If
go:
DAILY
CUTTING . OF GOVERNMENT; EXPENSES;: CREATES EXCELLENT BUYING IN LIBERTX SECURITIES
' ' m- at.
WaU Street. New Ts. Ic. -Tta tbrea
etosf incidanta i lb financial attuation tods
tbe eaBtianed atrengtn J- ." ""T
..... neat kand. ttx tur-
-...,, . ., ,.,. yvW Umt rise of starling es-
'f cba.vzK mm) the aotsbie
remarks of tb Sterw-
jftary of taa Treasury on
itbe bestaess sad fineo
trial na&m of Ow
oat report to
' ?cowitr
! ' 1hia an
j Loongreas. . ' .'
In -put. we . saging
4 of liberties w doebt
was tie January ren
-V
aJ
vestraeat demand is its
nor tarsal n louawau
the praideat revenne
on jaoaaav
letting forth tbe w
I d action ia government
I r inandJ turea and - fore-
lahadowtna- a sarplus
, - - during tba Bast fiscal
-'rar. i"' The aignifjoenca ot thia of eoores
that bajfand taa finaneiDg aamrlowed today by
tfca treasury baad to tab earn of autaring
oeLigaUaaa there wiH be ao aaad af any future
goveraaaent loam,
-, tWlInt Faroe U
' Beaching t.6X at oa Urn today, for the
firs time la nearly four years, sterling eom-
Mated a riom et -nearly aaaaa cants within a
-malt aad f nearly 20 cents from tba low ot
' isuffln.' This upward aanwM ia anita the
memt iirakiBaad of idi sine tba remarkable
! advance la tba carta Dart of tbe year. It
ahem that with tba passing of to season of
hravv atanle tbimBenta and with no prearare as
:" from c 3 ri.o ration for the nest interest
. installment oa tba American war debt tba
. starling market ia responding readily ta the
influences which sro losuaOly carrying it back
to the. pre-war footing.
- Trade . vWvleer - Pleases -
,' Watt ' Street couid scarcely attach ranch
uwtiMl immrtaiMe to Heeretarr Melloa'i tux-
eetkn that sur-taxee be raduoed to a maxi
mum of act oaer 85 per oent, beeanao tbia
will be tar tba dew eoncreae to detarmina and
ia tba new aoacress tba raideal element op.
wu4 4n an uirh action- will hare the baianre
nf the cower. Bat eaeoaraBenwnt was to be
- faant in-tbe secretary's review of the present
bnainem pesitioa, in which be emphasiaed the
me in laTetttorfeai tbe iDcraaaa la the- Tohime
rf tnda and tba. fall employment of labor.
tlu in Bbniiu eontnat to hvatericsl predii
tions resairdinf the European aitnatioa be refer
to the waste of war beinf repaired and siem
of procrssa in economic restoration hating
appeared abroad.- '
ataaaaea. aanda Market Us
- Tlie stock - market went np after the pubUk
iif tha . bumk. whereas . oreionl it
had bean difpoaad to r. Frofraaional traders
at the oatset of the day renewed their effort
to feroe a deeUae. They met wtu aome tern
- orary soceeas among the railroad stocks which
- were more' or" less united by the prospect of
nnlimntila aetion of the Oreat Northern diri-
' dend and the eonaeqaent weakness ia this and
ether of the Northwest railway shares, but in
tba end operations for lower prices failed to
-make any headway,, and in the subeeoaent re
eoeery a good part of the industrial lists mora
. than retained tea -early loss.
- Motor tores were the traders in the alter-
' noon Studebaker, Hupp, Moon, Chandler and
.: tierca Arrow. Tbe profession ?iew of this
movement was that it was getting ready for
1 tba traditional demonstration preeeding the
' ?ew Tear with its annual automobile show and
Its inrueh of new orders.
Market Look OwarieM
Tba stock market for the tint three hoars
-; had- been the dullest sad stnpidest the Wail
; street people had seen in moo tha. . Tbe abrupt
change into a lirely buying movement which
characterised . the hist two hoars was to be
. explained simply on one ground and that was
an oversold condition within the market itself.
for days the professionals had been' pounding
. away trying to get -prices down. They - had
- been able to give tbe list at times an appear
: arte of heaeineas and even weaknees. bat it
'was only, an appearance. What really hap
pened was that no hqmdaMon was brought oat
- and that the ahort interest waa increased ao
- that it bad reached nncomiortabia dlmen
stone, r . , J
karu San, to Cover
"Tha result was. as it always is. under such
' ctmimfttaacaa. that when short seUers awoke
U the truth that they wees going to. find dif
' fieultysla edvening their eommitments at high
er prieea they started t bid for stocks with
: considerable argeney. - The rise began with
. the motors but quickly spread to other diree
tions. i .
: Tbe Psn-amerVan rose violently. Wall
By George T. Huahea - "
WaU Street. 'w Tech. Iae- ,- Heavy
selling of St. Paul issaea featared the bond
market today. . Not only tba mora tpaeiua
tiv bat the underlying bonds of this road
in supply. The gwnerai asongage e
Ted by first Hew on the system exeep
tba Paget Sonnl extension : were preesed for
sale at a loaa of a point sad a half. Tbe con
vertible 6s. tbe- eoovertibio 4s. toe as at
1925 sad the debeaton 4s aH auffered laeasa,
The source of this aliing couia not 6
Jeerned nor neither eras there any reason ap
parent ia the ant, - la some auartera it-waa
believed that- the preeaes was tee ia sing ,oi
knees f or income tax purpoeea. j" i-,..
Bonds of both tbe Seaboard Airline ana toe
St. Louis Baa Francisco company were also
weak and lower. . , ; '
SesaaaMI Airline ts dropped to a. Tbe
St it S. F. aid. went below 74 and the
income sold down to 6ov Kna prior ilea 4s
slao lost fractionally. .
High exade raibroad aonda ware latriy acave
and firm. Examples were Kr Tork Central
6s. ' Burhsgtoa bs and -. Northern - Pacific gs.
Oa the other hand Norfolk at Western eosv.
6, bowvven. tost a point. '. Kansas City Term.
one or tha nest or trie terminal nonoa. wans
up poipt.. lireat nortaera . o i uu b.
at tt. eonv. ba abw made gains.
Among uUIiUes. Public bemee of W. - I-
3s went down and Hudsoa m Man. adi went
an. Interboro Ss were firm. The statement
of President Hedley showing the earnings pos
sible under . the readjuatmeat . plan -waa very
encouraging. If the plan bad been ia effect
far the fiical year ending June 80 hut. inter
est on tbe Interboreugb ba and 7e sad the
Ht-i,f.. 4a would have - beea earned with
balance left over 4.000,O0tf.
There was no very great c Us age among in
dustrial. " . ' ' - -
Among to ibTOifu Donas u anton vurgen
G were the feature. Tbey went sbove 78.
Liberty were steady sad higher.
Nw York. Dee. '. Following ia as official
list of bonds traded ia on the New York stock
Exchanae today, with Drier up to and includ
ing tbe dote of the market. -Total sales today
were ell.B4S.uoo, against io.o.oo-yesterday,
10,95 1.000 a week ago. 18,868.000
year ago and gig.BBjs.uuu two year ago.
From January 1 to data S.086.OS.OOO.
against $3,079,463,000 a year ago,, and V
blZ.DOl.uov two years ago. , ...
LIBERTY BONDS r
LV $1000 1 High. Low. Close!
street. raeeiQag intimation recently made of a
Urge extra cash dividend oa , Vexican Pe-
traieam." Stocks like Betbtehem Steet and Cru
eibie -Steel which bad seemed to be so sea
attive ea previous days to speculative pressure,
regained in half. an hour what it bad taken
- a week to lose, : Even the raUa come back
raadihf.'''. : . n
. It wag a lively afternoon aanubu on the stock
exchange -today. - Active buying ia tha last
hour and a half representing in a large mea
; sure the bidding for stocks by . an uneasy
short interest brought about a rapM ad-
vaaoa. i Tbia advance waa still in progi
as the market dosed. Final pncea were near
their best.
