18
THE OREGON DAILY JOURNAL, PORTLAND. OREGON
TUESDAY, DECEMBER 13, 1S2L
SPECIALTIES R1JS
IN STOCK MARKET
(Wall Street Journal Financial Ravkr")
' Sew-Iork, De- IS. (C. P.JI Openinf
prfcs a the New Tark flock exebant today
' war tttti chanced from the doss of Monday.
Oil warn firm and th early sales of Bojal
Datrfc srrra Kv 5S. VrxWn PetrolOTm was
' -nrhssfwl M 115: Independent ansa tm
' fractionally hitr. ' Steal common, however, waa
off at 83. ' v ,
Shorts la General Electric art atill knn
-- bard time of it, , , .
Anwi th rail. New Haven acted the heat
and all of the earlv aelee were mede it 14.
' A ( the early featsre were: Houstoin
On which made a new htb for the year ahoe
2; Repiogle Steel, which m i; 21 to SO;
Chile Cornier, which waa taken In W block! aa
4iieh WIS. and a general flrmnesa in the rubber
a roup. Kelly-Springfield waa the leader in this
1 class and got abort 43 before the end of the
first boar. , ,
, Imgular trading to earl dealing waa fc
' lowed by etrengtii in many bvuea, especially
' aoiiper' and oil. Hon ton Oil moved np potnta
-t 83 H. Oneral Asphalt roae 1 point to
lit and Mexican Petroleum adranced 3 M,
points to 118 H. The Bobbers aJao ahowad
atrength, V. . Rubber marring up 1 point
,
' Oile featured the second boor and Mexican
: Fetrolrwm ran np to 118 Some nptnwo bears
t were buy boring in their abort enutraete in the
Ooheny hwoea. Pan-American "B" got up to 60
and Fan-American "A" above 65. Houston met
' profit taking at 83 4 and add off orer a point,
but moat of the other oile got into new high
gtvand on thia more.
After the early trading In oils, which earned
Mexican Petroleum close to 121. tradmg atufted
to other gtonpa and Baldwin waa ran up to 7.
' If the dividend ia tncluded. thia la brttrr than
par of the etock. Some big Mock of Itah were
: taken at 65. Part of the recent boring of cop
per.. stocks ha been baaed oo rumor, that some
of the big producer were talking merger.
Independent steel did UUle.
Otis led the New York market today with
' Ifrxican Petroleum the feature. On a large turn
ever th- stock got above 120. np drer 36 pointo
from the Tsars low. The Pan-Americana acted
w-.. -.ni-ni-riw the "A" stock Houston
Oil ran up to a new high price for the rear
and there waa also an excellent demand for
Parifle oil, such a PaciHo Coal Oil and some
(the lower priced uaues.
tm k annfnmant ng. Baldwin jso mads a
tew high price for the year if the diridend to
tnrd- Steel aeoompliahed Utile. The rails
ere quiet with the exception of St Paul pre
ferred which broke to a new low price for the
. iDoe) to, favorable world development at Wash
fceion . and firs of the rear interest and di
' widend rmrmenta. settlement of the Irash quee-
.veien. hit money, upward movement in sterling,
Imnmvwnsnt in the Conner situation. Steel merger
Seeotiatxms, 830.000.000 contraction in loans
last week, continued demand for investment se
' aurittee, favorable trade and labor outlook and
' pUier favorable developmenta, many brokers are
Ho looting for a strong market right through
lieeember. t'p to a week or so ago these brokers
.were predicting a weak and irregular market for
- he latter half of the month.
. f j Th market closed irregular.
,
r-0REIGX GOVEBXMEJTT BONDS
rurnisbed by Orerbeck 4c Cooke company,
Board of Trade building:
Bid.
Belgian rest 5 84
Belgian pram. 5a 70
Belgian fvss. 1945 103
Belgian 8. 1B41 104
.Belgian 6a. 1925 9S X
Brazil 8s. 1941 104
British 8s. 1922 420
' British 5s. 192T 410
.British 5a. J92 410
British vky. 4s 320
British lef. 4a 298
Bordeaux 6s, 1934 86 H
Canadian 5a. 1037 93 Vt
Canadian 5a. 1926 96
C anadian 5 Ms. 1929 97
Vadin 5a, 1931 93
'Canadian 6 Ms. 1937 90
Chilean 8. 1941 1U2
Pnrrencv
Denmaak 8s. 1945 . .
Tsan. Muni. 8s. 1945
Jrench 4s. 1917 ...
JYrnch St. 1920 . . .
-sev Jrveneh Bs, 1931
French 7HS. 1941 .
.Franco 8, 1943 ...
vW, lermsn W. U 5s . .
- Berlin 4a
.Hamburg 4s
JIamburg 4 S
aipsig 4wt
'Ielpng 5s
- Munich 4s
Munich 5s
Prsnkfort 4a . .
