The Sunday Oregonian. (Portland, Ore.) 1881-current, September 17, 1922, Section One, Image 21

The Sunday Oregonian., September 17, 1922, 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 (Sept. 17, 1922)

Prev Page of 98 Next Prev Issue Next Text PDF JP2 (4.7 MB) Clip/Print Image

Return to Top

Prev Page of 98 Next Prev Issue Next

Newspaper Page Text2L THE SUNDAY OREGONIAN, PORTLAND, SEPTE3IBER IT, 1922 WEEK S FINANCIAL TREi IRREGULAR Wide Changes Recorded by Stocks and Bonds. BONUS WO LONGER SCARE AVall Street Does Not Believe Bill Will Become Law and No Confusion Is Shown. (By Chicago Tribune Leased Wire.) HEW YORK, Sept. 16. The fractional decline which occurred on both the stock marltet and the bond market to day were of less consequence in them selves than the general movement of prices for the completed week. Such comparison shows great irregularity in the week's changes; with, however, the advances mostly in the moA speculative industrial stocks, while the action of standard Investment shares indicates mainly a hesitant attitude. Much the same distinction can be made regarding bonds: the Inference, in both cases, being that the easy money market facilitates speculative operations, but is not at the moment directing large investment support to the general security market. It must not be overlooked, however, that the attitude of Investment mar kets during the crisis of the past sum mer's labor controversy necessarily fore shadowed -such present attitude, in the absence of new and important stimulat ing Influences. If prices on the stock exchange in the middle of August had accurately reflected the private mis givings and apprehensions of the period, we should have witnessed violent de clines perhaps, on certain days, an almost panicky reaction but the sequel to the successive settlements -of the strikes would have been an even more rapid and violent recovery. But tbe markets of August, judging events in their true proportion, were actually "dis counting" the results which are now a matter of record. Such a process is both creditable to the financial community's mental bal ance and a very remarkable testimony to the power of financial markets to interpret the movement of events. But it necessarily left a situation, after the mid-summer prophecy of the stock ex change had been fulfilled, in which the markets would logically come to a halt unless and until some other and dif ferent influences should come into view. That is evidently the present attitude. The fact that prices of so many stocks and bonds stand close to the highest or the year and substantially above even the prices which prevailed when the labor disputes began, gives further logi cal reason for hesitancy until the fur ther trend of affairs in finance and in dustry is more clearly visible. Thf foreign exchange market hardly movd today, it ended at a considerable decline from the previous week's closing rates, but with no fresh indication of either doubt or reassurance regarding the Kuropean political situation. It should be remembered, however, that the exchange market is like the stock mar ket in having abundantly foreshadowed the favorable elements in the situation earlier in the year. This has made it all the more sensitive to unfavorable in cidents. It was reported in the financial dis trict today that the American Inter national corporation has disposed of its entire holdings of United States Rubber common stock. The report could not be confirmed, but was given gen eral credence. The time was when announcement in the morning newspapers that the bonus bill had been passed would throw the market into a spasm of liquidation. That tiine has passed, and it was to a large extent ignored, for two reasons. one or them tne ioci mac no one in Wall street believes seriously that the tonus bill will become a law, and sec ond, because the proposal is such an ancient one that it has to large extent lost its sting. It has been many a long day since announcements have come along that this corporation or that one has been obliged to go on to double shifts to take care of Its business. But now such announcements are commencing to straggle in. The Iron Products cor poration, manufacturers of iron water nine, has Just put on a sufficient num ber of extra men to put its plant on 24-hour schedule. do 1st 4s Tex Pac 1st 5s . . . Union Pac 1st 4a do cv 4s do ref 4a do 6s 2U0O ltlO 147 94ft 11127 34 20OS hVx 1H2S 1U5 1930 103 V, 1839 1001, 1939 92 1946 S7 10014 67 35 Wabash 1st us do 2d 5s West Pac 5a . . O 8 T S3 Tav adj Sa Alton 3.a Bag 6s 101 Sug 6a 104 Industrials Allied Packers 6s 1939 81 Amn Agr Ch 7V4s 1941 IUj Am Sm 1st 5s 1947 95 Amn Tob 7s 1923 101 ",i Anaconda 6s A 1929 102 is do 7s B 1929 104 Armour cv 7s lH.'W 105'4 do 4s 1939 9214 Beaver Board 8s 1933 80 Beth Steel 7s , 1923 10G4 do ea 7s 193.J 103 do ref 5s . . 