Morning Oregonian. (Portland, Or.) 1861-1937, December 29, 1922, Image 21

Historic Oregon Newspapers

Morning Oregonian., December 29, 1922, Page 21, Image 21

Image provided by: University of Oregon Libraries; Eugene, OR

About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Dec. 29, 1922)

Prev Page of 22 Next Prev Issue Next Text PDF JP2 (4.3 MB) Clip/Print Image

Return to Top

Prev Page of 22 Next Prev Issue Next

Newspaper Page TextTITE MORNIXO OREGOXIAX. FRIDAY. DECEMBER 29. STOCK QUOTATIONS DROP IRREGULARLY Selling Held Aimed at Show ing Income Tax Losses. WHOLE LIST AFFECTED Day's Bond Market Firm, With One or Two Strikingly Rapid Recoveries. DAY'S TRANSACTIONS IN STOCK MARKET. Day's total sales, 1,231,000 shares. Twenty industrials averaged 98.17; net loss, 1.05. High. 1922, 103.43; low, 78.69. Twenty railrqads averaged 84.69; net loss, .89. High, 1922, 93.99; low, 73.43. Assd Oil 200 118 118 117 Atchison 1,000 101 1WA 100 ao pfd ....... 1,100 92 sift Atlantic Coast 1. 800 11314 112 112 Atl Gulf & ,W 1. 2,800 21 20 20 & Baldwin Loco... 38,000 140 133 137 do Dfd Bait & Ohio.... 5,200 do pfd ....... 400 Bar OB Corp "A". 3,000 do "B" 800 Beth Steel "B". 9,700 Booth Fish 200 B R T 4,800 Butte C ,& Z uutte & sup.... Burns Bros "A", do "B" Cadd Oil Calif Packing... Calif Pet do pfd 'allahan Z & 1. 2,000 100 41 58 'A 31 19 60 15 A 9 41 57 28 H 18 59 4 14 9 31 700 148 144 1.900 2,400 300 6,400 500 1,000 43 70 94 lanadian Pac... 1,200 143 41 81 65 83 9 143 29 43 66 76 3:4 114 41 58 30 18 60 4 14 9 31 144 42 7 81 65 94 9 V 142 30 43 66 76 26 25 20 31 74 70 24 41 103 11 8 27 2 21 32 75 70 24 41 103 2 118 38 81 11 (By Chicafo Tribune Leased Wire.) NEW YORK, Dec. 28. An 1; regular decline in prices on today's stock mar ket, with the largest total transactions since November 14 and with the number or separate stocks dealt in at high rec ord, gave vogue to a Wail street theory tnat this was the familiar "selling to es tablish income tax losses." Probabi the explanation was suggested both by the fact that this was the last day of 192U on which such transactions could be ef-. ftcted by delivery and payment in the regular way and by the fact thut no body even suggested that the weakness in stocks is due to anything ii the news or the general situation. If the explanation was correct the day's mar ket was entirely meaningless, except tn so far as sales for such a purpose might Indicate repurchases after the end of tna vear. But- no one has evsr made much headway in drawing inferences from this excessively artificial trans action. As a rule the day's declines were not' large, but they extended pretty much throughout the list. They had no con coction with the money market, where tho highest stock exchange rate again was 5 per cent.' The day's bond market was firm with one or two rathe' rapid recoveries and with total transactions only twice exceeded since October. In the weekly report of the federal ti serve the increase of $4,300,000 in re discounts and of 7.500,OOO in note cir culation probably reflected the unex pected continuance of active wholesale trade. This has frequently been the week, however, when the maximum of the autumn expansion is reached, From now on the weekly statements should show decrease in both accounts. It was once more noteworthy that the gold reserve decreased. It has been reduced 5,400,000 In the last week, making "2O,700,tiW re daction since the middle of December end J49.500.O0O since October 11. Since ' tnere has been a very substantial net sold import during this period the aotual unount of gold paid out by the ieieral bunks must be much larger than these sums. Foreign exchange moved with no defi nite, .purpose, except that the sharp re covery in the franc might have indi cated repurchases by "bear operators" whose sales had caused the decline .of Wednesday. The weekly return of the Bank of France confirmed the cabled prediction that the bank would have to lend heavily to the government around -the end of the year. In the past week the state has borrowed 200,000,000 .francs on top of its 500.000,000 borrowings of the week before and the paper circula tion has risen 309,700,000. francs after a decline of 20,500,000. The day's news comprised a number of -; interesting railway earnings statements for November. Nearly all of them re peat the story of previous published No vember reports, showing that October's abnormally large outlay for mainten ance of equipment did not have to be repeated in the ensuing month. Some of today's comparisons were rather' re markable. The St, Paul, for instance, reported a net operating Income of $1,912,462, when gross earnings In No vember of last year barely covered oper ating expenses. . Elbert H. Gary, chairman of the board of directors of the United States Steel corporation and president of the Ameri can Iron and Steel inetitute, today an nounced that A. S, Clarke had been elected secretary of the steel Institute and will assume his new duties about January 2, 1923. Mr. Clark at one time was president of the Lackawanna Steel company, but more recently was presi dent of the .Consolidated Steel corpora tion, now in .liquidation. The board of directors of the East man Kodak company today declared a special dividend on the common stock payable March 1, 1923, to stock of record January 81, according to ad vices received in Wall street from Rochester. The company pays dividend" at the rate of $1.25 quarterly on the new common capital stock but in the last quarter of this year an extra payment of 50 cemts a. share was authorized. Action on the regular dividend covering the first quarter of 1923 ia not due for soma time. - , The tangled and long-extended efforts of the Reading to formulate a plan for the' segregation of its coal properties are 3ooming up in tangible shape, ' it was learned . unofficially in transportation quarters today. Through dispatches from Philadelphia Wall street heard that the preferred stockholders had approved the modified plan and that it was now being considered by the common stock holders' ommittee. . Reports were circulated in the finan : clsj district today to the effect that ths ' deal whereby the Anaconda Copper company was to take over a controlling ; interest in the Chile Copper company, had fallen through. Circulation of this - report was responsible for a decline of the stocks of both companies today. The : report that the deal was on was never officially confirmed by either side and the rumor that the deal had fallelf ' through was also without confirmation. The seneral belief in the copper trade , is that there has been no hitch In the negotiations and that the deal is vir tually completed. - '''' The Genera Motors corporation has acquired all of the outstanding stock of the Brown-Lipe-Chapin company of Syracuse, New York, according to a statement Issued by Pierre S. DuPont, president of the General Motors corp oration. The company is credited to be one of the largest .manufacturers of - differentials and gears in this country. CLOSING STOCK QUOTATIONS. Furnished by Overbeds & Cooke com pany ol Portland: Sales. High. Low. Close. Aaama express.. loo t t,s ts Advance Rum... 1,100 Cen Leather 10,500 30 Cerro de Pasco.. 2,300 44 Chandler Motor. 9.200 67 Chgo. & N W 3.700 79 Chgo Gt W 3,200 4 do pfd , 1.400 8 Chili Op 3,900 27 Chino 1.500 26 C M St P 10,300 21 do pfd 12,300 33 Coca Cola 5,800 76. C & O 1.900 71 Colo F & 1 1,600 25 Colo Southern . 700 41 Col. Gas & Eleo 900 104 Columbia Graph 4.500 2 Con Gas . . 14,000 119 116 Cons Cigars ... 400 40 39 ao pfd ... Cons Textile. ContI 'Can .. Corn Prod . . do pfd . . . Cosden Oil 13,900 63 C R I & P 5,600 31 do A pfd .. 500 91 do "B" pfd. . . Crucblle 8,300 70 do Pfd 200 87 Cuba Cane 1,000 13 do Pfd 2.100 39 Cub Aran Sugar 5,000 28 Dv son Cham.. 2.400 33 Del & Hudson.. 900 113 112 112 Del & Lack 2,000 125 124 12 Dome Mines ... ,100 43 ' 43 Eleo Stor Batt Endicott sTohns'n 7,300 Erie 8,700 do 1st pfd ... 1,500 Famous Players. 1,300 Fed Ming & Smt 300 -S00 11 60O 110 109 109 8,700 131 129 130 200 120 120 3,000 9,000 700 2.30O 183 17,800 14 900 84 900 48 do pfd Fis-k Tire ... Gen Cigars . Gen Elec . v. Gen Motor . do 6 ... Gen Asphalt Glldden Paint Goodrich T & R 800 Granby 900 Great Nor Ore.. 8,300 do pfd 8,500 Greene Cananea. 300 Gulf S Steel 2.100 Houston OH Hupp Motor 57 91 10 14 90. 9 48 13. 82 53 31 91 "68" 87 13 38 23 31 66 89 9 13 90 120 53 31 9 82 68 87 13 38 25 32 43 12 . 