TIIE OIZEGON -' DAILY JOURNAL, v PORTLAND, OliEGON.
'IONDAY, AUGUST 2S, 1022.
NEW YORK BOND TRANSACTIONS P
V v. Beperted by The Jonrnal's Wan Street Bureau , - -
5w Tor, A: " t8 ProBoeae
maim li Fwaea ,rTerameatt ul
Freaea tnaalelpal external loaas wi
the featare la the hoa -market today,
gelllif In this to oerrd despite
recovery la French exrhABf e aad
was the mora paszllnr taat aeeoaat.
It was the larg-est loss -wale this
class of bonds has kU la a single day
la some time. French I Vis rt wa
below for ta first time slaea the
early part of ta ysar. Freaea 8s
wer not as weak astks stin tkey
were heavily sold. Meanwhile Freaea
mnaicipal bonds all sank to new low
prices, retting- dowa foar points below
last week's final and approximately
It points from the hlg-a ef IMS. Hew
lows were alto made la Paris, Lyons
and Mediterranean as, the Frameriean
ladastrlal Development . corpora tloa
7H aod the Department of the
Seine Js. .
The rest of the bond market was a
bit ansetUed by the drop la French
seen ritles. In the mala the tendency
was one of reaction la the rails and
ladastrlal bonds. Other members of
the foreign gronp were steady. There
were Q-auaa oo,
penhaen Stts which eqaaled their top
for 1923, and the Japanese seearltles.
The Japanese second 4Vs made a new
high record. In the Liberty beads
division the fourth IV went dowa
rather sharply In the morning- bat later
rallied. The Liberty tax exempt SMiS
became strong- In the afternoon.
Although the majority of the high
grade railway mortgages held their
rroaad fairly well, there was eoasld
rrable selling In the more speculative
. Issaes.
Bales,
. llnd Steel 6s,....
2ilnt Act St ..... .
, Silnt Cesser a .. ..
6 Int Paper ft A-. .
2Int Paper 5 B..
, 46ilnt iter Klfk
lSjlnv oa 6.
2 J Inw 7s
.. ItKelly Serine I 8k
l Uck Steel ts..
, I Lie Myeva Be.-.
I llLerillard Co.Sa
I M A bd 7 Us etf..f
IS Ma Pttt it.
10; Mich Bute Tl.SJ
' 8 Moat Pow lat Ss
49iMorrts A C4sf
Hit.
101
108J106A
lOINet Tab 5s ..IIM
Sinew j&am TAT ltU
1 SsA .1
11 NT Ed Co rf u
Iff T 0b a. .
7 do ref s . . .
42'N Ana Ed St. .
'4!J State PlitW
JZtJf W Boll Tel 7s
liOtis Steel 8 .f-
14'jo 7s
New Tork, Aai. 28. Followina; U aa of
ficial lilt of ell bonds t:dl in oa the
Kew Tork stcok exehante today with prices
and . sties up to and including the close
of the market. Total- tales today were ,
772.000, scainst ft. 180,000 Saturday. $13.
915,000 a week aco, T, 812. 000 a year aco
ted S7.584.00O two years ago.
From January 1 to data 2. 947, 848,000,
isainst $2,005,338,000 a year ago and 82,
SS9.778.00O two years ago.
, LIBEBTT BONDS
f .(In $1000.)
bales
201 (Lib.
lLib.
10Lib.
85Ub.
257Lib.
21Lib.
569!Lib.
20!Ub.
7 84 Lib.
9; Lib.
99(.Yietory
ISfVictory
209jVictonr
13 (Victory
8s,
S t reg . '. . .
2d 4s
lat 4 s. . .
2d 4 -4s...
2d 4s reg.
3d 4 s
3d 44 reg.
4th 4 Ha. . .
4th 4 "4 a leg.
s
4s reg.
4s.
3s
tr.
High I Lew I Close
1009010066!100e4
lOOBOjlOOSOjlOOSQ
100181001810018
100761006410064
10028 10012(10016
10010 1000210002
100481004210042
10032(10024110028
1O072HOO5OI1OOB0
10064 10082
10070
10066
10030
10066
10056
10026
1002010016
lOfArgentine
20 do 7a
FOREIGN BONDS
5a. .
lOiBelslunv 7 Ha
43 do 8t
80 do 6s
lO'C of Bergen 8s.
43 Gof Bordeaux 6s.
16 Copenhagen ti
53rC of Lyons 6s
32ofManeiUes 6s A
24 UofMonteTtdeo 7t
34 (C Porto Alegre.Ssi
68CofPragoe 7Vs.
6; Bio deJaneiro 8a.
5 do 8a ctfs . . .
8 fOofSoiacons 6s . .
1 of Tokio 5a. . .
29jO of Zurich 8s. .
109jDept Seine 7s tem
I certfa
30Danish Mnl 8t A
14
6 1TD ofCanBHsnta
1
1
100
7,
rets 6s
"62.
lCSiDthEIndt
'4 7
do rcta 6a
French 8a .
French 7ttt
Imp Jtp 1st 4Ht
do 2d 4 Vi a
do aterl In
i Den mark 8s .
do ctfs 6s
201
314
384
25
41
37
4
27
lMN'eth rets 6s
1
1
40
85
23
19
1
1ft
14
10
17
7
' !
!
24
27
40
67
1
S
21
Dominican 6a
do
do
do
do
Vic "34.
5s '26.
5s '62.
Be '31.
do C
Norway 8s
Sweden 6s
Boliria 8s
ISiChile 8s '26.
do 8s -41
do 8s ctfs
Cube 5s . .
Csech-Slor 8a ctfs
O nisTlay 8s . . .
Q'sland 6a ctfs .
Swias -8s
Rio Gr de Sal '8sl
San Paolo 8s.
LKGBAI BHa'22
do 6 Ha '29
do S '87
Braail 8s . . . .
do Ti ...
