THE MORNING OREGONIAN. THURSDAY, DECEMBER 21, 1923
25
y
r
FOREIGN EXCHANGE
RETAINS STRENGTH
Recovery Made After Early
Weakness in Market.
WHEAT AT HIGH FIGURE
Now Price for Season Is Beached,
but Drops Back Later on
Irregular Buying.
DAY'S TRANSACTIONS IN
STOCK MARKET.
DayV total gales, 865,000
shares.
Twenty industrials averaped
97.31; () net loss, .82. High,
1922, 103.43; low, 78.59.
Twenty railroads averaged
84.32; net loss, .34. High, 1922,
93.99; low, 73.43.
() Extra dividend. .11.
(By Chicago Tribune i,eased Wire.)
NEW YORK, Pee. 20. The more iiote
Vforthy incidents in today's markets were
the recovery in foreign exchange rates
after early weakness, resumption of the
recent advance in liberty bonds and the
reaching by wheat of another new high
price for the season, $1.28 ',4 a bushel
which, however, was not maintained.
Most of the markets reflected the back
ing and filling of speculators not very
sure of their position. This was particu
larly true of the stock market, which
ended with a wholly irregular and con
flicting series of net changes after a
day of alternate bidding up and driv
ing down of prices by groups of pro
fessional operators.
In the early hours railway shares were
especially strong. Actual news cuts littie
or no figure in such a market as now
prevails and the carloading returns were
not published until after the close of
business. They cover the week ending
December 0. Because of the occurrence
of the Thanksgiving holiday in a differ
ent week this year from the two pre
ceding years, this is the first state
ment since the middle of November
which admits of fair comparison. With
that fact in mind it is interesting to
learn that the week's loadings not only
ran beyond 11)21 by 178,000 cars, or 24
per cent, but were larger than in any
previous year. Leadings of general mer
chandise were 81,180 cars above the same
week in 1920.
Sterling Goes Down.
Sterling at one time today declined to
94.60, a reaction of 9 ' cents from the
high point of a week ago, but strong
buying at that rate drove th$ price back
to $4.03. The franc and lire moved simi
larly, though they did not, like sterling,
end at a higher figure than the day be
fore. Today's census estimate on cotton gln
nings threw no great light on the ques
tion of total yield, except that it did not
point to any excess over the agricultural
department's recent estimate. That esti
mate was for $9,904,000 bales, the small
est in -0 years, except for last year's
crop. There is now shown to have been
ginned this season, up to December 13,
11,403,208 baits, leaving 470,000 to be
turned out if the department's estimate
was exact. In remaining "ginning pe
riod" last year only-123,000 bales were
accounted for. The year before the fig
ure was 3,140,000 .bales; but that was a
13,374,000 bale crop. Furthermore, the
ginnlngs in the first half of the present
month were only 174,000, as against 458,
000 in the preceding fortnight and 151,
000 in the corresponding period even of
last year.
Directors of the International Mercan
tile Marine company will meet after the
close of business tomorrow to decide upon
what action should be taken In -regard
to the regular semi-annual dividend of
3 per cent, due to be declared on the
preferred stock. For the past month or
more unfavorable rumors have circulated
about the street as to what action might
be taken. Within the last week, how
ever, a new rumor appeared almost
daily and the stock has suffered ac
cordingly. Today it broke to 45 Oi, which
is only a fraction above the low record
for the current year.
California Petroleum attracted atten
tion in today's declining market because
of its sharp gain of more than 8 points
at the high of the day and a net gain
of 6 points at the close.' The advance
was accompanied by rumors that the
Pan-American Petroleum & Transport
company is negotiating for this property
to be operated in conjunction with the
development of naval reserves in Cali
fornia. This report was denied by of
ficials of the Pan-American company but
the denial did not come until after the
close of the market. Officers of the lat
ter company, however, admitted that they
were negotiating for new property, but
that these were in no way associated
with the California Petroleum.
i
According to reports in public utility
quarters today the preliminary Is being
laid for a merger of the Pacific Gas &
Electric company and the Great West
ern Power company, two large companies
operating In the Pacific states. None of
the New York bankers have been ap
proached as yet regarding the financing
of the project but it is understood this
is the next step on the programme.
The Southern Pacific's final settle
ment of $9,250,000 with the United States
railroad administration, announced to
day, represents one of the largest single
' settlements which have been consum
, mated in several months: It was ex
plained that this payment was a lump
sum settlement and cleans up the car
rier's account with the government, as
no funding of governmental outlays for
additions and betterments was necessary.
Officials stated that they would be
forced to study the problem of the al
location of this money very closely and
that while it would appear in the 1922
report, it was not yet decided in just
what column it would be placed.
CLOSING STONCK QUOTATIONS.
