2a
EOeiEIBQISMiii
.26 129H
THE MORNING OREGONIAX, THURSDAY, DECEMBER 7, 1923
LIBERTY BONDS FIRMER
GAIN'S SCORED BY ALL ISSUES
- EXCEPT FIRST Sjls.
N
E
W.
E
N
Dfd 3U0 96 8S 65
O
R
X
UP 10THEB 1TGH!
Liberty Issues Rise, Which
Is One of Day's Features.
EXCHANGE ALSO SOARS
do B pfd 500 -t7 88 87
Crucible 3,0l0 81 ttO& tH
do pfd &ft
Cuban Cane 400 13 13 13
do pfd 1000 38 3ti 37
Cuban-Am Sugar 4,400 23 23 2'A
Davison Chem.. 400 2G 25 26
uei c nua i,uuu 13- 131 13a
Dome Mines ... 1,500
El St Battery.. 8,600
Endicott John.. 3,700
Erie 6,100
do 1st pfd.... -2,000
Famous Piavera. 2,500
Fed lit & Sm
do pfd....
Fisk Tire 6C0
Gen Cigars
44
58
15
11
300 81
434
5ti 57
84 864
y 10
14 14
89 90&
9
51
11 31
81 81
Gen Elec. 3,200 185 179 1S3&
German Mar Is About Only One
of Foreign Papers That Does
Not Experience Advance.
4 DAY'S TRANSACTIONS IN
! STOCK MARKET.
Today's total sales, 838,000
shares.
Twenty Industrials averaged
t 96.75; net gain, 2.72. High,
f 1922, 103.43; low, 78.59.
J Twenty railroads averaged
a 84.51; net gain, .20. High,
I 1922, 93.99; low, 73.43.
. (By Chicago Tribune Leased Wire.)
NEW YORK, Dec 6. As has hpinea
on several recent days, the movements of
real significance on today's financial
markets were in foreign exchange and
liberty bonds. The stock market recov
ered rapidly after reaching still lower
prices and It closed at respectable net
advances for the day, but the stock
market's fluctuations are just now pretty
negligible as a measure of real condi
tions. The day's further a-ance in European
exchange rates, however, was at least
a commentary on lately prevalent ideas
regarding Europe, and the steady rise of
the United States bonds, new issue and
old ones alike, indicates the character
of our own investment situation.
Sterling touched $4.56 today, mak
ing its advance 5 cents in a week and
10 cents since the second payment of
exchequer interest money was made on
November 15. Dutch exchange nearly
reached parity; Swedish exchange tem
porarily went to the highest premium yet
Quoted. The franc and the lire both ad
yvanced perceptibly. The German mark
did not advance; it held around the
price of 1 one-hundredths of a cent,
from which it has hardly varied in two
weeks.
The late recovery in stocks, which left
the market with some substantial net
advances, was ascribed in stock exchange
to Secretary Mellon's report, its failure
to recommend new taxc and its sugges
tion of reduced surtaxes on income. More
probably the recovery rras automatic.
The secretary's Ideas were known before
hand, i
For well-known reasons, the condition
of the iron market. In regard both to
movement of production and movement
of prices, Is accepted as reflecting or
foreshadowing the course of general
business. If output alone is taken as the
criterion, today's statement of Novem
ber's production is altogether reassur
ing. It Is the largest of any month since
November, 1920; except for nine months
of that excited industrial period, it is
the largest since the reaction after the
armistice began in the early months of
1919. Compared with November of 1921,
average daily output was doubled last
month and the daily capacity of Decem
ber 1 was larger by 2145 tons or 2 per
cent than November's daily average.
Although the entire motor group moved
pith the general market, certain issues
Jn this class- forged far ahead of others.
Studebaker, for instance, closed with a
net gain of 0 points on heavy buying
orders in the afternoon. Chandler gained
1, while the other motors were higher
in proportion. In the case of Studebaker,
the leader of the entire group, the street
was puzzled as to its action during the
early dealings when it lost about a poinr
The selling in the stock was traced to
so-called "Inside sources," but it was
later found that the stock which was
being sold was merely stock accumu
lated last week to support the market
According to dispatches from St. Paul
late today, the Great Northern directors
will take up the dividend question at the
regular meeting on December 18. St.
Paul officials were quoted as expecting
the regular 7 per cent annual rate to be
continued, but in Wall street the report
persisted that a change would be effected.
At the local offices of the company it
was reported that no announcement has
been received regarding the dividend
meeting. Wall street was under the im
pression today thaf the presence of many
of the Great Northern directors in Chi-
cago indicated the holding of the meet
ing at that place, but it was explained
that the officials were in the city to at
tend the session of the association of rail
nay executives.
