. , : ; ; L : : ; m ; : TIIE MOKXIXG OREGOXIAX, WEDNESDAY, 'NOVEMBER 1, 1923 29 STOCK llltIS CAUSE INDECISION Reaction Inevitable After Early October trading. PRICES ARE CONFUSED Bond Market Steadier and Liber ties Rise Another Fraction With Inquiries Unabated. (By Chicago Tribune Leased Wire.) kti-ot YORK. Oct. 31. The stock mar ket moved with indecision today. After a series of uncertain fluctuation it ended with net advances and net declines pretty evenly balanced. Wall street continued to debate the reasons ior iue iccwu ralanea In vnlURI. COminff aS a rule tO the practical conclusion that prices had oeen put up too last anu too im m by use of too highly professional meth- wda earlier in octoDer ana tnai reaction lad all along been inevitable. w Tn. tiiin infprp.nr.ft the "averages." which fshow an advance from 82 wjien the shopmen's strike got under way In July to &9 when the coal striKe was caneu on. and to 83 a fortnight ago, remains as fairly convincing evidei.ee. At SO',4 they are still well above the level of mid- mimnwr. when hopes of autumn prosper ity were already high and the acute la bor troubles ahead of us. Price Movement Confused Today's movement of prices was con fused. It reflected conflicting activi ties, mostly of a professional sort, wnicn were willing to press values to effect litransactlcns. The point of larger inter est was again the government bond mar ket. In which the Liberty bonds rose an other respectable fraction and the new 4'A per cents got back within one-tenth point of their issue price, Having recoverea A full point from the low price of four ulays before. Some of these bonds are still ruriously out of line with one another. 'Hh general bond market was, as a whole, considerably steadier, but w)tn continuing Instability in foreign govern ment securities. Speeches Declared Kegrettable. Aside entirely from actual economic or political conditions, which are at least -jio worse in Europe than they were six imonths ago, , it must be admitted that fine marKet lor tnose securities wouiu not be helped by such administration speeches as those of Secretary Hughes and Secretary Hoover. In both It is the manner rather than the matter which hurt confid-ence, which is to bo regretted, since nothing is more certain than the continuing investment of American capital in sound European securities is a certainty of the economic reconstruction period. Oil Dividend Expected. Reports were circulated in the street that another Standard Oil stock divi dend would be- declared within the near future. Thus far this year six Stand- urd Oil units have declared such divi dends. T ie company which is exneeted yo take action next is the Standard Oil jompany of Kansas, which, according to icpuii, win mane v. ai&Lriuuuou ox ouu r-er cent to stockholders. News of pending stock dividends, how ever, does not carry the same weight It did a month ago when stocks were lower than they are now selling and were bid up violently upon the mere rumor that such a payment woul he made. While numerous stock dividends are ex pected to bo declared between now and the end cf the year, it was intimated today that the plans of some companies are being held up in abeyance pending the outcome of the elections next week. Election News Closely Watched. There probably has not been a time this year when the trend of events at Washington have been watched closer by Wall street than at the moment. The grapevine telegraph is busier than it iias been at any