23
m PRICES J1P
FOLLlli HOLIDAY
Decided Turn for Better Is
Noted in New York.
CHANGE NOT SURPRISING
Business pend Continues Up
ward; Outlook for Christmas
Trade Is Encouraging.
BT BYRON SELLER.
(Copyright, 1922, by The Oregonian.)
NEW YORK, Iec. 2.-The investment
market was dull and Irregular the first
three days of the week. Inquiry waa
lacking, both from institutions and from
private Investors. Large blocks of new
offerings were left in the hands of the
investment bankers. Even high-grade
municipals were without buyers. Gov
ernment issues were neglected and lower.
Directly after the Thanksgiving holi
day, however, there was a sudden re
versal. Both high-grade and speculative
securities were in demand at advancing
prices. Sentiment improved almost over
night. The turn was so sudden that it
appeared doubtful that it could be per
manent. !
Aa to high-grade issues, the recovery
was not surprising. Prices had de
clined until they had reached about the .
level prevailing laat March. Meanwhile
time money continued in supply around
the 4 to 5 per cent rate. Pressure,
from sales by banks to provide money
for business purposes had ceased. There
had been a let-up in the flood of new i
issues. It was to be expected there- i
fore that prices for the best bonds had
reached the low, for the present at least,
and purchasers who had been holding ;
aloof waiting for this very development 1
came into the market and found the
supply at quotations prevailing during
the first half of the week very limited.
Consequently there was a sharp advance.
The situation with regard to the
speculative issues is not so clear. ' The ;
better feeling here was probably a re
flection of that shown in tha stock :
market.
The recent pessimism certainly was.
not due to any indication of a change
in the business trend, but rather to con- j
cern over the programme in Washi ng
ton. This was particularly true of rail- 1
road securities and especially of those
the position of which has appeared to
be dubious of late. The weakness in
Erie stocks and bonds thfs week was
a case in point. St. Paul's inability to
show fixed charges covered and the
poor earnings statements of such roads
as the Seaboard and the Chicago Great
Western made their securities especially
sensitive to threats of adverse legisla
tion. To a less degree the condition of
roads which suffered so heavily during
the strike, such as the Baltimore &
Ohio, is similar.
There were no new developments in
Washington to account for the greater
confidence shown by investors. It is
true that the administration apparently
plans to forestall the most radical meas
ures by compromises of its own. But
the programme of the progressives, so
called, and the agricultural bloc re
mains unchanged. They insist on a
reduction in railway rates, which, with
out corresponding savings in expenses,
must result in difficulty, to use a mild
term, for the roads whose bonds are
classed as speculative. The best that
can be said is that in all probability
action along these lines is a long way
ahead.
It is obvious that to buy or build cars
capital must be supplied. Such purchases
as have been made of late years have
been almost entirely financed by the
sale of equipment trust certificates.
Such certificates are universally ac
knowledged to be very high-grade se
curities, inasmuch as title to the equip- !
ment remains in the name of the trus- j
tee until" It is entirely paid for. ilore
over, even when the road went Into j
the hands of a receiver interest on
equipment trust certificates ranked
ahead of or on a parity with that on
first mortgage bonds. v
The constant financing of car pur-
chases in this way, however. has
steadily increased the amount of
financed charges and so has detracted
from the standing of junior mortgage
bonds. But if the railroads are not to
be allowed earnings sufficient to sell
junior securities this process of piling
fixed charges on fixed charges must be
continued to the danger point.
Something may be accomplished by
increased efficiency in operation. How
much, though, Is a matter of opinion,
and there is a sharp difference here
between the spokesman for the farmer
and for the railroads. Few go so far
as to suggest that government owner
ship and operation is the way out.
Undisturbed by fluctuations In se
curities, however, the business trend con
tinues upward. The outlook for the
holiday trade is good. The automobile
industry enters December with all rec
ords for production broken. Returns
for the 11 months of 1022 are expected
to show an output of cars and trucks
greater than that of 1920. which was
the banner year up to that time. The
automobile manufacturers are looking
forward confidently to 1023, but cau
tiously as well. The danger to the in
adequately financed and smaller organi
zations from intense competition is fully
realized.
Abroad the situation, while no better,
is certainly no worse. Important de
velopments are looked for at any time.
In our market foreign bonds have either
held firm around last week's levels or
they have advanced. The fact that
London bankers are able to offer better
terms for a new loan to the city of
Bergen Is indicative of more confidence
as well as easier money in that market
at least.
STOCK LIQUIDATION AT AN END
Weakened Technical Position of Market
Corrected.
NEW YORK, Dec. 2. Sharp recoveries
in the stock and bond markets, lower
grain quotations, higher sugar and rub
ber prices and a new high for sterling
exchange were the principal develop
ments in this week's financial and com
modity markets.
Conservative interests generally agreed
that the reversal in the course of se
curities prices was largely a correction
of a weakened technical position. Much
of the liquidation of stocks in the last
few weeks was brought about by the
unloading of pools which were forced to
throw their wares overboard to meet the
demands of bankers and stock exchange
authorities for a reduction in brokerage
loans.
Virtual disappearance of . the car
shortage with resultant improvement in
deliveries was held partly responsible for
the drop in grain prices. Marking up
of sugar and rubber was in reflection of
ptatisUoaJ Improvement in these Indus
tries. October earnings statements of the
principal railroads showed up better than
had been generally expected, the first B4
of the class 1 roads to report showing
an aggregate net of $71,200,000 for Oc
tober as against $44,800,000 in Septem
ber and 5S7.S0O.00O for October of last
year.
Pacific Northwest Stocks and Bonds.
Furnished by Jordan, Wentworth fc
Co.. Portland:
Bank stocks
Bank of California
Citizens Bank
Canadian Bank of Com
First Nat Bank, Portland. .200
First Nat Bk, Freewater, Or.2i0
Hi hernia Com and Sav Bk.175
Ladd & Tilton Bank 300
Livestock State Bank 150
Lumbermena Trust Co i0
Multnomah State Bank ...l'0
Northwestern Nat Bank.
Peninsula Nat Bank
U. S. National Bank ..
Public utilities
Bid
.202
.185
...133
.. .125
...3JD
Asked
207 &
LSO
I'.tO
210
825
10
350
175
100
175
150
i;is
340
Boise Gas. Light & Coke pfd 30 40
Am Power & Light pfd ... 97 lix
CaUf.-Oregon Power com .. 5
do pfd 94
Federal Telegraph 64, 74
tilaiio Power pfd , fiH 97
Northwestern Electric com. -0
do tl pr cent pfd 80 85
do 7 pr cent pfd !0 Ht
Pac Pow & Light 7 To pfd.. 5 9d
'Pacific T & T com 4
do pfd 91 12
Portland Gas Jfe C pfd.. iU ,:
Portland By L t P com ..14 li
do 50
do 2d pfd 40 lin
Puget Sound Power & L com M 57
do pfd S3 S7
lit prior, pfd A, ........ ,10U 104
Tacoma Gas & Fuel com ... 2 5
do pfd 25 40
Washington Water Power. .103 107
Insurance stocks
Firemen's Fund 334
Home Fire & Marine 28 & 29
Montana Fire 40 50
Montana Life 20 25
New Wo-ld Life 12 13
Northern Life 125 140
Oregon Surety & Casualty. .105 115
Pacific Mutual 510 600
Vulcan Fire 15 16
West Coast Life 3 4
Western States Life .14. 16
Lumber pulp and paper
Artie Construction 37 42
Central Coal & Coke com.. 79 82
do pfd 79 85
Crown Willamette P & P.. 400
do A pfd 98 100
Hawley Pulp & Paper 210 -
Mult Lbr & Box Sp com.. 50 65
do 10 per cent pfd 80 82
Oregon Pulp & Paper com. 100 115
do pfd 95 100
Pacific Box pfd 95 100
Peninsula Lumber pfd 95 102
Tum-A-Lum Lumber com . . 75 85
do 8 per cent pfd 95 105
do 10 per cent pfd 100 110
Wash Puip & Paper com... 45 55
do pfd .75. 90
Weed Lumber com ........ 125 150
Miscellaneous
Aero Alarm com 150 230
do pfd 42 50
Alaska Steamship 82 87
Alaska Packers 137 150
Aibers Bros, com .. 45 51 hi
do pfd 75 80
American Chain com 95 loo
do pfd 95 105
American Nitrogen com 12
do pfd 20
American Typefounders com 52 55
do pfd 96 100
Assoc. Engineer. Corp. com. 50 65
do pfd 60 75
Centennial Mills 107 115
Coast Tire com .4 4
Dennos Food of Seattle 2 4
do Portland 2 3
Denny-Benton Clay & Coal. 15 30
Fairbanks-Morse .pom 47 52
do pfd 92 97
Federal System Bakeries ... 3 '6
Fidelity Security Corp 97 100
Fisher Flouring Mills pfd.. 97 102
FleisUmann Co. pfd 97 105
General Petroleum com ....115 118
do pfd 97 9H
Good Tiro & Rub pfd, Cal.. 72 75
Urat-m-Knight Mfg. com .. 50 55
do pfd 90 97
G Northwtrn Livestk Units 55 67
Hartman Co., J. L., gen pfd 85 95
do red. pfd ' 90 100
Holt Mfg. Co., 1st pfd 88 90
Idaho Gold & Ruby 15 22
Kings Food Products Units 50 60
Lilly Co.. Chas. H. pfd ... 86 90
Luckel King & Cake Soap.. 100 , 115
Morgan Bldg 50
Oregon Portland Cement Uits 90 100
Oregon Worsted Mills 85 100
Owl Drug Co. com 75 85
do pfd 103 110
Pacific-Alaska Navigation.. 60 75
Pacific Car & Foundry .... 65 75
Pacific Coast Biscuit 115 335 .