Mex 5s
do lg 5s . .
do 4s
85
102
104
104
100
109
78
93 H
79
79
93
100
88
9
100
77
72
114
87 I
110
96
102
105
100
99
160
95
95
100
97
95
84
81
110
99
98
99
112
105
97
M2H
104
104
98
64
406
102
120
80
100
108
108
105
103
87
56
62
48
85
101
163
103
99
100
76
93
76
76
98
99
83
99
99
76
72
118 H
84
109
96
102
105
10O
99
100
94
94
99
95
04
, 99,
79
110
99
97
99
112
104
97
101
108
104
98 '
4
108
102
120
90
10O
108
108
104
100
87 -56
62
42
10O82
10066
10062
10030
10020
85
101
103
104
100
109
77
98
77
7T
93
99
83
99
99
76
72
114
85
110
95
102
105
100
99
100
5
94
100
85
5
98
80
110
99
98
99 -
112
108
7
102
103
104
98
94
106
103
120
99
10O.
108
108
104
101
87
56
52
48
NEW TORK CITT BONDS
BIN T City 4s
5 do 4a '66
'64(108 1108 1103
1103 1108 1108
MISCELLANEOUS AND INDUSTRIAL.
BONUS
llAd Exp col tr 4s.
liAisjt Rob 8a
llAm Acr Can 7a104
21Am Smelt 1st Bs.
24Am S F s
66
20
1
31
1
2
TAT crt
do eel tr 5s .
do rrt 4s ,
. do eol 4a . . .
Am W Wks 6s .
Am tVr Pap 6s
18Jur t'n M crt 6a.
18 1 Armour r e 4 a.
10AU Fruit crt 7s.
10 doref deb 6s. .
7Baldwin Loao 5a.
ISLBeU Tel Bo 7s. . .
lfBamadall 8s A. . .
2 i Bath Steel ret Sa.
de P M 5s . . .
10 do 6a ......
' 10'Braden Copper 6a,
lJBkyn Edi 6s B.
St - do gen 7s C. .
6 Bklyn Edi 7a D.
II do 5a ......
33 (Bklyn D Q Sic 7i(116
80
98
95
103)
113:
99
101
93
81
86
81
2
38
99
101
109
103
96
93
100
99
104
106
1S
loo
llBosh Term B Bs)
B 'Can Gen E 6s. .
1 Cent Diet Tel 5s
8 Cent Leather g 5a)
11 Uam d Patoo e 89
8iCU Gas as L6s. .1
2 Chile Cop .cn 7
82 do col tr s
3 CI acinus ti . Gas 6s
6ICin Gas at El B Ha
llColo Fwel I Si
ICoie Indna Bs .
Col Gas El 6s)
oo Ba sta
Coo Coal of ktd &sj
6
1
10
17
1
1
7
16
8
4!Cnb Gaae Sag 8s A
Oabsa Am 6ac8sjl06
Detroit Cy Gas Sell 00
uesroK Mt ni
Detroit IV T 4 sj
M Ts
IDoniksr.Sti Iwt 7sl
a nan t a)
Dap IA Pr
Era OAF e-r 7sJ
8'Fjak BuhT Co 8a.
- 82JFrsa I D deb T
O imn Hussar 7 a.
6
11
42
7
1
3
31
8
Goodrich 1st 6a102
Oea Ease deb 6a.
Gdyr, TAR. 8
- o as 'il
Granby, Mi
Hot Am Li
41
inea 8a.
H OAB db 6jl00
ni Steel'deb a
94
108
100
98
127
108
105
93
98
9
0
78
6
1 s
08
87
1
108
78
108
104
108
101
107
114
160
88
1
80 I
98!
104
94
108
115
99
101
2
81
86
80
1
88
99
101
108
108
96
98
100
i
104
106
108
lOO
114
4
108
100
8
126
103
106
4
98
99
90
78
96
6
91
98
106
109
6
90
108
78
108
104
T
106
91
100
10T
103
114
. 99
88
100
1
80
98
104
5
108
115
99
101
92
81
86
81
91
88
101
108
108
96
93
to
9
104
1106
108
lOO
11C
94
108
100
88
127
403
105
BS
98
99
90
78
96
86
!
93
106
100
7
80
108
78
108
104
9T
106
ai
leo
107
108
114
99
99
88
U00
91
4 Pae Gas El 8a!
2 Pae Power A L 8s!
20 Pae- T T Bs
55) - do 5a rets . .-
(Packard Mot 8s
11 Pan Am P aV T 7s
2 Peoples OA C 6s
11 Phil Co ret U
381Paa A keg Scd7ej
4 Prod A Bef Bs .
2 Rem A 1st s A.
2 Rep I A S 6s .
11 Saks A Co 7s .
44 Sin C OU 5s.
21 do crt 7 .
80 do 7s rcta .
2 ISo Porto Rico 8 7s
4 l9o Bell T A T 5a)
9TorV Ed. 1st
lljTobac. Prod. 7a
lit; men Tank Cr.
2)17. Drag 8s, . .
ljU. Fuel Gss 6s
90 U. SS. Cop. 6s ctfs)
S;U. S. Rub. 7 si
1
1
24
do 7s.
do 6s
V. 8. Sol
R.AM6a
8U. S. Steel af. Ball 02
2rvVe
1
SI
11
4
8
4
6
1
1
1
9
11
17
18
6
8
12
6
2
2
1
2
11
6
8
8
2
11
42
8
90
SO
3
97
105
108
98
lOO
96
99
17
99
99
93
9
111
106
98
107 .
98
4
108
101
95
93
92
98
94
107
101
1094
101
109
101
94
95
10O
100
108
100
102
99
107
106
a) 10
112
98
98
109
102
90
90
101
81
Low. Close.
81 "
108
80
88
a
97
ies
108.
98
100 '
8
99
106
99
99
98
100
2rtah Pow. It U M 93
64 TaCaro C 7a r.AI 99
6 do 7s .108
do crt. 7aA.I 97
20Va. Luc C.6awi 98
Warner 8. R. 7s. 1103
Elec 5s. . 100
W. V. eoL Bs. . . 10O
ao r. est. 4a 93
do 6a.. 114
West'te. Elec. 7t108
Wick Sp. bteel 7t 99
Wilson 1st 6s 102
do ert 6s 06
do 7s. .' 106
RAILROAD BONDS
92 A T A S Fe gen 4al 98
o de adj 4s 1 85
do R Mt 4s. . .1 88
A C L 4 s J 90
do Ts 107
Bj 4k O 6s 102
OO l Bs 92
o en 4i . . B7
do gold 4s .. . I 88
oo pr nen 9 si 99
do PJAM 98
do 4e TeVCin. . 71
do 3 s Swa de 93
do rec ni .
