Morning Oregonian. (Portland, Or.) 1861-1937, November 06, 1922, Image 21

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Morning Oregonian., November 06, 1922, Page 21, Image 21

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Newspaper Page TextTIIE MORXIXG OREGOXIAX, MOXDAY, NOVEMBER 6, 1IT75 21 PMIIG POIR OFISTIiCfJSES Rise in Grain Prices Im proves Business. .LIVING COSTS ADVANCE Railroads Kecover Rapidly From Depression, but Still Fail to Earn 6 Per Cent Return. The undertone of business in the west Is better than for some time, asserts the monthly financial letter for No vember which has been issued by " the National City bank of Chicago. The nummary deals particularly wtih con- frtit.ions in the middle west, but what lefiects that section has a decided in fr'luence upon conditions on the Pacific "Distribution of irraln, merchandise find general commodities." relates the etter. js being hampered by the pres sure of traffic upon the railroads, which re nawmg more , business tnan tney can lan'ilo wttn the relatively limited equip ment at their command. The roads are oing their best to remedy this atat t affairs, and if the public will exer ise patience, a a President Markham f the Illinois Central told the National .Bsociation of Faim Equipment manu acturers at th3ii recent meeting here, he country will ro through the winter .-ithuut serious distress. It is evident, fowever, that aclaya will be unavoid ble, as the; roads are trying to provide or enormous coal shipments at the me when traffic is ordinarily congested fhrouirh the heavy grain movement. 'f.'hertau, a few months ago many of e loads were tinding it cmncuir. to "lire sufficient storage space for empty rs. the nroblum now is to obtain an tle.juate Bupply of cars with which to ove ccal, farm products, bunuing ma- uals and otin: freight tnai is 01 i in jr. The DurchaainK power of the vast rritorv serve! b7 the Chicago market i-is been materially 1. ceased by the wert advance in gran orices. i ma is been a -factor of larfe importance. ic the lower reduction osts or. me esent crop, as compared with last nr, apparently insure for the farmer fair irofit on the year's business. This Itijihjv encou-HKJng ana means mucn r the whole countij, whose prosperity ter all is largely intiuencea Dy rne ifarr of the farmer and his ability make a comfort. ible living, lhe ae ltmtnt of agr.culiure shows that the i nnmhpr of pttrretrate crop produc- ,n vpar is about 7.2 per cent .:her than in If'Sl, with the- total eag in cultiva'ta crops oniy sngnny 5 than last year. The average price d producers for the principal crops :h;ed about 2 per cent m septemoKr, jph lf less thar. half the decrease .-jivn m tne same penou uuhub decade. On September 10 tne ui fisenre of the prices of meat anl- tcs wps K.l pe. cent iiikijci ir -f o, but .17 per cent unaer xv-u d iv per of m below the 10-year raRtf of October 1 "Reports made to tne national iiiuuwuai lference board reeflected an upward nd of wates. there having been Jo aa- 'rieea in pav between August 15 and '.remher in. and only four decreases. is showing is quite remarkable and phasizea the extent to which living t ar hfiinc advanced through the iiipnre of waee increases. If this vement continues, it is obvious that cost of living must be further in apd since the labor item counts .relv in the nroduction costs of nearly ry industry. That tnere nas dcu wn by the fact that, whereas, at this e in 1H-!1 it was estimated mat t.uuu, 1 or 5,000,000 workers were unem- l-ed, there is now practically no unem yment. . On the contrary, there is an barrasslng -scarcity oi iaoor aim nw- sturefrs and large employers aie .uiu r against one another for skilled kftrs. This striking change in the ifjr situation, together with the adjust- it by the railroads or tneir ainer- 3S Wltn t"e &LrJtt.i"B u.n.p".