Railroad operating officials today were
enabled to obtain a more accurate pic
ture of the course of the shopmen's strike
than they havn had heretofore, through
the report of the interstate commerce
commission on employ fs and wages in
September. The total number of workers
curing this month was 1,708.591, an in
crease of 114.517, or 7.2 per cent over
the number reported for the preceding
month, while the total compensation paid
these men was more than $238,700,000,
an increase of G.l per cent.
CLOSING STOCK QUOTATIONS.
Furnished by the Overbeck & Cooke
company oi Portland:
49
14
5
is"
20
19
53
41
42
35
9
76
26
ti-i
20O 169
800 18
13
41
10
31
24
30
77
n"
65
23
32
89
11
47
14
52
ii
i
19
53
40
41
34
8
74
25
62
167
18
83
13
45
10
31
51
24
30
80
24
73
68
24
'
90
11
49
14
52
23
14
20
19
S3
40
34
76
26
64
167
is
200 133V 13.H4 lSSli
1,400 55 54 hi 55
20 26
46 V 48 4
15 15
164 164
226 235
164 164
Mack Truck
Mont Power
Mont. Ward . .
Mo Pacific
27
12
28
15
64
68
20
16
42 Vi
27
12V
27
15
53
68 .
20 Mi
16!4
41
do 6 per cent.
Gen Motor 5.300 14
Gen Asphalt ...10,200 4b
Glidden faint .. 100 10
Goodrich T &. R. 700 32 &
Glen Alden
Granby. 200 24
Gt Nor1 Ore 1,800 30i
do Dfd .n.4uo KftiL
j Greene Cananea.
Houstira Oil ... 2,000 C9
Hupp Motor ... 4,JO0 25
III Cent 1,000 108 107 17V4
Inspiration 500 34 33 33
int as uor com T
do pfd... 100 32
Interboro 1,500
do pfd.. 1,100
Int Harv 1,200 91
Int. Mer Mar 1,100 11
ao pra ... 2,ow
Int Nickel UOO
Int Paper 500
Int Comb Er.s
Invincible Oil .. 1,100
Is. and Oil
Jewel Tea 1,100
K C So 100
do pfd ; 300
Kayaer J 500
Kelly-Spgfld ... l.SOO
Kennecotf 11,500
Keystone Tire... 3.U00
Liftlt Steel 100
Lee Tire 200
Lehigh Valley... 2.200
-Lrfjruiara
Loew Theaters.
L & N
Lima Loco ....
Marland Oil .... 8,400 27
Maxwell Mot A 700 48
do B - 300 16
May Stores ..... -300 164
Mex Pet . .. 1,800 235
Mex Seaboard... 500 16
viiami t . . 4UU
Middle States Oil 3,700
Mldvale Steel ... 3,800
M K & T Wi... 2.500
1,200
100
2,000
800
do pfd 700
Nat Biscuit 245
Nat Enamel .... 200 65 65 65
Nat Lead 800 115 115 115
Nevada Con ... 200 14 14 14
New Haven .... 7,300 21 20 20
Norfolk & W... 1,500 110 109 110
Nor American...-7.500 94 93 93
ivor rao a,oo io '
Nova Scotia Stl
N T Air Brake.
N T Central 6,500 95 93
ukik rroa ret... l, too
Orpheum 700
Ontario & W... 100
Otis Steel ...... 800
Pacific Dev .... 800
Pac Gaa & Elec. 80O
Pacific Oil 5,800
Pan Amn Pet.. .49, 000
do B -...30,300
Penna . ..... 1.700
Penna Sea Steel. 900
Peo Gas 1,800
Pore Marquette. 1,300
Philadelphia Co. 300
Phillips Pete ... 300
Pierce Arrow ... 700
Pierce Oil 300
Pitts Coal 3,300
Pitts & West Va 400
Pressed Steel Cr 76
Punta Alegre .. 200 40 46 46 V
Pullman 2.600 125 122 125
Pure Oil 1,400 27 27 27
Ray Cons 500 13 13 . 13
Reading 2.000 76 75 76
Remington 1000
Replogle Steel .. 000
Remiblic I &. S.. 900
ao pra
Royal Dutch Oil. 3,100 62 61 52
By Steel Spg 111
Saxon Motors ... 5,100 2 1 1
Sears Roebuck... 300 81 79 81
Shattuck & Ariz 7
Shell T & T 1.100 34 84 34
Slncallr 3,100 81 81 31
Sloss Shef 40
Sou Pacific 3,200 87 86 87
Sou Ry 300 23 23 23
do pfd 1.800 64 84 64
Stand Oil Cal .. 9,500 114 111 114
Stand Oil Ind 117 114 117
Stand Oil N J .. 3,600 107 ,194 197
Stand Oil Ky 120 126 128
St L & S F 400 22 .21 21
Stromberg Carb. 1.300 56 55 56
Studebaker 97,000 131 125 131
Swift & Co 10! 108 109
Tenn Coo & Ch 600 9 9 9
Texas Oil 2,900 47 46
Texas Pac 300
Tex Pac C & O. 1,700
Tob Products .. 1,300
Trail Contl Oil . 1,500
Union Bae & P
Union Oil . Del . 1.800 16 16
Union Pac 3,700 138 136 137
United Alloy 34
United Drug ... 300 78 77 77
United Food P 700 5 5 ' 5
United Fruit .. 500 153 153 154
United R of N J 11
do pfd 26
United Retail St 5,000 68 65 67
u a u i ripe . . . aoo
U S Ind Alcohol 5,700
U S Rub 2,500
do 1st pfd .. 200
U S Smelting .. 200
U S Steel 26,200 102 101
do, pfd 700 121 121
Utah Copper ... 1.500 63 62
a tjnem :ioo
do pfd 100
Vanadium Steel. 700
Vivaudou ....... 800
ion
700
19
20
7
1
85
46
99
94
46
3
82
32
40
43
12
4
0
34
36
24
46
19
20
7
84
45
93
88
46
3
89
32
40
41
12
4
69
34
26
12
28
15
64
68
20
16
42
76
26
28
94
2
19
20
7
1
85
46
99
94
46
3
91
32.
