-4
THE ; OREGON DAILY ; JOURNAL, PORTLAND. OKEUUN
1G
TUESDAY, OCTOiHIi IS. ll'iL.
WALL STREET JOURNAL STOCK llEVIEW. NOW PIUNTKU UA1LY
RAILROAD SHARES
: IHLIGHT RECOVERY
WALL STREET QUOTATIONS
ramihd by Ovcrtck Cook a Co Board of Trad Bufldia. ;
New York, Oct. ll TJ. P.) Th
fiews on the railroad labor situation was
somewhat better thU . afternoon and
stocks on the New Tork stock exchange
responded, -"j'..- 7X- 1 .
' American Sugar common made new
record low below 49. while the preferred
stock! rot within a point of its record
- fiw price, which was made nearly 30
V years ago. ; .. .
Rails recovered anywhere from a point
to nearly 3 points from the low price of
Monday. .About the only exception to
the general trend were the sugar stocks
and Pullman.
" Rails and steels which led the decline
Monday showed ai- better tone at the
doee, in response ; to more reassuring
statements on the railroad labor outlook,
tfcalwatfor tie day ; totalled 4.600
iftarea, ' ' "':''?"'
I There was short cohering in raila dur-
; lg the third hour on the stock exchange
tbday. : . : t'r-A-' k
- f Against the better tone here, further
selling came into sugars and American
pugar ; common got below 49 and the
Preferred below 70..
j American Sugar preferred continued
to loan at a premium of 1-13 per cent
j Tobacco stocks were inclined to work
higher towards 1 o'clock, under the lead
ership!' of Retail Stores. At 5f , this
' fctock was up over 3 points from Mon
bay's low. - There has been some specu
lative selling of-Retail Stores on the
" bossibllity of a reduction in the 16.00 div
idend as a result of the decrease in
ales of the United Cigar stores.
It was understood that there was buy
ing ot Retail Stores on the decline by in-
. ferests familiar, with the company's out
look. , i
New Tork, Oct IS (U. pi) The New
York stock market had a fairly strong
Appearance around 2 p. ra. today when
fextean Petroleum ran up above 94
tend even American Sugar common ral-
tied over a point. The preferred at 47
Swaa within a point of its record low.
Steel common heid well all day. It is
po. doubt partlydue to Buying of stock
for employes and gains in shareholders
juf record. f
I Call money, Rafter renewing at 5 per
bent, was plentifully supplied this after
Vtoon at 4 per cent. . ;;p
'Wan Street Jonrnal DiPy Fioanclsl Rerlew)
i New York, Oct. is. (U. r.) ine mar
,et was rather lifeless during the first
w minutes. Opening prices in the main
ere little changed from Monday's last.
exican Petroleum in which a strong
ar crowd is onerating. was up at
$Stt but then sold below 83. Pan-American,
was unchanged at 42.
t Ratla were still heavy .despite expres
sions of optimism on the strike, outlook
n the morning-papers.-.The losses, how
ever, did not average more than quar
ter of a point on the first sales. i-'
c Steel Common was unchanged at 774
Early sales of Asphalt were made be
low 61. Studebaker was fractionally
tower. - '
I On the announcement from Cleveland
Oiat the railway brotherhood chiefs had
teen summoned to a conference with
the railroad labor board in Chicago on
Thursday, ericas stiffened on the New
fork Stock Exchange today.
5 The calling of this conference means
Vat the war council scheduled to be
field" in Cleveland tomorrow has been
Indefinitely postponed. .
E Steel common rallied above 78 and
domestic oils picked up a point or more.
Mexican Petroleum, however, continued
heavy.
1 Sugar stocks -were an exception to the
general trend and American Sugar com
fcnon made a new low recoird at 60Vi-
American Sugar has delayed its f inane
tag plan, but the street still expects
rmethlng will be done along these lines
ter on.
American Sugar's . losses in the last
. year or so are estimated in one well-in
formed quarter as high as 330,000,000.
Discounted Bills of
Reserve Bank Show
Gain of $23,600,000
5 "The ''weekly bank statement of the
federal reserve board as of October 11
Indicates an aggregate increase of 323,- I
400.000 in the reserve banks of dis-1
counted and purchased bills and of f 28.
600.000 In' deposit liabilities as against
reductions of $6,000,000 each in cash re
serves and in federal reserve note cir
culation. As a consequence .the reserve
ratio shows a -decline: for - that-week
From 39.0 to '68.8 per cent
Government deposits are shown
S 4,700,000 smaller than the week before.
Reserve deposits show an Increase for
he week of 333.000,000, while other de
posits, composed largely, of non-members
clearing accounts ;: and ... cashiers'
hecks, show an Increase of about
(300,000. :, ,v
.For the first time during the "present
rear the weekly statement indicates a
slight decrease in gold reserves of the
system.' The total loss In cash reserves
is made up of a loss of $3,700,000 in
;old and of $2,300,000 In silver,, and
egals.
