13
STOCKS CLOSE YEKB
WITH RISING PRICES
Exchange Displays Finan
cial Cheerfulness.
INDUSTRIALS ARE STRONG
long Advances Recorded Over
Same Period of Year Ago ; For
eign Rates Show Recovery.
DAY'S TRANSACTIONS IW
STOCK MARKET.
Day's total sales, 534,000
shares.
Twenty Industrials averaged
100.26; net gain, ,92i High,
1922. 103.43; low, 78.59.
Twenty railroads averaged
88.08; net gain, .29. High,
1922, 93.99; low, 73.43.
62
(By Chicago Tribune Leased Wire.)
NEW YORK. Dec. 30. Repeating the
experience of a year ago, the stocK ex
change ended the year today with rising
pricea and a display of financial cheer
fuiiiess. Railway shares moved littie as
a rule, although even in thut quarter of
the market there were several advances
ot a point or more. But industrial stocks
w;re particularly strong, gains oi two
to three points for the day being
numerous. -
for this movement of prices, as for
the moderate recovery in foreign ex
cnange rates, abundant cause might be
found in the rather extraordinary over
night developments at Washington, in
which our government's cards In the
Kuropean game were laid face upward
on the table. We shall have to wait a
bit to see precisely what response Eu
rope will make to Secretary Hughes'
overtures. But in the meantime, the
really apparent part of the matter is
that the whole discussion has been
brought up in a concrete form on the
f'oor of congress where, it had very
loiely been thought, only obstruction
could be counted on.
Comparison of today's closing prices
with those of the preceding Saturday
saowed the week's changes in the stock
market to have been variable, as they
usually are in the last week of December,
but with a general upward trend. A little
n.ura interesting comparison may be
luade with the. closing prices of 1021.
In some respects the changes are likely
to cause surprise to people who have
r.tt lately taken a similar measurement.
'1 hat some industrial stocks, aside even
f'l'm the oil shares and the recipients of
"stock -dividends," have made great ad
vances during the year, every one knew;
such net gains as the 13 points in United
Mates Steel and 30 in Baldwin Locomo
tive are instances In point. But the
comparison of prices for the railway
snares is in its way more Impressive, be
cause they have generally been discissed
as "refusing to move." But when Union
Pacific and Pennsylvania end the year
Vtith a net advance of 11 points. New
York Central with 10, Louisville and
Nashville with iM, and a fairly long list
of others with advances of 4 to 8, it may
at least be said that the better railway
'situation has found reflection.
The day's further fractional advance in
sterling and most of the continental ex
changes was ahared by the tjerman
mark, which at one time reached the
hlghett price since Tuesday. This oc
curred notwithstanding publication of a
Relchsbank statement showing the paper
currency to have gone Just before Christ
mas beyond the sum of a thousand bil
lion marks.
In transportation quarters today it
v,as reported that the modifications em
bodied in the Lehigh Valley's revised
plan for the segregation of its coal
properties related to the three points
to which the government objected when
the original plan was filed a year ago. It
is understood that the most important
of these objections was the clause al
lowing the road's retention of J:(0.000,000
of preferred stock of the coal company,
and while no official intimations have
been given as to the situation, it is be
lieved that a satisfactoiy adjustment has
been effected. Other objections are said
to have been satisfactorily met in the
modified plan.
Following
merger of
roads, the
St. Louis,
Beth Steel B. , . . 4,900
Booth Fish .... 100
B R T 1,800 lRli
Butte C & Z 600 31
Burns Bros A.. 60 144V4
do B 800 44
Caddo Oil
Cal Packing .... 200 S3
Calif Pet 13,800
do pfd 00
Calla Zinc & L. 8.100
Canadian Pac . . 2.A00
Cerro de Pasco.. 500
Chandler Motor, 3,300
Chi & IS" W 1,600
Chgo Gt W 1,400
61
5
15
31 V4
1431,4
43
do pfd 4o0-
Chili Cop 2,100
Chlno BOO
C M St P ...... 2,500
do pfd 5,400
Coco Cola 3,300
C & O 700
Colo F & 1 600
Colo Southern . .
Col Gas ft Elec. 1,300 10614
Columbia Graph. 2,000 2'i
Con Gas 1.000 122
Cons Cigars 1.-200 30
88 '.4
95
10 '
32
45 '4.
67
81
4
9
27 vi
28
23
35
70
71
27
83
6
95 .
31
44
6li
79
4
8
27
26
23
34
77
71
26
104
. 2
121
38
62
S
16
31
144
43
7
83
. 7
94
8
32
45
66
80
4
8
27
26
23
34
70
70
26
41
105
121
EXPORTS Of COLD
EXPECTED TO BEG!
Imports Increase, Despite
New Tariff Law.
MENACE SLATED TO GO
do pfd
Cons Textile ... 2.000 11
Contl Can 4,800 115
Corn Prod 5,200 133
do pfd 200 120
Cosden Oil 9.81H1 54
tKHf.,.
do "A" pfd
do "B" pfd
Crucible ........ 2,200
ao pta
Cuba Cane ,
do pfd 500 40 3!)
Cuban Amn Sug. 1,400 25 25
Davison Chem... 100 32 32
Del & Hudson
J.900
300
100
32
91
83 ,
71
11 11
111 115
132 132
120 120
53 53
91
83
70
Del & Lack
Dome Mines
Elec Sto Battery 1.700
Endlcott Johnson 2.500
Erie 3,600
do 1st pfd 1,600
Famous Players. 1,700
Fed Ming & Sme
ao ptd
Gen Cigars
Gen Elec .
100 125 125
57
94
11
15
92
57
94
10
14
91
do 6 per cent
in Asphalt . .
Gliddin Paint ..
uooancn i
Glen Alden
Granby
Great Nor Ore..
do pfd
Greene Cananea.
Gulf S Steel
Houston Oil
Hupp Motor
Ills Cent . .
Inspiration
Int At Corp com
do ptd . .
Interboro ..
do pfd . .
Int Harv . .
t Here X
do pfd
int .Mckel ....
Int Paper .....
Int Comb Eng.
Invincible Oil .
Jewel Tea
K C Southern..
do pfd
Kayser J
K-elly-Kpglld .
Kennecott ....
Keystone Tire .
Lima Loco . . .
Lee Tire
Lehigh Valley .
Lorlllard
Lowe Theaters.
& N
Marland Oil ..
Maxwell Mot j
do B
May Stores ...
Mex Pet
Mex Seaboard..
Miami
Mid States Oil. .
.vndvale Steel ..
M K & T Wi..
Mack Truck . . .
Mont Power ...
Mont Ward
Mo Pac
do pfd
M St P & S S M . .
ISat Biscuit .... 4.200
i at f.namel . . .
Nat Lead
Nevada Con
New Haven
Norfolk & W..
Nor American..
Nor Pac
Nova Sco Steel..
N Y Air Brake.
N Y Central ...
Okla Prod ret..
Orpheum
Ontario & W
the announcement of the
the Van Sweringen rail-
New York, Chicago &
Toledo, St. Louis &
Western and Lake Erie & Western, Into
one operating system, transportation
quarter-H learned today that anothar
move was being planned by .the mana
gers. According to reports an applica
tion is to be made immediately for the
discharge of the- receiver for the Toledo,
XL Louis & Western and upon discharge,
it is understood that the directors will
declare a 4 per cent dividend on the
preferred and a 4 per cent dividend on
the coirmon stock. It was also reported
that the dividends of the New York, Chi
cago & St. Louis would not be held up
pending the completion of the consoli
dation programme.
