The Sunday Oregonian. (Portland, Ore.) 1881-current, October 22, 1922, Section One, Image 21

The Sunday Oregonian., October 22, 1922, Section One, Page 21, Image 21

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Newspaper Page TextTHE SUNDAY OREGONIAN. PORTLAND, OCTOBER 22, 1923 21. FINANCIAL MARKET GENERALLY IS WEAK Movement of Prices Jerky and Tend Downward. BONDS ALSO ON DECLINE Foreign Exchange Unsettled With German Mark Again Ueported at Ji'ew Bottom 1evel. (By Chicago Tribune Leased Wire.) NEW YORK, Oct. 21. That the week-end movement of prices on the stock exchange shoulr have been hesi tant and Irregular, aa it very plainly was today, caused no great surprise. Friday had been marked by repurchase at t,he lower prices ot stocks which had been sold earlier for a speculative profit. But it also had been evident during the week that a good many realizing sales had been under way, and com parison of today's closing; prices with those of the preceding week gives the net result. There have been scattered advances for tho week, some of them of consldfr Hble magnitude; but the general trend ms been downward. The variation in the losses incurred by different shares ia fairly proportioned to the scope of the professional speculation for the rise which had shortly preceded this week's reaction. Bond Prices T.ose Ground. Prices on the bond market also have lost ground during the week though as a rule not heavily. In view of the continued relative ease In money rates it is not easy to explain this movement, except as embodying withdrawal of their capital from such investments by busi ness men who now foresee better oppor tunity to use it in their own business. Sales for a similar purpose by com mercial banking institutions provide the only convincing explanation for the week's declines of hi point In most o: the older Liberty bonds. Yet It must be said that coincidence of these sales at prices under par, with applications of Jl.400,000,000 by cash subscribers to the new 4Sat par, is a bit difficult to ac count for. If the new bonds had been offered under par, or the old ones had been selling at a substantial premium, the thing would be easy to understand. But neither circumstance existed. Foreign Exchange Unsettled.. Foreign exchange ended the week In a Idle of much unsettlement, for which Wall street had various theories' to offer. The most plausible explanation is that continental Europe Is financing purchases of American produce on a much larger ale than a year ago because of the Toor results of this year's European har vests. The German mark distinguished Itself by seeking a new low price of 24 one hundredths of a cent, making It cost 444 marks to buy a dollar as compared with 4000 on Friday and I860 at the end of September. It Is possible, but as yet scarcely prob able, that the weakness in exchange (outside of sterlit'S) haj been emphasized by doubt as to what this country's mer chandise trade balance in account with Kurope will be when the new tariff rates are having their full effect. Import Situation Clouded. A dispatch from Washington, apparent ly basing its statement on official ex planation, explains the small importa tions reported for Septembfr by the fact that the department of commerce in cluded only imports received last month before September 22, when the nev tariff law became operative. If this la -irue. iasc memos actual Imports may yiiave been $300,000,000, Instead of the 232,0O0,000 given In Friday's statement. It would also follow that a stroke of official stupidity not often matched had teen perpetrated. The department should lose no time In either denying this version of the mat ter or else publishing the correct Sep--tamber figures, TRADE LARGELY PROFESSIONAL Ad- for cent pfd ,95 Pacific TeS& Tel Co.. 55 do pfd 90 Portland Gas & Coke 7 per cent pfd 04 Portland Railway. Light & Power company 10 do first ptd 50 do second pfd , 30 Puget Sound Power & Light company 53 do pfd 83 do prior pfd 100 T-.coma Gas & Fuel Co ti 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 12 Northern Life 125 Oregon Surety & Casualty ..105 Pacific States Fire 7 Pacific Mutual 510 Vulcar Fire 15'4 West Coast Life 2H Western States Life ......... 14 Lumber, pulp and paper Arctic Construction 87 Central Coal & Coke Co 79 do pfd 79 Crown Willamette Pulp & Paper 400 do pfd "A" 1)8 Hawley Pulp & Paper 210 Multnomah Lor & Box Spe cial com 50 do 10 per cent Dfd 80 Oregon Pulp & Paper com.. 100 do pfd 95 Pacific Box pfd 95 Peninsula Lumber pfd 95 Tum-A-Lum Lumber Co. ... 75 do 8 per cent pfd 95 do 10 per cent pfd w 100 Washington Pulp & Paper com 45 do pfd 75 Weed Lumber com 125 Weyerhauser Timber 360 Zellerbach Paper com 87 do pfd 97 Miscellaneous stocks Aero Alarm com 1 do pfd 42 Alaska Steamship 82 Alaska Packers .....135 Alberp Bros com 44 do pfd 70 American Chain com 95 do pfd ...... 95 American jVitrogen com eo 92 14 55 40 157 87 104 5 40 107 335 28 50 - 25 13 140 11S 8 600 18 4 IS 42 American Typefounders com 52 do pfd 9 Assoc Engineering Corps com 50 ao ptd o Centennial Mills 107 Coast Tire com 4 Connor Co Syrup 56. - Dennos Food of Seattle 2 do of Portland 2 Dennv-Renton Clay & Coal. .. 15 Fairbanks-Morse com .47 do pfd 92 Federal System bakeries .... 3 Fidelity Security Corp 97 Fisher Flouring Mills pfd... 97 Fieishmann Co pfd 97 General Petroleum com ... .116 do pfd 92 Goodyear Tire & Rubber pfd Cal 71 Gratton-Knight Mfg com .... 50 do pid 90 Great Northwestern Llvestk un.ts 60 " Hartman Co.. J. L. Gen pfd. 80 do redeemable ptd 85 Holt Mfg. Co 1st pfd 8S laano Gold & Kuby 15 Kings Food Products Units.. 