Chile Loan Nearly
- Absorbed; Foreign
Issues Attractive
guns -- '
Aitaws Kxpraa. ...... .
Advance Kass. ........ . ,
ACT. C3em.. ......... . .
A Jel Bubber. ,....,.. .
Alaska Gold.....
Slassa Jimh ........
Allied Cam . ; . .......
AJHe-Cbalmen . . t, . . .'.
do ptd.-...,.i
As. Bert Sam. . .......
An. Boaeh ...........
An. 43mm Co. j.
do pfd.
1 High. Vam. BWL
IT
Am. Cti St Tiy. . , . . i
. dy ptd. .
Am. CoC Oil. .......
Am, Drac 8 rod
Ass. Hid litsthw.
do p(t. ......... .
Am. Ice ...........
Am. . IiitL Corp
Am. Linseed .......
do pfd.......
Am. Loco...........
do pfd. . . ... ......
Am. Sfs Rsior
Am. Ship A Com re. . .
Am. Smclur .......
do pfd.. ..........
Am. Steel Fdy......
Am. 8ucw ...,.;....
do pfd. ..........
Am Snnutra .......
Am. Tel. it Tel. .. . . .
Am. Tobacco ........
Am. Tobacco "B" ....
n. Wool
do pfd
Am. w. P. pfd.
Am. Sine . . .
ABAconds
Amd. OU ..........
Atchison
do pfd.
AtUntie Cout Line ,. . .
AtL. Golf W. L . . .
Baldwin Loco.
do pfd.'
BsMo A Ohio
do pfd.
Beth Steel "B"
Brooklyn K&pid Tr. . .
Batte C. Z. ..... ..
BntU A Sup.
Barns Bros.
.'ddo Oil
CsL Peckins
CL Pet.
do pfd. ...........
Canadian Pac.
Ceo. Leather
Ctrro dt- Pafeo
Chandler Motor
Cliicaco A N-W
Chicago Gt, W. ...
do pfd
Chili Cop.
Chino '
C. M. St. P
do pfd.
Coco Cols .........
c. o.
Colo F. I. .......
Colo. Gaa Elec , . . ,
Columbia tirtph. . . .
Con. Gat
Cont'l 'n
Corn Product .....
do pfd. . .
CoKlen Oil ,
R. I. A P
do "A" pfd. . . . . ,
do 'B" pfd.
Crucible
do pfd. .......
Cuba Can ,
do pfd.
Cuban Amn. Sugar .
Del. 'A Hudson .....
Dome Mines
I. to H. U.
do pfd -
Endieott Jobnson . .
Erie
do lit pfd
do 2d pfd
Fimoui Players ....
r. U. A S
do ' pfd.
Fink Tire
Oaaton Wmft.
General Cican ....
General Electric . . .
General. Motor ....
General. Alden
General Aphait ....
Goodncn
Goodrear .
Granby
Great Nor. Or ....
do Pfd.
Greene Carcaea . . . .
Gulf S. Bteel
Hank Barker
Hsurton Oil ......
Hupp Motor ......
Illinois Central
Inspiration
TV
70
44
SSH
a
2t...
12fc
60
31
30
11
aa
24 W
ii
125
8
SO
.1.,.
414
23
l
tes
124 H
73
88 H
85 '
82
se
BS "4
85 W
50
63
7
11
04
40 H
111
27
'42
68
7
15
11
24
22
86
35
62
24
60
3
88
44
78
"si
31
77
65
69
6
16
11
is"
83
12
17
58
124
8
28
48
7
84
107
123
is"
88
84
80
8S
85
50
vi
7
11
64
39
109
26
40
66
6
15
11
24
22
33
84
51
24 J
60
8
88
43
77
30
30
76
64
68
!-".
15
11
i7
63
11
17
58
.23
52
29
70
69
64
11
.) 8S
50
29
68
68
61
11
33 (i
4
11
81
19
-
-
48
88
73
24
83
26
88
125- v
108 -
18
4
,
41
69
81
23
47
88
104
4
6
86
71
28
48
67
85
108
124
123
78
6
28
9
88
2
84
80
82
26
85
87
85
50
62
7
4
14
103
11
64
39
78
111
27
28
41
66
6
15
11
24
22
86
34
52
24
60
8.
88
43
77
106
31
81
77
63
67
8
6
15
11
6
17
1
63
11
17
12
58
6
6
10
68
124 .
9
37
51
30
10
18
28
9
22
36
50
64
11
94
83
Sale f STOCKS ' fHleli.1 Um. j m.
of ? -
....
B"
Int. Asr. Corp. com
da pfd.
Interboro .... . . . . , , . .
do pfd.. ...........
Intents GsUebsa
1st. .Hamster ...
Int. litre. Maria . , . .
do pfd. ..........
Int. Nickel .........
InU Paper ........
Inviaeibl Oil .......
Hand Oil ..........
Jewel Tes ..........
k. C. Southern ......
Krily-Bprmtfleld . . . .
Kennecott - ...... . . .
