By Stuart l. Wert
Wall Street. New Tork. Sept. 2U The
trustworthy index to financial sentiment and
the Fnrcmein situation today visa not the vry
n y-jy ' "" confused movement on
5'yfil the stock echange bnt
'J 'Pl rsther the course of the
V.-.?S foreign exchanges. 8or-,"J--
.linf and marts wee
SNSbotlt lugner. inno a
trifle lower, bnt the
main point was that the
fluctuations should
t--4 Lave steadied down on
m level quits as high a
ai'l the Turxu-n qiu
had entered the mar
. V-i.1 nitriition. was prettJ
v '5 convincing proof that
no grvat alarm was teiv
:n International bank
ing circles regarding the
rjutefme of the trouble.
In the ftock market
Ibices' tarted in higrir.
but after the first half
hour the dealing were
to a aeries of tests conducted by profes-
lionaX operators as to the vulnerability of the
hare Ut-
Sailing Movement 8hown
Tbe idea of these specula tire quarters was
tiiat. quite apart from the outside news, the
market in August had a rather active and con
. tinuwus advance, that expectations of the move
ment carrying further through September had
been disappointing and the speculative following
was waiting for s cliance to sell instead of be
ing anxious to buy. This, of course, was a
purely technical view of the market of the
day. But it offered a more satisfying ex
planation than any developments in the outside
situation. The investment market greeted the
upholding of the soldier bonus veto with an
ther. advance in the Liberty Rrrm but this
action had been too well anticipated to have
much effect.
Oil Advance Factor
An advance in gasoline and kerosene prices
m the eastern districts attracted attention in
connection with the spectacular upturns' in
Standard Oil tafcues.
" Rrjt -the peaT reason for these performances
in this section of the market was that capital
readjustments are believed to be in store for
tome of these companies, which will have the
result of large extra stock dividends and at
the same time bring market quotations more
within the range of the ordinary trader.
-.- In the search for excuses for the selling
movement, acme point was made of the ad
"vanee in call money to 8 V per cent, the high
est touched in nearly two months. This came
uca top of Wednesdays evidence that the time
loan market was not aa easy as it had been.
But beond calling attention to the effect of
the .seasonal demand for money to move the
crops, the incident waa of no real importance.
The best criterion for the autumn money mar
ket is the status of federal reserve discounts.
Were there any pressure for funds to take care
of interior bank withdrawals it would show in a
general recourse on' the part of member banks
to rediscount facilities of the federal reserve
institution. In the latest federal bank state
Bants, however, there is absolutely no indica
tion of such a movement under way.-
NEW YORK BOND TRANSACTIONS
Reported by Toe Journal's Wall Street Bores.
By Geortre T. Hag-
Wall Street. Hew Tork, Sept. ft
Baring by tinrsite compaales
hiefa grate ho ad a, beta listed ana aa
listed, was the featare f today's bond
market. quality was Insisted ea. Only
securities a boat the ratine; of which
tbere eoald be n-o question were la de
mand. Public atlUtj first mortsragre
were In especial favor, bonds of the
grade of Slag-ara TGalls Power first Is
of 132 and .Detroit Edlsoa first Ss of
19SS being; representative of tbe class.
This sort of baylag Is aot aeeessarlly
reflected la notations en tbe tape.
Among; tbe Indastrlals Distillers' he
rarities Ss Jamped fiTe points to .
Coming; oa tbe rapid advance of yester
day this was taken to mean farther
and favorable progress In tbe reorgan
ization plans. Both Chile Copper issues
made new highs in response to the
speculative movement In the stock.
Mid vale Steel is were also ap a point,
and "Wilson Co. convertible s made
another new high. Of the listed public
utilities, Sorth American Edison Ss
and Market Street railway is were In
demand. Invincible Oil 8s and Magma
Copper convertible Js, however, were
reactionary. Trading in tbe second
grade and speculative rails was only
moderate. Erie and Sew Haven is
sues were lower. B. O. Refunding
s were higher. Cleveland. Cincinnati,
Cbicago St. Louis 6s and Atchison
Adj. 4s also were higher.
NEW YOttA BONDS
New Tork, Sejjt. 21. 1'oliov.ing li an of
ficial list of all bond, -aded in on he New
York Stock Exchange today with pneos and
sales up to and including th close of the mar
ket. Total sales today were 18.2 14.000.
tgaint $11,202,000 yesterday. S14.6S1.000
a wees ago. $15,388,000 a year ago. and
$16,288,000 two years -go
From January 1 n date $3,186,972,000
against $2.231,412,OOJ a year wo. and
$2,088,003,000 two j.ira aso.
LIBERT BONDS
( In $1004. ) -
Sales, j
ll th. I Low. Close.
NEW INCORPORATIONS
; Salem. Or.. Sept. 21. The Vacuum Equip
ment company of Portland, capitalized at
(100,000, filed articles of incorporation with
the state corporation department here Wednes
day. . The incorporators are Thomas L. Daven
port, A. St. McHenry and G. F. Alexander.
Articles of incorporation were also filed
Wednesday by Durham A Bates of Portland,
capitalized at $10,000. c;. H. Durham, D. H.
Bates and John H. White are the incorporat
ors. Permission to operate in Oregon has been
ranted to the Ryer Grain company, a Wasb
ington corporation, capitalized at $50,000,
T. E. Byer of Portland, general manager for
Oregon, and the Liquid Carbonic Company of
America, an Illinois corporation, capitalised at
$10,000, J. C. Fulton of Portland, attorney
in fact.
665 , Liberty 3 hk s .
5 ' do 1 st 4 s . .
13! do 2d 4s . . .
5, do L'd 4s reg
3411 do 1st 4 4s .
&03! do 2d 4'ii',
51 do 2d 4 4 s
654i do 3d 4 hk s .
A, do 3d 4s
152P do 4th 4 Vis
14i do 4th 4 'is
152 Victory 4 i .
2 : do 4 s reg
282! do 4 s . . .