: - Mlalac GtbMir Emtilar
Baker, JDac. . The Delaware Mining
company ia completing: a fine bunk
house, barn - and la also rushing wrork
on tha boiler nouse. compressor and
blacksmith shop. According: to word
from there the sawmill-is runntna; full
capacity in order to keep up with the
material needed. - The mining; property
is oniy a xew nuies irom jjaker.
Y Timers TJatea Had In gaokaa
Soekana. wash. J Dec. TL R ,mH
tbe energetic Georgian who ia president of the
nauonu earmera uuoa, naa readied Spo
kane from the East, and for tha next two
wees vrut go, about toe -Northwest, eonsider
abia of ha time beina aivaa to an inmtin.
tion of the Columbia basin project. He a for
the prelect, that muca be aam mat sight. As
to which method -is best for applying water
to caa ana isans wunia tna asin. that ig
matter to ha decided, in hia opinioa.
: National City
Recommendations
A catalogue of careful
ly selected BONDS for,
your December funds
Telephone or write oar near
est office for your copy .
The National City
-v Company 7
i . OrtleM la aior than u cIUm '
- Yeoa BtindiBforUjBfl .v
Telephone 6072 Mats
W WA . w-A tO. aywaa6 VUi
TTf
ssoxxss
1 s
r- -
stccxs, c::::s,
CXSZCZ JPXUT4TS XTULZt
LcTsin z Bryan
NEW YORIC BOND TRANSACTIONS!
Eeported- by Tha Journal's wall Street Bureau .
Salea. !' $1000 i High. Low. t Ckoa.
Sale
456 Ub las ' 2-4 7
1 'Lib S H rg '3 2- 7
4Ub jst4tts'Sa47
2jLib 1st 4 K s rag
"a-4i ......
1 Lib Zd 4M '8a
47 .-.
902 .Lib 2d 4 Ha
f "Z7-4SC .......
S4S!Ub 3d 4 a-'28
2ILib Sd 4Hs rg '28
ei8!Lib 4th 414 '38
8.Ub 4th 4 Ha regi
I '
193 TVs 4Ke, '23
Vie 44a -22. . . .
17 Vie 4As reg 23.
a: Vic 4Aa reg '22
a n a a, rn,n "r.
099iU S of A 4Hsf
J '47-ba .....
- FOREIGN
23Argeatiae Ts '27.'
SSjBelgiom 7 Hi '45
8 do 8s 41..'.f
- 24 do s. '28
18Bergea 8s '45. . .
zb Berne as a . .
100401
10020'
84
836
930
816
0874
9844
800
828
10080
10000
10004
88
10212
10082
10020
896
816
9301
708
985
0842
8832
10032
10020
860
816
8980
816
870
0844
802
824 9828
88
'27
28
81
6
8
10
12
47
Bolivia 8s '4T
Bordeaux as '34
BnuU 8s '41...
do 7 Ha rcU'52 .
do isrge rcts'52
Chile 8s '28...
Chile 8a '41...
do t '...
Chin GvRyS 'SI
16iChrlUania 8a 48
4tCopen-a H '
14Juba4a '49.
14 Csecboalv 8s cfBl
ft, Dan Man 8s A'46
0! do 8s B 38. .. .
18 Denmark 8a '48.
10 do cfs 6s '42..
84iTeptSeineTs tc'42!
8iDmCasa Ha ots'29
20 do bs '28.
80 do 8a '82.
i do 8s '31.
19ID I reta be 47
40 do rets s '02.
63 French 7Ha 41.
108 do 8a '48 ....
826 Haiti 6s '62. . .
1 Italy 6 Ha A '45
48 Jap star In 4s '8l
6 Lyons s '84
It iMaraeiUes 6e '84 .
38 Mexico 0 45..
2 do 4s 84 . .. .
4 Montevideo Ts '52
174 Neth reu s '62.
2 Norway 8s '40
30 ' do s ctfs '62 . .
ePragueTHs cfs'82
8 Q'siand 6s efs '47
1 Rio Gr de S 8s46
8 Bio de J 8a '44..
7 do 8a cfs .'47. . .
7 S Pan City 6s '52
' do itate 8s '36..
1 Soissong 6a '36 . .
1 Sweden 6s '89 . .
, Swim 8s 40 . . .
1 Tokio 5s '62 . . .
88 U K BHt '29. . .
10 do 5Hs "37
l;Cruguay 8 46.
SZnrich M '45.
9980
BONDS
100 H
100 H
100H
5 H
108H
110H
98 H
77
98 H
an
93 H
101 H
103
H
OH
108 H
OH
84
87H
108
108
110
98 H
66
101H
99 H
99 ,
100 '-
4H
93 H
4H
8H
9H
98 H
81 H
78
T7H
49H
83
OH
99
110
100
72
101 H
98 H
97 H
97 H
98 H
8H
104
117H
60
111
104 H
112
10024
10000
10O04
88
10212
9972
10030
10000
10004
988
10212
972
100HI100H
99
100
95
108 H
110H
95 H
77
98 H
3
08 H
101 H
103 H
H
SO
108
84
87
10TH
107 H
109H
98H
85
101
99 H
98H
9H
4'
3
93 H
7H
6
3H
80 H
77.
TTH
49
35
OH
8H
no
9
72
101
98 H
08
8
II
104
117
69 H
111H
102 A
104 H
112
100
100
6H
108 H
110H
83
77 H
98 H
93 H
93 H
1101 H
193
99 H
S0H
108 H
90 :
84
87 H
108
107
110 ;
98 H
86 H
101 H
99 H
99
99 H
94 H
98 H
4
8H
6
S3 H
81 H
77 H
ITS
4H
35
SA
110
100
,T2f
98H
6H
7H
98
8
7TH
104
11TH
9H
111H
102
104 H
112
NEW YORK CITT nrtvrva
10IN I O 8Ha N'84( 89HI 8BHI 8H
MISOTLLASEOrS AND INDUSTRIAL
BIAE eel tc 4s '5'47
llAiax Rub 8s '88
2AAC 7 Ha '41. .
8 AS 1st 6a '47. .
18
20
1
16
1
88
16
: 5
28
10
3
2
18
AS 6a 'ST
(ATT evt 6 '25. .
do ooi tr 6a '46.
do evt 4s '36. .
do col 4s '29. .
AWW 6 '34.. . .
AJUM et 6s r '47
Ar m Co 4Hs39
AR deb Ss 'ST. ..
Bell of Pa Ts '45
B 8 let axt 5 '28
do ref 5a '42. .
do P M 6s '36
do 6s '48.....
BHS 6 Ha '43 wi
8B hi 7S ser 1 40
71 do 5s '40. ... .
10!Bk Ua G 5s '454
lltat U at K 5s '37
lJaa 88 U-Ta '42
21ICn Le gea be '25
C D P evt 8a '31
100Chile O evt 7s 23
66) do eot tr 6s '32
HCot Ind 6s '34. .1
. 24 C GaVB 6a at '27
SlOom'w P 6a 47
liO As B THa '37
- 60-Tab Roe 6a '41
T0 Coal bid 6a 50
; 1 jCuasum Po 6a 52
, 8 cm r s r i '14
. HO Ck- V 8 a 4210S
iSKJUba O 8 evt debt
: -1 "7s.. O v.
26 Cuba fl ifiagar stl
I sta -so ..
lrr Ts '42
I Det C Gee 6a '23
80 .
6
102
93
102 H
116
98
87
1
84
T f
80
99
108
9
94 H
3
98H
5
107
98 H
5
5H
4 -
8
128
112
98 H
TTH
8
80
99 H
T
88H
2H
99 H
86
0
8
100 H
,8Det Ed rf r 40 102
i OO Ttg OS '40.
If do rfg 6s 'Ba
4 .Diamond Mtoh dbi
7Hs '86
Distillers Beg erti
: St -2T. . i . ,
Donnr St rf Ts'42
iDupcmtDeN THa3t167
laejues UP 6'4t!103 H
I 95 H
t ma
107
4
89
T DmLAP T Vfca-ag
., i Saatara Cuba Sgr
f IMS 'if '...
SOiEmp Gar Hj
i" I Cfs -37 ......
2 Fink Rub Co8s'41
' lOiFram I Ddb THaj
I ' '42
. 1 . 25 Ftaneiseo Sg 7 s
t efs 4Z. ......
2jGenl Fdee deb 6s.