Pacific Coast Co. com 12 18
do 1st pfd 30 . 40
do 2d pfd 25 26
Pacific Portland Cement 98
Palm Olive Co. 1 pfd . . . 97 102
Paraffine Co. pfd 82 87
do com 20 -23
Portland Cattle Loan 50 ,05
Portland Feeder Co 90 100
Portland Realty Associates 75
Portland Vegetable Oil .... 80 90
Refrigerator Car Equip ... 10 20
Reid Bros, com 90 96
do pfd 87 93
Santa Cruz-Portland Cem.. 96 105
Bperry Flour Mills com 56
do- pfd 97 100
Skookum Co. com GO 70
do pfd 75 - 85
Superior Portland Cement . . 98 103
Todd Shipbuilding 58 64
Union Oil of California 187 188
Utah-Idaho Sugar 3 5
Union Oil Calif. Asso 175 177
Wash. Brick Lime & S B pfd 15 25
Western Auto Parts com ... 31 32
do pfd 7 ' 8
Western Auto Supply 12 15
Western Bend & Mortgage. 95 103
Bon Jb
Aibers Bros. 7s. 3942 99 101
Asso. Oil 1st Mort 5s, '32.. 99 100
Am Power & L 8s, 1930. ..106 108
Associated Oil 1st rf os, '30 99" 100
Bawy.-Yam. Bldg. 7s, '25.100 103
do 7s, 1926 102 103
California-Oregon Power 6s. 100 101
,do 73 A 108 109
Central-Pacific 1st 4s 90 91
do stocks 4s. 1949 68 70
City of Astoria 6s, 1927-42,. 100 101
City of Tillamook as, 1942.. 100 302
Denny-Renton 8s. 1929 1()0 101
Federal Telegraph 7s. '23-27. 92 95
Fed Petroleum 1st Mtg. 7a ..104 105
Homo T K T Spok 1st Mtg 5s 94 96
Idaho Power 1st 5s 92 95
Morgan Bldg. 7s, 1926 99 102
Northwn Elec 1st Mt 6s, '36.100 101
Oregon-California 1st 5s, '27. 99 100
Oregon R R Navig 4s, 1946. 89 90
Oregon Elec 1st Mtg 5s, '36. 50 57
Owl Drug 6 Notes 99 100
Pacific Coast Biscuit 6s, '33 90 95
Pacific Pow & Light 5s, '30., 90 04
do 8s, 1930 .305 306
Pacific T & T 5s, 3937 . 99 99
do 5s- 3942 93 95
do 5s, 1952 99 100
Pittock Block 6s. 1940 .... 93 90
Port of Astoria 6s, 1925 ... 96 99
Portland G & Coke 5s, '40.. 92 94
do 7s, 1940 104 105
do 5s, 1951 92 93
S Idaho L & Power 7s. '25.. 91 94
S Pacific 1st ref 4s, '55 89 ' 90
do 20-yr. con 5s, 1934 S4 87
Sperrv F Mills 1st Mt 6s, '34 96 97
Santa Cruz-Portlalid Cem 6s. 100
Union Oil California 6s 102 , 103
Wash.-Ida Wat L & P 6s '41 35 43
Willamette Val Sou 6s. '30.. 88 80 .
New York Curb Stocks.
Furnished by Jordan, Wentworth & Co.
of Portland: .
Industrial
Acme Coal Mining 55
Acme Packing 35
Buddy-Buds. Inc 1Y4
Car Lighting & Power 3
Continental Motors 10
Durant Motors, Inc . . 3i4
Glen Alden Coal- 51
Mercer Motors 3
Peerless Truck & Motor 65
Philip Morris 20
Radio Corp of America 3
do preferred 2
Schulte Retail Stores 58
Southern Coal & Iron 33
United Profit Sharing (new) 56
United Retail Stores (candy) ' 5
Oils
Allied Oil 2
Anglo American 19
Arkansas Natural Gas Com....... 8
Boone Oil 3
Boston-Wyoming Oil .' 35
Carib Syndicate 5
Cities Service Bankers 39
Cities Service Com 190
Creole Syndicate 1
Cushing Petroleum 3
Engineers Petroleum Co 37
Federal Oil 82
Gilliland Oil 34
Glenrock Oil 1 1-16
Hudson Oil 31
Keystone Ranger Devel 32
Livingston Oil Corp i.. 5
Lyons Petroleum 65
Mammoth Oil 42
Maracaibo Oil Explor...- 15
Merritt 7
Mexican Oil Corp 80
Mountain Producers 365
Mutual Oil 10
Noble Oil & Gas . 22
Omar Oil & Gas 116
Producers & Refiners 7
Red Bank Oil 14
Sapulpa Refining 34
Simms Petroleum '.. 12
South Petrol & Refining 10
Southwest Oil ... 1
Standard Oil of Indiana 118
Texas Oil & Land.. 34
Vivtoria T 5
"Y" Oil & Gas 8
Mining
Alaska-Brit Col Metals 2
Belcher Extension . . , 1
Big Ledge Copper Co 5
Canada Copper Co 1
Candelaria Silver 34
Cash Boy Con 10
Con. Copper 3
Cork Province Mines 17
Cresson Con Gold M & M 2
Dean Con Corp 65
Divide Extension HO
El Salvador Silver Mines 2
Ely Consolidated l
Emma Silver 32
Eureka Croesus . 3 7 """"
Fortuna Con Mining 15
Goldfield Deep 9
Goldfield Development 3
Goldfield Florence 10
Gold Zone Divide 8
Hamuli Divide " 6
Hecla g
Henrietta Silver 40
Independent Lead Mining 29
Jerome Verde Devel 2
Knox Divide
Lone Star Consol 5
MacXamara Cres Min " 4
MacNamara Mining 7
Marsh Mining . ........ 8
McKinley-Darragh-Sav 17
Mexican Eagle 3014
National Tin Corp ,v. 22
Nevada Ophir 10
Nipissing Mines ..-
Ohio Copper 4
Ray Hercules, Inc 114
Red Hills Florence 2
Rex Con Mining 5
Sandstorm Kendall 2
Silver Mines of America 37
Spearhead ....... 3
Success Mining 7. 48
Heck Hughes 84
Tonopah Divide 72
Tonopah Extension .'.......3 5 16
w est uome con X5
West End Consol 1
Swift & Co. Storks.