1942 974 Cerro de Pasco 8s..... 19.(1 127T4 Chile conv 6s A 1932 Ho do 7s 1923 10714 Cornier Exn 8s 192.1 102 dO JW--1 JO-Jt do . 1925 103 Colo P & I gen 5s 1943 91 H Colo Ind 5s 1934 79 Cuban Amn Sug 8s 3931 107 Cohan ruiA ev 7s 1930 89 Distillers Sec cv os 1927 49 Diam Match TAs 193o 107 Dupont 74s 1931 Km Empire oas f uel bs li-- jul Fifik Ss 1941 107 Gen Klec deb 5s 19.12 101 rfo Ks -W4II 1UI Goodrich 7s 1923 103 U Goodyear Ss '1941 116 Heinz is iv Juo-a Hershey 7 3930 lOo Til Kteol rteh 4V, 1940 Ind Steel 5s li'iTa Int Agr 5s 1!! Int Marine C T 6s 3941 Kelly Spgfleld 8s l3l Kennecott 7s 1930 Lack Steel 5s , 1923 do 1st 5s laso Libby McN L 7s 1931 Lig & Myers 6s 3 951 do (3 t Lorillard 5s 3!r1 do 7 3D44 Mid vale Bs 3 936 Morris & Co 7s 1930 Proc & Gamble 7s 1923 Republic I & St 5s 1940 Sears Roe 7s 1922 do 7s 13 Steel & Tube 7s 1951 Swift & Co 7s 1925 do 7s 1931 Uni Drug 8s 1941 U S Rub 1st ref 5s 1947 dO 7V.S 1H3U TJ S Steel sf 5s 1903 Va Chem 5s 3 923 Va Car Chem 714 s 3 932 West Klec 5s 1922 West IT T col tr 5s 3938 Went Union 614s . 193K Wilson 1st 6s 1941 Wilson cv 6s 1928 West Elec 7s 3925 Westinghouse 7s ..w...... 1931 Public utilities Amn I,t & Tran 6s 3925 Amn Tel coll 4s 1929 dc 5s 1946 do s 1925 Bell Tell of Pa 7s 194o B R T 5s 1945 Cal Gas uni 5s 1937 Cities Service 7s B 396 do r. 39116 do D 3966 it Mot 4 lis 3950 it R T ref 5s 3900 aclede Gas 7s 1930 Mont Power 5s A 3943 Northwest Tel 7s . .' 1941 Pac Tel 5s 1937 Pac Gas 5s 194 2 Souwest Tel 7s . . . . 1925 Oil Bonds Anglo Amn 714s 1925 Galena S Oil 7s 1930 Gulf Oil 7s 1933 Humble 7s 192.3 Pan Amn 7s 1930 Mex Pet cv 8s . 1936 Sinclair 714s 3925 S O Cal 7s 3931 S O N Y 7s 3931 Tidewater Oil 6s 1931 Vacuum GJ1 7s 1936 Foreign governments Argentine 7s -. . . 1927 Belginm 8s 1941 Bolivia 8s 1047 Brazil Ss 1941 do 7s 1952 Canada 5s 1952 Chile Ss 1946 Czecho-Slovak 8s 1951 Denmark 6s 1942 Dutch East Indies 6s 1947 do . . 1962 French Cities 6s 1934 Mexico External 5s 1954 do 4s 1914 Netherlands 6s 1972 Paris-Lyons-Mdtrn 6s 3 958 Rio de Janeiro 8s 1947 Seine 7s 1942 Foreign government Internal bonds- 81 93 3 0814 3 on 3 00 03 "4 10214 100 US' 99 1184i BO 90 102 95 100 101 3 01 101 10314 112 90 10914 104 10014 10514 100 100 112 3 01 98 107 10814 10714 92 100 136 108 65 98 129 97 9014 10 72 103 9914 108 99 9414 103 103 105 10414 10014 101 iooh 305 106 110 3 03 108 102 104 08 10314 99 99 104 9414 99 96 ' 96 80 52 40 93 74 101 89 BOND CHANGES LIMITED ALTERATIONS IN STANDARD ISSTTES FRACTIONAL. Liberties Firmer on Expectation of Presidential Veto of Sol diers' Bonus Bill. NEW YORK, Sept. 16. Few Important changes took place In today's dealings in the bond market, standard issues showing only fractional changes. Some ordinarily inactive issues, such as Louisville & Nashville unified 4s and Remington Arms 6s, declined a point, as did Belgian 7s and Chicago & Alton 3s, while Distillers' Securities corporation 5s and Bethlehem Steel refunding 6s moved up a point or more. French municipal issues steadied after an early display of weakness, the net losses generally being numbered in small fractions. Expectations of a presidential veto of the soldiers' bonus bill were held re sponsible for the firmness in liberty issues. Total bond sales, par value, were $7,436,000. Lack or eriective Duying power ana abandonment of bull operations by spec ulative interests, combined with week end nrof it -taking and extensive short selling, caused a general reaction In to day's brief stock market session. Thu decline in some oc the recent strong issues confirmed the belief of bear in terests that they had been pushed too far over the line although the selling nroceeded in an orderly manner. The largest variations were aiioraea by so-called specialties, losses of 2 points more being registered ny American Ice, American Beet ugar, Adams i.x press. American Tooacco a., jsorm Amer ican. Pressed Steel Jar preierrea ana Willys-Overland. On the other hand. Air eouction, i-os turn Ceraal and New York Airbrake were pushed up to new high records.