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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Sept. 10, 1922)
THEOREGONf SUNDAY JOURNAU PORTLAND, 6UAV SlORNINGg SEPTEMBER 10, 1922.t 14 PROPOSE AID IN THE DEVELOPMENT OF NORTHWEST IN SECTIONS PACIFIC INVESTMENT TRADE EXPANSION 1 1 IS LOOKED FOR . - anufacturers Expect Business 1 Boom in Next Twelve Months Despite Labor Troubles. .1 By J. O. Boyle Copjright. 19:12. by The Journal) Sew Tcrk. Sept. 9. Manufacturers of Amfnrt in considering their plans for the fiet 12 months can spell but one word ei ,3 pansten. Kespite the labor troubles, fuel -inortaaea and transportation difficulties, in . -i f nutria! plants are today preparing on every fide no ertly .fr capacity bttMiieas daring the Remainder of the year but on a record-break-lu expansion in J 92 S. - Auto Output ta Be Increased Thia trend ta clearly evidenced hi announee- -rr received by telearaph within the laat 7f2 Hour from the great automobile and ateel vfentei. Detroit business circles were given thorough surprise when Podge brother an ! j. ; twmnoed plana for, the erection of a factory . -Jrhich will insure a 50 per cent' increase in, r treductkjn next year. ti T The writer learned on highest authority to :'ay that at least seven other great automobile Ser -body concern aoon will make aanounce ""' 'I'pesta of plant expansion fully equal in im ; r, BorUsce to the recent Dodge brothera' n- ' fcocncetnf Qt. I Auto Trad ta Expand -V; -. I JlOToroing to run o. mnra, mj automobile production. It baa been auppoaed 1 that fa View of the unexpected Tolume of kuainesa experienced fey the automobile cora . " feanie thia year.; that there would be but " : ? Lttl jxpanf ion in the industry for the next - rear, or two. Banker and heavy investors Kara expressed the opinion that there would ; te a breathing spell. But immediately after i the Dodge brother' announcement, a surrey of-the automobile industry waa made exdu- lively for The Journal and diacloaed the fact that leading producers hare plana in view tn- otrtsc as great or greater expansion in 1823 ia took place this year. Btndebaker will add at least 50 per cent to is present, plant capacity. , according to re- jxrrta from South Bend. The Fisher Body Corporation, which liaa been working at ca- . siaotiy production ana iuu nw latieu ir m ? lilnd on orders, is to spend 42.000, 000 on a view plant, according to word from Cleveland. irhe Hup Motor company Is adding a plant : i.rhjch,-wiirptvMe for a 30 ner'eent increase 1 n iprosluetion and the Packard .company haa - a program in view which will make its 1928 -iiutput greater than any year in its history. I Near Auto Factories' Built ' '.f ' The Buick l company, a Ocaerar Motors sub "i pidiary, is going ahead with it Detroit a& . igembling plant, which will add about .".0 per ."" cent to its productive capacity.. Durant Motors , iia expected to a'nnonnca in the next few day ': ha ' acquisition of factory sites for the elee- -; fcion of new plants. The Columbia Motors com .. . fciaey is fitting up the former Saxon Motor ; Mant arid similar acquisitions are reported to- 1 iay from a number of lesser producers. x I There is only one conclusion to be drawn " rom the facts. That is that the automobile Companies are going to 'take advantage of "'Vhatcver slack season occurs during the com ' 3ng winter to prepare for even bigger business "jn 1923.' ' T -" Auto Companies Profltlnf ij learning reports of the various automobile - from pa nies are showing plainly the profitable : jbeas of -the present' season. Several have re pawned dividend payments after si is pension of jynant for over 18 months and further : -'dividend announcements are 'expected .soon. . -TThe reeent price cuts have not materially re Vitined profits for those cuts have been dis .ftributed between the manufacturers, the sup-t- fliers of parts and the producers of raw ma terial. Augmented sales due to the cuts are jermitting volume production which will sus tain profit margins throughout the whole of :h year and keep returns well up to the ban- ier record ' of te industry. Wool Market Broadening The portents evident in the automobile in- Mustry ara equally apparent in other basic ': ilines. The raw wool- market is broadening. -rvT!veu: -in the face of continued tariff uncer--tainty, and 'prices sre fully maintained. The ;''f; : sale- of woolen , good. while not large, are steady. tVtton goixU are moving in volume at: steady prices and prit"es are fully main taihed. The sales of woo lea goods, while not :.r. 1 large, are hteady. 1'ottcn goods are moving , via volume at steady prices irrespective of the 5" jpecalative fhictnations of the raw staple. Raw dk demand shows the manufacturers of the finished product are selling a splendid volume ol goods and disirasing of them at satisfactory ' price, luniber, lime, cement and other build-- ing materials sre moving up but the demand is advancing faster than prices. PH. Iron Prices Higher ; pig Iron is jumping, the furnaces are rosr . ' tag at Increased prodnation and raw ore is in V urgent demand, finished products in steel sre . eing absorbed faster than they can be pro s duced. The school season is promoting the 3- saiea of drygobds and clothing. Cotton is .f moving in tolume not only to market but into production. . Government Issue Of Tax Certificates The secretary of the treasury has announced. V -according to Frederick Greenwood, manager of the iocs) branch of the federal reserve bank, a new issue of tax certifies tea. The new issue is described as series TF 1923 34 per cent tsx certificates, dated September 15, 1922. maturing September 15, 1923. V Certificates of series TF 1922 and TF-2 1922. maturing September 16. 