p
TOE MORNING OREGOXIAN, TUESDAY, JANUARY 17, 1923
21
t
t
1
A
X
i
j
BUIS JFJL5 HEM
OXE TO THEEE-POIXT GAIXS
MADE BV IiEADIXG ISSUES.
Stock Market Strong In Spite of Ad
vance Jn Money Rates Lib
erty Bonds Easier.
NEW YORK, Jan. 1 Purchases of
railroad aharei on a comprehensive seals
and at gross gains of one to three polnta
furnished firm xoundatlon for today's ac
tive and generally strong atoclc market.
There were several exceptions to the ad
Vance, mainly among atocka in which the
short Interest continued dominant.
Crucible Steel. International Paper..a-
tlonal Enameling and several obscure
specialties were conspicuous examples at
reactions of one to three points.
Equipments, motors, several Independent
steels, as well as coppers, utilities, tex
tiles and miscellaneous spectaltiea were
sustained by the demand for rails.
Hesitation was shown by olio during
most of the session, but that group came
forward in the' final hour with Mexican
Petroleum the central feature. Gales were
80U.OOO shares.
For the most part, closing prices were
irregular under maximum quotations, .ex
. tensive realizing being provoked by the
steady advance of money rates. Call loana
opened at 8 per cent but rose gradually
to b per cent Just before the end. The
firmer money rates were attributed to
withdrawal of federal deposits from local
banks.
Foreign affairs made little Impression
en the market for International remit
tances snd most domestic developments
over the week-end received favorable In
terpretation. A canvass of conditions in
the middle west confirmed advices of
prospective revival In many lines of manu
facture, although railroad tonnage ehowed
further reductions from the correspond
ing period of last year.
The bond market moved contrary to the
tone of stocks, prices In that quarter
showing considerable confusion, which ex
tended to liberty Issues, all of that series
Closing at moderate recessions. New un
clerwrltlngs are projected by railroad and
domestic and Canadian municipalities. To
tal sales, par value, aggregated $18,
75U.OUU. CLOSING STOCK QUOTATIONS.
(Furnished by Overbeck & Cooke com
pany of Portland.
Adams Exp . .
Advance Hum
Agr Chein ...
do pfd
Ajax Rubber.
Alaska liold .
Alaska Juneau
Allied diem.
Allia-ChRltn ..
du pfd
Am lit Hugar.
Am llosoh....
Am Can Co..
A Car & Fdy.
Am Cot Oil...
do pfd
Am lJrug Syn
Am H A Leat
do pfd
Am Ice
Am lnt Corp.
Am Unseed..
do pld
Am Loco ....
do pfd
Am Suf Razor
A Ship & Com
Am Stnelter..
do pfd
Am Stefl Fdy
Am Sugar...
do pfd
Am Sumatra. .
Am T t Tel.
Am Tobacco..
do "It"
Am "Wool ....
do prd
Am W P pfd..
Am Zinc .....
AmicolKla ' . . .
Ased Oil ....
Atchison ....
do pfd
Atl Coast Line
At U t W I.
sales. High. Low. Bid.
1,U0U 63 Oil 5j
1U
1,200 Si's WHs SO'.
Mi) 3111 Ml Ml
l.WMl lJ", lit nv,
3oU
U"U T
5. Too 58 i, 57 ' ilhi
41 811 is 411
2IH) U0 110 1)0
4on 34 to 84 hi
4oi 38
4. TOO 31; 34 3t
UO0 147 147 147
' Miami -500 2714
Hid States-Oil 9.800 Ill's,
l.ldvale Steel. 13.S"o 31 W
M K A T "Wi" I'OO 8 "i
do pfd 200 25 V,
Mont Power . 400 67 S
Mont Ward .. 2o0 13
Mo Pac S'M) 17 V
do pfd 1,500 46'
M St P 4 SSM 400" 64
Nor Amn .... 2.5O0 50
Nat Enamel . 4.20 8514
Nat Lead ... 1.5O0 911,
Nevada Con . 1.300 15!
New Haven . 2.900 14
Norfolk ft W. 2.100 811V,
Nor Pac 8,500 7s
No Sco Steel
N T Air Brke
N T Central.. 4.5O0 75
Okla Prod ref 1.300 2
Ontario Silver 1,000 S la
Ontario ft W. 700 21
Otis Steel .... 1.00 11H
Pacific Dev
Pac Gas ft El 100
Punta Allegre S.200 83T4
Pacific Oil .. 5.400 46'4
Pan Amn Pet 7.5O0 53
do pfd .... l.aoo 47
Penna 2,8l0 84 hi
Peo Gas 2,6'MJ 65
I'ere Marquet. 1.2oo 21
Pure Oil 2,300 8 6
Phillips Pete. 1.500 31
Pierce Arrow. 8.000 154
Pierce Oil ... 8,100 10
Pitts Coal . . . 200 62
Pitts & W Va
Pr Steel Car. 200 64 '4
Pullman 1,600 10U
Ray Cons .... 400 15
Reading 7,&o0 75
Remington .. 100 26'
Repiogle Steel ,
Repub I ft 8.
do pfd . . . . ,
Rep Motors . .
