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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Dec. 6, 1922)
THE MORXIXG ®OXIAN, WEDNESDAY, DECEMBER 6, 1922 27 STOCKS SEESAWING ( WITH FEV CHANGES European Exchange Contin ues Its Steady Advance. NATIONAL BONDS FIRM Sharp Advances Are Followed by Sharp Peclines and Neither of Them Maintained. DAY'S TRANSACTIONS 1ST STOCK MARKUP. Day's total sales, 68,C00 shares. Twenty industrials averaged 95.01: net loss, .09. High, 1922, 103.43; low, 78.59. Twenty railroads averaged 84.29; net loss, .87. High, 1922, 93.99; low, 73.72. Chandler Motor. C & N W Chgo Gt W .... do Dfd Chili Cop .. Chino '. C M St' P .. do pfd . . . Coco Cola .. i: & o Colo F & I Colo Southern .. Col Gas a: Elec. 2.000 100 "A Columbia Graph 200 Ztft 700 S.'-iOO 2UO I's.eoo' ; .. i.ajo .. 2. BOO .. 8.000 .. 1,400 .. 700 4U0 200 6114 81 i 24 24 30 70 !4 68 25 444 60 79 k 26 aas 23 34 75 63 4 25 44 1V 2hi Can Gu 2,4(10 12S 124 Cons Clears do ptd . . . Cons Textile Contl Can . . Cora trod . do pfd Cosden Oil . C R 1 & P . do A pfd . do B pfd Crucible ... do pfd . . . Cuba Cane . do. pfd . . . Cuban Am Sugr 2.0OO Davison Chem... 400 40U 35 34 ; i.Voo 'ii; "i2 . b.dUU lUti1 1U3t . 6,200 121 60 80 4 10 26 24 -23 35 78 65 25 44 100 2 125 35 79 12 10; . .. 5,100 . . 4,400 400 . .. ' 2!to 1,000 1,100 48 32 07 87 62 ii 37 U4 20 125 127 32 07 87 61 '13 37 23 Del & Hudson.. 500 124 122 Deli Lack -300 132 132 Dome Mint! 3.100 43 42 Elec Htor Bat.".. 6,000 58 57 Endieott Johnsn. 1,000 86 85 Erie 7.700 10 0 do 1st pfd ... 2,800 14 13 Famous Mayers 1,000 90 89 Fed Mng & timit ... do pld , '. Flsk Tire 600 12 11 Gen Cigars 5O0 81 81 Gen Elec .ai 800 170 178 Gen Motor ,100 13 13 do 6 200 83 83 Cen Asphalt 4,500 42 41 Glirttien Paint Goodrich T & R. 600 31 31 32 87 62 90 13 37 23 20 120 (By Chicago Tribune Leased Wire.) NEW YORK, Dec. 5. Aside from the continuing rise of European exchange, the interest in today's financial markets converged on the firmness of L'nited States government bonds and the ten dency to weakness in stocks. The stock exchange movement was not altogether impressive; it pivoted largely on selling orders in railway shares whose profes sional origin was quite unmistakable and the reasons assigned for which were in the nature of .."happy thought" expla nations. As a matter of fact, however, the day's market seemed to be drifting again into the edifying condition of a week or so ago, when the maneuvers of two op posing groups of professional Speculators to trip each other up were really the whole story of the day's fluctuations. There were sharp advances as well as sharp declines and neither of them was maintained. The actual railway outlook is interest ing and in many ways perplexing, but one could hardly be expected to make such a market as this the text for dis cussing it. For today's irregularity in the invest ment bond market there was, at any rate, precedent enough in the usual early December movement. The seemingly un certain drift of prices, the fractional ad vance of some securities, while others are declining fractionally, may usually be looked for at Just this time. A year ago the market moved in precisely the same way until the last week of the month, when prices advanced rather vigorously doubtless In anticipation of the Janu ary "reinvestments." Liberty bonds have usually acted with the, rest of the bond market. Their distinct recovery has fact begun this December earlier thaa jt began a year ago. Jn today's market foreign bonds were again hesitant and the French bonds fractionally lower. This was ascribed in Wall street to the fact that the in vesting public, as it is commonly ex pressed, can no longer be made to take an interest in European loans; that it is too pessimistic oer the European politi cal situation, ine explanation is plausi ble and so it was a year ago this week, when, as now, Wall street had just emerged from an excited discussion the impending political and financial ruin of Europe. Yet. somehow or other, lhat did not prevent au advance of 10 per cent or thereabouts in the price of active European bonds during the first rnree months or 1021. sterling exchange went today a full cent above itB highest rate of the day Vefore, touching $4.53 and closing ODly a small traction under that figure. Ex, change on Sweden and Holland also rose