THE SUNDAY OREGOXIAX, PORTLAND, OCTOBER 1, 1923
2M
OF FINAiyCIAL MART
Investments Show General
Downward Tendency. ,
TWO CAUSES ASSIGNED
Near Bast Situation Blamed and
Also Uncertain Policy of
Treasury Department.
BT BYRON SELLER.
(Copyright, 1922, by The Oregonian.)
NEW YORK, Sept. 30. (Special.)
reaction ruled in tne investment mar
ket thia week. There were exceptions
here and there but the tendency waa
downward. Opinion aa to the governing
influence waa not uniform. Neither wai
there any agreement as to the probable
duration. As to the cause the obvious
thing was to ascribe prevalent weakness
to concern over the disturbed conditions
abroad.
These admitedly were serious enough-
The fluctuations In sterling exchange
wer Drool of that. But not all the au
thorities held that the foreign situation
primarily was responsible. A large con
tlngent put the emphasis on. money mar
ket conditions. Some wera more specmc,
ay Ins that uncertainty about the new
government financing was the chief
factor.
Reaction Held Temporary
Am to duration, those who held that
th current news was the development
to which prices were responsive, in
sisted that the reaction was temporary
and that when the news became more
favorable a uotations would advance
' again. Those who put the stress on the
course of the money market were noi
wiliine to admit that there had not been
Indications of a change more funda
mental in Its effect.
Whatever the relation of cause and ef
fect may have been the fact is that
the weakness shown in market prices
for bonds, both high grade and specula
tive, coincided with the publication of
dispatches describing the extent of the
crisis in Europe. This may nave oeen,
of course, only coincidence, or it may
have been that uneasiness about for
eign affairs merely accelerated a move
ment which had already gained consid
erable impetus. In support of the latter
theory it can be pointed out that quo
tations for both high-grade and second
grade railroad bonds have been declin
ing very slightly but very steadily for
more than a month.
Utility Issue Stronger.
The market for public utility issues
has been much stronger and while in
dustrial bonds are lower on an average
than a month ago, the loss is not so
great aa with the rails. It is, of course,
r.ot possible to trace sources of the sell
ing which depressed quotations through
out the week. It was surmised, however,
that a good deal of liquidation came
from banks which have been carrying
investment securities purchased at much
lower levels. For that there might be
two explanations one that money was
needed in increasimg qu-atttRies fortrictly
commercial purposes, and the other that
the sellers believed that prices had gone
high enough for the present at least. In
either case the result would be the same,
for the moment at any rate.
As far as the business outlook was
concerned no change was indicated. Ex
cept for congestion on the railroads, do
mtlo condition were all favorable and
it was widely held that even the most
pnrlous outcome In Europe could not
permanently retard business revival in
America. Virtually all lines of industry
port improvement.
Wheat Prices May Rise.
Treasury officials were reported as
forecasting better prices for wheat. Cer
tainly anything that will contribute to
ward Increased buying power on the
part of the agricultural population will
be helpful to general prosperity.
Whatever may be thought about,
whether or not the very highest grade
of investment securities have reached
price levels warranted by the future of
money rates, it cannot be doubted that
he re Is room for imp rove men t in the
Mond grade obligations, those which
are responsive to the financial condi
tions and business prospects of the debtor
corporation. Increasing railroad earn
ings, due to the expected heavy traffic
yf the last quarter of the year, ought to
be very helpful in this direction. The
question here, of course, ts how far spec
ulators have discounted this improve
ment. Meanwhile those who- still felt uncer
tain as to the future turned to the short
term and callable bonds as a refuge.
The high coupon rate obligation, with its
&sxge current return, is very attractive
to this class of conservative investora
Their purchases were distinctly a stead y
Ln Influence in the bond market all
the week. While the change of appre
ciation in principal, which proved so
powerful an incentive In the eager buying
of long-term bonds the past 12 months,'
la entirely lacking In this kind of se
curity, it is equally true that there is
bttl chance of depreciation.
New York Bonds.
Hershpy 714s 1P30
Int Agr 5s W.Z
Int Marine CT 6s 1(J41
Int Paper ct 5s B 11133 .
Kelly Springfield 8s . . . . . . 19.U
Kennecott 7a 39;tO
Lack Steel 5s ws.t
do 1st 5s 1150
Llbby McN & L 7s 1KJ1
Lig ac Myers 5s 1951
Midvale 5s 1936
Morris & Co 7fcs lftao
bears Roe 7s lirJi
do 1123
Bteel & Tube 7s, 151
Swift & Co 7s 125
do 1931
TJni Drug 8s 11)41
U 8 Rub 1st ref 5s 1147
U S Steel at 5s ..... 13
Va Chem os 1H23
West Union 61 13S
Wilson 1st 6s 1941
Was ting-bouse 7s
PubUo Utilities
Amn Xt & Tran 6s-...;..... 1925
Amn Tel coll 4s 1929
do 5s 1946
do 6s 1925
Bell Tel of Pa 7s 1945
Cities Service 7s B 19H6
Laclede Gas 7s 3932
Mont Power 5s A 1U43
Ohio Power ts 1951
Pac Tel 5s 1937
Pac Gas 5s 1942
South Cal Ed 6s 1934
Souwest Tel 7s 1925
Oil Bonds
At glo Amn 7Hs..... ...... 1925
Galena 8 Oil 7s 1930
Pan Amn 7s 1930
Mex Pet cv 8s 1936
Sinclair 7s 1925
3 O Cal 7s 1931
BO N T 7s 1931
Tidewater Oil 6b., 1931
304
So
' 92 H
89i4
30
104
100
93 14
101 Vz
99 H
106
lot
101
IO214
101H
102?.
Ill
10214
100
111
101
107
107
99 W
114
107
127
101
99
104
99
94
101
102
103
105
102
105
106
105
102
103
Foreign Government
Argentine 7s 1927 101
Belgium 8s ................ 1941 102
Bolivia 8s 1947 96
Brazil 8s 1941 101
do 7s 1952 89
Canada 5s 1952 98
Chiie 8s ,... 1946 104
Czecho-Slovak 8s 1951 91
Denmark 6s 1942 98
Dutch East Indies 6s 1947 94
do 1962 94
French Cities 6s 1934 79
Mexico External 5s 1954 55
Foreign Government Internal Bonds
French Internal 4s 1917 48
do Victory 5s 1920 59
Belgian Restoration 5s . 65
British 2 consols 51
Italian Cons War Loan 6 5
Lei fi7
Stockholm 36.30
Christlania 17. 13
Copenhagen 20. 23
Rupees 39
Argentine 35.90
Chile ........... 14
F-raail 11
Peru ' 399
Greek 255
Holland 38. C5
Spain .... 15. 12
Czecho .................. . .... 309
Serbian .... 184
Swiss .... 18.68
Finland 221
Curb Bonds
Allied Packers 6s 75
Am Tel ft Tel 6s 1922 99
do 1924 101
Anaconda Copper 6s 101
do 7S lVA'A
Anglo-Am Oil 7s 103
Armour & Co 7s 104
Beth Steel 7s 1935 102
Copper Ex Assn 8s 1924 102
do 1920 1U3
Galena Signal Oil 7s 105
Grand Trunk 6s 106
Gulf Oil Co 7s 103
Inter RaniH Tran 7s 100
Libby McN & Lib 7s 101
Win SCARE IKES
TRADERS HESITANT
Stock Market Affected
News From East.
by
DECLINE IRREGULAR ONE
Sears Roe 7a 3-yr . . . .
ri) weal 'jei ib
Stand Oil N T 6V4S
do 7s
Swift A Co 7s
do
Vacuum Oil 7s ....
