102 104 121 70 29 500 300 400 4,800 300 30O 51 1.1 13 34 19 63 200 119 100 101 64 16 50 1 45 47 . 51 12 13 33 19 63 119 101 64 16 60 , t 45 46 44 14 8 29 23 78 98 93 3 6 2T 10 3 81 48 68 81 77 46 93 an 32 s54 11 70 7 89 135 16 81 39 32 69 2)4 3 58 119 109 91 ' 8 40 34 119 184 ou 94 26 114 BO 56 131 107 10 48 32 26 68 1 18 -to 9a 38 82 6 154 76 34 65 00 :i 102 42 104 121 70 281- 65 51 12 13 34 23 7H 19 63 119 100 64 36 49 7 45 46 31 1,85 44 14 29 51 23 Liberty Bond Quotations. Liberty bond and victory note quota tions furnished by the Overbeck & Cooke company or Portland: Open. High. Low. Close. Liberty 38... 100.90 100.90 100.84 100.78 do 1st 4s 100.40 do 2d 4s 100.16 00 1st 4s.. 100.70 100.70 100.60 100.64 do 2d 4s... 100.26 100.30 100.22 100 22 do 3d 4s.. 100.22 100.30 100.22 100.22 do 4th 4s.. 100.66 100.74 100.64 100.66 Vict y 4s call. 100.30 100.32 100.30 100.30 do 4s 1923.100.70 100.70 10a70 3,00.70 Money, Silver, Etc. NEW YORK, Sept. 9. Foreign bar sil ver, 69. -Mexican dollars, 53. LONDON, Sept. 9. Bar silver. '35 d per ounce. Money, 2 per cent. Discount rates: short and three months' bills, 2 per cent. Excess Reserves Increased. NEW YORK, Sept.. 9 The actual condition of the clearing house and trust companies for the week (five days), shows that they hold $33,704,210 in ex cess of legal requirements. - This is an increase of $7,541,020 from last week. Swift & Co. Stocks. Closing prices of Swift & Co. stocks at Chicago were -reported by the Overbeck & Cooke company of Portland as follows: Swift e Co 108 Swift International 21 Libby, McNeil & Ubby 1 do new i -ft National Leather, new 7 Standard Oil Stocks. Standard Oil ' stocks furnished by the Overbeck & Cooke company of Portland: w ANTED HUNDREDS of thousands of people with surplus funds have their money remaining idle because they do not know how to use it to obtain the maximum earning with safety. There is yet opportunity to loan to America's foremost corporations your funds secured by first lien bonds yielding 6 to 7 and in some instances in excess of 7. ARE YOU GETTING 6 TO 7 ON YOUR MONEY? Prosperous municipalities towns, school districts, irrigation districts, etc., constantly require money for needed improvements. These are "little govern ments." In the matter of security these bonds rank next to those of our states and government. They will pay you up to 6 and even as much as 64' for the use of your money and are INCOME TAX EXEMPT. OTHERS ARE OBTAINING THIS TAX FREE RETURN ON THEIR MONEY. ARE YOU? Call on as. Write as. Telephone as, Broadway 5740. Yoa will incar no obligation. L Freeman, Smith & Camp Co. Lumbermen- Bldo Portland Isle Royal 2 24 South Lake 45 46 Supp Boston 1 1 United Shoe Machinery.... 41 41 do pfd ze it South Utah 5 10 Superior Cop 4 5 Trinity Copper 1 1 Tuolumne 68 vu Utah .Metals 1 1 Utah Con 2 8 U S Mining 42 43 do pfd 4.1 -Hi 4il Utah Apex 2 2 Ventura 28 29 Victoria , 1 1 Winona l l Wolverine 10 11 Wyandot 60 75 Shamran 85 90 Foreign Bonds. Furnished by Overbeck & Cooke com pany of Portland: Bid. Ask. Belgian rest 6a 1919 68 70 tlo prem oa 1920 68 73 do 7s 1945 105 105 do 6s 1925 99 100 Brazil 8s 3041 102 102 do 7s 1952 91 92 British 6s 1922 90 92 do 1927 92 94 do 1929 92 95 do Vky 4s 1919 78 80 do ref 4s 1919 79 79 K !Us . 