The Sunday Oregonian. (Portland, Ore.) 1881-current, October 15, 1922, Section One, Image 21

The Sunday Oregonian., October 15, 1922, Section One, Page 21, Image 21

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Newspaper Page Text21 THE SUNDAY OREGOXIAX, PORTLAND, OCTOBER 13, 1022 J. NEW FEDERAL LOI GENERAL SURPRISE High-Grade Railroad Bonds Are Weakened. TRADE REQUIRES MONEY Umks Buying Fewer Securities .lince Resumption of Com mercial. Activity. BT BYRON SELLER. (Copyright. 1922. by The- Oregonian.) .NEW YORK. Oct. 14. Tha outstand ing" event in the bond market of the week was the announcement by the secretary of the treasury of the lony expected government refunding issue. Whatever may have been banking; ex pectations, the combination of a 4, per cent coupon rate with a long-term ma turity was not generally anticipated. Certainly the small Investor has every reason for gratitude to the secretary. And It la evidently the hope of the de partment that the new Issue will be widely distributed. Investors of large wealth will continue to look to entirely tax-exempt securities. Coincident with, announcement of the new government issue was renewed weakness in the high-grade railroad in vestment bonds. Decline Due to Competition. This was generally explained as di rectly due to the competition inevitable under the circumstances. That is. if an obligation of the United States non-callable for 5 years gives a return of 4.25 per cent, the obligation of a private cor poration, no matter how well secured, ought to give more than 4.50 per cent. It must be admitted that the course of quotations bears out this theory. There always remains, however, possibil ity that the decline in the price of the corporate bond is due to the same cause that induced the secretary to offer so high a rate on hi new issue. The pri mary consideration in both cases may have been the money market. It must also be borne in mind that the high point in the bond market was reached a long time before anything definite was known about the government's Inten tions. Highest Point Reached in Jul-. Quotations for such representative bonds as Atchison general 4s, Chicago, Burlington & Qulncy 4s and Union Pa cific land grant 4s reached their highest in July. It was about this time also that tha weekly statement of the 790 member banks of the federal reserve system began to show for the first time in ovtr a year a decline in investment and an increase in commercial loans. Changes were very small for a number of weeks. The significant thing was the fact that the lead had turned. The uinaning of all this as to business is ver plain. Reviving trade demands more money for its legitimate use. Bur-.ks which during the period of de pression had employed their idle funds In the purchase of investment securities began to liquidate when the needs of llieir customers for accommodation be gitn to increase, so there Is nothing in the course of the bond market which should not be encouraging rather than discouraging to those anxious to see improvement In general commercial ac tivity. Nor has there been any other development In the week to moderate tiie siovtly reviving optimism of the average merchant. Foreign Influence Different. There Is one department of the bond nterket in which neither the money market nor speculation as to the busi ness outlook is the governing influence. Foreign government issues are subject to an entirely different kind of control. This is particularly true of the obliga tions of nations of continental Europe. Now that the excitement in tha near east has died down for the present, at least, the old doubt about reparations and budgets remains. Reports this week as to the policy of tha administration at Washington have been confusing. New loans to European countries are not to be encouraged unless tha proceeds are to be devoted to con structive ends. It appears to be the gen eral opinion that foreign governments must set their houses in order before they receive any further aid from the United States. All this is reflected in tha market price of outstanding foreign bonds. Nowhere else except in highly speculative domestic issues can so high a yield be obtained as, for instance, in French dollar securities, both govern ment and municipal. This does not in clude the obligation of Great Britain, which country la Just beginning in the payments on Its war-incurred debt to the United States. British and Canadian bonds sell on their Investment merits. Vtlllties Hold Ground. It has been noticeable all this week, a for some time past, that public utility securities held their ground better than cither rails or industrials. Even ever a year's time It was the public utilities which scored the greatest advance. Most of this advance they held. The generally accepted reasons have been twofold first, decreasing costs, and sec ond, a more liberal attitude on the part of the public utility commissions. As to the first, it is not at all certain that coais will continue to decrease. As to the second, it Is dangerous in the extreme to prophesy. Probably the most popular utility se curities are those founded on the eleetric light and power business and on the tel ephone Industry. Indefinite expansion seems possible to both these classes of utilities. The outlook for the tractions is not so bright. Opportunities for ex pansion here are limited by the increas ing use of the automobile bus and the private passenger ear. Even with the" tractions, however, well-secured bonds on properties in the larger cities are meet ing with greater favor. Investment advisers differ sharply as to the future of bond prices in general. The prevailing opinion is that after the present readjustment is completed prices will be more or less stabilised and in some cases the advance resumed. 