1922. and faerie D-1 822. matnrinr October 16, 1922. will be accepted in wment on the new series. "? Subscriptions for .the new series of certifi cates will be accepted by any bank in the city. DETGOODS BUYERS HESITATE OVER GIVING LARGE ORDERS New T or V . Sept. 9. Demand dropped off M the market for cotton cloths - toda . as is naual at the week-end. Both buyers and mills were hesitant about making largo commit ments over SnrvUj- in the present state of the speculative msrket for rw cotton but prices vera firmly maintained and what - business was ftoae wax tpread throughout (2m list, prist rloths. sheetings, drills, twills, sateens and kswns all getting a share. Tire fabrics, how ever, were quiet and dull. A fair . Saturday's business was done in the raw silk market, with prices strong on reflec tion of the active buying reported in Yoso baass and other Oriental markets. - FOREIGX EXCHANGE RATES Corrected daily by he foreign exchange de partment of the r luted Stales Natrona! bank. Quotations below (except the pound ster ling) are quoted on the basis of 100 units, Jartign ' currency. (jpeninc nominal rates on bang transae turns: London Draf. checks. Cable transfers. Lb. Sterling . S 4 45 H 4.454 Pane Francs . Belgium- Francs Jterlin Msrki. 4cnoa Lira. . . .At liens - Ivrachraa . , . Copenhagen Kroner .Chttetiania Kroner ..... JftccalMibm - Kroner ..... Mnngkang - "Gurrency . . Japan Ten. Shanghai Taels T.73 4 7.30 .07 4.34 ?5 21 33 1 65 28.50 J7.8ft- 7.60 7.74 7.31 Si 7i 4.35 2.80 21. SS 16.70 26.53 58.05 48.50 71.90 Par Value. 4.86 19.SO 9. SO 28. SI 1930 19.30 26.70 26.70 26.70 Canadian dollar discount 1 2 per cent. Ri Welcomed at White Salmon V White Salmon. Wash.. Sept. 9 Recent .Ahowers were greauy weicomed, as ram mach needed in the valley. "qJo w daw We iTtworth & (a 6U4 auvuajr txenangm UtBKtr Cnlcatfo B 9t Trad a STOCKS BONDS 6HAINC0TT0N F KIT ATE LEASED WIRES TO M F. Hutton & Co. i MEJIBEBS ATA. PRIITCIPA1, Solicit laoalrtea All Utal -i . 8erlUe WALL STREET STOCK QUOTATIONS Reported by The Journal Wall Street- Sureau . v w o SVI1 ine la a plete Ht of stock sale for the week. high, tow and closing prices of each stock ara given: STlM'k.S. I High. 1 Low. I Bid. I Chng. f . . . . . pfd pfd. Adams Kxp Ad Busslajr . . . do pfd , Air- Keduc . . . . Ajax Rubber . . . Allied Chens do pfd ...... AUis Chslmers - do pfd Am Agr, Cbem. . do pfd , Am Bank Note . . do jrfd Am- Beet Sugar. Am Bosch M. . . Am Br Shoe . . . do pfd , . . Am Can ; do ifd Am Chicle do pfd Am "Cot Oil pfd. Am Drug Syn . . Am Express A H A L do pfd Am Inter Cor. . Am Ice do ffd Am La. France. . Am Lin C.K1 do pfd Am Radkttor . . . Am 8afe Razor. . Am Ship A Cora. Am Snuff - . . Am Sugar do pfd Am Sumatra . . . do pfd Am, T A T Am Tob do B do pfd new . Am Water Wka. . do 6 pc pfd . . Am Wool do pfd Am W Pr pfd . . Avd Dry Goods.. do 2d pfd And Oil Atl Fruit Atlas Pdw pfd . A (J A W I pfd Atl Refining . . do pfi Anstin Nichols. . do pfd Barndall (A) do (B) ' Barnet Iea . . . Beech Nut Booth Fish . . . Bkly Edison ... Bkln U ia. Brown Shoe . . . do pfd Brunswick Co. . . Burns Bros A . do B do pfd Butte rick Co . Caddo Oil . '. . Calif Pkg Calif Pet do pfd Case (J T Cent Leather do pfd .... Chandler H C Chi Pneu Tube Cluett-Peabody do pfd .... Col Graph pfd Coca Cola ctf Col O A- E . . Compnt T . Cons Dist ... Cons Cigar . . Cons ;as .... Cont Can do p'd .... Cont Ins Cosden Oil Cons Textile Corn Trod . . . Cnha C Sugar do pfd' . . . . CubAm Sugar do pfd . . . . Davijn Chem IVtroit Edi Co Dupont do deb Fatsmsn Kod Co. Klec 3 tor Bat . . I Elkhorn Corp . . . Km Brant pfd. . . Endieott. Jobnon do pfd Fairbanks Co . . do pfd Famons PI .... Flsherbody -C ... do pfd do Ohio pfd Flsk Rubber Free port, Tex . Gen Asphalt Gen Cigar Gen Sugar pfd do deb pfd . Gen Elec . . . Gen Motors . . do 6 pfd To 7 r-o Pf d Glidden Goodrich Rubber do pfd Gray A Davis . Guantanamo Sug do pfd Adams Exp . . do pfd Habirshaw - llartman Co . . . Hendee Houston Oil . . . Hudmn Motor Hupp Motor Int Age do pfd Indiahoma .... Indiana Kef . . . Int Cement . . . Inter Combust . Int Harvester . . Int Mer Marine. do pfd In Paper An nfii mtxA Invincible Oil LOand Oil Jewell Tea . . do pfd. Jones Bros . . Kansas A Gulf Co! Kellv Tire . . . . Kelsey .W heel . Keystone Tire . . Kresge , I-aclei G as . . , Lee Kuhber . . . Ijggett at Myers do pfd . . . . , Philips Pet. . . Pteree-Arrow do pfd . . . . Pierce Oil do pfd Piggly Wiggly A. Pitts Coal do pfd Pond Creek Coal. Postam Cereal . . . do pfd Prod A Ref Public Serv N J. Punta Alegre Su. Pure Oil ctf ... . do pfd Remington Typew do 1st pfd. . . .1 80 Rep Mot T ..... 4 Remolds Springs ! 29 Reynolds Tob B.i 53 H do pfd B 118 Roy DutTh C .... I BOH Santa Cecilia Sugl 51 Va Savage Arms .... 14 "A Saxon Motors . . . 4 U Sears-Roebuck . ..! 92 Shell Trans Co..! 404 Sinclair Oil ... .1 344 So Porta Rie Sugi 61 Nat RWoit . . . .1159 Nat Cloak Snitj . 