Bwy7th At con Bel 78
o h x re i crt sal BS
do 7s 83
oaua hi Tt- tri
co. etfa
Bkln-Un El 1st 5s
dtf 1st 5s st
do crt 4s
Buff Rock- A Plttal
- COR 4 t .
Cm Nor 7s. .
do deb- 6 s
. do 4s . . .
fnt , Ry Brai 7s
89
88
92
96
104
108
92
100
98
99
106
99
9
98 I
100
09 -
111
108
95
106
8
4
107
98
92
98
98
107
101
107
101
107
101
94
95
10O
99
108
100 '
102
99
107
106
104
112
98
i 93
109
102
90
90
101
92
98
ros
97
7
108
100
loo
93
114
108
99
101
95
105
8 Cent Pae s f 8a
10 do 1st eel 4s. .
46IC ft O en 5s. . .
2 do sen 4 a.
12 Chi A AM Ha
ovfu. js vi ret Sa. . .
4IO A B I Be
16jO G W- 4a
2IC I A L ist g 6s.
2 CM A StP 4s.
57 do nt 4 s . .
26 do rfg 4s A.
8 do en Be B .
101 . eo4i
9 do. deb 4t. . . .
1 01 P 8 1st 4s..
8 IO N W 7
14f do gen 8a.. .
1ICM Rys Co Bs. . .
1 1 ;c R I A P gen 4a
14IC B I ifi 4i . . .1
2:CStPf A O db Sa)
t Sta 4t
WIn4 eoe 4wi
' ","K,t" oa .
10 Cler flht I.'4U.
11 Cler t'n Trm 8a
2 1 Colo A Son 1st 4sj
e o ne hi
,4 Cub R K lat hen!
1.- r 7s. . 4
1 Del A Hod B t .
2 do Ts .......
4 D A R G ref Bs.
10 do eon 4s. . . .
? Rye 4sf
a 1 uii 1st con 7tez
28 do ge. Hen 4s
1 do pr lien 4s . .
9 do -en 4tB . . .
13 do en 4. . .
12 do Gen Hi, fla.
1 Georgia Ala Be. .
1 G Trunk Can 7s.
do 6s .
78 Gt Nor 7s.
8 do 6a ....
18 Orn Bay-W db. . .
1 Bar Kl Ry 6a. . .
381 do Lt A P 5t. .
10Hek VI latcn4s
20 DiaaMan rf OaA.
61 do adj ine Bs
2 nl Cent 3 Us .
8ICAC8tLANOBsA
8
2
26;
301
6
101
101
Dl Cent rfg 4t
00 4s
do 4s
In-M etfs 4t ttt
inter K T crt 7a. .
de ref 5t ..
I G N 6s notes eti
84
90
90
90
96 .
118
112
82
' 91
92
00
8
0
50
110
64
62
101 i
87
75
68
78
86
I 67
67
109
T9
82
83
83 x
97
98
77
101
97
105
BS
90
108
102
t9
78
84
106
B6
68
B4
58
97
88
118
106
111
108
18
91
88
88
89
66
80
99
91
86
88
14
97
T2
08
8'
85
83
90
17 I
101
92
66
87!
94
8!
71 1
68
92
T8
56
85
84
90
90
90
94
113
112
81
91
91
90
97
90
60
110
4
61!
101 1
87
74
67
78
85
67
7
109
79
82
84
84
97
93
76
101
7 44
105
93
90
106
102
ie
46
78
84
104
85
8
Sf.
83 '
118
103
111
103
1
1
85
88
86
66
SO
99
90
86
83
18
96
T0
68
9
111
105
68
106
98
4
107
101
5 -93
92
98
3
107
101
109
101
109
101
94
93
100
99
103
100
102
99
107
10
104
112
98
93
109
102
90
90
102
98
98
106
7
97
103
100
10O
98
114
108
99
102
95
103
S
85
83
90
107
101
92
86
8T
96
98
Tl
88
92
78
66
85
84
0
90
90
96 i
118
112
81
91
91
.90
07
80
50
110
84
62
101
87
74
67
78
85
67
67
109
79
82
84
88
97
92
76
101
7
109
98
90
kales 1 fin
3 1 0OO1 "1 HTgfc. 1 Low. 1 CToaav
63
1134 do edi 6s ... .1. 54
- If Ao a A ... v .1 80
1 Iowa Coat 1st Bai 8
lOilowa 'Cent ref 4s. t 44
lll'K C Ft SAM 4t! 8
4K O.So 5s ...... I 92
- S U IM W.....4 IJ
llltC Tens let 4af SB
9iLSAMS8s db 4at 84
1L V P eon 4al 93
'ISILong lsl ref 4s J 83
l b A K 7s. 108
6 do emi 4s ' .( 98
'2 do CAT 4s. .) 89
8 do 8s StL die.f 6
1 do CeH Bs . . .I 99
5 L A A A N ,W Sa 76
1 MSA Coal R R BsJIOa
llMaa Ry eon 4s. . I 66
15!Mkt St Ry coa 6a( 89
aiMiea Cent deb 4 94
34 Minn St L 1st!
i rttii .......
1 Mina A 8t . P A
S S M 5.;..:..?iOt
S do ....i l
20 do 4s
BOiKo Kaa ;Tex
- S B . . . . .
59 do Be A. i .
84 do ad 6s, A.
196 do a C. . . .
17 Mo Pae Sa . . .
12 do a ......
81 do gen B4a.
6; Mo A Ohio newoai
24 Nassau - El 4s
llNaah Chat aV BtJ
L 6s . . . .
7!New Oris term 4s1
28New Oris Tex A
- ( - Mex ine 5a
IB IN T Cent coa 4sl
491 do deb
H2 NTt'AHRgn 8 a
63
1
do Bs
NTCWASLlst
l&INYNHAHdeb
I2f
-7
4a
s
do deb 4s '56
NT N HAH deb 4 a!
NTRys. ref. 4s.
8 do adj. Bs
13NTSRya. eon.4sl
HINTSusAW. g mil
lOlNTWABos.,' 4 s.
