THE OREGON DAILY JOURNAL, PORTLAND, OREGON.
TUESDAY, DECEMBER 10, 182:
AMERICAN BANKERS' DECISION NOT TO LOAN TO GERMANY CREATES DULLNESS IN SECURITIES
20
STOCK MARKET IN
A WAITING MOOD
; 'a fresh
. J", -i OB
rn- i. lataVi
West
' YVaH (L Sew Tortr, lire. : 19. The
tnuit of today aaarket augzested a dispoid
liort on all sirle t set la down around present
levels and a vast some
impulse in the
general situation.
bad been noted at
the close of last week
that soda an impulse
on. But enLhristm
. , ; on rnu suinecx rapiaiy
' 4 cooled when it was
"7-made clear that Amer
ican hankers would not
CO into nrh an enter
prise until the repara
tion orient ion ia satis
factorily nettled. TtUs
means that nothing more
will be done recarding
a ;ermaa bond issue
until tiw next meeting
of the premiers in January and only torn in
-ease the Fivivli attitude ia radically changed
- from what it ia supposed to be at present.
. Mark Suffer kaa
. Inasmuch ax tba hop of an International
loan waa the ebief incentive back of the angnt
recovery in tha German mark, it wa not rar
J. trains that the rate should hare fallen back
from Saturday's- high or approximately two
- one-hundredth of a rent to less than one and
one-half one-hundredth. French exchange.
L however, stood it gronnd fairly well. It was
qwa H from last weeks high but was still
it or a half cent from the tow of two weeks
- ago
, tight pnoa Changes
"As a role price changes tn the stock market
today were not of much importance. The
profession Is had the field entirely to thenr-
. selves and bent their energies shout. eqnaSy
to advancing certain stocks and depressing
others but in general the market displayed in
creasing inertia. I". 8. Steel common was
i eomparatiTely indifferent' to the official denial
of a stock dividend: on the other hand, shares
3cf the independent steel companies were under
man or leas pressure because of uncertainty
aa to) Whether they are making much money
.under the present pries schedules.
"all equipment Strong
Baldwin Locomotive and the equipment
shares appeared to hare recovered from the
effect of sadden liquidation precipitated by the
failure on Monday of a prominent Western
house. . . - " , .
Hallway shares Were again unsettled with
weakness In. caws like lielaware & Hudson,
where the earnings are particularly favorable.
. The npward tendency In the metal market
waa illustrated again by another advance in the
price of lead. Metal shares were steady.
1 v Cotton at High Mark
.
The advance in the grain markets was for
the ' time being at least becked' but cotton
reached a new high tor the season. To what
stent the Western grain raisers and Southern
cotton growers hare r got the advantage of the
nor recent rise ia debatable, for the greater
A . M ... n.l .wxtnm n.nn, war-
- surketcd a month ago. Nevertheless the fact
. .that wheat is selling over 21) cents a bushel
Big tier ana cotton o to n cents a pouna more
than a rear sgo i of significance, first, for the
Jtttutv buying newer of the agricultural com-
- munttiea. second, for the wealth of the coun
try la general and third, for its bearing upon
political sentiment.
y. j Afetrnoon Trad Dull
Tile, afternoon stock market was a very dull
affair and so was the bond market. In
neither waa there any indication of the pres
ence of the investment demand which often
appears at this time of the year, anticipating
the first of January corporation payments. New
security offering!!, to be' urp. are being taken
readily eramsra and there is no evidence cf
sn accumulation of unsold aa;jplics. But
another forward movement in investment val
ues cannot lie expected unless money ratei
come down and. Judging by the present out
look in the demand for fund' for trade pur
poses, will certainly nnt diminish but wilt
rather increase in coming months.
NEW YORK BOND TRANSACTIONS
' - Baported by Thai JoanaTa Wan SUrat Bona 0;:'?V'-;t
v
New York. Dec. 19.. What little baying
power was availabl in today's bond market waa
largely absorbed by the new effermga including
Carotiaa-Cbnchfield at Ohio Bailway per cent
bonds, the Detroit Edison per cent debentures
and a new block of Electric bond and share
preferred. Both Uw two first named issues
were reported disposed of early fa the day.
It is an interesting fact m the relativw at
tractiveness of the railroad and utility f f eriugs
to nbeerve that the mortaam secured railway
I bond waa offend oft a higher yielding basis
than tbe nusecarea oongauou or an eectnc
light and powr company. It is true that the
Utter will becanrertibla into aa 8 per cent
dividend-paying common stock at par, but it is
also true that the demand is this market is
for utility, and not for railroad, securities. Un
less the railroad rarnine increase substantially
next year, railroad financing will cave to be
done-at rates out of proportion to the general
market. Along this same Una the demand for
old issues well secured by the obligations of
prosperous utilities is greater than the supply.
Kor instance, the other day 110 Vs waa bid on
the board for Kings County Electric Light &
Power purchase money 6s and none offered.
Almost any amount of such bonds as New Tork
Gas A Electric Light, Heat A Power first 2s
can he sold on a 5 per cent basis or slightly
better.
The general market today exhibited the saroa
characteristics as for a fortnight past. tit.
Paul issues were weak again without any new
reason being advanced. International Great
Northern Adjustments, which' were so) active
when the announcement was first made of the
deal with the 8t. Louis-San Francisco, dropped
more than a point today. - St. Loais-San Fran
cisco Incomes reacted further. On the other
hand, Erie bonds gained. The Erie ia said to
have been more fortunate than some of its com
petitors in its relations with its shop forces.
Minneapolis. St. Paul A Sanlt Ste Marie 6 s
sold up sharply. The Soo's recovery ia earning
power has been one of the notable achievements
of the railway year. '
Manhattan Kailway 4s lost a point. This is
tiie bond secured by first mortgage on the
elevated roads in the Boroughs of Manhattan
and the Bronx. It sold today at 63 V on a
6.3 per cent basis nearer the low than the high
of the year. Back in 1906 it sold aa high as
103. It is still a legal investment for sav
ings banks in New York state, but traction se
curities sre riot in favor. It is different with
the Hudson A Manhattan, which operates under
the Interstate Commerce commission, and is
classed as a railway. Both issues of "this road's
bonds, the refunding 5s and the adjustment 5s,
sold higher today in response to the very favor
able earnings ttatement for November.
There was nothing very particularly notable
in foreign bonds or in V. 8. government issues.
Prices of the latter moved irregular, but mostly
down.
, FOUEIOX EXCHANGE RATES
Corrected dally by the foreign exchange
department of the United Ststw National bank
jQuotations below (except the ponnd sterling)
srs quoted on the basis of 100 uniU foreign
currency.