59 4 Nat Conduit .... I 2 H Xat E A S 1 SH do pfd! .... N T Air .... X T Dock . . . do pfd .... 'Serth Am do pfd .... do rt- . . . -Nurmslry 1 .... Ohi BAB. Orphenm . ctf :tH Kiev Owens Bottle M Psc Dev Cor . Pao GAB.. Pae Oil PenAm Pet . . do B Panhandle Pr Parish-Rinchaa People's Gas rhila Co do 8 . . , . . Loesr's ctfs ?ft Inc ctf . . Loose-Wiss LoriTn) Co . Mackey C Mark Track do d do r W r MXnhat Eiee Snp. Maiihst'sa Shirt J 79 21 38 37 14 91V 115 59 101 414 71 72 12 47 45 82 116 63 14 1094 hk 2 5614 6 140 14 74 V 86 122 94 13 36 564 1204 7 19H 139 85 110 41 68 127 169 1684 107 20 40 102 109 32 ' 5 M 86 1204 2 90 22 1100 117 344 85 37 27 67 33 9 122 122 64 98 3 13 49 99 21 11 84 61 4 93 43 40 R2 64 4 8 65 103 14 71 106 76 38 144 92 90 , 50 97 11 1204 14 40 27 97 52 117 .1156 .! 90 84 4 4 4 22 40 ! ! 115- 14 104 ;io7 119 !ll3 I 96 j 12 24 70 82 104 1105 !186 I 15 85 99 15 36 85 14 i 12 98 79 98 2 85 22 844 27 74 21 8 8S 4 9 83 . .1 29 "4 . -1114 ..I 144 . .1 68 . , 62 . -I 77 . . I 14 . -! . . i 1 6 . . I 63 . . I 60 441 .1 44 . 104 .1 8 .1 1 . ! !! . 'Mlit .1122 ! 55 .1 124 32 7 46 111 99 21 103 . 110 494 97 50 33 100 41 77 20 38 B6 11 88 114 38 101 394 70 72 12 46 39 76 116 61 108 108 28 56 6 9 28 55 u 139!l39 14 71 34 117 93 13 34 55 117 6 16 U 156 83 110 3)) HS 122 162 161 105 18 39 99 1I8 31 57 85 118 - 80 22 1100 117 304 85 33 27 62 31 9 120 119 62 97 3 135jl36 46 99 19 10 80 62 95 41 40 76 60 81 64 103 14 69 103 73 35 136 85 90 46 4 964 10 116 18 38 25 94 48 116 145 93 88 46 21 49 87 115 14 100 103 113 113 91 12 22 8rt 80 103 103 177 14 88 99 15 34 8 5 14 12 98 77 98 2 84 21 78 20 18 8 38 3 8 83 27 78 1 58 56 14 88 13 59 101 40 71 72 12 46 44 82 1 63 14 74 as 120 93 13 35 S5 20 7 . 19 154 83 V 110 41 68 123 167 164 105 20 40 101 109 32 57 -s 88 118 2 90 22 1100 117 34 ' 85 36 27 67 32 9 121 122 64 98 3 47 99 20 11 84 63 95 42 42 81 64 87 65 103 14 70 105 75 - 38 142 2 90 49 07 It 119 14 88 25 97 50 1 1HS, 1154 90 84. 48 22 49 88 115 14 102 104 119 118 96 12 S3 88 81 103 lO.I 180 14X 85 9 15 33 85 14 12 98 78 98 83 21 21 8 38 I" 83 !M 109 1112 14 . 664 60 77 14 H 16 410 49 4 44 14 55! 37 75 14 I ! 16 59 45 4! i 42 l I 94 103H I N I KSi J1419 1 W" Osj ! 24) 26 i .! - '-" -1 1 -1 1 -1 L ' ' 5 5 6 1 - 4 -i i - -5 - 3 '2 ' - 4 ;24 2 - 3 1 1 3 2 '-" 1 1 - 8" ' " 3 4. 4 1 - 1 '-' -1 1 - 8 - f 1 1 1 3 1 4 K 2 1 : 2" 5 5 -1 -1 -1 3 -2 1 4 4 - 1 - 2 -1 1 -1 5 4 - 4 - .4 - 1 , 2 -5 - H - 4 -i' 4 - - 8 -1 8 - - 2 2 -1 -1 1 -4 1 ' 2 3 - . . - 24 - 1 8 S I 1 111 8 - - Stew W Speedo Mi 48l stromoerg .... Studebaker do pfd ...... Submarine Boat iyupertor Oil Stan Oil of Cel. 8tan Oil of N i do pfd Sweets Co . . . . 'J'emtor A ctf . . Texas Co . .'. . . Texas Gulf . . lt pfd. 2T pfd sir 44 " "J r WW 1 40! 41 ( 43 , f 43 STOCKS. High. 1 Low, f Bid, dinar. do pfd 83) 83 1 83C 1 Mariaad Oil 41 38) 41 j Martin-Parry Cor. 3144 0 30 ; llathison AlkUi W 50 43 l 50 ' Max Motors A . . 69 56 4 I 56 j -2 do R 19 18 19 - May Dept Stores. 134 130 134. 3 Mex Pet ... 197 187!ll -2 do pfd. ..... 99 97 97 : -1 Mid States Oil... 14 13 j 13 Mont Ward 23 22 H ! 23 Mont Power 75 72 73 ; -1 MuJhns Cor ... 23 23s J 23 Nat Acme 16 14 f 15 ; Spacer Mtg 21 1( 20 Standard M01 ... 12 (127 1128 f do pfd 93 93 3 Sterling Prod ... 534 53) 53 46 I 48 I . i 68 i 92 4 06 . 134 1 13 1131 .1115 113 jll5 . H I 6 I 7! $ 6 .111 1 1 114 .(187 jl82 (187 .117ill7117 3( 1 l 4 81 26 2! 3 1 1 48 H 48 49 j J51 25 i 26 Tex Pac oa J . 1 Tex Pac Land T.(375 37V j373 Tobacco Prod A .. I 87 4 4 I 87 do pfd 1115 107ill5 Trans Con Oil. . . 15 14 15 Indrwd Typwrtr.145 145 145 do pfd 1010910J I n Bag & Paper.) 77 73) 764 Union OU j 19 18 18 Cnion Tank ....1I3 112113 do pfd 113 jll2 113 Cn Cigar Storea . i 1 a 10O il5 United Drug .... I 83 do 1st pfd . .-! 49 Cnited Fruit Co., Hi I' nl Retail Stores . 35 I' S Kxpresn . . : . . I V 8 Food Products 7 C S Ind. Alcohol. 67 do pfd 9 14 IT. b Realty ... 82 U. S. Rubber. . . 57 do Is pfd ... 105 C. S. Tob. ..... -73 Va-Car. Chem. . . 29 do pfd ...... S Va I C A C. . . 57 do pfd K2 ViVAUdoU l'l Webber Heiibrn . . 12 Wells Fargo Ex. . . 7! Western Klec illltfi West Airbrake . . 101 i Westhouse Eteetrici 64 do pfd. ! 7 Western Union.. 120 White Eagle Oil . . 30 White Motor C. 50 White Oil 8 Wilson A Co . . . 4ir . do pfd 81 Willys-Overland . . 8 do pfd 46 Woolworth 189 do pfd 120 Worth Pump ... 44 do A Pfd .... 90 Wright Aero . . ..! 10 METALS Alaska Gold Alaska Juno . . I 1 Am Car A Fdy..jl9l do pfd 1 1 24 Am Loco 126 Am Smelting ... 65 do A pfd . . . .! 97 do pfd ...'...j 102 Am Steel Fdy. . .1 42 do pfd . . f. . .1106 Am Zinc ...... 18 do pfd I 4 6 Anaconda Cap . . .VI Baldwin Loco . . ! 1 3 0 do pfd I 114 Bethlehem Steel . 77 do B ....... j 79 do, 7 pet pfd .103 do 8 pet pfd . . 113 do 2d pfd . . . 35 Butt Copper ... 7 Butte A Superior. 30 Callahan Zinc . . 10 Cai A Ariz .... 63 Cerro de P Cop.. 41 Chile Cop 24 Chino Cop 3 1 Colo F A I I 32 Crucible Steel ... 