other time this season. Wall street is watching first of all the fall elections, second the attack of the radical element on corporate surpluses and finally the effects of the new tar iff law, all of which aro expected to have Important bearing on the future course of the market price for stocks. Studebaker Stock Heavily Sold. That the action of the board- of di rectors of the Studebaker-corporation in eliminating the payment of an extra dividend of l-i per cent, as was done in the previous quarter, was disappoint ing to the rank and file In the financial district was evidenced by the heavy selling of that company's stock imme diately following the announcement which came around noon. Trading in the- stock was unustiallv active and some large blocks appeared on the tape. In all 71,000 shares changed ham s and the net loss for the day ij-as 4ii points. Locomobile Distribution Announced. A dlstribullon will be mede tomor Irow to the creditors of the Locomobile tympany of America by the committee "which represented the creditors ing 10 reports circulated in Wall street today. - The first payment, it is under stood, will amount to about 144 per cent in cash and 3S14 per cent in new bonds of the Locomobile Company of America, Inc. , According to reports another distribu tion will be made around the first of the new year. k lorK JJoncIs. fl Furnished by Jordan. Went of Portland: Kails A t sc &i tr gn 4s joos B O conv 4&s. do 6s ; i)-mj Can Pac 4 per cent deb stk.! Cent Pac 1st 4s lll-i'l Ches & O conv 5s ' I04(t Chic & Alton 1st 3!As ir,ii Chic & Burl Q 5s hiti Chic Gt W 1st 4s ibv, Chic M & St P cv 4V'.s '. li)a' C R I & P 1st & ref 4s 'I34 D & R O 1st & ref 5s i.-,s Gt Nor is ser A do 5 ser B iuvi IKCS ref & imp 5s due Apr i 1950 piinu o i oc o o Ai iu yr col II S v ; a 11131 M K & T 5s cm adj s A 1987 M P 1st & ref lis sr I) 311411 S t C S H R rU '.111 5s C. . 11013 O S L ens 1st gtd 5s 1114K O W & Xav 1st & rf 4s lllfil Penna R R R E A 4Vts 19115 doBiis ISMiS RCo&P&RCL gen 4s... 11)97 St L-S F pr 1 4s 1050 St L & S F adj A 6s 1955 do Income A 6s moo So Pac 1st ref 4s 1955 So 1st dev & gn 0'is 195(1 W P 1st ' 1 1946 Miscellaneous Am S R Co 6s . 1937 m Tel & T conv 6s iiil'5 Cal Gas Unf 5s 1937 Dupont 10-yr 7tes 11131 n-jaauene tts 11149 Mmpire O & T 7s 1937 Framer ind is 1942 Goodrich 6Hs ' 1947 Goodyear bs 1941 1 do 11131 Humble O 5Ms 1932 N England Tel 5s 19.V y Edison C&s 1941 M T Tel bs 1941 r Amer n,a bs 195' G & E gen & rf A 5s v.h! ac Tel 5s I937 do Inclalr cv T'ts 19-'-, Sinclair C O 514s 1925 S O Cal 7s 1931 J s steel s 1 os 19113 r. C ,1st 25-yr 7s A 1947 (Wilson IViS 1931 105;t 87 K 81 100 H 79H SOU 95 ti 100 50 84 83 50 1004 91 100 14 WH ti 102 81 90 V. 1011 S3 71 'i 78 V4 64 ii 87 1011 82 101 11434 MSV4 lo:H4 10214 9:1 14 89 100 11I 97 V. 10S IO414 Ki tills 'M !)1 14 102 9SVi 104 102 90 Foreign government internal bonds French Internal 4s 1917 434 jrranch Vlctorv 5s 1920 iteiglan Restoration 5s eo jiritisn eonsois 5- jtal Cons War Loan 5 3314 f!urb rfnton Jurgens 6s 1947 do 7s 1026 104 Swift & Co 7s 1931 102 Vacuum Oil 7s 10ft New York Curb Market. Furnished by Jordan. Wentworth & Co. of Portland: Industrials Last Sale. Acme Coal Co 64 Acme Packing Co 38 Car Light & Power Co 2V4 Continental Motors 9 Glen Alden Coal 511a Peerless Truck & Motor 5o Phillip Morris 19 Radio Corp Com 414 United Retail Stores Candy ........ 