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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Nov. 28, 1922)
1G TUESDAY, NOVEMBER 28,. 1922. GENERAL. ADVANCES ARE FORCED IN SECURITIES WHEN STOCK PASS INTO STRONGER HANDS f -It, HIE OREGON DAILY JOUltNAL, PORTLAND, OltEGON. REBOUND SHOWN NEW; YORK BOND TRANSACTIONS I J Bvtd bj Tb. JouraT Wail Street Buu IN STOCK MARKET f ' ""' 4 el's a. ' . . Stiufi . Wert Wall Street. ", Nev. 28. The l" stork market: wblcb wa the center of interest . in the' financial situation today. gave an. exhi bition oi nni n nui tar a market pressed rinwn tern far b spec ulation for the decline to finally : teacn we turn. . - -. ... Certainly there could he m eurorne over 13 Hidden upturn ' today w if it on tM part rt .nvtwwiv who faae accepted the analysis of the recent nownwaro movement as being due not to anything unfa vorable in outside con ditions, but simply to the necessity of setting right a previous owr gpecnlaBou. - At such times stocks Invariably g-ty- down aa far below J tlwr.r real varaes aa in .. the campaign far the rise preceding they had '-been jm shed above the value line. One bears i ' nnder these eirenmscaneee a' lot abont selling, ? feat very little about the the baying; but the - eiperience slwsys la that stws are gradually -taken off the hands of demoralised pools and H-iJ: individual traders and find lodgement among : banking and investment lnteresta which are ; perfectly capable of holding them. Prioe fteoefl Natural When a stage is reached where the transfer from weak to strong hand haa gone far enough to , remove the greater part of the available supply and leave the short interests without means of getting: in tbelr contracts around- i Hie low ririces, there, is just such, a recoil as jtjs occurred today. There waa nothing in the outside news to : account for the recovery any more than there had been year ago in the ontajde news to ... . explain the previous decline. But as usually f, happens. "the speculative commueity waa dls ..j . posed to par more attention to favorable lest ores in the financial situation which-It had ia nored while prices were going down. Among these were the statements repeated in the weekly reviews of the iron and steel trade that production - was back practically to where it stood before the collapse in the autumn of ' 1920. . None of the" dividend announcements, either ; stock or cash, had much effect. In the ease of American Can putting the shares on a f 5 basis appeared to have been fully discounted, ; the- stock feeling the weight of the traditional selling on the "good news" in the same way . the entrance of American Woolen representa tives on the board of Consolidated Textile was the. important development which the market .bad been anticipating and for the time being at least the rise in Consolidated Textile stock : was checked. , ...-' Naturally, the rebound was more rapid in stocks that have been driven down the most ; severely and in-: which the short interest was presumably the largest stocks like the steels, the - equipments, the motors and some of the , rails. So much emphasis has been laid re cently upon the rise in sugar prices, the dwin dling of unsold stocks and the altogether favor able outlook for next year, thai it was not sur- prising that sugar securities, both stocks and bonds, should have been prominent in the rise. Some Rally In Exchange . i The foreign exchanges rallied in the after noon after selling off quite sharply in the day Preach francs at 6.65 were down over all the ground gained in the rise of a week ago, showing how. largely the advance had been -due . to repurchases for short eceeani. The late recovery brought francs back some 10 points and carried sterling again above 44.52. As an index to the French financial position the weekly statements of the Bank of Prance , end 'their disclosure of the changes in the - paper currency . item, are just now of more significance than .the highly speculative fluctu ations in franca. The recovery on the stock exchange was i accompanied by simultaneous improvement in bonds, in cotton and In grain. V Thv"dTae!Lin "t prices wag psrticu : larly sharp, , , The main consideration here is, et course, the remarkable increase during the last two months in foreign demand. : Jump Shewn At the high prices reached in the final hour ; of the stock market the share list was on 2 and S pomts on the average from the lows ot il.PI!IiT1JL.d5r- Thu auffieiently : clear proof ef the extremes to which specula- th .diin. bem Pushed. The notable jump in Calif ornia Petrolenm appeared to point Quits strongly toward the stocks being r!jttn?' . the