-. n an achievement of immense Big cance. IThe railroads are making good recov 'Mrom the period of acute depression, j'ough they are a considerable distance (from securing a 6 per cent return on r tentative valuation. Tabulations nared by the bureau of railway eco 'ucs from reports made to the lnter ja commerce commission show that iing the two years following the gen- rate increase of September 1, 1020, 3 was at an annual rate of 3.47 per c rir nc the la monins enaius wm Siist, 191, the roads showed a net ating income oi per cem oi men ative valuation, while in the follow year the annual rate increased to rwr cent. It is significant that the Htern roada made the best showing, a net operating income tor me two period showing a 3.57 per cent re on tentative valuation, and the east roads a net return of 3.4tt per cent rmmtrv's transportation system will orely tested this fall and winter, but the gradual aeiivery oi new pment, it is reasonable to expect a ressive increase m iacinues aau uiu -iv fmnroved earning power. ncreased activity in the steel indus- continues, through the release oi ! orders for railroad supplies and ing equipment. The industry hae hampered rather seriously in. cer sections by freight congestion and ar shortage. It is not expected that thing better than a 70 per cent out 'will be achieved this year. The fact i fuel distribution has proceeded so as to provide most sections of tne try with a sufficient supply or Ditu us coal to cover manufacturing re ments, has led many buyers to be that their wants would be supplied nut difficulty and that they could nue to provide for most of their rements on the hand-to-mouth basis. r basic industries are showing up and the somewhat increased export ind for copper has been a helpful r. New building construction is edlng at close to a record rate, ihere is no douht whatever but that 'urrent year will disclose the largest ( building operations ever reported. !ithstanding the development of this nationwide building movement, it idenf that the country is heavily 1 of dwellings, and in some cities is still a large shortage or apart and business structures. These re ments are gradually being satisfied, here is nothing Jn the situation to fjixe mat mere win oe suca a. eup mi new houses as to lead to any ap wvble reduction in rentals. On the iry, rentals are sun very nign, ana me centers the average rental cost jom seems to be increasing, rather declining. It is difficult to see the demand for lower rentals can t, in view of the exorbitant wages igh premiums which are being paid lug mechanics in this and other see- not call for more than $10,000 of the bonds. Inasmuch as these subscriptions for the most part came from people who desired to hold the .bonds for income producing purposes. It is probable that these bonds will "stay sold," or, in other words, that they will stay out of the market. It is ciear that the small in vestors who contributed so largely to the success of the various Liberty loan offerings during the war will figure prominently in future government loan flotations. This is as it should be, for nothing could be of more-genuine in fluence in broadening the market for government bonds than to have the pub lic continue its Investment purchases of such securities." FARM SHOW IS HELD BY BANK Large Variety of Fin Produce Is Ex hibited at Junction City. JUNCTION CITT. Ore.. Nov. 5. (Spe cial.) The Junction City State bank has iimsned its first successful farm prod ucts show. Exhibits from local farmers have been placed in the lobby and have attracted much favorable comment, both from