. Opening nominal rate on bank transactions:
Draft Cable Par
Checks. Tranfers. Value,
London
Lbs. sterling t 4.(12
Paris, francs 7.36 W
Belgium, francs 6.76
Berlin, marks .0140
ijenoa, hre.
Athens-
Drachmas.
Copenhagen
- Kroner. . .
Christians
Kroner. . .
Stockholm
Kroner. . .
. Hongkong
currency..
Japan, yen
; 5.09 4s
1.36
20.75
lf 03
20 89
52.75
4R.D0
Shanghai, taels 70.40
) 5.63
7.37
6.764
.0140
5.10
1.3S
20.80
19 08
26.94
53.00
49.05
70.70
$ 4.S06
19.30
19.30
23.81
19.30
19. 30'
28.70
26.70
26.70
Canadian dollar discount. 4 to Per eent.
" BOSTON
. ' Reported
I Bid.
Art Com. 7 Ts
ArlTenturc 50
AhraeeV 87
AlacHnah, 3.
AUouex . . 28
A rradnn . 3 4
Bmg. Um 17
Cal A Art 56 -Cal
' A H2H1
New Cora 17
. v. . ,
Davis IUy 3
Fkln Mu t H
Helvetia. f0
Ixiaad fr.107
Keawanaw 1
Kerr Lake S Vi
I Sails. t
Michigan. 2
COPPEB STOCKS
by Overbeck-Cooke Co. 1
Ask.
8
80
57to
40
25
34
8i4
C8
285
17
37 S
3'i
1
108
1 to
X
1 to
2to
Mohawk . .
Ma01d('ei
ManVal
X Bntte. .
Xiiiisving.
X Lake . .
tikllhnCop
(HccolaMg
JuinoyMg.
L ie Reval
m.ShMch.
do ptd . .
4 Il.ic W mi
ITTirityfcp
t isnjlet.
Utah. Con
Winona. .
Wolveir . . .
Wyandot .
Bid.
57
4Vi
1 a
H
5
SO
18
1
36
ait
42 to
28 to
i to
i
82
1
1 to
7 to
25
38
uto
6
40
19
-
3to
22 to
42 to
27
1 to
94
24
t to
n
35
sloiiey and Exchange
""w Tork. Dep. 1 . r ( t. X. S. Cl
Menuy on the floor of (lie "ew Tcrk Mock
cv lunge today ruled at 4 to per cent; high,
4 to iter cent; low. 4 to per cent. Time money
mas iteady., lts.es were 4 to to 5 per cent.
Thi markif for prime mercantile imjict waa
ptcsdy. . -i -
, Call mane in London tciiav was 1 to !er
.. Sler'ing exclwnge vai steady with busi
wtat in bai-krr-' bills at $1.63 to for demand.
Build Up
Your Income
By investing in a few
' - shares of. our
' -7 Prior Preference
r stock
- 7: Which will net you -
WiM
ON YOUR MONEY
$10.00 Down and. $10.00
'.. v.- v, aMonth
It's a Safe and Sound Xn
: .vestment... .
4 l Portland
Railway, Light
& Power Co.
: Room 605 :
X Electric - Building: -.
Portfand, Oregon.
New York, Dec. 19 Following :s an of
ficial list of bonds traded in on the New
York stock exchange today with prices up to
and including the close of the market. Total
les todiy nr-re 69,108,000 against (12,162,
000 yesterday, $12,447,000 a week ago, $10,
751, 0OO a year ago and $34,441,000 two
ytar-i ijo.
From January 1 . to date $4,121,327,000
against $3,234,714,000 a vesr ago and
$3,752,454,000 two years ago.
LIBERTY BONDS
SaJes. In $1000
459Lib 3tos '32-47110058
3 do3tos rg '32-47 10030
7to
1D8
II
I
600 1
20
I
317 to I
3,'
6691
311
18
do 2il 4s 27-42"
do2d4s r '27-42
do let 4tos reg
'32-4 7
d2d 4 s'27-421
ilo 2d 4 to a re
'27-42 1
3o 3.1 4 hi t '28!
lo 3d 1 Vi s r
do 4th 4 Us
it4t.ti4Hs r
Vir- 4s '23
I High, j Low. Close.
10048110048
1003010030
9804! 9912
9878 998S
I
98701 9870
98081 9810
I
9800( 9812
9876' 9873
9N60I 0860
9842 9148
9834! 9846
2si
381
38
981
baio
98T0I
98!6
P812
9884!
OS60I
98521
9461
. !10O34ilOO32!lOO34
8 do 4i re '23 . !1000r,!1 00041 1 0004
lSliUS.V 4 Hi '47-521 08M)j 9874j 9878
21 Areentine 7s '27
34iBelgium 7 to-s '45
72i do 8 '4(L
20: do 6s 5 .
14!B?rne Ss '45 . . .
32(Bolivia 8s '47. .
12Bord?aux 6s '3,4.
13 Brazil 8s '4 1 . . . .
26 to do 7tos rot. '52
15 do 7tos 1 r '52
24 Chile 8s '41 . . .
10 Copen 5 tos '44 ..
48 ('xechofilv 8s c '51
9 Denmark 8s '45.
do cfs 6s '42 . . .
'42
52
i Seme 7s tc
ID C 54 s nte '29
do 5 '26
do 5s '52
do 5s "31 . .
59jlMitchEI rt 6st '47
51 do rt fia '62 . . .
nilFrench 7tos '41.
2i do 8s '4.1
85 ) Haiti 0s '52. . .-.
114,Jp 2d 4 toe '25.
8 do str hi 4s '31
l!Lyons 6a '34 . . .
9j Marseilles. 6s '34.
1 6 ! .Mexico 5s '45. .
6Montivideo 7s '52
eUlXeth rts 6s '52.
13!Norway 8s '40. .
75 do 6s ctie "52.
25jPras 7tos cfs '52
5jiteenfdand 7s '41
S do 6s cfs 47. .
2fRio fir de S 8 '46
OlRio de J 8. cfs '47
12,'S Paulo 8t 8s '36
1 6 SidsMim 6s '36.
1 "ISweden Os '39 . .
. SOiSwiio 8s '40 . . .
10Tokio us '52. . .
7Ijl'n Ksm 5tos '29
60) do 5 Ss '37 . . . .
6Hruguay 8s '46.