dividend list next month. Stand , irt -W shares were prominent in the ad vances and so was Burns Brothers "A " which 'went through its previous high of the wr- be Pan-American, 8tudebaker, Bald vnn IjocomoUTe and Auerioan Locomotive were tbeleadera m the trading toward the end, while , te common made up the dividend which was deducted from iu selling this morning. By George T. Hugfcee ' . (By Special leased Wire to ToeonnialJ. New ork. Nor. 28. Bond qiioUOo showed improvement today, r-tloiUr th specniative issues. Probably . the bettor tone oftbe stock market was an influence. As far as the high grade issues were concerned net changes were very small. - - liberties gained slightly, but the trading was comparatively lifeless. There w still con cern over the possibility of the reSBrrection. oi . i ' TtuM kiM -m nmsnect ef new U1B imiu z..' -r , U1S -w a Foreign Exctranfre 9fa.rket .0,rk- NoT- 2; Demand sterling ,S9H; lire cables, 4.T8 ; checks 4 75 ST Marks, .001 1-16. BelgiaTVah ei al checks, .83ts. Guilder bl '?' ehecks, 89.55. Sweden kronencabl'es. le i! checks. 26.d. Norw cableT iTso; t.' Denmark cables, 20.40: checks, 20.30. f.o2 28.4S. -SI "ST JHonej ud Exchange ? Sew Terk, Not. 28. (I. N SI Call money on the floor of the New Tor'k Stock 4 at 4 H per cent: hh i JTLifM I 4 pe' " Tm money Per cent. sb.ar!v " " ,Iua' mefui paper was Call money in Ionrfn . ieent. Per -a 3-if ' : ! ri . I I . m n . To "n Am 0 On Ycroz Money. ? A Safe and Sound Invest ment. . Easy Terms. ' 5 $10.00 Down and $10.00 a Month Our" 7 Prior Preference . Stock Now Offered at $98, Par Value $100. For Further Information Investment Department. PorUand Railway. Light & Power Co. , Room 605 ' Electric Bufldinj . Portland, Oregon. Atchison General government financing around year. . Limit rrm. 4s sold up to 89. Pennsylvanta faeneval 4 jl gained a half point. Chicago orthwestern General 3s also went higher.- So did Burting ton tlenersl 5s and Illinois Central 4 of All thme.'bosnis. represent the highest type M railroad eemntiee. Among second grade Rock Island Refunding 4s made a gain- t- O tkmvertible, sand Convertible Je went higher, as did H. . Convertible 4 . Therv waa very active trading the -abora Airline issueit.1 The 6s dropped more than a point and then made up more than toe loss by 2 points. : New lis veil 6s declined frac tionally at the opening and then rallied for substantial gain. Erie wanes aU were slightly lower and BU Paul bonds seet more iavor. Missouri. Kansas eV Texas Adjustments Also went higher. . ' - , - . The foreign list was eery irregular. French bonds, notably the 7 He and the Uept- of Seine 7 s, sold off, perhaps in response to the weak ness in franc exchange. On the other hand United Kingdom 5fes of 1020 equalled their high for the year. Brazilian T Hi s. - another .(.rtinv iuuo. ahio sained ground. Aetherlsnd prices were very active and higher. New York, Nov. 28. Following is an offi cial list of bonds traded in the New Xork Stock Exchange today with prices up to sod including the close of the market. Jf1 sales today were $11,428,000. against sll. 897.000 yesterday. $8,948,000 , Jr f, $28,694,000 at year, ago, and $14,008,000 l,"r'r"j"urT 1 to date $.1,92I.OT9.000 against $3,01 2.83S.000 a year ago, and $,418,405,001 two years ago. L.1BKKTY BONDS . Sales in lOOOs) High. Low. jClote, galea. $1000 - j High. lyw.1 Close. "3" :sVj.7 -. i "t sc - - ,-. 201 Railway xchanm : STOfcKS ec::ds PRIVATE XJEAJSED tFIAES X . F. Hutton & Co, MEJJaF.BI Jit,!. lKntCITA& , , EICHAKfiEs -... ' Sosteit XBIolrixe An Sales. 273Lib 8 Vis '32-47. 54 493 423 '32- Ub 1st 414 s 47... - Lib 1st 4 reg 82-47 Lib 2d 4 lis '27-1 42 .. .. .. Lib. 2d 4Hs reg '27-42 .. . Lib 3d 4 lis '28 lOiLib 3d 4i rg'2 10-3Lib 4th 4Hs '88 12Sb 4th 4 lis reg S46Victory ' 4 i "23 '. II Vict 4 a reg '2 125 1 Vict 4s '22... 8 Vict 4f4s reg '22 230U S of A 4 14s '47-52 .. ! VOREIGN I ' 371 Argentine 7 s 27.. fijBeigium THs 45 do 8s 41 ..... , 41 do a 25. .... . gfBergen 8s 45 ... . ' 8lBern Ss 45 . . . . 20lHoUvis 8s 47 ... . BordeauiB s 34 . . 20 Brsxil 8i 41 64 Bras 7 Vis rets 52 40 do large 52. . . . 1 Chile 8s 26.-. . 4 Chile 8s 41 1 do 8ss cf 4. . . 10 Ch Govt I.J 5s 51 . 1 Christiania 8s 45. 3 Copenha 6 Ha 44 . 1 Cuba 5s 14 i. 1 Cnba 4 Vie 40. . 23iCseehoiil 8s cfc 51 llDan Jinn 8s A46 8j do 8s B 58. . . . 7Ienmark 8s 45. . 3 Denmrk cfs 6s 42 43 leDt Sein 7s to 42 lOjrtomln Itep 5s 58 I'lOom of Can 5s 26 72 do 5s 52 l! do 5 81 23!Itcb. E I rt 6s 47 . 48 do rets 6s 62. 48 French 7 Vis '41 02 do 8s '45 65 Haiti 9o. "52 ... 8 Jap 2d 4 Vis '25 75 do ster in 4s '31 4 Lyons 6s '34 . . 0 Marseilles 6s J34 33 Mexico 5s '45. . : 10 do large 5a 'S4 6 do fl '54 ... . 