Brazil 74s
ttiberrem os ......
Prague 7l
Hamburg 44a ....
Mexico 4s .........
Montevideo 7s ....
Jugo Slavia 8s
Switzerland 6a ..
1923
133
Wlti
125
ism
10S2-1KS2
i 11)52
i45
1SI02
. . . . . 11)29
121 Vi
102
liravi
108
101 .
102?
108
any,
10154
Ml
61
39
03
82
104
Mining: Stocks at Boston.
Mininar stock quotations at Boston fur
nished by the Overbeds Cooke com
pany of- Portland: . -tio. ASKea.
Ariz Comm. ' 7H . 7
Adventure ................. 0 51
Ahmeek , 61
A'lffomah.
Allouez
Arcadian
Binehara Mia
Cal A Ariz . . ,
Cal & Hecla .
New Corn . . .
Centenr.ia.1 ....
Cop Rge
Davis Daly . . .
East Butte ...
Franklin Min .
Hancock
Helvetia
Island Creek .
do Did
Keweenaw ...
Kerr Lake ...
Lake Cop
Furnished by Jordan A Wentwortb
ompany ol Portland:
Atch ren 4s 191)5
B O con 4,s cv 1933
do ref fis 1095
Canada Southern 5s ........ 19H2
Canadian Pac eq 1932
Canadian Nal eq 7a 193."
Canadian Nor 6 Ha ......... 19411
do 7a 1940
Cent Pac 1st 4s 1949
Ches A Ohio cv 6s 1941
do con 5s 19H!
C. B A Q 111 dlv 4s 1949
C A West Ind 4s loJ
C n A W 4s l'JM
C M St P cv 4 Sis 1932
do deb 4s 1934
do cv 5s 2014
drit 4Ha A 2014
Chgo N W 7s 1
C R I A P ref 4s 1934
Colo Sou 4s 1929
Del A Hudson cv Rs 1935
D A R 13 cv 4s 1936
do ref 5s 19:5
do"adJ 7s 1932
Krie con 4s A 19.'3
Erie B 19.13
do D 19..3
Ot Nor 7s 1936
Gt Trunk 6s 1936
dO 7s 19411
111 Cen ref 4s 1955
1. S & M o 4S ltMl
Jj & N unl 4s 1940
M St P 4 M S S M OVsa 1946
M P STn 4s
do ref 5
NYC deb 4a
do con 4s
do cv db 6 1935
do eq 7s 1930
V Y S HAH cv s 194S
N o Tex aiex os
N P P L 4s
N P 6s
do eq
O S I' ref 4k
Pac Fruit Ex 7a
Penna 6Hs
do sen 4Ss
do Iten &s
do 7s
Beading gen 4s
S A L. Bs..
do 6s A
Fou Ry con 5s
So Pac cv -4s...
do ref 4s
do ef term 4s
S P ref 4s
do eq 7s K
StUSFPL4.A
do 5 B
do adj 8s
do inc 6s
St L. & 9 W 1st Ss
do con 4s
Un Pac 1st 4a
do cv 4s f
4o ref 4s...... ...
do eq 7s
TTsh ?2t 5s
West Pac 5a
Industrial.
Allied Packers 6a
Am Can deb 5s
Am Asr Ch deb 6s
do 7v,s
Am Tob 7s
Armour cv 7s
do 41a
Beth Steel 7
do eq Ts
do ref 5s
Cerro de Pasco 8s
Chls. com 6o A
do 7s
rvo C.ra nh 8s .........
Copper Kxp s .....
Colo Ind 5a
Cuban Amn Eur Ss .
Cuban CHn. cv 7a ...
TH pont 7 W a
Kisk Ss
Cen Eiec deb 5 ....
1975
1926
1934
1991
1935
1997
2047
1939
1929
1930
1936
1965
196S
1930
1997
1949
1945
1994
1921)
1915
1950
1949
1935
1950
1950
1915
I960
1952
1932
. . 1947
. . 1927
.. 2ooS
.. 19311
.. 1939
.. 1946
. . 1939
. . 192S
. . 192S
. . 1941
. . 1923
. . 1939
. : 1 9".9
. . 1923
. . 1935
. . 1942
. . 1931
. . 3 932
. . 3923
. . 3 925
. . 1925
. . l:34
. . 3 931
. . 3 93.)
. . 1931
. . 3941
. . 1 952
.. 141
lll'-i
N4
89 Va
99
107
111
1 1 3 f-i
113V4
96
102 Va
90
77 V4
51 Vj
71
65
75V4
66 i
1"9$4
84 V4
93 V4
300 Ts
77
46Vi
40
52 H
49
52 T,
111
103
ll
89
93 s,
92.
194 V,
66
97
90 L,
82 V.
104
111
82 V,
781,
891,
108
111
924
111 u
110T
93 ,
100 s
109Va
86
26
66
. 98 'i
91V,
90
84 H
89",
.16
74
88
84
75 V,
SO,
78
93 V,
95
8S
111
1(H)
86
97
104
101 i,
194 4
9"H
106
192 ,
97 ,
121
95
108
33
103
78
107H
85
108
10
loo
U
3
23
2V,
. 17V4
59
280
17
H
39
4
9 V4
1
2
1
103 Vi
96
1
3
3V4
La Salle 1
Michigan 2 V
Mass Con 2Vs
Mohank 60
May Old Colony 3
Mason vaiiey .............. ji
North Butte 19V4
Nipissing 6
North Lake
Old Dom Cop 23
Oseola Mln 32
Ojibway 2
Quincy lMn 38 V,
Pond Creek 19
Isle Royal 21 li
South Lake ( 43 Vj
Supp Boston 1
Unl Shoe Mach 42 ,
do pfd 26
South Utah 3
Superior Cop 4V4
Bhattuck 8
Trinity Cop 1
Tuolumne 00
10
25
2
18
60
2S!
38
10
40
4V4
10
2
' IVj
104
96 Vi
4
1
' 3
3
62
- 3
1
10
6
30
24
36
Utah Metals
Utah Con . .
U S Mining
do pfd ...
Utah Apex .
Ventura . . ...
Victoria ....
Winona .....
Wolverin. ..
Wyandot ...
Shannon ....
IV,
2
40
4S
2
27
1V4
1
10
SO
76
2 V4
40
20
23
46
IVi
43
27
10
4V4
9'j
1V
60
1
2
41
48
2 74
28
1
1
11
60
90
Ask.
Foreign Bonds.
