TILE CHEGON DAILY
joun:
:al, I'CHTLaicd. o::i:go:;.
BONDS ' LEAD IMPROVEMENT : OF : THE FINANCIAL SITUATION .IN NEW YORK TRADING , FOR) MONDAY
11
GOOD UNDERTONE
IH STOCKS, BONDS
- I
'? By Stuart P. -
Wall Street. New Sort, Pec. 4. There were
txmorful influence at tort in the financial
market toT. Powbly the- mart dunliewt
-.fj. mbimwi was st iui
fl ther recovery is ' the
general and at the same
time mast flUsSanes mo
-un that baa oeeoned
tit iaat wiar
Honamti of the
t ocfumitl at this
ef tb year are
traditionally act down
to anticipation of the
"January reiuveatment
demand," meaning by
Una. of emu, the re
MnlmnMt in taveet-
mat eecnntiee of
funds received in inter-
ia . and dividende at
tha new year. W hether
or Bat tirta via the
traa explanation today,
the action of tha bond
! I " htrm farther withnaa atn tha display of
1 ..itmf w. n irrMt rirrba sine the liani-
. , dation of October and November ma checked
10 dare ace. ''
' ' " fMee Chances Confuae s
7rtce change In stock were raurn con
tused . Ail the conflicting movements indi
' oated.' hoarever. era that a certain portion of
. the professional contingent in the board rooms
and. in the office were working for a reaction
after last week's advance, while another por
liaa were continuing their efforts to bid up
a variety of selected stacks.
, At one tim during the forenoon the mar
ket altpped off a point or two, bat: thia did
not lead to any important aaUinc Rather in
: the early afternoon trading was Inclined to
uiet down and here and there new buying
- nude its appearance.
For the first time since March. 1919,
sterling- exchange at one time sold at $4.58.
At this figure it recovered four-fifths of the
entire depreciation of tb ; war and port-war
periods and only SSc sway from, the old-time
parity with the dollar.- In new of the fact
that the season of heavy commodities exports
is ever the season when supply of grain and
cotton biUa pressing , on the market is largest
there, will be lese oppistion to the progress
. 'of sterling back to par. Quite as striking as
the new high for sterling wa the adTanoe in
Italian - lire across the 5 cent level for the
. : fint time since last spring. The lira is now
down to less than a half cent frron where it
' was selling, last April, when the French franc
was Xhi cento a bore its present level. This is
a interesting measure of the f rapid revival of
confidence in Italian finances since the new
government took hold less than a month and
' a half' ago.'
Stustobaker Is Active
On no day for a long time past has there
" been so little worth nothing in the flnctnstions
of Individual stocks. The baying of gtudebeker
was the most persistent of that in any of the
motors, reflecting the receipt of advance eati-
mates which are very satisfactory regarding the
earnings for the last quarter and the forward
. bunneaa for next year.
While not counting much in immediate cal-
: r-ulatkma. Wall street took aa highly pavorable
the ruling of the . atoek exchange governors
"-that brfcers no longer make reports of the
. amount of money borrowed. Thia requirement
has been in force since the autumn of 1018.
when it was inaugurated to curtail Wall
street's allotment of available funds and in this
way help the flotation of the fourth Liberty
loan. Its abrogation is another instance of
- the disappearance of . considerable inflation.
' But of more censeqnance. there is to be seen
' in the action truth tliat the stock exchange
authorities who set about curbing; the oper
ations of a nnmber of stock exchange bouses
three months ego on The ground that these
were exceedingly the- safety limit.- are satisfied
with the . amount of cutting down which has
taken ; place since.
It Lost in Industrials
v The stock exchange of the last hour or so
was "of very little importance. Traders at a
ilow of what better to do. tried in half hearted
'fashion to depress the industrial shares. Mar
- land oil was sold on .the. uncertainty regarding
the naxt quarterly dividend, to be acted upon
at the end of the week. ' Railway share were
'off from a pcHnt to two points from the high
of last week's rally. -, But the reaction, such
. a it was, did not carry far. The final dealing
were the quietest in many weeks.
Prices on the stack exchange today closed
generally steady after, a aeswa .of .varying and
uncertain changes. .,- . . ..
During the-, greater Jert -mt the time the
, market -was comparatively dull and it was
especially, in the. trading toward .the - close.
Pan-American Pwtroleaoi shares were notably
. strong? in' the last naif, hour, the street paying
more .attention, to teporte- of large extra dii
, dend aaklesMsn Petroleum and California Pe
' troleum' continued to be active, bath in expec
' tation f-ita. return tor dividend list. With
: these -exceptions there was. nothing of interest
in the proceedings of the .late afternoon.
. it"v?"..v.f- , ? -,;-..' .
TaKEloW- EXCWATSfcE RATES .
Corrected dairy by the. foreign exchange de
partment of the United States National bank.
Quotations below (except the pound ster
ling) are quoted on the basis of 100 units for
eign currency.
Opening nominal rates on bank transactions:
Draft Cable Par
London Checks. Transferals Value
us. nernni. -a
Paris Franca . .99 V,
Relgian Franc. 0.4U
.OI
4.88 Vi
NEW YORK BOND TRANSACTIONS
Beported by The Journal's Wail Street Boreas ; ' '-. ' " '
f .
;
. Rerhn Marks.
. enoa Lire
Athens
Drachma .
Kroner . .
Cbrtfrtianie
Kroner . .
Stockholm
. Kroner
. Hongseng
Currency .
Japan Yen .
Shanghai
, TaeH
4 .52 W
7.0
6. SO
.01 'i
4.99
S 4.860
1.30
19.30
S3. 81
1 19.30
1.33
20.36
18.515
SS.93
53. IS
4 8. 80
1 35
20.41
18.56
28
R4.0A.
48.75 "
71.80
19.30
28.70
26.70
26.70
. 71.50
Canadian dollar .discount, ,Vi -and V per
-VmV, FtseIeo rlSravln Market
'. an r"Taqisco,J Dec. 4. Barley closed noon:
May, 1.60 sales Calcutta grain bags. Juue
'July. 1 Oc asked.
