UNUSUALLY - HEAVY ; VQLUMEi C
rVT5 A "T"T TrO TO . OATTTT , ITT T A'Tx-' ?i TT
iri
sr.lEXJCAfJ PEFEA
I RUNAWAY AFFAIR
a a a i. .. .... . j. . ... . . .
lTair Street. Nev York. Dee. 21. Opera,
tioaa tarn- the rie- held the-npper hand in so
dar 'e stock auiktt. - , - .
It was the mm nsr
- ''.J! row professional rpeea
'. letton that bad torn
(nn( ea tor a Ion
ma ht er -mare, ba ttaa
main point waa that
pvofaanmul efforta to
advene prices .enrenn
tered - no formidable
amonnt of ml seiUiuc.
In this there waa fnr-
Mr''! n2y ' negative sort;
01 me coniuienee vrttfi
which holders of - tb
mora' nmesentattve
uidiutrial Mocks feel
recanting the - outlook.
There waa w little
to the way of news to
influence too Tartans
price movements. OiJ
were the leaden of tba market. Int.
a Of in AntlmniMrii . m . Im .i
iuelt. Tba peat opinion ia that, tba tiiti-.l
poauton baa m improii that hicher prices
for ootk- crnde oil and refined product are
likely to bo area early in the new rear. Bat
1 I immedJat incentive today were
foand- in a- sensational jump ia alexican Pe
T,,?U" J btiyin af a eery eacer rt in
ahtomie Petroleum. Inaamorlt aa there is
only; 10 per cent of the original Mexican Pe
troleum new outstanding,-it: would -be an easy
matter , for speculators to mark the price op
" "L Bnt wu r was inclined
4eredit reason of- another piece of favorable
dividend action in the near fntare, this time in
. inn shiie of a larre'extra distribution ia cash.
' Rlie for Christmas
IndonMectly the speculative dement bad ia
mind the historic precedent of a rising market
oat Christmas ere a precedent which, has
.scarcely ever been broken, even under the most
adverse conditions. This led to conaiderabla
abort eoeerlng and. with the course of the day,
that, ad-ranc. which -at- first had been confined
; to only some dosen or so stocks, became fairly
general throughout the industrial Section. Bail
way shares as a rale were rathett alnggiah, but
there were so too exceptions; notably Lehigh
. Valley, when a special inducement waa found
- in. the plan expected soon for the segregation
of the coal properties.
a. . teed Ralls
- ttailwiy share-, neglected at the start, were
; taken Bp ia the afternoon under the lead sf
; fehigli Valley,- Reading- and Rot thorn Pacific
1 he rue In Roathrrn Pacific followed the pub
lication of the November earning -ihowlna
a increase of 33.-77.000 orer the- same
vnehtV tn 1921. Uroe earrings she the
effect of -the season falling off in the move
ment - of farm, products 10 market, decreasing
tX 00.000. Net earnings, reflecting both
, the falling off in traffic and the continuance
- f high maintenance charges were $2,300,109
Jex in November than they were in the month
before. .-
Among tha industrials the early gains were
'airly- wll sustained sit hough in the last
hour there was a ccod deal ot scattered realix
; .Slat by tho profeeaiona following.
- ,The stock market today lost tha hesitation
which; characterised it on the two preceding
'day .and moved forward quite generally. The
best prices aa a. rale were reached toward the
close. -. ' -i
In the last half hour Baldwin, Studebaker.
Ceneral Asphalt and two or three other specu
latira favorites were bid up briskly and under
tLeir lead the list wound up strong.
Oil Shares in
? Leading Position
i On. Curb Market
: By MTIIBam r. Hefrarnan
, Jiew -Tork, Dee. . St. OU shares occupied
the leading position on tba curb exchange to
il ay. They were influenced, as were the same
group oti tba stock exchange, by it he expecta-
thn of higher prices for both erode oil and re
fined prodacta after tho turn of the year.
There was a lot of shifting into the oils
from other sections of the market and as a
renult some of the recent favorites among the
'Mountain producers and salt Creek producer
,wer .leaders in- tha nptarn, while fractional
gains ware eommon, torouenout tne ust gen
erally. f Oitiea )errica common, reached higher prices
shortly after trading atarted, in .response to the
'publication of net earnings- on the common
'for tho year ended November 80, showing art
profits equivalent to S 14.82 on the average
,amount xf common stock oatstaading against
,914.44 ta 121. t
- The declaration of the regular quarterly
dividend of S2 a share by Prairie Pipeline had
evidently been discounted sad the stock reacted r
s pensa. .- V .