Ry Dutch OH.
Ry Steel Spg.
Stand Oil ...
Sears Roebuck
Shattuck Arts
Shell T ft T..
Sinclair 8,100
Stand Oil Ind
Sloes Bhef. .... 500
Sou Pacific... 15.4O0
Sou Ry 3.000
Stand Oil Cal. 1.300
St L ft S F...
Stromb g Carb.
studebaker .
Switt & Co. .
Tenn C ft C. . .
Texas Oil ....
Texas Pac ....
T P C & O
Tob Products..
Tran Con Oil. .
Union Oil Del.
L'nion Pac .
United Alloy. ..
United Drug. .
L'n Food Prod.
United Fruit. .
l'n Rds of N J ,
Union B ft P. .
in Ret Stores.
U S Ind Alco. .
2T
11
so
8
25 y,
66
13 ,
17
46
63
4UVs
33
SST4
13
13
S
76
74 ,
2
3
2014
10 hi
65
82
46
61
46
" 83
63
20
36
30
14
10
61
'64
108
13
74
2S
'52'
100
2.700
600
2.400
1.000
100
3O0
1.400
3.700
63,9o0
400
4.8O0
2.100
1.800
2,300
2,200
9.400
5,7O0
6U0
' Y.900
1.S00
"ioo
16.900
8,800
U S Rub 3,700
200
500
l,tO0
2.5O0
600
12
00
:
41
31
12
0D
80
40
81
6.2O0 108 105
2O0
l.ooo
1.4(H)
2O0
1.1O0
6,100
400
1.4O0
5.000
1.100
1,700
8.800
4
T'4
46
90
33
0
lit
35
118
1:15
131
82
45
89
33
59
111
34
117
134
130
81
400
4.400
13
48
13
48
7.7O0
400
2.500
1.0O0
HaUtwIn Loco 16.5O0
4I0 of d ..... L'tm
B ft O 4.7O0
do pfd GOO
Set Steel "B" 4. 4O0
Jonth Fish... 2,3oo
BUT 200
Hulte C ft Z. 2O0
Slutte ft Sup.. 3110
Jtiarns tiros.. 300
Caddo Oil ... 2.(8)0
Cal Packing.. 1,800
Cal IV t 300
do pfd.....
Can Tac 5.900
C'en Leather.. 3.200
erro de I'asc 1.300
Chand Motor. 1.7O0
C ft N W l.soo
Chi Gt West. 2800
do pfd
Chill Cop .... 11.600
Chlno l.-jnn
C M St P 3.3(Ht
do pfd 6.1100
Coco Cola . . . 5.iwo
C A O l,lll
Colo F ft I. ... Soil
Cole Southern. 3o0
Colo O ft E... 4.1O0
Col Graph .... 3, 000
Con Gas 7iNl
Con Clcara .. 7oo
do pid 100
Conti Can ... I..V00
Corn Prud . . . 8,500
do pfd 3(H)
Conii-n Oil ... 6.200
C It 1 ft P 3.20I)
do A pfd . . . 3iH)
do li ufd... 400
Crucible 13.500
500
1.8(H)
l.tllMI
1.6O0
8.200
2(H)
700
' i.Yoo
MM)
4,90)
do pfd
Cuta Cane ...
do pfd
Cub Am Sua..
lel ft lludron.
I tome M I new . ..
liel ft Lack...
I'aviaun Chem
l-.ndt Johnson.
lirltt 1,41X1
do 1st pfd. . 300
do pfil . ., L'ihi
Fain Ylayers. 10.100
fed M ft iim
do pfd
Flak Tire
Gallon Wms.
Gen Cigars ..
Gen F.lec . . . ,
Gea Motors. .
Glen Aiden..
Gen Atphult.
4;nodrlch ...
GiMiilyear
Granby 400
Gt Nor Ore... 3oo
do pfd 2.4O0
Greene Can
Gulf S Steel..
lla.sk Itarkt-r..
HouMon OH..
Hupp Motor.
1!1 (. .-ntrai w.
Insiilration
lnt Agr Corp.
do pfd
Interhoro ....
do rfd
Intr Cailahan.
lnt Harv
lnt M.r Mar.,
lnt Mer Mar.
lnt Nickel ...
lnt I'ap.-r ....
do pfd .....
Invin Oil '
I,land -oil ...
Jewel Tee, ...
K C Pouilirn.
K C S.iu rfd.
Kelly-Spgfld .
