WEDNESDAY, SEPTEMBER 27, 1922.
16
, flE OREGON DAILY JOURNAL, ' PORTLAND, OREGON.
SELLIiliS I'OKCK LOWEK PRICE RANGK THROUGHOUT THE SECURITY MAISK.ET IN MEW
THE BEAR CLIQUE
CONTROLS STOCKS
By Stuart P. Watt
- Wall Street. Vew Tort. Kept. 2T- To
rfav 'a stock market vras considerable different
f mm th market of preceding day this week.
e 5St: v .g- a aa nor mj www
Is?'
-"Maw ; f -.-r
NEW YORK BOND TRANSACTIONS
Reported by The Journal's Wail Street Hum a ;
the
market had yielded
only slightly to specu
lative pressure. Tb
resistance today was
considerably poorer
Jr ".',5' i and Ue break 'in
plained tlie decline by
the more warlike tone
of the mornsns's Con
suntinoi.le dispatches
won Id bare been the
obvious tiling to do.
But actually there waa
still no real evidence
that the troubles in
the Near Kast were a
major influence in
the market.
In the sense that
they were probably
one of the reason in
ducing intending buyer to hold off, they
beeped along professional operations for the
decline in stack and contributed to the leas
favorable tone of the bond market. But they
gull hcwl only very moderately in the
quarter which would hare been moat sensi
tive to any genuine war scsre. namely, the
wheat market, the foreign exchange and the
money markets.
For the most part the downward move
ment to stocks was simply in the nature of
a further readjustment of a speculative posi
tion that had been rather overdone.
Independent Stee.li Hit
One of the chief weak spots wai the-so-
ra!lcd independent steel shares Uie stock
which were so violently exploited tiiree and
fur months ago, wben the various merger
nesitiations were the principal -pics of dis
cussion. The street had tlie rertort that the
opposition cf the federal trade commission
might not prevent the H-iml'lir--M;ivale com
bination but tt.at it would conij! a modifica
tion erf the term so that these would seem
le-s attractive from a market standpoint. But
whether there wa anything in tliis story or
liqr, tlie fact was tliat the sjculative move
ment today waa rotrvctini: Uie extravagances
of a previous circulation, a speculation based
ution a distorted idea of what the merger ad
vantages in Uie shape nf lower ccwta would
mean for the values uf tlie constituent securi
ties. Echo of Coal Strike
Another akjiect of the stock market was
that it. was finally refristering the effect of the
great coal strike which it had ignored in the
campaigns at the spring and summer. This
subject was brought forward forcibly by the
pawing of the dividend on Pittsburg Steel com
mon an action for which as was shown by
the severe break in tlie ' stocks, had been I
wholjy unanticipated. .It wai suggested nn-plea-santlyagam
by tlie Aneiit report of the
Reading-'r-tjpical of the Anthracite camera
showing a decrease of SI, 631.000 in gross and
$1,144,000 in net income as compared with
trie same month last year.
August Statements Poor
There seemed to be no particnlar logic in
selling stocks because ' of poor August state
ments. In the first place, tlie market, look
ing as it should go forward and not backward
'must visualize tlie extraordinary tonnage in
prospect for the next few months. In "the
second place the August figures themselves,
outside: of the roads which depend heavily
upon coal traffic, are so far not turning out
as bad aa expected. The effect of the shop
men's strike was apparent in New York Cen
tral's loss of "$-.7H7,0OO in operating income.
However, the increase in gross of $1,137,000
over August. 1W21. was proof of how little
the labor disturbances had atfected tlie gen
eral business of the road.
Coal Roads Hit
Erie and B. 6t .., two oilier representative
coal roads, proved to have been hit very hard
by the A:igu.-t conditions. Tho B. & Oa
net revenue wa down nearly $3,000,000
from last year and it oiiernled at a deficit
of $648,190. The Krie talkd to earn fixed
charges by nearly $2,000,000. However, all
this is water ever the mill since latest re
ports on carloadingn shew wtal for Uie week
ended September lo, which is the largest eince
last Octoter.
Tiail way shares were inclined to harden
somewhat in the afurrnoon. Hut in the gen
eral list while the pressure was not ss great
as it had been in the forenoon, Oie low prices
were reached in the final hour.
Steal Trad Favorable
Weakness in the steel ?t wks certainly had
nothing to do with current traile conditions,
which,' aa set forth m the weekly reviews, are
the most favorable of " any wetk so Jar. The
rush to plaice orders for Meel rails ir. ml
vaoee of the $3 price increase on October 1
has brought a record business to the rail
mills. This, with the unusual demand for
other railway equipment folloving the (.hop
men's strike, ha brought total operations up
to 70 per cent of capacity. The main point
is thatriot only is this a comnlete rt-cve-ry
of the ground lest in July and Amnu-t but
the new bo-ines is beinc dr ne at rnuci mre
profitable prices.
Most Savors Break
Today's break on the stock exchange was
tha most revere of any eince the culmination
of tha summer advance. Speculative efforts
which had not been over successful in the
previous days of the week finally overcame re
sistance; and in the last hour there came a
great flood of selling orders which swept prices
down, all through the list and was still in
prog runs at the close. It was no tuntil 10
minutes after the gong had sounded for busi
ness to ceaiw that the recording instrument
was able to print the last of the transactions.
By Georsre T- Hashes
Wall Street, Sew Tark, Sept. !7
rcertalnty f 'the -terns' of the ew
srovernment flaaoclng- easted a weak
ness la Liberties today- trhleh ieat
ared the bond Market.
As on Taesday, three lssaes sold
below par at times. There was a rally
sohseqaeatVto the low prices toaehed
la the early trading:, i: was pointed
out that large Mock of government
bondi are held at banks and other
financial Institutions only temporarily.
F.vaataallT when there Is need of rands
f for commercial psrposes a certain
ambant of these holdlntrs mast tome
on the market. Xotwtlhstandlng all
other explanations It was a fact that
the reaction nl Liberty bonds coin
cided with the more anfatorable re.
ports of the situation la the Sear East.
The entire bond market had the
same tone as, the Liberties. Perhaps
the reaction in Liberty bonds cola
as on Tuesday or Monday bat trading
t in small vnlnme and there was no
Inclination to take any chances. Jforht
gales. IS $100O
t High. Low.
were
Island
era Pacific 6s. representing high grade
legal railroad bonds, were fairly active
at lower prices. At one time they sold
dow to 108A. The high for the year
was llO'Vfc. " Soatbern Pacific 4s
aim lower and Chicago, Bock
& Pacific refnnding 4s sold more than
a point below the price at which a
syndicate marketed a large block a
few days ago. More or less all the
high grade railroad bonds were offered
at concessions.