2. Zurich 8s '45 . . .
NEW YORK CITY KOXDS
3 X. Y. C. 4 tos'b3;10Gto '100 4
2o du 4tos "60. . ..iooto lioo to
5; do 4'4s '64... if 02 102
5 do 4 tos '68. . .1102 102
MISCELLANEOUS AND
BONDS
100to
101 to
101
96 to
111 to
93 to
78to
98 H
98 to
96
103 to
90
86to
110
98 to
87
ioi to
Ottto
99 to
89 to
93 to
93 to
94 to
ok to
00 to
loo
81 to
78 T
78 to
5to
91
98
ill to
lOO
74 to
10ft to
101 to
96 to
90
98 to
78to
104 to
110
113H
104 to
105 to
1 12 to
lOOto llOOto
Bale in lOOOs
ioi to loito
iooto iooto
96 96
llltolllto
93 93
78H 78to
98 to 98 to
95 to 96
96 96
103 1103 to
89 to 89 to
86 86
109 109
I 98 to' 9a
86 to 87
lot IOI to
I 99 to 90 to
99 99 to
87 to 87 to
92 to 93 to
92 to 92 to
94 to 94 M
98 to 98
96 to 96 to
994 90 to
81 to 81 to
78to 784
! 78 to 78 to
r.o 50 to
90 to 91
97 to 07 to
111 111
99 to 99 to
74 to 74 to
108 to 108 to
101 to 101 to
I fid to 96 to
i 96 to 9i to
98 98
78 73to
104 to 104 to
118to 118H
I 72 72
113 113to
104 104 to
105to 105 to
112toill2to
106 to
100 to
102
102
INDUSTRIAL-
SiAjsx Rub 8s '36
IS A A Ch 7tos41.
15 A Smelt 1st 5s'47
21Am Mac s '37..
I9IAT&T col tr5s'46
27 do col 4s '29 . . .
liAnAVrPsper 6s '8 9
115 Anton J U M cvt
i rct.s '47. . . .
Armour 4tos 39
Atl Fruit cvt 7s
Sta cfs '84 . . .
I A U Kef deb 5s '37
JBell of Pa 7a '45
Barnsdall 8s A 31
iBeth St P M5s'36
Uo 6 '4 8
Brier H 8t 5 to
'42 wi
2 Bklyn Ed gen 7
I ser C '30 .
liBklyn Ed 7D 40
5 do 5s 40
5;Bkln l'n;i5s '45
HiishTrmBld 5srt)
7 Cal;ssAEl 5s 87
1 lCanal.SSI.ines7s42
4 Cent Di Tel 5s'43
4 5iCerr. de Pas cvtl
! 8, 31 (137
14
9
7
4
11
10
25
96 to
loto
93 to
102 H
92
84
83
89to
99 to
108 to
102
92 to
98 to
,94 to
106 to
108 to
97 to
95 to
93
97
9.1
100
i
98 to
102to
92 to
102 to
98 to
91 to
84
82
89 to
29
99
108 to
102
92 to
98
94
106to
107 to
97 to
05 to
92 to
96 to
95
100
134 to
96 H
102 to
92 to
102 to
98H
92
84
82 to
8to
29
99 to
108 to
102
92
98 to
94
106 to
108 to
97 to
95 to
93 to
97
95
100
51 Chile Copevr7s '23)114 tojll3to113to
1 :Cin ;as 5s '56 . .
2( do iE 5 tos C"I(
2!Col U4K 5s '37. i
1! do 5s sta '27. .j
j omweaitnt os 4T
3:'Vmn At. Rimow
1 Ttos '37 .....10O (100
23 :ConsolCoalMd550 '88 to ! 87 to
j orsueu fowas 02l S3 to 1 92
S.CornProd 5s 'Sl.ilUO flOO
Mn 4m 1 UK I UM
r 87 to f 87 V I ST V.
984 j 98 to I 98 to
6 to! 96 to 96 to
96 I 96 96
89 to 1 88 j 89
ll do SF 5s '34. .
I frown Cork .A
I t 42 . ; . . .
1 ttiba C Sug cvt dbt;.
100
88
92 to
IOO
i 100 to (100 to 1 100 to
2H
S7'to
107 H
92 to
103 to
93 to
. S7to
i 92 to
107
2 '
103
94 to
1074l7to
t 7 '30
SvliCnba CScSista'SO
ISiCub AmMg 8s "81
4CumbTT5s '37.
l DeU Ed rfg 6 '40
, ?j do 5s . '4i. . . .
4Iia M deb 7 to a 35
2;Doa Steel r 7s '42
l rint de N7toa"31
TlltMnu. AIM. .-MA
2iKart -CbSg7s S7
41 KtiAFcti tows7
iiifvi it co8a '41.
12 F I D d7tos '42.
, E deb 6s '4.
1( do deb 5 "52. 101
l5Kiood.li.t6 tos'47esi'101 to
lRftJoodyr T 8s'41H4to
13! io 8s 'SI . s; . 89
8t A D cvt 7 '321 97
S Meish- C a '43? 97 to
20'Holl A V s r 47 88 to
HO R D tos"32t 98
25,1 S deb 4to '40( 91 to
If Aa a. '59 1 HAS 1'
r c 8 '2. ; . ios to no to
89
108
49(104
97 to
94 to
JlOtt to
9to
92 to 92 to
5i
l7to
103 to
96 to
93 T
106
90 to
105 to 105
1U1
101
114
98 to
96
96 to
r 88 ,
8S
91 to
IIP s A 47.
Ill do 5s B "47 v 1 .
. Htfller ;'41
;$C S T '31
-oil. h a vi.
v' , TKW pel w3
. U Is '441.
3 Lonllard S"'l.
2.M C esrt'7 '82..
14 M S d 7to e "42
8!M U S wars '31.
II k 7toa war '31
19'M P 8a '36. . .
S.M S evt 5s
13 M t Ut '43.
: 8. Morris 4tos"3.
SiXat Tube 5sv-'52.
1 IjN K T A T 1st id
87 to
92
107
92 to
13 to.
94
107
89
lt7
103 to
96
93 to
106
90
rjo3
Jill
101
fH4
8
97
9T
91
101
108
,88V S81 88
87 Hi 87
89 tot 89
108
f.oto
92
111
97
lli
8..
102
$
!'
8T
l9
110.
90 to
92 -
116
7'
115
7
88
I2
18
88
-97
S7
iooto
87 to
89
ton
80
9
11
1?5
97
88
12
108
8 to
98
87
1 to
1 Stl BTV Si
111 illOtotllt
I
111 JIIO?
13
- 8
26
1
S
13
25
15
12
18
IO
20
1
1
N T.. 8 team 6s 47
iNTTel deb '49
do gea 4s '39
do ref 6s '41 ..
Xiag Falls P s'32
uo bs '33
NAmEd a rrU'52
N O T A T s'47
N St P 1st 8s 41
N Bell Tel 7s '4 1
Pae O A El 5s '42
Pac T A T 5a '37
do ref 6s "52. . .