45 Lilly Co.. Chas H pfd 86 Luckel King & Cake soap. ..100 Morgan building 50 Oregon Portland Cemt Units. 80 Oregon Worsted Mills 85 Owl Drug Co com . 92 do pfd 102 Pacific-Alaska Navigation. .. 60 v acme fower & r'dy 65 Pacific Coast Biscuit ....i.,115 Pacific Coast Co com 12 do 1st pfd 30 do 2d nfrt ',-. Pacific Portlaift Cement 96 Palm Olive Co 7 per cent pfd 97 Paraffins Co pfd 82 do com 20 Portland Cattle Loan 50 Portland Feeder Co 90 Portland Realty Associates Portland Vegetable Oil 80 Ketrigerator Car Equipment 10 Reid Bros com 90 do pfd S7 Santa Cruz-Portland Cement 95 Sperry Flour Mills com 40 do pld 94 Skookum Co com , 60 do pfd 75 98 Speculators Force Halt In Rapid vance In Wall Street. NEW YORK. Oct. 21. Higher tirir.n farm products, strengthening of sterling exchange, decline of mark to another new low record, declaration of slock dividends by the Vacuum and Ohio Oil companies of the Standard Oil group payment of the first British interest on - the war debt, an irregular trend In stock prices and a further shading of bond . values were the outstanding develop- iiihtb m luis wets s xinancial market. wnne trading in stocks was quite heavy, the bulk of the dealings were of a professional nature, speculators for the decline forcing a halt to the rapid advance -which reached its peak on Monday when the industrial average was at Its highest point of the year. One significant feature of the upward trend was me strength of copper and railroad shares, which have been lagging behind me rest or tno list. miquiuauon . Dy large Institutions to provide funds, either to meet their ex panding credit demands or to purchase new government bonds was responsible "jr cost ot tno selling In the bond mar ket. One of the surprises of the week was a spuj-i in tne 3 'a per cent liberty bonds which carried them ahov ina Free marketing of the cotton crop has not halted the advance in the principal uuLLur, mtures, wnicn are at their high e?i prices since the collapse of 1920. 'leal uaa oeen soia above $1.15 a uusnti, aue to reports of a shortage in imh juiopean crop. There is little change in the domestic industrial situation. The latest sta tistic;, on carloadings show slight de crease, but they are still well above inose oi last year. noil coal production Is maintained arouna iu.uuu.uuu tons weekly and softening m price has been noted. bteel production Is between 70 and 75 per cent of capacity, equal to the jus ii oi- me year, ana indications are that it will remain that way until the iirst or tne year. The domestic cop- ijt business is getting better, but little ouying is Deing done abroad. The motor Industry is entering a period oi seasonal auiiness, although produc lion Is materially above that of last year. High rates for call money in the early part of the week were due to shifting of iunas arising out or neavy governmental ana other mid-month operations. Bus! ness in the time money market was un usually good, new loans totaling $20, ouo. lion being made from four to six months at the 5 per cent rate. A large amount of the money placed earlier in the week is reported to have come from western sources. Financial interest in the foreign slt- aatior. is again centered on German rep aratior.s. The further depreciation of th iierman mark was not unexpected with the reicnsoank statement showing 'an otner increase ot 30.000.000.000 marks " in note circulation, despite the official decree' prohibiting purchase of foreign eecuriiies wua paper marKS. Resignation of the Lloyd George cab inet caused a temporary setback In the advance .in sterling, while the approach ing German reparation crisis and Sec retary Hoover's speech on inter-aliied debts were blamed for the -reactionary tenaency oi r rencn exenange. Pacific Northwest Stocks and Bonds. Furnished by Jordan, Wentworth & Co, of Portland: , Bid. Ask. Bank stocks Bank of California, X. A.. .202 Citizens bank 160 Canadian Bank of Com'ce.,185 First Natl Bank, Portland. .190 First Nat bank, Freewater, Oregon 200 Hibernia Commercial & Sav- rlngs bank 175 Ladd & Tilton bank 30O . Livestock State bank.. lrV Lumbcrmens Trust company 90 Multnomah State bank. ..... 150 Northwestern Nat bank. w..335 Peninsula Nat bank 125 V. S. Nat bank 320 , Public utilities Boise Gas Light & Coke Co. pfd 30 American Power & Light pfd 97 California & Oregon Power, 65 92 115 100 100 102 85 105 110 55 90 J50 400 95 102 60 87 150 51 76 100 106 12 po pfd 0 .5 J00 65 75 115 5 65 4 S so 62 97 6 100 102 105 119 97 74 65 8Ti 67 90 95 90 22 55 90 115 Superior Portland Cement Todd Shipbuilding- Union Oil of Cal 175 do associates 175 Utah-Idaho Sugar 3 vvasnirgton .Brick, Lime & S P vtd is Western Auto Parts com .... 11 do ptd 7 Western Auto Supply 12 Western Bond & Mtg 98 western wan Hoard com.... 50 do pfd i 80 Bonds Albers Bros 7s 1942 99 Associated Oil 1st mtg 5s. 1932- 100U American Power & Light 8s, 1930 106 Associated Oil 1st ref 5s 1930 99 joiuauway-iamiiUl DlOg I ftS itf-o 100 do 7s 1928 102 California-Oregon Power 6s. 100 do 7 s A 108 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 Federal Tel 7s 1923-27 92 federal Pet 1st mtg 7s 104 Home Tel & Tel Spokane 1st mortgage 5s 94 Idaho Power 1st 5s 112 Mount Hood ry 6s 1927 92 Morgan bldg 7s 1926 97 iNortnwestera Electrio first mortgage 6s 1936 inn Oregon-California 1st 5s 1927 91) Oregon R R Nav 4s 1946 ... 89 Oregon-Washington R. R. & Navigation 1st 4s 1951.... 83 Oregon Electric 1st mtg Ss 193o so Owl Drug 6 per cent notes. . 89 Pacific Coast Biscuit ftq 1(133 on Pacific Power & Light 5s 1930 93-V on j(i0 Pacific Tel & Tel 5s 1937... 