XKW YtlUK MOM'S
New York. Si-i t. -'T. Following 1 of
ficial list of ail bor.cts traded in on 1 r,e New
York Stock Kxchans today with prices and
sales up to imd iiicitaling the cl"-e e.f trie
markeu Total sales today were '-' .'J."0
against Sir,. 144,000 .yesterday. Sll.-O.000
a week ag... $17,897,000 a jear ago. and $17.
"O.OOO two yeara ago. ..,..
Krom iRnuary I to date $3.244.4.5.000
against $J. 307,590.000 a year ago. and
$.7rit).OJ,000 two years ago.
i.ibkkty uoxna
3?
W. IVITKS INVESTMENT
BANKERS TO SEE THINGS
Oregon, and the Northwest wiil be, well rep
resented at the annual convention of the In
vestment Bankers' Association of America, to
be held at Del Monte, (fal., October to 12.
Efforta will be made to bring a large number
of Eastern delegates to Portland from the
convention, that they may see first hand the
wonderful possibilities for development in the
Pacific Northwest. W. H. Crawford, secretary
of the Portland Chamber of Commerce, will
accompany the local delegation tc the conven
tion and a booth will be established in the
lobby of the Del Monte hotel for the dis
tribution of information relative to the North
west. Approximately 800 delegates, representing
every section of the country, are scheduled to
attend the convention. Special trains will
carry large delegations, from New York and
Chicago and it is planned to route these trains
through the Northwest on their return trip
Seattle and Spokane have joined Portland in
thia effort. Arrangement are being made for
atop over privileges and visits to the principal
hidnstnal sections of Oregon and Washing
ton. Delegates to the convention from Portland
are: James Lynch. Ralph iSchneeioch. Harry
Kendall, Ralph Baldwin, Frank Freeman.
Frank Camp and Willis Clark. Camp is now
in California on a vacation trip and tlie other
delegates propose to leave for Pel Monte next
veck.
Foreign Exchange Market
New fork, Sept. 27. (TJ. P.) Foreign
exchange opened easier. Sterling, $4.40
off S : francs. .075S. off 4; lire. .04254
of f 2 ; marks. .0006 .
The market closed! steady. Sterling $.40H :
francs .0758 S : lire .0426 hi; marks
.0006-4.
Qyerbeck & Cooke Co.1
BBOKEBS '
SSsrehses Chlcaea oars) a Trade
oar of Trade lita. Peruana.
Pestdlecan. Ore, Walla Walla. Wirt.
STOCKS, BPS,
GRAIN AND COTTON 4
Logfan & Bryan
SBW YORK AX CHICAGO
zui ts.eui.utay ixcjiartgm
U sat bar Cklcavgo Board t Trad
STOCKS BONDS
GRAIN COTTON,
" flUTATE L&ASI WIUS TO
E. F. Button & Co,
v MEKBEKS ALL rHtlTCrPAI.
r , EJCHAJTGE
' - Solicit laralrie An T lira I
Sales (In 100
2 Liberty 8 , s ..
72i do 1st 4 Vs.
444 .
340
2311
High. Ia'W- i Close.
do 2d 41. s ... . 1000a
do 3d 4 Us 10000
do 3d 4 its reg.. 9974i
do 4th 4 Vi ... 10014
do 4th 4 ls reel 9992
235Victory 4 s ,
7 j do 4 4 s reg
63 do 4 "is
17 do 4 s reg
;10UfcilOOS&110090
lO030100tfie!l0000
9974. 99X4
9972 9984
9944 9904
9990 9998
9980 9988
1 Ol62il0050 10054
. il006010038jl0038
. llOO-J6jlO020110022
. 10018,10004110004
FOREIGN BONDS
11 AraenUtie govt 7sl 02 H 101 jl 02 H
27Belgium 7 V4s .
1 0 do Ks
121 do 6s
.1, Berne 8 s ....
3 Bordeaux 6s . .
1 1 ;Cti-nliagen 5 H s
1:0 -Lyons s
l.VMareilles 6s
1041104 1104
11031102 1102
ilOO 994 !10O
ill3i !113 jl IS
, SO ' hO 80
93 HI 92 Hi 92 T,
bO i 8 i 80
K0l 80', SO'i
1 1 iMonte video
52:l'vaKUe , J.5 s
28 ;K de Jan 8
SiSoissons 6s .
22ISao l'aulo 8s
48:lH-i t Seine 7
18 Danish 8s A
Ts . . . i I wa 1 I wo -a
... 1 S3 j HO Tt nil Tt
c-fc 100 V- ',100 1100
. . .-1 78 j 78, 78
... 102 1101 102
t cfsi 88 t 87 i 87
. . . ilo7 il07 il07
'7 Dominican 5s. . . I 90
161 do 5V.s i 1
3S.Dem Can 5 ntslOl :1 00 i
1241 do 5 '52 1 !)OH i 99
6! do 5s '31 ! 99 1
75iU E 1 rets 6s 471 5
69; do rets 6s 62 . . ! 95 j
90French govt b..-!100l
l31Freh. tiovt. 7s 96
20! Im. Jp. 1st 4VsJ 3
551 d.., sterl In 4"!
SiDenmark 8s
9i do ctfs s.
58'ethrlds rcpts
33 Sweden s ..
3(1 Bolivia 8s
10 Chile 8s "26.
II: do Chile Ms
tl do Ms certfs
J4 !'zcli-Slv 8
96! 96
91 91
99 H
1 1 Unenslii'id
7 1 do fls cUs . .
