THE OREGON DAILY JOURNAL PORTLAND, OREGON.
THURSDAY,' OCTOBER 19, 1922.
LIBERTY 3K PER CENT BONDS GO TO A NEW HIGH RECORD BEGXUSE ? OF TAX EXEMPTION FEATURE
8
.... jj
i
PRICES JUMBLED
III STOCK MARKET
and toalty
. 1, u
- i
M
"B StlMTt
WaH Street. New York. (Vc. IB - Tndir'n
atnrit aura as a jumbla of ha-n idranm
aiiarp, owuMi, wcvnMi annl-
kv.i ""onslj in towSvidaa
' asmt weaw so entirely
result of special
agaes that tha MtU
IHUe ma -eapresaioa
i at Wall imrt'i ittla-
4 meat regarding tneH
- Then was in fart
VV i nothing in the. news of
& l - the day calculated to
, X, wV ' hare nwh effect on
i the roars of pricea.
S Resignation of the
3 Bntisb . mtmstrv di4
nrpnse. It did H1t
tome unsettling effect
upon the London -mar-Vet,
and Waited Kinc
lom bonds were down
i point in ?vew ?ork.
roaaibly. too. it- was
this which atijpped the adrane In sterling
r'uansa. . Bot a parliamentary election in Eg
land under present condition, while it may
raiue hum uncertainty in financial, circle
abroad, cannot conceivably h. any terrors
Ust investment capital. .
- - ,i Albert SVsa Record
- - Tie iot "iwnaraa'ble single incident of the'
day the rise hi the tax exempt Ubwty
IHt not only far-above their previous feign
for the nrerent year, bat to their very hignest
fee air time. . Thia advance, accompanied aa
it waa by tranxactiona of unusual magnitude,
might hare been a consequence; of the extra--ordinary
oTeruhVerint1oo to the new govern
ment loan. It possibly repreaented the inrert-
meat by iTWUiutions and wealtiiy inuivwuais
of funds wbk-h were intended for employment
in the new 4H, but mined out in the allot
. I laent.
Chill (XI Speculation
.j Speculation in- the oil aharca waa auddenly
- chilled by a violent and quite unexpected break
' in ' PadOs Oil. The pnbbabed. earning bare
shown the - dividend barely earned, and yet
tha macia name, of "Standard Oil" in connec
tion with the company bad led at timea to the
moat extraragant predictions of what the
. shares would ultimately be worth. Aa it looks
now Pacific Oil i another ease where specula-,
tiye calcolationa bar. far overshot the market.
The report "that; the company -needed money
for development work and would have to find
it by omitttng dividends was hot authoritatively
confirmed, hut was commonly believed.
Beside the oils, there wens enough weak
apota developed ta keep the market considerably
rm-iettJcd. The Republic .Iron t Steel report
for the third quarter, knowing a small deficit
as against the sorphis for the preceding three
months, evidently waa not a fair, picture of
the present earning position of thia or any
Of the other steel companies. It covered a
period when - steel 'production was . severely
curtailed by the fuel scarcity. Nevertheless,
the statement led to.t general attack upon the
steel group, which met with, some success.
German Marks Lower
Jerman marks sold at three one hundredths
of at cnt for the fir.t time. The decline in
Krerieh francs was. checked but French govern
ment bonds, weref rather corwpieuoualy weak
' in all the marekts. ' Tha 8 per cent external
loan, dealt in in Sew York, went below par.
that , within less than a point of its- ex
treme low.
It is seldom that a more confused price
movement is seen than that on the strrk xj
change today. The only possible conclusion
to draw was that while heavy selling waa go
ing on in ram directions, advantage was be
ing taker, of the disturbed conditions to accu
mulates a number of' stocks in which sooner
or , later favorable dividend action is counted
upon. . .
Pricea 'broke Vhsrply smd badly on tha stork
exchange tortay after a aesaion of excited trad
ing and violent price changes in both directions
- There were a number of stocks which earlier
in the day moved against the downward tide, '
but professional traders working for a decline
concentrated their efforts on the closing market
nd succeeded in breaking pricea all through
the list. There .was no news to account for
the downward, turn. It -was mainly the result
of a temporarily weakened position, within
the market itself, complicated by a severe stall
for - special reasons in a number of individual
stocks.
were made above.
akia to a
feringa . appeared inadequate to meet the, de
mand.- The
ating something
Quotations for the other Liberties ahswed
Irrvanlar i If anything. ' pricea Were
inclined to b higher early in the day and,
new refunding made a new men.
108. ere-
tn bond
Srm York Oct la.- Following is an of
fScial Bat of all bonds traded in on the New
York stock exehanse today with pricea : and
sale ud to and including the close of tke
market. Total sale today were $1.12,00
against 18,44B,IK)0 yesterday, holiday a week
ago. 10.74S.OOO a rar ago and 14ii.i00
Lwo vMr. uo
From January X to data S3. 508. 458. 000
against s2.51.518.O0O. a' year ago and
a,015.37.0O two years' ago.
L.IHEKTY HONl
Satea.1 In 11000
2859
119
1
10S2
, 410
. 2
11
768
8
411
12
840
12
e
Ski reg.
2d 4s.. .
1st 4Hs.
2d 44s.
M 4i .reel
3d 41i.
3d, 4 ' reel
4tB 4 ia s. .
do 4th 4 "Vi regi
Tact 4s '23
do 4 a reg '23J
da 4 V s '2
do 4s rg. '22
Ldb
da
do
do
i'do
do
da
do
AO
High. 1 Low. I Close.
Z456tof Ams 4ti '6J
10302il124 10200
l270H120jllSO
890 St l
92Sj 01 U914
10M HH
9K6i H8 VXiH
9022 9AJ01 B14
02i' 94 0903
S918I S008I 0I
OdOOi S84!
I00S4 11 902100X2
lOUOOilSOOujlOOOO
1001611O14jlOOl
1 0O00 ! 1 SOOOt 1 vt.
6
17
IS
IS
10
11
1
Sa. ,
Argentina
do 7s
Belgium 7 Ha .
do 8 . . . 1
do .6a:
Chinese j Ry 6s.
a Mxvitcu . .
SlCopenhagen 5Ha
Lyons 6s .... .
MarseUlea s ..
SUI'ragQ. fit
5iKio de J 8a. . .
10). do 8s ctfs .
TiSoiasons 6s . . .
- S'Sao Panlo Ss .
4?Dept Seine 7 s t, c
10, Danish 8 B . .
2,I Can &HI notes!
zai ao os s
2" do 5s- '52
11 do 5s '81'. . . . .
23il)ch E I r 6s '47
100) do rcta 6s '62. .