10 do Irr 4 Vis '46 11 Montevideo 7s '52 134Netb rets 6s '52. . 6Norway 8s '40. . . 34 do 6s cfs '52 . . . 2 Porto Ale 8s '61 . HlPraaueT Vis cfs'52 SiUueansland 7s '41 at ao us cis I S Gr de S 8s '46 9Kio de J 8s '46. . 101 do 8 cfs "47 . . 2'8 Paulo C 8i "52 t 3j do State 8s '38 18lSia.Kms 6s 'SS. . 12Sweden 6s '39 . . 3 Swws 8s '40 . . . 32 0 K 5 Vis '29. . . 8 do 5 Vis '37 . . . , 1 Zurich 3s '45 10014 9832 f 979o' : 97821 9760 0836 1)81 HI 10002 9816 97901 97701 9760 9828 8814 9800 9700 9786 9790 10030 10024 10026 10004 11000410004 I 10004 lUUUOlVUUV 99881 988 9988 90381 99301 9932 10002 9822 790 9774 9760 9884 9816 9802 100 Vi 100 Vi 100 Vi 100 V4 99 100 Vi 100 994 100 95 H 95 Vi 93 Vi 108 Vi 108 Vi 108 Vi 108 Vi 108 Vi 108 Vi 9,VVi 03 93 H i 77 Vi 76 Vi 77 Vi 97 Vi 06 H 97 V4 92 Vi 92 92 i 94 94 94 101V4 101 Vi 101 Vi 102 Vi 102 102 Vi 102 102 102 51 60 Vi 50 Vi 108 108 108 ' 89 Vi 89 Vi 89 Vi L 91 0191 ' 82 82 82 88 87 8T 107 Vi 10714 107 V4 107 Vi 107 107 Vi 109 108 108 I 98 Vi 68 Vi 98V4 88 85 85 101 100 101 98 Vi 98 Vi 98 Vi 99 Vi 99 99 98 H 98 H 98 S 93 Vi 63 93 Vi 93 92 Vi 92 94 93 94 98 98 Vi 98 96 Vi 96 96 92 92 92 80 80 80 77 78 76 77 76 76 49 47 Vi 48 Vs 47 47 47 -35 85 85 83 33 S3 89 89 89 96 96 96 110 109 109 100 99 99 90 90 9 72 72 72 107 107 107 100 100 100 08 98 98 94 94 94 95 94 94 97 97 97 97 97 97 78 77 78 104 104 104 116 116 116 110 110 110 103 102 103 110 110 110 NEW YORK CITY BONDS 2INTC4sHay '57(104 1104 1104 3 do 4 Vis '64 ...101 101 101 UlSCKLLANEOCS AND INDUSTRIAL 5;Ad E col tr 4s'47 2iAjax Rub 8s '38 1 A lM ev db 6? A A Chm 7s'4i 1 Am Cot Oil 5s'31 28 Am S- 1st 5s'47 18 Am 8ug 6s '37. . 1 AT&T cvt 6s '25 22 do col tr 5a '46 St do cvt 4s '83 lit do col 4s '29. . 7 A W Works 5s '34 3 Am Wr Pa Js'89 1 1 A JUltcvw re 4 7 1 1IAU Befry dbSs'STI 9IBald Loc 6s '40 HIBell of Pa 7s '45 liBth St P It 6s'S6 11 do 6s '48 . . .. 4Braden' 0 6s '31 171B H S 3s '42 i wi HBkln Sd Ss 40. . 10 BshTnn nid 5s 60 5lCal G4E 5a 87. . 6)Csn G K 6s 42. . SiCnLeath gen 6s 25 22, Cr DePtsevt 8s 81 Ul lChUe Cp evt7s S3 z ao eoi w as BZ . . 1 Cin G 5s 61 5 Colo Feci 5s 48 . . 14 Oal GAK 6s $7. Ill do 6e sto 27. . . SfCamweelthP 6a 47 1 tCom-Tb Bee 6s 41 OiConCaal sfd 5s 50 . ItCrnCrksYS 6s 42. lCbCSugevdb7s30 1 do 8s sts'39 2 Dery 7s '42. 4jDet Ed rf g 6s '40 7;Det B T 4s "61 8;1 M db 7s '85 8 D de N T '81 6tl L & r 6s '49 Si do 7 s '88 . . . 711K C Sue 7s '37 83IBO fc Per THs ets B7 ... , . Flsk B Co 8s '41 7P I D db 7s 42 I P Eg 7 Vis cfs '42 BIG E deb 6s '40 14jO R fis efs '62.. 70;Odh 1st 6s '47 4jGdyr X 8s 41. 281-do 8s '31..... SlGrby Min 8s '25 10G A t cvt 7s '82 29 H Clioe s '42 1 H A Lirt '47 42jH O A. R dob! I 5s '32 97 4ilnd SU 5s '52.. 1100 l ,Int Ppr 5 A '471 8 20) do B '4T......I 86 liit at ss a a s ii h jiu n-syser is '4Xjl05 7 i.elly 8 T 8s '811105 lllLack Steel 6s 28J 99 it ao os nu ..... 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N8P 1st 5s '41,. i3iN B T Ts 41... 2;Otis St 8s '41.. 5' do 7 s J45... 6,P G A E 5a '42 1 P T sa T 5s '87. . 9 de ref 5s "52.. i:PAP at It '80. 1!P O ref 6s '34... t S;P S S I 5s'5. . . - - -t - '. 80 96 80 96 rl 102 86 91 101 113 96 100 90 88 82 75 98 108 108 1 98 89 93 95 91 96 101 98 Vi 120- 109 94 97 89 95 95 88 97 11 84 87 97 101 58 107 102 SO 92 101 113 96 100 91 88 83 76 98 108 108 91 98 89 93 95 92 96 101 98 122 - 110 95 97 89 SI 88 97 88 97 84 88 97 St 102 88 . 107 107L107 99 104 99 93 Vi 93 91 107 99 92 91 97 81 102 100 89 102 107 95 92 104 86 161 105 98; 100 114 97 92 . 96 98 Vi 84 97 9 86 89 106 105 99 89 109 98 198 103 195 99 99 88 99 97l 109 81 98 93 104 98 98 93 91 10TH 99 93 -91 97 90 103 - 99 S5 103 107 95 2 104 87 . 101 105 - 99 190 114 98 92 98 98 84 9T" 100 66 89 110 105 99 89 110 99 109 102 106 99 99 88 96 99 98 109 81 95 91 104 99 98 93. 91 107 99 92 91 T 91 192 99 88 49 PS cvt deb 7s '37 107 . 2.P A B. 8 '31. ..106 V9tRAlt6A cf '87. 96 SiSsks 4k Co 7s '42. 101 3SJne C Oil 6s. 93 20) da 7s rets . ... 10O 31 jSine Pipe It 5e efs 88 7 ! P. R. Sag 7s. w "97 9 8. Bell TecT 5e. 97 . lmtsnd GsVB! er 6s 98 UStand MUlg 5s. .J 96 ljStd Oil Cel deb 71105 10 Sugar Estates of I Oitent 7s ... .-. .i 97 7 TidewtrUCe 6 afl02 4 Toledo LtAP 6s.105Vi BAP 6s cfs. .1 97 SjUa Tank U 7s. .1103 5Un OU Cal 6s.. . (101 . 2 Intd Drug 8s...lll Sirntd P Aimm : I 97 U.S HoffmanldAs 103 . 10U S Kl A Imp 6sj 99 17,Un Strs Klty 8s.il00 3jUS Rub. 7 Vis ..108 '201 do 5s M. 98 10) do 6s cfs . v '. 87 3RfS SU sf 5s.,... 102 8L'ta.hI'wrAI5s '30 91 7 do 5s '44 87 lVe-Cr Chm 5s.. 100 7) da 7s sA 98 37 do cvt sA wrts.f 92 ftVVsr SngRef 7s 41 103 !VPenPow 7s 58. 103 13JW l." 6 s 86. . . 