to the highest of the present year to date and the highest, since the spring of iyiu. The approval by the interstate com merce commission today of the re organization plan of the Missouri, Kan sas & 'lexas railroad means that the reorganization managers may now pro ceed with the formal legal steps neces sary to completion of their work. There are 13 mortgages which will be taken care of a.t foreclosure sales scheduled for December 13, 14 and 35, and because of this work and other details, local bankers who are affiliated with the road do not believe that final items will be wiped oft the siate until the middle 01 next February. The price of bar silver of "domestic origin" was advanced today from 90 to 99 c an ounce, .999 fine, according to rtanay 6 Harman. The Increase in price, it is said, is due to the decreased cost of transportation, owing to the fact that tile United States government is again a.-cepting delivery of silver purchased uraer tne 1'ittnian act at the Philadel phia mint instead of at the Denver mint. "While the balance of the list was ir regular during the late dealings, the sf ock of the Kelsey "Wheel company on moderate dealings suddenly moved for v.ard in the last hour and scored a net gain of 6 points. Its closing price of 104 compares with a high of 106. The movement was based upon the broad casting of a rumor to the effect that the directors of the company at their meeting today would declare a substan tial extra dividend in addition to the regular payment due at this time. The report that Great Northern rail way directors would reduce the dividend on the preferred stock, which started in "Wall street about 10 days ago, be came more general today, the result be ing that the stock broke 4 points. The rumor, however, was accompanied by the istatement that the directors would take such action at a meeting to be held tomorrow. According to the report the board will declare a dividend of J 1 50 a share, which, in addition to the $3.50 declared in June, will make a total of $5 a share declared during the cur rnt year. CLOSING STOCK QUOTATIONS. Furnished by the Overbeek & Cooke company of Portland: stock ales. High. Low. Bid. Adams Exp 900 68 67i 66 Advance Rum 1S tiou 100 Glen Alden 51 Granby 100 24 24 24 Great Nor Ore.. 700 30 30 30 do pfd 13,500 83 78 78 Greene Cananea. loo 24 24 24 Gulf S Steel ... 2,900 73 70 T2te Houston Oil 1,000 65 65 63 Hupp Motor ... 500 23 22 22 Ills Cent Inspiration .... lnt Agr Crp cm. do ntu Interboro 1,100 500 108 107 107 300 31 4,500 1,0W IOO 2,000 1,200 5,100 100 300 1,500 300 600 do pfd lnt Harv lnt Merc Marine do pfd lnt Nickel ..... Int Paper lnt Comb Eng.. invincible uu Island Oil ... wel Tea . . . K C Southern do pfd Kayser T 300 Kelly-Spirfld ... 1,500 Kennecou 15,900 Keystone Tire.. 6,(00 Lack Steel 200 Lee Tire Lehigh Valley.. 1,600 Lorillard Loew Thea. . L & N Lima Loco . Marland Oil Max Mot A do B 1,500 15 May Stores Mex Pet Mex Seaboard... Miami Mid Sta-.es Oil.. Midvale Steel... MKT Vi Mack T'uck. . . . Mont Power Mont W'urd .... Mo Pac do pfd M St P & S M .. Nat Biscuit Nat Enamel.... Nat. Lea'd Nevada Con.... New Haven Norfolk & W... Nor American.. Nor Pac Nova Sco Steel.. N Y Air Brake. N Y Central Okla Prod ref . . Orpheum Ontario & "W Otis Steel Pacific Dev Pac Gas & Elec Pacific Oil.. 33 6 31 v. 88 10 47 It 51 23 14 19 39 53 39 41 34 8 75 25 62 170 18 133 C4 26 46 15 163 226 16 27 . 12 27 15 53 08 20 36 42 63 245 64 100 114 114 J.14 400 14 34 I 14 20 20 n 110 111 89 11 48 14 52 24 15 20 19 41 41 35 8 76 '63' 1.000 172 . 300 18 . 500 134 . 200 54 . 2,000 27 300 47 200 163 1,600 400 3,700 6.500 3.000 100 1,666 700 3,400 32 itlt 16 34 88 11 46 14 51 24 15 20 19 'iiii 41 33 8 75 2" 170 18 133 54 25 46 15 163 'is 32 27 15 720 2.00130 lambe. 70 8.00 980 4.101 9 lambs. 6S 10.00 56 S.OojuO lambs. 70 9.00 1060 2.501 6 lambs. 85 12.00 . 946 3.75:11 lambs. 58 7.50 i 989 4.7 24 lambs. 62 8.00 130 6.5')!l43 lambs 84 11.50 1620 3.251 4 ewes.. 130 6,00 1790 3.73j35 ewes.. 124 5.50 1270 3.25 208 ewes. 133 4.83 75 3.25 17 ewes.. 114 4.00 240 8.50!12 ewes.. 146 6.50 240 9.50115 yearl.. Ill 9.00 216 9.40 7weth'B 118 7.00 530 6.50 lbuck. . 150 3.50 3 75 9.33 6 bucks. 146 3.50 170 9.35 1 steer.. 910 6.23 340 8.50 Scows.. 813 4.50 150 8.00 2cowe. 960 3.73 1S7 9.43 lhog... 310 6.50 174 9.35 quoted at the Portland Union 3 cows. 12 cows 3 cows. 1 cow . . 