local growers and visiting farmers. A large variety of produce has been gathered and shows rather conclusively from the quality of the exhibit that few places grow better corn and potatoes. Garden truck has been given consider able space and has ranged from a late everbearing strawberry to the giant sun flower. The best sunflower specimen has a 10-inch face. The largest pump kin on display weighs 122 pounds. th cut is mm FEDERAIi REDUCTIONS SAVE WASHINGTON BIG SUM. UQUDB EXPORTS GOOD AMERICA SPENDS $3,000,000 MONTHLY IN CANADA. t-e pronounced success of the gov- nt loan operation has fortified the ment situation and emphasized the ial 6trength of the American bond t. ' That the public should sub for nearly one and one-half billion fig of a 44 per cent-security was in i a marvelous achievement. It re- iibotn me aonung laun in the credit i( United States government and tne nt funds still available for high investment. It is gratifying to ,that the great loan has passed into the nanas oi small investors e whOBe separate anplications did OR SALE Iau or Part 50 Shares forthwestern Elec. 7 Preferred 98. Call or Write L. Kennedy, Securities Dept., ji. Hartman Qb. Trade So Profitable That Six New Boats Have Been Purchased and Put In Service. VANCOUVER, B. C, Nov. 5. (Special.) The liquor export trade of British Columbia tras never more flourishing than at present. Six new boats have recently been pur chased and placed in the business and orders are coming so fast- It is impossible to fill them without con siderable delay. The little vessel Pescawah cleared this week for Ensenade, with 1100 cases of liquor, the gasboat City of San Diego and the schooner Jes sie were making preparations to clear this week-end, and the Ben Ladd Bailed with 1450 cases. Liquor men contend that It has been the sales of liquor from Can ada" to the United States that has righted the Canadian exchange as it was pointed out that at times as high as $3,000,000 in American money was reaching Vancouver banks in a month, from the liquor sales alone. With such large sums of cash mov ing north every month, not only to British Columbia, but to many other provinces of Canada, the liquor ven dors claim the credTt of having placed the Canadian dollar back on Its original value. The Mexican schooner Leonore captured by H. M. C. S. Rainbow during the war for carrying contra band, was purchased by Vancouver interests and after being over hauled and equipped with modern lighting and sailing appliances to the value of about $18,000, will be placed on the Vancouver to Mexi co liquor run. The Leonore will be renamed the Gunhill and will be capable of carrying 8000 cases of liquor. $3000 SAVED TAXPAYERS Economies Effected In Mailing of Vehicle Certificates. SALEM, Or., Nov. 5. (Special.) As the result of a postoffice ruling received today by Sam A. Kozer, secretary of state, the taxpayers of the state will save approximately J3000 annually. In the past certifi cates of motor vehicle registrations have been sent out separately and at a cost of 2 cents each. Under the recent postoffice ruling these certificates of registration will be placed in a sealed envelope and will be attached to the license tag container. This will- make it possible for the secretary of state to save 2 cents in postage on each motor vehicle license sent out from his department. Red Cross Aid Pledged. BAKER. Or., Nov. 5. (Special.) The people of Baker want the Red Cross to continue its work and are willing to assist it financially and morally to do so. That was the sen timent expressed last night at a gen eral meeting in the chamber of com merce rooms. ( The attendance was not large, but the sentiment was strong for the good work which has