I
i
1G 1
THE OREGON DAILY JOURNAL, PORTLAND, OREGON.
TUESDAY, OCTOBER 10, ' 1922.
FINANCIAL INTERESTS RELYING TOO MUCH ON RUMORS OF MELON CUTTING . IN .VARIOUS SECURITIES
. .
t J:
SPECULATIVE TONE
IN STOCK MARKET
By Btiiaft West '
TJTeB" Staves, new York, Oct. 1,' :WeB
' hmt today snowed that the markets; are -taring
M imreasliiely speculative stage. The
prevent operations an
founded mainly oo
epecaU-tion which ' has
in, mind the probeb
ity of following the
lead of the Suidtnl
Oil subsidiaries and
jiving their sharehold
ers, in cm wsj or an
other, the benefit of
tritiur; Kcumo
latkms, Just tha
Wail Street campaign
of UA spring was
founded mora than
anything else upon U
dWcusaion of the steel
umra aad their ef
fect upon balnea.
The markets today
went through a series
of harp fluctuation.
urns tending ut pruve tin increasing snteTept la
sper-iUtion. !
Stock exchange history haa had a nam bar
of such occasions in the past when speculative
enthusiasm haa been sroused to a high patch
by these so-called" "melon cuttings." Tha es
perienea at al these times baa beea that where
cae tenth of the rumors '. of this and '-that
company datribating extra ' dividends or .capi
talizing surplus 7 may com out true, nine
sjs " 'f w
-I
WALL STREET STOCK QUOTATIONS
Stpsrtad by OvnTPoeh Coots Co.. Boart tt Tasdo BntkBas ' .
Bale. Hwts,
i -
TOOiAdaaaa Kxpi
..... tAdvaaew Us
iOOiAer Chens
2SOO Ajax Kubber
. ....(Alaska oW
200 (Alaska Janeau
S200Allied Cham.
aOOiAllia-Chahwera
I do pfd . . ...
. lArn Boacfc - . .
UoeiAm Can Co ; .
i mi GO ps a . .
6100 Am O F
lOO do pfd .. . .
100 Am Cot on
20!An IHug 8ynd . .
100! Am H A L i ..
ftOOt do pfd .......
8 4 00 Am Ice . i . .
1 24r Am Intl Corp
1SOO Am Unseed
..... I do pfd .
26180Am Loco . . ,(
) do pfd j . .
15t'0jAm Sat Rasoc
7100iAm S kC . .
210OjAm Smelter
IOOI do pfd .
S700 1 Austin Nichols
7200Am SU Fay
Am
280A
Sue
tenths is Vera I
Gossip Will ling Dividends
Doubt eaa tkis will be the experience like- ,
wis in the present instance, but in the mean
time the actiqn of the Standard Oil compa
nies haa been' a powerful incitement to speco
' lative imagination, and from , the professional
Wall street standpoint, which only considers the
immediate situation, rumors ran be made to
serve the purpose of putting up price quite
aa well aa facts.
It could sot be said that the investment sec-
' tie-n of the market ' was any more responsive
than it was on Monday to the 8500. 000.000
government loan announcement. The indica
tions today continued to point to a very
heavy oversubscription and in the outside mar
ketaj where Quotations were made' on basis
of .transactions in the ootids "when issued."
thaw again involved a small premium. But
this' did not have, for the time being at least,
any -. particularly stimulating effect upon the
market generaliy. Liberty bonds were steady
and so were most corporate Liues, but it was
evident that i for the moment the near gov
ernment financing and the uncertainty of its
effect upon the investment, of capital toward
other securities were ' keeping the volume of
businea down.
Rush or Buying Orders
The stock 'market opened with another rush
of buying orders which swept some of the steel
and equipment stocks forwsrd to the highest
prices of tfie 'year so far. Then came a period
. of heavy realising safes, under which the whole
list sold 'off sharply with a quite violent break
in the Standard Oil. This selling movement
in its turn -was checked by equally violent up
bidding of the Mexican Oils, but the market
continued through the afternoon - very much
unsettled by these" evidences of speculative ex
travagance. teat Reports Disappoints
The monthly fteim of the United States
8 teed tan nag.- shewing an increase of 741,302
. tone did not quite come up to expectations,
and en their appearance the rise, in the steel
stocks was halted. Nevertheless the total of
nearly 4700 tons of unfilled business as of
September 90. is a highly favorable show
.ing. It pictures the steel' corporation m thee
best business position in over two years and
is an interesting comparison with the total of
V 4.660,6.70 Vine of unfilled business a year
ago aad with the February low of 4,141,069
tons. . t
Marti .Again Lower
The German mark -sunk to another new
low point but without any explanation. It is
simply following out the vicious circle of al
ternate decline in currency value and conse
quent rise ia prices which had been the bane
ful feature of German .finance for the . last
twelve months. To meet the extra needs of
the currency and credit spuulies oocaaietted
by the nriee inflation the printing pieaees
must work to the limit to produce new paper
notes. These new ewusuons automatically
keep the market beaded, downward and with
; each fresh "decline In the market there com
J a fresh advance in prices, thus starting tbb
whole wretched: process over again. -L
Last Trade Confused
The stock market during the last hour or
two . ' waa - extremely confused in ite price
changes. Heavy selling went on m some
direct iocs simultaneously with equally heavy
buying in others. Generally speaking the ad-
:- ranees were confined to high priced issues
easy; to put up because of - the absence of a
public following. '
Last Trade Weak
Following a day of very sharp price changes
the stock market turned downward In the last
half hour, the leaders of the list breaking in
- numerous instances it to I point. Nothing
happened in outside conditions to account for
this decline. It was simply 'the result of op
erations for 'the rise, for the time being at
least, having been conducted with too high a
hand. The dar's occurrencea laid emphasis
upon the increasingly- speculative character- cf
the presentj market. :
KOREIG5T EXCHANGE SATES
-Corrected daily byi the foreign exchange de-
nartment of toe Lotted states National bank
Quotations below (except the pound ster
ling are quoted on the basis of 10O units
foreign currency.