5 cows. 5 beifrs 1 calf. . 1 bull. . 1 bull.. 1 bull. . 5 mixed 7 hogs. 1 hog. . 16 hogs. 2 hogs. 25 hogs. 7 hogs. 1 hog. . 1 nog. . 10 hogs. 15 hogs. stockyards were as follows: Cattle Choice steers ...... Medium to good steers Fair to medium steers Common to fair steers Choice heifers Choice cows and heifers Med. to good cows, heifers. . Common cows Canners Bulls .V Choice feeders Fair to good feeders Choice dairy calves. ........ Prime 'light calves Medium light calves Heavy calves Hogs Prime light Smooth heavy. Smooth heavy, Rough heavy r at pigs Feeder pigs Stags, subject to dockage.. Sheep Bast-of-mountain lambs . . Choice valley lambs Medium valley lambs Common valley lambs Cull lambs Light yearlings Heavy yearlings Lignt wetners H eavy wethers Ewes 250: 300 lbs. 300 lbs. up.. 20 36 43 20 36 42 300 64 64 6,000 21 400 112 2,800 93 5,000 76 Vi 300 11.8O0 1,200 . 600 200 1,100 1,000 600 800 Pet.. 22.400 9,300 1,100 500 5,300 1.100 Steel Pan Amn do B . Penna . . Penna Sei Peo Gas Pere Marquette Philadelphia Co Phillips Pete... 3,300 Pierce Arrow .. 100 Pierce Oil 500 Pitts Coal 9,500 Pitts & "West Va 400 95 2 .20 20 7 1 84 46 04 90 40 3 92 32 '42 12 4 60 .14 91 74 27 94 2 19 20 7 1 83 46 93 88 46 3 86 31 '41 12 4 f.7 33 Pressed Ct Car.. BOO Punta Alegre 4O0 Pullman 1.100 124 Pure Oil 1,200 28 Kay cons 60O Reading 2.600 Remington .... 3,500 Repkigle "Steel.. 1,100 Republic 1 & S.. 2,000 do pfd Royal Dutch Oil 3,200 52 51 Ky steel spg 40 76' 32 23 45 .46 123 27 33 75 32 23 44 93 74 26 27 94 2 19 20 7 1 84 46 94 89 40 3 89 31 40 42 11 4 60 34 77 46 123 27 13 75 32 23 45 83 52 111 80 34 31 80 7 34 31 38 87 23 Saxon Motors .. 700 2 Sears Rot-buck.. 900 80, Shut & Ariz 300 7 Shell T & T 200 34 Sinclair 2,500 31 Sloss Shet Sou Pacific 44,300 "87 86 Sou Ry 1.500 23 23 do pfd 2,(00 6.1 63 0.) Stand Oil Cal .. 9,900 115 113 113 Stand Oil Ind 116 113 114 Stand Ol. N J.. 4,100 398 393 196 Stand Oil Ky 125 122 125 St L & S P 500 22 21 21 Stromberg Carb 1,800 56 55 56 Studebaker ...100,000 126 123 123 switt & Co 100 ioa loy Tenn Cop & Cn 400 0 Texas Oil 1,600 46 Price. 6.25 6.75 5.75 6.25 6.25 6.75 3.75 5.25 4.50 4.75 4.00 4.50 3.50 4.00 1.50 2.00 1.50 fdl 2.00 3.00 4.25 5.00 5.50 4.00 5.00 8.00 8.50 8.00 9 50 8.00 9.00 7.50 8.00 6.00 7.50 8.50 9.00 8.50 9.00 4.50 6.00 10.5012.00 10.5012.00 9.50ft 10.50 8.50 9.50 6.75 8.50 9.50 10.00 9.00 9.50 7.50 8.50 7.00 7.50 2.00 6.00 DOMESTIC BONDS EASIER XEW GOVERNMENT FINANC ING AFFECTS MAItKET. Short Term Issue Expected; Jew Haven 4s Feature of Railroad last. Chicago livestock Market. CHICAGO. Dec. 5. fTT. S. T)enrtnnt of Agriculture.) Hogs Receipts, 67,000. Mostly steady, bulk 189 to 250-Dound average, 8.058.10; few good and choice tO'2io-pound butchers, 58.1 o; top, IS. 15; packing sows mostly J7.257.60; desirable pigs around $8.10; heavy hogs, $7.958.15: medium, $8.058.15: light, $88.15; light light, $88.15; packing sows, smooth, $7.40 7.75; packing sows, rough, $7.157.50; killing pigs, $88.35. Cattle Receipts, 16,000. Beef steers, slow, killing quality rather plain; few opening sales about steady, undertone weak to lower, several loads short-fed steers, $79.60; some long fed held above $13; bulk native beef steers of quality and condition to sell at $810; undertone weak on lower grades beef cows; other grades she stock and bulls about steady: veal calves strong to 25c higher; stockers and feeders strong to 15c up; bulk desirable veal calves to packers early, around $9.509.75: out siders paying upward to $11; bulk de sirable heavy bologna bulls early, $4.15 4.35. Sheep Receipts, 18,000. Opening slow, fat lambs fully steady, early top, $15.25 to city butchers; some held higher; fed 94-pound yearling wethers, $12.75; feed ing classes steady; best feeding lambs, $14.50: sheep, steady; heavy fat ewes around $5; light weight up to $7.25 paid for one load 105-pound fed ewes. 46 21 20 52 13 9 46 21 20 52 11 69 16 Austin Nichols Agr Chem do pfd A jax Rubber . . .. Alaska Gold .... Alaska Juneau. .. Allied Chem .... Allls-Chalm Am Bosch Am Can Co do pfd Am C & Fdy do pfd Am Cot Oil Am Drug Synd. . Am H i- Leather. do pfd 31 SO 6S 11 1 71 43 ::s S.500 70 6!1 70 300 311 111 111 100 181 180 180 500 5.400 1.400 1,900 32 31 12 1 72 32 30 'ii 1 71 2 Am Ice Amtntl Corp . . Am Linseed . . . Am Loco do pfd Am Saf Razor . Am Ship & Com. Am Smelter ... do pfd 700 1R 18 38 400 6 6 6 100 6 6 10 900 62 60 (12 300 104 103 103 700 27 27 27 100 29 29 U 28 1.000 120 118 119 119 2i) 7 7 7 2,300 39 18 19 1.900 53 51 62 200 911 ti ftfl li Q'l li Am nuit Am Steel Fdy .. 