Reported by Overbook & Cooke com
pany 01 portuana:
Belgian rest B 1919
do prem 5a. ...... 3920
do 7V4 194S
do 6s 1820
Brazil Ss 1941
British 5. . 3927
do 5s 1929
do VKY 4s 1919
do ref 4s 1919
V K Bits 1922
do Sa 1929
do 5 'iB 193'
Bordeaux 6s . . . 1934
Canadian 5s 1926
do Ba 3927
do 5Vss 3929
do 5. 1937
do 5. 1931
Chinese -5. 1951
Chile 8s 1941
French 4a 3 917
do Bs 3921
do 5s 1931
do 7VsS : 1941
do Ss : 1945
Orman W L 5s
Berlin 4s
Hamburg 4
do 4V3s
Leipsig 4 Vis
do 5e
Munich 4s
do 5s . . .
Frankfort 4a ..
Italian
Ja-P 4 s
do 1st 4a
do 2d 4o. . . .
Norway 8s ...
Swetliah 6s .
leruTiark Ss . .
I Russian 5 4s . .
OO .4
do 6 Vis ....
Sao Pauio 8. .
Swiss
3918
1931
1-.125
1025
3925
1939
194-.
1121
1926
1919
ISM!
1940
Bid.
63
68
103 Vi
99 V,
11
91
93
75
1O0
iovi
lirt
79
99
99
100
99
99
51
104
46
68
57
96
100
.40
.69
.50
.50
.50
.BO
.75
.75
75
34 V,
79
2V4
92
310
103
1)9 -11
102
1-21 4
104
100
101
04
94
78
76
100 U
307
103
97
99
3 IM)
103
300
10O
53
104
47
67
08
96
1O0
.80
.90
1.00
1.00
1.00
1.00
1 25
1 23
1.25
35
80
93
93
111
103
110
14
16
3 03
122
Weakness Mainly Evident in In
dustrial Snares; Bond Prices
Fairly Well Maintained.
NEW YORK, Sept. 80. Since the
markets had reached the point, this
week, at which their view of the whole
financial situation seemed to be shaped
hv the nlternH.tinfr phases of the Turkish
controversy, it waa hardly aurprising that
the week-end should have been .marked
by a hesitant spirit which mad. it eaay
for apeculative sales to cause decline..
The exchange of warnings and defi
ances between the British and Ottoman
commanders had -evidently enough
brought the situation to a stage where
a definite and Important turn was easily
possible within th. next 24 hours. Un
der such circumstances and with today's
dispatches from Angora and Constanti
nople not of a particularly cneenui
character, the weakness on th stock
exchange was only what might have been
expected.
Not much more can be said of th.
movement of the week than that the
"war acare market," If it may be thus
described, has borne rather faint re
semblance to the reactions which have
accompanied the really formidable "war
scares" of the past. If the larger finan
cial interests, home and foreign, had
been seriously considering the possibility
of a general outbreak of war among the
Balkan states and the realignment of
Europe in opposing belligerent campa.
the kind of picture may be imagined by
recalling not only July of 1914 but
October of 1912. or February or 1WU4,
when Japan attacked Russia, or even
October of 1899, when England declared
war on the Transvaal republic.
On none of these occasions did Wall
street or the London stock exchange en
gage in discussion, as both now seem to
be doing, as to whether the break in
prices might not have- been the auto
matic result of overdone speculation for
the rise.
Today's declined on the stock
change were more irregularly distributed
than in the week s other downward
movements. Weakness was mainly evi
dent In the industrial shares, which had
been advanced with particular energy by
group. of specuiatora. Bond market
prices were Inclined to halt after Fri
day'a recovery, but they showed little
or no weakness. The liberty bonds as a
rule went e, fraction lower: five of those
loans ended below par, after declines for
the week ranging from to point.
The day's foreign exchange market moved
uncertainly within a. narrow range, rates
on most of the European markets closing
ugntiy lower.
...
It was reported in the financial dis
trict today that the current robust ad
vance in the common stock of National
Biscuit company, amounting to some 21
points m three days, is in discount of
proposal under consideration by tho di
rectors to divide- the present stock into
four parts, giving four new share, for
eacn share of the old Mock, and inaugU'
ratine dividends at the rate of $4 1
share on the new issue. This would
equal a S.16 dividend each year on the
ola stock, as compared with the present
4Z rate.
s .
The contemplated merger of the Cuban
American Sugar company and the Na
tional Refining company, of which Wall
street has been hearing many rumor, for
six months or more, has been finally
oanea oil. according to reports in the
iinancial district toaay.
'
Bankers here and in Chicago again are
actively engaged in "conversations" with
me -uni-nese government for taking up
the country's $5,500,000 two-year 6 per
cent secured gold loan, represented in
treasury notes, which was defaulted in
tne tan ot 1921.
German bonds quoted in dollars and
cents.
Standard Oil Stocks.
Standard Oil stocks furnished by the
Overbeck & Cooke company of Portland:
Bid. Ask.
Anglo
I'-orne Scrysmer . .
nucKeyi
Cheesebrough
do pfd
Continental
Crescent ................
Cumberland
l'ureka S. i
Galena com
do old pfd v
do new pfd
Illinois Pipe
Indiana Pipe
National Transit.........
N Y Transit ,
Northern Pipe ..........
Ohio Oil
International Pete
Penn Alex
Prairie Oil '
Prairie Pip.
Solar Rfg f
Southern Pipe
South Penn Oil
S W Penn Oil
S O Indiana
do Kansas
do kentucky ..........
do New York
do Ohio
do pM
Swan A Finch ..........
Vacuum ................
Washington ............
S O Nebraska. ...........
Imperial UU H.
... . 20
. .425
.. 97
. ..198
..110 .
. .144
... 86
. . 150
. .. 95
.. 52
. ..1I)M
. . IOO
..179
... 96
. . 26
...170
. .110
. .303
.. 20
. . 23
. ..630
. . 263
..363
... 97
..210
.. 60
. .117
..50
-.107
..533
. .4KO
..118
30
203
115
146
b
155
97
55
112
103
174
.517
175
112
310
21
28
640
267
3T5
99
220
65
117
595
108
535
490
119
' 34
- 621
25
195
NEAR EAST SEWS AFFECTS STOCKS
Technical Condition of Market Makes
Bear Tactics Easy.
NEW YORK, Sept. 30. Events In the
near east had a depressing effect on
quoted security values in this week's
markets, Dut professional traders gener
ally construed the reaction as a natural
correction of an overbought condition.
While speculators for the decline took, ail
possible advantage of the unfavorable
foreign developments and undoubtedly
scared away a number of prospective
buyers, the course of the market at
times seemingly substantiated the belief
mat it was governed by technical con
sid rations.
There was no .striking change in the
domestic situation to alter the expected
moderate revival of business. Shortage
vx Lieigut cars gradually nas caused
some concern upon the part of manu
facturers, who are threatened with tem
porary curtailment of shipping facilities,
and Increased wages and prices have
aroused some anxiety as to their effect on
earnings, Dut the general situation con
tinues encouraging. .
steel production Is now reported at 70
per cent 01 capacity, but no aree in
crease is expected because of the inabil
ity to obtain sufficient cars. The Re
public Iron & Steel company nlant al
ready has been forced to close down
eight of its 16 mills because of this dif
ficulty, but no general shutdown 4s con
templated. Coal production continues to
increase materially and the automobile
Industry Is doing better than ever at this
season or the year.