...( '40
1 do deb 6s -92..
14!Goodrieh 1st H
Goodyear I 8s 41
107 H
5
SH
105
101 H
105
101
101-115
3
80
96 :
102
92 H
101
114
87
87
84
78
89
99
107
99
94 H
8
8
4
107
9
3
95
4-:-.
98 H
127
111
95
TTH
5
89 H
99 H
9H
88
2H
9H
ies
33
68
7
I100H
102
5
99
14)7
46
107
108
iwj H
4 do 8a 11
a!Gt Falla Pnarap aai
4
lO'Henhy Cbs 6a'48 98
30 i Hoi AL a re '471 88 H
V17H O 4VRd5HaS2 97
SOInd Bteel 5a.62fl01
8 Intl Pa 6a A '47 87
Of UO OS K -4T.,j T
-.12,lnU M USr3s'41 90
.Ket Bp T 8s '31 106
tatck Steel 60-33.1 B
oo as . lea
. 1 Lehigh V G as'SSilOTH
2;Mar V Tbtril. !!
SS Mex. PeC8a '36.107
131;Midvala8tevt6s'3 6
3,M Powlst6a'43.. T
3 MorrKkOo 4Ha89 8T
10, Nat oama 5a.. 97
l;.Vat Tube ss 52. 100
, 24..M S T a T 1K
- 8A -52 1 99
ltXTAirKkeCT 6s 2. 191 4
tl-S T IA Co reft i
f 6Hs '41 1IU1
f!SIHB LH API 1
: 1 Stauhrp 6a'47 Ti T
19 STTelueb 6s "4 .1106 l6
do gen 4 H '39 . . 94 H i 94
all ref '41 . . .JlO J H ilOS
8
3
105
68
161
les-V
ix
l'er '
114
ss
8
B0
7H
10H
86 H
86
89 H
106
9
10H
107
101
106
89
8T
T-
100
98 H
101
80.
6
102
92
102 H
115
7
8T
91
84
78
89
99
108
99
4
93
8
4
107
96 H
5
5
9
98
127H
112
96
TTH
95
69
99H
96
88 H
92 H
193
86
89
98
100
192
S
107
46b
88
107
103
5
SH
106
8
101
.ww ...
101
101
114
88
98
88 H
ITS
101
86
87
89 H
106
99
100
10TH
101
197
89
8T
100
SH
il ,
itlOH
"7
106
94
lv.H
4j.lag Fls P 6a '32102 fl02
" Jj'AmKd 6a ret '52
" 1t Norte tf lat 6s '41
sVTiNorBeuTel Ts -41il7
lOtOntLAP a 4S.- 94
, PacOAEU ea '2. 92
SPaerXatT 6a 'ST. . 9T
-. 16) do ref 6a '52. . . 91
ltPAmFeYT Ts '30. 102
ilFhUJo ref oa '34.rivu
14;Pieros Oil 8 '31.1 97
93 93
91t 91H
17
94
91
97 H
91
102 H
9
96
9IPSXJ 5a '59.. f 85 Hi 85'
l.PAS et deb 7a '371107 187
4 FAR as 31,...-ll08Hl7H
3;KiiI 7s -?...,. 8Hf 93
3jS A V 7 '42...ilOOilO
t CO S H i VbHI H
33f do Ts ST...,.aolH
33I8PL S cf "41 .4 89
4 SSM OS '41. t
llsI'RS Ts 41i..
I18BTT 8s 41...
1 H(rE OV OS
,SM 6a '30.
l.oOC deb Te-'Sl. .
6!TC'A- 79 '61... .1100
OfSEU Ta t 97 H
10ITUO 6HS '81...il8
a:T tat 7a '41. . .HOT
liTP 7a 31... ; ..tlv3
I7RP 6a efa '42. .1 98
2 Union Else 5s 3( 93 t
9
99 -
6
28.-4 99 H
wa K
at -.19
89 H
8
99
94l
99HI vHH
96l.HtH
100 HI101
10ttir
102 tl2
loaHil id
tlVSHIISo
t 7j;i7
3
;.7Uni Drug 8a '31 . 112 112 Jl'.lH
. 7 (Jif.uu oa oo. 1 e t
Kll-BM. Sa '42 . . . ; . il H ilW it
I ll 8 Rub 7Ha 01108HilVH!, 8H
18 do 6s '47 1 be Hi 81H 8 .
MOirSSmitRAllOa-attjlOa jlol )f 2
ia 63. 1
, 5s 'Sit
1
THtAl
8lt-38t s X 6a '63 .(108 llOSJt
21 UtahP aliti 1 t I aw ts
12 do 5s '4... i '.I 87 Hi 87 H
. 4 Va CsrCh f 24t 5t.H
12 Va C, H ev
t warm '37 1 5 j 4
f d ear A "87. .f 95 94
10 Wash W P 6a '89( 97 r 97j 7
81W eg ref 7s '41jl02 il02 H 2
liW Pa P BS -58.. t t "a f o
1 do 7s '68 .,.,.ll08H,108ilH
8,W V col 6s 8.i 97 97 Hi 1.1
i:w V Ha-'31..4llO .fil- ill?:
8Wath EI 7s '81.107HJ107. ilI
12
!7H
,5H
is
1 .Win & A 7 He 411101 H
, 2iWk Bp 8U Ta.'35 94
9Wil C 1st 6s '41100H
lot do en 6s '26.. r 95
191 do,7Hs 'SI... 104
RAILROAD BONDS
SIAUegbey V -4 '96 t;
43ATmSF gea 4s'5l B9
It do adi 4a '95 . . 82
1 A C AL 6s B'44t 99
14A 0 L 4Hs '64 4 8H
4A C.L, L S coli -
tvj 4t '52..t,1.81H
43lB O 6a '20.:.100
681 do evt a HS SB e ih
lOlHjlUlH
94.H) 94
100 100H
4i 96
108 1103
PROFITVlDEtllilG
' lit TRADE LlliES
1H
93
78
xoi do aold 4a 4
18 do p la 25
61 do 4a P L B V
I W V div 41.
Ill do 8Hs 8'vm dir
- I "25
ootn ft T .7. '21
15 do Ts tr co ef
-1 1 '21 ........)
a R ITn X3 lat 5'20i
liBuah Term con 5aj
'53 .......
4 Can 8ou 6s '62
HiCsa Nor 7s -40 .
lat a (tab 6 Ha '40
lOiCaa I Pac 4s perp) 7H
ilCaro CI ek O baj 1
I 88 . ... . i . -. I Mb
3810 Ry Bras Ts '52 7
1H
1
89
89 H
1
88
82
88 H
81
100
80
81
93
1
89
' 82
99 -88
81H
100
. 80
: 1
93
,78
7H
91h'1H
0 i o
8 f I 89
80 Ht 89 H
87 r 87 I 87
9 f jT0 7
111 r.2
98 H
112
112
4 C of Ga My as '2910 H
C P 1st ret s ;i
aiCea MR NJ 6s "87110,0 H
r ItO as O rig 6s .'201 97
42 do crt '46... I
33 do gent 4 He '92 83
a2 do evt 4 Ha '80i 89
.'lltO.es. A rfg a "49 52
18r do 8 Ha '60. S5 H
' llC B Q gea 4a '68 87 H
29C B t ref 6a71 99
61 do 8HJdiv'49. 81H
2 do is 49..-l 81 H
ltC at K 1st 6 -b2J 6
85C U-W 4s '59. 1 51
UO M St P 4s'89 71
64! do 4Hs '89... 82
62, do 8 Ha '89. . . 3
233 do- evt 4 Ha '82 07
' I do Tfg4 HaA2014 2
20 docrt 5s U2014) 70
311 do 4s 25.i . . . 77 H
, 201 do deb 4s '34. .1 69
( do V ek M R dw.j
1 - 1st ba '25. . . . 1 97 '
5 1C lift lst4s'4 7
i 10 N W 7i '30..I108H
It do A- m 4s '87 83
3fC S W C SHf87 IT
lSiCbl By Co 6a '271 81
163iC R 1 rtg4a,84.. 88
(U T H 8. q
I - am as ou.i oa
!ir at v M A o I
eon as .-. .iv
7
0
fl
Hi
Hi
1
1
' 3
121
tt
Ch V Sta 4H'65 90
do 6 Ha '63
do gea 6s '65 . .