900 44 43 43 Am Sugar 400 74 73 74 do pfd 103 Am Sumatra ... 27 .-uu itiii i,.-ioo 123 322 Aiu looacco ... iiOO 3.13 JX.i do "B" 100 150 150 Am Wool ...... 700 94 113 Am W P pfd .... 400 26. 25 Am Zinc ....... 100 15 13 Anaconda 6.100 48 4TV Assd Oil 113 i.vuipn .. j.iwu 1UU9 vy 10O no via Atl C Line 600 114 123 351 140 94 26 A! G & W I Baldwin Loco . B & O do pfd Bams Cor "A".. do "B" Beth Steel "B".. Booth Fish B R T , Butte C Z .... i 3"atte & Supp . . Burns Bros "A". do "H" Caddo Oil Cal Packing . . , Cai Pet - do pf.l' Call 7. & Lead . tn Pac Cmk Leather .. . Cerro de Pasco 400 23 ,2U0 1J.J, ,600 20O 4.000 9!i66 500 1.400 200 200 42 58 32 62"' 3 16 7 29 113 23 116 41 68 31 '69 15 7 400 145 143 "Oh V8 "8 s!s66 'ei '66 90 113 23 11 ( 42 67 32 21 60 15 7 28 141 6 8 80 o 93 300 74 1.100 140 13 140 300 34 34 34 .8,700 42 41 42 Texas Pac 800 22 Tex Pac C & O 200 20 Tob Products . . 1.000 53 Trail Contl Oil. 1,300 12 Union Bag & P . Union Oil Del . 2,000 16 16J Union Pac . . United Alloy United Drug United Food Pr United Fruit ... United Rds N J L'nited Retail S u S C I Pipe .. 200 23 U S Ind Alcohol S.600 60 U S Rub ,. 1,500 50 do 1st pfd .. 100 96 U S Smelting u S steel 20,000 1024 loi1 101 ao pra 300 izi 120 121 900 62 3,700 139 136 137 34 0 78 78 ' 78 800 5 5 5 300 155 154 155 31 500 6S44 67 Utah Copper .. Va Chem do nfd Vanadium Steel. Vivaudou Wabash do A pfd do B pfd Wells Fargo . . Western Pac . . do pfd Western Union . Westinghse A B West Md White Eagle Oil White Motors .. White Oil 25 69 49 96 61 68 25 60 50, 38 800 600 300 500 33 14 9 23 33 13 9 24 200 38 61 25 60 32 13 9 24 16 88 15 58 800 200 600 Willys - Overland 2,200 do pfd 200 Wilson Packing 400 isconsin cen . Woolworth .... Worthing Pump W & L E 100 110 110 1'10 200 59 58 59 11 31 48 4 5 39 37 28 600 209 207 207 400 27 27 27 1.200 9 9 8 48 4 39 38 31 48 ' 4 5 39 37 Total Bales of stocks. 675,700 shares. US FIND 6000 SALE PIGS ARE QUARTER HIGHER AT XORTH PORTLAXD. Cattle Market Barely Steady at Monday's Declines: Sheep and Lambs Unchanged. Kansas-City Livestock Market. KANSAS CITY, Mo., Dec. 8. (U. S. Department of Agriculture.) Cattle Receipts, 18,000, Beef steers opened weak, later ste"ady; early top. $10.25; many short-fed stesrs. $7.258.7o; fat she stock, steady to lower; many com mon to fairly good cows, $3.504.50; bet ter grades held above $5; most heifers, $4 5.50; canners and cutters weak to lower; bulk canners early, $2.102.15; most cutters, $2.753.25; better grade bulls, steady; bolognas mostly $3.504; calves steady to higher; best vealers mostly $8.50; few $8.75. Hogs Receipts, 23.000. Fairly active, 510c lower; spots off more early; pack er top, $7.95; shipper top. $7.90; 140 to 180-pound butchers mostly $7.75 7.85; bulk desirabje 190 270 pounds, $7.85 7.90;, bulk of sales, $7.70g7.90; packing sows, 1015c lower, mostly $77.15: stock pigs, steady to weak, bulk $7.50 7.75, few at $7.85. Sheep Receipts, 6000. Lambs strong to 25c higher; 76-pound fed lambs, $14.76; others, $14.6014.60; clippers, $12.75, some held higher; odd lots sheep steady. Omaha Livestock Market. OMAHA, Dec. . (United States De-partment-Df Agriculture. ) Hogs Re ceipts, 11,000. Butcher hogs, steady to l6c lower; packing grades, 1525c low er;" bulk mixed and packing grades, $6.75 7.60; bulk 190 to 250-pound butch ers. $7.75 7.90; top, $8. . Cattle Receipts, 8000. Beef steers mostly steady; short feds and warmed up grades slow; corn-fed yearlings. $10.50; contract price corn-reds, $11.50; she stock and bulls about steady, veals strong to 25c or more higher; stockers and feeders unchanged. Sheep Receipts, 10,000. Lambs, 10(g 25c lower; clipped lambs off most; bulk $1414.40; top. $14.50; lea clipped lambs. $12.5012.75; other, classes steady; yearlings, $11.5011.6U: weth ers, $8 down; ewes, $i.io down; lop feeding lambs, $13.75. San Francisco Livestock Market. SAN FRANCISCO, Dec. 5. (Federal and State Livestock Market News Serv ice.) Cattle Beef steers, good grade, $7.758; medium grade, $77.50; com mon grade. $66.75; beef cows, good grade. $5. 75 6; medium graded $9.23 5.50; common grade, $45; cariners and cutters, $23.50; bologna bulls, $334.50; calves. 