IJt.
10
THE OREGON DAILY JOURNAL, P0HTI1ID,
UUAY, AUGUST 25,
DKVEl.OPMKNTS IN EUROPEAN i MONEY ; CENTERS HOLDS ATTENTION OE STOCK MARKET
PANIC RULED ON
BERLIN BOPRSE
i7"
k'C.
' tsia&gl 3 Then
: - . , . r --i null
1
Br Stuart . West
Will street. New Tcrk City, Aos. 25. In
terest in the final markets (tufted today from
the domestic Ubor sitaation to deTetopmeRts
f '-. w 72 in the European saooey
L 'V? center. Home security
s 'nh. J$Si 1 marketa bare aettled
-A, V attitude toward both
jr'il shopmen's and the en-
fyf ' ' 'i tftracile miners sxrtze.
that aroaoda for
settlements had not been
reached, but bo ade
quate reason waa found
in tfaia failure of ne
gotiations for the
throwing orer of se
curity holders. The
primary test today waa
whether the same im
perturbability woo Id be
shown in the face of
the latest evidences of
(irm nys financial
breakdown and the seri-
' ntu unification which it baa for French
v.. finances.
The panic continued on the Berlin bourse
and the market fell to JO sea rest Thursday's
' low of -05 H. Later there was a partial re
! covery bnt more strikine eren than the col
lapse in the Oman rates was the extreme
weakness in French exchange and the re-
acuon which this l ad upon French pubhe
and private bonds. Breaking well under 7.60
"' the franc was Quoted at the lowest since De
" ,-r eember, 1921. It wa in tha first week of
that month that Uie recoTery set in which
carried the Tslue of the franc from 6.89 to
"-the high of 9.37 in .the middle of April. The
- " decline of 2 c dnfiw the last four months is
a measure of the deterioration in- French cre
" dit since the failure of the persistent efforts
to "settle the German reparations problem.
. French Market Sensitive
: Market fnr French securities was more sensi
tive than on any day for a long time due to
i . the weakness in the exchanges. French gov
ernment Ss and this fell over a point, the
latter reaching the lowest that they have sold
in the last three mouths or more. There
- was heavy selling also in the department of
V fceine and Pari, Lyons A. Mediterranean
bonds, listed in New York.
If there was an uneasiness on account of
the European situation, however, it did not
show in the slightest in Uie day's stock and
bond markets. lealings in stocks went along
k. with about tire same characteristics as on other
days. There were few points of weakness,
while there were numerous advances among
fcperial f tocks. The industrial list waa fa-
: Tjored orer the rails, although the latter were
well sustained and in tome instances moved
forward.
Steel Common Makes New Ml eh
In the industrial section the principal buy-
Inff centered npon shares of the railway equip-
.ment issues, two or three of the American
oils, the steels, the leather stocks and some
of the motor and motor accessories. United
States steel common made a new high for she
year, a sufficient indication that the wage
'Increase is expected to be offset by the ad
vances whi-h have begun in steel products.
Marfet Settle. Down
- . : In the last hour the geuenl marktt lost
j me of its earlier buoyancy. Such leaders s
'i IV 6?. Sttel Baldwin Locoiiiotire. Studebaker
v";. and Mexican Petroleum sold J own sharply.
4 So did tireat Northern, preferred. Northern
-A Iacific, Missouri Pacifia preferred and others
of tbe rails which had been strong in the
;'. forenoon.
! With tlie market startinj downwarl there
t was more talk about the demoraliration in
tierman snd French exchanges and the weak-nes-
in French government bonds. - .But us
a -matter of fact these had been quite as
5 much a feature in the early hours of bu."i
: s fces when stocks were strong as they were
:jt atthe c'ose. The market chose to ignore
v.-",:t the foreign exchange movement when it was
.". engaged in ita operations for higher prices
in the foreneon and paid attention to the break
in exchange , rates lute in the day, because
- it then was ' looking for seme rretexl for a
.jv decline.
wr The decline, although quite rapid in parts
of the , list, was no more than the reaction
;;;' which was tt be expected regardless cf the
s" out-.ide news in a market whose main tendency
had been upward for ovtr a week.
i;- -Copper stocks were strong for a time in the
- afternoon, following the quarterly report of the
.: : Porphry copper concern. -;icse showed a series
-of email deficits, but the important pvint was
the jnup in productioa from month to- month.
, FOHEICrN EXChANfiE HATES
Corrected daily by the foreign exchange de-
partrnent of the United States National bank.
Quotations below (except the pound ster
i ling) are on the basis of 100 units, foreign
eutrency.
it- . Upeoing nominal rates on bank transactions:
IjondoB . , .
Paris . . i .
Belgium . , .
Berlin ....
Genoa ...
Athens ...
Copenhagen
Christiania .
Ktockholm .
Mongkong
Japan . . . ,
enianghai
.$
Tiraft.
4.4 7
7. 4
7 31 Vi
.05 i
4 SO 4
3.2S
21.55
17. IS
26.77
57.00
47.80
77.50
Canadian dollar discount 1 and 2
Cable.
t 4.47
7.63
7.32
.05 i
4.36
3.30
21.60
17.18
26.82
58.15
47.05
77.80
per cent.
Overbeck & Cook Co.
BROKERS
Members Chicaae Board of Trade.
- Boars), ef Trade BMf ., Portland.
IHndleton. Ore.. Walla Walla, Wash.'
" STOCKS, BONDS,
' GRAIN AND COTTON
-.. DIRECT PRITATE WIRES
-Logan & Bryan
l 3rEMr. YORJC ASD CHICAGO
NEW YORK BOND TRANSACTIONS
-j.,,.. ,; y- TSaported by The Journal's Well Breet Boreaa ; '. ??7--" ' c ''
Sales. I In tlOOO
147-Ub 3 Ha ...
1 do &Hs reg
4 do 2d Is
46 do 1st 4 Ha
1 do 1st 4 Vis
C21 do 2d 4V4s
61 do 2d 4 Vi s
HI do 2d 4 14 s
160 do 3rd 4 V.
222 do 3d 4 1s
986 do 4th 4 K
4j do 4th 4 Vis
25;Victory 4s..
30; do 4s reg.
285t do 4?is...
34 do 4 V reg.
reg
reg.
s. .
reg.
E. .
reg
High. ! Low. I Close.