8 F Ce C P eel 4a d 8-1 ... 1049 8 P 8 F Term 4s 1950 Bo Pae 1st rf 4s 1S U P 1st and Id grt 4s 1947 do con v 4s 1927 Wabash 2d 5s 1939 W M 1st 4s 1852 W P 1st 5a 1948 Miscellaneous Am S A R 1st A 5s 1947 Am S R Co Km 1937 Am ' Tel & Tei oonv 6s 1925 Am W W & B cl tr 5a ...... 1934 Am W p let 6s 1939 Armour 1st 4s 19(9 AO. Fruit 7s 1934 Atl Refin as 1937 B S 1st extd 5s 1928 do p m A 1m ft 1938 Cal Gas Unf 5s 1937 Cde P C conv sf Be ........ 1931 Ohio Rys 1st Ss 1927 Ohile Cop As 1932 Colo F & I gen 6s 1943 CCS 10-vr cv dt 7s 1930 CCS cv deb &s stmp 1930 DuPont 10-yr Tiis 1931 Die Sec 1st ev 192T Tuque8ne 6s 1949 Empire G & T 714 . 1937 Goodrich 8He 1947 do as 1941 do 8s . . . 1931 Holl Amer Line 6s 1947 Hud Man ref us 1957 do edj 5a -. 19'57 Humble O 514s 1932 Inter Metro 414s 1956 do ctfs .... I R T 1st and ref 5s -. 19158 do 10-yr sec cv 7s 1932 I M M st and coll 6s 1941 I P 1st and rf 5s B 1947 Liggett & Myer 7s 1944 Lorillard P deb Ss 1951 Mkr as 1924 N England- Tel 5s 1932 N Y Edison 614 1941 New Y Tel He 1941 N Amer Ed 8s 152 PG&E gen and ref A 5s. 1942 Pac Tel 5s 1937 do 5s 1932 Sinclair ev 714e 1925 do 7s 1987 do C O SVia 1025 S O Cal 7s 1931 Third Ave adj 5a I960 U S Rubber As A ,. 1947 U 8 Steel e foe 1963 VlTg Care Chem Bm 1923 VOC 1st 5-yr 7 A , . 1947 West Union 8 Via 1936 Wlleon This Winchester 7s Allied Packer 6a A T T 8a Anaconda C M 7s... Anton Jurgens 6s Armour 7 p o notes . Baragua Sug 7 Ha.... Beaver Board 8s.,... Beth Steel Equip 7a. Brooklyn V Ci 6s.,.. Canada S S L 7s Canadian N. R 7s... Canadian N R. 6s.... Col Graph 8s Clev Un Ter eVas.... Cons G B L & P B cons textile 8a Copper Ex 8 p e notes. Goodrich 7s Grand Trunk 6s Gt West Power 5s Inter R T 8s I & G N Ry 6s Kan G as E 8s , Laclede G L 7s Magma Copper 7s N Y N H Hart 7s. . Pacific Gas 6s Phillips Pet 7V4s...... Proctor A Gam 7s Public Ser Corp 7s.... Sears Roe 7a. . . So Cal Kdison 6s , Southwestern B T 7s.. S O of N Y deb 6VjS.. S O 7 p c ser note.... Swift & Co 7s Texas Co 7 p e notes. Union Oil of Cal 6s... United Oil Prod 8s Valvoline Oil 6s Va-C C 7s A Am Tel A Tel 6s Anaconda Copper 6s.... Anglo-Am Oil 7s Copper px Assn 8s... Galena Signal Oil- 7a. Gulf Oil Co 7s Inter Rapid Tran 7s. So West Tel 7s Stand Oil N Y 7s... Swift & Co 7s Foreign Government Interna's French Internal 4s :1917 French Vietory Rs. ......... 1920 Belgian Restoration fis British 2V p c consols Ital Cons War Loan 5 p c New York Curb Market, Furnished by Jordan. Wentworth & Co. 6s.. , 1931 . 1941 .1939 .1924 .1929 .1947 .1930 . 1939 .1932 .1935 ,1947 .1947 .1935 .1925 .1925 .1972 .1949 1941 1925 1920 1933 . , . .1948 !".19i4 1925 . , . .1929 1932 1925 194 1 1931 1923 1941 1923 1944 1925 1933 1931 1931 1923 1942 1931 1937 1937 1922 -1924 .1926 .1925 87 83 88 1 81 95 924 664 S4 94 14 1021. 11714 851, 88 8114 3514 99 9S 94 97 124 14 lit 96 9214 87 Mi 92 10814 S3 104 94 i . 102 11014 991 8814 8514 60 99 12 1514 7614 8814 94 S 11 9 9014 99 1111 10514 95 H 94 M 9314 109 101 98 10614 62 S914 1021 100 98 110 10 lftS 76 101 1031 " 79 104 1 9814 73 102 14 105 97 110 99 30 104 10514 98 103 106 it 93 97 68 97 101 11 l64' ' 120 104 101 102 102 109 109 102 101 99 100 97 99 101 103 102 105 103 102 102 10614 101 47 58 --4 52 34 STOCKS - LARGEST IN MONTHS Advance Irregular Sterling at High Mark. GRAIN, COTTON INCREASE Movement of Bond Market for Week Is Downward; Sulphur Quotations Rise Sharply. New York Bonds. Furnished by Jordan. Wentworth of Portland: Rails A T & St F gen 4s. . . li O conv 4s do 6s Can Pac 4 deb stk . Cent Pac 1st 4s Chea & O conv 4s. do conv 5a. ...... . Chi Chi Chi Chi Chi Chi R . Alton 1st Ss & Burl Q 5s & E III 5s Gt W 1st 4s Mil St P 4s M & St P cv 41.S & P 1st and ref 4s. gan Culm R R 1st 5s.. 1 el Hud 1st 5 Vs...: i i R O 1st and ref 5s Krie 1st con p 1 4s... Kr:e 1st gn A cv 4s... fit Nor 7st ser A....... (.it Nor 51 ser B ? B & W deb B ctfs... hi Cent ref 4-s i 1 U N adj mtg 30-yr. lis ser. A : C K S M ref 4o ; d. ref and imp 3. Apr.l. .111 Inland deb 5 :. N ljt and rf 51ts ser.A -.1 St L ref and ext A 5s VI S P S 8 M 10-yr col tr. gen 64s M K A T 1st s do 5s ser A do lis ser C do 5s cm adj sA M P gen 4s do 1st and ref 63 ser D. , , , N O T & M non-cum &s . N Y Cent cv- deb 6s - T C i If R ref and imp fts ser. C ..... X I K II 4 H cv deb s N e W cv 6s due Sept. I.. Nor Pac p 1 4s r N P ref and imp B 6s O S L cons 1st gtd 5s O w. A N 1st and ref 4a... Fenna R R R K A !a do B 6s P A E income 4s.... Pare Mar 1st A 5s R Ce & P R C L gen 4 St L-S F pr pr 1 4s. , St L S F pr 6s C St L 8 f ad J A d income A (is . . . St L A Sthwst 1st cn 4s.,.. SAL adj 5a due Oct 1.... S A L ref 4s do 1st . eaa a A 1995 89 1933 84 1929 101 .... - 82 1949 8S 1930 88 194 97 1950 S3 1971 101 1951 93 1959 61 1925 83 1932 72 1934 84 1952 84 1937 101 1955 49 1996 65 1953 51 1936 111 1952 102 .... 12 1955 89 195" 83 1938 81 19. 91 1937 84 200S 105 1962 44 19S1 104 1990 M3 19i2 85 1932 97 1987 62 1975 66 1949 101 1935 75 1933 105 201S f,S 194S 80 1929 122 1997 SS 2047 109 J946 104 1961 82 18H5 93 198 lOOli 1990 14 1958 9 19117 83 1050 73 192S 100 1953 gl kj 1960 ; 68 1932 78 1949 27 1959 44 llHi Cat. of Portland: Industrials 7- Aeme Coal Co.... Acme Packing Co Car Light & Power Co Continental Motors Glen Alden Coal . . . Peerieas Truck & Motor. . . . Phil!(p Morris Radio Corp com United Retail Stores Candy. Heyden Chem ". Durant (old) Mining Alaska-Br Colum Met Big Ledge Boston & Montana Candelaria Silver Colombian Emerald Cresson Cons Gold Divide Extension . El Salvador Mines Eureka Croesus M Gold Zone Divide Jerome Verde Copper......'