21
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.