, Italian 3a, 191 33
Japanese 4a. 1931 72
Japanese 1st 4 Ha, 1925 88 V,
Japanese 2d 4 H a, 1925 ..... 86 Va
Norway-8a, 1940 108 V,
Hnanan 5Hs. 1S21 9
r Russian 5 H a, 1926 2
JRnaatan SV,,. 1919 10
"Hwtse 5Ha. 1 928 95 V4
Swiss, 8s. i40 113 H
-11. K. 3 H a, 1922 99
K. 5V.S, 1929 97 Vi
K. 5 Ha, 1937 94 Vi
6
107
107
60
68 H
69
94
99
4
6V4
5V4
6Vs
4
V4
6
7
6Vi
.V.
V.
Asked.
69
75
104
104 K
95 V,
104 V
430
420
420
330
308
86H
94 Vi
96 Vi
97
93H
92
102 Vi
8
108
108
52
70 Vi
01
94
99
5 VI
8Vi
VI
6Vi
7
7Vi
8
. 9
8Vi
80
72Vi
87 V4
87
109 Vi
14
3
15
oa
1134
99
97
95
STANDARD OIL
(Furnished by Overbeck
STOCKS
A Cooke Co.)
Bid.
.Anglo. i.. 21 Vi
, t heasehrcurh ; 180
Cheeeebrough. pfu- 10s
Kursk 78
Helena, rora 40
tales. Old pfd. 102
Ulena New pfd 100
,-Illinois Pipe 153
, Indiana Pipe 81
r Northern Pipe, ex. div 93
vOhie- Oil 266
-renn. lies 13
Monthera Pipe . 77
South. Penn. Oil........... 315
S. O. Calif. 91 Vi
.8. O. Ind. SW
S. O. Kanaaa 570
. fl. 0. Kentucky, tx. div 485
B:0. -!. T. ; 875
S. O. .Ohio,. 390
. O. ;Ohio. pfd... .......... Ill
S. O.iN. J. .............. 180
A. O. .Nebraska. ........ . . ... 160
Ask.
21
190
106
81
43
105
105
160
83
97
270
17
81
220
580
445
380
400
113
iio"
COPPER AND OIL 'SHARES ADVANCED IN NEW YORK. TRADING
r:jgigss STRENGTH SHOWN 1 UNEMPLDYMENT
Sales.
STOCKS -
Expn
High. Lew. I Bbv
800
1500
600;
1800
200
lAdama
100 Advance baa
1 do pfd.
600 Arg. Che os. ......
3400iAiax Bubber.
600Alake Uold . '.
200tA)aaka Juneau
2500AUied Chem
HOOiAlha-Chalasera
400 do pfd.
2 00 Am. Beet Sugar...
.... Am. Bosch .......
300Asa. Can Co
200 do pfd.
1200tAm. Car at Fdy...
.... L do pfd.
Am. Cot Oil
i do pfd. .......
Am. Drug 8ynd . . .
-4800 Am. Hide at L. . . .
20O do pfd.
ou Am. see
SeoOlAm. Int. Corp....
Am. unseed .....
do pfd.
Am. Lor a
t do pfd.
Am. Hf. Razor. . .
600, Am Ship aV Com. .
450O,Am. Smelter
100 do pfd.
800j Am. Hnuff
1200Am. Steel Fdy....
4700iAm. Bugar
loo
2 BOO
2100
4001
1700
8000
ZOO
d66
6600
100
1500
3001
200
13300
19100
2200
700
4600
1200
600
4700
2300
6100
600
400
3700
200
6500
3700
1900
8600
6800
100
00
do nfd.
Am. Sumatra
Am. TeL aV TeL . . .
Am. Tobacco
do "B"
Am. Wool
do pfd.
Am. W. P., pfd. . . .
Am. Zinc
Anaoonda
Associated Oil
Atchison . .
do pfd.
Atlantic Coast line
Aa Uulf W. ..
Baldwin Loco
do old. .-
Baltimore A Ohio . .
do pfd.
Beth. Steel "B" . . .
Booth Fish
B. R. T
Butte C. A Z
Butte it Sup.
Burns Bros.
Caddo Oil
Calif. Packing
Calif. Pet.
do pfd.
Canadian Pae,
Cent. Leather
Cerro de Pasco . . .
Chandler Motor . . .
Chicago at N. W. . .
Chicago GL W...
do pfd.
48p0
6800
11800
11600
700
200
3100
8300
2800
11800
51
30
20
59
39
89
28
33
96
148
22
50
29
19
57
38
89
28
32
95
147
22
26900Chili Copper
Chino
C. M. St.
do pfd.
Coco Col
C. & 0...
Colo. F. A
eOOjColo. Southern
4200 Colo. Gas & Elec
2500 Columbia Graph.
Con. Cm
do pfd. ....
Cities 8 ye. Bankers,'
Corn Products
do pfd.
Cosden Oil
C. B, L P
do A pfd. ...
do B pfd.
Crucible
do pfd. .....
800 Cuba Cane
1500 do pfd.
1100 Cuban Am. Sugar
200IDeL A Hudson .
1400Dome Mines ..
700 DeL A Lack
1300Darison Chem. .
2800jEndicott Johnson
eOOOJfcrie
6001 do 1st pfd. . .
100 do 2d nfd. ..
10300 Famous Players. .
13 00 1 Fed. Ming. A Smelti
4800 da pfd.