' Furnished by Overbook & Cooke com
pany of Portland:
Advance Rum 13 tj
Austin Nichols.. 2,000 32 30 32
Agr Chem 2,000 83 ft 81 81
do pfd 100 60 0 69
Ajax Rubber . 11
Alaska Gold ... '500 4 ii
Alaska Juneau ',; 1
Allied Cham .... 8,300 81 , 77 78
Allis Chalmers.. 800 45 44 44
Am Beet Sugar 100 39 89 39
Am Bosch 2,000 42 40 41
Am Can Co .... 7,300 74 73 73
do pfd 300 111 111 110
Am Car & Fdy. . 200 181 181 10
do pfd 121
Am Cot Oil ... 800 17, 17 17
Am Drug Synd. . 100 6 6 6
Am H & Jjeath 10
do pfd 300 63 63 3
Am Ice 400 110 110 108
Am Intl Corp .. 50O 28 27 27
Am Linseed .... 100 31 81 81
do pfd 300 5 2 52 52
Am Loco 2,800 125 123 123
Am Saf Razor.. 600 6 6 6
Am Ship & Com 2,700 20 19 19
Am Smelter ... 2,400 '60 65 55
do -pfd 200 98 98 98
Am Snuff 142
Am Steel Fdy... 800 37 37 39
Am Sugar 200 75 78 74
do pfd 106
Am Sumatra ... 300 28 28 28
Am Tel & Tel.. 1,100 123 122 122
Am Tobacco ... 100 14 154 154
do "B" 200 11 151 150
Am Wool 1,000 96 94 94
Am W P pfd ... 600 28 i8- 28
Anaconda 6,900 50 49 49
Assd Oil 400 115 115 115
Atchison 800 101 100 100
do pfd 300 91 91 90
Atlan Coast Lino uo
At Gulf & W I.. 700 22 21 22
Baldwin Loco. . .28,100 131 128 128
do pfd , 112
Bal & Ohio 22,500 41 41 41
do pfd 400 8g 68 58
Bsrnsdell Cor A 1,800 80 9 o
do B 400 19 IS 18
Beth Steel B... 18,00 61 69 69
Booth Fish 400 4 4 4
B R T ' 200 16 15'i 162
Butte C & Z... 2,600 9 9 9
Butte & Sup 8lii
Burns Bros A ,. 6,600 145 142 144
do B 2.100 44 42 43
Caddo Oil 1,100 7 7 7
Cal Packing ... 100 81 SI 81
Calif Pet 39,000 63 65 63
25
31
114
129
43
54
80
10
14
90
Cal Z & Lead... 2,100 9. 9
Can Pae 800 143-141
Cen Leather ... 400 32 32
Cerro do Pasco.. 2.800 45, 44
Chandler Motor. 1,400 62 82
Chi & N W .... 1,200 79 78
Chgo Ot W 2,100 4 4
do pfd 3.200 9 7
Chill Cop 13,800 28 28
Chlno 900 20 26
C M St P 1,500 22 21
do pfd ..' 3,900 34 3.1
t: & O 7114 70
Colo F si I .... 300 24 24
Colo Southern .. 200 42 42
Col Gas & Blec. 1,000 105 104
Columbia Graph. 2.000 2 2
Con Gas 2,900 118 116
Cons Cigars .... 1,400 38 87
Cons Textile ... 800 12 11
Contl Can 400 111 110
Corn Prod 7,600 131 128
1 P
Codn OU 9,200 62 60
C A I & P 1900 81 80
do "A" pfd :
.do "B" pfd .. 200 81 81
Crucible B,000 71 69
do pfd
Cuba Cane 100 13 13
do pfd
Cuban Amn 8ug 2,000 26
Davison Chcm . 1,300 82
Del & Hudson... 1,900 117
Del & Lack ... 200 129
Dome Mines .... 300 43
Elec Stor Bat... 400 65
Fndlcott Johnson 3,100 88
Erie 1,200 10
do 1st pfd 1,200 14
Famous Players 500 91
sea Min temit
do pfd
Fisk Tire 700 12 12
Gen Cigars 100 82 82
Gen Elec 1,300 184 181
Gen Motor .... 14,200 13 13
Gen Motor 6
Gen Asphalt 3,900 46 45
Glldden Paint
Goodrich T & R 600 84 33
Glen Alden
Granby 200
Great Nor Ore . . 1.700
Great Nor pfd .. 3.900
Greene Cananea
Gulf S Steel 2,000
Houston Oil 400
Hupp Motor .... 100
Ills Cent 900
Inspiration 1,400
Int Agr Che com .....
do pfd 900
Interboro
do pfd
Int Harv 900 90 80,
Int Mer Mar .... 400 11 10
do pfd 1,000 48 45
Int Nickel ..... 1.500 14 13
Int Paper 1,700 52 61
Int Comb Eng
Invincible Oil .. 7,100 14 14
Island Oil 3,100
Jewel Tea ..... I0O 20 20
K C Southern .. 1,200 18 18
do pfd 100 53 63
Kayser J S00 4:1 ' 42
Kelly-Spfld 600 48 43
Kennecott 3,100 37 30
Keystone Tire .. 400 10 8
Lack Steel
Lee Tire 100 20 21!
Lehigh Valley .. 6,400 66 64
Lorillard . ... . .
Loew Theaters.. 2,400 19 18
L, ec ?i
20
31
78
68
25
ioa
30
26
30
77
'is"
67
25
108
35
31 30
57
20
14
68
258
19
27
11
28
5S
24
'14
67
255
17
27
11
27
55 55
Lima Loco 1,500
Marland Oil 3,300
Max Motor "A"
do "B" GOO
May Stores .... 1,500
Mex Pet 200
Mex Seaboard . . 8.200
Miami 200
Mid States Oil .. 1.000
Midvale Steel . . 7.400
M K & T Wl .... 1,800
Mack Truck .... 700
Mont Power
Mont Ward 4,800 23 22
Mo Pac 1,600 30 15
do pfd 800 42 42
M StP & S S M
Nat Biscuit Wl
Nat Enamel ... 5.300 67 65
Nat Lead 1,000 127 124
Nevada Con 900 15 15
New Haven .... 600 21 20
Norfolk W... 900 110 109
Nor American .. 6,600 92 92
Nor Pac 1,300 75 75
Nova S Steel 100 26 26
N Y Air Brake
N Y Central . . .. 6,200
Okla Prod ref ... 3,400
Orpheum 300
Ontario &W ... - 200
Otis Steel 300
Plggly Wiggly .. 1,100
Pac G & Elec ... 2,700
Pac OU 2.500
Pan Am Pet 51.800
do "B" 51,700
Penna 2,800
Penna Sea Steel. 20O
Peo Gas
P Marquette
Phila Co ...
Phillips Pete
Pierce-Arrow
Pierce Oil
900
100
8.100
2,100
500
Pitts Coal 1,000
300
100
200
1,400
1.300
Pitts & W Va.
Psd Steel Car .