Fw'ft Co. stocks of Chicago as re-
pone a ov me uveroecK sc Cooke com
pany of Portland:
Swift & Co 109
I.:bby, McNeil Jt Libby 7
Nation.il Leather ..l 7
Swift International j.. I'J
S
SJMUS
I UPWARD MOVE
Financial Markets Indicate
General Recovery.
LIBERTY BONDS ADVANCE
Large Offerings for Profit-Taking
in Speculative Securities .
Are Taken Quickly.
S DAY'S TRANSACTIONS IN
STOCK MARKET.
f Day's total sales, 429,000 I
shares. f
4 Twenty industrials averaged ' f
95.96; net gain, .23. High, J
t 1922, 103.43; low, 78.59. J
J Twenty railroads averaged 4
J So. 86 ; net gain. .35. High,
I 1922, 93.99; low, 73.43. J
W
(Bv Chicago Tribune Leased Wire.)
- NEW TOBK, Dec. 2. Today's week
end markets were brought to halt in the
general recovery of prices on financial
markets. Stocks were fractionally
higher, the investment bond market was
distinctly strong and the forward move
ment in the foreign exchange was per
haps the most noteworthy incident of
the day. It carried sterling to $4-52,
thus crossing the previous best figure
of the week and year. It also brought
the Italian lire to the season's high price
me uejr spec uidiui 0 ju cwii.'t
had driven down the rate to 3.83&C three
weeks before on the theory that the new
fascist! government were dark consplra-1
tors, were trying to extricate mem-
selves from their awkward scrape.
The franc did not recover today; It reu
back fractionally. The relation of mark
realities to speculative imaginings will
hardly ba determined for some little time
On the whole, the rise in the
pound eterling is the moat remarkable of
all these movements. It Is quite as much
a psychological as a financial phenome
non; but one wonders wnetner inc rjrit
iah exchequer is at these present prices
"accumulating dollars" against the April
semi-annual interest date on its debt to
our treasury.
There waa scarcely any sign on me
stock exchange of the week-end realiz
ing, which is usual after so Bharp an
advance in prices as has Just occurred.
ADoarentlv. however, there were some
fairly large profit-taking sales of stocks
bought lor apecuiauon early m me wees.
But even euch offerings were quickly,
taken up for purchasers attracted Into
the market by the sight of changing
values. Taken as a whole, the bond
market showed more widely distributed
strength than on any recent day. Lib
erty bonds moved up another fraction
with the rest. The most active of them
the new treasury 44 per cents, .have
gained some point for the week.
One proof of the altered character ol
these markets was the fact that Wall
street appeared to take no interest what
ever ia the ultimatum solemly laid down
by the Washington "radicals ' as to the
laws which congress now must 'pass. A
little while ago the financial district
would have been shuddering at every
successive dispatch .from Washington on
the subiect. - Today it was able even to
see some humor in this league of 20 or 30
public men, he greater number ol whom
have rarely been able to agree with ony
one else and under the leadership of a
statesman with whom no one else has
ever found it possible to agree.
...
The announcement today of the sus
pension of the Pennsylvania's freight
embargo restrictions for the next half
week was in general line with expecta
tions in local traffic quarters. Traffic
executives explained that in general the
shipping situation in the eastern terri
tory has materially improved in the last
month because of the strenuous efforts
of the roads to put more good equipment
in service and because of the comprehen
sive embargoes instituted at the begin
ning of the grain movement. This has
permitted the roads to free some of their
key terminals of congested freight, it
was said, with the result that other em
bargoes may be lifted,
. .
With the end of the current year -close
at hand Wall street is beginning to get
preliminary figures on earnings of the
larger oil companies. Official statements
will not be published until around the
end of the first quarter of 1923. but
judging from figures appearing during
the last week the earnings of some of the
more prominent companies, because of
lower taxes and improved business, will
exceed even the best previous year, that
of 1920. The Standard OH of Indiana is
expected to show earnings of approxi
mately $61,000,000 on its present capital
stock for 1922. This would be equal to
about $.6.6f a share on the present stock
or about $18.20 a share on the new stock
after payment of the 200 per cent stock
dividend declared this past week. Cur
rent dividends amount to $4 a share.
Figures of the Gulf Oil corporation, made
public some time ago, showed that com
pany was earning more than 100 per
cent on its old capital, while the same is
true of Vacuum. Based upon the in
creased capital it Is calculated that Gulf
is earning about S10 a share on the new
stock, while the Vacuum is earning be
tween $7 and $8 a share on the increased
capital.
At the low level of 91 today. Interna
tional Harvester common recorded a de
cline of 13 points from the high level
touched on Saturday and anout 24 points
from the high level of the year,
. CLOSING STOCK QUOTATIONS. '
Furnished by the Overbook: & Cooke
company of Portland:
Sales High Low Bid
Adams Express. 400 694 9 69
Austin Nichols.. 4,600 33 31, 33
Agr. Chem 400 31 314 31
do pfd 300 62 61 61
Ajax Rubber... 1.700 12 1214 12
Alaska Gold
Alaska Juneau.. 500 H4 1 1
Allied Chem ... 400 73 73 73
AJlls-Chalmers.. 400 4 42 43
do pfd 95
Am Beet Sugar. BOO 41 41 41
Am Bosch 34
Am Can Co 1,300 71 70 70
do pfd Ill
Am Car & Fdy, 500 184 1S2 180
do pfd 122
Am Cot Oil 200 1 9 19 1S
do pfd 3O0 39 39 38
Am Drug Synd. . 300 0 6 6
Am H ide & I 11
do pfd 100 66 65 60
Am Ice 6O0 lflu 105 104
Am Intl Corp.. 300 2S 2S 28
Am Linseed 29
do pfd 50
Am Loco ...... 8O0 121 120 -120
do pfd 200 121 120 119
Am Saf Bazor. . 00 7 7 6"4
Am Ship & C. BOO 20 19 19
Am Smelter 900 04 64 54
do pfd 99
Am Snuff 1.7O0 153 14Sj4 146
Am Steel Fdy... 1.200 44 44 44
Am Sugar S00 76 7o 75
do pfd 100 106 106 106
Am. Sumatra... 200 2ST4 2874 27
Am Tel & Tel.. 6110 12:1 123 123
Am Too 2.TO0 15fi 14 152
do "B" 30 152 152 1 50
Am Wool 8.800 96 94
do pfd 108
Am W P pfd 27
Am Zinc 300 15 14 15
Anaconda 4,600 49 49 49
Assd Oil 114
Achison 500 102 101 101
do pfd 2C-0 90 -90 60
At Coast Line.. 600 114 114 113
At! Gulf & W I 20 25 24 24
Baldwin Loco... 7,600 118 117 117
do pfd 107
Bait & Ohio 1.000 44 43 43
do pfd 58
Barnsd Cor "A" 3,100 32 . 30 31
l do "B" 300 2'! 20 21
Beth Steel "B". 2,800 63 63 83
Booth Fish 1.2O0 5 4 4
B R T 1.800 18 171 ny,
Butte C & Z 200 7 7 T
Butte & Sup. . . 100 SO 30 . 29
Burns Bros A". 1.000 34SZ 145 144
ao "B" 400 47 46 46
Oaddo Oil 1,000 8 - 8 8
Calif Packing... 100 80 go 80
Calif Pet 1,300 5 f.7 67
do pfd " 100 93 93 93
Cal Zinc & 1. . . 400 7 7 7
Can Pax 900 142 140 141
Cen Leatner...; 30 S4 84 S4
Cerro do Pasco. 4,600 42 41 41
Chandler Motor. 1.200 fll BO 60
Chi K VT l.SOO 84 8S S3
CM Gt W 4O0 5 5 B
do pfd 200 inn in jo
C!ill Cop 11,800 27 27 27
Clilna 1,500 25 24 i 24
CM St P 1,100 25 35 25
do pfd 2.40O 38 38 3S
Coco Cola 1.300 7S 77 77
C & O 600 67 67 67
Colo F & I 100 25 25 -25
Colo South 400 44 44 44
Col Gas & Elec. 1,300 101 101 10i
Col Grapn 1.100 2 2 2
Con Gas 2,300 li7 127 127
Conos Cigars '.. S00 36- 36 36
Cons Textile ... 3,100 13 12 13
Contl Can 600 106 1!5 105
Corn Prod 2.100 130 129 129
do pfd 119
Cosden Oil 2.100 48 47 48
O R I & P 2,400 33 33 33
do A pfd 200 97 97 05
do B pfd 300 88 S7 87
Crucible 3.5O0 65 64 64
do pfd 200 91 90 90
Cuba Cane . 200 14 14 ,13
do pfd 40O 38 SS 37
Cub Amn Sugar. 1,600 .24 23 23
Davison Chem . 200 27 27 27
Dei & Hudson.. 300 122 122 122
Del & iack 1,900 135 132 133
Dome Mines ... 300 41 40 40
Elec Stor Btry.. 2,100 5S 57 67
Endlcott John .. 2,800 90 89 89
Erie 1,100 10 10 ,10
do 1st pfd ... 100 15 15 15
Famous Plyrs .. 500 92 91 90
Fed Min & Sn. . ' . 7
do pfd 100
risk Tire . .
fien Cigars .