' Barley Spot feed, per cental. 8 1.43
'-T.4THt snipping. I.SO 1.82 hi.
By Osergi T. Muonea
Wall Rtreet. New Tork. lee. 4.-The bond
market began the week with higher pneea for
practically ail grades of aecuxiuea and -then, ra
lapaed into extreme dullneaa. .
Beportn of more difficulties at the Laaasanne
conference aaary have been responsibse foe the
fsirara of the rally to continue, but it was sigh
Bificant that there was n great pressure to aeU
even if there was no iBdinaliogi to add to eos
snitnsenta. v ' .
Libertys opened ajightly Wghef and then
gagged, most changes. during the fmt halt oj
-too day being for loases. High grade invest
ment bonds moved in the same fashion. Ateo
ssoai gen ami 4s got up- to 90 and then sou bsrk
to 89 H- Buffalo, Rochester ds Pittsburg 4 hi
gained about half a. point. tJpeeulaove. bends
which scored advaacea inehsdins Chieasw treat
Western 4a and New York. Westchester at
Boston 4 a- Third Avenue adj. flnwtuatod my
eertatnty. moving np to 38 and then aellmg off.
Cuba Cane Sugar 8s sold a full point higher.
Peoria ak Eastern incomes gained fractionally.
- One bond that was notably strong was Hud
son at Manhattan ref. Ss, attention to which
was called in these dispatches last week. The
trading in Chicaad R. L as was also very ln
u resting. " At 3f, the lew on the recent
movement, xhe bonds, seem to fsnd support and
today waa substantiaL Probably most of the
Urge block which had been overhanging the
market has been absorbed. Another compar
atively active bond was the Cerre De Paaco 8s
which were strong, while the Chile Copper 6a
and 7 were weak- : t
Erie and St. Paul lasneg were both reaction
ary, again. Erie prior Hen 4a and general 4s
lost the moat, and of the St. Paul bonds the
debenture 4s of 1934. thai convertible 4 Vt
and the ref. 4 hi were the weakest. New Tork
Central deb. 6s also reacted. Seaboard Airline
ref. 4a dropped back. All this ia in tiie face of
remarkably heavy traffic now moving on all
railroads. For instance, November car move
ment on the Erie was on of the largest in the
history of the road.
Host foreign bonds showed little change.
Netherisnd 6s were active and higher, as also
were the Anton Jurgen 6a. At today'a price
and the prevailing quotation for guilder ex
change, this bonds gives a maturity yield of 9
per cent. Swiss 8a moved up to 111, only five
points below -the high for the year. Thia still
would give an attractive yield were it not for
the fact that the bond is redeemable July.
1980, at 101. The ehanrea are Swiss govern
ment will avail itself of this privilege by that
time.
New Tork. Dee. 4. Following is an official
list of bonds traded in on the New Tork stock
exchange today, with price up to and including
the close of the market. . Total sales today
were 10.446.0O0, against 89.616.000 Satur
day. tll.387.O0O a week ago. $21,897,000
year ago and 814.251.00O two years ago.
From January 1 to date. 83.963,678,000.
against 33,687,698,000 a year ago and 3,.
477,184,000 two years ago.
LIBERTY BONDS
SaleaJ
452
1
' 77!
1
785
273
773
17
64
8
n 75
195
IN 1000
THigh. Low. Close.
40
7
15
4
1
17
23
DSLib 8Hs'82-47
doo hk a reg S2-47
dolt4s reg'27-47
do lst4t'S2-47
dol-2d4 1482-47
do 2d4Hs'27-42
do Sd 4 Sis '28.
de 4th 4 Hi '38
do 4th4Karg'S8
V S Vict 4s'2S
do 4a reg '23
do 4 la a '22 . .
USA 4H'47-52
FOREltiJf
Argentine 7a '27.
Belgium 7 hit 45
do 8s '41
do 6s '23
Bergen 8s '45. . .
Berne 8s '4 5. . . .
Bolivia 8s '47 . .
7iBordeanx 6a 34
S2;Brazil 8s '41
18 do 7 Vis rets '52
4jChile 8s '2tt
16Chile 8s '41. . ...
23 do 8s cfa '46.. .
18 do 7a '92
lOiChineaeGov- By 5s
'51
BjOhrBtiania 8a '45
OjColombia 6Vs'27
7Copenhgn 5H44
ljCuba 4Hi -'49..
12 Caechoslv 8a cf 51
8 Denmark 8s '45..
28 Denmrk cf 6s '42
liDen Seine 7a tc'42
17Dom Rep S hi cfa!
! '42
12;Dom of Can 5Vt
notes '20
21 do 6a '2
191 do 5s '52
32 ;D E 1 rets 6s '47
41 do 6s '62..
33 French 7Hs '41.
86 do 8s '45
69 Haiti 6s '52
3 Italy 6 Us A '45
7
21
50
10
Jap 1st 4 Ha "25
do 2d 4tti"S
do aterUoan4a 81
Lyons 6s '34
24
15
24
2
30
Marseilles 6a '84 .
5
216
13
7
5
5
10
139
4
4
14
Mexico 5a "45
do large 5s 54 .
Montevideo 7s '52
Norway 6a cfs'52
Prague 7Hcfs'52
lHJueensland 7 '41
do Cs cf '47.
R de J 8a '46.. .
do 8a cfs '47 . .
Sao P State Rs'86
Rotsnona 6g '36
Sweden 6e '39
Swiss 8s '46. .
U. KTSH's '29
do (Hi '37.
Uruguay 8s 48
Znrish 8a 4 5
10044
10O06
9760
9864
10000
9S06
9850
9842
9826
10030
10004
10002
S976
BOND8
100
100 h
100
95 hi
108 H
109 Vi
98
77 hi
98 H
93
101 hi
1034
103 hi
96 H
504
108
98
90 Vi
83
88s
112
984
834
87 hi
lei
90
I 99
94 Vs
94
96
99
96 hi
93 hi
93
93
81
774
77
48
47
98
100
724
107
lOl hi
96
97
Vo
V8
104
117
lis
' 93
104
112
10030
10006
9760
9844
10000
9796,
9832!