Dyenim nominal rates on bank transections
trait caDie rar
Checks.
. 'London--?
Lbs. sterling. 4.4 1 4 42
aris Francs. . 7.52. 7.63
Transfers. . Value.
S 4.668
Belgtum-
Francs . . . .
Berlin Marks. .
Genca Lire. . .
Athens ,
Zrachmas
Copenhagen
Kroner ! . . . .
Cnrisienia-
Kroner - . . .
Stock fsolm4- ,
Kroner . . .
Hongkong
Currency . .
Japan Sen
6.89
.03 1
4.21
2.70
30.lt
1T.6S
26.47
67. t5
48.00
Shanghai Taels 77. S8
7.00
4.28
2.72
20.2 4
17.70 .
26.52
57.40
48.15
77. 88
19.30
19.30
2S.81
1.S0
, 1S.30
' 29-70
26.70
26.70
Canadiaa dollar discount, Vi J per cent.
BANK 8TATEMEJST. OF
Portland Banks
Clearings Man - 7.518, 72 t
i Balances los. ... 1.43S.607
Ctearinga Tuts... 3,S9.7,su
Bala tiers Tuea. . v V2l8.6t)
' i San Francisco
Clearings Tuesday .1 ..$2
Seattle .Bonks.'
vlearings Tuesday . . . L , $
Balauces Tuesday . . . . i
1 - Oakland Bonks
Clearings Taeiday 4. . . ;
. , 1 ea Aneeles Banks.
Clearir.rs Tuesday ........... 1
'. Tacoma Banks. ;
Tuelj s transactions ........ J
COAST
7S24,503
S.81H.t74
1.002,837
3,800.000
5.57T.890
1.103.166
2.789,900
lT.S36.il4
S, 453, 000
CAR SHORTAGE HITS aVp!,E
OSOWEBS. AT HOOD B1TEB
Hood Itivet, Oct, IV. The car ahortagsH
c h.. iwani tci. an acnte ;ttage ,kere that
f Tort -.the next two week all a(ile tliinent.
by : rail -w(H be. nssde in box cars. The car
shortage acre yearly ryachrv'niats, with asorj
shipawncs,! but this-year the uraativn V. far
more acute sn spite of earner prontaea of the
.. raibvsada tt tlwre would be an aasph: supply
by harvestj time.- .
., ' Vith plenty of cokl storage apace avail
ebs losses arisinc front car ahortasje cannot
ie ee vers ' Be re. .,- -
' , Orowers and shippers state that 004 resu
!nf the mismanagement set the railroad will be
that them will be a greater demand for bottoms
- . to carry trutt froea Una section to the At
Untie para by watec 1 .
V s ; Fml Exrtuw Xarket
; t vNew Tork, Oct. 18. C P ) Ferwm
exchange J opened easy. Sterling. g4.aaie
. franca, .OT51H. off , r lire. .6426 fc. off
', ii: marks, .wwi. .
:- Forein exctaaage closed steady.' ShtrBna.
- $4.3 franca. i0T52; Ure. .0424 s ; aarkv
SS
43 H
81
123
162-
158
. . . . 4102 H
L..li
pfd. . . S6
62
125
106
93
1194
iii
100 1 do pfd
10OOAm Sumatra
2IOOAm Tobaeco' . 1.
1 vuv ao o -. . . f
ViUUuim now
1 do pfd
80O do W P
ftooiAm zinc
6900Anaeonda
700;Assd Oil
70Atchison .
6001 do pfd
, 4O0AtUntic O Line..
-SOOiAU Gulf W I.
18300Baldwin Loco j. . .
.... I do pfd L . .