1700 Fisk Tire
100 Gaston Wms.
600 Gen. Cigars ......
1300 Gen. Electric
5600 Gen. Motor
.... Glen AMen
16400 Gen. Asphalt
2100 Goodrich
. . . . . Goodyear
400 Granny ,.
800 Great North. Ore..
3600 do pfd
200 Greene Cananea . . .
20O Gulf S. Steel
1100 Hask Barker
10700 Houston Oil
1700 Hupp Motor . .
Illinois Central .-. .
800 Inspiration
. . . . . Int. Agr. Corp. com.
700 do pfd.
200 Interboro
100 do pfd.
1000 Interstate Callahan .
1500 Int. Harv
400 Int Merc. Marine. .
3400 do pfd , .
14
69
76
41
81
59
99
4
6
47
89
114
34
64
M
30 S
116
134
129
1103
13
49
99
90
86
88
33
97
86" '
53
58
7
7
6V
19
119
12
69
44
83
121
31
86
48
67
9
16
15
20
20
33
43
56
23
41
65
3
13
57
74
40
28
57
97
4
6
46
89
113
34
53
84
29
116
134
128
82
103
12
48
99
90
88
88
32
95
'85
52
58
6
6
5
18
115
11
69
43
85
120
80
36
47
63
6
16
14
28
19
31
41
35
25
41
65
3
1.
93
34
32
66
7
15
14
107
18
111
63
80
11
16
io
78
13
42
10
68
143
11
42
68
37
so" '
31
76
28
48
81
83
11
92
33
31
64
7
14
13
U7
18
111
52
80
10
16
10
75
10
38
10
68
141
11
42
66
80
"29"
31
75
28
48
80
81
11
40
36
1
3
7
83
15
66
39
38
1
3
6
82
15
65
50
11
15
SO
19
!
'
58
39 ;
69
28
83
33
95
147
114
22
46
I
14
58
75
41
31
58
99
112
4
6
46
89
110
34
64
84
29
116
184
128
82
103
28
13
48
99
90
86
88
82
96
103
35
2
58
6
6
18
118
11
69
44
85
120
31
36
48
66
6
16
15
28
19
31
41
55
25
41
65
3
93
15
23
92 A
109
84
31
83
71
66
88
7
15
13
106
I 18
110
52
80
10
16
10
77
10
40
10
68
142
11
42
67 "4
36
12
28
31
75
28
48
80
82
11
99
39
7
SB
1
3
6
83-
STOCKS
Nickel
II
5 900' Int,
3 -00. In L Paper .
. . . .1 do pfd.
6800'fnrmcible Oil
2600;Ialand I hi .
600jjewet Tea
1200 K. C Southern
200 K. 8. South.' pfd..
41lfO'Keny-Spruvgfield ..
9900 Kennecott
6100 Keystone) Tire . . .
1400 Lack. Steel
900. Lee Tire .......
170O!Labich Vat
SOOILorillard
IKj Lm Theatres ...
800U N.
14ixt Marland Oil
500 Mar Dept. .Store
8'OOiMex. Pet.
1600 Miami .
llSOOjMid. States Oil ..
8000'Midrale Steel
600IM. K. T. "Wt
500) de pfd "Wi".
100; Mont. Power
1400 Mont. Ward
l&00Mo. Pac
800 M. St, P. A 8 S
500 North American . .
Nat. Biscuit
' High. J Low. 1 .Bid.
13 121 13
541 63
lOOOiNat KnameJ
5 00 Nat. Lead
2400 Ner. Co.
6600iNew Haven
200, Norfolk A West. . .
4900!Nor. Pac
Nova Sco. Steel . .
N. T Air Brake. .
1100 N. T. Central
OlOO Okla. Prod, ref
3 00 Ontario Silver
SOOjOntario A W
600OtiS' Steel
. . -. .IPacilie DeV.
. . . . Pac Gss A Elec. .
600IPunta AUegre
19300Pacifie Oil
50400jPan Am. Pet
6500 do "B "
600 Penn
2200 Peo. Gaa
1700 Pere Marquette . . .
10001 Pure Oil
700jPMllips Pete
30OiPierce Arrow
500 Pierce Oil
900i Pitta. Coal
SOOlPitts. A West Va.
do pfd
Pressed Steel Car. .
Pullman
4300Rr Cons.
9100. Reading
1600
3400
900
12
2
12 .
24
53
43
27
12
46
29
59
162
14
108
2
103
121
27
15
28
8
23
59
13
IS
44
ii '
87
15
14
97
80
200
9000
200
Remington . . .
Replogle Steel
Republic L A
do pfd. -. .
Rep. Motors
8900 Royal Dutch Oil.
200 Ry. Steel 8pg. . .
3400 Stand. Oil N. J.
7900 Sears-Roebuck . .
1200 Shattuck, Aril.
400 Shell T. A T
15500 Sinclair
3600Sland. Oil Cel..
IStand. Oil Ind.
lOOiSloaa 8bef
4200ISOU Pacific . . .
600Sou By
SlOOiSou Ry pfd
1400
11
2
11
23
53
43
26
12
43
29
67
152
14
108
25
(400
115
27
14
23
8
33
69
12
,17
44
39
86
15
13
96
79
74
3
4
2''
29
46
57
51
33
58
21
40
33
14
13
65
25
66
108
15
72
28
53
St L A S V
Stromberr Carb
1210018 tudebsier . . .