98281
9820
10026
10004
10000
9958,
10040
10006
9760
9856
10000
9800
9846
9888
9826
10028
10004
10002
9974
ii in ii os iir...it.Hii
NEW TORK CITY BON"
JiSY City 4 a
3i do 4s '58 . . .
'57
100 1004
99
80 j
100
99
95
108!
109
93
77
97
92
101
102
103
96
50
108
97
90
83
87
109
98
83
86
100
99
98
94
83
94
98
96
93
93
92
80
77
77
48
47
97
100
72
107
101
95
96
99
77
103
116
110
98
104
112
99 j
99
100
100
95
108
109
93
77
98
93
101
102
108
96
60
108
98
90
83
87
110
98
85
87
100
99
98
94
93
96
98
96
93
93
93
80
T7
7T
48
47
87
100
724
107
101 hi
96
97
99
78
104
116
111
98
104
112
99
99
Bale, f CT $1 00O !j High. Low, j Close.
. -. SiBeth St ref 5s '4213 I 93 1 93
i: V2fe) 2 Sal
41 do P M 5a
1 o 6s '4
.4 98HI
84lBrHSt 5s 42 wii 95 I
: ijrvaLto s sera awjl-ui hi lVl hi lux hi,
98 L XhM
sl
I do eo7 erC30il06 tlO jl
4B'n Ed 7s D '401107 107U7
- 4f do 5s '48 .... ( 6
10B n In Ga 6a:47jl03
Jtvaa u a G o 3f
; 6Cn?Jen K aaHStatfS""-! jivi
MISC. AND INDUSTRIAL BONDS
1 AdEx c tr 4s-45-7 SO 80 80
2 AAChem 7e'41 102 102 102
1 do 1st cv 5s '28 99 90 99
10 Am Cot O 5s '81 80 80 80
19 Am Sm 1st 5s '47 92 92 924
31!Am Bug 6s '37. 102 101 102
67AT4T ev 6s '25 115 115 113
23 do c tr 5v tr 46 91 97 4 97
2 do crt ,4 j '3r. 86 86 86
36 do col 4a '29 . . 91 91 : 9t
7 A W Wk 5s '34 83 83 83
3 Am Wr P 6a '80 84 84 84
48 AJCM ev 6a r '47 77 76 76
10 Armour 4s '39 90 90 90
1 0 Atl Frt cvt 7s '34 36 85 . 35 '
26IAU Bet dh 5 '37 99 99 99
OiBeU Pa 7a '45 108 1108 108
7 j Barns 8a A '81. 102 100 101
1M0MS BROTHERS CORPOMnONl
i Oty of
WENATCHEE
Washington
' - ev2
Improvement
; Bonds
Dated June 1, 1922
Due June 1 1934
" Optional June 1, 1923
Denomination $200
Principal .tmi annual Interest
payable at office of City Treas
urer, Wenatcheej. Washington,
or at the headquarters of Mor
ris Brothers Corporation, Port
land. Or.
PRICE TO YIELD
mm
K " T ?. .;
City of
MILLS
Wyoming
6
General
Obligation Bonds
- Dated May t, 1922 '
Due May 1, 1952 . .'
Optional After 15 Years
Denomination $500
Principal and semi-annual Itt
tereat payable at office of , City
Treasurer Mills, Wyominsr. or
at headquarters of Morris
Brothers Corporation. Port
land. Or. : .
PRICE TO YIELD
1R0THER!
. Government and Municipal Bonds
- sicca Zna Tel 6'43 U!
6lCen Lea gen 5'25L 98
i29cr i r n ss aiuss-
aOSlClo Cop cvt. t L'8,1 1 1
HO) do eol tr 6s '32f 96
l(.U uu si -sg
lit do OecE 6s'61
31 Col I mi 5s '84
. ftlCkal GsfcE 5 '37
2 do t '27
" " tiCne P 6 '47 ,r.
0 As Bga 7a'37
ZitT Ma us . "41
ljCon CI MA B '60j
7Cra a AoOl '42(
, lAiivo y isg cvt aeo
I 7s '3 .
6iCubC8ug8s sta '301
4 iCubAsnSug 8a
1 Denver tVaa 6a '51
1 DetCGaa 6a '23. .
4jLhaMchde 7s35
-0 do 5 ctfa '42.
' 2Dist See cvt 6s ''27
28iDup deN 7a '31
4Dm LAP 6a '49.
17i do 7a '36...
141 iEtuh Re 7 U. 'ST
59;Emp U aV F, cvtt
1 ? cl -3T. . . .
28iFiak Rub 8a '41.
l5iFrmIDdeb7 '42
lFrancisco Sug7 s
! cfs '42
;Gen Kl db 6s '40
31 dO deb 5 '52. . .
4, Gen Kef 6s cfs '82
98'
8
,
96
95
89
9
NT-
88
94
85
89
"311107
88
99
107
39
49
107
103
197
95.
93
106
88
42
13
27
3,
Goodrich. 1st 6s
I 7 CIS
Goodyear T 8a '41
do 8s '31 . ,
UGranby Mia 8s '25
HGrayaVD cvt 7a '82
o ut Falls F 5 '40
7 Hershey C 6s '43
' SiHolland A. I 6s
ret '47
19 .Humble O as B dbj
I 6s '83
4 Ind SU 5 '52..
5IaU Agr 5s '32..
Silntl Paper 5 A'
47
3 do 5 B '47
lSIIntl Mer Mar 8 F
6a '41-
2 Just Kayser 7s '42
91 Kelly Spring T 8s
'31
6 'Kings Co Light!
Os -34 .
2 j Laclede Uaa rf 5"
'34
1 Lorillard 5s '51..
28 Man Sug-deb 7Hs
cfa '42
19Marland O 7s
I ef 31
10! do 8s war '31.
i;Met Kd 6 '52.. .
2;Mex Pet 8s '38..
6 Mich StTel 5 24
23JMidwle St cvt 5s
1 '86
5 MontPwrlst 5s'43
12 Morris 4s '39.
19 N E T T 1st 5s
ser A '52.