Gen Elec ..
Gen Motor .
do 0s
Gen Asphalt
GliiWin Paint . .
Goodrich T & R.
Granby
Gt Nor Ore ....
Gt Nor pfd 1,600
Greene Cananea.
Gulf S Steel .... 1,500
Houston Oil . .
Hupp Motor . .
Ills Cent
Inspiration 300
int Agr uorp. . . 100
do nfd
Interboro
do pfd 700
Int Ivarv 2,000 98 91'
Int Merc Mar
do pfd ....... 200 49 49
Int Nickel 1,000 15 14
Int Paper 3,300 54 51
Int Comb Eng.. 800 24 24
Invincible Oil .. 2,000 13 14
Island Oil ...... 100
Jewel Tea 1,1 Oil 20U. 20
K O Southern .. 400 lti 19
do pfd 100 54 64
Kayser J 300 42 41
KeHy-Spgfld 2.300 43 43
Kennecott 6.000 35 34
Keystone Tire ..10,900 9 9
Lacka Steed
Lee Tire ... 100 26 26
Lehigh Valley .. 700 64 64
Lorillard 600 174 172
Loew Theaters . . 3O0 18 18
L & N 1O0 133 133
Lima Loco 2,2m0 56 56
Marland OH .... 2,200 30 29
Max Mot "A"
do B
May Stores ..
Mex Pet
Mex Seaboaird
200
300
200
3,700
300
2,700
, 100
100
500
100
5,600
300
52
12
81
182
13
83
44
30
ZD
30
84
'76
68
23
109
35
7
52
12
81
1S2
13
83
43
30
25
S0
83
73
68
22
109
35
7
12
81
1S2
13
824
42
9
30
24
30
83
24
75
6S
22
109
35
7
33
92
11
49
14
54
23
15
19
10
54
41
42
34
8
76
26
64
173
1
132
66
20
600 14 13 13
500 1T4 164 104
400 228 226 225
3,000 18 17 17
3O0 27 27 27
6.1O0 12 12 12
2,300 29 29 29
1,200 16 M 16
200 84 54 54
68
3O0 21 21 21
800 17 17 17
2,300 45 44 44
60
1,200 65 64 65
100 115 116 115
200 14 14 14
1,900 22 22 22
1.000 113 112 112
1,200 93 92 98
1,100 78 7S 77
26
100 38 28 68
10.500 97 9-6 97
600 2 2 2
200 20 20 20
7
1
86
47
94
90
47
3
93
33
4
57
35
78
47
28
13
78
2
83
35
32
Mid States Oil.
M jdvale Steel . .
M K & T Wi...
Mack Truck . . .
Mont Power . . .
Mont Ward . . .
Mo Pac
do pfd
M St P 4 S S M
Nat Enamel . . .
Nat Lead r
Neva-da Con . . .
New Haven
Norf & Weg
Nor Amer
Nor Pac
Nova Sco St . . .
N Y Air Brake.
N Y Cen t
Okla Prod ref. .
Orpiieum ......
Ont & W ...
Otis Steel ' 200
Pacific Dev 100
Pac Gas & Elec. . 100
Pac OH 5,800
Pan Amn Pet . . 8,600
do "B" 6,800.
Porana 1,800
Penna Sea St .. 800
Peo Gas 20O
Pere Marquette. . 600
Philadel Co
Phtlldps Pete . . . 2,300
Pierce Arrow . . : . . '. . .
Pierce OH 300
Pitta Coal 1O0
Pitss & W Va... 3O0
Press St Car ... 200
Punta Alegre . . . 1,000
Pulknan 1,100
Pure OH 1,700
Ray Cons 800
Reading 2,800
Remington
P.eplogle Steel... 1.400
Rep I & S 1,500
do pfd
Royal Dutch Oil. 3,700
Ry steel Spg
Saxon Mot 200
S.?rs "Roebuck . . 1,200
Shat & Ariz
Shew T & 1' L2O0
Sinolair 3,400
sloss Shef
Sou Pacific .... 700 89
Scu Rs $ -1,700 24
do pfd 500 64
Stand Oil Cal... 5,500 117
do Ind 118
do N J 2,600 198
do Ky 121
St L & S F . 800 23
Stromberg Carb. 400 56
Studebaker - 47,500 123
Swift & Co 109
TennCp & Chm 300 9
Texas Oil 1,400 4 7
Texas Pac 700 22
Tex Pac C & O. 6,700 21
Tob Products ... 600 54
Tran Contl Oil.. 2,500 12
tin Bg & Paper. 200 69
Union Oil Del .. 2,100 16
Union Pac 1,200 141
United Alloy
United Drug . . . 200 78
United Food Prd .....
United Fruit ... 1,000 156
Unt Rds of N J. 100 12
do pfd
Un4 Retail Strea 1,100 71
U S C I Pipe ... 700 20
V S Ind Alcohol 2,900 02
TJ S Rub 8,200 52
do 1st pfd 100 96
V a Smelting .. 100 38
U S Steel 15,000 103
do pfd 500 121
Utah Copper ... 800 63
Va Chem 100 20
do pfd 100, 63
Vanadium Steel. 200 35
"Vlvandou 1O0 14
Wabash 200 9
do A pfd 1,000 25
do B pfd
Wells Fargo 100 88
Western Pac ... 400 16
do pfd
Western Union.. 300
Wstghse A B... 500
do E & M 600
West Md 3,500
White Eagle Oil 700
White Motors .. 100
White Oil 700
Wiliys-Overl'd .. 600
do pfd 400
Wilson Pkg 300
Wisconsin Cent
Woolworth 400
v.thgtn Pump . 100
W & L B 500
7
1
86
46
92
89
46
3
93
33
4
57
35
78
47
126
27
13
77
25'"
46
52
o
82
34
32
88
24
63
115
117
196
120
23
56
120
109
9
46
22
20
64
12
68
16
140
77
154"
12
70
24
. 62
51
96
38
102
121
63
26
63
35
14
9
25
16
111
99
60
13
32
48
4
5
40
39
212'"
28
9
110
97.
60
12
32
48
4
5
39
.39
2l6"
28
7
1
86
47
92
89
46
3
93
33
40
43
11
: 4
66
35
78
47
126
28
13
77
31
46
84
52
111
82
8
34
32
40
88
23
63
117
118
197
120.
23
56
123
109
8
40
22
20
63
12
60
16
140
34
77
5
153
12
26
70
26
62
52
95
38
103
120
63
26
63
35
14
9
25
17
. 88
16
88
110
99
60
12
32
48
4
5
39
38
28
210
27
9
Mining Stocks ia Boston.
Furnished by the Overbeck &
company of Portland: Bid.
Ariz Comra 7
Adventuro 50 .
Ahmeek 58
Algomah 25
Aliouez 20
Arcadian 2
Bingham Mm
Lai & Ariz
New Corn
Centennial
Copper Range
Davis Daly
East Butte
Franklin Mining
Hancock
Island Creek
Keweenaw ...........
Kerr Lake-
Lake Copper .........