. . . Swift A Co . .
lOOITeno Cop A Chem
15400Texaa Oil ,
1000Texa Pac . . . . .
4100ITex Pac C A O.
I900Tob Produeta . .
3600jTran Contl Oil ,
2500ICnion OU Del .
13001'nion Pac ....
40011-ntted Alloy . .
600 United Drug
ISOOlUnited Food Prod .
400!Cnited Fruit
100 1 United Rds of N J
100 1 Union BAP...
7 7 00 1 United Retail 8 tores!
3500U S Ind Alcohol
7900 TJ 8 Rub
117 S Rub 1st pfd
6
52
93
188
57
8
39
23
92
90
80
119
.1 46
73
3
4
21
29
45
57
48
S3
D6
21
39
33
14
13
64
24
66' "
107
15
71
28
52
6
51
93
186
65
8
39
22
91
89
38
79
18
44 f
21 Vi 21l 21
i I S3
80
63
12
2
11
23
63
41
27
12
46
29
68
152
14
107
25
102
121
27
28
8
28
59
12
17
65
44
126
40
86
15
13
6
79
24
60
73
3
4
21
9
7
65
28
46
59
L 51
S3
57
21
39
33
14
13
64
24
75
65
17
13
71
25
27
53
86
6
51
93
185
56
8
39
32
91
89
31
79
18
45
IN COPPER PRICES
2700
17100
600
S600
400
300
5700
"ioo
1400
100
600
150O
500
4306
200
800
100
200
1400
V. S. Smelting
C. S. Steel
do pfd. .......
Utah Copper
Va. Chem.
do pfd.
Vanadium Steel . . .
Vivandou
Wabash
do A pfd. . . . . .
do B pfd.
Wells-Fargo
Western Pac
Western Union . . .
West'bouae E. A M.
West Md.
White Motors
Willys-Overland . . .
do pfd.
Wilson Packing . . .
Wootworth
Worthington Pump
W. A L. E.
White Oil
81
'io
47
23
29
59
11
19
127
23
70
10
127
7
70
52
41
55
89
84
113
65
29
72
33
6
20
18
92
81'
9
80
'io
47
23
28
58
11
18
126
25
68
10
126
7
70
67
39
54
36
83
112
64
29
72
32
'6
20
18
92
50
9
5
28
126
44
7
12
28
124
44
7
11
97
10
47
23
28
!?
19
28 Vi
25
69
10
126
7
69
62
40
65
98
38
83
112
64
29
72
32
'7
6
20
13
67
17
92
60
8
89
6
29
28
125
43
7
11
, Sew lock, Dec. 13. Copper stocks in this
country continue to decline steadily with
strengthening of price. Manufacturer of cop.
per products also have advanced their prices.
It forecast that some pf the stocks marked
for export wQl be need in local consumption
before there is much general production from
tlie mine.
MACHTXEBT
Chioaco. Dee. 13. The shop eenptoves of
the Chicaco A Korthweetem are eomidenag a
proposal from the management to cut the work
to four-day basis with a full foree rather
than to run a longer time schedule with leas
than foil emr employed.
AUTOMOBILES
Boston, Dec IS.-, Distributors for the Nash
automobiles, in New England sold twice aa
many ears in November thia year aa in the
twrresponding month last year. So far sales
for spring delivery are greater than they were
last season in February.
San Kranaix-o, Dec IS. Some of the deal
ers in low-priced automobiles report business
good, but this is not the general rule. Regis
mHm ar tar the vear in thia state to
taled 620.297. a gain of 41,000 over mat
veer..
STKHi
Lomlon. Dec IS. The Welsh tinplate mills
have resumed operations on about a 60 per
cent basii . Only 70 of the 500 blast fur
naces ia Eric land are - ia operation.
srPArr
New Tork. Dee. 13. Japanese purchases of
t.nilf , hemp ia strengthening the market of
H.t Mnmnrfit. seeordine to rt ports received
in this market. Spot price show but little
eharma here, owing to desultory buymg by
cordage manufacturers.
rvtAr.
Tihnra. TW is. The coke ' market is
dull and prices are difrlingly tow. De
mritm th reanmrrtioa of hundred of ovens in
i,. rLnnnii.vin riisenr.t- onerstors are pec
mitir Trade 'ia extremely lisht. Sixteen
plnts of the H. C. Frick company are in op
eration and 1624 fumsrea ar gotug.
miTT-HING
St. Lonia, Dec. 13. Manufacturers of men's
elnehinz have announced reductions of from
50 to 15 per cent on spring goods.
nnv GOODS
Philadelphia, Deo. 13. As a result of failnres
of several small dealers, kral department stores
which have bought up bankrupt stocks have
. wt Afferinv hareaina in men's and women a
ear. with the miblic reepondinc quickly to
bargain prices. One store sold 8000 imita
tion near! necklaces in two dan at 95 cents
each and then marked np the price of 83.