10070jl0062
10050110050
lOfflOjlOOlO
10076
10040j
ioosoi
100301
10010
10038
10030:
10080
10050
10070
10058
10030
10016;
10060
10040
10014
10080
10008
10030
10020
10062
10050
10064
10052
10026
10011
10068
10030
10010
10076
10040
10028
10030
10010
10038
10024
10078
10050
10070
10052
10030
10014
FORKIGX BONDS
14iArgentine 7s.. . . .1104 Va 1021102
13 Belgium 7 Hs. . 4104 104 104 Vi
63, do 8s 103 103 103 Vi
7i do 6s 100 100 100
4 Chinese Ry 5s.. 54 54 V4 54 Vi
3Bergen 8s 109 H 109 Vi 109 Vi
13 Berne 8s ......1134118 113
22 Bordeaux 6s . . . ST 80 80
26Copenhagen 5 Vis. 93 Vi 92 93 Vi
IChristiania. 8s...jl09 109 100
16 Lyons-6s, 81 Vi 81. 81
22 Marseilles 6s 81 80 81
lO Monte video 7s '52 93' 93 93
7;Porto Alegre 8s. .83 83 83
6Prague7s 100 99 99
7iRio de Janeiro 8s 100 89 99
13Soissons 6s .... 80 79 79
SjSao Paulo 8s 100 100 100
7Zurich 8a 115 114 114
76!Lept Seine 7s tanp
I etfs 87 87 87
25 Dm Con 5 notes 102 102 102
2l do 5s '26 100 100 100
851 do 5s '52.... 99 99 99
12 D E Ind ret 6s '47 95 95 95
121 do rets 6s '62. 95 94 95
198 French gov 8s... 101 100 100
465 do 7s 97 97 97
41 Imp Jap 1st 4s 94 94 94
60 do 2d 4s... 94 94 94
104 do sterl In 4s. 80 79 80
35 Denmark 8s 111 110 111
26 do ctfs 6s.... 99 98 99
56Neth rets 6s.... 98 97 98
65 Norwsy 8s 112 111 111
10 Sweden 6s 104 104 14
20 Bolivia 8s 98 97 97
18 Chile 8s '26 102 102 102
9 do 8s '41 104 103 103
9 do 8s ctfs .... 104 104 104
1 Cuba 5s 04 . . . . 93 93 93
2 Czech-Slov 8s ctfs 94 94 94
3 Uruguay 8s .... 106 106 106
9 Q sland 6 etfs . . 103 102 103 .
10 Swiss 8s ....... 120 120 120
5 It Gr de Sul 8s. . 99 99 99
17 Sao Paulo 8s . . . 100 100 100
tiOICKOB&I 5s '22 109 108 109
15 do 5S '29.. 109 109 109
201 do 5s 37.-105 104 104
38 Braail 8s 101 101 101
5 do 7s 87 87 87
25 Mexican 5s 58 57 57
29 do 4s 45 44 44
NEW YORK CITY BONDS
2!N Y City 4s'63 108 108 108
10 do 4s 108 108 108
15 do 4s '67 107 107 107
10 do 4s 108 108 108
4 do 4s '56 .... 100 10O 100
1 do 3 s reg '56 100 10O TOO
MISCELLANEOUS & INDUSTRIAL. BONDS
3Ajax Rub 8s.... ) 98
6,AmAgr Chm7s104
lAm Cot Oil 5a. . 91
lLtAm Smelt 1st 5s 95
18iAm Sug&Ref 6s103
8 AmTT cvt os.. Ill
181 do col tr 5s. .1100
24! do col 4s 93
l.Am W Works 5 si 82
2IAm Wr Pap 6. .( 86
23 A JurgenLnMarg
I crt 6s 81
5 (Armour r es 4 Vis 91
3iAU Fruit cvt 7s 39
51AU Ref 6s. ..1103
39) do deb 5s i 99
7IB1I Tel of Pa 7a109
iBamsdal 8s B.
liBeth SU PM 5s.
S5 do 6s . .
5iBraden Cop 6s. .
4 B E 7s D
103
P3 Vi
101
99
1108
98
104
91
94
103
113
994
93
82
86
81
91
S8
103
89
108
103
OS
98
104
91
94
103
114
99
93
82
86
81
91.
39
103
99
108
103
S V4
100 1100
99 I 99
107108 -
3,500,000
Holly Sugar Corporation
a)
First Mortgage Fifteen-Year 7 Sink
ing Fund Gold Bonds
Dated July 1, 1922
iDu. July 1, 1937
Holly Sugar Corporation is one of the largest beet
sugar companies of the United States, with a present
annual output of approximately 1,000,000 bags of
refined sugar. "
These bonds are secured by a first mortgage on all
- the physical properties of the Holly Sugar Corpora
tion now owned or hereafter Acquired, and. constitute
its only funded debt. No mortgage can be placed on
the properties of these subsidiaries while any part of
this issue is outstanding.
After giving effect, to present financing, as of June
30-1922. the Corporation showed total tangible
j. . assets in excess of t2,ooo,000. As of the same date
curren assets amounted to 3, 321,663.18 against
' current liabilities of but $283,138.59, or a ratio of
more than it to 1. -
Price 100 and Accrued Interest :
. Yielding 7
Bond s Goodwin STucker
rmyMKtc
ISCOIMSAIfS
VNITC0 tTXTES WATtOMAL sMMC MnOtNC
. . PORTLAND .
1
10
.IVow Turk. Avar. IiT W.knr Sales
Is French . rreriBit autd extern aU
loan -srert) the most !mportat ..Infl
deatt la the bomd martet today. Tor
one tins Frcark searltts dealt la
tk ITew.Terk xekaaarfj had wlth
stoMt (airly eU the deresalnsj infla
eare of tb decline la fraaes. A kar
drea arala today la- Freaeh cxehaar,
accompanied by a h ff Grm
snarka. made ttseif felt la the French
revabUc and 8s, which lost more
thaa a point and la tbe department of
Setae 7s and the Solssons s were at
their bottom prices. Other French m
nlrlpals also went lower. . , -
' The weakness in foreign externals
rather drew attenttoa away from the
domestic Hst. Rail war head were
teady bat Biach lees active. Meet
of the high grade mortgages were lit
tle chaayed.
In the IndBStrlal section there wai
a recorery la the International Mer
cantile Marine followlnr their re
cent decline on reports ef what effect
passenger rate eats la the Atlantic
traffic wonld have apon the secnritles
of thle company. General Electric is
were higher. American Telephone
Telegraph were lower. Influenced
by the annoaneement of the $HS.6t
400 common stocks. United States
government bonds were slightly lower.
The largest new offering todaya
new $3,000,909 Chicago joint stock
land bank 6 per cent farm loan- bonl
issue, was qalckly taken.
New York. Aue 25. Followine is an official
list of all bonds traded in on tha New ,Iork
Stock Exchance today with pricea and sales
up to and inemdms the close of the mar
ket. Total aalea today were $12,704,000,
aeainst $12,180,000 yesterday. $11,419,000 a
week ago, $8,494,000 s year ago and $9,438.
000 two years aco.
From January 1 to date $2,832,89,000
aeain. $1,995,020,000 a year ago. and
478.362.000 two years; ago.
i UBERTSf BONUS
(In 'St OOP) '- Kiah- Low. 1 dVn .
Can Om El s
iCea Inst Taj fis
Cent Lcath (en Ssj
lriOerre Ia Pa cvt Ss
1 iChihs Cctvevt Is.
