TITE SUNDAY OREGONIAX. PORTLAXD,' DECEMBER 4, 1021
23.
M BONDS STHE
NBTHEN
I
III BERT Y ISSUES SELIi AT NEW
HIGH QUOTATIONS.
Victory Notes Also Register Net
Cuius Stocks Irregular With
Oils and Steels Favored.
NEW YORK, Dec. J. Stock trading to
day was quiet in contrast with active ses
sions earlier In the week. The uneven
trend of prices resulted from the custom
ary week-end closing out of apculative
accounts.
Htrels and equipments attain were fav
ored, because of consolidation rumors.
Ieciaratlon of the regular dividend on
International Harvester strengthened
shares of that description. General Elec
tric made a substantial addition to Its
recent advance and oils, some of the Eu
ropean groups excepted, were strong.
Of the domestic ollst Transcontinental
was most prominent on confirmation of
rumors that It had closed a deal wltb
Standard till of California for Joint oper
ation of its large acreage in Colombia.
Ralls were apathetic, the few changes
!n that group being confined to coalers of
secondary importance and the more popu
lar Pacifies and grangers.
Leather Issues reacted, but chemical
and papef specialties Improved on better
trade conditions. ,6ales ' were StjS.OOO
aharea
Liberty and victory Issues comprised
most of the dealings in bonds. Several of
the former scored a new high quotation
and both series closed at net gains. For
eign boads were subjected to renewed
pressure. Total sales, par 'value. $10,
876.000. .
Heavy transfers of funds Incidental ts
December Interest and dividend payments
were not reflected in the clearing house
statement. Loans showed only a moderate
Increase and the actual cash loss was
alight, leaving excess reserves nearly
$18,000,000 In exceaa of requirements.
INVESTMENT DEMAND 18 GREATER
Bond Bales During Week Aggregate
f 125,000,000 In Value.
NEW YORK, Dec I. An expansion of
the Investment demand for bonds and an
increase of publlo interest in 'the stock
list featured financial markets this week.
Kxclusive of enlarged private offerings,
bond sales on the stock exchange totaled
about f l-'S.OOO.OOO par value, while the
trunovar in stocks was 4.000.000 shares.
Liberty bonds and victory notes broke
sr equalled the year's high records, de
spite extensive -realizing. Some other do
mestic bonds and several of the foreign
roup, especially French and Belgian gov
ernment, were irregularly depressed.
Much of the activity and strength In
stocks converged around steels, equip
ments and affiliated shares. Their ad
vance was occasioned by well defined re
ports that the discussed consolidation of
Independent producers soon might assume
concrete form. Ralls dominated at Inter
vals, the October record of a 10 per cent
gAln in aet earnings and a 24 per cent
cut in operating costa being a pronounced
factor. . Following market tradition, how
ever, that division reacted on declaration
of the Burlington and Colorado & South
ern dividends.
Industrial and commercial developments
disclosed moderate .setbacks and sporadic
gains. Steel and Iron production lagged
and improvement in the mercantile lines
was mainly traceable to pre-hollday de
mand. Incidentally, business failures
reached their highest point of the year
during November.
Recent irregular conditions In the money
market were unaltered. . Despite further
accumulation of reserves by the local fed
eral reserve bank, call loans rose to &hb
per cent. The shorter time maturities and
rates for merchants' paper. however.
Showed slight concessions.
A. buoyant tone developed in the foreign
exchange market on the decision of the
'Washington government to participate in
the proposed reconstruction of International
credits.
CLOSING STOCK QUOTATIONS.
(Furnished by Overbeck 4k Cooke com
pany. Portland.)
sales.
13
2
24
25
4S
28 H
07 T
lol!
41H
25 f
2SH4
151
28 '4
15 Vi
304
2
27
110H
2M
14
1!
2
Int Merc Mar 14 1SH
do pfd 65 ft
I ini a:cki ... z, km) i 11
mi rajipr .... DOO Oi 'a
do pfd
Invincible OH. S.4O0 12
Island Oil ... 2,300 3
Jewel Tea
K C Southern 200 "24
K C So pfd
Kelly-Spdfld . 1,400 42
nciiiircun ... ......
Keystone Tire
Lack steel... 3,000
Lee Tire
I-hlgh Val
Lorillard .... ......
Lowe Theat
Marland oil 27
Mex Pet 11.500 112V?
Mid States OH
Mldvale Steel
M K A T
do pfd ..... ......
Mont Povsr. ....... .
Mont. Ward.........
Mo Pac 100
do pfd
M St P & SSM
No Amer
Nat Biscuit t.
Nat Enamel.. ......
Nat Ler.d
Nev Con
New Haven... 100
Norfolk & W
Nor Pac
N Scotia Steel
N Y Central.. 600
Okla Prod ref
Ontario Sliver
Out W
Otis Steel
Pacific Dev
Pad Q 4 K
Punta Allegre. ......
Pacific Oil
Pan Am Pet
do "B"
Penna
Peo Gas
Per Marq.... ......
Pure OH
Phillips Pete
Plence Arrow..