143 Swiss 8. 122
1 0'Seo Paulo 8s . . . 1 1 0 2
55!L KGB&I 5 39; 106 it
219 do 5 s 37. . . . !102
76 i; S Braiil 8s... II 02
571 do 7 s rets. , 88
13r S of Mex 5s.. 54
ltt do 40
99 99
94 I 94
94 I 94
99 U00
96 j 96
93 93
SI SO 80
llftt'llOti 11IIS
' 98l ( 98
.! 94 J 94 I 94
103 103 !103
97 H7
101 ,101
104 :104"i
103 1103 V
92 i 92
108 I10K
102 .102
121 121
102 il02
106 ! 100
101 1101 to
ioi to lioi
87 i 87
54 54
39 39
. . . I 98
. . : ln-is
'4 1-.1 04 '
. ... 1 04
ctfM 93 to
1108 1
103
MISCELLANEOrS A INIH STRIAL BONDS
1 iAd Ex col tr 4s. 99
21Am Agr Ch 7 si 105
5Am Cotton Oil 5s 90
66'Am Smelt 1st 5s 95
41;Am Su A Rf 6s103
."i'Adi T A T cvt 6s 1 15
94! do ecl tr s..;i0O
5' do col 4 . . . . i 92 to
1 1 Am W Works Ss . 1 sS'i
15' Am Wr Pap 6s . . i 85
33jA Jmgen L'n Mare;
! cvt s I 81 to
3.1 Arm ,:l r e 4 s. 91
4 0 Atl lief deb 5s. .i 99
1 Baid Ivoco 5. . . !103 1
99 I 99
104 1104
80
93
1 02
1 1 5
10O
92
85
, 85
81
9 1
99
103
107
106
94
12 Bell Tr-I of Pa 7sil08i,
1 arnsd.;!l Ss A . j 1 06
2 Beth S:l P M 5s . ' 94
19! do 6s !lOOilOO
3 2!Braden Cop 6s. .; 99 I 99
9 Bk'n l'n. tias vt; i
7s I 16 to 11 16
1 ( ana lien Ki s . ! 108 to
5;Cent I.eath gen 5sj 98
14-Cerre de Pasco:
i cvt 8s 1 1 26
19Chile Cop cvt 7sjl08
23! do col tr 6s. . . i 96
2 Kin Gas 5s. ... ' 99 to
2;Cin G A El 5$: 100
3lColo Indus 0s... 78 "
JiCom As Bar 7 to si 99
10;con Coal Md 5s 91 to
lJCorn Prod 8 F 5s!l01
5.Cnba 'an Sug cvtl
deb 7s 86
32 do 8s. ta 90
alCub Am Sug 8s. 107
lSjDet Ed rfg 6s..!105to
2 do rfg 5s 97
3 Dia Mich db 7s l07
96
90
93
102
115
H0
92
8 5
85
81
91
99
103
107
106
94 'i
10O to
99
20;lHn Steel ref 7s
S0Duptont 7s,..108
lo:iruq LtAPow 6s. 1 105
23i do 7 s 108
SIR Cuba Sug 7 s 100
125 Emp lias A Fuel
I cvt 7 Vis cvt. . . 96
lOiFi Rub Co Ss. 106
1 5 ( Kramer Indus Dev
! deb 7 s 95
7 Fran Sug 7s..02
5;;en Elec deb 6s. 105
2 do deb Ss 1101
2 8 Goodrich 1st 6tol01
70Goodyr TARSi41t116
59 do 8s 81 100
4Granby Win 8s.. I 98
12!Hr.l Am Li 6s rets! 69
e liHamble Oil A Refj
! deb 5s i Vi
S.I Ind Steel 5s 101
2Int Cement 8s.. 108
3 l int Patter , ISsB . . 89
2S tnt Merj Marine!
i S T ' 93
llilnvin Oil 8s 98
6J Kayser 7s 105
4;Lack Steel 5s '23 10O
1S 4y '50 93
3 Laclede Gas ref 5s 93
4,Ijgg A Myers 7. 119
5i do 5s 99
1 jlirillard 6s ... . 98
l ,Man Sug deb 7 si
ctfs 1112
PIMari Oil 8s . . j 98
2j do T s ctfs . .1112
1 do 8s War . jl 23
2jMex Pete 8a ...110SH
l'Mich State Tel 6si
30 Mid Steal cvt 6s
8 Mont P Co 1st 6s
22 Morris 4s ...
lOINat Tube 6a . . .
15,Nw Eng TAT
1st 6s A . . .
IO N T Ed ref 6 s
2 ! N T Gas El L H.A
1 P Co 5a . . .
111! T Tat deb 6s
32 do gen 4a
in do rr Be
90
89
99
88
101
' 90,
112
99 V
lt
106
4!Niag Falls Ftnr 6sjlOO
44jN A Edl 6a rets. .1
6 Nor Sta Pr 1st 6s 94 to
9 N W HeU Tel 7s. 107
SKirit lAght A Pr 0 S
21:u steel 7 s rts 95 to
IS Pac 4ias A Elec 6si 4
;Pae T A T 6a...
59. do 6s rets 93
Packard Mot' . .lt7
116
103 13 to
Hto as )
I
126 !126
108 1108
9.1 j 95
99 to ! 99
100 to 1100
78 7 8
99 to 99 to
91 ! 91
101 (101
86 j 86
90! 90
107jlO7
ion 103
97J 97
107!107
96
108
105
108
100
95
108
105
107
100
96
106
95
102
104
101
101
115
99
97
89
fi
101
108
89
93
98
104
100
93
93
119
99
98
113
98
113
123
10 to
9
89
99
88
101
9
111
99
f!07
96 to
lO to
10O
sa
94
107
98
5K
94
99
93
107
7;Pan Am P ATr 7al3 , 102
UPeoGAC of Ch ftai S6 -1 95
,llo
.
s a
Pil C ref 6a.
l'Pieree Oil Ss.
2MPob Ser of Si J 6:
S Pun Al So ct db7sJ!V7
8 Prod A Kef 8a wrtllS
15 Reming 1st 6-A.i '
14iSak A Co 7s lS
zaine c m a to-l w .
1841 do cvt 7a IISS
115! do Ta rets ...jtSl
- --S 1 " " -wi ww
13:S Po Ktc clag 7sjl3 , jlOl 11 V
2iS O of C deb Ts.n05tl0S
1:3 110 of A T.102H02 IltlS
96
106
95
102
106
101
101
116
100
97
89
99
101
lOH
89
93
98
104 H
lOO
93
93
119
99
98
112
98
113
132
106
99 to
9
99
88
101
99
iiz
99
107
9 to
10 to
100a
96 to
94
107
99
95
S to
9
93
17
102
96
IOI
i
: 89
17
5118
7
11
Na
SO
1T
HIS
7
103 jl03
SM3H 99
is ios
010t
S to I w
107
100
105
103
105
95
107
90
!Tol Edi 1st 7s. . .
lliTot Lt A Pow .
16 Too-. Prod 7s. r . ..
12'Cni Tank Car 7a.
8:1! 8 H M 8s. . . .