been done by the organization and the urgent need of continuing its work. Bfcarl The Orepronian classified ads. Levies on Transportation In Four Years Aggregate $3,940, 6 66.75 Report Shows. PUGET SOUND BUREAU, Tacoma, Wash., Nov. S. Reductions In federal taxes, which are effective for the cur rent year, will save the taxpayers of the Washington district $4,560,753, accord ing to a special survey of the cancella tions and decreases in tax rates provided by the revenue act of 1!)21, which has Just been completed by Burns Foe, col lector of internal revenue. The reduction for 1922 is approxi mately distributed as follows: Income tax, J2,40C,000; transportation tax, $1, 282.385; sales and luxury tax, $878,368. While the transportation, sales and luxury tax cancellations became effec tive January 1 of this year, the income tax reduction covers 191, as well &a 1922 and thereafter. Collector Poe is calling special atten tion to one feature of the report, which Is the fact that durinar the four -years the transportation tax was operated the Washington district paid the federal gov ernment 3,940,666.75 In transportation tax, divided as follows: Freight, $1,843,- U1Q 9?. - ' l.-o.u,, .aaciiser, .0-; express, $16,283.70; Pullman berth, $24,631.77. Total. 13,940,666.7o. This means that In the last four years $89,098,133 was expended in the Wash ington district for transportation rbareps alone. Of this amount $61,460,779 was ior ireignt cnarges, $25,699,098 for pas senger fares, $1,628,379 for express and $307,897 for Pullman berths. This does not include transportation charges that were prepaid in other districts; not are the tax and passenger fares paid by the thousands of tourists coming into this uisinct taiten into account. Of the $2,400,000 income tax reduction. .i,duu,iwt is distributed among 54,200 taxpayers with incomes of less than $5000, and $100,000 applies to surtaxes on larger incomes. The new exemptions al- luweu neaas oi iamiues and for depend ents are now $2500 and $400 for each dependent. Collector Poe points out that the relief anoroea Dy the decreased federal taxa tion reaches every person in the Wash ington district who travels, pays freight, buys a Pullman berth, sends an express package, takes a drink of soda water or has a taxable income. In other words, it reaches all classes. WHEAT PRICES RECOVER SOME Corn and Oats Follow for Most Part in Chicago Market. CHICAGO, Nov. 5. Wheat recovered some of Friday's lost ground in the final hour of the short session Saturday on week-end covering induced by advices of resumed buying for export. Corn and oats followed wheat for the most part although the latter did not respond to bullish sentiment. The close was cent down to 1 cent advance on wheat with December $1.15, to $1.15 and May $1.14 to $1.1474; corn 4c up; oats unchanged to Mc down; provisions finished 74f20 cents higher. New Tork Bonds. NEW TORK, Nov. 4. Following are the week's high, low and closing prices of bonds on the New York Stock Ex change, and the total sales of each bend: Sales (In $1000). High. Low. Close. United States bonds it Liberty 3s ..2,176 101.20 10026 101.20 Liberty 1st 4s.. 2 97.90 9 77( 97.90 Liberty 24 4s... 7 8.(J ilS.32 98.90 Liberty 1st 4y4s 609 99.40 98.18 99.24 Liberty 2d 4 Ks 3,392 99.30 9K.04 99.06 Liberty 3d s 12.2l,t; 99 ?i: 9x ;V 99 ,i Liberty 4th 4 i4s 7,251 99.50 9S.20 99.26 victory (uncalled)... 1,149 100.44 100.30 100.36 Victory 443 (called) 1347 100 or ino n loom TJ S treas 4s 5,261 100.06 99.50 100.06 v orelgn government ArEentine 7a 142 101 u. iftov. im City of Bergen 8s.. .16 10914 109 309 City of Berne 8s... 69 110 18 100 City of Bordeaux fls 9H 79W. 7 7KU. City Christiania Ss 31 108 108 108 City of Cop 5&S... 94 81 89?1 i)014 Cty Grt Prag 7s 139 76V. 75 70V4 City of Lyons. 