40
43
12
4
60
34
85 35
23 23
45 46
Stock.
Adams Express. .
Advance Rum...
Austin Nichols. ,
Agr Chm
do pfd
Ajax Rubber ...
Alaska Gold ...
Alaska Juneau .
Allied Chem . . ,
AlHs-Chalmera ..
do pfd
Am Beet Sugar.
Am Bosch ......
Am Can .Co. . . ; .1
do pl'd
Am Car & Fdy..
do pfd
Am Cot Oil ....
do pfd
Am Drug Synd..
Am Hide St Leat
do pfd
Am Ioe
Ant IntI Corp
Sales. Hi ph. Low.
4UV 67 V 67
31
400 32
1,200
5,100
tiiH)
400
700
43
11
1
70
42
300 182 182
800 6'i 6
20 10 14 3tu
200 63 62
400 104 104
1,100 i;h 27
200 '2i V 2ft XL
Am Lopo ,3,2JO 122 119
do pfd .
Am S:if Razor.'. "00 7 6
Am Smelter .... 1,000 52 52
100 100 100
100 14 149
.. 1,700 44 43
do pt'd
Am Snuff
Am Steel Fdy
Am SuRar
Am Sumatra .
Am Tel & Tel.
Am T'hacco .
do "II" ....
Am Wool ....
do pfd
do P pfd ...
Am Zinc
Anaconda ....
Assd Oil
Atchison
do pfd
Bid.
C7
13
83
30
6S
'i
71
43
95
39
33 V,
71
110
182
122
18
7
6
10
62
104
2S
2
122
119
7
19
62".
99
149
44
60 75
200 2S
600 123 123 123
oou -La-;s 102
22
20
53
12
21
19
52
11
46
21
20
52
12
69
16
62
51
95
39
24
60
49
95
38
24
58
34
14
9
24
IS
57'
110
Wabash
do A pfd
do B pfd
Wells Fargo
Western Pac .. 100 16
do pfd 160 57
West Union 4,260 115
Westlnghse A B
do E & M ... 1.200 60
West Md 100 12
White Eagle OH 1,500 81
Whito Motors . 700 48 -48
White Oil 1,600 4 4
Willys-Overland. 400 5 5
do pfd 100 40 . 40
Wilson Packing
Wisconsin Cen..
Woolworth 500 207 207
Worthington P. 400 27 27
W & L E 600 9 9
Total sales stocks, 756,500.
61
51
95
38
102
120
62
23
58
33
13
9
24
17
88
16
.57
114
98
57 60
12 11
1 31
24
68
33
13
9
24
48
4
5
39
37
2S
207
9
!,900 93
300
100
1,400
25
13
48
92
23'
15
47
150
94
108
25
13
48
100 115 naii 11s
5.000 100 100 100
3it0 90. 3 SOU 00
Atlantic Coast L 3.200 113 113 11SU
At! Gulf & W I. 600 24 23 23
Baldwin Loco. ..23.200 121 116 120
5.300
100
!,600
43
do pfd
Ba'.to Ohio.
do pfd
liarnsdall C "Jl
do "B"
P.elh Steel "B'
Booth Fish ..
II R T 1,700 15
Butte C & Z. 900 8
Butte & Sup.... 200 29
.Burns tiros A l.SOO 145
32
zoo . 1
6,100 62
41
31
20
60
'is
7
144
46
80
58
7
110
42
57
!