82 180 14 84 46 1,500 700 33 24 30 77 28 79 70 25 33 24 29 75 27 77 67 43 56 91 9 13 90 8 46 12 82 180 14 84 46 9 83 23 29 76 28 77 67 15 Ills Cent , 500 111 111 111 Inspiration .... 1.200 In Ag Corp com 00 do pfd -. 600 Interboro 1,300 do pfd 1,800 Int Harv Int Merc Marine 1,000 do pfd 12,500 Int Nickel 3,600 Int Paper 3.300 Int Comb Eng.. 900 Invincible Oil .. 3,400 Island Oil 4,300 Jewel Tea 800 K C Southern.. 1,100 do pfd 2CK Kayser, J 40O Keily-Sprlng ... 3,600 Kennecott 7,000 Keystone Tire .. 7,400 Lee Tire J 00 35 6 30 hi Vi 33 29 Lehigh Valley Jjoriuara Loew Theaters L & N Lima Loco . . . Marland Oil . . Max Motor . "J do "B" . May Stores . . . Mex Pet .- Mex Seaboard Miami Middle Sta Oil Midvale Steel . M K & T W . . Mack Truck . . Mont Power . . Mont Ward . . Mo Pac ...... do pfd M St P & S S Nat Biscuit .. Nat Enamel . . Nat I,ead .... Nevada Con . . New Haven Norfolk & W Nor American Nor Pac Nova Scotia Stl N Y Air Brake N Y Central . . , Okla Prod ref Orpheum Ontario & W Otis Steel Plggly Wlggly Pac Gaj & Elec. 4,500 9 44 13 . 51 24 14 20 18 63 30 8 25 70 8 41 33 6 30 '4 88 8 4: 33 -13 50 24 14 Vt 19 18. 53 . 40 44 35 s 25 68 50 23 14 19 18 53 40 44 35 8 25 68 .. 1,000 162 161 161 . 1,800 19 .19 10 1 1 ..... ..... 133 ' S.S00 'o9 -'08 68 . . 3,600 28 27 28 i." 400 49 49 49 .. 8,000 15 15 15 .. 1,200 69 67 67 280 .. 1,000 16 16 16 . . 300 27 27 27 .. 4,600 11 11 11 .. 8.300 27 26 2(1 .. 2.800 14 . 14 14 .. 1,100 66 55 . 55 . . 300 67 66 66 .. 1.500 22 22 22 .. 2,900 16 16 15 . . 3,300 43 41 4H4 M 1.400 60 68 50 . . 6,500 37 36 36 .. 200 66 66 65 .. 1,000 125 125 . 125 .. . 400 15 16 15 ..11.700 20 19 20 .. 2.400 110 100 110 ST. PAUL BONDS HIGHER RECOVERY DUE TO INCREASE I IN EARNINGS. ' Main Tendency of New York Slar- ket Is Downward ; Liberty Group Is Easier. NEW YORK, Bee. 28. Sharp recovery of the St. Paul railroad mortgages, which advanced 1 to 1 points, was the feature of todays bond market, the main, price tendency in which was again downward. The bVisk demand for the St. Paul bonds '.followed publication of the No vember earnings report, showing an in crease of $1,913,462 in net income over November of last year and an increase 'or the first II months of 1922 of S7,- 036.954 over the corresponding period last year. Marked improvement also was noted in the Minneapolls-St. Louis refunding 4s, up two points, and Baltimore & Ohio convertible 4s, up one, but moat of the other active liens were reaction ary. The principal weak spots were Erie aud Jersey 6s, Seaboard Air Line con solidated 6s, Delaware & Hudson 7s and Wheeling & Lake .Erie- consolidated 4s, all off 1 to 1. The market price of Reading bonds was not materially affected by the pub lication of the proposed segregation plan whereby the liabilities under -the $90.- 000.000 general mortgage will be di vided between the Reading company and the coal company in a proportion of one to two. Except for a drop of 1 in Mexican 4s and. losses of a point each in the Mexican large 6st and Prague 7s, there were no very important changes in thd foreign list. f Victory 48 improved 4 cents on $100, but the other United States government issues showed losses of 2 to 22 centsthe fourth 4s suffering the most. There were several conspicuous weak spots in the list of industrial liens, losses ef 2 points each being sustained by Republic Steel 5s, Atlantic Fruit 7 per cent certificates, and Ligget & My ers 7s. Copper company liens lost ground in sympathy wtih the lower stock prices, Chile 7s and Cerro de Pasco 8s yielding a point each , Local bankers have sold at private sale an Issue of $2,360,000 Minneapolis, St. Paul & Sault Ste Marie railway com pany 5 .per cent Equipment trust cer tificates at prices to yield from 5 to 5.20 'per cent. New York Bonds. NEW YORK, Dec. 28. (By the Asso ciated Press.) Following are today's high, low and closing prices of bonds on the New York stock exchange, and the total sales of each bond (in $1000). . Sales. High. Low. Close. U. S. Bonds Liberty 3s .... 314 100.86 100.76 100.82 do 1st 4s 39 99.04 99.80 98.94 do 2d 4s ....1835 980 98.14 98.16, do 3d 4!4s 1327 98.90 98.7 98.78 I do 4th 4s ...1590 98.70 08.36 98.46 Victory 4s unc.120 100.42 100.38 100.42 U S Treas 4s.. 676 99.92 99.84 99.86 Foreign Argentine 7s ..... 