Punta Alegre . .
Pullman
Pure Oil
Ray Cons 1,100
Reading 7.300
Replogle Steel... 1,300
Rep I & S 1,300
do pfd 900
Royal Dutch Oil. 8.400
Saxon Motors . . 300
Sears Robuck . . 1,700
Shat & Ariz 500
Shell T & T ..... 100
Sinclair 6,600
Sioss Shef
Sou Pacific 8,700
Sou Ry 3,400
Sterling Prod . . 600
Stand Oil Cal... 8,600
do Ind
do N J ...... 1,300
do Ky
St L ft S F 1,000
Stromberg Carb .4,700
.59,700
94
1
18
20
8
51
86
44
03
87
40
8
"36
40
42
13
4
6R
33
79
46
131
2J
14
79
25
45
82
51
1
89
8
36
31
1
17
20
8'
51
80
44
90
85
45
3
36
40
41
13
4
57
83
79
46
129
27
14
77
24
44
81
60
1
88 .
8
36
31
c.
400
4,800
700
100
3.600
600
600
Studebaker
Swift & Co.
Tenn Cop A
Texas Oil
Texas Pac
Tex Pao C & O. 700
Tob Products... 1,200
Tran Contl Oil. 1,200
Tlmken R B . . . . 900
Union Oil Del... 700
Union Pac 7,000
United Alloy
Un Food Prod. . oft
United Fruit
United Rds N J
do pfd
Un Ret Stores... 4,600
use I. Pipe
do Ind Alo
do Rub
do Rub 1st pfd
do Smelting. . . 2,000
do Steel 38,300
do pfd 200
Utah Copper. . . . 700
Va Chem 1,200
do pfd 100
Vanadium Steel 700
VIvaudou 500
Wabash 800
do A pfd .... 900
do B pfd
Wells Fargo
Western Pao.... 100
do pfd 200
Western Union.. 1,300
West'hse A B... 100
do E A M 2,100
West Md 900
White Eagle Oi! 3,800
White Motors .. ino
White Oil 1.700
rWillys-Overland. 700
ao pid 1,000
Wilson Packing
Wise Central
Woolworth 300
Worth'ton Pump 200
WALE 700
8S
23
r8
110
115
190
117
21
64
136
"
47
21
21
55
12
32
17
136
87
'57M
114
114
191
117
21
62'
133
"o'
47
20
20
54
12
32
17
135
4 ., 4
71
27
66
52
96
38
107
120
64
25
62
35
14
8
23-
69
27
66
52
95
.18
105
120
64
24
62
35
14
8
22
15
53
115
113
60
11
32
48
3
6
43
15
53
114
113
59
10
31
48
3
6
42
209
81
208
30
9
143
82
44
81
77
4
8
28
26
21
83
75
70
244
42
103
2
116
38
11
109
129
119
50
80
91
81
69
87
13
89
25
81
116
129
43
64
86
10
14
90
. 9
52
12
82
181
13
82
45
9
33
54
26
80
77
27
77
67 K,
24
108
35
6
81
00
10
46
13
51
23
14
20
18
53
42
43
36
il
74
20 -
65
167
1
130
57
26
46
14
7
258
18
27
11
27
15
55
67
22
16
42
62
81!
60
124
15
20
109
92
75
20
26
93
1
17
20 .
8
61
83
44
92
80
45
3
93
36
40
42
18
4
67
33
79
46
129
27
14
77
25
45
82
50
1
87
8
36
31
39
87
23
58
115
114
190
117
fcr
133
106
' 9
47
20
20
64
12
82
17
136
34
4
152
11
25
70
26
65
62
95
37
105
120
64
24
62
35
14
8
23
17
88
14
61
112
113
69
11
32
48
3
6
42
35
27
206
30
mmjm better
INVESTMENT BUYING NOTED
IX GOVERNMENT ISSUES.
Kailway List Irregular, With St.
Paul Weak Feature; Small De
mand lor Foreign Liens.
NEW YORK, Dec 20. Moderate im
provement in United States government
issues and marked irregularity in the
rest of the list was noted in today's
dealings In bonds on the New York
stock exchange.
Aotive buying of government bonds led
to the belief that the January reinvest
ment demand was first- making itself
felt in these Issues, liberty 3s gaining
16 cents on $100 and the second, third
and fourth and new 4 8 improving 8 to
12 cents. The first 4s and the victory
4s yielded Blightly at the close.
There was not much demand for for
eign liens, which exhibited a weak tone.
Serbian 8s, Swiss 8s and United King
dom 5s of 1929 each sold off a point
and the losses in other'-issues were fractional-
-
Further weakness of St. Paul con
vertible 4s and debenture 4s, each of
which dropped more than a point, was
the outstanding development in the rail
road list. No new reason was ascribed
for this weakness, but it is believed in
some quarters that the recent cut in
the Great Northern preferred dividend
may have been an indirect cause for
further Belling of these Hens.
St. Louis-Southwestern 4s dropped 1
and the 5s 1, other weak spots In this
group being Erie convertible 4s. series D,
Seaboard Air Line consolidated 6s, New
Haven 6s, Chicago & Alton 3s, and
Pennsylvania consolidated 4s, Kansas
City Southern refunding 5s, New Haven
5s of 1956, and Seaboard Air Line ad
justment 5s moved to higher ground.
Packard Motor 8s, Lackawanna Steel
5s of 1960, and Marine 6s were all active
and closed at higher prices, while
Hershey Chocolate 6s and Marland Oil
8s, with warrants, were weak.
There were a number of bond offer
ings today, including two of tl, 500,000
each. Each was an issue of 10-year 7
per cent convertible sinking fund de
benture bonds of the Merritt-Chapman
A Scott corporation, which were of
fered at 101 to yield over 7.25 pel
cent, the issue being oversubscribed.
The other was an issue of 5 per cent
land bank bonds of the First Texas
Joint Stock Land bank.