6s.. 80 79 78 78 City of Marseilles 6s 52 79 73 78 City Rio Janeiro 83 5 98 97 97 City of Tokio 5s. . .. 25 W 68 OS'i City of Zurich 8s... 25 111 109 109 Czchsvk Rep 8s ctf 25 9854 91 92 uanisn Mun ss A... 40 108 107 108 Dept of Seine 7s. . .102 86 85 86 Dm Can 5 1922 151 10Ui 100 101 Dom Can 5s 1922 376 98 98 98 Dutch E In 6s 1947 404 94 93 94'i French Rep 8s.. ..471 99!i ItS1. 99 Drench liep 7s... 066 95 94 65 Holl-Am Lne 6s.. 98 89 K5U. kv. Japanese 1st 4s.. 37 93 92 93 Japanese 4s 84 80 78 80 l.gm Belgium 7s227 103 100 102V. Kgm Belgium 6s. .243 97 95 97 Kgm Denmark 6s. .312 99 9S 99 Kgm Italy 6s 51 95 95 95 Kgm Nathlds 6s... 567 95 93 95 Kgm Norway 8s.. 135 119 y8 110 110 Kgm Sweden 6s.. 278 104 100 104 Prs-Lyns-Mdr 2S3 72 72 72 Rep of Boliva 8s 249 95 94 95 Rep Chile Ss 1946.. 186 105 104 104 Rep Cuba 5s 1904 19 90 96 9(, Rep Uruguay 8s... 35 105 103 105 State Queensland 7s 36 108 107 108 do 6s ...103 102 100 111 State S Paulo st 8s 47 99 98 99 Swiss cfd 8s 107 119 115 116 UKofQB&I5s 1029 253 J08 10S 108 do 1937 338 10284 1111 5i 1I.91A U S Brazil 8s 540 100 99 100 do 7s 190 9 7 88 US Bzl-C R E 7s. .150 87 84 86 I' S Mex 5s 81 50 49 49" do 4s 156 38 37 38 Am Ag Chm 7s.. 79 103 102 103 Amr Smlt 5s 513 94 92 93 Amr Sugar 6s 157 102 101 102 Am T & T cv s.. 54 117 115 117 do col tr 5s 257 98 97 97 jcn!4:! .406 ni 90 91 3j The State of Idaho through its Reclamation District Bond Commis sion, consisting of the Commissioner of Recla mation, Commissioner of Finance and the Attorney-General, and with the aid of expert engineers, has approved and certified by endorsement each bond of the new issue of Lewiston Orchards Municipal Irrigation District 7's . Legal investment for all Trust fands and for Insurance Com- ' panies, Banks, both Commercial and Savings. 2. Legal investment for Trust Com panies, Surety anjd Bond Com- . panies and any funds which may be invested in County, Munici pal or School District bonds. 3. Legal security for public funds in the same manner that County, School District or any other Mu- nicipal bonds may be deposited. Principal and semi-annual coupons payable in New York City. Coupon rate 7. Paid from Municipal taxes. Free from Federal taxes. Denomination $1,000. Ask for circular giving full details. Call, write or phone Broadway 5740. The bonds we sell are BONDS WE OWN Freeman, Smith a Camp Co. Lvmkhmini Blm. Poimjuto " SQilJ V I "-WAY STARK 'Cj' 740 Amr Wrtg Pap 6s.. 13 85 83'A 84 Amr Wtr Wk El 5s 37 84 83 84 An Jrg M Wk 6s.. 135 77 76 76 Armour Co 4s... 62 90'i 90 90 At T & S Fe gen 4s 309 89 87 88". At Cst Li 1st con 4s 45 88 87 88 Atlantic rfg 6s.. 9 38 88 38 Bait & Ohio 6s.. ..184 101 100 100 do cv 4s 388 62 81 81 Bell T of Pa 7s.. 84 108 108 108 Bth Stl ret 5s.... 20 96 94 95 do p m 5s 27 95 92 93 Bkyn Ed gen 7s D 32 109 107 108 Pkyn Rap T 7s ctfs 62 92 89 91 Cai G & B 5s 2 96 96 96 Can North 7s 64 113 111 1'2 Can Pac deb 4s.. 305 81 79 V, 80 Centrl Geogia 6s.. 37 100 99 100 Ctl Leather 5s 42.98 98 98 Ctl New Hng 4s.. 20 61 60 00 Ctl Pacific gtd 4s. .193 88 87 87 Cer do Pasco 8s.. 176 122 117V. 122 Chspke & O cv 5s. .320 96 95 96 do cv 4s 155 88 88 88 Che & Alton 3s..l78 31 30 31 do 3s 54 54 62 53 C B & Q ref 5s A 171 100 100 100 Che & Est 111 os.. 186 82 81 82 Che Gt W 4s 108 50 60 60 C M & S P cvt 5s B 197 75 73- 75 do cv 4s 322 70 67 70 do ref4s 233 65 63 65 Chie & Nthwn 7s.. 3 108 108 108 Che Rwy 5s 77 79 78 79 C R I & P gn 4s.. 49 83 82 83 do ref 4s 343 84 83 SS Cfcc Wst Ind 4s 52 75 74 75 Chile Copper 7s.... 720 111 105 111 do 6s 790 97 92 98 C C C & S L gn 4s.. 3 79 79 79 Colo Indus 5s 12 79 78 79 Colo & Sth ref 4s 48 88 87 88 Col G & E 5s 17 96 95 95 Cons C & ilyld 5s.. 90 90 89 90 Cuba C S deb 8s.. 50 89 87 89 C R R 7s A..