I72iFrench 8 .-. . .
lllll'reuch THs
. ljlmp- Jap 1st 4 Hi
- 22 do sterling In 4)
6IK Denmark Bs
81 dd ctfs 6s. . .
'9 Italy (SKi aer A
23IXeth(land rcta 6si
8!Norvay 8
341 -do tis '2
41 Sweden 6s
IS Bolivia as -. . j,
10014lt008
10
S2
Chile 8s '26 j
81
101
108
102
r
!
1H
81 H
81
78
lvO
09
'78
101
87
,96
101
90
96
4
100
06
98
80
HO
98
96.
94
112
-100
96
102
104
103
96
90
85
BOSTOX COPPEE STOCKS
( Keported by Overbeck A Cooke .Co.)
Bid. Asfc
Arixna. 8 8
Advent. 50 100 i
Ahmeek. 59 60
Algimah 10 43
Ailoaea. 23 24
Arced ... 2 2
BmgMns 17 18
(BleVAria 59 60
CalAHc 285 290
4 ehten. 8 10
fopKin. 8 39
lavial)l7 4 4
K Butte. 9 10
FrnkMng. 1 2
Hancock. 2 3
Helvetia.. 90" . 91
IflCrk. 108 104
Keewaaa 1 , 2
KrLake. 3 4
LakeCop 8 4 1
ISalle. 1 1
Mich 2 - S
, Mohawk. 58 60
Bid.
Ma, Tal.. 1
N Butte. 10
WIpissuig. 5
M. Lake. 35
O D Coo. lv
Kseola. Ml 31
Obijawa . -Pond
Ctk
Sop Bostn
S. Utah . .
ITrin Con.
Tuolumne
t'tah Metalsl
Utah (on.
V 6 ifng.
do Did . .
Ctah Apx
Ventura. .
Victoria,. .
Winona .
Wolverine
IWjandott
I
1
19
2
3
1
50
1-16
Ask.
in
ij
-
4
z0
3i
20
2
10
1H
53
1
42
46
2
27
1
1
ft
60
2
43
47
2
28
1
. 1
10
57
i ' - Monet ABd Exchange -
Sew York. Oct- 19. (L N. -8. ) Call
money on the floor of the New York stock ex
change today ruled at 5 per cent; high. 5 per
cent ; low.- 4 per cent. Time- money was
steady. Rates were 4 95 per! cent. The
market for prime mercantile paper was steady.
Call money in London today- waa 1 per
jcent. Sterling exchange was steady, with busi
ness in bankers' bills at 84. 4-54 for demand.
Foreign Exrhang-e Market
- N 1. Ort- 9. (L N. S.) Demand
sterling S4.4T; francs, cables ,7.89. checks
i.38. new low for year; lire, rabies 4.19,
checks 4.19; Belgian, cables 6.87. checks
6.87; mArks, .0003; guilders, cables 89.15,
checks, 39.12; Sweden, kronen, cables, 26.70
checks 26.66; Norway, cable, checks 17.87;
llrnmark. cable 20.15. checks S9.lt.
do, 'Ss: '41. i
do 8a etfa. .
1 Cuba 5i '04
1 do 6 14.
10! do 4 s
1 1 ICxecbosiovaxia 8s
ctfs . . .....
12 Rep of Haiti 6s..
2; Uruguay . 8s .-. . .
5 (Queensland 7s ..
Ill do 6s ctfs. . . . .
30!Swias 8a . . . . . .
R K de Sul 8s. .
6 Sao Paulo 8t. . . .
188 0 K U B k I
5s '29 . .. .
154 do 5a '37...
85 V S of Bras 8s.
. 89 do 7a rets... .
11 V B 9t Hex St.
lfj Kdo 5a
NEW YORK
SN Y City 4s '57106
5 do 4a '57...110i4
40 do 4a '63... 106
9! do T 4 a -'60. . .(100
MISCELLANEOUS AND
BONDS
94
96
06
109 .
102
121
100
101
109
102
103
86
52
50
81
191
193
102
98
53
109
1
.81
80
77
99
99
78
101
87
6
101
90
99 "
99
91
94 ;
99
95 H
t 98
80
1.109 H
96
94
jin
100
lOfiH
9
101
103
103
98
9fl
85
93
96
106
408
ii
121
lttO
101
108
102
101
86
51 '
OK
CITY BONDS
1U6
10
106
100
10006
81
101
103
102
96
53
10
01
81
81
78-
99
9
78
101
8T
96
101
90
9
.95
94
99
95
oa
804
109
98
98
94
111
100.
103
96
102
103
103
96
90
83
-93
96
106
101
121
100
101
108'.
102
101
51
ro
106
106
108
100
INDUSTRIAL
1
8
1
56
6
7
12
20
1
104
64Am
15
6
8
5
15
13
1
6
17
4
14
I Ad Exn col tr 4s. I 80
Ajax Rub 8s I 99
Al ii it cv db 6sA 9
'm Air UD TSI14
Am Cotton Oil 5s 88
Am Smelt 1st 6s( 94 !
Am Susk Kef 0s 108
.am x m i cn as iii
I do coltr 5s L 99
do est 4s. . .192
do cvt 4s. . I 88
(to sol 4s 92.
W Works 5s. I 85
Am Wi Fan 6a. . 86
Jurgen C M evts( 80
I Armour r 4s. 91
IAU Frnlt cn 7s. 35
lAtl Ref deb 5a. .1 99
I Bell Tel of Pa 7x1198
iBarnsdall 8sA...jl05
do 8a B . . . 105
Beth Stl ref 6s. .1 97
do P M 5a I 93
do 6s 1100
jtBkln 7di gen 7s e.1105
. 10 B kin Edi 7a D 108
- 2 Bush Ter Bldg 5a 98
lllCan Oen Ki 6s. 192
liCen Dist Tel 5s 99
21 Cent Leath gen 5s 99
lCer lie Paa evt 8s 123.'
lfttOhU Cop col tr 6s 95
2iCin Gee & E 5s 99-
2 Col Ind 5a 80
5 Com Cables 4s.. 93
4!) Com Pow 6s... 91
24jCn Coal of Md 5s 91
SOlCub Am Sug 8sil07
13D E By 7a 100
lOiDet C Gaa 5s. .1100
7, De Edi rig 6a 104
13Det Edi rfg 5a.. 97
80
99
9
108
88
94
103
117
98
102
88
91
84
85
79
90
85
99
108
105
li3 -i
91
93
100
105
107
93
102
99
99
123
95
99
80
98
91
90
107
100
100
104
97
80
99
.
104
88
94
103
117
98
102
88
91
84
85
80 'a
90
85
99
108
105
io5 1
97 H
98
100
105
IOZ.