.The predictions made in the petroleum
trade about ten days ago that advances
in crude oil prices would be announced
either before the clo.se of 1922 or during
the early week of 1923 more than ma
terialized as a result of the announce
ment of advances in three separate sec
tuns of the country during the- past
week. All advances put into effect cover
high gravity oil, but the trade expects
that higher prices will also be announced
in the middle continent and other fields
before long. Today's advance was for
Pennsylvania crude and amounted to 25
cents a barrel on the various grades in
that state. The other two advances cov
ered the production of the Wyoming
fields and certain grades In Texas. These
advances stimulated speculation in the
oil shares with the result that these
stocks have advanced from one to as
much as 6 points during the week.
, The iron and steel trade ends the year
with unusual prosperity. Most mills are
operating at 60 per cent. In former years
many suspended operations at this sea
son for the purpose of taking inventory.
In connection with current condition if
is pointed out that the order books- of
most companies are comfortably filled
for shipments to be made durino- th
first quarter of the new year while many.
-uui.iti.-.B, especially ior rails, cover de
liveries up to July 1.
'CLOSING STOCK QUOTATIONS.
Furnished by Overbeck & Cooke company:
Adams Express
Advance Rum.. 3(10
Austin Nichols.. 400
Agr Chem mo
do pfd mo
Ajax Rubber .. 1,200
Alaska Gold .... 1,100
Alaska Juneau
Allied Chem ... 3,200
Allls-Chalmers .. 500
do pfd
Am Beet Sugar 200
Am Bosch 1,000
Am Can Co .... 2,700
do pfd
Am Car & Fdy
Am Cot Oil .... 600 IS
do pfd mo 35
Am Drug Synd
Am H & Leath
do pfd - 100 65
Am Ice lou 105
Am Intl Corp... 800 2S
Am Linseed loo so'
ao pia
Am Loco
do pfd
Am Ssf Razor. . . 700
Am Ship & Com 1.500
Am Smelter .... 1,200
do pfd loo
Am Snuff
Am Steel Fdy .. 800
Am ougar auu 79 79 79
yr J . . Y
Alii ouuiatra alio 28
,Ara Tel & Tel.. 1,200 128 122 lis
Am Tobacco ... 100 154 154 1V'
. do "B'' 800 13114 151 151
Am Wool 600 85 95 95
do pfd , ,. . loo
I do W P pfd . . 200 27 n m
Am Zinc 13t&
nnrio 4Qllrt Kftl .n, -a. 7
-,,, OUfc
100 11 119 UR
1,000 102 102 102
000 90 89 90
100 114 114 114
8.900 139 133
13
34
31
59
13
H
"wi"
45
-3S"
42
73
13
33
31
59
12
Vi
'79
44
'37
41
73
67
13
33
31
69
12
1
79
45
94
38
41
73
109
100 121 121 121
J' 17
35 33
6
10
64
105
26
29
03
63
103
26
30
200 BS li 1 xa
1,200 128 127 127
119
7
20
56
99
'37
81
20
55
87
79
7
20
o
98
142
37
. 2,300 13 'l3 "
! "106 182 182
,14.600 14 14
200 84 84
. 2,800 49 48
10O 10 30
. 1,200 35 35
, 56 56
. 100 24 24
, 500 30 30
3,000 73 74
' "300 '80 '80
. 1.5(10 71 6'J
, 1,3(10 25 24
, 300 113 113
. 1,500 35 35
,."i66 '30" '30 '
200
.- 600
"7(H) "9 "9
8(10 44 43
. 1.900 13 13
. 1,500 52 61
'. Viiio 'i4 'i4
300
. 300 20 20
. 400 19 18
. 100. 53 53
5O0 43 42
.15,500 49 46
. 2.900 311 36
. 2.(00 9 8
. 1,000 59 59
. 1,800 29 27
. 1,000 70 tiii
'. 2,700 '19 'iij' '
. 2,400 '211 '29
I 400 50 60
, 1,000 15 15
300 68 68
3.600
100
5,700
3,400
1,200
1,000
100
500
1,1100
200
17
27
11
28
14
57
(IS
22
111
43
"38"
67
i"
21
(OO J12
3.700 106
1.200 75
1,400
100
, 1.400
600
2,500
1.4U0
gsly WIreIv..
Pond Or Coal. .
Pac Gas & Elec
Pacific Oil
Pan Am Pet
do B
Penna
300
8,3(10
700
400
2,500
4.400
7.000
1,000
1,800
1,300
100
500
80(1
800
800
200
400
27
94
1
20
57
40
85
46
92
84
46
2
93
36
41
47
13
4
33
81
4H14
1.200 130
5,600
800
1.700
1.300
8,000
. 2.000
. 2,200
'. 2l', 6(10
. 200
. 2,100
. 1,300
400
29
14
79
24
49
12
88
35"
39
89
25
62
Penna Sea Steel. 2.700
Peo Gas
Pere Marquette,
puna Co
Phillips Pete ..
Pierce Arrow ..
Pierce Oil
Pitts Coal
Pitts & W Va.
Prsd Steel Car
Punta Alegre. .
Pullman
Pure Oil
Ray Cons
Reading
Repiogle Steel.
.Republic 1 & S
do ptd ......
Royal Dutch Oil 1.300
Ky steel spg. . .
ftnen union ..
Sears Robuck .
Shat & Ariz ..
Sinclair
Hloss Shef ....
Sou Pacific . . .
south Ry
Sterling Prodx.
Stand Oil Cal .
Stand Oil Ind
Stand Oil N. J.
Stand Oil Ky.
St L & S F...
stromberg Carb. l.oon 06
.-uuueoaiver 34,000 117
Swift & Co
Tenn Cod & Che 1.100
Texas Oil 6.500
Texas Pac 1,200
Tex P C & O. . . 2.800
Tob Products . . 2.400
rrans Cont Oil. 1.000
Timken R B ... 2.200
Union Pacific
United Alloy
t nited Drug . . .
United Food Pro
United Fruit . . .
United Rds (...
do pfd
Unit Retail Sts. 4,500
U S C I Pipe .. 1,000
U S Ind Alcohol 2.000
U S Rubber 44,300
U S Rub 1st pfd 00
u w smelling . .
U S Steel
do pfd
Utah Copper i . .
Va Chem
do pfd
Vanadium Stl ..
Vlvaudou
Wabash
do A pfd ....
do B pfd
Wells Fargo . . .
Western Pac . .
do pfd
Western Union .
Westgheo A B .
Westghse E & M
West Md
White Eagle Oil
White Motors .
White Oil 2.000
Willys-Overland. 2,000
do pfd 300
Wilson Packing. 300
Wisconsin Cent. .