New York Bonds.
NEW YORK, Dec. 20. (By the As
sociated Prtss. ) Following are today's
high, low and closing prices of bonds on
the New York Exchange, ind the total
sales cf each bond.
U. S. Bonds
Sales. High. Low. Closo.
.1239 100.74 100.48 100.64
do Is: 4s .. 151 98.94 98.84 98.84
do 2d 4s .. 774 98.28 9S.10
.1042 98.8S 98.76
.1084 98.64 08.48
un. 923 100.36 100.3:
Liberty 3s
Is: 4s
2d 4s
do 3d 4i3
do 4th 4s
victory 4s.
98.18
98. S4
98.60
100.32
99.90
10b 100
109 109 109
111 111 111
USTreas4s.. 399 99.92 99.78
orelgr-
Argentine 7s . , . . . 37 100
uity 5ergen 8s.... o
City Berne 8s 1
City Bord 6s 12
City Copen 5s... 1
City Gtr Prag 7s 69
City Lyons 6s 10
City Marseilles 6s. 9
City R de Jan 8s . 3
City Zurich 8s 2
Czech'vk R 8s otfs 3
Danish Muni 8s A
Dep Seine 7s 17 -86
8
89
74
7.8
78
96
112 112 112
86 86 86
108 108
78
8l
75
78
' 78
96
78
89
75
78
78
90
Money, Sliver, Etc.
NEW YORK. Dec. 20. Call money.
fiASlAIV "hle-h 4 8Z l-nn. A .
--- . ---o", - , , .v, -x, i-uiing rate,
4; closing bid, 4; offered at 4: last
loan. 4: call innna ain.t . TL
BLVCllUlUlCa,
Time loara. steady; mixed collateral,
60-90 days, 45; 4-6 months, 45.
Prime commercial paper, 4.
Foreign bar silver, 62.
Mexican dollars, 47 c .
LONDON, Dec 20. Bar silver, 30d
per ounce. Money, 1 per cent. Dis
count rates, short and three months
.bills, 22 per cent.
COTTON FUTURES CLOSE LOWER
Extensive Profit-Taking In Market at
New York.
(By Chicago Tribune Leased Wire.)
NEW YORK, Dec 20. After an early
advance took cotton prices to slightly
higher record levels for the year, today's
market met extensive profit-taking in
the second hour, which continued for
the rest of the session and closed with a
net loss on the day of 14 to 16 points
for the near positions and lo to 28 for
the distant months. On the census
bureau's ginning figures prices were' bid
up early. May touching 26.45c and July
26.24c, out on tne pre-noliday liquida
tion by the south, commission houses
and Wall street longs, prices sagged and
closed near tne bottom.
The local market for spot cotton was
quiet, 16 points decline, 26.05 for
middling upland.
Southern spot markets were: Galveston
25.80c, 15 points decline; New Orleans
26c, unchanged; Savannah 26c, 14 points
decline: Norfolk 26c, unchanged; Mem
phis 26.25c unchanged; Houston 25.75c,
10 points decline; Little Rock 25.75c, un
changed. The range of New. York cotton futures
as reported by Overbeck A Cooke com
pany of this city:
Month. Open. Hteh. Low. Close.
January 25.99 28.03 25.66 25.75
March 26.20 26.80 25.96 23.97
May 26.35 26.42 26.04 26.07
July 26.20 26.24 25.82 25.82
October ... 24.46 24.55 24.18 24.26
December 23.19 26.20 5.75 5.84
Do C 6 nts. '29
D of Can 5s, 1052
D E Ind 6s, 1947
do 1962
French Rep Ss . . .
do 7s
Hol-Am Line 6s...
Japanese 4s
K of Belgium 7s
101
911
93
94
98
94
88
81
86
101
99
92
92
98
94
88
81
108
86
101
99
93
98
94
88
81
do 6s 19
13 101 101 101
26
K of Denmark 6s
K of Italy 6,4s. ..
K of Nether 8s. . .
K ot Norway 8s...
K of Sweden 6s. ..
Parls-Ly-Med 0s..-
Rep Bolivia 8s
Rep Chile 8s, 1946.
Rep Cuba 5s. 1904
State ot Queens 6s
S of S Paulo s,f Ss
Swiss Confed 8s..
V K of G B A I
5s, 1929 199 113
96 90 96
98 98 9S
94 94 94
114 98 97 98
6 111 111 111
7 104 104 104
26 ,78 72 72
17 93 93 93
3 103 103 103
1 96 90 96
3 101 101 101
9 98 98 98
7 118 117 117
do 1937
U S of Brazil 8s. .
do 7s t ..
U S of Brazil-Cen
Ry Elect 7s
U S of Mexico 5s..
do 4s
112 113
138 104 103:
15 98 98
39 96 95
7
29
23
86
86
36
86
86
36
104
98
95
86
86
36
Am Agr Chem 7s 14 102 102 102
Am Smlt 63 17 93
Am Sug 6s 28 102
98
91
84
S3
89
89
92li
102
98
91
83
82
89 7,
89
87
100
80
A T&T col tr 5s...
AT&T col 4s 3
A W Wk & El 5s. . 3
J M W 6s 49
Arm & Co 4s 1
A T A S F G 4s 1
C L 1st cn 4s.. 20
Bait A Ohio 6s 14 100
Bait & Ohio cv 4s.. HO it
Bell T of Penn 7s. 18 108. 108
Eeth Stl ref 5s 4 94 94
do D m 5s 18 92'"4 901
na-iyn cu gu IB o., t 1U8 108
U G A E 5s
Can Nth 7s
Can Pac deb 4s..
Cec Ga 8s
Cen Leather 5s...
C&n Pac gtd 4s. . . .