9 do OS 1942 do 6s 1952 " an Pittock block 6s 1940 93 Port of Astoria 5s 1925 96 Portland Gas & Coke 5s 1940 93 uu is ju 104 do o 1951 ! Sou Idaho Lt & Pr 7s 1925.. 91 Southern Pacific 1st ref 4s 1955 89 do 20-yr cv 5s 1934 s-i Sperry Flour Mills 1st mort gage 6s 1934 n8 Santa Cruz-Portland Cmt 6s 99 Union Oil California 6s 102 Washing-ton-Idaho Water Lt o rower es 1U41 35 Willamette Valley Southern 8 1939 go Boston Mining Stocks. Furnished by Overbeck & Cooke com 90 100 97 107 75 75 135 18- 40 26 98 102 87 23 65 100 90 , 20 98 93 97 61 100 70 83 103 68 176 177 5 12 8 15 103 75 85 .101 108 100 102 103 101 109 91 70 101 102 107 95 105 96 95 95 100 101 100 90 84 57 100 95 ' 94 106 99 95 Jill) 96 99 94 105 1)3 94 90 87 100 100 103 PROPER HIGHWAY FI1ICE ESSENTIAL Construction Requires Solid Economic Basis. COORDINATION IS NEED Deferred Serial Bond Issue Best Form Yet Devised Burden Distributed Equitably; 8 50 60 10 23 2i 58 pany of Portland Ariz tomm ... Adventure . ,e . . Ahmeek Algomah Ailouea Arcadian liingham Mines Cal & Ariz Calumet & Hecla 2xr New Corn 17U Cop Rge 39 . Davis Daly 4 East Butte 9 Franklin Mny 1 Hancock 2 Helvetia $0 Island Creek .102 Keweenaw l Kerr Lake 314 Lake Cop ...s 3 La Salle ' 1M ilohawk 5fu May-Old Colony 3 Mason Valley ib North Butte , 10 Nipissing fi4i North Lake 4. 39 Old Doin Cop 19 Osceola- Mng 32 Quincy Mng 37 u Isle Royal 21 Scuth Lake 43 Supn Boston ...... United Shoe Mch 42 do pfd 20 South Utah 3 Superior Cop ... 4 Trinity Cop 1 Tuolumne 50 Utah Metals t 1 Utah Con 2 U S Mining 41 Bid. Asked. highway, bond issues which will best servo, J Thua far the most scientific form is. the-deferred serial bond issue on which payments of principal do not begin until After a period of say five years following- construction. In this type of bond, payments begin at the peak and are scaled down in successive years as the. principal is decreased. The deferment of principal charges gives opportunity for completion of the project and allows the increased earn ing capacity of the highway to become evident. The serial bond sb reads the charge over as irany years as may be desirable, absolutely protects the investor tnrougn required annual payments, offers an at tractive isnue to the man who desires long-term investments and minimizes dangers involved in administration of a pubc debt. Definite Coarse Possible. "With the capital outlay thus cared for. the state highway official can then definitely budget his requirements for construction and maintenance, year by year, and can point his organization definitely to a fixed course. The question of maintenance is no longer an Indefinite subject, bu Is clear- lv defined since it must mciuae an NEW BONDS SELL HIGHER LATEST GOVERNMENT ISSUE 14 CENTS ABOVE PAR. Berne Ioan Leads Advance in Foreign List; Railroad Liens Are Generally Firm. ' v NEW YORK, Oct. 21. Establishment of ft new high record at $100.14 by the new government 4& per cent bonds, was the feature in today's bond market, the main trend of which was upward. Most of tho changes, however, were fractional. An interesting movement in -the for eign list was furnished by Berne 6s, which closed last night at 110, opened today at 109 and then advanced in three sales to 111. Mexican Gs and Belgian Sa made moderate gaina In the railroad list Denver & Rio .rrsnt oneratinir eXDenses ud to and I Grande refunding 5s were pushed up f"ir.?.op;rfM?Tni n in- l. while substantial fractional gains 207 hi jo 100 210 32 5 190 s.-.o 175 300 175 150 l.'iS i 240 40 100 Ventura Victoria . , Winona , Wolverine Wyandot 27 H Hi B0 1UU 61 45 25 2 in 59 289 18 39 4fc 10 2 3 9114 108 4 4 60 " S14 2 11 8 Bid 21 33 39 22 45 . 2 . 42 27 10 4 1 65 2 41 28 1H 1 9V4 7B do pfd Federal Telegraph Idaho Power pfd . Northwest Electric do 6 per cent pfd do 7 oer cent pfd Pacific Power & Light 7 per 5 7 89 92 T 7 82 97 com J9- . 20 so sr. 95 89 Foreign Bonds, Furnished by Jordan, Wentworth A Co. of Portland. Foreign Government City Bonds Berlin 4s . . . Greater Berlin 4s . Hamburg 4s Bremen 4s Coiogne 4s Dresden 4s ................. . rio 4s Dusseldorf 4s .............. . Frankfort 4s , Leipzig 4s do 65 Munich 4s .... 55 Stuttgart 4s .... SO Es3en 4s 60 40 50 55 65 40 50 55 0 55 70 Foreign Government Internal Bonds ' Bremen 4s 40 French Internal 4s 1917 46 French Victory 5s 1920 56 Belgian Restoration 6s .... .... 64 British 2 consols 52 lt&l .Cona, .Wax Lout B15 BY A. J. BROSSEAU. President Mack-International Motor Truck Corporation. The last ten years have witnessed an evolution in highway transport far be yond tha conception of even those men who pioneered its cause. From a total production of some 500,000 cars in all of the period ud to and including 1911, the use of the motor vehicle has been extended to 10,500,000 -machines In the opening months of 1922, while the pro duction and sale continues today with out abatement. 