The Tacoma Daily Ledger from Tacoma, Washington • 8

THE TACOMA DAILY OirrODEK 19W 6' forecasts The views WEDNESDAY RALLY FEATURE OF WEEK Urgent Purchasing by Traders Who Sold Short Believed Back of Gains STATUS OF USINESS i REVIEWED MWity (jMa orims Mortgages Mai ks Bond There Will Be Little Change Leach Co Inc wUh Taeoma office in the Sound Hank I WSoSS Public Service Company of Colorado 6 perent first laortcage and fuudmg gold bond ut 93 to yield Hr Service Company of Colorado which i to succeed by mergei nrniwriii'g of tlio Denver la As rieetri'- LTght cS: and the Western Light Power Co supplies eleetriviiy for light beat and power without competition throughout the most tunt regions in Colorado It i the largest gas and electric company in that state and serve directly and indirectly a population estimated at over Thc" territory served includes the citv of Denver Houlder Grceb Fort fViMinfl LtOiifrmont und Loveland in Colorado and through a subsidiary 1 hThcse will he secured by tho first ri gage the new modera st'-airt g-ii'-rator rtaimn and transmission linn to h- Mm from lw Slant lolly ihe t-nlire of tJj' iMi-: atd will fur her constitute the din-t ituit gatiO of a company --mg Kul -lant mlly ati Iho Hiiiau the company's pron-ert new imm-J or le IF qilired Mibi I- lliiislCTai bonds out Standing lo tn- Nini iy-i eii cem mgs ir: i niii h-ine current ami ig'd iiri Nft earning r-r th So 1923 re in es tr or over Mvo and one-thirds timestw iin-il nry til1 indllbtld- Sinee I he an of the puny ham $3thii9u 1 v-r armngy no n-'ivase L'9" i i- ii-ta SeOOOOB- Tacoma Bankers Handle Bonds of Colorado Power Company Announcement was made recently that Druinlieller Ehrlichman Tacoma investment banker and A first demand money rates eased appreciably Among the foreign exchanges the feature wore the reaction In french franc after the gain which was recorded at the time of tho German capitulation uml the recovery in starling Ml II BALKANS GETS FIRST LARGE RADIO STATION It'ork has been' started on a new 190 kilowatt radio station at Rakov lea about 4 kilomcKivs from Belgrade and a receiving station at Laudon Trench a suburb of that city The stntion is being built by the French tVirdess Telegraph Cumimny and the total expense is esi hunted nt 38000-uOO dinars or $102x99 at Dio rate of exchange of September 1 its completion the entire installation will taken over by tlie state ond the operating personnel' will become employes of the department of post and tlio company maintaining one engineer as a technical adviser This particular station will ho the first high power radio installation the Balkans and bi-stwe of the greatly increased facilities which will afford for the dissemination of nows mid the rapid dispatch of informa tioi it should soon become well known internationally says GoiimiI Hutton in a report to the department cf commerce 1 for Remainder of Current Year few months Th- price now quoted for December delivery of cotton is 28c a pound This multiplied by ihe in-de-nttve production of 10788000 bales gives an approximate return to the cotton planter of $1537290000 Lnst production was only 9762069 at price of 26e a pound yielding a total value of $1269069000 In other words the purchasing power of the cotton farmer this year is IS per cent greater than it was in 1922 The corn belt is practically ns well off as it wrs last year as far as purchasing power is 'concerned Corn prices tor Jji'i i delivery art quoted at i2c bushel while production is' Indicated at 3ii760M00fl0 bushels which gives a return to the corn farmer ol $3-214720000 compared with last revenue of $2110220000 In other words tho ret units to the "corn in total are actually higher than they were last year Wheat Grower Gets £mi 'It is tho wheat farmer whose income has been greatly reduced and it is his story that has colored the whole iigrictiUimil outlook in the- mind of 1 he general public The combined production of winter wheat and spring whoa will be about 789000000 bushels It should produce $828150000 figured on the basis of $105 a bushel quoted for 'December deliveries figures for last year were 662091000 buslu-ls at $123 a bush'd with a total return to the wheat farmer of $1060-372000 This means that the wheat grower realizes an average of 22 per cent less than he did a year ago "The farmers' difficulty these last two years has been due to th abnormal spread between agricultural prices and industrial prices This situation is gradually righting itself So far the adjustment lias been effected by the lowering of the industrial Videos rather than the increase of income to the farmer This balancing tendency may be interrupted from time to time by divergent 'movement of either group but will continue over the next row years until a more equl table adjustment has-been reached be tween the prices of tho things the Tarmer has to buy and the things the farmer ha to sell While we are not out of the woods as yel to' any meana tlio worst over AVo may be thankful for that "General business activity at the first of the concluded Mr Habson "was running at in per cent above normiil A