. Knox Divide Mines McNamara Mine McKinley Darrai?h ........ National Tin & T, , Nevada Ophir Nipissing Mines Rax Consolidated Tonopah Divide United Eastern Mine....... Heela ., Cons Copper ., Oils Allied Oil Anglo-'American Oil Arkansas Natural Gas...... Boone Oil , Boston-Wyoming , Carib Syndicate Cities Service Com Cities Service B T shares.. Creole Syndicate Kyn Mill. . ., Co. . Last Sale. . . 59 . . 34 .2 1-16 .. 11 .. 57 . . 58 .. 18 .. 4 :: ? 2 9 12 57 80 li 10 ! 2 1 11 . 23 . 24 . IS . 5 . 7 . 70 . 1 . 7 . 4 . 3 e'i .' "5 . 10 I 1-1B . 0 .202 . 20 ? Cushing Petroleum 3 Mutual on 13 Engineers Petroleum 19 Federal Oil , 82 Gilliland Oil 4 Glenrock Oil 1 3-16 Hudson OU , 13 International Petroleum ,., 23 Mexico Oil , ,.,,..,.1 5-16 Noble Oil Gas common. 28 Omar Oil & Gas 1 9-16 Producers and Refiners 7 Sapulpa Refining Co 814 Pimms Petroleum 9 Southern Pet &' Ref Corp 18 Standard Oil of Indiana 127 texas 011 sc Land 48 Victoria Oil v , . . . is Mexican Lagle ,. Merrttt 12 8 Foreign Bonds. Reported by Overbeck 4 Cooke com pany of Portland: i Belgian Rest 5s . de Prem 5s . . . do 7J4s do 6s British 5s do 5s de Its do Vky ,1s do Rers U K 5s ...... do 5s Bordeaux 6s Canadian 5s ... do 5s do 3s ...... do 5s de 5s Chinese 5s Chile. 8s French 4s do 5s do 5s do 7a fiwman W L aa Berlin 4a Hamburg 4s . do 4s Leipsig 4 s .... do 5a Munich 4s ..... do 5s , . Frankfort 4s ... Italian 5a Jap 4s ,. do 1-t 4s ... do 2d 4a Norway 8s Swedish 6s . . Denmark 8s .... Russian Ss ... de 5s ....... do 6W9 Sao Paula 8s . . . Swiss 5s do 8s Bid. Ask. ... 1919 62 63 ' . . . 1930 88 T3 ... 1945 MS !4 104 . . . 1925 99 93 ... 1922 92 94 ... 1B2-T 92 94 ... 1929 9314 95 1919 76 79 ... 1919 73 75 . - - 1923 108 10O .. 1837 108 13 ... 1934 81 82 ... 1926 99 99 ... 1927 99 IOO ... 1020 101 MS . .. 1937 99 100 ... 19S1 99 99 ... 1951 51 53 ... 1941 103 104 ... 1917 46 47 ... 1920 67 68 ... 1931 57" 58 ... 1941 97 97 65 I .63 .80 SO .70 30 1.25 50 1.00 , .50 I.OO 70 .90 ... 191 34 31 ... 1931 79 80 ... 19215 92 92 ... 1823 92 92 .. . 1940 100 110 ... 1939 103 104 ... 1945 110 113 ... 1921 11 14 ... 1928 ..... I ... 1919 11 14 ... 1938 101 101 ... 1929 1 04 1X . . . 1940 120 122 Liberty Bend Quotatlone. Liberty bond and Vtctory note quota tions furnished by the Overbeck Cooke company of Portland: Closing Open. High. I.OW. Bid. liberty 3 s.. .100.50 100.60 100.50-100.86 1)0 1st 4s.. do 2d 4s. . . . do let II,!.. do 2d 4., do Sd 4 lis. . do 4th 4.. 99 98 99.8S 9U.SS 99 SO 93.94 99.96 99.92 99 94 Vic'y 4a. call.l(M(.10 100.14 100.08 100.12 do 4-ls, lilZS.HMi.zs IWI.31) 100.26 1U0.28 99.90 99.72 99.84 99.84 99 99.72 99.86 99 Sti 99 S4 99.84 Swift Ce, Stark, & Co. atocks at Chicago as re Swith I orled by the Overbeck o&ny of Portland: Swift Co Lfbb, new National Leather Swift lat , & Cooke com. 08 8 .... 8 .... SSI, (By Chicago Tribune Leased Wire.) NEW YORK, Oct. H. A very irreg ular advance in stacks, with total busi ness the largest of any Saturday in four months, divided interest today with a further advance in sterling to the high est rate reached in fully a month. On the stock exchange the character of the market waa not altered from that of the two or three preceding days. The trad ing waa again highly professional in character, converging, aa a rule, on the most speculative shares, especially en those to which the "stock dividend ru more," dearly loved py Wall street, could be conveniently attached. A glance at tha changea in pricee for the week shows a cu-rleua mixture of ad vanoea and declines, with the 24-polnt rise and eubsequent 34 -point decline in Standard Oil of New Jersey pointing an entirely neglected moral. The bond market s movement for the week will be seen to have been down ward, on tha whole, though with much irregularity. - Except for sterling, foreign exchange move4 very little today. The German mark fell back a fraction: it will pre sumably repeat the process under the stimulus of the governmental printing press. The simple-minded plan of the Berlin government to stop depreciation by regulating sale of the currency through bureau control is not even orig inal it is the oldest of the familiar fUT tilities of paper Inflation. Russia's re ported plan for establishing a new gold currency is much more Interesting than the Berlin experiment and quite as like ly to achieve euceess. today's further advance In the grain and cotton markets carried wheat te a higher price than it reached even during the so-ealled "near eastern war scare" and cotton to the highest since August. For the rise in cotton the reasons are pretty generally, known; the price haa lately been balancing between the cer tainty of a small supply from the crop of 1922 and the uncertainty about con sumers' demands. Today's "cotton con sumption statement" had Interest for its showing of Increase in exports during Sentember and August. Even so, the month's shipments fell much below 1921. as they have done In every month since April. On the other hand, takings by the home mil's were less than in Auguet, but more than a year ago. The net re sult, however," is considerably smaller total consumption thus far from the present crop. see Brandon. Gordon & Waddel are offer ing S500.000 South Vancouver, B. C. 5 per cent gold bonds, due in 1930 to 1946. in various amounts,' to yield 5.60 per cent. The bonds are direct obligation of Vancouver, and under the laws of British Columbia authorizing these Is sues unlimited taxes can be levied!, if necessary, for payment. Prevision haa been made for an annual sinking fund to meet interest payments and to retire the bonds at maturity. a a a The sharp advance' in the sulphur tocks. particularly emphatic in Free port, Tex., was in response to the news wjiich seeped Into the financial district that 12 leaders of the industry, who re cently formed air export corporation in which all of the corporations are tnter--stnd. s'ioned quietly out of New York early In the week and are an route to Europe to arrange the details of an ex port contract for which they have been angling fop months. a . a It must be obvious to even the most casuql observer of the trend of events in Wall street that the banking institu tions are engaged in turning into eash a part, at least of their liberty bond hnldlrygs. The turnover of liberty bonds today was an extraordinary one for a two-hour day. It amounted to $11,853. 