109 3iVethse Kd 7s 81 106 Winch HA 7 Vis 41101Vi 6jVVickSpnSU 7s 35 96 SiWilsonCol st 6s 411100 12; do 7s 31... .104 W'5 108 95 101 98 160 . e 9T 97 98 96 106 196 96 161 98 10 88 97 9T 98 96 104 1106 97 102 105 97 103 101 111 97 'ii.'' 100 (108 1104 I 97 87 , 102 1 !.. si 100 95 90 103 103 109 106 100 95 9 104 97 87 102 91 87 io 93 90 102 103 1 09 106 100 95 99 1103 97 102 106 97 103 101 1.1 1 . 97 HO RAILROAD BONDS SiATSFCA 4 S '62 9 do gen 4s '95. 6 do adj 4s '95 sta 6 ACAL 5s B '44. 1 A A B 4s '83 8 ACL 1st 4S '32 5 doLN c tr 4 '52 15A 4s '49 stamp zo sun -a. . 85 do ref 5s '95. . 66 do cvt 4 s '38 6 do sold 4s- '48. 23 de pr B 3 Vis '25 6 do 4s PLEYYT div '41. . . . 1 do 4s TU div '59 13 do 8 s S U '25 6 B K T 5s cfs '45. 34 B B T 7s '21. . . 27 do 7strcocfs'Sl 29 do 7s tr co ; cfs st - '21 . . . . . . . 6 B Us El 1st 5s'20 3 ; Burl C R & N 1st con 5s '34 . . 6 j Can Sou 5s '62 .. 6ICsn Nor 7s '40. . 44) do deb 6 Vis '46 42tCan Pas 4s pent. 3 Car CI fc 6s '89 11 n Rv Bras 7s '52 6 C of Ga Hy 6s '29 21 do con 6s '45 4 CPac 1st ref 4s'49 1 do S L. 4s '54 3S New Eng 4s '61 liGv O con 6s '39 - 34 de cvt Bs '46 1 do gen 4s '92 191 do cvt 4 Vis '30- 6IC A A rfg 3s '49 11 do 3V4s '50 2C B Q gen 4s '58 SHiiJ a U retos i . 10IC A K I 6s '51. 1 CAErie 1st 5s '82 47fC Gt W 4s 59 " 4 C MAS P4s'89 13 do 4 Vis '09 22! do cvt 4s '32 421 dorf4 V4.A2014 20f do evt 5.B2014 841 do 4s '25 . . -10 do deb 4 34k 2IC N W 7s' "80 llC N W 6s '86 11 dogen 8s '87 1 1 do een 5s '87. 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TON &s not efs 41 An sdi 6swl 52. lowsCen st5s 38. 4 do ref 4s 51. . . 2!KCFtSiM 6 Z 1 do 4s 36..... 3 Kf! Sou 5s 60. S'KC Trm 1st 4s 60 1'K.CE 4s sta '4., l!L A B Bs "65. . . 1 ILI unified 4s '49 9iL A N 7s "80. 40 14 7 1 279 85 SOi 12 16 1 294 .II 3 1 1 1 29 2 1 21 1 14 4 '1 41 61 1 69 10 86 17 - 6 .... . 8 259 42 , 4V - 4 1 27 3 6 LAN 5S 3003 LNSRM Jt 4s '62 I, a N W Si '35 . Man By con 4 901 Mktst rtyen os do 6s 24 Mil El By A Li 5s 26 M St L 1st rfg 49 . . . M St P A S S M o Vis aa... do 4s 41 . . . M EAT 1st 4s 90 do 4s B wi 61 do 2d 4s cfs 90 do 6s A wi 42 do adi 6s A wi7 do 4s cfs 36 do 8s O wi 42 , M Pso 5s '65... do 6s '49 do sen 4a 75. , M Tr ref 5s '41. NOT AM tec Bs'85 NTC deb 6s '35. do ref A imp 6s am- C 2013. . . N T C L S ool tr Rl - .... N T C A CtZ. deb! 4s "81 iXTNBHdeb 6e '48 do cvt 3s '86. do deb 4s '85.. do deb 4s '56., do deb 4s '57. . do deb $s '54 Jersey 5a 1932 . . 2INTOW gen 4s '53 12 NTR nsf 4s '42 . . 10 do4str eo efs '42 10 NTSR e 4 e '62. 40 NTW4US 4 Vi S '46 621NWBB evt 6s '29 21 do 4sPCCdiv '41 69! P s B 2047. ' 3l do pror m 4 '97 21 Aomol 3s 2047 24! do ref imp 6s '47 7K Sc. C 1st Ss '2 3 OR AN ioi4i '46 lSjO 8 I 1st eongdl 5s '46 . rfg 4s '26 18 O 8 Ss 9 o 102 43 66 42 42 42 88 81 111 103 109 101 . 11 83 82 58 101 94 85 84 80 11 96 74 T4 69 60 48 77 36 101 77 69 83 71 79 90 108 102 80 77 62 90 83 98 S3 103 85 80 68 68 83 69 66 96 86 99 62 88 76 104 T0 TT . 72 45 52 60 88 47 94 69 32 30 65 43 113 86 108 84 60 97 99 87 92 88 81 86 106 80 86 61 100 88 79 80 98 '77 91 90 61 89 87 B3 80 99 97 110 110 78 89 86 99 96 85 81 82 101 0 84 87 52 23 87 99 ?9 92 49 71 81 63 59 68 79 59 107 108 74 103 76 81 82 105 112 99 78 77 101 102 91 85 83 JL00 72 97 102 42 56 41 41 42 88 81 110 102 109 100 11 83 81 58 100 94 85 84 80 11 95 74 74 69 60 46 77 SS 101 77 69 82-71-79 90 106 102 80 77 62 .89 93 98 88 1034 86 80 68 68 82 67 66 95 86 98 61 88 76 198 97 70 ?s 45 51 50 85 46 96 6S 32 80 64 41 112 107 84 60 .96 (99 J 97 103 :io Ul Vi 91) 1 92 89 81 86 194 80 ' 86 81 100 84 60 80 94 78 91 91 51 90 87 84 80 99 97 110 110 79 89 86 99 96 85 81 82 101 91 84 87 62 25 87 99 80 02 60 71 81 68 60 68 79 69 107 108 74 103 76 82 82 1105 112 99 74 77 101 Vi 103 91 85 83 100 4 72 T 102 43 55 42 42 42 88 81 110 102 109 100 II 83 81 58 100 94 85 84 80 11 95 74 74 69 60 48 . 77 35 101 77 69 82 71 - 79 00 106 102 80 77 62 90 aa 98 86 103 86 80 68 -68 83 68 66 96 86 98 62 83 74 104., 98 T0 TT ' 71 iU 50 25 47 94 63 82 80 64 41 113 108 84 46 97 99 97 193 frOTcrtcck C Coolie Co. ., - BB0XO9 . rwewbere OMesw Beer a? Tvtktsk . Beerd sf Trsst SUdg. Psrtksee. : ; . ', STOCKS, EE : c.iai:i o cona ' CI&ECT P KIT ATX Logxin S; Bryan snctr iojuc as Chicago BUSINESS GAIN IS 25 PER CENT - " ' - Br start B. . St - Paul, Nov. 28. Preparation of the larger industrial and commercial - corporations for the December dividend distributions indi cate that 1922 has been a jnoat suecessfnt year. " While prices were lower than in 1921 in many - Ikiee, the volume of. business aver aged about 25 per cent in excess of last year. The outlook today is extremely- favorable and many industrial leaders predict continuation