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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Dec. 10, 1922)
THE SUNDAY OEECOXIAN. PORTLAND, DECEMBER 10, 1922 23 CE DRIFT IN ALL HIS UPWARD cks, Bonds, Grain and Cotton Show Gains. CHANGE ALSO FIRMER ek Has Been Notable One in .Many Lines and Ends With out Reversal of Form. DAI'S TRANSACTIONS l?f STOCK MARKET. Day's total sales. 464,001) shares. Twenty Industrials averaged 97.67: net loss, .01. High, 1922, 103.43; low, 78.59. Twenty railroads averaged 84.62; net gain, .04. High, 1922, 93.99; low, 73.43. (By Chicago Tribune Leased Wire.) WW YORK, Pee. 9. A week which been rather noteworthy for Ita en- tncement of values In practically every reign securities, foreign exchange, : ain and cotton came to an end today ithout any reversal of form. The drift of the stock market, notwith- "l changes, was again generally upward. he war loans roee or hi. point further, laking the month's recovery to date bout point Foreign bonds gained a Taction, their advance for the week run- iuk lit numerous cases i 10 Jtr cent, fome bonds moved more variably, but vith advances for the day predominating xcept in one or two issues. "Wheat rose early 3c, going c above the season's revious highest price. Spot cotton again MRwd thi, 2fi-.fnt lirw on th advance. Considering what the advance in most onsiderine. nlso. that EuroDe'a own fii. 'hartge markets do little business on a Saturday, the firmneos of the foreien exchanges on the closing day of the week was somewhat remarkable. Sterling moved up again to its high point of the week and year and closed only c under that figure. The franc and the lira lost a small fraction for the day, but both ended at a good advaice over the previous week s closing. Indeed, this gain for the week was common to practically all the European exchanges. Unusual interest will be taken in the course of that market. It was reported in bond and banking circles today that the United States treasury deparmant has been a moder ately heavy buyer of liberty issues dur ing the last few days, with considerable attention, centered on the fourth 4s. CLOSING STOCK QUOTATIONS. Furnished by Overbeck & Cooke com pany of Portland. Sales. High. Low. Bid. Adams Express. 40O tt7V4 61 V4 67 Advance Rum 13 Austin-Nichols .. 300 32V4 32 A 3214 Agr Chem 400 30 30 30 Ajax Rubber ... 4.300 1314 12 1274 Alaska Gold .... 100 4 , VI Vi Alaska Juneau.. 1,000 1 Vi 1 1 Allied Chem ... 6,200 761 74V6 75Vi Allls-Chalmers . . tiuO 44 44 4414 do pfd 95 Am Beet Sugar. 200 43 43 41 Am Bosch 20O 35 35 34 Am Can 6.00 73 72 7314 do pfd 11154 Am Car & Fdy. . 100 184 184 184 do pfd 123 Am Cot Oil 300 18 18 17 do pfd 100 SB 36 3'5 Am Drug Synd.. 800 6 6 6 . Am Hide & L 104 do pfd 62 V4 Am Ice 800 109 & 100 109 Am Intl Corp... 3,800 30 20 29 Am Linseed .... 200 29 29 29 do Pfd 48 Am Loco 1,200 124 123 123 do pfd 100 IdO 119 119 Am Saf Razon.. 100 7 7 6 Am Ship & Com. 100 20 20 20y. Am Smelter ... 900 54 53 Ts 54 do pfd 100 99 99 99 Am Snuff 148 Am Steel Fdy... 800 39 . 88 38 Am Sugar 900 77 76 70 do pfd 100 107 107 106 Am Sumatra 28 Am Tel & Tel... 1.300 1 24 124 124 Am Tobacco ... 700 156 156 153 Am Tob "B" 152 Am Wool 900 95 9JV4 95 do pfd 109 do pfd 26 Am Zinc , .... 1514 Anatronda 2,200 49 48 48 Afls'd Oil 115 Atchison 604) 101 101 101 do. pfd 91 Atl Coast Line., 100 114 114 114 Atl G & W Irffl. 100 24 24 94 u Baldwin Loco.. 9200 124 123 123 do pfd m Bait & Ohio , 400 43 42 42 do pfd 3O0 58 68 57 Barns Codp "A" 300 32 32 32 Barns Corp "B" to Beth Steel "B".. S.200 63 62 62 Booth Fish 10O 5 5 0 B R T 200 16 16 16 Butte C Z 12,300 9 0 9 Butte & Sup 1,(10 31 30 30 Burns Bros "A" 500 146 145 146 Burns Bros "B" 4g Caddo Oil 600 7 7 7 Calif Packing .', gi Calif Pet 1,700 67 67 67 do Pfd 03 l Callahan Z & L.. 1,200 8 7 7 Canadian Pac .. 600 141 141 141 Cent Leather ... 600 33 33 33 Cene de Pasco.. 1.300 43 43 4 Chand Motors... 2.500 63 63 63 Chgo & N W 800 81 S07. 80 Chi Gt W 300 4 4 4 do pfd 400 9 9 Chili Cop 4,400 27 26 26 Chino 1.000 24 23 23 C M St P S.0O0 22 21 22 do pfd 2,700 ;15 3474 3514 Coco t ola 800 77 76 76 C & O 900 66 66 65 Colo F & T 2O0 25 24 24 Colo Southern... 200 44 4414 44' Culo Gas & Elec. Dim 100 99 100 Columbia Graph. 100 2 2 23. Con Gas 4,;oo 125 124 l"4ii Cons Cigars 500 38 37", 37 do pfd . t 80 Cons Textile 400 12 12 Contl Can ... 1.10O 107 105 105 Corn Prod 4.600 132 130 130 do pfd , Ijjl Cosden Oil 4.200 50 40' 49K. C R I & P 400 32 324. 3-' do "A' pfd O0 94 94 93 do .B" pfd.... 500 82 82 82 Crucible 2.500 66 65 65 do pfd 100 90 90 S9 Cuba Cane 2.700 14 14 34y. do pfd 8.SOO 40 39 40 Cuban Am Sugar 3,100 25 24 25 ' lavifion Chem... 400 27 27 27 Jel & Hudson... 100 121 121 121 Del & lAck....'. 