CAW I eon 4 '52
116H
99
T4H
CCCAStL4sA "291101 H
4IUv UaT5s 72
1 9G at 8 rfg 4HS"85!
5Cuban & R 6s '62
61 do 1st In A ret
7Hs '37
5D A U 5 H '87.
1 do 7a '30 . . . . .
25DARU imp 5 '28
41 do ref 6s '65... j
0 do con 4s '36. .
Det V Ry 4"32
1B 1st co 7 a '30
108 H
8H
89 H
88
36.
13
8
37
79
do g 1 4s '96.
do 4-a... . . .
do evt 4s A 'S3 .
de evt 4s B '63.
do evt 4s D '68.
IG V G 6s "82. .
6G T of C 7 '40
11 do 6s '36 . . . .
68tO N 7 '86. .
38
76
76
"7
do 4Ha '61..
do 8a '62.
UudAMref SaA'57
d adi inc a -T
Hi cent 6Ht '34.
101 do 6H '36...
ISi do 4a '53. . . .
88IMet cfa4Haata56
98!IntRTr ev 7a wi'82
18i do ref 6s '6tt
lOj do rf5s bkrefs66
16 do 6a wi '82. s . .
lllGtN adi 6a wi '62
SIKCBoa 0s '8.
101 do 1st 6s '59 v
25KCTerra 1st 460
I K. A D at 5S -23,
. 2 LEW 2d 5a 4 l.i
' 1 L8M8 deb 4s '28.
10L V C 4HS "28. .
4L V gea 4s 2003.
1
8
18
6
1
.oa .
LAB g-s '65. .
L I deb 6a '37.
LAN uni 4a '40
LX4SAKO OiV '95
IA-RNA 5s '86
Louis A H W Ss
6; Man Ry coa 4s.
105
101'
112
88 H
46
74
78
102
44 H
55 H
42
42 H
43
90
112
104
110H
101
102 H
84
61
IOI H
110
81
11
96H
75 H
74
75
64 -89
69
82HI
2
5
SH
94 -81
7
83
0
85
7
77
63
81W
ban
82
105 !4
90
115H
99
74 H
101
103
98H
lv4 i
101
112
83 H
46H
73
78
102 H
48
65H
42 H
42. 1
42
0H
112
108
110
101
101
84
61 -f
101
110
79 H
B0
ST
1 10 l! H
SS 1ST a
1W0
87
92 H
85 H
88
62
25.
87 H
99
1H
81
61
71
81
63 ;
62
69
77 68
'7'
67
'108
l 85
H V
li
"V8H
85
It
'25
87 H
:!
-81
96
61
71 -1
68
166
-62 .
6 ,
as
. 67
'.08H
186
r-77 '
81
88.
Ho"5
90
115
9
'74
j01
'.03
98 H
KU it
;05
iOl
IIS
ab3H
v
173
Tiaikt at Sv con fisi 91
1 1 do s .......( 94 H
. 1 Mich Cent deb 4s 91 H
13 U 8t L 1st rfg 44 0
: 12illBtP ABSktbat 98
5 do 6Hs -,..1103
2( do ref 61. . . . .1187
13 'do 4s . i.i 87 H
15 M K A.T 1st 4a. 79
A do 4s aer B w tl. 86 H
2.'o 2d 4s ...., 68H
' V 3 do 6 ser A w i 83 H
! Ill k mAi & m l .
1 w i ..-I 5
143 do 6a aer C w i j 96
1 11 Faa 5a -...! 8f
101 aa 6a '49. ....I 99
M 40) da gea 4e 75.. 63
' ll'It Trm rl 6s '4l 95
10!N R afex 4Hsl
j Jul eou '57. . .1 88
.- 14i! Or. trm 4a 68l 78
Si NOT AM baaoa '85 76
' 5iN T O eou 4e 93i 81
l do deb 6a '35.. f 105
S12IK T O ref A tmpf
Ba 8e C 2WIB!
N T O a H R rfg:
Aim4Hs 2013
31 do gea 8 Hs 'OT
t tr 3Hs -98
' 8LJ Y Chi A St T
i lat 4 87
13 STSHAH dbas'48
- 9' do evt 8a '6
1". d deb 4s "91.
60 NY WAR 4Hs'46
26.NA vTRRea s 29
1;S P s sarB2047
. 12t da prt la 4e 97
' 16, Nor Pac ref andf
I - vmo- BS X04.T.
. 5 OrACal let 6.'27
. liO 8 L 1st eoagtd,
s so ..i, . .
' 250 S L rfg 4s 26
j llHJ-WRAN- 4a 1.
il2T,Parw LMBJt 6a
i efs 58
! Peaa BR 7s -30.
do as '8 .....
de eoa 4a 60!
da cold I Hi 'SO
10 H
96
T4
74
75
B4
aa
afUH
(4-t
'65
42 H
42 H
142
- 90
112
103
102 H
84 H
01 H
101
110
81 Hi 81
11
96
74
74
11
88 89 '
69; 69
82 H i 82 H
92 H? 92 H
5 i
03
91
81
97
83
0
8a
97
76
62
0
4
1
Of
8 f5
103 H
107 H
87
H
68
83
68
5
87
98
63.,
5
76
gt
8
8
11
24
14
do ra 4 H C5
I F O C A Et L 6f
I ser - A "70. . . .
STSSt. L I aft A 8
I ref 4 '29...
i;l do Bair d:v4s33
60 St L A f F pc m
. 4s A 'SO . . ...
18 do 6a B.'SO, :.
10 do geu 6s C '28
8ft 00 atii 6s '65...
151 00 iJc bs .'AO. .
s: l tea 4i s:
TH
88 -
76
80
74
48!
40
46 r
I1J
109
8i
SH
100 H
a -
81
72
11
101
T
110 ,
91
8 .
8TH
84
TI
86
5
93
93
81-
7
' 83
0
85
97
77
83
90
04
91
BO .
8
103
107
87 H
79
86 H
.68 H
83
-. ,-U aty.ei. . "oylw. , -
(Copyright, 122. by' Tha Journal)? -New
Tot. Dec 6. Tbe difference be
tweea doing, busiaeaa and doing businesa at a
pmtlt jneannre exactly tbe progress of baav-
neei envna iim ' yvm
and , but. TJo to lata
faH the ' improvement
coa id be counted in al
rect ratio to volume of
iroducUon. Merchant
mora money ba
they sold more
goods:, iobbera and
wholeaalers made mora
money became they dis
inbtited more aoeds and
maauXsetarers mads
mora
they
aad consequently made
them cheaper.
. N Mi - however. "tba
f margin of. profit ' . It
widening. Thia factor
S is - joining . forces with
,j,-,'-rrr:V 1 v-,y.abninaaa volume . in
- bringing prosperity to
the merchandisers, o These profita give every
uiuicauon 01 - increasing rawer tnan growing
less. Pricee are rising gradually and ateadily.
Reports from all sections of the country give
oatu mr toe behef that tats trend will eon
tiaua at least' well into the new -year. - Cbstl
are riding gkm but the margin of profit, aided
by tha tremendous, increase in the volume .of
transactions h kept ahead, of iucreaaing
Peawa and - w insuring greater aad better
returns. -- -. .,
ProaueUM, tt . Heavier v , ?
Capacity producuoB u being reported fa
hundreds of different factories. afanv rilsnta
which have been held back by inadequate fuel
uppiies ana isnity tramtpertstioB now are
running at top apeed. Tbe swarms of shopper
ana Buyer are taxing ear ot tnat production
and . orders and inaiury now in sight make
it evident that tie present condition of busi
ness will be maintained or bettered throughout
uie iirst quarter OT 1 vzs.
The wrest basie Jndustrles have been, the
first to rasDond to the betterment nf aim.
facturing conditJona. . Tha innntau arlvm he
forced - draft operation ia the ateel milla and
cotton woolen mula have taken effect on tbe
smaller factories making other lines Unfilled
oraert are mounuug la nearly every una.- al
though output is at a rate which would have
pees record breaking before 1914
.-Not ail omuaeeamen are vet mulv in V
scribe publicly to these eoncrasiona. but while
it i sometimea sste to discount what a buai
ceeamaa says, it never is safe to discount what
rut ooea. xnis u wbst he hss dona, Ia-
veeugauons conciuded . today embracing over
lou compames in two score different iruin.
trie in all sectiona of the country show that
or .every company -wale tt nas reported a de
crease ia earning as compared with 1921
were are lour waicn snow an increase.