K ennecott . . .
Keystone Tire
Lack Steel ...
Lee Tire ....
I.chlgh Valley
I.ortlutrd ....
Low Thea ..
I. ft N
'orianil Oil
May l-pt Str
l'.-t
100
87 V,
87
31
1)7
106
34
34
58
7
7
5
23
111)
11
71
48
123
31
37
67
64
o"4
28 14
18
32
45
57
25
31)
68
1
92
i2
5(1
H'.l
115
34
32
8.1 '.
73
2
82
8
17
10',
1(10
22
114
53
811
9
13
S,
84
97
87
85
30
96
10(1
84
64
68
6
7
5
22
118
10
10
43
i22
31
34
55
03
0',
'i
27
IS
31
45
r.
25
39
67
1
92
2rt
92
49
98
113
33
32
85
72
3S
81
8
17
1.1
lox
21
114
52
7:)
8
13
8
82
12 12
73
141
9
14,600 59
8
'S7
7.0O0
3H)
8.2(81
7.3UO
1. 118)
8(H)
200
ioo
37
81
77
13
J02
41114
8
33
27
31
73
'S2
SI
74
12
10O
38
8
33
1.100
5(H)
SlH)
100
4.300
2.1IMI
4.600
'rj.6o()
2,5(8)
l.(HK)
2.2O0
l.OOO
2.600
3.1 in)
6.400
600
300
2.900
40I)
1.5(H)
2.100
5'HI
900
40 IH10
4
6
8.1
1 4 '4
65
12
48
'ii
!S
12 S
2.1
53
38 1
26
18
47
151
13
112
24
107
1'4
4
.1
82
14
64
11
- 46
ir.
2
11
23
54
37
26
18
47
2
58
130
1.1
10!) '4
24
106
1 1014
42
4
12
811
81
40
30
5(1
106
"it-
43
90
33
59 .
93
34
117
134
130
81
104
22
18
48
100
97
87
87
30
9(1
106
35
53
58
7
7
5
22
11S 4
11
" 70
47
83
123
31
84
6(1
63
16
17
27
1N
4
56
24
89
68
1
92
27
92
49
98
114
33
32
8.1
72
68
81
8
17
15
108
21
113
52 ,
79
8
13
8
82
9
3S
12
72
140
8
43
67
86
11
27
. 31
73
26
56
Ml';
74
12
loo
38
8
S3
1
4
V
8.1
144
68
12
46
80
15
2
12
23
64
37
2
18 14
4(1
27',
58
150
13
110
24
1 0(1 '4
111
7)4
82
98
183
64
9
88
21
'ii"
82
19
96 V,
22
40
86
102
10
43
27
23
64
10
20
130
27
125
'67
53
42
55
lUO
37
84
118
64
28
7
32
6
8
21
13
79
13
"92
00
8
38.
6
7
62
97
180
63
9
87
20
'87
' 81
18
93
21
88
83
loo
10
45
2(1
25
63
10
19
128
26
"7
124
"67
52
40
54
100
30
94
117
63
. 27
67
31
- 6
6
20
13
77
15
'92' '
50
8
88
6
800 82 31
do 1st ofdV . loo
U H Smelting.. 200
U 8 Sleel. .. 9.5O0
do pfd . i . . . 600
Utah Copper.. 2.300
Va Chem 500
do fd 50O
Vanai Steel. . . l,7oo
Vivandojl .... 200
Wabash .- 201)
do A pfd. . .. 1,000
do B pfd. . . . 2O0
Wells Fargo.. 1.700
Western Pac. 600
do pfd
Western Union 300
West E & M.. 700
West Md 211O
White Motors. 6,300
Wlllys-Overld. 700
do Dfd
Wilson Pack..
Wis Central. . .
Woolworth ... 100
Worth Pump.. l,5uo
W ft L E 100
White Oil.... 1,400
Ex-dlv. 2.
BONDS.
U S 2s reg !01 No Pac 4s ....
do coupon. .101 j do 8s
do 4s reg. . . 104 1, (Pac T ft T 5s. .
do cv 4s cpn104;Penn con 4a.,
Pan 3s reg 80 So Pac cv 5s..
do cpn 80 so liy 5s
A T ft T cv Os.lllil;n.on Pac 4s..
Atchen gen 4s. 89U S Steel 6a...
I) ft Rio cons 4a 7.T I -
NYC deb 6s.. 99 i -Bid.
Liberty Bond Quotations.
Liberty bond and victory bond quota
tions at New York an furnished by Over
beck ft Cooke company of Portland:
Onn H .h T u. I-1 .