98 do pfd 1100 iss Bears Mine. Dome Mines . . Fed Mining A do pfd . . . Gen Am Tank do pfd . . . Granby Min . . . . Gr N Ore ctfs. . . Greene Cananea . . Gulf States Steel. Homestake M Hydraulic Steel. .. Inspiration C ... Int Com Eng .... Int Nickel do pfd Iron Prod pfd . . . Kennecott Copper. Lackawanna Steel. Lima Locomotive . do pfd Melntyre Por Min Miami Cop Midrale Steel . . . Nat Lead do pfd Nevada Cons . . . Ontario Silver. . . . Otis Steel Pa Seaboard Pitts Suyl Co. . . Pressed Steel . . . Pullman do pfd, Ry Steel Spg . . . Ray Cons ...... Rand Mine Replogle Steel . . Rep I A Steel. . . do pfd St Joseph Lead . Seneca Copper . . Shattack Ar Cop. SIbss Sheffield. . . Steel Tube pfd Tenn Cop & Chm United AL Steel C. S. C. I. p. do pfd ..... U. S. Hoffmen. . U. S. Smelting. . U. S. Steel do pfd Utah Cop. Utah Securities Vanadium . . . . Wickwire Steel 794 4 1524 79 7 6 64 96 77 54 102 63 28 65 5 7 82 12 12 79 109 09 62 7 117 27 48 8 44 x 90 7 42 189 82 4 154 85 7 65 96 79 56 102 73 28 66 4 57 82 13 12 70 110 101 64 7 118 29 , tfl) 8 46 91 74 45 ISO 120 1120 434 44 90 90 9 10 AND EQUIPMENTS 8-1 I 1 187 124 120 634 97 102 41 105 17 45 54 128 113 75 "T 103 113 35 6 30 8 62 40 23 30S 31 4 85 .99 24f 23 39 15 61 Co 68 (102 I 82 41 33 83 73 8 42 29 18 82 102 3S 80 66 126 . 18 5o ! 35 1109 1115 i 17 I 6 111: I 7 1 ! 97 1 89 38 1 191 124 123 65 97 102 42 105 18 45 55 136 114 ; 76 78 103 116 33 6 30 ,0i 62 . 40 24 30 32, 95 " 09' 23 I 39 VI 14 f 14 66l 61 I 65 74 I 67 I 102 102 I 31 39 32 81 73 8 314! 27 I 17 8-; 32 40 - 32! -83 I -73 J -8 -42 I 28 I ' 17! -82 ).. 1 - -1 -2 1 - 2 - -13 - -7 3 - S 3 '15 3 - -1 - - 1 -1 ? - -1 - - 1 M li 2 1 2 1 3 7 -4 i " 5 H 3 ' ' 2 6 3 -1 - I i - - H - ' 4 2 - 7. - 4 - - - 1 - L -1 102)102!. 37 I 37 78 79 62 I 64 126 126 18) 19 29 I 29 34 I 34 103lTTT3 115 17 6 10 7 !7 84 115 I 7 I 6;. II j 7i 07 1H 186 121 ,133 103 1100 119!116 16 16 86 33 74 94 15 12 9 51 85 10 38 34 72 21 43 84 32 69 92 15 12 8 49 85 10 37 32 72 20 4 3 Ann A rnor do pfd A. C. 1 L ...... . A ti. Birm. A Atl A. T. AS. F. . do pfd O ...... P'd T ctf Pae 105 ;ios 121 741121 .1 7,1 I 69 i 20 I 19 . ; S3 I 50 .i 13 144 KAIIvROADS 23 ( 21 4 51 ! 48! i 1 103 118 16; 35 32 j 69 93 15J 12 9 50 85 10 38 34 72 20 43 104 4 121 7 t 19 51 14 A do R do Can B C Ry of N C A A do CCC do pfd . . A St L Pfd . . E I nc Pfd . . W ... A St !fd N W Pfd O P. . Colo A Son . . . do 2d pfd . . do Int pfd . . C R I A P do 7 pet pfd . do 6 pet pfd. O St P M A O. do pfd Del A Hud . . . D L at W Erie do 1st pfd . . . do 2d pfd . . . Grt Nor pfd . . . Golf 41 ub & N. do pfd Illinois Cent . . do pfd w. L . . Int G N w. Iowa Central . . K C South . do pfd Lake E A W . . . do pfd Lehigh V al LAS Man Kiev Guar. Mkt St Ky do 2d pfd . . . do pr vtd Minn lit L 4 M 8t P at S M. do pfd I do L L. . . . . .1 M K at T I do pfd I M K T w.. do pfd w. i. 1 Mo Pac I do pfd . . Nah A Chat Not R Mex 1 pfdf do 2d pfd . -N O T A Mex. N Y Cent N. T C 4k St L. do 2d pfd . . X T N H A H. K V O A W . 124 8 104 94 5 ' 65 26 21 1494 200 4 6 78 98 41 62 7H 34 53 94 125 77 49 58 61 49 99 88 84 106 .1141 H28 23 4 124 2 102 1104 '4 04 j 04 57 ! 58 f 63 63 24 25 20 21 146 148 193 200 8 4 3 6 77 78 97 07 38 K 40b 61 62 7 7 31 34 50 63 92 03 124 126. 75 76 48 '49 58 I 58 ' 61 I 1 47 97 86 82 1106 47 99 88 84 106 . 140 ' 133 16 26 18 t I 4 16 41 !IS7 1182 16 13 26 24 18) 171 95! 92 I 16 15 -1I 41) 114lllO 1114 113 jlllllS 23 23t 23 I 7( 8 I JH I zo 94 68) 67 . j 58 84 I 94. I 14 : 73 f 73 I 78 i' 72 I 68 I 71 141137il4t I 63 1 65 8 I 8 I 21" I .21 I 65 I 63 f 7 I i i 68 I 13! is 45 22 57 125 1 1 74 j 2 8 j 18 36 I 23 62 123 10 6 71 R'4 85 88 S3 ' 10 4 7u 94 82 88 31 8 21 65 74 92 68 ' 13 35 19 - 48 23 2v ,? 98 . 85 88 t 82 1 1 - 1 ' - '4 ' - - '1 - - -1 - ' 1 - - - - -1 - 1 - 3 ' S - 7 '- 1 2 1 J is 'ii 2 1 - 1 s -rl ' - 4 1 - - - - 4 3 M 8 11 . "" ' af I TRIBUTE PAID TO LOCAL BOND MAN Freeman's Address at Bankers' "- Convention Is Approved by . Rnanciaf Journals.- Pacific Northwest Securities . High tribute has been given in the edit orial columns of several leading financial jowrnal of the United States to an address delivered by F. A. Freeman, president of the Freeman, Smith A ' Camp company, at the convention of the American Institute of Bank ing, held in Portland Jo'y 17. Tint address was first pablished in the Bond Buyer ami has since been copied, .in full by numeroiu other nationally known publication?, includ ing the Boston Transcript, the Commercial and Financial Chronicle and the American Banker. I The editor of the American Banker, pub lished in New York and circulated widely amcng the bankers of the country, offered the following editorial comment on Freeman's speech: "His remarks to the bankers attend ing the natiocai convention of the American Institute of Banking, held at Portland, Or., on July 17, are so -frank and to the point that we feel they should be widely distrib uted among the banking fraternity throughout the country. The smaller banks sre taking an creasing interest in bond .-filing and are, to gether with the large bank,, jieftiap the most important single agency for the retail dis tribution of investment, securities. Because the ej ration of bond departments-vis a com paratively new venture and somewhat of a side line with these institutions there is great opportunity to make mistakes in policy, a.- a result of phich the banks' investor client will be the principal lo-rs. Mr. Freeman .