1: City of Bergen 8s. 100 100 100 City Bordeaux 6s. 9,600 100 7,600 74 . POO . 6,100 . 8,200 . 1,300 . 1.400 . 1.100 9,200 1,000 Pacific Oil 16.300 Pan Amn Pet ..19,500 do "B" ......34,000 Penna. . 2.300 Fenna Sea Steel. 6,600 Peo Gas 400 Pere Marquette 1,500 Phila Co 100 Phillips Pete .. 6,300 Pierce Arrow ... 700 Pierce Oil 4.800 Pitts Coal 2.000 Pitts & West Va 9.200 Pressed Stl Car.. 1.700 Punta Alegre .; 500 27 95 1 19 19 8, 59 88 45 94 87 46 2 93 37 40 46 13 4 60 33 83 47 97 74 26 94 1 18, 18 8 64 87 44 92 85 46 2 92 36 40 45 12 "3 59 32 80 46 99 74 20 27 M 1 18 19 8 66 88 44 92 86 46 2Vi 93 36 40 46 12 8 68 33 81 4( 13 Austin Nichols. . 3,100 34 Agr Chem 1,700 31 do pfd 400 68 Ajax Rubber. . .. 600 12 Alaska Gold Alaska Juneau.. 4,100 1 Allied Chem.... 8,800 79 Allis-Chalmers . 900 44 .Am Beet Sugar. 200 38 ' Am Bosch 2.200 424 Am Can Co 4,200 72 do pfd 200 110 Am Car & Fdy.. 40O 185 do pfd Am Cot Oil. J... 1,600 17 do pfd 700 85 Am Drug Synd. 600 6 Am Hide & L. .. 100 10 do pfd 500 62 Am Ice 1,200-105 Am Intl Corp... 4,100 26 Am Linseed .... 700 29 do pfd 100 52 Am Loco 9,200 129 do pfd ....... 100 120 Am Saf Razor. . 600 6 Am Ship & Com. 1.100 19 Am Smelter 3,900 64H do pfd 500 98 Am Steel Fdy... 1,400 87 Am Sugar 8,100 80 do pfd Am Sumatra . . Am Tel & Tel... Am Tobacco. . .. do B" Am Wool do pfd ....... Am ,'W P pfd... Am Zinc Anaconda ....... 12 33 80 58 11 .... 76 43 88 42 72 110 181 16 33 5 10 62 105 24 29 52 126 120 6 19 54 97 87 78 800 28 27 l,10O 123 122 600 154 '153 1,200 151 10H 1,300 95 98 100 109 100 "ioo is" is 9,300 48 48 13 34 30 68 11 4 1 77 43 38 41 72 110 180 121 16 34 6 10 62 105 25 29 51 126 119 6 19 54 97 37 7894 107 2T 122 151 150 95 109 27 -15 48 Pullman 3.200 131 129 130 Pure Oil 3,400 27 27 27 Ray Cons 2,800 14 14 14 Reading 5,000 80 78 78 Remington 500 34 33 33 Replogle Steel . 4,900 23 22 23 Rep 1 & S 4,900 4(1. 45 45" do pfd 1.000 86 86 86 'i Royal Dutch OH. 2,700 51! 52 53 Ry Steel Spg.... 1O0 116 116 116 Shell Union .... 7,000 13 12 12 Sears Robuck .. 2,300 87 86 86 Shattuck & Ariz 8 Sheet T & T .... 600 38 38 38 Sinclair , ... 9,700 32 31 32 S.oss Shef 500 38 38 88 Sou Pacific .....3,000 88 87 87 Sou Ry 1,800 24 24 24 Sterling Prod .. 100 63 63 63 Stand Oil Cal... 1,600 118 117 117 do Ind 117 116 117 do N J 17,700 39 38 38 do Ky 180 129 130 St L & S F 1,700 21 21 21 r-iromoerg v.aro. a.uuu ro .- 15 85 llf 3 17 35 do Christiafna 8s do Copen 5s... Great Prague 7s City of Lyons 6s. . Marseilles 6s Rio de Janeiro 8s. Toklo 5 Zurich 8s Czecholsovak.8s .. Dept of Seine 7s. . Can 5 notes. . . Do of Can 5s 1952 Du E Ind 6s 1047. do 1962 French Rep 8s....' ao ' s Hoi-Am Line 6s.. Jap 1st 4s ... .. ao 4s . . . Km of Belg 7g. do 6s Km of Denmk 6s. Km of Italy 6s. Km of N-!thds 6s. Km of Norway 8s Km of Sweden 63 Parls-Ly-Med, 6s.. Rep of Bolivia Ss. 10." K or cnae ks jy4t Rep of Urug Ss. . . St of -Queeusld 7s. do 6s , . . . St of S PIo s f 8s. Swiss Conf 8s. . . . UKofGB&I5'29 do 3937 U S of Brazil 8s.. do 7s US of Bzl-CRy El 7s U S of Mex 5s. . . . do 4s 109 78 108 90 '74 78 78 96 TZ 109 78 108 91 75 78 78 97 72 3 112 25 86 10 87 59 101 101 98 99 99 ! 9:;. 98 94 87 93 81 109 78 108 90 74 78 78 6 72 do ref 5s do ref 5s ctfs. . . Inter Mc Mr s f 6s Inter Pap ref 5s B Iowa Cen ref 4s.. K C F S & Mm 4s K C Sou 5s K C Terminal 4s. ; Kel-Spgfld Tire 8s. Lack Steel 5s, '50. L G of St L 1st 5s LS&M Sdeb 4s '31. LIg & Myers 5s. . .. Lorillard 5a La & N W 5s L & N ref 5s do unified 4s.... Mkt St Ry con 5s. Mid Steel cv 5s... MStP&SSM 6s .. MK&T pr IntiC. do new pr 1 5s A do new ad 5s A. Mo Pac con 6s. . . . do gen 4s Mont Pow 5s A. N E T&T 1st 5s stf N O Tex&M lnc 5s NYC deb 6s do rfg & Imp 5s. do con 4s N Y Edis ref 6s. NY.NH&H cv6s48 N Y Tel ref 6s '41 do gen 4s NY, W & B 4 Nor & Sou Ss A. Nor & West cv 6s N Am Ed s f s Nor Pac ref 6s B N P rfg & 1m 6s C do pr lien 4s. . N s Pow ref 6s A Nor Bell Tei 7s. Or & Cal 1st 5s.. Or Short L gtd 5s do ref 4s O-W R R & N 4a Otis Steel 7s.. Pac Gas & Elec 5s P T&T 5s '52 ctfs Pan-Am P Sc T 7s Penna R R 6s. do gen 5s do gen 4s .... Peoria & E inc. 4a Pere Marq ref 6s. Phila Co col tr 6s P R L & p 5s... Pro & Refin 8s wi Public Service 5s. Reading gen 4s. . Rep I & St col 5s R I A & L 4s. . . SLIM&S 4s R&Gd SL&SIpr In 4a A do adj 6s