FRIDAY, SEPTEMBER 22,' 1922.
16
THE OREGON DAILY JOURNAL; PORTLAND, OREGON.
Fi
01
SHOPS
OPEN
AGAJN FULL BLAST TURKISH ADVANCE
IS BEAR F
(By United Xew)
. Detroit, Mich., Sept. 22. AU Ford
motor plants at Detroit, Dearborn,
Highland "Park, North wille and other
points recently affected by the acute
coal shortage reopened with the first
shift at midnight last night.
'1 AH other employes made idle by
' the shutdown Saturday will be back on
the Job today with all factories run
ning full blast to overtake a lead of
25,000 unfilled orders.
"Cancellation of the interstate com
merce commission service order No.
- 23, and Its replacement by the new
order No. 25, has made it possible for
.the Ford company to secure its full
. coal requirements," Henry Ford an-
pounced last night.
."We had to close our plants before
,v were entirely out of fuel so that
we "would be assured of enough to run
our mammoth coke ovens," he said.'
"Our arrangement with Kentucky
and West Virginia coal operators has
now banished our f uel worries at
- least for the time being."
More than 70,000 employes were af
. fected iy the reopening announcement
in . Detroit alone. This includes me
chanics employed at the Lincoln plant.
Eight Groups of
Scientists Watch
Total Sun Eclipse
(By United Sews)
New Tork, Sept. 22. Learned as
tronomers in remote spots on this old
world's skull made observations
'Thursday to call the turn on Profes
sor Kinstein, the German scientist,
who invented something called relativ
ity and hasn't yet discovered another
mind capable of making' out what that
is. Posted with their elaborate appar-
. atus, including powerful telescopic
cameras, eight groups of scientists
tried to take portraits of the rays of
certain stars to ascertain if these rays
come straight to earth or find the sun
. in the way and, therefore, take a de
tour to get here. If the rays are
curved. Einstein is right in whatever
it is that he means by relativity. If
they come straight. Einstein Is wrong,
as manyipeople suspect.
The shadow caused by the eclipse
was visible in Abyssinia. Somaliland
and Australia. The eight expeditions
were posted in eight places where the
eclipse , was visible, the Americans be
ing on Ninety-Mile beach on the north-
' em coast of Australia. The British
scientists made their observations on
Christmas island, to the south of Java,
with the Germans and the Dutch.
' TlierS" was another party in the Aus
tralian desert.
Eeported Advance
Of Turks Has Effect
. On New York Stocks
Wall Street. New York. Sept. 22.
Sensatlpnftl reports from Constanti
nople telling of an advance of the
Turkish army towards the Dardanelles
brought the Turkish question to the
ront as the consideration of first im
portance to today's markets. Wall
street was not sure up to the close of
business just what truth there was in
the news or how serious it would turn
out to be. It was ' a matter of doubt
whether or not the neutral zone had
Je"en entered.
; The markets took the latest develop
ments in the Near Eastern crisis in
different ays.
The wheat market put a serious con-
lrtruction upon the news and went up
,Kamlv Cin the. stof.k exchange the
selling movement was resumed. There
was little reflection, however, of un
easiness in either the foreign exchanges
or the market for government bonds.
Sterling went down over a cent in the
pound, but francs, after an early de
cline, made a full recovery and Italian
lire and German marks were practi
cally unchanged.
TURKISH MOVE INTO NEUTRAL ZONE CAUSES WALL STREET TO . TAKE SOME NOTICE
ACTOR
190-Pound Buck Is
Killed in Woods
Back of Scappoose
"It's a long lane hat has no turn
ing." said two Portland deer hunters
as they bagged a five-point buck in
the woods back of Scappoose last Sun
day. : While the sun was peeping up over
the hill tops and the Irrepressible
Scappoose speed cop was dreaming of
happy days when "Portland motorists
fell Into his clutches, the hunters
: routed a, fine deer. Rifles cracked
and the animal fell. The nimrods,
A- U Long and H. M. Weishaar. did
not apologize for filling their larder
with" venison taken from the serene
environs of Scappoose, "hot a bit. They
said, instead, "It serves 'em right."
.The buck weighed 190 pounds,
dressed.
3 Suspects Taken
In $150,000 Mail
- Theft in Colorado
I- " -' ' J
T
Lgs. MM Hi
(T ' tinned
J ?:. ' change
Wall Street. New York. Sept 22. Wort
of the Turkish dvnee into the neutral sone
reached Wail street midway In the forenoon.
It made the Turkish
PyrJ''ft erisi appear more
t. " J acme than at any time
r'fcVtV4, i ,,T immediately
esxaonsnea. 11. wu vie
foremost influence in
the market. The' rise
, III UHL UJJWUB
& id1nlv rrtamrtL the
'Jt foreign exchanges were
carried downward again
heavy selling con-
on trie stock ex-
hanse. It was diffi
cult from the brief
cable report to get an
exact idea of Just how
serious this latest de
velopment was. On the
face of things it
seems to be a direct
defiance of the British
and to bring the pros
aasWJ pect of a collision very
detimteiy into view.
Early Selling Forced
The day began with further selling of the
same sort that had carried the market down
on Thursday. Better resistance, however, was
shown, bo that by the end of the first half
hour prices turned upward again. It had be
gun to look as if the reaction was checked
when the Turkish news came out. This im
raedistely started again the unloading of spec
ulative holdings all through the list.
Heavy selling of stocks in which Europe is
interested waa a feature. It was largely be
cause of these selling orders from abroad that
the railway shares were quite as weak as the
average of the industrial group.
Tbe bulk of the day's call leans were ar
ranged at 5 per cent. There was no pre
tense that the somewhat calmer conditions of
the last few days in both call and time monej
had any real bearing upon the decline in the
security .market.
Reserve Bank Statement
The latest federal reserve bank statement
did. however, show the influence of the crop
moving demands more than any weekly state
ments so far. Increase of oveY JR2.000.000
in discounted and purchased bills indicated that
the member banks were resorting to the redis
count privilege to a greater extent than they
have at any time this season. But the actual
total of such redistcounts is still quite small.
There is not the slightest suggestion of any im
portant tightening of the money market, much
less of any strain.
Note Short Covering
The low points in the security dealings
were reached early in the afternoon. In the
last hour the short interests eet about cover
ing, following the report that after all the
Turks had not invaded neutral territory as
had been Mti.-po-cd early in the day. In the
highly speculative issues among the oils. Motors
and KquipnWtfl ;hres the rally for a time was
quite 'harp. In other directions it was more
moderate.
As the day drew to an end there was still
much confusion of opinion regarding actual
conditions on the Dardanelles, but at least it
was true that there was nothing like a war
!K:are in any of the markets.