' 25Nor. A S. g. Bs.
I 71NAWRR crt. 6s.
93 N. Pac. a B
! 171 do p. lien 4a. .
46 do ref. A,L SajlOO
lOfa S. L. 1st c. 5ajl05
f 81 .- do 1st congd.5a105
i 4 do rfg. 4s. :.. 94
j 10IO-W K A N. 4sl 84
1 Pac. Coast 1st Bjl 81
1PRR of M 1st 4s 88
227IParis Lyons Med
I R R 6s etfa . . I 74
4jPa R R Ts (110
121 do 5s 1108
24 do gold 6s .1110
1 do 6s rf '361110
2;P A E 1st 4a. . .1 83
25 do inc. 4t . . .. 87
1P M rfg Ba 1100
48
90
71
86
62
97
98
162
9
14
B
101
7
T
86
17
80
8
90
84
68
62
41
8
73
66
57
70
Hi
109
90
4 Phil Ry
16Readlns;. gen 4s..
1IRG A W ool tr 4sj
9R I A A L 4s.
12StL IM A 8 ref 4s
204 do RAG dtr 4s
24I8LASF p L4s A
4
81
18
82
1
7
2
4
2
10
4
61
99
9
8
1
34
2
18
58
7
1
87
79
1
9
B
1
16
8
9!
.7
K
7
do 5a B
do adj 6sr . . .
do ine 6a . . .
do g 6a D.
SL SW.let 4a.
do eon, 4s
do term 5a
SP 1IC I 4s
SA A AP lat 4s)
SAL gold at 4s!
do rfg 4s .
do adj 5s .
do eon 6a .
So Pae en 4a
do rfg 4s .
do SF term 4sl
So Ry gen 4s
do 00m 6a .
do a
3d Are adj 5s
T-City RyALt Bal
Tol W A O 4 s
TJn Pae 1st 4s. .
do en 4s. . . .
do ref 4s ...
Va Ry A Pow Sat
Ta Ry Bs
Vs A S W on Bsl
West Md 4s...
West Pac St . .
West Shore 4a, .
WALE eon 4s
do ref 4 Ha. .
W C Sop Pul 4sl
53
86
71
84
90
86
74
88
84
77
93
79
83
88
84
96
60
46
86
68
03
91
85
71
99
108
66
lOO
94
95
95
86
88
99
85
8
87
84
76
71J
82
63
80
80
44
lit
71
as
94
98
88
108 -
98
89
66
99
78
10
68
89K89
8
ieiH
104T
8
Tl'
.85
62
97
92
102
69
104
SS
101
:
78
86
107 .
80
98
84
56
SI
40
8
70
BS
66
70
11 '
106
89
99
16S
10S
4
84
81
88
70
HO
102
110
110
83
87
80
80
83 5s"
3
72
88
4 '
98
83
108
3
89
66
99
78
1
68
94
48
101
1041a
90
71 .
8 ;
62
7
2
102
69
14
B6
11
79
76
86
1107
8
98
90
84
B8
S3
41
8
72
BS
66
70
11
109
89
99
105
106
r4
84
81
88
72
110
102
110
110
82
87
10 10O
62
85
71 !
84
89
86
74
87
88
76
9S
79
82
83
84
94
60
45
80
68
98
81
85
71
9
103
66
100
95
94
94
86
82
99
85
68
87
62
76
71
82
900;
l70
IB
I
STANDARD OIL ISSUES
62
85
71
84
90
86
74
87
84
76
95"
79
88
83
84
96
60
45
80
68
98
91
83
71
108
66
10
95
95
95
86
82
99
85
68
87
84
76
71
82
I Anal Am Oil
Atlantic Lobos..
Buckeye P L. . .
BO Gal Sig Oil. . .
SOtllb P L.
83 Imp Oil of Can.
i tO Ind P,L. .
8600 Int Pet Co Ltd.
20 N T Transit
-OOjPrairie P L. . . .
151O0IS O Ind
S6001S O Ky new
80S O N T.
20
10
97 ,.
81
167
111
6 -31
170
259
112
12
489
19
10
97
51
167
110
-
20
1176
257
111
100
436
18
14
07
61
1-67
110
21
170
269
112
101
(436
FRAr
CAFDMAR
QUOTATIONS UP
' atuart P. West
Wall Sfereet, New Tork. Ang. 28. Today's
markets were called noon 00 the one band ta
re the effect of the emphsris hud over
Bandars derelopsents
v figur
goi . aAj'TS
apoa
the : coal atrika
a (he other ta
figure on Geraianjra
reply later in the week
rnder the final call of
the reparationa eoauais-
skw iMt a -plan 01
taxes..-
. lt was altocether as
imports nt and nnoeual
ly interesting test for
the financial situation-
Had the cue been taken
from the foreign ex
changes one would hare
said that financial sen.
timeat wss nun bope-
iul over the : German
position than it has
been. This hope was
based en the seeming-
Stuart P. kVatt It sood chance that
the majority of the reparationa commission
would rote for a moratorium theough the re
mainder of the year. ' But at against the beet
rally that either the tnark or the franc has
had in orr a week, til are was the sharpest
Dress - that has yet oouaited la French- gov
ernment securities. The 7 s of the external
dollar loan dropped nearly 2 pointta. They
sold within less than 2 points of their extreme,
low in the early pan of the' year and were
off points from their top. At the same
time the French raamcipsi bonds and the de
partment of tha Seines touched the lowest
they hare ever sold ' for since listed ' on the
New Tork stock' exchange. .
It waa hard to reconcile these direrae move
man ta except on the assumption that the mar
ket for French securities was ha Tina a belated
awakening to the dangers of tbp situation from
the French standpoint. ;
The German currency parJc-1 judg-ing by the
recoTery in he mark from last week's extreme
low of .40 to today's quotations of ,06
was for the mommt checked. Bnt the pre-
dlgioas strain "much the German financial
system is under is indicated by the latest re
ports ef the reichsbank showing an expansion
of nearly 1.0, 00,000.000 marks in note cir
culation tfie' largest of any week so far. another-
factor which the advance for the second
time in a month in the German bank rate.
This rate now stands at 7 per cent and the
intensity ol the crisis is shown in the circum
stance that the highest rates found necessary
in the war-titme was the 5 per cent fixed in
December, 1914, which wss maintained un
interruptedly up to the 28th of last July.