Eighty Per OanC Report Increase
For every company which reported as op
erating deficit last year there were 10 which
reported increased incomes this year. Free
vn.-uij " companies wmcn Had been on a
dividend basis were forced to suspend or lower
dividends, whereas over 20 per cent increased
their dividend rate or declared extra dividends.
while about 8 per cent, which had eBspended
uivjoeraos previously nave resumed their psy
meat. 1 .
Inventory Period Near .
The inventory period Is approaching and the
betterment of prieea will also mesa aa in
crease in inventory values. Rut having Just
iiuirara uiv swuuui procea or writing oil nign
price inventories, moat businessmen will h
tremoly careful of the weight thev olaca m
Oie inventory estimates. Tha advance in price
muunan - etcengxa m primary markets,
prieea at the sales in many lines were below
ivpiacvmeat costs. .
The- snn'ounoement of plans by which Jones
A Laughba Steel company will increaoe its
capital from 330.000.000 to 3120.000.000
indicates the confidence of the steel industry
. GLASS
. TTfntnm' D. W. E. Barer of
urn i-itieuurg nmxm uiam company said today
that enlargement of the Creighton plant, now
fa Pittsburg, will make ft the center of the
company' works. When- completed the plant's
output will be one-third of tbe company's pro-
ducuoa. ; one reason for tbe . enlargement is
tne increaaea aemaod lor piste glass to ba used
im auvu cunauucuoB.
- ... - - CHRISTMAS TREES
- PhiladelDhia. Dec 8. -Oiriatmaa Vr" .
gaa today to arrive in this city from Vermont
in quantity. 1 no outlook is for somewhat
higher prices than last year when they were
auiiojcu ucrw.
i ' ; , . ROOFING
Eaat Walpde, Mass.. Dec, 6 -The factories
ot sua ec son, manuiactorera of roofing, build
ing papera and other building materiale, is
ruauing at ivv per. cent 01 capacity today,
. WOOL
Fort Worth. Texas. Dec. 6. Texas wool-
growers will not contract for the 1023 wool
clip in advance, according 1 to a statement today
by J. E- Boogecott. head of the Texas Wool
growers aaaociatioa. - They are -holding for
jugner pncea."
': CARPETS
Philadelphia. Dee. . Cartwt and roe sake
are extremely neavy ana carpet muis are work
ing at nearly top speed today.
. POULTRY
New Orleans. Dec. 6. Turkev raieera ta
Louisiana did not ship their birds extensively
lor TnanxagivtiHC.- 'iney t are more pteatiful
wan ever oeiore. aeaiers ststea today,
CANNED GOODS
New York. Dec - 6. Canned peas. eore. and
tomatoes are strong and active here today, due
to the wise necking of the growers. Backers and
moners wis jeasv
-'BTEEL
Pitmbnra-. Dec. . A oriee of US tar abeet
bars after tbe first -of the year would not be
enrprieing. according to statements by steelmea
hers today. Bines tha drop from 340 and ra-
Krta of.aales at 888, the market has been
avy. - All Carnegie steel mills at Homestead
and Duquesne are operating la full.
J COAL
PU-rartton. Ta.. Dec. 6. It is renortad here
today tnaa- antnrecite operators contemplate a
mail .increase to price 01 tneir product to
abaovb the additional clerical exDense entailed
by the decision 'upholding the, state proditcUoa
tax on antnracitc ,
Bsles. I . STOCK
400Adama Expre. .
. '. . (Advaaee -Rum, .
400Aastia- Nichois. . .
, lAgr Chem
. . .! do rrfd. . . . . . . .
1 200Ajax Bobber. . .
BmniAlMlra. 3nU ... . . '.
eu)Att jnneau. . I
8 H
03 H
5
i. 4;..
78
74
81
104HU63
7
7
8 '
,76
0,
73 H
48
40
45
111
108 H
85
98
il00i!
162
IV.
81 V
711'
110
uoo
7
109 i
86
71
56
100H!10
76-j 75
61 J -
73 U 3
S "
76
0
73
48
,
112
169
85
9 '
10
102
91
b
72
11a
101
7
11 w
1
84 H
.71 at
1-0
1
Genc3 really Dull
Trade on the Curb;
Quotations Narrow
r Wn. f. NefTernan
New York. Dee. 0. Today's trading on the
curb was extremely dull, with price chsnges
anutraltr confined to narrow . limits. There
was . nothing ia the -overeuigbt ' hews o simu
late . public participatioB and the market was
left almost entirely hi the hands ot profession ii
operators aad floor traders. . : . ,
jLnnouncemeni mat a special meeang 01
stockboklera of the Cumberland Pipeline one
of the Standard Oil subaidariee has been called
for December. 27 - to vote oa increaaing its
capital stock 100 per cent, after which a
dividend of 10O per east ia stock will be de
clared, had no affect oa tha stock concerned.
But it did serve to -check what little selling
there had been in other Standard Oil stock.
aad ia - a few - instances . higher prices were
leached. . -
Standard of Indiana wag depreaMd in - the
first half of the cession and so were the Ken
tucky share. But these stocks mors than
made up, tneur, early Ineae tn the afternoon.
New York Transit selling ex-div. S3 held firm
at 135. Vacaum oil started over-7 point
tugner. ont east uus gain later. .
Jmdeoemleat this- dtapiavad fair resistanea
the aelliag. Seuthera atatea oil advsnciag sub-
HtnuiilT. - . , '
' 8eeretaxy Mellon "s annual report helped
stimulate, buying in -the iBdaaTnal aecQeu
tna esarxet ana wnst losess occurred were
more, taaa regained aa tne day west an. -
galea. 1 . V 31000 t High. ) Low. Cloaa
6. SAL gold ta 4'50 1 54 H
tj;At. say OS as.-.
' ? 451 do eoa ws '45..
.-112 SP evt 4 '20.
; 6S( do rfg 4s '65..
101 do col tr 4c '49.
; 6) do BFT 4 '50..
- 28,8 Rjr gea 4 '68.
69i da eoa 6a '94. .
- 25 do a Ha S6. . .
6iThinl A rfg 4s '60
24! dm adi 6a '60...
blTri'Oty R A Lj
, 13 0 P lat 4a 47..
' 28 do evt a 27...
, 181 do ref 4s 2008..
" .6 Ya Rt 6s '62
6 Wabash 1st 5s '39
6 Went Md 4s '52
2 West Pse 5s '46
1 lOi do 61 '46
- West bT 4DSfll
li.Vts tea ga 4 '4?
I 73 75 t ClS
I 54 H 64 " 54-
21 21 21
60 H 60 60
1H 81 1H
87- 86 87
86 84 1 65
62 82 ,82
67 H 67 67
97 H 4 96 .
lul J9l 101 .
42 62 62
! 67 66 56
81 1 9i
5 95 95
86 63 86 '
4 94 96
7 7 87
63 62 63
814 91 61"
94 H 93 ft 4
82 82 92
54 6l 69
, iS 60 80
BULL FACTORS 111 "
tl. Y. STOCK TRADE
WALL STREET STOCK QUOTATIONS
,-. ... jUportc4 by Tba JFournaX' Wall Street Bareau -
IHIgB. 1 Low.
400
700
11600
300
800
200
200
400
iieo
....
8200
700
600
Jooo
, 100
100
1700
600
200
Allied Chem....
Ailis-Clialawra
do pfd.....i4.
Beet Sugar.
Bosch.
Lav. -n -
do pfd ........
ua C A - Fdy...
do ... pfd . .......
ct,oa....
do pfd........
Am Drat Byad
Am It .
do. pfd
Am
Am li t .Corp. i
Am Linseed. . . .
12 -
... .
73
7
.a a
lea.."...'.,.
do pfd.. . ....
I Am Saf i- Razor.
lb Ship A. Cos
in : Smelt . . . .
do pfd.......