Ke fas. Dec. 13. Raw fur price have
hit. aa manufacturers are de
clining to make purchases at the high price,
i BEANS
r.rmrA -JtarMdi. Mich.. Dec 13. Growers
have averaged a return of $40 to 348 an
rr hn. this season, and the Mwhi-
... ratiu- Rrehanee nose asserts this state
now has paused California hi bean production.
ruc-vfir AT"
Akron. Ohio. Dee. 13. The National Sul
rfm. mmmBf H. determined upon the erec
tion of plant here and has purchased a site.
About 260 men will oe empmjeu.
COTTON
.Fort Worth, Dec 13. The Quarantine en
forced by Louisiana against Texaa cotton be
cause of the pink boll worm ha resulted m
intensified anti-insect campaigns throughout
the cotton fields of this state.
WEW TORK BOSD MARKET
ntniibl hv Overbeck A Cooke Co.. Board
of Trade building: Bid.
Atchison GenL 4s 85
BaL A Ohio Gold 4s 77
Beth. Steel Kef. 5s 9
Cent. Pacific 1st 4s 8 a
St. Paul GcnL 4 s
Chicago N-W. GerJ. 4s
L. A N. Uni. 4s
New York Ry. 6s ,
Northern Pac P. L. 4 s
Union Pac 1st 4s
U. S. Steel 6s ,
Union Pac 1st Ret 4s ..
Southern Pac Conv. 5s .
Southern Pac Conv. 4a .
Penn. Conv. 4 a . . .
102
82
87
23
84
88
99
83
97
86
93
Asked.
85
77
89
82
102
Ex.-Div. 1 per cent
tEx.-Div. 1 per cent.
Total sales, stocks, 933,200 shares.
Total sales, bonds. 316,982.000.
Boise to Have an
Agency of Federal
Reserve Institution
Boise, Idaho. Dec 13. William A. Day. dep
uty governor of the Federal Reserve Bank of San
Francisco, is in Boise to supervise the establish
ment here of an agency of the Salt Lake Federal
Reserve bank for Idaho. Boise bankers hsve
asked for such agency repeatedly. The business
to be handled here, which is only a part of the
functions of a branch federal reserve bank, will
be in charge of 0. H. Brown and L. W. Ander
son, who win be acting directly under instructions
from the Salt Lake branch in providing the cash
requirements of the member banks in this part of
Idaho.
Money and Exchange
New Tork. Dec 13. L N. 8.) Call money
on the floor of the New York 8tock Exchange
today ruled at 5 per cent, high 5 per cent, low
5 per cent. Tune money was Quiet. Rates
were 6 s 5 per"cent-
The market for prime mercantile paper was
quiet. Call money in London today was 2
per cent. Sterling exchange ws easy, with
business in bankers' bills at $4.17 for de
mand. Demand sterling closed at $4.17; franca,
.0807; lire, .0464; marks, ,0055 ; kronen.
.1915.
Penn. 1st 4s 86
Ches. A Ohio Conv. 6s 85
Oregon Short Line 4s 88
Allied Packers 6s 51
Am. Can 7a 90
Am. Cotton Oil 6s, ."2 2
Am. Tobacco 7s. 1922 100
Anaconda 7s. 1929 .. 99
Anglo Am. Oil 7s, 1925... 105
Armour 7s. 1930 102
Cudahy Pack. 7s. 1923 100
Gen. Elec Deb. 6s. 1952 95
Kennecott Cop. 7s. 1930 ..... 101
Pac Gas. A Elec 7s. 1925... 99
Sears Roebuck 7s. 1927 . 99
Standard Oil CX 7s. 1931.... 105
TJ. S. Steel 5s. 1951 101
Westinghouse 7s, 1931 105
West. Elec 7s. 1923 103
87
25
84
88
99
84
87
94
87
85
88
52
94
96
101
102
105
102
100
96
101
IOO
99
106
103
104
PACIFIC COAST BASK STATEMENT
Portland Banks
Clearings. Mon. ... 5.773,808
Balances. Mon. ... I-
Clearings. Tues. .. .273.666
Balance. Tues. .. 1.555.988
8.741.615
3,229,62.9
tt,4S8,737
1.130.70
Banks
Spokane
Clearings, Tuesday
Balances, Tuesday ....... . . . .
Tacoma Banks
Clearings, Tuesday
Balances, Tuesday ...........
Seattle Banks
Clearings, Tuesday '. .
Balances, Tuesday ...........
Oakland Banks
Clearings, Tuesday -
San Francisco Banks
Clearings, Tuesday - -
kes nnoeies awuu
3 1.519.86
368.348
680.784
51.445
$ 4.965,17
858,154
$ 2,606.000
$23,200,000
NOW DECREASING
f L. (. McKenna
Special Cormsrioisdent of The Journal.
St. Paul. Dee. 18. The naemptovment situa
tion, which has been a thorn in the side of
business, ia rapidly improving la thia section of
the -Northwest. There are nearly 9 per cent
more worker employed now than oa Novembjse-
and this resumpaon of acavvtr ana ramus
bnving power ia aiding the holiday trade to in
crease retail sales. The state program for winter
highway improvement will involve the expendi
ture of $4,500,000 end will give employment
to 7SOO men for three months. This work
win begin at once, aa the last of the contracts
was let last week.