La Salle
Michigan
Mass Con
May Old Colony
Mason Valley
North Butte .........
Nipissing
Osceola Mining ......
Ojibawa
Quincy Mining
Isle Royal
South Lake
Supp Boston ........
Unl Shoe Men
do pfd
South Utah
Superior Copper
Trinity Copper .......
Tuolumne
Utah Metals
Utah Consolidated . .
U S Mining
do pfd
Utah Apex
Ventura
Victoria
Winona
Wolverine
Wyandotte- ..........
Shannon
17
54
15
8
37
2
8
1
.... 2.
105
1
.... 3
.... 3
1
.... 1
2
2
.... 1
0
.... 5
.... 29
1
33
.... 20
.... 39
.... 1
.... 41
27
. . . . 5
.... 3
.... 1
.... 37
.... 90
.... 1
37
.... 46
.... 2
26
.... 1
90
::::25
60
Cooke
Asked.
7
. 80
59
40
24
2
18
55
16
8
38
3
8
1
2
105
1
3
4
1
1
2
S
1
10
6
30
1
33
25
40
1.
42
28
. 10
4
1
45
91
2
38
47
3
27
1
91
8
35
75
GRAIN QUOTATIONS
REACT STRONGLY!
Prospects of Reduction in;
Argentina Overcome.
Timothy seed. $6 6.75.
Clover seed, $1520.
' Pork, nominaL
Lard, $11.40.
Ribs, 1112.
EXPORT DEMAND IS SLOW
Chicago Oli Market.
(By Chicago TrHoune Leased Wire.)
CHICAGO, Dec. 2. Gasoline: Tank
wagons, 18c; service stations, 20c; ma
chine, 27.7c. Oils: summer, U.4o: win
ter, 11.0c. Carbon Perfection, Iron bar
rels. 11 'Ac linseed oil, raw, 1 to 4 bar
rels delivery, $1; boiled, $1.02. Turpen
tine. $1.92; denatured alcohol. 42c.
Sugar Market.
NETW YORK, Dec 2. Raw suffar, cen
trifugal, 5. 7 tic; refined fine granulated,
7.10 7.33c
SAN" FRANCISCO. Dec. 2. California
Hawaii raw fUf&r, 5.73c, t
Corn and Oats Are Under Pres
sure and Day's Dealings and
Average Price Lower.
BY CHARLES D. MICHAELS.
(By Chicago Tribune Leased Wire.)
CHICAGO, Dec. 2. Bearish sentiment
iredominated in the grain .markets and
while there was a small bulge at the
opening as the result of bullish cables
on wheat from Argentina, the finish was
hfavy, with net losses, of Hc on
wheat, while corn was off l14c, oats
H to c and rye Lard declined
1012ic, with ribs nominally 7&C
higher.
Short covering was a big factor in
bringing about a strong, upturn In all
grains early in the week, combined with
the prospects of a reduction in the esti
mated wheat surplus from Argentina,
but the undertone was not as strong as
recently and the finish was on a good
reaction from best figures. As compared
with a week ago wheat was 2;4c
higher, corn up lc, oats c higher
to He lower, and rye lc lower to lc
higher, the latter on. May. Lard finished
2c higher to 5c lower and ribs 15c
higher. "
. Further rains were reported in the Ar
gentine with reports suggesting a further
reduction in the yield in the northern
part of that country. Liverpool ignored
the break ,in America the previous day
and closed d. higher. There was fair
commission house buying of May and
July at the start but the market flat
tened out later and it took but little
selling by local traders to start values
downward. Lack of aggressive support
was an outstanding feature a good part
of the day, although at $1.16 for May
sufficient buying on resting orders was
in evidence to check the decline.
Export demand was slow with ilttle
change in premiums in any of the lead
it g markets.
Corn and oats were under pressure a
good part of the day and averaged lower.
Cash houses sold December corn in small
lots and the December-May difference
narrowed in consequence. Local senti
ment was bearish with the lack of spec
ulative interest counting heavily against
values for both grains. Country offerings
of corn showed a tendency to increase
with one Springfield, 111., house buying
53.000 on overnight bids. Shipping de
mand for both grains was fair.
Scattered selling was on in rye from
the start and while there was talk of
big sales to. exporters they lacked con
firmation. TThe seaboard bid within 4
cent o a working hasia for 400,000
bushels.
,
The grain traders had the Impression
at the close today that the action of the
distant futures ia declining the past two
days In he face of higher cables
bullish Argentina news suggests tnat
eome on.e is selling enough on the hard
spots to more than satisfy all buyers,
who appear unable to overcome its effect
due to light outside trade.
Locally many of the traders were bear
ish on the price than any other reason.
Many are suspicious and are going slow
er. TJhose who are favorable to the buy
ing side on all breaks say it Is only a
question of a short time before the
real situation will assert itself and they
predict higher prices. With the close
of navigation at hand those bearish ex
pect grains to accumulate more freely
and have a depressing effect on- values.
-
It is said that the open interest in De
cember wheat, corn and oats is large.
The movement of all grains is above the
average and. cars are easier over the
greater part of the west and central
west. " But it will take a big accumula
tion here to fill all the short sales. De
cember rye is well evened up by the de
livery of 1,141,000 bushels the last two
days.
"Wheat bulls say that, regardless of
minor fluctuations In the prospective ex
portable surplus of Argentina the toml
amounts of wheat available in the south
ern hemisphere for the season will be
less than the 215,000,000 bushels actually
cleared to date from Argentina and Aus
tralia and that the deficit will have to
be made up by increased clearances from
North America. BroomhalPs Argentina
agent" claims that the Argentine surplus
may exceed the 14&,000,000 bushels es
timated by the goverirmeat, while his
Australian agent reiterates his guess of
46,000,000 bushels surplus in the latter
country.
- '
Insurance rates on grain cargoes ad
vanced to ?1 per $100 on December 1.
Tney advance to $1.25 on December 5
and. continue to advance automatically
until December 15. After that the spe
cial rates have to be made. Hull insur
ance also advances.
The daily Chicago market letter re
ceived by the Overbeck & Cooke com
pany of Portland follows:
Wheat The market today did not give
a very good account of itself, considering
the character of news in circulatioa
This was attributed to the indifferent
speculative interest. Liverpool quota
tions were higher, -carrying added sig
nificance with reports of crop deteriora
tion in Argentina and reduced estimates
on the Australian surplus. The latter is
now placed at 48,000,000 bushels against
previous estimates of 50,000,000 to 85,
000,000, while it is now generally ac
cepted that the flattering predictions for
Argentina will not be realized. There
were intimations current of considera-?
bio export business being done today, but
it was not possible to ascertain thft
amount. The domestic situation remains
decidedly strong, mills taking wheat In
all markets to fill flour sales. Floui
trade shorsrs no abatement. Press reports
today Intimated that some important
news might come from Washington next
week regarding proposals now under con
sideration to aid the farmers. Anything
of this sort would unquestionably add to
an already strong situation and very
likely be the means of bringing about an
advance in prices.
Corn Selling pressure was in evidence
throughout the session and in the ab
sence of outside interest on the buying
side, prices yielded to the extent of 1
to 1 cents from last night's close. Much
of the selling was based on the moderate
ir.crease in receipts, together with claims
of some increase in country offerings to
arrive and consequent easiness in the
cash market. The spot trade basis was
steady to a shade lower for the. poorer
grades of new grain. Immediate and
prospective conditions are Indicative of
a demand fully equal if not in excess of
the supply. In o-ur opinion the present
level of prices is not fully representative
of conditions.
Oats Trade small-and devoid of fea
ture. Selling of December by cash in
terests made that month relatively weak.
Supply and demand was well balanced
and prices held without important
change. Country offerings to arrive
were small.
Rye Considerable selling in way of
liquidation was indulged in during the
early trading, carrying everything lower.
On the decline offerings were well ab
sorbed and indications pointed to a good
export inquiry. Spot offerings met a
better demand at fractional gains over
December.
, Leading futures ranged as follows:
WHEAT.
Open. High, Lo-w. dose.