Pierce OH
Pitts Coal.... 700
Pitts A W Va. .4o0
do pfd ......
Press stl Car
Pullman .....
Ray Con RO0
Reading 1,400.
Remington
Replogle Steel
Kepub IAS.. e,400
do pro .....
Rest Motors... ......
P.st'al Dut Oil 47 47
Ry Steel Spg -
Stand Oil N J 191
Sears Roebk. 400 59
Shat Arlx
Shell T & T 37
Sinclair 4,200 22'j
Stand Oil Cal 91
FOUR STOCK table: .
Stand Oil Ind
Sloss Shef
19
47
44
80 V4
13
13
Wt
82
'75
20
10
so
45
61
40
34
2i
as
31
14
13
2
27
"7
110
14
73
65
18
46
80
13
13
88 ft
81
'ii"
...a.
'20 ,
5?
60
4
34
"22 ft
87
31
14
13
62
27
67
108
14
73
2.i
63
1S6
67
'37
22
91
. .45,
Adams exp...
Agr Chem ...
Ajax Rubber.,
do pfd
AJax Rubber.
Alo.U. C'.nlA
Alaska Jun...
Allied Chem..
Allis-Chal. ..
do pfd
Am Heet Sug.
Am Boch . . .
Am Can Co..
do pid ....
Am Car A Fy.
do pfd
Am Co Oil...
do pfdt ....
Am HAL..
do pfd
Am Ice
Am IntI Corp.
Am Linseed..
Am Loco . . .
do pfd .....
Am Sat Raz. .
Am Ship A C.
Am Smelter..
do pfd ....
Am Snuff ...
Am Steel Fdy
Am Sugar ..
do pfd
Am Sumatra.
Am T & T. ..
Am Tobacco..
do B"
Am Wool ....
Am W P pfd.
Am Zinc ....
Anaconda ...
Asfd Oil ....
Atchison ....
do pfd ....
Atl, O A W I.
Bald I.oco ...
do pfd
Bait & Ohio..
do pfd ....
Beth St "B". .
B T R
Butte C A Z.
Butte A Sup.
Burns Bros.,
fadrto Oil ...
Calif Packing
Calif Pet
do prd ....
Canadian Pac.
On Leather. .
t'erro de Pas.
t'hand Alotor.
Clujo A N W.
2 STock Table.
Chgo Ot W... .,
do pfd
Chili Cop ....
Cluno
C M St P
do pfd
Coco Cola . . . . ,
C & O
Colo K A I
Colo Southern.
Col C..1S A Ele
Columbia Ora.
Con Oas
Cons Cigars ..
do pfd
Crvntl Can ...
Cities W C B.
Corn Prod . . .
do pfd
Cosden Oil ...
C R I A I
do "A" pfd.
do "B" pfd.
Crucible
do pfd
Cuba Cane ..
do pfd
Cuban Am Sug
lel A Hudson
Dome Mines .
Del Lack
Division Chem
Kndlcott John
Erie ..
do 1st pfd..
Famous Plays)
Fed Min A Sm
do pfd
Fisk Tire ...i
fiaaton Wms .
Oen Cigars ..
Gen Elec ....
Oen Motor ...
Olen Alden . ..
High. Low.
300
31
18
31
17
300 18 17
900
57
37
28
32
15tV'
5
87
28"
82
149
13 12
7.1)00
8,066
9O0
1.200
i,66
1.1) 'Ml
l.."MK
500
1.900
O0
8.200
tt.UOO
900
i.soo
41
34
7
"
ft
84
55
33 N
11U
134
12tt
80
46
66
85
37
67
8f
83
07
'4
5
43
' 34"
55
32
115
132
121)
80
4
8'iii
94
87
66
116 116
300
BOO
8.0O0
4IH) '
1,000
800
900
200
1.2o
3,000
Tl
44
lis
31
34
47
69
12
27
23
30
31)
57 "5
2
44
65
3
71 1
44
lis
28
34
47
68
12
27
23
3H
3Hft
87
26
44
64
8
Goodrich ....
U ran by
Great Nor Or
Co pfd
Greene Can
Oulf S Steel..
Hunk Barker.
Jfounton Oil .
34upp Motor ..
Ills Cent
Inspiration .. .
Int Arr C com
do pfd
Jnterntata Cal.
Jnt Harv ....
flit pfd
88 88
"1.166 's.ift 83
33 33
!'."" '78 '76
1.400 65 64
"2'.4o6 "7 "7
15 13
600 14 13
iii" iio
52 51
78 77
11 11
"l'.8o6 69 '68
iii" iii
11 10
lo'.66 H5ft 64
400 32 32
...... 27 20
600 33 i 83
77 76
28 26
BOO 60 49
80 80
"1.466 "12" "iift
""ioo '38 'is
Bid.
41)
t 31
18
56
v. 18
56
87
85
28
32
32
92
141)
115
21
45
12
RSft
75
41
84
97
100
4
6
43
86
109
34
55
85
32
115
133
12.