3N T Airbrake cvtl
6s 28
41 N T Ed Co ref
6 '41 . . .
2iN Y G El L H
P perm 4s '49
8 do 5s '48
6 N T Steam 6a '47
7 N X Tel deb 6s'49
18 do gen 4 s '39
55 do ref 6s '41 . .
11 Nisg Falls P 6s'32
96 N A Ed 6 rcta'52
13 N St P 1st 5s '41
12 N BeU Tel 7 '41
5 Pac G a El Ss'42
3 Pae PowocLt 5'80
6 P T 4 T li '37.
38 do ref 5a '52. . .
7 Pack Mot 8s '31.
5iP A P as T 7s '30
IIP G C C 5a '47
4 Phil Co ref 6s J34
21 P S N J 5a '59.
11 IP A 8 c d 7 '87
24 P & R 8s '81.
71 do 8a war '31
5 R A 1st 6s A e'37
3 Haka & Co 7s '4
11 Sine Oil 5s '25
28 do 7s '37- . ,
122 Sine FLiic '47
8l8 P R Sug 7s '41
10 S B H T 3s '41
22 8 O Cat d 7s '31
4 ak T Co 7 '51
12 Sug Ea Orient 7si
4 Tide O 6s '81
16 To! Ed 1st 7 '41
2 Toi L os P 6s '25
2 Too Pr 7 '31. .
SIU B P 6s c '42
2 Un Tank C 7s '30
1 l'a F G 6s '36. .
2 D 8 B I Si '24
SICn St B As '42
12IU 8 Bub 7s '301108
15 do 5s '47 . . . -! 88
li do 6s ef "47 .. 98
lOOICSSteel f 5s'63L024
lCt tT et LOS'SOI 92
101
105
101
98
101
115
98
92
95
88
98
85
97
101
77
87
87
90
106
106
100
93
97
97
162
97
97
106
99
89
96
88
98
100
110
82
100
97
106
93
105
99
93
91
107
91 hi
a hi
97
91 hi
107
102
92
100
86
108
108
117
95
100
98
100
00
9
06
106
101
97
103
107
98
98
98
103
8
99
100
95 Hi 95
102jlH
90
91
lift
llt
sf8
;-:
-98" '
78 V
6
95
89
99.
88
94
85
89
107
88' ,
99
107
39
49
ioj
93-
106!
87
101
105
99
98
161 '
115
98
92
95
98
HV
'85H
97
101 .
7 7
si
87
894
105
lba
99
91
97
97
102
97
97
1054
99
89
96
87.
98
100
no"
82 -
100
97
106 ,
93
105
98"
93
91
107
91
92
97;
9o-
107
102;
62T
100
S
107
10T
llt
!thi
1O0H
98
100
89
99
95
10S
100
97
102
107
98
98
98
103
98
99
100
108
88
98
102
99
98
126 .
110 i
95 j
97
T7
95
S -89
97
88
r5
89
16
88 -
99
107
39
49
107
103
107
95
98 It
105
87
101
103
99
98
100
114
98
92
93
08
8
85 '
97
lOO
it :
87
86
89
105
106
99
91
97
97-
100
97 hi
97
105
99
89
96
87
93
100
110
.81
99
97
105
92
104
98
93
91
107A4
914
92
97
90
107
102
92
99
85
107
107.
117,
95
lO0-
98
100
.89
99
95
105
100
87
102
106
98
98
98
103
88
.
100
IDS
87
88
102
90 1 91
Sales. I -IS flOOO High. 1 Low. Close.
HO
9
HVa-Car Ca ,5 23I10O 1100 1106
OI do- s '24 . . . . .M (100 110
do 7 A '47 .1 95
do crt7 '37.
do evt 7 A '37 83
W Pa Pr 7 '581103
12W TJ s '86 . .116
9Webs El Te 81197
SlWtekSnenStt 7c'86i 95
16WU Co lts-4llOO
.141 do crt 6a .
11 do 7f ?L ..1104
95
95
83
LOS
109
107
5,
100."
94 -104
- RAILBOAD, BONDS
22IA 'T aV SFgn43
it do adj 4 '94.
Ill do 4 stamp i
2 do E O 4 '28
llAtAChAL 5 B'44
11A U L 4 '64.
24 dolatcon 4a '52
5 doLANeol tr4s'52f 81
17JB
11
55
sfc O e
19
20
s
29..
do- ref. 5 '95 .
do cvt 4s 'S3
do gold 4s '48
do pr ln5 '25
doPLEWVdv'4l
8Bdw7thAv eaSa'48
81 B R T 7 J2t. . .
45 do tr no ef '21
251 do tr o cfs at '21
?)BRkP e 4 '67
6JCn Nor 7s '40 .
15). do deb 6a '46
31'n Pac 4s perpl
14C Ky Bras 7 '52
19fC G Ky 6a '29
10 do eon 6 '45
30 C Pe 1st r 4 '49
2 do S L 4s '54
2K3 R R N J 5s 87
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771 do cvt- 5s '46. .
101 do gen 4s '92
111 do cvt 4 s 'SO
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16
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lo 3 '50
8 '49
do
34 CBQ gen 4 '58
2iC B Q ref 5 71
211 do3aI!ldiv . '49
IC V E I 6 '51.
29 C GtWeat 4 '59
CM StP 4 '89
ilOO
81
82
93
78
91
70
92
l
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112
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79
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100
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88
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251 do rfg 4 serf
A 2014 . I 62
111 do cvt swr B '14 71
40 do 4 '25 . . , . 81
II do deb 4 'Si . .1 60
810 N W 7 '30. . .1107
2 do 6s 'S6. . .108
l no gen s '07 73
8 do gen 5 '87. .105
lllChi Ry Co 5 '271 77
SOICRI&Pgen 4 '88 82
121 do rfg 4a '84 . . I 83
31 Chi U St 4a'65 90
2 do (CD n '83. 99
.'.IChiAWI 7 '35 102
171 do con 4s '52. . A 78
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m 4 '93 .... 78
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2iClev UnT 5S'72 103
2i Colo So 1st 4s'29 99
87
84
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8
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1
do rfg 4 '35
Cnban RR 5 '62
do 1st lien Ac
ref 7s '37
DelAHd ev Ra '35
do ref 4 s '43
DtRGrl 6s'55
do rfg Ss bkrs
cfa '55
do rfg 5s bkrs
cf sta astd '55
do eon 4a '36. .