200 out of a total of $16.1 90.230 of bonds sold. STOCK TRADE HEAVY DURING WEEK Declaration of Dividends Results in Heavy Speculation. NEW YORK. Oct. 14. Elimination of the Turkish crisis, announcement of the government's new 4 per cent loan, de cline of the German mark to a new low record and declaration of stock dividends by three important industrial comeanies were the outstanding developments of the week in the financial markets. Declaration of stock dividends resulted In a heavy speculation in stocks, particu larly in shares .of companies holding large surpluses available for distribution. In each of the three distributions, how ever, the best prices for the shares were registered just before the actual an nouncement was made. Publication of the news Invariably resulted in a sharp decline in the stock. In the case of Standard Oil of New Jersey, which de clared a 4O0 per cent stock, dividend. this reflected speculative disappointment on the directors announcement that no immediate Increase was contemplated In the aggregate dividend. Bond prices lost ground as a result of the selling of high grade railroad and industrial mortgages as well as the old liberties, to provide for the purchase of more attractive long term tax exempt issue. Active resumption of foreign financing was-one of the features of the week's bond market. Commodity prices, as a rule, are etlH tending upward, wheat being Influenced by reports of shortage in foreign crops and cotton by the resumption of buying, suspended by the near east situation. Copper prices are softening slightly, due to a lessened domestic demand, and the usual seasonal reductions now are being made In the price of gasoline. Interest in the foreign situation was centered on three important points, sign ing of the armistice in the near east, be ginning of service en Lhe British wat debt to this country and the further eol lapse in the German exchange rate. Great-Britain's first payment on the debt will be made Monday when its fiscal agents. J. P. Morgan A Co., will turn over $50,000,000 to the federal govern ment, approximately half, of this repre senting the proceeds from the shipment of goid sent here in the last few months for the account of the British treasury. Despite the German presidential de cree. forbidding speculation in exchange and the tremendous weekly increase of more than 27,000,000.000 marks in note circulation, the mark continues to fall and the currency shortage In Germany persists. Local exchange dealers are .of the opinion that settlement of the repa rations question and balancing of Ger many's internal budget must be effeeted to insure stabilization of the mark. Announcement of the sale of an $18, 000 0O0 bend Issue by the Norwegian gov ernment to the National City company and an award of The Hague tribunal of 112,000,000 against the United States on claims arising out of the seizure of Nor wegian ships during the war. were fol lowed by a sharp advance of 44 points In the Norwegian exchange rata, nearly half of which was canceled today. Seasonal demands. for money resulted In a hardening of rates. A flurry in call money, which sent the rate up to per eent waa due to the calling of loans by local Institutions and the withdrawal of funds by oet of town banks and the gov ernment. The closing rate for the week was 4 per cent. Rediscounts with the federal reserve bank and both the note circulation and deposit liabilities with these institutions are increasing, but It is generally believed that sufficient re sources remain to make a further sharp rise in rates Improbable during the next few months. Pacific Northwest htocke and Bondat Furnished by Jordan, Wentworth at Co. of Portland. Bank Stocka Bank Stocks Bid. Asked. Bank of California, N. A 202 207 Cltlaena Bank 160 10 Canadian Bank of Com 185 190 - First Natl Bank. Portland. .. 190 210 de Freewater, Or 290 325 Hibernia Coml & Sav Bank.. 175 196 La.dd A THton Bank SOO 3M Mvesjork Btata Kankt 150 175 Lumbermena Trust Ce 90 100 Multnomah State Bank 150 175 ! Northwestern iKatl Bank 135 150 Peninsula Natl Bank 125 U 8 Natl Bank 3 JO Public Utilities Boise Gas. Light & Coke pfd. 30 Amer Power & Light pfd. 7 Cal as Oregon Power com 5 do pfd 8 Federal Telegraph .......... 7 Idaho Power pfd B214 Northwestern Electric com.. 19 do 6 pfd 80 do 7 pfd 95 Pac Power & -Light 7 pfd.. 95 Paoifie Tel at Tel etna. 65 do pfd 90 Portland Gas ac Coke 7 pfd. 91 P R L at P com 10 do 1st pfd ,. ., 50 do 2d pfd SO Puget Sound fow at Lt com.. 53 do pfd 83 do prior pref ....100 Tacoxna Gas & Fuel com 2 do pfd 25 Washington Water Power 103 Insurance Stocks Firemen's Fund 330 Home Fire & Marine 27 Montana Fire 40 Montana Life 20 New World Life.. 11 Northern Life 125 Oregon Surety d; Casualty. ,. .105 Pacific Slates Fire 6 Pacifio Mutual 810 Vulcan Fire 15 West Coast Life 2 Western States Life. 14 Lumber, Pulp and Paper Arctic Ccnstruction 87 Central Coal & Coke com.... 79 do pf J 79 Crown Willam Pulp & Paper.400 do pfd "A" 98 Hawley Pulp & Paper 210 Mult Lbr & Box speel com... 50 do 10 pfd 75 Oregon Puly & Paper com 100 do pfd 95 Pacific Box pfd 95 Peninsula Lumber pfd..:.... 