133 .Home Mins 2O0 4.3 43" 4-, Klec Stor Bat... 400 58 58 5S Kndicott Johnson 100 87 86 87 Erie 1.000 10 10h 104 do 1st pfd 400 15 15 15 Famous Players. 7,300 93 91 9" Fed .Min & Sm ..... 9 do Pfd 300 53 52 51 Kisk Tire 2.100 13 12 14 Gen Cigars 1.70O 83 81 82 Gen B!eo 1.30O 182 180 ISO Gen XI, nor 2.700 14 13 137' Gen .Mot 61 200 83 83 S3 Gen Asphalt S.300 46 45 46 G'.iddn Paint 10 Goodrich T it R 1.500 35 34 34 Glen Alden 52 52 52 Gran by 604) 25 24 5 tlreat Nor Ore.. 300 31 31 ij, 31 Great Nor pfd.. 2,000 79 78 78 Greene Cananea. 100 247j 24 "471 Gulf 8 Steel 600 75U 741. 74 Houston Oil " Hupp Motor 5.S00 20 4 26 Ills Cent 300 107 17 106 Inspiration 300 :!3 33 33 Int Agr Cop com ou, do pfd 2S Interboro 600 l, do pfd 2.30 58 58 5814 Int Har' 300 89 88 881I Int Mero Marine 1,300 13 12 u JC . do pfd 600 62 52 61 Int Nickel 600 14 141, 14 Int Paper 800 53 62 6 Int Comb Eng.. 100 24 24 24 Invincible Oil... 500 15 15 151; Island Oil .. " a Jewell Tea " 391? K C Southern... 700 19 18 lie do pfd 53 Kayser. J 1.500 42 41 41 Kelly-Spgfld ... 4.800 45 44 44 Kcnnecott 2,000 33 35 35 . Key Tire 7,000 10 10 10 Lack Steel 100 78 78 76 Lee Tire 100 26 26 26 Lehigh Valley .. 300 6:1 63 63 Lorlllard 100 168 168' 167 I,oew Theaters.. 1,200 18 18 184 L N 1O0 133 13374 33 Lima Loco 3.0O0 58 57 67 Warland Oil ....10.600 31 2974 31' ilax Mot A MM) 47 46 47 do U 100 16 16 10 600 600 May Stores ..... 100 Hex Pet 3(i0 Af ex Seaboard . . 200 Miami 600 Mid States Oil . 2,300 Mid Steel 1,100 M K & T WJ ... 1.900 Mack Truck ... 2,900 Mont Power ... 100 Mont Ward 1.100 Mo Pac do pfd 400 M St P 4 S S M Nat Biscuit Nat Enamel . . . 300 Nat Lead 4,900 Nevada Con .... 100 New Haven .... 5,200 ivorroiK s w 40U Nor American . Nor Pac Nova Sco Steel N Y Air Brake . 300 N Y Central ... 900 Oklo Prod ref .. 1,500 Orpheum 500 Ontario & W ... ..... Otis Steel 800 Piggly Wiggly .-. 8,500 Pac Gas & Elec. 1,200 Pacific Oil 2,200 Pan Am Pet ...13,700 do B 14,000 Penna . . . ... j 1,100 Penna Sea Steel. 200 Peo Gas 100 Pere Marquette. 400 Phila Co 100 Phillips Pete . . . 1,700 Pierce Arrow Pierce Oil .. Pitts Coal Pitts & West Vs. Pressed Steel Car 174 23 in 27 12 28 14 57 687 21 174 172 238 236 16 16 27 12 27 12 28 2HA 14 14 68 68 20 20 16 42 42 42 63 245 66 66 66 118 124 14 14 22 22 111 110 93 93 124 14 22 111 93 75 'ik" 96 2 19 75 75 25 28 2H 95 95 19 1,000' 500 100 100 Punta Alegre . . . 1.500 Puilman 2,800 Pure Oil 400 Ray Cons 1,000 Reading '1,000 Replogie Steel .. 700 Rep I & S 600 do pfd Royal Dutch Oil 8,900 Ry Steel Spg Saxon Motors .. loO Sears Roebuck . . 1,100 Shat & Ariz ..... Shell T & T ... 2,200 Sinclair 5,000 Sloss-Shef So Pac 3,000 So Ry 1,100 do pfd 1,000 Stand Oil Cal.... 1,200 Stand Oil Ind... Stand Oil N J.. Stand Oil Ky... St L .4 S F Stromberg Carb. Studebaker 19,600 Swift & Co Tenn Cop t Ch.. v 100 Texas Oil 14,000 Texas Pac 200 Tex Pac C & O.. 4,000 Tob Products ... 500 Tran Cont Oil.. . . 200 Union Bg & pap Union Oil Del 6.100 Union Pac 1,000 United Alloy United Drug tlntd Food Prod. United Fruit Untd Rds of N J do pfd 8 52 86 47 100 95 46 3 91 34 40 45 "4 61 33 77 48 Ti 128 28 13 77 24 . 47 19 20 8 8 61 52 86 86 47 47 99 9 94 94 46 46 3 3 91 91 33 34 40 40 44 44 12 4 4 60 60 33 33 77 77 48 48 127 127 8 28 13 76 24 47 13 76 24 1 81 36 32 1.800 500 100 87 24 65 116 118 200 127 22 56 134 .49 27 22 55 12 19 138 I .... 63 53 113 1 1 80 81 7 35 36 32 32 . 39 86' 86 23 23 64 64 116 115 117 117 199 199 127 127 21 22 56 56 132 133 107 9 48 4876 21 21 21 22 64 64 12 12 69 18 18 138 137 1.600 100 100 Untd Ret Store. . 8,800 U S C I Pipe.... 100 U S Ind Alcohol. 2,500 U S Rub 2,800 do 1st pfd 200 U S Smelting U S Steel 8,400 do pfd 300 utan cop 100 Va Chem do pfd 300 Vanadium Steel.. 100 Vlvaudou 300 Wabash 100 do A pfd 700 do B pfd Wells-Fargo .... . Western Pac .... 100 do pfd Western Union. . - .... Wtsinghouse A B 1,800 do E & M 1,000 West Md 100 White Eagle Oil. 600 White Motors White Oil 300 Willys-Overland 8,100 do pfd ... Wilson Packing. Wisconsin Cen.. Woolworth 500 Worthlngton Pm. 1,200 158 12 25 72 25 6554 53 96 103 120 62 77 .... 3 156 156 12 11 25 25 70 71 25 25 64 64 52 62 96 96 38 103 103 120 120 62 G2 .... 24 69 59 34 34 13 7, 13 59 34 13 24 24 24 16 16 isvi 16 56 .r112 102 104 59 69 104 60 11 32 6 212 29 11 11 32 81 4 5 49 4 5 .... 40 .... 37 27 1 212 "27 29 New York Curb Stocks. Furnished by Jordan, Wentworth & Co. of Portland: Industrial - Last sale. Acme Coal Mining 56 Acme Packing 37 Buddy-Buds. Inc 1 Car Lighting & Power 1 Colombian Emerald Synd 60 Continental Motors 10 Durant Motors. Inc 65 Glen Alden Coal 53 Mercer Motors 3 Peerless Truck & Motor 67 Philip Morris 19 Radio Corp of America 3 do Dfd 2.15-16 Schulte Retail Stores 56 Southern Coal & Iron 30 United Profit Sharing New 5 United Retail Stores Candy 5 Wayne Coal 2 Oils Allied Oil 2 Anglo American 19 Arkansas Nat Gas Com 8 Boone Oil 3 Boston-Wyoming Oil 96 Carbld Syndicate 9 Cities Service Bankers 180 do com h 180 Creole Syndicate 1 Cushing Petroleum 3 Engineers Petrol Co 16 Federal Oil 83 Gilllland Oil. com 3 Glenrock Oil 11 Hudson Oil , 11 International Petroleum 21 Keystone Ranger Devel 25 Livingston Oil. Corp 5 Lyons Petroleum 66 Mammoth Oil ,. 