Railroad earnings lfor September are
expected to make an extremely favorable
showing because of the virtual settle
ment of the shopmen's strike and the
heavy movement of freight cars, which
is now at the highest point of the year
and closely approaches the record-break
ing perioa ot October, 1920. So great
nas Deen tne aemana tor cars that a
number of eastern railroads have been
compelled to put strict embargoes Into
effect in order to prevent congestion on
their lines.
Export business is admittedly poor.
Because of the large amount of mer
chandise shipped here early this month
in order to take advantage of the lower
tariff rates, the September import fig
ures are expected to make a good show
ing, although a substantial decline is
looked for In the next few months.
The sharp break in sterling exchange
this week, bringing it nearly 14c below
the year's high of 14.51 established in
June, was largely due to the unusual
heavy offering of commercial bills
against exports of grain and cotton. -The
fact that other European centers have
done their financing with America
through London, increasing the demand
for dollars ' there, undoubtedly waa a
contributing factor to the weakness.
Other European continental rates re
acted less sharply. The Canadian dollar
is now selling at a slight premium in
this market, indicating that American
purchases of Canadian grain and manu
factured products more than offset the
importations of coal, and American mer
chandise. Uncertainty as to the terms of the
government's new loan, which undoubted
ly will be a competitor with liberty Issues
and other Investment securities, was
partly responsible for the reactionary
trend of bond prices during the week.
Call money rates were slightly firmer,
but there was iittie change in the quo
tations for Time money and commercial
paper.
. Considerable improvement in the re
tail and wholesale trade in the east, due
in part to the cooler weather, was
shown in statistics compiled by the New
York federal reserve hank. The Ameri
can Petroleum institute reported an in
crease of nearly 14.000 barrels dally in
petroleum production for the week end
ing September 23 over the week before.
Commodity prices, especially of build
ing materials, are still tending upward.
Slight advances were noted during the
week in the prices of some of the basic
metals.
Pacific Northwest Stocks and Bonds.
FumiAhed by Jordan, Wentworth A Co.
of Portland:
Bank Stock.
Livestock state. Bank. 150
Lumbermena Trust Co...... 90
Multnomah State Bank. ...150
Northwestern Nat Banj...135
Peninsula Nat Bank.. . .1 . .125 ,
TJ S Nat Bank f..320
Public Utilities
Boise Gas L & C pfd 30
Am Power 4 Light pfd... 97
Cal & Or Power com...... 5
Cal & Or Power pfd....... S9
Federal Telegraph ......... 7
Idaho Power pfd 92
Northwestern Eiec com.... 16
Northwestern Eleo pfd.. 0
Northwestern Elec 7 pfd.. T)4
Pac Power & Light 1 pfd. 94
Pac Tel & Tel com 55
Pac Tel & Tel pfd 81
Portland O & C.7 pfd... 84
P R L & P com V 10
P R L it P 1st pfd.-. 80
P R L P 2d pfd 30
Puget Sound P & L com... 53
Puget Sound P L pfd.... 83
Puget Sound P & L pr pref.100
Tacoma Gas & Fuel com.... 2
Tacoma Gas A Fuel pfd... 25
Washington water power. .103
Insurance Stocks
Firemen's Fund 820
Home Fire & Marin. ...... 27
Montana Fire ............. 40
Montana Life 20
New World Lit. 10
Northern Life 125
Oregon Surety & Casualty . .105
Pacific States Fire 6
Pacific Mutual S10
Vulcan Fire 15
West Coast Life 2
Western States Life ....... 14
Lumber, Pulp and Paper
Arctic Construction 37
Central Coal & Coke com... 79
Central Coal & Coke pfd.... 79
Crown-Will P & P 400
Crown-Will P & P pfd A.. 98
Hawley Pulp & Paper 210
Mult L&B Special com.... 50
Mult L & B 10 pfd '75
Oregon Pulp & Paper com.. 100
Oregon Pulp & Paper pfd.. 97
Pacific Box pfd 95
Peninsula Lumber pfd .... 95
Tum-A-Lum Lumber com ... 75
Tum-A-Lum i .11:11 8 pfd. 85
Tum-A-Lum Lum 10 pfd. 100
Wash P & P com 45
Wash P P pfd 75
Weed Lumber com ........140
Weyerhauser Timber 350
Zellerbach Paper com . .80
Zellerbach Paper pfd 88
Miscellaneous Stocks
Aero Alarm com .......... 1
Aero Alarm pfd 42
Alaska Steamship ......... 81
Alaska Packers .......... .135
Aloers Bros com 46
A'hers Bros, pfd 7a
American Chain com...... 85
American Chain pfd 85
American Liquid Motor Jfd. 60
American Nitrogen com ... ....
American Nitrogen pfd
American Typefounders com 52
do pfd 96
Aaaociated Eng Corp com... B0
do pfd 60
Centennial Mills 107
Coast Tire com 4
Connor Co Syrup 65
Dennos Food of Seattle .... 2
Dennos Food of Portland.. 2
Denny-Renton Clay & Coal.- 15
Durant Motors Cal 12
Fairbanka-Mors. com 47
do pfd 82
Federal System Bakeries... 3
Fidelity Security Corp 97
Fisher Flouring Mills pfd.. 87
Flieschmann Co pfd 97
General Petroleum com 115
do pfd 96
Goodyear Tire & R pfd Cal 71
Graton-Knight Mfg com.... 60
do pfd 90
Gt N W Livestock Units... 60
Hartman' Co J L gen pfd.. 80
Hartman Co J L red pfd.. 85
Holt Mfg Co 1st pfd . . SS
Idaho Gold & Ruby 20
King's Food Products Units 50
Lilly Co Chas H pfd 86
Luckel King & Cake Soap.. 105
Morgan Bids 42
Oregon Port Cement Units. 75
Oregon Worsted Mills 85
Owl Drug Co com 92
do pfd : 102
Pacific-Alaska Navigation... 50
Pf.citic Car & Foundry 65
Pacific Coast Biscuit 115
Pacific Coast Co com 12
do 1st pfd 30
do 2d pfd 25
Pacific Portland Cement 96
Palm Olive Co 7 pfd 97
Parafflne Co com 20
do pfd 82
Portland Cattle Loan 50
Portland Feeder Co 90
Portland Realty Associates
Portland Vegetable Oil 80
Refrigerator Car Equipment 30