-ffers some excellent advice to the banker who-e institution includes an investment de. partment engaged in the retailing of securi ties. " Freeman's - address covered the important problem of the selection of bonds suitable for retailing by banks, and ursed cmphaxicaliy the moral and legal resionibility involved in undertaking to advise clients hew safely to invest their money. "A bond ia a bond to the average man or woman, particularly when offered by a reputable instUufion," Freeman stated, and he warned bankers and bond dealers against a similar scceptance of faith in securities, the value of wiiich should be determined by the closest fcrutiny. "In the selection of municiiial bonds there are the primary considerations namely : Iegality, governing the authority to Issue: se curity, providing ample guarantee, snd the power to tax. With these essential demands satisfied we hare a class of security that stands head and ehoUlders above any other type of bond, excepting only the bonds of states and of- our federal government. With an unlimited power to tax and a preponder ance of security from which to provide th4 necessary funds by taxation, and the legal authority to issue bonds, you have the sup port of countless decisions sustaining all the way through to the u.preme court of the United States, even gcing ko far by the decision of the supreme court of the United States in the instance of a city attempting to repudiate payment of its obligations as to compel pay ment of principal and interest in full at ma turity, and additional interest to the date of payment, and all the ccsta of litigation as well." The full text of the speech is being dis tributed in eirculsr form by Freeman, Smith A Camp Co., and the wide demand among in vestors for copies of the address indicstes a growing interest in -the character of securities offered, according to officials of the firm. Large Apple Crop Is Assured? Marketing Puzzling Growers Hood River, Sept, 9. With the assurance; of one of the best and cleanest apple crops ever seen here, the problem before the grower i is whetlier he will be able to get his crop to, the Eastern markets, and whether the price : will leave him' with any margin of profit for; his jiast year's work. With a big crop of melons and other allied : fruit to compete with, early apples, which p-, Iear to have been an abundant crop in all; .sections except perhaps Virginia, have -already , met with severe comietition and the outlook, for early varieties f rein the West is not en-! couraging. Locally, the Apple Growers' asso- J ciation, realizing the condition, has requested: all growers of early variety apples to endeavor j to dispose of their holdings independently of j the cooperative association. The only variety: excepted from this request is the Gravenstein, which will be placed in the big Eastern mar-; kets. With the later apples, and with winter, pears, the situation shows a more promising aspect, for by the time this part of the crop; gets on to the market, it will have little in the; way of competition to meet, and the pessi-1 mism expressed by the jobbers concerning the: later fruit is not st all justified. Tue strawberry crop this year was good,; but the returns were so low that several grow-i rs have decided to plow' up their plantings" rather than face another disappointine year.. Growers who were fortunate in raising early; berries secured really good prices, but in the middle and upiier valleys of this section the, berries, already later than usual, had to meet; the keen competition of other producing sec-i tions. and low prices were the rule. Straw: berry growers of Parkiiale have already da-; cided that next season they will turn over their entire berry crop to the canneries, rathesj Loan taKe a cnance 01 securing gooa returns: through the marketing organization, thus elira loating box and packing charges. While there was considerable pessimism; hero at the opening of the season, a better tone in the market for Bartlett pears and promise of fair return for later varieties of apples have convinced the grower that every thing will eome out all right in the end. ; Drop Id Sugar Price Unexpected T Astoria, Sept. 0. An unexpected drop in the wholesale price of sugar, of 25 cents a hundred, which occurred here this morning,; cam; as a ?urprise to the local wholesaler Snaar win now sell here at $7.55 per hundred, linly yesterday the wholesalers here were given to understand that an advance In th wholesale price might be expected Nn. i STOCKS. Norf A West Nor Pacific Peoria A Hast Pennsylvania Pere Mar do pld P A W Va . . . do pfd . Reading do 1st pfd. do 2d pfd . Rutland Kail St t. A S F do pfd '. . . . St I, South W do pfd .... 8 A L do pfd Sou Ry .... do X't South P?c . . Texas A Pae . Third Ave. . . Tul St tA W. Union Pacific do pfd Uni Ry Inv . . , do pM Wabash do pfd A do pfd B . West Md do 2d pfd . . . West Pacific . . do pfd WALE do dM Wis Cent . . . , I Hig'j. 1 . jl25" . I 88 1 .! 391. i 74, -i 40 .( 91 .i 83 54 59 45 30 56 34 52 7 12 4 27 3 94 S 32 24 59 153 77 15 32 13 34 22 1 20 19 64 144 2 314 Iw. 110 87 I 21' I 46! 38 I 74 I 39 1 91 7S 52 63 45 29 54 33 50 6 10 28 02 92 31 "S3 5 148 73 14 31 12 33 J 22 16 21 19 61 4 13 24 2t Bid. i Chnq 124 88) 22 t 4H 39f 74 1 82 i 54i 54 45 30 l 51 7 12 27 63 04 32 24 .11) 153 7S 13 82 13 84 22 16 25 19 3 14 26 SI 6! - i! " ; 1 2, 1 i - - - 4 . . . . i a : 3 -1 - - X S, - 1 - i soo 1 so . . . 