43 Maracaibo Oil Exnlor 15 Merrlt 7 Mexico Oil Corp 1 Mountain Producers 17 Mutual Oil 11 Noble Oil & Gas 22 Omar Oil & Gas....' 94 Producers and Refiners 7 Red Bank Oil 14 Sapulpa Refining 3 Simms Petroleum -. 14 South Petrol & Refining 8 Southwest Oil 11 Standard Oil of Ind 117 Texon Oil & Land..: , 4 Victoria 5 Y Oil & Gas 8 Mining Alaska Brit-Col Metals 2 Belcher Extension 1 Big Ledge Copper Co 4 Canada Copper Co f 1 Candaiaria Silver 33 Cash Boy Consolidated 10 Consolidated Copper 3 Cork Province Mines 14 Cresson Con Gold M & -M 2 Dran Consolidated Corp.... 65 iJiviae extension 11 Ely Consolidated 3 Emma Silver 2 Eureka Croesus 29 Fortuna Cons Mining 15 Goldfleld Deeo Goldfield Development 3 Goldtleld Florence 11 Gold Zone Divide 8 Harmill Divide ft Hecla 8 Henrietta Silver 45 Independend Lead Mining .3.3 Jerome Verde Devel 2 ivnox uiviue 2 Lone Star Consol 5 MacNamara Cresc Min 6 MacNamara Mining 7 Marsh Mining 7 McKinley-Darragh-Sav 19 Mexican Eagle 10 National vTin Corp 22 Nevada Opnir 10 Nlpissing Mines r Ohio Copper 48 Kay Hercules. Inc 11 Red Hills Florence 2 Rex Consolidated Mining fi Sandstorm Kendall 2 Silver Mines of Amer...'. 17 Spearhead 2 Success Mining 44 Teck Hughes 80 Tonopah Divide 71 do extension 3 United Eastern Mining 12 West Domes Cons 7 West End Consolidated 11 Standard Oil Storks. Furished by the Overbeck & company of Portland: Bid. Anglo 19 Borne Scrysmer 118 Buckeye SO Cheesbrough .215 do pfd .112 Continental 148 Crescent 47 Cumberland 170 Eureka 100 Galena com 58 do old pfd 108 do new pfd io: Illinois Pipe 165 Indiana Pipe 89 National Transit 27 New ork Transit 132 Northern Pipe 101 Ohio Oil 73 niercaiionat fete 21 Penn Mex Prairie Oil Prairie Pipe .... Soiar Refining .. Southern Pipe .. South Penn Oil S W Penn Oil . S. O. Indiana .. S. O. Kansas . . . S. O. Kentuckv . S. O. New York S- O. Ohio do pfd Swan & Finch . Vacuum Washington .... S. O. Nebraska . Imperial OU . . . 17 ....625. 317 363 103 . . . .165 . ... 70 ....117 670 12.1 .... 47 270 118 .... 2S . . .655 24 ....200 ....11 Cooke Asked. 1 ll'S !"' 115 150 is , 174 102 60 110 109 168 W0 28 136 104 76 21 170 117 680 127 47 2S0 120 30 663 28 205 116 NS ACTION AIDS BOND MARKET Refunding OperationsHeld " Handled Skillfully. U. S. ISSUES ARE FIRM Announcement That No Addi tional Taxes "Will Be Neces sary Helpful Influence. BY BYRON SELLERS. Copyright. 1922, by The Oregonian. NEW YORK, Dec. 9. Secretary of the Treasury Melion's assurance that addi tional taxes yfW not be necessary and his announcement of the government's plan for meeting the end of the year requirements were helpful influences in the bond market this week. The market moved through a very narrow range all week, but in the main quotations were higher. It is generally admitted that the treasury department has shown great skill in Its refunding operations so far. In consequence, government bonds were firm, although dealings were not on a large scale. The fact that there has been no great amount of new offerings also has served to maintain prices of out standing issues. Desirable bonds to yield 5 to 5 per cent are reported scarce. On the other side of the picture, have been sales of obligations of some of the weaker railroads.. The commonly acj cepted explanation in Wall street is that these sales were for the purpose of re cording losses on account of the income tax. This explanation seems logical. The effect on sentiment, however, was un favorable. Stocks Disfavor Factor. It was disturbing, for instance, to see the general mortgage bonds of the St. Paul road offered at a sacrifice, for no matter how great the difficulties at pres ent, the security back of these issues can not be doubted. Probably the disfavor into which railroad stocks have fallen which was also a factor In the decline of railroad bonds. Much of the investment situation depends on the condition of the railroads. That condition may be sum marized as follows: Traffic continues in record-breaking proportions. Although carloadjngs for the last week in November show a de crease from October's high, the heavy traffic is holding up this'autumn longer than ever before. Despite, however, the consequent large gross earnings the net is lower than for the corresponding period a year ago, showing the cumulative ef fect of the strike. Surplus May Be Used. Many