614 West End Chem Co 61 Heyden Chem 214 Uurant (old) 4S Mining A!aska-Br Col Met 2 Big Lodge 8 Boston & Montana 10 Candelaria Silver 33 Colombian Emerald Syn 68 Cresson Cons G Min 214 Divide Extension 13 El Salvador Mines 3 Eureka Croesus M Co 23 Gold Zone Divide 10 Jerome Verde Copper 2 Knox Divide Mines 3 McXamara Mine 8 McKinley Darragh 8 National Tin & T 21 Nevada Ophir 12 Nipissing Mines 5 Rex Consolidated 7 Tonopah Divide 73 United Eastern Mine . .- 1 Hecla 7 Cons Copper 41g Oils Allied Oil 2 Anglo-Am Oil 20 Arkansas Natural Gas 914 Boone Oil 10 Boston-Wyoming 95 Carib Syndicate 514 Cities Service Com 196 Cities Service B T Shares 3014 Creole Syndicate 214 Cushing Petroleum 3 Mutual Oil 11 Engineers Petroleum 19 Gilliland Oil 4'4 Glenrock Oil 114 Hudson Oil 12 International Petroleum 2214 Maracaibo Oil 17 34 Mexico Oil Hi Noble Oil & Gas Com 23 Omar Oil & Gas 1 Producers & Refiners 7 Sapulpa Refining Co 2 Simms Petroleum 1014 Southern Pet & Ref Corp 16 Standard Oil of Indiana Texon Oil & Land 40 Victoria Oil 20 Mex Eagle 11 Merritt 714 HUIBIKGi STRONGEST FEATURES NEW YORK MARKET. OF New 4 s and Liberty Issues Register Advances; Foreign Loans Generally Weak. NEW YORK. Oct. 31. Strength of United States government bonds, which advanced 4 to '2 cents on $100, was the outstanding development In today's jegular bond market, the main trend in which was downward. The new government 44, per cent bondg, which Bold last week as low as 08.80, were sold at 09.80 today showing a gain of 6 cents on the day. Liberty 3s advanced 10 cents and the first 4&s 2.1 cents. French 7 s and 8s dropped to new lows on movement in today's dealings and were fractionally above the low est of the year, but the French muni cipal issues were inclined to harden. The individual feature in the foreign group was the drop of a'A points in Swiss 8s. Soissons 6s, Jurgen 6s and Ouba railroad 5s each yielded a point, while Bordeaux 6s, Lyons 6s and Swedish 8s moved up a point each. Speculative railroad issues were un der pressure most of the day, but a slight recovery was noted in final deal ings. Erie convertible series A dropped 2 points, while declines of 1 to were registered by Erie general 4s. St. Paul convertible 4Vj3. Pennsylvania consoli dated 4 s. Seaboard Air Line consoli dated 6s, New York Central refunding 5s, Illinois Central refunding 4s, Den ver & Rio Grande refunding 5s and Texas & Pacific firsts. The few exceptions to the downward trend were Iowa Central 4s, Seaboard Air Line refunding 4s, St. Paul conver tible 5s, Frisco income 6s and Penn sylvania general 4s, all up 1 to 2 points. In the industrial and public utility groups there were several weak spots, the more prominent being Chile Copper 6s, Cuba Cane 7s, International Paper !Ss scries B. Wilson convertible 6s, Julius Kayser 7s and Manati Sugar 7s, all down point or more. Armour 43 and Atlantic Fruit 7s were among the few industrial liens to mount to hiRher ground, gaining 1 to 1 Vz points respectively. Total sales, par value, were $13,006, 000. There were a few comparatively small offerings today, tile largest being the $2,500,000 issue of first-mortgage 20-year sinking fund 6 per cent gold bonds of the William Davies Company, Inc., which were sold at 99 to yield 6.09 per cent. CLOSING STOCK QUOTATIONS. Closing stock Quotations at New York furnished by the Overbeck & Cooke com-pany-of Portland; Sales.High. Low, Close. Adams Exp .... 4K 78 76 78 Advance Rum 500 16 15 15 Agr Chem 9M 32 31 31 Ajax Rubber ... 700 13 13 & 13 Alaska Gold Alaska Juneau Allied Chem . . . . ll.fl(M) 77 74 73 Allis-Chalmers . 