Packard Mot 8a 31
P Am PAT 7 'SO
PCACCb, Sa '47
Phil Co ref 6a '34
Pierce Oil 8s '31
97
106
3 to
105
1103
99
93
94
2to
!18-
93
07
91
195
1103
l
ilo ,
97
6,Pug S N J 6 '59 85
IIP A Scvdb7s'37!107
lllProd A Ref Hr '31 11 OS
i " no os war aa.
21Prov See 4s '57
II Bog Brown I7s'42!
StSaks A Co 7a '42
i Sine C Oil5 tos'25
37 do TS '37
Z3SintP Li 5s efs'47
88baron St H8s '41
30,8 P B Sug7s '41
15;8B T A TSs '41
5 StandO Ca)db7s'31il06
IOI to
llto
97
1104
112
97
9
80
100
'301108
- - I 88
'High. Ixmt. Cloaa,
97 I 97
106 1106
S3 tot 93
105 to 1105
103 to 1103
99 to I 99 to
93l 93
93 to I 94 .
91 to I 92
107to107to
2 14. 1 Z It
97 97
91 to I 91
105 1105
102 102
91 I 91
99 I 99
97 I 97
84 1 85, ;
107 1107 4.
93 93
88 98
93
195
96
101
89
97
99
.
106
101
106
97
104
112
97
99
90
foo
108
88
93
88
93
103
88
lei
89
98
89
96
105.
98
100
. 88
97
89
96
105
101 to
106
97
103
112
97
9
SO
100
108
88 to I
102 to 102
lIStAT Co of A 7 51
2Tol Ed 1st 7s '41
5 TnioBABCs cfs'42
Sjl'n T 7s '30...
Utd Drc 8 '81..
2Un F U Ht '86.
20 USBAI 5s '24 . .
l!UnSS6s cfs '37.
10jUn St Kl 6s '42
1U 8 K 7tos
33! do .5s '47.. .
35U 8 S a f 5s '631103 I
5U PAL 5s '301 91 I 91 I 91
1V-C C 5s 23. -HOOtoilOOtollOOto
22 do 7s ser A '471 96 i 95 i 96
10 docr7sA'37( 84 84 84
3j War S B 7s '41(103 to U03 J103
1W P P 7s '58tl03103:103
11 !W U col 5 '88 97 I 97 j 97
81 do r 4 'JiOl 91 to I 91 I 01
ll dc 6s '36. . .1110 110to110to
iW-stghs El 7s '8s(107 117 1107 to
14Wick S 8 7s "35 94 I 91 1 92 to
14 Wilson 1st 6s '411101 to (101 101
At cvt 6s '281 94 I 03 94
C do 7tos '31. .102 1102 102
RAILROAD BONDS
13ATASF gn 4s95
21 do cvt 4i '55..
3j do cvt 4s '60. .
17ACL 1st con4s'52
51 do LAN c t4s'52
2 Atl Danv 4s '48.
12jB
4
16
IO"!
i
31
A O
do ref 5s '95.
do cvt 4 to s '33.
do gold 4s '48.
do pr In 3 to 825
do4sPLEWVd'41
do 4a TAU d 'I
do 3 Swn d':
89j 89 89
81( 81 81
101 . 101 101
88 87 to 87
81 81 81
77 77 77
,100 100 100to
I 83to 83 83
I 80 80 80
79 79 79
I 93 03 ( 93
I 78 78 78
' 67 66 67
I 91 91 1
70 70 70
j 55 55 55
j 52 I 62 ( 52
I 88 I 88 88
I 92) 92 92
1 89f. 89 89
I 98 97 97
112lllill2
2Bdw7thAv e 5s'43
1 iBklRTr 5s '45
4 1 do 6s cfs '45..
lOlBRT 7 '21...
7 Buff R 4P4 s'57
2 'Rush T con5s'55
3:Can Sou 5s 'G2
13t'an Xor 7s '40
20 do deb 6s '46)11 1 to ill 1 to ill 1 to
2.1 Can Pac 4s p.. 79 79 79
84 Caro CI A O 5s'38 94 93 1 93
38IC Ry ofBzl7s '52j 86 86 86
13C of G Ry 6s '2;100 -A 99 99
3iC Pac s sf 38'29j 91 91 91
1( do 1st ref 4s'49 86 ! 86 86
18IC AO cvt 5s '46 94 94 94
5i do gent 4s '921 86 to 85 85
10 do cvt 4s 30 89 88 88
8!C A Arfg 3s '49 52 52 "52 to
11 do JBs '50... 24 23 24
7C B Q gen 4s '58 88 88 88
9.;CBl ref 5s '71.. 100 100 100
2! do 4s 111 div '49. 88 88 88
12PAEI 5s '51 80 79 80
liCAErie 1st 5s '82,' 95 95 95
6hT Gt W 4s '59.. I 62 f 51 52 to
IICIndALr 1st 6s66l 97 I 97 I 97
a;CJloiU' 4S ..(
51 do 4 tos '88. . . .1
851 do cvt 4 tos '32.
931 do rf4 A 20141
81 do cvt 5sB 2014!
22 ao 4s 25
24! do deb 4s '34 . . I
2C N W 7s '30. . .1109
4 do 6s '36 fH0
101 do t an 4s '87.) 85
1 do gen 5s '87. .1105
17Chi By Co 5s '271 78
33ICKI rfg 4s '34
CStPMAOdb 5s30
71 H 71 71
80 I
64
58
66tol
76 to I
ooto
1
3
7
5
12
ChiUSta 4 tos '65
do 6 to s '63 . . .
do Ben 5 '65 .'.
ChiAWI 7 tos '35
do con 4a '52 . .
CCCAStL am 4s
'93
31 do sA "29. . . .1
It do StLdiv 4s '90
ClevUnT 5 tos '72
10 ColAS rf 4 s '3
DelAHtid cv ua '35
4IDiitAR rf 3s '55
481 do con 4s -'36. .
11 DetURy 4 tot "32
4'E 1st c 7s e '30
114
82
90
91
114
100
102 to
74
81 I
IOI to
80
104 to
86
97
116
73
83
103
43
55
42
43
44
86
73to
112
104 to
90
102
82
80
63 I
57
65 to I
76 to
55 to I
108
11
I 85
105
77
I 82 to
96
91
114
100
102
74
81
101
80
103
86
97
116
72
82
103
43
55
42
42
42
81
73
112 to
104 to
80
03
58
65 to
76to
55to
109
110
I 85
105
77
82 to
96
91
114
100
102
74
81
101 to
80
103
86
97
116
72
83
103
43
55
42
42
42
S3
73
112
104 to
do gen li 4s '96
do pr 4s '98.1
47 do cvt 4s A '53
611 do cvt 4s B '53.