624
4
15
8
20 H
14 H
4H
8
SO
93 4
S.100 ,141V 139 140
33 "4
do B' . . 'rx 47
Caddo OH 1,700 S
Calif Packing .. loo 80
Calif Pet 8.600 tiOTfc
do p?J 100 93 4
Call Ztnc & Lead 4f0 7
tanaaian .rac
Cen Leather ..
Oerro de Pasco.. 7.300 42
Chandler Motor. 6.300 62 i
Chfto & N W..,. 2,700 81Vi
Chi Gt W 200 4
do pfd 50rt 10
Chile Cop 4,200 2"4
Chlno 700 24i
C M & S P 1,400 23
do pfd 3,50 3tP4
Coca Cola S.300 77
C & 0 900 5 4
Colo F & I mo 26 14
Colo So iih 44 ii
Col Gas & Elec 1,800 101 H 100-i 101
Colum Graph... ! 24 24 $t
Con Gaa 8.600 1254 1244 15
Con Ciirara tJQO Stlft 33 SSU
dO pfQ fifl J
Con Textile .... 4,000 12H 12 12 !
42
60 7i
78 4
,
10
20
234
23
35
75 U
604
23 4
44 4
2
60
4$;
274
38 4
76i
5 4
23
444
liberty Bond Quotations.
NEW YORK, Dec. 6. Liberty bond
prices closed as follows:
4s 100.30
1st 44s 98.60
2d 4 4 98.16
3d 4 4s 98.70
4th 44 98.52
Victory 4s, uncalled , 100.80
Victory notes, called 100.00
U. S. Treasury 4 4s i9.72
Money, Silrer, Etc.
NEW YORK, Dec. 6. Call money, firm.
High, 54; low, 5; ruling rate, 5; closing
bid, 54; offered at 5; last loan, 54;
cull loans against acceptances, 5.
Time loans, steady; mixed collateral,
60-90 days, 45; 4-6 months, 4&5.
Prime commercial paper, 4.
For-lgm bar silver tio
Mexican dollars, 4b4.
LONDON, Dec. 6. Bar silver, Z26.
per ounce. Money, 14 per cent. Discount
1 atea, short and three months' bills,
2 7-l624 per cent.
Foreign Exchange.
Foreign exchange rates at the ciose of
busln-ss yesterday furnished by North
western National bank of Portland. The
amount Quoted is the equivalent of the
foreign unit in United States funds:
Country, Foreign unit. . Fate.
Austria, kronen .000016
Belgium, francs 0650
Bulgaria, leva .0082
Caecho-Siovakia, kronen 0322
Denmark, kroner ..... .2000
England, pound sterling 4.Si00
.0260
.0707
.000160
.0177
.3005
00068
.0502
.0035
.1S5
.0535
.0067
.0145
.1555
.2700
, 1SU5
.5445
.7400
.4y25
Foreign Ixans Advance Witli
Higher Exchange Kates; Spec-
illative Rails Are "Weak.
. NEW YORK, Dec, 6. Marked irregu
larity continued In today's bond market,
acute weakness of a number of the spec
ulative railroad mortgages being coun
terbalanced by the strength of foreign
and United States government securities
and a better tone amontf industrial liens,
Traamg was again comparatively light,
but the restraining effect imposed by the
uncertainty of the government's new
financing was removed after the market
olosed by the announcement of a new
issue on December 15 of $700,000,000 in
short-term notes. Of this sum $400,000,
000 will consist of two issues ofertifi
cates of indebtedness, one maturing in
three months with a coupon rate of 3 4
per -cent and the other maturing in one
year with a 4 per cent rate, and $300,-
000,000 in 24-year treasury notes bearing
a 4 per cent coupon. Cash subscrip
tions will be accepted for the full $300,
000,000 in treasury notes with the gov
ernment reserving the right to Issue ad
ditional notes for ail the victory 4 per
cent aotes, $700,000,000 of which mature
on that date, that are offered for ex
change. St. Paul, Erie and Frisco issues were
the hardest hit in the reactionary move
ment in the railroad group. St. Paul de
benture 4s, the 4s of 1925, general 44s
and convertible 44s and 5a dropped 1 to
24 points; Erie general 4s and convert
ible 4s, series A, B and D, 1 to 14. and
Frisco income 6s and adjustment 6s, 14
to 2 points.
Frisco issues were sold on publication
of a poor earnings report for the first
four months of the new fiscal year, but
there was no apparent outside reason for
the weakness of the St. Paul and Erie
groups.
Seaboard Air Line stamped 4s and
Louisiana & Northwestern 5s also were
under pressure.
Oil and copper company liens made
good progress in the industrial division.