1 6j do 4 4 s reg
1014010l32jl0132
luc70 10O70, 10070
ll0012l0010il0010
, 8!0: 9990, 9990
110076il006010060
. . . lOO26jlOO1210Olti
ot . 1 10U02; 10002 j 10002
. . . 1 10040! 10024 1 10024
rg.10Ol 1001 0 10010
. jltO0'1005;10062
-Cg.i000i 100501 10050
. .,10.74 10070110070
. . iloOSJiflOOSSIlOOSS
. H0u32il0028jl0030
. .ilO.i28!l0O24ilOO24
FOKKIUN BUNDS
5s.
7 (Argentine
37 j do 7
20:Beltium 71
9 1 do 8s
6; do 6s ....
1 Bergen 8s . .
2 Beme 8s ...
6 Bordeaux 6s .
23iCWpenhagen iMi
2;Luristiania 3s
12'Lyons 6s . .
2 3 .Marseilles 6s
82
102 Vs
105
104
99
110 Vs
114
80
92 y,
109
82 Vi
81
93
102
82 V
101
101
79 Vi
102
4-114
89
109 Vs
92 Vs
102
99
99
100
LUMBER MARKET
One hundred and twenty-two mills reporting
t West Coast Lumbermen's association for. the
week ending September -1 6. manufactured 89.
374,092 feet of lumber; sold 70.S38.097 f eet
ana snrppea yo,at4A.iH feet. i
Production for reporting mills was 8 per !
cent above normaL New husineu i - n, I
below production. Shipments were 8 per -cent
above new business.
Thirty-nine per cent of all new business
taken during the week was for future water
delivery. This amounted to 27,278.097 feet,
of which 18,689.302 feet waa for domestic
cargo delivery, and 8.588.705 feet for over
sea shipment. New business for delivery by
rail amounted to 1452 can.
Thirty-eight per cent of the week's lumber
jIm.?1V.mOT'd b wtr T1i! amounted to
29,203.196 feet of which 21,553.592 feet
ffioved coastwise and inter-coastal; and 7.651 -604
feet export. Rail thinm.nt, amu., .'-
Unfilled, domestic cargo order total 1 05 -of'4
t-'nfUled export orders 63,245,
28 feet. Cnfilled rail trade orders, 6853
-era,-. :
. .'5 T weeks production has been 3.007. 209 -
4 feet; new business 2.961.634,084 feef
alJpmentt 2,928.630.588 feet.
Money and Exchange
New Tork. Sept. 21. ( L N. SL1 r.11
; mosey oa the floor of ths New York stock
; exchange today ruled at 4 V per, cent; hich.
per cent; low, 4 Vi per cent Time money
was firm. Rates were 4 H 4 ,tr cent.
The market for prime mercantile paper
i waa quiet. Call money in Iindon tcdsy w-
12 Vf cent. Sterling exchug- was JUxrtv
with business in bankers' billa nt 442 -a for
: demand.
2 Montevideo 7s .
11 Porto Alegre 8s
1 2iPrazlld 7 V4 s
2 li; Rio de Janeiro 8s
20 do 8c ctfs . .
7Saissons 6s . . .
8l8ao Paulo 8s.
2 'Zurich Ss . . .
31!Se:ne 7 temp ctfs
3 Danish Mun 8sA
4 ' Dominican 5 Vs s.
41,i'an 5Hs notes., j
Si do 5s '24
93 do 5s '52
6) do 5s '81 I
103 .Dutch E Ind rets
6 '47 06 Vi
127 do rets 6s '62. 95
lS7IFrench 8s 100 V,
171iFrench 7 Vis 07
19ilmp. Jp. 1st 4 Vis 93
1 do 2d 4 Vss . . . 93 V
55 do sterl loan 4s. 83
13iDenmark 8s .... Ill
27 do ctls 6s ... . 99
22:Xetherlanda rctsOs 94
19 Sweden 6 J104
56Bolivia 8s 98
14. Chile 8s '26
2j do 8s "41
Cuba 4 Vis .
60'rze-slovakia8s cfsj
1 It'ruguay 8s
10 Queensland 7s...
6; Queensland 6s ctfs
. 36 Swiss 6s
5; Rio G de Sul 8s. I
6 Sao Paulo 8s . . .
52 l'KGBA:I 5 Vii'22,107
62! do ft'as
76 do 5i
81
102
104
104
99
110
113
80
91 V
109
80
80
93
101
82 Vi
100
100
79
102
114
89
108
91
82
102
105
104
99
110
114
80
91
109
81
81
93
102
82
101
100
79
102
114
89
108
92
i!02 H102
1.04 104 104
89 87 89
93 92 i 93
105 Vi 105 1105 Vi
109 109 109
103103103
121 121 1121
102 1101 1101
103 102103
107 1107
'29. . .(107 107 107
'37. . . 103 103 1103
il03 il02102
89 88 I 89
88HI 88 88
56
53
41
101 1101
99 i 99
99 99
100 l00
95
95
99
87
93
93
82
95
99
100
87
93 Vi
93
82
Sales In $1000
High Low 1 Close
l&iAnacrar 4s...l 82
2AU Fruit evt 7s. 85
16!Ati Ref deb Ss. . 89
27iBeU Tel of Pa 7s! 108
JKBarnsdali 8s
31 do (m A B .
9; Beth B 1st ext
110 U10
9S 99
94 94
104 1104
97 I 98
102
rets.
55
53
40
55
53
41
40 Brazil 8i
14! do 7 s
1 .") do large . .
2 Melican 5s
20 1 do large 5s
301 do 4s
NEW TOKix U1TT BUNDS
4 N T City 4s '56.100 1100 1100
1 do 3s '54 1 92 H 62 82
MISCELLANEOI"8 AND INDt'STKIAL
.BONDS
lOlAm Agr Cm 7sjl05 105!105
1 Am Smelt 1st 5si 95 95 95
58iAm Su & Ref U103T, 103;i03
7IAm T & T cvt 6?ill6 116 118
14i do col tr 5s... j 100 99 99
111 do col 4s 93 92 92
4 Am Wr Paper s 86 86 ! 86
37IA J fn M cTteBal 79 79 ! 79
The Prosperity
of the
Nation
The investment of surplus wealth in good bonds is
a constructive factor in the prosperity of the nation.
By employing accumulated wealth in this manner,
you perform a three-fold service: (1) To yourself,
by obtaining a regular, definite, sure rental for the use
of your funds; (2) to stable producing corporations
who need money, by providing ' funds for extending
their operations and doing more business;, (3) to the
public welfare, by making the commodities of life
more abundant through the use of your funds in
productive enterprise.