- ueveloDments in tne near east, were watched closely by financial interests. but had but little visible effect either on stock or bond prices or the foreign exchanges. New York Central railroad shares responded only feebly to the an nouncement that that roaa reacnea I separate agreement wun tne - conduct ors' and trainmen's brotherhoods. Equipments plainly showed the effects of realizing sales, Jf unman aecuning ii Baldwin a point and others fractionally. Mexican Petroleum moved to higher ground, but a reactionary tendency was noted among some of the other oils, par icularlv in General Asphalt, which was down nearly 2 points, and some of 'the imestic issues. Total sales were 446.000 shares. The foreign exchanges continued to ose ground, the market generally pre senting an apathetic appearance. Re cessions were only nominal in character except in the Greek rate, which dropped about 20 points. The clearinghouse statement snowea an increase or 543,710,000 in loans, dis counts and investments, as compared with a decrease of $1,270,000 the week before. Cash on hand decreased $3,706,- 000, but there were increases of $83, 384.000 in the reserves of the federal reserve bank and $135,015,000 in net de mand deposits. The increase in excess reserve was $66,683,260 as against an in crease of $7,541,020 a week ago. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland: sales. fiign. ijow. ,iu. 300 77 76 Mack Truck ... 1,300 59 58 Mont Power ... .200 75 . 75 Mont Ward .... 500 22 22 Mo Pao 200 22 22 do pfd 1. 1,100 62 61 M St P & S S M 100 73 73 Nat Enamel ... 200 62 ; 62 Nat Lead 100 105 105 Nevada Con .... 100 16 16 New Haven 200 32 32 Norfolk. & W ... 2.100 123 122 12; Nor American... 7,400 99 96 95 Nor Pac 1,000 88 S8 58 22 22 61 73 62 104 16 32 88 Nova Scotia Steel 37 22 27 11 8 89" 58 81 76 4914 8 98 38 44 52 12 7 72 .39 92 48 16 80 38 33 70 s: 99 22" 27 13 5 8811 57 79 48 6 97 38 44 52 12 7. 71 39 92 48 French Internal 4s 191 ( do Victory 5s 1920 Belgian Restoration 5s British 2 consols Italian Cons. War Loan 5 L R Stockholm Christiania Copenhagen Rupees It was quite evident that when many of the corporations were obliged to pay 6 to 8 per cent for new money in the period of financial Btress, a year or so ago, the call features were inserted to take care of just such conditions as now have arisen in the money market. At the time when many of these bonds were sold the possibility or tneir Deing called before maturity was little more than hope. Conditions have . changed so rapidly since in the money market and many of the corporations with ti htly frozen credits have worked out of a difficult situation in splendid shape. It is quite natural that they should now be discussing with- their bankers the possibility of substituting new and lower interest bearing securi ties. New York Bonds. Furnished by Jordan, Wentworth 92 91 108 87 87 91ii 101 114 114 90 91 9014 97 102 92 - 78 54 84 74 67 69 76 69 90 111 110 V. 87 90 93 102 111 78 li 4714 ' 6514 52 14 52 54 89 107 9S .113 105 114 99 91 93 94 93 107 9S 101 9 ft 109 107 84 68 97 91 86 80 107 85 80 91 93 111 94 100 101 110 86 60 27 6S 99 93 91 83 91 105 76 300 93 3 04 S 7. ".. 82 - 78 Co. of Portland: Railroad bonds A ten gen 4s 1995 A C L 4s 1932 do 7s 1930 B O gold 4s 1948 do con 4s cv 1983 ao ref 5s 1995 Canada Southern 5s 1962 Canadian Nor 6s 1946 do 7s -. 1940 Ce.it Pac 1st 4s 1949 Ches & Ohio cv 4a . .. 1930 do gen 4s 1992 do cv 3s 1946 do con 5s 1939 C B & Q 111 (llv 4s -. 1949 C & West Ind 4s 1952 C. G & W 4s 1959 C M & St P 4s 1925 do cv 4S 1932 do deb 4s 1934 do gn 4s A do cv 5s 2014 do g and r 4s A 2014 Chgo N W gen 4s 1987 do 6s 1936 do 7s 1930 C R I & P ref 4s 1934 Colo Sou rf ex 4 a 1935 do 4s 1929 Del & Hudson cv 6s 1935 do 7s 1930 1 R G cv 4s 1936 do ref 5s 1955 Erie P L 4s 1996 do con 4s A 1953 do B 1953 do D 1953 . 0 Pa C G 4s 1951 (Ji! Trunk eq 614s 1936 Nor 4s 1901 li) 7-- 3936 (.;.- Trunk 6s 1936 do 7s . . 1940 1!I Cent jt 5s 19K3 iij ref 4a 1953 '' C Sou ref 5s . 1950 -. . & Uss M 1st 5a 1923 '. S M S 4s 1931 :. t X 7s 1930 .o uni 4s 1940 X A Ed 6s if st p'& s "sm'6s." M K & T 4s M P gen 4s M P ref 5s NYC deb 4s do con 4s do ref imp 4s . do cv deb 6s X Y N H & H cv 6a. . . X O Tex & Mex 5s N P P L 4s O S L ref 4s Penna 6s do gen 4a ........ do 4s do gen 5s do 7s Reading gen 4s S A L 4s do 53 do 6s A Sou Ry con 5s , Sou Pac cv 4s - do ref 4s do sf term 4s do ref 4s do conv 5s St I. & S F P L 4s A do gen 53 ;,i P L 5s B do gt-11 6s do adj 8s .i-i ii.e s St t, & 3 w 1st 5a Co coa M ......mu,. . 1946 . 1990 . 1975 . 1926 . 1934 . 1998 . 2013 . 1935 . 1948 . 1935 . 1997 . 1929 . 1936 . 1965 1960 . 196S . 1920 . 1997 1950 . 1949 , 1945 . 