Am ' Snuff .
Am-,. Steel Pdy.
Am Sugar; ....
JAW - PUUUttl. .... .
60OjAm T A T..
300
2900
'zoo
100
34001
100
5000
800
8200
6 00! Alt Gulf
23200
Am Tobacco.,
do B" . . . ,
Am Wool
do pfd . . . . ,
Am W P pfd. .
Am zma
Anseonda
aw tru . . . . . , ,
Atchison .......
! do pfd .......
Atl Coast Line.:.
W I.
Baldwin Loco
,. . . do pfd . . . . , . .
3300 Balto A Ohio; ... .
100 do pfd . . . .
600 Bamsdea Corp A,
. .. do B ,
. . . . Beth Steel B. ... .
. 1.. 'Booth fish
1700 B R T , ,
00 Butte C A Z. . . .
200 Butte A Sup. . , .
1800 Barns .Bros A...
1700 Csddo Oil
IDO Cslif Pack
8600 Calif Pet ..... .
100 do pfd
400 CaUatita E A L. .
SI 00 Canadian Pac . . .
. . . .(Cent Leather . . .
7300Cerro da Pasco. . .
63001-Chandler Motor . .
2700 Chicago A N W. .
200 Chgo Gt W
800 do pfd .
4200 Chili Cop ......
700 Chino ...i.;'. ..
1400 CUSP ........
3500 do pfd
8300 Coco Cola ......
900 C! A O
100 Colo.P A I
100 Colo Sou
1300 Col Gas A Else. .
lOOfOot Graph .
3800 Con Gas ......
600 Cons Cigars .
.... do pfd .......
4000 Com Textile
lOftOOiContl Can
78001Com Prod . . ...
. . . .- do pfd . i . . . . .
6000 Ccsden Oil ...
3800 C R I & P....
300 do A pfd .....
500 do B pfd . . . . .
3000 Crucible .......
-.. . . do . pfd .......
400 Cuba Cane . . . . .
1000 do pfd . . . .
4400 Cub Am Sugar . .
400 Davison Chem . . .
300 Del A. Hudson. . .
1900 Del A Ick
15 00 1 Dome Mines . . . .
8600iElee Star Battery.
8700 Endioott Johnson .
6100 Brio . . . . . .
2000 do 1st pfd
2500 Famous Players .
Fed M AS.....
do pfd .......
risk Tire ......
Gea Cigars . . . . .
Gen. Eieo ......
Gen Motor . . . -.
do 6 . t . .
Gen Asphalt . . .
Gliddin Paint . . .
Goodrich TAB.
G4en Alden . . . . .
Granby . , - . . .
Gt. Nor Ore i
Gt Nor pfd . . . .
Greene Caaanea. .
Gulf 8 Steel ...
Houston Oil
Hupp Motor . . . .
Ills -Cent
Inspiration . ... 1
Int ; Agr com
do pfd .......
Interboro . . . . . ,
do pfd
Int Harv
Int Her Marina. .
do pfd i
Int Nickel
Int Psner . . T
Int Comb Kng . . ,
Invincible Oil . . ,
Island Oil
Jewel Tea ......
IE O Southern . . ,
do pfd .......
Kayaer 3 ......
I Kelly. Rpgfld '. .
llSOOIKennecott .-
8900!Keytone Tire ..
100!Lack Steel . .. .
200!Lee Tire . .'
2200Lehigh Yslley . . .
200ILoriUsrd . . . . . ,
. 800'Loew Theatres . .
200IL A N
1 400Lima Loco . . . .
8400MarIaad Oil
700! Maxwell Motor 'A
80 do "B" ,
; SOO May Stores . . . .
ISOOIMex Pet
ftOOlMer Seaboard . .
400lMiami ........
3700!Mid State Oil..,
SSOOjMidVale Steal . . ,
SSfJOlM K A T wi...
1200Mac Track . .
. ; . IMont Power . , . .
20001 Mont Ward . , .'
00Mo- Pan . . j . . . .
7001 d)pfd . . .
. . . . jXa" Biscuit . . .
2O0jNat Knamel . .
SOOjNat Lead
200l'eada Cob ...
7S0ONew Haven . . .
ISOOIXorfoJk A W. .
700IVor c American . .
8 '
104H
S8H
29
122 H
. .
52
44
76
28
128
25
48
100
90
113
24 .
121
a 41 .
32
21
62
15
'2H
145
o H
'60
"iii
141
42
62
81
4
27
24
28
77 ' '
65
78
89
k,..k.
31
11
42
104
27
29
119
52.
48
74
27
123
82
47
100 H
96 U
1118
23
116H
'
81
20
60
-a. . . .
16
7
29
144
7
'H"
7
138
'42
60
78
4
"26
23
23
"75
06
600
800
8200
5300
10200
100
700
200
1800
1400
2700
49O0
1000
100
1500
1100
1200
1100
"00
: 500
iioo
iioo
100
800
500
1500
SSOOINor Pea
IXoval Scotia Steel!
INiT iir Brake.
6500I.V Y Central...
1 700Okla Prod . ref . . .
700jOrpheum ; . . . . . .
lOOIOntario A W .
fiOOjOtis Steel
" KOOiPaeific Dev. . . . .
800:Pae Gag A Eleo. .
nROOi Pacific OH . . . .
4(M00Pan Ann Pet. ..
803001 do "H"
, 1700!Penua- ........
OOtPeBBB Sea; Steel.
lSOOiPee Ga
1800iPere Marquette..
SOOiPbiladelphia Co. .
SOAIPhiUipa Pete. . . .
-1, 700 Pierce Arrow ,.-s .
-' 800 Pierce Oil . . 4
;8800!Pitta Coal .....
400 PiOs A West Ya.
..... iPreased Steel Csr..
SOOfPunta, Alegra .
- S600!Pullmaa . -i . .
1 400iPura OS . . . .
flOOiRaya Cons .....
S O0OI Reading ..... . .
1000 Remington - ."...
9001Replogl- Steel . .
OOO Republio I A S .
. ....i do pff ..;..
3 10O Royal Dutch Oil.
. . . . . (Ry Steet Spg ...
.6100! Saxon Motors . , .
" 3 00 : Sear Robock . . .
, J..iahattuek A Aria.
HOOiSheU TAT...
8100Sieeiair ......
'Sloes She
. 3200Rou Pacific ....
, SOOiSoa By
18001 do pfd ......
300. Stand Oil tal...
t.-'-L tl 4aa Tlld
8600! do S J
. .1?; . do Ky ..........
400'St L A S P. . ..
ISOOiHtromberg -Carb..
9TOOO Stodebaker .....
.tSwift A Co
- ffOOlTetw Cop A Chem;
Z900 'Texas Oil .-...
SOOITexaa Par
1 700'Tex. Pae C A O.
1300!Tob Products.-. ..
3500'Tran Cont OH. . .
. . . . - irniou Rag A Papi
10 l imn OH I el . .
STOO.TJnioa Pae ....
-i.iCnited Alley .
f 300 United Drue
. . , . . trmted, ITood Prod
500 i nited rTUit
.....rmted P.ds of S J
. . , . ,i do tl i
101
125 H
36
12
108 H
124
48 "
32
87" '
64
13
I 88
aa ts
26
120
8
86
10
15
90
11
185
14
45H
32
80
80
74'
69
25
108
34
1
11
49
14
52 H
is V
son
41
42
35
8 ,
76
26-
4' ;
169
18
65
27
48
18
283
16
J2H
38
13
54
'20
16
42 H
65
21 H
116
4
i 76
85
2
19
- 1
85
46
4
44
5
2
32
40
48
12
60
100
H H
85
' 12' '
103
126
'47
82
"06" '
60
is
1 86
24 H
25
120
56
84
0
14
89
11
179
13
4i
i
80
77
'71"
65
23 H
107
33
89
11
-47
14
62 -
14
i
; 40
41
34
8
74
I 23
2
167
18
64 H
25
46
15
226
16 H
12H
7
15
63
20 H
16H
41
65
20
109
93
74
V e '-
8
2
1
I -84
45
3 s
88
46
-.8
89 H
31
48
41H
18-.
69
46
125
27
18
76
86
24
46
82
'.'