Gains of 1 to 14 points were scored by
Mexican Petroleum 8s, Pierce Oil 8a,
Marland Oil 7 4a, with -warrants, Chile
copper 7s and Cerro de Pasco 8s. Donnar
Steel 7s broke 2 points and Cuba Cane
8s a-d International Paper 5s, series A,
1 each.
Foreign bonds improved in sympathy
with the higher exchange rates. Gains
of 1 to 24 points were made by Cuba
Railroad 7s, Anton Jurgens 6s. Mexjcan
5s, Framerican 7 4s and Holland Ameri
can 6s, but Cuba Railroad 5s were weak.
Except for siicfht recessions in liberty
34's and the new government 44s, United
states government securities improved
10 to 18 cents on $100.
Total sales, par value, were $11,813,000.
Announcement was made today that a
local syndicate, would be awarded $5,000,
000 road bonds of the state of Missouri,
for which bids were received yesterday.
The $2,000,000 bonds maturing on Decem
ber 1, v1923, have - been disposed of an J
the $2,000,000 due December 1, 1924, and
$1,000,000 due December 1, 1925, will be
offered to the public on a 4.30 per cent
basis.
Public offering was made today of a
$4,650,000 issue of consolidated 5 per cent
mortgage bonds of the Dominion Iron &
Steel company. The price was 85 and in
terest to yield 6.46 per cent.
New York Curb Stocks.
Furnished by Jordan, Wentworth &
Co. of Portland:
Industrial
Acme Coal Mining 55
Acme Packing 35
Buddy-Buds, lnc 1 13-16
Car Lighting & Power 1
Colombian Emerald Syn. 50
Continental Motors 10
Durant Motors, Inc. . 62
Glen Alden Coal .- 50
Mercer Motors 24
Peerless Truck &, Motor . . . . 66
Phiilp Morris 18
Radio Corp of America 34
do pfd ; 215-16
Schulte Retail Stores 57
Southern Coal & Iron 3
Un Retail Stores Candy 54
Wayne Coal 24
Oils
Allied Oil 2
Anglo American ....... 10 4
Arkansas Nat Gas Com 8 4
Boone Oi 3
Boston-Wyoming Oil 92
Carib Syndica 44
Cities Service Bankers 104
Cities Service Com .' IDG
Creole Syndicate 1
Cushing Petroleum 3
Engineers Petrol Co 16
Federal Oil 70
Gilliland Oil, Com 24
Glenrock Oil 1
Hudson Oil 10
International Petroleum .......... 204
Keystone Ranger Devel 26
Livingston Oil Corp - 5
Lyons Petroleum 64
Mammoth Oil 414
Maraiaibo Oil Explor 15
Merrit 7
Mexico Oil Corp , 87
Mountain Producers 16
Mutual Oil 10
Noble Oil A Gas 22 .
Omar Oi: & Gas 93
Producers & Refiners 7
Red Bank Oil ..,..13
Sapulpa Refining 3
Simms Petroleum. 12
South PetroK &, Refining 9
Southwest Oil 1
Standard Oil of Ind. .......1174
Texon Oil & Land , 84 .
Victoria 5
"Y" Oil & Gas '. 8
Mining
Alaska Brit-Col Metals .
Big Ledge Copper Co....
Canada Copper Co
Candalaria Silver
Cash Boy Consolidated ..
Consolidated CoDDer
Cork Province Mines 17
Cresson Con Gold M & M 24
Dean Consolidated Corp 65
Divide Extension 11
EI Salvador Silver Mines 2
Ely Con3olidated 3
Emma Silver 2
Eureka Croesus 20
Fortuna Cons. Mining
Goldfleld Deep
Goldfield Development .....
Goldfield Florence
Gofd Zone Divide
Harmill Divide ,
Hecla
Henrietta Silver
lndepend Lead Mining ....
Jerome Verde Devel
Knox Divide
Lone Star Consol
MacNamara Cresc Min..,..,
MacMmara Mining 7
Marsh Mining 8
McKinley-Darraeh-Sav 17
Mexican Eagle 0
National Tin Corp , 23
10
. 5
45
1
.
4 '
1
!3
12
a
14
9
11
8
40
29
2
2
4
Nevada Ophir
NipiSoing Mines
Ohio Copper ,
Ray Hercules. Inc
Red Hills Florence ,
Res Consolidated Mining ,
Sandstorm Kendall
Silver Mines of Amer....
Spearhead
Success Mining
Teck Hughes
Tonopah Divide .........
Tonoj.ah Extension
United Eastern Mining ..
YVCBfc 1'UlliO UfIH. . .
6
2
17
3
45
85
74
3
19-16
15
West End Consolidated 1 7-16
Astoria Butterfat Lower.