The stock market opened somewhat lower.
Then followed - an hour or so -of uncertainty,
during which Wall street pools had the- cour
age to bid up a dozen of industrial issues.
These experiments were unaaeceaafuL however.
in sustaining the general list, and in the
afternoon under what was evidently a sharp
drive, prices csve way all along the ana.
In some of the recent industrial 'favorites
the downward turn was rapid while the rails at
their low point in the later trading were off
from one-half to two-thirds of their advance.
Just how much this downward movement
was an exoreeasion of concern about tha over-
Sundsy developments in the strike situation,
to what extent it reflected uneasiness over the
Euronean outlook and how maeh ft was merely
a natural readjustment in a speculative market
that .had ; bad- a pretty steady and extensive
rise, were open questions. The more sensi
tive position within the market itself was ua
doubtedly a good deal of a factor.
MTJCH ACtlTITT EVIDENT IK
MARKET TOE COTTOS CLOTHS
New Tork, Aug. 26. Activity - was in e
denes in the market for cotton cloths today
any many unfilled inquiries made .their appear
ance. - Prices ' were strongly maintained and
there was a tendency among -buyers to secure
tha standard print cloth constructions for de
livery later in the - year.. These deliveries com
manded ' one eighth cent advance ever the
prevailing quotations for spots and jiearby ship
ments, i Bag makers continued to buy sheet
inga and there was some jobbing demand. Sat
eenl were strong in price and were well taken.
' - The raw silk market opened the week slow
and with -little decided change but there wss
indication that cheap lots gradually were dis
appearing from the market.
WAULSTREET rSTOCICtQOOTATIONS
; Reported by The Joumal-s Wall Street Bureau " ' '
3Tw Torn, -'Ar For
part,' prices oaitae'enrt exekaag-e 1i
lowed the movement on the his; bare
today and weat dowa materially. - tlw
acinar wras essasd by the nafareraMe
develepareats eer the week-ea A la the
heme labor alraatloa and the aaeer
taiaty reffardlns; the Earopeaa flaait
clal oaUoik. ,. , ,
, rStaadard. Oitv'.ef ladlaaa was meav
lly dealt la as It fell from Above U t
aroaad slit, - at wajea f irnre lt ' was
ft tare points from Jfrluay mornlar.
xeat ot ttt ttker members f , tb
Staadard OH sreap weaAeaed sy mpa
thetically. . Amoat; the ladepeadeat
oils, Hoathera State jeetroleam was
comparatively firm, and. s was Fat
lABff. ' ' - : V f-2 '
4 ..." - - . - -
As a part ef the general apward
moTemeat la the ffas atocha, Ameri
can Llf-ht Tractioa ' nasi aaother
sharp jamp. It sold np ta 1444 as
agalatt 143, the close at the ead of
last week. Fhllllpt-Bora, whea lstned,
both eornmoa and preferred, 6114. tf V
to a point, ' - ? v
Tlmkia Boiler Beartavs was acUvely
dealt in throaghoat the eartr trading;,
bat was stroas; jt aadcr 88. Bealli-lng-
sales eontlnaed 1 Badl com men
and Intercontinental Rubber, and Todd
Shipbuilding- alto rare way slightly.
Tobacco itsnet, Brltitk-Americaa and
Philip Morrlt, were sustained by the
aaasaal streaftk dltplayed by tobacco
stocks ea the blr board. Hayes wheel
weat dowa sharply-"i the forenoon,
bat rallied later. Motor" stocks were
all disposed t sac, '
Bales.) STOCKS:
I sxign. Low. Bid.
lOOLAdvance Rum
100 do pfd
A rr Chem
100 Ajsx Rubber . ,
Allied Chem
2000IAJlis Chalmers .
200
'eooo
200
BOO!
800
100
100
100
10
800
1900
" "ioo
; 3000
: 1400
500
3600
20O
! 8700
8100
100
11700
4400
i 860O
2700
i" ioo
; 4800
200
1700
200
' I
1000
7000
i'4000
; 4 80
2700
1O0;
Am Beet Sugar.
Am Bo'ch
Am- Can Co
do pfd
Am Car A Fdy.
do pfd
Am Ctfs Oil
do pfd ......
Am Drug Synd.
Aln H'A t i, ..
do pfd
Am Ice .......
Am Intl Corp . '
Am Linseed ...
do pfd .....
Am Loco .' ....
do pfd .....
!Am- Saf Raaor. .
Am Ship AC...
Am axnelter : .....
do pfd . . . .
Am Steel Fdy. .
Am Sugar . . . .
do pfd
Am Sumatra ..
Am T A T-v. . .
Am Aobaceo . .
do B . . .v.. .
Am Wool x. . . .
do pfd ... . . .
Am Zinc ......
Anaconda . . . ..
And Oil i
Atchison ., . . J
do pfd '. . .
Atl Coast Line. .
Atl Gulf A W !
Baldwin Loco ..
do pfd ......
Balto A Ohio ..
Beth Steel B., ,
Brooklyn. R T .'.
Butte A Sup .t
200 Caddo On
70O Cal. Packing ..
i 400jCal Pet i.... .
i. . '. . . f- - do pfd u
i 12hiranadlaTL' Pac
! 2400ICenral Leather
j 2800fCero do Pasco,
i 850O Chandler Motor
J 4800 CM A N-iW
j 10OO W
:! 2ooi - do pfd ... :
1200Chi Oop .
400iChino ...
1810OIC M St P . .'. . .
....I 20
. 58 67 56
. 41- 40 40
. 11 11 11
. 83 82 .....