3994 1929 1953 1950 1949 1934 1950 1931 3950 1931 1955 1960 1952 1S32 Argentine Chile Brazil Peru Greek Holland Spain Czecho Serbian Swiss Finland Curb bonds Allied Packers 6s Am Tel & Tel 6s do Anaconda Copper 6s.. do 7s Anglo-Am Oil 7s... Armour & Co 7s Beth Steel 7s Copper Ex Assn 8s do Galena Signal Oil 7s.. Gulf Oil Co 7s Humble Oil 7s Inter Rapid Tran 7s.. Sears Roe Ts 3-yr. . . . So West Tel 7s Stand Oil N Y 6a.. do 7s Bwift & Co 7s do Vacuum Oil 7s Brazil 7s Prague 7s Montevideo 7s 49 60 66 51 36 64 2649 1683 2120 29 35 14 12 403 220 3876 1518 322 144 1873 Adams Exp . . Advance Rum do nfd Agr Chem do pfd Ajax Rubber . Alaska Gold . . Alaska Juneau Allied Chem . Allis-Ch aimers do pfd Am Beet Sugar Am Bosch Am Can Co.. .... do ptd Am Car & Fdy . do pfd Am Cot Oil do pfd 111 Drug Synd : 111 Hde & Leth do pfd Am Ice Am lntl Corp . . . Am Linseed .... do pfd Am Loco 1,400 100 4.300 "lOO 1,300 300 39 71 14 'i 85 58 39 71 14 ' 'i 83 57 . 1.000 46 46 1.800 62 100 109 400 190 200 124 700 '29 1,600 117 700 36 3.300 38 1,100 59 100 124 61 3 09 188 19 54 39 70 14 Hi 84 58 102 45 42 61 108 187 122 121 29 29 53 6 13 115 36 38 58 1 23 115 36 37 58 122 do Pfd 118 80 1922 100 1924 101 102 103 103 104 1935 103 1924 102 1925 103 105 104 100 100 1923 101 103 1933 109 1926 106 1925 101 1931 103 108 1952 89 1952 84 1952 94 Standard Oil Stocks. sn.nrfi.rrt Oil stocks furnished by the Overbeck & Cooke company of Portland: Anglo 19 Borne Scrysmer 430 Buckeye '! Cheesebrough J;' do ptd Continental 144 Crescent " " ' i'2a Cumberland 148 Eureka Galena common do old pfd do new pfd Illinois Pipe Indiana Pipe National Transit N Y Transit Northern Pipe Ohio Oil international Petroleum Penn Mex Prairie Oil Prairie Pipe Solar Refg Southern Pipe South Penn Oil S W Penn Oil S. O. Ind S. O. Kansas -. S. O. Kentucky S. O. N. Y S. O. Ohio do pfd Swan & Finch Vacuum Washington S. O. Nebraska Imperial Oil . . . ' 94 53 108 103 174 . ., . 96 ..y. 26 175 107 295 21 27 608 268 845 . . . . 95 237 . . . 60 ....337 560 308 470 470 , .118 32 . . .478 21 190 - 113 20 435 98 205 113 147 -37 " 153 97 56 112 105 177 98 27 178 109 300 22 29 . 615 272 , 355 . 97 222 "5 118 570 109 474 475 119 35 '482 25 200 114 COTTON FUTURES MARKET SAGS Southern Farmer IMsposed to Rell at Current Prices. NEW YORK, Sept 16. The cotton market went 10 to 27 points net lower today in fairly active trading. The open ing was unsteady to points down, nut rallied briefly on buying by a prominent cotton house. Thereafter the market sagged, the south selling moderately. The latter Dart or tne session snowea mat. hedge selling pressure had not subsided and that the southern farmer was will ing to dispose of his cotton at present prices. There was said to be a much bet ter mill demand in the futures market this morning than for some time past. Spot was quiet, 10 points decline: ai.soc for middling upland. Southern markets Galveston, zu.auc. unchanged: New Orleans, 2lc. un changed; Savannah, 21c. IS points de cline; Augusta, 21c. 13 points' decline; Memphis, 21.75c, unchanged ; nousion. :O.80. 5 points decline; iittie tocit, 21c. unchanged. NEW YORK, Sept. 16. Cotton futures opened steady; October, 21.32c; Decem ber. 21.58c; January, 21.43c; March, 21.51c: May. 21.50c. , Futures closed barely steady: October, 21.25c; December, 21.45c: January 21.34c; March, 21.43c; May, 21.40c. , Dried Fruit at New York NEW YORK, Sept. 16. Evaporated ap ples, steady; prunes, unsettled, peaches dull. , Am Saf Razor Am Ship & Com. Am Smelter do pfd Am Snuff Am Steel Fdy . . Am Sugar do pfd Am Sumatra . . . Am Tel & Tel. . . Am Tobacco . . . do B Am Wool do pfd do pfd Am Zinc Anaconda Assd Oil Atchison 1,000 7 700 21 900 64 100 104 "400 44 200 82 300 110 1,000 44 1,000 124 200 162 700 160 9,600 100 100 1,300 900 34 18 54 . 3,200 108 7 20 63 104 "44 82 110 43 123 102 159 159 99 99 108 -34 33 18 18 54 54 117 107 10(1 7 20 03 103 150 44 82 110 43 128 it: N Y Air Brake. 2.000 84 N Y Central 6,200 100 Okla Prod ref Orpheum , . 500 Ontario & W . . 200 Otis Seel 3 00 Pacific Dev . . . 600 Pac Gas ; Elec 1,700 Pacific Oil 2.400 Pan Am Pet .. . 9,600 do "B" 1,900 Penna 6,600 Penna Sea Steel 3,100 Peo Gas 300 Pere Marquette. ' 400 Philadelphia Co. 600 Pillips Pete 9(K) Pierce-Arrow . . 200 Pierce Oil 300 Pitts Coal 900 Pitts & West Va 300 Pressed Steel Car 800 Punta Aiegre . . 1,400 Pullman 4,200 134 Pure Oil 600 32 Kay cons 300 Reading 500 Remington 200 Replogle Steel ... 300 Republic I & S.. 500 do pfd Re" Motors Royal Dutch Oil 4,300 Ry Steel SPs ... IOO 12 Saxon Motors 300 3 Sears Robuck . . 