TI1E SUNDAY OREGbXIAtf. TOilTLAXD, DECEMBER 17, 1922 23 STOCKS UNCERTAIN; n I!JIDICT ETIDfl UIilH!i..Ll I Further Advance Noted Foreign Exchange. in a & o Colo f & I. Colo South Colum Graph.... Con Gas Cons cijrars do pM Cons Textile Contl Can GRAIN AND COTTON RISE Exchange liolteriiient Is Largely Based on Kxpcctation of Kep irutions Developments. BAY'S TRANSACTIONS IN STOCK MARKET, "j Day's total sales, 462,000 shares. Twenty industrials averaged 98.15; net gain, .13. High, 19 22, 103.43; low, T8.59. Twenty railroads averaged 84.77; net gain, .22. High, 1D22, S3. 93; low, 73.44. I 4 I (Bv Chicago Tribune Leased Wire.) NEW YOKK, Dec. 16. An uncertain and Irresolute movement o stocks, a firm bond market, a further advance In foreign exchange rates and an upward movement of the grain and cotton mar liet brought the week to a close in much the same financial atmosphere us had prevailed on lis preceding days. Today's advance in Kuropean . exchange attracted the greater interest, both because it fol lowed the prolonged rise which seemed to have been checked in the middle of the week and because little business is i usually done on Saturday at the .Euro-1 pean end of the exchange market. The presumption, therefore, waa-that j most of today's business originated in ; New York. It did not greatly alter the . price of sterlinK, though even that rose. I a fraction. Hut the franc rose from lAGVi cents to .7.63, the highest price since October 5. The Italian lire again went above the season's previous highest; it is now only about cent below its best figure since the wr and 1 1-3 cents above the low rate to which it fell at the end of October, when the fascist! government was about to be installed. Perhaps even more interesting, because more unusual in these days, the mark recovered from 1 50-100 cents to nearly 2-100 a handfcoino upward reaction if one measures by percentages. It can hardly be doubted that this week-end rise in the continental ex- ' changes was largely based on expecta tion of something important happening in regard to the reparations settlement. No one can reasonably doubt th.it the prospect of sonio practicable interna tional agreement is more encouraging today than it has been since the Londoii conference in the spring of 1921. But the markrt will be wise it it keeps on its I guard against premature conclusions, i .Floating of an international loan for ;ermany would mean the finding of investors who would take it. and the finding of Investors of the necessary re sources would depend, first, on Ger many's giving evidence of an honest purpose to reform her disordered cur- ; renty and homo finances, and, second, on the rate of interest which the German government would pay. The real ground lor confidence is the extent to which the French and British governments have approached a common attitude on j the question. , j do pfd Cosden Oil C R I & P do A pfd do B ptd Crucible do pfd Cuba Cane do pfd "?ub Am Snt-nr.. liavison Chem... Del & Hudson... Del & Lack Dome Mines Elec Stor Batt.. Endicott Johns. . Krie do 1st pfd Famous Players. Fed Mg & Smit. do ptd Fisk Tire Gen Cigars Gen Elec Gen Motor .'.... do t Gen Asphalt Gliddin Paint .. Good T & It Glen Alden Granby Gt Nor Ore do pfd Greene Cananea. Gulf S Steel. . .'. . Houston Oil Hupp Motor Ills Cent I Inspiration Int Agr Cor com Interboro do pfd '. ( int jtarv Int Merc Mar. . . do pfd Int Nickel Int Paper Int Comb Eng... Invincible Oil... Island Oil Jewel Tea K C Southern. . . 4.100 71 70 71 100 1!5 14 25 V4 ' . 42 8,tkl0 l("!i 104V4 106'4 t0 3Vi '- 800 122 121 121 SOU 37 li 30 37 81 l.ino 1L'"4 1214 1214 2.1IMJ 112V, 111 . 111ft , 1,500 13154 130ft 131 no 17,500 32 MV4 51'i 7U0 S2 i2 321, 82 !4 300 82 V, 82 8214 5,700 721j 70 71 "466 'ii'14 iili 1414 200 3914 S14 31)14 3,800 Sii-fc 25 2tii4 30 600 118 11714 11714 300 132 132 132 300 43 43 43 1.500 554 55 55 300 80 86 86 14 800 1014 10 91 10H 400 15 10 14 2O0 0014 i014 6014 300 1014 10 8 700 0H 61 51 100 12 12 1214 8214 100 18014 18014 I8014 3,600 13 13 13 , 2110 83 83 82 2,100 46 40 46 5s 2110 10!8 ,) 600 3414 34 3414 54 1,200 2(T 2514 26 1.100 .-1114 301s 31 8.700 SO 78 80 20 14 5,000 7!i 77 78 500 6S (IS OS 14 700 25 2414 2414 107 3,800 36 n 34 36 PRICES TOO STEADY FOR RICH 1016 Lack of Speculation Likely to Last Until New Year. EUROPE HAS ITS EFFECT 1,500 600 3,200 l',()6 7O0 4IM) 3.300 .ton 2.8N l.HOO 7O0 1,200 lOO 3,500 3Kt 600 Kayser J Kelly-Spgfld ... Kenn&cott Keystone Tire . 1 1-ack Steel I Dee Tire i Lehigh Valley . . j Loriliard ! I.oew Theaters . I Lima Loco .... ! Mankind O'M .... ' Maxwell M "A" I do "B" I May Stores j Mex Pet ; Mex Seaboard . I M'iami I Middle Slates O-iil ' Midvale Hteel . . . SI iv & T Wi . . . Mack Truck . . . Mont Power ... Mont Ward Mo Pac do pfd M S P & S S M Nat Biscuit Nat ElitwiMl Nat Lead Nevada Con ... 3,300 New Haven .... 400 Norfolk &. W . Nor Am-erican . . Nor Pac ' Nova Scotia Steel N y Air Brake N Y Central . . . l.ltMJ Okia Pro-i re-f . . 4(o Ontario & W . . . loo Otis Steel 700 Piggly Wigirly . 2,6110 Pac Gas & Elec . koo Pacific (Jll 2.01(0 .Pan Amn Pet .34.700 do "B" 60,:MJ Penna 800 Penna Sea Steel 400 Peo Gas If Ml Pere Marquette . 800 Plriladelphia Co Phi Mips Pete . ... 1.100 Pierce Arrow .. 