RO
26
11 '4
46
100
9ft
80
04
Jot
7
65
b
7
5
16
116
. 12
' 71
44
84
lis
2
34
46
68,
18
12
27
23
311
8',
57
26
43
64
3
3
' 21
62
46
24
8S
It'
33
33
8S
76
65
87
7
15
13
109
18
110
51
77
11
18
11
69
e
' 81
7
143
10
43
64 (
32
2
83
77
28
49
80
78
11
9S
38
7
36
6
82
161
ARE YOU LOOKING FOR A DE-
J-KNDAULK 1HODICK DEALER f
. Veal Butter
Pork t heeae
Poultry i'.ggs
Honey Any Product
Get our prices
HlBY CO ,
169 Front 8t. Portland Or.
Sixteen Tears' Reliability.
So Pacific...
So Railway..
do pfd ....
St L A S F...
Strom Carb. ..
Studebaker . .
Swift & Co..
Ten Cp Ch
Texas Oil
Texas Pacific
Tex Pa C A O
Tobe Products
Tran Cont Oil
Union Oil Del
Union Pacific,
United Alloy.
United Drug.
Untd Fd Prd
United Fruit.
Untd Rtl Stra
U 8 Ind Alco
U 8 Rubber..
do 1st pfd..
TT 8 Smelting-.
U S Steel....
do pfd ....
Utah stopper..
Va Chem....
do pfd ....
Vandlum Steel
Vlvandou ....
Wabash
do "A" pfd.
do "B" pfd.
Wells Fargo..
Western Pac.
do pfd ....
Westrn Union
Wstgh HAM
West Md
White Motors
Willys - Over
do pfd ....
Wilson Packg
Wlscn Central
Wool worth ..
Wortn Pump.
W A L B....
White Oil....
2,000
400
SOO
8t
19
23
77
80
19
23
75
10 10
2.000 45 45
400 24. 24
2S) 2S
400 69 6HH
33,500 11 10
20 191,
127 126
"ioo 7i ii"
"566 124" 124"
63 B2
1.100 37 3(1
1.700 60 50
V.SOO 84 83
"Abi 69 69
29 29
3,666 83 82
"t" t"
21 21
S'.IOO 49 48
I!!!! 36" 36"
600 6 5
29 29
"266 44" 44"
"966 is" 12
BONDS.
14
65
11
52
95
12
2
12
24
63
42
25
9
48
21
57
151
14
27
111
251,
15
29
2
a
59
H
18
47
70
-44
11
6
13
13
H
81
20
75
3
4
20
10
8
64
30
45
50
46
34
65
22
87
31
14
13
6J
27
78
67
109
14
' 73
24
24
M
7
90
mo
58
7
37
22
91
80
8(1
80 14
4ft
.22
82
76
lou
10
45
24
29
6X
11
10
126
25
70
10
124
52
S
60
VI
33
84
112
5!)
20
72
33
7
7
ei
13
64
19
611
90
411
9
88
5
211
29
29
122
44
7
12
(7. 8. 2a, reg..'
do 2a, coup.'
do 4s, reg..'
do cv 4s, c.
Pan 3s, reg..'
do 3a cou..'
A T A T cv 5s
Atchen gen 4s
D A R con 4a
100M T C deb 6a. .100
100iNor Pac 4s.... 83
I04 do 3s 61
l()41iPaC TAT 5s..93
76
76
108
83
73
Penn con 4s.92
So Pac cv 5s... "95
So Ry 5a 89
Union Pac 4s.. 88
(J S Steel 6a... 88
Bid.
Liberty Bond Qutatlong.
Liberty bond quotations furnished by the
Overbeck A Cooke company of Portland:
High. Low. Close.
Liberty 3s 9TX30 96.18 1)0.26
do 1st 4s...' 97.30
do 2d 4s 97.40
do 1st 4s 97.S0 97.54 97.02
do 2d 4s 97.70 97.50 97.56
do 3d 4s .VPS 10 97 8 97.94
do 4th 4s 97.94 97.74 1)7.90
Victory 4s 100 99.HS 99.96
do 38 IOO 99.98 99.96.
Boston
Allouez
Ariz Com ....
Cal A Ariz
Cal A Heela...
Centennial
Cop R Con Co.
E Butte Cop M
Franklin
Isle Royalle C.
Lake Copper..
Closinc Mining.
23Mohawk 55
9Sorth Butte .. 12
6.1 oid Dom 23
53Osceola 3t
9 (Superior 2
39 Sup A Bostoni. 1
10iShannon 1
1 Utah Cons .... 2
23lwinona 40
2Wolverlne 11
Swift Co. Stocks.
Closing prices for Swift A Co. stock at
Chicago were reported by the Overbeck A
Cooke company of Portland as follows:
Swift A Co 100
Llbby. McNeil A Lllby 6
National Leather .................. 2
Swift International 20V4
Money, Silver, Etc.
NEW TORK, Dec. 8. Foreign bar sil
ver, 67c; Mexican dollars, 01c
LONDON, Dec. 8. Bar silver, 87 d
per ounce. Monkey. 2 per cent.