IV BS Corp 6s ctfs
ilea Han 7 to a
S9t do Ba
5iU S S R A M 6S.I101
36jl' S a i f 5i. (103 to
12 V tali Pow A Lt 5af 93
5Va-Caro Chem 5s. !l On to
36! do 7s ret. A . . j
3 do 7 s ......I
32) do cvt 7 tos A W
3.W C real est? 4 s
10i West 'home EI 7a. I
lHjWin Arms 7s..103
j i v ica open t in
14 Wilson 1st 6s..
5! Wilson cvii 6s
1S do 7 s
31A T A 8 F gen 4 si
II do cvt 4
liAUACh AirL 5s B
14 8 A O 6s
107
99
105
103
104
94
106
89
101
103
93
100
98 I 7
92 92
96 i 96
94 1 94
107. 1107
ins
99 09
102 ill to
98 j 98 j
92
Ctoaa.
107
100
105
103
105
95
107
90
101
103
93
100
98
92
90
94
107
103
99
102
98
106 106
11 91
MB to! 86 hi!
100 ,100 1100
63 do cvt 4 s
83 do gold 4s .....
5 do 4s PLEAWT di
2 Bklyn RT rf cv 4s(
18Bklyn K T 7s. . . j
52, do. tr co etfs. .!
lot do tr co ctfs atl
5 Bk N E lst5ssta.
3: do deb 6s. . .
3! do deb 6 s. . .
381Can Pac 4s
33 Cent Ry Bzl 7a.;
7iCent Pac 1st rf4si
5 7(C A O cvt 5s. . j
3 do gent 4 s. .
101 do cvt 4 tos . :
62jChi A Alt rfg 3sj
27 do 8 tos )
5jC B A Q gen 4s!
6,C. B. Q. 3 sIU.d.
2H.C. A E. L 6s. .
12,Chi. G. W. 4s..
56 C. M. A St. P. 4s
95 C.M.AS.P cvt. 4 s
IOI 101
85
84
82
2
92 !
91 ;
88l
89
85
86 i
83
82
93 to;
92 i
88 !
! S3 !
113;11S
iU4113
; 83 , 82
I 92 I 90
90 89
96 96
45
1 1
3 a
do
do
do
do
do
rfg.
cvt.
4s. .
deb.
P. fc.
4 tos A
5 B.
89 to
89
61 to
84
91
89
85
53
78
71
67
76 to
84
66
73
4
1 t ts
C. N. V. 6s. .illl
26 Chi. Kyi. Co. as, 82
20C. R. I. A P. g.4s, 85
3 1 do rfg. 4 1 85
12, C. T.H.ASElstrasj 83
13, Chi l'n St 4 s 9l
1 do 6s jl 15
10;C A W Ind con 4s 77 to
89
89
50
34
91
89
84
53
77
71 to
65 to
75 to
83 to
66
73 I
111 I
81
85 to
85 to
83 to
92
115
77
48Clev l'n Trm 5 s!105 to ! 104 to
151. Colo A Son 1st 4sj 46tol 46
2.ColoASo rfg 4s 89 1 e.9to
4 Cuban R R 5s.
2 Del A Hud 5 s.
117D A R G ref 6s.
5; do con 4s
25Det En Kys 4s.
4
1 1
15
62
55
26
Erie 1st c 7s ex
do gen lien 4s. .
do pr li 4
cvt 4s A
cvt 4s 8 B
cvt 4s S D
63
65
51
51
53
97
Can 7s:113to
87
102
48
78
85
86
102
46
78
85
106 106
. . . - ill
! 94
. . . .!103
debH 13
5s A
5s. .
6s.
4s.
...I
13
15
9
19
13
17
1
5
43
1
10
25
5iErie Gen Riv 6s
6ti Trunk
29! do 6s .
51!Gt Nor 7s.
14 do 4 s
511 do 6 to s . .
24 Grn B A W
102HudAM ref
161 no ndi inc
2 1 111 Cent
8 do rfg
Sj do 4s i
47ilnt M ctf 4 s ft
27! do 4 tr co ctf;
56 Int R T cvt 7s wi
44; do ref 5s
12! do ref 5s bank-
1 ers ctfs I
20Int G N 5s tits!
I efts 6s w i . . . j
101, do adi f
81 Kan CFtSAM 4sJ
!6Eans C Sou 6s..;
121 do 1st 3s :
3 Sans C Tin 1st 4sl
Lake Sh A M 8
deb 4s
Lehigh Val of Pa
con 4 to s
iljong Is deb 5s . .
L A N unif 4s. .
do 5 s
do 4s At K A
C div
do 80 Ry Monon
joint 4s
do 4 s Mob A
M di
do' S N Ala 5sl
iLouts A N W 5s
Man Ry con 4s
Manila Eleo 7s
Mir St Ry con 5s!
do 6s
77,M S A N 4s.
I'M A N 5s ... .
1M S L con 5s
8; do 1st rfg 4s
21 do rfg 5s ... .
1 MSI' & SSM 6 to
27 MEAT 1st 4s
3: do 4s B w i . . .
4 3! do 6s A w .1 . . .
4301 do s.ij 5s A w 1
841 do 6s C w i . . .
rMo I'ac 6s
f 1 j do gen 43
33: Nassau Elec 4s. .
lliNat R R Mi 4s
ION O A N E 4 s
38 N Y Out db
3'N Y CHRAiru4 s
10! do gen 3 tos. .
438! do 5s
10N T ChASLlt4s
5!NYOAW gen 4s .
34 N Y W A B 4 tos.
2 IN A W R R ct 6i
183!Nor Pac 6s B. . ..
4;N P pr ben 4i. . .;
28; do gen 3s
40 do ref A Imp 5s.
l!Ohio Riv 1st 5j. ?
K ( S I- 1st cont 5s
22! do rfg 4s ....
30 Ore W B R N 4s
32'Paris Lyons Medi
I it K 6s cUs.
lS.Pa R R 7s
7 do Ss
54 do gold 6 tos.
121 do g m 4s.
4 Peer A E 1st 4s
2S1Pere Mara rfg 5s
14P C C A St L
. . - . 4 s Se r B
10PRI.AP 5s '24
63 Reading gen 4s.
19iR G W col tr 4s
11 Hock Isl Ark A
i Louis 4 s . .
8 St L I kit A S
I gen 5s . .
40RLIMA8RAG d 4s
12. St L B M A P 8a
60'StLASF pr I 4s A
89 StX. A SF Ss B.
63 do adi 6s
43rt do Inc 6s
4 1 do gen 5 s D .
1 liSt L 8-W 1st 4s.
'23jStP MAM con 6s.
718 A L gold sta 4:
4 do rfg 4s
32 do con s ....
19So Pae cvt 4a..
22! do col tr 4a...
10'So Ry.gen 4s.. .
2Sl do eon 6s ....
631 da 6s
4 9;8d Ave ad) 5s.