150200 pound, good and choice, $7.507.75; 200250 pounds, good and choice. $7.257.50; 250300 pounds, good and choice, $77.2o; over 300 pounds, S3.506.50. Hoes Good and choice grain-fed Cali fornia. 150 200 pounds, $10.2510.50; 2008250 pounds. $9.5010; 250300 pounds, $8.509; over 300 pounds, $7.50 8; smooth sows, 250300 pounds, $6.50 7; rough sows, 25030O pounds, $5.50 6; over 300 pounds, $4.505.50. Sheep and lambs Full-wooled lambs, good and choice grades, $13.5014; medium grade, $12.5013.50; ewes, me dium and good, $5.506.50; wethera, me dium and good, $8.50 10. Seattle Livestock Market. SEATTLE, Dec. 5. Hogs Strong. Re ceipts, 396. Cattle Weak. - Receipts, 34. Best cows i and heifers, $4.705; common to good, $3.504. Money, Silver, Etc NEW YORK, Dec 5. Call money, firm. High, 5; low, 6; ruling rate 5; closing bid, 5; offered at 5; last loan, 6; call loans against acceptances, 4. Time loans, steady; mixed collateral, 00-90 days, 45; 4-6 months, 45. Prime commercial paper, 4. Foreign bar silver. 65. Mexican dollars, 49. LONDON, Dec. 6. Bar silver, S2 7-16 pence per ounce. Money, 1 per cent. Discount rates, short and three-months bills, 2g-2 per cent. Naval Stores.. SAVANNAH, Dec. 5. Turpentine, nothing doing; last sale, November 27, at $1.45; receipts, 621 barrels; shipments, 302 barrels; stock, 12,824 barrels. Rosin Firm; sales. 1138 barrels; re ceipts. 2673 barrels:' shipments, 760 barrels; stock, 106.077 barrels. Quote: B, D. E, $5; F, G, H. I, 5.07; K, $5.10; M, $5.30; N, $5.50; WG, $3.80; WW, $6.40. Dried Fruits at New York. NEW YORK, Dec. 5. Evaporated ap- ples quiet. Prunes easy. NEW YORK, Dec. 5. Uncertainty re garding the terms of the government's forthcoming financing, which is general ly expected to take' the form of a short term issue, continues to have a restrain ing effect on dealings in bonds, today's prices again showing marked irregular ity with the prevailing trend downward in the domestic list. Foreign issues showed more stability with some fairly large gains being re corded by ordinarily inactive issues. Holland-American Steamship. 6s moved up two points and Cuba railroad 5s, 1 points, while trains of a point were re- S h&frn fi SO v.rt rA T... U.,l,.,1.n. ft.. an,4 r'xl.a emu- 4 00 7 00 ermn!It 4s. Mexican 4s dropped" al point. ' 7ew Haven 4s of 1957 were the out standing feature of - the railroad list. Jumping 4 points. "Nickel Plate" de benture '4s moved up two points and New Haven debenture 6s and Pennsyl vania consolidated 4s one point each. Announcement of the approval by the interstate commerce commission of the "Katy" reorganization plan was followed by a point drop in the adjustment 5s, which have been traded in on a "when issued" , basis. The volume of trading in these also was perceptibly lessened. Nor folk & Southern 5s fell two points and losses of a point each took place in Baltimore & Ohio gold 4s, International & Great Northern adjustment 5s, New Orleans. Texas & Mexico 5s, Chicago, Great Western 4s, Erie consolidated 4a and Louisville & Nashville 4s of 3931. In the public utility group. Brooklyn Rapid Transit issues were offered freely, dropping 1 to 2 point on announce ment that no immediate lifting of the receivership "w-as contemplated. Inter borough issues improved in reflection of the Interborongh-Manhattan plan being declared operative and the better earn ings reports. s , Losses and gains were about evenly distributed among the active industrials, some of the strong spotsDeiug General Electrlo 5s, Cuba Cane S3, Barnsdall 8s, series A, Republic Steel 5s and Donnar Steel 7s, all up 1 to 1 points. Distillers Securities 5s broke nearly three points and losses of to 1 point took place in Warner Sugar 7s, Cerro de Pasco 8s, Bethlehem Steel refunding 5s and American Agricultural convert ible os. , There were a few new offerings to day, the largest being an $808,000 issue of 4 per cent road, bridge and hospital bonds of Bergen county. New Jersey, of fered at prices to yield 4.25 per cent. A local syndicate also announced the purchase of an issue of $3,000,000 state of Sotttb. Dakota 4 per cent Tural credit bonds, which will be offered shortly. Am T & T.cv 6s. . do col tr s .... do 4s - Am Wr P 6s.... A W Wks E 5s. An Jur M W 6s... Arm & Co 4s. . . A T & S F gen 4s At C L 1st con 4s. o & O u do cv 4s Bell Tel of Pa 7s. Beth st ref 5s. ... do n m os Bkln Ed gen 7s D Bkin R T 7s ctfs. Cal O & E 5s.... Can Nor 7s , Can Pac deb 4s. . . Cent of Ga Ce ... Cent Leather 5s.. cent in Kns 4s. . . Cent Pac gtd 4s 113 J14 114 9S 93 84 " 97 91 83 90. 