. , : ; ; 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.
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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