1,200 454 45 14 do pfd 90 Am Beet Sugar.. 200 37 H 37 38 Am Basch 800 36 34 34 V Am Can Co 19,900 70 68 68 do pfd 300 109 109 100 Am Car & Fdy. . 90O 181 179 179 do pfd 122 Am Cot Oil .... 400 23 22 23 do pfd 45 Am Drug Synd... 800 6 5 & Am Hide & Le. . 500 12 Ul 10 do pfd 200 69 60 69 Am Ice 800 107 106 100 Am Intl Cop ... 2.10O 30 29 29 Am Linseed .... 1,300 34 34 34 do pfd 1(H) 50 56 55 Am Loco 3,100 126 123 123 do ufd 119 Am Safety Raz. . 2.800 8 7 7 Am Ship & Com. 2.900 21 20 -20 Am Smelter .... 2,600 56 55 55 do pfd 102 Austin Nichols . 4,600 32 30 30 Am Steel Fdy... 3.500 42 41 41 m Puerar 3.8fH 76 75 75 Brooklyn U G 6s 3947 J'Anadian N R 7s 1 !i:tr iVieV on ier us jiitl' rana 'i runic os ,ftcieae u is jiil'h ftars Roe 7s 1023 thwstrn B T 7s 1925 Hied facKers ns 1 m J. ei oc i ei ou. ......... . iu.t 77 lO.'t imt 203 105 mi 101 102 75 100 I Notice of Bledemption to Holders of Victory Notes and Others Concerned. Notice Js hereby given as follows: 1, Call for partial redemption of 4 per cent Victory notes. All 4 Vic tory notes, otherwise known as United States of America gold notes of 1922 23, which bear the distinguishing let ters A, 3, C, D, E or F prefixed to their serial numbers, having been designated for the purpose by lot in the manner prescribed by the secre tary of the treasury, are called for redemption on December 15, 1922, pur suant to the provision for redemption contained in the notes and in treas ury department circular 138, dated April il, 191it, under which the notes were originally issued. Interest on all the 4-t per cent Victory notes thus called for redemption will cease on said redemption date, December 15, i'J'2. Victory notes of the 4 per cent series bearing the distinguishing letters G, H, 1, J, K or L prefixed to their serial numbers are not in any manner affected by this call for re demption and will become due and payftble as to principal on Maly 20, 1923, according to their terms. 2. De tailed information as to the presenta tion and surrender of 4 per cent Victory notes for redemption under this call is given In treasury deoart- 4 ment circular No. 299, dated July 26. s 1922, copies of. which may be ob tained from the treasury department, division of loans and currency, Wash ington, or any federal reserve bank. II A. W. MELLON, Secretary of the Treasury. Anaconda Copper 6s 100 i An IS 103 , I Anglo-Am 7s 103 ItrfflAur & Co 7s 104 jBeth.Steel 7s 1935 102 fcopper jb.-a Assii os.... j;.: i'M r d0 'w itfiO IfialeU ia... rculf OH Co 7s 103 Inter Rapid Tran 7a 104 So West Tel 7s 102 Hiuiiiiiiiiiimimiiimmiimiimmimuuimimmiim After you buy securities your interest in the issuing company in' creases. We have a depart' ment which will assist you in keeping informed by automatically forwarding information on any com' pxny desired. There is no charge for this investment service. . WRITE OR CALL Full details on receipt of jour Name. Address- Gyrus Peirce&Company1 1002 Wilcox Bldg'PORTLAND'Tel.Broadway5915 INVESTMENT SECURITIES SAN FRANCISCO Hi- SEATTLE LOS ANGELES do pfd 107 Am Sumatra ... 3.50Q 35 33 33 Am Tel & Tel.. .10.100 122 121 122 Am Tobacco 1.500 l."6 1MH 152 do "B" 3,200 15 151 151 Am Wool 6.700 97 Ofift 96 do pfd 300 109 109 100 do P pfd 600 30 20 30 Am Zinc 100 17 17 17 Anaconda. .- 15,000 48 47 47 Assd Oil 4.000 11 115 115 Atchison 6,000 108 102 102 . do pfd 1,100 9 2 92 9 2 Atl Coast Dine .. 900 118 117 117 Atl G-ulf & W I . 