-.. 18 107 106 106 C Amr Sug 8s 34 107 107 107 Del & Hdsn cv 5s. . 40 99 '87 98 D & R G ref 5s. .260 51 49 60 do con 4s 40 73i 7rt 7KV, 0 Edison ref 6s.... 81 102 101 102 Detroit U Ry 4s.. 96 85 85 85 Dis Securities os.. 3 ' 55 55 55 Den Steel ref 7s.. 13 93 93 93 DuPont d Ne 7a 160 108 108 108 Duquesne Lt 6s... 71 103 102 102 E G.& P 7sctfs 328 94 93 94 Erie pr In 4s 75 63 61 62 Erie gen Hen 4s.. 226 62 48 60 Frm In Dev 7sl37 90 89 89 Gen Elee deb 5s 12 101 99 101 Goodrich 6s 120 101 100 101 .Goodyr T 8s 1931. .122 99 98 98 do 8s 1941 266 116 115 115 G T Ry Can 7s.... 37 113 110 111 do 6s 93 103 102 103 Grt North 7s A 275 111 110 111 do 5s B 808 101 100 101 Hdn & M ref 5s A.. 102 83 82 "83 do adj lne 5s 158 61 59 61 B.bl O & R 5s ..207 98 97 98 Illinois Ctl 5s 101 101 100 100 do ref 4s 65 89 85 89 Il.inois Stl deb 4s 50 92 91 92 do 5s 45 100 100 100 In-JIt 4s ctfs stp 484 13 12 12 Int. Rp Tn 7s 66 98 97 97 do ref 5s 267 78 75 76 do ref 6s ctfs 450 78 78 78 1 & a N ad 6s wi 199 53 52 62 lnt Mer Ma sf 6s.. 242 91 89 E'0 Int Pap ref 53 B..188 88 87 87 Invincible Oil 8s.. 14 110 110- 110 Icwa Cen ref 4s.. 29 40 38 39 Kn C Ft & S M 4s 94 80 79 80 Kan Cty So 5s.. 57 92 SI f.1 Kan City Ter 4s.. 23 83 82 82 Ikelly-S Tire 8s .. 30 108 107 107 Lack S 5s. 1950 .. 22 92 90 91 L G of St L 1st 5s 10 93 91 93 L S & M S deb 4s, 1931 41. 92 92 S2 Le V-al 6s 72 104 102 103 Lip & M 5s 18 99 97 98 Lorillard os 8 78 ' 78 78 Lou & Nw 5s 17 76 74 75 L & N ret 5s... 131 103 102 10:1 do unified 4s . . 26 90 89 89 Mag Cop 7s 25 114 111 114 Man Sug 7s 67 98 96 97 M St Ry con os .. 54 90 90 90 Mar OH 79 141 106 103 105 Mch On deb 4s . . 17 91 91 91 Mid St cv os ... 100 90 88 89 M & St L ref 5s .. 4 40, 40 40 Minn St P & S S M 6s 22 103 100 103 Mo Kan & Tex pr lien 6s C 104 97 96 96 do new pr lien 5s A 173 84 84 84 do new adj 5s A 958 62 60 62 Mo Pac con 6s .. 3 76 100 99 100 do gen 4s 323 65 63 64 Mont P 5s A ... 63 97 96 96 Nas Elec Ry 4s .. 104 63 62 63 N E T & T 1st us ctfs 150 9S 97 98 N O T & M inc 5s 81 77 76 77 NYC deb 6s 548 106 104 106 do rfg & imp 5s 919 97 90 97 do con 4s 225 83 81 83 N Y Chi & St L deb 4s 11 89 87 8S N Y Ed ref 6s . 84 110 108 110 N Y, NH & H cv 6s 1948 78 80 78 80 N Y T ref 6s 1941 158 104 104 104 do gen 4e... 136 95 94 94 N Y W & B 43 64 53 51 52 Nor & Sou os A. 7 67 66 66 Nor & West cv 6s 62 120 117 119 N A Edi s f 6s.. 108 94 92 93 N Pac ref 6s B.. 577 109 107 108 N P rfg & im 5s C 98 98 97 - 98 Nor Pae pr lien 4s 10 87 86 87 N St Pow ref 5s A 52 92 92 92 N W BM1 Tel 7s. 92 107 107 107 Ore & Cal 1st 5s. 16 100 100 100 Or S L gtd 56 8 102 102 302 do ref 4s 40 92 91 92 O-W R & N 4s... 262 82 80 81 Otis Steel 7s... 83 95 92 94 Pac Gas & Elec 5s 66 92 89 92 PT&T 5s 1952 ctf 114 92 91 92 Pack Mot Car Ss. 34 107 107 107 P-A Pet ft T 7s.. 27 102 102 102 Pa R R 6s 67 110 309 309 do gen 5s 307 101 100 100 do gen 4s ... 104 92 90 92 Peo & East inc 4s 4 33 31 32 Pere Mar ref 5s.. 14 97 95 97- Pa Col col tr 6s.. 99 100 99 100 Port R L & P 5s. 34 85 84 84 P & R 8 with war 36 120 105 120 Public Service 5s 49 86 84 85 Reading gen 4s.. 154 84 83 84 Rem Arms a f 6s 49 96 93 95 Rep I & Steel col 5s 1 93 93 93 RIArk&La4s. 29.81 80 81 St L I M & S 4s R & G div Ill 85 84 85 StL&SFprlten . 4s A 424 73 71 73 do adj 6s 354 79 78 79 do inc s 495 66 64 66 St L S W con 4s .. 75 77 75 77 StP4kKCSL4s 45 83 81 83 San A & A P lst4s. 23 .75 74 75 Seabd A Leon 6s. 150 67 65 67 . do adj' 5s 196 26 25 25 do ref 4s .. .... 