Det V R 4s'S2
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4 do G Riv 6s '57
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56
'32
'66
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26 I R T c 7s wi
13 do ref 5s '06
49 do ref 5s b c
13 do 6s wi '82
10011 G N 6s wi '52
8!Ia Cen ref 4a '51
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101 do 1st as 'CO
5 K C T 1st 4s '60
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3 L N W 5s -3S.I
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97
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do 6s '24
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M Kl Ry&Lt 5s'61
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104
96
88
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99
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89
9
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92
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80
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107
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91
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87
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82
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101
74
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86
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96
88
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101
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73
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69
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79
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26
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82
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61
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107
108
73
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77
82
83
90
99
102
78
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101
103
99
87
84
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96
88
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46
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95
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78
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69
82 .
92
93
92
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107
80
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96
92
77
62
90
94
91
91
37
Sales.
IX 91 OOP
1!M St
L rfg 562
2M St F A S 8 11!
1 '35 . .
- 41MKAT 1st 490
17 do 5s A wi '4
809 do adj SA wi 67
12 no n v wi -42..
U,M Pae fis "65 ...
' 261 do 6 '49. ....
i2t do gen 4 75.
V- 2 MAO new 27
1 ' JIM, ek O St JU Ci
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lfN O term 4 '53
Higll JLoerJose
NOTAMinc 5 85
N T C eon 4a '88
do deb 6 '35. .
do ref aV imp o
.. Bar O 2013
do . rfg V lmpf
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do gea 8 Ha '97
do 4s '84.....
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25WTKHAH d s'48
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do . deb 4a '56
do deb" 4s 57
do deb 3 ('54
all
5
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1
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do 4 PCO d'41
N P 6s B 2047
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do gea 3 2047
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1 O U 1st OS '27
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" 781PLMRB 8s cfs'58
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4 do (old '88
10 do g m 4 '65
Zl OO 41 -48
if do 4 82
. 3 P B ine 4s 90
17PereMar rfg 6'B6
- 12 Reading gen. 4a'97
1 BuaW 1st 4a'4
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RIAAL 4 '34
5 StLIMeV.8 gaBs'81
68 dosBdcGdv 4s'33
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2 do 6 ser B '60
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I 85 do lne -6 '60.
3 do gen 6 '81.
' 31 do gen 6 Sr
D '42
12 StLSo eon 4 '32
8 do Trm 8 '52 .
2 St Paid Y K C S
L 4 '41.. .
55 S A I rfg 4s '89.!
10 SAL adj 5s '49.
16 do eon 6 45. .
28 S P cvt 4a '29, . .
46 do rfg 4a '55. . .
16 do SF Trm 4s'50
1 do SF Trm 4s'50
12IS By gen 4 '66
81 do con 5s '94 .
171 do 6 '56. . .
1 doMem dv 5s '95
3Sd Av 1st 5s '37 .
851 do rfa 4s '60. . .
7 Trm AsnStL 5s 44
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17
15
11
2
4
1
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do evt 4s '27 .
do ref 4 2008
Va St Ks '62 . .
Wabash 1st 6s '89
Western Md 4s'52
WNTP gen4'43
West Pac 5a '46
86
J34
78Jw
84
60
96
67
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S
104
86
88
78
77
82
104
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8i
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ST
75
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38
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' 68
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112
85
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8
low
81
102
83
73
109
100
109
91
93
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29
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77
65
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71
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77
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78
80
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40
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79
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78
90
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73
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37
38
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45
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85
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100
81
102
91
72
109
100
109
91
93
86 .
29
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88
77
65
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86
76
61
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77
78
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22
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05
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57
163
91
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62
81
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1034,
79
88 V,
89
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'
63
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88
88
78
77
82
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7
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90
87
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49
52
37
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69
83 -45
8
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85
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85
60
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81
402
72
109
100
109
91 -
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8
29
96
64
77
65
80 -
98
83
71
86
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62
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94
78
78
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40
22
60
91
86
83
82
67
96
101
95
93
5
104
91
95
85
96
97
63
81
81
STANDARD OIL ISSUES
600 Anglo Am Oil .. I 19 19 19
; 200 Atlantic Loboa . . 7 7 7
1 665 Buckeye P L ... 88 85 88
135 Crescent PL.. 43 43 43
100 Cumberland P L 185 160 185
' 10 Gal Sis Oil 57 57 67
1 90 Imp Oil of Can. . 114 112 113
270 Ind .P L ; 90 90 90
4700 Int Pet Co Ltd. . . 21 20 21
60 Magnolia Pet . . 242 288 283
200 Nat Transit 25 24 25
200N T Transit ...814 211 211
80 Prairie Oil Gas 643' 825 - 630
830 Prairie P L ...811 306 311
20 i Southern Pa Oil 160 159 159
. SOJSouthera P L ..101 100 101
500 S O (kl new . . 58 57 58
13400 S O Ind 118 114 115 -
1 200 S O Kan New . . 42 42 42
I 600 do "B" ..... 42 42 42
8600 S, O Ky new .. 123 120 123
8600 8 O N J new.. 40 89 39
7100 8" O N T new . . 49 47 47
,J 80 Vacuum Oil . . . 660 64 5 645
860O Vacuum Oil - new 42 40 41
gsggggaBa 1 ' 1 is5Bggga
Overbed & Cooke Co.
-BKOXBBS
Wiinkava Ohlcaao. Beard wt Trade.
Trada BIO-. Portland.