Ver de Pas 8s....
dies & Ohio cv 5s 58
Chic A Alton 3s 10
do 8s
C B A O ref 5 A. 14 101 100 1111
unio n.ast in ts o 80 7'J
Chic Gt West 4s 1 61 51
C M ASt P cvt 5s B 45 60 65
do cv 4s .... 94 03 62
do ref 4s 18 58'i 57
Chicago Rys 5s... 7 78 77
C R 1 A P ref 4s 110 83 . 82
Ohio A W Ind 4s. . 13 76 74
93
102
98
91
83
82
- 89
89
88
100
80
108
94
92
108
97 90 97
8 112 112 112
11 79 79 79
98
86
135
94
23
52
3 100
4 98
8 80
12 136
94
24
18 53
14 101
6 80
88
80
135
94
23
52
Chile Copper 7s.. 87 114 113
do 6s 92
96
80
77
96
92
98
CCCAStL gen 4s.
Colo Indus 5s....
Col Gas & Elec tie
Cuba C Sug deb Ss
Cuba R R 7s A
Cuban-Amer Sg 8s
L & K u ret os..
do con 4s
Det-Edison ref 6s
Donner Stl ref 7s
Dupont de N 7s.
Duquesne Light 6s
Imp G A F 7B ct
Erie pr lien 4s ...
do gen lien 4s . .
Framer Ind D 7s
Gen Elec deb 5s . .
Goodrich 6s ....
Goodyr Tire Ss, '31
do 8s, 1941 41 114
Gd Trk R of Can 7s 8 112
do 6s 8 104
Gt Nor 7sA 04 110
do 5SB 15 102
Hud A Man ref 5sA 20 84
do adj inc 5s ... 25 61
Mum 011 st net os
111 Central 6s ...
do ref 4s
Inter-Met 4s ...
do 4s ctfs stpd
Itero Rap Tr 7s..
do ref 5s
do ref 5s ctfs ..
I A Gt N adj 6s wi.
Int M Marine sf 6s.
Int Paper ref 5s B.
Iowa Cen ref 4s . .
K C Ft S A M 4s .
K C Sou 5s
Kelly-Spgfld T 8s
Lack St 5s 1950 ..
Ligg A Myers 5s .
Lorillard 5s 87
Louisna & Nor os
Lou A Nas rf 5s
Magma Cop 7s . .
Man Sug 7s 2:
Mar St Ry con 5s . . !
Ml cen deb 4s .... .
Mld-St cv 5s 2i
Minn A St L ref 5s.
MStP&SSM s ..
MKAT pr In 6s C ..
do newpr In 5s A.
do new adj 5s A. .
Mo Pac con 6s . . . .
do gen 4s
Mon Pow 5s A ....
N E T A T 1st 5s cf .
N O T A M Inc 5s
N Y Cen deb 6s ...
do rfg A imp 5s .
do con 4s
NYChAStL deb 4s.
NY Ed ref 6s ...
NY.NHAH cv6s.'48
STTert 6s, '41..
do gen 4s
NY Wes A Bo 4s
Nor A Wes cv 6s.
N A Edl s f
9
51
05
62
58
77
83
74
113
95
80
76
96
92
9-5
80
76
96
92
11 105 304 105
2 107 107 107
1 46 46 46
36 72 72 72
24 108 103 103
3 89 89 89
14 108 107 107
1 103 103 108
S3 94 93 93
2U 06
37 43 43
13 91 90
7 101 101
20 lm 101
5 U
84
84
94
94
80
10 74
3059
'233
12 39
17
9
10
1
255
32
,- 41
11
31
5
15
2
3
2
55
43
90
101
101
98. 98
114 114
112 112
104 104
110 110
102 )02
84 84
61 61
97 97
101 101 101
88
9
10
95
73
72
49
90 .
87
37
78
88
9
10
94
72
71
411 .
90 '
87
87
88
9
10
,94
72
72
49
90
87
37
78
88
Pub 6erv 6s ....
Reading gen 4s ..
Rem Arms f 6s.
Rep I A S col 5s..
R I A A La 4s.
3 L I M A S 4s
RAG dlvj
St L A 8 F per lien
4s A 21070
do adj 6s 50 78
do ino 6b 114 68
S L A S W con 4s. 14 77
a a a a r ist 4s.
Sea A L con 6s. ..
do adj 5s
do ref 4s
Sin Con Oil col 7s
Sin Crude Oil 5s
sou Bell Tex 5s. ..
Sou Pac cv 4s....
do ref 4s
do col tr 4s. . . .'
Sou Ry gen 8s...
con 03
do gen 4s 3:
s f Rico sug 7s..
S O of Cal deb 7s.
Third Ave ref 4s..
do adj 5s
Tide Oil 6
un Pac 1st 4s
do cv 4s
Union Tank Car 7s
United Drug 8s. . .
United Fuel Gas 6s
U S Realty 63
u a Rubber 7s.,
84
64
98
94
80
84
84
84
94
80
1 84 84 84
70
70
58
77
74
68
23 .
39
J0
7
P
' 68
23
3
34 100 100 100
87 94 97 98
96
92
87
84
96
92
87
4
do Ss 23 88
U S Steel s f 6...
Utah Pow A Lt 6s
V-CC7s with war
do 7a ctts
Virginian Ry 5s...
waoasn 1st os. . . .
West Mary 1st 4s.
Western Pacific 5s
West Union 8s.
Westhse Electic 7s
Wlckwire-Sp St 7s
w us Se Co a I 7s
Wis Central gen 4s
90
92
86
84
17 101 100 101
31 97 96 97.
68 68
99 99
105 105
80 60
66 56
103 108
81 91
94 94
2 103 103 108
12 112 112 112
1 98 98 ' 98
1 99 99 99
8 108 107 107
Bo as
102 102
91 91U
91 91
68
11 100
8 lUU-Jk
12 60
11 56
2 103
4 81
12 UO
18 103
4 91
2
91
96
97
08
62
80
o
7
97
62
80
9 110 109 109
8 107 107 101 14
6 92 92 92
21 103 102 102
1 80 80 80
96
97
88
82
80
Total sales of bonds today were 112,-
157.000. compared with J12.432.000 pre
vious day and 18,392,000 a year ago.