25 do cal tr a...
4 On Xss Ss ....
47f do at E Saj
2 F a I i
SiCal Gas aV Kl 6a
J de 5s ata. . .
BjCom Cables 4a. . .
ItCocap-Tab Bee Ss.
'Ccm Coal Md Sa.
SjC C S cvt deb 7s.
;Csm TAT 5a. .
5Ue C 6 5s. . . . .
8; lien Oast 5s '48
' 2fDet Ed rfi a.:.
2SC X B 7 Ha.
liOet d rfc 5a. .
ISiDet Biv Tun 4 tts
1 IM Sec cvt fis.
26 Cop de N'hs 7H
24 Ono L, ft P
2S do 6 . .108V, 1 07
134 ;Krap tir ct 7 sl
22 Fiak Hub Co 8s. .
28lFram InD db T H si
etimseo bus 7i.
SOiGen El deb Ss. .
. 14tGoodnch 1st H
ie Udir-TK 8s 41
26 do 8 'II.....
1 IGranby Min 8a. .
6Hol Am L 6s rets1
Hum OAR dbStts
10 H
10O. ,
8
128 '
U0 s
5H
too
il02
91
414
64
199 H
88
104
lOOH
97
9014
45
10814
104 h
1
1
10
1
6
1
4
10
2
21
S
1
18
39
11
4
25
23
5
1
11
2
111
1
S
20
1
20
4
1
5
1
4
170
4
28
O
8
9
15
1
5
10
5
6
4
2
7
7
1
70
1 Ind Steel 5a.
4 lint AgT 5s. . . . ,
2 Iut Pap 5s B. .
l.-.ilnt Mr M SF 6s
20!Inrine Oil 8s...
1 'Kelly Spc T 8s. .
Kiuney Co ewe
Lack 8teel 5s . . .
Lac Gaa ref 6s . .
Man 8u deb 7 14 s
ctfs.
Mar Oil 8a war.
Mex Pete 8s. . . .
Mich State Tel 5a.
Mid Steel cvt 5a.
Morris & Co 4 Vis
.Vat Tube irs
'ew Kng T A T
1st 5s A. . .
Y E Co rf 6 14 si
X uas m trfM
A P Co pee- 4s
Y Tel deb s. .
do .gen 4 14 a .
do ref as. . . .
Nor Am.id 6s. .
Nor O fr a U i
Nor States Pow 6s
N Sta Pow 1st Ssj
N W BeU Tel 7s
O P Nig Falls fts
Pac Gas A El- 5sf
Pac Pow I-t 5s;
Pac T A T 5s. .
do 5s . ret . .
Packard Alot 8a.
P-AmBet&Tran .7 J
Pierce Oil 8s
Pnh Ser N J 9s.
PlSu cvt deb7 M si
i roQ es net ss. .
Rem- 1st 6s A. .
Bep I & Stl 5s.
Brown Iron 7s. .
Saks & Co 7s . .
Sin Or Oil 5Hs
do en 7H .
da 7s rets . .
S Por Rlc 8u 7s
S Bel TAT 5.
StanOilCal deb 7sl
StliTub Co Am 7s
Tenn Cop 6s ... .
T"weter Oil 9s.
Tob Prod 7s ... .
Toledo Trac 6s. .
L'n BsAPao 6s ctf
5,Un Tank Car 7s.
2Cn Drug 8s
l'n Fuel Gas Ss.
CS Hoffmn Mh 8s
I S Kl A Imp 5s
U S Rub 714s. .
L"n Elec 5s .... .
do 5s .
3;U S Smelt Ref A
Min Mrs
N S Steel s i 5s
Utah PowALt 5s
Va-Caro Cbm 5a
do 6s
do 7s rets A.
do 7 14 s
11
4
6
3
27
7
24
SI
1
9
3
7
(i
50
6
1
do cvt7 14 'A wr
Warner Sg Ref 7s
Western Elec 4s.
W V col 5s
do real -est 4 lis
do e Vi a . .
Westhse El 7 s
Wickwire Srm.Stl7si
WUson 1st 6s
do 714s ..
do cvt Bs
10314
10O :
9S
1S
io
94
9914
9914
102
96
814
7514
9V4
91
93 H
94 44
10014
8814
104
lOO
97
80
45
107
104 14
97Vi
il
10114
10714
10314
115
1004
901
89
100 H
94
81
8314
92
9614
109H
97
93 .
95
99
122
106
99
90
88
100
99
111
89
107
95
106T4
93
80
102
94
108
98
93
92
98
94
107
101
US
87
lOtt
102
94
94
95
101
104
100
103
99
106
101
99
103
106
98
98
103
112
98
10
98
108
93
90
93
104
9S
100
100
99
105
08
102
91 4
99
93
114
108
101
101
106'
96
48iWinchest Arms 7sil02T4
97
10
101
107
102
114
10O
99
88
10O
94
80
89
92
95
108
97
93
95
99
122
106.
99
90
88
100
99
111
89
107
92
106
93
93
102
93
107
98
93
92
98
93
107
101
97
87
109
102
94
94
95
100
99
104
99
103
99
106
101
99
103
108
98
90
103
112
98
101
97
108
93
90
93
103
93
100
100
98
103
07
102
91
89
93
113
108
101
101
fr06
96
102
ioa.
100
98
127
106
95
e la
lOO
103
98
6
7 -
91
93
94
10
88
104
100
7
90
45
1106 14
1104
1107
97
107
94
01
OT .
102
115
100
90
88
100
94
81
89
92
96 li
198
97
93
93
99
122
106
99
90
58
0
99
111
89
107
nr. u
106
93
95
103
B4
107
98
93
92
98
B4
107
101
97
87
109
102
94
94
95
100
99
104
100
103
90
106
101
99
103
106
98
99
103
112
98
101
97
108
93
90
93
103
93
100
100
99
103
97
102
91
99
93
114
108
101
101
104
103
Bales. la IOww Hign 1 Low do
. -
450;
' 381
do 4s B ...
do & A ..
do adj - 5a .
lOjXo Pac rfg Sa..
7
' 1
' 8
16
1
n
8
107
. 2
8
1
5
51
30
11
7l do 5e
48 do 6a .. .
451 do gen 4s ..
10 Moot Trm ret Sal
lOJNew Or terns -4a.
iM w x es at in os
do a A... ...
X Y V eon 4a.
tto deb da.
do col Ts. . . . .
N Y C A H R rfg)
ac imp 4 s.
do gen. S s
do 4s
do 5a .....
N Y CAStL, db 4si
N Y N Hell db 6s!
do deb Ss. .
3 NYXHAH db3Jai
IS N Y Hya ret 4a
to rt 4s tr co eti
do ads e
do act! tr co ctf
N Y State Kys!
con 4 s
Y Soa A Weatl
g m 5s . . .