do inc 6s St L Sow- con 4s . . S Air Line con 6s. do adj 5s do ref 4s. ..... . Shar Stl Hp 8s A Sin Con Oil col 7s Sin Crude Oil 5s South Pac cv 4s. , do ref 4s South Ry gen 6s do con 5s . do gen 4s So Por Ric -Bug 7s St O of. Cal deb 7s Thrid Av ref 4s. do adj 5s. ..... . Tol St L & W 4s. U Pac 1st 4s . . ... do cv 4s ....... do ref 4s ...... Un Tank Car 7s.. Un Drug 8s U S Realty 5s . . . U S Rub 7s .do 6s . U S Steel a f 5s. . Ut P & Lt 5s Ya-C Ch 7s wait do 7s ctfs Virginian Ry 5s. . W PPac 1st 4s... W Union 6s . . . Wstghse -Elec 7s.. Wlcke-Spen St 7s. Wil & Co s f 7s do cy 6s Wis Cent gen 4s.. 110 83 41 25 IS 10 5 3 1 10 13 7 10 5 20 1 23 88 6 10 25 58 75 41 19. 34 6 48 135 2 9 39 15 7 20 8 10 10 71 1 10 10 23 5 1 4 84 3 9 29 1 ' 8 17 21 6 2 2 1 18 7 8 3 42 40 123 4 91 54 31 "2 17 4 46 64 48 16 38 2 16 1 65 5 4 31 5 4 9 23 7 49 77 2 3 11 8 11 72 . 72 90. 87 37 78 88 82 107 90 92 92 98 96 77 104 90 92 88. 104 96 84 60 98 62 .'98 99 79 104 97 82 110 68 106 93 48 63 113 94 108 99 85 92 107 99 102 92 81 94 92 91 103 110 101 92 26 96 99 84 121 85 85 93 , 81 84 70 , . 764 59 77 69 22 89 98 100 78 92 87 100 97 68 100 106 60 56 73 97 94 85 104 112 99 108. 88 103 91 82 97 81 112 107 96 102 9:i 81 71 71 90 87 37 78 88 82 107 90 92 91 97 96 77 104 90 92 88 104 96 83 60 98 61 ' 97 99 78 104 97 82 ' 11054 67 106 93 48 62 113 94 108 99 85 91 107 99 102 91 81 94 91 91 103 110 101 91 -26 96 90 84 121 85 84 92 80 84 69 75 68 .'77 67 -21 39 S8 100 78 91 - 87 100 71 90 87 37 78 88 82 107 90 92 91 97 96 77 104 90 92 88 104 96 83 60 98 62 97 99 79 104 97 82 110 67 106 93 48 63 113 94 108 99 85 91 107 99 102 91 81 94 91 91 103 110 101 92 26 98 99 84 121 65 85 92 80 84 69 75 58 77 57 21 39 . 98 100 78 oi 3 11 JthWZA,. 1 Jilif 1 I si in oo I ui if 1 yn t 68 68 100 100 it 105 106 a 60 60 & 56 66 ffl 73 73 iS! 90 90 IS 94 94 M 83 85 1$ 104 104 m 112 112 S 99 , 09 m 107 108 K 88 88 Mi 102 102 ttf 91 91 ! m 92 91 I; 96 . 96 Sj 96 K 81 81 B 111 111 M 107 107 m 94 96 102 102 92 1)2 Sl Sl and Safety! Note- the Financial state ment of the . City of HILLSB0R0 offering 5Y2 General Obliga tion Funding Bonds Dated Dec. 1, 1922. Due Serially, 1932-1942. Denomination: $1000. an exceptionally good "Municipal" just in time for January funds. J Financial Statement Assessed valua tion (1922).. .$1,375,448.00 Gross bonded debt (includ ing this issue) Less improve ment bonds (payable pri marily from assessm e n t s against bene fited prop erty) Net bonded debt 193,474.33 97,874.33 95,600.00 112 112 85 85 86 27 102 3 97 42 98 12- 94 12 118 1 112 68 104 75 71 92 87 101 99 93 93 98 94 87 93 81 92 92 98 94 87 93 81 101 102 '97 97 97 97 M 94 98 98 112 112 104 104 71 71 92 92 4 103 103 103 10.-, 10-u 105 8 10S 108 108 1 102 102 102 7" 98 - 98 98 23 118 11S '118 95 113 ll.'i 113 lo:: i( 96 . 96 !4 85 B5 85 85 52 51 51 32 36 35 35 49 104 32 98 5 96 . 85 52 Railways and miscellaneous Am Ag Chm. 7s 13 103 102 102 27 104 103 84 116 118 31 98 98 91 84 84 83 89 88 82 87 18 101 7 80 91 84 84 83 88 88 82 87 4 104 104 104 96 96 92 92 86 86 97 97 112 112 79 79 99 98 59 86 181 132 10 94 88 23 62 S?tudebaker 51,000 141 138 139 Swift & Co 107 Tenn Cp & Chm 2.000 10 10 10 Texas Oil 7.800 47 47 47 Texas Pac 1,900 21 20 20 ex Pa C & O.. 5.400 20 19 19 Tob Products . .. T.IX'O 57 56 66 Tian ContI Oil.. 9,800 14 13ii 13 Timken KB ... 2,700 33 32 82 Union Oil Del 19 Union Pac 2,600 138 136 186 Lrlted Alloy ... 400 34 34 34 United Drug ... 200 79 .78 77 Uni Food rra .. 2,100 4 8 4 United Fruit ... 300 152 152 152 Unt Rds of N J. 800 11 10 10 do Pfd 90 26 26 26 t"nl Rtl Stores.. 8,900 74 72 -72 U S C I Pipe ... 1,500 27 261j '26 U. S Ind Alcohol 5,000 67 66 66 V S Rub 5,600 64 53 52 do 1st pfd 1.100 984 96ii 97 U S Smelting 800 37 36 'I 86 V S Steel ...51,400 107 105 105 do Pfd 700 121 121 1211 Utah Copper ... 1,300 .64 63 63 v a Lnfm t uu do pfd 800 Vanadium Steel.55,500 Vivaudou 1.409 Wabash - 2,400 do A pfd 3,700 do B pfd Wells Fargo . . . 200 Western Pao ... 1.100 do pfd 900 Western Union . Y'stghouse A B. do E & M West Md 1,300 White Eagle Oil 200 24 62 34 15 8 23 92" 14 53 24, 61 33 15 JV 23 '92" 14 52 24 60 33 15 8 23 15 92 14 53 800 111 110 110 600 110 109 109 . 