,-iDerty 3s.... 07.00 97.96 96.50
Liberty 1st 4s
Liberty, 2d 4
Liberty 1st 414s. 90 2
Liberty a J 4s. 97 68
Liberty 3d 4Ws. 97 90
4th 4s 97 84
140
46
140
45 '4
6
8
27 1
12 j
30 j
8 I
25 I
66 I
?:
: 46
64
30
33
89
14
- 13
99
77
23
58
74
2
6
21
- 10
7
65
82
46
62
47
33
64
20
36
80
14
10
61
24
64
108
15
74
26
26
62
84
7
62
97
179
63
8
87
20
87
87
82
1!)
93
22
39
85
lou
10'
45
26
2.1
64
10
20
129
26
69
8
125
8
67
53
41
54
99
36
84
117
63
29
67
81
6
8
2o
1.1
78
15
52
92
50
8
87
6
27
31
25
13!)
45
6
8
8Td
62
1)3 It
9(1
97
90
91
100
97.66
97 Jfl
97.80
97.68
96. 30
97.50
97.48
66
97.84
97.74
97.92
Liberty 4th 4s 97 84 97.8S
Victory 4s 100.24 100.211 I0O.I8 KM). IS
Victory 3s. . . 1(H) 20 1O0.26 100.22 100.18
Mining Stocks at Boston.
BOSTON. Jan. 16. Closing Quotations:
itoues zttoiiso ttuite 13
Arls Com -8 .Old Dominion... 24
Cal ft Ariz 58 lOxceola 32U
Cal ft Heula ...275 IWuincy 44
Centennial .... 9!Sdperior 2
Cop Ra Con Co 42Sup ft Bos Mln. 1
B ilutte Cop M. lliShannon 1
Franklin l;UtahCons 1
Isle Royalle ... 24 Winona 35
like Cupper .. 2 W'olverlne 10
Muhawk , 65 I
.MONTHS AGO, before bond prices began to advance,
we advised our clients to purchase bonds for the reason .
that conditions indicated a raise in prices and a decrease
in yields. We again call attention to the situation and
for the same reason advise investment in such solid
securities as
6 General Obligation
Improvement Bonds
CITY of PORTLAND
Due 1931 Optional after October, 1924
- PRICE TO YIELD 5
Yield.
5V
Due.
Morrow Countv. Or- 514s.. 1929
Wallowa County, Or., 5i2s 1932-34 5.00
Dutch East Indies
(Netherlands) 6s 1947 6.75
Bonds of these types undoubtedly will command
higher prices as we progress back into settled paths
of business. Buy now and profit.
LUMBBRMENS
jkusx (Scanty -BANK
BROADWAY and OAK
Overbeck ft Cooke company of Portland:
Bid. Ask.
Belgian rest 5s 60
Keisian prem 5s 74 '8.,
Bels-ian 7s. 1U45 104 104
Kela-lan 8s. 1941 105 100
Belgian 6s. 1023..; 95 96
Brail! 8s. 1941 104 1 04
British 5s. 1922 86 88
British :.s. 1927 85 87
British 5s. 1929 84 84
British vky 4 67 69
British ref 4s 62 65
Bordeaux 6s. 19:t4 S3 83
Canadian 6s. 19:17 94 94
Canadian 5s. 1920 96 97
Canadian 5s. 1929 98 98
British 5s. 1931 96 98
British 5s, 1927 93Vj 95
Chilean 8s. 1941-C lOl 102
Currency 11 a 13
Denmark 8s, 1945 108 108
Dan Muni 8s. 1945 106 1(7
French 4s. 1917 49 50
French 5s. 1921 74 75
French 5s. 1931 63 64
French 7s, 1941 94 95
French 8k. 1945 100 100
German WL 6s 3 4
Berlin 4s 4 6
Hamburg; 4s 6 6
Hamburg- 4a 6 - 6
Lelpslg- 4s 6 6
Lelpaig 5s 5 1
Munich 4s 5 6
Munich 5s : 6 8
Frankfort 4s 6 T
Italian 5s. 1918 33 33
Jnp 4s, 1931 74 7414
Jap 1st 4a, 1925 87 88
Jap 2d 4s. 1925 87 87
Norway 8s. 1040 109 109
Russian 5s. 1921 18 20
Russian 5s, 1926 4 5
Russian 6s. 1919 19 20
Swiss 5s. 1929 97 9T
Swiss 8s, 1940 113 114
U K 5s. J922 IOO14 100
U K 8s. 1929 100 100
U K 5s, 1937 98 98
Foreign Exchange.
Foreign exchange rates at the close of
business yesterday, furnished by North
western National Bank of Portland. The
amount quoted Is the equivalent of the
forelirn unit in United States funds:
Austria, kronen 9 .0007
Belgium, francs
Bulgaria, leva
Czecho-Slokakia, kronen
Denmark, kroner
Knglnnd. pound sterling...
Si I Finland, flnmark
Si. 154 I .
c.reece. drachmas .............