371NY M'eaABos4al
7Norfk A S gen Ssj
ivi an con as)
22 " do cvt 6a. . . .
S2Nor I'ae aB. . .
30) do pr la 4s. .
20 do 4a ref
9i do gan 3s. . . .
9 1 do rafAlmp 5a
lViUreatcal 1st os.
I
. 4
-J
IS
57"
57
70
92
117
109'
90
87
64
99
100
3, Or S Li 1st eon SsjlOS
10IO-WRAX 4s
lPacRRofMo 2d Ss)
173PLiiedKK 6s ctfsl
4 Pa R K 7s.
12 do 5s
21 do gold 6a. .
9 do ( in 4 a. .
7 do 3a
. 11 P A E inc 4a. .
33 Pere Maro. rfg 3s.
3 Philippine Uy 4s.
OlPhil Co ref 6s.
13
36
7
2
7
67
43
1
17
54
18
4
14
1
9
PCCAStL. 5s A.
Reading gen 4s.
do reg
RioUAW col tr 4
K I A A L 4a
StLLMAS gen Ss
do ref 4s
SLA Srprln4s i
do &a B . . .
do gan 6s (
do adj 6s . .
do' inc 6a ...
do en 5s 1
St L Sw 1st 4s.
do con 4s . .
do 2d 4s .
do Term 5s .
SjS P A K V IAsf 85
15
60
75
190
9
l
69
41
8
1
II
S
76
1
16
16
9
7
3
5
60
35
3
lSIMAMAMdlt4s
do 4 s
3;Scloto V A NE Ss
I S A A A P lst4s
SAL. slid sta 4sl
do rfg 4s. ... .
do adj 5s . .
, do con 6s . .
Sou Pac cvt 4s.
do rfg 4s
do col tr 4s.
Sou Ry gen 4s.
do com 5s . .
da .6 s . . .
db lien div s
Sparta 4s
Tex A Pac 1st 5s
Third A adj 5s.
Tri V. Ry& L.t 5s
To St L'A W 4s
la Pac 1st 4s
do cvt 4s. . ,
do ref 4s.
Uni R R Inv Co,
of 8 F 5s.
Va Ry 5s. . .
Va A S w con 5s
Wabasa 1st 5s.
do 2d 5s." . .
Weathertord 5s .
Wash Term 3 a
West Ml 4s . . .
West Pac 5s. . .
West Snore 4s. .
Wheel A Lake
Erie eon 4s
W is Cent Supj
lrui 4s
71
To.-
65
57
T
93
10 '
69
BO
79
73
ItM)
108
105
90
80
91
99
89
84
61
SO
41
88
11
10
84
98
75
110
103
110
94
92
38
100
52
101
101
86
84
71
84
99
90
74
88
100
84
78
95
80
80
72
84
92
99
91
80
61
47
31
71
93
92
89
71
99
103
97
01
98
67
100
75
95 ,
93
00
89
85
99
91
90
69
68
87
84
76
84
71
-.ea
T
T
92
102
-
"79
75
lO0
107
105
90
80
91
98
89
84
51
49
39
88
11
10
69
57
57
70
92
116
109
90
87
64
99
100
103
84
98
75
110
103
110
94
92
88
100
52
lOO
86
84
70
84
99
90
74
88
100
84
78
95
80
79
72
83
84
92
99
91
80
61
46
31
70
93
92
89
69
99
103
97
91
98
100
74
94
95
90
89
99
83
99
!1
90
68
68
87
84
76
100
1100
10
45
3400
10
84
STANDARD OILs ISSUES-
87
63
I. 7
1 97
93
ies
90
79
75 k
1100
f 8H
107
103
90
80
91
98
89
84
51
50
41
38
11
10 I
72
57
57
70
k2
mi
109
00.
87
64
99
100
105
84
98
75
110
103
110
94
2
38
100
52
101
lei
71
84
99
90
74
88
100
84
78
5
80
80
72
84
83
92
99
91
80
61
47
31
71
93
92
89
71
99
103
97
91
98
66
100
75
94
95
90 .
89
99
85
99
91
90
69
68
87
84
76
84
WALL STREET STOCK QUOTATIONS
, Reported br Owback : Cooke Company. Board of TradaBldg. ' J 5
: Sew Tork, Aag. ISV Tradlag .waa
smaller on tha enrb exchange today
ui price variations for the avert part
were comparatively anlmprtant. Stan,
dard OU steaks did rather better thaa
the average . ef the market elsewhere.
, Cities Service bankers' shares slipped
off a fractloa bat tha preferred stack
was better supported. Among the la
depeadeab ots, the featare was Atcon
OU, which was actively sold with a
deellae of a boat a point. Arkansas
Kararal Gas was again la demand at
rising price. .' , .
Among" the department store stacks
Glmbel cnmmnn aad Macy common
were both active and slightly higher.
Applicatloa will b made to 31st the
Gimbcl stocks on the Hew Tork stock
exchange. The company's bnsiness Is
stated to be musing well ahead of
1921, with aa Indicated aggregate yalne
ef sales for the fall year at 1S3 of up
wards of 9J;tW.
The new Bethlehem Steel Issaes
moved la apposite directions, the pre
ferred gaining a little while the com
mon lost a little. Radio stocks were
less active, bnt succeeded la holding
recent galas. Glen Alden Coal was a
weak feature and Acme and Southern
Coal and Iron were fractionally lower.
The Motor stocks were inclined to sell
off, with Statx breaking a point and
Willys Corporation first preferred two
points. .
Goldfield -development made another
new high and Henrietta Stiver, quoted
around cents a share, was selling at
almost double its recent level. Stewart
Warner Ss were the feature of the bond
section. They gained two points.
Yacuum Oil had a sharp drop to 4S
Anelo Am Oil .
Atlantic Lobos .
imb P It. ... .
Ill P L.
Int Pet-Co Ltd.
N Y Transit. . .