Keystone Tire
Lack. Steel
Le Tin . .
Lebish Valley
lorilUrd . . . .
Laaw ; Theatres
L. N.
Hariand Oil .
Mex. Pet. . . .
kliami ......
MiddJ States Oil
Midrale Steel
M. K. T.
do ptd.
Mont. Ward
Mo. Pac.
do ofd. .
M, St. P. 8. 8. M . .
North American
Nat. Enamel . .
Nat, Lead ....
New Harea ... .
Nort West. -
Nor. Pac.1
Noa Sco. Bteel
N. y. Air Brake
N. T. Cent ...
Okla. Prod. ref.
Pacific le
Pac. Gaa A Elee. .
Petnta Allecre . . .
Pacific Oil ......
Pan Amn. Pet.
Pan Amn. Pat.
Penna.
People'! Gaa
Pere MSniuette .......
Philadelphia Co. ......
Pun Oil
Pierce Arrow .........
Piere Oil ............
Pitta. Coal
Pitfcv West Va.
Preseed Steel Car
Pullman .
Bay Cons.
Keadinc . ...........
Beplode Steel ........
Republic L A S . v . . . . .
do pfd, ...........
Ren. Motors
Koyal Dutch Oil
Ry. Steel Sprinc. . .. . . .
Saxoo Motors
Sean Roebuck ........
Shatturk, Aria. .......
Shell T. A T
Sinclair
Standard Oil Cal
Sloss Sbef
Sou. Pacific
Sbu. By. -
do pfd. ...........
St. L. dt 8, F
Stromberec Cart)
Studebakrr ,
Swift A Co.
Tenn. Cop. A Chem...
Tesaa OU i
Texaa Pac.-
Tex. Pacific C. O
Tob. Product!
Tran. Contt Oil ,
Vnion Oil Del
Union Pac .
United Alloy
United Drug
I'nfted Food Prod
United Fruit
Viri. Ret. Stores ....
V. S. Ind. Alco
U. S Rub. .
do lt pfd, ......
V. S. Smelt.
U. S. Steel
do pfd
Utah Copper
VU Chem
Vcnid. Steel
Virandou
Wabash
do A pfd.
We. Pac.
Wftit Union .......
Wevtinghous E. A M.
WtHt. Md i
White Moton
WiUyt-OTerlaad
do pfd. ..........
Wilson Pack
Wia. Cent.
Wooiworth
Worth. Pump. ......
W. A L. E.
fV
....
78
46
13
47
11
3
28
89
21
10
30
27
53
146
18
5
22
13
23
1
3 ,..
18
40
i6"
89
13
7i
70
21
25
40
48
89
34
i
18
29
18
7
28
92
12
68
47
42
82
2
8
83 "
20
78
75
"43
13
46
10
-2
28
88
20
10
89
26
58
145
13
76
19
42
21
29
72
39
21
24
63
9
20
118
13
62
44
48
89
78
110
61
27
SO
8
20
18
44
8
88
6
92
22
12
23
1
2
i7
89
89'
89
12
70
70
2
25
38
42
89
84
17
28
12
6
87
12
67
46
41
81
2
67
32
20
77
7
36
1
;
8
75
iee
-. -45
13
46
11
2
10 -23
89
21
10
89
27
52
146
IS
102
22
95
HUH
. GREATER DEMAND
24
75
18
42
21
29
70
88
21
24
62
8
19
117
67
12
49
43
47
88
'77
110
60
27
29
6
7
19
17
43
8
35
5
23
18
23
1
: 2
52
18
40
52
40
88
7
IS
94
71
23
52
79
2
10
69
25
40
43
39
34
49
18
29
2-
IS
6
58
28
65 .
87
12
68
20
46
80
8
42
81
2
67
6
32
20
78
35 ,
76
19
43
21
29
71
95
7
88
22
24
2
8
20
117
34
57
12
107
52
48
48
88
31
78
110
51
29 I
30
8
7
19
18
81
43
8
86
5
26
32 -23
116
39
8
vv . CLOTHING
Kew York. Oct 18. Jobbing demand
far overalls, shirts and other work gar
ments has been good in this market and
manufacturers dealing with Jobbers are
sold well ahead. '
- STEEL l--r-.-Toungstown,
Ohio. Oct. 13. Forty-two
of the 66 open, hearth mills of the Ma
honing valley are producing this week.
Two of: the three Bessemer plants axe
active and eight of the 17 furnaces are
is blast.
; PRODUCE
New Tork. Oct. 18. Heavy shipments
of produce from the South are reaching
the market. Over 5300 five-peck bas
kets of Virginia, green and wax beans
have arrived by water route and sweet
potato shipments from other Southern
states have been . heavy. . New Tork
state white potatoes are selling at from
$3.50 tO $3.75 for 180 pounds. ,
Kansas City. Oct. 18. Potato ship
ments havV .decreased from the high
level of last week when a record volume
of this produce moved to market Sweet
potatoes are holding firm while the
cabbage market has strengthened and
onions are higher.