Woolworth . 400 219
Worthing Pump 300 32
W & L E 1.000 9
18
27
11
28
14
50
68
22
16
43
'37
66
'is'
20
112
104
74
'25
94 Vi
1
"iii
5H
39
84
46
91
83
4
2
93
36
41
46
13
3
'33
81
48
130
27
14
7
24
43
6,300 121
60
27,800 41
..... 128
1.100 21
10
49
21
21
57
14
33
3.000 138
100 34
100 79
300 4
200 1 55
200 11
200 211
52 52
12
80
'lU' '
39
8ft
24
62
119
59
39
126
21
63
115
'io
48
20
21
67
13
33
138
34
79
4
154
11
27
74
28
68
55
99
76
29
68
50
99
9,700 107
100 121
500 63
100 24
35
15
8
24
92"
15
55
100 111
200 111
400 60
800 11
500 26
now 49
8
42
36
700
enir
200
1,100
"ion
100
400
106
121
64
24
34
15
8
24
'92"
15
54
111
108
59
11J4
2(1
48
8
6
42
38
21"
32
9
32
91
82
70
88
13
39 Vi
25
32
114
125
42
57
84
10
15
91
9
47
13
82 i
181
14
84
48
10
35
06
24
30
74
28
80
70
24
112 j
33 I
6j
30
88
9
43
13 I
52
23
14
20
19
53
43
49
36
9
P8
29
60
163
19
133
29
50
15
68
280
17
27
11
-H
14
57
8
22
16
43
60
38
60
127
15
21
111
104
74
26
26
94
1
18
20
66
'84
45
91
83
4(1
2
93
36
40
4!i
13
4 ,
59
35
81
48
130
' 29
14
7
24
48
86
52
114
12
86
8
34
39
89
25
62
120
GO
41
128
21
66
116
107
10
48
20
21
57
13
33
137
3 4
79
4
154
11
. 27
76
21)
68
56
9S
37
106
121
65
24
62
34
15
8
24
18
92
15
54
111
108
59
11
26
49
3
6
42
30
25
219
32
Rise in Speculative Securities Is
Attributed to Abundant Money
Supply in Year.
t BY BYRON SELLER.
(Copyright. 1922, by The Oregonian.)
NEW YORK, Dec. 30. The secretary
of commerce is credited with two state
ments this week, both of which have a
vital bearing on the future of the se
curities market and of the business out
look. First was the expression of opin
ion that the time will shortly be at
hand when the enormous stock of gold
held in this country will begin to be
diminished by gold exports. "The other
was the statement that statistics cover
ing imports for October and November
will show an increase in such imports,
the new tariff law notwithstanding.
As to the first of these -matters, it has
long been held by some economists that
our surplus of gold constituted a positive
menace in its threat of inflation. A
good deal of the rise in speculative se
curities during the past year was as
cribed by these economists to our abun
dant money supply. If so. and Secretary
Hoover's prediction is verified, that dan
ger will be removed, but the . removal
will take with it one of the causes for
the advance in the price of both securi
tiesind commodities.
Investment Affect Xot Known.
As to the second matter, the belief has
been freely expressed that under our
new tariff foreign trade could not pros
per. Mr. Hoover is, of course. In the
position to know the facts, and theories
are of no importance when they con
flict with facts.
How far speculators and investors are
consciously Influenced by considerations
of this kind is uncertain. It is a fact,
however, that there has been no sign
of any large advance in the price of
high-grade securities this week. Even
liberty bonds, which have been very
slowly rising for a considerable period,
wavered on some days of the week. - The
same was true to a greater or less de- 1
gree of all securities, prices of which
are responsive only to money market and
fundamental conditions. Investors sim
ply desfc-ous of buying for income were
willing to pay the market quotations,
but they did not rush, to bid up the
price. v
Reasonable Price. Required.
Financial institutions which are al
ways large buyers of high-grade securi
ties supplied their needs only when
price and quality met their ideas of rea
sonableness. Perhaps the situation could
be beat described by saying that both
buyers and sellers were confident of a
fair degree of stability in the market for
prime securities.
There Is, of course, another important
factor affecting even the purely invest
ment issues, namely, the business situa
tion. A long period of good trade re
sults In the accumulation of profits
available for investment. This process,
however, is a very slow one and long
before it begins to operate on invest
ments it shows itself in the speculative
market.
This, brings us to consideration of the
general business outlook. Here the sit
uation Is not greatly different from that
prevailing a week ago. The European
problem Is still unsolved. The best that
can be said is that the part America
should take is under constant discussion,
in and out of congress.
Kail Troubles Continue.
In Paris the entire reparations question
is to be reviewed at the conference of
the allied premiers next week. No one is
greatly concerned over the faces the
Turks make at Lausanne. Even the an
nouncement of the dispatch of the Brit
ish fleet to the Dardanneles was received
by the markets with indifference. It
will be quite another story, when any
real progress is made toward the im
provement of the JSuropean economic
condition, whether that improvement is
made with or without the aid of the
United States. ' -
At home the railroads still have their
troubles. Chairman Reed of the Kansas
public utilities commission complains
that the. Atchison spends too much
money for maintenance, and Senator
Johnson of California wants railroads
prohibited from declaring dividends un
less they have spent enough money for
maintenance, although it is equipment
on which Mr. Johnson lays the stress. It
is certainly hard to please everybody.
Meanwhile earnings for November gen
erally made a better showing than those
of the month before and freight load
ings are the heaviest on record for this
time of year. Probably aside from the
purely polictical attacks on the railroads,
their most serious difficulty is in their
inability, or unwillingness! to compose
their differences, with their employes.
Reasonable Profits In Sight.
This, of course, does not apply to all
railroad executives, but some of them
still seem to feel that nothing Is so im
portant as to break the power of the
unions. As to the right or wrong of
this the writer has no opinion to ex
press, but the effect on earnings Is not
encouraging even to stockholders.
Aside from the foreign situation and
the troubles of the railroads all indica
tions are still for industrial activity and
reasonable profits for well managed In
dustries. The automobile trade looks
forward to a great season and as a pre
liminary of the automobile show, prices
of motor stocks have been marked up.
It must be admitted that income state
ments and balance sheets in most cases
Justify the advance. Talk about the
automobile industry having reached the
saturation point is not heard very often
Just now. Steel business is phenomenal
ly good. There has been a further rise
in commodity prices, particularly of cop
per. Sugar people look forward to a
prosperous year and even the rubber
and tire folks are not without hope. And
so, all things considered, there is no rea
son to be anything but conservatively
cheerful.
Boston Minine; Stocks.
Furnished by Overbeck & Cooke com
pany of Portland. Bid. Asked.
Anaconda
Asso Oil
Atchison
do pfd
Atl Coast Line. .
tl Gulf W I.
Baldwin Loco
do pfd
Bal & Ohio
do pfd
2.400
100
42
58
Barnsdell Cor A 3,000 32
do. B
100 19
41
58
31
19
21
138
112
42
58
32
19
Arizona Commercial 7
Adventure 50
Ahmeek 57
Algomah 20
Allouez 22
Arcadian ,. 3
Bingham Mines ' 17
California & Arizona 56
Calumet & Hecla 285
New Corn 17
Centennial 8V,
Copper Range 3(1
Davis Daly N ........ . 2
East Butte 8
Helvetia 90
Island" Creek 105
Keweenaw 1
Kerr Lake 3
Lake Copper 2
La Salle 1
Michigan 1
Mohawk 58
May Old Colony 3
Mason Valley 1
North Butte 9
N'lplssing 5
North Lake 20
Old Dominion Copper....... 18
Osceola Mining 82
ftuihey Mining j 34
Isle Royal 21
South Lake . 40
Superior-Boston 2
Union Shoe Machine 44
do pfd 26
South Utah 3
Trinity Copper , I
Tuolumne 45
Utah Metttli 90
Utah Con 1
U S Mining 37
do pfd 47
Utah Apex 2
Ventura 29
Victoria ., 1-
Wolverine 7
Wyaifdot 23
Sugar Market.
SAN FRANCISCO, Dec. 30. Cali
J Hawaiian raw sugar, fi.59c.