Late Recover! Made
After a near repetition of the war scare in
the stock market today there was a last half
hour settling of conditions, the final 30 min
utes being given over to a genera evening-up
of contracts on both sides of the market. This
involved a good deal of irregularity and the
tendency at the close was uncertain. 8till. it
could be said that a day of considerable strain
had passed without any causing lasting weak
ness. The late recovery carried price substantially
to the level at which they left off Thursday.
Net gains and losses were intermingled, but in
nearly all instances were smalL
NEW YORK BOND TRANSACTIONS
Reported by The Journal' Wall Stmt Burma
By George T. Haghes
Wall Street, Sew York, Sept. M.
Lower quotations for forelga bond la
response to the more aeriomt newt
from the Kear East prevailed oa the
investment market today. French Is
sues, both the 8s and the 7V, weat
lower, "bat tha decline was not large.
The raited Kingdom. itts of 1S7 were
also comparatively weak. This bond,
better perhaps than aay other, repre
sents the credit of the British govern
ment In the minds of the American in
Testor. It Is non-callable, has ao con
version feature, and Is payable prin
cipal and Interest la dollars. Its mar
ket price Is affected by only two fac
tors,' one the current exchange for
money, and the other the current esti
mate of the British finances.
Tit flign price ior mis jssae was
106. la the early dealings today It
sold at 108, not a large decline ander
the dream stances. In a general way
other foreign bonds were sympathet
ically affected. Qneeasland 7s at one
time today sold at 10SV4 against a high
for the year of 1124. This, too, Is a
non-callable dollar bond price, of which
represents directly the money market
and the credit of tbe lssning government.
ST. LOl'IS Bt'SIXESS BEHI5D;
RAIL STRIKE HELD CAUSE
St. Louis, Sept. 22. Business is behind
from three to six weeks in this section as a
result of present and past transportation diffi
culties. Factories today are short of raw material
and, are behind witi production and merchants
are without many saleable staples. Since the
termination of the coal strike manufacturers
and wholesalers and retail trade have increased
greatly. Commerce is not lagging, but has
settled down to more stabilized condition and
industry and trade axe improving as fast as
transportation service will permit.
Coal production in the mines of the Middle
West is enormous and the workers have had
three paydays, retail trade has received a strong
impetus. Railroads are making much more
rapid progress in putting locomotives and cars
into good condition in this territory.
DETROIT HIT BY CUMULATIVE
EFFECT OF RAIL STRIKE
Detroit. Sept. 22. This city has been hit
by what members of the Manufacturers' asso
ciation call the cumulative effect of the strike
situation, but the outlook is far from gloomy.
Within the la-st 24 hours coal has eased in
'price here and receipts are increasing at the
rate or cars a day. . Kaw matenala which
have been in transit for a month or six weeks
are beginning to arrive. The automobile fac
tories have had little difficulty in disposing of
the car which the railroads could not trans
port by "drive-a'ways." but the shoe pinched
when the railroads failed to deliver steel, lum
ber, castings, stampings and the innumerable
other bulky parts which enter into automobile
manufacture. These materials are now flow
ing trrto the plants with more regularity.
There has been no let-up in the volume of
building construction.
'. Eenver, Colo.. Sept. 22 (I. N S.)
Two : wen and a woman were taken
into custody here today in connection
with; the theft of nearly $150,000 in
. cash, checks and negotiable bonds from
a mail pouch at the railroad station
in Trinidad Colo., last May.
- Those held are Roy Miller and Frank
Hicks and his wife, all of Trinidad.
The three were, apprehended following
months of trailing by private detectives-According
to police, more than $8000
In, cash and $3000 in money orders
: and . checks was found on Miller at
. police headquarters."
. The mail robbery occurred while the
pouch was ready for transfer from
tha Trinidad station to the postoffice
there. .
tlpOverbeck & Cooke Co.1
102
CLACKAMAS CODXTT TAX
COLLECTIONS DOUBLE 1921
Oregon City. Sept. 22. If the amount of
tax collections for any given month form an
indication as to tha ease with which money is
being secured throaghout the county, the rec
ord of the Clackamas count; tax department
for August, 1922. should foster eoonsiderable
optimism, according to 1. D. Taylor, head of
the department. The tax collections for the
month of August more than doubled the col
lections lor the similar period in 1922.
The total tax coDectiton in tbe month just
past, according to Mr. Taylor's figures, amount
ed to $23,762.41. Tbe collections for August
1920. were $1767.18. A considerable in
crease over 1921 is also shown, whea the tax
collections for that month were $18,968.46.
A material increase in the payment of de
linquent taxes listed during August is also
shown, the figures for the month of August in
the three years being: 1922. $2934.49:
1921. $1117.13: 1920. $1895.87. This
last figures axe included in the total of the tax
collections which embrace also the current
amounts taken in.
The tax roll under which collections are
being made this year is about (14.000 less
than in 1921. Mr. Taylor point out In 1921
it was $1,512,127.60. a against $1,489.
401.17 in 1922. In 1920. however, the tax
roll was but $1,197,337.03. r presenting an
increase from $824.34 20 ia 1S17.
The indication, say Taylor, is that when
money is "tight" fewer delinquency payments
are being made and the paymenta -on the see
nd half of the year's taxes, dne in October,
are not forthcoming until the early fall. Heav
ier payments during the month of August, the
tax man deduce, are an index pointing toward
a better financial condition generally over the
county.
Sales.
liSaks
IN $1000 HighJ Low. Close.
BROKERS
mbn Chicago Stesre of Trad.
. Board of Trade Biog.. Portland.
rondleton. Or. Waits Wail. Was.
STOCKS; BONDS,
. GRAIN AND COTTON
y. DIRECT FRITATR WIRES
Logan & Bryan
-SEW TOBX AID CHICAGO
NEW INCORPORATIONS
Salem. Sept. 22. The Phelps Manufactur
es company of Enterprise, capitalised at $10,
000. filed article of incorporation with tbe
slat corporation department her. Thursday.
l tie incorporators are A. B. Amonino. Louis
Stevenson ana J B. Phelps.
Other corporations filing articles Thursday
were:
F. A. Fisher & Co.. Inc. Portland; $10,000;
F. A. Fisher, C. G. Boklenweck and Oliver E.
Yale.
Peerless Food Product company. Portland :
tlO.OOO; A. J. Copeland. M. J. McltilUn. Fred
C. Fair and Mary Tew.
Vioiet Bay HesdQuarters, Inc., Portland:
$5000: J. Jacobsen, M. G. Lewi, and Lionel
C. AcVay.
CASCAB1A MIXING CO. PLAITS
EXTENSIVE DEVELOPMENTS
Kelso, Wash., Sept. 22. The Casradia
Mining tt Kevelopment company, which has
extensive holdings in the Spirit lake and Gma
river sections of the St. Helens mining dis
trust, is planning jfor an ex tensive deveiop
fPV Pp111 nd the expenditure of at least
$23,000 in tha improvement of its properties.