1 As President Harding said In his first address to congress: "The -motor car has become an indispensable Instrument in our political, social and industrial life" and the evidence is found in the rapidly multiplying uses to which the vehicle is being put. With this modern unit of transport has come an insistent demand for modern highways. Roads designed for slow moving traffic have been found inade quate. The increasing use of the motor truck has brought with it new require Highway engineers are faced with the dual task of providing heavier types of road bed and of finding the means to finance the huge construction programme ahead. Highway Development Coming. To obtain & full perception of the rela tion existinsr between rolling stock and road bed, lt Is only necessary to say that while the former has increased some 2000 per cent in a decade, the effective Increase in the latter has been only 250 per cent. It Is obvious, then, that Just as the last decade has seen an intensive de velopment of the machine, so the next decade must see an intensive develop ment of the highway, if the two are to be linked together in an efficient and economical system of highway transport. Sociological, economic and social sur veys have demonstrated the 'imperative need of this system. The task then is to search out underly ing facts and to proceed to a reasoned programme of finance which will at once properly distribute the eosts of this great undertaking, safeguard the investment of the public and permit the construction and maintenance of a system designed to give the broadest possible service. Before a definite financial programme can be laid down, lt Is necessary to ex amine the character of the project to be financed. This is not easy of deter mination in the present case because the very youth of highway transport and the lack of definite knowledge concerning Its Influence has obscured us in a mist of half-truths, fallacies and nebulous the ories which mu6t be subjected .to the rays of understanding. Thus we have heard It said the mod ern tratnc has torn modern roaas to pieces long before the expiration of the bonds issued to finance them. Jet us then examine first the very nature of the highway. First we find tnat 4 per cent oi mi cost of modern construction Is devoted to location, gradients, drainage, bridges and other features which will last for literally hundreds of years. Second, we find that the remaining 60 per cent is devoted to wearing surface, and that even in the case of its deterioration that all except a fair interest charge can be and Is being salvaged in the construc tion of new surfaces Dy tne simple ex pedient of using the old material as a base for the new. There are, however, dellnlte limita tions to these general statements. Co-ordination Is Necessary. None of the features mentioned as per manent would be so if the highway were constructed without regard for the economic or other needs of the commun ity which Is it is to serve, so a first principle in construction must be rea soned traffic or economic surveys en tirely apart from political or other wasteful considerations. Again, if these permanent features are improperly constructed, they lose their value, hence adequate engineering con trol must be taken as a positive and definite requirement. Pressing this one step further, high ways do not attain their maximum of use unless they are constructed in co ordination with other highways. The need for centralized engineering author ity is at once evident. Another series of limitations will be found in the provisions for safeguarding the interest of the investor in this case the .-public. No business man would ever invest his money in a building if he did not see his way clear properly to provide for the upkeep of that building. No highway should ever be constructed unless ade quate funds are provided for its main 'tenance. ; Many of the fallacies which' have crept Into our accepted theories have been due, not to the intensive use of the road, but to lack of proper jnaintenance. It la sheer waste and e"en a misuse nf the nubile funds to attempt to build a modern highway witRTut assuring its f upkeep. With these "definitions and limitations in mind, it is necessary then to see who is to benefit. It will be generally admitted today that the construction and maintenance of a system of highways Is of service not only to those of the present generation but to those who are to come after us. Theoretically we might press forward this limit Indefinitely. Remembering that the native genius of the American has already set asifle many of the tra ditions of the past, it ,1s, perhaps, well to limit this discussion for practical pur poses -to the next 50 years. If those who are to follow will benefit by this system of highways, should it be given to them free of charge or should they be asked to pay a fair pro portion of the capital charge? Equitable Distribution Desired. The answer is dependent upon the life of the Bystem. If these highways are to be constructed by local authorities with out due regard for economic or engineer ing facilities, then the community which U responsible should bear the, full charge. Similarly, if properly designed and constructed highways are not adequately maintained, then the commmunity re sponsible should bear the full charge. But, if these limitations are met, if there is responsible, centralized, engi neering control coupled with -adequate maintenance funds, then as a matter of equity the cost should be amortized over a period of years, each generation as suming the responsibility of handing all Its sector of the road, to the next in as good or in better condition than it was when received.,, Return to our analysis of the character of the highways for evidence. Review the analogy of the business man who spreads his capital costs over a term of years, paying current operating costs out or current revenue. With the nature of tW'e project before us, some conceptio-n as to the life of the service It can render and an under standing of the limitations, the problem then is tos select that form of finance which will most cheaply and most ade quately care. for the project and fortu nately, here we enter upon carefully charted