90 . . .130 . . .135 . . .123 , . ,32V 55 00 96 15 SO 35 b 54 93 103 Pfd 79 79 .400 A 08 s 210 70 R0 97 93 05 75 95 100 .140 .350 IBANK STOCK Bid IBank of California, N. A. ....202 ' ill sens State .,10 Canadian Bank of Csnxnterce I HO First National Bank Portland 190 First Nat. Freswater Or. ..290 Miberela Com'l A Sav'gs Bk. .175 I -add at Ttttcn Bank . Uveatock State Bank . lAunbermons Trust Co-. Multnomah State Bank North wt stern Nat. Bank Peninsula Nat. Bank U. S. National Bank . SpUBCIO CTnjTIES Federal Ttlecraph ... Northwestern Electric Com. .'16 Northwestern Klec. 6 Pfd. 85 Northwesterai Electric 7 Pfd. 04 Pacific Power & U 7V Pfd. 6 Pacific Tel. A Tel. Com. . . Pacific TeL A Tel. Pfd. .... PorU'd Gas & Ccke. 7 ; Pfd P. R. 1, 4 P. Common .... Kail Food Products Units P. B. U A p 2nd Pfd .... P. K. U. A. P. Prior Pref . . . Puget Sound P. A U Com Puset Sound Pow. & IX. Washington Water Power INSURANCE STOCKS New World Life Northern IJlfe Oregon Snrety A Casualty Pacific States Fire Pacific Mutual . '. Vulcan Fire Wetrn States Life .... LUMBER PULP PAPER Central Coal A Coke Com. Central Coal & Coke Pfd. . Crown- Wlliamet te lulp Paper Crown- Willamette Pulp Paper Ptd "A" Crown-Wililamette I ul p A Paper ltd. "B" Hawley Pulp & Paper Com...: Multnomah I-umber A Box Sicil Clbb Multnomah Lumber and Rax 10 T, rfd. Oregon Pulp A Paper .Pfd. . . I'acifie Box Pfd. Pacific 1 -umber Pfd. Tum-A-Ium Lumber Com. . . . Tum-A-Ijini Lamber 8 V Pfd, Tnm-A Lum Lbr. 10 i Pfd West Ijimbtr Cum. , Weyerhautr Timber MISCELI.ANEOUS STOCKS Alaska Steamship Alaska Packer -. Albcr-i Rroi. Com Albcr. Bro-. Pfd American Typef'-iinderi Com. Am ricon Tyr foundf rs Jfd. . Iifnn. Food i f Iortlami . . . Ifc'lhtr Steaumhip Ifcm-nt Motor. Calif Faiihinkr-Mor- C m. Kairbankf-Mor e Pfd ;. rde,ral System Bakeries . . . . FidUity Securities Corpn. . . . Fisher Flouring Mill- Pfd. Fo ter A Kleiser Pfd Graton-Knight Mfg. Com. . . . Graton-Knight MfR. Pfd. . . . Hartman Co; J. I.. Gtn. ffd Hart min Co. J. L. Rtxie.stnable I'fd King's Food Products Uuits Lily Co. Chas. H. I'fd I-uckel Kina A Cake Soap Morgan Btiild'ng Oregin . Portland Om Oregon Worsted Mills . . Owl Itt-ug Co. Com . . . Oirl Ih-lg Co. I'fd I'acific-vVlaska Navigation Pacific Car A Foundry . Pacific (Vast Bi;cnit : , Pacific Cca.'t Cc Pacific Cuast 1st JTcf. . Pacific Coast Co.- 2nd Portland Feeder Co. ...... Portland Realty Associates ; Portland VegeUbW Oil Santa Cruz Portland Cement Sperry Flour Mills Com. . . Sprrry Hour Mills Pfd. . . . Superior Portland Union Oil California Unicn Oil Calif. Associates. We Um Auto Supply We.t?rii Rtyfid A Mortgage. We trn State? Finance Units BONDS Albers Bros 7'-l12 ... Broadway-yarojiill Bldg. 7 1923 . .....' Broadway-Yamhill Bldg. 7 "s 16 California-Oregon Pow. 6's B. Calif.-Oregon Power 7 's A Northwe tern Elect, 1st nits 6 a 1938 Oregon-Calif. 1st ' 1927.. Orcg.m R. II. A Ji'avig. 4's 1946 Oregon, Wash. Jl. Tt. A Nav 4 1946 Oirgon Electric lt mtg. 5's , 1936 Owl Drug 6 Te Notes Pacific C-t. Biscuit 0's 1933. Iac. Power A' Light 5's 1930 Pac. Pow. A IJfiht 8 s 1930 ,105 metric J ei ec 1 ei. ,0 s iitut . Pacific Tel. & Tel, 5 s 1942. Pac. Tel. A Tel. 6's 1952.. Pittock Block 6's 1940.... Port cf Astoria 5's 1925. . . Portland Gas A (ke 5s 1940 Portl d Gas $ Coke 7s 1940. Port Id Gas A Coke 3's 1951. P. R. I A P. 8 Gold Notes 1926 .. P. K. L. A P. 1st ref. 5's 1942 P. K. L. A P. 7s 194 6.. P. U. I- &. P. fC. A S.1 4's 1930' P. R. U A P. Gen. Etec 5's 1936 R Scuthcrn Idaho Light A IVitrr 7"s l!i25 Southern Pacific 1st ref 4's 1953 Southern Pacific 30yr. ev. 5's ll34 Sperry Flour Mills 1st mtg. ft, 1934 102 Santa Cruz Portl'd Cem. 6's. 100 lTnion liil Calif. 6's 101 Wash. Idaho V. L. A P. 6's 1941 35 Williametet Val. Sou. 6's 1980 87 Asked 207 180 19t 210 " 323 190 850 175 1O0 175 150 135 340 7 .. 17 92 U2 K8 60 91 !8 16 60 45 1)1 53 97 107 .11 12 . 123 140 .105 115 7 8 ,510 600 . 15 16 . 14 13 82 85 100 100 80 90 lOO 1 00 105 h5 10.T 110 ISO 400 Units Pfd. . 7 R2 135 ISO 47 5 5 . 77 S2 52 55 N 100 : 5 . 30 40 .11 12 .47 52 92 97 3 96 10O -.97 102 77 S3 SO 55 90 !l . t2 90 , 87 95 5l 60 SO 00 HO 120 40 50 75 85 53 100 92 97 .105 110 50 75 65 75 1JS 135 12 18 30 40 25 23 90 100 ... 75 5 90 90 U2 61 05 97 102 SH 05 168 170 167 169 12 15 i)H 105 . 35 50 9P 101 ) 101 102 102 103 98 101 108 110 100 101 99 100 1 89 90 . 83 84 55 65 99 101 90 95 1 2 :3 105 106 98 - 99 94 95 99 lOO 93 96 96 Oil ' 92 93 104 105 92 93 I 97 100 85 87 104 106 81 82 7 89 91 93 00 90 84 97 DEVELOPMENT TO BE GIVEN BOOST Pacific Northwest Investment Bankers to Aid in Getting Industrial Action. , 8r A. 8. Johnson .. Plans of far reaching influence in tha de velopment of the Northwest wens outlined Sat urday at a meeting of the executive eomanittao o; the Pacific Northwest Investment Bankers' association with delegates from branches f the organization in variop.s cities of the North western states- and Canadian provinces. The purpose of the meeting was to perfect arrange ments for the entertainment of Eastern fiuanriers following the annual convention ot the American Association of investment bank er at Del Monte, Cai., October 7 to 9. Afl elaborate program of rail and automo bile trips, covering the most important develop ment projects of the Pacific Northwest, ia be ing prepared by the investment banker com mittee, according