. 68 67 57
. 47 46 46
.i-i-f. 89
. 80 59 59
'. il 110 109
.185 183- ,178
. ..... ..... 122
. 27 i7i 27
. 52 fi2 52
- - 6 6 8
. 14 14 14
. 74 74 78
. 111 111 ,111
. 35 34 85
. . . 84-
. 54 64 64
. 118 117 118
, 119
6 6 6
. 16 15 15
63 '62 68
. 1V 101. 101
. r41 40 40
. 88 82 88
: 109
. 88 86 87
. 123 122ll23
. 1 157 168
. A57 164 IBB
. 3 92 92
, ..... ..... 81
.1T 17 17
V 54 64 64
.116 11S 115
.103 102 102
. 98 93
t ..... ...... 118
. 30 29 80
.. 125 125 144
. ..... 118
. 87 8 S7
V 78 77. 77
. 28 24 24
. 8 80 29
. 10 11 10
. 81 r0 80
. 61 60 V 60
. ..... ..... 92
. 146 144 144
..-42 41 , 41
. 40 J19 89
V 60 "t It ) 89
'; 88 f 86 87
8 8 8
. 22 : 22 21
ff 9 '22 22
.) 8 80 80
t 84 2 38 - j
106 i
102
109
so H
78
84
106
06
68
63
68
97
14 .
111,
103
16
91 .
8
88
86
6
80
9
90
86
88
14
f 96
' TA 3V
68
BQ8TOH" COPPEB
IReoorted by Overbech A
Bid.
Aria Com 9
Adventure. B0
Ahmeek 62
ABoues 25
Arcadian 8
BincMna 14,
CalAAris 61
CalAHee 296
New Corn 18
Centenial B
Cop Rge "48
Davie Daly 7
E Butte 1
Hancock .' 24
1st Crk' 18
do pfd 94
Keewanaw 2
Kerr Lako 8
Lake Cop 4
La Sails. 1
Mohawk 62
M O Col 4
W. Valley 1
New"
Ask.
9
. 62
68
S
14
2
399
19
10
44
8
10
32
109
4
4
1
8
4
3
STOCKS
Cooke Co.)
Bid. Ask.
N. Rqtte 13 IS -Ntolseina.
fN. Laka 80 SO
O. Do.C. 25 Z
Oeeola U. 86.v 38
Obtjawa. . 3 - 8
Isle Royal zs
S. Boston. 1 1
J. S. Mc. 40 40
. TJtah.. 10
Tri. Cop.. . 2 2
Tuolumne 69 75
L-. Metals. 1 1
II. Con. i2 2
CS. ML 42 44.
U. Apex. 2 8
Ventura. 39 30
rvietorie. .. 1 2
Winona.. 1 2
Wotver. 19 11
Wyaadott 40 , 60
Money ana Kxcaaaa-e ; " i
Tork. Aug. 2A. L N.- B- OaH
atones Nan the floor of the New Tork stock
exehane ruled at 3 psr cent; lugh. 4 per
cent-. tow 8 per cent. Time money was
..,., ' nacaa ware 4 l 4 Tjsr cent. The
market for Wtano merranUle paper was quiet, I
Ceil moneys in ionoon toua
cent. BterH n f exchange waa steady with busl
aesa in banker 'a bills at 84.46 for demand.
A Demonstrated
h3L
ruing
:ea
i ST
- J
Z01 KtzUway txchttng
Member Chleatr Board at Trade
-.: STOCKS ':EDNDS .
PRITATE LJB ASKT) .WXBJK8 TO
Ee F. Hutton Co, .
MEMBERS ALL PRnrCXTAXi
- sAttui tk.a ..
Solicit laajattiee AH Zseal "
Sriue8 . r-
r In selling WESTERN STATES CAS &
, . ELECTRIC Ffat and Untied Mortgage 6'
Bonds, . pe use ike general tlalement that "these
bonds are backed by a demonstrated earning
pouter" This' statement is used in recognition
v of the long' and, successful history of this Com--
pany, ithich goes back to '1 888. ) -
-For the nine years ended December 31," 1921, the yerge net
earnings, were approximately two times tive average annual interest
chArges on the total interest-bearing debt of the Company.
The years 1920-1921 were years of severe industrial depression,,:'
more severe than the average person Tealixes. Yet during those 7
' years the net income of this. Company- showed a substantial
' increase. ' Here is a Company I of proved earning- power and
demonstrated ability. Here is a Company that offers sound basis
for the safe investment of your funds. Here is a Company, the
well-secured First and Unified Mortgage , 6 Bonds of which
we recommend to the. favorable consideration of ny investor
who requires safety and better than 6 return.-,
,' i . - " : - ;
We trill be pleased, to furnish yoa viih, further '
' ' information afjyour request. ,
BlVYH. VltTE.R. (L CPs :'
FOURTH
Sab Francisco
Los Angeles
AND STARIC, PORTLAND 4
Broadxtay 648 J -'
New York -; I Seattle
Chicago ' . Portland
TNDUSTRIAL SUCCESS with
'asM. I J 5ut efficient management is
rare. Investment snccesls witJj-
INDUSTRIAL SUCCESS with
out efficient management is
Investment success
out well directed intelligence is simply
the resjjtlt of gambling. The Holly Sugavr
Corporation, with its small beginning 17 Yffcaxs
ago, growing into one of the big industries of
the country, with its seven refineries, is an out- .
standing example of industrial success. ' 'r
: . " . 1 -..,,'.'2
The, first, mortgage sinking fund 7' 15-year
bonds of the Holly Sugar Corporation offer you -a
prime investment, they yield a minimum of .
7 semi-annual interest without deduction for
2 federal income tax, and through thefsinltv,'
ing fund provision for retirement of $200,000
annually by market purchase up to 105 or call
"by, lot" at 105 offer opportunity .for a much
higflcr yield. Bonds that may be "called by lotN
at the end of two years will return 9Vi,.
These $3,500,000 bonds are a first mortgage on
- all the properties of the company, which has to
tal assets exceeding $14,600,000, a ratio for 'all
indebtedness of nearly 4 to 1; with current j
sets against current ; liabilities of more thjui
11 X 1. - - . - '..- :
' - ; .; vj;, .
During the past six years out of. surplus earn .
ings-lhe company retired $2JD00fi0Q of its pre'
. Thes
- a UC a.
bonds have behind them great security, y
smpany has a history of great' success and '
is ofter the maximum interest obtain- .
able fronecurities of their quality.
The principals of this company hive intimate:
familiarity vith the affairs of the Holly Sugar .
Corporation Sstitiwe recommend, these. 7
bonds without reservation. ' . .