. Aj th .nnul meeting of stockholders at
Toledo last week the following officer were
elected: President, E. A. Session ; vice presi
dent, Georgr S. Re id: Becrrary-tree.arer. W.
V- St; trustee, these men and - W- C
,unher. Thomas H. Cray, Mr. Hattie Pp
platon and F. H. Dowler. The company ha
recently completed litigation for their claims,
completely establishing their property rights.
Hadson Prtee Cat Annonnced
A general redaction in price of the varioas
model of the Hudson nfc-mobile amounting ao
$160 was announced today by C. I. Bos,
head of tha C U- Bos Automobile company.
Bos . also amotmceed similar reduction of
$5 an tha Essex line. This makes the price
t f the Hudwa sad Essex - both kmc thu
pre-war prices. . t
New Tork, Sept. 22. Following is an offi
cial list of all bonds traded in on New Tork
Stock Exchange today with prices and salea
up to and including the close of the- market.
Total sales today were $12.636. 000. against
$13,214,000 yesterday. $13,300,000 a week
ago. $13,763,000 a year ago, and $16,992.
000 two years ago.
From January 1 to date $3,193,628,000
against 2, 245. 175,000 a year ago. ud
S2.702.935.000 two years ago.
LIBERTY BONDS
Sales (In$1000i High Low Close
3Hi . . .
34 reg.
1st 4s. .
2d 4s
586 Lib
261 do
H
188
St
10871
524
87
1040
1
212
. 4
308
- 38
d
do
do
do
do
do
do
do
do
do
Vic
do
do
do
48
4U
4 is
4 Vs
4 is
41
4 W s
4 Hs
4 s .
4s reg
4 Hs ...
4 4 s reg .
1st
1st
2d
2d
3d
3d
4 th
4th
. . .il0150il0132(10134
. .10140:i0126ll0126
. . . ! 10064,10064. 10064
... 10002 10002 10002
. . . 10068a0654jl0054
regl 100501 10050; 100 50
. . .110016 10008 10008
reg 100 9996H00
. . . 10028ill020 10020
regil 00 16lO0O6. 10006
. . . H006H 10046(10046
reg 1004 8i 1004 2,1 0048
. .. 1007210066 10070
. . !10056:1005610056
. . .10O34 10028 1O03O
. . . 1002 8jlOO22jl0O24
FOREIGN
5s . .
BONDS
8tArgentine
45 do 7s
13 Belgium 7 H
7 do 8s
16 do 6s
29 Chinese Ry 5s
1 6 Berne 8
8 Bordeaux 6
6 .Copenhagen 5 s .
lSjLyons 6s
16!Marseilles 6s . . . .
6 Montevideo 7s . ..
49iPrague 7s ...
15 Rio de Jan 8s. . . .
8) do 8s eertfs . . . .
13 Soissons 6s
10Sao Paulo as
15
21
39
7
Tokio 5s
Zurich 8s
Seine 7 s t
Danish 8
9 Dominican
si:
eertfs
A . . .
5 hit
IDC 5 s notes.
151 do 5s '26
107 do 5s '52
45iD E I rets 6s '4:
114 do rets 6s '62 . .
163;French 8s
185iFrench 7s ..
18 tmp Jap st 1 4s
22jDenmark 8s
16 do ctfs 6s . . .
14,Kalv 6tts A..
SO Netherlands rc 6s
3 Norway 6 . .
35;Sweden 6s .
21 Bolivia gs . .
IS Chile 8s '26
4 do 8s '41
151 do 8s ctfs
5 Cuba 4Hs .
55:Cecho-Slov 8s ctfs
lj Uruguay 8s .
2 5 Queensland 7s
llj do 6 ctfs .
19;8wiss 6s . . .
17!Sao Paulo 8s
48 U K GB&I5 Hs29
124 do 5tis '37
2; Brazil 8s
9 do 74i rets
21 U S Mex 5s
201 do 5s
66 do 4s ....
82 BIH 8114
102 hi. 102 102
104 104 104 hi
104 104 104
100 994 99
53 52 V 52 hk
118 113V 113V4
80 80 80
92 91 H 92
81 80 V 80 K
81 804 80
I 934 93Vs 93V
; 834 83 83
101 100H 100
100 V4 100 Vi 100 H
79Vi 79 4 79fc
102 V 102 102
72 71Vi 72
114H 114V4 1144
89 V 88 Vi 88 V
102 Vi 102 Vi 102 Vi
92 Vi 92 92
101 1014 101 4
89' 994 99 H
99 Vi 99 09 '4
054 95 Vi 95 Vi
95 V4 944 95 V4
100 V4 100 100
97 Vi 96 Vi 96 Vi
82 Vi 81 81
'ill HOVi 110S
99 Vi 99 99
96 96 96
94 Ti 944 94 4
112 lllVi HI Vi
104 104 104 S
98 Vi 974 974
102 Vi 102 Vi 102 Vi
104 Vi 104 104
104 V4 1084 1034
85 V4 85 Vi 85 V
93 Vi 93 93 V4
105 Vi 105 Vi 105 Vi
109 H 108 Vi 109
108 103 1103
121 4 121 4H21 4
103 102 103
107 V4 107 107 V4
103 102 Vi 102 V,
103 102 Vi 102 4
89 88 884
55 V4 55 55
53 53 33
40H 40 404
MISCELLANEOUS AND
BONDS
INDUSTRIAL
22Am Ag Chem 7 Hs(105V4 il04
37 Am Smelt 1st 5sl 95
58iAm S & R s . . 103 4
12IAm T & T cvt 6sill6
103! do col tr is.. 1 1004
79
92 Vi
86
100
108 Vi
105 Vi
105 Vi
97Vi!
94 V I 94 Vi
lO04 10O4
10OV4I100V4
106 il06 4
107!107Vi
13 do col 45 93
7Am W Works 5sj 87
4Am Wr Paper 6s 86
21 Anton Jurgen Ln
I Mars cvt 6s . . .
87Armour r e 4 Vi s
30jAU Fruit cvt 7. .
1 3 1 Atl Ref deb 5a . .
25iBell Tel of Pa 7s
SiBarnsdall 8 A
2 do 8s AB. . .
5 Beth Steel ref 5s
20 do P M 5. . .
42! do 6s
liBraden Co 6s.
S Kkin Edi gen 7 C
fi Brook Edi 7s D.
3 Brook I'n Gaa 5s!
1! do cvt
4iCal Gas & Elee 5s
6 Can Gen El 6s
1 iCent Fdry 6s. . .