65 43 41 42 ShaAn S Hoop 8s A 23 9.9 99 99 Sinclair C O cv 7s 18 103 300 103 do col 7s 175 100 100 100 Sinclair Cd Oil 5s 106 9R 98 98 So Bell Tel 53 27 95 95 95 Sou Pac cv 4s 386 92 91 92 do ref 4s 203 es S7 R! $18,805,000 Louisville Gas and Electric Company (Kentucky) First and Refunding Mortgage Thirty -Year 5 Gold Bonds, Series A I (Due November 1, 1952) Price 9V2 and Interest, Yielding About 5.60 The Company will agree to pay interest without deduction for Normal Federal Income Tax up to 2 per cent. Application will be made to list these bonds on the New York Stock Exchange. The following information is taken from official sources: The company supplies, without competition, eiectric light and power and natural gas to Louisville, Kentucky, and adjacent territory. The business of the company and its predecessors has been in successful opera tion for more than eighty years. The bonds will be secured, in the opinion of counsel, by a first lien on all the properties of the company and its affiliated companies, subject only to $1,195,000 underlying bonds on a part of the electric property. The gross and net earnings, as officially reported, for the year ended September 30, 1922, are the largest in the company's history, gross earnings being $5,339,267 and net earnings $507,803, or more than two and one-half times the annual interest charge of $1,000,000 on all mortgage bonds outstanding, including this issue. Both gross and net earnings have increased each year for the past eight years. We recommend these bonds for investment and shall be pleased to send circulars describing the issue in detail. Harris Trust and Savings Bank Organized as N. .W. Harris & Co., 1882. Incorporated 1907, H. M. Byllesby. E. H. Rollins & Sons Founded 1876 Guaranty Company of New York Federal Securities Corporation Blyth, Witter & Co. Bonds are offered for delivery when, as and if issued" and received by us, subject to approval of counsel. do col tr 4s ... ., Sou Ry gen 8s. . do con 5s do gen 4s S Porto H Sgr 7s. .. Sand O Cal deb 7s. Tex & Pac 1st 5s.. Third Ave ref 4s. .. do adj 58 Tidewater OH 6a Tobacco Pdta 7s. .. T St L 4 W 4s TT Bag & P 6s A ctfs U P 1st 4s .: do cv 4a do ref 4s V T C 7s Un Drug 8s U P G 6s IT R Inv 1st 5s, P U S R 5s U S Rub 7s .... do 5s 66 86 86 221 102 101 192 97 96 461 69 68 101 100 98 72 105 104 48 100 90 25 67 66 260 1 58 47 103 102 7 104 104 1 74 73 70 99 98 141 93 91 79 95 94 63 86 85 19 104 i 103 56 112 112 11 9S 98 18 8S 87 37 99 98 102 10.8 107 139 89 54 8S 86 102 97 68 100 105 96 66 60 103 104 73 98 92 95 85 103 112 98 88 98 108 89 U S S s f 5s Utah P & L, 5s .. Va-Ca.r Chera 7s with war 31 do 7s ctfs . . Va Ry os Wabash 1st 5s West Elec os W Marld 1st 4s W Pac 5s ... W Union 6s West Elec 7s . Wick-S Steel 7s Wil & Co s f 7s 117 ao cv ss lilo WTis Cen gen 4s . . 9 Total sales of bonds 264 100 102 32 10 30 57 41 42 102 92 93 97 97 98 100 66 84 3 00 107 97 106 97 80 were 102 102 90 90 94 96 96 98 100 65 95 96 97 98 100 65 84 3 08 109 107 107 96 97 105 106 95 96 80 80 $75,206,000. building is nearly completed and promises to be ready for occupancy in about a week. Painting, both ex terior and interior, is rapidly being finished and the ventilating system hag been installed. WALLOWA BUDGET CUT High School Nearly Built. LA GRANDE, Or., Nov. 6. (Spe cial.) Wallowa's new higrh school Proposed Taxes $33,000 Below Iiast Year's Figure. LA GRANDE, Or., Nov. 5. Spe cial.) The tax budget for the com ing year in Wallowa county was submitted by the county court to the taxpayers of the county, the main feature in the new budget being a cut of ?33,000 from last year'e ex pense. A determined effort to do away with all "luxuries" resulted in the lower budget. v At the close of the public meeting to be held next month, the budget will be presented to the authorities. The heaviest cuts were made in tho roada and bridge programme where a reduction of more than 1 20.000 was made. The budget as published shows a total of $332,570. Phone your want ads to The Ore gonian. Ail its readers are inter ested in the classified columns. and Safety! 