? V CANNED GOODS
.xsew xorg, uct is. Freumlnary re
ports on the pack of canned goods for
this Reason indicate that the totals will
fall far below those for 1920 in nearly
every line. The wholesale and retail
dealers are lightly stocked.
NUTS .
New Orleans. Oct 18. The largest
crop of pecans, this section has pro
duced In many years now is coming to
market The crop la estimated at about
700 cars. The demand is large as there
were no stocks carried over from last
year. Prices range from 25 to ' 60 per
cent under those of 1920.
CANDY
unicago, uct. is. as a result -of a
"candy day" promoted here by candy
dealers, sales were, run up considerably
but so were complaints as to the high
prices ror candy products.
MEATS
Seattle, Oct. 18. Meat prices in first
class retail butcher shops here . now
show round steak selling at 22 cents
a pound, lamb for stewing at 10 cents
and rib steak at 30 cents.
FRUIT
Kansas City, Oct 18. Apple ship
ments continue neavy ana prices are
firm for this and other seasonable fruits.
FISH
Los Angeles, Oct 18. The tuna pack
tnis season, based on halves, is estimat
ed at 393,000 cases, compared with over
800,000 cases in 1920.
SUGAR
New York, Oct. 18. Beet sugars are
now beginning to reach the market but
it is not believed that they will inter
rere materially with the marketing of
the Cuban cans crop.
New Orleans, Oct. 18. With the cut
ting of icane in the Louisiana fields
only about .two weeks distant planters
are hopeful of producing some fine high
grade syrups which are in demand at
this time of ithe year.
HEMP
New York, Oct 18. Buying by Japan
me primary market has improver:
manila hemp here and
Freeman to Attend
Bankers' Convention
Frank A. Freeman, president of the
FreeinajQ, Smith & Camp company, ac-
companled by Mrs. Freeman, will leave
the city Wednesday en route to the 'an
nual convention of the Investment Bank
ers of America, which will, be held in
New Orleans, October 31 and November
1 and 2. He will go to the convention
city by way of San Francisco and Los
Angeles, where" he will inspect the com
pany's branch offices.
Liberty Bond Sales
(Reported bj Owrbec & Cooke Co.)
Hish. Low. Close.
Libert j, 3 9146
Libertr, 1st 4 9270
Liberty, 3d 4s. 9280
Libertj. lat 4 9800
Liberty 2d 4a 9260
Liberty, 3d 4 a 9478
Liberty. 4th 4a 9290
Victory. 4 9940
Victory, 8t 9940
9110
9240
9240
9264
9250
9462
9272
9936
9938
9180
0260
9240
9260
9246
9462
9272
9938
9938
prices are beingr maintained. Offers on
spot are decidedly restricted. i
Charleston." W. Va, Oct 1 . Non
union coal mines In Southern West Vir
ginia are working at top speed and some
are setting production records..' Union
mines are i producing only the i highest
grades of -coaLv. . - ' j -
Cumberland. Md' Oct It The B. &
O. railroad has stored about 50.000 tons
of coal 'from the Fairmont region in
Its. shop yards here for emergency pur-
. V Foreign. Boad Market s vi
' For&vbed by Orerbsck ft . Cooke : company,
Board of Trade boudint: r
' . , , ' - Bid.'
Belsiarf net Be . , t. .'. . . i .' 65 ?
Belgian preaa. Aa . . . . . - S 1
Belsiaa 7 la a. 145 ........ 100
Beleiaa 8. 1941 .......... J
Belua 6a, 192lf . r.....,., 85 -
Beleiaa Sc. 19?3 . , . v, v 9S
BrasU 8a - 99
Krith 6 a. 1923 ....... 874,"
British 5a, 1923 i. ....... SSg'
BritMh 6a. 1927 ........... S77 Z
Britah 6a. 1929 377 :
Brinah rati - 276
; New "Tork, Oct ,18. The report that
the freight rate from Cardiff, England,
to Buenos Aires has been Increased on
coal has restored confidence here that
American coal exporters can now com
pete in the South American market "
JEWELRY
New Tork. Oct 18 The amount of
gold used in the manufacture of vari
ous articles of. art and adornment in
the United States is expected to reach
more than 40,000,000 in value this year.
ELECTRICAL EQUIPMENT
Schenectady, N. Y.. Oct 18. The Gen
eral Electric company has received an
order for electrical equlpmeat from
Japan, which is said to involve! the ex
penditure of 1200,000 for raw materials.
. OIL . . , : , . -
New Orleans. Oct 18. The advance
of 25 cents a barrel for crude oil in the
Northern Louisiana fields has stimulat
ed business in that section.
Pittsburg, Oct 18. Independents are
paying a premium, usually 15 cents.
above the quoted price of $3 fcr Penn
sylvania crude oil. The premium, pro
ducers believe, forecasts another ad
vance in the Standard's price.
SILK ' ; ;; i '
New Tork, Oct 18. Underwear and
hosiery trades are providing the larger
part of the outlet for raw silk in this
section. Manufacturers, however, are
chary of buyifig at present high prices
except to finish out present orders for
gootls.