7
80
58
40
24
4
18
57
290
17
9
37
3
9
100
108
1
8
3
1
Q
60
3
r
9
5
40
19
83
35
-2?
42
2
44
27
10
, 1
53
99
t 38
4S
3
29
2
8
35
tlon reached a new peak 'which probably
will be exceeded next year, while gaso
line consumption has been the highest in
history and electric companies are do
ing a record business.
Sales of stocks during the year totaled
approximately 260.000.000 shares as
compared with 171,000,000 last year, 223,
000,000 in 1920 and 307,800.000 in the
record-breaking year of 1919, when
post-war inflation was at its height.
Bond sales this year reached the un
precedented total of approximately
4. 155.000,0(10 as against $3,505,000,000
in 1921, $3,945,000,000 in 1920 and $3,775,
000.000 in 1919.
The peak of bond prices for the year
was reached in the middle of .September
and the lowest level early in January.
One of the features of the bond market
was the return of United States gov
ernment war bonds to par, the refund
ing of the victory notes and, barring
war loans, not yet refunded, the record
breaking volume of foreign government,
corporate and municipal flotations, which
reached a total of $685,160,000 for the
first ten months of 1922, as compared
with $403,100,000 during the samd period
in 1921.
The widest fluctuation in the stock
market took place in shares of the At
lantic Refining company, seldom dealt
in, which ranged from a low of 900 to
a high of 1575, or 675 difference. Among
the active industrial issues, Mexican
Petroleum provided the chief feature,
getting as low as 106 and as high as
322, or a range of 215 points. Ap
proximately 95 per cent of this stock
has been acquired through conversion
by the Pan-American Petroleum &
Transport company, thus virtually re
moving it as a market factor. Among
the railroad shares, Michigan Central
fluctuated the most, selling between 156
and 330, or 174 points. Jhe smallest
fluctuation took place In Alaska Gold
Mines, which sold between and of
$1.
Another interesting development In the
market was the declaration of stock di
vidends totaling more than $2,000,
000,000. While most industries showed sub
stantial recovery from post-war Infla
tion the number of failures during the
year was the largest on record and the
volumes of liabilities next to the larg
est ever recorded. Severe labor troubles,
particularly the miners' and shop" men's
strikes, . also had disastrous effects,
costing "each of the principal railroad
systems millions of dollars and even
more to business generally.
For the first time on record there was
a marked shortage of manual labor, due
in part, to the restriction of immigration,
whereas in 1921 the number of unem
ployed was estimated as high as 4,000,
000 or 5,000.000.
- Crops, with few exceptions, were of
record size and the higher prices brought
vastly greater purchasing power to the
agricultural acUons, particularly the
south.
Pacific Northwest Stocks and Bonds.
Furnished by Jordan, Wentworth 4
Co., Portland: . ,
Bank Stocks Bid. Ask.
Bank of California, N. A 202 207
Citizens' bank. ex. stock div.150 loO
Canadian Bank of -Commerce.! 8o 190
First National bank. Portl'd..200 - 210
First National, Kreewater, Or.290 325
Hibernia" Com. & Savings .bk. 175 190
Ladd & Tilton bank 300 350
Livestock State bank 150 175
Lumbermen's Trust Co 90 100
Multnomah State bank 150 175
Northwestern National bk...l35 loO
Peninsula National bank 125 136
U. S. National bank 320 340
Public Utilities
Boise Gas, Light & Coke pfd. 30 40
American Power & Light pfd. 97 100
California-Oregon Power com. 5 5
do pfd j 92 94
Federal Telegraph 6 7
Idaho Power pfd 92 97
Northwestern Electric com... 18 20
do 6 pfd 80 85
do 7 pfd 0 96
Pacific Pow. & Light 7 pfd. 93 99
Pacific Tel & Tel com 20 20
do pfd 2 93
Portland Gas & Coke 7 pfd. 96 99
Port Ry Light & Pow com... 13 , 15
do 1st pfd 50 55
do 2d pfd 40 50
Puget S'd Pow & Light com. 53 57
do pfd ; 83 87
do prior pfd 100 104
Tacoma Gas & Fuel com 2 5
do pfd 25 40
Washington Water Power.... 103 107
Insurance Stocks
Firemen's fund 530
Home Fire & Marine 25
Montana Fire 40
Montan.1 Lit 5 . .
New World Lifo
Northern. Life .
Oreg.
hern.
on St
11
125
urety & Casualty .... 105 .
Pacific Mutual 510
Vulcan Fire 15
West Coast Life 3
Western States Life 14
Lumber. Pulp and Paper -
Arctic Construction ......
Central Coal & Coke com.
do ofd
Crown Wlllam Puln & Paper.400
do A pfd : 98
Hawley Pulp & Paper... 210
Mult Lbr & Box Spec com... 50
do 10 pfd
Oregon Pulp & Paper com... 110
do ptd
Pacific Box pfd
Peninsula Lumber pfd....
Tum-A-Lum Lumber com.
do 8 pfd It
do 10 pfd
Wash Pulp &. Paper com.
.. 37
.. 79
. 79
80
95
75
95
100
45
530
27
50
25
13
140
113
600
16
4
16
42
82
93
400
100
210
85
90
120
100
90
102
85
105
110
55
90
150
PIES B IT CLOSE
STOCKS AND BONDS MAKE
WIDE GAINS IN YEAR.
Conditions Favorable for Further
Advances in Security and
Commodity Values.
NEW YORK, Bee. 30. (By the Asso
ciated Press. ) Stock and bond prices
generally closed the year at materially
higher levels, which is not only a reflec
tion of the marked improvement that has
taken place in business and industry dur
ing the last 12 months, but is also con
strued by conservative New York bank
ing interests as an indication of still fur
ther progress in the coming year.
The year closes with conditions favor
able for a further appreciation of com
modity and security pricea, in the opin
ion of the financial community. Un
favorable and unsuspected developments
in the political and ffconomic situation
abroad are generally considered as the
only probable obstacles to arrest the im
provement In the business and financial
world, which began in the summer of
1921 and has continued, with few tem
porary interruptions, until the present
time. '
The prediction of further bfislneas pros
perity is based on well-known facts.
Foremost among these Is the easiness of
the money market and the huge sums
available for commercial credit. In ad
dition, most stocks of merchandise are
low, railroad traffic is close to record
levels, exports are increasing, the prin
cipal exchanges are heading back to par
and the European economic situation
shows signs of improvement. Exports
are increasing and unfilled orders for
railroad equipment are the largest
years.