Likewise, we believe that in distributing to investors
" good bonds, we serve our clients ; we serve sound pro
ducing corporations, and we promote public welfare
. and contribute to national prosperity.
Blvth. Witter. &. Co,
FOURTH AND STARK, PORTLAND
C BROADWAY 6481
New Y,rk
Chicago
Portland
San Francisco San Diego Seattle
Oakland Pasadena Tacoma .
Los Angeles Hollywood - Spokane
6sj
106
105
89
97
94
100
104
10A
95
92
85
88
10S
105
105
99
08
84
100
103
108
83
23 do ref 5s.
41 do p. m. J5s . . . j
51 j do 6s . .
SjBkln Edi 6s B. .
8 do gen 7s G. .
5 i Bush Ter Big 6s
7Cer De Pas crt 8sjl27 127 Vi
. ...ChUi Cop evt 7sllll 110
351 do col tr bs... 87 08
Slt'tn GasAKl 5 HsjlOO 10
5s. . 92 92
5s. . 7I1 78
6s. .) 6 5
4s
78
88 i
82
4!Colo Pueltl
. . . I Colo Indust
12(.olo GasAiU
ljComr Cables
2ComT-Tab Kec 6e
28!Jonsol Coal Md 5s
2Cuba Cane Sugar
cvt deb 7s . 88
11) do 8s sU 92
2 Cub Araer Sue 8s 87
C,Det Edi rfg 6s 106
2Det Edi rfg 5..;i01
2iDet lUv Tun 4si 91
2;Dia M deb 7s. 107
14!Ent Sec cvt 5s. 61
53iLonner St ref 7s. j 96
lliDup d Nem7s.;108
3Duqu Id & P 6s'l05
71 Err.p GAFcrt7 cH 97
2 Flak Hub Co 8s. '107
30iPramIxUedb7 s 94
2Pran Sugar 7s.l02
25. Goodrich 1st 6 10
liGood T K8s'41
15, do 8s '31 ... .
22)Granby Min 8s. .
4j Hoi Am L 6s ret.
52;Hum OAKdeb5s
lOUll Steel deb 4s
loilnd Steel 5s....
2 Inter Agric 5s. . .
2 Inter Paper 5s A
29 do 5s B
20Int M M S F
4 0 In vine Oil 5s.
5 J Kaysor 7s. . .
lOiKelly Spgfld T
2!Kg C E L P
liLack Steel 5s.
40 do 5s
2Lig &. Myers 7s
6 do 5
6ILorillrd 7s '32
10 Magma Ccp 7s
3,M S db 7 s cfs US
1 Marl Oil 8s war122
1 31 ex Pete 8s . . . i 1 06
liMich St Tel 5s. .1101
35 Mid Steel cvt Ss 90
5iMi.rris 4 s . . . 89
74 INETiT 1st 5s All 00
2N Y Abnc cvt sil02
1N Y Dock Co 4 82
NY E Co ref 6Vi;112
2:N Y Tel deb 8 . . 1107
' " ,1. . crn 1 II . , (l 7
8s
li
91
88
92
67
106
101
91
107
59
95
108
105
96
106
94
102
101
116
100
98
88
99
83
82
85
99
108
105
105
89
96
94
100
103
106
95
127
110
96
10O
92
78
96
78
98
81
88
92
67
1106
101
91
107
61
96
108
105
96
107
94
102
101
116
100
98
89 V
99
93
116
100
99 ,
89
99 la
93
102 101il01
80 80 80
90 90 90
90 90 90
93; 93 93
102 I 99 99
105 1105 105
8s109 !109 1109
C lll till ,111
, jlOO jlOO 10O
. I 99
. 120
. 1100
. I 99
1123
98 HI 99
120 120
99 100
98 I 98
120 ,121
98 98
122 122
106 1106
101 101
90 t 90
89
99
102
82
ill 2
1107
! 96
107
M Vs
99
102
82
112
107
97
10
SsllOn (104 1104 V.
30 do reg 6s 107
3Nia Kails Pew
25iN A E 6s rets . ..I 96! 06' 98
7N S P 1st 5s ... I 94 94 94
29N W B T 7s . . ..jl07 ,187 107
5 iOtis Steel 7 a ret 98! 96 96
7iP G a E i . . . . 84 94 V 94
2;Pae T4T6i... 99 99) 99
s 46 do 5s rets 94 93 93
3 P A P T 7s. . . 102 101 102
8PG4CC5(... 96 96 98
ISiPhi Co ref 6s.. 102 101 102
7P S of N J 5s. . . 89 i 89 89
8Prod A. Rttf 8s..;105 104 104
19i do Ss war 1118 tll6Vi 116
ao j rv a i st os a .... vi
3iSaks & Co. 7s... 1101
13 Sin C Oil 5s. . 99
205 do cU 7s . . . 106
S6t do 7 rets 1101
6
2a
C
13
4
S 3 H 8s
S P K S 7s .
S B T dc T 5s
3 G 4 K ti 8l
S O of Cal deb
S T Co Am
Tidewater O
Tol Edi 1st
98
. . ;103
. . 98
. .1 97
73,105
7s101
96
101
99
106
101
97
9
101
99
106
101
98
24lTol L & P 6s.
35;Tub Prod 7s
6iL"n B & P 6s ctfs, 100
2;Un Tank Car 7s 103
2Cn Drug 8s ..111
27fn Fuel Gas 6s 98
8U S Hoff M 8sil05
9 Ln SS C 6s ctfs 92
0;U S Rub 7 s . .1108
17i do 5s 1 90
111U S Steel sf 5s, 104
5ll'th Pow Sc. L 5s) 93
271V-Csro Ch 7s r Ai 98
18 do cvt 7s A w 97
5.Va I C & C 5s103
I61VV U 6s ...1112
3Westinghse El 7s,108
102 103
97 98
97 I 97
105 105
101 1101
6 si 103 1 103 1103 H
7s. . 108 108 108
100 J 99 I 99,
108S 106 ilOtt H
1001100
103 103
111 1111
98 98
104 104
921 92
108 108
90 90
103 103
93 93
98 98
97 97
103 1103
1111 112
108 Vs 1108
SiWinch Arms 7 sil03 ! 1 03 1103 i
lliWick Spen SU 7si 99 99 99
HOlWiUon 1st 6s. . .102
4111 do cvt 6s 100
16 do 7s ,108
101 ,102
j 98 89
'l07il08
RAILROAD BONDS
16
5
11
1
17A
1 i i
12
36
22
4
17
A T 3 F gen 4s
do adj 4s ...
do Tr 3 L 4s
AAC A L 4 s A
C I' 1st con 4s
B A, O 6s
do ref 5s
do cvt 4 s ...
do gold 4s . . . .
do p In 3 s . . .
do 4s TACin div
do 3 s Swn div
19IB R T 7s -.