roads which early in the summer expected to show substantial surpluses for their common stock have had to revise their expectations. In some instances, in stead of resuming dividends, there will be, from present indica-tions, a dipping into surplus to meet fixed charges. There are some notable exceptions to these un favorable resuits. The south 'and east have fared better than the northwest Railroad rates are admittedly very high. Pressurein favor of a reduction is being brought to bear on congress principally from the agricultural interests. There is no Drosoect of any reduction in costs. In fact wages on one system were raised this week. No one has had. tne naramooa to suggest that railroad labor accept any lower compensation. If, then, net earnings are to be in creased or even maintained there must be an increase in traffic. This can only come from general business improvement, and how far such improvement will go appears very uncertain. It is claimed in some quarters that a reduction in rates would stimulate traffic to such an ex tent that net earnings would be increased. but neither the railroad executives nor the interstate commerce commission seem to be inclined to accept the explanation. Board's Transfer Favored. Meanwhile all the interested parties are kept in a state of uncertainty as to the intentions or. tne legislatures, rresiuem Harding's advocacy of the transfer of railroad labor board's functions to the interstate commerce commission is gen erally approved. But with one govern ment body fixing both wages and rates it is a very short step to government operation. The result is that investors hesitate be fore purchasing the obligation of any railroad unable to operate successfully under the most adverse conditions. Aside from the railroad situation, the chief interest in the week as far as the investment community was concerned, centered in the discussion of the tax-, exempt security. Secretary Mellon an-nnuncf-d himself in favor of the proposed constitutional amendment to prohibit fur ther issues of tax-exempt bonds, in tms he has the support of most of the pro gressive element. Municipalities Oppose Plan. Onnosition from states and municipali ties which have been able to borrow money at very low rates under present conditions is to be expected. It may come from another source as well. The bonds of the land banks, both the federal banks and the joint stock banks, are tax exempt, and, theoretically at least, this enables the farmer to borrow long-time mortgage money on easier terms. Whether the representatives of the farmer in congress will be ready to give up this advantage is a question. It should be pointed out that there is a sharp distinction between the federal land bantcs and tne joint hiouh banks. The former are co-operative in stitutions owned and operated for the benefit of the borrower. The latter are private institutions operated for private nrnfit Rpcause of the cumbersome proc ess necessary to amend the constitution, a long time must elapse before action is taken, but it would not be surprising to see a great increase in the demand for these tax-exempt securities ana paruuu larly for the bonds of the federal land banks very soon now. If the' supply of tax-exempt securities is to be limited while the demand increases the inevitable result would be the rise in the market price of these securities. ADDITIONAL. CREDIT AVAILABLE Facilities at Hand for Reasonable Ex pansion in Business. NEW YORK, Dec. 9. Irregular price changes in the stock and bond markets, strength of foreign exchanges, several of which, including sterling, recorded new high prices for the year, and further improvement in domestic industrial con ditions, as reflected in extra dividend disbursements and resumption of pay ments by such companies as Kennecott and Butte & Superior, were the out standing developments in this week's financial markets. Heavy investment buying of United States government securities, all the old issues of which made steady gains; Pres ident Harding's approval "of railroad mergers and his recommendation that a labor division of the interstate com merce commission with power .to en force its decisions be substituted for the present railroad labor board ; and the increasing possibility of a satisfactory peace at Lausanne and an amicable set iliment of the German reparations ques tions all had a cheerful effect on senti ment. Reports of the mercantile agencies give promise of an unusually good volume of holiday trade while the federal reserve bank statements show that additional credit facilities are available for any reasonable expansion in business. Mining Stocks is Boston. Furnished by the Overbeck & Cooke company of Portland. Bid. Asked. Ariz Comm. ...;......... 