Other favorable signs are seea In the
facts that no big strikes are threatened
or pending, a great amount of construc
tion work is still in arrears, despite a
record-breaking year of activity in the
building inaustry, automobile produc
do pfd 75
Wood Lumber com 125
M iacellaneous
Aero' Alarm com ...150 250
do pfd 42 50
Alaska Steamship 81 88
Alaska Packers .,..140 140
Aibers Bros com 30 , 35
do pfd 72 80
American. Chain com 95 300
do pfd 05 105
American Nitrogen com 3 3
do pfd 20
American Typefounders com. 52 55
do pfd 96 100
Assoc Engineer Cor com 50 65
do pfd , 60 75
Centennial Mills 1074 115
Coast Tire com 4 4
uennos Food oi Seattle...-.,, z 4
do of Portland 2 .3
.Denny-Kenton (Jlay & coal., jo 3i
Fairbanks-Morse' com 47 52
do pfd 2A U7
Federal System Bakeries. . . . 3 6
Fidelity security corp....... 7 100
Fisher Flouring Mills pfd.... 07 102
Fleiachmann Co pfd 97 1U5
General Petroleum com 284 28
do pfd . 23 25
Goodyear Tfre & Rub pfd Cal. 72 75
Graton-Knight Mfg com..... 50 65
do pfd 90 97
Gt N W Livestock Units..... 55 67
Hartman Co J L tren ufd.... 85 95
do redeemable pfd 90
Holt Mfg Co 1st pfd -. ... 83
Idaho Gold & Ruby 14
Kings Food Products Units... 50
Lilly Co Chas H pfd 86
Luckei K.lng & cake Soap... ioo
Morgan bldg 50
Oregon Port Cement Units... 90
Oregon Worsted Mills 85
Owl Drug com 70
do ptd ,..103
Pacific-Alaska Navigation .. 60
Pacific Car & Foundry...'.... 65
Pacific Coast Biscuit 115
Pacific Coast Co com........ 12
do 1st pfd 30
do 2d pfd 25
Pacific Portland Cement
Palm Olive Co 7 pfd 97
Paraffine Co'a pfd. 84
do com 20
Portland Cattle Loan 50
Portland Feeder Co... 90
Portland Realty Associates
Portland Vegetable Oil...... 80
Refrigerator Car equipment. 10
Reid Bros com 90
FEOEBfiL BONDS STRONG
FURTHER GAIXS SCORED IX
GOVERNMENT LIST.
Another Brisk Rise in St. Paul
Issues; Foreign Loans Indi
cate Little Change. ,
NEW YORK, Dec. 30. The closing
session of the year In the bond market
was featured by -another brisk rise In St.
Paul railroad mortgages and further Im
provement In United States government
securities. , "
St. Paul general 4s sold at 84, a
net gain of 4, while gains of 1 to 8
points were recorded by the refunding
4s, the convertible 4s, the convert
ible 5s, the general 4s and the Puget
Sound 4s.
Soo 4s were pushed up 3 points, Chi
cago, Burlington & Quincy general 4s 2,
and Atchison adjustment 4s stamped 1,
while Seaboard Air line consolidated 6s,
Minneapolis-St. Louis refunding 5s, Erie
& Jersey 4a, Katy" 5s, when issued, and
International & Great Northern adjust
ment 6s, all climbed 1 lo IS, points
higher.
Profit-taking in the so-called New
Haven French 7s, which dropped 2
points, accounted for the only outstand
ing weak spot.
Liberty , 314s touched 101.20. up 20
cents, but canceled their gain before the
close. The first, second and fourth 44s
registered net gains of IS, 12 and 20
cents, respectively, while the new'4&s
were up o cents. Other government is
sues were unchanged.
Foreign bonds generally showed little
change. Cuba Railroad 5s and Framerl
can 7s closed a point higher, while
Serbian 8s made a new low on a cash
transaction, apparently the recording of
a loss for Income tax purposes.
In the industrial groun, Cerro de Pasco
8 climbed 3H points, and United States
steel os 1, with the other popular liens
showing only fractional changes.
New York Bonds.
NEW TORK. Dec. 30 (Bv the Asso
ciated Press.) Following are today's
high, low and closing: nrices-of bonds
on the New York Stock Exchange, and
the total sales of each bond:
United States Bonds
High. Low. Close.
.943 101.28 100.92 101.00
. 1 08.28 118.28 1)8.28
. 72 99.08 8S.98 99.08
815 S8.54 98.40 98.54
98.92 99.04
98.80 98.94
Liberty SHs.
do 'd 4s . . .
do 1st 414s
do 2d 4s.
do 3d"4i4s 19.1 99.04
do 4th 4Us 98S 9894
Victory 4a, uncd 39 100.38 100.84 100.34
U S Treasy 4148.123 99.94 99.90 99.94
v oreign-
Argentine 7s
Bordeaux 6s......
Copenhagen 5Hs.
Great Prague 714 a
Lyons 6s
Marseilles 6s. ... .
Rio de Janeiro 8s.
Tokio 5s
Czechoslovak 8s ct
Dent of Spins 7r. .
Canada 54 9!-,1929
D of Can 5s 19."2. .
Dutch E I 6s 1947.
do 1902...
French Rep 8s
do 7s
Jap 1st
do 4s
K of Belgium 7&s
do 6s
K of Denmark 6s.
K of Italy 6s...
K of Nether 6s. . .
K of Norwav 8s. ..
Parls-I.y-Mdlt 6s.
Rep of Bolivia 8a..
R of Chile'Ss 1946.
State of Qu 6s
State of S P s f 8.
19 10094 100 10054
I 77 !4 77 14 77 54
90
74
78
78 V4
97
72 V4
SB
87 !4
90
74
78
78 i
9
72
86
8
90
74
78
78
97
72
86
87 4
51 101 101 101
85 99 99 'i 99 Vi
94
93 'i
9-814
94
93
87
94
93 i4
9Si4
94
93
87
93
93
98
94
93
874
8 1)1 101 101
3 97 97 97
4 98 97 98
1 93 93 93
76 98 98 98
4 111 111 111
43 72 71 71
31 92 9'2 92
6 103 103 103
5 102 102 102
9S 98 98
Wlls & Co sf 7a 7 10271 102 102
do cv s ....... Tl 93 Viva o
Total sales of bonds today were $7,
096,000, compared with $14,662,000 pre
vious day and (9.261,000 a year ago
New York Curb Stocks.
Furnished by Jordan. Wentworth &
Co. of Portland:
Industrial
Acme Coal Mining 65
Acme Packinsr . 32
I uddy-Buds lnc 1 3-16
uar Lighting & power l
Colombian Kmerald Syn 16
Durant Motors lnc 72
Olen Alden Coal 56
Mercer Motors 2
Peerless Truck & Motor 77
Fhillp Morris 18
Radio Corp of America ........... 8
do ptd '2
SchuHe Retail Stores 53
Southern Coal & Iron .' 81
United Profit Sharing, new ....... fi
United Retail Stores candy ........ 6
Vayne Coal 2
Oils
Anglo-American 18
Arkansas Nat Gas com ........... 9
Poone Oil 11
Carlb Syndicate 17 ,
Cities Service bankers ........... .176
Creole Syndicate 24
Cushing Petroleum 2
Engineers Petrol Co .............. 16
Federal Oil 82
O-.illiland Oil com 2
Glenrock Oil 1
Hudson Oil 10
International Petroleum 22
Keystone Ranger Devel 22
L:vlngston Oil Corp 5
Lyons Petroleum 92
Mammoth Oil . . . : 48
Maracaibo Oil Expior 12
Kerrit 8
Mexico Oil Corp '. 93
Mountain Producers . 17
Mutual Oil 13
Noble Oil & Gas 27
Omar Oil & Gas 1 i-l
Producers & Refiners ............. 9
Rd Bank Oil 13
Sapulpa Refining 2
Fimms Petroleum 12
South Petrol & Refining 6
Southwest Oil 1
Standard Oil of Ind 60
V.ctoria 5
Oil & Gas 8
Mining
Alaska-Brit Col Metal. 1
Belcher Extension
Fig Ledge Copper Co 4
r( ston & Montana com 16
Cunada Copper Co 3
Candalarla Silver 29
CiSh Boy Censolidated 10
Ccnsolidated Copper 3
C'rk Province Mines ,. 12
C lesson Con Gold M & M... 2 9-16
Dean Consolidated Corp 70
Divide Extension 11
El Salvador Stiver Mines 2
F,iy Consolidated 3
Kmma Sliver 2
Eureka Croesus : 33
Fortuna Cons Mining 25
Goldfleld Deep 8
(loldfield Development 4
Goldfleld Florence Zl
Odd Zone Divide 7
Harmill Divide O
Hecla 7
Henrietta Silver to
Independent Lead Mining 33
Jtrome Verde Devel 22
Koox Divide z
Lnne Star Consol 6
MacNamara Cresc Min 4
MacNamara Mining -. .. o
Marsh Mining 6
McKinley-Darragh-Sav 18
Mexican Eagle 9
National Tin Corp 21
Nevada Ophir 10
riptssing Mines 5
Ohio Copper 54
K&y Hercules lnc 1
Red Hills Florence I
I, ex Consolidated Mining 5
K'ndstrom Kendall 1
Silver Mines of America 17
UK of GB&I5s'29 147 113 113 11314
do 1937
U S of Brazil 8s. .
do 7s
US of B-CRyEI 7s.