S
81
84
31
87
64 Tt
114
117 '
197
129
siai
131
10B.
47
22 H
24
83
12
46
122
27
13
75
5 ,
23 .
43 ri
a
61
"i
76
'84
81
B6
64-111
114
194
12 -
55
125
108
- -44
1
19
S2H
11
16 16
138 1136
'78 J77
15a. 153
Bid
67
13
32
38
68
12
"
71
48
&
39 -83
71
119 .
182
122
18
87
e
10
62
104 H
28
29
122
119
19
52 H
:
14..
44,
75 ;
28
128
152
160 -
94
108 H
25
15 -48
115 '
10O
OO
118
23
120
110
42
67
81
21
62
4
13
8
20
145
-8
80
60
93 H
7H
140
88
42
62
80
4
27
28
86 H
76
63
25
44
101
2
125
85
Rtf
12
105
129
119
48
32
5
87
64
80
13
37
23
26
120
132
44
57
86
10
14
90
9
51
11
81
183H
13
83
45
10
31
01
24'
30
80
24
78
68 H
24H
107H
83
. 7
32
90
11
49H
14
52
23 H
14
20
19
63
40
42
84
8
76
,26
64
167
18 H
133H
55
26
48 H
15
164
233
16
26
12H
28
15
64
68 H
20
16H
42 H
245
65
115
14
20
110
93
76
28
28
4
z
19
20
..7
1
85
4
90 H
4
46
8
1
32
40
48
12
4
0
84
76
44
125
27
ISH
76
85
IT?
46
.83
52
111
.'jwj
81
7
84 H
1
4
87
23
64
114
117
17
128 H
21
58 H
131
1U
46
21
20
52
69
16 H
137
3
77
3i
154
II
5000 Cni Retail
SOO u SC I Pine. . .
5700417 8 Ind Aieohol,
250;u S Bub. . . ....
SOOl Aa. las nM.l ' .
200ITJ ft Smaltine- .-
wzveiu B Kteet
8TOCK-
- 1 High. 1 Low.
Suai S8H
700
15 00 Utah Copper
800
100
700
do pfd
Va Chem
do pfd ......
Vanadium Steel
aOOjVivaodou.
lOOi
TOO
lOOi
100
4200
4
120O
100
1500
700
Wabash
do A pfd . -. .
do B pfd A, . .4
Well Fargo . . .
Weatern Pac . . .
do pfd ... .
Westers Cniou .
Westiaghouse A B
do K at. Ml
West Md
White Eagle Oil.
White Motors
65
1 lib
62 f 80 '
61 4fta
95 05 H
S9 38 H
102 101
121H1121
68 Hi 62
84
14 -9H
24
60
13
81
48
4H
8
1600J White Oil
4 uv Willys-Overland
lOOj do pfd
Wilsou Packing
I Wlsconsia Centrsl
600(Woolworth . . . i . 1207 H
'400Worthingto Pump
600' W ALE
33 H
13
9
24
69
L2
S1H
"48
4
is
. . .
- . . t .
207
87
- H
Bid.
"67
35
61
91
5
38
102
120
2
28
68
33
13
9H
24
17
88 .
16.
67
114
89 ,
66
HH
81
48 -
4
5
39
37
28
207
27
STAN-DART OIL 1RSITKS
1 SOO Anglo Am Oil
9O0 AUantio Lobes
ISOlBuckeye P L. . .
BUiureaeeut J L. ...
20 Cumberland P L.
0!Eureka P L. . . . .
10 ia P L. .
280 Imp 0U of Can.,
O'lnd P L
8400 Int Pet Co Ltd. .
-70lMagao)ia Pet . . .
400 Nat Transit . -S0;x
T Transit ....
'SOiXorthern PL...
3!Ohh Oil ;
70
115i
20
10
Prairie OH A Gas
do P L.
Sou Pann Oil . .-.
Sou PL..
100O IS O Cal new
16200!
400
2600
10
1100
4100
190
8800
do Ind
do Ktma new 1
do Ky saw. .
do Neb .-.
do N J near . ,
do If T new
Vacuum Oil . . .
da Oil new . . .
19
. 7 '
88
43
U65 .
167
111
89
20
240
25
182
624
310
158
100
57
114
42
125 .
190
89
46
637 '
40 .
19
7 ,.
89
44
165
100
17-
114
90
20
43
25
132 ,
101
292
639
313
160
100
57 H
117
42
128
10
39
48
646
40
New Cement Plant
For Baker County
Baker. Dec. 8. Bakes county is to have
new cement plant at Home. Or., on the
Snake river. . harirjs been oraaniaed with
capital stock -of 81.000,000. . The company
is incorporated under the laws of Nevada and
the articles of incorporation are to be filed
in uregon una week. M. A. Hem of Victoria.
R. C. ia president, L. C. Newlands of Oswego.
Or., nee president; George McDonald, Port
land, secretary i H. L. Knappenberg of Home,
treasurer. -
The entire stock is reported snbserbed and
the subscribers of - tbe new corporation ia-
ciuue: 11. nutcuart. 01 Victoria, B. t).
Carl Leonsrdt of Los Angeles. Herbert Fleisch
acker of San Francisco. Chester Thorno of
Taeoma. Edward Cookingham. J. C Ainawortli.
e. a. trniiita, a. u. tievers. lr, Chester
Moore, George Lawrence. ' C T. W. Hnlilxter.
A. L. Lucas. J. N. Teal. F. a Ifaluaa and
A. L. Uilh of Portland. .
The company plan n" outpnt of 1000
barrels per day and Is . expected to be in
ov ration next summer.:
LCLL TS COTTOS CLOTHS
CONTINUES! PRICES SOFTER
Kew York. Dec 6. Tbe lull in cotton cloth
continued ia the worsted market today and
once tendencies were sligbtly softer; : The e
tag of bnces. however, waa lanrelv confined to
second bands for prompt delivery. - Sheetings
were in slightly larger supply.. Cotton -ducks
were isiriy strong. .
rne raw silk markets both here and at
losofiama were quiet and fairly steady, al
though most of tbe grades were - off aliehtlv
with XXA at 88.50: XXB at 38.45: best
No. 1 at S8 80; Ksnsai No. 1 at 38.27 Ht
sua van ton zu-zs at eJ.su. uanton . 14-16
was uncnangeo. -
DULLJfESS PRETAILIKG IW
. WOOIj MABKET . AT BOSTOST
iIostOB. ilea. H Tbe meat ' wl d-mark
umwed no change today, although dullness
prevailed. The London aalea which close thi
week were reported to have ahown a slight
softening for finer merinos, but traders hers
expect prices to oe fairly weu maintained
London until the close.' .
(considerable buying - for American account
is reponeu irom south America. s.
BANK
STATEMENT OE
1 Portland . Banks ; ' '
;, --'1922 l'T..-.
Clearings, Monday- $ 8,516,443 $
naianoes. Monday - 1,025,810
Clearings. Tuesday. f 5,414,250. V
Kalsnces Tuesday. ' 818.298
COAST
1921-
6.665,906
1.094,097
4,476.183
b8,5
Clearings Wednesday 6.850. 88
Balances Wednesday 1.0H6,Xt
Oakland aka .
Clearings Wednesday ..... . . 3,135,700
Xas Angeles Bank '
Clearings Wednesday . t . . . 1 . . . . $2 1.486.1 86
.... Baja .. arMnelaaat glanka
Clearings Wednesday . .-. . . . . . . 827,100,000
. 5.I99.060
i 1.039.343
Clearings Wednesday 4,343,017
Balances WedneMiay ......... . 893,093
. Teoome rMMlgt
Wednesday's trgnactaoas ...... 3 8,015,000
Slag-nesHe CotopaiiT fiesmm - Work
Spokane. Wash.. ' Dec. 6. Tha XorMieM
Magnesita company at Chewelah has. put 165
mea to work preparing for a general resamp-
uou ot ma company aeunuea . 00. jaaoary 1,
At that time the crew. will be enlarged to 850
men .or more. The comma baa been in
active Jor two years...- ..... .