1922 100 do 1929 107 108 Bordeaux 6a 1934 82 63 Canadian 6a 1928 100 100 do 68 1927 98 100 do 1929 102 102 do 5s 1937 99 100 do 1931 100 100 Chinese 5a 1951 68 64 Chile 8s 1941 103 104 French 4a 1917 47 49 do 5a 1920 66 69 do 1931 58 (10 do 7a 1941 98 99 do 8s 1943 101 102 German W L 8a 60 61 Berlin 4a 70 90 Hamburg 4s 70 1 12 do 4s 80 112 Lelpsig 4a 60 Munich 4s 70 125 Frankfort 4a .... 69 60 -Italian 6s 1918 35 36 Jap 4s 1931 81 82 do 1st 48 1925 94 95 do 2d 4s 1925 93 94 Norway 8s 1940 112 112 Swedish 6s 1939 105 106 Denmark 6s 1945 99 99 Denmark 8s 1945 99 99 do 8s 1945 110 111 Russian 5s 1921 12 Id do 1928 ... 2 do 68 1919 12 16 Swiss 5a 1929 104 104 do 8s 1940 121 121 German bonds quoted in dollara and Bid. 20 455 97 -.195 110 144 Anglo - Borne scrysmer . . . Buckeye Cheesebrough . ... do pfd Continental . ..... Crescent 3o Cumberland 160 Eureka , 95 Galena com 55 Galena Old pfd 108 Galena New pfd 103 Illinois Pipe 170 Indiana Pipe 96 National Transit 26 N Y Transit .177 Northern Pipe 107 Ohio Oil 285 International Pete ...222 Penn Mex 28 Prairie Oil 605 Prairie Pipe 265 Solar Ref rig 345 Southern Pipe 95 South Penn Oil 207 W Penn OH 3 S O Indiana 119 do Kansas o30 do Kentucky 109 do New York 450 do Ohio .450 do pfd 118 Swan & Finch 32 Vacuum 469 Washington 21 S O Nebraska ..180 Imperial Oil 112 Ask. 20 405 08 205 113 146 37 155. 98 59 112 105 172 98 27 180 116 290 223 30 615 268 355 9T 213 64 119 540 110 453 460 119 35 472 25 15. .4 no Mining Stocks at Boston. Mining stock quotations at Boston fur nished by the Overbeck & Cooka com pany of Portland: Bid. Asked. Aria Comm 8 9 Adventure SO 100 Ahmeek 64 65 Allouez 2d - 26 Arcadian 2 Bingham Mines ............ 18 Cal & Ariz '. 61 100 25 25 900 1,200 2,200 200 400 44 37 8 79 26 72 100 180 3.000 19 2.100 141 4,600 64 "hob 'ii" 400 134 13 ?9 13 34 19 48 "23 ' 23 62 18 900 2,800 1,600 2,366 1,200 7,300 2,809 44 37 8 79 25 71 179 19 139 62 'i8 134 190 29 13 34 19 47 '22 22 60 18 14 16 25 57 -44 37 8 79 25 71 179 19 140 64 57 18 133 190 29 13 34 18 47 72 23 23 61 18 Calumet & Hecla 290 New Corn 18 Centennial 9 Copper Range 43 Davis Daly , 4 East Butte 10 Franklin Mining 1 Hancock ... 2 Helvetia 1 Island Creek 108 Keweenaw 2 Kerr Lake ................ 8 Lake Copper 4 La Salle 1 Michigan 2 Mass Con 2 Mohawk 60 May-Old Colony 3 Mason Valley 1 North Butte 12 Nipisslng 6 North Lake 30 Old Dominion Copper 24 Quincy Mining 41 3 18 62 296 19 10 43 5 10 o 2 1 109 2 4 4 3 3 62 4 o 12 6 50 Suggestions investing $100 for jtmutmiwwiiinnuiiuiiiuiintiiuiuuiiiuiiiiiniiiimii CHAS. W. ERTZ CO. 627 PITTOCK Ill.Ot K COMPLETE BUILDING SERVICE Free preliminary aketchee and eatlmatea on commercial bulldlnga. We can assist you In financing ARCHITECTURAL DESIGN BUILDING CONSTRUCTION No obligation incurred in seeking information. Phone Main 4195, or write us. To that large class of people who cannot afford to lose on investments and who desire to invest modestly and secure a higher return, we offer Farm Mortgage Bonds to Yield 7 V2 G-ErMIILER & COMPANY Portland Seattle Second Floor X. W, Bank Bids;. PORTLAND , Los Ana-elra 9. r raaclKa Phone Main 4195 OVERBECK & COOKE CO. BROKERS Members C Mrngo Hoard of Trad Board of 't rade illda; Portland. Pendleton, Walla Walla. Or. Wash. We Will Sell: 15 J. 1. Hartman Redeemable Pfd. 10 Multnomah Lumber & Box 10 Pfd. 10 Northwestern 'Electric 7 Pfd. 20 Oregon Portland Cement Pfd. 5O00 Penn Pacific Oil. 20. P. R., & P. Prior Preference. 