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