500 90 Shattuck. & Ariz Shell T & T Sinclair 14,500 35 Moss fanef . . . Sou Pacific 4,400 95 Sou Ry 1,500 27 do pfd 200 64 S O Cal 2,600 116 J ina lis o u New Jersey. S O Kentucky. . . fet L & S F 100 30 30 .... Ol 06 Studebaker 18,500 130 129 83 99 2 22 26 11 5 88 57 80 76 49 6 97 38 44 02 11 7 71 39 92 48 133 134 32 32 15 79 38 33 69 89 58 122 3 90 34 15$ 80 38 33 70 92 3 58 122 3 90 8 40 34 00 94 26 63 94 26 64 114 114 117'.4 117 100 187 187 186 . . . I0S 108 108 30 55 wift & Co. Tenn Cod &: Ch..1 noo Texas Oil 8.000 109 109 Texas Pacific Tex Pac C & O. . Tob Products . . . Trans Cont Oil. . Un Bag & Paper L.nion un .uei 200 900 2,000 2,000 10 48 31 26 66 14 10 47 31 26 65 14 130 109 10 47 31 26 63 34 500 20 Union Pacific ... 1,000 154 United Alloy united urug United Food Prd United Fruit .... Un Rds of N J . . 100 7 00 600 88 80 7 20 20 152 152 38 38 79 80 6 7 152 14 do pfd . ' aivi. Un Retail Stores 1,600 85 S474 84 u .n , riyc. ... 1 u.i U S Ind Alcohol. 300 34 U S Rubber do 1st pfd . U S Smelting U S Steel do pfd Utah Copper Va Chem do pfd . . . ,t . . Vanadium Steel. Vivaudou Wabash do A pfd do B Dfd Wells Fargo Western x-acific. do pfd ....... Western Union.. Westing A B. . . . Westing E & M. West Md White Eagle Oil v hite Motors '. . White Oil Willys -Overland. do pfd Wilson Packing. Wlscon Central.. Woolworth Worthing Pump W & L E 10,300 400 53 99 34 64 53 8,500 103 500 122 200 69 65 51 33 32 S3 300. 800 400 700 500 104 122 68 65 ' 51 13 32 33 300 63 63 200 136 116 100 700 3,800 200 200 500 300 2.300 64 15 32 8 7 44 49 63 15 31 51 8 7 44' 47 194" 100 194 100 13 13 34 64 53 98 42 104 121 8 27 63 51 33 12 33 23 -79 18 63 116 102 63 15 31 62 8 7 44 48 83 393 42 33 Liberty Bond Quotations. Liberty bond and victory note Quota tions furnished by the- Overbeck & Cooke company of Portland. Closing. Open. High. Low. Bid. Liberty 3s...l01.16 101.26 101.10 101.16 do 1st 4s 100.70 do 2d 4s 100.08 do 1st 4s.. 100.56 100.66 300.56 100.50 do 2d 4s. .100.18 100.18 100.32 300.34 do 3d 4s.. 100.38 300.36 100.30 100.S2 do 4th 4s.. 100.60 100.66 100.56 100.56 Vic. 4s. call. 30030 100.32 100.30 100..12 do 4s, '23. .100.70 300.76 100.70 100.76 Money, Silver, Etc. NEW YORK, Sept. 16. Foreign bar silver, 69. . Mexican dollars, 53. LONDON, Sept. 16. Bar silver 35 d per ounce. Money 1 per cent. Dis count rates: Short 2 7-162c per cent; 3 months, 2 per cent. Centennial 9 Copper Range ,... 41 Davis Daly ' 4 East Butte 10 Franklin Mining 1 Hancock 2 Helvetia . 1 Island Creek .'.'..108 Kettwanaw 2 Kerr Lake ................ 3 LaRe Copper ....... 8 La Salle 1 Michigan 2 Mass. Con 2 Mohawk 66 2 Mayold Colony 8 1-3 8 3 7-16 Mason Valley 1 2 North Butte 11 12 Nipissring 6 6 North Lake 80 so Old Dominion Cop.... 23 Orceola Mining 36 Ojibway 2 Pond Creek 21 IMe Royal 22 South Lake 44 Supp. Boston 1 1-16 United Shoe Machine 42 do pfd 27 South Utah 2 Superior Copper 4 Trinity Copper 1 Tuolumne 65 Utah Metals 1 Utah Con 2 U S Mining 42 do pfd 48 Utah Apex 2 Ventura .'. 29 Winona 1 wolverine JO Vv'yandott 50 Shannon 80 . 10 42 4 10 2 1 109 i 4 1 3 3 24 37 2 22 23 45 42 !j 27 5 S 3 60 1 8 43 48 3 9 1 11 60 90 CH2E clX empt Foreign Bonds. . Furnished by Overbeck & Cooke com pany of Portland: - Belgian rest Sa 1918 do prem 5s 1920 do 7s 1945 do 6s : 1925 Brazil 8s 1941 British 5s 1922 do 5s 1 1927 do Ss 1929 do vky 4s 1919 do ref 4s 1919 Unit Kingdom 6s.. 1922 do 5s 1929 do 5s 1937 Bordeaux 6s 1934 Canadian 5s 1926 do 5a 1927 do 5s 1929 do 5s 1937 do 5s 1931 Chinese 5s 3951 Chile 8s 1941 French 4s 1917 do 5s 1920 do 5s 1931 do 7a 1941 do 8s 1945 German W L 6s Berlin 4s Hamburg 4s ........ .... do 4V.S Leipsig 4s do os .... Munich 4s '. .;. do 5s Frankfort 4a Italian 5s 1918 Jap 4s 1931 do 1st 4s 1923 do 2d 4s - 1925 Norway 8s 1940 Swedish 6s 1039 Denmark 6s 1042 do 8s 1U45 Russian 5s 1921 do 5s 1926 ' do 6s 1019 Sao Paulo 8s 1936 Swiss 3a 1929 do 8s 1940 Bid. 64 70 106 ' 99 103 89 91 . 91 77 75 99 107 104 81 99 99 102 99 100 52 104 47 67 88 98 101 .60 .70 .75 .73 .60 .70 .75 .75 .75 33 82 94 94 111 105 99 110 12 j.y 102 105 121 Ask. 67 73 106 100 103 91 93 93 80 78 100 107 105 82 100 100 102 10l 100 54 104 49 69 60 98 102 ..61 .90 1.00 1.00 1.00 1.25 1.25 1.25 1.25 36 82 94 94 112 106 99 111 . 14 3 15 103 106 122 German cents. bonds quoted in dollars and do pfd ... 500 93 93 93 Atl Coast Line.. 400 121 121 121 Atl Gulf & W I. 33 Baldwin Loco .. 8,800 137 135 13514 do pfd 300 110 110 110 Balto & Ohio ... 1,800 58 57 57 do pfd 200 65 65 5 Barnsdell Crp B 700 78 77 77 Beth' Steel B ... 1,600 78 77 77 Booth Fish 200 9 9 9 B R T 1,400 26 25 26 Butte C & Z 400 7 0 6 Butte & Sup ... 1,100 31 30 30 Burns Bros A... 100 185 134 do B 300 48 48 48 Caddo Oil 100 11 11 31 Calif Packing . . 200 85 85 84 Calif Pet 600 65 64 64 do pfd -. 96 Calahn Zc & Ld 400 9 9 9 Canadian Pac .. 1,100 148 148 147 Con Leather 1,700 43 42 42 Cerro de Pasco.. 