Discount rates Short bills, 8 per cent;
three-months bills. 3 11-16 per cent.
New York Bonds. '
New York bond quotations furnished by
Herrin A Rhodes, Inc., of Portland:
Am Tel & Tel 6s, 1922 99
do 6s, 1924 1197,4
Anaconda 7s B. 1929 101
do 6s A, 1929 , 96
Armour cv 7s. 1930 . . , .' 102
Am Ag Chm 7s, 1941 102
Bethlehem Steel 7s, 1922 100
do 7s. 19231 100
do Eq-7s, 1935 100
Belgium Ext 7s, 1945 104
do 8s. 1940 103
Bergen 8s, City of, 1943 105
Berne 8s, City of, 1945 .....107
Brazil 8s, 1941 104
Canadian 5s. 1926 93
do 5s, 1I13L 95
do Nat Eq 7s, 193.1 106
do (guar) 6s, 1946 107
C M A St P- gn A rf 4c A. 2014... 60
Canadian Northern 7s, 1940 109 u
Chile 8s, 1941 102
Christiana 8s. City of, 1945 107
Copper Exp 8s. 1922 , lHOhi
do 8s, 11123 102
do 8s. 1024 111314
do 8s, 1925 104
Cuman Amer Sugar Bs, 1931 105
Con Gas cv 7s. 1925 104
Diamond Match 7s, 1935 10T
Denmark 8s, 1945 109
Danish Mun 8s, 1945 108
Dupont 7s, 1031 lDShi
French ext 8s. 1945 100 ,
do 7s. 1941 94U
Grand Trunk 7s, 1940 110i
Goodyear 8s, 1941 110
Oulf Oil 7s. 1933 Il02
Great Northern 7s. 1936 108
Humble OH 7s, 1923 looi
Int Rap Tr ref 5a. 1968 64
Int Mar CT 6s, 1041 o-ul
Int Rap Tr 7a, 1921 73
Llbby, McNeil A Llbby 7s, 1931 ... 100
Mexican Pete 8s. 1936 101
N T C cal 7s. 1930 105 2
Norway 8s, 1940 109 14
Northwest Tel 7s. 1941 'l07
Pan Amer 7s, 1930 s
Penna 6s. 1936 "lou
- , - - . " " W T n. moo .......107
Bonds and Bunk
WE DON'T HOLLER about ourselves, much; we don't
like to talk about ourselves, much. BUT the bonds
that WE buy are suitable for the investment of anybody who
makes safety of principal and regularity of interest the prime
requisite. Bonds WE buy are legally acceptable for invest
ment of financial institutions in Oregon and elsewhere. That "
in itself does not mean much. Any bonds not good enough
for the funds of widows and orphans are not good enough
for us to buy and we don't buy them.
The president, the several vice-presidents and the secretary
and treasurer of this company and as well several others of
the directors and stockholders who devote their entire time to
this business have had long experience in buying and selling
bonds, several of them being actually engaged in it from
fifteen to twenty years. Every officer, director and employe
ofhis company from the president down devotes his entire
time to THIS business. We have no side issues. We believe
v we know something about this business. Our clients purchase
from us about $ 1 ,000,000 of bonds monthly; some months
considerably more, V
We will be glad to see you and discuss investment matters
with you. It will cost nothing to become acquainted.
Perhaps we can be of real service to you. We will certainly
be glad to try. May we have the opportunity?
Frstmak
smith
ssouMB rtocat
a snams
tarsi au tbsi
Camp
Co.
British vky 4s v....
British ref 4s . . .,
Bordeaux 6s. 1934
Canadian 5s, 1937
Canadian 5a. 1U26
Canadian 5a, 1929
Canadian 5s, 11131 .......
Canadian 6s. 1927
Chilean 8s. 1941 .........
Denmark 8a, 1945
French 4s, 1917
French 5s. 1920
French 5s, 1931
French 7s. 1941
French 83. 1945
German W L 5s ..........
Berlin 4s
Hamburg 4s .....
Hamburg 4s
Leipslg 4s
Leipsig 6s ...............
Munich 4s
Munich 5s
Frankfort 4s .............
Italian 5s. 1918
Jap 4s, 1931
Jan 1st Int, I"-J
Jap 2d 4s. 1925
Norway 8s. 14)
ssian 5s. 1921 .......
Russian 5s, 1926
Russian 6s, 1919
Swiss 5a, 1929
Swiss 8s, 1940
U K 5s. 19221.
U K 5s. 1929
U K 5s, 1937 .
...818
...21)0 -...
86
... 93
... 96
... 97
...94
... 90
...102
...lus
... 45
... 63
...64
... 94
...100
.,. 3
... 4
... 4
4
... 4
... 4
... 4
...
... 5
...S3
... 70
... 86
... 86
...109
... 13
... 2
... 13
... 94
...112
... U
...96
...94
328
3U0
8
93
9(1
97
95
92
103
46
64
56
94
100
4
5
5
5
6
5
5
8
6
34
70
86
86
110
16
3
18
95
113
99
96
94
Foreign Exrhange.
r ureisil eL-uiie , ... a a. -
buslnetffs yesterday, furnished by North-
JLT...I 1 n UnpttanH T Vl A
amount quoted Is the equivalent or the
foreign unit in unuea eiaies auuu..