COLLARS ,
Trop, N. Y Oct 18. Earl & Wilson
announce that a new collar, known as
"double cloth" collar, in which the
threads of two plies are woven into
single flexible fabric, will be shown
throughout the - country today. It is
claimed the new collar gives the comfort
cf a soft collar and holds its shape
without wilting or wrinkling.
Bordeaox 6a, ,1984
Canadian &, . 1S2S
. . n .t. w KU..L It,'. U
(Canadian 6a, 1931
Canadian Si, 1921 ...
Canadian 5 ,' 1927 . .
ChOaaa S. 194 1C . . . .
Deomsrk 8s, 1946
Dan. Unni. 8. 1843...
rrench 4a. 1917
French 5a. 1931 ......
French 7 a. 4941 ....
French 8. 1943
Paris 6a.
Germaa W. L. 5a ..... .
Berlin 4a ........
Hambars 4a .
Hanbnrc 4s
Leipais 4l . . . .
Leipdc 6a ...........i..
Munich. 4s .............
Munich 5s
Frankfort 4s
Italian 6a. 1918
Japanese 4a. 1931
Japanese lat 4 Ha, 1923...
Japaneae 2d 4f. 1925. ...
Norway St, 14 ........
RoMian 5a. 1921 ......
Boanaa 5, 192 ......
Russian 6i, 1919
Swiss 5l. 1929 ........
Swiaa 8a. 1940
n. K. 8a, 1921
B. K. 5a, 1922......'..
r. K. 5a. 1929
C. K. 5a. 1937
in
the ' position
of
Standard Oil Storks
Closine
Anglo -
Borne Scryaaner
Bockeye -
Cheeaeb rough
do ptd.
Continental
Crescent
Cumberland -.
Eureka,
Galena, cob
do Old pfd
do New pfd.
Illinois Pipe
Indiana Pipe
National .Transit
N. T. Traniit. . f
Northern Pipe .............
Ohio Oil
International Pete.
Penn. Max. ..... .-.
Prairie OU
Prairie Pipe
Solar Kefrir.
Southern Pipe
Sooth. Penn. Oil
S. W. Penn. Oil
S. O. Calif
S. O. Ind 7
8. O. Kansas
S. O. Kentucky
9. O. N. T
3. X. Ohio .
do pfd. . .
Swan k Finch
Vacuum
Washington'
3. O. Nebraska
Imperial Oil , . . .
Bid. Asked.
IT 17
325 350
80 82
145 150
97 100
113 118
28 29
122 . 127
82 85
f2 35
90 99
84 88
160 165
88 85
28 29
148 152
m 02
268 273
14 14
210 28
515 525
194 198
330 870
82 ' 85
188 1!3
64 68
T8 78
7 77
580 600
85 405
835 840
S90 SOS
ios no
30 35
273 280
30 85
ISO 170
84 88
sa
!
3
92
9
88
98
8
103
102
46
66
99
99
100"
5
5
e
6
H
7
SO
7H
84
84
108
14
82
14
89
108
99
88
90
88
Akea.
88
5
ne
100
8
98
99
S84 .
898 if
387 ;
88T i '
304
38-:
; 85
: 94
4
93
100
- 89
98
103
102
48
67
99V
991,
100
8
.
' 7
7
7
7
7
9
7
30
8
S4
84
10
18
84
16
80
106
100
88
90
89
FOBEf Gf EXCHANGE KATES :
.Corrected daily hy the f orelsa sxehsnse i
ptrtawat'sf the United States National bank.
Quotation beta except the pound aterhnc.
are rm th baau et 1 OO autita fsaearn tuna
Oprnina uniinal atas a bank tiwuaetMHw:
, IrraJt. . Cable Pac
Londoe " Checkm." Tramfera.1:' :,' :.:,Varne.
Lbs. sterhnf. 33.98 $ 3.93 3 4.886
Pans Franca. . 7.17 ' 7.18 19.30
Bertis Marks. 1 .65 ' .88" 28.81
. J.89 S 90 J. l.e
Forelra Exehaage Market
New Tork. Oct. 18. Foreisn exchange
opened irrcrnlar. SterUns. S3.9S : fimnoa,
80.0718; line, 80.0389; marks. 30.0064.
Fore if n exohange dosed irrerular. Demand
stertUf. 38.90; francs, .0713; lire, .0388;
mark. .0059.
For a short-time invest
ment combining a high
degree, of security with
excellent yield.
We own and recommend
for investment
Government of
Argentine
Two-Year 7
Notes
Payable in U. S. Funds
Yield 7.20 Per Cent
?-
Complete details on
request. .