of improvement for the next six months. Retail trade in the Northwest waa cheeked somewhat hi the last week by .the poor con dition, of the roads, vrbkrh for some days were almost impassable. Colder . weather aided trade in the Jarger centers. - - Farm products are- now moving to market more freely and farmers have more cash to spend tn consequence. Oil Melons abd Short Covering Curb Features By WllHam P. Hef reman ' yew York, Nov. 28. Start covering whiob started just before the close Monday continued on the curb exchange today and along with a good deal of 'fresh buying resulted in ad vances alt through the list. Further announcements of large stock divi dends by the Standard Oil companies stimu lated buying in the entire oil group -resulting in a considerable advance. The jump of the previous day in Standard OU of Indiana was explained by the overnight news of the in tention to distribute a 100 per cent stock dividend. Atlantic Refining, a Standard Oil subsidiary, broke all records with its declara tion of a 900 per cent dividend in stock and this waa followed today by the Union Oil of California with a stock distribution of 8v per cent. Standard OU of New York opened up 12 points snd continued to advance, carrying along the new shares proportionately. The new Standard Oil wf New Jersey stock fol lowed the sharp rise in the old stock oo the big r-oard. Standard Oil of Kentucky, new; Standard Oil of California, new; Imperial Oil of Canada, and Prairie Pipeline all figured prominently in the rebound. , Standard OU of Indiana appeared to have fully discounted The stock dividend announce ment and it was heavily sold. British-Am! lean Oil declared the regular Quarterly divi dend and an extra, dividend of 60c, but this led to no activity in the stock. Among the motors, Durant was once again in active demand at a new high, while Keo and Struts worked higher. Hayes Wheel ral lied after losing a point at the start. BANK STATEMENT OF COAST i Portland Banks 1922. Clearings Mon .. .$ 5.782,091 Balances Mon 1.414.150 Clearings Tues.. . 4.654.839 Balances Tues... 937.588 1921. 7,531.385 3,184,918 4,288.619 622.531 . Tacoma Banks Tuesday's transections . $ 2,765,000 San Francises- Banks Clearings Tuesday . $24,200,000 Seattle Banks Clearings Tuesday $ 6,524 J 56 Balances Tuesday 973,756 Oakland Banks Clearings Tuesday .$ 3,083,400 Lee Angeles Banks Clearings Tuesday $19,223,562 Sales, j IN $1000 High. 1 Low. Close. 8WBKN4s'61 60) 80 80 66iP L M R B s I cfs '56. .... . 73 I 72 72 J 51 Pa R B 7s '30 109 1109 109 25 do 5s '68 100 (99 99 7 dc gold 6 Vis '36 109 ilOS 108 68 do g m 4 Vis '65 90 89 90 1 do 4s '48 91 91 SI 1 do 4s '52 87 87 87 14)P M rfg 6s '56 96 95 95 12iPhil Ry 4s '37 46v 45 45 6 IP O (3 4c S L 5t I ser A '70. 97 97 97 2 do 4 s sr A '40 94 94 94 46Rdng gen 4s '97 83 83 83 lOjRGAWe tr 4 '39 65 65 65 12R I AAL4'84 78 78 78 1 1St L I MASgSs'Sl 98 98 98 12) do ref 4s '29. 86 I 85 86 6- do RAGd 4s'33 83 82 83 44iStLSF pl4tA'50 70 70 70 4 do 5s B '60.. 85 85 83 3 do gn 6s C '28 100 100 100 Vi 90 do adj 6s '55.. 75 73 vi 75 196 do inc 6s '60.. 81 59 61 12 St L A So c4s'82 77 78 77 7 do Trm 5s '52. 78 78 78 , B8t PM AM4s 33 97 97 97 4 8 A AAPlst4s'43 74 74 74 3;B A L g sta4s'50 53 68 63 U 45 do rfg 4s '59.. 88 87 87 40 do adj 5s . '49. 21 20 21 164 do con 6s '45.. 53 64. 57 4 8 Pao evt 4s '29 91 91 91 14 do rfg 4s '65.. 85 85 85 6 do col tr 4s '49 85' 85 85 1 do 8 F Trm4s'50 82 82 82 43 S By gen 4s '56 66 66 68 27 do con 5s '94.. 95 95 95 68 do 6 Vis '56 .'j. 101' 100 101 1 do M 4c O 4s 88 75 75 75 86 do StLdv 4s'51 80 79 79 6 3d Avrfg 4s '60 61 60 60 do adj 6s '60.1 54! 54 54 5 8tL 4c West4s'60 70 70 70 3 Union Pso 6s '28 104 104 104 21 do 1st 4s '47. 94 91 91 11 do cvt 4s "27. 95 94 95 20Unitd BRStL4s 341 68 63 43 lOIVa Ry 5s '82. . . 97 96 97 2 VsASq en Ss '58 80 80 80 1 Wah 1st 5a '80. 96 .96 96 1 do 24 5s ..... 87 8T 87 lSWstrn Md 4s '52 62 62 42 6 Wstrn Pae 5s '46 82 81 82 2 do 6s '46..... 94 94 94 - 1 Wilkes B 4c E 1st 5s '42 . ..... ,J 62 62 J 42 S Wis Cent gen 4s '49 80 80 80 WALL STREET STOCK" QUOTATIONS Reported by Overbeek A Cooke Co. - - Sales, itNIHs I H igh. 1 1 8 V0 jAdams Ex press . . . . , Advance Bum . . 1500j Austin Nichols . : SWMltAgr Che . . .. - 30OI do pfd ' 3 20OiA jax - Rub . . . . . . . . lAiaska leld: . ; i !Ataska Juneau . glOOjAliied Ctiem :. . 640iAtlis-CJuUners . . . . . . . ( at ptd . . . . . llOOIAtav lit Hug ... lOOjAm. Hoacit . 279IMtiAmi Can Co lOW do lfd . . . 8tOjAm Vj A P 100 1100 200 5t0 llOO 700 100 5700 i -) S30O SOU do. ufd Am Cot OS . . do pld ...... Am Drug Synd Am n Sc . 