1!! do cvt 4s D '53.
6' do Pa col 4s '51
5F J A O 4 tos '52
llj T of C 7s '40.;
21 do 6s '36
3iiG North 7s '36 . 110 11 10 !1 10
5 Co 4s 61... 90 90 90
231 do 5s '52. . .I102I102 102
5 HERLP 5s 54.. 82 I 82 82
4.-lH&M iff 3d A '57 81 to' 84 j 84 to
67 do alj inc 5 '57 61 I f.O to I 61 to
7IU Cent 5 tos '34 1101 to )101 to 101 to
4011 C A O 3 I. A Nl 1 i
! O jt 5. A f3 . . j
3 IH Cent rfg 4s 55;
211 do 4 '53
4iln Met 4 s '53
172) do cf 4 tos it '561
2nj do4 tos t e cfs'6!
67I K T cv. 7s wi "321
ll do ref 5s 66 . .
35 do ref 5s b c "V6I
111 dr. 6s i -32. .
82IKSN adj Os wi Ti21
2IU i'ent 1st 5s '38 1
:1 do ref 4s '5l
UK A if 2d 5s '271
ItKCFS A M 6s '281103
25IK C T 1st 4 'f.l 83
96
b8 I
-81 "4 i
9 H 1
io to ;
10s i
to !
73 to
73 to I
74
9l
71
SS i
tol
5IKeo ADM 5?'23
81.SAMS deb 4s'28
6I-ehigh V 6s '23.
7 1 Long Is deb 5s'37
7.VMrn Ky.-n 4 '91
lOIMStX, 1st rf 4s'49
32MStP88M 6s-35)10
2IMKAT 1st 4s'90 79
211 do 5s sr A vri'42
134( doadj5ssrAwi'67
6 do 6s tr C wi'4 2
15)M P 6s '49
11XYC deb 6s "35.
81 j do r i 5s C 20131
BN Xt KJ-S 4 to s S3
7XYXHAHd4s '4
4 do rieb 4s '5
ll'N YSKcon4 tos'62
14IN Y WAB4s'46
IH X4H RR L is '44
9'X Pr.c 0s B2047
101PLMRR 6s cf '38
SPenn R R 7 SO.
SI do Ss '68
10 do gold 6 tos
111 dog m 4tos '65
StPere Maq 4s 56.
.6 Reading gen4s '07
8j SttLIM A.Sgrn5s 3 1
17jSt L A 8 F pr lien
j 4SA ftO
6! do 5B '50 ... .
26j rio adj 6s '55. . .
8) do ire 6j '60 . .
3 St L 8o Is 4s '31
7. SAL gold sta 4.- '30
5 do rfg 4s '59. . .
181SAL adj 5s 49.
28 do con 6s '45,
4 SPac cvt 4s '29.
4lj do rfg 4s '5..
24j do col tr 4s '49.
4HS Ry gen 4s '56.
291 do 6 tos '36. . .
35Third A a 5s '60
5 Vt By '62 . .
4 West Md 4s 52 .
lljWest Pac 5s 4
96 I 98
88 88
81 I 81 4s
9 to 9 to
to to I 10
l-ito loto
94 I 95
73 73
i . t
73 M 7.3
49 I 49
70 j 70
88 j 38
DO to I 90 to
103 )103
83 to ; 83 1
91 91 91
95 94 95
104 103 to 1034
80 80 to 80 to
6.-1 to ! 8 to i S
88 I 87 I 87'.
105 105
79 79
83 H 83
59 60
96 06
98 l ysto
103 '103
97 97
89 89
50 50
40 40
i 67 to 7 to
45to 4
88 88
108 10R
74 I 73
119 tlOV.
101 to UOl ilHl
6 llOto llOtoillOto
92 I 92! 92
50 to I 50 tot 50 to
84 to ; to
97 to! 98
83
60
96
98 to
103to
97
8ft
50
40
67
46
88
ioa
75
110
84 i
88
70
85
76
58
78
73
89 to
23
59
92
87
84
68 to
101
36
97
,62
80 to
70
85
76
58
78
73
3to
22
58
92
86
84
8
IOI
56
96
61
80
500
1800
200
IOO
1900
70 i
85 r
76 I
58 to I
78 !
73 ?
39 S
22 i
69 i
92
86
84
68
101
--.
97
61
80
. Record Apple Cr Harete4
Wenatche. Wash., Dec 19. - A record
prle crop was harvested on tie Schneirls
Brothers' , ranch at Sepnei this year, according
to Walter Schneiria. who is here. This year
a total of 1T.O00 packed, boxes was harvested,
while last season they pat-ked 900Q, boxes.
1 ' I 1 " 1 i " J , Ml 'I
n -1 . . . - m - 'P
2491 Railway Kxchantrm
Uasakwa- CAic iloard mt Tra.lt
. STOCKS BONDS
fSiTAtl JLKAJSkS W1K8 T
i. f. iiutton & Co,
ME1IBKH9 Alt FRlf CIPAi
.-. Kxcujkjtama
.vSaUclt laafrlws An Iitu
liacarlUM
WALL STREET STOCK QUOTATIONS
- ' ' Beportad by Oiwtiaa.' 4fc Ccok Ca. f-'-?':,:i.
Sales, t STOCK-
. . . . . Lftdama Expresa
. . .. . lAdvance Ram .
High. xVwr. Bid.
I 66
,1 !-...
200
llOOLtm
iAat
SOOiAastia Nichols . .
6000 (Air llwis
100 do pfd .......
lOOAjax Rubber r...
,100 AhuAa 4ioM
Alaska Juneara . .
12OOjAlUed Chem . .
ovjju- n aimers . . .
do pfd . . ...
Am Beet Sugar
Bosch
Can Co ...
do pfd
Am OAF ....
do pfd ......
I Am (Jot Oil ...
do pfd .......
lAm I rug Synd . .
Am H A Li ....
do pfd .. ....
Am Ice . . , . . .
Am lntl Corp . .
lAra Linseed ...
Am Loco .....
do pfd .......
Am Saf Razor . .
I A 31 SAO
Am Smelter . . . .
do pfd .......
A Snuff ......
Am Steel Fdy ..
Am Snzax .....
IOO do pfd
600 Am Sumatra ...
2O00Am T A T
600Am Tobacco
lOOlAm Tobacco B...
1400 Am Wool
do pfd .......
8IH do W P pfd . . .
1(H) A hi Zinc
4800LAnaconda ......
lOOTAssd Oil
11 IOO I Atchison
600 do pfd
4O0 Atl Coast Line..