4,500 Pierce Oil 300 Pitts Coal ..... Pitts Ji- West V'a 110 Pressed SU Car 2K! 100 01 1 10 1114 utt 1,000 5114 5014 800 14 33 2O0 52 5314 100 2414 2414 "200 "" 3,80O 21 14 20 300 10 19 "506 'ii'ii 'iiii 800 44 43 3.7IK) 37 37 2,900 10 10 ' 100 63 li 63 14 "A P.) ! The announcement of the declaration of another 20 per cent stock dividend on the common shares of the 1'an American Petroleum & Transport com pany, after the close of business Friday, caused the wildest scramble for stock witnessed on the floor of the stock ex change in many months. only a few days ago rumors were circulated In the street that "salt water would ugain be pumped Into the Mexican oil stocks." This caused heavy speculative selling fur the account of professionals and created a large short interest. Consequent ly, when tho professionals were caught off their guard by the unexpected announce ment of the stock dividend the crowd assembled around the ."pan-pete" post before the opening awaiting an oppor tunity to cover their short commitments. The center of speculative interest dur ing the coming week so far as the rail road shares are concerned will he the action of tl'e directors of the Great Northern railroad, ivho meet the latter part of the week to discuss the semi annual dividend. All sorts of stories have gone about Wall street this week about what they will do. and, of course, all of tljese are guesses. The directors themselves are non-committal, but in unofficial conversations say they hope to be able to maintain the regular rate, which is 1 per cent, for the year. The steel Industry of the country ex perienced some slackening of activity the past week. This development is of little importance, according to the opinion expressed by leaders in the industry, and tan be looked upon as a seasonal de velopment always experienced at this time of year. Producers say their hooks show a large balance of unfinished busi ness and they can continue to operate at the recent rate of 80 per cent or more if they desire to do so. The numerous reductions in the prices of gasoline and other refined products being announced from time to time by the leading oil marketing companies are attracting little attention in the finan . cial district. . This movement for lower prices for gasoline Is looked upon as a seasonal development and is alwavs wit nessed in the fall and winter months, when consumption falls off sharply as a result ot the laying up of motor because ot weather conditions. CLOSING STOCK QUOTATIONS. Furnished by Overbook "& Cooke com pany of Portland: Sales. Hltth. Low. Bid. 100 66 "i 66 V, 66 Vi . ."00 81 1, 31 30 Va . 300 311, 31 30 inn r,!i .v.l 50 . 400 1214 121i 12 . 6,10 ',. 1,,. v Punta Alegre fiillman Pure Oil Ray Cons Iteadlng Remington Replogle steel . . Kepublle I it S . . do pfd Royal Dutch Oil Ky Steel Hps . . . Saxon Motors .. Sears Ko-hoek . . Shattuik & Ariz Slieil T & T ... S i tibial Kloss Shef boll Pacific . . . Sou Ky Sterling Prod . Stand Oil Cal . . Stand Oil And. , Stand Oil N J St I, & S F. . . Strom Carb- . . . Studebaker ... Swift Co . . Tenn C H C... Texas 'Oil Texas Pac Tex Pac C & O. Tob Products . . Tran Contl Oil. Tim ken li B... Tnion Oil Dei . I'nion X'ac United Alloy .. United Drug . . United Fooil Pro United Fruit Untd Rds of N J United Kds pfd. United Rt Stores t; S C I Pipe.. U S Ind Alcohol U S Rubber... U S Rub 1st pfd f Mneiting. . . U S Steel U S Steel pfd.. Utah Copper . . Va CI em Va Chem pfd . . Vanadium Steel Vivaudou ..... Wabash Wabash A pfd. Wabash B pfd. Wells Fargo .. Western Pac .. .West Pac pfd . . Western Union. W'est'hnuse A B Westghse K & i West 'Aid White Eagle Oil White Motors . While Oil Willys-overland Willvfi-Over ifd cars I -Wilson Packing w is t entt l . . . Wooiworlh .... Worth Pump . . W & L E. 14 66 142 16 27 4 11 28 14 57 67 22 10 42 03 !4 7314 3 1T4 20 V, 8 4V, SO V, 41 8S'4 86 '4 46 314 3 Mi 35 i'i- 13 4 3l" 83 '4 4 14 6514 231)14 244 91 11H 50 13 5314 24 1414 21 18 53 44 44 37 10 75 20 t!3'4 10 14 28 4614 1-4 6814 16 3.00 132 31 HI 2,2011 1,600 4".l 4,500 3O0 13 7!l ',4 35 26 47 !,IWW 51 1.700 3.UO0 400 4.100 1 ?. 32 70 44 44 40 7314 31 i.'ibo 124" 122 Adams Kxp . . Austin Nichols... tgr Chem do pfd A;ax Rubber . . . Alaska Gold ... Alaska Juneau A.I Med Chem ... 500 70'-;. Alus-t halmers. . 700 do pfd .Am Beet Sugar Am Boach 2.500 Am Can Co .... uoo do pfd Am Car & Fdy.. 200 185 181 do pfd Am Cot Oil 100 18 184 do pfd , An Drug Synd Am Hil Ji Leath Alh Ice '. . 500 Ids 10S Am Intl Corp .. ' 300 2!i 20 Ala Linseed .... 200 31 do pfd Am Loco tlo pfd An. Saf Ra.or . m Shp & Com. Am Smelter . . .. ' do pf.l Am Steel Fdy .. A:n Suear do pfd An Soma tra . . . A m T. 1 Tel. .. pi Tobacco . . . k. H A ill Wool do pfd do ! pfd . in Zinc, . r.aconda Asd Olf ,-itchison do pfd tl Coast Line.. At I Gulf & W I. Baldwin Loco .. tlo pfd Baito Ohio . . do pfd rarnsdell Crp A 400 32 do B 2.8'K) 21 Tth Steel B ... 2.800 63 j.ootn r isn .. U R T Butte C & Z . 1 l.tte & Sup . burns Bros A. do B Csrido Oil Calif Pkg 100 Calif Pet 100 do pfd Calhn Zinc & Ld 3,000 200 7 100 10 4 U) 1.000 57 57 1O0 !IM ps 30!l B7 37 4 100 75 1, 75', ' 4nVi ' 20 ' 28 , 500 125 1. 124 l.ano I.-,.-,','. 153 300 15.V- 152 3O0 115 - 14 ;4 loo '27 " '27" ran t 1.1 4.400 5014 40 "2Y10 ioii, ioi"' 200 (12 1)2' "200 '23 '23 s 0.400 127 125 ' Voo '42" "41 2,100 87 800 23 loo re.t Son 114 J I 6 200 1H7 200 21 1.MI0 62 D.400 113 1 .400 47 1,800 20 200 21 , 2,500 56 5110 12 000 3:. 