Ladd & Tilton
Bank
WASHINGTON AT THIRD
At
' The Chile loan which was offered t
ioeal .Investors last Friday Is. reported
Jby local bond' dealers to be practically
absorbed. The prompt .absorption of
this security shows that investors are
looking- with a more favorable eye .on
. foreim securities. .1
Following the recent decline in yields
on state and municipal bonds, the an
enounced returns on ' the Chile bonds
were somewhat . surprising; to the in
Testlns public. . With the- call feature
of the loan the bonds will return, ac-
ordtnT to maturity, from 8.40 per cent
to 1.35 per cent
Bfoasy and xekaaM
Tork. Oct 18 L N. S ) Can none
fa the floor of hs New Tork Stock Eiehance
today re led at 8 per cent, hish 3 per cent, low
tjper cent. Tim money wet stead. Bates
ere 8 S 8 per cent- V1.,
I The aaarkes lor-prime mercantile paper aa
DairL - Sterling exchange f was veak -wrth bu-
k. . la kubJ 1.11W .ft ft ft QttU -1 .
www v.aa iur -T1 1 1
Stocks, Bonds, Cottotj. Grain; Etc.
SltV3I7 Board gf TracW Btsjtag
DIRECT PRIVATE WIRES
i .TO ALL EXCHANGES !
r Messsera Cklenc' aart' i"Trsi
Cerrct peacsats at lVeraa A Bryaa
Emergency Insurance
You never know when you may have an urgent need for
money. Bonds of the character listed below are the best
possible insurance against emergency.
They can be turned into cash on an hour's notice
Tield
aboat
5.65 Port of Portland 6s, 1926
128,500 due July. 1, '26. JU. D. 1000-500. ..UUI
5.75 Portland. Or., Imp. 6s
35000 due Sept 1. '30. Est. 23. MAS. D. 31000181JS
5.85 Deschutes Co., Or., Road 6s. 1932-34
35,000 due Aug-. 1. '32-34. MiN. D. 31.OO0tjl01.ft-181.Si
5.875 Wheeler Co., Or., Road 6s, 1939
$1000 due July 1, 39. J&J. D. 1000f 131J8
6.00
6.00
7.00
7.00
7.20
8.00
8.00
8.10
8.10
8.30
Enterprise, Or., Imp. 6s, 1931
32,500 due Jan. 1. '31. Est. '24. JJ. D. 3500O..1M
Klamath Falls, Or., Sewr 6s, 1936
128.500 due Aug. 1, 38, F&A. DO31000-J500 1M
Casper, Wyo., Imp. 6s, 1930
$500 due Mar. 5, '30. Est. 'Z4. MftS. 1. $5000. .37.75
ProT. of Ontario 6s, 1923
$1,000 due Oct 1, '23. AftO. JX $1.000 .38.13
.84.;$
Govt, of Argentine 7s, 1923
, $18,000 due Oct 1, '28. A&O. D. $1000...
Vancouver, B. C, 4y8s, 1923
$973.34 due Feb. 1, '23. F4A. 1). 1488.670.
Vancouver, B. C, 4Vis, 1923
$3,893.33 due Dec 15, '23. JAD.D. 3486,87.. . .38.17
Fisk Rubber Co. 8s, 1941
$5,600 due Sept 1, '41. M4.S. D. $1000-50o ......
Otis Steel Co. 8s, 1941
$2,500 due Aug-. 1. "41. FftA. D. $1000-$500 ...... If
Western States Gas & Elec 6s, 1927 4 S
AAA to-s e wm. TT "T f
8.55 Nevada-Caliiornia Elec Corp. 6s, 1926
, . - $8.000 'iM Apr. Xft. AcO. D. $1000l...T....t4Ut
Call and see us. Let jis 'discuss with you how we can Serve
you. if you do not have funds immediately available and
wish to take., advantage of present investment conditions -we
will gladly reserve. any of these bonds to be delivered to -
you later on. . . - J . V - ,
pur Easy Psyment Plan enables you io, buv" any "of these '
vwuw uowy muniaiy paymenis, inerecy earning muimurn
wuue savins;. . .''".a)..
. a iif '
ajr we serve yous
New Issue
$100,000
Puget Sound Telephone
Lomp
any
First Mortgage Sinking Fund Twenty-Year
6 Gold Bonds
Dated February l, 1916
Due February 1, 1936
Principal and semi-annual interest, February i and August -1, payable at Union
National Bank, Seattle. Coupon bonds, registerable as to principal, in denomina
tions of $1000, 5 oo and $100.
Redeemable at loS and interest, at the option of the Company, in whole or in
part, on any interest date prior to maturity.