1 0 i Cent Leath gen 51
20 Cerro De Paaco
cvt 8s
38iChile Cop cvt 7
138 Cin Gas El 5 Vis!
2 1 Colo Fuel A 1 as
If) Colo Indus 5'. .
IS, Con Coal Md us
1 Corn Produ'U 8
I F 5s
21 Cuba Cane hug cvt)
deb 7s
198, Cuba Cane Sugar!
o its
5 1 Cub Am Sug 85
5Det Edi rfg 6s.
20 do rfg 3s. .
llDet Edi rfg 5.
StDet Riv Tun 4 Via
ljDia Mtch db 7Vi!
27 Die t Sec cvt os. . .
2iDonner SU rf 7s.
26iDm de Nem 7 Via!
11 Duq LtAPwr c
5! do 7 Vis
104iEGAF ev TVi cf
40'Flsk Rub Co S.
14tFr In Dv db 7 Vis!
6 Fran Sutar 7
131- do deb os
12lGoodrieh 1st 6V4,102
4 Gdyr TAR Ss '41116Vk
38 do 8s '31 100Vi
HGranby Min 8s... I 98 Vi
13Hol Am Ln 6 reef 89 Vi
7 Hm 0R db 6 Vie) 994
101 111 SU deb 4Vi.j 93 i
10 lad Steel 6 llVi
94 4
103 Vi
J 15 H
99
92
86 Vi
86
78 Vi
91 4
34
694
108
103 Vi
1105 Vi
97 Vi
99 Vi
116
98 Vi
104
89
98 i
127
1094
96
92
78
81
102
88
92
108
105 Vi
98
994
92 Vi
1074
68
108 Vt
105 Vi
1084
97
107
95
102 Vi
101 4
10BV4
96 Vi
92
78 H
91 4
102
88
91 Vi
107 Vi
105 Vi
97 4
99 V
91
107H!1074
62 1 62 Vi
96 6
108 108
S inter Paper 6s B
27 Int M Mar 8 F 6s)
lO'Invin OU 8s
llj Rajrvr 7
2 Keny-Spgfld T 8
1
1
9
10
10
1
7
10
5
1
9
IO
8
52
1
5
14
KinneyatCo ct7Visj
Lack Steel 5
do 5s . . . .
Mao Su deb 7Vi
ctfs ....
Maem Cop 7
Marld Ofl7Vi ctfs
Mex Pete Ss
Mich St Tel 5 .
Mid Steel cvt at.
Mil Gas A Vt 4.
Moat PowColstS
Morris 4Vi
Nat Tube 6
New E TTlt5A
N T Airbke cvt
X T Dock Co 4
N T Ed Co re 1 6 Vis112 VI
N X Tel deb 6.
31 do sen 4 Vi
161 do ref 6s . .
liNiag Fails Pow
1 da 5s
3 9 N or Am 4 6a total
27;Nor Onio Tract
1 Vt 6
8 -Nor State Pwr 61
37 do 1st S
4 N V? BeH Tl ?.
6 Otis Sil TVi reta!
1 8 PacGas & Eiea s
Pac Pwr A Lt Sal
lSlFse T V T Ss.
13 do Ss ret ...
2 Packard Motor
8 PanAmetATms 7s
'Pml Co ref 6 . .
7'Piere Oil 8
8 . Pub ServofNJ 5s.
. 2:PanU AWre flugj
, f cvt deb 7. . .
6!Pro4 A Ref 8.
II do warrant . .
88 Remtn 1st 6s RA
6 Rep I k Steel S
TjSgrBrown Iron
0 4
93 Vi
99
105
168 Vi
98 V
100
94 Vi
98.
118Vi
112
1064
ItVj
04
94
99 Vi
SO
1014
100
103
82
107 Vi
67
107 Vi
104 Vi
101
6
TVi
102 Vi
94 V4
10Ti
96 Vi
4
5
99 Vi
3
8;i7Vi
102
102
98
89 V
99 i
116
98 Vi
104
89 Ti
98 V4
104
95
1 03 Vi
1 1 5 1
100 '
02 -i
86 '
86
78 H
91
35 4
99
108
105 Vi
105 Vi
97 Vi
94 4
100
100 Vi
!100 1,
1074
99
116
08 Vi
104
89 Tt
98 4
1264l27
109 U
96 4
92
78
914
102
88
91 H
108.
105 Vi
98
994
91
105
1084
64
106
4
102
101 Vi
101 S
116 V4
100
98 Vi
88
99 Vi
93
101 Vi
90
93 Vi
984
105
108
98 Vi
1O0
94 Vi
8 Vi
118 Vi
112
106 Vi
99 V
90 Vi
4
894
161 Vi
9
102
82
111 Vi
1074
7
17
104 Vi
101
102 Vi
94 V4
167
4
44
4
3
107 Vi
101 4
101 H
Si
69
105 4
1084
96
107
94 Vi
102
101 4
101H
116 Vi
100 Vi
98 Vi
89 4
99
93 V4
101 H
SO
93 V
99
105
108 V
BSV4
100
94 V4
9SH
118 Vi
112
10Vi
99 Vi
90
4
99 Vi
89 Vi
1101 V4
.
102
82
111
107V
67
107V4
104 V
101
96 Vi
7
102 Vi
4 Vi
1074
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8
MEW TARIFF GOES
IN EFFECT TODAY
By J. O. Hoyte
(Copyright, 1922. by The Journal)
New Tork, Sept 22. The effects of the
new tariff rates, which went into affect early
today, hv been pretty well discounted in ad
vance. Extreme price changes ss s result of
the operation of the new law -were few today
and confined to indi vidua! commodities, such
as peanuts, which fell $40 ton in Geprgi
when the law became operative. Radical in
creases in prices are not expected in the majur
industries, according to u-rfegraph dispatch-
from producing center throughout the coun
try within the last 12 hours. But a general,
if moderate, readjustment upward may be
looked for, ln which the tariff will play a
part.
Goods Taken From Warehouses
A tremendous volume of good ha been re
moved from bonded warehouses in the last
week in order to take advantage of the emerg
ency tariff rates in effect up to today. These
good may prove to be a factor of considerable
immediate importance in many commercial
lines, as they will come into competition with
current fall and potential spring supplies.
Such goods, however, probably will be mar
keted quickly. It is estimated $100,000,009
worth of imports have been withdrawn from
warehouse in the last few days and formally
cleared, but importers were forced to go to
the banks for aid in financing -these removals
and will be anxious to get these goods off
their hands and the loans, which have been
at a fairly high rate, repaid.
Exports to B Heavy
A goodly proportion of these good, how
ever, will be re-exported by the holders for re
distribution in other countries. A large per
centage of the duties paid on such goods will
be returned to the holders and they will not
come into competition wfth domestic products.