Country. Unit. Kate.
Austria, kronen .0OOS
Belgium, francs 0,J-
Hulirarla. leva .008.
Czecho-siovakia.. kronen 0115
Denmark, kroner -J '-
England, pound sterling 4.00oO
Finland, flnmark
ffranp. f T a n fm ... ............... .0t33
Germany, marks t 2"'
Greece, drachmas -. .0415
IT . I ,,J 'Jit!
rtoi.anu, uiiuma .......- "
Hungary, kronen 0'i0
Italy, lire
Jugo-Slavla. kronen 0(M1
Norway, kroner .1450
Portugal, escudos 0900
Roumnnla. lei 0OS7
Ferbla. dlnara 017,1
Spain, pesetas 1415
Sweden, kroner 2300
franr I 1924
China Hongkong, local currency.. .5450
Shanghai, tae.s 7KOO
Japan, yen .4850
NEW YORK. Dec. 3. 'Foreign exchange
Irregular; Great Britain, demand $4.04;
cables, 14.05; France, demand 7.25, ca
bles 7.28; Italy, demana 4.-'o, caoies
4.25; Belgium. demand 7.03, cables
7.03; Germany, demand .4.1; cables .45;
Holland, demand 33.64, cables 35.70; Nor
way, demand 14.37; Sweden, demand 23.78;
Denmark, demand 18.65; Swltzerlandv de
mand 19.1.1: Spain, demand 13.96: Greece,
demand 4.07; Argentina, demand 32.37;
Brazil, demand, 13,00; Montreal, 1 0-1B.
Kxeeaa Reserves are Increased.
NEW YORK. Dec. 8. The actual condi
tion of clearing house banks and trust
companies for the week skows that they
hold $17,987,800 reserve a excess of legal
requirements. This la an Increase ot
$3,451,390 from last week.
QUOTATIONS ON DAIRY PRODUCE
Current Prices Ruling sn Butter, Cheese
and Egr.
BAN FRANCISCO. Dec. 8. Dairy prod
uce exchange closed.
NEW YORK, Dec. 8. Butter Barely
steady: creamery higher than extras, 47?
47c: creamery extras, 46&46c; cream
ery firsts. 89 45c.
Eggs Irregular; fresh gathered extra
firsts, 62 6 65c; do first 65 iff 60c.
Cheese Steady; unchanged.
Live and dressed poultry Quiet: un
changed.
CHICAGO. Dec. 8. Butter Lower:'
creamery extras; 45c; firsts. 86943c; sec
onds, 8335c; standards. 88c.
Eggs Unchanged: receipts 1725 cases.
SEATTLE, Dee. 8. Eggs Select local
ranch, white shells, 64c; do mixed colors,
56 58c; pullets, 45ij9 46c
Butter City creamery, cubes, 46c;
bricks or prints. 47c.
New York Sugar Market.
NEW YORK, Dec 8. Raw sugar, cen
trifugal. 3-87'y 4.11c; refined, fine granu
lated, 8.204T 5.30c.
Duluth Linseed Market.
DTJLTJTHT, Dec 8. Linseed on track.
$1.81 it 1.84; arrive, $1.81.
Cotton Market.
NEW YORK, Dec 8. Spot cotton, quiet;
middling. 17.80c.
Coffee Futures , Market Higher.
NEW YORK, Dec. 8. The market for
coffee futures was higher today, owing
to further advances in the Brazilian mar
ket, which served to emphasize recent re
ports of unfavorable new crop prospects.
The opening was three to six points
higher. There was very little business In
December, which sold at 8.65c, or one
point below last night's close, but later
months sold 13 to 25 points higher, with
March touching 8.48c and September
8.47c Last prices were the best of the
day, net one point lower to 25 points
higher. Sales were estimated about 54,
O00 bags. Closing quotations: December.
8.55c; January, 8.45c; March, 8.48c; May,
8.40c; July. 8.44c; September. 8.46c.
Spot coffee, steady; Rio Cs, 8oi9c;
Santos 4s. 11r12e.
HOW TO BUY
SAFE BONDS
The following booklets may be obtained
gratta by writing on your business or
personal stationery.
"10-Year Price Range of All
Listed Bonds"
together with 1921 Sales and Prices
"Buying Safe Bonds on
Partial Payment Plan"
Also
Semi-Monthly Investment
Circular .
L. A HUGHES & CO.
INVESTMENTS
100 Broadway New York
NOTE: This advertisement appears in the interest of the further development of Oregon Agricultural lands as well as our personal
interest in the distribution of these bonds. We feel that the recent Oregon Law, which makes for a fundamentally sound investment,
is not generally known and we are taking this means of publicly pointing out the important features to those who are not regularly re
ceiving our offerings. We take pleasure in presenting the Municipal Irrigation District Bond as Safe Bonds for Investment and for
general information as to the progressive action the State has taken, we respectfully request that the following be read with care.