93
102.
99
99
.123
95
99
80
93
91 --90
167
100
100
104
97
20,375 ACRES
SECURITY
An Oregon
Municipal : '
Denominations
-$500 land $1000
Federal Income
"Tax Exempt'
Legal Invest
, rhent for Sav
, ihgs Ban Its,
Trust Funds
and -Insurance
compa nies in
Qregon.
and the .full taxing
power of all the land- t
owners of the district, is"
back of the $550,000.
Bonds : of the Peschutes !
County . Municipal Im- ,;
provement 'District.
Price to Yield
6.25
Call, write or phone Main 4195
for circular and information. -
V S. - ' "M ." .. rl
- vi . ... . " . - , r,
- ' : "v; . ' . ! T
G'lrMIIXER COMjAiJY
Portland
MUN'eiwAI
Los Aneelea
Seattle , San. Francisco '
; PORTLAND f-i.?.-':. V- :
2d Floor N. W. Bank Bldg. " ; Phone4 Main .4195
Salea.1 XV 31000 High, t Low. Close.
NEW YORK BOND TRANSACTIONS
' . Reverted by Tha Joarnal'a Wall Street -Barera t : '". t
. By aural T. NoiM . :
ii Wall etaaet, Xrw .York. Oct 19. Tha f
tare of ta bond market, today waa txw
mainl for Liberrr Sa. la tha face of
cosKismad 'isKinaBR -teadeney aa tfa aaaeral
list, xha 8a made a new iugn foe all
Tha record high for this, tssna previous to to
day was 102.50 in August. 1918. and the
low was 86 la Jon. 1921. Large blacks
weiw traded hi around todays high,-price and
the demand appeared naaatieflea. -Ik.
rroort had it that tine baying
front interests which bav. made large prufiu
in the recent rise- in Standard Oil stock. '
was. af eoursa. abvioua that only investors
Urge wealth would be apt to purchase aa en
tirely exempt bond like trt imt a t
frafmm.ii ;. r' . ; t: J .
As thai day progreased price continued
to advance, not only on the exchange, bat
over the counter. Dealings were oa a large
teala. It waa tated tllat orders for the pur-
chase' of the first 8 a eatoanted to as much
aa. a 10.000.000. Aa tha prioe mounted, of-
11 lei Kiv Tun 4ai ti9l i t
22lluska M sieb 7 a107 ilt 1107
16UiRt Sea evt 5e.. 59) 5V 59 .
ISiUupoirt 7s..:,il04ajlO3It8
-33,Out L as p 6s. . ilttS 103 jioa
11 d 7a. . ...107 ;107 J107
7iEUiFcvt 7 s cfsf 94 J 94 t 94
ZfVisk Kab Co s. ,10 I101 1106 r
S.r-resa 1 II db 7 s( 93) 92 j, 92
irns oug i l, .jioa '1V UOJ
1105
1W1 k
116
99
4 -
8f
9
tl2
56 :
89
89
103 1105
101 ll91
(116 116
-
) f
9.
92
V, I-
9
83
92
92
98
92
SO .
89
89
93 -109
10 -;
07
99
lioo
93
S5ft;en El deb s
5Uoodrick-14 s
v,.i rw M. n Td. , .
JV ska OB tl,
191 de a '31 .
r 2(Oranby ilia 8. . .
14H A L 8a rets. .
SH.H O A S db si
- a, in u dea 4 Ha.
i 6 1 Inter Agri 5a.
i 3 Inter Pap 5 A.
25) do &a B. . . .
131 M K 3 P 6 .
iiTiUivin Oil 8s. . . .flUO (108
J-if Ksir 7s. . . .tl0ii6.
lOiKelly 8i T 8s, . jlOI jii7
l.Kin Uert 7-a ,99 i, 99
t-aca eteei as , ..iiuo IKK)
2; Lack Stee! 5a I 9S I 1)2
2jLorilUrd Ts . . . .1116 XX jll6
23,1 S deb 7ectfaf 96 98 96
liilsr Oil 7a ctisiloS )108 I08
It do 8s war jU jll9 1119
SiMex Pet 8s . . . (107 107 4107
suijaicn acate l el as) as I e I B .
17,'Mid Steel- cvt 5s. I 89 J 89 89
9;Moot Po C 1st 5s 98 I 98 I 9a
Oljlorm A Co 4sl 88 l 88 I 88
lfNst Tube 5a . . . 100 UOO 1 100
80t.NET A T 1st 5aA 99) 99 I 99
2n X A evt 6s 101 ilUl HOI
lll Y K t Iff 6s(10109 1109
iJIlilLnrv p s S3 I 83 I 83
If do 5s ( tu 99 1 99
X T deb 6s ..105 104 1103
18! do gin 4s...( V6 96 96
35) do xef 6s . . . I 103 104 (104
ipia r ails row 6s.;iV4 hi 1U4 H jlv4
1) do 5t 110010Oll00
11 (No Am Edi 6e rcs( 9ft 94 i 94
ryNor btates Pwr m11 iloi 101
7.Nor St Pwr 1st Ssi 93 93 9
8tX W Bell Tel 7s,ll07107jlO7
6Ont Lt aV IT 5s. 9T 97 97
iuas steel 8s. . . .101
MMEST RETAIL
TRADE IMPROVED
': By Dtofe Smltk
Kansas City. Oct. 19.- Tha first real frosts
of the season ia - Missouri, Kansas and sur
rounding states have stimulated tha growth of
tha retail busineaa. . ganssat City stores and
wholesale houses repot tad a steady increase of
baying today. :
The total volume of goods moved by the
Burnhara Hunger Root Drygoods company for
the last two weeks waa larger than for any
fortnightly period thia year. The Faeth Iron
company announced today their business had
increased in the face of higher, prices for
ferrous products and the T. Schudy Lumber
rorapanjr announced their business has increased
to per cent over October. 1921. The Aber
nathy Furniture company said today their
ordesa were on the upgrade.
24) to- 7 . rcta. . ,j -95
airae usi ec El s. I aa
12jPac Pwr As Lt 5s. 94
18Pac T at T 5s rctal 92
lljPack Mot 8a ....(107
7IPbU Co ref 6a.
IjPierce Oil 8a ...1 98
iWt-rio aer a os. 87 ,
12 Put Al Sg ev d 7s 107 .
2Prod as Kef sa. 105
6,R Brown Iron 7 95
24Sinc Crd Oil 5s 98
Hi d evt 7a.. . . 108
43 do 7s rcta 101
63 do P L cfs 95
OjSliaron' Stl Hp 8s 100
ll;So Port Ric Sg 7s 102
5 So Ball TAT 5s. 96
1 4 iStsnri Milling 5s. -i 91
UlSt Oil Cal deb 7s105
1 rS AT Co of Am 7sjl5
2gXdw OU 6s, 1103
4Tol Ed 1st 7s. . .107
8;ln BAP 6s ctfst 99
101 ,101
95 95
93 93
94 94
92 -92
107U07
10010Oil0O
'82ICn Tank Car 7s.