When the flood of imported goods on the
American market has dwindled, however, it is
indicated by business men in every section
that the new tariff rates will have the effect
of strengthening prices on both imported and
domestic products.
Wage Increase Coming
That effect will be aided by the general
wage increases and higher costs of material in
this country. The textile trdes are expected
especially to reflect these tendencies.
Speculation as to whether this tendency
toward advancing prices would develop into
another period of inflation is widely heard in
business circle here today, but the better in
formed buisness men are discounting the the
ory. They pointed out that, while many in
dustries are confronted by heavier coats of
labor and material, rising prices do not mean
ln inflation now because they have not been
accompanied by over-extension of credit.
Production Costs Higher
Moreover, the price move have been caused
more by increased production costs than by
widened demand of the buying public and the
sturdy resistance of buyers to higher figures
may be counted on to keep quotations well
within bounds.
Dealers and manufacturers declared today
that the laws of supply and demand would con
tinue to be far more potent than the artificial
regulations imposed by the tariff law. They
pointed to the wool industry as sustaining their
view. There are millions of pounds of fine
foreign wools which will be released from bond
under the new law. This might seem to por
tend lower price for such grades, but it is
pointed out that there is a shortage of wool
throughout the world, which tended inevitably
keep prices fairly level.
Price Will Be Stabilized
One immediate effect of th? signing of the
be to stabilize prices nd oondi-
and dealers in every line.
1 to rates removed, will be
make large commitments for
the next three months.
STANDARD OIL ISSUES
6 OO Anglo Am Oil. . . 20 20
1 OS; Atlantic Lobe. 1 . 9
4 5iCreacent PL 86 36
30 Ohio Oil 804 802
BOOImp Oil of Can.. 111 111
10 Ind P L 96 96
S4O0 1ntral Pet Co Ltd) 21 21
S - SOtPena Mex IW.. 640 . 085
60, Prairie P L ... . 271 270 '
l0S O tnd. 1174 116
?00jS O aw....il07J107
20
36
304 '
111
96
21
040 ,
2T1
1 17
ilOT
to
new lew will
tions. Producers
with uncertainty a
far more ready to
future needs within
Reopening of the Ford lactories in Detroit-
after a four-day shutdown, brought joy to 50.
000 homes in that city today, but the losa of
the suspension to business men is estimated st
$3,000,000. according to s dispatch from
there today.
TEXTILES
Philadelphia. Sept. 22. The textile indus
try generally in this section is operating on a
narrow margin of profits. Demand is turning
largely to moderate priced merchandise. With
New England mills asain in operation, the total
output will be greatly increased. This is ex
pected to affect prices in this section.
LUMBER
San Francisco, Sept. 22. Lumber mills
reported today that demand is exceeding supply
and that mills are - falling behind the volume
of new orders which are pouring in upon them.
DRT GOODS
Minneapolis, Sept. 22. Wholesale dry goods
merchants today estimated shipments for for
ward delivery have increased 85 per cent this
fall. Retail stocks throughout tbe Northwest
generally are low and cancellations and re
turns have been very infrequent.
HARDWARE
Pitt'burg. Sept. 22. Building operations are
under full swing here today, keeping the buying
of hardware and other supplies and materials to
a record figure. There is a special demand for
mine supplies.
BUTTER
Chicago, Sept. 22. Rising butter prices in
the butter market put a more cheerful appear
ance on that trade today. Jobbers continue
to buy cautiously for immediate needs. A
price trend upward, rather than downward, is
expected in the near future.
SHIRTS
Philadelphia, Sept. 22. Sales of collars and
shirts here ao fr this year hve been more
than double those of a like period of 1921.
Soft collars are maintaining their popularity
and sales of these goods figure largely in ad
vance orders for next year. The demand for
shirts with collars attached also is strong.
PAPER
New Tork. Sept. 22. Print paper for spot
delivery is Quoted between 877.50 and S80
per ton today. One of the leading interests is
quoting $77.50 for its fourth quarter delivery.
CANNED GOODS ,
Chicago"; Sept. 22. Canned goods are enjoy
ing an excellent demand in this market. The
movement to retail stores is brisk and prices
are holding firm. Dealers said today that an
active fall waa just beginning.
CEMENT
AUentown. Pa.. Sept. 22. The Reading
railroad has just obtained control of a second
feeder line into the All en town section to
handle the' Increased output of cement from
the AUentown plant.
LIVESTOCK
" Fort Worth, Texas, Sept 22. Prices for
sheep and lamb in this sesction show little
change. Tbe larger portion of the receipts
today were running to feeders.
LEATHER
Chicago. Sept. 22. The principal item of
concern in Uie leather market today is the
inability of fanners to get their prices up to
at least a replacement value in comparison
with those of raw material. Side leathers are
held at 20c a foot for top selection. These
prices are hard to obtain and even when ob
tained leave small margin of profit for the
tanner.
COAL ,
Dahith, Sept. 22. Twenty-five cargoes of
oft eoal are now en route from Lake Ene
port to this fs arbor. Arrival of this 200.000
ton, the largest shipment of the season, is
expected to relieve th aerious fuel abxrtage
ia. the Northwest.
Cniontown, Pa., Sept. 22, Steam eoal has
old hers at $3.75 f. o. b. mine. Brokers
anticipate lower prices cere today as a prob
able surplus of by-product coal by December I.
Car shortage ia threatening production. The
Pennsylvania's supply of empties is fair. The
Baltimore A- Ohio is making special efforts to
meet the demand and oa the Mo pongs he i a the
shortage is is evidence.
Cape May. Jf. J., Sept. 22. Dredges are
t work here today deepening the harbors so
as to ermit the loading of barges with coal
to be, towed to New England when tbe ice in
the Delaware prevents loading in that river.
The eoal will be hauled to Cape May by the
Reeding railroad for shipment by water.
Pitt burg, Sept. 22. The Jones A Leugh
11a company's Woodlawn plant today is oa a
10O per cent basis. The company is using
its Pittsburg beehive coke ovens for the first
time in two years to provide aa adequate sap
ply of coke.
Kaw Jye Is lTtopa
Development of a pink dye, known as Poa
tavnina Fast Pink G, is one of the latest ex
ploits aanoanced by E. I. DuPoot de Nemours
A Co. The dye was imported in fairly large
quantities before the war sad has since been
brought in from abroad ander license. The
new product would be ased principally as a
self color and would prove especially suitable
for cotton goods, artificial silk end paper.
WALL STREET Stock quotations
Reported by Overbeck A Cooke Co.. Board of Trade Baojing'
3fw Tors, Sept. 2f. Taa sellins;
movement con tinned og tti (itk. i
chaste today lnflasaced by tbe very
aJstmrbiar news from the Jfear East.
Before this news rams eat the market
had been lrreg-ular bat aot weak.