Holland, fruildx-rs
Hungary, kronen
Italy, lire
I Norway, kroner
Fortugnl. escudos
Koumania. lei
Serbia, dinars.
SpAln. pesetas
Sweden, kroner
Switzerland, fiancs 1941
Chlrta-Hongkong.Hocal currency 5500
Shanghai, laels 7750
Japan, yen 4850
W5T MORE
Merchants and Producers
EGGS
Our Outlet Enables L's to
I'ay Top Prices.
SHIP TODAY
BLUE VALLEY PRODUCE CO.
Fourth and Gllaaa Sta.
l'ortlaad, Or.
AHK YOir LOOKlVd FOR A DR.
I-fc.XDAHl.K FHODI CK Ut.MtKI
Veal Huttrr
I'ork 4 kerne
I'oultry F.Ka-s
Hoary Any Prod art
Ank for latest mrlhoda sard .to
prepare shipments for kluhrr prices,
HI BV et CO.
16S Front SI, Portland, Or.
Swift & Co. Stocks.
Closing prices for Svrlft & Co. stocks at
Chicago were reported by'the Overbeck &
Cooke company of Portland as foliowa:
Swift & Co 100
I.lbby. McNeil & Libby 5 i
National Leather 2
National Leather, new 10
Swlt international 23
- Money, Silver, Etc.
NEW YORK. Jan. 1ft. Call money,
strong; high. 6 per cent: low, 3 per cent;
ruling rate, 8 per cent; closing bid, 6
per cent; offered at 6 per cent; last loan,
6 per cent.
Time loans, steady; 60 days. 4 per cent;
90 days, 4 per cent; six months. 4 per
cent.
Prime mercantile paper, 4 05 per cent
Bar silver, foreign, 65c.
Mexican dollars, 50c.
LONDON. Jan. 16. Bar silver, 5d pet
ounce.
Money, 2 per cent. ,
Discount rates, short bills, 3 per cent;
three months' bills, 3 per cent.
-
New York Bonds.
New Tork bond quotations furnished by
Herrln 1 Rhodes. Inc. of Portland:
Maturity. PTlce.
Am Tet & Tel 6s 1922 100
Am Tel & Tel 6s 1924 101
Am Tob 7s 1923 ln.'
Annconda 7s B 1929 102
Anaconda 6s A 1929 9S
Armour cv 7s 1930 102
Armour 4s 1939 87
Argentine C.I 5s 1945 77
Am Ag Chm fs 1941 102
Beth Steel 7s 1922 101
Heth Steel 7 1923 lOl
Bfth Steel Eq 7s 1935 101
Belgium Ext 7s 1945 ll'7
Helltlum 6s 1025 95
Hegium 8s 1910 1IW
Birgen Ss. City of ......1945 107
Heme 8s. City of .... 194.1 107
Brail 8s 1941 104
Canadian 6s 1926 97
Canadian 6s 1931 97
Onn Nat Eq "s 1935 lort
Chi A N-1V 6s 1036 107
Chicago. N-W 7 1H30 106
C. M St P gnArf 4a A 2(H4 5s
Cm Nor 7s 1940 110
Chile 8s 1941 Kill,,
Christiana 8. City of 1945 107
Copprr Exp 8s 1922 101
Copper Ep 8s 1023 lltl
Copper Exp Hs 1924 103
Copper Exp 8s !0-M 104
Cuban Amer Sugar 8s 1931 102
Con Gas cv 7s 1925 104
Ilia Match 7s 1935 109
Benmark 8s 1943 los
Ianish Mun 8s 1945 107'
lunont 7s 1931 104
French ext 8s 1943 100
French 7'As . . 1941 95
Grand Trunk 7s 1940 110
Goodrich 7s 1025 1)8
Goodyear 8s 1941 112
Gulf Oil 7s 1933 10344
Humble Oil 7s 1D;'S 101
lnt Rap Tr ref 5s 1968 60
lnt Mar CT s 1941 92
lnt Rap Tr 7s 1921 81
Kelly Springfield 8s 1931 104
Kennecott 7s 1930 13
I.tlibv, McNeil A Libby 7s 1031 fto
Morris A Co 7s 10.10 103
Mexicin Pete 8s 1936 100
N V C call 7s 1930 107
Norwav 8s null 109
N P G N Jnt)-s 1936 108
X P 6 2047 110
Northwest Tel Is 1941 108
Ohio C a 7s 192.1 99
Ohio Power 7s B 1951 99
fan Amer s ... .......... . l'J.lu
fenna 6s 1936
Kus Rubies ns ...
San Paulo 8a .....
Sothwt Tel 7s
SweKh Gove. 6s..
Standard OH. N. T.
Stand. Oil of Cal 7s
Steel A Tubs 7s. . . .