2.1 00 18 . 1.800 137 loo 34 600 .82 1 Olio 71 400 28 . 1.200 66 1.000 52 L 200- 117 200 3I ,33,100 108 . 2', inn 64 200 24 . I11O 6i' 300 36 2O0 J4 , 200 8 6O0 24 ' 406 5(1 .too 113 . 2.000 110 I 1.000 iV.1 400 1 1 8O0 32 5oo 5n 300 I , Lloo 6 100 42 100 37 ' 1 00 33 loo !l 16 27 11 28 14 56 67 16 42 15 21? 02 74 02 174 20 8 431, 86 44 86 80 46 3 S3 35 '40 12 4S ' 33 Vi 83 47 12il 27 13 78 36 25 47 51 "i SO 36 31 87 :; - 511 114 115 1(16 21 61 132 47 10 21 56 11 32 IN 136 ,34 82 07 3!) 107 63 24 'A 00 35 14 8 23 50 11 4074 3 6 16 27 .11 28 14 57 67 16 42 62 250 65 123 .1 3 21 111 i3 74 26 28 02 l?i 20 8 49 85 44 87 83 48 3 93 35 40 41 12 ' 4 57 33 83 47 120 27 13 79 3.) 26 47 82 51 113 1 86 S 36 31 39 87 23 50 114 115 196 21 2 133 106 9 47 19 21 56 11 32 17 136 34 82 5 156 11 25 70 27 66 96 88 107 120 64 24 60 85 14 8 23 16 88 15 56 113 100 l 1 1 32 8.1 3 6 42 90 115 72 50 , 90 9 198 32 9 Mining Stocks in Boston. Furnished by the Overbeck ' & 19 63 1,200 14 300 9 3,300 S3 500 144 500 44 81 56 Canadian Pac n Leather Cerro de Pasco.. Chandler Motor. Cl-go & N W ... Chi Gt W do rfd Chill Cop Chlno C M St P do pfd Cooo Cola 9 ;oo 143 400 33 ion 1. non 1.300 100 500 10.509 2. it 1.400 2.400 300 451 C4 I S ' 4 9 28 14 O'-b 31 144 43 "si" 56 . "9 143 33 44 V 63 79 44 96 40 40 73 111 183 121 18 86 6 10 107 28 li 31 51 123 120 19K. 57 117 37 lot! 28 1 25 1 55 100 26 16 50 115. 101 91 112 23 126 111 41 58 32 20 63 4 It". 9 32 144 43 " 81 56 93 9 143 33 4r. .13 7H 4 9 company of Portland. Ar'z Com Adventure Ahmeek Allouez Arcadian Bingham Mns . . .' Cal & Ariz Calumet & Hecla New Corn Centennial ............ Cop Rue Davis Daly East Butte Fran It I in Mng Hancock Helvetia Island Creek Keewanaw' Kerr Lake Lake Cop 1. a Salle Michigan Mass Con Mohawk May Old Colony Maon valley North Butte N'lpissing North Lake ( Iseola Mug Obijawa Quinev Mng Isle Royal South Lake Supp Boston U11 i Shoe Meh ......... do pfd ............. South Utah Trinity Cop Tuolumne Utah Metals Utah Co Bid. Asked. -.4 50 58 ! ". 285 . . 16 . . 8 . . 36 . . 3 . . 8 .- 1 .. 2 . . 90 . .108 . . 1 . . 2 .. 1 . . 1 80 60 22 3 18 57 289 . 16 8 38 S 8 1 2 100 . 108 14 I 3 3 1 31 75 78 4 1 9 S 20 31 1 32 20. 40 1 43 26 3 ,1 92 1 Condition of Germany, Low Price ot ' Grain and Other Factors Reflected on Exchange. BY BYRON SELLER. (Copyright. 1922, by The Oregontan.) NEW YORK, Dec. 16. There 13 a lack of speculative support in the bond mar 1'et. That is one of the reasons that may be given for the inactivity and lack of trend shown by the investment markets not only this week but for a month past. Neither investors nor traders are buy ing bonds with the expectation of capital appreciation except in th case of a few speculative issues. Stabilized prices dis courage trading. This condition Is apt to continue until the new Year and the course of the market after that date will depend on a number of factors. First and foremost Is the iuropean situation and the relation thereto of our own government. It has been the fashion among stock market speculators to rmn- ii.iize the importance of America's for eign trade. Grain growers and grain speculators know better. The price of our cereals is fixed In the world mar-1 Lets and unless Europe is able to pay the,1 price, the American farmer will suffer. And the country cannot be permanently trosperous without a. prosperous and contented put emphasis on contented agriculture. Kail Bates Are Attacked. Just now the railroads ar'e bearing the brunt of the attack by the repre sentatives of agricultural interests in C3i,gress. The campaign for lower rates is being actively pushed. The interstate commerce commission is now bearing atguntent on an application for lower charges on agricultural products. Sec retary of Agriculture Wallace testified tie other day that unless the railroads reduced rates there would be a general leadjustment of Industrial and agricul tural production in the United States. The demand for relief for farm In-t-rests becomes more insistent every day. Probably the only let-up In this campaign can result from a substantial rise in the price of farm products, par ticularly grain. And unless the general European situation improves, no such life is probable. The week has been marked by more 01 less contradictory reports as to the intentions of tho administration at ".Vash ii'gton in connection with its .relations to foreign affairs. The situation appears to be fast nearing a crisis. The dis patches describe Germany as approach ing "complete financial paralysis." There is talk of a huge loan to save the Ger man situation. It iu hard to see what steurity could be given which would enable such a loan to be placed in America. But if, out of all the confusion over roparations and international debt, any workable plan cornea, it will clear the v-ay tor consideration of our own busi t.esa and financial condition on its merits and so permit the investment markets 10 take their natural course. Tax llodgers Affect Prices. Minor influences are the pressure on security prices from so-called tax sellers or -those who sell to establish losses to avoid tax payments. Quotations are ar ollcially depressed in this process. Such bears most heavily on the obligations of any railroad, for instance, the earn ings of which have been comparatively t'r.fuvorable. Unless there has been some decline In the price of the security held, there can of course, be no loss recorded by .l sale, the amount of which can be deducted from net income for taxation I urposes. It is, therefore, impossible to distinguish between the loss in market price which may be due to pertectiy logical reasons and 'that due to this ar tificial condition. After the first of the year this 101 will be lifted. There is always also uncertainty as to how far the present improvement in general business will go. If it fhould continue throughout the winter and spring these would be- profits available ti,r investment purposes and the outlook ,.