Reld Bros com 90
do pfd 87
Santa Cruz Port Cement... 95
Sperry Flour Mills com..-.. 48
do pfd 94
Skookum Co com 60
do pfd 75
Superior Portland Cement.. 97
Todd Shipbuilding 65
Union Oil Cal 175
do Associates 175
Utah Idaho Sugar 3
Wash Brick Lime & S P pfd 15
Western Auto Parts com... 11
do pfd 7
Western Auto Supply 12
Western Bond & Mtg 95
Western Wall Board com... 50
do pfd 80
Bonds
Albers Bros s, 1942 99
Am P & L 8s. 1930 106
Assoc OH 1st Mtg 5s, 1832.. 100
do 1st ret os. 193U 99-A
Bdwy-Yam Bids 7a, 1925.100
do 7s, 1926 102
Cal-Oregon Power 6s 100
do i -ra s A 10s
Central-Pacific 1st 4s 90
do col stocks 4s, 1949.... 68
City of Astoria 6s, 1927-42.. 100
City of Tillamook 5s. 1942.. 100
Denny-Renton 8s, 1929 100
Fed Tel 7a, 1823-27...- 92
Gen Petroleum 1st Mtg 7s. .104
Home Tel & Tel Spokane
1st Mtg 5s 94
Idaho Power .1st 5s 82
Northwest stocks
Mount Hood Railw'y 6s. 1927 92
Morgan Building 7S. 1926.. 97
N. W. Elec 1st Mtg 6s. 1936.100
Or.-California 1st 5s, ..1927 99
Or R. R. & Nav 4s. 1946... 89
Or-Wn R R & Nav 1st 4s. '51 83
Or. Elect. 1st Mtg 5s. '36.. 50
Owl Drug 6 Notes 99
Pac. coast Biscuit 6s. 1933.. 90
Pac. P. & I. 5s, 1930 93
do 8s. 1930 10a
Pac. Tel. & Tel. 6s. 1937 89
do bs. 1942 93
do 8s. 1952 89
Plttock Block 6s. 1940 93
Port of Astoria Ss. 1925... 96
Port. Gas & Coke 5s, 1940 93
do 7s, 1930 ..104
do 69. 1951 82
P.R.L..I-P. 8 -G. 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
So. Idaho L.&P. 7s. 1925.. 91
S. P. 1st ref 4s. 1955.. 89
oe zo yr cv os. 1934 4
Sperry F. M. 1st mtg 6s. '34 98
S. Cruz Port. Cement 6s... 99
Union Oil Calif. 6s 102
Wn. -Idaho W.L.&P. 6s. '41. 3.1
Will. Valley Sou. 6s. 1939 80
175
IOO
175
ISO
135
340
40
10O
7
92
7
87
17
80
98
98
60
92
98
14
65
40
67
87
104
S
40
107
335
28
50
25
12
140
115
8
600
16
3
15
42
82
85
ioo"
'tis"
80
115
100
100
102
85
105
110
65
90
150
400
85
100
2 .
50
87
150
61
76
100
106
75
12
20
55
100
65
75
115
5
65
4
3
v SO
15
62
87
6
100
302
3 05
116
98
74
55
97
67
90
95
90
.25
60
90
115
4. 1
85
100
97
107
75
75
133
18
40
26
VU
102
23
87
65
100
76
87
20
93B
97
57
100
70
S3
103
68
176
177
3
25
12
8
15
105
75
85
101
108
101
100
102
103
101
109
91
70
101
102
101
95
105
96
85
95
100
101
100
90
84
57
100
95
94
106
99
95
100
96
99
94
105
93
100
87 .
106
82
89
94
90
87
100
100
103
43
85
BOND MARKET- SUSIE
DECLINE GEXER.VL IN FOR
EIGN jtiOAN LIST.
do pfd .,
Chili Cop .
Chino ....
C M St P .
do pfd .,
Coco Cola
c & o
800
1.90O
600
4(H)
L"0
1.100
... 1.900
IOO
14
25
28
31
48 T,
71
32
Foreign xchange.
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
torelgn unit In united states funds:
Austria, kronen a .000019
Be.gium, francs 071700
Bulgaria, leva 006800
i.zecno-taiovakla. kronen 03 1 euo
Denmark, kroner 203400
England, pound sterling 4.392500
r Inland, finmark 022700
France, francs 076000
Germany, marks 000650
Greece, drachmas .............. .027500
Holland, guilders 38SOO0
Hungary, kronen 000700
Italy, lire 042700
Jugo-S'.avla. kronen 003600
Norway, kroner .- 172000
Portugal, escudos 04H.1OO
Roumanla. lei .ootiioo
Serbia, dinara 014.100
Spain, pesetas 151S00
weaen, kronor 264000
Switzerland, francs .187000
China
Hongkong, local currency 573000
Shanghai, taels .77.1100
Japan, yen 480000
NEW YORK. Sent. 30. Foreie-n ex
change Irregular: Great Britain demand.
1IJ1I. cables S437: 60-dav bills on
banks. $4 35. France, demand 7.58c,
cables 7.58c Italy, demand 4.24c: ca
bles 4.24c. Belgium, demand 7.08e.
cables 7.08 c. Germany, demand .Otic
cahies .06 1-16. Holland, demand 38.69c,
cables 3S. i5c. Norway, demand 17.15c:
Sweden, demand 26.32c: Denmark, de
mand 20.2.1c; Switzerland, demand 18.66c:
Spain, demand 15.13c;- Greece, demand
2.50c: Poland, demand .01 c; Czecho
slovakia, demand 3.09c: Argentina, de
mand 35.37c; Brazil, demand 11.62c;
Montreal, demand 100c.
Sugar Market. ,
NEW YORK. Sept. 30 Raw sugar.
centrifugal. 4.56c Refined granulated.
6 25e
Domestic Railroad Issues Heavy
and Lower; Liberties Fall
Off at Close.
NEW YORK, Sept. 30. Foreign bonds
and domestic railroad issues weoo heavy
in today's bond market, and with few
exceptiona the decline was general.
Liberty bonds, which held steady in the
first part of trading, fell off at th.
close.
Japanese first 4a declined 1 points.
while declines of 1 to 1 points were
recorded in Japanese second 4 a. Jap
anese 4s. Mexican 6s, Belgians 8s, Seine
is. uenmark 8a and Prague 7a. Brit
ish, French and Belgian government
loans also mad. recessions under pres
sure, while French and Continental mu
nicipal issues yielded fractionally.
In the domostio Issues. Pennsylvania
4a of 1848 and American Telephorre con
vertible 4a lost 2 points in th. day',
trading. Missouri Paclflo general 4s.
'Frisco income 6s, Wisconsin Central
general 4s and Pennsylvania 7s declined
1 to 1 points.
Advances of 1 point were recorded
for Mexican government 4s andr Conner
Steel 7s.
- Firmness with Blight advance, wa.
shown by Chicago & Alton Ss, Erie
general 4s and American Sugar 6s.
Declines in liberties were as follows:
3a, 6 points: first 4s. 10 points: sec
ond 43, 20 points; third 4s, 8 points,
and fourth 4s, 14 points.
Total Bales, par value, wer. $6,831,000.
CLOSING STOCK QUOTATIONS.
Furnished by the Overbeck ft Cooke
company of Portland.
Sales.
Adams Express. .....
Advance Bum
do pfd
Agr Chem . ; . . 100
do pfd
Alax Rubber ...14,100
Alaska Gold
Alaska Juneau.. .....
Allied Chem .
Allis-Chalmers ..
do pfd
Am Beet Sugar.
Am Bosch
Am Can Co
do pfd
Am Car & Fdy.
do pfd
Am Cot OH
do pfd
Am Drug Synd . .