95 Tum-A-Lum Lumber com.... 75 do 8 pfd do 10 pfd 100 Wash Pulp at Paper com. do pfd Weed Lumber com Weyerhauaer Timber . . . . Zellerbach Paner com.... ao pta , vi Miscellaneous Stocks- Aero Alarm com. 1. do pfd 7?. , 42 Alaska Steamship .... , 82 Alaska Packers 135 Albera Bros com 44 do pfd TO American Chain com do pfd . American Nitrogen com.... do pfd American Typefounders com do pfd Assoc Engineering Cerp com uu iiiu 45 75 .125 .360 87 95 95 52 90 50 60 13S 340 40 100 7 82 714 7 20 85 99 99 60 92 99 14 55 40 67 87 104 5 40 107 S35 28 50 25 13 140 115 8 600 16 4 16 421 82 85 IOO 'is 92 115 100 100 102 85 105 110 55 90 150 400 95 J(W 2 60 87 150- 61 78 100 106' 12 20 55 100 65 75 Centennial Mills .107 115 coast Tire com 4 Connor Co Syrup 55 Dennoe Food of Seattle 2 do of Portland a 2 Denny-Renton Clay St Coal.. 15 Fairbanks-Morse com 47 do pfd 92 Federal System Bakeries 3 Fidelity Security Corp 97 Fisher Flouring Mills pfd 97 Fleischmann Co pfd 97 General Petroleum com 115 do pfd 96 Goodyear Tire & Rub pfd Cal. 71 5 65 4 3 30 52 97 6 100 102 105 116 68 74 65 97 67 90 95 90 2 60 90 115 45 90 100 02 97 102 107 50 75 05 75 135 80 85 Graton-Knight Mfg 00m 50 ao pra wu Great N'westn Livestk Units.. 60 Hartman Co J L gen pfd.... 80 do redeemable pfd 85 Holt Mfg Co 1st pfd 88 Idaho Gold & Ruby 20 King's Food Products Units.. 60 Lilly Co Chas H pfd 86 Luckel King & Cake Soap 100 Morgan BIdg t Ore Portland Cement Units. Oregon Worsted Mills t. Owl Drug Co com 1 . do pfd Pacific-Alaska Navigation.. Pacific Power & Foundry. Pacific Coast Biscuit Pacific Coast Co com do 1st pref do 2d pref Pacific Portland Cement. . . . Palm Olive Co 7 pfd Paraffine Co com do pfd Portland Cattle Loan Portland Feeder Co Portland Realty Associates.. Portland Vegetable Oil Refrigerator Car Equipment. Reid Bros com do pfd Santa Cruz-Portland Cement 6perry Flour Mills com do pfd Skookum Co com do pfd Superior Portland Cement... Todd Shipbuilding Union Oil of California. do Associates ltah-Idaho Sugar Wash Brk & Lime & S P pfd. Western Auto Parts com do Dfd .' Western Auto Supply Western Bond A Mtg Western Wall Board com . da pfd Bonds Albers Bros 7s. 1942 99 101 Assoa Oil 1st Mtg 6s. 1938. . .100 101 Amn Power & Light 8s. 1930.106 108 Assoc Oil 1st ref 5s, 1030 99 10O Bdwy-Yamhill Bid 7s, 1925 do 1926 ..115 .. 12 . . 30 . . 25 .. &6 . . 97 . . 20 .. 82 . . 50 . . 90 80 10 90 87 95 40 . . 94 . . 60 . . 75 . . 97 . . 63 . .175 . .175 . . 3 15 11 ' 7 ' 12 95 60 SO 18 40 26 98 102 23 87 65 100 75 90 20 96 93 97 51 100 70 85 103 68 178 177 5 25 12 8 15 ro3 75 85 do 7s A Central-Pacific 1st 4s do col stocks 4s. 1949 City of Astoria 6s, 1927-42.. City of Tillamook 5s. 1942.. Denny-Renton 8s. 1929 Fed Telegraph 7s, 1923-27.. Fed Petroleum 1st Mag 7s. . Home T&T Spok 1st Mtg 6s. Idaho Power 1st 5s Mt Hood Ry 6s. 1927 Morgan Bidg 7s. 1926 N W Elec 1st Mtg 6s, 19S6. . Ore-California 1st 5s, 1927.. Ore R R Navigation 4s. 1946 O-W R R & Nav 1st 4s. 1951 Ore Elec 1st Mtg 6s, 1936... Owl Drug 6 notes Pac Coast Biscuit 6s. 1933. . Pac Power & Light 5s, 1930. do 8s. 1930 Pac Tel & Tel 5s, 1937 do 1942 do 1952 1.100 102 .102 103 .100 101 ..IOS 109 . 90 91 .V 68 70 .100 101 .100 102 .100 101 . 92 95 .104 105 . 94 96 . 92 95 . 92 95 . 97 100 ..100 101 -.99 100 5. 89 90 . 83 84 . 50 57 . 99 100 . 90 95 . 93 94 .105 106 .. 9!) 99 . 93 9514 . 99 100 . 93 96 . 98 99 Port of Astoria 5s. 1923 Portland Gns & Coke 5s. 1940. 93 do "a. 1940 104 do 5s. 1951 92 Sou Idaho LAP 7s 1925.... 91 Southern Pac 1st ref 4s, 1955. 89 do 26-yr. cv 5s. 1934 84 Sperry Fir Mis 1st Mt 6s. 1934.. 9S Santa-Cruz-Port Cement 6s... 99 Union Oil Calif 6s 102 Wash-Idaho W I. P 63. 1941 35 Willam Val Sou 6s. 1939 80 94 105 93 94 90 97 100 100 103 43 85 Boston Mining Stacks. Furnished by Overbeck & Cooke com pany of Portland: Bid. Asked. Ariz Com 7 8 Adventure, 50 100 Ahmeek 61 62 Algomah 5 10 Alloues 23 2d Arcadian 2 2 Bingham Mns 17 18 Cal & Ariz , 60 61 Calumet Hecla 280 285 New Corn 17 18 Centennial , 8 10 Cop Rge -. . 39 40 Davis Daly 4 4 East Butte 10 Franklin Mng 1 1 Helvetia 1 -1 Island Creek 103 104 Kewaanaw .r. IS 2 La Salle 1 1 Michigan 2 9 Mohawk 68 59 May Old Colony 3 3 Mason - Valley 1 2 North Butte 10 10 Nipissing 5 6 North Lake S7 Bid Old Dom Cop 20 22 Oseola Mng . 32 33 OJIbway 1 2 Quincy Mng 38 39 Pond Creek 19 20 Isle Royal 21 22 South Lake 43 44 Supp Boston 1 1 Unl Shoe Men 43 43 do pfd 20 27 South Utah 3 10 ' Superior Cop 4 4 Trinity Cop , 1 1 Tuolumne ... 50 65 Utah Metala 1 . 1 V S Mining 42 43 do pfd 46 47 Utah Apex 2 2 Ventura . 28 B Victoria 1 1 Winona 1 1 Wolverine 8 9 Wyandot 40 60 Shan 70 85 Bank Ciearinga. Bank clearings of the northwestern cities yesterday were ae followe: , Clearings. Balance. Portland 7.478.474 1,219,."34 Seattle 8.334.912 1.2S7.278 Spokane 2,440.008 611.588 Tacoma transactions 3.99O.0O0 Clearings of Portland. Seattle and Ta coma for the past week and correspond ing week in (ormeraaears were ; Portland. Seattle. Tacoma. 1923 ,.(38,310.989 ( 34.148.974 (16.604.000 l'.i21 .. 3. 6143. OOO 30.1112. 232 3.3S6.594 1920 .. 43,939.329 40.765.070 5,377.717 1919 .. 42.336.190 44.323.304 4.769.620 1918 .. 41.SS0.397 oi.BS5.623 4.657,576 1917 .. 26.260.972 . 31. 649.0S6 4.5S1.4S9 1918 .. 19.338,931 19.990.11S 2.624 429 1915 .. 14.595.372 14.311.630 2.039.704 1914 .. 12.114.062 12.2S5.9R8 1,962.241 1913 .. 14.951.092 15.478,580 2.352.584 1912 .. 12.272.477 12.128.557 4.204.629 1911 .. 