80 87 98 91 83 84 77 90 89 87 70 89 89 87 iA 14 100 100 100 02 eo eo sui 28 108 108 108 7 93 92 92 8. 93 92 82 1 107 107 107 22 89ii S9 AS 3 93 95 - 9.1 48 112 112 112 44 79 70 79 2 100 100 100 11 98 98 9S 1 62 2 62 4 S6 .80 86 Cerro de Pasco Ss 303 128 126 127 Ones & Ohio cv es 113 9: do cv 4s 3 88 Ch & Altn 3s.. 68 25 do 3s 2 62 C B & Q rf 5s A.. 10 99 Ch & E 111 5s 15, 81 Ch Gt Wst 4s 13 53 CM&StP cvt 5sB. 8 71 do cv 4s 108 67 cn & nw ,3 a loo Chg Rwys 5s.... lo CRI & P ref 4s. . .. 38 C & W Ind 4s Chile Cop 7s do 6s. ... , CCC&StL gen 4s.. do ref 4 : s Col & So rf 4s.. Col Gas & Elec 5s.. Cn CI My 5s.... Cb Cn Sg db 8s.. C R R 7s,A Cuban Am Sg 8s.. do con 4s........ D & R G rf 5s. .. Detroit Ed ref 6s.. D Unted Rys 4s.. 20 LOs bee us Al 77 82 "i4to .. lll'A-110 53 96 95 1 79 02 v: 8S 25 " 62 99 . 81 01 70 67 109 77 77 82- 82 4 7 9: ss 25 52 99 81 51 71 109 115 96 79 87 93 88 89 87 93 88 b9'.. 9 61 87 93 88 88'A 7 103 103 103 4 107 107 107 5 73 73H 73 16 47 46 46 1 102 102 1024 83 85 80 46- 46 46 Don StI rf 7s 34 82 90 90 Du P de Nm 7s.. 21 107 107 107 New York Bonds. EW YORK. Dec. 5. (Bv the Asso ciated Press.) Following are today's high, low and closing prices or bonds on the New York stock exchange, and the total sales of each bond: IL S. hnnds - Sales. High. Low. Close. Liberty 3s.... 358 100.42 100.28 100.34 do 1st 4s... 97 98.56 98.40 98.50 do 2d 4s.... 938 98.00 97.96 98.00 do .Id AV. s B19 98.62 9 8.44 98.58 do 4th 4S...1035 98 40 98.32 98.34 Victory 4s, unc 91 100.28 100.24 3 00.26 do 4s, called 18" 100.00 100.00 1 00.00 U-S treas 4s.. 233 99.78 99.72 99.76 Foreign Argentine 7s 11 100 100 100 city ot Berne bs.. is uo no xjo 14 7 29 3- 4 23 90 72 77 77 97 1 112 14 87 5 108 ' 20 86 77 90 72 77? 96 112 87 107 85 22 19 86 23 99 94 94 98 94 87 93 sili 100 101 98 99 94 ' 93 97 93 85 93 80 City of Bprdea 6s. City of Christ! 8s. C of G Pragu 7s City of Lyons 6s. City of Marseil 6s C of R de Jane 8s City of Zurich 8s. Czech Rep 8s ctfs Danish Mu 8s A. .. Dept of Seine 7s. . D of- C 54 notes 1929 30 101 D of Can 53 1952 Dutch B I 6s 1947 do 6s 3962 40 French Repub s 83 do 7s Holi'd-Am Line 6s Japanese 1st 4s 151 do 4s 57 K of Belgium 7s 27 100 100 do 6s 12 95 95 K of Denmark 6s 6 08 K of Nether 6s.. 213 99 K of Norway 8s.. 10 111 K of Sweden 6s . . 10 104 Par-Ly-Mediter 6s 104 72 Rep of Bolivia Bs l 4 R of Chile 8s 1946 R of Uruguay 8s St of Queens 7s do 6s S of S Paulo s f 8s Swiss Con fed 8s. UKGBI5s 1929 do 5s 1937 .. U S of Brazil 8s . do 7s do Cent Ry E 7s U S of Mexico 5s do 4s 77 90 72 77 77 97 112 87 I0T 86 98 98 310 104 94 93 97 4 87 93 81 100 95 98 08 . 110 104" 72 94 93 36 104 303 303 2 104ii 10414 104 7 108 107 107 1 101 101 101 11 99 98 98 2 117 117 117 28 111 110 111 73 106 102 102 104 98 98 98 56 93 92 93 ,25 86 86 86 15 49 48 49 15 36 35 35 itanway and miecenanecus . Am Ag Ch 7s. .. 15 102 102 102 Am 8m os 28 92 92 92 Am Sugar 6s 38 302 "101 102 Dua Lght E G & F 7s ctfs. Erie pr lien 4s . . . do gen lien 4s . . Fram Ind Dev 7s Gen Elec deb 5a .. Goodrich 6s .... Goody ear T 8s, 1931 do 8s, 1941 Gr Tr Ry of Ca 7s do 6s Gt Northern 7s A. do 5s B Hud & M ref 5s A do adi inc os ... Hum Oil & R 5s. Ill Central 8s .. do ref 4s Indiana eteel 5s... 16 103 103 103 In-Me 4s ctfs stp 300 97 1-56 Int Rap Tran 7s. . do ref do ref 6s ctfs . . 193 I & G N adj 6s wi. 72 lnt Ale Ma s I tit. 3 Int Paper ref 6s B 5 Iowa Sen ref 4s . . 3 K C Ft S & M 4s. 5 Kan City So 5s . . 2 lan City Term 4s. Kelly-Spr Tire 8s L s & M S deb 4s Lehigh Valley 6s Louis & North 5s L & Nash ret 5s do unified 4s . Magma Copper 7s Manatl Sugar 7s Mar St Ry con 5s Midv Steel cv 5s M S P & S S H 6s M K. & T p In 6s C lis do new n In 5s A 38 do new adj 5s A 324 93 93 66 ' 66 43 43 87 88 101 101 100 lOl 9814 S8ii 114 114 26 112 111 112 38 104 103 104 HOii 110 HO 13 101 101 101 36 84 84 84 60 Wi OO.'A -7. 