Word of tbe Tarklsh advance to tbe
Dardanelles broaght about heary sell
Ins; and In most of the stocks had held
per advanced at the start, grave
way.
There were wide flactnations rang
ing: from S to 16 points betweea sales
In saeh issaes as Standard Oil of Kan
sas, Prairie OH aad Gas and Staadard
Oil of Sew Tork. The street coatln
aed to speealate upon the speelal stork
dividend Impending- ia the 'Standard
OO groups and what these, vroald be.
Bat there was ao laformation oa this
point coming; to haad during- tbe day.
Galf Oil was strong for a while, get
ting ap oTer S points, bat it yielded
with the rest of the list ander the aft
ernoon selling.
Announcement of the Consolidation
of Galf Oil with another large com
pany is expected la the near future.
Sew England Fael and Maraeaibo
were' offered freely and Sew Tork Oil
lost its recent galas.
There was persistent pressnre
against the Motor stocks beginning
even before the receipts of tbe forelga
news. Daraat issaes led the decline
in this group and Packard preferred
broke badly on only a few transac
tions. Continental Motor was an ex
ception, holding ap eompsratively well.
"Whistle company of Pennsylvania,
common, was removed from the trad
ing. The new lssne of Kansas Gas A.
Electric company's per cent debent
ure gold bonds series A was admitted.
This lssae coaslsted of tS.660,000. The
subscription price was tOVs and ac
crued Interest to yield about .0 per
cent.
What early gains oecnrred In the
mining department were lost in the
afternoon.
Sale.
STOCK
OOOlAdams Express
300Agr Chem ....
!00!Ajax Bubber . .
1200 Alaska Gold . .
Alaska Juneau
Allied Chem . .
Allis-Chalmers
do pfd
Am Beet Sugar
Am Bosch ....
Am Csn Co . . .
do pfd
roOIAm t ar 4 Fdy.
Am Cut OU . . .
do pfd .....
Am Drug Synd
Am H & L. . .
do pfd
Am Ice
Am Inu Corp .
Linseed . . .
do pfd
Am Loco . . . . .
do ifd
Am Saf Rasor
Am S & C. . . .
Am Smelter . .
do pfd
Auitin Nichols
4400Aui Steel Fdy .
2500!Am Sugar ....
100 do pfd
Sumatra
Tel & Tel
Tobacco .
"B"
Wool, . . .
pfd ....
W P pfd.
Zinc ....
Anaconda ....
Assd Oil ....
Atchison
do pfd
SOOIAtlantie Cst Line
1400iAtl Gulf W I.
3500iBaldwin Loco . . .
.... do pfd
7600 Balto A. Ohio . . .
400! do pfd
S500!Barns Cor A
do B pfd
4800 Beth Steel B
High, i Low.
78
13 H
hm
7200
4300
300
1000
200
7700
500
600
700 .
3200
400iAm
100
7900 .
600
2500
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300
5800
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3000 Am
400 Am
400 do
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500
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200
800
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100
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700
100
Booth Fish . .
B R T
Butte C A Z.
Butte & Sup
Bums Bros A.
do B
Sales I la $1600
40 do B Kaa . .,
145IS O I .....
20 8 O Ohio ...
- 1 S 5 j Vscnam Oil .
? High t Lew I Close
585 1580 1580 -504
. 1404 1400
4 SO 1480 . 1406
1504 - ,484 , ii7
2001Cddo Oil . ;
400Clif Packing . . .
1800 Calif Pet
do pfd
1000 C Z & V
6700 Canadian Pao . . .
2200'Cen Leather . . . .
2S00Cerro de Pasco . .
61 00 Chandler Motor . .
3SOOChgo & N W
jChicago Gt W
000! do pfd
14800'Chile Cop
1200Chino
2800C M St P
62001 do pfd
5700lCoeo Cols
1400 C & O
600!Coio F A I
300Sj1o Southern. . .
1600 Columbia Graph.
13200Con Gas
l00iCons Cigars . . .
I do pfd
llOOlCons Textile ....
2100(Cont Can
7700Corn Prod
I do pfd
15600 Cosden Oil
17400IC R I P
400 do "A" pfd....
1001 do "B" pfd. . . .
7200Crucible
. .... I do pfd
SOOJCubs. Case
300 do pfd
3100lCnban Am Sug.
600j Davison Chem. . .
400 Del A Hud
lOOlDel A Lack
100;Dcme Mines
l00Elec Stor Bat...'
)000Endicott sjohnson.
"2100iEie
1400ldo 1st pfd.
42001Famous Players. .
IFed Mng A SjnelU
1000! do pfd
400Ftsk Tire ,
1400IGen Cigars
SOOIGen Elee
1300)Gen Motor
(Gen Mot 0& . .,
L2400Geu Asphalt
IGlidden Paint . ..
400Goodrich TAR. .
IGlen Akien
eOOIGrsnby .".
400IGt Nor Ore
8100 Gt Nor pfd
IGreene Canaries.
11800Gulf B Steel
800Houston Oil
1 8 00 !Hupp Motor. . . . .
lOOOjms Central
2 100 j Inspiration ....
Interboro .....
I do pfd
500JInt Harvester . .
400Int Mere Marine
50001 do pfd
4 R 001 Int Nickel
270OInt Pper
do pfd
7400lln vincible OU . .
14 00! Island OU ....
100 1 Jewel Tea
600.K C Southern. .
S00I do pfd
SOOIKsyser J
1500
8400
BOO
1800
300
7f0
0760!
Kaily-Spcfld . .
Kennecott . .
Keystone Tire .
Lack Steel . .
Lee Tire
Lehigh Velley
Lorillard
Loew Theaters
4 300 Lima Loco
ao
38 V
13
hi
83
56 V
104
44 hi
40
60
i87' '
28
53
113
35
86 hi
55 hi
123
' 'i'hi
21
62
102 H
88 hi
44
81
110
42 hi
122 hi
161
15714
00
109 hi
324
19
53 H
118 hi
104
92
119 hi
30
135
56
65
40
76
24
7
82
137
47
10
83
62
0
146
41
40
60
02
81
65
104
43
40
58
i87"
27
53
111
S3
36
55
121
'y
21
61
102
85
43
79
110
38
12T
160
157
97
108
31
19
52
If 6
103
92
119
29
132
14
26
80
83
51
68
74
83
48
8
140
39
io
88
115
50
45
102
98
89
is
85
28
49
187
183
87
50
85
15
24
97
61
13
80
178
14
63
83
SO"
89
92
85
79
21
112
40
1.10
14
58
17
87
15
18
28
88
45
48
86
8
81
25
69
ii"
60
54 hi
65
87
75
9
24
7
81 hi
136
47
10
83
61
'9
143
40
88
58
91
14
25
20
82
49
67
74 hi
33
48
3
139
38
"16
85
118
49
44
102
92
87
18
85
22
49
185
133
37
49
84
15
24
85
69
13
79
177
14
i
'83
30
89
91
83
78
21
111
89
110
14
57
16
56
14
18
28
68
44
42
84
8
81
25
68
2i
69
Bid.