9,826,662 10.S90.044 4.981.263 Transactions. Bank Deficit Increased. NEW YORK, Oct. 14. The actual condition ef the elearlng house banka and truat companies for the week shows a deficit of (2.S32.280. TMa Js aa lacreaes of ;o,719,S2o. HOMES IN OIL BONDS PRICES STROXQ FACE OF WEAKNESS IX STOCKS. 2,400 18 1 86 54 99 45 200 2,000 4.900 100 600 15 "i' 86 53 99 45 18 S7 67 15 1 85 58 99 44 41 llO Liberties Again Under Selling Pressure; Government Iioan at Premium on Curb. NEW TORK, Oct- 14. Strength of oil companies' liens in the face of the weak ness of stocka waa the noteworthy fea ture In today's active bond dealings. Invincible oil 8a, which have been strong most of the week, added three points tctlay, while Standard OU of Cali fornia 7s were up 2. Other oil bonds advanced in sympathy. Liberties were still under selling pres sure aa a result of the government's new 4 per cent offering. The dropped 26 points, while losses of 2 to 14 points took place In the 4 aeries, all of which sold under par. The new 4 per cent government loan, traded in on a "when issued" basis on the curb market, waa atlll Belling at a premium of per cent. Southern Railway general 4s were buoyant In response to the resumption of dividends on that road's preferred stock, gaining 1 points. Moat of the other railroad mortgages were under pressure, losses of 1 to 2 points being recorded by St. Paul general 4s. Baltimore at Ohio 4s, Hudson at Manhattan Income 6s, Kansas City Southern 6s and Colorado Southern 4s. Cuba Cane Sugar 8s and Cerro de Pasco 8s, up 1 and 1 points, respec tively, were the feature of tha industrial list. Total sales (par value) were (12.421.- 000. Publlo offering of the (18,000,000 Nor wegian loan, as well as the municipal issues of Philadelphia and Nrfolw va, probably wlli be made early next week. CLOSING STOCK QUOTATIONS. Stock ouotatlons at New York, fur nished by the Overbeck at Cooke com pany of Portland; . Stock Sales. High. Low. Bid. Adams Exoress.. 100 81 81 81 Advance Rum. Agr Chem do pfd . . . Ajax Rubber. Alaska Gold. Alaska Juneau.. Allied Chem Allis-Chalmers . . do pfd Am Beet Sugar. Am Bosco. . , Am Can Co 16,700 74 do pfd too im Am Car at Fdy. .. do pfd Am Cot Oil 1,600 2T do pfd ouu 00 Am Drug Synd Am Hide At Leath do pta ..... Am Ice Am Intl Corp. Am Linseed... do pfd Am Loco . . . , do pfd !. Am Saf Razor. S.300 T Am Ship & C... 2,10O 22 Am Smelter... do pfd . Austin Nichols... Am Steel Fdy. . . Am Sugar do pfd 1 Am Sumatra Am Tel at Tel.. 1,700 124 Am Tobacco do "B ...... Am Wool do pfd Am W P pfd.. Am Zine Anaconda ..... Assd Oil Atchison do pfd Atl Coast Line. Atl G at W I... Baldwin Locq. do pfd Balto & Ohio 1,800 do ptd Barndell C "A" Ar. "R" Beth Steel "B"'. 9,200 Booth Fish B R T 800 Butte C At Z 2,000 Butte At Sup SOO Burns Bros "A" do B" Caddo Oil Calif Packing... Calif Pet do pfd ...... Cfl.1 ULh a n Z & I,. r an-.l.-n Pie 900 148 Cen Leather 1,800 41 Cerro de Pasco.. 100 Chandler Motor.. 6.3l0 Chgo & N W 1,000 Uh50 Gl. W . . do pfd .... Chill Cop Chine 0 M St P do pfd Coco 'Cola .... C At O Cole F At I. . . -! r- Jtr Klec. 81)0 109 108 108 Col Graph 6.300 2 214 2 Con olS 200 139 188 138 Cons Cigars 900 41 41 Cona Textile 300 10 10 Coiul Can 2.40O 94 93 Corn Prod 2,800 123 124 do pfd Cosden Oil 8.S00 C R I P 1,100 do A pfd do "B" pfd.. Crucible 3,800 88 8714 do ptd Cuba Cane 3.5O0 do nfd 3,20 Cuban Am Sugar 3,1 UO Davison Ohem.. 9l0 a353 Prosperous Farms are the security for the $350,000 LEWISTON ORCHARDS MUNICIPAL IRR GATION DISTRICT Gold 7 Bonds 1 Security: Property yworth over 4 times the bonded debt. 7S 110 200 194 104 J94 i. 28 27 62 64 14 71 114 113 87 87 89 41 69 1,100 115 600 7 e.eoo 42 i una 63 1& 3,50(1 134 135 135 100 81 100 100 800 35 800 44 1,700 81 T 2154 61 100 35 44 81 T 2-' 60 loo 35 44 81 108 88 123V 123 18S . 300 139 159 l. 3,200 102 101 102. ""266 S8" 'S3" 33 200,19 19 19 2,400 51 61 51 200 121 121 120 800 107 106 106 400 92 93 92 500 122 500 31 4.000 140 600 200 200 1.200 1,100 200 . 3500 600 soo 1,700 7,800 700 loo" 12 I 122 30 30 139 139 116 56 66 56 64 38 S7 37 26 25 25 77 75 77 i7 'i6 16 T .1 .1 83 S3 SS , 135 , 48 .: 10 82 82 82 63 82 6S . ... 96 8 8 148 148 41 41 89 39 MV ' 85 64 64 92 2 92 14 '14 14lt 26 2ft 14 25 29 . 23 28 32 32 32 51 50 60 82 S0 81, 74 74 74 33 49"" 49 " 49 49 44 47 44 500 1.9O0 Del & Hud. Dei At Ick . . . Dome Mines .. Elec Stor Bat. End Johnson.. Erie l.OiiO do 1st fd... 2)0 Famous Playera 1.500 Fed M Smedt do pfd IOO Flsk Tire 7(0 G-en Cigars Gen Elec . Gen Motor do C . Oen Asphalt 15 40 23 45 100 138 14 3t 22 44 13 41 10 93 125 120 48 44 IOO 91 88 96 14 40 23 44 13 SOO 141 141 141 39 54 8 18 23 98 68 13 38 54 85 15 25 96 68 13 3.800 18S 183 8.6O0 15 14 40O 83 83 1.7O0 63 62 38 64 86 1fi 24 96 12 r.8 13 79 186 15 83 (Ci Maturity: Yield: 1933-1942. 6J4o ta exempt. r Freeman, Smith & Camp Co., First national Baak Bids, at. F. Please send me detailed circular on Lewlston orchards Irr. Diet. TW our onds. CName) Addreaa) Ray Cons...!,., Reading Remington Replogle Steel.. Republic I at S. . do pfd Rep Motors Royal Dutch Oil. Ry Steel Spg.... Saxon Motors.... Sears Roebuck. .. Shattuck at Aria. Shall T At T Sinclair Slosa Shef Sou Pacifio Sou Ry Stand Oil NY., Stand Oil Cal Stand Oil Ind 800 1.000 U 81 W 14 14 61 81 . ... 38 500 34 34 84 S.3O0 61 60 60 IOO 90 BB 90 300 2 2 2 900 59 68 69 2O0 123 122 1-2 4UO 4 4 4 200 89 89 89 S 35 S4 35 W 60 50 59 95 93 93 27 26 26 54 625 6J5 123 125 127 127 215 2 5 ,700 300 2,600 1.000 625 2,400 126 127 Stand Oil N J. .16.000 220 Stand Oil Ky. 113 113 113 St L A g F. . . , 700 29 2- 28 Stromberar Carb 700 57 56 56 Studebaktr 15,000 139 137 13 8 W Pen n Oil .J. 60 4 SO In 127 124 SO Kansas 60 S 8 O Kentucky ....113 114 SONY 61 615 8 O Ohio 67S 6D0 do pfd 11 120 Swan a Finoh ..so 32 Vacuum 6S0 '.'5 Washil gton 24 24 S O Nebraska 195 203 Imperial Oil 120 121 9 61 30 25 61 14 7 6 30 80 33 71 Swift at Co. Ten Cop At Chm 100 Texaa Oil 12,100 Texas Pac 300 Tex. Pac C At O. 800 Tob Products .. 