Swiss 8s
Sears Hoe 7s
do
Sinclair. 7s
Swift at Co. 7s
Vn Tank 7s
Uruguay Ext 5s...
I- S Rubber 7s..
Wilson 1st 6s......
West Elec 7a
Westinghouse 7s ..
Zurich 8s
7s
97
106
4
102
102
95
110
1(7
9S
114
10O
99
HO
KM
102
64
lo
R
104
107
107
Foreign Bonds.
Foreign, bond quotations furnished bjr
.. .19::6
. ..193S
.. .1923
. . .19.19
.. .1931
1 93 1
1951
1940
1922
1 92.1
1925
1925
1930
!.'"!.1930
. . . 1 928
1925
19111
1945
.079
.0012
.0170
.2(815
4.2350
.0193
.OH27
.005A
rri44r.
.3s
.0021
.044.1
.0040
!0S35
.00S6
.01 65
.15O0
.2503
$1; celery, crate, $3.5005; cucumbers,
dozen. 1.203; eggplant, pound, 5315c;
lettuce, small crates $1Q2.75; mushrooms,
amall box, 50975c; olives, pound. 699c:
onions, cwt., brown, $5.506; white globe,
$7.50: peas, pound, 1520c; bell peppers,
pound, 20&25c; potatoes, $2.15,2.85;
pumpkins, sack. ?3cgi$l; rhubarb, box,
$1.753.25; summer squash, small crate.
$3A3.50: hubbard. sack, $181.50: aprouu.
79c; spinach, pound, 910c; tomatoea,
crate, $2.50 2.75.
Receipts Flour, 3908 quarter sacks;
wheat, 67 centals; barley, 1112 centals;
corn, 960 centals; potatoes, 8153 quarter
aacka; hay 365 tons; hides 80; livestock,
SiO bead.
Metal Market.
NEW TORK, Jan. 16. Copper, steady.
Electrolytic, spot and nearby, 13(?14c;
later, 14c.
Tin Weak. Spot and nearby, 82.62c; fu
tures. 32.37c.
Iron Steady. No. 1 Northern. $19,500
20.50; No. 2 Northern, $19 20; No. 2
Southern. $18 504) 17.
Lead Steady, spot, 4.704.80c.
Zinc Quiet. East St. Louis delivery,
spot, 4.80c.
.Antimony Spot, 4.60c.
Dried Fruit at New York.
NEW TORK, Jan. 16. Evaporated ap
ples steady; state 15S17c. '
Prunes, quiet; California, 6318c; Ore
gons. 6 14 c.
Apricots firm but quiet; ' choice, 25
26c; fancy, 814133c.
Peaches firm; choice 13014c: ex
tra choice, 1415t,; fancy, 1720c.
Raisins dull; loose muscatels, 14 9
16c; choice to fancy, seeded, 14916c;
seedless. 17rl9c.
a
IWANTED
NEW TORK. Jan.' 16 Foreign ex
change Irregular. Great Britain, demand
4.22, cables 4.23; France, demand
8.20: cables 8.21; Italy, demand 4.40,
cables 4 41; Belgium, demand 7.81. ca
b'es 7.82: Germany, demand 54, cahla
55; Holland, demand 36.80. cables 36.86;
Norway, demand 15.60; Sweden, demand
24.90; Denmark, demand 19.95; Switzer
land, demand 19.43: Spain, demand 15.00;
Greece, demand 4.36: Argentina, demand
33 e2; Brazil, demand 12 87; Montreal,
94.
Standard Oil Stocks.
Standard Oil stocks st New York, fur
nished by Overbeck ft Cooke company of
Portland:
Closing
Bid. Asked.
Anglo 17
Borne Scrysmer 825
Buckeye 86
Cheesebrough 175
do pfd 106
Continental 125
Crescent 28
Cumberland 128
Eureka, ex. div. 80
Galena, com 40
do Old. pfd 103
do New. pfd loo
Illinois Pipe 15
Indiana Pipe 87
Nat l Transit 29
X. T. Transit 142
Northern Pipe 92
Ohio Oil 287
Inter'! Pete 14
Penn Mex 16
Prairie Oil 525
do Pipe 228
Solar Refg ..360
Sruthern Pipe 78
South Penn Oil 180
S W. Penn Oil 60
S. O. Ind 86
do Kansas ................ 560
do Kentucky ..435
do N. Y 8.1.1
do Ohio 380
do Ohio, pfd 114
Swan & Finch 80
Washington 30
S O. Nebraska 180
Imperial Oil 102
17
850
88
185
110
130
30
135
83
42
107
103
170
89
80
14.1
93
272
1.1
18
530
232
370
80
lw)
54
8(1
570
44.1
360
390
115
40
40
170
104
-PARTNERS
inquire at
Rurtland Gas
6, Coke Cdmpany
HS-2
Portland Cm A Coke Co.