12iLn Drug 8a . .
1 jCn Fuel Uas 6s.
5IU S Uoff Inch 8s
4,C A Real It. I 5s
8U 8 SS Corp 6i cf
14U a Rub 7s.
9 do' 7s .
33l do' 5s
45iU S Steel a f 5s
aiUtah P k Lt 5s(
Aviv a-.aro wuem OS
411 do 7s rcta A
1 do 7s
7 do evt 7 s A wj
BiWarner Sag: K 7
5
10
10
8
' 6
4
9
65
14
West Pa Power 51
W LT real est 4 a)
do 6a . .
Westghae El 7a.
; Winch Arms 7 si
Wick Spen St 7s
Wilson - 1st 6s
do cvt -s .
do 7s ...
104
111
99
104
88
94
108
1Q2
88
102
92
100
97
85
96
104
95
91
109
108
103
99
101
98
103
87
106
105 '
95
98
103
101
94
100
101
96
91
105
105
H3
106
99
103
111
99
104
98
94
107
102
88
102
92
100
97 1
85,
96
98
87
106
106 -"
95
98
103 i
101
94
100 I
191
96
91
105
105
103
107i
104
111
99
104
98
94
108
102
88
102
92
100
97
.85
96
103jl03
95
91
109
107
102
99
101
97
103
95
91
109
107
103
99
101
98
105
RAILROAD .BONDS
SlAlbanyASasq 3a 82
. SljA T s F gen 4sl 88
4 do evt 4s 83
51 do adj 4 87
1AAC Air Ij4sA 93
2A C L 4s 89
9 do 7a- . 107
1 do con 4s '. 87
48jB A O 6s ... 101
22i do rsf 6s....... 88
551 do crt 4 s 83
8 do gold 4 j 82
uo ri.Lnva?i eu
ll do 4 TolACin dv 70
20f do 8s 8wn dv.l 92
. 5 Bkln K Tr 7s. .1 92
16,Bn R T 7s tr co-c 92
10, , do 7s tr co cfs at 89
18,B RAP con 4 s) 85
l,Bush Tm con 6a 90
2Can Sou 5s. ... . 99
14(Can Nor 7s . i . . 118
1 .do dab 6 s ' . . 113
' 63;Can Pac 4s p. . 80
lljCaro Oh ft O 6s 91
40Cn,Ry of Bxl 7j 89
10C of i Ry con 5si 97
10, Ct Psc s f 3s 91
89;Ct Pac 1st ref 4s 87
121'C ft O evt 5s... 97
21C ft O gent 4 a 86
32iC ft O evt 4ai 88 ,
8Ch ft Al rfg 3s. 63
44i doi 3s 82
6C B ft J gen 4s) 88
JC B 4 g ref 5sjl01
1 tC B Q 3 111 divl 81
1610 ft E I 5a, . . 82
icm ft Ene 1st 5ai 98
33jChi Ot Meat 4s 61
liCh lnd ft L,v rf as 108
8) do 1st gen 6s. .100 .
11C M ft St P 4s! 75
12 do. 4s . ..... 84
60C M ft St F evt
1 4a 1 72
. Z3 oo ng 4 ?a a.i 66
41 do evt 5c B. . . .1 76
471 do 4a I 84
71 do deb 4s 63
a rag s 1st tl 71
4 C N W s 111
91 do gen ,3 a. . . 77
4 Chi Bys ' Co Sa. 81
67 C R I rfg. 4a 84
8 C Ter Haute ft 8
E 1st ft ref 5a 83
10 Chi Cn 8ta 4 s. 92
5 do 6 s .112
11 C ft W Ind eon 4s 77
5 CCCABtL deb4a 92
2 do gen 5s 101
6 do g ra 5-4s...( 80
-211 oa es A 1101
11 Cle Vn Ter 5s 1104
ZICOM c bob 1st 4s 92
1 do rfg 4 a. . .1, 87
2 Cub B. B, s. .i .j 5
11 UU 4s UUdtCVt SsllOO
8 do 5s .i....J101
8 do ref 4j.. ...j 87
- OO S . .4 . . . - lli)
17ID ft R G imp 5s. I 83
75 do ref 5s 60
41 do eon 4s I 77
i"ii' as as I o 4s. I 56
82Det Cn'Rys 4sl 85
1 21 do prlr ben 4s. .1 66
XSI do evt 4s SA I 61
tzr ao evt 4 sb...i 51
12 do cv-4 SD...I 64
27GdTmk of Can -7s 1 1 3
j 17ldo a . . . 103
64!Gt. Nor 7a. 111
. 01 ao4i 1 90
4 do g 102
14 Hud alan rsf
6s aA
47 do sdj roe 6a
26 IH Cent 5 a....
28 do 4a:..
13 do 4a
Ill do 4s Cairo B dv
3 , Inter RT et 7swi
IZOl do ref 5s..
82! do rf 6s bank etfal
110
..7
IS
16 N adi 6 wi.
lowg Cent ref 4a.
BT- C Sou 6ai . .
do 1st 8s
70L S ft M S dB 4x1
ar 00 aeb 4a 1
Sft y of Paca 4sl
8
87
83
87
93 n
80
107
87
100
i86
182
82
79
, ?
92
92
92
89
94
90
99
113
113
79-i
91 I
88 ,(
87
91 l
86 Ti
96
85
87
53
32
88
101
81
81
88
51
108
IOO
75
84
71
66
76
83
63
70
111
77
81
83
do gen
6Lex ft
4a..
East 6a.
ft H aaiflsd 4si
6l A a
z9Mbt St By ecas Sal
14 Mich Oea deb 4a
S MU El HvaU Id
71
6
16
ll
10
227
X
-
: 8k
.62
0
01
11
15
12
aiStPftSSM C ai
loo a .......
a a a T 1st 4 s..
do 4a B wi. . 4 .
do 6s A wi....
do adl'. 6a A wi.
do C wt . . .
kfo P rfg aa...-.-
da a ........
do gen 4a ... . .
N O T ft at foe Ssi
X T Cent deb 6sil06
.NTCftHB. gn 8al 7
OOLa. ....... I 4
do 6s........ I .