December.. $1.19 $1.20 $1.18 $1.18
May 1.17 1.17 1.16 1.16
July 1.08 1-08 1.07 1.07
CORN.
.71 .72 .70- .70
.70 .70;4 .69 .69
.70 .70 .68 .68
OATS.
.44 .44 .43 .43
.43 -43 .42 .42
.39 .39 .39 .39
LARD.
January. ..10.40 10.40 10.27 10.27
May 10.45 10.50 10.35 10.35
SHORT RIBS.
January .... 8.73
May 8.75
Cash prices were as follows:
Wheat No. 8 red, $1.28; No. 2 hard,
$1.20 1-21.
Corn No. 3 mixed, 7172c; No. 2
yellow, 7373c.
Oats No. 2 white, 42c; No. S white,
4444c.
Rye No. 2, 88840.
Baxiey, 64073a, .
Minneapolis Grain Market.
J Furnished by McCauli-Dinsmore Grain
company of Portland:
Wheat No. 1 dark northern, good to
fancy, to arrive, $1.21 01.82 ; fancy
No. 1 dark northern, $1.27 1.33 ;
No. 1 dark northern, $1.20 1.26 ;
do, to arrive, $1.20; No. 1 . northern,
$1.181.25; do, to arrive, $1.1S;
fancy No. 2 dark northern, $1.22
1.2S; No. 2 dark northern, $1.174
1.22; No. 2 northern $1.14 1.201 ;
fancy No. S dark northern, $1.1S
1.23; No. 3 dark northern, $1.13 -1.18;
No. 8 northern. $1.11 1.17 ;
No. 1 dark hard Montana, $1.22
1.27; do, to arrive, $1.22 1.25 ; No.
1 hard Montana. $1.18 1.21 ; do,-to
arrive, $1.18 1.20 ; No. 1 dark hard
Minnesota and South Dakota, $1.18
1.20; do, to arrive, $1.18 1.20 ; No.
1 hard Minnesota and South Dakota,
$1.16 L1S; do, to arrive, $1.16;
fancy No. 1 amber durum, $1.07
1.10; do, to arrive, $1.01 1.04 ; No.
1 amber durum, 99c$1.05; do. to
arrive. S9c; No. 1 durum, 9208c;
5o, to arrive, 91c; fancy No. 2 amber
durum, $1.05 t&)1.08 ; No. 2 amber du
um, 96c$1.04; No. 2 durum, 89
95e.
Corn No. 2 yellow". 6869c: do.
to arrive, 65c; No. 3 yeiow, C6 ;
67c; do, to arrive, 64 c.
Oats No. 2 white, 3942c; No. 3;
white, 3740c; to arrive, 36
3714 c.
Barley Choice to fancy, 60g63c; me
dium to good, 56 59c ; lower grades,
61 55c.
Rye No. 2, 7879c; do, to arrive,
7879c.
Flax, No. 1, $2.48 2.50; do, to ar
rive, $2.46.
Wheat futures December, $1.16;
May, $1.15.
rash Grain Markets.
Furnished by Jordan-Wentwrth & Co.,
Portland:
OMAHA, Dec. 2. Wheat No. 2 hard,
$1.10'l-12.
Corn No. 2 yellow, 67c; No. 3 yel
lowt 6667c.
Oati No. 2 white, 41 c.
ST. LOUIS, Dec. 2. Wheat No. 2 red,
$1.30; No. 2 hard, $1.18 1.21.
Rye No. 2, 71c.
Corn No. 2 yellow, 73c
Oats No. 2 white, 45c.
KANSAS CITY, Dec. 2. Wheat No. 2
hard, $1.111.18; No. 2 dark, $1.18
1.21
Corn No. 2 mixed, 6060c.
DDLUTH, Dec 2. Flax $1.41 L42.
WINNIPEG, Dec 2. Wheat No. 2
northern, $1.07; No. 3 northern, $1.04.
. Primary Receipts.
CHICAGO, Dec. 2. Primary receipts:
Wheat 1,999,000 bushels, versus 1,070,000
bushels; corn 1,056,000 bushels, versus
1,923,000 bushels; oats, 602,000 bushiels,
versus 607,000 bushels.
Shipments: Wheat 1,241,000 bushels,
versus 1,074,000 bushels; corn 716,000
bushels versus 676,000 bushels; oats 798,
000 bushels, versus 2u7,U00 bushels
Clearances: Wheat 1,789,000 bushels,
corn 163,000 bushels, oats 58,000 bush
els, rye 220,00 bushels, flour 80,000 bar
rels. Car lots: Minneapolis, wheat 250, corn
29, oats 31; Winnipeg, wheat 1431, oats
145, flax 21; Duluth, wheat 186, flax 11;
Kansas City, wneat 184, corn 34, oats 25;
St. Louis, wheat 56, corn 29, oats 13 ;
Omaha, wheat 66, corn 30, oats 13.
Grain at San Francisco.
SAN FRANCISCO, Dec. 1. Wheat,
milling, $22.05; feed. $1.952.05.
Barley iPeed, $1.401.45; shipping,
$1.501.55.
Oats Red feed, $1.65 1.80.
Hay Wheat, $1720; fair, $1517;
tame oat, $1721; wild oat, $1416; al
falfa, $1921; stocks,.- $1215; straw,
U312.
ILL BONOS fiBE STlliS
ADVANCES OF 1 TO 4 POINTS
AT NEW YORK.
Foreign Issues, Utility, Specula
tive Railroad Issues Increase;
liberty Group Gains.
NEW YORK, Deo. 2. Bond prices de
veloped unusual strength in today's brief
session of the market, foreign securities,
public utility issues and speculative
railroad mortgages making the best
showing.
French 7s, Cuban Railroad. 5s and
Denmark 6s each improved 1 points
and French Ss, Czecho-Slovakian 8s,
Mexican 4s and Seine 7s moved up 1 to
1A points.
The advance In public utilities was
led by Brooklyn Union Blevated fiirst
5s, which jumped four points. Man
hattan 5s advanced 1 and the income
5s 1, while Brooklyn Rapid Transit 5s
and certificate 7s, Third Avenue refund
ing 4s and adjustment 5s and Toledo
Edison 7s gamed a point each.
The high spo-t in the railroad list was
Texas & Pacific firsts, which moved
up IVt points. Chicago Northwestern
general 5s of 18S7, Erie general 4s. New
Haven 63, Frisco adjustment 6s" and Chi
cago & Eastern Illinois 5s climbed 1
to 1, with nearly -a score of others in
that group gaining a point or more.
Copper company liens went strong at
the start, but yielded later to profit
taking. Cerro de Pasco dropping a point
to last night's close. Wilson convert
ible 6s led the Industrial group at the
end of the day with a gain of 1
points;
Except for a slight loss in the third
4s, all of the United States govern,
ment securities moved to higher ground,
the gains ranging from 2 to 12 cent3 on
?100.
New York Bonds.
NEW YORK. Dec. 2. (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:
United States bonds
Sales in $1000. High. Low. Close
Liberty 3s 205 100.46 100.32 100.40
Liberty 1st 44s 27 98.48 08.40 08.48
Liberty 2d 4K8.3124 08.06 97.94 98.04
Liberty 3d 4V4s. 36 9S.50 08.40 98.44
Liberty 4th 4 Ms 363 98.40 98.28 98.40
Victory 4s, un. 57 100.30 100.26 100.30
It) 1VU.UU 100.00 100.00
120 99.68 90.60 99.68
Victory 4ts.
U S treas 44s.;
Foreign
Argentine 7s ....
City of Berne 83.
Bordeaux 6s
Christiania 8s ...
Copenhagen 5s .
or Prague ias.
50 100 100 10094
lua 108-4 loo
77 77
1US
00
Lyons 6s ........ 15
Marseilles 6s
Rio Janeiro 3s . . .
Tokio 5s
I Zurich 8s
Czecho-Sl 8s ctfs .
1 Dept Seine 7a
I Can 6, 1029 .
Do of Can 5s, 1952
Du'h E In 0s, 1947
do 1962 24
French Rep 8s
ao s
Holl-Amer Ln .6s.
Japanese 1st 4&s.