1 2 ! do 7s tr co ctf stl
3 Brkln U El 1st 5sf
2; Bush Term con 5s
15Can Nor deb 6 si
63 Can Pac 4s. .
27 Cent R of Bras 7sl
5 O of G B cnl 5si
14Cent Pac 1st rf 4
2 do Sh Line 4s.
48C A. O evt 5s. . .
41 do "Sen 4 a . . .
3S)Chi A Al rig 3s. .
42 do 35
12C B Q gen 4s
Hi do ref 5s
5,C B Q s 111 di
do ext 4s Neb di
C A E I 5s. . . .
Chi Gr West 4s..
Chi I & Lv 1st 6s
1st gen 6s.
4 St P 4 si
cvt 4 s. .
rfg 4s A
cvt 5s. . . .
4s
deb 4s ...
Pu S 1st 4s
w deb 5s
8s 111
gen 5s 107
Rys Co Bs . . j 82
86
86
1
7
13
4
do
C M
do
do
do
do
do
M
80
90
IS
46
1
4'C
3 C N
1 do
15 do
3!Chic
52lr. n
92
83
85
94
91
101
92
87
86
95
77
93
92
88
90
92
114
84
91
100
90
83
97
90
58
-35
91
102
85
"98
85
54
100
86
89
74
69
77
84
66
74
101
92 H
83
84
94
90
101
91
86
88
95
77
93
92
88
90
92
113
83
91
92
83
85
94
91
101
91
86
86
95
77
93
92
88
90
92
114
83
91
100 100
123
1
8
7
1
5
7
1
2
2
16
18
32
rtys i- o os . .
Vfff.1"4!
r Haute A S
A ref Bel 84
do
C Ter
E Irt
C 4 W Ind 7sll02
do con 4s .... 77
CCC A StLd4sl 92
do 6s S A 1108 V
CleTe Cn T 5s. 105
Cub S. R. Bs ... I 88
do 1st hfcfr 7 si
D ex H crt os . . .
D & Rio G rf Bs.
do rfg 5s k cars.
con 4s. . . .
2(Det Cn Rys 4s
lStEne gen In 4s
33 j do pr In 4s. .
4 j do cvt 4sA . .
12 do cvt 4sB. .
17 do evt 4sD. .
1 Gal Hon Ha 5s!
4 Gd Trnk Can 7a
11 do 6s
16iGt Nor 7s
10! do 5 Vis
7IHst EIRyLtAP 5sJ
14 HadAMan rf BaA
131 do adj ine 5s. .
1 DI Cent 5s . .
1 do A CStLANO
it 6a A
8 do rfg 4s
8 do 4s
do 4s
2 Inter Met 4 s .
S de etfs 4s sti
23 lot & T en 7s riJ
85 do ref Bs . . .1
18 do ref 6s bk ctfs
141 do 6s
8 JtotGN Ss nU ettsJ
IB do ad) 6s wl
IX C Fi 8 4 M a
40 do 4s
15lK C Boa 1st Ss.
5, Lake tW 1st Bsi
10 Lk Sh MS 4s
1S;L & N 7s
l do am. 4s
51 do 8 K a
54,LotnaN W
107
101
47
43
78
65
54
52
52
54
0
114
104
118
108
86
87
67
102
99
91
87
83
16
18
97
T2
72
80
54
8
71
97
95
109 H
98 M.
4lOO
I Maai aW Colts Sal 99
9S Mkt St Kjr coa Ba 89
lot do 6s I 94
!VIL 1st rf4s. 44
10 de rfg 5s I. . 45
do 8S . ...... 1105
H X f 1st 4a. 1 64
do 4s B w i. .. . TS
do Bs A v 1 1 87
da adj Be A wi.i 64 V
do-Sa C w i 1 98
Sm P rfg Ss I 98
do OS IIUS .
do gen 4j .... .1 S
5lNssse.a El 4 ...I 60
S NBoOil s ItJ epl 89
7 IS O tana 4a. 1 89
. f!X O T ek M ine Be) 69
85 ;N T Cent deb 6-1197
t. 11 I C 4 H' Ri
..'..I rf ex imp 4s.( 90
4
12
4
91
39
80
90
85
97 V,
90
62
35
61
102
84
98
85
54
100
86
89
74
68
76
84
66
74
101
111
107
82
86
86
84
102
77
92
103
105
88
107
101
46
48
78
85
58
65
61
62
54
90
118
104
118
104
86
86
7
102
99
91
87
83
18
97
72 5
72
80
7
.&
108
82
71
97
5 U.
108
an u
100 H
78
99
89
4
44
44 Ss
,101
1S
84
78
87
63
98
a
103-
7
0
80
80
107 .
90
85 Ti
97
90
52 Vs
35 Vs
91
102
84
88
.85 Vi
54
100
88
89
74
68
76
84
68
74
101
111
1107
I ? -v
88 H
86
84
102
77
92
108
105
88
107
101
46
43
78
85
53
65
52
62
64
90
114
104
urn.
104
86
86
67
102
99
91
87
88
1
15
9t
73
72
80
87
68
108
83
Tl
97
95
H09
98
100
99
89
4
44
44
101
105
?3
87
88
98
98 4
102
7
0
80
90
79
197 j
Sales (In $1000)
228
4
do gen 3 a.
do 5a
XYCA8L deb
-VTXHAH deb
High! Low Close
4iNY NHA BdbSHsl
2iN X St R en 4 si
3NY SuaAW g m 5s
35 NY W A B 4 si
ZiNon Ron gxt Bsi
10lN sWEE crtOsi
S8!Nor Pse 6s B . .