to James H. Lynch, vice president of the Lombermens Trust Company bank and secretary of the Northwest organ ixstkm. Lynch accompanied a group of local members of the association to the Victoria meeting, and was one of the leaders in the roorement to affect a eooperatiou of snvest n,eiit bankers in the development of the vast latent resources of the Northwest. "The biggest obstacle in the way ojf the development of the Northwest is the lack of capital," Lynch stated, "and the only ac quaintance the majority of Eastern in vestment bankers have with this section of the country is acquired through publislied descriptions ot it? scenery and the literature of pro motors It is proposed by the Pacific Northwest Invest ment Bankers' association to -show the possi bilities of the Northwest first hand to the bank ers and security dealers of the East." Aceordin to conservative estimates there would be approximately 4000 members of the American Association of Investment bankers at the 1H1 Monte convention. Prior to the con vention and during its sessions the Northwest group propo to present a -united front in urg ing a week 'f sojourn in Oregon, Washington, Idaho and British Columbia following the event. Inquiries received from Eastern cities indicabs that the plan would be welcomed by hundreds of representatives of strong financial Bouse and dealers in securities. Lynch stated. 103 101 102 45 90 Standard Oil of Kentucky at HigH In Curb Trading New York. Sept 9. Standard Oil shares er? the Jcature in the dealings ' in today's curb exchanite. Active buying carrVd Standard Oil of Ki 7tucky to a new hiuli for the year to 109, while an 'accumulation of buying orders brought about a sliarp advance in the Indiana shares. Iiw priced issues, such a' Anglo-American and International Petroleum, were taken up and got considerably aboee their close of Friday. Imperial Oil of Can ada also went higher, while Standard Oil cf New York was down somewhat. Cities .Service common was strong again and reached a new liieh level for the present movement when it went through 200. The preferred : ha res were quiet aud firm. Activ ity in the uidependent oil stocks slack Mied and 1 rice changes were more orderly. Muuial, Simms and Fen'land Oil were linn around their previous closing prices. Diimnt Meters continued the leader of the motor croup and on heavy buying reached a new high for the year at 50. ' The Indiana .shares advanced fractionally., R. II. Macy common and preferred and. Nimble common got up a half point to a point. Schulto Stores, after starting several points higher, reacted sharply on profit-taking. Pub lic Service of New Jersey, preferred, and New York Telephone, preferred, were strong, the former making a new high record. Mining shares were fairly active, but busi ness waa small. Bonds were quiet and steady. Steel Company Shows Gain of Unfilled Orders -v. , Xw Tork, Sept. U. Ji". 8.) Tkn United State Steel corpora tion today reported an filled order oat Its book as of Anarast 81 last of MiMti. arslnst (,"78,181 tons oa 4lw 81 last, am Increase of 178,844 torn s. r - ORDERS SMALLER 4 - Peak Passed in Volume pf Yel low Pine Commitments; Mills ' Still Behind in Shipments. New Orleans, Sept. 9. Order for' yellow pine appear to have passed the peak of vol ume. They have dropped from 89,000.000 to 59.000.000 feet in the last two .weeks at mill in this section. Recent advances in prices are being firmly maintained. Ship ments are beginning to increase again owing to the greater number of can available, but nrills are still five and six weeks behind de -GLASS Pittsburg. Sept. 9. :Iemand for window glass is brisk and there ia no sign of slowing down in buying, g Storks in pint- of hand blowers are decreasing and being badly broken up and it is difficult to meet demands made ui-on them. Plant operations are still dis turbed by fuel shortage and the railroad strike. Since wages have beeh advanced, higher prices are believed to be in sight.- HATS Atlanta: Ga., Sept. 0. A chain hat com pany operating two stores is selling for 82 50 hats similar in style and quality to those which sold for $3.25 a year ago. CANNED GOODS Chicago, Sept. 9. --Although an excep tionally enormous demand has grown for canned peas and although the 1922 production will be much larger than that of any previous year, prices have not fallen materially belon those of 1821. Cannera are closely boh up. - ' ' '-: IJMttt.. - ' - ' Philadelphia. Sept,' w.T1ie building activ ity has caused the greatest demand for lias ever experienced here, 'c Tut- haa been met by dealers through greaser output : at the) aims- prices have been held ateady. " MAC HINF.K Y" i 8t Louis. Kept. 9. -The Missouri Pad fie railroad haa ordered 50 locomotives front the American IxwomoUve work. -Twenty-five are to be. delivered iis December and the other half in January. Korty-six will be freight and four passenger engines. j -. : "-p t , :; CLOTHING I t Kansas City. Sept 0. TI rail trtke Baa caused a marked failing off in the demand for. working garments. , other line of clothing have suffered although not to a aorraksoadiac extent. GIIAPES , i Ckiah. Cel., Sept. 8. Wine 'grape grewwra expect to get $72 a ton this . year for their crop, providing transportation is brought back to normal. If this is not