New York Curb Stocks.
Furnished by Jordan. Wentworth A Co.
of Portland.
Industrials Last sale.
Buddy-Buds, Inc 1
Car Lighting A Power - 1
Colombian Emerald Syn 33.
Durant Motors, inc .
Glen Alden Coal 65
Mercer Motors 8
Philip Morris 19
Radio Corp. of America 8
ao Did z
Schulte Retail Stores .n81
Southern Coal A Iron .. 30
Lnited Profit Sharing new ........ 5
United Retail Stores Candy. 5
Wayne Coal 2
Oils
Anglo American 17
Arkansas Nat Gas com 9
Boston-Wyoming Oil 2
Carib Syndicate 5
Cities Service Bankers 17
Cities Service com Ii0
Creole Syndicate 2
Engineers Petrol Co 17
Federal Oil 78
Gllliland Oil com 2
Glenrock Oil , 1
Hudson Oil " 10
International Petroleum . .... 20
Keystone Ranger Devel. 27
Livingston Oil Corp 5
Lyons Petroleum 71
Mammoth Oil 41
Maracaibo Oil Explor 18
Merrlt 6
Mexico Oil Corp - 1
Mountain Producers 17
Mutual Oil 11 "4
Omar Oil A Gas 11-16
Producers A Refiners 7
Red Bank Oil 12
Sapulpa Refining 2
Simms Petroleum 12
South Petrol A Refining IT
Southwest Oil 1
Standard Oil of Indiana :....114
Texon Oil A Land 30
Victoria S
"Y Oil A Gas 8 -
Mining
Alaska Brit. Col. Metals 1
Belcher Extension , 1
Big Ledge Copper Co.. 4
Boston A Montana Corp 21
Canada Copper Co 1
candalarla Silver ' 27
Cash Boy Consolidated 11
Consolidated Copper 8
Cork Province Mines 14
Cresson Con Gold MAM 2
Dean Consolidated Corp 7
El Salvador silver Mines 1
Ely Consolidated 8
Emma Silver 2
Eureka Croesus 24
Fortuna Cons Mining 23
Goldfield Deep 95
Godlfleld Development ........ .... 21
Goldfield Florence 7
Gold Zone Divide . 6
Harmill Divide , 7
Hecla 60
Independ Lead Mining 2
Jerome Verde Devel 2
Knox Divide 5
Lone Star Consol. 6
MacXamara Cresc. Min 5
Magma Copper 5
Marsh Mining 17
Mexican Eagle 10
National Tin Corp . .......... 23
Nevada Oohlr in
Nlpieslng Mines 53
Ohio Copper 68
Hay Hercules. Inc 1 u
Red Hills Florence 2
Rex Consolidated Mininar K
Sandstorm Kendall 1
liver Mines of America IS
Spearhead 6
Success Mining 44
Teck Hughes " 75
Tonopah Divide 68
Tonopah Extension .813-18
Lnited Eastern Mining 111-14
West Dome Cons ., 15
West End Consolidated iqj
Boston Mining Stocks.
Furnished by Overbeck A Cooke Co of
Portland: Bid. Asked.
Anaona commercial 7
Adventure 50
Ahmeek ' 67
Algomah
Aiiouez
Arcadian
Calumet A Arizona
New Cornelia
Centennial
Copper Range ....
Davis Dalv
Franklin Mining
15
24
4
56
17
8
87
3
1
87
3 107 107 107
8 98 97 97
97 96 96V4
5 77 77 77
6 104 104" 104
4 115 115 115
1
88
30
105
96
83
59
98
91
88
38
105
96
83
60
98
82
98
S
78
40 104
145 97
50 82
4 87
97
98
IS
91
91
88
36
105
96
83
60
98
62
98
8
78
103 103
97 97
81 82
87 87
8 110 110 110
60 72 71 71
20 105 105 105
7 93 93 93
27 46 45 46
25 112 112 112
87 94 93 93
N P ref 6s B 156 108 108 108
N P rfg A im 5s C IS 99 9.8 99
N P pr lien 4s . .
N sta rr rei os a.
North Bell Tel 74.
O A C 1st 6s
O S L ref 4s ....
O-W RRAN 4. ..
Otis Steel 7s ...
P G A E 5s
P T A T 5s '52 ctfs
Pack Mo Cr 8s ..
Pan-Am Pt A T 7s
Penna R R 6s
29 86
6 92
24 108
10 99
92
81
94
92
1
85 86
91 92
107 107
WW vv
do gen 5s 1 101
92
81
93
92
91
107 106 107.
102 102 102
110 110 110
92
81
8
92
91
do gen 4s
Peor A Eas inc 4s
Pere Mar ref 6s . .
Phil Co col tr 6s. .
P R L A P 5s
Pro & 8a with w
18 02
3 27
24 96
3 100
2 84
4 120
101 101
92 92
27 27
96 96
99 100
84 84
120 120
Hancock 2
Helvetia 90
Island Creek 99 ,
Kerr Lake 8
Lake Copper 2
Michigan 2
Mohawk 67
May Old Colony 4
Mason Valley 1
North Butte 9
Nlpissing 5&
North Lake 20
Osceola Mining 31
OJibway 1
Quincy Mining" 36
Pond Creek 26
Isle Royal 22
United Shoe Machinery .... 42
do pfd 86
South Utah 8
Superior Copper 1
Tuolumne 50
Utah Metals 92
U. S. Mining 38
do pfd 47
Ventura 26
Victoria 1
Winona 1
Wolverine 7
Wyandot : 25
Standard OU Stocks.
Furnished by the OTerbeck ft
company of Portland:
Bid.