8 Nor Pac pr In 4s.
81 do sen Ss
70 do ref A imp Bs
40 Or Sh Line rfg 4s
1J O-W R A N 4S.
97IP L M BR 6s ctf
12 Pa B R 7s
5 do ,6s
19 do gld 6s. .
9 do t m 4s.
4 do :4s
BPere Marq rfg Bs
4jP R.L AP Bs '42
8; do 7s '48. . .
33 Reading gen 4-3.
1RGAW col tr 4s
l.SLLUdtAS gen Bs
2) do ref 4s . . .
8,SU L I Mt A Si
I R A G div 4s.
SjStLASF pr In 4&A
do 5sB
do adj 6s
do inc 6s
do gen 5 sD. .
10St L S W con 4s
21 StPKC ShLn4s
3 San Ant A A P
t 1st 4s
7S A L rfg 4s
2 i do adj 5s .... .
28 do con 6s
40;Son Pac eon 4f.
301 do rfg 4s
Ry gen 4s.
con 5a. . . .
6a ....
A Pac 1st 5s!
are rig 4s
8
89
19
74 Sou
43 do
281 do
10Tex
5 3d
21 do adj 5s
SiTri O By A L 5s
3T StL A W 4s
7iCn Pac 6s
13
21
1
do 1st 4s .
do cvt 4 s
do ref 4s
lOiCn R Inv C SK5s
5iVa Tty 5s .
2W'ab 1st 55
2 1 do Om d 3 s
SjWest Md 4s .
2! do 5
4 1 West Shore 4s.
5 W ALE eon 4s
SiW-B A E 1st 6s!
80)
99
88
84
62
72
51
56
69
120
HO
91
64
99
93
84
75
110
102
111
94
93
99
86
107
86
68
98 Va
91
87
76
91
86
78
97
78
86
78
45
27
68
93
91
72
99
104
99
69
67
100
76
105
94
95
89
0
100
10O
72
68
S7
86
98
83
STANDARD OIL ISSUES
80
99
88
84
02
72
50
56
69
120
110
90
63
99
93
84
75
110
101
111
94
98
99
86
107
85
68
99 H
91
87
75
90
86
78
97
78
83
78
45
27
67
93
81
71
98
103
99
68
67
100
75
105
94
95
89
90
99
100
72
67
86 Ts
86
98
83
80
99
88
84
62
72
51
B6
69
120
110
91
83
99
93
84
75
110
102
111
94
93
99
86
107
85
68
99
91
87
75
90
86
78
97
78
83
78
45
27
68
93
91
71
99
103
99
69
67
100
76
105
94
95
89
90
99
100
72
67
87
86
98
83
PROFIT TAKING IN SECURITIES IS SHOWN BY TIRED HOLDERS DURING THE SESSION
LONGS TIRED OF
HOLDING STOCK
2100Angk Am OU.
lO Buckeye PL..
20ICoutinental Oil
20 Eureka PL...
20Ohio Oil
30 IU P L .
1 20 H I 20 1 1 20 Vi
I S 98 HX
146H145 1146
96 96 96
1303 1302 1302
1173 173 173
845jlmp Oil of Canada113 1J0110
6800, InU Pet Co Ltd.. 22 21HI 21
lOOjNat Transit Co..f 2Vs 26 Vi I 26 Vi
HI Prune Oil A OasB35 635 63
,118H
.1109
. j5H0
.510
. 500
. 518
.1 24
new
19900S O Ind
1300:8 O Ky
80 S O Kas . .
4oo;s O N T .
13018 O Ohio
110 Vacuum OU
40 Washington
118 116
(107 108
Oil.
1571
488
4S8
495
I
jo i o
1 500
jiOO
502
I 24
BASK
Clearings Mon.
Balances Mon.
Clearings Tues.
Balances Tues.
Clearings
Balances
Clearings
Balances
STATEMENT OF
Portlsno Banks
. 1922
7.899.98
2. 2015. ! 5
5.835.000
1.400.174
660,297
1.079.155
5,708.213
1.309.887
Wed. .
Wed. .
Ttmrs.
Thurs.
COAST
1921.
6.872.971
1.894.706
6.839.014
1.554.182
5,488.178
952.421
4,679,721
951,833
Clearings
Clearings
Balances
San Francisco Banks
Thursday
Seattle Ba.iks
Thursday
Thursday
Oakland Barks
Clearings Thursday
Los Anje:e stanks
Clearinfcs Thursday
TaccRM Binki
Thursday's transactions
S26.900.000
S 5.520.977
1.231.815
S 2.222,500
$16,226,443
8 2.987.000
BOSTOX COrPEK STOCKS
Reported by Over beck, Cooke Co.
Bid.
Aria Com 8
Adr'nture 50
Algomah 5
Allouez. 24
Arcadian 2
Bing Mns 1 7
Cal&Aris 60
CaluAH 280
New Corn 17
Centemal
Cop Kge
Dav Daly
E Butte.
Frank Mg
Hancock
Helvetia
Isl Crk . . 105
Bid.
6
23
35
40
9
40
4
10
Keewana'
Kerr Lke
Lake Cop
La Salle.
Michigan
Mohawk .
May Old C
N. Butte
2 Vi
8
3
1
2
60
3
II '
Asked.
8 Nipissing
100 O D C
15 Oseola M
25 Obijawa
2 15-16Quic Mng
in Is Royal
61 ViS Lake
285 Su Boston
18 V S M
10 do pfd
4 1 S Ttah
4 Shattock
1 0 Trinity Cop 1 7
- Tuolumne 55
2 L'tah Metals 1
1 Utah Con 2
105 ViU 8 M 41
- ao ptd
4 rtah Apex
4 V Ventura
1 Victoria
3 Vs Winona
61 Wolverine
3 vVyandoit
11
Ask.
6
24
36
2
41
22 23
44 45
1 1-16 1
43 43
26 27
2 7
9 10
16 1
65
1
2
43
48
48
2
29
1
1
10
50
1
1
11
60
Boston Wool Trade Qolet
Boston. Sept. 21. Ther was no indica
tion in the Summer treet wool market today
that prices would be nnsett-ed by the signing
of the tariff bill. Business waa somewhat
quiet but demand was in v denee and holder
were preparing to remove large amounts of
foreign wools frr.m bonl when the bill become
a law. The reports from Brisbane indicated
a firm tone in the markets for Australian wool-.