6WAla fcn . .... An lull vorp Am lAttseed . do pfd .... Am Ijoco do' pfd ...... Ant Saf Razor Ant SAC ... Am Hraelter . dn pfd ..... Am Hnuff . . lOOOjAro SUel Kdy . 1300Ani Sugar . , . 500 ac pfd . . . . . Am Sumatra . . Am Tel A Tel. Am Tobacco do B . . Am Wool .... do pfd , . Am W P pfd. . Am Zino .. . . . Anaconda . . . Ass'd OU Atchison . . . do pfd . . , . . Atl Coast Line. Atl Gnlf A W Baldwin Loco . . do xfd ...... B AO do pfd ...... Barnsdell Cor "A do "B" Beth Steel "B". Booth Fish . . . , B R T ....... Butte C A Z. . . Butte A Sup . . . Brfrns Bros "A" do "B" Caddo Oil ...... Calif Packing . . 900 280OI 2500 600 200 -1 600 700 400 2000 " 300 140OI 86700; ' 5300 100 1400 1300 67600 200 2600 1000 7041 6500 11001 2200 100 1090(M Calif Pet Ix-w. Close. 1 73 1 10 1 70 1 0 J 2l ia'nA 61 80 6H 12 11 11 Ji ..,.7,1 .:!.. $ i 71l 69 79 42 41 42 94 39 I 37 39 . 1. .i ... 83 : :: ::::: . ...117 175 1178 ,.A 1,- 1122 il 17l 14 16 . 84 I 33 84 .i J ,5 .1 1 1 . 102 ! 49 103 , 27 Vi 26 27 . .,1 sa I o .tll9Vs!UTll 1.. ..... . . . 120 , 7 7 T 20 19 -19 00 49 49 . . . . 100 142 43 42- 43 74 73 73 104 108 108 26 25 25 122 121 121 151 149 160 150 148 . 149 93 91 93 110 110 119, 27 - 15 13 15 I 46 43 114 112 110 Vi 98 168 23 115 lOOl do pfd 200 Call Zinc 4s Lead 2200 Can Pec 1500 Cent Leather ... 200 Cerro de Pasco. . . 4600 Chandler Motor..'. 2200 Chi & N W 900 Chi Gt W. , 1 500 do pfd ....... 7600Chili Cop 1400iChino 2700IC M St P. 9100 do pfd Coca Cola C & O Colo P I Colo Southern . . Col Gas A ' Elec . Columbia Graph . Con Gas Con Cigars do pfd ....... Cons Textile . . . iContl Can 13 200 (Corn Prod 4600!Cosden OH 6000 C B I A P.... 200 do "A" pfd . . do "B" pfd . . . Crucible , . do pfd . Cnba Cane do pfd ...... Cub Amn Sugar. Davison Chem . Del Hud . . . Del 4c Iack 1 3 00 i Dome Mines ... 1400Elec Stor Battery 1600Endicott Johnson M00 Erin 2500) do 1st pfd. . . 3000 Famous Players . .... Fed M dc Smelt 2001 do pfd ...... 600iFisk Tire 700Kien Cigars ZOOOKien Klec 1200 300 300 65001 1200 4100 300 29890 8400 O0 8800 '4800 8600 12600 2300 200 500 89600 600! 7100 200 Gen Motor . . do 6 . . . Gen Asphalt Glidden Paint SOOIGoodrifh TAB .. . . .. . , IGlen A Id en . . . . . . . . , Granby 14TJ0Great Nor Ore .. 4300!Gt Nor lifd . . . . . ii-rene Canaitea. . 2000jGulf St Stc-el . . . 1700jflouston Oil 600 1 Hupp Motor 2001111s Cent 2700itnniration 100 lint Aer Corp c. 2O0! do pfd ?00Interboro 800 do pfd 11 00 ilnt Harv L'OOlInt Merc Mraine. 80001 do pfd 2900!Intl Nickel ...... 1300Int Paper 1000 lint Comb Eng .. . 2600 llnv Oil 1200llsland Oil 300 1 Jewel Tea 2000IK C Southern ... 6001 do pfd ....... 200;Kajmr J 23O0!Kelly-Spgfld .4300!Kenneoott 4300Eeystone Tire. . . . 500 Lack Steel SOOlLee Tire ....... 2900Lebigh VaUey.. 1100 600 2100 2100 800 109 24 118 see 41 "io 19 62 4 12 7 140 45 7 . 55 7 140 84 89 61 82 4 9 ' 28 22 35 76 66 26 600 1700 8200 1100 7200 60001 6000 400 Lorillard Loew Theatres ... LAN , 'Lima Loco . . . . . Marland Oil . . . . Maxwell Motor A. do B ......... May Stores Mex Pet ....... Mex Seaboard ... Miami -. , Middle States Oil. Midvale Steel ... . M K TWi. . Mack Truck 100 2 125 18 102 128 47 82 93 84 62 14 39 25 25 180 40 57 87 10 16 90 50 11 80 178 13 82 41 9 80 54 30 81 74 22 82" 29 11 48 14 48 23 14 41 "6 T6 'is" 162 18 127 64 81 162 221 17 26 11 29 15 54 89 '80 ' 18 60 4 14 7 138 44 7 "61 "6 189 82 87 40 78 4 9, 22 21 33 74 65 24 98 2 124 13 100 126 48 31 92 82 59 is 88 23 24 130 40 65 85 10 15 88 50 " ' 10 78 175 19 81 40 9 29 54 '8f' ' 80 70 22 31 28 11 46 13 47 22 14 40 '4 ?4 '4i 161 17 125 63 80 iii 212 16 25 11 28 13 53 112 99 89 109 24 117 HO 40 58 30 19 61 4 14 7 28 189 45 7 80 ' 64 91 7 140 84 89 60 82 . 9 26 23 22 85 76 66 25 43 99 2 124 33 80 13 101 127 46 82 94 84 61 89 14 38 24 24 117 129 40 66 87 14 15 90 7 60 10 60 177 13 81 41 9 29 64- 22 80 81 23 73 65 22 106 32 8 29 Vi 160 11 47 13 48 23 14 17 17 52 40 Vi 40 81 6 76 24 63 162 18 126 54 80 41 , 12 162 221 16 26 11 29 14 S3 Sales, , BONDS' t High. Mont Power 6300 Mont Ward .... . 400 Mo Pao ........ 4600 do pfd ....... 100Nat Biscuit .... lOOO Nat Enamel ..... 11 00! Nat Lead ...... 100 Nevada Cm ,.,. 630lNew Haven . . . , 2200 Norfolk 4t VT . . . . lOOOINor American... 240ONor Pao . 70O N Y Air Brake. . 610O N Y Central. .. . . $6MiOkU Prod ref. . . . - 600Orpbeum . ...... 700Ont A W . V, , . - S6000tis Steel ..... . 11 00! Pacific Dev .... . 17 00; Pas Gaa A Else. 71100 1 Pan Oil .... ... Jivuv ns Am a-e.. . . 230001 do "B" ..... 5500iPenna: .... . .. 140O!Penna Sea Steel 700Peo 'Gas....... SlOOlPere Marquette OOOiPhiladelphia Co. 2000!Philllpe Pete . . 700Pierce-Arrow . . 2100!Pieree Oil . . . . 4fMPitU Coal . . . . 8 00 Pitts ft W Ta. . . SOOOIPunta Alegre . . )200PuUmaa ...... 