60 2.200 White Motors wnue oil .... Willys-Ovld .. do pfd , Wilson Pkg ... W.scon Cen . . , V,'oolworth , . . . Wthgtn Pump W ft L E 500 8,300 1,800 1,000 300 200 60 10 27 48 2 6 42 36 200 216 1,600 31 8.400 8 2& 47 . 2 6 41 36 26 210 30 8 60 10 26 48 2, B 1 35 26 !15 30 8 Am Smelt 5s Am Sugar 6s Am T & T cv 6s. . do col tr 5s. . . . . do col 4s, Am Writ Pap 6s.. Am W W & El 6s. Ant Jur M W 6s. . Armour & Co 4s. At T & S Fe.gn 4s. do adj 4s At Cst L 1st con 4s Bait & O 6s,. do cv 4s...... Bel Tel of Pa 7s. . Beth Steel ref 6s.. do p m 5s Brk Rap Tr 7s ctfs Cal Gas & El 5s. .. Cana Nor 7s Can Pac deb 4s... Cen of Geor 8s Cent Leather 5s. . . Cent N Eng 4s. ... Cent Pac gtd 4s... Cer de Pasco 8s. . . Ches & Ohio cv 5s. do cv 4s Chic & Alton 3s 182 do 3s 2 C B & Q ref 5s A 9 101 101 nic (e hj in os... iv C Gt West 4s 17 CM&StP cvfc 5s B. 67 do cv 4s. . . . . . 128 do ref 44s 98 C & N W 7s. . .... Chic Railways 5s.. C R I & P gen 4s do ref 4s C & West Ind 4s.. Chile Copper 7s.. ao os C C C & St L g 4s Col & S ref 4.. Col G & Elec 5s. . Cons Coal of M 5s Cuba C Su deb 8s Cu Am ?ugar 8s. Del & Hud cv 5s Den & R G ref 5s do con 4s Det Edison ref 6s Distillers Sec 5s. . Donner Stl ref 7s, 11- 90 - 89 Du P de N 7s.. 31 102 102 iuquense Xjignc os Em G & F 7s ctf Erie pr lien 4s. . . . do gen lien 4s.. Fram Ind D 7s. Gen Elec deb 5s.. Goodrich 6s Goodyr T 8s, . 1931. 103 116 98 91 84 84 . 83 88 88 82 87 100 100 SO 0 99 98 59 86 79 132 75 94 88 24 62 80 57 66 64 59 3 lua 17 77 4 81 20 82 6 75 34 111 29 96 81 87 96 88 96 92 86 97 112 79 99 98 59 86 Total sales of bonds today were $16, 041,000 compared with $13,766,000 pre vious day and -$20,059,000 a year ago. . New York Curb Furnished by Jordan, Co. of Portland: Oils Anglo-American Arkansas Nat Gas com ... Loston-Wyoming Oil ... Carib Syndicate ......... Cties Service bankers .. do com Creole Syndicate Cushlng Petroleum Engineers Petrol Co .... federal Oil C-Hllland Oil com Glenrock Oil .' Hudson Oil International Petroleum Keystone Ranger DevCl . I.'vingston Oil Corp Lyons Petroleum Mammoth Oil Maracaibo Oil Explor . . . Mrrrit Mexico Oil Corp Mountain Producers Mutual Oil- Noble Oil & Gas Omar Oil & Gas Producers & Refiners -. . . J-d Bank Oil Sapulpa Refining Simms Petroleum South Petrol & iteflning Southwest Oil Standard Oil of Ind Texon Oil & Land .. "Victoria T" Oil & Gas : Mining Alaska-Brit Co! Metals . Belcher Extension : Big Ledge Copper Co ... lit ston & Montana Corp : Canada Copper Co ...... Candalarta Silver - Cash Boy Consolidated .. Consolidated Copper..... Coik Province. Mines .... Dean Consolidated Corp , Divide Extension m Salvador Silver Mines Ely Consolidated , Emma Silver Eureka Croesus Fortuna Cons Mining ; Goldfleld Deep ..... tSoidfield Development . . tiolrinelrt florence Stocks. Wentworth & ..... 17 ..... 1 . 5 .... 17 171 2 2 15 . 72 2 1 i-ao : 10 20 . . . . . 26 . . . . . 5 78 47 13 7 ..... 93 17 11 2 1-10 9 12 2 12 6 1 J17 45 , 5 8 1 1 4 ..1 94 88 23 62 101 80 67 65 62 80 57 64 62 58 108 108 77 77 81 81 82 82 74 75 110 111 wo no 81 86 96 88 91 81 86 96 88 91 107 107 107 97 97 46 46 72 72 V. 10 104 104 10 49 49 97 46 72 104 4. 89 102 103 103 V6 U3 54 55 42 42 90 90 14 101 101 101 12 101 101 101 32 y HS 19 104 40 93 69 55 54 44 22 90 do 1941 20 114 114 114 Gd T R of Can 6s Gt North 7s A.... do 5s B Hd & Mn ref 5s A do adj lnc 5s. . . Hm O & Ref 5s Illinois Cen 5s.. do ref 4s Ill Steel deb 4s. Inter R Tran 7s. . 35 104 103 103 38 110 110 110 a luz 102 102 18 84 84 84 36 61 60 60 10 98 98 98 20 108 101 102 12 88 88 88 33 91 91 91 25 94 94 94 No Oversight In the East, as well as the West, there seems to be a mad hysteria to spread down the greatest number of miles of hard-surface in the least possible time. The fact is lost sight of that some methods of road construc tion are more stable than others and wear longer. There are certain kinds of constructive work that have stood the test; there are other kinds that soon after being laid develop innum erable cracks and cradle holes. No oversight qf the character referred to above occurs in any community that uses Warrenite Bitulithic pavement. Vertienies Sugar Company 7 Coupon Due 1942 Offered at price to yield about .' 7.25 Y to maturity Circular descriptive f this issue will be sent upon request The National City Company Offices in more than 60 cities. Yeon Bldg., Portland. Telephone 6072 Slain. 