( r security prices would be correspond ingly Improved. Aside from the agricul tural unrest and the foreign situation the outlook is good. U is also noteworthy tiiat merchants are pursuing the con servative course tn the matter of stocks of-goods which, it is said, will be smaller r.t the end of the year than at any similar period since pre-war days. New Issues Absorbed. The most favorable development of the week as far as investment securities go, has been the rapid absorption of new issues. This was particularly the case with certain preferred stocks .which gave an attractive yield,, quality con sidered. It is reasonable to expect a good deal more such financing in Jan uary. There has also been eager absorption of tax exempt obligations. This matter of taxation has a very vital relation to the price of high-grade industrial and railroad securities. Investors of large wealth no longer buy taxable bonds. The demand for these must come either from institutions or from the man of moder ate means. This -feaves only the current rate for money as the determining factor in the price of many such issues. It is not likely that high-grade first mortgago railroad bonds will reach the levels at tained back in 1906 when Atchison gen eral 4s sold at 104. Bonds of that grade now yield about 4 per cent at the market and with the demand lim ited by the Income tax barrier they are not apt to go-higher. Fuctffc Northwest Stocks and Bonds. Furnished by Jordan, Wentworth & Co., Portland: Bank stocks Bid. Asked. Bank of California. N. A. ..202 207 Citizens Bk, Ex. Stock Div.110 '115 Canadian Bank of Com 185 190 First Nat Bank of Portland. 200 210 First Nat Bk, Freewaler, Or.2ft 325 Hibernia Com & Sav BanK.lio 100 Ladd &i Tilton bank... 200 350 Livestock State bank ...... 150 175 Lumbermen's. Trust Co 90 100 Multnomah State bank 150 175 Northwestern National bank 135 - 150 Peninsula Notional bank... 125 13 U. S. National bank 32!t t 340 Public utilities Boise Gas, Light & Coke pfd. 30 40 American P'wer A Light pfd. 97 100 Ore-Cal Power Com 5 do pfd 92 94 Federal Telegraph 6 7 Idaho Power ptd 92 VI Northwestern Electric com.. IS 19 do 6-i Pfd SO 8 do 7 pfd ,. 90 96 Pac Power & Light Ti pfd.' 95 99 Pac Tel & Tel com. 64 do pfd j.- 1 ..103 .. 60 .. 65 ..115 .. 12 .. 30 84 20 50 90 do pfd American Chain com . . do pfd , American Nitrogen com do ptd American Typefounders com 52 do pfd 96 Assoc Engineer Corp com.. 30 do pfd 60 Centennial Mills 107 Coast Tire com 4 Denncs Fcod of Seattle 2 Dennow Food of Portland... 2 Denny-Renton Clay & Coal. 13 Fairbanks-Morse com 47 do pfd 82 Federal System Bakeries... 3 Fidelity Security Corp 97 Fisher Flouring Mills pfd.. 97 Fleishmann Co., pfd 97 General Petroleum com 27 General Petroleum pfd 23 Goodyear i & R pfd cal. . . Graton-Knight Mfg com., do Dfd Great Nor Livestock Units. 33 Hartman Co.. J. L. gen pfd. 85 do redeemable pfd 90 Holt Mfg Co. 1st pfd 88 Idaho Gold & Ruby 14 Kings Food Products Units. . 50 Lilly Co., Chas. M pfd 85 Luckel King & Cake Soap.. Its) Morgan Bldg 50 Oregon Port Cement Units 90 Oregon w orated Mills 8'5 Owl Drug Com X.... 70 do pfd -. Pacific-Alaska Navigation pacil!c car & Foundry..., Pacific Coast Biscuit ..... Pacific Coast Co. com.... Pacific Coat Co 1st pref... do 2d pref Pacific Portland Cement , Palm Olive Co. pfd Paraffine Co.'s pfd do com Portland Cattle com Portland Feeder Co Portland Realty Associates Portland Vegetable Oil.. Refrigerator' Car Equipment 10 Reld Bros, com 90 Reld Bros, pfd 87 Santa Cruz Portland Cement !H) Sperry Flour Mills com Sparry Flour Mills pfd .... 05 Skookum C. com 60 do pfd 75 Superior Portland Cement Todd Shipbuilding Union Oil of California .. Utah-Idaho Sugar Union Oil Cal. Associates. Wash Brick Lime &8B pfd 15 Western Auto Parte com... 11 do pfd 7 Western Auto Suuplv r 12 Western Bond & Mortgage. 95 Albers Bros 7s 1942 99 Aa Oil 1st mtg 3s 1932 99 Am pow & Light 8s 1930. As Oil 1st ret 5s 1930 Bdy-Yam bldg 7s 1925. do 7,s 1926 Cal-Oi- Pow 6s.. do 7s A Cen-Pac 1st 4s do stocks 4s 1949 City Astoria 6s 1927-42... City Tillamook 5s, 1942.. Denny-Renton 8s 1929 Fed Tel 7s 1923-27.. do lt mtg 7s......... H T & T Spk 1st mtg 5s. taano power 1st os Morgan Bldg 7s 1920..... Nw Elec 1st mtg Os 1936... Ore-Cal -at 3s 1927., O R R & N 4s 1946 Ore Elec 1st mtg 6s 1936.. Owl Drug Notes . 99 Pac Coast B 6s 1933 90 Pac Pow & Lght os 19"30 90 do 8s 1930 104 Pac T & T 5s 1937 97 do 5s 1942 91 do Ss 1952 97 Plttock blk 6s 1940 93 Fort of Astoria 5s 1925.' 