RAILROAD BONDS
63 At T A San Fe I
Cal Ariz 4a. 94 94 94
25 do gen 4s..... 93 93 93
2 do cvt 4s 85 83 85
10 do adj 4s 86 86 86
1 do 4 reg. . . . 83 83 83
2 Ttl A Ch AL 5s B 100 100 10O
23 AU A B'm'um 4s 67 67 67
5 A Q L 4s.... 90 90 90
8 do 1st con 4s. 91 91 91
18! do LAN cl tr4s 83 85 83
29 B A O 6s 101 101 101
14 do ref 5s 94 92 92
30 do cvt 4 s... 87 87 87
1 do gold 4s... 88 - 88- 88
8 do pr In 3s. 94 04 94
30 do4sPLE&WV 85 83 84 -
1 do 4s TolACin. 71 71 '71
18 do 3s S'wn. 93 93 93
37 Brdy 7th Av cn5s 78 77 78
1 B K T rf cvt 4s. . 36 56 56
1 B R T 7s tr eo cfs 84 84 84
1 Bkln L'n El 1st 5s 89 89 89
3 do 5s ata 89 89 89
8 Can Son 5s.;... 101 100 101
2 Can Nor 7a 113 118 113
42 Can Pac 4s .... . 83 82 82
23C R of B 7s 91 91 91
2 Cent of Ga Ry 6s. 100 100 100
1 do con 5a 100 100 100
5 Ccn Pac 1st ref 4s 90 90 90
56 C A 0 cvt 5s. . .. 98 98 98
5CAOcvt4s. . 98 98 98
36 Chic A Al 3 s. . 51 61 51 l
,1 U G tj ref 5s. . ..101 101 101
11C B U .3 s 111.. 85 84 85
1.2 C- A E I 5s . 83 83' 85
21 Chi G West 4s.. 62 62 62
- 1 C M A St P 4s. 80 80 80
llj.do 4s 67 67 67
56 lo cvt 4s.. 76 78 76
69 do rfg 4 sA 69 68 63
23 do cvt 5s aB. 79 .79 79
5 do 4s 8r8H 86
1 do deb 4s 68 68 63
2(C M Pug S 1st 4s 76 76 7
2iC N W gen 8 79 79 79
19Chi Rjs Co 5s.. 82 82 82
11C R I rfg 4s ... 83 84 84
2Clii lo St 4.. 93 93 93
1 do 6s 117 117 117
3;Ch A W Ind 7sl02 102 102
4 do con 4a.... 78 77 77
8'CCCAStL. db 4s 92 92 92
12;Clev I n Trm 5sl05 105 104
2 CnloASo rfg 4 s 92 92 92
2Caban R K 5a... 85 85 85
4, Dei A Hud. cvt fis 8 98 98
S do 5s ..... 102 102 102
6 do ref 4a..... 93 93 93
5 do 7s ... HO 110 110
..... Den A RG Sa ctfs 49 49 49
S do imp Ba. .... 83 83 83
180 do reg 6a.... 47 47 47
5 do con 4a .... 79 .70 79
6 do 4s I SI 81 81
10 Erie 1st coa 7s est)106 106 106
50 do gen m 4s.. 57 56. 57
7 , do prta4s.: 69 69 '69
2 do. ctt ss-A.. 54 54 54
18 ; do cvt 4a B.. 54 54 64
1 do cvt 4s D. . 58 57 58
1 do Gen Riv 6s 96 96 96
2 Fla E Coast 4 a. 90 90 90
8 Gr Trk of Can 7a. 113 113 113
ft do 6s ....... 104 104 104
87 Gt No 7s... w... 111 111 111
9'Gt Nor 5s ... 103 103 103
57fGr Bay W deb B IT 17 17
1 19 Ha v Elec Ry Lt
A P 5s...".. 85 8$ 85
: 9 Hud A M ref Ss A 87 86 8
- IS do adj he 3a . 6 416 OS
11 15 Cant 3a, 83 84 84
1 do 8a ..... 103 10$ 102
20 da rfg 4s.... 91 91 91
5 do 4s ....... 8$ 83 83
27 Inter Met,4a . . 14 14 14
85 . do ctfs 4 sta 13 .14 14
20 d4streoess 15 14 14
T2 Inter Bp Tr evt 7s 97 97 9T
. 234 do sef 5a. 73 71 72
S3 do refSsbkscffs. 72 ft 72
2" do Tr 6s. ..... hl 81 81.
10 I U X Sa Dots etfs 6S 9 69
4-lnt G Not adj Oat 55 84 54 :
: 111 doaA....... 97 97 97
1 1 Iowa, Cent ref 4s. 47 4 46
i- 12KF8A4s... 83 82 K$
6K. C3 5s. 93 9S 2
''lit do 1st $s. 72' 71 71
4;K C T 1st 4a... 854 S4 85
2iKlnj Co Ela-4s st 77 . 75 77 -
6iLaJta sh- A M S .
- I a deb 4S.. 94 94 4 .
. SiLeht YIPn. cn4s 93 - 93. O
S do 6 ...... 104 103 103
11 ImM Is ref 4s, - 63 83 83 I
' SJotnavilla A Jaff -
j Bridge 4a. ... 81 82 82
t L A J 4 s Mob .
1 A D Pr,.a.. t T T
14 Lamia A Ark S " " '
, W 5s ...... 71 T8 73
I SMktStRr eoa Ss. 89 89 89
1 do a ...... 94 94 94
I ' V atasrila Boa a.. OS S8 '
I " 43 t L-lst rfg 4ai 49 4T 49 I
' 1-MStASSM '.. 105 - 10b - 105
' '.. IkM X A I 1st 8 83( 83
, - r .
- : -V . - V -;- ' ' ' ' V ' - " - -'- -; !--
V---"-" " ""."V """i .? v-- - -;.-;:,-.,-' .-. '
10
10
1290O
1400
20
20
lOiNorthern P L,.
P O A G
Penn Mes
S O Ind .
SOK; new
SONY...
Vacuum 'Oil .
Fuel
19
10
287 ' j
168
22
168
103
60O
258
115
100
441 i
469
19
9
287 -
187
. 21
168
103
600
259
114
100
440
463
19
10
287
168
21
168
103
600
259
114
100
441
465
Certificates to Be
Redeemed for Cash
Banks and trust companies of the TwelftA
federal reserve district have been " authorized
by the secretary of the treasury, through the
federal reserve bank of San Francisco, to re
deem in cash before September 15. at "the
scolder's option, at part and accrued interest.
uonuw ccruiraui 01 inaeDteoness of tne fol
lowing aeries: TS-1922. dated September 15.
1921, maturing September 15, 1922, and
bearing iatrt at. h. rt. n.r kiz .
T8-2-1922, dated Novrrnber 1. 1021, matur
ing September 15, 1922. bearing .interest at
the rata of 4 per cent. Definite certificates
" ,cuccui.ujc upvn p resell lauon '
at any office of tbe federal reserve bank of 1
San Francisco. i
Bales. STOCK High. Low. 1 Bid.