accomplished, many expect total lose. 1 " Dissolution Order Ornate M notes no. Wash., Sept, 9. Aa order granting the petition of the Sunset. Shingle comimny-of Montesano for dissolution haa beaa hauded down in suiierio court. The hearing on the petition of the Aberdeen Logging com tany for disincorporatioa has .been postpooest September 16. ' 1 r 0verbeck & Cooke Oo. BROKERS ; Members Chicago Board of Trade Board of Trade Bldg, Portland j Pendleton, Ore, Valla -Walla. Wash. f . Stocks, Bonds. Grain and Cotton DIRECT PRIVATE WIRES Logan & Bryan JiKW YORK AJJD CHICAGO JOB WAITING FOR EVERT MAN 1ST PITTSBURG AT MISKS Iltt'tnirg, Sept 0. With tht expansion in coal mining, every man in this district has a job or one is waiting for him. The building trade's common labor Is drawing up to 5l a week, while the craftsmen are earning , above $100 a week. The swelling payrolls are . being reflected in the ro'uine of general trade and will :be an effective lactor in- promoting business dur ing the next two months. There Iv an urgent demand for the product of this district, ami the factors which prevented thia dtmand from being filled are disappearing. Improvement District Formed Prinerille. S?pt. 9. An election waa held TuevJay at tne Kitchen school house to decide the formation of the South Unit Improvement distntt. This includes about 80,000 acres, whirli in turn includes about 20.000 acres of government reclamation land. This land ex tends between Hear creek and Powell butte. The water wilt be taken from the De chutes river and will be stored at Crane Prairie or HenUam Falls. l'reliminary survey wall be started m about 30 days. How to get MORE INTEREST on your savings IF YOU arc not getting 5 to 7 on your savings you arc not getting What your money is worth in the business world. By means of our PARTIAL PAY MENT PLAN or by 'purchase of BABY BONDS you can make your money earn the maximum, just as banks and insur - ance companies do. . - - You don't need to understand finance to do it. We will take care of the details. Come in and talk it over. You will' be under no obligation. SCHOOL BONDS, CORPORATION BONpS, GOVERNMENT BONDS The bond we sell are 8 the bond we otxTt Freeman, smith a Camp Co. LUMBIRMENS BLD9.. POMTIAN PAR 10t 57 LlTerpool "Wheat liower Liverpool. Sept. 0. Close: September wheat, 0s 4d; December. 6 OS i. This is "4 d lower on Decemoer anq oeptemoer. NORTHWEST BANK STATEMENT Portland Bank Clearings 1922 -Balance Monday . . . Tuesda y . . Wcdm-sday Thursday . Friday . . . Saturday . Week Monday . . , Tuesday . . Wednesday Thursday . Friday . . . Saturday Week . 6.170.O56 5,755.778. 6.31-.V0ST 5.005.707 4,607,085 1021 H olidajr $1 1 1 1922 1921 6.91 9,479 5,705,017 5.650,231 8,833,919 5,317.014 ,420.186 ,076,819 ,122.490 733.671 493.284 $1,392,708 915,589 61,361 1,192,537 1, 094.O6O .$27,952,695 $28,336,262 $5,346,452 $8,205,852 Seattle Banks . 245. 330 i.0."9.n5 5.022.755 3.140.443 5,243.631 -Holiday 5,592.754 $1,929, 4l 4.745,718 5.182.92S 4.670,280 5.410,780 548.948 780,155 807.639 1.049.260 $1,785,088 620.246 930.754 422,192 933,025 .$28,811,760 $25,602,460 $5,115,863 $4,693,235 WE WILL SELL 1S J. L. Hartman Wedeemaba rfd. lO MuHneanan Lamber Box 10 pfd 10 northwestern Electric 7". tO Oraeon Pert la ed Cement pfd. 000 Peen Pacific Oil. V 20 P. B. L. at P. Prior Peefefeate. KO Peetland Veoetabl OH. B Weaterw Bond a Wcrtgaae. ' Prospective Investor - srlil find It ta their advantaee to cenaoK our prices en tae aaovs securities before making pur- WE WILL BUY CC PisteHtr Securltr -Coee'nl 1 Kin' Feesf Unlta. BO aanrtaw Buitdin stack. 10 Pac'fio Power Uaat pfd. 2B Portland Oa db Ceka T pfd. X8 Paclfi Stats rtr Insurance. ordanAVentworth i ftTfar.M M. AMt atAaHat 201-3 Kaftwf a. twy. 472S Suggestions for investing $100 No obligation incurred in seeking information. . Phone- Main 4195, or write us. To that large class oT people who cannot affprd to lose on investments and who desire to invest modestly and secure a higher return, we offer Farm Mortgage Bonds to Yield f m GE-M1LLER COMPANY MUmtt.PAL I'ftlllVfgowPOBAflOMf Portlaao Seattle Seeead Floor X. W. Bank BMi. Portland Los Aafelea Saa Fraaeltee Pkeae Mala 4li 1 Light Heat, econ d I ssue $1,000,000 Cumulative First Preferred Stock of ' NORTHWESTERN Electric Co. A $22,000,000 Corporation Par Value, $100 a Share To Pay 7 POWER exclusively The rapid sale of Jf the first issue of $1,000,000 7 Cu'mlative First Preferred Stock in he Northwestern Electric Company and the offering of the second issue of $1,000,000 in less than 'one year forcibly emphasizes the enviable position and earning power of this well managed public utility, dealing only in light, power and heat. At the subscription price of $100 per share, the yield will be full 7 , dividends being paid quarterly on the first day of October, Jan uary, April and July. Investigate oui-Savings Plan of time pay ments. Phone, write, call or sign and return the attached coupon. J. G. Tavares Manager Stock Sales NORTHWESTERN Electric Company LIGHT HEAT POWER ; Broadway 0580 Washington at 10th 2. O. Tavares. Manager Stork Sale orthwr sjern : ter trie Company, - Pit tor Bloek, Portland. Or. Hlr: Meae send me addlUoaal laformatloa reerdlaK Tr aret meat. - ..s - p). Xante .'.. Address sT.I -1 27 Hi i r 1 XV !Vsr 26 Hi