233 T iBya raf .41
tr co eefs. ... ..I S
TfNT SasftWa at 6 J 61 tt
17fNorfolkS gem 64 .69
W RR bob si 89
00 evx ws.,i...U23
do dre 4. C ...J 87
PI Pac 6B.....ilU
do 4a A 89
do pr In 4a.. ..I 86
da gen Ss . . . . .1 CS
16
, 1
in
15
,11
88
59
101
8
81
ii
76
74
68
43
91
68
94 H
92
93
90
99
98
99
0
91
2
104
08
83
Tl
SB
69
SH
97
lO0
17
83
92
112 i
76
91
IOI
80
IOI
104
92,
87
85,
99 i
101
109
83
49
77
55
85
52
65
6L i
50 i
63
113 I
102,
111 :
0
101
83
69
1
84
81 1
BV
7
74
74
83
41
90
68
94
92
92
90
9
98
3
6
90
92
!10S
88
82
Tl
84
1
6
7
160
4
TT .
196
76
7
82
87
83
87
93
89
107
87
100
88 J
82
.
79
70
92
92
92
89
4
90
99
118 -
11a
79
91
88
97
91
87
96
86
87
53
32
. 88
101
81
81
98
61
108
100
75
84
71
66
76
83
63
71 ,
111
77
81 H,
83
83
92
112
76
92
101 '
80
101
104
92
87
85
99
101
8 7-14
1"1
83
49
77
99
85
52
65
61
56
53
118
102
111 i
90
101
88
59
101
85
una?
98
76
74
58
41
96
62
4
92
2 -
; 0
99
8 -9S
90
90
2
108
88
82
Tl
84
1
96
7.
104) !
77
106'
T6
96
8
S5H
61
68
88
122 j.
87
!
89
Stock Dividends V
Of v Standard Oil
Are Not Taxable
Washington. Oct. 19. (U. Sec
retary of the Tr;eABMry Mellon -will-rule
that stock: dividends of tbe Standard
Oil company of New Jersey are not
taxable, it was indicated today at the
treasury department.' Mellon feels that
"there is nothing to say," he -was
quoted. v
Hei takes the view that the 4 J per
cent ; stock dividend declared by , the.
company is in reality a splitting! up
of the shares and will not add to their
value, it was stated. He feels that
the accumulated profits Qf the com
pany have been taxed ' and . therefore
there is notriine to tax In this case,
as it shall not be held aa a distribution
of accumulated profits. -
Mellon expects; to write a letter to
morrow to Representative Frear of
Wisconsin, in reply to a letter from
the congressman asking for an expres
sion of opinion from the secretary on
the stock dividend.
WALL STREET STOCK QUOTATIONS
: i- " Vporft by O-srbeck Cooke Ca. , i
Bale.( STOCKS
High.
800
500
I 1790!
FOREIfSX EJCHA5GE KATES
Corrected daily by the foreign exchange de
partment of -the United -State National bank.
Quotations below (except the pound ster
ling) Axe quoted on the. basis of 100 units
foreign currency.
Opening nominal rates on bank transactions:
Iraft Cable Par
Checks. . Transfers. Value.
X 4.47 8 4.48
London
Lbs. sterling
Paris Francs
Relgium Franca
Berlin Marks.
Genoa Lire .
Athens
Drachma . .
Copenhagen
Kroner . . .
Christiania
Kroner . .
Stockholm
Kroner . .
Hongkong
Currency
7apan Ten
Shanghai-
Tsela .: . .
Canadian
cent-
7.38
6.86
. .03 1
4.19 . 2.05
. 20.10
. 17.86
. 26.65
. 56.35
. 48.05
16
7.39
0.87 -
'.03 1-6
4.19
2.07
20.15
17.91
26.70
56.60
48 20
8 4.866
19.30
19.30
23.81
19.30
19.30
26.70
26.70
26.70
SOOiAdam Express ,
Advance tftim . .
do jifd ......
Arc Cheat ...
Aiax Bobber -i-..
Alaska Gold . . .
Alaska; Juneau .
Allied Chess . .
lAlHs-Oaaimeas- .
do Tf,i-
Ami Beet Sugar . .
lAm Boxh . .
hoi Can Co . . .
ia pfd.
Asa. car c trly.
do pfd. .;
Am Cot Oil ...
Am Drag Synd
Am H ft L .... .
do pfd.
Am Ice -iV
Am JtotI Corp .
Am Linseed . . .
do pfd
Am Loca . . . .
do pfd- . - . - . .
Am Saf Raxor .
Am 3 -ft C . . .
Am Smelter ...
do pfd. ......
Austin Xichol - .
Am Steel Fdy - .
Am Sugar . . . .
da Did. ......
Am ttumstxa . . .
An Tel ft Tel. . .
Am, Tobacco . . '.
do "B" ;
Am Wool
do pfd
Am-W P pfdi . .
Am 2inc ......
Anaconda .....
lAsad Oil .......
Atchison ......
Ao pfd ......
At! Coast Iirie.
Atl Gulf ft W I.
Loco. .
890
8700
70Oi
470O
700
3000
7001
20O
S0O
25400iBaidwiB
100; do pfd
1100
81
84
60
tii"
'42
73
10 i" "
36
'l4
74
112
36
89
133
8
23
62
102
33
44 -
79.
88
123
164
160
101
62
Hal to ft Ohio. .
do Pfd
2300 BartwdeU Corp
200 do B
1400OBeth Steel B . .
Booth t uh . . .
2900B R T ..... .
200; Butte C ft Z.
800, Butte ft Sup. .
4700
21100
400
100
5100
100
14 Off Calls
Bros A.
Bums
do B
Caddo Oil .
Calif Packing
Caiif Pet . .
do pfd
ha
106
-I -,
122 n
30
140
'53
'88'
25
75
"ii '
'83
138
53
10
"63
an ZftLead
8
Low.
. . 74.93
dollar discount.
75.25
and per
Sales, j
120
7
29
10
- 19
29
29
4
55
72
38
43
3
4:
28
26
31
40
29
IN 11000
I High. I
41
37
P L M R R 6s ctf
Pa R B 7a ... .
do 5s
do con 4 s .
do gokt 6 s .
do g m 4 s. .
Reading gen 4-Gi
SLIUSRO div 4s
SI-SF pr li 4s A
( do 5s B .
do adi 6s ...
do 1 no 6s
do gen 5 s
8t L S W Term
SAL rfg 4s
do adl 5s .
do con 6s
Sou Pac evt 4 s
do rfg 4s
do col tr 4s
Sou Ry gen 4s
do eon 6s .
do 6 s .
m ys
72 Third Av adj 5s. ,
28 IT S L A W 4s. .
4C Pac 6s
33 do 1st 4s. j ... ,
7 do crt 4si . . . ,
18,Va It 5
STANDARD
f)00Angk-Am tlil .