Am Hde & Lthr
do pfd
Am Ice
Am Intl Corp
Am Linseed ...
do pfd
Am Loco '
do pfd
Am Saf Razor. .
Am Ship & Cm.
Am Smelter ...
do pfd
Austin Nichols..
Am Steel Fdy..
Am Sugar ......
do pfd
Am Sumatra . .
Am Tel & Tel..
Am Tobacco . . .
do li
Colo F I ..
Colo southern
Col Gas A Elec . S.SO0 109
I Columbia Graph 200 3
Con Gas 5, 400 136
Cons Cigars .... 400 3d
do pfd ...... .... .....
Cons Textile ... 400 9
Canfl Can 4'0 85
Corn Prod ..... l.OoO 114
do pfd 1.800 119
Cosden Oil 6.100 49
C R I 4 P 1.60O 43
do "A" pfd .. 20O 101
do "B" pfd .. 600 DO
Crucible 3.900 65
do pfd ...... .... .....
Cuba Can. . . . - 800
do sfd ... ....
Cuban Amn Sug 6O0 22
Davison Chem . 200 48
Del ac Hudson
Del 4 Lack .... BOO 1S5
Dome Mines ... 2.700 35
r. lec csior iiat
Endl Johnson
Erie
do 1st pfd . . 200
Famous Player. 300
f ea Mln A a. .
do pfd .......
Fisk Tire ......
Gen Cigar. ....
Gen Elec ......
Gen Motor
do 0
Gen Asphalt ... 4,900
Gllddln Paint . 300
Goodrich T A R 200
Glen Alden
Granby 200
Great Nor Ore , 400
Great Nor pfd.. 8,700
isreene (jgrianea
14
24
28
3o
48
71
71
32
13 lllllllllllllllllllllltlllllUllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllU:
2
30
71
71
32
48
107 108
3 3
133 134
35 3-1
1,100
800
300
400
800
1.600
1,400
20O
High. Low. Bid.
78
16
64
88 88 87
66
16 15 15
1
81 80 81
54 53 63
100 100 100
43 43 42
40 40 40
67 56 66
108
183
121
28 25 25
63 53 63
6
, 12
1 68 S 68
108 108 107
35 - 34 34
36 36 86
56
124 122 122
119 119 119
800 21
1,800 60
100 3 00
1,400 85
2,600 44
2O0 77
20
59
100
34
43
77
100
37
21V4
300 159 15:
8.766 '87
37
7
21
69
100
34
43
77
109
37
1.400 121 120 120
157
152
97
108
9
84
113
119
4
42
IOI
89
81
0
84
114
119
48
42
IOO
-HI
. 2,100
BOO
96
4.
3.600 61 61
18
51
115
103
91
Am Wool
do pfd
Am W P pfd..
Am Zinc
Anaconda
Assd OH
Atchison 800 103 103
do pfd luO 62 ' 92
Atl Coast Line.. 200 117 117 117
All Gulf 4 W I. 700 29 28 29
Baldwin Loco .. 8,200 133 181 132
do pfd 11a
saiLu k iuio... .1,400 04 53
do pfd
Barnsdell Crp 'A 200 37 '36'
do "B"
Beth steel "B". 8.400 73 69
166 '24" S24"
100 7 7
Booth Fish
B R T
Butte C & z. .
Butte & Sup.;.. L50O 32 314
10
83
62
10
83
1
53
64
37
25
70
8
24
7
81
133
47
10
83
61
95
8
Burns Bros
do "B"
Caddo Oil 100
Calif Packing... ' 100
Calif Pet 1,800
do pfd
Callhn Zinc A Ld 40O a'sL " i'u
Canadian Pac .. 1.500 143 142 142
Cen Leather ... 1,600 40 39 39
Chandler Motor. 1,800
600
200
2,500
700
1,400
37
61
90
40
34
8
78
37
60
89
40
33
7
76
37
60
89
40
33
7
76
65
21
6.1
'-'1
.... u-l
57 57
39 . 39
56
18 17
Chgo & N W....
iveily-spgfld . .
Kennecott ....
Keystone Tire.
Lack Steel
Lee Tire
Lehigh Valley.. 200 65
Loew Theaters... ,2000 21
L & N !
Lima, Loco' 2,900 59
Marland Oil .... 2.300 39
Maxwell Motor A
do B 100 38 '
May Store. 100 129 129 129
Mex Pet 13,800 182 176 176
Mex Seaboard .. 700 20 "0 "0
Miami 900 27 27 27
Middle States Oil' 2.100 33 33 13
Midvale Steel... ,4700 32 31 32
M K A T Wi 300 17 17 17
Mack Truck 55
Mont Power 7
Mont Ward
Mo Pacific
do pfd
M St P & S S M
Nat Biscuit ....
Nat Enamel ....
Nat Lead
Nevada Con
New Haven ....
Norfolk A W....
Nor American...
Nor Pacific ....
Nova Scotia Steel .
N. Y. Air Brake. 300 35
X Y Central 1,900 84
Okla Prod ref... 200 2
Orpheum 800 26
Ontario A W. . . 200 24
i-Tis nLeei 4UO lot
Pac Gas A
Pacific Oil
300 21
200 21
700 07
21
56
.2600 178
1.200 61
200 103
.100 15
900 29
1,300 119
KOO 93
23
,6
68
174
61
101
14'i
29
900 85 85
1385 118
35
84 14
2
25
24
84
33
34
84
2
25
2412
lost 10a.
Pacific Dev 404
82
Elec,
3.200
4.200
Pan Amn Pet... 8.100
Bank of California; X. A.
Citizens State Bank ....
Canadian Bank of Com...
First Nat Bank Portland.
First Nat Bk Freewater Or. 290
Hibernia Com A Sav Bank. 175
Bid.
202
iiyi
180
190
.110 Vi lU'l.dd A Tilton Bank.
.300
Asked.
207
180
190
230
325
10O
350
Organizing a Company?
Save expenses and taxes by or
ganizing on the popular, . COMMON
LAW plan under a pure DECLARA
TION OF TRUST. Anyone, any
where, can fill in DEMARETS
STANDARD FORMS. Issue shares
and begin doing business at once.
Insist upon DEMAREE FORMS, the
original, nationally-accepted forma,
approved and used by well known
attorneys. Send for large. free
pamphlet r42) containing much in
formation that you will need. C. S.
DEMAREE, Legal Blank Printer. 70S
Walnut. Kansas City. Mo.
do B
Penna
Penna Sea Steel.
Peo. Gas
Pere Marquette..
Philadelphia Co
Phillips Pete . . .
Pierce Arrow....
Pierce Oil
Pitts Coal .r . . ..
Pitts A West Va
Pressed Steel Cr
Punta Alegre . . .
Pullman
Pure Oil
Ray Cons
Reading
Remington
Reoloerle Steel..
Republic I & S... 14.6O0
do pro
Rep Motors 3.200
Royal Duth Oil ,1800
4,000
2,000
1.0OO
600
400
800
1.800
,2300
20O
200
200
84
55
76
71
47
6
95
3.1
43
.10
33
6
61
37
87
'
600 129-
20O 31
500
400
3O0
200
14
76
57
85
56
83
54
7.-.