. 36;l"n Pae 1st 4s.
44 do cvt 4s
44lWabah 1st 5s. .
4! West Pac 5s. . .
7: West Shore 4s. .
12! Wis Cant gen 4s
53
65
51
50
58
97
113
!03;io3
86
67
111
91
S3
15
16
97
72 -f
111
94
103 to
12
85
66
111
91 I
88 1
151
15
97
72
lot
85
5
82
82
92
91
88
89
113
113
82
90
89
96
89
89
51
34
91
89
84
53
77
71
66 to
75 to
83
66
73
111
82
85
85
83
92
115
77 to
100
104
46
89
87
102
46
78
85
106
63
65
51
50
53
97
113
108
111 to
94
103
12
85 to
67
111
91
83
15
15
97 H
72
72
60 toj
53 I
81
92
70
84
95
94
85
93
104
86
91
97
102
77
88
85
89
95
91
8S
81
43
41
105
84
72 to
x to
62
97
102 to
66
63
63
85 to
6s!106 to
90
80
P8 I
91 !
76
56
67
109
90 to
64
9S
93
104
92 to
83 to
66 I
51
81'
91. I
70
83
95
93 K
85
93
104
86
1
97
102
77
88
85
89
94
91
88
I 81
43
I 44
110,1
66
52
81
91
70 to
84
95
93
85
93
104
86
91
83 1
71 to
! 85to
I 62 to
! 97 to
102
66
62
97
102
77
88
85
89
94
91
88
81
43
44
1105
62
85
lOS
90
so
98
91
76
55
67
108
90
83
88
93
104
90 to
83
75
111
101
111
94
80
98
84
88
86
66
84
99
86
87
75
90
84
76
97
?
92
58
44
67
92
88
71
88
103
66
94
95
100
87
84
82
S3
71 to
85 to
62 .
97
102
66
62
63
S3
.. .105
90
SO
os 4
91
76
56
67
108
90 to
63
98
93
104
92
83
74
110
101
111
93
80
98
88
88
85
66
88
9
86
87
74
89
84
74
96
79
91
87
44
67
82
87
70
88
102
64
94
93
100
87
84
82
INDUSTRY
ANS
G
ALONG THE COAST
Marked increase la industrial activities in
the Pacifio coast states is reflected in a sum
mary ' of business and agricultural conditions
in the twelfth federal reserve district issned
today by John Pen-in, chairman of the board
of directors of tha Federal Reserve bank of
San Francisco, for the month of August and
the first half of September. Demand for
killed and unskilled labor haa increased
throughout the district, according to the re
port, and in various sections there has been
s shortage of skilled building trades artisans,
farm laborers and miners, with accompanying
increases In wages. v
The lumber industry in the district is 60
per cent more active than in September of
last year, both domestic and foreign markets
buying in large quantities. Forest ftre has
ard. particuUriy seriona this year on account
of the long dry season, waa dispelled by gen
eral rains during August and logging activity
increased immediately. Production of logs
September 1 waa estimated at 75 per cent
of normal, compared with 40 per cent of
normal on August 1.
Increased output of the principal metals
produced in the district, gold, silver, copper,
lead and sine, is shown by figures for July,
which are the latest available. Increasing de
mand for all of these metals during the past
year has been accompanied by a corresponding
rise in prices and in some copper mining dis
tricts of Arisoria wages have been advanced
14) per cent during the past few weeks.
Increased Lumbering Activity
Evidence of rapidly increasing activity in
lumbering and mining in the 12th federal
reserve district b contained in reports of the
principal electrical power companies. In July
sales of electr.cal power to the lumber indus
try of the Pacific northwest were 20 per
cent greater than during the corresponding
month of last year and in the district as a
whole sales of electrical power to the mining
industry were 18.7 per cent greater in July,
1922. than in July. 1921. according to the
report.
Records of production and stored stocks of
petroleum in California were broken during
AuEust. Average daily production of 882,222
barrels was the highest ever reached in the
state, according to the report, and stored stocks
mounting to 54,272,194 barrels on Septem-
74
1 1 1
101
111
98
80
98
83
88 H
85
66
S3 to
99
86
gf
74
89
84
74
86
78
93
57
44
67
82
87
79
88
103
64
84
95
100
87
84
82
STANDAR DOIX ISSUES
lSOAUngm Am. Oil
2O1H. Oil A Ref
HOjOhio Oil (315
2790 Imp. Oil of Can. Ill 5
34 OO i Int- P. Co.. Ltd . I 21
20iPrairie O. A G.
43 Prairie P. L.
4OOOO18. O. Ind
1200S. O. Ky.. new.
20ls. O. Kan
10 S. O. Neb
106jS. O. N. T
2S.K. O. Ohio
6 00 j Vacuum Oil
20
655
271
120
108
598
199
625
295
530
!0! 20
152 267
309
111
21
650
268
117
10S
580
196
516
296
512
310
111
21
655
268
117
108
590
186
516
295
512
ber 1 were larger than an any time during the
past five years. '
Building construction activity in the dis
trict continued to be a dominant feature,
especially in the larger centers of population.
The number of building permits issued during
August ' was greater than- since records were
first assembled by the Federal Reserve bank
1915. the report stated, and value of rJro-
iected construction has been exceeded ecuy in
April and June of this year.
Weather conditions up to September 15
remained favorable to agricultural crops of the
district and the harvest is expected to yield.
most cases, normal or more than normal
Quantities. Forecasts for wheat remain un
changed at 98.000,000 bushels, 24,000.000
bushels less than were produced in 1921, but
slightly in excess of the five year average pro
duction. Movement of this season's crop to
market "has been slow. Flour mills are grind
ing new crop wheat and in August operated
at 47.2 per cent of capacity, compared with
28.7 per cent in July and 43 per cent in
August. 1921.
Ratal ITradt Grows
Reports from the retail . trade showed the
value of sales at 31 representative department
tores in the district during August was, 5.7
per cent greater than during the corresponding
month of 1921. and approximately eoual to
the value of sales at the same stores in Au
gust, 1020. Seven of ten reporting wholesale
lines showed increases in the value of their
sales in August, compared with August, 1-921.
Charges of depositors accounts in the banks
of 20 principal citiea of the district were 7.7
per cent greater in August than in the cor
responding month of last year. This was a
less favorable showing than in July, when an
increase of 12 per cent over July, 1921. was
reported, but indicates that business activity
in the district baa not been generally cur
tailed by the recent coal and railroad strikes.
Business failures continue above normal levels.
Increased demand for bank credit appeared
In larger' cities of the district during August.