Walk Walla, Want,
v STOCKS flOHDS,
GRAIN AND COTTOH
DIBXCT rsUTtYTK WIBJtS
Logan & Bryan
SKW IOJUE AJTD CHICAGO
mi TiitiTTTTiiiiiiiiiiirimimiiiiitMiTiiiMiiitmiii 1 ti.i.i.i.i.i.i.i.i.i.i.i.i.i.ii
mi
'
We own and recommend for investment
Ihb following carefully selected bonds:
l UDD aVTOjrOK
City of Albany, Ore-, Impt. 6. 1932 4.90
City of Hood River, Ore., Impt. 6s. .... . 1932 4.90
Malheur County, Ore., Road 5V2s 1931 4.80
Sherman County, Ore Road 5s 1939 4.80
Port of Umpqua 6s . , . ... . . 1932-35 5.40
; Carman Manufacturing; Co. 6Vs. ...... ,192527 6.50
' Northwestern Electric Co. 6s. 1935 5.90
Pacific Power & Light Co. 5s. 19?0 6.00
Gulf Oil Corporation Deb. 5s 1937 5.30
Coast Power Co. 6s . . . 1942 6.15
Kingdom of Norway 6s i . . v 1952 6.00
Republic of Chile 7s 1942, 7.33
Since it is necessary for the investor to rely so largely upon the
representations of the dealer from whom he buys his bonds, it, is
of the utmost importance that such an organization be one whose
policies, and ideals will merit his complete confidence.
Ladd & Tilton Bank's claim to your confidence is based on more
than sixty-three years of faithful and consistent service to its cus-'
tomers. '
Our recommendation of a bond is evidence that it has been ,
carefully investigated and found to measure up to the most exacting
standards., r-f - -
i Complete details of any issue ?n request. i -v.k '
tl l Telephone or .Telegraph at Oar Expense
BOND DEPARTMENT OPEI 8:30 TO 5:0tC-SATURDAYS 8:30 TO 2:00
OTLTOH
Oldest fax the Northwest
'i a r
"5 1 '
-.' X 'i V : -
3 '4
WASHINGTON
at THIRD .
'fi '"",i'jsv8j.r.. ja .
v litlai - - irfg -
WALL STREET STOCK QUOTATIONS
Vr' - v Bsporto f Ths sfouxnals Wan Street. Bureau . ' V. -
STOCK
SftftiailmeiMi-Urns t
iw Auaun Ntenoia ,..
auuiAgr vnent..
. 1 -tn nftt .
lSOOjAjax Bobber-....
iwiaiaua uoaa . ...
KOOlalmska. T '
SSeojAlhed Chesa
a-uu jAiiis-4. nauner
lOOtAm Beet Sugar...
ISA lm U.l, .
10100jAm Can Co C , I
do pfd
High. Low. Bid.
ltM
B .....
Wool
Pfd ,
W, p
Zibc
pfd .
JBlo.
sow Am Car at Fdy,.
100J do pfd i .'..;.
: 50O Am Cot OS . j .
100 do pfd ... . .
800 Am Drag Bynd...
10O Am Hide fc Leath
800 do pfd
; 1800 Am lew . .
1300 Am InU Corp.;.
.. ... Am Linaeed .. .
-.. do pfd .......
1300 Am Loco ,
. . . . . do pfd . ......
200 Am Sai Basor . . .
4300 Am Ship Ac Com .
700Am Smelter .. . .
do pfd .......
. 200 Am, Snuff ......
3400 Am Steel Fdy...
eOOjAm Sugar .....
. . . do pfd
1AO Am Kflmlfn
11 00! Am T ic T
1999 Am
600 do
2900 Am
..... do
. . Am
. 206 Am
60001 Anaconda
800!Asd Oil ......
1600 Atchison .......
, 200. do pfd
. 400lAtt Coast Lino . .
IMAtt Q A W I ..
18800 Baldwin Loco . . .
..... BalilwlM nfl
eOOOjBalt A OI
. I da nf
2000 BarnsdeU Corp A
100 do B . ......
7400 Beth Steel B . .
600 Booth Fish ....
8400 B B T ........
BOO Butt O eV Z . .
600 Butte as Sup . . .
1600 Burns Bros A . .
1800 do B . j
700 Caddo Oil
V . . . Cal, Packing
187O0 Cal Pet
. 100 do pfd
400 Callahan Z L. .
700 Canadian Pae . .
1800 Cen Leather ....
18200 Cerro da Pasco..
2400 Chandler Motor. .
400 Chicago aV N W. .
400 Chi G W ....
600 do pfd
7400 Chili Cop ......
HOOChino
1700 O M St P !
6100 do pfd
4600Coca-cla
1600 O at O
100 Colo F aV I ...
' lOOjCoto Southern...
1100 Col Gas &. Elec.
1000 Col Graph . . . . .
. 3200 Con Ga ......
800 Con Cigar ....
..... do pfd ........
2300 Cona Textile . . .
1200 Contl Can
6400 Corn Product . ,
do pfd ........
9500 Cosden Oil
3400 C B I Ac P
2001 do A pfd , ...
400 - do B pfd . . ;
13200 Crucible . . . :
do pfd .......
600 Cuba Can ....
500 do pfd
8100 Cub-Am Sugar ..
600 Davison Chem . .
. lOOIDel & Hudson . .
800. Del s Lack . . . .
lOOOjDome Mines . . . .
11500Elec 6 tor Bat..
' 87001Endicott Johnson.
E200!rie .......
2300 do 1st pfd . . .
1800 Famous Players . .
. . Fed M in As Smelt
100 do pfd : i
800iFisk Tire ......
(Gen Cigar
1 TOO ien Kleo j
16000Gen Motor .
14 18
84 33
" . P
ii ii
-r
7S 72
44 43:
Jii. .w"fw .
a -
183; ISO
"is" "ii
"" ;
i06 103
28 27
' " " ."'at-
121 118 4
;
7 7
19 18
84 ,82
iiik" iis"''
44 43
78 74
at
i23 123
154 162
132 151
96 94
"28 "27
13 15
49 47
119 114
101 100
' a . . .
114 118
iiss T iiV
"44 "42"
'ii ii"
'63 "ei
4 4
IT 15,
29 "28"
48" '46
8
is" '57
7 "7
142 140
84 88
1
84
6
10
27
24
25
88
77
67
26
101
2
127
13
105
129
48
38
88
65
, . . ..
