THE 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
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