2300 Balto as Ohio. . .
800 do pfd .......
S200 Bmadll Corp "A".
100 do "B" '. . .
7700 Beth 8teel "B". .
2 00 1 Booth Fish. . . . .
S790OIB B. T . . .
.... 'Butte C & Z. . . .
2 100; Butte A Sup . ..
. . . : j Burns Bros "A".
. . . J do "B" .
1100Caddo Oil .....
It'ahf Packing'. . .
6200CaBf Pet . ..!.. .
800 do pfd .... 1
ISOOjCsllahan Z A Ld-
1700Canadian Pac
1700 Cen Leather
37Oit"erro de Pasco. .
3 1 OO jC handler Motor. .
90Chi A X W .... .
lOOlthgO Gt W. .;. . .
400 do pfd , . .J...
8S00ChiU Cop......
SOOiChino i. . ,
10?M St P
3300T do pfd .......
llOOO Coco Cola
4100 C A O
800 Colo F A I. . .
2O0 Colo Southern . . .
800 Col Gaa A Elec. .
l'200Col Graph
5800iCm Gas
lOOOjCons Cigars.....
.... do pfd .......
170O -ons Textile .,. . .
420vContl Can . . .j. . .
80Corn Prod . . . . ,
30t)l do pfd' .......
SlOOiCoeden OH . j . .
170OIC R 1 A P. .... .
1001 do "A" pfd j . . .
J do 'B" pfd
6300iCreible . ..
400 do pfd . . . ,i. . .
1 600!Cuba Cane ..!...
8900 do pfd . . . .i . . ,
2OO Onbsn Am Sugar.
1800avison Chem...
!UOLel & Hudson...
High. Law.
SI
1
86
119
301
4. ...
"'
1134
8i
134
100
300
con
780OjIel A Lack.
110OIome Mines.
SlOOiKlec Stor Bty. . . 65
3809 Endicott Johnson. 86
850 trie j... .18.2
00 do 1st pfd.J 25
aivu ,rsm flayers....
Fed M A 8.1. .
do pld . . . .
Fisk fire . . ,
Gen Cirars . A
2100iGen Elec ,. .
3270O,t.ien Motor . . .
100 do 6
6000cn Asphalt . .
800K Goodrich T A
.'...Glen Aden .. . .
800iGranby .. ."J;; .
400Gt Nor Ore! .
TOOiGt Nor pfd. . i. .
. . . .Greene Can . ,
6700lulf S Steel. .
14 8O0 1 Houston Oil ,. .
2O0)flupp Motor ,. .
4001111 Cent
lO0 ) Inspiration.
. IntAs-rCorD
80UOO do pfd . .j
niuuilnterboro . . j
2800 do pfd . J
500;lnt Hairv . . .
int Mr Mar.
6300) do pfd . J
siilnt Nk-kel .
1100;Int Paper .
. . . . j do pfd . .'
SJKMi!lnT Oil
00jlsl Oil
8001 Jewel Tea . .
IK C So ...
.... 1 do pfd . .
eOOjKayEer J
1 S0O'Kelly-8pgfM j
1 600Kcnnecott . . . . . '
1 400Keystone Tire . -. I
2600jLck .Steel . J . . .1
.... Lee Tire ... J .... .
190O! Lehigh TaBeyl ..
5900Loew Theatres, j 21-?
. . . . lit .... J ... I
oOOOILima Loco 4... 63
1000 Marland Oil . ... 89
ouuijuxweu aiouar Al
OOj do 1 ....
1400: Mar Stoma
8100Mx Pet . .
1 lonuiMex Seaboard
200Miami ....
2300 Middle States
7200 Mid vale Steel
loom K a T W:
2600'Mack Truck .
1 11 out Power .
1200llont Ward .
200Mo Pae
600) do pfd
66.
64
88
if
9
22
84 " "
11
60
96
146
41
40
68
92
14
26 H
J9
82
51
78
74
84
48
109
3
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91
12
'48
44
89
14
30
23
48
iii
80 1 SO
SO
T
! I.
4
66
....410O
8414
110 !;
1S7U .
- 6
ti
118
38
88
131
6"
'si
"34
45
SO
ST
123
161
157
99
84
IS
82
Bid.
41
HO ,
17
121
-71 Sail?
88
6
131
119
6
21
61
99
34
49
SO
19
37
122
160
158
101
108 s
34
18
1
122'122H
105
92
119
iSSH
'ik' '
94 i
87
'75
9
11
'S3
11
"3
95
9
146
40
39
61
81
14
25
29
32
50
76
73
38
48 4
108
8
"39
'io
89
120
'47
43
86
' i3
37
22
46
137
55"
84
16
24
13
184
16
66
34 J
81
89
93
s
90
23
114
89
'36
......