38
28
27
134
42
58
88
11
13
12
181
14
60
82
5
9
?a u
f 24
24
86
75
65
25
100
2
12S
12
103
127
47
82
is"
62
18
87
28
26
iss"
41
67
86
10
14
12
178
h 18
13
83
ii
11
1
72
48
93
38
33
70V.
Ill"
181
22
IS
S3
'
11
os "j
108 -
27
29
4
na
11
- 7"'
19
52
994
149
43
75
105
SB
123 ;'
188 'i
150
9S .
109
28
15
48
114
100
99
113
2
116
108
42
68
81
20
82
4
16
. 7
28
145
46
8
80
62 "
92
7
141
84
42
61
82
S
10
26
24
24
36
76
65
28
44
100
2
125
85
SO
12
104
127-
119
48
32
95
87
62
90
13
87
28
26 V
120
138
42
5T
86
10
14
90
7
51
12
at
178
13
STOCK
200 Geo Mot 6... . !
;9400iGen Asphalt ....
, lOOtGuddea Paint . . .
lOOUoodrv-h T A B.
.....kilew AMea .....
.. . ..jGaaby
1700KH Nor Ore. , . . . .
4600Gt Nor pfd.....
lOOMireene Cananea..
. 420OrGnlf S Steel . ..
' 60;Houston Oil ..i.
HOOlHupp alotor ....
.800
e
400
InaDtratioa
Int -Agr Corp com!
320tNInterboro- ......
20 do pfd .......
8600;Int Hare . ......
lOOilnt Aler-lfarine..
60001 do pd .......
SOOOilnt Nickel .......
TOOlIrst Paner
600 In Comb Eng...
High. Low. Close.
32
'i
83,
t6
68
28
35
33
2200
800
1100
.1. . . ,i
600
Invinctbl Oil .
Island Oil
200jJwel Tea
K C Southern,
do pfd . -
Kayser J
2800iKny-8pgfki
. 6 500
10700
800
500
; 800
-; 100
- 700
200
7800
180OtMx
7 7 00! Max
Kennecott
Kcraton Tire ...
Lack Stael ....
Lee i Tire , . w .
Lehigh Valley
LenUard
Low Theatre . .
Is.- N
190Ltmalocr.
Harland Oil ...
Motor "A"
Motor 'B-'
7100;May Store
SOOIVex Pet . . .
: SOOlMex Seaboard
4 00. Miami ... ..
880OMiddla States Oil!
owuuuivas Bteei
woik a a x w
owjassKsai irooa
. . . . . I slant Power . , . .
ziouiAionti vtaia
2200
"48l
16
.1 66?
24
15
.':'
20
28 -
'42
48 -34
78
6S
178
. .
IBS
. 68
29
.'.
18
16S
228
. -f 2727
f
iMa Pae f.
IMo Pae pfd
IM St P S 8 M
. , . . . Nat Biscuit . . .
eooiNat Enaael ,..f 64
1600Nat Lead 116
700Nevada Con ....I 14
SSOOINrw Haven . . . 23
lsuotNortoik at w ..1118
200iNor American .. 94
50Nor Pan ... .,; 77
. . . . . .-Nova Bsotia Steel
. .N x Air Brake.
13
29
fl6
64
Sii
18
44
82
41
t a
89
. .
; . . ..
SO
81
"72
67
.23
88
83
86
'47
14
82
24
14
;-
20
19
'4
4i
38
8
76
r
83
178
184
84
26
"a
14
188
227
17
12
27
16
!:'
20
17
4
. 9 f
. . J. .
83
Ui
14
21
111
93
76
62001N T Central
4001Okia Prod ref
600 Orpbeum ......
200 Ontario W ...
1900 Otis Steel
1800 Pacific Dev . . . . .
1400 Pae Gas at Else.
7000 Pacific Oil
82700lPan Am Pet
210001 do B pfd
10O0 Peana
1 200 Pena Sea Steel. .
1500 Peo Gas .......
8400 Per Marquette ..
200 Philadelphia Co
1700 Phillipa Pete ....
H 00 Pleros Arrow ...
200!Pierce Oil ......
2500Pitta Coal .
46O0lPitta West Ta.
lOOiPreased Steel Car
800 1 Pan ta Alegre
suuwinuman
1700 Pur Oil ....... I
800 Rar Con
8 200 Beading
1 900 Replogle Steel . . .
2100 Bep I A S .. . . .
..... do pfd ........
1000; Royal Dutch Oil.. I
200 Br Stael 8 pes.
400 Saxon Motors
2100 Sears Roebuck . .
. .... IShattuck A Aria.
1700jShell T. AT....
5200 Sinclair
..... Sloes Shef
4800 Son Pacific .....
500 Sou Ry ........
900 do pfd .......
6300 S O Cal
S O Ind
2900 8 O N J ......
S O K
400 St L A S F . . . .
..... iStlUM Catls .
94400Studebaker
96
30
7"
1 a)
86
47
94
90
47
8
98
83
40
43
12
4
87
36
47
125
28
18
77
24
46
"52
"2
88
84
82
88
23
64
117
197
'23
66
5
28
;
88 " "
46
91!
88
48
" 3l
91
81
40
42
12
4
56
84
46
123
27
18
76
28
48-
"61
"J"
79
, . .
34
-3J
87
28
68
114
194
22
05
81
41
TO
31
61
24
30,
83
28
73
"
im
7
88
id
'i1
89
11
47
14
62
w e
14
-
'20
19
53 :
41
42
33
8
7
25
63
172
1SA
188 .
84
28
46
15
1 63 '
227
17
27
12
28
15
68
68 .
21
16
43'.
64
245 '
64
114
14
21A
111
94
76
27 ?
28
86
2
20
20
7
1
84
46
83
89
46
8
.91
88 '.
40 i
43
12
4
87
84
77
46
124
27
18
76
28
45
88
62
111
2
80
S
34
81
88
87
23
68
114
119
195
122
22
65
124
10OO
4200
400!
84 OO
600!
3000
800
i.Wwlft Co.
Team Con A Caem
Texa Pae- .,4.