The high call rate and the large iinking fund .
retirement provision assures a ready market! '
and stable value for thesebonds. Bonds of sim- ' :
ilar character with similar all provisions that
were sold during the past yeaKare maintaining .
a market now around 105 to 105 and hiafherTW
Denominations $500, $t000lCUdt,pKon or write
DoItHoT?
Use Our
Partial
Payment
Plan
Freeman, gmith q
CAr4P.Co.'.
N
vtarsa.1 ' VTUOKS: - t Ulh.l Lew. 1
115001 do Dfd .."....I 5im 61
issoo'Coco .cei T4rTi
410O -0 TS H T4H
lOiCa r 1 1H StH
' 1 1 OOtOol OA B . . 1 03 11 1
140rCotaiBbta Graph . j 4 t 8
S6300Ooa Gas , . . . . . .114 113 K
. . .rOoos Oaeaiav. ..Li . . .1. . . . .
.SOOiOonU, .Caa . . . ,.1 83 83A
: . . . . c Italy ove Baak
10fiCota Frod . ,118 ill
..... 1 - SUU .... .4 . . tl.. t t .
TT01Codsen Oil . .'.I"4T H i 41i
BauOIC K I skP , . . . .1 44 48 la
. 40CrtteiMe .T ,.
, S6iCuha Cane . . .i
) dot pM J. .
. . . . . jCub Am 8uar. .
900 i Done Mines . .
W ;IS x as w . , .
600 Darison am. .
00odicoU Johnson .
3200Krie ...... w...
1801 -ea lst'nff! ' ,'
81 001 Erec 8 tore sx.
4600
Fsnena Players..
.Ilsd Mn A Smelt)
100
800
SSOOtort
5200 i
!isod
tooo
700
1100
800
40
ROOj
soo
1200
1800.
"2100
10
1301
"eoo
3300
300
8700
70
60
400
1400
300
7800
400
S00i
p.
101 do fd . .
4u Frsk Tire
400 Gea Cferan
IOO Uetu Else
8100 Gea Motor
200 do 6
I8700iGen Asphalt
rUoodncB- i
Ghddea O ex
Granby
Nor Ore,
Grt Jior pfd .
Greene Cahaaea. .
Golf Sta Steel.
ilen Aklen .
Houston Oil ;.
nopp Motor
111 JL'ent
inspiraooB . . .
lnterboro
do pfd . . .
Inter Callahaa
Int Harr
lat Mar sfarlaa.
do pfd
Int Nickel
Int Paper
do pfd .
Invincible OU
Island Oil
jewel lea .-. .
K C Bouthern .
K' C Son pfd.
Kelly-Spefld . .
Keaneeott
Kerstone Tire
Lack 8teel . . .
Im Ttre. .
Lebleh Valley .
lorillard - . . . ,
Loew Tbeatrewf
I 4 M
Lisna Loco . . .
Max Mot A.
do B
Mar Stores . .
24200 Mex Pet
400 Miami V
1600 Mid States Oil.
4800 Midvale Steel ..
6000 M K .A T
2700 do pfd wi. . .
210 Mont-Power ...
2000 Mont Ward.
600 Mo Pao
2800 do pfd J....
2O0iMe Seaboard
1200 Mariand, Oil . . .
20 Nat Biscuit . .' .
800 Nat Enamel- '. . :
Vat Lead
800 Nevada Coa. . . .
100 Itew Haven ; . .
800 Norfolk a. W..
29 Nor Pae . . .
100 N T .Air Brake.
280 N T Central-.
TOO North - Am
BOO Ok la Prod ref.'
200 Ontario A W
SOOjOtis Steel ......
BOOtPaeifte Dwv .
140 Pae Gas A -Eleo.
S00 pTinta Alters. . .
90QIPaeif1e Oil
1120 Pan Am Pet . . . ,
48001- do B
3 70 Pennsylvania, . .
4t
5
l
AU
33
87
132 :
1
S
17
26
47H
02 H
82'
12
78 W
184
13
81 H
68
is''
31H
41 H
lis
"ei"
rii"
17
108
1
- r '
109(4
k.LS'-
17i
87 H
ii'
- 1600
3400
-3 TOO
86
600
200
Peoples .Gaa
Pere Meroaette.
Pare Oil .....
PhiUlps Pete . . .
Pieree Arrow . .
Pierce Oil
26
'in'si
874
8
80
.26H
67
176
IB
186
6314
67
IS
126
168
80
18
86
1
464
72
, 23
28
6-
23
..41
68
t -4- . .
17
81
11T--
8T
74
08
! 91
2
37
11
4
78
61
68
7
74
46
94
88
33
44
11
7
83
3
6
18
36
34
36
181
60
84
17 v
25
4
90
'62
13
7;
184
18
81
6
'is"
31
40
92
"83
'78
17
18
41
8
108
14
87
17
66
"14
24
43 '
36
8
78
26
67
175
18
186
60 ,
67
18
126
178
294
1S
84
18
. 4S
, 72
22
23
68
1
89
"esV
80
116
86
74
87
88
2
, 26
11
A ax
IF sa i
6
77
74
46
93
87
82
43
11
7
65
Bid.
SIX
TS
4
ti
ioa"
is
86
83
1
11.
118 .
4
44
96
98
96
13
83
29
86
131
50
84
17
35
46
91
12
52
12
78
184
18
81
7
84 as
81
40
92
81
83
63
78
17
108
40
1
4
8
108
14
68
17
87
85
14
.
17
24
57
48
86,
8
79
26
67
178
18
186 ,
61
87
19
125
180
39
13
34
18
45
73
22
28
S
22
40
1S4 '
68
106
16
l
117
86
74
97
91
2
36
11
4
TT .
e
56
78
T4
46
98
37
82
48
11
7
65
STRIKES DEVELOPMENTS AND GERMAN 'SITUATION CENTER OF-' ATTRACTION ON MARKET
Sales.! STOCg-v.
ISOOIPithi 3A W
i
,f'
a.
Carl
Pta Sea, Steel
Pressed Steal
320lPttUaasa.' . . . . . . ,-
6 00; Ear lona
SOeiReadinc . . . . i ;
SOOjOrphaoai C .. . . .
SO Keoksrla Steel .
lie BepohUo I 4V ,S. .
80 OO pfd........
eveiKcp -u
SSOOiRoval Patch Oil
, iooikj steet Spaj
bvoio t avjr ......