74 7 Adventure .. 50 SO Ahmeek 57 51 Algomah 5 40 Allouez 19 1 Arcadian 2fc Bingham Mns 37 & 1H Cat & Ariz 54 54 Calumet & Hecla 2S0 2S5 New Corn , IS 14 154 Centennial 8 8V Cop P.ge 3 37 Davis Daly y 3 Bast Butte 8 8li Franklin Mng ... 1 1 Hancock 2i 2 Helvetia 75 100 Island Creek 10814 lOsi do pfd Jttf 9t Keweenaw 114 1 Kerr Lake 31 31 Like Cop 34 334 La Salle 1 11 Michigan 1 ijj Mohawk 55 57 May Old Colony 3 Mason Valley 1? 14 North Butte 9H 9 Nipissing 5& 6 North Lake 30 40 Old Dom Cop 1 17 Osceola Mng 26 28 Ojibway 2 Quincy Mng 31 33 Pond Creek 20 20 Isle Royal 20 23 South Lake 37 39 Supp Boston 134 2 Cni Shoe Mch 43 do pfd 26 27 South Utah 3 10 Superior Cop 3 4 Trinity Cop 15-16 1 Tuolumne 55 60 Utah. Metals 90 93 Utah Con 1 2 U S Mining 38, 39tf do pfd 4714 49 Utah Apex 3 3 Ventura 2Q 27 Vi6toria 1 m Winona 25 35 Wolverine 1 1 Wyandot 7 8 LIBERTY BIOS STflDNG PRICES) ADVANCE ON HEAVY INVESTMENT BUTING. Acute Weakness in St. Paul Rail road Issues; Nearly All For eign Loans Are Firm. NEW YORK, Dec. 9. Marked strength of United States government issues and acute weakness of the St. Paul railroad bonds were the most important develop ments in today's bond dealings on the New York stock exchange. Heavy investment buying of govern ment issues resulted in gains of 10 to 16 cents on $109 in the second 4s and the old 4Mb series and gains of 4 cents each in the uncalled victory and the new 4!4s. The first and third 4is got above 99 for the first time in several weeks. Selling for taxation ' purposes and un confirmed rumors of additional financ ing were blamed for the further heavi ness of the St. Paul issues. The refund ing 4s of that road broke 5 points, the 4s of 1925, 2 and the convertible 5s, Hi. Losses of 1 to 1H points also were re corded by Cleveland, Chicago, Cincinnati & St, Louis general 4s and Seaboard Air Line consolidated 6s. Frisco income 6s and adjustment 6s each climbed 2 points gi the early dealings, but fell back later in sympathy with the decline in St. Paul issues. Nearly all the foreign bonds were firm, Prague jand Serbian 8s gaining a point or more. Mexican government 5s forfeited 1 point of yesterday's sharp ad vance. There were no changes of importance in the industrial group. New York Bonds. NEW YORK. Tifte. ft IRt th. A.nn. elated Press.) Following are today's high, low and closing prices of bonds on the New York Stock Exchange and the Luitti saies oi eacn Dona: United States bonds Sales. High. Low. Close. Liberty, 3s ... 6 100.44 100.34 100.34 Liberty, 2d 4s. .. . 3 98.36 98.38 9S.36 Liberty, 1st 4 4s. 45 99.10 99.00 99.10 ijiDerty, .'a 4s.. 11 98.64 98.42 98.50 Liberty, 3d 44s.. 312 99.06 98.84 98.96 Liberty, 4th 4s. 431 99.94 9K.72 98.84 Vic, 4is,uncard 41 100.34 100.30 100.34 Vic, 4s called. 5 100.00 100.00 100.00 UStreas4"4s ... 5 99.76 99.68 99.74 Foreign Argentine 7s 56 100 10054 100 C of Bordeaux 6s.. 5 78 78 7SH CofOopen 5V4s. .. 5 90V4 90!4 90 Cof GrPrg Ts... 14 74 74 74 C of Lyons 6s 6 78 784 78 56 C of Marseilles 6s. . 6 7814 78 '4 7S14 C of Mode Jan 8s. 10 97 96 97 Cz-SIovRp Ssctte. 15 87 87 87 Dep of Seine 7s 37 88 85 85 DofC5an 1929. 18 101 10114 10H4 D of Can 5s, '52. 63 98 118 98 D E Indies 6s, '47 6 94 94 94 do 1962 11 94 S3 94 F Republic 8s 53 98 98 98 do 7s 85 94 94 94 Hoi-Am Line 6s. 2 88 88 88 Jap 1st 4s ... 7 93 93 93 do 4s 72 8114 81 81 K of Belg 7s.. 12 100 100 100 T,do 6.? 8 93 85 !" K of Den 6s . . . . 4 98 98 98 K of Nether 6s.. 71 99 98 98 K of Swed 6s .. 15 104 104 104 P-L-M 6s 82 73 72 73 Rep of Bolivia 8s 1 93 93 93 Rep of Uru 8s .': . 2 104 104 104 S of Queens 7s . . 3 107 107 107 do 6s 6 101 101 101 S of San P Bf 8s. 1 98 98 98 Swiss Con 8s ... 3 116 116 116 U K of G B & I 51is. 1929 ... 47 111 111 111 do 1937 30 102 102 102 U S of Brazil 8s 13 99 98 99 do 7s 10 93 93 93 U S of Braz-Cen Ry Elect 7s . . . 8 87 86 86 U S of Mexico 5s. 95 52 51 51 do 4s , 19 36 36 36 Amer Agr Ch 7s 1 103 103 103 Am Smelting 5s . 1 93 93 93 Amer Sugar 6s . . . 29 102 101 102 Am T & T cv 6s 1 115 115 115 do col tr 5s 27 98 97 98 do col . 4s 85 91 91 91 Am Writing P 6s 1 84 84 84 AmWW&E5s.. 5 84 84 84 Anton Jur M W 6s 38 79 7S 79 Armour & Co 4s 17' 90 ' 89 9n A T & S F gen 4s 73 89 89 89 Atl C L 1st con 4s .3 87 87 87 Baltimore & O 6s 6 100 100 100 do cv 4s 2 80 80 80 Bell Tel of Pen 7s 2 108 108 108 Bethlehem S rf 5s 2 94 94 94 Bkln Ed gen 7s D 2 107 107 107 Bklyn R T 7s ctfs 5 89 89 89 Calif Gas & El 5s 1 98 98 98 Canadian North 7s 1 112 112 11'' Canadian P deb 4s 10 79 79 79 Cent of Georgia 6s 1 100 100 100 Central Leath 5s 5 98 98 98 Central Pac gtd 4s 31 87 86 87 Cerro de Pasco 8s. 3 129 1 l'9 Ches & Ohio cv 5s 10 93 92 9' C A 3s 1 25 25 25 do 3s 10 52 52 52 C B & Q ret 5s A 14 100 100 100 S f,,1,5" s 81 81 81 S ItWr-- 7 5114 61 51 cvt Js B 47 67 66 66 cv' H 78 64 64 64 ref 4s 97 59 54 54 Chicago Ry 5. . . 