1800 Atl Gulf A W I..
55500 Baldwin Loco . . .
do pfd .
2600 Balto A Ohio
do pfd ....
lOO'Bam Cor A
O0 do B pfd
129O0 Beth Steel B
200 Booth Fish
B R T
2900 Butte C & Z...
Butte A Hap . .
Burns Bros A...
do B pfd
Caddo Oil
Calif Packing . . .
do Pet .
do pfd
C Z A L
Canadian Pac . . .
4000fCen Leather
Cerro de Pasco .
Chandler Motor .
tehgo A N W. . .
Chicago Ot W . . .
do pfd .......
Chile Cop
Cuino
C M St P
do pfd
Coca Cola
C A O
Colo F & I
Colo .Sou
Col Gas A Elec . .
Columbia Graph . .
Con Gas
Cons Cigars ....
Cons Textile
Contl Can
Corn Prod
Cosden Oil
C K I A P
do "A" pfd
do "B" pfd .
Crucible
do pfd
Cuba Carre
do pfd
Cuban Amn Sug. .
lianaon Chem . . .
Del A Hudson. . .
lel A Lack
Dome Mines ....
E!ec Stor Bay . . .
800iEndicoU Johnson. .
170OErie
1500 do 1st pfd
1 4 00 Famous Players .
Fed Min A Smjt.
pfd
Tire
Tires
Elec
Motor ....
0
Asphalt . . .
7001 Uiidden Paint. .
800'Goodrich TAR.
.... Gen Alden
100;Granby
10OOGt Xor Ore
4500 Gt Nor pfd '
lO0Greene Cananea. .
2700Gnlf 8 Steel...
300 Houston Oil .
700:Huj)p Motor ...
200,nis Cent
12 00 1 Inspiration
. . . . lint Agr Corp cm
. . . . I do ptd
1400jlnterbcro
5001 do pfd
Harv
Merc Marine.
Ifd
Nickel
Paper
Comb
11600
80
31
82
39
74
isi" "
. . . .
18
35
23
125
80
30
.. j..
"80
38
"72
180
17
34 ,
20
28
'123
19
"37 "87"
"zs" "26
125 124
153 152
"95 ,'95"
"28 28"
"50 "56"
ioi" ioo"
91 91
111 110
22 21
131 126.
300
400
2700
10O0
3100
1200
400
900
...... I do
1100Fi-k
I Gen
1730Oit-n
68OO Gen
60O do
63O0Gen
62
15
144
44
57
" "9
141
33
"62
78
" '9
28
26
21
33
76
70
105
37
110
131
51 to
31
70
39
26 to
32 to
116
131
43
55
86
10
14
92
800Hnt.
8O0jInt
8 IOO! do
10O0 Int
600 Int
Int Comb Eog .
1500 Invincible Oil ..
Ilsland Oil
lOOj Jewel Tea
500!K C Ssouthern.i
IOO I do pfd
700iKav6r J
120OIKeUy-Spgfld ....
4900 Kennecott
2800jKeystcme Tire...
Iack Steel
lOOjLee Tire
1700jLebigh Yalley. . .
!I.orilard
400Loew Theatres . . .
190
13
83
47
10
34
31
77
27
79
67
108
35
91
11
14"
53 to
14
18
"43' '
43 to
37 to
' 10
60
13
84
i43
43
5
" "9
140
31
,61
76
' '"
2
26
20
82
75
69
24
ios""
87
iid" '
129
50
30
68
38
28
31
113
180
43
54
85
lOto
14 to
89 to
183
13
82 to
45to
0
33 to
80 to
76
27
78
67
107
33
90
11
13
52
14 '
18
4i to
43
37
9
: 64 I 62
! !-!-
i 19toi 18 to
I 14
i 30
81
69
12
to
1
80
43
96
38
40 -73
to
113
ism
121
J7
84
6
lOH
108
28
81
25
18
19
86
97 i.
142
36
74
07
27to
123
152
102
95 -111
28
16
50
115
100
01
110
22
130
111
41
67
80
19
61
4
15
31
142
43
7
81
56
98
Oto
141
32
43
62
78
4
8
28
26
21
83
76
70
24
41
105
2 to
118
37
12
lioto
130 to
51
30
89
80
70
87
14
39
26
32
114
130
43
54
85
10
14
90
9
52
12
82 s4
1184
13
83
46
9
33
54
26
31
77
27
78
67
24 to
107
35
6
32
90
11
48
13
51
23
14
20
17
43
4 2 to
43
37
9
74
25
I 64
167
1 9
STOCK
100IL- A
1800, Li
11900
- 100
200
2100
200
9O0
N
Loco.
Mariand Oil....'
Maxwell M "A".
do "B"
May Stores
Mex Pet;
Mex Seaboard. .
j Miami ........
Middle States Oil
Mid vale Steel. .
M K A T Wi...
Mack Truck.....
Power. ... .
Mont Ward
Mo. Pac
do pfd ........
M St P A 8SM
Nat Bia "Wi". . .
Nat Enamel. ...
Nat Lead. j
Nevada Con.....
New Haven
Norfolk A W...
2300Kor American...
lOOOiN Pacific. .
... ..Nova Scotia Steel
800N x Air Brake.
4800 N X Central
6300Okla Prod ref..
SOOrOrpheum .......
200 Ontario A W. . . .
1000 (Otis Steel
1 500 Piecly Wiggly , . .
I Pac Gas A Kl
3900 Pac Oil
23700 Pan Am Pet ....
84200j do B"
1200Penna
.....1251 12
1000
3400
8300
60O
lOOiMont
8BOO .
1700 ;
2600
'iiob
1700
5000
300
3100
400
3400
2800
100
-820
700
Penn Sea Steel ..
Peo Gas
Pere Marquette. .
Philadelphia Co ..
Phillips Pete . . .
Pierce- Arrow
700 1 Pierce Oil
700
700
300
7300
3100
1200
2100
4500
Pitts Coal
Pitt A West Vs.
Pressed Steel Car.
Punta Alegre
Pullman
Pure Oil .......
Ray Cons ......
Reading
aOOIRemington
600
5000
.....!
2800
4000
"2966
.....I
900
"iodo
3200
24400
High. 1 Low.
88
2?
68
17
27
11
28
14
65
22"
16
42
ST "
654
129
15
iio"
93
75
28
93
17
51
44
80
39
46
3
85
41
13
4
58
33
47' "
131
27
14
78
35
46
82
51
89
31
lOOfReoloele Steel . .
3300 Republic I A S. .
200 do pfd . .
3100 Royal Dutch OiL .
100 Ry Steel SDrinas.
lOOlSaxon Motors . . .
81001Sears Roebuck ..