93 Port G & C 5s 1940 92 do 7s 1940 104 do 5s 1931 92 S Lda L & P 7s 1925 91 So Pac 1st ref 4s 1955 85 So Pac 20 yr convt 5 1934 . . 83 S Fir Mills 1st mtg 6s 1934 96 Sen Crz-Ptld Cem 63 100 Union Oil Cal Os 10a W I W L & P 6s 1941 35 Wmlte Val 80 6s 1989 88 80 . 9 .' 58 .188 . 3 .175 106 - 99 ..100 ..102 . . 97 ..106 ..100 - . . 100 14 ..100 . 92 ..104 .. 94 .. 92 99 100 99 89 SO 10 10s 12 20 53 100 W 75 115 4 4 3 30 52 97 6 100 102 105 27 25 75 55 97 7H 95 100 90 18 60 90 115 ioo" 100 iio" 75 75 135 18 to 26 98 102 88 - 23 65 100 72 90 20 96 93 105 56 100 70 85 103 64 190 5 177 25 12 8 15 103 101 100 108 100 103 103 99 108 91 70 101 102 101 95 105 96 95 102 101 100 90 57 100 95 94 106 98 93 98 96 99 91 105 93 94 87 85 98 103 4S 90 FOREIGN BONDS FIRMER DEMAND AIDED BY HIGHER EXCHANGE RATES. Changes in Government Issues Are Narrow; General List Irregular in Tone. Rem Arms af 6s. St L & S F p 1 4s A HI L ft S F adj 6s St L & S F inc 6s t L, South con 4s StP&KCSL48 S A Line con 6s. . S A Line adj 5s. S A Line ref 4s. . Sin C OH col 7s. Sin C Oil 5s South Bell Tel 5s. South Pac cv 4s. South Pac ref 4s. Sou Pac col tr 4s. Sou Ry gen 6s. South Ry con 5s. . South Ry gen 4s. . S P R Sugar 7s. S O of C deb 7a. Third Ave ref 4s. NEW YORK, Doc. 16. Pljce changes 1 Jbb Pri-d 7s In listed bonds were irregular ana gen erally unimportant in today's relatively quiet dealings. Fore.gn bonds showed a firm tons" in reflection of the higher exchange rates and the hope held out for an eariy settlement of the German reparations question by a revlvai of agitation for a German loan, but the gains were largely nominal. Mexican 5s, which have been active at rising prices of late, "moved up one more point today. r United States government issues moved within narrow limits. The first 4s advanced S cents on tlOO, the sec ond 6 cents and liberty 8a 2 cents, while the uncalled victory and new 4s each lost 2 cents and the others were unchanged. Erie convertible 4s, series A, moved up 1 points and gains of a point each were scored by Atchlnson convertible 4s, Kansas City Terminal 4s and Seaboard Air Line adjustment 6s, but Seaboard consolidated 6s and St. Paul debenture 4s were reactionary. Copper bonds moved up in response to higher stock prices, Chile 7s gaining a point and Cerro de Pasco 8s 1. Mar land Oil 7s with warrants and Mon tana Power 5s were reactionary. New York Bonds. NEW YORK. Dec. 16. (By the Asso ciated Press.) Following are today's nigh. low and closing prices of bonds on the New York Stock Exchange, and the total sales of each bond: Sales in 11000. U. S. bonds High. Low. Close. Liberty, 3s 223 100.58 100.4d 100.50 Liberty, 1st 4 s. 27 98.88 98.72 98.86 Liberty, 2d 4s.. 256 98.20 98.10 98.20 Liberty. 3d 4s.. 150 98.78 98.70 98.72 Liberty, 4th 4 s 594 98.54 98.42 98.48 Vic, 4s. uncai'd 109 100.34 100.30 100.32 V. S. Treas4s.. 131 99.78 99.70 99.72 Foreign- Argentine 7s .... Bordeaux 63 ...... Copenhagen 5s . . Prague 7 s Lyons 6s Marseilles 6s Rlo.de Janeiro 8s . Czechoslovak Ss ctf Danish muni 8sA.. Dept of Seine 7s .. Can 5 notes '29 Dof Can 5s 1932. . Du E Ind 6s 1947. do 1962 French Hep 8s. . . . do 7s Hoi-Am Line 6s... Jap 1st 4s ..... do 4s K of Belg 7s... do 6s K of Denmark 6s. K of Italy 6s. .. K of Neth 6s K of Norway Ss... K of Sweden 6s... Paris-Ly-Med 6s. . Rep of Bolivia 8s Rep of Chile 8s '44J Rep of Uruguay 8s State of Qnsld 7s. do 6s Swiss Confed 8s. 14 100 100 10014 21 78 90 75 79 78 96 86 78 V 90 73 78 78 90 75 78 78 96 86 108 108 708 86 86 so 101 101 101 99 98 99 94 93 93 93 9314 93 ua 94 88 93 8 a 21 1 2 3 67 1 110 110 110 9 104 104 104 66 73 73 73 22 93 93 93 2 1 03 103 103 1 105 105 H5 3 100 108 10i 4 101 100 101 2 118 118 118 98 94 8 94 82 101 . 95 98 94 98 86 98 94 S8 93 8Z 100 100 5 95 98 98 94 94 98 98 UKof GB&l3s'29 168 113 113 113 New Vork Curb Stocks. Furnished by Jordan, "Wentworth i Co. of Portland: , Industrial Acme Coal Mining '. . . 55 Acme Packing ' 34 U S Mining an do pfd 47 Utah Apex 2 Ventura , 27 Victoria 1 Winona 1 .. Wolverine 7 Wyandotte 25 10 8 40 38 41 1 43 10 IS 60 99 2 40 48 3 27 1 1 8 80 Swift Jfc Co. Stocks. Co. stocks at Chicago. Swift ported by the Overbeck & Cooke com- pa ry ot Portland: Swift Co . 106 Libby. McNeil & Libby.. 6 National Leather 7 Swift International 19 Naval Stores. PA VAN NAH, Dec. 16. Turpentine, steady; 1.30: sales, too barrels; re ceipts. 421 barrels; shipments. 657 bar-r-ls: stork. 11,210. Kosin. firm: sales, 1125 (asks; receipts, 1972 casks; shipments. 6193 casks; stock, 11OO0O. Quote? B, D, E, F, G, H, I, .$4.90; K. ?5.07; M, ii.30; N, J5.60; WO, 5.S5; WW, 6.55. Portland Gas & Coke 7 pfd 96 Portland Ry, L & P com... 13 do lt pfd -. 50 do 2d tfd 40 Puget Sound P & L com... 33 do pfd S3 do prior pref :-..100 Taeoma Gas & Fuel com. . 2 do pfd 25 Washington Water Power ..103 Insurance stocks Firemen's Fund Hoim Fire fc Marine Montana Fire Montana Life New Wor'd Life Northern Life ...... Oregon Surety & Casualty Buddy-Buds. Inc Car Lighting & Power .... Colombian Emerald Syn .. Durar.t Motors. Inc -v-...... Glen Alden Coat Mercet Motors Peerless Truck & Motor ... Philip Morris Radio Ccrp of America .... do preferred Schulte Retail Stores Southern Coal & Iron United Profit Sharing New United Retail Stores Candy Oils Anglo-American Arkansas Nat Gas Com ... Boone Oil Boston-Wyoming Oil Carib Syndicate Cities Service Bankers ... Cities Service Com Creole Syndicate ,. Cushing Petroleum ........ Engineers Petrol Co Federal Oil Gilliland Oil, Com Olenrock Oil Hudson Oil International Petroleum ... Keystone Ranger Devel .... Livingston Oil Corp Lyons Petroleum Mammoth OH ............ Maracaibo Oil Explor Merrit Mexico Oil Corp . . . ; Mountain Producers Mutual Oil Noble Oil & Gas Omar Oi1 & Gas . . . . Producers & Refiners Red Bank OH Sapulpa Refining Slmms Petroleum South Petrol it Refining .. Southwest Oil Standard Oil of Ind ...... Texon Oil & Land Victoria "Y" Oi & Gas Mining Alaska British-Col Metals Belcher Extension ........ Big Ledge Copper Co Boston & Montana Corp ... Canada Copper Co Candalaria Silver Cash Boy Consolidated ... Consolidated Copper Corp Piovince Mines Cresson Con Gold M 8c M . Dean Consolidated Corp ... Divide Extension El Salvador' silver Mines .. Ely Coi solidaled . Emma Sliver Eureka Croesus Fortun-i Cons Mining Goldfield Deep Goldfleld Development .... Goldfield Florence Gold Zone Divide Harntil Divide Hecli. Henrietta Silver Independent Lead Mining Jerome Verde Devel Knox Divide Lone Star Consol MacNaniara Oreso MJn ... Macnamara slining ........ Marsh Mining McKinlc-y-Darragh-Sav .... Mexican Eagle National Tin Corp Nevada Ophir Nipissing Mines Ohio Copper Ray Hercules, Inc Red Kills Florence Rex Consolidated Mining . Sandstt rm Kendall ........ Sliver Mines of Amer Searhead Success Mining Teck Hughes Tonopah Divide Tonopah Extension United Eastern Mining West IKme Cor.s West End Consolidated 1 1 ' 54 3 09 18 3 r2 30 5 171 .. 92 .. 6 .. 17 .:176 .. 1 . . 2 .. 17 .. 80 .. 2 .. 1 .. 10 .. 20 . . 28 5 . . 68 .. 42 . . 15 .. 6 . . 1 .. 17 .. 11 . . 21 ,.10 .. 7 .. 12 ..'3 .. 12 . 6 .. 1 ..115 . . 33 .. 5 .. 7 .. 1 .. 1 .. 4 .. 24 .. 1 . . 30 .. 10 .. 3 .. 14 .. 2 .. 65 .. 10 .. , 1 .. 3 o 26 . . 18 ' . . 11 .. 3 . . 20 .. 8 .. 5 .. 7 . . 45 .. 28 .. 2 .. 2 .. 5 .. 5 .. 6 5 .. 17 .. 10 . . 27 .. 10 .. 5 .. 0.1 .. 1 . . 5 .. 1 .. 15 . . 5 .. 46 . . 75 .. 70 .. 3 .. 1 . . 10 .. 1 ..360 , . . 26 . . 40 . . 20 .- 11 ..125 1115 Pacific Mutual 510 Vulcan Fire 15 West Coast Life 3 Western States Life 14 Lumber, pulp and paper . Arctic Ct'-nstruction 57 Central Coal & Coke com.. 79 do pfd 79 Crown Willamette P & P...400 do "A" Pfd ..- 98 Hawley Pulp & Paper 210 Mult Lor & Box Speo com. 50 do lU'c pfd 80 Oregon Pulp & Paper com. 100 do pfd 95 Pacific Box pfd 80 , Peninsula Lumber pfd 95 Tum-A-Lum Lumber com.. 75 do 8 ptd 95 do lO'Tc pfd 100 Washington P & P com.... 45 do pfd 75 Weed Luir.be- com 125 Miscellaneous Aero Alarm com ....150 do pfd 42 Alaska Steamship SI Alaska Packers ..140 Albers Bros, com 28 92 99 15 55 50 57 87 104 5 40 107 27 50 25 13 j40 115 600 16 4 16 42 82 85 ioo' 3" 90 115 100 90 102 85 15 110 55 90 150 2.-0 50 84 145 35 Increase In Excess Reserve. NEW YORK. Dec. 16. The clearing bouse statement showed sn increase of J98.425.0O0 in loans discounts und in 1 vestments and Increases of $26,221,000 in reserve of member banks in the federal reserve and $74,504,000 in net demand deposits. Excess reserve totaled $40,320. r.'iO, an Increase of $17,178,000, bringing the aggregate reserve to .u.i7.o90,000. 33 13 68 V 25 do 1987 U S of Brazil Ss. . do 7s US of B-CeRyE17s. U S of Mexico 5s. do 4s , Amer Smelt 5s. . . . Amer Sugar 6s.. Am T & T cv 6s. do col tr as. ... . 35 do col 4s 19 Am W W A E 5s. . 1 A Jurscn M W 6s. 10 Armour & Co 4s 14 At T S Fe gen 4s. ... - 23 Atl c L 1st con 4S 1 Bait Ohio 6s... do cv 4s .... Bell Tell of Pa 7s Beth Stl ref 5s. . . Bklyn Edi gen 7sD Can North 7s Can Pac deb 4s. . Cent of Ga s Central Leather 5s Cent New. Eng 4s Cent Pas gtd 4s. . . Cerro de Pasco 8s Ches & Ohio cv 58 I C & A 3s 3 C & E I 5s 16 C Gt West 4s 2 C M & StP c 4s. 117 161 104. 103 104 98 96 86 51 36 93 10 102 116 98 92 84 82 89 89 87 30 100 16 90 11 108 3 95 1 108 2 112 45 79 100 99 87 98 96 86 50 36 93 102 118 9814 91 84 82 89 89 87 98 96 86 50 36 93 102 116 98 l 82 89 89 87 7 3 41 100 100 90 90 108 108 95 95 108 108 112 112 79 79 100 98 86 85 135' 134 78 do cvt 5s B. . . . d oref 4s C & N W 7s Chi Rys 5s C R I & P rf 4s... C & W Ind 4s.... Chile Copper .3. . . do 6s C C C S! St L g 4s Colum G & E 5s. . Con Coal Md 5s. . Cuba C Hug d 8s44 Cu Am Sug 8s Del St Hud cv 5s. . D & R G cn 4s. . . Det Kd ref 6 Det U Rys 4s. . . DuPont 7s Duquesne Light 6s Em Gas & F 7s Erie pr lien 4. Erie . gen' Hen 43. . Framer F D 7s Gen Elec deb 5s. Goodrich 6s . . . Goodyear T 8sv '31 do 8s, 1941 G T Ry of Can 6s Gt Northern 7s A do 5s B Hud & M ref 5s A do adj inc 5s.. Ills Central 5s. do ref 4s Ills Steel deb 4 lis. I-M 4 s ctf s stpd Inter R P ref 5s. do ref 5 ctfs.. I&G Nor adj 63 wi Inter M M f 6s. Int Paper ref 5s B K C Southern 5s. K C Terminal 4s. Kelly-Spfd Tire 8s Lac Steel 5s. 1950 Lehigh Valley 6s." Loriiiard 5a Louis & North 5s Magma Copper 7s Manati Sug 7s. Mar St Ry con 5s Mid Steel cv 5s.. M & St L ref 5a. . M St P & S S M 6s M K & T pr Hen 6s C do new pr lien 5s, A do new adj 5s A Mo Pacific con 6s do gen 4s Mont Power 5s A N B T ft T 1st 5s ctfs : N Y Cent deb 63. do rfg & imp 5s do con 4s N Y T ref 6s, 1941 do gen 4s .... N Y W ft B 4s. Nor & S 5s A Nor & W cv 6s.. N A Ed s f 68 Nor Pac ref 6s B Nor Bell Tel 7a.. O S L gtd 5s O-W R R & N 4e Otis Steel 7s... Pac G & E 5s . . . P T & T 5s 1952 c Pan-A P & T 7s. . Pa R R 6s do gen 5s do gen 4a... P & E inc 4s. . . . Pere Mar ref 5s. . Pltlla Co col tr 6s P R L & P 5s... PftR Ss with war Public Serv 5s. . . Reading gen 4r. . . 