IaTeatment DeptGatvco Bide Portland
Send me free Illustrated booklet and tell
me how to become a partner In your
Company.
City
SAW FRANCISCO PRODCCK MARKET
Trices Current on Vegetable, Freah Fruits,
Etc., at Bay City.
SAN FRANCISCO, Jan. 19. (State di
vision of markets ) Pruit Apples,
and 4-tlr, 11.403.50; oranges, navel,
12 25 48 430; lemons. $1.503. ?5; rape
fruit. $2 SO1? 4.75; cranborriti, box, $4.5l3
5.30; pears, box, 1.50tf2.50.
Poultry Broilers, 85 tfrSSc; younjr roost
ers. J432c; old, 17-gL'Oc; hens, 25e32c:T
duck. 22-rJ2c; turkey's, live, 32$3isa;
dressd, 405i42c.
Vegetables Artichokes, esse, $I921; j
benn. pound. 10jM5c; carrots, nack, JV
JOHN PURSE & CO.
CONSULTING PUBLIC
ACCOUNTANTS AND AUDITORS
511 ARTISANS BUILDING.
Broiglway 2853
Balance Sheets. Income Tax
Financial Examinations
We Recommend for InTestment
Marion County, Or.
Road 5J4 Bonds
Due July 15. 1930.
YIKLDI.Vfi ABOUT 4.90
Spokane Co., Wash.
5 Bonds
Due January 1. 1932-34.
YIELDING ABOUT 4.807.
Circulars on request for OH 440
The National City
Company
Offices in more than 50 cities.
Y roil Bills;., Portland, Or.
Telephone Main 6072
Established 1901
George Black fif Company
PUBLIC ACCOUNTANTS AND AUDITORS
Worcester Building
Telephone Broadway 7370
PORTLAND, OREGON
GEORGE BLACK, C. P. A.
Fellow of the American
Institute of Accountants
HARVEY N. BLACK
General Practice
Invest Igatlona
Eatate Werk
Special and Periodical Aadlts
Tax Service
$30,000,000
Southern Railway Company
Development and General Mortgage Bonds
Bearing 64 Interest
Dated April 18, 1906
Due April 1, 1936
Not Subject to Redemption Prior to Maturity.
Interest payable April 1 and October 1 in the City of New York.
Principal and interest payable without deduction for taxes.
Coupon Bonds in denomination of $1000, registerable as to principal. Registered Bonds in denominations of $1000
' and authorized multiples thereof. Coupon Bonds and Registered Bonds Interchangeable.
GUARANTY TRUST COMPANY OF NEW YORK, Trustee
Fairfax Harrison, Esq President of Southern Railway Company, has summarized for us as follows his
, letter to us describing these bonds:
The bonds will be issued under the development and general mortgage, dated April 18, 1906, and the)
principal, as well as interest at the rate of 49& per annum, will be secured by the lien of that mortgage.
Pursuant to C supplemental indenture, the company is to affix to the bond its obligation to pay 2
additional interest, thus making the total interest rate 6 per annum. The 2Mi7 additional interest .
obligation will not be secured by the development and general mortgage, but m the supplemental inden
ture the company will covenant that it will not create any new mortgage upon any part of the railway
subject to the development and general mortgage unless such new mortgage expressly shall secure the
payment of the additional interest obligation equally and ratably Tjth any indebtedness secured by such
new mortage. The total 6H interest obligation is combined in the several coupons.
The proceeds of the sale of these bonds will be used by the company to, pay its three-year secured gold
notes maturing March 1, 1922; to pay a demand loan owed to War Finance Corporation, and to reimburse)
the company's treasury in small part for capital expenditures.
Since the development and general mortgage was created in 1906, the company's capital expenditures on
the property subject to the mortgage have exceeded 1135,000,000, upwards of $40,000,000 of which was from
cash derived from earnings. The new capital has been used to provide improved facilities for the
efficient and economical handling of traffic (
A comparison of the earnings and traffic results in 1920 with those in 1905 shows the following growth
and expansion: '
Gross earnings, per mile of road, increased
Revenue, ton-miles per mile of road, increased
Average earnings, per freight-train mile, increased
Passenger miles, per mile of road, increased
Average earnings, per passenger train-mile, increased....
227.7
152.79e
207.V&
.132.5
.159.4
During the 5 years ended December 31, 1917 (when the property was taken over for operation by the
Federal Railroad Administration) the average of the company's annual net income, after deducting rentes
and miscellaneous income charges, was nearly 1 times the average annual interest charges. The
"standard return" rental during Federal control was limited to $18,653,893 per annum (as compared with
$26,085,574, the actual net operating income for the calendar year 1917). But it was sufficient, together
with the company's other income, to produce a total income equal to about 1 times the company's inter
est charges. The company's net operating income has recovered from the low levels touched in the latter
part of 1920 and the early part of 1921, the monthly average rising from $357,324 for the first six months
of 1921 to $2,004,377 for the. succeeding five months.