Wholesale .trade has sagged in the last ten
days, but is expected to pirk up immediately
after me Hobdays. . some lactones ana jonomg
bouses report spring orders already beginnjog
to come in, the volume of new business compar
ing very favorably with that of last year.
The strike -of packing bouse employes has re
sulted in an almost complete tieup at local yards,
as it is estimated about 2700 workers are out
Killing was retarded at the two largest plana
and cattle receipts fell off sharply. Msil order
houses report business quite sctive. recording
best conditions in the rural communities where
farmers are selling small amount of grain and
benefiting from improvement in prices.
SHORT TERX SECURITIES -Furnished
by Clark, Kendall A Co.
Price
Am. TeL A TeL. Ss. Oct. 1922 100
Am Tel. A Tel. 6. Feb.. 1S24
Armour Conv. 7s. July. 1930
Anaconda Cop. 0s. January, 1920
Belgian Gov. 6s, January .
BcthL Steel 7, July. 1022
Bet hi Steel 7s. July. 1923
Canadian 5a. April. 1928....;
Canadian 5s. October. 1931
Cop. Exp. Assn. 8s. February. 1922...
Ccp. Exp. Assn. 8s, February, 1023...
Cop. Exp. Assn. 8s, February. 1924...
Cop. Exp. Assn. 8a, February. 1925. . .
Cudahy Bkg. 7s, Jul. 1923
Jap. First Ext 4s. February, 1925.
Jap. Second 4. July. 1925
Southwestern Bell Tel. 7s. April, 1925
Standard Oil, N. . 7s, January, 1831.
Swift A Co. 7s, October. 1925. .
99
102
102
96
100
100
06
95
100
V31
102
104
IOO
87
87
101
107
100
BUS NESS SHOWS
A SLUGGISH TONE
ty M. .' LaurrmeA
ef The Joarnal
Commercial snovemeats
Special Correspondent
Pittaourc. Dec 13
la the pjtaburg district remain distinctly
rtcular. eofieetion being spotty and ia aome sse
tiens dependent oa industrial operations. Gro
crriet'ars moving abacgiahly with th beat de
mand being recorded for fancy good and holi
day specialties. Trad is apparel for either men
or women is anything but brisk as the weather
ha had a decidedly deptaastnc influence. Price
nutaeements ; an being offer to atimnlat buy-
There ia ne appreciable teaprovesnent in the
demand far mill supplies but orders are better dis
tributed and consumers' supplies are low. Ma
chine toots remain Quiet
The most important business factors her thia
weeav nava been toe announcement -of steal eoi
pany mergers and th csnaolidatioB ef the
Arkansas tias, Tranacontinentai Oa! and Stand
ard OU corn penis to develop South America
properties of the two former concerns. The
steei merger is considered virtually settled by
coal steel men. Th Joeea A Laughlin interests
here, it is understood, hsve refused to join.
FOREIGN EXCHANGE SATES
,- Corrected daily by- the (oreiga exchange, de
part avewt af tbe United State National bask.
Qaotatieae below (except pound sterling) ar
oa th basts of 104 tuut foreign currency. ,
. Opening Bosnia) rate aa bank traraactiona:
..,.. 1 'Draft-.- :' Cable-' Par
Check. Transfer.. , Value.
Lea, sterling..
Pan, francs. . i
BerUn. mark. , .
Genoa, lire. ....
Athena, drachi
t 4.18
, 8.06 .
'.53
. 4 67
4.2
Copenhagen, kroner 19.16
Cnristiania, kroner 16.10
Stockholm, kroner 24.36
Hongkong,
Currency- ..... 64.80
Japan, yen...... 47.75
ShanchaL lasts. 76.00
Canadian dollaf discount. 9 par cent
4.1
j i-16
.63
4 63
4.28
19.15
16 15 .
24.40
64.TS "
47.90 .
76.30
4.866
33.81
23.61
19.30
19.80
26.70
26.T6
24.79
Tbe market ta-ea-poted to traeraate along
ef the movement of th last tew da ye.
,
Pa moos Player baa declared tbe regular
uarvartr $2 preferred dividend.
LIBERTY BOKD SALES
(Reported by Overbeck A Cooke Co.)
i Open. High. Low. Ctoee.
aa oo
Libertr, 8s .
Liberty, 1st 4s
Liberty, 2d 4s -. . . . .
liberty; 1st 4 s . 9T24 9740
UbertyjZd4a . 9AA4 9700
liberty, d 4 9664 9796
Liberty, 4th 4 . 9720 9746
Victory 4 s . . 10000 1000J
Victory; 3s ...16000 10000
530 9630
.... 9710
.... 9670
720 9T20
4 RSW
9694 9792
9710 9726
998- 10002
9998 10000
Secretary Mailt appears
finance committee and aree
relative to interest pavmenta i
tefunding bill be t basin ted.
sef
e aenats
reatrictiea
forstgn
General Electric ntsnt t PitsfieM.
tnorease optratiaBs 16 per cent from sow
point : Employes to receive 6 per rent sap
plemetuary eompenatioa.
. Ratheaan finds moratorium or long-time
credit to Germany sut of queatioa at Lundoa
and bo relief possible except oa very sever
Twenty ladastrials -eO.63. op
Twenty rails 7438. off .10.