5 OO Adams Express .. 78 77 1 77
200 Advance Rum ... 21 20 20
Aur Chem 40
300 do pfd. 70 70 70
600 Ajax Rubber 12 11 11
100 Alaska Gold ...
Alaska Juneau 1
2200 Allied Chem ... 82 81 81
2500IAilis-Chalmeri . . 59 57 58
300 do pfd 100 97 99
200 Am Beet Sugar . . 47 47 46
300 Am Bosch 41 40 39
3900 Am Can Co 61 60 60
do pfd. . 109
400 Am Car A Fdy .. 186 185, 185
100 Am Cot Oil 27 27' 27
do pfd B2
Am Drug Sjrnd " 6
100 Am Hide A Lea. . 14 14 14
COO do pfd 74 73 73
100 Am Ice Ill 111 111
2700 Am Intl Corp .. . 34 83 34
Am Linseed 34
100 do pfd 55 55 55
4500 Am Loco 121 118 119
..... do pfd 119
800 Am Safety Razor. 7 6 6
2900 Am Ship A Comj IB 15 15
3700 Am Smelter .... 65 63 64
300 do pfd 102 101 101
I 2700 Am Steel Fdy ... 42 42 41
1600 Am. Sugar 85 82 83
100 do pfd 110 110 110
I Am Sumatra 36
16200 Am Tel A Tel 121 119 121
SOOfAm Tobacco .... 11 151 151
300 do "B" 149tl48 149
; 2500 Am Wool 94 93 98
i 200 Am W P pfd... 32 32 31
200 Am Zinc 18 18 18
13000 Anaconda 56 54 55
I lOOAsfd Oil 116 116 116
j 1300 Atchison 104 103 103
100 do pfd 94 04 94
I 1100 Atl Coast Line .. . 118 117 117
t 600 Atl Gulf A W I. 30 28 29
! 10900 Baldwin -Loco ... 127 125 125
do pfd 113
4 700 Bait A Ohio... 59 58 58
. . . . do pfd 68
200 Colo Sou 49 HI 49 49
ISOOjB R T 26 25 25
14001Butte A Hup 31 30 30
..... ICaddo Oil . . 10
lOOjCal Packing .... 81 81 8
400Cel Ptt 62 61 61
do pfd 1 92
S200Canadian Pac .. 140 145 145
9O0OCn Leather ... 42 41t41
2600ICfrro de Paco. . 41 39 40
4400!Chandler Motor . 61 f 60 60
lOOOICligo A N W... 90 88 8R
600 Chicago Gt W . . 9 9 9
500 do pfd ...... . 22 21 21
880O Chile Cop 23 22 22
1800 Chino 81 30 31
4600 C M A St P. . . . 85 84 35
1300 do pfd .. 58 52 52
1800 Coca Cola ..... 72 .72072
10O0 C A O 77 76 76
I 40jColo F A I .... 33 32 82
470rtiBeth 8tel B ...t 79 7K 78
I 3800JCol Gas A Elec. . 102 10O 101
500 Columbia Graph. . 4 8 3
22400Con Gas 131 12 ISO
300 Cons Cigars .... 38 38 38
300 do pfd ...... 76 75 76
2800 Contl Can. ,81 78 80
City Svc Bankers 1 9
1300 Corn Prod 118 117 117
80O do pfd 118 118 118
1600iCosden Oil 48 47 47
1600 C R I A P 45 '44 44
800 do "A" pfd... 96 96 97
do "B" pfd 83
17200 Crucible . 96 93 95
..... lo pfdf f. 95
lOOOCubaCsne 13 13 13
114O0 do pfd : 36 35 35
I 5400jCtiban Am Sugar 25 24 25
Kales, t eSl'tH'kS:
lOO'Del at Hudson.
9 00 Dome alines ..
ioor tvw
- TftOIDavtsaa Chem .
. 1600;Kndioott Joohnaon
1 OSMljfcria . ........
S100 do pfd
SOOJEleo Btor Btjr. . .
40sVaaMme Phryasa .
'.....Fed M A Smelt. .
100 do pfd .......
...... ffien Cigars ... ..
lOO Geas Elee . ... . . .
ISOOjGaat Motor .....
4700Gn Aapbatt ... .
(Goodyaar .......
2OWOranby
2100Gt Nor Ore
5900GC- ?os pfd ....
100 Greene Can . . . ..
2800 Gulf 8t 8taei....
lOOGlea Alden .....
SOOIHosartoil' Oil
- 60O;Hnpp j Motor .....
loo'ia Cent .......
1400jInzph-aUoa .....
.....lint Ag Corp c. .
j do pfd
Ilnterboro
do pfd
400 Int Callahan
906'Int Harvester
8SOO
12300I
21001
.3400
"5260!
200
50O
(TOO
'i466
11000
Int Merc Marina,,
do pfd .......
Int Nickel... . .
Inf Paper ......
do pfd .......
Inv Oil
Island Oil
Jewell Tea
K f, Soitthero ., .
do Dfd
Kelly Springfield.
svennecott
SOOtKeystono Tire . . .
2 2 OOI Lack Steel . . . . .
900iLee Tire
1SOO Lehigh Valley ...
500 LorUlard
USD ! T1u.(
lOOO I A N. . " '
18200 Lima Loco
May Store
Maxwell fd A..
300 do pfd B...
15200Mex Pet
200! Miami . ;
7 O0 .Middle St&ta Oil .
610O Midrale Steel ..
5100 M K A T Wl
5500 do pfd Wi
100 Mont Power
Mont-Ward . . . . ,
4500 Mo Pac
5500 do pfd
9800 Mex Sea Board
2400 Marland Oil . .
1400 Nat Enamel . .
17000 Nat Lead
500 Nevada Con
6800 New Haven . . . .
UOO Norfolk A W
9200 Nor Pac
200 Nova Sco St
8300 N T Central . . .
6600 North Man
1300 Okla Prod ref. .
80OOntarlo A W. .
200 Pacific Dev . . .
1900 Pac Gas A Elec
26700Punta Arcgro. .
5000Pacific Ofl ...
8700Pan Am Pet, . .
2300r do "B" .
2500IPenna
400Peo Gaa
6 100 j Pere Marquette.
5600Pdre OU
100PhilUps Pete ...
300Pierce Arrow. . .
400Pierco Oil
1400Pitta Coal . . . . .
2000!Pitta A W Va .
-700 Pressed SU Car.
2 600 f Pullman .
1000Ray Cons
3700 Reading
3 j Remington
2000JReplogle Steel...
1800Rep I A 8
BOO j Rep Motors
7200RoyaUDutch Oil.
100Ry Steel Spg. . .
2008tand Oil Ky. . .
1100Sears Roebuck..
4008hattuck, Aria..
(Sinclair
12008tand OU Ind. . .
S O N J
2000 Sloss fihef
6200 Sou Pac
- 9400 Sou Ry
2200 Stan Oil Cal
200 St L A S F
2000 Stromberg Cart) . .
82000 Studebaker
... .. Swift. A .Co
lOOOOITenn Cop A Cfamj
50000 Texas Oil
3800 Texas Pacific . . .
600 Tex Pac CAO . . .
4100 Tob Products ...
S200 Tran Cont Ott. . .
400 ITnion Oil Del. . .
2100,rnion Pac
800 Vnited Alloy
600Cnited Drug
2 00 1 United Pood Prod
100TJmon BagAPap..
4000 I S Cast I Pipe.
5200 Cn Retail Stores.
4700fCS Ind Alcohol.
6000 U S Rnh.
200 j do
100:U S
41800
200
4000
- B00
100
14800
800
2200
8300
200
800
V 8
do
Ctah
pfd
Smelt.
Steel. .
pfd .