seas with the trained pilots of the banking world to steer. Deferred Serial. Bond Best. ' "At the outset the limitations made will restrict the discussion in a general sense to state highway bond issues aa generally speaking it is only the states which have both centralized engineering control and tax rating powers ample to control maintenance requirements. Some states may have progressed so far with their programmes of highway construction that no present necessity will be felt for highway bond issues and there the determination is one which rests between -the state highway officials and those mnn charged with the respon sibility of raising revenues. , Where there Is need for highway bond Issues, however, and this condition is the more general one today in the pres- innluiliTier reconstruction unless an in- ferioi is replaced by a superior type of pavement, or unless a highway is wid ened or extended, all of which are as definitely capital chargea subject to amortization as floor replacement to care for heavier machinery, addition or new stories or extensions ot a a fac tory in business- life. Finally, the effect of such issues will be definitely to allocate highway costs as between this generation and those to cone; to distribute the burden equit ably; and In that distribution to ex pedite the completion of a system of highways. The increased earning capacity at once visible through lowered costs of trans port, added valuations for urban and agricultural property and the general up lifting of our standards of living, is all of the Justification necessary for adop tion of standardized methods of finance t the earliest possible moment. iew York Bonds. Furnished, by the Overbeck Cooke company of Portland. ' Matures. Bid. Asked. Railroad! Atchison gen 4s 1995 At Coast Line 4s 1952 B & O gold 4s...... 1948 do refg 5s 1995 Can Pac deb 4s Can Nor 7s 1940 C & O conv 4s 1930 C B & Q ref 5s 1971 Chi Ge Western 4s.. 1959 CM&StPcv4s... 1982 do 5s C R I P ref 4s.... Del & Hud 8s Erie gen 4s Gt Nor 5s Hud & Man ref 5s... Hocking Val 4B... K C-H S & M 4s.... K C So Ss L & N unit 4s M K & T 1st 4s.... Mo Pac gen 4s N T Cent conf 6s.., N T N H ft H cv 6s. , Norf & W con 4s..., Nor Pac ref 6s , O S L 5s Ore Wash ref 4s ... , Penn R R gen 5s... Peoria &'E lne 4s.., Pere Marq 4s.... do 1st 5s P C C ft St L gn 6s Reading gen 4s .... Rio Grands W 4s. t. RIArkLa4s St L S F adj 63... do inc 6s , . don con 4s SAL consol 6s.... So Pac ret 4s do 8 F Term 4s. .. So Ry 6s Tex & Pao 1st 5s. . . Union Pac 1st 4a... Wabash 1st 5s ..... West Md 4s West Pac 5s ....... W ft L E 4a . Street railways B R T 5s Chi City Ry 5s Chi Ry 1st oa 1927 Det Un 4s I R T 6s Market St Ry Bs. .. Montrwal Trac 5s . . N Y Rys 4s Public Serv N J 5s.. Third Ave ref 4s... Un Ry Inv 5s Industrial bonds ,Am Smelter 5s Am T & T 5s Barnsdall Ss ser A. Beth Steel Cs 1S48 Cuba Cane 8s 3930 Cumb Tel 5s 1937 Detroit Edison 6s.... 1940 Dupont 7s 1931 Duquesne Light 6s. . Kmp G & i 7a. .. Flsk Rubber 8s Gen Elec def 5s.... Goodyear 8s Humble Oil 6s ... Kelly Spgfd 8s Kenn Copper 7s.... Int Paper 5s Lack Steel 5s Lig & Myers 7s Laclede Gas 5s .... Merc Marine 6s Mexican Petro 8s . . . Midvale Steel National Tube 5s . . N Y Edison 6s New York ref 6s Nor St Po-nier 5a... N W Bell Tel 7s... Otis Steel Ss Pacific G ft E 5s.. Pacific Tel 5s 87 87 82 SU14 79 113 87 101 51 71 76 83 101 62 101 83 88 80 6 91 82 . 64 10Sii 81 8S 108 103 81 100 34 92 07 100 84 79 82 i 80,4 67V4, 77 68 87 82 102 96 90 99 - 66 83 72 63 St 81 85 74 90 91 36 86 66 88 94 98 104 100 90 93 104 108 103 04 . 103 102 99- 98 107 104 89 92' 117 92 92 1936 107 1936 89 2014 1934 1937 10S2 1952 195T 1998 1936 1950 1949 1990 1975 1935 3948 1996 2047 1946 1961 1968 1940 1932 1956 1970 1907 1939 1934 3955 1960 3932 1945 1955 1930 1958 2000 1947 1939 1952 1946 1940 1945 3 927 87 88 82 87 79 113 88 101 64 7 77 84 102 53 102 1932 1066 1924 1941 1942 3959 1950 1926 194T 1946 1931 1949 1937 1952 1931 1932 1931 1930 1947 1950 1944 1934 3941 1952 1941 3941 1941 1941 1941 1942 3952 Peoples Gas 5s 3947 Philadelphia Co 6s.. 1944 Sharon Steel 8s Sinclair Oil 7s . Southern Cal 7s Union B & P 6s U S Rubber 5s. U 3 Steel 5s 19i3 Utah Idaho Sug 7s.. 3930 Union Oil Cal 6s 1942 Va Car Chem 7s 1947 W U Tel 6s 3936 Wilson & Co-1st 6s.. 1941 Foreign bonds Argentine 6s ..... Belgium 7s ... Brazil 7s -Bordeaux 6s ..... Brazil 83 100 309 105 82 107 100 91 , 96 ' 100 3941 100 3937 3 01 1981 105 1942 100 1947 88 102 94 102 97 309 101 ,89 80 e 1 82 65 106 81 89 109 105 82 100 35 ' 92 98 102 85 79 83 80 67 77 68 88 82 102 97 90 99 67 84 73 67 81 81 85 75 90 93 38 87 66 SO 95 . 98 103 100 01 94 105 ioi" 94 104 '102 99 . 98 108 105 89 92 119 95 02 108 . 89 ' TOl 110 105 94 107 100 93 92 97 101 100 301 306 34H 89 102 were mads bv Norfolk & Western con vertible s, Baltimore ft Ohio 4s, Kan sas City Southern 5s, Pennsylvania gen eral 6s and Erie general 4s. A noteworthy exception to the up ward trend was Canadian Pacifio 4s, off less than a point. CLOSING STOCK QUOTATIONS, riosine stock auotations at New York furnished by the Overbeck ft Cooke com pany of Portland: Sales. High. Low. Bid. Adams Express 200 80 80 80 Advance Rum.. 17 do pfd 60 Agr Chem 500 35 35 35 AJax Rubber .. 500 14 14 14 Alaska Gold ..- 800 Alaska Juneau i Allied Chem .... 800 85 83 84 Allis-Chalmers . 700 49 48 49 do pfd 100 97 97 96 Am Beet Sugar 200 42 42 42 Am Bosch 200 41 41 40 Am Can Co .. 8,100 76 74 74S do pfd 200 111 111 110 Am Car & Fdy - 18 do pfd 123 , Am Cot Oil 600 26 26 25 do pfd i 61 Am Drug Slnd.. . 