600 Atlantic Loaos .
1 0 Buckeye PL
40 Continental Oil .
60 Gal Sig - pif- . . .
140 Ohio Oil -i. . . .
S55 Imp Oir- of Can.
85 Imp P L . . . . .
7500 Int Pet Co - Ltd.
245 Magnolia. Pete .
10 N Y Transit . . .
120 Prairie PL...
25SOO . (I tnd .
200IS O Ky new . . .
74
109 4
100
99 H
110 A
92
85
86
72
87
80
67
95
70
44
28
68
92
70
97
103
U2
75
105il04
Low.
73
109
100
99
110
91
84
86
72
87
80
67
95
79
44
27
67
92
87
87
69
96
102
60 W
74 I
91 I 0O
95 95
. . ! 98 ! 98
OIL IS8.CES
9100
475
765
8700
85
s tl Jv x new .
SONY
Vacuum Oil . .
do new
S O N J new. .
21
8
94
150
53
335
120
98
S3
230
174
299
128
1104
49
571
675
42
46
1
8
94
ISO
SO
325
117
98
21
217
174
293
124
110
47
351
655
41
44
I Close.
73
106
.100
99
110
91
84
88
72
87
80
67
95
79
44
27
68
92
88
87
69
96
102
00
'74
104
95
S8
21
8
94
150
50
826
117
98
52
230
174
293
124
110
48
662
658
41 !
44 '
1500 Canadian Pac
800ICea Leather ...I 41
2200 Cerro de Pasco . . 46
SOOOfChandler Motor.. 63
lOOOICtiicago ft S-W. 92
4ttO Ctago Gt W 7
100 do pfd . .1 15
500,Chili Cop ...... 25
400CMno j 28
4800:C M St P 1 82
4600;O M St P pfd .. 51
4200. Coco Cola ..... 81
44O0(O ft O .1 76
400Colo F ft I 32
4 00 Colo Southern .. 49
10200 Col Gas ft Elec. . 110
lSOOH'olumbi Graph. 2
HOOOfCon Gas il41
14 00 (Con Cigars .... 40
..... j do pfd .......
600'Cons Textile 10
SOOOjCon Can ..... 9 V
33500Carn Prod ...,U32
1 do pfd ' . . 1
13900Cosden Oil ....49
2660 C R I ft P ... .1 44
800 do "A" pfd ... 99
400 do "B" pfd. . 91
6300Crucible 7
100 do pfd
1600ICnba Cane 14
900 do pfd 1 38
1500Cuban Am Sug J 22
14100 Davison Chera . . 40
800 Del &. Hud ion
29O0!Del ft Ick 141
3 8 00 1 Dome JJ mej
16200iF:iec Stor Bat . .1 56
400:Kndicott-Johnson. 85
180!:ris ......f...l 16
1700Krie 1st pfd . . . 24
4900 Fam Playen ...101
Fed Min ft Smelt!
do pfd . . .
Fisk Tire -
Gen Cigars
Eke . . .
Motor . .
do 6 ...
Gen Asphalt . .
tilid Paint . . .
Goodrich TAR
Glen A Id en ...
200Granby
700 Gt. Nor. Ore. .
11000 Ao pfd
100 Greene Can . .
S200Gulf S Steel.'
4 600 1 Houston Oil .
4 O0 Hupp Motor .
70Ol!l Cent
600 1 Inspiration . . ,
. 2(M)ilnt Agr Corp com
400 do pfd
200Interboro,
400 do pfd
5O0Int llarv
100
7O0l
lSOOHien
13600 Gen
100
3200 I
' "io
81
185
68
3IM Int Mer Mar
4300 do pfd . .
700 Int Nickel . .
2700 Int Paper . . ,
do pfd . . .
2100 Inv Oil
300 Jewel. Tea . ,
K C South ,
do pfd . . .
T4on,KavHer J
38
95
90 ' '
84
22
114
I
8
36
1
110
14;
61
16
61
7
. 4. . .
..,-
84"
48
48"
40
II
18 "
26-
18
78
110
35
9
181
7
21
6
101
34
43
78
88
123
162
159
99
5
105
82-
1214
29
137
36
25
73
ii"
82
136
48
10
60
8
Bid.
148147
40
89.
8214
4)1
6
14
25
28
91
49
79
75
32
49 .
107
140
39
10 H
04
127
47
43
99
90
84
13
37
22
36
133
53 '
84
15
24
99
600
4400
1000
2250O
40ft
7200
8O0
1700
Kelly-Spgfld . .
Kennecott
Keystone Tiro
Lack Steer .-; .
Lee Tire . . . .
Lehigh Valley ,
Lorillard
Loew Theatres
47
44
34
83
26
71
174
21
80
184
61
38
94
88
81
22
113
" ' 8
35
'.
1
109
14
SO 4
16
69
45
43
34
ii"
36
69
171
21
81
IT
66
14
-: r
1
:- 84
48
93
, 42 -
40
78
110
189
122
28
14 -
73
111
33
39
5
182"
119
7
22
6 -WIS
4
43
78
105
88
123
162
159
99
11
32
18
51
119
105
92
122
SO
138
117
54
63
8U
24
73
: 8
17
7
81"
137
61
10
83
69
94
.8
147
46
39
62
r
t -
is
28
32
75
82
48
109
139
39
ai
1
94 ;
iI29
121
47
48
99
90.
84
95
13
4S1
22
38
133
138
-38
57
64
13
24
94)
12
58
12
79
1S3
14
84
1
13
34
56
30
38
04
28
88 H
82
113
38
8
33
108
14
16
59
85
16
18
S3
66
4.5
43
34
7
81
26
9
171
21
Sale., STOCKS s ' High. lw. I Bid.
Our New Location. N. W.
Corner Fifth and Stark
83
81
68
88
121.
87
198
88
86.
63
93
We offer our
participation in
$2,5.00,000
Pierce, Butler & Pierce Mantifacturing Corporation
ey2
First Mortgage
Sinking Fund
Twenty-Year Gold Bonds , .
r"irLfltob,U1 1922i, I, October; 1, 1942. Interest payable April 1
and October Coupon Bonds in $1000, $500 and $100 denominations. Call
able at substantial premiums. ! . V
BUSINESS. This corporation is among the largest organizations
in its line making all classes of boilers for; power and heating;
and also is a large producer of high speed engines, steam and hot
water radiators, pressure guages and thermometers and a special
paekless steam valve. . f
SECURITY. Bonds secured by closed first mortgage upon all
real estate, plants and equipment, including its modern plants' at -Eastwood,
Syracuse, Oswego and New- York City, New York,
Newark, N. J., and Huntingdon, Pa. i
ASSETS. Net tangible assets, exclusive of good-will, patents
and contracts were, as of June 30, 1922, .7,aS2,432: amounting to
,ti" wr scn,tx,uv oom, iixeti asseu represenung. i,b4Z ana
. net current assets $110 of this ameoBt.