80
88
13
1
82
55
103
44
40
59
106
1S6 hi
27
53
6
13
68
112
34
86
55
122
116
6
21
61
i2
37
43
79
110
39
121 H
161
157
98
107
32
19
53
117
104
91 hi
110
30
183
115
55
65
39
26
76
9
24
7
32
136
47
10
83
62
98
9
144
41
89
60
91
6
14
25
29
83
50
68
73
83
48
8
139
38
78
10
88 hi
114 hi
117
50
45
102
93
88
95
13
35
22
49
135
133
87
49
84
15
24
96
12
59
13
80
176
14
84
62
14
88
67
80
89
82
81
85
76
21
112
40
1
8.
110
14
58
17
57
85
15
18
23
88
44
42
35
8
81
25
68
174
21
69
1300
300
390001
I
300
7500
2500
' 8400
6OOO1
2500
' '600
8300
200
400
70O
200
200
600
12900
200
5600IU
175001U
pJordawAVewtworth &(a
Mil ncaiway exenangm
Xeanber Chicago Board of Trade
STOCKS BONDS
GRAIN COTTON
PaiYATE LEASED WIKJSS TO
E. F. Hutton & Co.
KEXBEHS ALL PHTJf CTPA1
E1CHAKBI8 L, ,., -:r:s
Solicit laealries ATI Local
6eearlUes
Sales. I STOCK
4001L A N ....
2200 Maria nd OU .
600 Maxwell Mot "A'
800 do "B"
500 May 8tara
19100iMex Pt
SKOO.MrM. Seaboard . .
TOOiMiami
3600iMid State OU . .
2 5 00 1 Mid v Steel . . .
300iM K A T w i .,
2400)Mck Track . .
4 00 1 Mont Pow
8 100. Moot Ward ....
1500
4000
"166
4700
400
Mo Pac
do pfd
M StP A 8
Nat Biscuit .
Nat Enamel
Nat Lead
a m
200 i Nevada Con
6000 New Haven
1700 Nor A W .
SSOOjNor Am . .
4 000. Nor Pc .
lOOjNova bcoti Steel,
OOiN x Air Bke ...
7900IN T Cent
1300lOkla Prod ref '.
2000 Orpheum
Ontario AW . . .
lOOiOti Steel
4 00 (Pacific Dev
lOOOjPac Gaa A Elee.
5000Paeific Oil . . . . .
15300!Pan Amn Pet. . .
3200 do "B"
4300IPenna
1200Penna Sea Steel.
1200jPo Gas
1500 Pere Matquetta .
1800jPhila Co
10400!Phillip Pete
zdou fierce Arrow ...
2700
000
1400
1000
5500
100
200
Pierce Oil
Pitts Coal
Pitts A West Vi
Prsd 8teel Car. . .
Punt Alegre . . .
7400!Pullman
1300Pure Oil
2700lRay Cons
5200jUeading
200, Remington . . . .
lOOOjReplogle Steel ..
Rep I A S
do pfd
Ren Motors
8900 Royal Dutch OU.
1000;Ry Steel Spg
leuuieiaxon
1200, Sears
100Shattuck A ArU
(Shell TAT . . ,
1500Sinclair . . . . .
400!Slo Shef
17800!Sou Pc
Motor .
Roebuck
2100
500
400
18400
CI
Sou Ry
do pfd
Stand Oil
do Ind
dc N J
do Ky
8 L A S F. . .
Strmbrg Carb
Studebaker . . ,
Swift A Co
Term C A C
Texas Oil
Texas Pac . .
T P C A O
Tob Prod
Tren Contl OU
Cn BAP
Cn Oil Del
Cnion Pae .
United Alloy
United Drug
United -Food Prod
United Fruit . .
Un Rds of N J.
do pfd ......
Cn F.tl Stores.
n 8 c I pipe. .
S Ind Alcohol
B Rub . .
29001 do Int pfd
. ITT 8 Smelt .
860O
700
I8OO
1100
100
9000
600
500
5000
800
C S Steel
do pfd
Utah Copper . .
Va Chem
do pfd
Vanadium Steel .
Vivandou
Wabash
do A pfd ....
do B pfd ....
Wells-Fargo . .
Western Pae
do pfd
Western Union .
Wesrlnghse A B.
do E A M
West Md
lOOOIWhite Eagle OU.
10O0I White Motors ..
1000 White Oil
30001 Willys-Overland .
800) do pfd
OOOlWHson Pkg . . . .
400Wis Central
lOOlWooIworth . . .
600Worth Pump . .
600W ALE ....
100
2O0
8100!
1 500
Total salea, stocks.
Total sales, bonds.
.
High. I Low, t BidT .
180 186 136 !
39 09 39
67 67 67
18 18 18,
150 129 129
187 184 186
i 21 20 21
29 28 28
13 13 13
85 84 34
18 18 18
57 56 67
73 73 72
22 .22 23
22 21 21
69 58 59
, 70
158 168 157
! 61 59 61
104 103 104
16 16 10
81 80 80
119 118 118
04 , 93 94
66 83 85
36 86 36
89 38 38
94 97 97
2 2 2
24 23 23
28
10 10 10
4. 4 4
86 84 85
57 55 64
79 77' 79
74 73. 74
48 48 48
6 6 6
95 95 96
87 86 37
45 44 44
51 49 60
13 12 13
6 6 6
69 69 69
88 37 87
90 88 88
46
132 130 131
82 84 31
15 15 15
78 77 78
86 36 86
83 32 82
67 65 68
91 91 90
4 4 3
58 57 58
118 117 117
4 4 4
89 88 88
9 9 9
39
84 83 83
48 48 47
94 93 94
25 25 25
I 62 62 62
118 114 115
117 116 117
196 191 195
107 107 107
29 28 28
51 51 61
126 124 126
109
10 10 9
47 47 47
29 29 29
25 24, 23
68 62 68
14 13 18
. . . .' 75
19 19 19
151 148 149
38 88 88
80 79 70
6 6 6
149 149 149
15 15 15
82 82 82
82 79 81
83 83 88
65 64 64
61 49 50
96 94 96
- 42
108 102 103
122 122 122
68 87 67
27 26 26
65 65 65
48 47 474
13 13 18
12 12 12
82 81 31
22
80
1T 17 17
..... 63
118 116 115
108 108 102
63 62 62
14 14 14
81 81 81
51 40. 40
8 8 8
T 6 6
44 44 48
47 47 47
80 . 80 29
184 184 184
42 41 41
18 18 18
1.018.200 share.