Commercial loans of 68 reporting member
banks increased from 3700,138,000 on Au
gust 9 to $709,934,000 on September 6. a
gain of 1.4 per cent. The same banks had
rediscounts and bills . payable with the Federal
Reserve bank amounting to $13,025,000 on
September 6. compared with $9,362,000 on
August 9. Country banks as a group reduced
their borrowings from the Federal Reserve
bank during the month and on September 13
total discounts of the Federal Reserve bank
were $36,000 below the $43,388,000 held on
August 16. Interest rates charged their cus
tomers by banks in the principal cities of the
district remained at 5 to to 7 per cent in
the larger coast cities and 7 per cent in the
interior industrial centers.
The I'nited States Bureau of Labor index
of wholesale prices. Including 404 commodi
ties in all stages of manufacture, remained at
155 in August. The index has increased 12
per cent since January when it stood at 138.
In a selected group of products of the 1 2th
federal reserve district advances and declines
in prices during the month were almost equally
divided.
WALL STREET STOCK QUOTATIONS
Reported by Overbeck A Cook Co.. Board of Trade BuIkUne
By William F. Heffernaa ,
Jfew Tark, Sept. 17. Oatslds of tho
Standard OH groap trading on tha
earn exehaBge today was less active
thaa on Taesday.
Among the Standard Oils, Magnolia
Petroleam was heavily sought for a
tins and ether issues Ilka Standard Oil
of Sew Tork weat higher. Bat when
the decline on the stock exchange be
came sufficiently pronounced to drag
down the Standard Oil specialties
a similar recatlon took place In
these storks oa the enrb exchange.
Standard Oil of Kentucky held ap bet
ter than most ot the others. Vacuum
opened ap eight points bat subsequent
ly had a sharp recession and the same
was trie of imperial Oil of Canada.
City service issues held steady while
others were Irregular. M ntnal Oil made
a new high for the present movement
aaa Sew England k"uel Oil crossed 89
for the first time. There was less
activity la tialf Oil of Panama and
the stock continued its reaction.
Dnraat Motors declined again and
lower prices were established in Statz.
Packard Motors held firm while Hayes
Wheel was inactive awaiting the out
come of the directors' meeting.
Salesj Stock-
I High j Low
V 300jAdams Express.
-4VO!Aavaoce xtum. .
.... i do pfd
700',Agr Chem
100 do ptd ......
10OO,Ajax Rubber . .
80OAJaskvGold . . .
1700; Alaska, Juneau . .
700iAlliea Chela ...
1800,Allis Chalmers .
100j do nfd
.... f Am Beet Sugar
2O0lAm Bosch ....
5000 1 Am Can Co. . .
100 1 do pfd
1200 1 Am Car' A Fdy .
100 do ptd .....
12001 Am Cot Oil....
2001 do pfd
100,Ani Drag Synd
i 78! 78 I
I-
I-
Bid
"78
17
55
35
78
13
1
80
54
A Leatli; . .
I'UO.Ain Hide
300 1 do ifd . . .
2700Am lee ....
700 Am Intl Corp
2800 Am Linseed .
10001 do pfd . . .
6000(Aiu Loco . . .
1001 do pfd . . .
1200Am Saf Razor. . .
37O0Am Ship A Com
ai0OAm Bmelter ....
200! do pfd
2900jAustin Nichols . .
2H00Am Steel Fdy...
lOOOlAra Sugar
do pfd
400Am Sumatra . . .
lei A Tel
Tobacco . . .
B
Wool
pfd
P pfd
Zinc
1 38 38
.i"i4i'i4"
i i
I 1! 1
. ! 82 sj 8Uto!
.1 3i 54
.noitoiioi iioi
.; i i 43
-I I i o
. I 59 j 57 ( 37 ?
! i 108
.'18.1 j 1 83 ;182
. i , ,120
.1 27 to I '26 i 26
. j Soto! 34 1 53
I I
Illl i
i 31!
38
. . 5
. .1122
13
67
109 109 to
33 ( 33
36
56
120
1 I
61 l
20
60
36
56 to
120
118
20
60
Sales. Stocks.
High. Law. Bad.'
L5?!
.19 1
1400
4200
60
14
57
17
57
102 i!02 jlOt to
at to i
44 to I
79
33 to
43 to
79
5700,Am
1500Am
lbOOi do
5500 Am
lOOj do
400i do
500Am
890OjAnaconda
000 A if d Oil
41 00 Atchison
200! do pfd . . .
SOOiAUantic Coast
i 40
,121
il61
,157
I
I.
34
19
I 53
,121
ll4 to
1 92
39
120
159
155
33
10
33
43
78to
110
38
120
158
1 1 55
I 96
II OS
32
I 18 to
5 1 5 1
IIS 118
104 1103
92 to I 91
I
9
.24
84
65 j
41 I
61 '
91
6800!AU Gulf A W
16300: Baldwin Loco .
do pfd . . . .
7500jBaJto A Ohio . . .
do pfd
1900,Baragdeil Corp A,
100! do B i
10600:Beth Steel B .
100;Booth Fih . .
25001B It T
100. Butte C .A Z
1000: Butte A Sup
lOOOiBurns' Bros A
900S do B
500Caddo Oil ...
1200ICalif Packing .
1.1 OOOiCaUf J?et
do pfd ..... .1
1300!Callahan Zinc A LI 9
1 OOOjCanadian Pac . .144
3200Cen Leather .
2100jl5erro de Pasco
2400:Chandler Motor
B200iChgo A N W
Chi. G. W -t .
1100 do pfd I
4 800jChili Cop. ......i
2200 IChino
6400C. M. St. P .... '
7300 do pfd I
22100Coco Cola
ISOOjC. A O
lOOOIColo. F. A I . . . .
300!Colo. Southern . . . I .
8400Col. Gas A Elec
800Columbia Graph
8400!Con. Gas
OOOiCons. Cigars. . . .
lOOOjCons. Textile...
100ContL Can
1 600;Corn Prod.
j do pfd
7OO0 Coden Oil
4HOO!C. B. I. A P. . .
L'Ooj do "A" pfd. . .
600 do "B" pfd. . .
70O0CTUcihle
100! do pfd
4000!Cnba Cane
1900 do pfd
Ln!118;il7117
I 29 27! 28
. 133 ,131 i 1 3 1 to
i i 116
. I 55 j 53 53
I I
A, 39 to i 37
L'. i .