400 Tran Contl Oil.. 1.0O0 Union B at PaD'r 300 Union Oil Del.. 400 18 Union Pac 1,000 151 united Alloy ... ..... United jDrug ..... Unit Food Prod 1,200 t nlted Fruit Init ilds of N J United Rds pfd. 100 Un Retail Stores BOO V 8 C I Pipe... 100 U S Ind Alcohol. 8,700 IT S Rub 8.700 do 1st pfd.... 1.000 1011 17 S Smelting.. U S Steel do pfd ..... Utah Copper . . Va Chem do pfd Vanadium Steel Vlvaudou ...... Wabash do A pfd .... do B pfd ... Wells Fargo ... Western Pao ... do pfd Western Union . Westlnah'se A B do E at M 3.600 63 West Md SOO 14 White Eagle Oil White Motora .. SOO 61 White Oil , SOO 6 Wlllya-Overl'd do pfd Wileoa Packing. 100 45 Wisconsin Cent.. Worth. Pump .. 100 37 W at L E 50 30 ei it 14 70 18 131 SO 80 33 70 67 108 9 61 29 25 61 18 151 .3 5 154 IS 3 1 f0 33 71 6 101 ioi!4 42 .52.300 109 108 109 . IOO 122 122 121 IOO SO 300 900 " (100 1.000 "soo 300 400 86 48 ii" 30 93" in it 66 48 'l2" 81 '91 17 6 27 66 46 13 12 .12 21 91 69 54 700 117 118 117 v. 62 14 80 8 43 37' 63 14 31 60 6 6 41 ij 45 RfltJ 37 12 li Standard Oil Stacks.. Standard Oil stocks furnished by tha Overbeck At Cooke company of Portland: Bid. Ask. Anglo 22 22 Borne Scrysmer 420 435 Buckeye 97 99 Cheesebrough ......200 220 dopfd .....110 115 Continental 13 14 Crescent 86 38 Cumberland 160 160 Eureka 95 97 Galenacom ................ 60 64 do old pfd 110 113 do new pfd ............. ..104 108 Illinois Pipe 175 laO Indiana Pipe 97 100 National Transit 25 20 New York Transit 170 175 Northern Pipe 110 115 Ohio oil .. 348 Inter"! Pete 23 Penn Mei .. Prairie Oil '.... Prairio Pipe Solar Refg . . . . Southern Pipe . Pnuth'Penn on 30 . .8S3 ..291 . .390 .. 98 . . 20o 23 33 693 295 410 IOO 210 Foreign Exchange. NEW TORK, Oct. 14. Foreign ex changes irregular. Great Britain .de mand (4.43. cablea (4.44 : 00-day bill, en banks. (4.41. France, demand V.66. cablea 7 37. Italy, demand 4M-I, cablea 4.23. Belgium, demand I.OO, cablea 7.00. Germany, demand ,0SS, cablea .03 7-18. Holland, demand Si x"', cablea 38. 91. Norway, demand 18.03, Sweden, demand 26.64. lenmark, de mand 19.08. Switxerland. demand IS 62. Spain, demand 15.25. Greece, demand, 2.59. Poland, demand .01. Czecho slovakia, demand S.37. Argentine, de mand 86.00. Brazil. demand 11.76. Montreal, 100 3-32. Money, Kllver, Kle. NEW YORK. Oct. 14. Foreign bar silver 87 d- Mexican dollars tiled. LONDON. Oct. 14. Bar allver S4d par ounce. Money 1 per cent. Iia count ratea, short bills 2 S-16 per cent, three inontha billa 242 (-18 par cant. Batman la Brtak Demand In Karapa, YOKOHAMA. Oct. 14. The Japaaeaa aalrnon cannera of Kamchatka, wbe re port a SO per cent Increase in their catch this year, are finding a brisk demand in Europe, whence they are shipping di rect from their cannerlea Early In Au. gust 180,000 cases ware ahlpped from Kamchatka to London, the consignors being the Japan-Kussla and the Hokuye fishery companies. Halmon packed this year by the two companies Is estimated at 860,000 and 120.000 eases. reapesUveiy. shipments, (, stock. ,2?o. Qusly H, I. K, K. O, (S SOf6.S3: II. I K. M, N, 16 e2e.i VU, (f.10; W, Naval hterea, SAVANNAH, Oa.. Oct. 14. Turpentine firm, (1.41: aalea, 241; receipts, 420; shipments. 221: stock, 12.008. Rnwln firm: sales, 902 receipts. 1235; Notice of Redemption to Holders of Victory Notes and Others Concerned. Node la hrbr ctvan aa fallowat 1. Call for partlaj r4.mi-Uo a af 4 ar eaat Vietory aalaa. All Vla lary not, aiharwlaa kaow a lntt4 Btmtaa af Amrlr sold aot of 2S, which br tba diatmcuitihin lt trs A, . C. t, I or r prfi4 t thir aarta.1 Bumbora, havint b dBlrnat4 for tha fturpoaa br lt im tha tnannr prtrrtbd by lha acro t&rjr ol tba trva-iirr. ir c!.l fr redemption aa Iwnniwr li, pur auant to tba proviBmn (or rtiomi'itaa eoniaJnvd n tha bo(i and in treas ury dprtrnai eirou'ar IS. di4 AH1 SI, lttlH, un 4 or hich lha - wro er!cli..lr ufd. Dtri oa all tha 4t) pmr aatu Viotary k(mi thu called fur rcilau.pt n will - on aid radampiiou data, l,amr la, Victory notaa of tha - p-r ant aarlca bearing tha tHt1nr-.t' ht?r ;ttra U, H, 1. J. K r L. ra,.d t thair aarlal aumbrr ara hot tm ar mannar (fariod ty thia rail fur re demption and will ba ome di t,r.4 pa able aa to principal on May ?. lUJS, according la tha.r term. I talled Information aa to the ppt' ton and eurrvnder of 4 fr rti V letory Bo lee far red en-ip lion undr thia call la e1ti fn ira,ury 4iart pint circular No. S'.t. da'"! July i1, U2Z. eotla at vhloh may ob tained from tha troa-ury lrprtmni. diviion f loana ami rurrnr, ari tagtaa, a. any f-!- I rerv ban a. A. W. aWKleJ.ON, Secretary of tba Treaaury, Local Securities WE WIIX PFLLi 4 Tnlta KinKa Food Prodnrta. 10 si. I,, llavrtman, prrfrrrvd. 29 Von land Kaiiwajr, JUtibt 4k rawer Vrior Irrfr . Rfl I on land VrKHab1 Oil Mill. 5 Multnomah Lnmhfr fc Hex, pfd. 8ft Northwestern Jblectrta pfd. WE WILL Bl'V: 1ft Or-woo WratM MM la. 80 North Coa-it I'owrr '.. pfd. 10 Oretron buretr 4r 1'aatiaMy. SO Morgan Building, eomuion. Our UnlUtad and lxcal Scuritla de partment La aquLppod with facllltlea ffr buylnir and aelllng any tnarktnabia atoch ar bond coming under tha abova daaal- Consult our prleea b?fora making: your Investment. Direct private wlr? to K. T. Huttoa A Co. tmbera Jrw lor 1c Stock E&ohaag. r)ORDAN-WgNTWORTH & HlSRMOMt. I STOCKS AaeaON OS) Z01 Kallwar Kichanse Bid. Gllddln Paint lal 1.4O0 35 as ioo TOO 2,400 100 2,700 300 1,100 31i 80 H4 SO 83 ST 22 20 114 114 200 3& S31i 400 7,100 7.2o 2M .IOO 4O0 ICO 1O0 4,900 1.100 1.R00 3.2O0 300 1.800 700 3 10 62' 17 204 23 ST -. 