Tea. Pw C 0. .
Tob Prod sets ... .
Tvaa Coatl Oil,, .
I n Baa? A Pansa-.
100)raaoa Oil Is!...
aavviijauoai fartflo- .
1SOO
- 800
80O
2400
1100
2600
2600
900
Canted AUorV.'i-s-Crated
Iras- ...
IXnited eood Prod
. raws - e run .
Retail Store..
C-S O 1 Plp.,,,
Hi Ind Alcohol. .
VI S. Bobber. . , ;
do 1st pfd...
IT H SwKiss ' -
270001U! 8 Steel iT.,
nfd
ouu,i tan - Cooper.. . .
..-. Ta Chem .,...'
J- Pd" . . . i-i. .
. TOO Taaadlum Steel .
700 Vivaudoa ......
1200 wbah ..c;:
1290Ho.A pfd ..'.
2001 do B pfd '.....
ft a lrVjHg taVrgO
20O Weatern Pae, ...
, 800t do pfd - ...... .
IOO Western Union .
-' SOOiWeatinghoua A B!
1400f do K A U ...
11 00 West Md ....4
1600WhJt Eagle Oil
- 4 OOi Whit Motors ..
600Whita OU . . .,
. 600WlUy-Ovrlad
:; 800 do pfd
SOOIWUeoa Paesrinc
. . . . . fWascotssia Centra
701Wool worth w. . .
500Worthfa-ton Pm
1100W L K . . . .
9 ..
47 46
22 '214
2 1 20
68 83
12 11
69 69
16 16
141 189 .
84 34
'-vi v,
156 I65-H
70 67
28 36
82 81
62 88
85 .84,
ios m a
68 61
a . a .
84 33
14 18
9 - 9
25 24
";- f.
a sj w a .,
16 .18
68 88.
99 9
80 58
82 ii
6"
89 89
88 88
212" 2li
26 27
10 9
10i
- I
46
22
Do -
,62
11 I
69
16 - ?
189
3 4
17 i
- 5 ? .
183
26 i
61 - -
60 ,
38 ;
161 H 4
120 (
62 i
26 .. f
1 !
83 1 i
18
24 !
17 ' ,
88
In - ;
116 f
89 ;
60 1
12 :
31,
37 - I
27 . I
208 ;
27 i
Total aale stocks. 765.700 hra.
Total galea bond. 810,202,000.
BA2UC1
Clearing;
Balance.
COAST J
statemekt or
Uand Beak
. 1922, " 1921
Monday 8 8.616,448 $ S.945.998
Monday 1.525.810 1,694.097
Osssringai
Clearing!
Monday . . . . ,838.706.000
. 9aatl Bank .. -Monday'
. . .......... T.888.208
Monday ............ 1.892.188
--.",v ajextant) anag
atstrlnga, Monday .. 8 2,848,600
-'-4 - t-e Antatga. Bank v
Clearing; Monday ....131.356.000
- Taoavna avanka
Monday' transaction ....... '. .8 2.816,006 '
High HYirfdt and f Unques
tioned ! Safety are features
of the n . .
7
Cumulative First Preferred
; ,4 Stock of . '
NORTHWESTERN
Electric Company
Price $100
To Yield 7
' Investigate. Use
t This Coupon.
J G Tavares
, i . Birr. Stock Salea .: . . ;
orthwesterm Electrle Co,
- i 2 IS Plttoek Block
Fkoso BdvfT. 488 .
"71
I stm .
I Addregg
"I
.1 I
NEW ISSUE
We offer, when, as
and if issued : .
$231,430.00;
STATE OF OREGON
Distric t Interest B o n ds
Dated Dec 1, 1922. . Due. Ser. 1942-1958
A General Obligation of the State
Ml rrf
720
Denominations $5d0--$1000
I Income
Tax Exempt
MATURITIES
$38,700 January 1,1942 , 1013
16,500 July 1, 1942 101.96
3,000 July 1, 1943 102.03
42,750 Octpber 1, 1944 102.10
' 2350 January 1, 1946 102.17
7300 July ,1, 1946 1020
Call, telephona or write' In immedlata
are general obligation bonds backed
'Priced
' To Yield
AND PRICES ,1s , '
?12,000 July ' 1, 1947 102.25
23,100 January 1,1949 10233
8250 July
4600 January
30,000 July .
1, 1949 102.35 ;
1, 1951 102.42
1, 1958 102.71
reserratlona. aa these
by the entire etate.
All
WAR SAVINGS STAMP HOLDERS
war savings itamps due In December r January will be accepted' here at
accrued interest aa payment on uty bond on our entire liatv Helnvest
and, at tame time save trouble of cashing atavmpa. .. ,
par and
STRENGTH THROUGH OWNERSHIP,
GENERAL ELECTRIC CORPORATION is- probably the . -
strongest public utility ownership in America. Few cor: . ' -.
porations of any character .can compare with it as to ;. i-" - . --
soundness of management, stability of business and con- ; ' ; L v
v. servatism of policies. - ,.-',-
It represents a holding company for various concerns. These -subsidiary - companies
profit from diversification of business risk and centralized management. They derive
strength from strength of ownership. $ J , - t t k r i
The Pacific Power & light Company is one of these subsidiary companies. Its business
field is in Oregon, Washington and Idaho. Its earning power and the equity back of
its securities are above average. " .
While the business of BlyiJi,,Witter & Co. is restricted largely to high-grade bonds, we
do handle from time to time preferred stock issues of exceptional merit. . Pacific Power
& Light Company 7 94 Preferred Stock is such an issue. .. The price is 100 and accrued
dividends and offers you a non-maturing 7 - investment of recognized conservatism.
Blvth. l77Ela. gwfe y.
.COVERN ME r4T-MUNiaPAL-C0RPOT10N CCND5
BROADWAY 64QI
SAN FRANCISCO LOS ANGELES ' NEW YORK CHICAGO SETTLE PORTLAND
rrl i I rl rl i I v 1 'l' i 'i-mYiTirrr i t i r i -r i r i r i t i r i t i t i i-1 r i yi r i r i tiyi rmTf i y i v i y i