28 .11 3 12 70 10 3 2 26 30 S 4 23 Priced to Yield 5 IISCOME TAX EXEMPT Ask for circular. OMR KENDALL & COM. FIFTH AND STARK ST3. PORTLAND, OREGON Gold Zone Divide 7 Ilarmill Divide 5 Hecla 774 Henrietta Sliver , 40 Jerome Verde Devel 2 Knox Divide 1 1 Lone Star Consol 5 MacNamara Cresc Mln 4 MacNamara Mining 5 Marsh Mining '. . 6 - Mc'Kinley-Darragh-Sav, 17 Mexican Eagle 10 National Tin Corp -. . . . 24 Nt'vada Ophir 10 . Nipissing Mines 5 Ohio Copper ,. 49 Kay Hercules Inc 18 Red Hills Florence 2 Rex Consolidated Mining 5 Sandstorm Kendall -. 1 i-'-Iver. Mines of Amer.. 17 Spearhead 7 Success Mining 44 . Teck Hughes . 82 Tonopah Divide ....... 1 67 Tonopah Extension 8 I"rlted Eastern Mining 1 West End, Consolidated 1 5-16 Standard Oil Stocks. Furnished by the Overbeck & -Cooke. company of Portland.: Bid. Asked. Anglo : 17 , 17 Borne-Scrysmer 118 1-3 Buckeye 85 -' 86 , Cheesebrough ..205 21a do pfd ...112 IIS Continental .....151 153 Crescent . 45 46 Cumbertand 77 ' 82 Eureka 90 Galena -.. 54 - t6 do old pfd ......108 110 do new pfd 103 , 105 Illinois Pipe 160 11 . Indiana Pipe 91 93 National Transit '-' 26 N Y Transit . 128 132 Northern Pipe 108 . 11a Ohio Oil 70 74 International Pete . 20 21 Penn Mex 16 18 Prairie Oil 208 212 Prairie Pipe 10 107 Solar Refg 170 180 Southern Pipe 92 95 South Penn Oil 158 102 S W Penn Oil 64 67 S O Ind new 58 59 do Kansas 43 .43 do Kentucky 129 130 do N Y 46Vt 46 $8,000,000 Carolina, Clinchfield & Ohio Railway 1st and Cons. Mtg. 30-Yr. 6 Gold Bonds Dated Dec 15, 1&22 Due Dec 13, 1952 SECURITY These bonds are secured, by a lien on 276 miles of railroad, part of which js a first mort- gage. Provision is made in the First and Consoli dated Mortgage to refund all underlying bonds. The -.outstanding junior securities represent an actual in vestment of over $30,000,000. - - EARNINGS The gross income available for inter est will be about twjee interest charges for the twelve months ending October, 1922. ' - . . . . PROPERTY The company operates a modern rail way and is considered 'one of the most important coal-carrying roads in the country. ' '. . ; , . - . : Price 962 to Yield 6.25 , 1 17 1 1 iign iieiaing oonas For January First Investment Reinvest your interest and dividends and funds from , maturing securities right away in order to keep your money working to the maximum advantage. SBozeiuan, Mont., Imp ' 6 Jan 193.V-41 100.0 .00 gBrentertOn, City of, Wn, Imp 7 Nov J92S-32 100.00 7.00 Ionu, Ida., Gen. Obligation 8 J J 1039 100.00 6.00 fKinsr County, Wn., Commercial Water- ' ' way Dist. JMo. 1 7 J&D 1024 1 01.38 6.25 tMills, Vyo Water...;...;..,. B JJ 1037-52 100.00 6.00 Panr. laa, St. Imp....... 6 .! A. J 1931-33 10O.0O 6.00 gPanl, Ida, Fire Dept... 6 J&J 1933-38 100.00 6.00 Paul, Ida., Waterworks.. 6 JAJ 1939 100.00 6.00 gPort Angeles, Wn., Imp. 7 Jan 1923-32, 100.00 7.00 gPort Angeles, Wn., Imp , 7 Jan 1924-32 100.00 7.00 gPort Angeles, Wn., Imp 7' jnm 1923-32 100.00 7.00 SPort Angeles, Wn, Imp...,. . 7 Jan 1926-32 100.00 7.00 BPort Angelea, Wn., Imp. 7 Jan 1931-32 100.00 7.00 Roundup, Mont., Imp 6 Jan 1926-36 100.00 6.00 fRoundnp, Mont., Imp...... 6 Jan 1927-36 100.00 6.00 tSeattle, Wn., Imp t .7 ' Dec 1924-28 100.00 6.00 t Seattle, Wn., Imp..... 6 Feb 1925 100.00 6.00 JSeatWe, Wn., Imp..... .v .6 Jan 1926-43 100.00 6.00 (All Seattle Gnar. by Revolving Fund) $Shelby, Mont, Sidewalk 6 Jan 1924-28 99.01 7.00 Shelby, Mont, Sidewalk. .... v. 6 Jan 1926-28 97.34 7.00 Soda Springs, Ida., Imp 7 F&A. 1927-29 100.00 '7.00 JToppenf.Mh, Wn, Imp.... 7 June 1924-33 100.00 7.00 tTTVancoaver, Wn, Imp...... '..v.... 7 Dee 1924-34 100.00 7.00 Warrenton, Or. 6 MX 1938 '. 100.00 6.00 tWasbougnl, Wn, Street 6 J J 1928-29 100.00 6.00 tWenatchee, Wn, Inipv 6 Jnne 1932-3 101.77 6,25 Wlnnett, Mont, Imp.. 6 Jan 1928-33 100.00 6.00 Odd Lots Canadian Municipal Bonds tGrande Prairie, Alta, S. D 7 Dec 1936 , 104.55 8.50 tGrande Prairie, Alta, S. D 7 Dec 1937 104.75 8.50 tPort Coqnitlam, City of, B. C 7 JD 1941 .100.00 7.00 Prince George, B. C 6 FAA 1930 100.00 6.00 tPrince George, B. C.... 6 . JSJ 1933 100.00 6.00 tPrince George, B. C, Water 6 J J 1937 100.00 6.00 tSaskatoon, S. D. No. J3. 