112
14
60
16
1
':i
'io
48
43
88
8
83
13
180
14
64
33
si
89
92
ii
86
22
114
3S
36
"i"
108
J4
59
18
69
16
1.8 '
45 1
41
S3
105
92
119
80 i
138
110
55
64
87 ,
25
73 V
9 i
14
7
135
47
11
85':
63
95:
9 '
148
40
39
62
91
. 6
14
25
28
32
00
76
73
82
48
ll8
' 3 -'
138
39H
81
10
00
122
"47
4S
99
00
86
13
38
22
4
137
139
38
55
85
1
24
97
12
58
12
79
181
14 .
84
64
83
67
SI U
39
i
30
1MI
87 -22
114
38
8
36
14
60
16
69
85
16
18'
23
56
45
4 2
3"
T
81
Salea.) gTOCXa High. Low. Bid.
IU Ma "PAJIHVr .
lOOiNat Biscuit.. .
J200INt Enamel
ssa(i.K.t
AOOfNafaoa On ...
113
1
30
121
10
8T
1160 Xorfosk A W... .
etfOOiNor American....
HOOiNor- Pac .
. .... .pioma Scotia; Steel
TSSt V Air BMls
. HsVOliif. T. Centiml I S9
2400t0kla Prod ef . . .,.f ,; 2
ltvOjOrphenm I . . . . .
160 Ontario A W, ... 26
...:.IOtis Steel I...
6 00 1 Pacific IJev
IM Pu At PJ I 86
1!V80! Pacific Oil ....'.168
91000Paa-Am Pet "8T
a a too! it ' Llsi
4100Penna ',.....,..148
SlOOlPa Sea "Steel ... 6
- pOOiPere Msrquette . 1 SS
. KAAlWhlixtalrdris. Os- . I 44
6800iPhillipa Peta I 62
500 f Pierce Arrow
27O0!Pierce Oil . . .
KAA(1M Cm.1 St;
STOOiPitta A West Va. t 39
SOO Presaed 8teel Car. j 94
SOOiPonta Alegre ... 48
100 Pullman .131
2T00Pure Oil 82
CAS D.v CnM . . .
1760O;Beadlng j 80
6800iReoubiie I A S. .1 60
1 iilli do nfd
1 100; Sep Motors
390O
1700
1900
1400
100
66600
200
12600
2900
48000
9900
200
100
72100
" 700
600
400
6300
Boyal Dutch Oil .
Ry Steel Spg . . .
Sears Roebuck . .
Shell T efc X.
Sinclair
Slosa Sbsf
8o Pao ......
bo Ky -
SONY ..
S O Cal .
IS O Ind .. . . . .
S O N J
S t Ky
St L 8 F .
iBtrombere Carb ..
IStudebaker ......
Swift A Co
Tenn Cop A Ch . .
Texas Oil ..'.,..
Texas Pac ......
tTex Pae CAP..
4UOOiTob Prod ...4
' 5400iTrans Contl Ou. 4
200Unton Bag A V.
lOOOjrnion Oil Del ..
470l I nion racuie
lOOilTnited Alloy
100! Cni ted Trug
1100
200
. . fCnited Food Prod.
United Fruit f...
United P-ds of N 3
Hn nfn ........
6400; Cni Retail Stores
300U SCI Pipe. . . .
1500ITI S Ind Alcohol.
4800jU S Kub
HOOj do 1st pfd . . .
600U S: 8meltiBg .. .
IOOOOiL' 3 Steel ..
400 do pfd .......
8 00 Utah Copper . . .
lOO Va Chem . . .' . .
860O'Vanadium Steel . .
llOOiVivandou
-SOOtWabash .......
5001 do A pfd . .
.....! do B pfd . .". . .
700:Vells Fargo . . . .
llOOiWeatern Padfie. .
30O' do pfd .......
500 Western Vnlon .
SOO Westh A B...
4600 Westh E A M..
00tVe!t Md
1300:Vhite Eagle Oil.
UoOI'VVhite Mctors . .
SOOOIWhite Oil . . . -5
000i Willys Overland..
m 7001 do pfd
1.400! Wilson Packing . .
..... I Wisconsin Central
inn W"fw.i.frfi . . .
.... . jWorthington Pump
23004W ALE.
2
58
125
80
86
50
95
26
131
250,
S7
187
10
52
80
26
61
15
18
131
156
14
'sin
654
64
100
48
108
122
67
'47
13
91
17
61
17
100
63
14
32
50
7
7
43
44
sic u
lo
16
30
12
07
-3
. t .