U 8 rf Mex 5s
no 4s
Railway and miscellaneous
42 103 103 103
19 98 98 (4 984
9H
85
52
96
96
85
52
36
96
85
52
36
Am Ag Ch 7s.
Am mell fts ....
Am Sugar fis ....
AT&T col tr 5s
do col 4s
Am Wr Paper 6.
A Jurg M Wka 6s
Arm & Co 4s. .
At T & S F gen 4s
Atl C L ist con 4s
B & O 8s
do cv 4s ....
Bell T of Pa 7s. . .
Beth St p m 5s. . .
Bkn Ed gen 7s D. .
Bkn R T 7s ctfs. .
Cal G & E 5s
Can Pac deb 4s.
Cen of Ga 63
Cent Leather 5s . .
Cent Pac gtd 4s..
Cerro de Pasco Ss
Ches & O'cv 5s. . .
do cv 4s
Chi & Alton 3s.
C B & Q ref 5s A
Chi & E 111 5s. ..
Chi Gt West 4s.
c yi & s p cvt
6s B
do 4s
. do ref 4s
Chi Rys 5a
C R I & P ref 4s
Chi & West Ind 4s
Chile Copper 7s..
do 6s
Colo Indus 5s. . .
Con Coal of Md 5s
D & R G ref 6s. ..
do con 4s
Det Edison ref 6s.
Det Unit Rys 4 Via
Distillers Secur 5s
DuP de Nem 7s
Duquesne L 6s. . .
Empire Gas 6 F..
Erie gen lien 4s..
Fram Ind Dv 7s
Gen Elec deb 5s..
Goodrich 6s ...
Goodyr T 8s, 1931
Goodyr T 8s, 1941
Or Tr of Can 6s. .
Gt Nor 7s, A
Gt Nor 5s, B
Hud & M ref 5s,A
do ad.1 lnc 5s. . .
Hum O & Ref 5s
III Cent 5s
Indiana Steel 5s, .
Inter Rap Tran 7s
14 103
1 92
7 104
4 !
14 91
3 84
45 84
21 88
87 110
102 103
D2 92
103 104
98 98
91
S
83
88
89
91
84
84
88
90
88
88 88
22.100 100 100
81 81 54 81
8 108 MS 108
1 92 112 92
fl 108 lOSVi 10814
.1 ( i 87
98 u
65 80
2 99
y , 9S
30 87
48 130
14 95
23 89
37 24
10 llll
89
52
97
79
99
9S
87
134
SI.-)
8S
23
101
89
52
21
70
72 88
33 82
1 1 78"
56 83
6 75
16 113 113
25 96 90
t
16
65
A
69
86.
(
77
83
74
117
79
09
98
87
1S6
95
89
24
1(11
89
52
6974
86
61
78
83
75
113
9(1
88
50
75
88
50
75
100
90
19
60
90
115
60
100
100
70
110
75
75
135
18
40
26
90
102
88
23
65
100
75
90
20
96
93
106
56
100
70
85
103
64
5
177
25
12
8
15
103
do Dfd 87
Santa Cruz-Portland Cement. 96
Sperry Flour Mills com
do r-fd 95
Skookum Co com 60
do pfd 75
Superior Portland Cement... 98 .
Todd Shipbuilding 88
Utah-Idaho Sugar 3
Union Oil Cal Associates. .. .175
Wash Brick Lime & S B pfd. 15
Western Auto Parts com 11
do pfd 7
Western Auto Supply 12 '
Western Bond & Mortgage... 95
Bonds
Aibers Bros 7s, 1942 99 101
Assoc Oil 1st mtg 5s. 1932... 99 100
Amer Pow & Light 8s. 1930. .106 108
Assoc Oil 1st ref 0s, 1930 99 100
Bdway-Yamhill big 7s, '25.100 103
do 7sm926 102 1113
California-Oregon Power 6s.. 97 99
do 7s A .....106 108
Central-Pacific 1st 4s 90 91
do stocks 4s, 1949 .. 68 70
City of Astoria 6s, 1927-42.... 99 101
City of Tillamook 5s, 1942... 100 102
Denny-Renton 8s, 1929 100 101
Fed Telegraph 7s, 1925-27. .. 92 95
Fed Petroleum 1st mtg 7s... 104 105
Home T & T Spok 1st mtg 5s. 92 92
Idaho Power 1st 5s 92 o
Morgan Bide 7s. 1926 99 ina
i w jiiec 1st mtg 8s, 1936....
Oregon-Calif 1st 6s, 1927
Oregon R R Nav 4b, 1946 . . .
Oregon Elec 1st mtg 5s, 1936.
Owl Drug notes 1
Pac Coast Biscuit 6s, 1933...
Pac Power & Light 5s, 1930..
do 5s. 1942
do 5s, 1952
Plttock Block 6s, 1940..
Port of Astoria 5s, 1925.
Portland Gas & Coke 6s.
do 7s, 1940
do 5s, 1951
do 20 yr. convt 5s, 1934.
Union Oil California 6s ....
W Ida Wat Lt & Pow 6s, '41
Wlllam Val Sou 6s, 1939....
. 99 101
, 99 100
89 00
.... 57
99 100
DO 95
. 90 94
,104 106
.97 98
. 91 93
. 97 98
. 93 96
, 95 99
, 92 94
.104 105
. 92 93
.91 94
. 85 87
. 83 85
96 98
IOO 100
.101 102
, 35 43
; 85 89
7
88
49
75
6 104 104 104
1 82 82 82
1 (ill 50
57 108 108
12 104 104
11 93 93
20 43 43
7 90 90
2 1015i 101 101
6 101 101 101
13 99 99 99
16 115 114 115
2 104 103 104
20 11074 110 110
5 102 102 102
17 84 84 84
21 61 61 61
7 98 98 98
2 10174 10174 10174
42 101 101 lom
50
108
104
93
43
1)0
Spearhead
Success Mining
Teck Hughes
Tonopah Divide
T-jnopah Extension
Tinted Eastern Mining .
Vest End Consolidated
7
44
80
69
3
2
1
Cleaving the blue waters of the Pacific at a speed of 23 knots
per hour, the beautiful twin sister ships Kale ana Harvard
provide prompt dependable transportation plus all the com
forts, conveniences and pleasures obtainable at the finest
hotels.
San Francisco Lo Angeles San Diego
Tickets, ona way and round trip, may be routed via L. A. S. S.
Co, between E?ji Francisco, Los Angeles and San Diego. Sams
fare as all rail. Heals and berth extra. 4
Ask; your local R. B. Ticket Agent, or writ for folder.