6. J&J 1950 " 100.00 6.00 tSt. James, Man, Mnn. of...... i... 6 JifcD 1927 100.00 6.00 gSt. Jnmex, Man, Mnn. of .....V.... 6 F&A 1942 100.00 6.00 tVermilion, Alberta 6 MAS 1926 100.00 6.50 , tVermilion, Alberta 6 MAS '1927 lOOlOO 6.50 tVermilion, Alberta 6V4 MS 1929 100.00 6.50 tVermilion, Alberta 6'j MSS 1930 100.00 6.50 Denotes SIOOO Denomination. tDenotea $500. t Denotes $200. g Denotes $100. Denotes Fractional Bonds. . Telegraph or telephone orders our expense. MORRIS BROTHERS CORPORfflON government ana Municipal Bonds o u Port an1 309-ii stark st. SAFE DEPOSIT BOXES do Ohio .... do pfd Swan & Finch, Vacuum ...... Washington ... S .O Nebraska Imperial Oil . . ...26.1 ...117 ...24 - ... 42 ...22 ...ISO ...111 275 1J0 28 4.1 26 1H0 113 Swift ft 0. Storks. Swift & Co. stocks at Chicago, as ro ported by the Overbeck & Cooke -com-pair of Portland: Swift & Co 107 l.lbby, McNeil & Llbby 6 National leather 7 Swift International 19 Coffee Futures Irregular. . NEW YORK, Dec. 28. Yesterday's advances were followed by rather Irreg ular fluctuations in the market for cof- ANNOUNCEMENT In extending the season's greetings, with beat wishes, we desire to announce the removal, on December 31, 1922, of our Northwestern Branch Offices from the Pacific Bridge building, 28tt East Salmon street, Portland, Oregon, to our new quarters on the 11th f'oor of the Porter building (formerly Wells-Fargo building) at the southwest corner of Sixth and Oak Streets, Portland, On and after that date our mail and telegraph address will be WARREN BROTHERS COMPANY 116 PORTER, BUILDING. PORTLAND,. OREGON. The address of Warren Brothers Com pany laboratory will remain the same as heretofore, namely, 289 East Salmon street, Portland, Oregon. Cascara Bark Hides. Wool. Pelts, .Mohair. We Are in ths "Market. Writs for Prices and Shipping- Tags PORTLAND HIDE & WOOL CO. UEOROE M. SULLIVAN. Manager. 101 Lnion Ave. N Portland, Or. fee futures today and the volume of business was smaller? The close was net 3 points higher to 2 points lower. Sales were estimated at about 35,250 bags. January, 10.02t;; March, 8.92c; May, 9.60c; July,. 9.23c; September. 8.76c; December, 8.48c. Spot coffee firm. Rio 7s. 119lllic; Santos 4s, 15 K 18 lie. Chicago Oil Market. (By Chicago Tribune Leased Wire.) CHICAGO, Dec. 28. Chicago, f. o. b. prices: Gasoline, tank wagons, 18c; serv- , ij Income M I Tax Exempt i f I Municipal 1 I . Bonds tj to yield ' 4 6y2 I - Details upon III 1 request M Si - - jEJ tkinson.zrikasOi r lNvTcsTnEhit noNixr MAIN 07QO WOBTHWESTtgW RANK WPG Ice stations, 20c; machine, 27.7a Oils, summer. 11.4c; winter, 11.0c: Carbon Perfection. irnn harralo 11U..- Ilnee.rl oil, raw, one to four barrels delivery, Jl.oj; boiled, fl.OSt Carbon oil, pack ages, 25 pints, $6.25. Turpentine, J1.57. ienarurea Rlconol. of 0112001 5 Little Interest and a Long Time to Pay T ME OWNERS and " builders who are plan ning to place a mortgage should learn about our easy payment plan. It lifts a person out of debt in a few years; No loan is too email, none is too large for ns ' Portland Trust Company of Oreson SIXTH AND MORRISON Bond & Goodwin sTucker SAN rRANCltCO rWCORPORATro UNITED STATES NATIONAL BANK BUttDWC w PORTLAND - LOS ANCELES "HYDRO-ELECTRIC DIVIDENDS" and HOW TO GET THEM A booklet with map, Illustrations and text presenting the hydro electric situation in the Portland Power, area, and explaining the Special Savings Plan of Interest-bearing partial payments in the purchase of . - - - . Northwestern Electric Co. 7 Cumulative First Preferred Stock Free copy on request. Telephone, call or write NORTHWESTERN ELECTRIC COMPANY New Year's Oregonian Issued Monday, January 1, 1923. You will want to send copies to your friends in the east Order now for delivery on January 1. Single copy 5c; postage, Gc in United States and possessions; foreign 12c. Fill out blank form and send to Ore.eonian Office, Sixth and Alder. 1 NAME I STREET TOWN STATE . i - " :'' ' - ' ' ' ' ' ' ' ' ' " .' " - -.. -i. . I. - - i, , 1 , ., , THE OREGONIAN, Portland, Oregon. Gentlemen: Enclosed find . ... ........ for which mail The Ore- gonian's New Year's Annual to each of . the above addresses. (In close 11c for each address in United States, Possessions and Canada, Lie ior eacn ioreign address.;