50. Portland Vegetable Oil. 25 Western Bond & Mortjfiup Prospective InTestorn will find it to their advantage to consult our price on the above securities before mak ing purchases. We Will Buy: 25. Fidelity Security Corp'n, 10 King'a Food Units. 50 . Morgan Building Stock. lO.Vacific Power Si Light Pfd. 25.1'ortl:ind Gas Coke 7' Pfd. 2b Pacific Stales Fire Inaurauee. !iiiilillll!l!iillil!!HII'IISin!ln i;i:i!iii!ii;iii.:i':iiiMiiiiiii;iii::li:ii:i:; OftOAH -WENTWORTH & Htni'M s. Rhodes. m STOCKSANO BONDS) S01-3 Railway Kx-l:nKi Iildg. Broaawfey 476. Municipal Bonds EXEMPT FROM FEDERAL INCOME TAXES Rate Sherwood, Or., water '6 Port of Toledo, Oregon 6 Umatilla County, Or., school 512 Union, Oregon, water. . . : . . 6 Weston, Or., improvement. 6 Wilder, Idaho, water 6 Cascade, Montana, L. I. D.. 6 Deer Lodge, Mont., L. I. D. . 6 Winnett, Montana, L. I. D.. 6 Due 1933 1933-39 1942 1933-37 1924- 28 1930-40 1925- 29 1929-30 1927-28 Yield 5.25 5.25 5.10 5.40 5.30 6.00 6.00 6.00 6.00 Western Bond & Mortgage Company Fourth at Oak Street Portland, Oregon Telephone Broadway 6464 Direct Private Wlrea to LOGAN & BRYAN Acir York and Chicago, MKMHtHS New York Stork K chance, f'hlcajro Mnk Kir ha nice. Boston Stock tirbingf, hlcairo Board of Trade. IV ew lork Cotton Kirhinff. New Orleana Cotton Ksrhanga, ew It ork Produce Kirhanie. Winnipeg Grain Kxchange, SUCCESS la the stock Market FORTUNES Slade From Small Invratmenta Writ, tor Fr. Booklet. The Mont Pimple Kiplanatlna of Profitable btork Trwllna. TOe e;narantea ynu that your money Is safe and that you fat a Kiuare deal. Kennedy & co. 74 Broadway, .ew York Members Conwoltdftted Mock Kxcliange. ORGANIZING A COMPANY? Save the usual Incorporating ex. FenRei. feea and tux's by form ngr your organization on the regulation COMMON UW PLAN' under a DKCLAKATIO IS OF TRUST. Kduce expense of or ganizing and conducting your company to nominal figure hy takina; advantage of our rom jjlete organization iiervlco. Write us for full particular. Organization Service Co. 2MI l-lrat .Vntlonal Hank Hl'IiC San Krant'laro. Cnl. IjijillilijjilliillllillilHjj'iHiiiliiHliiiiliNi Organizing a Company? Save expends and taxea bv or. ranlzinir on the papular. COMMO.V I. AW plan unW a pure PKCLA RA TlOX OK TRUST. Ajiym, any where, ran fill In T'EilARKB STANDARD FORMS. laiut ihani and bKiri doing bunlnefis at one. Inslt upon DEMARtB FORMS, the original, natloiiully-accepted forma, approved and ud by WAll-known attorney. fend for laraa, free fiamphlet tT-2) eonta'nlnir much reformation that you will need. o. S. DEMARttE. Legal Ulank Printer. T08 Walnut, Kanaaa City. ilo. GERIMAN BONDS AND MONEY Bought and Sold TRANSATLANTIC ESTATES a CREDIT COMPANY, J HO Exckaaga ld(, S4 itaifc.