6 Am H & L 14 do pfd 200 73 73 73 Am Ice 300 111 111 110 Am Intl Corp... 2,600 34 34 34 H Am Linseed ... 300 3854 38 38 do pfd 69 Am Loco 1,400 133 132 132 do pfd 121 Am Saf Razor.. 9,500 8 8 8 Am Ship ft Com 2,000 22 22 , 22 Am Smelter ... 200 61 61 61 do pfd. 200 103 103 103 Austin Nichols. 600 85 84 34 Am Steel Fdy.. 600 44 43 43 Am Sugar 100 79 79 79 do pfd . 107 Am Sumatra ...( 200 38 37 37 Am Tel & Tel.. 1,400 123 123 123 400 1U3 16Z ma 200 160 159 100 800 100 100 100 110 33 300 18 18 18 600 51 61 51 200 123 123 122 800 106 106 106 500 92 92 92 ' 100 122 122 122 200 29 29 7.100 141 139 140 114 2,400 55 54 Am Tobacco .do B Am Wool . . r. do pfd ..... do W pfd .. Am Zinc .... Anaconda .... Assd Oil Atchison do pfd : . . . . Atlantic C L . Atl G ft W I. Baldwin Loco. do pfd Bait ft Ohio .. do pfd Barnsd'l Corp A do pfd B . Beth Steel B Booth Fish .. B R T ,. Butte C & B. Butte & Sup Burns Bros A do pfd 400 Caddo Oil .... 100 Calif Packing Calif Pet 400 61 61 do pfd follofian 7. Sr. L 1.000 854 8V Canadian Pac. 300 148 147 147 Cen leather... 3o -ju'i u'. Cerro de Pasco. 100 40 40 40 Chandler Motor 1,800 61 eo oun Chgo fc N W i Chi Gt W Canada 5s Chile 8s .. do 8s do 8s ... Czecho . .. 1909 ..-145 ... 1952 ... 1935 ... 1941 ... 1952 ... 1941 ... 3926' . 1946 ... 1951 Bolivia Ss 1947 Denmark Ss 1945 French 7 a 3941 do 8s 1945 Norway 8 3940 Queensland 6s 3947 Rio Janeiro 8s 3 946 do Ss 3947 Seine Dept 7s 1942 Swedish 6s 3939 Swiss 8s 1940 U K 6s 1937 81 103 88 80 101- 99 103 102 103 3 86 109 95 99 311 101 99 98 87 3 02 321 102 102 97 110 101 83 104 89 81 101 99 104 102 303 94 96 flO 96 100 311 10 90 99 87 102 121 102 Standard Oil Stocks, Standard Oil stocks Anglo Borne Scrysmer Crescent Eureka .... Galena com do New pfd... Illinois Pipe Indiana Pipe .. Nat'l Transit .. N. Y. Transit . . Northern Pipe . Ohio Oil Inter'l Pete , Penn Mex Prairie Oil Prairie -Pipe .... Solar Refg Southern Pipe . South Penn OH. S. W. Penn Oil. S. O. Ind do Kansas . . . do Kentucky . do N. Y , do Ohio do pfd Swan & Finch . Vacuum , . Washington . . . s. l. rseDrasaa Imperial Oil . . . itshed by the ' of Portland: 'Bid. Asked. 21 21 425 440 94 96 215 230 110 315 147 153 35 37 14.1 153 , 93 93 . 50 54 . 110 113 . 105 310 , 174 177 95 97 . 25 26 , 174 178 . 108 110 . 324 328 - 22 23 . 26 29 . 875 ' 680 . 294 297 , 385 395 . 96 98 , 200 205 . 60 63 . 127 327 . 85 , 90 .110 112 . 563 573 . 54 . T5 . 118 120 . 30 32 . 6." 68 . 24 28 .390 200 . 118 119 900 100 2,600 "266 100 400 88 25 75 17 7 38 37 25 74 17 7 33 64 63 37 24 74 7 .17 7 83 700 137 137 137 51 10 50 10 60 10 84 60 94 8 do pfd Chill Cop Chlno C M St P do pfd . Coco Cola C & O Col F & i Col South 1,600 200 200 SOO 100 8,100 100 800 25 28 Col G ft E ..... 1,500 110 Colum Graph. .. 1,100 2 Con Gas 1.600 145 Cons Cigars ... 600 40 do pta Cons Tex ContI Can 50 80 75 31 48 35 25 28 32 50 80 31 49 25 28 32 60 80 76 31 49 109 109 2 2 143 143 39 39 . 1,000 30 30 30 . 1,800 90 95 95 . 7,900 134 130 131 110 .23.000 50 49 . 3,800 45 44 400 13 13 hi 200 22 22 800 38 37 "A 200 137 137 137 500 140 139 139 49 45 99 90 84 94 13 37 22 38 99 100 12 57 .32 80 183 14 84 62 80 'i4 Corn Prod . . do pfd . . . Cosden Oil . C R I ft P . do A" pfd do "B" pfd .. 100 90 90 Crucible 1,200 85 84 do pfd ... Cuba Cane .. do pfd ... Cuban Am S Dav Chem . . Del & Hud . Del ft Lack Dome Mines ... 500 39 39 39 Elec St Bat .... 2,700 08 58 08 End! Johnson .. 2,600 88 87 87 Erie 600 16 15 35 do 1st Pfd ... 200 24 Z4 2414 Fam Players ... 400 100 Med Min ft S do pfd Flsk Tire . Gen Cigars .... 300 80 Gen Elec Gen Motor 2,400 14 do 6 Gen' Asphalt ... 300 62 62 Gliddin Paint .. 13 Good T ft R ... 200 34 34 33 Glen Alden 56 Granby 100 30 30 30 Gt Nor ore'.. ..11,400 37 do pfd 500 95 Greene Cananea k. . Gulf S Steel ... 500 90 Houston OH ... 400 82 Huud Motor ... 2O0 22 in cent 113 inspiration 6U0 3814 38 38 Int Ag Cor com do pfd Interboro 300 do pfd 800 1 Int Harv 100 109. Int Mer Mar ... 400 14 do pfd 1.300 58i Int Nickel 10,900 16 Int Paper 1.500 60 do pfd 85 Invincible Oil .. 2,000 16 16 16 jsiana un itw ft Jewel Tea 200 20 20 K C South do pfd 400 47 1,300 44 1,700 35 800 7 700 83 500 26 H 1,900 71 33 95 Ito' ' 82 84 94 28 89 !:2 1 109 14 57 15 59 8 -5 1 109 34 67 35 59 1 fee. lip win I. BRAINS, plus water, pins 4389 acres of the best soil in Idaho, have made the Lewiston Orchards Municipal Irrigation Dis trict one of the most livable and productive - . " farm communities in the Pacific Northwest. t -TJTEAD lettuce brings the grower $1000 and more an acre. . Other garden A truck, orchards of cherries, pears and apples, fine streets and modern homes, and 14 years of cultivation have created here a secilrity of 439 times the total bonded indebtedness, which is only $350,000. More than a million dollars in actual cash has been eicpended to create the physical security that is behind the $350,000 LONG TERM. 7 TAX EX EMPT BONDS of this issue. They are a direct tax lien upon all the real property in the district. The bonds are a general obligation. Every acre ' of the land and its improvements are held until the last bond has been paid. Ask us for details of this bond issue. They mature in 1937 to 1942 and will yield you 6J4( income-tax exempt. This issue is small. There is only a modest amount available. Wire or telephone (Bdwy. 5749) or ders "collect," specifying maturity preferred. Do It Now Use our Partial Payment Plan Freeman,' Smith & Camp Co., Lumbermen's. Bids;.! Portland Flense send me details of Lewiston Orchards Municipal 1 Bonds. Nam Address The Bonds we sell are BONDS WE OWN Sloss Shef .. Southern Pao Southern Ry Stand Oil N Y Stand Oil Cal Stand Oil Ind 127 1: Stand Oil N J .. Stand Oil Ky ... St L ft S F Strom Carb . . . Studebaker . . . Swift & Co.... Tenn Cop & C. Texas Oil Texas Pac Tex P C & O.. Tob Products. . Transcon Oil... Union Bag & P. Union Oil Del. Union Pacific, "... 