EABNINGS. (Average annual net earnings available for payrnent -,
. of interest charges, for tha six years ending IDecember 31, 1921,
: J after depreciation and federal., income and excess profits taxes
2660,380, or at the rate of approximately 4 times maximum
-: interest charges: on these bontis. - The Corporation has operated
H at profit during each of these. years including 1921, a year dis- r
; astrous to earnings of many corporations. . " '
SINKING FUND. Beginning October 1, 192?, semi-annual pay- '
v ments are to be made at the annual rate of 2Vi of the total
bond, issue or 10 of, the net earnings of the corporation for the f
preceding fiscal year, whichever amount shall be' the greater.- .
? i - Price, $100 and Interest, Yielding 6Vi'
IMCOHPORATED
, 400L X . . .V
. IWtfl Ltoi Ixw ....
5100Marlaad Oil
10(M;Maxwell Mot "A
1800 do -It" . .. .
lfrOtMay Stares . . .
lOOOIMex Peg - . . .
1700;Mex Seaboard'..
SOOiMiami -. . . . .'. .
57CK)tMtdStats 4M1. . .
8100 MkI vale Steel ..
--.M K T wl ....
2400. Macx Track . .
40iMont Power ...
164MlMimi Ward ....
604jMo Pacific .,V
3 SOt da pfd ......
- 200IM St P 4 S S Ml
evwi. raseuit
SOOOjNat Enamel
' SOOiXat Lead .
zwo
9600
Nevada Con
Xew Haves ....
Norfolk ft Wert.'
Vn. A ...(
lTSOOlNor Pacific ...
rOVW Henri. .
";' i Air Brake, i
18600 X YOntral . ,i
ivvtKiKiM crtxt rsr.-i
lOOOOrpheum
600OntATio ft W.. .
100,OUs Steel .... . .
(Pacific Dee ...
90O(Pac Cisa ft Elec. .
lBOOO.pacifar Oal .
48000Pan Am Pet. . . .
86000). do "B".-
4100;Penna .". . . . . .
lOOjPenna Sea Steel.
SOOjPeo Gaa . . .
300Pere '-atartraett. .
80O 1'hlladelphU Co. .
43O0jPhiUip Pete
2IO0Piec Arrow..,.
2506 Iietce oil . . . .
14 00 Pitts Coat
1000 Pitta ft West Ta.
SOOIPreaeed Stl Car. .
llOOIPunta. Alegre. ..
(u i-uuman ......
200; Ray Cona .1, . . .
11500Reading ..
3600jReplogle Steel. , .
8800, Rep I ft S. ... .
" 700 de- pfd . .
800; Rep Motors . . . .
11800Royal Dutch OU.
lOUjsty Steel Spg
100! Saxon Motora .
lOOISears-Roebuck
-1008hattuck ft Arix.
SheR T ft T. . . .
Sinclair .......
Sloaa Shef ... .1
So Pae
So Ry
SONY
8 O Cal
S O Ind . . .
SlbOOjg O S Y
.8 O Ky
200St L ft S F
800Htromberg Carb..
407OOgtudebaker
Swift ft Co .... .
Tenn CopftClint. .
Texas Oil
Ttxas Pae ...
do C ft O. .
Tr Prodi . . . . . .
Trans Contl Oil..
rnion B ft P. . . .
Cnion Oil Del. .
4200irnion Pac 1
lOOICnited Alloy' . . . .
500L'nitcd li-ng ....
18600
200
9500
3000
9200
100
17700
900
1.90Oj
1800
9900
500
2500
87
,55
16
224
17
38 H
13
84
1T
a?
72
. - X-
5fl
59
75
239
67
uo
"S2
122
06
89
39
I0
23
23,
' 2
84
54
93
98
48
: .5 "
96
88
18
69
' SH
: 90
14
8tr
88
56
83 '68
34
'93
28
127
224 "
135
eon
29
62"
14
72
15
82
I142-- T42-
, . -9
86 87
64 54
16 16
. . .- . .113
218i218l
17 IT
28 28
'12 IS
38 t 34
17 J 17
53 Sw
TS -.. 72
f 22
21 21
58 5b
73 74
2SO 230
66 65
108 108
.. ... 15
81 81
120 120
95 9
87 87
as
89 sa
93 98
..... 2
25 25
25 23
10
2 ( 2
8 88
48 49
89 90
88 1 89
48 48
4 4
95 93
37 87 H
41 41
49 49
12 13
6) 6
68 58
"SH 88
89 J 89
I 46 45
1130 130
-14 44
79 79
81 31 A
844 54
83 85:
i
57 si
120
8
..... 88
. 8
37
83 88
. 48
94 94
26 i 26
572
122. 123
.124
S16 217
Ill
.. . ..1 28
52 - -
131 132
..... 199
0
49 49
29 2a
24
si ei
13 13
71 70 W
1 7
149 14
I 87
81 81
8aa.f Vt 81000
1400;cnild Food Prod
1400)Cnited Fruit : . . .
... . -. Ilatt RAs of S J..
50 do pfd ........
8506 Cn Retail Ktorea.
ir r, 1 mn,...i
83lHir S Ind Alcohol.
100,1! S Una. .. .,..1
7 nor do i pfd
1HI I, 8 WnwJUng . . .
43100
lOOO
20OO
2H
70O
80OO
C H Steel J.
do pfd . .
Ctah t'opper u
a- t neos . c-.
do pfd. i. 4 . 1- .
Tanadhia Steel
vTlvaadow , . . . . .
2(lWahah ......
190O do A. pfd .....
da H nfd . . , . .
1 400iWeUa-Vargo . i ...
lOOaWestera Pac-,.,
lwf do pfd . . . i. .
7 04 1 Western Cnioa .
4 OO West'house ,A B.
8200
500K'et Md
10O0
1400
14 OOf
170
West hse E A M
1
Whit -Ksale'oif "
80t)Vhita Motors, .
Mhit Oil . .
ViUys-Overland
do pfd. ... ; ... .
ViLem Packin .
l0;VicoDjiin t'entralj
100;Voolworth ,
ROOiVVonh'ton Pump
800W ft L'E
HicK
160
81
54
" "
57
IOO,
iosV
122
T
'8
44
81
'wi
"
lis
'2
"si
sou
42
42
88
12
tow, Close,
Money
Total
Total
BAXK
6
156 s -11 56 t
.. IS
81 80
82 '
82
67" 7
55 65
89 99
.. . 46
107 107
j 22 122
is
26
. 68 , 68
'43 ; 43
13
11
31 81
"is" 93 .