UNION NATIONAL BANK, SEATTLE, TRUSTEE
The Puget Sound Telephone Company, a Wash
ington corporation, was organized in 1915 to
purchase and consolidate the properties of the
Puget Sound Independent Telephone Company 'and
the competing properties of the Pacific Telephone
& Telegraph Company. The Company controls
; and does practically ; the entire . local , and long
distance telephone business in Snohomish, Skagit
and Island Counties, and in parts of King and
Whatcom ; Counties, Washington; operating, as a
"connecting company Of the Pacific Telephone &
Telegraph Company, and the Bell System. (As of
December 3t, l 920. over one-third of , the Bell
System stations were owned by such "connecting
companies.") :
SECURITY The bonds constitute a direct -first
mortgage lien upon all of the Company's property,
subject only to a mortgage of under 200,000,'
maturing in 1927, secured upon about one-third
of the property. ' "
The actual value of the Puget Sound Tetephone
Company's plant the only value that can be used
for rate, making is largely, in excess of its book
value. The appraised value of the Company's plant
as of September" i, 1919,' was 2,230,593; addi
tions to plant from September 1, 1919, to July
31. 1921, were 252,817, making total value as of
July 31, 1921, 2,483,410, or practically 24
times the amount of first mortgage bonds outstand
ing. At July 31, 1921, the telephone plants in use
wet e valued on the books of the Company at
1,892,216. Adequate charges against earnings
have been made for depreciation and absolescence.
NET EARNINGS (after maintenance, taxes and
rentals) Jfor the past five an one-half years have
averaged in excess of 3 5 times interest require
ments on the first mortgage bonds.
A sinking fund equal , to 3 of the principal
amount of First Mortgage Bonds outstanding
operates annually to purchase bonds in the open
market tip to 105 and interest or redeem by lot
at that price. .
The Trust Deed securing these bonds was drawn by Messrs. Pillsbury, Madison &
Sutro, San Francisco; all legal matters incident to the issuance of the bonds have
been passed upon by Messrs. Peters & Powell, Seattle.
-" , . - - - ' ' ' ' .
PRICE 83 to YIELD 8
Bmn, W
UNiTi3)srArES (KJVERimEitr MDmra
Nw York
' YEON BUILDING, PORTLAND
Seattk , San Francisco
Los Angeles ,
The above statements are derived from official sources, or those, which we regard as reliable . We
- - '-' - i ; do not guarantee, but beJieye Hhem to be correct. -
Diaebmaa. . . 4.40
CoMahitm '
KsDoer.... ' 13.53"
Chrntiasis
KJooer.i... ia.l'
18,-OS
Sir
BQngkooc
Cumrx-j . . .
Japan Tea. .
Shanghai
run
S8.T0
47.65
81.40
'4.43
13.30
13.Z
23.1
S8.35
47.80
ai.Tft
13.30
SS.TS
2.T
Caaadiaa dollar discount 9 per cent, i
PACIFIC COAST HAKK STATE3IE5T
rsrsan tssnU
1921 1920
,T4.84 .. $ 9.830.6T
1.4S1.2S3 2.4W2.B18
6,070.884 . .T8.068
1.041iS3 1,480.844
deariaes, lloa..;
Wassnraa. atoa..
Oearinsa, Taea. .
Balances,
. Tsooena Banks
rirariacs Monday ............ 3 . 314 034-
Balances Monday . - 33,328
asakana Banks
Clea-inta Monday ............ 3 1.7S2.0S6
Balances Monday ............ . 658.724
Bssttkt Banks
Clearings Monday . .' :.. 3 3,031.316
Balances Monday ............. l.vai ,081
aaii pesAsisov bsswiks
Clearings Monde r 25. 400,000
Oaklana Banks '
Clearino Monday . .......... 3 2.058.000
Laa Aiiaeiea Banka .
Clearinsa Monday ............ 916.65U79
NEW INCORPORATIONS
Salem, Or.. Oct. 18. OrcanUsd (or to por
of developUis to nanaral teaonrcea of Jaea
.county aWd Soofchens Oresea. tbe ft out hem
Orecon Eaplocatioa company ol Medfent, capi
talised at SS0.OOO. filed articles of incorpo ration
with the stats corporation department hers Mon
day. TUe ineor?oratnn ara t,1 Xiedersneyet, H. '
U. Soel -and 4. r. Mandy. - ; ,
Other eorporatloas filina srtide wr: - ;
Pacific Pencil Manafaemrina eompany, Port
land; ailtno: Janes A. Bartnu. tVaslM K. Mojna
incstar, Hon V. Maeiuaaatar, -.- " , '
l-Boptjua Bneeott ExeJiants, Roeebr: 6100r
Foster Burner. K. A, Hereber, lm & fiadabsoch. "
Artyw 5rlM ewatloo. P-lsnd! 38O0 J 5 '
00: J. indie, WUUaa C Mcvlara -and ill - J
V. Andr. j .-'.,;.y ,4-!t. a 4 :. w.'-v ,
The Amerltan Bond sad Matfjrafo tweanaaR : .
Portland; 100,00: U A. CrtmeU. . M. Kan- , .
sass and A.- . O'Brica.