47 1,100. 95 95 94 2,500 2 6 26 26 . .... 571 670 571 1.200 125 124 124 3.000 219 217 217 110 200 28 28 28 54 20,000 131 129 131 . 109 109 109 200 9 9 -D 6.600 50 49 49 900 600 2,400 100 600 25 61 14 71-17 24 61 13 71 17 24 61 33 71 17 700 149 149 149 United Alloy 37 United Drug United Food P. 100 5 5 United Fruit United Rds N J United Rds ptd United Ret St.. 1,300 U S C I Pipe... 200 MiiiiiiiiiiiiiiiiniiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiHiiniiiiiiiiiiiiiiiiiiiiiii An Injustice to Your Customer jiiuiiiiiniiiiiiiiiiiiiiuiiiiiiiiiiiiiiiiiiiuiiiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiii U S Ind Alco... 2,600 U S Rubber. .. do 1st pfd.. U S Smelting. U S Steel do pfd Utah Copper . va Chem 200 85 S3 67 84 32 66 81 6 155 13 30 . 84 32 66 55 100 100 . 200 ' 700 900 Swift Co. Stocks. Swift Co. stocks at Chicago as re. ported by the Overbeck ft Cooke com, pany of Portland: Swift ft C. 100 Iibbv. new '.. 8 National Leather 8 Swift International' 21 . Spot Coffee Steadier. NEW YORK, "Oct. 21. IJttls business was done in coffee futures today. The close was two points lower to 12 points higher. Sales estimated at about 6000 baga October and December, 9.34c; Jan uary, 9.29c; March, 9.19c; Map, 9.05c; July, 8.83c; September, 8.63c. Spot, steadier; Rio 7s, 10c; Canto 4s, 1515c ' Naval Stores. . SAVANNAH, Ga, Oct. 21. Turpen tine, steady, $1.53; sales, 200; receipts, 224; shipments, 137; stock, 12,760. Rosin, firm: sales, 901; receipts, 1219; shipments, 1852; stock, 88,665. .Quote: Kayser J Kelly-Spgfld . Kennecott ... Keystone Tire Lack Steel . . . Lee Tire Lehigh Valley Lorillard Loew Theatres L ft N Lima Loco . . . i.arland Oil 9,300 Maxw Mot "A". 1,300 do "B" 3.800 Mex. Pet i.lS,600 Mex Seaboard . . 2,200 Miar..i 3 00 Mid States OH.. 3,700 Midvale Steel ..12,000 M K & T W... Mack Truck . . . Mont Power . . . -Mont Ward , . . Mo Pac do pfd . MStP&SSM . . . Nat Biscuit ... Nat Enamel . . Nat Lead Nevada Con ... New Haven Norfolk ft W . Nor .American , Nor Pac ...... Nova Scotia Stl N Y Air Brake. N Y Central .. Okla Prod ref.. Orpheum 800 Ontario ft W . . 500 Otis Steel 100 Pacific Dev .... 6,luo Pac Gas ft Elec. 100 Pacific Oil 33,000 Pan Amn Pet ..18.000 do "B" ......19.200 Penna 700 Penna Sea Steel. 1,800 Peo Gas '. .. 300 Pere Marquette. 700 Phlladei. Co. ... 300 Phillips Pete ... 8,100 Pierce Arrow . . 200 Pierce Oil 600 Pitts Coal 100 Pitts ft West Va 600 Pressed Stl Car 20 22 54 46 43 34 7 82 25 70 200 171 170 170 400 21 21 21 200 143 142 143 100 60 60 60 35 84 63 15 30 17 46 43 35 7 32 25 70 35 !34 -37 28 33 35 37 56 28 12 33 17 66 21 69 21 58 35 54 35 231 17 2 32 34 : n 66 71 21 21 58 74 234 67 .. 100 41 41 41 ..10,000 109 108 108 .. 1,000 122 122 122 .. 200 67 67 67 .. 200 27 27 27 do pfd 100 67 7"A 67 Vanadium Steel. 1,100 44 43 43 Vlvaudou 12 Wabash 100 11 11 11 do A pfd 100 31 31 31 do B pfd 18 Wells Fargo .... 400 97 96 Western Pac... do pfd -. Western Union.. 600 114 Westhse Air B Westhse E & M. 1,400 63 Western Md ... 200 14 White Eawle Oil 100 31 White Motors... 500 50 White Oil 3 00 6 Willys Overld... 800 6 do Dfd 40 Wilson Pkg 800 42 42 41 Wisconsin Cen 29 Woolworth 100 193 193 193 Worth Pump 38 W ft L E 400 12 12 12 Liberty Bond Quotations. Liberty bond and victory note quota tions furnished by the Overbeck ft Cooke company of Portland: Closing Open. High. Low. Bid. Liberty. 3 s... 101.00 101.00 100.92 100.92 , 8.S0 99.00 99. U 99.02 99.18 19 59 113, 113 63 34 31 49 34 81 49 6 6 do 1st 4s. do 2d 4s do 1st do 2d 4s. do 3d 4s.. do 4th 4s. Vlct'y 4s, C. 99.00 99.30 99.08 99.30 1.28 98.90 99.14 98.96 99.18 99.20 98.86 99.14 98.96 99.24 99.24 100.10 100.16 100.10 100.16 do 4s, 1923.100.26 100.28 100.26 100.28 Money, Silver, Etc. NEW YORK, Oct 2L Foreign bar sil ver, 66 c. Mexican dollars, 51o. LONDON, Oct. 21. Bar silver, 34 d per ounce. Money, 1 per cent. Dis count rates, short bills, 2 per cent; three-months1 bills, 22 7-16 per cent. Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by North western National bank of Portland. The amount quoted is the equivalent of the foreign unit in United States funds: Austria, kronen , $0.000016 Belgium, francs 0GS900 Bulgaria, leva .- 006900 Czecho-Slovakla, kronen 032800 Denmark, kroner 201000 England, pound sterling 4.4KOO00 Finland, flnmark .'. 024100 France, francs 073300 Germany, marks 000275 Greece, drachmas 021400 Holland, guilders 392200 Hungary, kronen 000500 Italy, lire 042200 Jugo-Slavia, kronen 004900 Norway, kroner .177800 Portugal, escudos .051500 Roumanla, lei ' 006500 Serbia, dinara .f 020100 Spain, pesetas-, .154000 Sweden, kroner 267500 Switzerland, francs 183000 fChlna Hongkong, local currency .555500 Shanghai, taels 760000 Japan, yen ,. .487500 NEW YORK, Oct. 21. Foreign Ex change Easy: Great Britain, demand $4.46; cables, $4.46; 60-day bills on banks. $4.44: France, demand 7.34, cables 7.35 Italy, demand, 4.17, ca bles 4.17; Belgium, demand 6.81, ca- If there is an advantage in your customer closing his Accounts Receivable into Notes or Acceptances and then turning them into cash at his Bank, as is advocated in credit channels, should he be deprived of the advantage of that cash in the event that he does not desire or cannot succeed in closing his Accounts into Acceptances ? An Acceptance was an Open Account and the Open Account was