ASTORIA. Or,, rec. 6. (Special.)-
ofonzeOfllj
"Mortgage Loan
Headquarters"
TJ0R 35 years the Portland
" Trust Company has been
satisfactorily meeting the bor
rowing requirements of Port
land home owners and builders.
Loans on Homes,
Flats, Apartments and
Business Properties.
Portland Trust
Company of Oregon
SIXTH AND MORRISON
e Northwestern Na
"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
"The Standard Investment
Stock of the Northwest"
r
. G. Tavares
I
I Mgr. Stock Sales,
Northwestern Electric Oov
Pittocfc Block, Bdiry. 0580.
Name x. ......... ..
Address oj
Fifty cents a pound for hutterfat is the
price set by the directors of the Lower
Columbia Dairy association to be paid
for the deliveries made to the associa
tion creamery during the month of No
vember. This la 1 cent a pound less
than was paid during the month of Octo
ber, but is from 3 to S cents a pound
higher than the price prevailing at other
points in this district for November.
Mining Stocks in Boston.
Furnished by the Overbeck & Cooke
company of Portland. Bid. Asked.
Ariz Com 7 7
Adventure 50 80
Ahmeek 56 5
Algomah 25 40
Allouez 1 20
Arcadian 2 2
Bingham Mine 17 18
Cal & Ariz 53 54
Calumet & Hecla 280 2S5
Centennial 8 9
Cop Rge 36 37
Davis Daly 2 3
East Butte 1 8
Franklin Mfg 1 1
Hancock 2 2
Helvetia 70 71
Island Creek 16 17
Keweenaw 1 1
Kerr Lake 3 3
Lake Cop ;.. 3 4
La Salle 1 1
Michigan 1 2
Mohawk 56 58
May Old Colony 2 3
Mason Valley 1 i
North Butte 0 9
NipiEsing 5 6
North Lake 20 40
Old Dom Cop 10 17
Osceola Mng . , , .......... , 27 29
Ojibway 1 2
Quincy Mining 31 33
Pond Creek 20 20'
South Lake 38 40 I
Supp Boston .1 1
Uni Shoe Mch 42 42
do pfd 26 27
Superior Copper 3 4 !
Shattuck 6 . 8
Tuolumne ,... 47 50
Utah Metals 81 i0
U S Mining 88 38
do pfd 47 47 u.
Utah Apex 2 ' 2
Ventura 1
"Wolverine ., 7 8
Wyandotte 25 35
Standard Oil Stocks.
Furnished by the Overbeck & Cooke
company of Portland:
Bid. Asked.
Anglo 10 1P
Borne Scrysmer ...........585 600
Buckeye 88 00
Cheesebrough ...215 .225
do pfd 112 115
Continental .14G 150
Crescent 43.. 44
Cumberland .............. .100 170
Eureka 09 101
Galena com . GO 53
do Old pfd ....108 110
do New pfd .105 109
Illinois Pipe 165 168
Indiana Pipe 80 90
Nat'l Transit 25 26
N T Transit ;.130 1 135
Northern Pipe 98 100
Ohio Oil ' 72 75
Inter'I Pete 20 20
Penn Mex 18 22
Praire Oil 625 635
Prairie Pipe 313 313
Solar Refg 305 375
Southern Pipe 100 102
South Penn Oil 158 102
S W Penn Oil 67 60
S O Ind 117 117
S O Kansas ................ .655 665
S O Kentucky ' 127 129
S O N X 48 48
S O Ohio 275 285
do pfd 118 120
Swan A Finch 28 30
Vacuum 642 648
Washington 24 28
$6,000,000
Ohio and Northern Gas Company
Guaranteed Three-Year 7 Secured Gold Notes Series "A"
GUARANTEED BY ENDORSEMENT ON EACH NOTE BY
CITIES SERVICE COMPANY
PRICE
100
and interest
Dated November 1, 1922
Due November 1, 1925
Denominations
1,000, $500 and $100
Authorized $10,000,000; this
Series J6,000,000. Interest
payable May 1 and Novem
ber 1 at the office of -Halsey,
Stuart & Co., Inc.,
Chicago, and at the officii
or agency of the Company
in New Yorfc. Redeemable
at the following prices and
' accrued interest: at 105 to
May 1, 1923, and thereafter
at 105 less 1 for each ex
pired six months from date
of issue to May 1, 1925, and
at 100 during'the last six
months.
The Company agrees to
purchase through Halsey,
Stuart- & Co., Inc., if ob
tainable at or below par
and interest,' $375,000
principal amount of these
Notes during the' period
ending October 31, 1923,
and $600,000 principal
amount during each of the v
periods ending October 31,
1924 and 1925. The amount
of these funds will be in
creased or decreased de
pending upon the issuance
of escrow Notes or reduc
tion of this indebtedness
under release of property
provisions all as set forth
in the Trust Indenture.