Corjoer
Va Chem . .
do rjfd
Vanadium Steel. .
Vivandou
Wabash
do A pfd..
. do B pfd . .
Western Pac
itigh. I law. 1 HiC
129 1214 129
37 ST- 37
133' 133 182
i- 52 62 52
88 85 85
18 - 17 174
37 2 2
47 47 7
2 80 91
..... ..... 12
53 53 53 ,
.f 78
184 184 184
13 13 18
7
55
33 52 82
42 41 41
94 93 93
33 82 52
84 82 M3
34 54 54
80 78 79
18 13 17
111 111 112
42 41 41
10
. -.-. 8
1
. 4
8 8 8
111 110 1I
15 14i 15
67 54 66 A
18 17 17
68 56 6
15 'ii 14
.
18. 18 18
26 23 25
1 58
44 43 43
37 36 37
19 18 18
80 79 80
27 26 27
68 68 68
171 168 170
18 18 18
138 137 137
62 80, J 61
?. . 125
57
18 18 19
185 181 182.
29 29 30
13 13 13
36 86 83
19 19 .19
47 46 46
72
24 23 23
24 23 23
61 60 60
20 19 19
42 41 41
59 58 38
107 103 103
17 17 17
.32 31 31
118 117 117
90 ' 88 84
38 36 35
98 98 98
88 83 86
2 2 2
27 27, 27
5 4 4
80 79 79
49 49 49
57 56 68
80 78 79
76 74 74
47 4 46
02 I 91 91.
40 38 39
33 32 33
44 43 48
12 11 11
7 "7 7
68 66 66
40- 89 39
88 83 83
1127 125 125
16 16 16
79 78 78'
37 37 87
33 S3 82
74 78 74!
8 3 3
54 53 54
1.13 113 ' 113
100 100 110
90 90 90
8 8 8
33 32 82
116 114114
182
52 50 51
94 94 94
27 26 26
110 109 109
31 80 80
66 58 55
129 127 128
..... ..... 108
.......... 10
48 48 48
83 82 83
25 25 25
57 56 66
14 14 14
19 19 19
150 149 149
89 88 88
80 80 80
7 7 7
69 69 69
86 85 36
76 74 75
07 65 65
56 55 56
104 104 104
42 42 42
105 104 104
121 121 120
68 tj!l K 67
39 89 5b 29
68 68 08
53 61
12 11 11
13 13 12
84 88 84
23 . 23 . 23
21 I 20 20
Bales.) STOCKS:
6001
1800!
S2O0I
: 00
' aoo:
llOO
: eool
ool
100
1100
100
10
do Dfd .....
Weatinghae hi A M
west aM . . . . . . .
White. Motors.. ..
Wil ire-Overland . .
Dfd
Wilson Packing..
Wise Central,...
Wort hi natn. Pnaapj
v nia on ....
Wrttt Eagle. .
High. I In, I Mid.
2
115 '
63
J4
48
88
e
50
42
!
62
117
?
38
45
30
8
r7
62
115
3
4
48
87
43
80
42
5
fl&r FARM MORTGAGE
2Q BONDS
Legal invest
ment for
Savings Banks
and Trust
Fluids in
-Oregon.
Exempt from
normal Federal m
Income Tax
not over 476.
Net income
nearly five
times interest
requirements. ,
Due Serially
Jan. 1, 1924-32.
These Bonds are doubly secured ! In addition
to the lands, livestock, all buildings.- equip
ment and other miscellaneous chattels which
come -under this mortgage, and which we have
depreciated to $230,000, there is an interest
bearing contract of sale assigned to the
trustee for the benefit of bondholders.
' i ....
The contract of sale of additional land of the
company is for $90,000 -and bears interest at
the rate of 6 per annum, a" return which is
more than sufficient to meet interest charges.
This contract becomes due in 1923 and the
proceeds remain subject to this mortgage and
may be used to retire bonds.
i '
The,Bonds of the Jordan, Valley Cattle Co. of
fer the highest type of. security, coupled with '
an unusually high yield. ' - ;
Price Par to Yield 7V2
Call, write, "wire collect" or phone Main 4195 for reservations.
G-E'MILLER
COMPANY:
Portland
Seattle
MUNICIPAL
I -lOj J I iwt corporation"
- VernM
Northwestern Bank Bldg., Portland
San Francisco
:' Los Angeles
, Telephone Main 4195.
Money. 8 . 4 V . 4 wr iwnt
' Total aalea atocia, 1.002.OOO aharea.
Total sales hooda., 3lf.447.QOO.
NEW INCORroRVTIONS
Orymoia, WaaKv'Anc. 25. Tha following
articlea of incorporation have been filed with
Secretary oc SUtaa J. Grant HinkW:
M. Ewing Tex Company lhc. of Sew Tnrfc
capUal stock. S75.000 ; it Ewing Fo. C.
Brainero" Pox and Louis T. Paz; to deal In
caaminna. -vainta, varnishes, (.tr.
YamBhita Conirany of Portland r Capital
T lr.toml. K. Cclida and
W - P. La Rocne: to carry on the mwinass of
burtng. selling ,nd chartering steamshipa and
ahioa of vi.rv kicu4 k.b.- . .
r - . . - . m uunmae, arm
to muntein a oeral and shipping agency and
ship brokerage hnaineaa.
. -V51 to on atom of Puyalrap -Csniul stock.
$5000 ; K. 8 . Sanl-and H WV To?rU ; to
milBfsW-4vtirws thnst IaK - w ui - a, . .
retail mer;his.i r7 kink n
. . iuk es -rvarenonas vomnanv of Ch.
rarf Capital stock tli&fla. iT!!z.l.,5
T. 11. Atkinson. - ' u
BA5K
Clearings,
Balances,
Clearings.
Balances,
Clearings,
Balances,
Clearings,
Balances.
Clearings
Balances
STATE MEST OP
- Parti and Bank
Uoa. .. .33.740.014
Moo
Tnea.....
Tosa, ....
Wed.
Wed. ....
Thus.
Thars. . . .
Friday....
Friday.;..
1.668.868
4.888 983
1,007.569
4.970,809
. 658.280
4.437.202
1.083.583
3.953.634
880,009
COAST
S3.272.S15
1,511.101
- 4.988.132
856.794
4.503.173
838.248
S.954.7.30
718.200
8.684.092
1,756.202
. - 8 4.627.022
. 1.090.833
. antiisi suife
Clearings Friday-.
Balances Friday
Tuooma Bank.
Friday's transactions g 2.055.fbo
aei rranclaca aUnka
CTearings Friday .. 820,800,000
, Oakland Banks I
CTearings Triday . . .- S 1.648,700
Lea Anenlas Banks '
Clearings- Friday . . . :.18.46.7S0
COnOH CROP IS :
: DETERIORATING
Atlanta, Ga., Aug. 25. Tha cotton crop la
thia section Is ah owing rap dsteriocaUoa aad
cob fid now 4s strong that higher pricea for
cotton will multt This ia aeaping. biarinsoa
npumistie in this -aerUon and whoteaalen aad
retailers are haying in volusua in anUcipation
of aa excalleat and aoaUined tall aad wiatar
trade.
