TIIE 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.