Mr. Henry L. Doherty, President of the Cmpany, svaunmrlzes trmm Us letter
to a. as follows i
The Company, through stock ownership, will control
The Central Ohio Gas Company, Northwestern New
York Gas Company, and Manufacturers' Natural Gas
Company, Ltd., and will have associated with it
(through ownership of bonds) Dominion Gas Company
and Southern Ontario Gas Company, Ltd., which com
panies directly or through subsidiaries distribute nat
ural gas without competition at wholesale and retail
"to about 125 diversified communities in central Ohio,
northwestern New York and southern Ontario, Canada.
Cities Service Company will own directly or indi
rectly all the Capital Stock, except. directors' qualify
ing shares, of Ohio and Northern Gas Company; and
its equity in that Company and Companies to be owned
by it (including investment of bonds of associated com
panies) is conservatively valued at . substantially
$11,000,000 above all indebtedness to the publis, includ-
ing this series of Notes.
This 6eries of Notes, the proceeds of which will be used to repay certain
advancements, will be, in the opinion of counsel, tha direct obligation of
Ohio and Northern Gas Company and will be secured by pledge of at least
$9,475,000 principal amount of Bonds and Notes of subsidiary and associated
companies (which amount includes 90 of all funded debt of subsidiary
companies) and all common stock, except directors' qualifying shares, of
the three subsidiary companies, and furthermore! will be guaranteed as tot
principal, interest and purchase fund payments by Cities Service Company,
which had outstanding in the hands of the public on October 10, .1922,
$78,798,796.24 preferred stock, $3,512,220 preference stock and $46,593,786.40
common : stock, having' a market value at present quotations in excess of
$140,000,000.
The replacement property value of the companies to be controlled by
and associated with Ohio arid Northern Gas Company is about $26,500,000,
. The proportionate value of the properties of these companies to be repre
sented by the pledged collateral securing these Notes is approximately
?J.7,O00,000. . , 4
The Trust Indenture will provide that the collateral Becuring these Notes
must be so maintained that the earnings (as defined in the Trust Indenture)
accruing thereon shall for any twelve month period equal at least twice the
annual interest charges on all Notes of this issue outstanding, also that if
any collateral shall be released or any escrow notes issued, lie value (as
defined in the trust indenture) of the properties represented by pledged
collateral must thereafter always remain in the ratio of at last $2000 for
each $1000 Note outstanding.
The combined gross earnings of subsidiary companies of Ohio and
Northern Gas Company, as it will be constituted, including annual income
from Bonds to be owned of associated companies, for the twelve months
ended September 30, 1922 (as certified by independent auditors), amount to
$2,848,039.42, "and the net earnings after deducting operating expenses, in
cluding maintenance and nil taxes, amount to $1,024,448.71. Deducting
from these net earnings the interest on Divisional Bonds and other interest,
charges of such subsidiary companies and annual interest requirement
of $420,000 of this series of Notes, the balance of earnings available for
depreciation, depletion and dividends amounts to $517,427.76.
These Notes are offered for delivery when, as and If Issued and recedved ty
us, and 6Ubject to approval of counsel and such public authorities as may be
necessary. It is expected that temporary Notes or interim receipts later ex
changeable for definitive Notes will be ready for delivery on or about Decem
ber 20, 1922. All statements herein are official or are based on information
which we regard as reliable, and while we donot guarantee them, we our
selves have relied upon them in the purchase of this security.
Halsey, Stuart & Co: Carsteris & Earles;
Chicago
Incorporated
New York
St. Louis
Seattle
Incorporated.
San Francisco
Los Angeles
S O Nebraska
Imperial Oil .
HMT 1&5
113 114
Swift St Co, Stock.
Swift & Co. stocks of Chicago as re
ported by the Overbeck & Cooke com
pany of Portland;
Swift & Co. ..108
Libby, McNeil ft Llbby 6
National Leather 7"4
Swift International . 194
Coffee Futures Irregular.
NEW YORK, Dec. 6. The market for
coffee futures closed net eight points
lower to six higher. Sales . were esti
mated at about 55,000 bags. December,
9.85c; Januray, 0.74o; March, 9.54c; May,
9.21c; July, 8.92c; September, 8-45c.
Spot coffee steady; Rio 7s, 11c; Santos
4s, 1515&
' "
Cottonseed Oil.
Cottonseed oil futures at New York
furnished by Jordan-Wervtworth & Co.:
December, $9.469.50; January, $9.55
9.B8; February, $9.269.24; March,
$8.709.72; April, $9.759.81;. May,
$9.879.88; June, $9.889.97; July,
$9.8 10.03. Spot, $9.48. Total sales,
2500. -
Naval Stores.