It is freely asserted here that cotton vsmU
ha at least 3 cento a v-auud higher if ft were,
not for tha strike. ' Some even consider 25
cents a pound below the possible maxim vara
for the season's- crop.
Retail merchants here have enjoyed an e
celjant tcade throughout the summer and pre-.
pacity daily.
The volume of business la being reflected la
hank clearings which show steady gains from
week to week over August, 1921. Collections
are satisfactory and plenty of . money is avail
able for legitimate enterprises. Those special
ising in building loana are reaping a rich har
vest due to the heavy program of hots build
ing now In progresa.
Demand for radio outfits is increasing ma-'
tei rally after a summer alntap.
a
BOSTON COPPER STOCKS
Overbeck Cooke Co. :
Askea. Bii Ask.
8lNor Ik 25 50
Beported by
Bid.
Aria c . . 9
A U oner.. 24
Arcadia a 3 "i
bmgh M 14 U
CalscAris 61V,
Cal at H.296
New Corn 18
Centennial 9
Cop Kge. 43
Davia LHy
E Butte.. 13
Hancock 1 H
Helvetia. 7
26
lO D i'op 23 H
1-1 trk.
Keenaw.
Kerr Lk.
lke Cop
I Salle.
Hichlgaa
Mass Con
Mohawk.
May O C
Mason V
No Butte 12
ipizsing 6
103 H 109
2 to
3 V.
4
4t
1 lObrjawa 2 s
. Quia Mng 43
SOO JPoBd 4.rk 21
9 lisle Royal 21
10 Isotlka 46 H
H Isup Boston 1 a
THm Meh 40 Vi
13. do" pfd 26
'It St Utah 6
7 H sup Cop 4
Trin Coo 2
2 ?i I Tuolumne 70
4 rtahMetala 1H
. 4 4 Ctah Con 2 ,
1 U 8 Mng 48
8 do pfd 47 H
8 . TUh Ap 2 V
63 Ventura 29 V
4 Vi Victoria 2 S
2 Vi Winona 1 Vi
18 (Wolverine 11
0 Vi Shannon 80
26 Vk
aa
3
43
22 .
23
48H
IV.
41V
27
19
4Vi
2V4
73
IS
3
44
48
8 V.'
80
J
1
11
5
Foreign Exchaaga Market
New York. Aug. 25. (U. P.) Foreign
exchange opened irregular. Starling, 34,47 H,
up Vi: francs, .0762 Vi. off 7 Vi ; lira,
.0436. off IK: marks. .0005 H, up H.
Foreign exchange closed steady. Sterling,
34.47 V. ; francs, .0748 Vi: lire. .0429: marks.
.0004 13-16.
If '
.game .
.Business Without Paper
J '
ll if doubtful if there is another commodity as
essential to the free intercourse of all business
as paper. It is the universal medium of com
munication and recording of information.
Newspapers are the largest consumers of paper.
Newsprint is the principal product of the Washington
, Pulp & Paper Corporation, which operates a complete
paper manufactory occupying sixty, acres of land at
Port Angeles, Wash., fronting on deep watef.
The demand for this company's product continues
to exceed the supply, and the output, which is prac
tically double that of last year, has been contracted
for at satisfactory prices for the next four years. "
These favorable conditions,- coupled with good man
agement, enabled the company to show net earnings
for 1921 of more thaiv 1 1 .9 times interest on bonds
outstanding for that period. If. the interest charges
on this issue were also included the earnings would
represent five times the total interest charges.
These facta g-ive stranirth to an Investment in Washington
Pulp & Paper Corporation First Mortsragre 6 Slnktng-
Fund Gold Bonds, Series of 1941.. For conservative In
vestors this ts one of the most desirable issues whicH Va
recommend. Bonds are priced par to yield 6.50 .and
are in denominations of f 500 and flOOO. A
Call at our office or telephone f or complete
information. i Tr
Blyth. Wimrt & Co.
. FOURTH AND STARK. PORTLAND
Broadway 64 8 1
San Francisco New York Seattle
Los Angeles Chicago Portland
RANGING FROM 5V2 to 6V2
Here is a striking- variety of choice bonds, which conform to
the three fundamental factors of investment safety of principal,
certainty of return .and profitable yield. We recommend them
all very highly. - '
CAPITAL HIGHWAY WATER DISTRICT, 6 to
yield 5.50
- MTJLTJfOJfAH COTJKTT, OREGOIT
- Jatl.1! l?2JJ .''" Jrially 1934-41. Assessed .valuation .
J 4 1 Z-!: to' debt S37.60O. Population S0O. Denominations
BO0CT1000- Interest peryable semi-annually January and July.,
Thie is a general , obligation of a rapidly developing sub
urban home district, adjoining Portland on the soutliwest.
HANNA, ALBERTA, 7 to Yield 6.50 . ,
R?iAL - 1.' ' 1922 : due seriany 1922-43. Assessed valae
IJ..iWW :. total bonded debt S57.OO0, of which this 850,60a for
Fr c irAht I" self -supporting. Population 2500. Ienom-
fnatioH XhOO. Interest payable semi-annually January", and July.
L Satlway. t "ryCn. .
LEWISTOWN, MONTANA, Imp, 6 to Yield 6.00
Dated Jxdy 15, 1S2J ; optional 1922-32. Assessed value $ 1MS0.S9S :
- "f!8 va,u district S2S.150: total debt-SJ700. Population E
.5flC Denomination $200, - Interest payable annually January 1. r
'. Iwtstownla the county seat of Fergus County and one of the ' '
' .., taost important business and railroad centers in Montaaa.
PORT ANGELES, WASIL, Imp4-7 ,to iieid 65
- v Iated April SO. 1922 s estimated rnaturity'lSSO-Sl.?. Actual value "
thia district 494,50O. . Total debt S78.535.J9.' -Population' 635W i
Denomination $100. Interest payable annually' January. 1, The -
. district represented here Is in the best part of residential section .
of one of wasblngton. a most important smaller lumber. sbiPDinaT i
ad industrial cities. - . . . ' . , ,
;D1U1MHELLER, 60 i
l: "Dated May illKt ; due aerUIry 1922-42. Assessed value $871,6051- :
net aeot si,8.u; popuiauon Zooo. tienornlnatlons $500-1250.
Interest payable semi-annually May and November. This flour
ishing Canadian city la the business center of a great grain
at row uik
Railway.
rowing and stock rawing district on the Canadian N'orthern '
Telephoae-or Telegrapk Orders at Oar' Exfsse
Government and Municipal Bonds
gi'. Portlaiid.Oregon jg&jgss&S
iv;