3,000 23 22 22 Baldwin Loco. . .21,600 132 129 129 do pfd 116 Balto & Ohio ...16,200 50 48 48 do pfd 61 Barne Corp "A." 6,100 3 2 28 31 do "B" 2,800 21 21 20 Booth Fish 7 B R T 1,000 16 16 16 Butte C & Z ... 2,100 7 6 7 Butte & Sup 1,100 3 1 30 30 Burns Bros "A," 200 132 131 131 do "B" 300 48 47 47 Caddo Oil 800 9 9 Calif Packing... 100 82 82 82 Calif Pet 2,100 54 50 61 do pfd 90 Cal Zinc & lad. 3,100 8 7 7 Canadian Paoific 3,200 144 142 142 Cen Leather 3,000 38 37 37 Cerro do Pasco . 2,300 37 35 36 Chandler Motor. 6,200 61 59 59 Chicago. & N W. 1,700 88 87 87 Chi Gt West 600 5 5 5 do pfd 700 13 12 12 Chili Cop 6,900 24 23 23 Chlno 3,700 25 24 24 C M & St P 7.000 28 27 27 do pfd 13,600 44 42 43 Coca-Cola 5,000 77 75 75 C & O 2,100 74 72 72 Colo F & 1 28 Colo Southern.. 300 46 46 46 Colo G & E 2,400 107 105 105 Colum Graph... 7,400 3 2 . 2 Con Gas 9,400 136 133 133 Con Cigars 600 37 36 30 do pfd 81 Con Textile 1.700 11 11 10 Cont Can 2,200 94 91 91 Corn Prod 7,100 128 124 125 do pfd .'. 118 Cosden Oil 20,800 48 46 46 C R I & P 7,500 40 88 39 do A pfd .... 700 96 96 96 do B pfd 600 89 89 89 Crucible 10,300 76 74 74 do pfd 100 93 93 93 Cuban Cane .... 400 12 12 12 do pfd 400 35 35 35 Cub Am Sugar.. 1,700 21 21 21 Davison Chem... 500 33 ,32 32 Del Sc Hudson... 700 132 129 128 Del & Lack 1,700 134 132 133 Elec Stor Bat.. 5,100 55 54 54 Endl Johnson .. 1,900 84 83 83 Erie 5.100 14 13 14 do 1st pfd 3,200 21 20 20 Fam Players 2,100 93 93 93 Fed Min & S... 100 11 11 10 Fisk Tire .. 500 12 12 12 Gen Cigars 77 Gen Electric 600 176 175 175 Gen Motors 15,900 14 13 13 do 6a 100 82 82 81 Gen Asphalt 11,000 58 55 55 Glidden Paint... 200 11 11 n Goodrich T & R. 600. 32 32 32 Glen Alden 52 50 52 Granby 200 26 25 25 Gt Nor Ore 1,100 34 -33 83 Gt Nor pfd 7,900 90 83 89 Greene Can 28 Gulf S Steel.... 5,400 91 88 89 Houston Oil 2,700 81 79 79 Hup Motors 1,400 21 20 20 111 Central 400 112 111111 Inspiration 3,200 34 32 33 Int Agr Corp 7 , do pfd 300 31 31 81 Interboro 400 do pfd 500 111 Int Harv 900 104 103 103 Int Merc Marine. 2,000 12 11 11 do pfd 9,300 52 60 50 Int Nickel 2.800 15 14 14 Int Paper 2,900 57 56 56 Int Comb Eng.. 1,800 25 24 4 Invincible Oil... 5,30t 16 15 15 Island Oil 2,400 Jewel Tea 200 19 19 19 K C Southern.. 1,000 21 20 20 do pfd 5R Kayser, J 1,300 44 42 43 Kelly-Spgfld ... 2,400 40 39 39 Kennecott 6,200 3 2 31 31 Keystone Tire ... 400 6 6 6 Lckte002J80i7!li4 Lee Tire 600 25 25 25 Lehigh Valley .. 4,000 68 66 66 Loriliard 300 162 161 161 Loew Theaters . 8,000 19 18 18 Lima t,oco 3,200 59 ES 58 Marland Oil ...23,000 32 29 31 Max Motor A .. 400 49 48 48 do B .. . 1,000 14 14 14 May Store 8,100 146 143 143 Mex Pet ..13,100 226 221 222 Mex Seaboard .. 3,100 17 16 17 Miami 700 27 27 27 Mid States Oil.. 7,600 12 11 12 Mid Steel ..... 7,100 31 30 30 M K & T Wl .. 2,800 16 15 16 Mack Truck ... 1,200 55 53 54 Mont Power 200 70 70 70 Mont Ward .... 2.100 "21 20 20 Mo Pac 2.700 19 18 18 do pfd 3,400 64 52 53 M St P & S S M. 200 67 65 64 Nat Biscuit 100 230 230 230 Nat Enamel 7,500 64 62 62 Nat Lead 400 109 108 106 Nevada Con .... 900 14 13 13 New Haven 4,900 29 28 28 Norfolk & W ... 2,000 119 117 118 Nor American .. 1,700 95 93 94 Nor Pac 6,300 84 82 82 Nova Scotia Steel 32 N Y Air Brake. 800 34 33 33 N T Central .... 8,700 98 97 97 Okla Prod ref .. 1,600 2 2 . 2 Orpheum 1,400 22 21 21 Ontario &W... 200 23 23 23 Otis Steel 500 9 9 9 Pacific Dev 1.300 2 1 1 Pac Gas & Elec. 2.900 79 76 76 Pacific Oil 43,000 49 45 45 Pan Am Pet ...17,300 91 88 88 do B. 8.000 89 87 87 Penna 3,400 49 48 . 49 Penna Sea Steel. 