17
.49
114 114,
:. . . 99
I 62 62
..... 14
80 86
. 49 49
...-.. - e f
6 6
40 40
41 41
80
I. . .i. 194-' !
88 38
12f 12
3. 4. 4.
eales stocks. , 1.361,04)0 shares. '
ales bonds. $15,112,000. .
Clearfaies Mon. . .
Balaacd Alow , .
Cleariaga Tues. .
BaJancas Tues.
Clearings Wed. .
Balaaeee Wed. . .
Clearing Thus. .
Dalanecs Thus. .
STATE3art.1T of
Portland Banks.'
8.484,887 3
-3.ias.fiiT'
6.866.939
642,681
T, K7o,234
1.528.047
.766.68S
941.804 .
COAST
' 1921- !
6.674,984
1.431.252
6,970.884
1,041.238
5,822,863
1.178.248
3,359,280
1.147.7413
Clearings Thursday -s:i
San FraiKltcoi Banks.
tl Banas.
Tlutraday
Thursday '. . . . .
Oakland Banks.
Thursday
La Aneetea Uanaa
Thursday
Taooma Banks.
Thunday'a trantactxins
Clearing
Balancea
Clearings
Clearings
329.300,000
.85.818.479
. 1.710.838
. $2,020,300
$18,936,167
.82.654,000
ff BE5CH OFFICIAL GTJEST
i OF. ISVESTMEST BANKERS
The Portland branch of tha Investment
Rankers' Association of America waa heat last
night at a dinner at tha Arlington clubj at
which- the - gueata- of honor were Captain Jo
seph Perret. a representative of the French
government in 'America, and Frederick Fenton
of Chicago', the secretary of the Investment
Rankers' Association of America. - -
Captain Perret announced but night that in
May another group of- American investment
bankers will go to Franc aa guests of the
French government to investigate the indus
trial and bosineas situation ia' France. He
stated that tha trip will' take approximately
three months and that . every facility will be
offered the visitors, to study French industrial
conditions, so that, when new financing pro-1
a.-n pirns w -America irom rranoe, weee men
may be able to pass intelligently oa their
merit. ,..
Mr. Fentoa. in his talk, dwelt on the funda
mental point behind tbe Investment Bankers'
Association of- America namely, bringing the
investment banking business to a coustantly
higher plane' and - renderinc foorvr eomiJete .
acrrtoa t the. Inventing ibU. Willis CUrk
sctM aa toatmarer and 83 local banker and .
bond men were the smesta. 1 .
1 .. . ., n
ershey
H
Chocolate
any
Cornp
FIRST MORTGAGE
- SINKING FUND
6 GOLD BONDS
- 4- Dens.
$500
'J-' '; ; $1000
The 1 world's largest manuf ac
turer of milk chocolate. ; ;
Net tangible assets, after de
ducting" ALL liabilities except
ing this $15,000,000 issue totals
$32,688,442. The annual net in
come for seven years amounted
to over $3,400,000 or more! than
3.77 times annual interest re
quirements. : -; :;;' -; . '
BOND DUE 1942
Price "
' Yield
Over 6V8
An excellent bond. Secure
' full (lata immediately.
LTTMBERjyiEINS
Broadway and Oak
r.T.IJ.I.M.T.I.M.T. I.T.I IIMIIIIIIIIIIllll 1 I I I I I I 1 .1.1 .T.l.t 1.1.1 1
' - ------ - - a-'- mm-m m,m- m a. -a a,- ai a. -a. a a-a a a,, a ... a t'.l.'u m .. a aA a .. a - - - - - - - - - - - -
Your attention is directed to the ne. issue
United States Treasury
Bonds
1947-1952 '
Dated Gctober 16, 1922 ' r ; Due October 15,1952
Callable on and after OctoRer 15, 1947
Cash subscriptions for this loan were (closed October 14 and no
further subscriptions will be filled. ' ." . - ;.
However; up to October!, 1922, Treasury Certificates .of Indebt
edness maturing- December 15, 1922, and j Victory notes of the 44
per cent series, whether called or not called for redemption, will be
accepted in payment, with jin adjus.tment ojf accrued interests
We urge that you immediately avail yourself of this opportunity
of converting.ybur Treasury Certificates arid Victory bonds into these
long term United States Government Gold Bonds. ' ' I3
As a matter of convenience to our customers, we will handle any N
subscriptidn received prior to the closing of the books. N t -
BOND DEPARTMENT OPEN 8:30 TO 5 SATURDAY 8:30 to 2
it
Oldest in the Northwest
iff i PI ff t fx "-ry-v TA T
t - -
? at THIRD
y i v i v i -i' i i T i v i v i y i y i v i y i v ivi'f l v i v i v i r i v i v i v i v i r i v i v i v iv i v i vi 'ri v i v i v rrm
. f i
: ' 'r - ' j
-aw!-'' ' ' J
3tDAlKSERVG
aaaaar svcMaaaal
- f.' . ;.r-- ' . ' i.
" i . ',-:-r '.'" ' i" , ' ' ' " '
A Tested .
Earning Power
, . ' ! '. : --"V. j '''; :
Each share of-the Preferred Stock of
the Pacific Power 8c Light Company
is backed .by : proved earning power.
Net inconie.for the eleven years since 19 11. has shown as steady and
gradual increase. ' Earnings available for Preferred Stock dividends
for this period have averaged more than- 2 limes the Preferred
Stock dmdends paid, z' " ) , r
These earnings, to the amount of 76 are derived from the sale o
electricity in k well diversified field. : j ! : . 1
The Preferred Stock of the Pacific Power & Light Compkny is entitled
to cumulative dividends at the rate of ,7 per annum. It U entirely
free from , Normal Federal Income Tax. Dividends are payable on the
first day of February, May. August and November, and have been regu-
vy awy uib wumpaay wa organizea. l i mi scocK:orrers
attractive mvestment for the conservative buyer. 1
an
; Price Par and Accrued Dividend to Yield 7 !
" Detailed information 'will be furnished upon request',
- GOVERNMENT-MUNiaPAlrCORPOnATlON BONDS ! ' I
- :-. FOURTH AND STARK .PORTLAND
- ."..ir - $ f lBRQAJJVVAy648l -
SAN FRANCISCO-LOS ANGELES NEW VORK-bHICAGO-SEATTLE-.pORTLAN O
: t
n
3
86
62
98
29
refftimp 6s. I 94 i
. 10 Or. Eh Lslas oa 9a'l03 J
lotfcUos
-