s t a
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86
67
81
79
48
5
'sf
42
51
'""
38
92
47
129
81
78
33
68
2"
57
124
is" '
35
60
94
28
125
431
B6
1133
9
,50
29
25
60
14
1844
150
154
13
"80 '
"8r
53
100;
42
106
121
67
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89
17
61
118
99
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119
98
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17
61
116
99
62
5
6
6
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48
29
192
89
12
ASK FOR BIDS ON
4-iILE
RAILROAD
Grants Pass, Oct. 19. An Industry util
ising ene of the great aatujal remreea ef
Josephine coanty ana ' placing ' A payroll of
from 840.OO0 to $30,000 a monthl in the
vicinity of Grants Feat was made public when
bids for the construction of over few miles
c . raflroad. were called for - by tho 1 Beaver
Portland Cement company. The new lino win
extend from . Cheney Creek to Wilde rvBie to
connect np with the California A Oregon
Coast " railroad, bringing -the- great Cheney
Creek lime quarries into production. The
plant may be erected adjaeent to Grants Pass
whan the railroad to be known aa the Marble
MnyBii. railroad is completed. The whole
project wqi necessitate the outlay of some
$1,500,000.-
Tho first item ec eonstrnetion wftl be the
railroad. From tbe-apnthern end of this rail
road a double track tram. wiU extend for 4a
distance of 4400 feet to Uie top of the moan
tain. Both tho raiiroad and the tram will
be standard make. The eurvey haa beea
nlated and- the rkrht-of-wav has been pur-
chased, thus avoiding any poasinility of s de-
Jay ia the immediate construction. It is
understood that tho lino is to be completed
January 1. Tho contracts are to bo awarded
oa Wednesday.
The proposed plant to be erected near Grants
Pan for the manufacture of cement will
double the capacity of that now in use an
Gold Hill. The Gold Hill plant is now turn
ing out 110O barrela a day. with a force of
85 men. When the plant Here Is in operatioB
it ia understood that the Gold Bill plant will
be moved to Grants Pass as an additional
unit. Arrangements have already been made
for the factory site, it is understood, but its
exact location is a matter of conjecture. It
is known, however, that it will be oa tho rail
road close to the esty.
The railroad wfll open up a practically un
limited ammlv of" 98 rer cent nnre calcium
carbonate. The lime ia known to axDend over
28 acres, with an estimate of 80,000,000
tons in prospect. The deposit ia exposed verti
cally to a depth of 750 feet, tha whole being
vo per cent pure. -
69
21
I w 01
, 1T-
I 68 6S
21 i 21 ...
.1 IS I IT
iiiooWjiso"
16
iOil.t 18
is "
69
'21
58
1137
60! 60
39 j 39
I 17
141
198
16
28
IS
35
17
56
72
LM -
2!I
58
15
is"
17
68
21 "
21
asm
Total sales stocks, 1 .433.900 shares.
Tatal sales bonds, 6iz,ui.vuu.
Irregular Trend
Of Trade Shown
On N. Y. Curb
By WlUtam . Moffernan
New Tork, Oct. 10. Many of the Tecent
leaders experienced rather sharp reactions in
the trading on the curb exchange today, al
though sora? of the Standard oil shares contin
ued to teach higher levels. Price movements
in tills group were ; more irregular than in
some time. . . , .
It was reported Before the opening of busi
ness 'that the directors of Vacuum OU would
meet today and that action would be taken
on the ' distribution of the company's surplus.
The stock opened 11 points above its previous
close, but subsequently lost more than half
this gain when announcement was. made'' that
the directors had declared their regular semi
annual dividend of S3 and an extra dividend ef
S7 ou the gl5.AO9.0wO capital stock out
standing. This nrakea a total of 816 a share
for 1922 acainst the--regular $6 and an extra
dividend of 32 in 1921. This-announcement
was considered disappointing in lace 01 recent
stock distributions by other Standard Oil sub
sidiaries, and Vacuum Oil came down sharply.
Standard Oil" of Indiana. Standard of Ken
tucky and Imperial OU of Canada ran into
heavy realizing and lost some of their recent
gains. Ohio Oil and Prairie Oil and (las, how
ever, went higher, while Anglo-American aad
International Petroleum were firm at their top
prices. Standard of Sew lork. new capital
stock of 823 par value was admitted to trad
ing, the first sales taking place at 56, while
the ok) stock was traded in around 640.
Ihirant Motor lost over a point. Continental
Motors and " Win tiler were active and firm.
Packard issues continued strong, tha common
reaching a new tuan tor the year.
Wealth, -doesai't . necensarily bring
happiness ; still most of us are of an
experimental torn ..of mind. Duluth
Herald. , . - -, ...
Oregon Crop of
Grain Improves
During September
Oregon's growing crops improved soma
what during the month of September, while the
condtion of crone over the eountrv aa a whole
declined to some extent, is the smhetaaco - of
the. reports reaching the office of F. L.
Kent, agricultural statistician. U. S. depart
ment of agriculture. -
The early September rains, followed by fine
growing weather, were very helpful to late
potatoes, corn, paaturea. cabbage, tomatoes.
etc. No killing frost to date, except in
some 01 tne mgner aiatoaea, Haa further con
tributed to the fine fall weather conditions
in the western part of the state. The east
ern part of the state has not fared quite so
well, however, since the early September rains
were lacking and there haa been somewhat
more frost damage, although not generaL
The late September and early October rains
appear to nave been quite general over the
state, put too light to have been greatly Dene
ficial tn the eastern oortion of the state.