Anglo. 17
Borne Scrymser ...... ....4.II 8
Buckeye 85
Cheesebrough 210
do pfd 112
Continental 149
Crescent 44
Cumberland 162
Eureka 86
Galena com ... 67
75
68
40
25
4
57
17
8
37
3
3
100
100
!
2
67
i
40
,32
2
37
27
22
42
37
10
2
55
99
40 '
48
27
1
I
35
Cooke
tsked.
17
123
123
220
115
151
45
165
98
68
r
FOUNDED 1876
Bond Prices
Since 1860
We have prepared a chart
showing the movement of
the average prices of
standard bonds for the
last 62 years.
We believe this chart is of
decided interest to invest
ors, and we will be glad
to mail it upon request
with our compliments. .
I
Name .
Street No
City
EH.ROLIINS &SOSS
mttmeitt Htnutt
Boaton New York Chicago
San Francisco Los Angeles
411 IKWIS BUILDING
Broadway 7070
PORTLAND
$1,500,000'
The United Electric Coal Companies
First Mortgage 7 Sinking Fund Gold Bonds
Dated January 1, 1923 " Due January 1, 1933
Interest Payable January and June
Authorized $3,000,000
To Be Presently Issued $1,650,000
Redeemable as a whole or in part at any time upon 30 days' notice at 110 and accrued interest. Free
from present normal Federal Income Tax up to 2 per cent. The Company will refund to holders, upon prop
er application, the Pennsylvania and Connecticut personal property taxes not exceeding four mills per annum,
the Maryland securities taxes not exceeding four and one-half mills per annum, and the Massachusetts in
come tax on the interest not exceeding 6 per cent per annum. Coupon bonds in denominations of f 1,000, $500
and $100, interchangeable and registerable as to principal.
The Equitable Trust Company of New York, New York, Trustee
Mr. William H. Stuntfcl, Vice-President of the Company, has summarized his letter to us as follows:
BUSINESS: The United Electric Coal Companies was formed in 1921 to succeed to the ownership of the
bituminous coal properties in Vermillion County, Illinois, and in Jefferson County, Ohio, formerly oper
ated as the Electric Coal Company, and by Hartshorn Brothers, F. E.Bucher and associates.. The Com
pany serves many important railroads and public utilities and by reason of its proximity to Chicago
and because of the fact that a large part of its mining operations is carried on by stripping (surface
mining) the Company is able to produce its product at a very low cost and dispose of it with compara-r
tive ease.
PROPERTY: In addition to the fee property previously owned and estimated to contain in. excess of
8,000,000 tons, the Company has acquired through this financing additional properties estimated to con
tain in excess of 3,500,000 tons of recoverable strip coal and approximately 1,000,000 of deep coal. In,
addition the Company has under operation large additional acreage of deep coal. No value has been
placed upon this reserve.
SECURITY: These bonds will be secured, in the opinion of counsel, by a direct first mortgage on all the;
fixed assets of the company now owned or to be hereafter acquired.
VALUE OF PROPERTY: The coal properties acquired when the company was formed were appraised by,
Mr, Axel O. Ihlseng in May, 1921, at an excess of $4,000,000. The properties recently acquired have
been appraised by Mr. Edward V. d'Envilliers at in excess of $900,000.
EARNINGS: Average earnings for the six years ended December 31, 1922 (December, 1922, estimated)'
were equivalent to $840,712 per annum, or over 733 times interest charges on this issue. For the year 1922
(December estimated) earnings are equivalent to$855,143, or more than 7.40 times these charges, in spite,
of the fact that the mines were idle for over four months owing to the bituminous coal strike.
PURPOSE OF ISSUE: The proceeds from the sale of these bonds will be used to retire the company's out-
standing 8 per cent bonds, to acquire the additional coal properties and for general corporate purposes
SINKING FUND A sinking fund of $20,000 per month, beginning July 1, 1923, and, in addition, 20 cents
per ton on all strip coal mined in excess of 50,000 tons per month, and 10 cents per ton on all shaft coal
mined in excess of 25,000 tons per month will be used to purchase bonds of this issue up to the redemp
tion price, or if not so obtainable, to call bonds at that price.
LEGAL DETAILS in connection with this issue will be passed upon by Messrs. Beekman, Menken and Gris
com of New York, for the Bankers, and by Messrs. Green and Hurd of New York, for the company. Ap
praisals of the property have been made by Mr. Edward V. d'Envilliers and by Mr. Axel O. Ihlseng. The
acts of the company have been authorized by Messrs. Arthur Young and Co., and Patterson, Teele and
Dennis. We offer these bonds when, as andf issued and received by us and subject to approval of
counsel. Temporary bonds, exchangeable for Definitive Bonds, when ready, are expected to be available
for delivery on or about January 3, 1923.
Price 9912, To Yield About 7.05
Bond and Goodwin and Tucker, Inc. Hemphill, Noyes and Co.
San Ffancisco, Los Angeles, Seattle, Portland New York
DECEMBER, 1923 ' '
Although these statements are not guaranteed, they have been obtained from sources w ftelievo to be reliable.
do oil .pfd 108 110
do new ofd 104 10T
Illinois Pipe 160 162
Indiana Pipe i
National Transit 26 26
N. T. Transit 128 182
Northern Pipe .'...lul 103
Ohio Oil 11 74
Inter"! Pets 2054 2014
Penn Mex 10 IB
Prairie Oil H 210
Prairie Pip. ,...311 8
Solar Refg 855 865
Southern TO loo ii
South Penn Oil 1 162
S. W. Penn OU 64 67
S. O. Ind 114 114H
S. O. Knsas J
S. O. Kentucky 116 118
S. O. N. T 46 4H
S. O. Ohio -.260 270
do Tjfd 117 11
Swan & Finch .' 24 28
Union Tank s 4 4
Vacuum 40 40
Washinirton 24 24
s. o. .Nebraska is '
Imperial Oil liaMi no
. Swift ft Co. Storks.