Japanese 4s
King of Bel 74s..
King of Den 6s...
King of Neth 6s. .
f King of Nor 8s...
: King of Swe 6s. .
Fans-Ly ns-Mea 63
Rep of Bo 8s
Re of Chi 8s, 1948
Rep of Uru 8s
State of Queens 73
do 6s
Sta of S Pau sf 8a
78
108
90
72
78
78
5
60 Vi
11
88
86 94
101
99
94
94
72
78
78
95
60 V4
11V4
108
9014
72
78
78
95
6014
11
88
88
101
5 94
15 85
7 03
9 80
8 100
9 100
88 97 T4
94
04
08?l
W41&
85
93
80
85
101
98
04
93
08
93
85
.93
8091
100 100
s4 100
07 07 94
14 110 10994 110
15 104 104 104
52 7294 72- 7294
9 93 94 93 93
7 103 103 103
6 104 103 104
3 107 107 107
1 99 9994 99
December. .
May
July
December..
May
July.
UK GB&I5s,1929 148 11114 110 lllVi
ao n au-jb luzft to-Ji
USof Brazil 8s. .
do 7s
USBra-CenRyEl 7s
US of Mex 5s
do 4s
Am Agr Ch 7s. .
Am Smelt 5s ....
Am Sug 6s
Am T & T cv 6s..
do col tr 5s
do col 4s
Am Writ Pr 6s. . .
An Jrg Hg Wks 6s
Armour & Co 4s
A T & S F gen 4s
At Cst L 1st ell 4s
Btl & Ohio 6s....
do cv 4s. ?. . ..
Bell T of Pen 7s.. '
Beth Stl ref 5s ..
do p m 5s .
Bkln Rep Tr 7 eta
cal u-as & tti as.
98
92
6 86
1 48
9 36
4 103
7 0294
I 30-
97
VZ 92
86 86
48 48
35 3
102 103
92 9294
101 102
1 115 115 115
9'
91
83
76
97
91
83
76
89
80
87
4 100 100 10034
27 8094 80 80 94
12.101 10194 101 H
6 05 9394 93
92 92
90 OO3
95 95
8994
87
91
83
76
90
89
87
93
2 9094
WO
Can Nthn 7s..... 46 112 11094 112
Can Pac deb 4s... 24 79 79 79
Cent of Georgia 6s 3 100 100 10
Cent Leath os ... 1 98 98 98
Cent Pac gtd 4s... 10 86 86 86
Cer de Pasco 8s.. 100 127 125 125H
Ches & O cv Ss. . . 31 93 93 9394
do cv 4 85 85 . 88 88
CM & Alt 3s... 46 20 2 28
All or any part of 500
shares in going corpora
tion, par value $10.00 each,
guaranteeing 2'2 quar
terly. This is a safe, con
servative investment. No
phone calls.
CHARLES H. GLOS, Agent
437 Chamber of Commerce Bldg., Portland
Oh 4 Gt West 4s.
C II ft St P o 6s B.
do cv 4s
do ref 4s....
Ch, & Nor 7s
Oh Rye 5
Ch R I & p gen 4s.
do ref 4s
Ch & Wee Ind 4s.
Chile Copper 7s...
do 6s
CI C C & StL Sf 4s.
Col Indus 5s
Col & So ref 4s.
Col Cas & El &s.
Con Coal Mar 5s.
Ob Cn Sg deb 8s. .
Cub Am Sug 8a . . .
Del & Hud cv 5s.
Den & R Gr cn 4s.
Det Ed ref 6a. . . .
Dist Sec 5s
Don St ref 7s. . . .
DiiPodeNe 7s.
Duqueene Lt 6s. .
E G & F 7s ctfs
Erie Pr. lien 4s...
Erie gen lien 4s. .
Fram In Oev 7s
Goodrich 6s
Goodyear T 8a '31
do 8s, '1941....
G T Ry of Can 7s.
ao bs
52 5194
72 71
6791 67
63 62
109 lt8
76 75
82 82
83 82
4 74
5191
67
63 -100
7tt
6-2
83
74
105 113 111 111
9i
7
78
87 .
91
88
89-
107
96
73
96
79
78
87
81
88
88
107
06
73 " (o
1 102 102 102
3 49 49 49
3 91 90 90
IS 108 107 lOS
7 103 10814 103
7 93 93 93
00
44
88 Mi
1U1
9814
114 115
113 113
67
45
88
101
99
115
113
96
79
78
87
91
88
88
107
0694
67
45
88
101
9S
19 103 103 103
Gt Nor 7s A 77 111 110 110
do 5s B 4a loii louifr IWl-ft
3 Sfc OS o
96 61 60 61
3 97 07 97
Hud & M ref 5s A
do adj inc
Humb O & R 5s
111 Cent 5s 10 100 100 100
iln ref 4
111 Steel deb 4s. 2
Ind Steel 5s 9
Int Rap Tr 7s 107
do ref 5s 14
do ref 5s ctfs... 25
I & G N adj 6s wl 147
Int Mer Ma s f 6s. 9
Int Pap ref 5s B.. 6
Ia Cent ref 4s.... 1
K C F S & M 4s..
Kelly-Spring 8. ..
L S & M S deb 4s
Lehigh Valley 6s.
Lig & Myers Ss. . .
Lorillard 5s
La & NW 5s
L & N ref 5s...
do unified 4s ..
Manati Sug 7s..
Mkt St Ry .con 5s.
86
91
101
95
74
74
50
90
87
36
86 86
8114 91
100 101
95 95
74
74
60
90
87
3
7891
4
73
49
00
86
36
78 91
6 10614 106 106
1 91 01 91
7 102" 102 102
4 98 97 98
3 97 97 07
7 78 77 78
21 103 103 103
10 87 87 87
1 97 97 97
16 90 90 90
Mcf Oil 7s 1 102 102 102
d o 3s
C B Q ref 5s A.
1 53 53
2 10O 100
13 Utt SOii
53
100
60
M St L ref 5s
M K & T p I 5s A.
do pr lien 6s C. .
do new adj 5s A
Mo Pac con 6s....
do gen 4s
Mont Pow 53 A...
Nas El Ry 4s
N E T&T 1st 5s c.
N Y Cen deb 6s..
do rt and i 5s ...
N Y Ed ref 6s. .
New Haven cv 6s
N Y T ref 6s, 1941
do gen 4s
N Y, W & B 4s..
Nor & South 6s, A
Nor & West cv 6s
Edison s f bs
35
84
96
60
99
63
97
50
98
56 105 105
74 97 9694
26 110 109 11-0
35
83
95
69
98
62
96
69
98
35
84
06
60
99
63
07
59
98
105
96
and the reserve of nember banks in the
federal reserve bank increased by
2,505,000. Net demand deposits were
$35,426,000 more than the week before,
but time deposits dropped $5,608,000.
Aggregate reserves totaled $508,968,000.
Standard Oil Stocks.
Furnished by the Overbeck & Cooke
company of Portland: Bid. Asked.
Anglo 19 19
Borne Scrysmer 575 600
Buckeye 84 86
Cheesebrough 215 225
do pfd 112 115
Continental 146 147
Crescent 43 44
Cumberland 145 150
Eureka 97 100
Galena com ................ 56 58
do Old pfd 108 111
do New pfd 104 109
Illinois Pipe 163 167
Indiana Pipe 87 00
Nat'l Transit 24 25'
N Y Transit 208 212
Northern Pipe . , 119 122
Ohio Oil 72 75
Inter-1 Pete 21 2194
Penn Mex 18 22
Prairie Oil 650 660
Prairie Pipe 305 308
Solar Refg 355 875
Southern Pipe 99 102
South Penn OH 160 165
S W Penn Oil 66 68
S O Ind 118 11894
do Kansas 655 665
do Kentucky 120 121
do N Y 48 4H',j
do Ohio 275 285
do Ohio pfd 118 120
Swan & Finch 28 32
Vacuum 645 onA
Washington 24 28
S O Nebraska 185 195
Imperial Oil 114'4 115
11 74
11 105
21 93
59 44
18 63
5 11291
14 93
72 74
104 105
93 03
43 44
93 93
N P ref 6s B 110 108 108 108
do rfg & imp os, C
do pr lien 4s. . . .