73
I
23 to I
32 to : 31
135 to 1134
47 ! 46
11
65
37
25
73
9
23
6
31
134
46
10
82
62
94
9
143 Vi
40
37
59
89
6
14
24
28
30 to
, 47
70 to
72
33
47
109 to 106 to 1106 to
3 to 3 to i 9
10
82
62
" 9 to
143
40
59
89
?.5i
2o -N
2!) to I
;i to
50 to
14
24
29
30
47 to
73 toj 70
74 72
33 33
137to135to
37 ' 35 to
10 ! 9
.... I
116 ,'lI3to
lO to !
43 I
91 toi
89 I
i 3 j
36 I
40 to
42 to
90 '
84 to
' 1 3 '
35 to
135 to
35
0
86 to
1 13
1 1 9
49 '4
42 to
99 to
90
85
93
13
35 to
700jCubaa Ann. 8 agar!
900: Davison Chem.
. 2O0;Del A Hudson -
250ODel A Lack. .'. .
1500. Dome Mines -
4 600; Elec., S tor. Bat.
700;ErKiicott Johnson
58O0jErie ......
210! do 1st pfd. . .
SOO Famous Players .
. .Fed Ming A Smelt) .
26O0j do -pfd
lOOjFKk Tire . . . . .
8W0:Gen Cigars . . .
lOOWiGen Elec . . . . .
14200;Gm Motcr ...
i do A. per cent
155HH-n Asphalt . .
lOOiGlkktin Patnt ..
200 Goodrich T A
." . . . . Glen- Alden. . . .
400;Grenby
Great Nor Ore .
do pfd : . . . .
Greene Cananea
1250OGnlf S Steel ...
-2 500 j Houston Oil . .
IOOHuijp Motor ..
700(Ills Cent .112
ouoi inspiration I
. . . . .lint Agr Corp com
. . . do pfd I
loO;lnterboro
600 do Pfd
. .... Int Harv
400 Int il-rc Marine
8100 do pfd
HOOjlnt Nickel
2100,Int Paper
I do pfd
220!lnvincible Oil ...
900;lnland Oil
JSOOj Jewel Tea
C.OOiK C Southern . j
3001 do pfd
19O0 (Kayser J
2100!Kelly-Spgfld
lOOOiKennecott
7100Keystone Tire ..
4600iLack Steel
I Lee Tire ......
2SOOILehigh Valley...
SOOlLorillard
4800Loew Theatres. . .
100L A N
100OI Lima Loco
2300jMarland Oil
300!Uax Motor "A".
000) do "B"
moo May Stores
2,200Mex Prt
1 lOOjMex Seaboa rd . . .
100: Miami . .;
3600 Mid States' Oil. . .
4 200 Midvale Steel . . . .
3000 MEAT V.'i. . .
20OO Mack Truck
lSOOjMont Power . . . .
1'OolMont Ward . . . .
130.0IMo Pac
3100 do pfd
100 M St P A 8 S M
lOOOIXat Biscuit...
1700Nat Enamel. . .
400jNat Lead
OOOINevada Con . .
OlOOjNew Haven...
1800 Norfolk A W.
3f)00Nor American.
4800INor Pac
!Nova Scotia Steel.,
10ON Y Air Brake
i oiio y Central
2900Ok!a Prod
34 00:Orpheum ..
t 00 Ontario A V
800!Otis Steel .
lOOiPaeifio Dev
2 900 Pac Gas A Elec.
8800, Pacific Oil ....
12S00 Pan Amn Pet.
25001 do "B"
6600iPenna
800(Penna Sea Steel
600-Peoples Gas .. .
280O Pere
1 000 Philadelphia Co..
8700!PhUHps Pete .
300pieroe Arrow ...
600'Pierce Oil
4 7000!PitU Coal
1200jPitts A W Vs...
Pressed Steel car.
2600!Punta Alcgre . . .
4500!PuHman ,
6400 Pure Oil
84 00 Ray Cons
SJOOjReading ........
300 Remington
3300!Replogle Steel..
8800 Rep I A S
8001 do pfd
1 300!Rep Motors ....
2SOO Royal I Hitch Oil
600 Ry Steel Spg . . .
SOOISaxoo Motors . .
280 Sears Roebuck..
ishattuok A Arix
400iSheIi T A T. . .
154 00ISinclair . . . jt-. .
4 00!Sloss Shef
1300iSou Pacific . . . .
4 30iSou Ry
1700! do pfd
35000!Stand Oil Cat...
j do- Ind
17600! do N J
I do Ky
IStX, A S F
300 Stro robe rg Carb. .
24000IStudebaker . ...
! Swift A Co
100!Tenn Cop A dim
1370OTexas H1 . . . .
1 50olTexaa Pacific .
1700! do C A O. .
3400!Tob Pmducts.
3000iTran Contl Oil
lOOiCn Bag A Paper
ISOOirrrion Oil Del
46O0tTnion Pae. . .
23 1 22 32
48
1135
1S!133
59
117 1175
14 14
' 6"
urS, is
'hi" o
39 3h,
42 40
'oo 'si'
81 77
1112 1
"' i "i
3 3
14
66
16
65
171
20
135
56
39
5T
117
117
195 to
108
'si
124
BANK STATEMENT OF COAST
Clearmga, Hon,,.
Balances
Cssmrings, Tues. .
Balances ......
Clearmaa Wed. . .
Wed.. . ,
1822
.28.657
1.619,980
6.861.524
1.333.383
6,835.228
1.243,065
1921 '
.879.606
1.446.163
4.683.566
508.67S
6.342.610
1,804.665
Saa tvpsjnclsoe stanks
Oe rings Wednesday
dealings -Wednesday
Ta
Wednesday's transactions
Clearings Wednesday.
, $26,200,000
. 2.S12.80O
.$15,861,366
.$ 2.1 58,000
. $26,200,000
- Liverpool Wheat Market
Liverpool. Bept 27. Waeat:
. ' Open,.. Close.'
Dec..-..i..... 9s 44 -' Ss 3d
P
Lean.
lUBLIC Utility Bonds issued by well managed
companies in growing communities afford excep
tional investment opportunities at the present
time. Utility companies furnishing light, heat, power,
traction and telephone service occupy a place, in our
communities as essential as our railroads.
Owing to the great growth in utilities and the conse
quent demands for new capital, interest rates on Public
Utility bonds are higher than on many other classes of
bonds with no better security.