7 Cumulative First Preferred Stock NORTHWESTERN Electric Company. "A Public Utility" Price $100 per share. Detailed Information furnished upon request J. G. TAVARES, 213 Ptttock Block, Portland. I Name Address BONDS Central Pacific Ry. 514 Northwestern Elec. Co. 5.80 Brazil Governm't 5s 8.50 Union Safe Deposit & Trust Company 284 Oak Street SAFE DEPOSIT BOXES $3.50 $18,000,000 Republic of Chile External Loan 20-Year Sinking; Fund 7 Gold Bonds Not Redeemable Except for Sinking; Fund CHILE Chile has had an excellent . credit record since its first external loan, issued in Lon don over 100 years ago. There is no record of de faults or delay in interest payments during this period. Ten ' representative loans were quoted in London on October 20, 1922, at prices yielding an average of 6.2 per cent. Chile is the largest nitrate producing country in the world and the second larg est producer of copper. In the diversity of its devel oped mineral and agricul tural resources, Chile com pares very favorably with the leading nations of the world. The national wealth is more than twelve times the total national debt of $257,730, 000 (August 31, 1922), a per capita debt of $64.43. State-owned properties are valued at $355,000,000, or over 1 1-3 times entire na tional debt. Foreign trade in 1921 was $301,145,000, or $75 per capita, compared with $65 for the United States in the same year. THE ISSUE Dated November 1, 1922 Due November 1, 1942 Interest payable May 1 and Nov. 1, coupon bonds in denominations of $1000 and $500, registerable as to principal only. Principal and interest payable in United States gold coin at the National City Bank of New York, in New, York City, in time of war as well as of peace, irrespective of the nationality of the holder. Exempt from Chilean taxes, present or future. The contract for this loan provides for a cumulative sinking fund of 2 per annum beginning two years after date of issue, to be used to purchase bonds at not exceeding 100 and interest, or, if bonds are not obtainable at or below that price, to redemption of bonds by lot semi-annually at 100. This fund is sufficient to retire about 70 of the issue by maturity. These bonds are the direct credit obligations of the Republic of Chile. The Chilean government covenants that if in the future it shall issue, offer or in any manner dis pose of any bonds or contract any loan secured by any charge or pledge on or of any of its assets or revenues, the service of this loan shall be secured equally and ratably with such subsequent issue or loan. The proceeds of the, present loan will be applied principally for the purpose of refunding short-term loans and provid ing for public works. We offer these bonds, if, as and when issued and received by us, subject to approval of counsel. Delivery in tempo- rary form is expected on or about November 20, 1922. Price V2 and Interest Application will .be made to list these bonds on the New York Stock Exchange Descriptive circular containing further information will be supplied on request The National City Company x National City Bank Building, New York. Yeon Building, Portland. Telephone 6072 Main Offices in more than 50 cities in the United States and Canada The information In this advertisement has been obtained partly by cable from of ficial statements and statistics and other sources which we consider reliable. We lo not guarantee but believe it to be correct. Satistics received in terms of the Chilean gold peso have been translated at 36V4c U. S. and those received in paper pesos at 25c U. S.