The location and extent of the Southern Railway System are important elements of its strength. The
company's Qwned and affiliated lines, reaching from Washington, Richmond, Cincinnati, Chicago, St. Louis
r.nd Memphis to Norfo'.k, Charleston, Savannah, Jacksonville, Mobile and New Orleans, via the largest
cities in the South, traverse a territory yielding a growing traffic of wide variety in agricultural and
manufactured products.
The Above Bonds Are Offered, Subject to Issue as Planned, at
9iY2 and Accrued Interest to Yield over 6.90
Subscription books will be opened at the office of J. P. Morgan & Co. at 10 o'clock A. M. Tuesday, January 17, 1922,
and will be closed in their discretion. The right is reserved to reject any and all applications, and also in any case
to award a smaller amount than applied for. The amount due on allotments will be payable at the office of J. P.
Morgan & Co.t in New York funds to their order, on or about February 1, 1922.
Temporary bonds will be delivered pending the preparation of definite bonds.
J. P. Morgan & Co.
First National Bank The National City Company-
New York - New York
-Harris Trust & Savings Bank
Guaranty Company of New York Bankers' Trust Company
New York
Dated, January 17, 1922. '
We uy and Sell
u. s.
I
Certificates of
Indebtedness arid
Gold Notes
in any amounts at the current market
Dealers. Banks, Corporations
and Individual Investors are invited
to use our service
QfsA for booklet CA-a giving full
explanation and quotations
H ALSEY, STUART & CO
209 South 'La Salle Street, Chicago
CHICAGO NEW YORK PHILADELPHIA BOSTON
DETROIT MILWAUKEE MINNEAPOLIS ST. LOUIS
HERRIN & RHODES, Inc. HATCI UAVT
stoSbonds, ilU i LL flu I 1
rnTTniU pn A 1U Strictly Flreproot. Near both depots
tU I 1 Jn, VmXVrAlll and convenient ear serTloe to
Correspondents B. T. HUTTON at CO, N. T. . " Pr' '
Members all leadlnc exchanges 8lncle Rooms Without Bath. SI and
Babeo.-s Service oa Kile. '"""elSt S'komz "mILE? "
Ualn tin . Z01 Baileraj Kxehajis Bids. KLBfcBT b. itOBZ. Manager.
"
ALFALFA HAY Phone Your Want Ads to
Bay Direct St Money.
Writ. . Wire for Prlcea. . j THE OREGONIAN
ERJTEST T. FREEPOtfS,
Walla Walla. W a. kin at on. . . . n n
y Main 7070 Automatic 560-9a
gonlan. Main 7070. Automatic S60-95.
Phone your want ada to Th Ore-
NEW ISSUE
$150,000
Wasco County, Oregon
6
Road Bonds
(The Dalles-California Highway Bonds)
Dated January 14, 1922 Due January 14, 1942
without right of prior redemption.
Exempt From the Federal Income Tax
Legal investment for savings banks and trust fund3 and
as security for public funds in Oregon.
FINANCIAL STATEMENT
Assessed valuation, 1920 $20,162,074.44
Total bonded debt (including this issue) . . 410,000.00
Population, 1920 13,649
Wasco County is the oldest county in Eastern Oregon.
Fruit, livestock and wheat are the principal products.
PRICED 112.55 TO YIELD 5
BLYTH, WITTER & CO,
4th and Stark Sts. .
BOND & GOODWIN & TUCKER, INC.
U. S. National Bank Bldg.
PUTS and CALLS
Guaranteed)
"T1TB 8AFK8T WAT TO TRADE."
ARE TOU 8TII.L. SrTTINO ON THR
SIDE LINES? Why watch the market o
through this constructive staxe and over
look so many proftt-taklni; possibilities?
! Is a amall sum but It buys a 30-day
call on 50 shares of any listed New York
stock. The risk is limited and It may
show profits 10 to 1.
Write for booklet, "How to Trade In
Puts and Calls."
Prompt attention to mall orders.
WATSON & COMPANY
Investment Aecarltles.
2S Stock Eschanire Bids.
Loe Aiigelc. Cal.
rermanence
Cheap butldinfra ara temporary,
and all give way to permanent
structures as cities grow. It Is no
longer a question of a few dol
lars' additional ezpensa for new
buildlnics, the main considera
tion being to employ skill and
materials to create and erect
structures that shall be endur.
In if. Experience has likewise de
veloped the same aentlment In
the puhllo mind In r e g a r d to
pavement; the best, namely,
Warrenlte-Hltullthlc, belna- gen
erally conceded aa the cheapest
in th long run.