Medium wools continuevi In excellent demand
nervi ana uie undertone of the market
firm.
was
WALL STREET STOCK QUOTATIONS
Reported by Oversees A Cooke Co.. Board of Trade BoikUoc L
Sew ' Tork, Sept. AdTaaees 1b
some of the Standard on stock -were
tke oat standing; Incidents on the earn
exchange today. Oreralgrht had cone
word that Yarn am Oil was plannlng-a
199 per cent stock dividend. Alonr
with this the Intimations were very
strong- that a splitting- ap of capital
was la prospect fro Standard OU of
Sew Tork, la conseaneace the possi
bilities of similar capital rearraar
meats ea other Standard Oil proper
ties were eagerly canvassed.
In the Independent oils, Soathera
States Oil established a new high rec
ord for the present movement oa baying-
reflecting- large Increases in pro
duction. Feasland, Standard Oil and
M ataal were firm and higher.
Trading- In other sections was torn
paratively dull. Magma Copper, which
had aOeB n active leader in the min
ing tgroap, recently, was removed
from the list today. Bangor and Aroo
sUfk Railroad company 7 per cent pre
ferred stock was admitted to . trading
bnt np until a late hour no sales had
taken place. .
There was a firmer tendency in the
motor issues, with Stuts, Peerless, Con
tinental Motors, Darant and Packard
In demand but after advances had
been established profit taking caused
a reaction. An easier tendency was
displayed in radio issue and in United
Retail Candy.
Sales. STOCK-
300
' 20OO
200
1200
1300jAdams Express...
700Advauce Rum. . .
do pfd
Agr Chem
do pfd .......
Ajax Rubber . . .
Alaska Gold . . . .
Alaska-Juneau . . .
2200AUied Chem
1200Allis-Chalmers ..
2 oo; do pfd
1200)Am Beet Sugar. .
400Am Bosch
6200An Can Co
.... I do pfd
Car Fdy. .
pfd
Cot Oil
pfd
Drug Synd . .
A Leatb
lOOAm
I do
600;Am
lOOj do
200Am
200jAm Hide
300 do pfd
lOOOIAm
29O0'lAm
1400iAm
3900:Am
BOOj do
300 Am
High
82
20
'38
Low.
79
19
38
13
1
83
56
14
' 1
84
57i
103 il03
45 I 44
41 j 40
61 59
I-
Bid-
79
18
55
38
88
13
1
83
58
103
44
40
59
1109
1186
1121
27
55
"13
704
Ice
Intl Corp .
Linseed . .
Loco . . . .
pfd
Saf Razor . . .
6900Am Ship A Comrel
4200;Am Smelter . . . . j
400 do pfd
.... iAm .Snuif !
8700Am Steel Fdy. . .
Sugar
pfd ....
Sumatra
Tel A Te!
Tobacco
pfd.
SlOOIAm
do
900 Am
6000 iAm
lOOO'Am
llOO do B
9200IAm Wool
' do pfd
100 Am W P
1600 iAm Zinc
B700Anactnda.
1400Assd Oil
3600IAtehison
1001 do pfd
800 AU Coast Line.
400!Atl Uulf A W
321 OOlBaldwin Loco .
' 1001 do pfd
3000!Balto A Ohio. .
I do pfd
21 OO'Barnsdell Corp
5400! do B
9300!Beth Steel B..
300Booth Fish
22001B R T. ..... .
800 Butte C A Z. .
2300 Butte A Sup. . .
3800 Burns Bros A..
188 1186
I
28 I 27
55 55
6 6
13 ! 13
71 70
116 113!113
85 I 34 j 84
88.! 38 38
12412l121
119 I11.84H17
7 I 7 4 I 7
22 21 j 21
63 1 61 I 61
103 '103 1102
! I 1148
I 4,4 43 43
82 1 80 80
I I mo
I 42 I 41 I 41
II 22 121 121
iinr, jio vi leovi
1160 V4 158 V4 1158
101 I 97V4! 97V4
109
31 31
20 19
54 53
120 1117
106 104
92 to 92 Vi
121 119 V4
31 I 30
188 134
115 1113
57 ! 55
200
700
L.
do B
Caddo Ofl . .
Calif Packing
ISOO Calif Pet . . .
! do pfd . . .
1 1 OOlCallahan Z A
270iCanadian Pse . . .
5000jCen Leather . . .
1400lCerro da Pasco. ,
81001Chandler Motor .
2700!CMcago A S W.
500 Chi Gt W
1400 do pfd
15400 Chile Cop
2300 Chino
6400 C M St P
8100 do pfd
1 700 Coca Col
8200 O A O
700 Colo F A I
200 Colo Southern . . .
4100 Co) Gas A El..
900 Columbia Graph. .
16200Con Gas
230O!Cons Cigars . . . .
30O1 do rfd
" 7 00 Icons Textile . . . .
400!Contl Can
2800 Corn Prod
..... do ?fd
26800 Oosden Oil
50000 C R I P
100 do "A" Pfd . . .
700 do "B" pfd
5000 Crucible .
100 do pfd
laooiCuba Cane . . . . .
1600 do pfd
17300 Cuban Am Sugar.
1300IDavison Chem . . .
40 38
76
9
25
7
83
138
48
75
0
24
7
32
137
48
85
64
' !9H
146
42
40
60
93
15
26
81
34 Vi
52
68
75
34
49
111
3l
143
41
81
iov
88
117
'si'
48
103
93
91
95
14
36
24
50
84
62
' "9
145
41
39
58 V4
92
6
14
25
30
S3
50
87
78
84
49
100
3
139
38
80
10
88
114
49
44
103
93
88
95
13
85
2
48
SO
19
53
116
104
92
121
ao
134
115
56
65
38
26
75
9
24
7
82
138
48
10
83
62
95
9
145
40
39
58
92
6
14
25
29
33
50 Vi
67
73
83
49
109
3
139
38
80
10
86
114
117
49
44
102
93
88
95
13
84
23
48
Sales. 1 STOCKS :
OOOjDel A Hudson...
OOjDel A Lack
lSOOiDosae Mines
3100Elec Stor Batty..