Eastern Oregon wheat farmers have been ready
to seed their summer fallow for' a month- or
more, but have waited on account of lack of
soil moisture. While tha recent rains have not
really put the soil in first class condition for
planting, the seeding ef winter , wheat on
summer fallow will be ir: full swing by October
16. since it is not considered advisable to
defer fall seeding much later than that date.
In the western psrt of the state .the recent
rains have put 4. he soil in excellent condition
for potato digging and the early and mid -season
plantings are now being dug. Fall plowing
and silo filling are major farm operations in
the western district at tha time.
Forecast of production tor this season of the
principal crops in Oregon and December esti
mates for last year are as follows:
1922 1921
Forecast Tec. eat.
Winter wheat, bu. . 16,800,000 20.862.000
Spring wheat, bu.. 2.864.00O- ; 4.764,000
All wheat, bu 19.164.00O 25,626.000
Oats, bu 6.675.0O0 8,700,000
Barley, bo 1.99S.0OO 2.240.000
Corn. bu..4... 2.112,000 1.980,000
Potatoes, bu 4.83O.000 S, 870. 000
Hay. tona. . . 2.128.OO0 2.544.000
Hops. lbs. 9.6O0.0OO 9, 840, 0O0
Apples, tot. bu.... 0.239.000 6.667,000
Apples, com X. bu . . 3.715.000 4.975,000
U. J3. Treasury Bond
issue Announced by-
; Federal Reserve
An tame of sS00.OOQ.tHM in United States
treasury bo ads. bearing intamat at ( the rat
ef 4 per gent ' per annum, 'was anivounced
Monday by the federal reserve hank. The
bonds win be dated. Octobear 16. and interest
wiU be paid aemi-anusiny, October is and
April 15. Tho bonds sxiaturo in 1932. but
may be redeemed at tha option of the secse-
tary of tha treasury en Aad after October 15;
1947. at par and Interest, o any Interest
data. Bearer bonds with internet eorrpoos at
tached will be taaued in denomlnationa of
1 160. 3500. 31000. 83000 and 310,000,
The bonds are exempt aa to principal and
interest from federal, state' aad mnnieipal
Application for bonds, of this iasna will be
received by federal neseswe banks and by bank
ins; institutions general. Within the limita
tion at the amount, of ithe issue, atwjlicationa
from any one subscriber for aa amount of
bands not exceeding 8110.000 wfH .be allotted
according to -use announcement. Con
son bonds may be delirered prior to October
la to suneenbers lor amouno nog in
of 810,000, when payment Je madei in fall.
INDUSTRIAL VORK
BEING EXTENDED
'.' - y tart D. Jenckss -
SL rani. QcC.lw. The substantial indus
trial expansion in the ' Northweet.- predicted
previously by - bankers and ' businessmen, has
al ushTj began. ' '
PreparateoBS made op ta today indicate thai
lumbering and logging oprreUwia in this ter
ritory will bo more extensive than, last year
in spite of a. scarcity of labor. Wsges. it
is predicted by rumbertnwB wiU be slightly
higher. Mining of iron ore soon will be .car
tailed but- nadergronnd operations throughout
tho winter? months will be heavy. Makers of
machinery, harness and millinery, is brisk. .
Hundreds of elevators are blocked with train
which cannot be transported because of the car
shortage. - . . :
Moicy Md1 KxekMeTo ,
New Tork. Oct. 10. I- !fc S- Call
nossi as the floor of tha New Tork stock ex
change today ruled at 5 per cent: high. per
cent: low, 6 per cent. Time money waa steady.
Bates ware 4 A 5 per cent. Tho maaket for
crime mercantile paper was steady.
Call money in. London, today was 1 per
cent.! Sterling exchange waa steady, with boca
nessin bankers bills at 84.42, for demand.
Oar We W Location!!'. W. Corner
5th and Stark
lip 11 jssj ' yw jmrrmTjrj-iwrirr.
Corn for silage included.
PACIFIC POWER SECURITIES
BEING READILT ABSORBED
Public utility securities continue to increase
their prestige with the investing public and an
issue of 8500,000 in preferred stock of the
raeifie Power A Light company, announced
today by BJyth, Witter A Co.. is being rapidly
Robert E. Smith, prectdunt of the l.ura--bermens
Trust Company bank, is 00 an ex
tensive tour of Katera Ami Southern finan
cial Centers. Follorring the annual convention
of the American Banker' association at New
York city; he went- to Wellington to confer
with officials of the federal farm loan bank
relative to the operatibn of the Oregon-Washington
Joint Stock I And bank, of which he ia
n resident. From Washington Smith will go
to Louisville. Chicago and Minneapolis. He is
accompanied by Mri. Smith, who will return
to Portland from Minneanoli. while her hus
band will make a tour of Southern cities.