1,100 8 3 3 Peo Gas 900 93 92 92 Pere Marquette. 3,600 34 33 33 Phila Co 2110 40 40 40 Phillips Pete ...10,700 46 44 44 Pierce Arrow .. . 2,000 12 11 11 Pierce Oil 1,500 5- 5 5 Pitts Coal 800 57 57 57 Pitts & West Va 1,000 37 36 36 Pressed Steel Car 100 83 83 81 Punta Alegre .. 800 42 42 42 Pullman 3,800 120 124 124 Pure Oil 6,700 29 28 28 Ray Cons 1,000 13 13 13 Reading S.000 81 79 79 Remington 600 31 28 29 Replogle Steel . 1,000 28 27 27 Rep 1 & S ..... 5,000 49 47 - 47 do pfd 300 83 82 82 Rep Motors 1 Royal Dutch Oil 5,000 55 64 54 Ry Steel Spg ... 300 115 115 114 Saxon Motors .. 1.300 3 3 3 Sears Roebuck . 2.400 83 82 82 Shattuck & Ariz 200 8 ' 7 7 Shell T & T 36 Sinclair 21,400 32 31 81 Kloss Shef 400 43 4 2ij, 42 Sou Pacific 6.50O 93 91 91 Sou Ry 4,200 24 24 24 Sou Ry pfd 1,600 66 60 65 Stand Oil Cal .. 8,700 119 116 116 Stand Oil Ind .. 120 116 116 Stand Oil N J ..12,800 211 204 204 Stand Oil Ky. .. 108 106 107 St L & S F 900 26 25 25 Stromberg carb 500 51" 50 50 Studebaker ....77.000 128 123 123 Swift & Co 107 107 107 Tenn Cop & Chm 2,200 9 ft Texas Oil 15,400 48 47 47 Texas Pacific .. 1,100 20 25 25 Tex. Pac C & O 3,200 23 22 21 Tob Products ... 1,900 55 53 63 Tran Contl Oil . 4,000 J4 13 13 Union B'g & Ppr 200 69 68 68 Union Oil Del .. 2,400 16 16 16 Union Pac 3,600 145 144 144 V. United Alloy .. 3O0 35 34 33 United Drug .... 500 78 77 77 United Food Pro 700 6 5 5 United Fruit ... 600 152 150 150 United Rs of N J 300 12 11 11 do Pfd 400 26 25 hit 25 United Rtl Strs 9,200 84 80 80 U S C I Pipe .. 300 28 . 27 27 U S Ind Alcohol. 18. 200 67 65 65 U S Rub 2,400 5251 61 U S Rub 1st pfd 300 95 94 94 U S Smelting .. 100 38 3S 37 U S Steel 54,000 106 104 104 do pfd 200 122 121 121 Utah Copper ... 4,400 63 61 61 Va Chem 100 25 25 25 . do pfd 200 62 61 61 Vanadium Steel 4.700 40 39 39 Vivaudou 3,700 13 12 13 Wabash 5,500 10 10 10 Wabash A pfd .. 3.1011 t 28 28 Wabash B pfd.. 100 10 19 19 Wells Fargo Hio 1'0 90 90 How Money Grow The torr of Compoimd ln trreic told In an taceresttftf 48-p.ge book. You may have copy with our compliments upon requeac ALBERT G. OTGEN & CO., be lirreatment Banken 16 EXCHANGE PLACE, N. Y. A High GradcHigh Yield, Public Utility Denominations S100 S500 $1000 The five million dollars, 15-year, 6 Gold Notes of the Western States Gas & Electric Co. will provide funds for ex tensions and additions to the properties and for the redemption of ten-year 6 Gold Notes and five-year 6 Vi Collateral Trust Notes. This company, or its pred ecessors, has. been successfully engaged in business in California for thirty-four years. It owns and operates electric and gas properties in Central and Northern California, supplying thirty communities having a present population estimated in excess of 107,000. , PRICE 96 AND INTEREST, . TO YIELD ABOUT 6.40. Circulars, giving full, detailed information, will be mailed upon request. "Wire orders collect" call, write or phone Main 4195. s OE-MILLER 9 COMPANY MUNICIPAL ty CORPORATION I.Os Angrle Portland Seattle N. W. Bank Bldg. P0RTLANJD 5. Franclnro Phone Main 4145 $1,850,000 Fairmont Hotel Company of San Francisca Six Per Cent First Mortgage Real Estate Serial Gold Bonds Dated October 15, 1022. Due serially October 15, 1923 to 1937, inclusive, -as shown below. Redeemable upon any in terest date at 105 and interest. Interest payable semi-annually April and October 15, at the Mercantile Trust Com pany of California, San Francisco, California. Coupon bonds, with privilege of registration