80o,Eudicott Johnson
260O'Erie
800 do 1st pfd . . . .
8700:Famotu Players . .
lOOjPed M A S . . . .
8o0 do pfd
20OjFiak Tire
200;Gen Cigars ....
lOOjGen Eleo
1550OGcn Motor
100) do 6 p c
10 20 (Mien Asphalt
. . . . . jGlidden Paint . . .
1300, Goodrich TAB.
)Glen Alden . . . .
1200jGranby
lOOiGreat Nor Ore . . .
2900 1 do pfd
Greene Cananea .
142O0Gulf S Steel . .
1O0 ; Houston Oil . . .
lOOOlHapp Motor ...
200II1 Cent
B00; Inspiration
lint Agr Corp
300 do pfd
SoOjlnterboro ......
lOOOj dc pfd
SOOjrht Harr
700, Int M M
10700 do pfd
700jlnt Nickel
I200;liit I'aper
I do pfd
11500'Inv Oil
700;island Oil .....
1200,jewel Tea
900 K C South . . . .
400 do pfd
1200Kayser J
HOOiKelly-Spgfld. . .
2900:KennecoU ....
15 00 Key stone Tire . .
480!Lack Steel
100!Lee Tire
5400lLehigh Val
300Lorillard
700Loew Theatres .
300L A N
4 800Limaloco
8600 Marland Oil ...
100 Maxwell Motor A
1000i do B
13 00 May Stores ....
1780:Mex Pet
4100Mex Seaboard ..
300, Miami
40011, Mid States Oil. .
2400jMidvsle Steel . .
lOOOiM KIT Wi. . .
800iMark Truck . . .
"400Mont Power ...
1400Mont Ward ...
7500 Mo Pac
3000 do pfd
M StP A SSM.
400 Nat Biscuit ....
HOOiNat Enamel ...
SOOINat Lead
500;Nevada Con . . .
1138 (136
lit Vfc493
Mlgn. Low. lata.
186
183
SS I 37 i 87
60) 49 49
88 84 84
! I51 15) 15
24 24 24
U v-sl 9
13 13 13
61 59 68
la 13. IS
81 81 80
177 177 1177
14) 14 14
85 85 I 84
64 52 52
.1 I 14
84 , 31 33
68
32) 31l 81
40 I 39 t 89
93 92 i 92
85 82 1 82
79 ,l 19 IS
22 I 21 21
111 111 Vi 1I
41
36
1
4
ii2riii iin
40 I
I
86
1
4 I
40
9
36
1
4
8800New Haven
1400 Norf A W
6100 Nor Vier
2000 Nor l ac
Nov Scotia Steel".
1300 N Y Air Brake. .
4800 N T Central
700 Okla Prod ref . . .
2 1 00 Orpheum
lOnUrio A W...
40OIGtis Steel
1700!Pacific Dev
1200IPao Gas A Elec.
11500iPacific Oil
12000iPan Amrt Pet...
1900i do "B"
7900 Penna
200 Penna Sea Steel.
200Peo Gaa
800'Pere Mannette .
3400; Pliiladelphia Co. .
210OPhUUpa Pete
800!Pierce Arrow . . .
StlOOIPierce Oil
UOOlPitts Coal
800:Pitts & West Va
300:PreSed Steel car
600iPunta Alegre . .
SOOO'Pulir&an
4800!Pure Oil
1200!Ray Cons ,
8000Readin
500!Remington
1700iKeplogle Steel ..
leiOOiliepubUo IAS.
14 4a
58 1
17
57
"io
19
24
68
47
44
36
8
82
22
70Vi
178
22
138
62
40
58
19
133
191
21
29
13
36
18 Vi
59
75
22
22
61 H
ieo
61
I1UO 5
17
32
120
05
87
22500
2600
400
700 do pfd
200lRep Motors . . . .
1500!RoysJ Dutch Oil.
lOOjlty Steel Spg. . .
SOOlSaxon Motors . .
llOO Sears Robuck
SOOShattuck Ariz . .
iShell T A T .'. .
184001Sinclair
400fSloss Shef
4200 Sou Pacific
4100 Sou By
1500 do pfd
18200 Stand Oil Cel..
..... do Ind
do N J
do Ky
IS L A S F
Strcrnberg Carb . .
30100 Stiidebaker
(Swift A Co
200iTenn Cop A Chat
5900 Texas Oil
600Texas Pae . . . . .
2200 Tex Pac C A O.
3800Tob Products....
1000Tra.n Cont Oil..
lOO.Union Bag A "P.
1500Fnon Oil Del. .
6400ICnion Pac
Unilted Alloy . . .
1O00 ITnited Drill . . .
400 United Food Prod
200iCnited Fruit
7500irnited Bet St
200iU SCI Pipe
5900IL 8 Ind Alcohol
26200C S Rubber..
40
98
2
24
io
5
88
57
81
76
49
7
97
37
45
62
13
6
70
89
92
47
135
82
15
79
88
33
70
92
4
58
118
4
89
10
34
50
94
26
63
116
118
195
108
29
53
129
'io"
48
31
26
65
14
75
20
152
'66
7
160
84
84
66
52
I I
56
17
564
14
18
23
58
45
43
35
8
81
21
67
176
21
137
59
89
58
18
130
186
20
29
13
34
18
57
78
2J
21
59
158" '
60
103
16
30
118
92
86
38
97
2
23
"io
5
88
58
78
74
48
8
95
37
44
51
12
6
68
38
90
46
132
81
15
78
87
82
86
92
4
57
118
88
10
'S3V4
48
93
25
62
114
116
188
108
28
51
126
10
47
80
25
62
14
75
19
150
79
6
ISO
81
33
4
49
14
57
17
56
95
15
18
24
57
45
43
85
8
82
26
68
172
21
137
59
39
57
18
131
186
20
29
13
34
18
57
73
22
21
59
70
158
60
103
16
30
118
94
85
86
38
97
2
23
25
10
5
88
58
78
74
48
95
37
45
61
12
6
68
38
88
46
131
81
15
78
87
82
68
91
3
57
117
4
88
10
39
33
48
93
25
62
114
116
192
108
28
51
126
109
10
mt
80
25
62
14
75
19
149
88
80
6
149
81
83
04
60
Sales. STOCK " 1 High. ( Lew. Bid.
