TITE 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.;