Oregon's Greatest Opportunity
HER UNDEVELOPED AGRICULTURAL LANDS
A WELL-KNCVWN EASTERNER
Mid In commenting on the proposed
V 1925 EXPOSITION
"It Is widely acknowledged that such an exposition will naturally
attract new population to Oregon and Portland. Do not forpet that
Increased population in cities will require additional food supply, and
that an increase in rural population will be occasioned only by the
availability of land to till. You have lands, proven as to quality by
noted soli experts, which need only an adequate water supply to place
them on a par with the best (arming sections of the country. You
have the advantage of a state law, to be applied to worthy projects,
which is sound, protective and progressive. Through the making
ready ot these lands, every business man is directly increasing his
income every taxpayer is decreasing his public obligation. lo not
delay consideration ot this very vital problem."
STATE ENGINEER CUTTER
In a recent article ptabllshe-d la The Portlsad TVlesrana said 1st parti
"Oregon "today presents the preatest opportunity of any utate In
the union for development. However, in tlie agricultural lands of
Oregon lie her most permanent, stable and desirable resources. There
are now some 1.200.000 acres of land Included In well organised
projects, "of which some 00,0v0 are still awaiting reclamation. This
is by no means the measure of Oregon's Irrigation possibilities, as we
may reasonably hope ultimately to nee 3,600.0110 acre under Irrigation.
"The 1915 fair will bring people here to aid In the development of
our wonderful agrfrultural resources, Krom the standpoint of Irriga
tion and agricultural development generally, the 192 exposition U
very opportune"
IRRIGATION SECURITIES C031MISSI0N
This commission Is composed of the etate engineer, stats superin
tendent of banks and the attorney-general, who must pass upon the
district with reasonable certainty from an engineering, financial and
legal standpoint.
Certification and Interest Guarantee ,
This commission Investigates, prior to consideration for certifica
tion and interest guarantee, the following:
(1) All the affairs of the district, including the water supply and
the district's right thereto.
2) The nature of the soil, its fertility and adaptability to Irriga
tion. (3) The general feasibility and cubstantlalness of the project and
( eystem. ,
(4) The market value of the water, water rights, canals, reservoir,
reservoir site and of the works owned or to be acquired or
constructed by the district and the market value of all lands
in the district.
(6) Whether it will be for the best Interests) of ths district apply
ing for interest guarantee, and the state of Oregon, that the
state of Oregon sliull pay interest on such bonds for the period
covered by the application.
Action of the Commission
Upon complete approval, the commission may order that the bonds
be certified, to sn amount not rxcerdlng HOT, ot the segregate rnsrhe
value of the land and the works, by the (secretary of Mate under the
seal of the state.
Such certification makes these bonds a legal Investment for sav
ings banks, commercial banks, trust funds, trust companies and
state school funds and legnlly acceptable to secure deposits of state,
county and city funds in Oregon banks.
Secondly, the state enters into an agreement with the district to
pay interest for the period of. time covered in the application, such
funds being repaid to the state after the retirement of the prebent '
bonded indebtedness.
Strong Features of Bonds Issued Under This Law
1. They are a direct obligation of the entire district. Interest and
principal are provided for by municipal taxes assessed against all
lands in the district. These tRxes are collected In the same manner
and are an integral part of the general taxes. The county treas
urer of the principal county in which the district is located is the
treasurer of the district.
2. In addition to the provision for the payment of principal and in
. terest of the bonds by taxation, all the property of the district,
including water rights, reservoir and distribution, liable for the
indebtedness of the district.
3. That until paid the district tax is a lien on the land, ranking prior
to all first mortgages.
4. Through certification these bonds are made legal for every pur
pose In the state of Oregon thnt our state bonds are.
5. Through interest guarantee the state of Oregon In the majority of
cases becomes the largest holder of the obligations of the various
districts and the holder of an "obligation which is not retired until
after retirement of the present bonds. In addition the state re
ceives six per cent on Its investment as contrasted with the return
the bondholder receives.
We Submit Below the Bonds of Two Districts Bearing State Certification and Interest .Guarantee
The Unsold Portion ot Federal Income Tax Exempt
$275,000
Silver Lake Irrigation District G Bonds
Lake County, Oregon.
f 1000 Denominations. Due Serially 1033 to 1948.
Legal Investment for Oregon savings banks, commercial
banks, trust funds, trust companies, insurance companies and
state school funds and letcally acceptable to secure deposits
of state, county and city funds in Oregon. Bach bond bears
the certificate of the secretary of state to this effect.
The Silver Lake Irrigation District, comprising 8979 acres. Is the
first unit of the 48,000-acre Silver Lake project, carefully Investigated
and recommended by the U. S. Reclamation Service and the State of
Oregon Jointly in 1S15. The present construction follows the recom
mendations of these bodies in practically every detail.
Soil survey by Prof. W. L. Powers of the Oregon Agricultural
College.