4200 do 1st pfd . . . 96 1 93 93
200 U S Smelting.. 42 42 41
24000 U S Steel 104 108 108
do pfd 121
4900 Tub. Copper .. 69 67 67
80OVa Chem . . . . 27 2 26
do fd . . . . 65
8900 Vanadium Steel.. 50 49 48
8000 Vivsudou 18 18 IS
130O Wabash 12 12 12
24O0 do A pfd 88 82 32
10O do B pfd . . i .. 21 21 20
400 Wells Fargo ... 80 80 80
0O West Pac 18 18 18
do pfd 64
200 Wert Cnion . . . 117 117 1 IS
jWesfhouse A B " 102
S00O do E 4s M .. 64 62 62
150OjWet Md 15 14 14
220O,White Eagle Oil 82 81 81
lOOiWhite Motors. . . 60 50 49
40!white Oil 8 8 8
. 14001 Willys - Overland 1 6
600 do pfd 44 48 43
700(Wilson Packing.. 48 47 47
200 1 Wi Central .a. 81 Vs 31 81
100 1 Wool worth 185 185 185
OOOjWorth'ton Pump. 42 41 41
HOOW A E 7 18 13 18
Total rales stocks. 1.120,300 shares; total
sales bonds, $18,500,000.
MID WEST BANKS
Kansas City. Sept. 21. The banks of this
district today are in better condition to with
stand any 'demands upon them than they were
three months ago. This is taken aa an evi
dence of general improvement in business in
this section. The figures today showed that de
posits, cash holdings and total resources hare
increased, while loans are smaller.
Motor trucks are being used to haul cattle
to the Kaasaa dtv livestock mark eta freaa
points rally 209 miles distant. This more waa
brought about by tbe shortage of railroad care
and the difficulty encountered la getting stack
er and feeder oattle'to market. This business
Is expected to cut into the short haul ef th
earners even after rail traffic returns to nor
mal. BuslBessxaejl in - this, section are show
ing keen interest la the Southwestern buiinese
congress, which will meet at Tulsa, Okla.,
October 18.
FOREIGN EXCHANGE HATES
Corrected daily by the fbreicn exchange de
part me at of the L'nitxl Ktataa National Aank.
Quotations below (except the pound sterling!
are quoted oa the basia of 100 units foreign
currency.
Opening nominal rates on bank transactloas:
. ' Draft Cable. Par
London Checks. Transfers. Value.
L.DS. sterling.! 4 3 t.
Pans Franca. . 7.65
Belgium Francs 7.24
Berlin Marks
Genoa Lire . ,
Athens
Drachmas. .
Covenhagen
. Kroner . .
Christie nia
Kroner
Stork holm
- Kroner . . .
Hons Song -
Currency .
Japan Ten .
Shanghai
Taels
.07
. 4 33
, S.S5
.20.es
.18.88
.26.49
.57.40
.48.20
.77.85
4 48
-7.88 Vs
7.25
.07
4.23
2.87 v
21.00
16.98
26.64
S7.65
48.36
4.88S
19.80
19.80
28 81.
19.80 ,
19.80
29170
26.7S
26-TO
T7.65
Canadian dollar discount, 1 and
2 per cent.
5
Foreign Exchange Market
New Tork. Sept. 21. (U. P.) Foreign
exchange opened steady. Sterling. $4.43.
up c; rancs. .0f67; lira, .0424; marks.
.0007 .
Foreign exchange closed with sterling, at
$4.48; franca. 0764; lire. .0422:
marks. .0007.
toxj 0
Jl ax Itixempt Bonds
Government, State, Municipal, Joint Stock Land
Bank and Agricultural District Bonds
(01
All offerings
are subject
to prior sale
and advance
in price.
Advancing prices have featured
the market for municipal and
other tax-free investments in
the past fortnight. It is evident
that the market has absorbed
the large supply of American
municipal bonds issued this
year, and recent sales have been
made at a much higher level
than ' prevailed in the early
summer.
The bonds we now own were
bought before the recent ad
vance and at the prices we
quite are particularly attractive.
Are you on our mailing list? Do
you wish us to send you' a copy
of our current list? Have you
ever consulted us ? Call, phone
(Broadway 5740) or write.
The bonds
we tell
are
bonds
toe own
Freeman, Smith a CfMp Co.
r-irV
a I ,
-sae UmUXMCNS BULKsW Poirnjux Oft.
CHAPTER I
It is easy to buy bonds
WHO BUYS THE
MOST BONDS?
70
gll IU g
Our records of sales of bonds' of
five strong California power com
panies Pacific Gas & Electric,
San Joaquin, Light & Power Cor
poration, Great Western Power,
Southern California Edison .West
ern States Gas & Electric bring
out these interesting facts:
70 of bond sales were to Indi
viduals.
2,6 of bond sales were to Banks.
4 of bond sales were to Insur
ance Companies.
In the volume of sales:
46 of the total was sold to In
dividjuals.
33 pfthe total was sold to Banks.
ai of the total was sold to In
surance Companies.
It is easy to buy bonds.
Small amounts or large.
Our service is the same to alL
Callxtr use the mail. Buy Bonds!
Aifc for our booklet "It h Eaxj to Buy Bonds"
Nam , '
31
Cyriis Peh:eGomi5vny
1002 WUcox Bldg. PORTLAND Phone Bdwy. 5915
Seattle San Francisco Los Aafeles
MORRIS BROTHERS'
Coulee Gity, Washington
7 District Sewer Bonds
Dated September 1, 1919 JO
Optional f
Due September 1, 1931 YIELD
64
City of Shelby, Montana
6f0 District Bonds Guaranteed by
Revolving Fund
Dated February 3, 1 920 JO
Optional
Doe February 3, 1930 YIELD
6i
City of Mill's, Wyoming
6 General Obligation Water Bonds -
Dated June 2, 1922
Optional alter 15 Years
. . Due Jon 2, 1952
TO
YIELD
6
Telephona er Teleraa. Orlers st Oir xpns
Government and Municipal Bonds
MORRIS BUIUJIwPrtpfloY STARK ST
BROADWAY, 21 51 A UI UtlILU,Ui UgOIL SA CEPCT UXj :