400 40 40 40 Chandler Motor. 2,600 62 62 62 Chgo & N W ... 1,300 94 93 94 Chicago Gt W .. 400 6 6 6 do pfd 800 13 13 15 Chili Cop 1,000 24 23 23 Chino ,. 30 C M & St P 800 34 34 34 do pfd l,20O 52 51 52 Coco Cola 400 69 69 69 C & O 600 76 75 75 Colo F & I 1,20-0 35 35 33 Col Gas & Elec. 2,800 113 112 112 Col Graph 900 3 3 3 Con Gas 8,100 143 141 141 Cons Cigars 1,000 38 37 36 do pfd 78 Cons Textile 1,200 11 10 10 Contl Can 86 Corn Prod 800 116 116 116 do pfd 118 Swift Co. Stocks. Closing prices of Swift & Co. stocks at Chicago were reported by the Oy,erbeck & Cooke company of Portland as follows: Swift & Co 109 Swift International 24 Libby, McNeil & Libby 2 do new . National Leather, 'new 7 Mining Stocks at Boston. Mining stock quotations at Boeto-n fur nished by the Overbeck & Cooke com pany of Portland: Arizona Comm. Adventure Ahmeek AlKomah Allouez Arcaddan Bingham Mines . . Cal & Arizona . . . Calumet & Hecla. New Corn Bid. 8 50 63' 5 24 2 17 60 290 18 Ask. 8 100 64 35 23 3 18 61 295 18". Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by North western National bank of Portland. The amount quoted is the equivalent of the roreign unit in united States funds: country. Foreign Unit. "Thmie Austria, kronen $0.000020 Belgium, francs 072500 Bulgaria, leva 007000 uzecno-siovania. Kronen 0332fio Denmark, kroner 213200 Kngiana, pound sterling 4.4437 Finiand. finmark 0200 France, francs 07ooo Germany, marks 000725 Greece, drachmas .024600 Holland, guilders -.388500 Hungary, kronen 000700 Italy, lire , 042200 .Tugo-Slavia. kronen 004000 Norway, Kroner 169500 Portugal, escudos 058500 Roumania, lei .006500 Serbia, dinara 010200 Spain, pesetas .152500 Sweden, kronor 2652O0 Switerland. francs 18S000 China-Hongkong, local currency - .575000 Shanghai, taels 775OO0 Japan, yen 490000 NEW YORK, Sept. 16. Foreign ex change steady. Great Britain, demand, $4.42; do. cables, $4.42 ; 60-day bills, $4.40. France, demand, 7.57 c; do. cables, 7.58c. Italy, demand, 4.19c; do. cables, 4.20c. Belgium, demand, 7.15c; do. cables, 7.15 c. Germany, demand, .06 9-16c; do. cables. .00., Holland, de mand, 38.71c; do. cables, ' 38. 76c. Nor way, demand, 16.80c. . Sweden, demand, 26.44c. Denmark. demand, 21.18c. Switzerland, demand, 18.72c. Spain, de mand, 15.16c. Greece, demand, 2.35c. Poland, demand, .01c; Czecho-Slovakia, demand, 3.22 c. Argentine, demand, 35.75; Brazil, demand, 12.50. Montreal. 99 15-16c. Government, State, Municipal, Joint Stock Land Bank and Agricultural District -Bonds f" Advancing prices have featured the market for municipal and other tax-free investment in the past fortnight. It is evident . that the market has absorbed the large supply of American municipal bonds issued this year, and recent sales have been made at a much higher level than prevailed in the early summer. .The bonds we now own were bought before the recent ad vance and at the prices we quote are particularly attractive. Are you on our mailing list? Do you wish us to send you a copy of our current list? Have you ever consulted us? Call, phone (Broadway 5740) or write. All offerings are subject to prior sale, and advance in price. The Bonds we sell are bonds we own Freeman, Smith & Camp Co. m ojtu . sMn riuenct.ua AaMiu.OiuMt. Lumbermen! Bldo.. Portland, Or. PWOMat - It SJWAT J wagons. 21c; service stations. chine. 27.9c. Oils Summer, n.c; win ter, 11.9c. Carbon periecnon un. un refs, 11 c. Linseed oil Raw. 1 to 4 barrels delivery, $1.02; boiled. $1.04. Tur pentin?., $1.53. Tvnatured nlrohol, 40-. Sngar Market. NEW YORK. Sept. 16. Raw sugar, centrif ugal, 4.73c; refined fine granu lated. 6.25c. SAN FRANCISCO. Sept. 16. Califor nia Hawaiian raw sugar, 4.73c. ' Chicago Oil Market. (By Chicago Tribune Leased CHICAGO, Sept. 16.- Wire.) Gasoline Tank 11.300 400 20O 2,200 400 400 Cosden Oil . C R I & P . . do A ' pfd do "B" pfd Crucible do pfd Cuba Cane . do pfd Cuban Am Sugar 3,200 Liavison Chem. Del & Hudson Del & Lack . . Dome Mines . Elec Stor Bat Endi Johnson. Erie do 1st pfd . . 53 48 93 93 14 36 800 53 200 139 100 135 200 39 6.500 50 700 88 1,600 15 400 28 51 48 "92 92 "i4 36 25 51 139 135 38 50 88 15 24 51 48 103 93 93 94 14 36 25 51 138 135 38 50 88 15 24 Famous Players. 1,300 101 100 100 Fed Min & Smelt do pfd . . Fisk Tire Gen .Cigars Gen Elec . Gen Motor do 6 40O 60 1,400 14 200 80 600 183 6,800 -14 10O Gen Asphal t . . . . 13, 500 84 65 14 35 58 82 41 95 1,100 300 1,900 84 82 22 100 114 114 100 41 41 100 1 1 100 4 4 80O 111 110 700 14 14 69 ?00 700 100 Gllddin Paint . . 400 Goodrich T & R. 200 Glen Alden .- Granby 200 Great Nor Ore . . 