N S P ref 6s, A..
N W Bel Tel 7s..
O & C 1st 5s
O S L- gtd 5s
O-W R & N 4s....
Otis Steel 7s...
P T A T 5s 1952 ctf
Packard Motor 8s
Penn R R 6s
10
3
97
85
91
98
85
6 0114
12 107
21 99
2 102
63 81
3 92
2 91
Z 1 1 7
11 109 109 109
81 81
82 92
81
LOCAL SECURITIES
WANTED:
20 Pacific Ga & Coke Pfd.
20 Pacific Power & Light Pf 4. !
6 Aibers Bros. Pfd. !
5 Multnomah Lumber & Box
Pfd.
50 New World Life Ins.
FOR SALEt
10,000 Anderson Bros. Inc.
10 Portland Vegetable Oil.
J2.000 Hellig Theater 6s.
20 Luckel King & Cake.
10 Northwestern Electric Pfd.
uur uuum XJKyAi lutein ivr me re
Sale of unlisted securities of merit
is indispensable to holders of these
shares
Highest prices obtainable any
where. Direct private wire to E. P. Hutton
& Co., members New York Stock.
Exchange,
111 s
dORPAN-WENTWORTH
SUCCESSORS TO
HgmiN &RMQDg8tW8. -'
STOCKS AND BONDS)
201 Railway Exchange Bids.
do gen 5s 26 100 100
do gen 4s.... 8
P & E inc 4s 5
Public Service 5s. . 2
Reading gen 4s... 2
Remington s f 6s.. 11
R I Ark & L 4a . 7.
StLIM&S4BR&Gdiv. 2
StL&SF pr in 4s A 12
do adj 6s 45
do inc 6s 122
St L SW con 4s. . 56
StP & KG S L 4.4s VS
Sbrd Air L con 6s 44
do adj 6s 31
do ref 4s
Sine Con O col 7s.
Sine Cr Oil 5s..
So Bell Tell 53...
So Pac cv 43.
44
91
28
80
83
95
80
84
71
77
62
78
81
60
22
41
01 91
do ref 4s 10
So Ry gen 6s
do con 53
do gen 4s
S Porto Rl Sug 7a
S O of Cal deb 7.
Tex & Pac 1st 53. 2
Third Av ref 4s.. 2
do adj 5s 43
Tidewater Oil 6 1
Tol St L & W 4s. 6
Un B 44 P 6s A ctf 4
Union Pac 1st 4s 11
do cv 4s 10
TJn'n Tank car 7s
United Drug Ss ..
U S Realty 5s...
U S Rubber 7.
do 6s
TJ S Steel a f 5s..
Utah P & L 5s. . .
Va-C C 7, war
do 7s ctfs ....
W Maryland 1st 4s
Western- Pac 5s..
West Union 6s.
West Electric 7a
W-S Steel 7s
Wilson&Co sf 7
do cv 6s .......
Total sales of
80
83
71
76
61
77
SO
59
22
41
16 100 100 100
1. BOH fO
4 00 96
91
80
101
96
6fi
97 V.
TOUI 106
93 9S
62 62
57 57
102 102 102
73 id
98 97 97
91 91 91
95 94 95
4 103 103 103
8 112 112 112
91
86
8 101
90 66
60 67
4 07
15 106
93 M
62
58
80
84
71
77
62
78
81
60
22
41
96
91
SG
101
96
67
97
21 00Vi 09 '09
5 108 108 108
15 88 87 88
32 102 102 102
5 00 90 90fc
01
95
4
14
3
27 82
2 110
11 10791 107
1 95 95
10 104 104
12 95 94
bonds today
91
95
63
82
110
01
95
63
82
110
107
95
104
94
were
,06r.8
.0079
.0323
.2045
4.5425 .
.0260
.0713
.000175
.0156
.39oo
.00067
.0490
.0038
.1855
.0515
.0068
.0145
.1540
.2702
.1880
.5400
.7300
.4000
$6,014,000 compared with $12,263,000
previous day and $11,270,000 a year ago.
' Foreign Exchange.
Foreign exchange rates at the close of
business yesterday, furnished by North
vMtm National bank of Portland. The
.amount quoted Is the equivalent of the
fnra Itm nntt In United SiaiQB lUnus:
Austria, kronen $
Belgium, francs
Bulgaria, leva
Czecho-Slovakia, kronen
Denmark, kroner
England, pound sterling
Finland, finmark
France, francs
Germany, marks
Greece, drachmas .............
Holland, guilders
Hungary, kronen
Italy, lire
Jugo-Slavia, kronen
Norway, kroner .........
Portugal, escudos
Roumania, lei .....
Serbia, dinara
Spain, pesetas
Sweden, kronor
Switzerland, francs
China-Hongkong, local currency
Shanghai, taels
Japan, yen
NEW YORK, Dec 2. Foreign ex
change, steady. Great Britain, demand
$4.52; cables, $4.52; 60-day bills on
banks, $4.50. Francs, demand, 7.03;
cables, 7.04. Italy, demand, 4.87; cables.
4.87. Belgium, demand, 6.50; cables,
6 51 Germany, demand, .01; cables,
01 " 5-16. Holland, demand, 39.60;
cables, 89.65. Norway, demand, 18.54.
Sweden, demand, 26.90. Denmark, de
mand 20.33 Switzerland, demand, 18.80.
Spain, demand, 15.40. Greece, demand,
.142. Poland, demand, .00. Czecho
slovakia, demand, 3.16. Argentine, de;
ciand, 37.30. Brazil, demand, 12.21.
Montreal, LlOO
Honey. Sliver, Etc
NEW YORK, Dec, 2. Foreign bar
silver, 64 c
Mexican dollars, 49o.
LONDON, Dsc 2. Bar sdHer, 82 8-16d
per ounce.
Money, 1 per cent.
Discount rates, short and three-months'
bills, 2 7-18 per cent
Deficit In Reaam.
NEW YORK, Deo, 2. The clearing
house statement showed a dsflalt in re
serve for the third consecutive week, the
total beta 7,472 190 or $1,904 1 80 be
low the week before. Leans, dlseennts
and lavuu&aata iBueueli by 8,Ma,000
Bond Issues
WHEEE LARGE SUMS ARE
REQUIRED, WE ARE PRE
PARED TO CONSIDER PRO
POSALS INVOLVING IS
SUING OF BONDS, OR PRE
FERRED STOCK, BY PUBLIC
UTILITIES, RAILROAD, TIM
BER OR OTHER INDUSTRIAL
CORPORATIONS HAVING A
SUCCESSFUL RECORD BACK
OF THEM.
FEAR & GRAY
102 Fourth St.
OVERBECK &
COOKE CO.
BROKERS
Members Chicago Board of Trade
Board of Trade Bldg.,
Portland.
Pendleton, Walla Walla,
Or. Wash.
Direct Private Wires to
LOGAN & BRYAN
Keif York and Chicago.-
MEMBERS
New York Stock Exchange.
Chicago Stock Exchange.
Boston Stock Exchange.
Chicago Board of Trade.
New Vork Cotton Exchange.
New Orleans Cotton Exchange.
New Vork Produce Exchange.
Winnipeg Grain Exchange.
SUCCESS
In the Stock Market
FORTUNES
Made From Small Investments
Write tor Free Booklet,
The MoHt Simple Explanation of
Profitable (Stock Trading.
We ruarantee you that your money
In safe and that you set a square
deal.
Kennedy & co.
Est. 1884.
74 Broadway, New York
Members Consolidated Stock
Exchange.
WE OFFER, SUBJECT CON
FIKMATIUJ,
New 60-Ib. Rails
ASCE Section Punching aa
Desired, With Anglebara.
$43.50
Prr Long Ton. Portland, Duty
Paid, Pock Charges Extra, De.
Uverr About April 1st, 1923.
AMERICAN FINANCE AND
COMMERCE COMPANY
Importers-Exporters,
60S Lewis Bnlldlng.
Bdwy. 2827.