The total loan represents less than $30.00 debt per acre spread over
a period of 27 years.
The value of real property with water is estimated at $850,000.
Interest on these bonds paid by the State of Oregon up to and In
cluding January 1, 1924.
PRICES All Maturities to Yield 7
Legality Approved by Teal, Minor & Winfree of Portland, and the
Attorney-General of the State of Oregon.
The I'nnold Portion of Federal Income Tax Exempt
881,800
Slide Irrigation District 6 Bonds
Slalheur County, Oregon.
flOOO and $500 Denominations. Dne Serially 1M2 to IDItl).
Legal investment for Oregon savings banks, commercial
banks, trust funds, trust companies, insurance companies and
state school funds, and learn" y acceptable to secure deposits of
state, county and city funds in Oregon banks.
The Slide Irrigation District, serving 1719 acres, was completed in
May of this year, and in this first season approximately 900 acres have
been placed under cultivation.
This district is located on the Snake river, directly opposite Welser,
Idaho, and Is connected with this city by a good highway and bridge.
The Columbia River highway traverses this district.
This district is in the heart of a proven Irrigation country, lands
on adjoining districts having values or from J250 to $400 per acre.
The outstanding bonds total 1100,000, while a conservative appraisal
of the land and works is placed at 1322.000. Interest on these bonds
paid by the State of Oregon up to and including July 1, 1923.
PRICES All Maturities to Yield 7
Legality Approved by Teal, Minor & Winfree of Portland, and the
Attorney-General of the otate of Oregon.
NOTGi At the present time we can furnish all maturities of the Silver Lake issue
except in 1925. 1926, 1931, 194t, 1947 and 194S.
The Slide issue can be furnished in all maturities except 1932, 1933 and 1939.
PARTIAL PAYMENT PURCHASES! For a limited period we will accept partial
payment purchases on the basis of 10 as the initial payment, the balance to
be spread over ten equal installments.
Full details furnished upon request.
RESERVATlONSi On bona fide reservations we will hold bonds for a period not
to exceed sixty days.
Build Oregon Through Wise Investments
G. E. Miller & Company
Northwestern Rank Building
Portland, Oregon
Gentlemen:
1'lease furnish me
! Detailed information on Silver
1 Detailed information on Slide
J Complete information on your
purchasing these bonds.
ame . . . . . . . .... . mm
Lake Irr. Die
lrr. Dlst. 6
Partial Paym
. w . . .
t. 6 Bonds.
Honds.
ent Plan for
Street Address ............... n
City i.......... .aai
G. E. MILLER & COMPANY
Second Floor
INVESTMENT BONDS
PORTLAND -SEATTLE
Northwestern National Bank Building
PORTLAND-
Main 411)3
20
MONTHS
to pay far any stodc or bond.
Purchaser racsivss dmdrads.
Wnta far booklet FREE.
RODNEY 4. CO.
IWnCaM T.
55 Broadway, New York
C. B. Harrington Co.
BROKERS
What Stocks or Bonds do you wish
to buy or sell? Let us handle your
order.
Title A Trnst Bldg. Main 3817.
Northern Pacific 6a, 2047
san Paulo (is. 1U36
Southwest Tel 7s, 1925
Swedish Government tts, 1939
Standard Oil X y 7s. 131
do of Cal 7s, 11131 ........
Steel 9t Tube 7s, 11)61
Swiss 8s. 11)40
Sears Hoe 7s, 1922
. . 1 (M
..1111
..in
lott
9S
" Jl-'S
do 7s. ll)l'3 J
Swift Co 7s. 1025 luot
Union Tank 7s, lD.'SO iditT
Wilson 1st 6s. 1!J8 iau.
West Elec 7s, 1UJS ..." .JJJJ
Westlnghouse 7s, 1931 '
Zurich H. i"2
lu
Foreign Bonds.
Forelrn bond quotations furnished by
the Overbeck Cooke company of Portland:
Bid.
Belrlan, rest 5s ,ys
Belgian, prem 5s ,-,
Belgian 7Vs. 1!)43
Belalsn 6s, imo
British 5s. 1!2'2 4111
Britlxh .Is. 19-'7 41M)
BrlUsa ia, li 400
Ask.
62
6'.)
KM
tm
40
410
410
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Announcement S
THE WICHITA ROYALTY COM
PANY ANNOUNCES AN EXTRA
DIVIDEND WILL BE PAID ALL
STOCKHOLDERS OF RECORD
DECEMBER FIRST IN ADDITION TO
THE REGULAR THREE PER CENT
DIVIDEND FOR THE MONTH.
THIS COMPANY HAS PAID A
TOTAL OF FIFTY-THREE PER CENT
IN CASH DIVIDENDS THE PAST SEV
ENTEEN MONTHS.
q FOR C O M P L E T E INFORMATION
WRITE OR CALL.