4T.
The Marland Oil company, for nine months
ended September 0. report net Income, after
expense and fixed cUarc.es. of $i.003.132.
Federal Reserve
Cash on Increase
C. S. Rubber 7a, December. 1923 100
7t30
a NET
Northwestern
First Preferred Shares
Aa Investment of $15.04 will se
cure an Interest-bearing equity in
tbe name of whomever yon mar
designate an Ideal Christmas gift
NORTHWESTERN ELECTRIC CO.
10TH AD WASHISGTOS STS.
Light H eat Power
Give
i i
ivraenas
Aggregate increase of $7,400,000 in federal
note cirrulktimi- . . .nin.t . rwlur i,.n
of $24,600,000 in deposit liabUioea and
gain of 1, 600,000 in cash reserves, are in
dicated in the federal reserve board's weekly
consolidated bank state meet issued at the close
of business on December 7, 1921. Th state
ment show, a further rise for the week from
72.7 to 73-1 per cent
Government deposits are given $6,400,000
larger than the week before. Reserve depuuts
show decline of $29,900,000. Other, depos
its, composed chiefly of non-membere' clearing
account and cashiers' checks, show decrease
of $1,000,000. j
0
For Investors,
that has proven successful
J months trial
subscription free
The Rose Investment Review, riu Hash f d
monthly, describes a mcrhod oc snwescma
that has pi oven taccessnl by actual use.
Learn hew ro make your aaonef earn
and multiply. Tske your brat step toward
tw-'l independence today by wrvbn
for your free copy of L K. No. 255,
ROSE & CO.
ntVESTHEKT SECURITIES
SO Bromd SA, Now Yoe-katy
This is one of the finest western corporation
loans in which this bank has participated for
these reasons, among others:
ettr
THIS 400,000 bond issue offers, fr
security thin most silt edged mortgages.
ADDED opportunity for profit is offered by
the proviso for calling in bonds by lot it IDS
plus interest
SINKING fund requirements mike for a reidy
market and steady price, in case one should
desire to dispose of his bonds.
15-Year 8
First Closed Mortgage
Gold Bonds
TEXT BOOK of
WALL STREET
1922 gUtteaa
now ready far free
distribution
McCall, Riley & Co,
Stock fa -bange ef Mew York
20 Broad St, New York
We Own and Offer:
Clearings, Tuesday
..S16.566.015
v ' Fore! Exchange Market.
--.New Tork. Dec. 1. (TJ. P.) Demand
.sterling opened today at $4.18 H: franca, .081 lr
'lire. .0464: marka. .0034.
. lvwer.
The whole list waa
. This Bureau functions to pio
tect the Public and the reputable
merchant from all questionable
-business practices. Report your
suspicions to us.
.-" '"Sw Chart for Services.
Mi-Better
v rJUSINESS
! irUREAU.
'of the Portland Ad Clnb
Wwy.' 260S." 308 Orc.on Bid.
1 1
Stka.' Bomsia, Csrctom, Craim, Eta.
Jlw-317 Bord of Trad. Brtdiag
Pyerbeck&CookeCa
DIRECT ; PRIVATE WIRES
; TO ALL EXCHANGES
r t tt.aiMra Cakago Avar . at intaa
V l,rrsaoau .af UM rra '
Caiea aw laca
Co,
10-Year Convertible Sinking Fund 74 Gold Bonds .
Dated Dec. t, 1921. Due Dec. 1, t93l. Semi-annuaf interest Feb. 1-Aug. i. Den. 1000.
Sinking fund first five years $506,250; next two years $1,012,500; next two
years $118J50, annually, to retire these bonds, by market purchase
or call up to I07y and accrued interest.
These bonds are convertible during the life of this loan up to Septeniber 1, 1931, into common
stock of the company at the rate of twenty shares of common for each ft 000 bond.
Bonds to be listed on the New York Stock Exchange.
WILSON & CO., beef and pork packers, have twelve meat-packing plants
advantageously situated within the United States and two plants in
South America, owned through subsidiaries, and operate there a third
plant in which they have a very substantial interest. Net sales of the com
pany and its subsidiaries have" increased from $55,000,000 in 1903 to over
$370,000,000 in 1D20. The business was begun 67 years ago.
The volume of business1 for 1920 done by this company has not shown any
material reduction, although the sales compared with the same period for
1920 are about 70, which is explained by the fall in prices of pork and
beef products. "
The purpose of this issue is to reduce floating indebtedness. The sinking fund pro
vision for retirement at a premium by purchase or call of three-fourths of these bonds
prior to maturity offers opportunity for a very large interest return. With the return to
nomal market conditions the privilege for conversion of these bonds into stock of the
company may. become very valuable. Present book value of. stock (exclusive of good will
and other intangible assets) is 85 per share. j
Price: 96 and interest, to yield a minimum return exceeding 8
Wit-out Deduction for Normal Federal Income Tax up to 2
Freeman. Smith &
camp Co;
LvMaERMgNa BiDw. Portland
ImnwJtatrly that sub
scription books were
opened this issue wan
heavily oversubscribed.