LOS ANGELES STEAMSHIP CO. (
R, V. Crowder, G. P. A., 685 Market St., San Francisco,
R. F. Cullen, D. P. A., 517 S. Spring St., uoswsjira'
LOS ANGELES HONOLULU
SERVICE
Fortnightly sailings direct between
Los Angeles and Honolulu, with
giant luxury liners. Next sailing from
Los Angeles Harbor, Saturday. Jan.
13, at noon.
g8 Round the World
, Auures the Mtls faction tKat accompsniei experienced, careful
,rXlSe management with equal comforts at lowest costs. Four
month of luxurious traveling with the great steamer "Empress
of France" specially reserved for the party. Kates $1000 upward vacancies
from $1500 including hotels, guides, drives, fees. K
From New York. Jan. 22, 1923
From San Francisco, Feb. 10, 1923
cSk Mediterranean
y- Offers a 65 day voyage which has become a classic, ct we give
V"FUlSe most for the money. Mammoth steamer "Empress of Scotland"
formerly "Kaiserin Auguste Victoria," specially reserved for the
party, LEAVES ON FEBRUARY 3d. Rates $600 upward vacancies from
$900. Includes hotels, guides, drives, fees. Stop-over privileges in Europe t,
pleasing feature with both cruises. Send for cur program the; are fret.
Mediterranean 61 day cruise, $600 upward, mckidint sIiotc excursions.
C,mv4 rii. Leaves June 27 by specially chartered White Star Liner
Olimmer cruise Baltic ton4 e Athens. Spain visit specialty
featured. University-Extension and other good tours to Europe under escort,
reasonable rates.
FRANK C. CLARK, Times Bldg, N.Y.
W. H. DEACON, B5 Third St.
Foreign Exchange.
Foreign exchange rates at the cloee of
business yesterday furnished by North
western National bank of Portland. The
amount quoted is the equivalent of the
fureign unit in United States funds
Country Foreign unit. Hate.
Austria, kronen $ .0"d01
Belgium, francs 06SOOO
(lulgaria, leva 0(l?20
Czecho-Slovakia. kronen 031(100
Denmark, kroner 2(17000
Hi gland, pound sterling 4.6r'3750
Finland, finmark 0-M000
France, franca 074(100
G rmany, marks .000160
Gieece, drachmas 013000
Holland, guilders S'"000
Hurvgarv. kronen OOO.V58
Italy, lire '. .0.M500
Juso-Slavia, kronen 011400
Norway, kroner 11KI000
Portugal, escudos 054500
R. umania, lei 000200
Serbia, dinara OilWK)
Spain, pesetas . ir,8200
Sweden, kronor 271000
Switzerland, francs .'. 100000
China-Hongkong, local currency .riiOO
Shanghai, taels 7:10000
Japan, yen .4UoOOO
NEW TORK. Dec. 30. Fors'.gn ex
changes, irregular. Quotations, In cents:
Great Britain, demand, 4..63$4; cables,
$4.63; 60-day bills on banks, $4.81.
France, demand, 7.33; cables, 7.33"A.
Italy, demand, 5.00; cables, 6.0IH6. Bel
g um, demand, 8.72; cables. 6.724. Ger
many, demand, .0139; cables .0140. Hol
land, demand, 33.67; cables, 3D. 61. Nor-v.-av,
demand, 18.88. Sweden, demand,
27 02. Denmark. 20.60. Swltierland. de
mand, 18.00. Spain, demand, 15.72.
Greece, demand, 1.13. Poland, demand1,
.(M15$. Czecho-Slovakia. demand. 3.10 Ar
gentine, demand, 37.75. Brazil, demand,
11.75. Montreal, .98, ,
Excess Reserves Increased.
NEW YORK, Deo. 30. The clearing
house statement showed Increases of
$140,452,000 in loans, discounts and in
vestments, $20,075,000 in reserve of
member banks In the federal reserve
banks and $174,096,000 In net demand
deposits. Aggregate reserve totaled
$564,896,000, and excess reserve $24,843,
130. an increase of $6,054,060 over last
week. ;
Honey, Silver, Etc.,
NEW YORK, Dec 30. Foreign bar
I silver, 64 tic .
.Mexican aoiiars, 4c
LONDON, Dec. 30 Bar sliver, 81 8-16d
per ounce. Money, 2 per cent. Dis
count rates, short and three months'
bills, 2iA per cent.
To Ocean Travelers:
The NORTH GERMAN LLOYD announce tile opening of their
General Pacific Coast Passenger Office on January 2d at
118 Sansome Street
San Francisco
I'nder the direction of SIR. B. HAUSCHI1.D
All local agents of the Company In the States of California,
Nevada, Oregon, Washington and British Columbia
are under the direction of this General office.
Regular Sailings NEW YORK TO BREMEN DIRECT
tin mm. mm.m 0 ,n.mtm.r.
. .. -
w -w mu'i i. ,;..w.m, ji,i 'wmi'
f v r
40
do ref 5s 74
19
3
21
4
7
94
71
71
90
8S14
88
s:t
49
94 14
do ref 5s. ctfs. .
Int&GN adj 6s wi
Int Mer Mar sf 6s
K C Southern 5s. .
L, S M S db 4s 1931
Lehlch Val 6s
T,ig & Myers 5s...
L & N ref 5s...
Mkt St Ry con 5s
Mich Cen deb 4s. .
Midvale Stl cv 5s.
M & st t, rf Ss..
M K & T pr In 6s C
do new pr In 5s A
do new adj 5s A
Mo Pac con 6s
do gen 4s
Mont Pow 5s A....
N E T & T 1st 5sct
N T C deb 69
NYC rf g & Im 5s
NYC con 4s
N Y C, St L db 4s
N Y Edi ref 6y,s.
NYNH&H cv6s'48
N W T ref 6s 1941
do gen 4ts
N Y W & Bos 44
N A. Ed s f 6s...
N P ref 6s B 17 109
. do rf & im 5s C 5 99
ao pr nen ss. . . .
N 8 P ref 5s A...
N W Bell Tel 7s..
Ore & Cal 1st Bs..
Ore S Tj ref 4s.
O-W R R & N 4s. .
Pac Gas & Elec 5s
P T&T 5s '52 ctfs
Penna R R 6&S..
do gen 5s
do gen 4 Ha
Pere Mar ref 5s. .
Phlla Co col tr 0s
Port Rv Lt P Bs
P & R 8s with war
Reading gen 4a...
R I A t,a 4Us . . .
St L I M & S 4s, R.&
Gdlv
S L & S F or In 4sA
do a1j 6s
. do lnc 6s . '. .
?, A & A P 1st 4s
S Air Leon 6s ....
do adi 5s .. . .
do ref 4s
S Steel H 8s A ...
S'nclalr C O col 7s .
Sinclair C O 5s..
Sou Bell Tel 5s ...
Sou Pac cv 4s ....
do ref 4s .
do col tr 4s . . , . .
So Ry gen 6s
94
7114
71
90
87
88
94
7m
90
88
88
15 105 54 10"H 105
6 91 98 98 .