merchandise sold on credit instead of for cash. What possible difference eould there be to anyone inter ested, whether the merchandise had been first sold for cash, or whether the Account representing the merchandise or the Accept ance representing the Account, was sold for cash? All are alike except as to form and all reDresent merchandise on the ledger instead of in stock. Probably one essential difference is that selling merchandise to customers for cash and selling Acceptances for cash are better understood and accepted as proper busi ness ethics, whereas selling the Accounts is newer, more modern and has been less reasoned out. If you can afford to have your customers discount, you can afford to sell their ac counts to us at the same cost and the dif ference is that we will buy the Accounts when your Customers won't discount them. iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiimiiiiiiiiiiiiiiiiimi S Commercial Credit Company E Cash Capital and Surplus $7,250,000 jjjj BALTIMORE SAN FRANCISCO 5 Represented at Portland, Or., 1204 Gasco Bldg. 5 " Affiliated with ". COMMERCIAL ACCEPTANCE COMMERCIAL CRKDIT COMPANY E TRUST Incorporated. Cash Capital and Surplus $1,500,000 Cash Capital and Nunlm $800,000 CHICAGO. NEW ORLEANS. -t flllllllllllllllllllllllllllllllUIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIf? bles &82; Germany, demand .02, cables 1 f .02 5-16: Holland, demand 39.13, cables 39.18; Norway, demand 15.7;; Sweden, demand 26.70; Denmark, demand 20.08; Switzerland, demand 18.27; Spain, de mand 35.36; Greece, demand 2.05; Poland, demand .01; Czecho-Slovakia, de mand 8.26; Argentine, demand 36.25; Brazil, demand 11.25; Montreal 100. Great Britain demand decline to $4.45, cable to $4.46, 60-day bills on banks to $4.43 In .the later dealings. Copper Tone Kasier. NEW YORK, Oct. 21. Copper has con tinued quiet with the tone a little easier, although no material pressure of offer ings has been reported. Quotations today ranged from 18c to 14c for electrolytic delivered at New York. Iron was steady and unchanged. Sugar Market. NEW YORK, Oct. 21. Raw sugar cen trifugal, 5.53c; refined granulated, 6.80 6.0c. SAN FRANCISCO, Oct. 21. California- Hawnilnn raw sugar. ." 43. 900 237 232 200 68 67 1,800 113 110 112 300 15 15 35 1.20O 3a 31 1,800 122 121 ,UO UOi 96 1,700 89 SS 300 ,100 500 ent state of undevelopment. the first I B. D. E. F, G, H. K. M. N. S6: WG. consideration is the particular types of!?ti.20; WW $6.90. 81 122 96 8S 83 3S 89 2 24 24 10 1 43 50 94 94 48 4 96 37 41 49 12 6 59 88 89 2.900 133 131 132 38 09 2 24 25 10 1 84 51 94 94 48 4 97 38 41 49 13 , 6 59 38 38 99 2 24 24 10 1 84 48 93 93 48 4 96 37 41 48 12 6 50 88 Pullman Pure Oil 1.S0O 30 SO Ray Cons 400 14 34 Reading 12,600 84 82 Remington Replogle Steel .. 300 32 32 Republic I ft S.. 1.S00 56 55 do pfd - . . Rep Motors .... 200 2 2 Royal Dutch Oil 1.000 57 57 Ry Steel Spg Saxon Motors .. 400 4 3 Sears Roebuck . 300 88 88 Shattuck & Ariz 100 8 8 Shell T & T ' Sinclair .......... 3.300 34 33 30 34 83 86 32 56 86 2 57 118 8 88 8 87 33 Raise Capital Quickly "QUICK FINANCING" Shows How . Get Your Free Copy Read all about how to raise capital In any amount by the ucceMnl CUNNINGHAM PLAN. Our thirty-two pacre FREE book l filled with -valuable Information, ahowina: ways and meana of ecurins the capital yon seek, whether for industrial, oil, mining or realty enter prises. Secure our FREE PLANS showlnar how to finance any business by ibis easily operated method that many admit successful. Seeure from us positive proof showing how one company sold FIVE MILLION DOLLARS' WORTH OF STOCK Another, ONE MILLION SHARES Another, FIVE HUNDRED THOUSAND SHARES. Write for positive evidence from satisfied customers all over the United States and learn of this successful plan that you can easily operate quickly for any legitimate enterprise needing large capital. W'e refer to seven banks and dozens of satisfied customers. Get Our Proof and References ; Depend upon this Proven Method to help you If your offer la HONEST and LEGITIMATE. It la foolish to waste time trying old worn-out ways of financing your proposition use the plan that OTHERS have PRO VEX SUC CESSFUL. Hustle your request to us and we will hurry the book to you Don't make the mistake of missing It It may pay you big to know its contents and this quick, easy, legitimate money-raising method. lVTnnov always available for the financing of meritorious lHUIlCV business enterprises if you reach the RIGHT people in the RIGHT WAV. Getting It business unto Itself and requires the services OUR Plan efficiently and economically. BENNETT FINANCING SALES SERVICE 451 San Fernando Building, Los Angeles, Cal. Bond Issues WHERE LARGE SUMS ARE REQUIRED, WE ARE PRE PARED JO CONSIDER PR0 POSALS 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 Members Chicago Board of Trade Board of Trade Uldg., t Portland. Pendleton, Walla Walla, Or. Wash. Direct Private Wires to LOGAN & BRYAN IVew York nnd Chicago. MEMBERS New York Stock Exchange. Chicago Stock Eidin;e. Boh ton Stock Exchange, Chicago Board of Trade. New York Cotton Exchange. New Orleans Cotton Exchange. New York Produce Exchange. Winnipeg Grain Exchange. 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 DEMAREE STANDARD FORMS, issue shares and begin doinj? business at once. Inaist upon DEMAR-EB FORMS, the original, nationally-accepted forms, approved and u.ed by well known attorneys. Send for lanre. free pamphlet (D42) containing muc-h in formation that you will need. C. 8. DEMAREE, Legal Blank Printer. 70S walnut. Kansas City, Mo.