95 88 83 80 52 65 4 6 26 58 2 110 4 78 4 83 7 74 38 113 113 14 96 96 1 80 80 5 96 96 1 88 88 30 93 - 92 94 88 88 80 52 65 66 68 109 78 83 74 100 99 86 135 94 88 83 80 52 65 66 58 109 78 83 74 113 96 80 96 88 93 1 94 94 94 j 10 77 77 77 I 12 77 77 77 16 59 59 59 ; 8 78 77 78 , 5 81 81 81 1 17 39 59 69 I 27 23 23 23 . 1 39 39 39 1 49 101 100 101 98 98 98 1 96 96 96 2 92 92 92 33 87 87 87 33 84 84 84 . 7 101 101 101 11 97 97 97, 17 68 87 68 I 7 99 99 99 : S 106 106 106 1 61 61 61 9 56 56 56 10 103 103 103 2 98 97 97 13 91 91 91 i 2 95 95 95 j 4 104 103 lo4 10 99 99 2 108 108 . 108 I 3 88 88 88 ; 8 103 102 102 I 2 91 90 90 3 96 95 65 i 2 99 96 96 4 6l 61 61 11' 80 79 79 8 107 107 107 . 3 94 93 93 3 94 94 94 U B & P 6s A ctfs Union Pac 1st 4s. . do cv 4s Union Tank Car 7s U S Realty 5s. . . . U S Rubber 7s.. do 5s TJ S Steel a f 5a. . . Utah Pow & Lt 6s Va-C Ch 7s ctfs. . . Virginia Ry 6s... West M 1st 4s West Pacific 5s. . . West Eltric 7s.. Wicw-Sp Steel 7s.. Wilson A Co cv 6s Total sales of bonds todav were JO,- 331,000, compared with $13,817,000 pre vious day and $6,586,000 a year ago. Foreign Exchange. Foreign exchange rates at the close pf business yestreday furnished by Northv western National bank of Portland. Th amount quoted is the equivalent of the toreign unit in unitea otaies xunaa: Country Unit. Kate. Austria, kronen $ .000018 Belgium, francs O10500 Bulgaria, leva 008200 Czecho-Slovakia. kronen ...... .030200 Denmark, kroner jumou England, pound sterling ...... 4.668750 Finland, finmark 026000 France, .francs .076800 Germany, marks 00022.) Greece, drachmas 012800 Holland, guilders 401000 Hungary, kronen .000580 Italy, lire 051800 Jugo-SIavla, kronen 012200 Norway, kroner 191o00 Portugal, escudoa 050500 Roumanla. lei 006500 Serbia, dinara 013500 Spain, pesetas 15S5O0 Sweden, kronor 270000 Switzerland, francs 190500 China Hong Kong, local our. . . .540000 Shanghai, tael 730000 Japan, yen 493000 NEW YORK. Dec. 16. Foreign ex changes firm. Quotations in cents: Great Britain, demand $4.65, cables $4.65, 80-day bills on banks $4.62; France, demand 7.62, cables 7.63; Italy, de mand 5.10, cables 5.11; Belgium, de mand 7.02, cables T.03; Germany, de mand .0197, cables .0198; Holland, de mand 40. cables 40.04; Norway, demand 19.05; Sweden, demand 26.90; Denmark, demand 20.85; Switzerland, demand 18.97; Spain, demand 15.75; Greece, de mand 1.18; Poland, demand .0036; Oxecho-Slovakla, demand 2.96; Argen tine, demand 38.06; Braxil, demand 12.20. Montreal, 99 9-16. Money, Silyer, Etc. NEW YORK. Dec. 16. Foreign bar silver 62c. Mexican dollars 47c. LONDON. Dec. 16 Bar silver 30 7-16d Eer ounce. Money 1 per cent. Discount rates, short find thre months bills. 2 9-162 per ctnt. Dried Fruit at New Tork. NEW YORK. Dec. 16. Evaporated ap tles dull. Prunes unsettled. Apricots and reaches quiet. Raisins weak. ewbrlc to South America U.S. QovernmentSfups 1 107 107 107 98 73 98 98 73 7311 103 103 Vi 103 88 83 83 107 103 93 55 43 90 100 100 101 101 98 98 114 114 6 104 104 104 3 110 110 110 2 102 102 102 3 1117 1 103 8 94 10 33 71. 44 6 90 8 100 34 101 30 98 1 114 107 103 94 53 43 90 3 84 V, 83 84 16 80 0 60 14 101 101 101 1 1 91 '91 12 102 101 101 22 10 10 10 15 73 ' 73 73 1 ' 73 73 73 6 50 50 50 18 89 .89 89 6 87 87 87 2, 89 89 89 36 83 82 S3 2 108 108 108 1 90 90 90 1 104 104 104 S 97 97 97 18 77 76 11 1 114 114 114 1 98 98 98 41 92 92 92 18 89 89 89 1 36 36 3 5 103 103 103 20 86 96 96 -4 84 83 83 120 60 60 60 9 98 98 88 37 63 62 62 8 '97 97 97 9 98 98 98 16 103 103 103 50 97 97 97" 5 82 82J4 82 14 105 105 105 14 93 93 93 5 46 46 46 5 61 61 61 1 112 112 112 7 93 93 93 13 109 108 108 6 108 107 107 2 92 92 92 4 81 81 81 7 92 93 93 3 92 92 92 1 91 91 111 4 102 102 102 10 110 110 110 21 101 1(U 101 92 9? 92 22 28 28 28 6 97 97 97 3 119 99 99 5 84 84 84 2 120 119 120 2 85 85 85 3 84 84 84 New Reduced Rates Fastest Time "i to ffcte dejanairo, Montevideo, and Duno Aires- Ffoast storps American ass lea American Food American comforta. Salt Ings from Pier 1, Hobokan. & 8. Western World . . Dec 29 & 8. Southern Croea . . Jan. 6 8. S. American Legion . . Jan. 20 8. 8. Pan America .... Feb. 3 Fortnightly thereafter Tor dmmjivlivm booklet, mUimmm Munson Steamship Lines 67 Wan St, New York Cftr Jtenadbnf Operator Ihr U. S. Shipping Board SEATTLE THE ORIENT; onS.GovcrnmentSfups Over tie ShdUnnKoir'i Yokohama, Kobe, Shanghai, Honf Kong, 1 isntia in express time. American vessels, providing unexcelled American food, service, comfort. Sailings from Pier B, Smith'! Cove Terminal, Seattle, Wash. President Madlsoa . President MoKinlay President Jackson President Grant , President Jefferson Dee. 21 Jan. 3 Jan. 14 Jan. 24 Fab. 7 And everj' 12 days thereafter Tor dfcriptb, tMrtm Icsai mcm s The ADMIRAL-QRIENTAL LINE 11 Siiti tl. II. T. C tr. ft . Bowling; e I 3t L. C. imitH lltlg , Sitllli, Waih. 1l2Mi MaraiSt., Cfciciga, Il. adoloh TT3S XLS. Shipping Board mm teiHave vou ttood on the ACROPOLIS at ATHENS gZ with ARISTOTLE, ARISTOPHANES, ST. PAUL, One of the many rare experience offered by the . AMERICAN EXPRESS Luxury Cruise on the Mauretania to the Mediterranean From New York February 7& 66 Days of Enchantment The MAURETANIA your home all the way Visiting Azores, Xiadeira,Cadiz,Seville,GibrakaT,Tangiet, 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 Department f pr. Sixth and Oak M. Broadway 5060 or Olds, ortnian Ik Ktnjs. Atwatcr 4800. I 5 S. Shipp Boards SS. Admiral Evans Hails from Municipal Dotk No. Z Wednesday. l-c. 20, 10 A. M. Every Wednesday Thereafter. FOB SAX FRANCISCO LOS ANGELE8, BAN DIEGO. Honolulu Service Sailings From San Francisco H. F. Alexander Jan 4. S P. M. II. F. Alexander Jan. 20, 5 P. M. Ticket Office. 