97 10O 101. lhi 86 a IOO V, 101 10 10 95 96 32 93 17 56 92 44 22 88 10 101 17 101 17 98 20 iro 20 60 2 07 ' 7 101 10 86 33 101 11 96 76 49 3 00 5 86 3 30 5 78 2 88 7 82 4 106 5 91 4 74 48 89 86 74 48 89 86 35 78 88 82 106 91 78 88 82 106 91 2 103 103 103 6 77 77 77 ' 4 103 103 103 1 90 00 90 1 111 111 111 9 97 97 97 IT Ml OOi Ol 38 89 89 89 5 3.03 102 103 Mo Pacific con 6s do gen 4s Mont Power 5s A Nassau Elec Ry 4s N E "TSc T 1 5s ct N O T & M ino 5s N Y Centrl deb 6s do rfg & imp 5s do con 4s N Y Edl ref 6s N Y N H & II cv 6s 1948 N Y Tel ref 6s 1941 do gen 4s NWW&B4s . Nor & S 5sA . . ... do cv 6s N Am Edl s f 6s Nor Pa,c ref 6sB . . do pr lien 4s .... N States Pr ref 5sA N W Bell Tel 7s . . O-W R R & N 4s . . PacG&ISlec5s .. Pac T & T 5s 1952 ctfs Penna R R 6s ... do gen 5s , dogen4B . P Marquette ref 5s Phila Go col tr 6s. Prod & Refiners 8s with war . Public Service 5s. . Reading gen 4s ... Rem Arms s f 6s Rock I A & L 4s Rep Ir & St col 5s StLIM&S4sR&G dv StL&SP pr lien 4s A. StL & 8 F adj 6s. do inc 6s St L So'west con 4s StP&KC ShLi 4s Seabd A L con 6s. do adj 5s 26 do ref 4a 9 Sharon St Hp 8s A Sinclair C O col 7s Sinclair Cr Oil 5s So Bell Tel 5s So Pac cv 4s ..... do ref 4s . do col tr 4s So Ryigen 6s... do con 5s do gen 4s So For Rico Sug 7s St Oil Cal deb 7s. Texas & Pac 1st os 3d Ave ref 4s do adj 5s Tidewater Oil 6s Tob Products 7s.. Tol StL & W 4s. . . UB & Pap 6sA ctfs Union Pac 1st 4s . do cv 4s do ref 4s Union Tank Car 7s 96 83 58 98 62 96 60 98 76 69 104 104 Vi 104 60 7 'J6 1)7 1 82 82 82 10 110 110 110 84 60 99 63 97 60 98 70 96 83 58 99 63 96 60 98 76 13 '74 20 105 36 94 95 46 10 62 20 112'i 28 93 12 108 108 108 18 86 18 91 21 107 37 81 18 92 73 105 94 45 61 112 93 73 106 4 94 43 61 112 03 85 91 91 107 107 81 81 3 91 91 91 3 109 109 109 3 101 100 100 26 91 90 90 13 96 96 96 3 99 99 99 2 117 117 117 9 30 . 17 128 5 2 40 86 84 95 80 94 84 71 77 62 78 80 60 22 1 98 17 100 9 98 7 96 48 91 12 86 80 85 S4 95 , tw 93 84 71 77 61 7 80 60 22 40 U8 Pacific States heads the list! Last year, (1921) the Pacific States Fire Insurance Com pany was first in the amount of business written in Oregon. ' This home company, organ ized eleven years ago, has grown until it now occupies first place in the amount of premiums written. The rea sons are not far to seek: Lowest rates consistent with -maximum protection. Right - on the ground to . make quick, satisfactory adjust ments. Absolute safety and reliabil ity, assured by over a million dollars in highest grade securities. Insure in your own home company! . PACIFIC STATES FIRE INSURANCE CO. Home Office: Pacific States Bldg, Eleventh and Alder Sts. V 0 Portland, Oregon 1 "'lT,V Phone: Croauway 0707 i 85 S4 95 80 93 83 71' 76 61 77 80 60 22 40 98- 100 100 .98 98 96 96 90 91 86 86 84 85 11 101 101 101 13 06 06 16 67 68 68 8 99 Vi 98 98 22 106 105 106 8 90 93 93 8 62 62 62 13 57 57" 57 12 303 302 103 17 103 102 102 1 75 75 75 8 98 98 08 49 91 91 91 6 95 94 95 2 85 85 S5 2 103 k; m?.v. mt;i; Un Drug 8s : 9 112 112 112 Un Fuel Gas 6s.. 2 97 97 97 U S Realty 6s.... 6 99 99 99 U S Rub 7s.... 2 108 108 108 do 5s 20 88 .87 87 TJ S Steel s f 5s... 91 103 102 103 Utah P & I, 5s. .. 2 91 90 90 Va-Oa O 7s w w 13 91 91: 91 do 7s Ctfs 12 95 B 95 Virginian Ry5s... 10 97 96 97 W Md 1st 4s 26 63 62 02 W Pac 03 8 81 87 87 W Union 6s ... 4 110 110 110 Wghst- Klec 7s..".. 1 107 307 107 Wick-Sp Stcei 7s.. 2 95 95 95 Wll & Co sf 7s. l iu luivt ioyi do cv 6s 2 94 94 91 Total sales of bonds today were $11. 092.000, compared with $10,827,000 pre vious day, and S21,4SS,0Q0 a year figo. FOR SALE $2500.00 City of Prince George, B. C, Gen. Obi. 6s at Par. Dated Jan. 3d, 1922. Due Jan. 3d, 1937. 2000.00 Seaside Hotel Co., Sea side, Or. First Mortgage 7s, Due 1925. 97.37 to yield S. The above have been listed for sale or exchange for short-time bonds. G. B. HARRINGTON CO. 31S l'nited States Bank Building. Phone Bdvry. 7964. Fresh arrivals at the "stockyards yes terday were limited to three loads. Trad ing was of fair volume. Cattle quotations were unchanged fol lowing the decline of Monday, but the market was barely steady at the new prices. Hogs sold readily at the established range of $99.95 for prime lights and feeder pigs were lifted a quarter. Sheep and lambs held at previous quo tations Receipts were 15 cattle, 133 hogs and 23S sheep. The day s sales were as follows: 3 steers l steer, i lo 7 steers 1343 15 steers 1030 1 steer. 840 2 steers 1005 1 steer. 870 5 steers 1118 3 steers 886 2 steers 855 2 steers 835 1 steer. 1 cow.. 1 cow. . 1 cow.. 1 cow.. 2 cows. 2 cows. 1 cow. . 1 COW. . 15 cows. 3 cows. 1053 1 cow. . 980 8 cows. 946 1 cow. 860 4 cows. 827 Wt. Price.) 