312,506,000T
BOSTON COPPER STOCKS
Reported by Overbeck A Cooke Co
B'd.
7
3
24
2
17
60
Ans .c. . .
Aicnniah.
AjIouc . .
Arcadian,
ring Una
Cal A A
(al A H.280
New Cm 17
cntnl . .
Cop Rge
Davis Dly
E Butte
Frnkln M
haneock.
Helvetia..
isl Crk
Keewsna
Kerr I k.
Lake Cop
Le Salle.
Mjchicaa
Mohawk,
slay OC.
9
40
4
.10
2
o
I
.104
.2
3
3
1
2
50
3
Ask. I TIM
8 'Ma Valley 1
1 No Butte 1 1
-5 ISo Lake 20
3 jO D Cop 23
18 iQneola M 28
61 lObijew 3
285 Ifal Royal 28
18 So Lake 44
10 Sup Boston 1
40 TJ 8 uch 43
4 do pfd 26
10!So Utah 2 .
2!Sup Cop.-4
2 Tuolumne 65
1 "Utah Mets 1
105 !C 8 Mng 41
2! do pfd 48
4 frtah Apex 2
4 (Ventura 28
1 IVictoria 1
5 IWolverine 10
60 tWyaadott 50
3
Ask.
2
11
50
24
28
3
24
45
1
48
27
T
4
65
1H
42
48
8
29
1
It
60
Pasco Bank Cashier Resigns
Pasco. Wash.. Sept. 22. W. E. Kiekenapp.
who has for a number of years been As
sistant eaahier of the Bank of Paaco, has re
signed to take effect the first of October, and
has accepted a position with a bank st Ballard,
Wash.
GEORGIA FINANCES
IN BEST SHAPE
1 w. w.
Atlanta, Sept. 22. Joseph A. . MeOrd.
chairman of the sixth district of the federal
lerve board, stated today that Georgia at now
in . batter condtion financially than at any
Urn since 1870. Interest rate are low.
money is plentiful nd th present cotton
crop will bring 110,000.000 mora to planter
than th bumper crop of 1914.
Receipt from neeche. eantalnunea
tobacco, peanuts, apples-and cotton will rch
a total el si.Mt O0O.00O. and cotton seed will
add another 1 1 6.000.000. 1
Atlanta merchant are Drenarina- far the fr)
ruah in young men's smi young women ap
parel a the result of the arrival of 10.000
St town college students. -
BAXX
Clearing Mem. 1 . .
Balances Mnn. . . .
Clearing Taa. . .
Balcnce Tue. . .
Clearing Wed. . ..
Balances Wed. . . .
Clearing Ihiirs...
Balances Than.. .
Clearing! Fri. . . .
Balance Fri. . . .
STATEMENT OF
Portlane Cenk
102.'
7.HUr,B8
-'.ii.rt.l I 5
8.885.000
1.400.174
6.460.207
1.070.166
6. 70S. 218
1.30..7
4,728.804
643.224
COAST
1021
O.r.72.971
104.7O6
0.880.014
1.564.182
3.4KH,17S
062.421
4.679.721
951,6S
4.830.208
1,201.640
San FratcJo Bene -
Friday (22,600.000
Seattle Ba.kt
Fr1dy $ 8.808,404
Friday 1.476,844
Oak laid Bark
Clearings Friday $ 2.600,000
Los Anjeies Banks
Friday H'4.216.859
Tacema gWnks
Friday's transactions
Clearings
Clearings
Balances
Clearings
8 3.402.000
FOREIGN EXCHANGE BATEM
Corrected daily by the foreign exehane de
partment of the United States National bank.
Quotations below lexeeot th noun airi.
ing) are quoted on the basis of 100 anils
foreign currency.
Opening nominal rates on bank trans-actions:
Draft Cable Par
Checks. Transfer. " Vlue.
4.41 8 4.42 8 4. 866
7.68 7.60 10 80
7.16 7.17 10.80
.07 .07 10.8O-
4.20 4.21 , 19.30
London
Lbs. sterling . I
Pria Francs . . .
Belgium Francs
Berlin Marks. .
Gnor-i-Lire . .,
Athens
Drachmas . .
Copenhagen
Kroner ....
ChrUtiania
Kroner ....
Stockholm
Kroner
Hongkong
Currency . . .
Japan Ten . . .
Shanghai Taels
2.25
20.88
16.75
26.40
67.80
48.20
77.30
3.17
20.88
16.80
26 45
57.65
48.85
77.50
10.80
36.70
26.70
26.70
Canadian dollar discount 19 2 per cent.
Offer Michigan Highway Bonds!
Blyth. Witter A Co. reported today' that
a syndicate headed by Estman Dillon is of
fering (3,000.000 in state of, Michigan high
way bonds dated October 1, 1922, of which
82.000.000 bearing interest at the rate of
4 per cent. mature in 1942, and (1,000,000
bearing Interest at the rate of 4 per cent
are due in 1937. Tbe price quoted reflects
fairly the condition of the money market,
according to Manse 1 p. Griffith. mnager
of Blyth, Witter A- Co. The price of the
4 per eenta is 8102.76, yielding 4 per
cent and the 4 pee cent portion of the
issue is offend st 8100.60 to yield 8.93
per cent.
Money and Exchange
New Tork, Sept 22. (L H. 8 CU
money on the floor of the New Tork stock ex
change today ruled at 6 per cent: high, 6
per cent; low, 5 per cent.
Time money was firm. Rates were 4 W
S per cent.
Tbe market for prime mercantile paper was
steady. CaU money ia London today waa 1
per cent. Sterling exchange was weak, with
business in bankers' bills st $4.41 for demand.
PACIFIC
NORTHWEST
MUNICIPAL
BONDS
Yielding:
5 to 6 !
City, County, School,
Port, Improvement and
Water Bonds
Details on Request
WESTERN BOND &
MORTGAGE CO.
82 Fourth St. ,TeL Bdwy. 6464
Portland, Or.
To the Investor of
Modest Means
Our
offerings
contain
Bonds in
$100
denominations
and up, to
yield from .
4.80 to
7.50.
Bond Investment has all the
advantages of a savings ac
count and more. It is a form
of security, readily marketable,
available as collateral for Bank
loans. A Bond is your law-protected
receipt for money loaned
to Governments, Municip alitics
and Industries.
Individuals buying their first
Bonds and those whose capi-
tal is measured in six figures
buy bonds here. All receive the
same courteous attention and
consideration Ask us for in
vestment suggestions yojj in-,
cur no obligation.
G'E'MIIXER & COMPANY
Portlaad
Seattle
N.W. Bank Bldg.- POFTLAND
ossii.'
Phone Main 4195
Los ABfelaa
8. Francisco