as to principal, in denominationsof $1000 and $500. - MERCANTILE TRUST COMPANY OF CALIFORNIA, SAN FRANCISCO, Trustee Application has been fired with the Superintendent of Banks to certify these Bonds as a legal investment for California Savings Banks. Bonds offered subject to the issuance of his certificate. EXEMPT FROM PERSONAL PROPERTY TAX IN CALIFORNIA Interest payable without deduction for any Federal Income Tax up to 2. PROPERTY This issue is secured by a first mortgage on the entire properties, land, building, and furnishings, of the Fairmont Hotel Company having a total appraised value of $5,000,000, based upon appraisals made by McDonald and Kahn, Builders, and Reid Brothers, Architects, as to the building, and Philip Paschel and A. L. Harrigan as to the real estate. The constructing architects have certified that the building itself cost in 1906, $2,625,000. Since that time improvements to the extent of $500,000 have been made, which together with the furnishings and value of the land give a total cost value in excess of $5,000,000. - The Fairmont is one of San Francisco's three famous hostelries and is one of the best known hotels in the United States. The building is fire proof and contains five hundred guest rooms. It occupies an eminence of a square block on one of the city's hills with a commanding view of the" entire city and bay. The site was acquired by Senator James G. Fair and has been in the possession of the Fair, Vander bilt and Oelrich families for the past fifty years. The hotel is now controlled by the Fairmont Hotel Com pany which will have the following Board of Directors : . Mr. Frank W. Flint, former United States Senator from California. Mr. Roy Carruthers, Manager of the Waldorf Astoria, New York. ' Mr. D. M. Linnard, Manager of; a chain of hotels throughout California. EARNINGS The past five years the Fairmont Hotel has shown net profits of a yearly average of over $200,000, or more than one and three-quarters times the maximum annual interest on these bonds. Over 60 of the rooms are occupied by permanent guests and for the last five years the average of rooms oc cupied in respect to capacity has been 95. TITLE AND INSURANCE The Calif ornia1 Pacific Title Insurance Company has issued a title insurance policy for $1,850,000, thereby insuring that this mortgage is a first lien on the entire property,, free and clear of all incum brances save current taxes, in favor of the Trustee. The Company carries fire insurance on building and furnishings in the amount of $2,000,000, to gether with ample policies covering public liability and other contingencies, all of which has been as signed to the Trustee for the benefit of the bondholders. All legal proceedings in the creation and issuance of these bonds have been approved by Messrs. Morrison, Dunne and Brobeck of San Francisco. $60,000 Oct. 15, 1923 60,000 Oct. 15, 1924 60,000 Oct. 15, 1925 75,000 Oct. 15, 1926 75,000 Oct 15, 1927 MATURITIES J 75,000 Oct. 15, 1928 85,000 Oct. 15, 1929 85,000 Oct. 15, 1930 85,000 Oct. 15, 1931 100,000 Oct. 15, 1932 $100,000 Oct. 15, 1933 100,000 Oct. 15, 1934 100,000 Oct. 15, 1935 100,000 Oct. 15, 1936 690,000 Oct. 15, 1937 The bonds are offered when, as, and if issued and received by us. Price 100 and Accrued Interest Mercantile Securities Company AFFILIATED WITH MERCANTILE TRUST COMPANY OF CALIFORNIA San Francisco x SECURITY SAVINGS & TRUST COMPANY First National Bank Building Portland, Oregon 'E. H. ROLLINS & SONS 411 Lewis Building Portland, Oregon All statements made herein are derived from official sources, and.'"whi!e not guaranteed, are believed by us to be correct. rIIIIIIIIIIIIIIIIfIIIlllIIIIlllIIIIIIlIIllIlllllllIlllI11I!IIIIIlIIIIlIIIlIIIlIIIIIIIIlIIIIIIIIIjllllllllllllIIIIlIIIIIllIIIIIIIIIIlIllllIlIIIIIIIIIlUIIIlllIllIIIIIIIIIlllIlfIIIIllllIllIIII Western Pac ... 