S80iSeara. Hosbaek
... . . .iShattaek. Aria.
200 (Shell T A T . . . .
eiou.aincnur
1600
4100
1900
100
300
10
5400
700
170
2400
420
ISO
8600
300
60
13018 O Ind
1M AovJ J ....
ISlosaShel...
Sou. Paa...
. O. Cal.,...
at. L. a s. Y.
rjtromaeaa Cash.
SOSOOlStttdeoaker
lenn. u a G..
Texas OU. . . . . .
Tezaa Pacific . . .
'Tea., -p. C O.
too. Prodoets. ...
Trao. Von. Oil . .
Tuton Oil Del..
moo Pae. . . .
United Altey. . .. .
United Drae. .'. . .
r. Pood Prod ,-. ; .
Cnifcsd Fruit. ...
8S00tr; S. C Pipe. . .
670 U. Retail Storss.
lOSOOfU. S. t. Alcohol.
1800 Bob......
do 1st Did
1TX S. SmelrJn .
80000)U H Steel
8001 do pfd . .. . .
lBOOfUtah Gopper .i..
800 Ta Chera . .
t do pfd.. .. . . .
2400'Vaa Steel
S00Vrvandou ...... t
89
135
16
T8
28
88
a
8
SS
11
13
89
t8
S3
112
.39
,1"
12S
16
77
22
83
72
54
11
10
68
. . . .
88
83
113
93
3
108
a
128
i
48
28
65
14
1
140
88
a
. . .'.
a
7
TS
7
T
'43"
14
121
8
S9
"ti2
-11
8
26
Bid.'
39
" t
88
134
16
. 7T
33
72
-94
ill
103
-8
. 8
87
834
113
183
49
98
26
17U06
80
SS
1T
10
47
82 ,
25
64
18
19
147
38
80
T8
8
66
42
108
120
67
29
b6
11
80
SS
137
10 r
16
47
8
25
64
18
19
"86
79 '
T
182
87
T4
65
86
13
42
13
129
T
2
68
SI
11
Bales. STOCKS: ' )Hish. Lesr. Pld. f
2200
1800
86
......
: r A pfd i.
de B of d .. ...
(Wells rarsn
IWettm lu -
lOOOjWestera Vaion .
5100
20
10
Weetineh-aa CAM.
west Md .. .....
White Motors ...
Willrs-Overiarid
ao pn
aOO Wilsoo Parkins
aOOiWorth'etea ,Pvmp.
sw nuia- iju
SOUtWhite Aasle Oik.
. . . . iMoney . . .-......
38
'-iV
2
117
3
18 y
T
7
43
48
'
36
8
T5T
88
78
18
11
2
14
t a a
6
36
48
42
- 8
24
- 4
Total stock sales for the day ware 62o.b0i
ahares and 811.106.000 In bonds. . - I
FOREIGN" IsJtCHASGE SATES
Corrected daily by the foreisa exeh
aeparuneat of - the United States N
the pound
of. 19
Qaotations below (except
nnc) are Quoted ea. the
foreiaa carrency.-
Openins nominal
Uona:
London.
sUrUna t
Paris FraScs.
Belgium-"
P ranea . . . . .
Berlin Marks.
Gehoa Lire..
Athens
Drachmas. .
Copenbaeea
Kroner . .
Christie nia .
Kroner . . . .
Stockholm -
Kroner ....
Honskone
Currency . . .
Japan. Tan . .
Shsnchal
Taela . -.
Draff.
checks.
'atea on hank tra
ana,
atiotuf.
I
stesf
una if
4.46
T.69
7.81
.H
4.36
3.20
31.60
.17.03
26.65
.6785
47.80
.TT.TO
Canadian dollar diaeouat
Cable
transfers.
4 46
T.T0
7.12
.06
4.86
3.23
25.55
17.08
26.60
88.10
47.98
78.00
12.
Par
f 4.864
lB.SOj
i.sTi
3 Ml Li
i9.n
19.80
26. TO
26.TS
26.7
. . V
a
Cedar Skippers Interviewed
Bandon. Or., a UK. 28. -Stanlry B. An
dsrson ef 8eattle. representins aa export com
paay cf that city, was here last week, later
vt cedar shippers. .
-to 8
Selections From
our . '
September Bond List
Reatalalas; . Issae
S66.60 Boaar Ytew Farm 7s
f C4alle. Or Water s.
11.6M Coadoa, Or Water Ss...
8 8 Ashtoa Seheel 8s... ...
I SM V1.M.4S r . .
X Z Z . h s vmmj. eves.....
! Western States Gas A Elee. 6s
Dae -..
..8er. 1937-31
..1383-43
1943
1933-49
IrM Crewa WilUmetle Paper Pref
FOREIG3C OOTEB5MENT8
1989
1947
Tleld
7.8
!,
.49
.8S
.
6.34
7.
S S.906 Prer. TVew Braaswlek ts.
S.M9 RepatMIe Bolivia Ss.
i.eee rain e of 181..
1889 S.I4
.....1836 Aax 8.9
. .... ,.Apx 849
It will cost you nothing to keep advised
regarding bond investments. Merely
phone or write us and we will place your
name ort our free mailing list.
BANK
BROADWAY snd OAK
; - ; ' : -.;: t ; ' ' - I
BOOIPlttsbonr Oaal ....65 65 65 iaaafcULl 1 ' ILI" "! M Jja1'-1,
gggBergafir L,.iy .l""l"li ."l.j , ,,, . l.i1 urJ!!rr'., j "iii,. Ml,lT:TilmCTrTlT r.mn.w,"'mr3t3Bss3e3s
I - ' "Save ; . I !
wit
Bonds provide tKe best
form or investment for
Your saving's increase
faster if you "Save with
Bonds-A.' i y ; v. .
It is easy to biiy bonds.
Small amounts or large.
Chir service w tbe same
to alL Call or use; tKe
mail..-Buy Bonds!
isk for our booklet "It
is Easy to Buy Bonds'
wKicli contains our Save
Witb Bond3lan. :
Address.
w - 1002iIcoxBldg'PORTI
..IN VESTMENT.. SECURITIES
SsANFRiNClSCO . SEATTLE .s : LOS ANGELES
2j
i
in