70
47
6
94
43
49
33
6
60
37
87
45
128
30
34
35
32
54
85
2
55
7.-.14
70
47
6
94
35
43
49
33
6
60
37
86
45
128
30
14
7.
34
32
54
83
2
55
Ry Steel Spg 116
Saxon Motors... 30O 4 4 4
Sears Roebuck.. 400 87 87 86
Shattuck A Ariz loo 8 s 8
Shell TtT 100 38 38 37
Sinclair S.300 3:! 3:! 3s
r(aeo Gt w . . . . soo 614 Bt,
We Will Buy:
50 Dnrant Motors of California.
' S First National Bank.
20 Fidelity Security Corporation.
10 Tnito King's Food Products.
40 Morgan Building.
(2OO0 Oregon Klect. 1st Mtg. OS.
25 Oregon surety A Casualty.
25 Oregon Worsted Mills.
S Pacific Power A Light pfd.
We Will Sell:
100 Drnnos Fobd (Portland.)
10 J. li. Jiartman K-deenuttle pfd.
10 I,amtxrnia?.iu Trust Co.
S3 Multnomah Lumbfr A Box pfd.
50 orthwtrm Klectric pfd.
50 Oregon Pulp & Paper pfd.
'400 Pacific States Kir Incunuioa.
J0 Peninsula Lumber pfd.
10 Peninsula National Bank.
5 Portland Feeder Co.
25 Portland Ua Coke t pfd.
100 P. B. 1 P. common.
35 P. B. L. ft P. prior preference.
1O0 Portland Vegetable Oil
5 . 8. Oregon Fir.
5 8. 8. Oregon Pine.
10 Waeco Warehouse.
Attractive prices quoted on th above
securities. Consult u on all local, listed
and unlisted stocks and bonds. Quota
lions and all available information fur
n ished upon request.
ordan-Wentworth & (a
TOCKSamo BONOS,
201-1 Hallway Exchange Rldg.
Braadtrar 4726.
GERMAN BONDS AND
MONEY
Bought and Sold
TRANSATLANTIC ESTATES at
CREDIT COMPANY.
210 Excmange Bids, 2d and Stark.
200
t.600
200
62
83
15
23
4
38
12
77 V.
SOO 14
60
14
S3
"io'vi
311
i
XI
84
1,1
35
22
47
132
13S 133
IS IS
22
47
52
83
15
23
S3
12
es '3s
12 12
77 77
175 174
S2
83
13
SB
83
Gulf S Steel ... 1.D00 86
Houston Oil ... 200 78
nupp Aiotor ... 7,300 22
ins cent 200 113
Inspiration .... .... ....
Int Ag Corp com .... .....
do pfd .... ....
Interboro ...... .... ....
do pfd t
Int Harr
Int Merc Marin. SOO 14
do pfd 2.200 5U
Int Nickel 2,500l 17
Int Paper 200 &6
do pfd ...... ..... .....
rnvlnclble Oil .. 3.700 10
Island OH 300
Jewel Tea, ..... 200 19
K C Southern .. 200 23
do pfd .......
Kayeer J ...... 200
Sloss Bhef.
Sou Pacific .... 900 93
Sou Railway.... 500 ' 24
do pfd 200 61
S O Cal 9,000 119
S O Ind us
S O N J 4.200 1S
S O Ky 108
St L A 8 F 800 26
Stromberg Carb. loo 52
Studebaker 8,100 126
Swift A Co .... 107
Tenn Cop AC.. 300 f
i MM KJll ...... 0.40U 47
lexas i-aciric .. 200
Tex Pac C A O. 200
Tob Producta... SOO
Trana Contl III. 1,000
14 '
'o9
14
S3
36"
38
80
84-
77
!1
14
83
A9J
14
33
Ri
20
38
o
30
84
78
21
400 8 3
14
68
16
65
is
19
23
43 4S
r
24
61
33
71
is
Un Bag A Paper 100
Union Oil Del... 300
Union Pacific .
United Alloy ..
United Drug . .
Un Food Prod.
United Fruit . . . 100 148
Un Retail Stores 6,800 81
S00 143
200 80 SO
81
62
02
98
700 41V4
.10.60O 102
3 00 322
. 1.9O0 66
100 27
U S C I Pine. . . SOO
U 8 Ind Alcohol 300
U S Rubber 3. .100
U S Rub 1st pfd 3oO
u a smelting
U S 6teel . . .
do pfd .! ..
Utah Copper ...
Va Chem
do pfd
Vanadium Steel.
Vivaudou
Wabash ,
do A pfd ....
do B pfd ....
Wells Fargo. . . .
Western Pacific.
do pfd
Western Union..
Westing A B. . .
Westing E A M
West Md
White Eagle Oil
White MotorB ..
White Oil
Willys-Overland.
do pfd
Wilson Packing.
Wise Central....
Woolworth
Worthing Pump.
W & I E
2.30O
SOO
300
500
400
800
44
32 ,
11
30
20
81
112 112
86
1
8
105
14
S7
16
S5
85
15
19
23
65
43
46
92
24
OO
lr7
117
3U5
107
27
62
125
107
46
27
24
60
33
73
18
147
37
80
6
147
78
31
60
61
97
40
loo
3L1
6.1
26
64
43
32
3 1
30
92
24
60
117
117
19.1
107
2.1
02
32.7
107
0
46
27
24
60
13
71
3S
147
148
7.8
SI
61
f.l
97 Vi
40
3 00
122
64
27
43
. 12
13
30
20
81
600 61
100 14
3iK 29
200 49
100 7
600 6
'266 4.)','
io 40
200 12
61
14
29
48
7
6
44
40
12
81
110
99
61
IS
2
48
7
6
JJ
28
isn
40
12
Money, Silver. Et.
NEW YORK. Sept. 30. Foreign bar
sliver, 68 c.
Mexican dollars. 52c.
LONDON, Sept. 30. Bar silver. 35d
bid per ounce. Money 2 per cent. Dis
cmint rntep. hort Mils. 2 i r 2 6 pr
Make Your Capital Work
as Hard for You as You
Have Had to Work for It
E IIIIIIIIIIIIIIIIIIIIIII1IIMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII
E IDLE CAPITAL exists more or less, among E
the assets of almost every business intuitu- E
tioii particularly in their intangible and un- E
bankable Open Accounts Receivable. Many :
. concerns seek additional working: capital by E
borrowing or taking: in a partner, when they
really have that needed capital right then i
in, their business, lying: dormant in their f
Accounts Receivable. Why not sell us for j
E cash such profitless assets and finance
E yourself from the inside?
E , Cash works for you all the tim Accounts
E don't, and it is estimated that more than E
E $5,000,000,000 constantly lies id'.o in such E
Accounts Receivable. Think what could be E
E done with that money! z.
