2L
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.