SAVANNAH, Dec. tt. Turpentine
Firm; sales. 1788 barrels; receipts, 193
barrels-; shipments, 159 barrels; stock,
13,243 barretB.
Rosin Firm; sales, 1187 barrels; re
ceipts, 2145 barrels; stock, 108,222 bar
rels. Quote: B, D. E, $5.10; F. G,
J5a2; H, I, $5.15; K. $5.20; M. $5.30;
N, $5.50; WO, $5.85; WW, $6.50.
Chicago Oil Market.
CHICAGO, Dec 6- Gasoline Tank
wagons, 18c; service stations, 20c; ma
chine, 27.7c Oils, summer, 11.4c; win
ter, 11. 9c Carbon perfection, iron bar
rels, 11 Mc. Linseed oil, raw, one to four
barrels delivery, 79c; boiled, 99c, Tur
pqntlnft, $1.76; denatured alcohol, 42c.
Finland, finmark
France, francs ............
Germany, marks
Greece, drachmas
Holland, guilders ..........
Hungary, kronen ,
Italy, lire
Jugoslavia, kronen
Norway, kroner
Portug'-tl, escutlos
Roumania lei
Serbia, dinara
Spain pesetas .............
Sweden, kronor ... ... ....,
Switzerland, francs ..,
China
Hongkong, local currency ,
. Shanghai, taels ,
Japan, yen
NEW YORK, Dec 6. Foreign ex
change irregular. Great Britain, de
mand $-56Vi ; cables $4.56 ; 60-day
bills on banks $4.54: France, demand
6.99; cables 7.00; Italy, demand 4.96;
tables 4.9&; Belgium, demand 6.43H:
cables 6 44; Germany, demand 013-16;
cables .01 "4 ; Holland, demand 39.93:
23NLcables 39.96; Norway, demand 18.87;
Sweden, flemana ae.yu; Denmark, de
mand 20 50; Switzerland, demand 18.87;
Spa in d eraand 1 5. 50 ; G reece, d emand
1.02; Poland, demand 00 ; Czecho
slovakia, demand 3.10; Argentina, de
mand 37.68; Brazil, demand 12.30; Mon
treal. 100.
Sugar Market.
SAN FRANCISCO. 11m A rallfornt
Coot Can ...... 16,800 lOtj 103 103 j Hawaiian raw sugar, 5.78c j
A type of bond of which
there is none finer sav
ing that of the federal
government. .
State of
OREGON
4'2 District Interest Bonds
Dated Dec 1, 1922-Due Serially
1941-58. Den. $50041000
These income tax exempt bonds
are general obligations of the state.
They are the highest type of bond
a state can issue.
PRICES TO
YIELD
LUMBBEMENS
-,Pjs t(3mfat-BANK"
BROADWAY and OAK
1.35
We Offer With Our Recommendation:
Government and
Municipal Bonds
Due.
Price. Yield
96.50 7.30
Republic of Chile 7 .1942
Republic of Colombia 6. .. 1927 98.00- 7.00
Clackamas Co., Or., School
Dist. No. 62 5 ...1930-32 Var. 4.60
Port of Portland 5 1941 107.54 440
Federal Land Bank 4 .... 1942 101.50 4.30
Industrial and Utility Bonds
Tide Water Power Co. 6 ... . .1942 96.00 6.35
New Orleans Public Service 5 1947 90.00 5.70
Sinclair Pipeline Co. 5 1942 5.80
Southern Cal. Edison Co., 5.. 1944 95.00 5.40 -
Bond & Goodwin sTucker
ISAM rHAKCIKO
PORTLAND
LOS ANCCtCI
Food and Clothing
Serial
Maturities
Exempt
from Normal
Federal
Income Tax
Denominations
$100
$500
$1000
are essential to human life.
The demand for these com
modities is constant.
The bonds of the Butterfield
Livestock Company are a first
mortgage on properties pro
ducing an anual net revenue
from the sale of grain, sheep
and wool of double the aver
age annual mortgage require
ments. Call, write or phone Main 4195
for farther information
PRICE
TO
YIELD
7
G'E'MIHER 9 COMPANY
Portland Icl f!?li!lVi WiftftllSM.San Francisco
Seattle 'ovjm " Los Angeles
2dFlr.N.W.BankBldg. PORTLAND Phone Main 4195
We Offer
on easy payments
a
real estate
secured
investment
yielding
Write or call
801 Wilcox Bldg, Portland, Or.
TRADE SAFELY
IJf THE STOCK MARKET
20 shares' aia Unlimited
T-S&VoZ Pi" Profit.
Any Stock Exchange Issue
eon PUTS &
ZU CALLS
Write for Booklet 71 Free
C. GOLDHURST & CO.
Largest Put and Call Dealer in U. S.
50 Broad Street, New York
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