Shattuck A Ariz..
Shell T A T
Sinclair
Sloss Shef
Sou Pacific ....
Sou Ry
Sterling Prod . . .
Stand Oil Cal
Stand Oil I rid .
Stand Oil N J . . .
Stand Oil Ky . . . .
St L A S F
Stromberg Carb. .
Studebaker
ISwift A Co
200ITenn Cop A Chem
4000Texas Oil
200 Texas Pac
00Tex Pac O AO.
. 3600 Tob Products . . .
4600lTran Gont Oil..
400)Timken R B .
1 900 i Union Oil Del. . .
8800IITnien Pac
lUnited Alloy .... I
300 j United Drug
20OI United Food Prod.
300!United Fruit . . . .
United Rds of N J
I do pfd
5000jUnited R Stores. .
200U SCI Pipe
2400U SInd Alcohol.
1200iU 8 Rub
6001 do 1st. pfd
iU 8 Smelting. . . .1 .
WOOOC 8 Steel
200) do pfd .
2800Utah Copper . . .
200Va Chem
400 Vanadium Steel..
IVivandou
1 500 1 Wabash
15.O0I do A pfd
4 do pfd
IWells Fargo
4O0 Western Pac. . . .
I do pfd
lOOOIWesttra Union.. 113
1000Westinghoue ABI114
6800( do E&M I 01 to
1600West Md I 11 to
S200White Eagle il. 31 to
300 White Motors ... 4!to
2100White OU 3
2000 Willys-Overland . . 6
200 do pfd I
IWilson Packing . . (
j Wisconsin Centrall
SOOiWoolworth 28 to
12O0Worthingtn . Pumpl 31 to
200W ALE I
Money i 4
87
114
ids' '
2i
63
133
106
47
20
55
12 to
32
17
135
'si
4
157
71
60 to
52
96 to
106
56
26 to
7
!49
17
27
11
27
14
65
22
15
1
36
64 ss.
122
15
109
91
74
26" '
82
1
17
60
'43"
87
83
46
3
35 '
46
12
4
57
33
46 to
ISO
27
14
77to
34 to
44
81
61
87
'3i
'86
112
193
20 "to
6i to
Cloaa.
130
68
26
43
14
67 to
251
174
27
11 H
27
14
55
7
22
15
41
62
86
65 Vk
127
15
2 Oto
109
83
76
26
26
93
1
17
20
8
51
86
44
90
85
40
3
93
35
40
41
12
4
57
33
79
46
1130
27
14
78
84 to
24
45
81
51 to
115
1
88
8
37
31
39
86
22
621
11.1U
115
105
117
20
62
13lll33
106
47
20
54" "
11
32
17 to
134 to
81 " '
4 to
157
64
35 to
" 8 "to"
23'
106to
9to
47
20
20 to
54
12
32
17
13
34
8(1
4 V.
156
11
25
71
26
66
51
95
36 V.
106
120
63
25
35
13to
8to
22 to
16
88
15
5
1112 113
113 to 1112
66
I 65 to
51 to)
96 I
105
63
35
8 V
22 to
I
15 15
50 . I
IO I
1 ,1
49 ' 1
3)
6 to
59 4
IO to
31
48 to
3
0
42
35
I I 27
1201 to 207
I 30 to I 30 to
! I 9
I 4 4
Sales I
70
100
ISalBuckeye P L
STANDARD
In $1000
Anglo Am Oil. .
Atlantic Iobos
OIL ISSUES
I High. I Low.
17to
6
86
45
44
161
114
90 to
ORDERS FOR OIL
ARE INCREASING
y L. O. Talmas
Huston. Teraa. Dee.- 19. Ref me re hers to
day reported a surprisingly large number of
orders for lubricant and gas oil is sold up
well ahead with price firm at 4c a gallon.
Fuel oil is iteady around 81.30 a barrel.
The- condition of the cattle range in Texas
shewed great improvement ia recent weeks.
Cattle have dona fairly well bat the condi
tion of sheep ia excellent.
This section of the country followed the- gen
eral tread of stock dividends and increase of
capitalisation when the Humble Oil company
stockholders voted a 70 per eent stock dividend
and increased the capital stock from 325,000,
000 to $4 3,750,000.
The outlook here ia f or a plentiful supply
of holiday turkeys and prices have dropped to
32o a pound for live birds.
Lumber Freight
Bates Take All
Prof it From Trade
Eugene. Dec. 1 9.- Despite recent reductions
in lumber freight rates, many Vf the opera
tors of small mills in this section are com
plaining that the freight is taking all the
profit out of the., business. They declare that
ir. is next to impossible to even get a ear
load of ties or low grade lumber over the
state line without the railroad taking half the
selling price for freight charges.
One operator sold a carload of 781 ties in
Frient. Calif., for $731, cf which ha received
$340. while the railroad cot $411 as freight
taxiii.
Another aoM a carload of lumber in N
vada for - $476 and received $226 for his
product, as the railroad deducted $250 as
freight charges.
The rate lately has been $23.73 a thou
sand feet to Chicago leaving Ui millman
about $12 a thousand when be received the
market price. Railroad ties laid down in New
York cost $31 for transportation charge and
the shipper gets about $15 for tie per thou
sand feet, the freight bill being twice the
amount received for the material.
It's cheaper to ship lumber to Honolulu
than to Salt Lake, they bare found. To the
Utah capital the rate is $16.75, while to
Honolulu it is .$13. South Africa and the
Orient are closer by steamer than Kansas
City by rail. It costs $19 to ship to South
ainca.
Thsse lumbermen declare that only the
highest grade product can be shipped with a
Knowigqge tnat they will make some profit.
17
6
86
45
43
159
111
90
25 (Continental Oil
60 1 Crescent PL..
701111 PL
570 Imp Oil of Can
40 Ind P L... ..
2600!Int Pet Co Ltd. . i 20! 20 to
200.Nat Transit ....I 2 4
40IN Y Transit . . . .J131
50Prairie P I. 1316
70 Sou Penn Oil ...1161
101 do L (102
2900S O Cal new. . . . 57 to
12400! do Ind ...... .ill
1 00 j do Kansas new .1 4 2 to
400! do Ky new .... 1117 to
10! do Xeb 190
I700; do X Y new. ... 46 to
200Yacuum Oil new.l 40 to
20
130
311
160
102
56 to
114
42 to I
117 yt '
190 i
45 j
40 T
Close,
17 to
6
86to
45
44
160
113
00
20 '4
26
130
312
161
102
57
114to
2 to
117
190
45
40 to
Total
Total
sales stocks, 84 5,1 00.
sales oonds, 8,717.000.