1,000 Great Nor pfd . . 1.200 Greene Cananea. Gulf S Steel Houston Oil Hupp Motor Ills Central Inspiration . . . . . Int Ag Corp com do pld Interboro do pfd Irt Harv . .- Int Merc Marine. do pfd Int Nickel Int Paper ...... do pfd . -. Invincible Oil ... 7,200 Island Oil 200 Jewel Tea 1,000 K C Southern . . 100 do pfd 200 Kayser J 600 Kelly-Spgfld . . . 300 Kennecott 500 Keystone Tire . . 300 Lack Steel 800 Lee Tire 200 Lehigh Valley... 1,800 Lorillard Loew Theaters.. 1,300 23 L&N Lima Loco .... Marland Oil Max Motor "A" do "B" , May Stores Mex Pet Mex Seaboard . . Miami Middle States Oil 1,800 13 Midvale Steel ... 600 34 M K & T Wl ... 200 1& 60 14 80 182 14 84 64 14 35 58 31 41 94 83 81 2' 58 17 59 15 19 25 58 45 43 36 8 80 26 70 . 1,800 5,000 100 900 200 136 1,500 191 500 19 68 40 58 19 14 18 25 88 45 43 36 8 80 26 69 '21 '62 40 58 19 133 187 19 "13 34 13 60 14 80 181 14 84 64 14 35 58 31 41 94 31 83 81 22 113 41 8 37 1 110 14 58 37 59 85 , 14 18 25 88 45 43 36 8 80 25 69 176 22 137 62 40 58 39; 333 190 19 29 13 .34 Prime Essentials When considering a choice of securities into which to put his money, the wise investor considers first whether the indus try in question produces essentials or non essentials. And it is a very important consideration. With the tremendous present and large potential requirements for power by the industries of this Section, with the rapid growth of population and consequent con stantly increasing demand for light and fuel in home, office and factory, the prod ucts of the Northwestern Electric Com pany may be classified not only as highly essential products for domestic consump tion but for commercial use, as well. Therefore, to those who insist upon having "essentials" back tf their investments, the . 7 Cumulative First Preferred Stock of the Northwestern Electric Company will be especially attractive. Our Special Savings Plan may be investi gated by simply 'phoning, calling or writing for - illustrated literature and details on this unexcelled security. Price $100 per share. To pay 7 J. G. TAVARES Manager Stock Sales NORTHWESTERN Electric Company; LIGHT POWER HEAT Broadway 0580 JJ Washington at Tenth WE WILL BUY: 100 Dorant Motors Calif. 20 Fidelity Hecurity t'orpn. 10 I'nita King's Vood Products. 50 Morgan Biiiiiling. 20 NorthweKtern KU'ctric 7 pfd. 10 Oregon Cattle Loan. 1000 Oregon Klectrir 3. 19R3. 25 Oregon Surety Casualty. 25 Oregon Worsted .Milln. 20 Portuuid Kaa & Coke 1 pfd. WE WILL SELL: 100 Dennos Food. 10 J. L. HartinuJi Redeemable pfd. 10 Lumbermens 1'ruwt Co. 5000 Mount Hood Kailuay 6s. 1927. 50 Multnomah Lumber Box pfd. 100 Northwestern Klect. common. 30 Oregon Pulp & 1'uper pfd. 2000 Penn Pacific Oil. 50 Peninsula Lumber pfd. 10 lj'eninsiilB National Hank. 5 Portland Feeder. 100 P. K. L. & P. common. 25 P. R. L. P. prior preference. 100 Portland Vegetable Oil. 5 8. Pi. Oregon Fir. H f. S. Oregon Pine. , 10 Wasco Warehouse. 10 Western Bond & Mortgage. $10,000 Villain. Vttl. ti Sou. 6s, 1939. We buy and sell all -salable local, listed and unlisted securities. Consult our prices. uiiiiiiiiiiiiiiiiiiitiniiiiiiiiiiiiiiiiiiiiitiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiMiiiiu A Constructive Service Which a Natural Demand Has Built Up 1 i lllllllllllllllllllllllllllllllllllllllllllllllllllillllllllll Of inlcrest to Banking. Credit, General Business Insti tutions and the Public. Iord an -Wentworth & (UCCIlOI4n TO Htnn'N g. Rhodes .m STOCKSano bonds 201 Ry. Exchange Bldg. Bdwy. 4725. OVERBECK & COOKE CO. BROKERS Member Chicago Board of Trade Board of Trade Bldg., Portland. Pendleton, Walla Walla, .Or. Wah. Direct Private Wlrea to LOGAN & BRYAN New York and Chicago. MEMBKRS lew York Stock Exchange. Chicago Stock Eichange. Boston Stock Exc-hanice. Chicago Board of Trade. New York Cotton Exchange. New Orleans Cotton Exchange. New York Produce Exchange. Winnipeg Grain Exchange! Our business is to build business hlirg. r. and bipgpr business mean more profits ami more prosperity distributed throuRh'uit 1 h (Vutitrv. We supply Manufacturers, Wholesalers and Dealers with active workinir capital through the purchase for cas-h of their Arllvo ftp. n Accounts. Notes, Acrpptn nres. Instalment S.i!-s and other form of Credits Rcrelvable with out disturbing their Customers nr their busi ness ot canlzatlons, as we let them coll.