101 THIRD ST-COR STABK. Fhone Broadway 5481. nwaUVSJC Direct to j) South America i A cyljieu; service front T?acificJBorJ& SEND the information blank below and find out about the new direct service to, South America from Portland, San Francisco, and Los Angeles! If you have planned to go to South America, learn how you can, go now conveniently and luxuriously on magnificent new U. S. Government ships. They are operated for the Government by the Pacific-Argentine-Brazil Line, and go via the Panama Canal and Porto Rico a delightful sea route that cannot be surpassed ! World's Fair at Rio The great World's Fair now in progress in Rio de Janeiro xs making that always brilliant capital more alluring than evert The sunshine of Porto Rico's tropic beauty is now, as always the joy of the tourist. If you have been thinking of a trip, send the information blank for a complete description of this new service. Yon will be delighted and surprised at the minimum of time and expense involved, the superior accommodations and equip ment of the ships, the fastidious standards, epicurean cuisine, unparalleled service! Write today. You incur no obligation. Send This Blank INFORMATION BLANK T-. TI S. Shipping: Board Information Department 130 MS P.A.H. San KVnnclneo. Cal. Please send without obligation the TJ. S. Government Booklet rtvin? travel facts. I ain considering a trio to South America to Porto Rico . I would travel 1st class , Sd . Jf I to date will be about " iff-' Biuinti or profe$rUm Addmt ' Managing Operators Pacific-Argentine-Brazil Line Stvayne & Boyt 430 Sansome St, San Francisco, CaL Ftr iufmwmtiim nfvnltaf mummmmdaHmu mJ tailings mddrta U. S. SHIPPING BOARD Information Department 130 MS .369 Pine St. Sun KrnnoUco, CrI. San Francisco Los Angeles San Dieeo These sister ships famous lor their speed, the luxury of their appointments and the high quality of their service are numbered among the greatest attractions of a triD to Southern California, When you come, be sure your ticket Is routed to include a delightful, pepful ocean voyage on the Yale or Harvard. Tickets, one way and round trip, may be routed via L. A. S S. Co, between San Francisco, Los Angeles and San Metro. Sam fare as. all rail. Meals and berth extra. Ask your local R. R. Ticket Agent, or write for folder. LOS anrpi ps crriueuip cn. ft. V. Crowder, O. P. A., 685 Market St., San Francises B. F, Cullen, o. p. A., S17 S. Spring St., Los Angeles 1 LOS ANGELES HONOLULU SERVICE Fortnightly sailings direct between Los Angeles and Honolulu, with giant luxury liners. Next calling from Los InvalM Ha.lun, Sq.nn.au T,. ,. 'JA : ' jiraBias; In. d8 Round the World , Awurei the sstisfaction chat accompanies experienced, careful CnilSC management with equal comforts at lowest costs. Four months of luxurious traveling with the great steamer "Empress of France specially reserved for the party. Rates $10CX) upward vacancies from $1500 including hotels, guides, drives, fees. Prom New Tork, Jan. 22, 1923 From San Francisco, Feb. 10, 1923 Mediterranean ONOLULU SUVA, AUUWWU. si unci The Well-EnuiniM'd Royal Main mteamers H4KUKA (13,500 tons) .. .Dee. 22 Feb. S NIAGARA (20,000 tons).. Jan. 2 Mar. 30 Sail i'rom Vancouver, B. C. For rates, etc., apply Can. Pac. Railway, 65 Third St., Portland, Or. Canadian-Anstralasian Royal Mall Line, 141 Hastings St. West, Vancouver, B. C. 19th riart- the ft Oilers a 65 day voyage which has become a classic, a we give VrUlSe most for the money. Mammoth steamer "Empress of Scotland" formerly "Kaiserin August. Victoria," specially reserved for the party, LEAVES ON FEBRUARY 3d. Rates $600 upward (vacancies from $90Gj. Includes hotels, guides, drive, fees. Stop-over privileges in Europe a pleasing feature with both cruises. Send for our program they are fret. Mediterranean 61 day cruise, $600 upward, including shore excursions. Qummov eTriiic Leaves June 27 by specially chartered White Star Liner Olimmer cruise Ba,ric 23 m tons Rome. Athens, Spain visits .pccially featured. University-Extension and other good tours to Europe under escort, reasonable rates. FRANK C. CLARK, Times Bldg., N.Y. W. H. IJKACOSi. 55 Third St. v IW!H!I!I ''llPlllt!!!!! ASTORIA AND WAY POINTS STRS. IA"RMNK AND TJSDINB Pally. Kvoept Saturday, 7:30 P. M. Fare to Astoria I1.S5 One Way $:t.00 Mound Trip. Week-end Round Trip 12.50. ' the Harklna Transportation Co. Broadway 6344. Alder-St. Dock. OREGON-PACIFIC COMPANY AGENTS FOB TOYO KISEN KAISHA AND JOINT SERVICE OF HOLLAND-AMERICA LINE ROYAL MAIL STEAMPACKET COMPANY Salllna-a for Jnnan, China and Weat Coast South America, and United Kinedom and European Porta. GENERAL FREIGHT AND PASSENGER OFFICE sua Wilcox 51d. Bdny. ASt Portland. Or. 33SESJE3 Phone Your Want Ads to The Oregonian, Main 7070 0