Swift Co. Mocks at Chicago, as re
ported by the Overbeck & Cooke com
pany of Portland:
Swift & Co I.. 10654
1,1b by, McNeil & Ubby o
National Leather 7
Swift International 19
Spot Coffee Steady.
NEW YORK, Dec. 20. The market for
coffee futures closed net unchanged to
6 points lower. Sales were estimated at
about 16,000 bass. December, 9.95c;
January, 9.84c; March, 9.64c; May, 9.33c;
July, 8.92c; September, 8.50c. Contracts
for delivery next December closed at
8.10c.
Spot coffee, steady; Rio 7s, 11U
llftc; Santos 4s, 15tt15o.
Eastern Potato Market. Firmer.
CHICAGO, Deo. 20. Liberal supplies
ef Christmas fruits and vegetables have
resulted In the usual pre-holiday ac
tivity being not so apparent this year,
according to the weekly fruit and veg-
. We Make
Mortgage Loans
. straight payment bases,
monthly payments and on
the amortization plan.'
you are going to
place a mortgage, come
here to"mortgage loan
headquarters."
Portland Trust
Company of Oregon
SIXTHIDMOIWISOM
r Northwestern NamnafBat
etablo review of the bureau of agricul
tural economics, mad public today.
Cold weather reduced shipments of
potatoes and resulted In price Increases,
but generally the markets are liberally
supplied and Chicago was about the only
center to show price Increases on most
commodities.
Potatoes rose to $1.10 on hulk and
sacked northern whites, while Idaho
russets reached $1.25 a hundred pounds
In Chicago. Eastern markets showed
gains of o to 15 cents.
Shipments of lettuce, spinach and
cauliflower Increased considerably.
Chicago Oil Market.
(By Chicago Tribune Leased Wire.)
CHICAGO, Dec. 20. Gasoline: Tank
wagons, 18c; service station, 20o; ma
chine, 27.7c Oils: Summer, 11.4o: win
rels, llttc Linseed oil, raw, 1 to 4 bar
rels, lH4e. Linseed ell, raw. 1 to 4 bar
rels delivery, $1.03; boiled. $1.08. Carbon
oil, packages, 25 pints. 6.25. White lead,
'A Gift'
that will grow
PARENTS and grand-
puems win reauie
that the spirit of thrift
and utility embodied in
the giving of a bond
will stimulate in a
young person a sense
of values and a lesson
in the earning power of
money that will make
for his later success in
life.
A good plan is to make.
the initial payment (10
per cent of the face of
the bond) and let the
recipient continue , the
payments.
Ask us for more
detailed information.
Freeman, Smith
ee Camp Co.
Uanuniis Blo. Portlah.
100-pound kegs, $12.75; 25 pound, $3.40;
12 pounds, $1.75. Turpentine, $1.60.
Denatured alcohol, 43c.
Cotton Seed OIL
Cotton seed oil futures at New Tork,
furnished by Jordan-Wentworth com
pany: December, $9.85 10.20; January, $9.78
9.80; February, $9.9O10; March, $10.08
10.10; April, 10.1510.23; May, $10.26
10.28; July, $10.40910.42. Spot, $9.76.
Total sales, 12.700.
Naval Stores.
SAVANNAH, Ga., Dec 20. Turpentine,
dull, $1.80; sales, none; receipts, 865 bar
rels; shipments, 198 barrels; stock, 14,781
barrels.
Rosin Firm. Sales, 1193 barrels; re
ceipts, 1175 barrels; shipments, COO bar-.,
rels; stock, 110,011 barrels. Quote: B.
D, H, F, $4.824; G, $4.85; H. $4.84
4 87; I, $4.854.90: K, $4.854.92 :
M, $3.10105.25; N., $5.40; Wli, $5.60,
5.701 WW, $8.40. :
Dried Fruit at New York.
NEW TORK. Dec 20. Evaporated P4
pl3, quiet. Prunes easy. Peaches tpjiqt
INVESTORS,
NOTICE!
Oregon company, packing high
grade food products twenty years,
issuing 8 per cent cumulative pre
ferred stock to increase capacity
for filling rapidly increasing
orders. For appointment call room
829 Multnomah Hotel. Phone
Broadway 4080 between hours' of
12:30 and 2:30 P. M, daily.
This Christmas
Give Dividends
Consider Northwestern
Electric Co. 7 Cumula
tive First Preferred Stock
in the light of an invest
ment as well as a lasting
remembrance one that
will be renewed four times
a year when dividend
checks are received.
Northwestern
Electric Company
7 Cumulative
First Preferred
Stock
Sold for cash at $100 per
share and on our interest
bearing savings 'plan.'
Northwestern
Electric Co.
J. G. TAVARES
Manager of Stock Sales)
213 Plttock Block
Broadway 0580
TRADE SAFELY
IN THE STOCK MARKET
?,??!8 CIA Unlimited
TION FOR V1U
Profits.
Any Stock Exchange Issue
$OA PUTS &
ZU CALLS
Write for Booklet Tl Free
C. GOLDHURST & CO.
Larrest Put and Call Dealer In U. S.
50 Broad Street, Kevr York g
$40
SI
1
K - l
SaliW-' 1
1 HfPlii
2PIHK
i n
Ideal :
' Gift
'As the twig is bent
so the tree inclines."
More and more every
year, parents are apply
ing this philosophy in
gift-giving.
What could be more
ideal for influencing
the child to cultivate
THRIFT than a, Gift of
a Bond tin which you
have made the first
payment of $10 ; leaving
it to the child to com
plete payments on
m o nthly . instalments.
Investigate our Partial
Payment Plan and ex
amine our list of
Bonds.
OMR KENDALL
FIFTH AND STARK ST3.
iPORTLANIfc OREGON