4.-. 34 H f4 27 69 Ooodrich T St R Glen Alden . . Granby Ureal Nor. Ore do pfd .... Gr Ca-nanea... Gulf S Steal.. Houston Oil .. Hupp Motor .. Ill tent Inspiration .... Int A Corp com do pfd Intertooro do pfd Tnt Harv Int Mer Marine do pfd Int Nickel Int Paper .... do pfd Invincible Oil . Island Oil Jewel Tea .... K c Southern. do pfd ..... Kayser J Kelly-SPBfld ... Kennecott Kevstone Tire., '.ack Steel .... t.ee Tire l,ehls;h Valley... Unrillard tcew Theaters. . I. at N Lima Loco Marland Oil Maxwell Motor A do B May Stores Mel Pet Mex Seaboard... Miami , . - . Mid States Oil. Midvale Steel... M K & T Wl... Mack Truck.... Mont Power.... Mont Ward. . . 700 Mo Pac BOO do pfd 2.(00 M St P A S a M Nat Ttiscuit TOO 215 Nat Enamel 1.7O0 68 '4 Nat Ieaa Nevada Con . . . . New Haven Norfolk A W. . . , Nor American. -. Nor Pao Nova Sco Steel.. N T Air Brake., N T Central Okla Prod ref. . . Orpheum Ontario aV W. . . . Otis Steel Pacific Cev..... Psc Gas A Biec. Pacific Oil Pan Amn Pet...45.lO0 do a Penna 1.300 Penna Sea Steel. 8.100 Peo Gas Pere Marquette.. Philadelphia Co. Phillips Pete.... Pierce Arrow.... Pierce Oil Pitta Coal Pitts A "or est I'm . PreHMt Steel Car. Purvta Alexre... 1.1oo Pullman Pure Oil.. SiHs 07 31 SK 9414 30 92 31V4 S.I "4 94 30 91tt 8V4 86 Ti 22 1144 s 4 1 TOO V. 1.0OO 1 li 1 100 llOli HOVi 110 14 62 '4 16 61 i6 20 2.1 57 4-. 44 34 14 8 fS 27 20 1.7O0 144 2.100 1 !O0 39 '4 200 57 10O 17l 200 1374 22,400 207 201 .ooo 17 is 13 4 3.1 4 17 68 62 164 62 8.1 16 2Vi 23 57 4.-i 44 34 li K 84 27 69 171 20 20 138 141 61 61 3S 87 17Vi 38 n 17 137 137 Z"l IOO 300 6.600 100 200 2S 12 34 17 sa 21 21 (9 21 14 21 59 jii" 6.'. i 2H 13 84 17 es 73 21 V4 21 59 '4 71s 214 65 1.40O 114 113 113 sou loi 1 irv',4 3. nilO 3 1 BOii 1,700 122 122 600 SOO 4.100 1.1O0 1.000 700 200 6. 200 6O0 4O0 900 "ioo 200 400 IOO 37 99 2 23 3 85 56 93 91 48 '(. 38 61 "6 (M S914 91 4 36 93 2 25 2 83 35 80 i 48 4 'in" n so "'" e 39 91 47 30 122 99 86 37 86 2 25 24 11 2 84 85 90 89 4 4 97 38 88 49 14 6 60 39 91 4 iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiniiiiu i Nation-Wide Service S TO MANUFACTURERS AND WHOLESALERS FOR THE PURCHASE OF THEIR ACCOUNTS RECEIVABLE ON OUR "NO-NOTICE TO DEBTORS" PLAN, AND TO E CONCERNS SELLING ON THE INSTALLMENT FLAN. E I E iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii j There is no advantage in informing .your Debtor that you have sold his Account and that he must pay the Banker purchasing it, except for the Banker's protection in its col lection, as your Customer is the only one notified. If we are willing to trust you to collect the Accounts you sell us, instead of collecting them ourselves, there is no need to notify and disturb your Debtors, who may not understand THAT'S ONE BIG ADVAN TAGE WE OFFER. Our service for the purchase of your Credits Receivable gives you cash immediately for the commodities you sell on open credit or installment settlements. We enable you to practically sell "for Cash by selling your Customers on credit and then selling us the credits for Cash. . We have four separate affiliated organisa tions, operating in Baltimore, Chicago, New Orleans and San Francisco covering the entire Country, atid with local representa tives and remittance centers in more than twenty other principal cities. Our NATION-WIDE SERVICE is cer tainly an advantage, as we are in better position to render prompt remittance and take care of any matters through our ter ritory representatives personally than by correspondence. Bond Issues WHERE LARGE SUMS ARB REQUIRED, WE ARE PRE. PARED TO CONSIDER TR0 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. FEAR & GRAY 102 Fourth St, OVERBECK & COOKE CO. BROKERS Meaaheea mirasra) Heard af Trade Hoard a l ra Hid., reirtlauad. Peadletsa. Walla Wails, vr. The cost should bt practically paid by Jjo'tr Purchasers vho fcu5 en Time ins lead of at Cash prices. Direct Private Wires) LOGAN & BRYAN New lark and lalraaa, MkMUKHt ' DTsot Yard Stark I-raa;a. klcaaa StaM-k SLSrkaasja. Hoelea Sfork Ksekaaae. hires; a Beard ad 1 raaa. Sjaw lark Cattea fesrhaasa. Mew Orleaaa 4 attaa Kirassss, srw ark Pradaee Kackaasa, M laalaeaT rmlm Ikaeaaaaa. SUCCESS la the Stack Market FORTUNES Made Kr m an a 1 1 In veat aaaa ta W rite for k ree liook.et. Tba Mt lmtl K(jlaila) af I'rnflUM Must If. lri.in, Wa (.Ids y lia4 )er mnmmmi U mmlm Mat llu- tm a aeuara Kennedy & co. a" . 18 T4 flreadway, Taek ' at seekers rmaalllatad Stark t-srhane. 200 1301. IDA 2,300 il to SO IlllllllllllllllllllllllllllllllllUlllllllllllllllllllllllllllllllllllllillllllllllllllll Commercial Credit Company Cash Capital and Surplus $7,230,000 E BALTIMORE SAN FRANCISCO Represented at Portland, On, 1204 Gasco BIdg. E " ' Affiliated with COMMERCIAL ACCEPTANCE TRIM 5 Cash Capital and ftnntlna S1.S06.aoa CHICAGO COMMERCIAL, CREDIT COMPAT, IM'. Cask Capital and anrplna fMM.AOa M.8 OKI.KA.Mt IIIIII tlllllllllMIIIIIIIIIallll 1111 1111 11IIIII11I1I I IMIIII I III II I II IU-1 1 1 III 111(11 1 1111 1 Illln Organizing a Company? pave aspan an4 tatee h nr- far tiff on lha ttopular. rt M V f ,aW Den orM-r a pf I. K TI".V or TIU T. Alt I". an. hr. raa Ml la I'fcitlAHitH BTA D A KL r iO?S. ! 'a and !' sfni" tj ' af aw. InMmt upon I'KMAKKK J-'I'M', lha art trial. net lortat.i'-a't4 form a, afu rv4 wl a b f ' ' kii at torn ye. ""od fir J axe. fra parnphlst (T42 cnta!nr m a Il in format ion that ill u- C OKMARrR, ir"l MianU iflta. 7J WaBttt, k&ntu CUy, Ma, GERMAN BONDS AND MONEY Bought and Sold THASA1 LATlc; KIT1TKI at (Rli)IT (OM"T. SI tukaait llda 34 sad (lark.