93 $ 4.00 1 hog. .. o 4.00I 1 hog. .. 5.23-17 hogs.. 4.301 3 hogs. . 5.50I52 hogs.. 5.501 2 hogs. . 5.25 4 hogs.. 3.3034 hogs.. 5 50; 2 hogs.. 3.00I11 hogs.. Wt. Price. 440 8.00 610 10 70 1000 740 790 940 1040 840 880 830 3.00i a. ool 2.00 S.50 S.75I I 3 hogs. 4 hOES. . 1123 hogs.. 1 hog. . . 1 hog.. . 2 hogs.. 3v25;22 hogs.. 4.001 8 hogs.. 2.00! 1 hog... 3.0015 hogs.. S.oo! 1 hog... 3.50-1S hogs.. 2.501 1 hog... 4.25 14 hogs.. 2.50 1 hog... 2.00 Shot's.. 300 3 53 243 J7S 335 402 318 283 140 418 230 153 530 280 390 187 261 280 130 450 226 430 238 ISO 215 8.50 9.35 9.00 9.50 7.50 6.50 8.50 9 00 8.75 6.50 9.50 9.50 5.30 9.00 8.00 9.50 9.25 7.00 8.90 6.00 8.75 S.OO 9.00 9.50 9.00 We Offer on easy payments a real estate secured investment yielding Write or call 801 Wilcox Bldg Portland, Or. How Money Grows T ThsMotvof Compound In terest told in an interesting 4&-pae book. Yon may have a copy with ourcompiaasnts ALBERT (LOTGEN &C0.,bc Investment Bsnken 16 EXCHANGE PLACE. N. T. We own and recommend for investment the following carefully selected bonds: City of Albany, Ore., Impt. 6s .1932 4.90 City of Hood River, Ore., Impt. 6 . . 1932 4.90 Malheur County, Ore., Road 5Vzs. .1931 4.80 Sherman County, Ore., Road 5s: . . . 1939 4.80 Port of Umpqua 6s .....1932-35 5.40 Carman Manufacturing Co. 6y2s. . .1925-27 6.50 Northwestern Electric Co. 6s. 1935 5.90 Pacific Power & Light Co. 5s 1930 6.00 " Gulf Oil Corporation Deb. 5s 1937 5.30 Coast Power Co. 6s 1942 6.15 Kingdom of Norway 6s 1952 6.00 Republic of Chile 7s. ....1942 7.33 Since it is necessary for the investor to rely so largely upon the representations of the dealer from whom he buys his bonds, it is of the utmost importance that such an organization be one whose policies and ideals will merit his complete confidence. Ladd & Tilton Bank's claim to your confidence is based on more than sixty-three years of faithful and consistent, service to its customers. Our recommendation of a bond is evidence that it has been care fully investigated and found to measure up to the most exacting standards. .. - Complete details of any issue on request. ' Telephone or Telegraph at Our Expense BOND DEPARTMENT OPEN 8:30 TO 5:00 SATURDAYS 8:30 TO 2:00 LM)D & TILTON .1 . BANK I 1 Oldest in thm Northwest mmN r wirtm.m JEDERAI RESERVE . , WASHINGTON fitall ststch ZmM ; at THIRD xs ; 'i'Y'!'T'I'T'i'T'i'T'i'T'iH'''T'i'T,iTrTTT'I'TTTi'T'i' IV l'V I 'TTT'TTTTTT THE SAFEST INVESTMENT MUNICIPAL BONDS still retain, as theyhave held for many years, the most favored position in the investment market. They rank second to none except U. S. Government bonds in point of safety and have the additional satisfactory fea ture of exemption from all Federal Income Taxes. No recent issue of Government bonds enjoys this privilege except the Liberty 3J2S now quoted at a premium and yielding approximately 3.40. This com pares with i4 to 6 net yield from municipals. These favored bonds, in common with most investment securities, have had a fairly steady advance throughout the past twelve months but are still considerably below the "normal" of pre-twar years and in the judgment , of competent observers are an advantageous purchase. Onr new list of municipal bonds will gladly be sent on request. Write, phone or call. Do It Now Use our Partial Payment Plan FREEMAN, SMITH & Cam p. Co. Lumbermen? Bldg Portland FIFTH ytfnii PHONE AND -4Sl?Jk ai5- B'WAr S7ARK , 0! 6740 FOUNDED 1876 Investment Record Book We have prepared for complimentary distribution to our clients a loose-leaf "Record of Investment for Stocks and Bonds," which g-ives the investor an op portunity to list his hold ings alphabetically and, by a system of colored sheets, shows him at a glance the months in which the va rious dividends and cou ponsare payable. Copies may be had npon application. EH.ROILLVS &SOSS tjavertmeni u emits 411 LEWIS BUILDING Telenh"" R -oadwny 7870 .PORTLAND BOSTON - MCWVORK-CHICKCO SAN FRANCISCO LOS ANGELES "An Investment Not a Speculation" Northwestern Electric Co. 7 Cumulative First Preferred Stock Efficient management coupled with a long record of earning have proven Northwestern Elec tric Co. 7 Cumulative First Preferred Stock to be a sound investment. Price Par to Yield 7 r -: 1 I J. G. Tavares I I Mgr. Stock Salra. I Northwestern Kleftrlc Co., Pittuck It loc k, lSdT. O.'hO 'ame Address