800 18'A 15 15 'A do pfd 100 67 !4 B7K 57 Western Union.. 1,500 111 llOMs HI Westingh'se A B 200 97 97 96 do E & M 5,200 . 60 Vi 59 59 Vi West Md 2,500 14 1S 1314 White Eagle Oil 1,000 80 30 30 White Motors .. 1,400 48 47 47 'A White Oil 800 6 5 5 Willys-Overland 3,200 6 5 "Si 5 do pfd 100 39 38 39 Wilson Packing. 600 41 40 40 Wis Central 1,400 28 27 27 Woolworth ..... 300 184 183 183 Worth'ton Pump 400 34 33 83 W & L. H 900 10 9 9 Liberty Bond Quotations. ertyfcnn(ivlcUirnojrTUota- tions furnished by the Overbeck & Cooke company of Portland: Closing Open. High. IjOW. Bid. Liberty 3s. ..100.40 100.58 100.40 100.52 do 1st 4s 1-8.00 . do 2d 4s 9S.14 do 1st 4s. 98.20 98.50 98.20 96.20 do 2d 4s.. 98.30 98.46 98.22 98.32 do8d4ss.. 97.80 98.78 9S.58 98.74 do 4th 414s. 98.40 08.70 98.36 98.54 Vicy 4s. cafl.100.06 100.06 100.02 100.02 do 1023 .100.30 100.34 100.22 100.30 Swift & Co. Stocks. Swift & Co. stocks at Chicago as re ported by the Overbeck & Cooke com pany of Portland: Swift (t Co .107 Port of Astoria 6 Gold Bonds Dated Due Jan. 1, 1921. Jan. 1, 1926. Denomination $1000. The Port of Astoria contains within- its boun- daries all of Clatsop County, with an assessed value of over $40,000,000 and a population of more than 23,000. These bonds are a general obligation of the Port and are payable from ad valorem taxes levied against all assessable' property in the district.. Price 102.16, Yielding 5.25 . . Federal Income Tax Exempt Ralph Schneeloch Company MUNICIPAL CORPORATION Second Floor Lumbermens Bldg. Northwestern Municipal Bonds YIELDING FROM 4.90 TO 6 CITY, PORT, SCHOOL AND IMPROVEMENT BONDS Detailed Circulars on Request. WESTERN BOND k MORTGAGE CO. Fourth at Oak Street Portland, Oregon Telephone Bdwy. 6464. Libby. McNeil & Libby (new) 8 National Leather 6.. 8 Swift International 20 Spot Coffee Market I'lrm. NEW YORK, Oct. 31. The market for coffee futures lost a few points from its recent advance during today's trading as a result of rallzlnir ynd pome scattered selling on reports of a slightly easier tone in Brazilian exchange. The close was at a net decline of 7 to IB points. Sales were estimated at about 42.000 bags. December, 9.71c; January, O.Ooc; March, 9.52c: May, 6 34c; July, 9.09c; September, 8.74c. Spot coffee, firm; Rio 7s, lOSic; San tos 4s. 15 wir.-c. t Lust Only $39,000 LEWISTON ORCHARDS MUNICIPAL IRRIGATION DISTRICT 7 coupon bonds now available in the following amounts: Amount $ 2,000 18.000 19,000 Price 107.38 107.65 107.91 Maturity May 15, 1938 " " 1939 " " 1940 High Yield- 6V7o net is an exceptional return on municipal bonds of this character. These are income tax exempt and no report to federal authorities is necessary. N SeCtirity It's there now in the ratio of over 4 to 1. These bonds are a general tax lien. . Not an acre can be released until every bond is paid. Use our Partial Payment Plan, pending the avail; ability of farther funds for investment. These bonds offer yon a prime investment. Telegraph (or tele- Denominations $1000. . Ask for circular with full details. Freeman, Smith & Camp Co. LuHtimiiu Bldo.. Portland STARK " n Stana vu sai xiMd