slight slackening in Kob-juary gave way to another rise to approximately ihe same point in Marcli Ky niid-siiimner we had erosse) the normal Jinn and gradually worked down to a point 5 per eonf below normal by August 1 Our present position is 10 per 'cent below ITesent Indications are that general sidewise movement with orderly re adjustment will continue for the re nainder of the year The Arithmetic of Prosperity Contents: Tlie overwhelming percentage of financial failures Reasons for failure Analysis of the successful financial policy The power of compound interest Simple rules for conservative investment Explanation of monthly investment plan A means of financial training for women Use of plan for professional men and women merchants corporations salaried people Thrsr arc some of ihe subjects discussed iv our booklet 'Thc Arithmetic of Pros-peril We arc certain yon will find it nf interest and will be plod lo send you a copy if you fill in the coupon below and mail it to us Townsend Jackson Co Incorporated Third Floor 1 Rust Bldg Main 546 Pun flower one foot high so poultry may out them In the field is a recent accomplishment of naturalists Do You Know Your Pavement? Few people realize that when 1lnv Pay" their taxes If they are eitlxens they are cut It lad lo a voice in Ihe itiii-uieipal affairs One of the greatest opportunities fr taxpayer to recommend an cronoiiticHl administration 1 in his highway department When your commissioners look tn you for jilt Jligent sunpori do not Tall them wide in vest iira I ion of ftli the de-slruclivo forces i hat reduce tlie ordinary road siirfuec to dust will convince you WaiTentle-Bitullthie merits your Mrongest approval Ailv Let Us Make It Hot for You! (hS5" Steel Heating BOILERS Industrial Power Pica nd a copy of your booklet -ARITHMETIC OF Name I Street City Market I-v MK-iet'fl PV ytilliv Oct lhn activity nul ol1 railroad niorlKSnoH WH iiu out slurnlms feat uro of last i-ks bifiiii isinikf-t At tin wine tim-jttlivr tiniioii Siati i jfovornmrnt bond ivijv I iii-iiivn tlie tnarkut fair- hjs bl K-HiniK lniif! iiifliir-nivrl Valitiir-lon itisis1 In Hull bonus bill probably would tic passed soon utter lon-irri'SH i roiivon'ili Tlie ivevk on Lbe whole whs imo iho best the inveM-mem inarki-i lias txiiericneo in soim i mn? ifiv olf-iii''K nil iti'i--mo from $176ii000 Tin' in vioin week Tin ik bond wore notably well rr-ri'lvoii mid bond tniderK and Investment bankers express tlio opinion that now rinmi-iiiK easy of accomplishment nro idl'd the bonds are priced rijrlri with ronnrd to yield While roroiirn bond jp-nt-rally Hosed I In week some-what limber iradiiii? in that tfi'oiip was rompar iti vi ly dull and fluotuai icuia lr-i-oiilar a natm-nt romili of inixod opinions as to the outlook for early settlement of European problems The major trading in mil Kroup ocn-lerod in tlio adjustment and income issues tvhii-h were favorably inl'lu-i need by the excellent August earninus siiiiciiu'iitti i nn ertilile issues lnv-: 'er were not owrlooked and there-was a fair inereiisi in the demand for jroorral debentures Speculative industrial liens moved with tin: stock market Tn general net changes in industrials wore irregular with si ee sugar and oil eonipuny liens displaying moderate strength Popper company issues were somewhat lower 'The New York Trust Company's index of set urlty prices showed that the average price of 66 hoods on September was 63 points below the average prion on Deei inher 31 111112 Wednesday wu the bunner day of several weeks in point of amount of new huiid offerings tin- IoIhI for that day lie in In excess of $2790ii90u The largest single offering of the week was SI 73 10000 5 per cent one to 1 -year equipment trust eorl if ionte I of the Now York Central lines priced to yield 515 per cent Other important offerings were ilOftuano 30-yen 6 per cent mortgage bonds of tho ruldiu Scrvieo Company of Colorado nt 93 to yield 666 per cent $405n0i9 one to 16-year Rife per cent eriulpment trust certificates of the Fruit Express Company at price to yield 530 to 670 per cent and 63500000 one and one-half year 7 per cent gold notes of the Standard Gas Kleetric Co at par EMERGENCY BUYING STIMULATES CHINESE COMMERCE The effect of the Japanese disaster on Chinese market wit Immediate vnym Commercial Attache Julean nold In a cable from Shanghai to tin: department of commerce emergency purchases have stimulated the market after some months of dul'- ness Into marked activity and temporary cessation of exports has materially increased foreign trade Steel stock In Shanghai are reported depleted and there I a good demand for stocks needed to replace the amount sent to Japan Shanghai reported buying from several source Orders ere being placed In America for tubing and galvanized sheets in Bol glum for plates shapes and angjes in 'England for gal van zo A sheets and nail and In Australia for nails temporary cessation of exports to China it Is expected will increase the demand for American cotton piece goods steel and machinery BUILDING PERMITS ON COAST GAINING A gain of 37 per cent over lust year tn the