7 78 77li' 77U C R I & P gen 4s 1 S2 82 8 do ref 4s 15 83 83 83 C & W Ind 4s.. 55 75 75 75 Chilo Copper 7s.. 65 111 110 110 do 6s 12 96 86 96 CCC&StLgren4s 15 80 80 80 C G & E os 1 90 B6 96 Con Coal of Md St 13 88 88 88 Cuba Cane deb 8s 36 B0 89 90 Cuban Amer 8s... 1 107 107 107 Det Edison ref 6s 3 102 102 102 Det Un Rys 4s. 130 85 85 85 DuPont de N 7s 21 107 107 107 Duquesne Lt 6s . . 21 103 103 103 B G & F 7s ctfs 18 93 93 93 Erie pr lien 4s 1 55 53 55 do gen lien 4s.. 20 44 44 44 Fram Ind Dev 7s 9 89 89 8914 Gen Elec deb 5s... 2 100. 100 lnoxZ Goodrich 6s ... 88 101 101 101 Goodyear T 8s 1931 10 99 98 99 Goodyear T 8s 1941 15 114 114 114 Gd T Ry of Can 7s 1 112 J 12 112 do 6s 1 104 104 104 Great North 7s A 32 110 110 110 do 5s B 5 102 102 102 Hud & M ref 5s A 13 84 84 84 do adj inc 5s.. 27 61 61 61 Humble O&R 5s 27 98 98 98 Illinois Cent 5s 5 101 101 101 do ref 4s 1 87 87 87 III Steel deb 4s. 31 92 91 92 Indiana Steel 5s.. 1 101 101 101 l!!li?IfJis.? 15 11'4 11 11V. ASTORIA and Way Points STHS. LURLIXE AXD TXDIXE Daily, Except Saturday, 7:30 P. M. Fare to Astoria $1.85 One Way $3.00 Round Trip. Week-End Round Trip $2.50. THE DALLES -HOOD RIVER XlSht Service Lv. Mon., Wed., Frl., 11:30 P. M. Berths Ready 9:00 P. M. Day Service Lv. Mon., Wed,, Fri., 7:15 A. M. Fare to Dalles $1.25 Hood River ?1.00. Upper Berths 60c, Lower 90c. Stateroom $1.50. The Harkina Transportation Co. Broadway 6344. Alder-St. Dock. OMOLULU SUVA. AUCKLAND. SYDNEY The Wfll-Eo.uippd Royal Main Steamers MAKI KA (13,500 tons) .. .Dec 22 Feb. 23 MAOAKA (20,000 tons).. Jan. 26 Mar. 30 Bail From Vancouver. B. C. For rate, etc., apply Can. Pac. Railway, 55 Third St.. Portland, Or. Canadian-Anstralaeian Royal Mall T.ine, 741 Hastings St. West, Vancouver, B. C. In Rap Trans 7s 22 96 98 96 do ref 5s ...... 22 74 74 74 do ref 5s ctfs.. 8 74 73 73 I & G N adj 6s wi 20 49 49 49 In Merc Mar sf 6s 12 89 89 89 Int Paper ref 5s B 19 87 86 87 Iowa Cent ref 4s " 2 36 36 86 K C, Ft S M 4s 1 79 79 79 K C Southern 5s. 5 88 " 88 8S K C Terminal 4s. 8 82 82 82 Kelly-Spg Tire Ss. ' 21 107 107 107 L S & M S deb 4s, 1931 10 92 92 92 Lehigh Valley 6s. - 1 104 104 104 Lig & Myers 5s... 1 97 . 97 97 Lorillard 5s 4 97 97 97 Louisi & North 5s 2 77 76 77 L & Nash ref 5s 1 105 105 105 do unified 4s . . 5 92 91 91 Manati Sugar 7s 2 97 97 97 Mark St Ry con 5s 32 91 91 91 Mid Steel cv 5s... 3 89 89 89 M & St L ref 5s.. 5 36 36 36 M K & T pr lien 6s C 99 97 96 97 do new pr lien os A 5 83 83 83 do new adj 5s A 65 59 58 58 Mo Pac con 6s... 12 99 98 99 do gen 4s 17 63 . 63 63 Montana Pow 5s A 8 96 96 86 Nassau Ele Ry 4s 1 61- 61 61 N E T & T 1st 5s ctfs 23 99 98 98 N Y Centr deb Bs. 21 105 104 104 . do rfg & imp 5s 20 97 97 97 N Y Edi ref 6s. 12 110 110 110 NYNH&Hcv6s,194S 9 74 73 74 NY Tel ret 6s 1941 5 105 105 105, do gen 4s 2 94 04 94 NY West & B 4s 1 46. 46 46 Norf Si West cv 6s 12 112 112 112 No Am Ed sf 6s.. 7 93 93 93 Nor Pac ref 6s B 6 109 108 18 do pr lien 4s... 4 86 86 86 Nor St P ref 5s A. 6 92 92 92 N W Bell T 7s... 3 107 107 107 O S L ref 49 19 92 92 92 Pac G & El 5s 28 92 92 92 P T & T 5s '52 ctfs 3 91 91 91 Packard M C 83.. 1 107 107 107 Pa R R s 24 110 110 110 do gen 6s 17 101 101 101 do gen 4s 42 92 91 91 Peo & E inc 4s... 1 80 80 80 Pere Marq ret 6s. 12 100 99 100 Public Service 5s. 6 85 85 80 Reading gen 4s... 2 84 84 84 Rem Arms 3 f 6s. 3 94 94 94 R I Ark & I, 4s. 5 80 80 80 4StLIM&S4eR&Gdiv 7 84 84 84 StL&SF pr In 4s A 101 71 70 70 do adj 6s 223 70 74 74 do ino 6s 34 60 59 60 StLSWcon4s.. 34 78 77 77 S A & A P 1st 4s. 2 75 75 75 Sbrd A L con 6a. . 24 60 69 60 co adj 5s 45 2:1 22 23 do ref 4s 3 40 40 40 Sharon S H 8s A. 1 99 90 99 Sinclair C O col 7s 16 100 100 100 Sinclair Cr O 5s. 2 98 9S C8 So Bell Tel 5s 12 96 96 96 So Pac cv 4s. 18 02 91 92 do ref 4s 32 87 87 87 do gen 6s ... 21 101 101 101 do gen 4s 6 67 67 67 S Por Rico Sug 7s. 2 99 99 99 S O of Oal deb 7s. 5 106 106 100 Third Ave adj 5s. 12 57 56 57 Tidewater Oil 6s 2 103 1S 103 U B & P 6s A ctfs 1 88 98 98 Union Pac 1st 4s. . 30 91 91 91 do ref 4s 14 86 86 86 Union Tank Car 7s 2 103 103 103 Untd Fuel Gas 6s 1 97 7 97 U S Rubber 5s... 9 89 88 89 U S Steel s f 5s.. 16 103 102 103 Utah Pwr & Lt 5s 2 91 90 91 Va. -Carolina Chem, 7s with war.. 5 92 92 92 do 7s ctfs 50 06 ' 95 96 Virginia Ry 5s 6 97 97 97 Wabash 1st 5s... 2 97 97 97 W MaryM 1st 4s. 6 62 62 62 Western Pacific 5s 16 80 80 80 Westrn Union 6s 6 109 109 109 Wstghse Elec 7s.. 4 107 107 107 Wilsn & Co sf 7s 2 104 104 104 do cv 6s 4 85 95 95 Total sale of bonds today were $5,622. 