Barks A Coachlia, Ine., Portland: 338,000;. v
3oeenh Barka. Jocm M. Oeeirnlia sad 4bera. .' - :
Hiil Cnxt company. OorraUia. SJO.OOO; I ,
P. Wisoos? VF. K. Kyler and U O. McCoy. v .
O. K. Jenara Katats company. Portland; 920.-
600; E. K.McKeen, G. M.WomU and C V. v"'
Kettleheic. Wilfred Iaaatment eoaapany,' Portland ; 910,
OOt; 8nn U jUOetgr, Utni C PickeU sad
E. C. Srieksna.' , I :- - - v ?j
Ths Portland KneraTint company, Portland:
95000: Jos Handrail. B. W. Hatood sad Clydi
Si. BBUS.-.J-,- - ;. 1 gfi
The Oretna Cblles of KJectro-TberapetlUoi.
Portland; 9300; Robert A. rur, A., Huea
Berettrnm and JkKBnr Berg.
Besolotlana of dtnolatioa ha been fOet
by the Portland Bride and BuUdins company '
and tbe Sew Uraod Asaaaemeat cmnpany. both
of Portland. - - .. , , , .
SHOKT TESX BKCVSITIE8 .
(Furnished by Clark, Kendall A Co.. IncV
. . . Prr. '
An. Tel. A TeL'ss, et, 1022....... 99W,
Asa. Tel. tVL B- FK 1924 . . . . ... '
Am. Tat. Tel. 6a, Aostwt. 1933..,. 103
Armour Con. li, July, 1930 .,..100"
Anaconda Cop. 6s. Jannsry. 1929 . . . . . 6
Anaeonda Oojn 7a. January. ' 1 929 . . . . 9tV
Belgian Got. 6s. January. 1925...... 95
Beth. Steel Ta. Jul H" m
Beth. Steel 7a. Jury, 1023..,,...... 38
Canadian 5s, Apnl. 1926 ........... 94
Canadian 6s, October. 1931. ... ...... 93
(Jon. Kzn. Assoc Ha, tth. 1S23...... 101
Cop. Kxp, A woe. 8a, Keb. J924
Con. Exp, Assoc. 8s February. 1933..
Cudahy Packinc Ta, July. 1928
Jap. 1-4 Kit. 4 Ha, b 1925..
Jap. 2d 4 Hs. July, 1323...,
lOtH
BUndard Oil of H. Y. 7a, Jan. 1923.
nt.iwt.tii rwi J H tm j.. its
Standard Oil of N. T". Ta. Jan. 1931 . . ,
Hwlft Co. Ta. Oct. 192S ...........
C. B. Bubbes 7s, December,' 1923
U. 8. Rubber THt, Aoc 1330.
lar"T-rTr-tmsBapea
102"
. 9H
4 ,
83$
97H
10TH
JOT t
99
.. 101
FIFTH AND STAJlKSTRtXTS - PORTLAND OREGON
First Choose Your Bond House ;
and Then the Bond i,
We have been saying this for years, .and at the same time, endear- "r
oring to prove ourselves worthy of, the trust placed in us by our
clients. ,- . - . .
' -. "" " "
How successful we have been in msintaining our high standard iw
is proved by results. We have just checked over our complete
records and verified the fact- that daring tfce many yar which thia
firm has servad tha investing public, no client has suffered loss on
bonds recommended by us, through non-payment of either interest ofw
principal. -, - ...
This is a record in which we feel justifiable pride. This was not
the result of chance, but was accomplished by painstaking care in the;; ,",
selection of every bond issue. To make this record, required that--many
a bond issue offering large immediate profit to us and alluring
return to the investor had to be turned down. . , AM
Our ambition is to extend this service to an ever-widening circle
of clients, giving them the maximum yield possible with ftT. and A
n addition, whatever other investment elements may be suitable to
the individual requirements of each Investor. -
WE KNOW. THAT YOUR PERMANENT PROFIT. IS THE VERY "
' FOUNDATION OF OUH SUCCESS , ., f
' J " - -rr
-'j-
Every Investor
knows that Bonds are
advancing in price
We have only lirnited amounts of these high"
yield bonds and advise immediate reservations.
Income Tax Exempt 7&L
Municipals, Yields to J i0
X Vancouver. Wash., 6s ........ .
Bend. Or., 6s
Idaho Falls Imps. 6s
e.e e e
see
Due.
....1928
.........1931
...... .1930;
Yield.
5.95
6.25
7
Canadians
Yield to
Province of Alberta 4j4s...
Province of British Columbia 6s. . .
Province of Ontario 6s.
Province of Saskatchewan 6
Due.
1924
......... t923
...1923
.....1924
Yield.
7.25,
7.2S
7.00"
.7.25
LUlVIBERjyEEINS
Broadway and Oak
f '
a
4 i
DOES A MUNICIPAL BOND
Which cannot be called for 20 years ?
Which is a general obligation bond?
. Which is exempt from federal income tax?
Which'is certified' by the state of Oregon - ?
' - as a legal investment for savings banks
trust funds and public funds?
Which maintains your present income for
. ' a long term by r; t :
YIELDING 7 -
, ,;. APPEAL TO YOU?
If o, pkoa oy writ for detailed .formation
G. E. MILLER & COMPANY
"I NORTHWESTERN BANK BLDC '
SecotU , , ' . - - " J " MAIN
t
V
- snw nm