volume of building permits issued during the first nine months of 1923 in 86 principal cities of Pacific Comet states 1 shown by the monthly building survey of the Pacific Coast issued yesterday by Straus A Co The lotal for the year thus far amounts to of which the totals as reported Dy states ore as follows: California 23 cities for which comparative figures are available $377-1 885774 Washington four cities $23- 177490 Oregon wo cities $20901807 Idaho two rltb-s $1186225 Utah two cities $6731784 Arizona two cities $2630401 3' Paid on Certificates of Deposit If Left One Tear 3 If Left for 4 or 6 Months HASKELL Jr President MINNEAPOLIS i a 1VKL1KMIEY HILLS Sin" Oct 7 will have a sidewise deney for the remainder of Iho year suys Huger Habson In a statement issued today the statistician discusses developments during the last nine months which furnish an illuminating and helpful picture of business for tho executive and investor who must judge developments for the last quarter the oa "Going back to August ays -Mr Habson "we find readjustment of post-war Inflation half com plcted oral activi rr easing fidenee high' A a result Bager 3aaon conditions ini- proved and business picked up In fact the recovery was so rapid that it carried us above normal in the last week in December starting 1923 on a very uctivo and prosperous basis Heins a premature development however such prosperity could not lusft and after the first six months of the current year we dropped back to a continuance readjustment This has givou us two sudden changes with decidedly mixed conditions which have confused and upset the calculations of a great muny business men boom during the first six months of 1923 witnessed a remarkable increase on the production ot basic and industrial commodities The volume Increased 38 per rrn- from June 1922 to June 192:: The output of pig iron climbed from 2361009 tons to 3229090 tens from June 1922 to January 1923 and to 3668000 tuns in June 1923 Copper production increased from 95222000 pounds In June 1922 to 112159 pounds in January 1923 and to 124869001) pounds in Juno 1923 Petroleum showed an increase from 4 55 59000 barrels in June 1922 to 51467000 in January 1923 and to 6t36100Q barrels in June 1923 Hoots and shoes increased from 24831000 pairs to 30774000 pairs and 30926000 pairs for those same respective months Since July however this activity has receded The United States Steel Corporation is opearting about 80 per cent of capacity today Its un-f lilted orders are now only 5910000 tons as compared with 6386000 in June and 7403O00 in March of this year Cotton Mills to Resums cotton mills which were running Idrge productions early in- the year have shut down but will probably resume activities on price scale this fall Automobile production lisa been tho greatest In history but has exceeded demand at present price levels A score of price cuis since July 15 have resulted Tiros arc In approximately I he same condition price cutting indications are now in evidence Huilding materials rose to a peak In the late spring and declined somewhat since Lumber is now selling at 13 per cent below April quotations "Wholesale commodity prices as a group reached their peak in March of this year wlicn the Habson commodity index stoood at 186 Its September reading is 166 a decline of 20 points or 11 per cent Copper is selling si about pre-war average 1 Viper has declined slightly Steel is selling at about 11 per cent Ik-Iow its recent high Seasonal strengthening in most commodities may occur this fall but the long swing Indication points to a new lower price level agricultural continued Mr Habson "is not as bad as it has been painted during the last Barn Your Porch Light Costs only 3c month to train it till 10 o'clock: Brightens up you street 3 Light brings safety Shows your house number City of Tacoma Light Dept City Hall Main 1783 TACOMA PHONE FACTOR? MAIN 3440 BON 1590 XJ2V YOTIIC Oot 7 Tim most spectacular event of the financial markers last week was ihe sharp rally which occurred on tho New York Stock Exchange on Wednesday Apparently without any particular supporting factors in the new the market steadily became quite active and firm Gains of one to four points were accomplished ui a turnover weil above the 1090000-sharc mark In most quarters it was readily admitted Glut Ihe motive power for the rally was supplied bv urgent pin chasing by traders wlm had sold the market short Traders concluded Gih the market was in a well liquidated condition that the short side luul ln-conu overcrowded anil that neither the technical nor the business situation justified til- amount of short selling which had been going on the most significant development was iho continued advance in grain prices Cash corn in Chicago sold at the highest price in three years and the principal futures gain'd several additional cents December wheat md0 new high for Ihe crop and commanded at least 10 cun is more than the price of two months ago Corn moved over a rat her wide range hut its price was on the whole well maintained of ihe government ginning and crop reports on Tuesday