000 compared with $10,999,000 previous day and $9,231,000 a year ago. Foreign Exchange. Foreign exchange rates at (.he c'ose of business yesterday furnished by North western National bank of Portland. The amount quoted is the equivalent of the foreign unit in United States funds: Austria, kronen $ .000016 Belgium, francs 065500 Bulgaria, leva 008100 Czecho-Siovakia, kronen 032200 Denmark, kroner 207000 England, pound sterling 4.588750 Finland, finmark 026000 France, francs 071000 Germany, marks . ;'... .000160 Greece, drachmas .012700 Holland, guilders : 390500 Hungary, kronen O0O080 Italy, tire 050500 Jugo-Slavia, kronen 003500 Norway, kroner ; 191500 Portugal, escudos 050600 Raumania, lei 006500 Serbia, dinara 014500 Spain, pesetas 156000 Sweden, kronor 270500 Switzerland, francs 189000 China Hongkong, local currency 541500 Shanghai, taeis 740000 Japan, yen 492500 NEW YORK, Dec 9. Foreign ex change steady. Great Britain, demand 4.56; cablea, 4.57; 60-day bills on banks, 4.54. France, demand 7.06; cables, 7.07: Italy, demand 5.01; ca bles, 5.02. Belgium, demand, 6.48; ca bles, 6.48: Germany, demand, .013-16; cables, .01: Holland, demand, 30.77; cables, 30.81: Norway, demand 19.08; Sweden, demand 26.95; Denmark, demand 20.60; Switzerland, demand 18.84; Spain, demand 15.54; Greece, demand 1.15; Po land, demand .00; Czecho-Slovakia, de mand 3.17: Argentine, demand 37.62; Brazil, demand 12.37; Montreal, 89 29-32. Excess Reserve Reported. NEW YORK, Dec. 9 The clearing house statement showed a decrease of $29,113,000 in loans, discounts and In vestments, and a decrease of $06,562, 000 in net demand deposits. Excess re serve totaled $23,146,410. an increase of $30,618,600 'over the previous week, which showed a deficit of $6,472,000. Money, Silver, Etc. "NEW YORK, Deo. 9. Foreign bar silver, $64 c. Mexican dollars, 49c. LONDON, Dec. 9. Bar silver, 31 i per ounce. Money 1 per cent. Dis count rates, short and three months bills 2 9-162 per cent. SEATTLE THE ORIENT cnS.Gi BeoeBiasaaia ovzmmcn tSfup$ Over tie Short Northern Route Yokohama, Kobe, Shanghai, Hong Kong. Manila in express time. American vetse'ls, providing unexcelled American food, service, comfort. Sailings from Pier B, Smith's Cove Terminal, Seattle, Wash. ' President Madisoa . . Dae. 21 President McKinley . . Jan. 2 : President Jackson . Svn. 14 . President Grant Jan. 26 1 President Jefteraon .... Feb. 7 And every 12 days thereafter rbr dtlGriptiv ftooibt addnm local affmt The ADMIRAL-ORIENTAL, JUNE 17 Still St. .T. C tr. It . Bovlinc 6rl:l 13 1 L. C. Smith lldg, Saittli, Wash. 112 Wut UmiSt., Chicago, Til. .ndolph 7739 IJ.S. Shipping Board 15 I Sailings V & & Prm. Hayes L Jan. 25th j 3LS. Pres. Harrison jgf Mar. Sth . Ag S.S. Susquehanna iJ. 1 , . Soatim America Qy4newdirect service from Pacific Ports Hia Ihe Panama Canal "N January 25th, with the sailing of the Si S. - President Hayes, the U. S. Government .inaugurates a new epoch making service from ports on the Pacific direct to Porto Rico and the East Coast of South America! ' If you have longed to join the thousands of business men and pleasure Eeekers at the great World's Fair in Rio de Janeiro, or to revel in the sunshine of Porto Rico, send the information blank below and find out about this new direct service! "Find out how you may travel in .sumptuous luxury on new U. S. Government ships directly to Porto Rico and South America land of exquisite scenery and modern luxury, a gold mine of opportunities. Send the information blank now! Never before has there been such a travel opportunity! The ihipa are of the "cabin ship type," now famous on the trans-Atlantic ran. They are operated for the Government by Swayne and Hoyt, experienced steamship operators of wide repute. The ships leave from Portland, San Francisco and Los . Angeles. They go to Rio.de Janeiro and Buenos Aires, via the great, Panama Canal, stopping en route at Porto Rico, They ensure an ocean voyage of delightful days on luxurious vessels whose standards of luxury, cuisine and service rank them among the finest vessels afloat. Send for descriptive literature today ! You incurjno obligation; yon will receive full descriptions of the ships and valuable and authentic descriptions of interesting things to see and do in the countries you visit. Write today. Write for Booklet If you are planning an ocean trip, lend the information blank below. Your Government has prepared a nenv book let telling about your ships. Send for it today; it contains a host of exquisite vievis of the ships. Every American will be proud of them as he turns the pages. American ships contain many features uncommon to ocean travel. In many respects they surpass all competi tion. It costs you nothing to learn of these great vessels investigate them today. INFORMATION BLANK To U.S. Shipping Board Information Department 130 mk P. A. B. San Francisco Please send without obligation the U. S. Government Booklet aivins; travel facts. 