This Christmas
Give Dividends
Consider Northwestern Elec
tric Co. 7 Cumulative First
Preferred Stock in the light of
an investment as well as a last
ing remembrance one that
will be renewed four times a
year when dividend checks are
received.
Northwestern
Electric Company
7 Cumulative
First Preferred
Stock
Sold for cash at $ 1 00 per share
and on our interest-bearing sav
ings plan.
Northwestern
Electric Co.
J. G. TAVARES
Manager of Stock Bales
213 Pittork Block,
Broadway 0580
X peTlflf " ' - ,
.LsTao7
.".'-".'. N. BAIOC ! '
t i " v
; faasswMCKiaBai j
EjuarSTCHad
The Baby Bond Holder
The same sound bonds that capitalists buy,
ju& the bonds you have always wanted to
buy, but couldn't. And now we make it pos
sible for you to own a bond.
: It's our Partial Payment Plan. Call at our
Bond Department TODAY and see how easy
it is to become a satisfied investor. -
Buy Bonds By Bits
- 19 face value of bond at time of payment,
19 monthly, i interest oa deferred pay
mentsin some instances more than covered
by bond's earning. Bonds $190 and up.
Ml &
TBLTON
Oldest lit the Northwest
Washington at Third V
-S
Curb Trade rIs ;
Dull for Session;
Trend Is Lower
By William P. Heft era an
-New York. Dev. 1 9. .-Traduic oa th Curb
exchanaw today was extremely dull. After the
sharp reaction in the final hoar Monday,
prices for the aaost part were stain inclined to
ward tower ieveis. except In the rasa of some of
the Standard Oil and independents. .
- Golf Oil of Pennsylvania waa aa active leader
of the independent oils and regained a food part
of it toss of Monday In response to the declara
tion of a quarterly dividend of 37c a share
oa the new stock at 025 par Tahiev
Announcement that stockholders of HamMe
Od had approved the plan whereby tlie com
pany will distribute a stock dividend of 73 per
cent had little effect on the share concerned. .
' Muuna shares lost a cood deal of buoyancy,
and in some instance were silently lower. The
new S8.0O0.000 issne of Carolina, Clhwhfield
Ohio railway 30-year per cent sold bonds
were admitted to tredinx. The bonds went of
'crT5 for pubhc subscription at 36 to to yield
6.2 i per cent. ,
NEW INCORPORATIONS
. Salem. Or.. Dec 19. The Maris IVebber
Lumber company of Oak Ridge. Lane county,
with a capitalisation of $50,000. filed articles
of incorporation with the state corporation de
partment here Monday. E. Davis, A. E. Web
Derand W. H. Buoy are the incorporators.
OJJier corporations fihng articles were:
T TT. Ho,'r,w,TO Conned of Portland; Mrs.
Joeephine Othns Mrs. E. M. Simonton and
airs. A. L. Morris.
iiMrtJn",!. Lnmber company. Portland.
27e.- C. Fnsbie. W. C Palmer and
Marvin K. Holland.
LABOR SHORTAGE ;
IN LOGGING WORK
- By Ear O. Janeka
St. Paul, Dee. l. Deenita aa increase at
SO per cent in wssea since the- openiac of
the saason lumber companies ope ratine la
Minnesota, and Wisconsin ara unable to avar.
coma a shortage of woodsmen. Common labor
is in especial demand with 040 and S0 a
month and all expenses behur freely offered
with nteacer response. l'rodueUoa of W
ia expected to be double that of a jrear aro.
. While farmer nnyina is beina onafined laraw
ly to necessities a present. automobUe deaiMrs
are preparins for Increased business in raral
communties next sprins. Holiday retail sad
mail order business is exeAnrimuilv f.n mm..
parins favorably with' record years. HasdV
ware sale ara about 10 per cent ireater k
Tojame than last year.
BASK
Clearinea
Balance
CSeartn
Balances
Cleartns
Cleartncs
Balances
Clearing
Clearings
Tuesday's
STATEMENT OF
rortland Banks
Monday .0 6,o03.b.3 0'
Monday.:- l.a7,K2
Tuesday. . 8.990.782:
Tuesday. . 1.206.331
- San. Francisco Bank
Tuesday ...0!
Saattay Bank
'Tuesday , ...0 5
Tuesday . . 1,
Oakland Banks
Tuesday 0 2,
Los Angela Banks
Tuesday .....$20
Tacoma Bank
transactions ........0 3,
COAST
.269.791
,677.2ft
,812.771
910.071
3.400.00V
700.114
.179.61T
924.400
577.540
.212.604)
e.t
To Yield
6.25
Income Tax Exempt
We are now offering a General Obliga
tion Municipal Bond with these strong
features:
Principal and interest payable from taxes.
Prior lien on 83 7 acres valuable land.
Ranks ahead of first mortgages, including those
securing" Federal Land Bank Bonds.
Free from all Federal Income Taxes.
Legal investment for Savings Bank and Trust
Funds in Washington and Oregon.
6. Legal as security for public deposits hi Wash
ington. Phgne, telegraph or write for
complete detailed information.'
Ralph Schneeloch Company
2.
3.
4.
5.
MUNICIPAL
CORPORATION
Second Floor
LUNBERMENS BLDG.
A general obligation -of the gov
ernment, backed by the full faith
and credit of over 2,000,000 people
Kingdom of Norway
30-year, Sinking Fund, External
GOLD JBONDS
Principal and Interest
PAYABLE IN U. S. GOLD
The srreat wealth of Norway. Its excellent
credit, itu light national debt and stabil
ized sources of income make its bonds
not only safe but desirable as well.
Price 100, Yield 6
-Broadway and Oak
I.T.rr.T.I.Ll.L!.M.!...T...M
1
Irrigation Bonds
General
Municipal
Obligations
Payable '
From Direct
-Taxes! .
Income,
ax Exempt
Price to Yield
6 to 6i
Irrigation in Oregon is a suc
cess. We have authentic fig
ures and signed letters from
bankers and farmers in bene
fitted districts" in our files
which will prove it to any in
terested party., Irrigation in
creases crop yields, property
values,, population and pros
perity. The cost in compari
son is nominal.
The Bonds of: Municipal Irri
gation Districts have demon
strated their excellence in
years of depression
They have suffered less in
market value than either cor
poration or municipal bonds.
Get the facts!
G'E'MILLER & COMPANY
Portland
Seattle
flUC-EATIs-1.:
jiif ',: San Francisco
lvs AiiKcies
2d Fir. N."W. Bank Bldg. . PORTLAND - Phone Main 4195
" i -a 2
7;nT11 ret H'41
3'X f 6 E! 141 AP
- I 6s 4H
. - i
99