was the ot -wild movement Tin ginning report which was published an hour before tho chip nsllinnlc however proved disappointment and a big break tnok place as the cuimn houglit earlier was resold Subsequent rallies and reactions lcfi Use Tiecein-ber future practically unchanged for the week Industrial news continued to disclose a somewhat spotty condition with sled production still waning Distribution of goods os measured liy railroad traffic Is however going on at an oxtraordirorily high rale Car loadings continue to exceed a ini li ion a week and rat I rood earnings are good Owing to tho lssage of th October MAIN 1055 commuoai nun AWlSOt ACCOUNT! i i i ri if i it 1 A a i tl i-i 1 i ft i I-: Electric Powr Scivice is offered all prospective users in this vicinity We invite inquiries and will be most glad to furnish in detail any desired information I' I3G6 STREET Km THE Universe is built upon a plan oi steady growth Fortunes are built upon the same plan adding dollar to dollar The habit of saving is First start saving Second keep ever lastingly at it Deposit your savings in this bank and have them earning interest for you while you work to in crease your income This plan is simple and effective Start now You Can Win Out I i ii? Jl The following information regarding these bonds is summarized Icllf of Mr Henry lfvherly President of Public Service Company of Colorado: This Company succeed by merger to the properties of' The Denver Gas and Electric Light Company and The Western Light and Power Company) based on completion of its organization as planned operates in one of the most important and prosperous regions in Colorado and is the largest gas and electric company in that State The Company without competition supplies electricity for light hcat'and power purposes to a number of substantial communities inchidipg Denver (and its suburbs) Boulder Greeley Fort Collins Longmont and Loveland Colorado and through a subsidiary servos Cheyenne Wyoming The Company also supplies other of utility service the most important of which is the manufacture and distribution of gas in Denver Colorado The total popdlation served direct! and indirectly is estimated at 375000 4 The Bonds will be secured in the opinion of counsel by a first mortgage lien on tlie modern steam generating station and transmission linos to be constructed from substantially tlio entire proceeds of this issue of bouds and will bo a direct- inert -gage lion on substantially all of the remainder of the Cum properties now owned or hereafter acquired subject to divisional bonds outstanding with public Jn addition of diwsional bonds which share in the first mortgage lien covciing the most important of the Company's physical properties will be pledged as further security for First Mortgage aiul Refunding Bonds Earnings as certified by independent-auditors for twelve months ended April 301923 were: gross $7 192S2Sii 1 net $300289434 annual interest requirements on total inoriicagc indebtedness including this issue $l2oG045 Of tho above not earnings approximately 94 is derived from the sale of electric current for light aud power Tlicso bonds arc offcrcd for delivery tvhon as and If 1 subject to approval of counrcl It Is exp-clod hatVinporary i i i -r r-vcT later exchangeable for definitive bonds will bo ready fip dMuivw wr rl-r i11 1923 All statement 1-rfin arc officlal or aro fheuraliof auaranto uumtlveahnvo nli-rt PRICE 93 9- and accrued interest yielding about 655 Dated September 1 1923 Due September 1 1953 Denominations $1000 $500 and $100 i lntoroHl payable March 1 and JSapI umber I at the office of ilulbcy Stuart Us Co Inc Chi-rago mid al the office of tho Company in New York City without deduction for Federal Income Tax now or hereafter deductible nt Ihe source not in excess of -'r Redeemable us a whole or iu part on thirty published notice at 105 and accrued interest to and including September 1933 thereafter decreasing each year lu September 5 19o- and thereafter at the 'principal amount and accrued interest to maturity Buffelen Lumber Mfg Co ITB DOORS 3-PLY PANELS ALDEB PANELS SAM ETft 1 si i i Capital Surplus and Undivided Profits over 17000000 a guarantee fund for the protection of our depositors BANK OF CALIFORNIA CXational association (A NATIONAL BANK) Tacoma Eleventh and Broadway COMMJRI AKKIKQ SERVICE ROYAL PASTEURIZED MILK is Health Insurance for your Family! Our SOURCES of SUPPLY of Milk and Cream arc the Best Obtainable We distribute the entire output of the BROWN largest dairy farm in state We Distribute OLENWOOD SPECIAL BABY MILK scoring milk in the Tacoma milkshed THE ROYAL is the Largest and the Original Pasteurising Plant in Tacoma There is NO SUBSTITUTE for SAFE MILK! K0YAL ICE CREAM stands for HIGHEST QUAL-ITY Buy it from your Dealer or Phone MAIN 95 Our fleet of 15 Trucks Give a Service unmatched covering Tacoma and Suburbs Drumhelleiy Ehrlichman Company Ground Floor Puget Sound Bank Bldg 1115 Pacific Avenue A Leach Company Inc Tacoma Office: Bonds for Invsstment Bond Department THE NATIONAL BANK OF TACOMA 1 901 Puget Sound Bank Bldg ROYAL: ICE CREAM CO.