1 am considerins; a trip to South America , to Porto iUco . I would travel 1st class O, SrdG. If I go data will be about . Business or prof east on Addrett Managing operators Pacific - Argentine - Brazil Line Swayne 13 Hoyt, 4-30 Sansome St., San Francisco, California For information regarding accommodations and sailings , address U. S. SHIPPING BOARD Information Department 130 MK 369 Pine Street San Francisco, California ewrk to South America uS.QovernmentShips New Reduced Rates Fastest Time fv-R3ofo J h Dclro, Montevideo, atMl Bueoos Aires. Finest flahipa American service American Food America a comforts. Sail ings from Pier 1, Hobokea. S. S. Western World . . Dec. 23 S. S. Southern Crocs . . Jan. 6 S. S. American Legion . . Jan. 20 S.S. Pan America . . . Feb. 3 Fortnightly- thereafter or docriptivo booklet, adtfreea Munson Steamship Lines . 67 Wall St. New York City Manm0oA Operator Jbr U.S. Shipping Board SS" Round the World Cruise Assures the satisfaction that accompanies ejeperienced, careful management with equal comforts at lowest costs. Four mernrha nf hiTttrimia trowliro nrirh rka orHr a-.c.m " C, . of France" specially reserved for the party. Rate $1000 upward vacanctet irora inciuaing note is, guides, anves, tees. From New York, Jan. 22. 1923 Froth San Francisco, Feb. 10. 1923 19th Clark to the Mediterranean iVtii Offers a 65 day voyage which has become a classic, ss we give VlUlSC most for the money. Mammoth steamer "Empress of Scotland" formerly "Kaiserin Auguste Victoria," specially reserved for the psrty, LEAVES ON FEBRUARY 3d. Rates $600 upward vacancies from $900). Includes hotels, guides, drives, fees. Stop-over privileges in Europe a pleasing feature with both cruises. Send for our programs they are fret. Sails from Municipal Dock No. 2 Wednesday, Dec 13, 10 A. M. Every Wednesday Thereafter. - FOR 8AX FRANCISCO LOS ' ANGELES, SAN DIEGO. SS. Admiral Goodrich Sunday, Dec 10. 7 P. M. UARSRFIELD, EUREKA. . SAN FRANCISCO. Ticket Office 101 THIRD ST.. COR. STARK. I'll line Broadway 5481. Phone your want ads to The Oretronian, Main. 7070. Glorious Freedom on Your Trip to Southern California When you come to Southern California, break up the monotony of the rail journey by having your ticket routed via Tale or Harvard between San Francisco ' and Los Angeles. Enjoy the freedom of broad decks and spacious saloons freedom to rest or to play in a variety of delight, ful ways. ? h a m u-,m r .mm San Francisco Los Angeles San Diego Tickets, one way and round trip, may be routed via L. A. S. S. Co. between Saa Francisco. Los Angeles and San Diego. Same fare aa all rail. Heals and berth extra. Ask your local R. R. Ticket Agent or write for folder. LOS ANGELES STEAMSHIP CO. R. V. Crowder, G. P. A 685 Market St., San Francisco R. F. Culien, o. P. A., S17 So. Spring St., Los Angeles LOS ANGELES HONOLULU SERVICE Fortnightly sailings direct be tween Los Angeles and Honolulu, with giant luxury liners. Next sailing from Los Angeles Harbor, Saturday, December 16 at noon. Mediterranean. 61 day cruuCi $600 upwarcf, including shore excursions. Summer Cruise ave June 27 b? pecHy charterea White Star Liner Baltic 23,884 tons. Rome, Athens, Spain visits speciilly featured. University-Ejcterision and other good tours to Europe under escort, reasonable rates. FRANK C. CLARK, Times Bldg., N.Y. W. H. DEAJOI, 55 TRlrd St. IlllllPilifllllllllllilP'lillllillllWtflll iiill M Have you stood on the Vast Amphitheatre of Madeira and looked out upon the Sea? It is but one of the many thrilling experiences of the American Express Luxury Cruise this Winter of the $ Mauretania; to &e Mediterranean From New Yorlc February 7 A 66 Days of Enchantment The MAURITANIA your home all the way AidngAiores,Madeira,Cadh,Seville,Glbraltar,Tangier,Algiers,Monte Carlo, Nice, Naples. Pompeii, Rome, Athens, Constantinople, Palestine, Egypt, Corsica, Lisbon, Southampton, London (5 days), Cherbourg. Send for illustrated'announcement AMERICAN EXPRESS Travel Departmeut , Cot. SIsth and Oak Sts., Bdwjr. 50S0. or Olds. Wortman & Kins, Atscater 4800. "SHIP BY WATER" WILLIAMS LINE REGULAR FREIGHT SERVICE between New York, Philadelphia, Baltimore, Norfolk and San Francisco, Oakland, Portland, Los Angeles Harbor, Seattle, Tacoma. OREGON-PACIFIC COMPANY Portland and Columbia River General Agents 203 Wilcox Building Phone Broadway 4529 OREGON-PACIFIC COMPANY AGEOTS FOB TOYO KISEN KAISHA AND JOINT SERVICE OF , HOLLAND-AMERICA LINE AND ROYAL MAIL STEAM PACKET COMPANY Ball Ins Japan, China and West Coant South America, and United Kingdom nnd European Porta. GENERAL FREIGHT AND PASSENGER OFFICE M3 Wilcox BUS. Bdwy. 458 Portland. Or.