We own and recommend for investment the
following carefully selected list of Utility Bonds:
Maturity Price . Yield
Pacific Power & Light Co. 8s 1930 106.00 7.00
Pacific Power &' Light Co. First 5s 1930 95.50 5.70
Portland Gas & Coke Co. First and Refunding 5s 1940 94.00 5.55
Northwestern Electric Co. First Mortgage 6s. 1935 101.50 5.82
Los Angeles Gas & Electric Co. First Mortgage 52s. . . 1947 100.00 5.50
Kansas City Power & Light Co. First Mortgage 5s 1952 94j00 5.44
San Joaquin Light & Power Co. Refunding 6s. . . . . . . . . 1952 103 DO 5.80
Portland Gas &. Coke Co. 7s 1940 107.50 6 30
Bonds which we offer for investment to our clients have been purchased by
us after the most careful consideration. We offer no bonds which we do not
own, and none which we do not consider suitable for our own investment. .-
"
Complete details on any of these issues furnished oa request.
Telephone or telegraph orders at our expense.
Bond Department open 8:30 to 5 Saturdays 8:30 to 2
Oldest in the Northwest
WASHINGTON
at THIRD
Tsstsrstnsisawsa
ssafeSYaTCMaaAssT
SOOlTnited Alloy . . ,
SOOil'nitod Drug . .
laOuiTnlted Food Pro)
SOOirnlted Fruit
lOOlCmted Rd of N .
60(91 do pfd
11600iCni RU Stores.
aoOiU SCI Pipe . .
2800IU S Ind AlcOho
640iC 8 Rub .....
llOO do lt pfd.
l20OC S Smelting...
8020U 8 Steel
5O0j do pfd
370O;ruh Copper .. .
SOOjVa Chem
10O do pfd .......
T7(lO Venadiuni Steel .
900jVivaudou ,
2100Wabash
1700 do A pfd
do EB .fd
1 06 Welts Fargo . . .
3O0 Western I'ac . . .
1 0O do pfd .......
16 00 'Western Cnion . .
lOOjWestJngh'se A B
200 do E A M .. .
2400;West Md
500 White Eagle- Oil
1 000! White Motors ..
1OO0! White Oil
120U; Willys-Overland .
S7t 7f 37
76 I 78 79
II !-
146,143 145 to
I - 14
32 804 SI
82 - 79 :7
32 32 81
t 68 62 62
60 48 48
98 96 96 -43.
41) 41
103 100,11
122 121il21 -67
66 66
. 27 26 26
85 3 65
46 43 46
18 12 12
. 12 11 11
. 31 31 31
rr1. . . 20
, .'. . . .1. .'. . . 80
. 18 17 17
. ..... I .... . 63
. 114lf3 114
. . , . .r. . t . . tos-
. 63 1 62 62
. 14 to) 13 13
. 311 81 31
. 48 48 48
8 17 7
I 6 6 to
20O; tn nfd
SOVlWiison Pkg
. . .(Ww Central
'Jim Wuolwortfe
20 Worth gtoa
MMJiW A L K
.......1.41 I 40
g .., , .f 46 1 46
I iv.i; .. . . .I.
;..;.il90jl88
1-uaaiJ 40 i 40
-I-
40 40
4
80
189
40
13
otal tales, of slock for lh day were
200 there ith $21,630,000, In bonds,.
.01 A,-
FOREIOS- EXCHANGE t MARKET
4 'orrerted dally . by' the foreign exchange de
partment of the f flited Slates National bank. '
Quotations berow lexcevt the ponud sterl.
ingl are quoted ..on Uie basis of .1 wo units
foreign currency, i !
Opening nominal rate; en bank, transactions:
Draft
' . CUecia.
London
tJb. aurting$
Psria "tancs ,
lttlginm
Fram-s
Berlin Marks
Genoa Lire . .
Athens
Drachmas . .
Copenhagen
Kroner . . .
Chrwtlanui
kn,mT. .
Stockltolm -
Kroner. . .
Hongkong
Currency. .
Japan Ven .
Shanghai
'isels.
4 40
7.6S
7,1 3 to
.OH to
4 25
. 2.40
20.-72
16.98.
' 26.40
67.83
48.15
Cable
' Trasvilers
" a- 4.40'
7 68 :
7. 1 H
.00
4.26
2.42
" 20J7 4
1 7 .OO
20.43 I
, i
hi an .
48.30
Psr
' Vahie. '
$ 4.86
, 19.30
-1 11.30 '
19.80
19.30
- 26. 70
'. 26.70
26.70
. -
77 80
Canedian dollar discount. and
. . 77 OO
1 per can!
k..
Ohio Public Service
Company
7 CUMULATIVE FIRST
PREFERRED STOCK
re recommend this stock because
1. Company operates in one of the inos.t
prosperous sections of Ohio.
2. Property value is $245.00 behind each
share of preferred stock.
3. Application will be made to list upon
the New York Stock Exchange.
4. Dividends are payabie"monthly.
5. Net earnings after operating expenses,
interest and other fixed charges are
over five times dividend requirements.
Price $94 per share, to yield
about 7.45 i
a letter for detailed information by
Save writing
sending your
Name . .
Address
Cyrus PeireCompany
1002 Wilcox BIdg'lRTLrJD'Tel.Broadway5915
SAN FRANCISCO
1NV1S1MENT SECURITIES
SEATTLE
LOS ANGELES
riFTHvAND STARK. STS.
- --n i " -in- -. ..'.-a&aa
We' extend a cordial invitation to our
clients and friends to Willi's in our
new offices on the nortnwest corner
df Fifth and Stark streets. 1
With our increased space and facili
ties we hope to meet your every in- ,
vestment need.
CLAUR KENDALL e CO.
PjV ,n , , Q -
BONDSffi
PORTLAND.
OREGON
A Strikingly
Strong -Investment
7W
Yield
VTH ERE- has, ; been ; a
: heavy response since
these bonds were first of
fered Monday. Investors
quickly realized that the
issue is worthy of this
bank's unresejved trecom-
mendation.
We suggest immediate reservations
$300,00010-Ycar7Vz First-Mortgage
Sinking Fund Gold Bonds ' "
BUCKLIN LUMBER CO.
New Westrninstcr, B.- C.
Assets $2,310,000 NO cur
rent liabilities. Assets in
clude 555,250,000 feet f
merchantable timber and
$400,000 mill,.
Company has history of 15
years uninterrupted and
higrhly satisfactory earn
ings. One-half of loan goes, back
'Dens'. $100
Immediately into equipment
and property and becomes
additional security.
Sinking fund of .$1.50 pay
able monthly aa timber, is
cut, with minimum payment
of $30,000 annually,
. Company has standing of-.
fer to sell out for. one mil
lion dollars.
$500
.$.1000.
-1 ' .
ENS
BaAJtSTK
BROADWAY and OAK
t