.flffllltiawi.ll HUM.WS. if MIHULM M-i L1LHJ
70B2
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We Own and Offer:
I United States of Brazil
1 47o Bonds of 18S9 1
Denominations: 1000, 500 and 100. E
Principal and smi-annual interest payable in pound sterling. E
E Coupons may be cashed at our office. E
E The Bonds constitute direct external obligation of the E
E ' United States of Brazil
E You may realize upon your investment
E in these bonds an annual income of E
. ' to Over 9
and in ADDITION thereto an increase in principal of from E
- , 88 to 124 1
E as exchange becomes more normal. E
H In an opinion these bonds afford one of the most attractive E
E . investments now available. E
f.l.nevepeaux5i(Qmpany
I ' INVESTMENT BONOS
8T SUMTH STREET PORTLAND. OREGON BROADWAY 1043
GROUND rXOOR WELLS -FARGO BUJLOING
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I Howland?Pederson I
INCORPORATED
1 1314 L. C Smith Building, Seattle, Washington E
E Elliott 8188 s E
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MAIJT 3JMI1
main 3ima
BUILD UP LOCAL PAY-ROLLS! INVEST IN THE
PREFERRED STOCK OF A SUBSTANTIAL
. HOME INDUSTRY.
The largest manufacturer of Tables, located west of the Mississippi.
Stabilized, heavy demand tor product Justifies doubling; of output
and payroll.
FREELAND FURNITURE COMPANY
Offers for subscription
a limited amount of Its
8 PREFERRED STOCK
Subscriptions received In blocks of 100 or multiples of $100, at
par, to net the Investor 8 per cent per annum. At retirement, an
added profit of 10 per cent is paid. If terms are wanted, stock
may be subscribed for upon 25 per cent cash payment, balance in
three Quarterly payments, without interest.
Established 1911.
. ' FREELAND FURNITURE COMPANY
Makers of Fine Tables.
970 Macadam Street. Portland. Oregon.
Text Book
o! WALL STREET
-1923 EDITION-
CoMmntt
History of New York Stock
Exchange
History of the Consolidated
Stock Exchange of New York
History of the New York Curb
How to Open an Account and
Methods of Trading
The Art of Speculating for
Profits
Augmenting One's Income '
How to Secure Loans on Stocks
Dictionary of Wall Street
Terms aftd Values of Foreign
Exchanges
Copy Aw mpoa rsqisssc
McCall, Rllcy & Co.
Msmtarrs ConaolidsUd
Btoes. Exobsjic ot Nw York
20 Broad SL, New York
Liberty Bonds
HOLD YOURS
Do not part with them
unless compelled to do so.
' BUY MORE
At present attractive prices,
thus reducing cost.
Booklet No 29t ives lnteresrin(
snd profitable information.
Writs TODAY for your fnecofr)..
ROSE &. COMPANY
Libertj Bond Specialists
50 Broad Street, New York City
OVERBECK &
COOKE CO.
Brokers, Stm ks, Honda. Cstton,
Grain, t-tr. a
tlS-tlT BOARD OF TRADK BIJ0.
Walla, Walla. Waali.
I'nrtland, Or.
rendlrtuu. Or.
MEMBERS CHICAGO HOARD Of
TKADK.
Corresnondrnts of I-osan a Bryan.
Chicajro and uw Vork.
MEM KER.H
i New York Hwk Kirhanra.
. t'lilrsto htork Kxrhans.
HNtn Htiirk Klrhsncfl,
Chlrairo Hoard of Trade.
ew lork tot Lin En hanr.
Now Orleans Cotton Ksrlianffe.
New ork I'roduro Ksrhanice.
Winnipeg; (train Kxrhanice.
Urerpool Cotton Association.
ORGANIZING
A COMPANY?
Save the usual Incorporating ex.
penses, avoid personal liability and
excess profits taxes. Organize on
the common law plan under a
Declaration of Truxt
nemaree Standard Forma (ap
proved by attorneys) furnish com
plete equipment with which any
one In any State can organize a
company. Issue shares and befrin
dolnsr business the same day. Ask
for circular A-42 containing: full
descriptions.
C. S. DKM ARF.E,
I-aal Illank Printer,
613 Walnut, Kansas City, Mo.
HERRIN & RHODES, Inc.
Established lsfl.
BROKERS
New Tork 8tooka. Bonds, Grain, Cot
Prlvata Wire, siembero Ckloaaa
board of Trade.
Z01-S Railway Exchange Bid.
Telecbone Mio
TRADE SAFELY
IX THR STOCK MARKFT
10 .--HARKS eftk psssf I nllin-7-DAY
AT UaT tted
OI'TION FOR afJ jB l'roflla
Any Stork RvrksnKe Isaoe
$10 Ltf $20
PoltlTflr No Mararlna Calls.
Write for Booklet No. 04 Free
C Goldhurst & Company
Servle Reliability
tW llrond Street, New tork,
Phone your want ads to The Orea-o- I
man. Mala 7Uu. Automatic 66U-Uj.
FOREIGN EXCHANGE
Lonrat Ham, Watch
Our Window.
Direct Wire Pervice from New Tork.
1 HA.NS-AT1.A TIC F.STA 1 a
CltKlllT CO.
102 Second M., Near Stark.
Marshall Zotl.