7 104 104 104
1 1 Wl Mi 91
WI
88
86
9614
MM
0i4
9814
8214
9SW
9814
1
89
SS
96 '4
83
60
9814
82
98
99
104 105
97 97
82H
82 74
86
11114
7014
9114
8
96 V,
8.1
60
98 14
82
98 H
9flli
34 105
81 97
2 82
3 86
13 11114 111
14 70 70
SO ,100 100 100
m W-Tfc H.l1 H.1i
48
94
109
9914
86
92
107 107
DH MM t4
92 92
81 81
92 92
91"4 91?i
110 111
10 101 101 101
55 92 92 92
SEATTLETCT
THE ORIENT
onlLS.QovernmentShlp$
20 87
6 92
14 108
11 99
92
82
92
l
48
94
109
99
8(1
92
1
20
3
18
10 111
fl 97 97 97
13 90 99 99
ft 83 83 83.
4 123 123 123
11 85 85 85
" 1 80 80 80
39 95 84 85
27 70 70 70
23 77 7 14. 77
55 59 59 59
11 75 - 74 74
74 60 58 80
12 23 23 23
11 46 46 46
. 1 98 98 9874
do con 5s 1. 10
29 inn lon 100
2 98 98 98
1 95 9S 95
15 92 "92 92
15 87 87 S-
10 83 83 83
14 101 101 101
do pen 4s
S Porto R Sgr 7s.
S O of Cal deb 7s..
Third Av ref 4s ...
do adj 5s
Tdwater Oil s. .
Union Pac 1st 4s
do cv 4a
do ref 4s
U S Rubber 5s... .
IT S Steel s f 5s.
Utah P & L 5s...
Va-Car C 7s wl
do 7s ctfs
Wabash 1st 5s
Wst Maryld 1st 4s
Western Pac 53. .
West Union 6s.
Westh'se Elec 7s
W-S Steel "s
97 97
68 68 68
100 100 100
106 105 106
59 60
56
103
91
95
86
88
60"
57
103
92
95
R
88
41 103 103
11 92 91
S 93 92
3 97 97
2 98 98
5 63 63
21 81 81
7 112 111
1 107 107
20 93 93
57
103
92
95
86
88
103
92
93
97
98
63
81
98
Over the Short Northern Route
Yokohama, Kobe, Shanghai, Hong Kong,
Manila in express time. American vewels,
providing unexcelled American food,
errice, comfort. Sailings from Pier B,
Smith's Cove Terminal, Seattle, Wash.
President McKinley Jen. 2
President Jackson Jan. 14
President Jefferson Jen. 26
President Grant Feb. 7
President Maduen . Feb. 19
And evety 12 days thereafter
lbr limit iptivt booklet addnm leeel affont or
The ADMIRAL-ORIENTAL LINE
17 SlUs SL, N. T. Otr Td.lewb.Gnel KM
L. C. SBiti Bide., Seittk, Wufc.
raff
w
"He who has not seen SEVILLE hat not seen the won
der of the world" to runs the Spanish boast. Not lest
proud are the old Dons of CADIZ and CORDOBA. Visits
to these fascinating places in Did Spain are but Incidents of
the AMERICAN EXPRESS LUXURY CRUISE on the
Mauretania
rtb the Mediterranean
From New York February 7th 66 Days 0 Enchantment
The MAURETANIA your home ell the way
VWdng Azores,Madelra,Cadl2,Sevllle,Glbraltar,TangleT, 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
rssiielftnair-"-"' -srls "rVifes.ani-eir'-,- -.f,i-naitita.-r. ,
Cor. Sixth and Oak Sts. Broadway 6060
or Olds, Wortman ft King, Atwater 4800.
OREGON-PACIFIC COMPANY
AGENTS FOR
TOYO KISEN KAISHA
AND JOINT SERVICE OF
HOLLAND-AMERICA LINE
AND
ROYAL MAIL STEAM PACKET COMPANY
fcallioffa for Jnpnn, China and West Coant South America
and United Kingdom and European Porta.
GENERAL FREIGHT AND PASSENGER OFFICE
'tux Wilcox Bldif. BiIwt. Portland, Or.
I
I LLC WtJt Anu 3L. Lhicua. TaL Kudos 7711
k Managing Operator for M
yJJ.S. Shipping Board
Comfortable ' Insured Car
riers Running on Fre
quent Regular
Schedules.
CAM. Stages ta ML Ansel and Silver
ton. Camas Stage Co. To Camas, Washougal,
Kelao, Chehalis and Olympla, Wash.
Columbia Stages To Astoria, St. Helens,
Kainier, Seaside, Multnomah Falls, Hood
Kiver and The Dalles.
Gresham Stage Co. To Oresham.
Newberg - iMc.Minnvllle Stages To New
berg and McMinnvllte.
Portland - Salem - Albany Stage I-lne To
Salem, Albany. Corvallis and Eugene.
Portland-THlamook Stage Line To Sheri
dan and Tillamook.
Beliance Mt. Hood Stages To Sandy and
Mt. Hood. .
Vancouver Stage Line To Vancouver,
Wash.
West Portland and Multnomah Stages
To West Portland and Multnomah sta
tion. Information, Tickets and Waiting Boom
stage"depot
Park and Yamhill Sts. Phone Main S6U
SS. Admiral Evans
Sails frym Municipal Do. No. 2
Wedn4day Jan. 8, 10 A. 51.
i '9 weanesauy xnereaiier.
FOB SAN FKANCISCO
LOS ANGEI.ES, SAN DIEGO,
Honolulu Service
Sailings From San Francisco
H. F. Alexander Jan 4, 8 P. M.
U. F. Alexander Jan. 20, S tf. M.
, Ticket Office.
101 THIRD ST., COB ST ABK.
Thone Broadway S481.
I
ASTORIA AND YAY POINTS
Strs. Lorline and TJndlne Daily, ex
cept Saturday, 7:80 P. M. Fare to
Astoria $1.88 one way, $3 round trip:
week-end round trip $2.50.
The Dalles-Hood Kiver Str. Madeline
Mon., Wed., Friday, 11:30 P. M. Sleep
ing accommodations ready 9 P. M.
Fare The Dalles 1.25, Hood River JL
The Harkins Transportation Co.,
Broadway 6344. Alder-He. Dgck.
SUVA. AUCKLAND. SYDNEY
The Well-Equipped Royal Main Steamers
MAKtRA (13,500 tons)... Dec. 22 Feb. 83
MAGARA (20,000 tons) . .Jan. 28 Mar. 30
Sail From Vancouver. B. C.
For rates, etc., apply Can. Pao. Railway,
55 Third St., Portland, Or.
Canadian-Anstralasian Koyal Mail Line,
S41f Hastings St. West, Vancouver, B. C,
swbrk. to
Soutli America
onUS. QovernmentShips
New Reduced Rates
Fastest Time
to 18o de Janeiro, Montevideo, and Duenoe
Aires. Finest ships American sei vlee
American Food Americancomknta. Sail
ings from Pier 1, Kobokea.
S. S. Southern Croea .
S. S. American Legion
S. S. Pan America . .
S.S. Western World.
Fortnicbtly thereafter
Foreeui iptiom book, adtf reea
Munson Steamship Lines
07 Wan St. New Tork City
MmmSmt Operators ibr
U. S. Shipping Board
Jan. 6th
an. 20th
Feb. 3rd
Feb.I7th
OLD MEXICO
Personally Conducted
CRUISE TOURS
days, $495, all expenses
paid. Bailing trom fcan j? ran
cisco, January 31st and April
3d; 23 days delightful ocean
travel, four days railroad
travel. 11 days hotels and
sieht-seeinir. AMERICAN EX
PRESS TRAVEL DEPART
MENT. Sixth and Oak streets.
Broadway 5060, and-OLDS,
I WORTMAN 0 KING.
v -