-ct the Accounts. Banks are not equipped to purchase and nf guard Account Receivable, heraus of the- In tHnstihle nature of Open Accounts, and It would cost them probahlv more than It does us to do no. as we. fpeclalizo in that line Inst ilment sales also, because of their long terma. are hardly a bankable asset. K.inks- can employ their funds safer by buying our Collateral Trust Notes which carry the obligations- of of the original Debtor, the article as collateral or the guaranteo of the Keller, and of our Company with an added reserve margin practically four-name paper. The major portion, therefore, of the) Credit Receivable we purchase are of an unbankable nature and are burdensome for business ron cern to carry with their own capital not withstanding the fait that many of our Cu tomera are rated In excess of A SULLIOX DOLLARS. The demand for our serviced has resulted In Increases of our Capital from 1.700, 0"0, tn years ago, to over $7,250,000 now nearly twenty-five tlmea over. Last year our com bined volume was 17 9.347.24 1 1 . with no obli gation on the part of our Customers -to do business with us for a slngie day. If they can make more profit on our money than It coata them, why not aell Credits as well as merchan dise and make two profits Instead of one? IIIIIIMIIIIIIIIIIIIIIlf IIIIlIIIIIIIIIIIIIIIIlIIIIIIIIIIIIIIIMIIIIKIIIIIIIIIIf IIIIIIIIII 1 Commercial Credit Company Cash and Surplus $7,250,000 BALTIMORE SAN FRANCISCO , Represented at Portland, Ore., 1204 Gasco Bldg. Affiliated with Sales Engineer Engineer wishes selling con nection with manufacturer of high-grade product which only an engineer can eell. Phone Atwater 2641, or write AO 932. Oregonian. COMMERCIAL CRKniT COM PANT. INC. Cash Capital and Hurplaa fJIAO.OM NKW OKIjKA.VS COMMERCIAL ACCEPTANCE TRCbT Cash Capital and Surplua fl.MO.000 CHICAGO rvilllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllic G. Tavares, Portland. 913 Pittock Block Sir: Please send me additional ln formaticn regarding your investment. 4 Address .....(O) J Investors Let us show you how you can invest your money safely and receive 25 a year on same. Empire Investment Co. Empire Bldg. Seattle, Wash. WE WILL SELL 2500 Penn Pacific Oil Co... bid 10 Mult. L. & Box Pfd... 90.00 $1000 Seaside Htl 7 Bond par 10 P. Ry., L. & P. Pfd.. . 95.50 $2000 Warm Springs Ir. 6s. . 90.00 G. B. HARRINGTON CO. U. S. Bank Bldg. Phone Bdwy. 7964 Wanted Business Opportunity In a General Sales Capacity Offering an Investment Opportunity Young, aggressive business man, thoroughly versed in sales manage ment, advertising, correspondence, etc., dosires to make substantial investment with established institution offering an executive) posi tion preferably in the above capacity. Seven years' practical mercantile and manufacturing experience with large American organizations. Interested only in eft.'tbU.shod institutions in need of a man of this caliber. AL STifi, Orogonian. INTELLIGENT PRODUCE MARKETING Tou will get higher returns for your produce if you will use our new methods before shipping any product to market. Write La at Once. We V.'Ul Be Pleased to Tell Yrm Ilo-rr RUBY & CO., 2 1 5 FRONT STREET PORTLAND. OR. GERMAN BONDS AND MONEY Bought and Sold TRANSATLANTIC ESTATES A CREDIT COMPANY, 210 Exchange Bids, 2d and Stark. SUCCESS la tke Stock Market FORTUNES Hade from Small Investments Write for Free Booklet. Tba Moat Mmple Eiplanatton o( Profitable tttork Tradinc We guarantee tou that your money is safe and that you get a aquara deal. KENNEDY & CO. Est. 1894. 74 Broadway, Sew York Membera Consolidated Stock Kiehange. F10I1EY Kl STOCKS- Free Book tells how yon too. can take ad vantage of the opportunities now offered in Wall Street Stocks. 8msll investments often result ia bio; profits. Free Book com piled by an expert statistician fully ex plains how and when to trade. Send for your copy today. Investors' Daily Guide Dept. p j Wall St. HEW TVR C1TT. 1 Safe ORGANIZING A COMPANY? Save the uaual Incorporating ex- f.enses, fees nnd laxs by far-Tina; your orKnn'zailon on the regulation fOM.MliN LAW ri.AV undor a DECLARATION -F TKUST. Rrduce xpnm of or fcanizlns; and conducting your company to nominal figure by takina; advantjiK of oar com plete orqranlxarinn irvlc. Write us for f-ill particulars. Organization Service Co. 859 First National Hank Bl.l San Kranclaco. Cal. Organizing a Company? Bavs expanse and tax r- fanlKlna; on the popular. fftMMOS .AV plan unrter a pure rECi,HA TIOS Jt' TKl'PT. Jlj-"n. aiv where. ran fill In D K-ilA K R B STANDARD FORMS, Isaua thtna and beitln oem h.i.'n- at eno. Insist upon IKMAHbK KOKil", the original, nat1ona.;v-arrptd forma, approved and ud by ll-karwn attorneys. perid fr.r lar. frse f.amphiet (D'42) eontatnlntf Uttoh ntormatlon that you will nd. O. 8 PKMAKEK. Ixa-al Mlank Prtntea. 70S Walnut, kansava City. llo.