E The average man has lived from one-half
E ' to three-eruarters of his natural life, and, if
E he has yet to become a financial success, E
E he must get busy. Don't let your capital c
loaf cn the job make it work for you as
E hard as you have had to work for it, by E
E selling us your dormant account assets E
E your customer who buys at credit prices E
E instead of cash prices probably more than s
pays our charge if he does not discount, as E
E our charge is probably less than the din- E
E count usually offered, and if he does dig- E
E count, our charge is by the day and, E
therefore, very small. E
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiimimiiiiiiiiii I
I Commercial Credit Company
. Cash Capital and Surplus $7,250,000
E BALTIMORE SAX FRANCISCO
Represented at Portland, Or., 1204 Casco Iildg.
Affiliated with E
COM MKRI IAL ArCEPTANCKTRrST fOMMFRIIAl
cash Capital and Surplus $100.000
CHICAGO
llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllli;
f rkhit C.. IM'.
Cash ( aplml and furpl.is SHOO.OOO
MH UKI.t-.lN1
SO 00 80
!l.9H B1I.H2
cent: three months' bills. St-1602
per cent.
IJbertjr Bond QootaUone.
Liberty bond and Tlctory note quota,
tlone turnlshed by the Overbeckt A Cooke
cmopany of Portland: CloiMna;
Open. Hlg-n. T-ow. Hid.
Liberty Sa..loo.80 100.80 100.66 100 66
do 1st 4s HO.bO
do 2d 4s .B2
do 1st 4V.s.. 300.08 100 14 8 100 00
do 2d 4s.. .0 !".4
do Id 4s.. Htl .88 MI.90
, . . w . 1. lit ,i,o in
Vict'y 4s call.l0u!2O 10020 10o!l6 loo. 16
dO 4, JU2.1.1WOO IV" iU Au.a iw uv
Hwlft A Co. Mocks.
Swift A Co. stocks At Chicago as re
ported by Overbeck A Cooke company of
Portland:
Swirt 106
Llbby. new 7
National Leather 7
Swift Infl 2-
C hicago rtato Market.
CHICAGO. Sept. 80. Potatoes, weak:
receipts, 142 cars: total United Httaea
shipments, 1271:; Wisconsin sacked and
bulk round whites. 7.10c cwt.: Minne
sota sacked and bulk sand land Early
Chios, 7a90T' cwt.; Minnesota bulk Red
River Ohio,. 8090c cwt.: ditto sacked.
ftOcffsl cwt.: South Dakota sacked and
bulk Early Ohios. Rfltiooc cwt.; rtortb
rnknta ,-alf-i r-nhMfr- or- cwT
II !SI i
SPECIAL SAV
INGS PLAN
While the 7cc Cumulative First Preferred
Stock in the Northwestern Electric Com
pany may be purchased outright for cash,
we have a Special Savings Plan that may
be taken advantage of by those who desire
to buy an interest in the Company with
weekly and monthly savings, just as one
makes regular deposits in the savings bank
or makes regular payments on any pur
chase. Many hundred people of this community
are using this plan to invest their savings
and are not only earning the normal in
terest paid on savings accounts but are
profiting in addition thereto sufficient to
take care of many of the household and
living expenses.
This unexcelled security may be investi
gated by simply 'phoning, writing or call
ing for our Special Savings Plan with
illustrated literature in detail.
J. G. TAVARES
Manager Stock Sales
NORTHWESTERN
Electric Company
LIGHT POWER HEAT .
Broadway 0580 T" ""
Washington at Tenth1
Fir Plea nd tn additional In- .
I formation ra.rdln your lnvetmnt.
Important Bond
Financing
WHERE LARGF SUMS ARE
REQUIRED, WE ARE PRE
PARED TO CONSIDER FR0
P0SALS INVOLVING IS
SUING OF BONDS, OR PRE
FERRED STOCK, BY PUBLIC
UTILITIES, RAILROAD, TIM
BER OR OTHER INDUSTRIAL
CORPORATIONS HAVING A
SUCCESSFUL RECORD BACK
OF THEM, SUCH PROPOSALS
TO COME DIRECTLY FROM
PRINCIPALS.
EXCLUSION OF MIDDLE
MEN ON EACH SIDE OF
THE NEGOTIATION AS
SURES ECONOMY, EFFI
CIENCY AND EXPEDITION.
FEAR & GRAY
102 Fourth St.
jAddr... J
Northwestern Municipal Bonds
Yielding from 4.80-to 6.007,
City, County, School and Improvement Bonds
Detailed Circulars on Request
WESTERN BOND & MORTGAGE CO.
Fourth at Oak Street Tel. Bdwy. 6464
Portland, Oregon
Notice of Redemption to
Holders of Victory Notes
and Others Concerned.
Kotira la hereby grlveti follow:
1. Call for partial redemption of 4
per cent Victory notea. AH 4 Vic
tory notes, otherwise known a I nitM
Htmtea of America fold not of 19-1'-23,
which bear the dtMinsuiKhlnir let
ters A, -J, C, D, E or,K prefixed to
their eerl&l numbers, having been
designated for the purpoa by lot In
the manner prea-rtbd hy thi (.rrre
tary of the treasury, are called for
redemption on December .1. llt.', pur.
uant to the provlMmi lor redemption
rontained in tha not and In tra.
ury depart men t circular 13. da led
April 1. l!H'.t, under which the note
were originally l'rti'd. Intercut on
all the 4 per cent Victory notn thug
called fur redemption will on
aid redmptluJi date, I'Mi)h.-r 1A,
IWJ'i. Victory notea of th 4V Pr
cent aerlea bearing the d iM in eti l-h lng
Jettera tj, H, I, J. K or 1, prMxt-d to
thrir aerial numbra ara not tn any
manner, affected by thla rail lor re
demption atid will become dn and
pa vable a to principal on Alay L',
according to their term". 2. De
tailed Information aa to the p;eenia
tiun and surrender cf 4 pr rnt
Victory noten for redem ptU.u nndr
thla call la given In treasury d'pnrf
mfiit circular No. M9, dafd July
Mi 22, oipUa of which may be ob
tained from tha traury department,
division of loans and urrncj, U'anh
Ington, or any felral rer bank.
A. W. MELLON.
Secretary ot tha Treasury.
OVERBECK &
COOKE CO.
BROKERS
Member. Cklrsiiro Board of Traal
Board of Trad. Uld.,
fort laad.
P.adl.ion. Mall. Walla.
Or. Wa.k.
Direct Irl4e Mire, ta
LOGAN & BRYAN
!ew fork and Chic so,
mi;i i i-.h 3
lVfw York Mrli Ktfainie,
hlraco Morfc Kvrkanftr.
Hodtoa HiMk K a cb .
4 h !; a Hoard of 'I ra'le.
.New l ork Cotton Kmc hange.
lSer Orleaan ( ottos change.
Kew 1 ork lroduee Ks change.
Winnipeg Grata fearhaagie.
SUCCESS
la Ik Stork Market
FORTUNES
Made From ft ma II lamtaeati
Writ for book. i.
Th Mot aimpla Kiplanatlon !
i'rofttahla htUMh Trlmg,
We guarantee rog that your monetr
la aafa aunt that you get a iiusre
desO.
KENNEDY & CO.
A r.m. irm.
T4 Bro.d-. .New York
Masnber. onvllrttd Mock
-.a:li.ii.. .
Thnne. your want ada to Th
OregoBian, Main 7070.