Rail F.arnlnas ' 11 ma Her
Washington . Oct. 10. I. N. S.) -The
class one railroads of tne united states suc
ceeded in earning enough hi August to have
paid an annual dividend of 2.83 per cent,
falling 381.68a.s90 short of the 5 per
cent return fixed by tne interstate commerce
commission, the Association of Railway Execa-
! tires announced today. Their net operating
income decreased from 880,160.200 in August,
1921. to $52,579,799 in August, 1922.
'Overbed & Cooke Co.1
r' jr' " JMUU . . I.-' :. "
Millibars CM com Beeawl r Tlgoa,
Beard af Trade 6Ma, rruaao..
. trvmdMais. - sVtv. Ufana Wafbss. weaaft,
. ' STOCKS, BCNDS, :0 ?
eaAIN AKD COHOS ;
IIIUECT PaUTATX vn&Bs
Xogan & Bryan
XIW T0RX AJTP 7 CHICAGO
;- - ! i J
AMPLE
SECURITY
Protects the Preferred Stock
of the PACIFIC POWER & LIGHT CO.
The Company owns property, in the states oi; Oregon, Washington
and Idaho, mdudisg electric power plants, gas plants, water works, high
voltage transmission Unes and many "iniles of electric distributing pole lines.
' I : ; j t ' -;' ' : - . ' 1 J;." . ' " . .
The cities. and towns in which this property is located are in prosper
ous and growing agricultural and horticultural districts, with the exception of
Astoria, a wealthy fishing and shipping center. To keep pace with the steady
growth of these communities, the Company has been continuously expanding,
acquiring new property in order to better satisfy the demands made upon it.
A detailed circular, descriptive of the Pre- ,:
t erred Stock of The Pacific Power & Light 'f
Company, will be furnished you upon request.
Blwh. Witter, . Cot
t GOVERNMEhrr-MUNiaPAL-CORPOlTlON BONDS
; FOURTH AND STARK, PORTLAriD
BROADWAY 6481 - :
SAN FRANCISCO-LOS ANGELES-NEW YORK-CHICACO-SEATTLE-PORTLAN L
We Offer Our
Participation in
$1 2,500,000
THE MILWAUKEE, ELECTRIC
RAILWAY and LIGHT, COMPANY
5 Refunding and First Mort
gage Gold Bonds, Series "B" '
Dated Jwb 1, Ml ' 1,'MM
Redeem Abl gvt 18S np to BSd locladlBf; Jane)
I4 lzt, wltk redemption price) redwecd ef . ,
1 darlns; each two-year period thereafter.
BUSINESS: The .Milwaukee Electric Railway A Light Company forms aa important
part of the power and steam heating business in tho city of Milwaukee. Wis., snd
suburbs ; it also supplies electric power to nearly' all of the utilities in' the south
eastern section of the state of Wisconsin.
CAKNINQSi Net income after taxes, available for interest, depreciation and dividends
far ten years ended December 81. 1931. averaged 2.44 times annual interest charges
on sll bonds outstanding. -DfVIDErTDS:
Tha Company has paid dividends since 1900 on its preferred stocks
(67. 761. OOO now outetanding ) . and eomencing with 1 P08 haa paid dividends annually
averaging 8 on its common stock, 60. S50, 000 now outstanding. 1
SECURITY! The Wisconsin Railroad Commission values the physical property, with,
subsequent capital; expenditures to July 81. 1822. at $58.51.284 (exclusive of
82,545.266 of supplies on hand), against which there will be outstanding in the
hands of the pubhe. including the present issue, 886.547.000 bonds,
present .issue. 36,S47.000 bonds.
Complete Circulars Furnished oa Request '
Price 92V and
Accrued Interest to
Yield About
5J50fo
MERCHANTS READY
FOR HEAVY TRADE
Fort Worth. Oct. 10. "The first fall weather.
experienced, todays found. Texas merchanta bet
ter prepared than ewer before to mt require
ments of a big fall trade. Tab buytng power
of the Southwest - is estimated today ' to be
8 100.S0O.000 greater than it was at - thai
Uni t year ago. ' Business at all retail eeoUra
is besnnnmg to boons. Bankers say that tof
the first tirm in three years tha pnblie bay
by the crops grown and the prioaa at which
they. -have been disposed of.-
Stores which failed to buy their stocks in
AageBf' ami Heptember - are 'emmortnaj to have
their Jate rdens filled at one. .. . . t ... .
DESCHms COUJfTT BOXDS '
riXO A 200D BESP05$B
Annoaneeareeit f kn issue af $556,660 ia
bonda ef the Deeebutea ceanty mrmlcipal ins-
peovesnenv; nietrset. Mleml or . as. Miller aa
Co.. met -with instant response free invest. 10.