2200'Pure Oil ..... 2800By Cons . . . . . StOO 800 .2500 2600 Reading Remington . . . Beplogla Steel. Rep IAS.. 4S001Royal Dutch OU. )WKr BU Pg 200 Saxon Motors . . . 7800 100 TOO 11200 11800 7800 2oo6 TOO C1400 Sears Robuck Shattuek A ' Arix Shell T A T... Sinclair iShwa Shef..... 6700S Pacific..... 2000Soa Ry....... do Pfd Stand O Cel. . . Stand O Ind . . . Stand. O N I... Stand O Ky. . . St Lj A B P.. Strom berg Carb. Studebaker . . . . (Swift A Co. . . . 400IT Cop A Chem 9000ITexss Oil...... 4600!Texaa Pae..... 64O0IT. P C A O. . . 7000ITob Products... 220QTraa Cent! Oil . 2001X7 Bag A Paper 2700!Union O Del... 2 800! Union Pae 400iUnited Alloy. . . BOOll'nited Drug. . . 1500IT7 Pood Prod. . 600l-nited Fruit. . . 300 U Rds N I . .. 2001 do pfd TJ Retail Stores. V S O I Pipe. , II S T Alcohol . , 470OIC 8 Hub...... 3001 do 1st pfd. . . . It! 8 Smelt, 2800 11O0 4200 irw 5440OIU S Steel . 2200 8200 100 8001 10OO 2200 1800 8000; " "ioo 1100 300 300 100 2000: 1400 1800 1000! 100 4000 200' 900 600 700 1000 do pfd Ctah Coppe ... Va Chem ..... do pfd ...... Vanadium SteeL. Vivaudou ...... Wabash . . . . . do pfd ...... do B pfd . . . . Wells-Pargo ... Western Pao . . . do pfd ...... Western Union . West'hse A B . . do E A M ... West Md . . . . White Eagle OU. White Motors . . White Oil . , . . . Willys-Overland do pfd Wilson Packing . Woolworth .... Worth Pump . . w - & Jj a 26' 17 48 68" 114 21 114 vm a 74 25 92 2 19 20 ,83' 45 91 88 46 8 1 80 89 44 . . . . 84 47 125 27 13 76 82 " 21 44 63 si" 85 81 84' 22 118 i92 22" 63 119 - 8 47 20 19 63 11 41 IS 140 85 75 6 152 25 70 28 62 49 93 87 101 121 61 4i 14 8 24 15 55 58 11 32 6 85 211 27 9 low. 1 Cia 19 15 41 41 t 113 0 118 74 24 91 2 19 24 , T 82 45 84 88 46 8 90 28 88 41 4 38 46 122 26 12 74 81 21 . 44 63 79 85 80 88" 21 109 184 "21" 58 116 ' 'k 45 19 18 51 10 66 14 189 94 75 6 161 25 69 28 60 47 H 93 87 99 120 59 59 is 8 23 15 54 57 11 - 81 8 34 210 26 8 STANDARD OIL ISSUES SOOIAngloiAm OU 40OlAUantio Lobos 265Bnckeye P L... 85 Crescent P L. . . 50IOsl Sig Oil . . . 20IHum Oil A Bef, . 40 111 P L 495 Imp Oil of Can. . 155 Ind P It. . . . 18800 Int Pet Co Ltd. , 140IMsgnolia Pet . . , lOOINat Transit .... 140IN T Transit 10 Northern PL... 295 Ohio Oil ....... 240 Prairie P Lr. . . .. 80 Son Penn Oil . . . TOO S O Col new. , . . 44700 do Ind 80 do Kan. ...... 10OO do Ky new 135 do N Y 6400 do N Y new. . . SI 0 Vacuum Oil .... . 790) do new 10S.OOf do N J new . . . 19 7 11 42 65 225 163 110 110 20 232 24 203 121 283 802 170 67 114 650 109 530 45 413 89 89 18 7 . 108 41 55 225 163 . 106 108 20 227 ' 24 202 121 380 ' 300 169 65 110 520 43 570 87 S7 38 67 26 14 43 62 118' 13 21 114 89 75 23 92 2 19 20 8 1 : 82 45 90 88 , 45 , 8 91 80 39 43 10 4 87 , 84 47 125 27 12 81 21 45 62 109 S 80 T 85 31 38 89 22 61 112 118 192 108 21 62 118 107 9 46 20 19 52 11 67 14 189 83 74 4 151 11 26 49 23 41 49 93 36 d 100 120 61 . 24 ! 61 82 14 8 24 17 89 15 64 109 rv. ui, ... SR I 11 82 47 4 5 88 85 .211 26 9 19 7 109 r 42 .: 55 225 163 111 109 21 230 24 202 121 2 HO 302 169 67 118 650 109 530 45 613 38 Northwest Business Changes EatartviHe, Wash.. Nor.' 28. -Griffith and Graeber brother nave started building a xtnp just north, of Eatoavflle .to log three sections of timber for the St.. Paul 4t Taootna Lumber company of Tacoma.' They wfA empkiv about ? J0.- -The . loa win lie haa led fcy into truck to Ohop lake and th.. a li Jl. . r. They win i-T .ZrY- "JK - ' "r s BsTsey the laQroad and shipped to Tacoma.' J' Cbehahs, Wash.. Nov. 28. C. A. Aadersoni of South Bead has dlspoaed of timber Interest on North river to the Abenlem Inmber concern! for $3A.0O6, - The holdings were acquired by Anderson about 89 years ago through home! stead and Umbar rights. ' - , I ' ' ' i . Don't coma to office you can phon lt-Cyour want ad) to Th Journal. j 'Total sales, stocks. Total sales, bonds, 1,010.000 shares. $41,222,000. FOREIGN" "EXCHANGE BATES - Corrected daily by the foreign exchange de partment of the United States National bank. Quotations' below (except tbe pound ster ling) are quoted on the basis of 100 units foreign currency. Opening nominal rates on bank transactions: Draft Cable London Lbs. Checks, Transfers. sterling ..$5.62 $ 4,62 9-16 Paris, francs. . . 6.89 6.90 Belgium, francs.- . 6.83 6.84 Berlin, marks, 101 3-16 .Ol 3-16. Genoa, lire 4.75 4.76 Athens, drachma 1.60 . 1.52 4 Copenhaken.. . ., Kroner . . . 20.85 20.46 - Kroner 18.46 18-59 Stockholm. Christiania. . -.: Kroner .... 26.89 26.94 . Hongkong, cur. ... 68.23 . 