BUSINESS SLOW
III CALIFORillA
By Linn C Slmpton
Ssa Fraacisco. .Dec. .- Holiday trade has
been a little alow in starting tiui season la ihi
section. - -
Miab orieea fur Itot'Iav aooda and relatively
low prieea for agneultuml products are fac
tor ia tne ertuaxion, but tne aoaence ot any
arrioas anemploymeat problem and tha high
rate of wages prvvailuig are counted ea to
bring trade to noomaL,
Bonding materials continue . their aovrard
movement and the convictiou tliat prices will
S- stiil higher is increasing building activity,
sney t for ' building construction financing is
easy and loans for that purpose increased
about three-ouarters af a miUioa dollars last
week. , .
Cool weather in tba -rine-vurd - districts . has
prolonged the grspe-ahipping season -, beyond
tbe usual period.
COLDlMIIEfllS
HEEDED li! SQUTI1
v. Sly I. V. Shannon
Xew Orleans, Dee- 6. Colder weather "is
badly: seeded here to aid merchants ia moving
the heavier clothing sad anparcV -
Buyers are turatag more to holiday - good
and sales ia these lines are briJL, etpc-iaily in
leather goods, furs, -millinery and children's
clothing. . Collection in the countrj tlutricts
have fallen off somewhat. Wholesale grocers
aid today : that business . ia their lines hat
reached the high point of the year with nift
25 to 80 per .went ahead of laiit year si this
tima. -
FOREIGN EXCHANGE BATES
-Oorrected daily by the-foreign exchange da-
pa rtrnent of tha United States Natiooal bank.
uuotstioua eeiow lexceiit the pound ster
ling) are cjuoted oa- the basis of 100 units fol
eiga currency, ' " - -
Opening nom trial rates on bank transactions:
v ..-,. tlimft. I'ihh - Par
London " . therka. , Tranafers. Value.
Lbs. sterling. 8 4.56 8 4.56 8 4.866
Pans Francs.. 8.9SV 6.99 H 190
Belgium rraacs 8.42 H' 6.43 19.30
.01 H " .01 . 28.81
4.0S . 4.08 . 19.80
Berlin Marks
Oenoa Lire . ... .
Athena .
tnaehmaa. . .,
Capenhagen 7
Kroner ...
ChriTiani
Kroner . . . .
Stockholm
Kroner . . .
Honskong
Currencr i .
Jspan Xen . .
Bhanghai Tael:
1.12 ;
20.50
18.73
27.0
54aC0
48.70
72.30
1.14
20.55
18.78
27.05"
19,30
26.70
28.70
26.70
Canadian dollar discount.
54.40 .....
-48.85 - .......
72:60 r
per cent
TO CO TO WEST FOIST
- Oreg-on AgTieultural College, Corval
Ul . Dec. 6. Edgar Eneer of ' Browns
ville, sophomore- In commerce,- has re
ceived an appointment to West Point
Military academy and will enter In
June. - . - .
BET. AJ.C7JII7 HEIBEL HOKE '
Mount Ang-el College. SL Benedict.
Dec 6. Rev. Alcuip HeibeL O. S. B.,
dean of studies at Mount Ang-el col-
leg-e, na returned from Jordan. Minn..
where he Jias been vlsltlne;" hia mother.
who naa been ill. .. ... -
Portland Boy Is on
0. A, C. Debate Team
Oregon Agricultural College. Corval
lis. Dec. -Chester Merklin. Portland,
and three Corvallis men. John Gray.
Paul ICnolS and Paul Dickey, have been
chosen for the. vai-rtity teams to debate
Monday with the University ot Oregon.
All are experienced In Intercollegiate
debate except Dickey. C. B. Mitchell la
ccach.
University Students
Earn $4000 a Month
TJntversUy of Oregon, Eupene. Dec.
6. University r students working ; their
way - received more than $4000 more
per month this year than they received
last year, according to the employment
bureau of the University T. M. C A.
The total la 10,812, asralnat 86500 last
year. ' Regular Jobs bring $9312. The
monthly wage ranga from 160 to S12.
"THE KNOCKOUT JTTJMBEB
University of Oregon. Eugene. Dee.
8. "The Knockout iNumber" Is th
name of -the Christmas edition of ,
Lemon. Punch, whlcb -will appear on
the cam pa s December- "11, according to
Doc Braddock, Puyallup, Wash., editor
of the University comic sheet
Forelga Exchange Market
New york. Dec 6. -II. Jf,: 8, .Denianil
sterling, 84.56 H ; franc cables. 6.99; checks.
0.88 H ; lira cables. 4.08 H i checks, 4.88.
Belgisa cables, 6.44; checas, 6.43 H. Marks.
.0001 H- -Guilder cables. 80.04 ; checks.
80.81; Sweden kronen cables, 27.05; checks,
Dean MiUer WiU
Address Students
"University f Oregon. Kugene. Dec.
$. "GraUtude to the Past" la the sub
ject which Dean Stephen .X Miller Jr.
of the University of Washington; school
of a. business administration v will dis
cuss before the student body assembly
Thursday. xean Miller is president of
the Seattle Klwanis club. A student
body meeting will be held following; the
dean's talK. according to John Mac
Gregor, Portland, student body presi
dent. .
HEATT SHOWS EORCE COWLITZ
AOOOIKO COMPAKT TO CLOSE
Kelso, Wastu. Dae. 6. Owing to the
heavy . snowfall .- tha . . Xnman-Poulsen
Lumber Co. camp at Mt. JSolo shut
down : Tuesday morning and win not
operate until after tha holidays. There
has been considerable snow falling at
tha higher levels for several days, and
last -night's, tali was .very deep and
moist making working conditions very
disagreeable. -
The JSuTauU. Co. camp near here is
seeking to operate until December 15th
before -shutting down. There was a
thin layer of gaow on the ground Tuea-r
day-morning and have been flurries of
snow gal day, but ft ha quickly melted.
leaving the ground very sloppy: -The
mils nearby are covered with snow. .
.231 uauutuy xenons
lisaabaa' Calcara Boargt af TiLto
; stcgss e:::2s ; .
C3nc.i ;
rmxTATK aolaskj wikxs r
F. Hutton & Co,
KEXBE ALL TTTSCtTA.
, EXCJAHfii . "
faSclt Xaastrlag Alt Laeal
. 1
Invest for Safety
Not for Yield
Occasionally investors come to us and saf :
"I have a sum of money, to invest. I depend
upon the income from my. investments for my
livingj. I must have a large'return. What is
the largest return I can get?". . . , '
' Frequently, however, people come to us and
. , say : "I have a sum of money to invest. I de
f pend upon the income from my investments
for my living. Safety is, therefore, of utmost
importance, I must have safety of principal
' and certainty of income."
That's where the emphasis belongs on
safety, not on yield. , Surely if you depended
: - upon the income from your investments for
the comforts' and' necessities of life, yon
would rather have a certain income of, say
v $600 a year, with the integrity of your prin-
cipal unimpaired than a promised income of
: $800 at the risk of your principal.
Invest for safety-r-not for yield.' In seleci
; - ing bonds, put the emphasis where it belongs
on s a i e t y, conservatism, - fundamental
soundness stability, security.; We haye.pre--V
pared a list of safe, conservative securities, '
shown in our monthly. booklet, "Investments."
JMail us this ad with your name and address
, written across it and you will receive your
copy.
REMEMBER THERE IS NO
SUBSTITUTE ' FOR " SAFETY
Blyth, Witter
' GOVERN MENT-MUNiaPAL-CORPORATION BONDS
FOURTH AND STARK , PORTLAND
BROADWAY 6481 . .
SAN FRANCISCO . NEW YORK f - V SEATTLE
, LOS ANGELES CHICAGO PORTLAND
THE
MORAL1
RISK
Serial Maturities
Denominations
$100, $500, 41000
Portland Trust Co.
Trustee
The management of the But
terfield 1 Livestock Company
is vested in men of long and
successful business experi
ence." The properties which are
pledged as security for their
FirstJ Mortgage Bonds have
been " accumulated as 'a re
sult of careful and conserva
tive business operations cov
ering a period of many years.
Price Par, to
Yield 7
Call; write or phone Main 4195
I -for further information'
Gr'E'MILLER F- COMPANY
Pertlaad
SeatUe
8. Francisco'
Los Angeles
2d Floor N. W. Bank Elds, PORTLAND. Phcne Ilain 4IC3
it
ss