The bosHm bear tatereat, at tho rate of per
cent per annum and are an Ml to yield 6.15 peg
cent. : They,, are agempt -from., federal income
tax and aurtsr ia tha same mariner as ataa
and eouiity bonds. . .--.-a
' 'Tha improvement dtvtrlet eossprisea SA.ST8
acvaw. valued at tl.7A0.00O. Tha a vera re
holding or PTodnetiv. land la S3 acres and tha
average hokline of pasture land X7 acree, Vttm
averse annual earning aeoeaaary to pay bond
interest . aad aerial 4aataUmenta is 88.80 per
acre and the estimated average income ia, ap
proxiraately fjj par sera..
Tormrrtowa. Ohio. Oct 10. -Tha tirwi 4s.
partment of the Republie Rubber Co.. idle fer
two years, has begun , production again oa a
part tune basis. The mechanical ooda and
inner tnbo departments are working at eapacita,
today, while the Canton plant ss on full time.
Clark, Kendall & Co., Inc.
Phone Broadway 6215
Fifth and Stark Streets
Portland. Oregon
We offer " "
S30.000 '
the remaining unsold portion of . this $60,000 issue of
Canada Shingle Co., Ltd.
7Yt Serial Gold Bonds
Security to Total
$252,000
a
Waterfront property at Van
couver, B. C, appraised at
$160,000 and TAX FREE,
and an . 1 1-machme shingle
mill of a depreciated valu
ation of $102,000 secure this
$60,000 loan.
In addition the plant is in
sured for $92,0Q0 in favor of
the Lumbermens Trust Com
pany, as trustee; and the
owners lives for $50,000.
The company has been in
successful operation for 21
years., . - . j !
Price 100 to yield
7V2
Solid
Comfort
When you buy
bondst from a
re put able
bank! you can
restiin com
fort because
your money is
at work and
your- principal
secure.' ' e;
i
Data
' Bonds
! Dated
! Oct. 1,
1922
-1 Due -Serially
1325
,1931
j Dens.
$100
$500
$1000
?a-?-L4iiJilCSS
Insure a high jrield by making an immediate- reservation.
Broadway and Oak
A '"Choice Or egoii TSiMppal
s sssssssawessissHsswsssasssBsssssssssMsmwasssssBiss
' - - . t A v- 'Ul V' "
' i. t v
1 Vc,t - - . "
f Pr .v j! '
3t -ystie m'ljjftirasnn riiir"ws hsmsbsmj.", ' ws '.a-aa'tiMraeY' sn ai it fi n iii i mrf isifHi --j- m'ftfii-,l--'- -nTriiria'-f irtimar itasrsiuefflHTrniir ennsl , -
-ew,' ' ,f JL f M " s ,ir"sssaaiS,-w
v--iTVvL nv J lEaWnir of Thors." ' "V,;VjV '"V
' V iJJsV .''f; ;i -I bred Stock Is aa V I '".'(ife"jW . Iff
. lS - this district aiw I -.y- - Iff
Cv ' '""lyZ-L I . famoas for size I ill
V VSK)&r "" .
vV va-V?f f.. . vlfi 5 - Grata Prodes a. 1 '-. ill
W 'S '.' -r"r ; III :
$350,000
Deschutes County Imprpyemeiit Bonds
The district-comprises one of the most diversified fanning sections in the state of Oregon,
embodying 20,375 acres of lnd.Tl is se?Ved by two transcontinental railroads and has excel
lent transportation facilities. The cities of Bend and Redmond are less than five miles distant.
The farms are generally: improved, have modern buildings, and an important feature is the
land holdings average small. ' 1 : r
The bonds are general obligation, tax lien
bonds. . . :
The principal and interest jwiU be paid
from, taxes , levied on all the 'taxable prop
erty of the district.
The collection of these taxes and the pay
ment of principal and interest of the bonds
are handled - by the coanty officials -of
Deschutes 1 coanty in the same manner as
coanty and school district bonds. The dis-
Wira ortWs coDcC or call, writ of .pho
Price to
Yield
6.25
trict has been, examined and security, ap
proved by the state securities commission,
consisting of sUte enttow, the attorney
, general and the snperiradent of - banks.
The bends have .been certified by the secre
tary of state, ander the state seal, making
, them legal in Oregon for all purposes that
general obligation state bonds are legal for.
The appraised value of . the security back of
these bonds is conservatively estimated to
, be over three times the bonded debt ; .
f . . - : ; i - - -:f. . . .'i..
'Main 4195 for circular, r reaervatiozis ' ; ,
i.
t
G'E'MIIiER COMPANY
Portland
cattle'
M
CORPORATION
iff:-:
; 2d Floor N AV. Bank: Bldg. PORTLAND
San Francisco
'Los Angeles
-VTelephoheMain 4195. -
1 i