HFTM y5g5fflTT5v MOM
" ??1LJ I tfe rwar
We will reserve these
bonds for you for delivery
later or . for payment on
the Partial Payment Plan.
YIELD DUE
5.50 Whatcom County, Wah., Road, 6a 1924 to 1928
6 Qty of Molalla, Ore.,! Water, 6s 1930 to 1937
7 Saver Lake Irrigation DUt.. Ore., 6a . . .1926 to 1946
7 Slide Irrig-ation Diet., pre., 6a 1933 to 1938
5.75 Province of Alberta, 6i - 1941
6.40 Province of British Columbia, 6 1926
5.70 Province of Manitoba, 6s 1946
6.50 Province of Saskatchewan, 4 1923
7.25 City of Calgary, AIU School 6a 1923
7.25 City of Edmonton, Alt a., 6a 1924
7 Greater Winnipeg Water DUt, 6i. . . . 1923
6.70 Swift & Co., 7 : 1931
8 Van Camp Packing Co., 8a. 1941
8 New England Oil Refining Co., 8. . . . 1931
8.25 Charcoal Iron Co. of America, 8 1931
6.10 Swiss Confederation, 5 1929
6 UP Kingdom of Norway, 3H 1962
WE ARE ALWAYS PREPARED TO BUY GOOD BONDS,
OUR OWN OFFERINGS OR OTHERS
G. E. MILLER & COMPANY
PORTLAND! SEATTLE
SECOND FLOOlt
Xortflwtsttrn Baak Bailding
PORTLAND, ORE.
MAIN 1S
Coburn Bros. Cattle Co.
Callable at 105 and interest
Dated Dec. 15, 1921 Dae Dec. 15, 1936
Den. $100, $500, $1000
8-
Price 100 .
To Yield
OVER 700,000 ACRES are owned or controlled by this great
company in Arizona, which, with Us 31,000 head of cattle,
and pledged bonds, are, on conservative estimate, worth $2,000, -000.
We have DEPRECIATED this figure, however, on valu
ations1 of SPECina TANGIBLE and EASILY LIQUIDATED
ASSETS to $1,101,000. This figure REPRESENTS COMPLETE
DEFLATION and means that the Trustees could, at any time,
realize approximately THREE TIMES the amount of this bond
issue. . In addition, the minimum sinking fund requirements call
for a payment of $10,000 in 1922; $15,000 In 1923; 25,000
annually during 1924-1925 and 1926; and 30,000 annually
from 1927 until maturity.
THIS BOND OFFERS AN UNUSUAL
OPPORTUNITY FOR BOTH LARGE
AND SMALL INVESTORS. It has our
heartiest approval. , We urge our clients
to make immediate reservations.
The average herd increase annually is
about 6000 calves. The sales of market
cattle about the same. This means that
the herd remains constant, year in and
year out.
Phoae, write, telegraph or rail personally and place yoar orders or
teeare oar circular rally describing this Issue.
LUMBEEMENS
BROADWAY and OAK
"JVST A REAL GOOD CAW
Mr. and Mrs,
Oregon
VVf.4.
We offer subject to prior sale and change in price:
Goodyear Tire & Rubber Co.
lOsYear 8 Sinking Fund Gold Debenture Bonds
Dated May 1, 1921. Due May 1, 1931.
Redeemable after 1922 at tto and interest on' 30 days
notice.
These bonds are the direct obligation of the company, and
constitute its only funded debt, apart from a closed First
Mortgage of $30,000,000, due May, 1,941.
Fon the seven months endisg September 30, 1921, Net
Sales were 62,421.179, and! BALANCE AVAILABLE FOR
INTEREST WAS 6.838.486. MAXIMUM INTEREST
REQUIREMENTS ON THESE BONDS AND THE FIRST
MORTGAGE BONDS AMOUNT TO 4,600,000.
PRICE 99 J AND INTEREST
TO YIELD 8.05-
Write or phone Bdwy. 3l"l for complete descriptive circular.
Bond & Goodwin Tucker
SAM rkAMCISCO
K(OSKtTIS
UNITED STATES NATIONAL BANK sUmOtNC
PORTLAND -
' LOS AKCCI.CS
SIATTU
Seoood Issue
Commou Stock
i ' . . "
1 Present Price
$12.50
Sold injlots of ten
t share and upward
on an easy Partial
PsymentPlan.
When you consider investments you must
bear in mind two factors Safety and Div
idend Possibilities.
W. C. Durant's new enterprise offers an
investment attaining both factors to the
highest degree. Safety, because of its being
guided by the foremost people in the auto
mobile world, who have spent years in this
business and command by their prestige an
important share in the world's business.
That is the standing of our organization.
Dividend Possibilities! The art of marketing a
meritorious product efficientjy, which art is only
obtained with years of experience. We have been
highly successful for the past five and one-half
years and can look forward with confidence to
many future prosperous years.
Convince 'yourself!
Ve have prepared a booklet describing in full
our car and our organization. Thia is jjours for the
asking. Clip out the coupon and the next mail
brings it to you.
Durant Motor Company vof California
103 7 Northwestern National Bank Bldg.
Telephone Main 5804 Oregon Journal
srOA 1VLU INFORMATION CLIP A MAllm
r4w.nfteM
, Address.