63.60 Japan, yen.,.; 48.66 48.70 Bnangnat, tseia. ll.vv -ji.au Canadian dollar discount, Par Value. $ 4.866 ' 19.80 , 19.30 28.81 19.80 19.80 26.70 : 26.70 26.70 per cent With These Tests t .. .:'. -a-. . ... . . . t .y '.. the Experienced Investor Safeguards His Surplus Funds Louisville Gas & Electric Company First and Bafgadlar Mortgaft e- jtioaas, ae ism Safty of PrincipaL With property valued at over $33,000,000 this $18, : 805,000 bond issue is a first mortgage subject only to a closed mortgage on part of the - property amounting to $1,195,000. . In other words, in this great utility company a $1000 bond of - this issue is secured by over "$1700 of good public utility property value. . Definite Income.! For the years to Sept. 31. 1921 and 1922, the net e&rn " ings " of the company were over times mortgage bond interest charges. , , Considering - the stability of ' utility : business this ratio of earnings as " sures dependable interest payments.,' ; Repayment at Slaturity. The history ' of sound utility companies shows a. record of sound financings, to meet maturing bond issues as jthey fall due. . Marketable Value. Application will be made to list these, bonds on the New York Stock Exchange. There is a definite advantage in ' having a known value should you wish to dis--pose of your bonds at any time. - , Freedom from Care. In investing in .sound utility bonds you obtain a se curity in a business with slight flue- tuations in ; a standardized business r operating under State regulation and serving large numbers of people. Convenient Size. These bonds are ob tainable in $1000. $.500 and $100 de nominations. These convenient sizes'' meet any individual's . investment .re quirements. You can invest your " funds in these bonds At 91 and in- . ierest. .Further details about this .. company and about this bond issue will be sent upon request. - ' - GOVERN MEr4T-HUNiaPALrCCr;?CSTlC?l tONDS routrniAND srAniePomAUD . , . . ..; , . 6R0A0WAY648I SAN FRANCISCO-U0S ANGELES-HEW YORK-CHICAGO-SEATTLE-PORT LAN O Exempt from Federal Income Tax A Municipal Bond which combines safety of principal certainty and regularity of interest payments liberal return on your invest ment. 1 Bonds of Crook County Im provement District No. 1 are a tax lien on rich agricultural lands' worth, four .times Athe bonded debt. Interest and principal are payable from di rect taxes, levied and collected by the county tax. officials. Call, write or phone Main 419S for further information., Price to Yield 6.25 G-E-MILLER & COMPAJSjT Fortlasd Seattl JO. JNieiAi 8. Fraaelseo Los Aireles 2d Floor N. W. Bank Bldg, PORTLAND. Phone Main 4195 We Offer, When, As and if Issued: , $28,000 - The Remaining' Unsold r Portion of the $100,000 Issue 7 Closed First Mortgage Serial Bonds DOMINION CRE0S0TING AND LUMBER CO., LTD. Price 100 rr -To Yield 4 J Denominations $1000, $500, $100 Dated Dec 1. 1922 Due Ser. Juno and Dee. - PRINCIPAL AND INTEREST ; PAYABLE IN U. S. GOLD Company Pays Federal Income Tax to 2 ROBERT E. SMITH, President Lumbermens Trust CoTrustee This issue is secured by all the fixed assets of this Buccess ful company, which after giving effect to this financing will show assets of $686,914.86 as of balance sheet of Sept. 30--and a NET WORTH of $490,670.84 which is almost five times the amount of this issue." ;,' Properties consist of a big lumbering mill, 21 acres of water front properties, timber, logging roads, machinery and equip, ment. . . v , , . . .' - - '- V- 1 . This issue creates no additional debt, ; . as it is for: purpose of rf tiring mort gage and reducing current obligations. 15 1V.1VJ i niYTFil BROADWAY AND "OAK . FIFTH AND STARK STS We Of fer a Portion of Our . ; ; . si 03,000 H Port of Umpqua, Douglas County Or. 6 General Obligation Bonds Dated May 15, 1921 ..Due Serially 1931 to 1935 ' , Denomination $1000 . FINANCIAL STATEMENT Assessed valuation of taxable) irop. erty, 121, $4,683,970. Total bonded lndebtedneea (lncludlne this iasua). 8333.000. , The Port of TJmpo.ua, In , trie ; weatrn half of. tkniglas county, Oson, compriaea timber, rich farrnlnif and dairying: lands, and '. th towns of Iteedsport sad Gardiner. Mer chantable timber within th. diatrlct estimated at 11.181.500,000 board feet. Dairying, farminar. Jishln?. stock, -raising: and lumbering ar. the principal Industrie. Dairy- receipt estimated , vuwi.iwo annually, vilth SI00.000 from fishing. - ' Rail and water transportation. These bonds are a direct obligation of th. entire Port district, 'payable from ad valorem taxes l,i0ed upon all the taxable prop.' rtjr above described. , Examst frem federal Taeen Tax PRICEIf -M4- . -j-jjjssssjBSSSjassasjalssasssss ' r ' - r 'C?".'-".'. '. V4. PORTLANlc INCOSKPOSIATCD BONDS OREGON J i M t, I li !' ;t