.' In addition to the Cegular quarteny'divideBd
f S2.S0 a share. National Fuel Oaa Co. de-
ciared a 10O per -cent stock dividend increasing
ktbe outstanding amount S3T.000.000. This
ifiridend In stork is payable to stockholder
ha record Lfeccsabef 13.
NEWrYORIw BOND TRANSACTIONS
' sUported by The Josmal'a Wan flu set Baraes - ' -
, f eaerae T. Maflhas
WaU Btrest, New rot. Use. 21. A snarp
advance in Brierhul tsteel as -waa tha -feature
ml toe, bond aiaitit today.
t'sdtt very ectrre deaieia at
Khund 2 ovtata to - JJ
atrbrtuU 'company- -Wednaaday - approved stae
aale of the eempaay to the, Icungitown .Bheet
Tube company god the merger was (rre
aa tha explanation for tha actlTtty to Jha
Vxmitm beads displayed more activity to
day -Chan--for aosne time peat. Kreneh be had
an-advance a pert of wtuea tbey subetantially
lost. A good deal of tataceae was aaaxuteated
in the seml-ofTlcisI oemsi toax- rrance con
templated any sew tiuancing in this market.
The report to the contrary was founded a
the statement bv Mr. lmoat that while Amer
ican investor would not buy tiermsa bonds
at this time they were perTactiy wuimg ts xase
Jfrenea obugationa. Much- of the current paa
anaana aa to the rlvocfc Budget would b
rlwmalad if it -were retimed that the expendi-
tarea lor restoration of the devastated regions
are really a caonai eharge. L'nreea luncane
ms of 1S2U and xiraatt . THs both re-
sponoed to tne xugner pnee swnioe n
c nance. f sited kyingdore .-He of- la7.
bini s iad Momsi be all sained ground
la the railroad bit. Paul bends moved
irregularly. , The Paget Hound -4s- made a
new tow on this movement and the - St. Paul
4a of 12 a lost mere ground, but the con
vertible 4i were higher, atoms buying or-
were Knorted in this iasue. St. Louis aV
Soatowestera t'onsotidsted 4a sold higher. Tha
is a short term issue selling nil per cent
baaia.-.
international Mercantile Marine a moved
unoertainiy. - probably ia aecord with doubt
expressed ia the stock market over tne pre
ferred dividend, although there . ia bo reason
to beneve the bond is anything but sound
investment; . -
There waa further quiet absorption of the
Liberty teens. All the old 4H moved up.
On the other' hand, the demand- for the tax
exempt 8Hs was not quite so strong. j
ew Tork. tcc.' 21.- Followmg m an i nl
f Iris I ht of bond traded in oa the New Tork
Stock Exchange tcuay with ztrices up to and
iuelading the elo cf the market. Total sate
today were 10.42t.30O against l'.i00?
yesterday. 24.262.000 a week ago. $18,981,
000 year ago and 2BJb2.0oO two yean
Frem January 1 to imtei. .909
againrt $3.290.944OO a " year ago and
3.806.168,060 two years ago. - - -LIPEETT
BONDS
Low. Closel
Salea. I In S100O I High.
. 102ILlb Stta '32-4Til0064l064
428
; 4s
11H
22
do 8 Vis rg'32-47
do 2d 4s '27-42
do lst4 Hs'32-47
do l-2d 4 i
'31-47 -..
do 2d4 Hs'27-42
do 2d 4 'is reg
'27-42
do 3d 4H 2S
do 3d 4 eTS'Se
101H) do 4th 4xi '31
10C4610O4
BS06I I8N
884l 9884
9930
9828
920!
9888
9874
988
9H50
10038
10O10
9996
10060
10046
9800
98901
9980
9824
980
9880 9886
9870 9870
9880 9866
9850 9850
10082 10034
10006jl0006
99941 9994
11
26
48 H
49H
18
6
6
" 2
4
a
93 s
78 V.
86 H
98 Vi
96 Vi
191
103
103 -
SI
96 H
974
97 ?.
98
8H
109 H
86 H
101 Vi
98 H
99 H
I 99H
93 tk
93 Vi
94
98
96 H
814
78 H
M
50 Vi
36
90
112
99 .
75 Vi
108
97
96
98
98
78
104
11H
118
100'
101
100.
96
93.
78
96
96 j
95
101
102
61
96
97
97
95
8
109
98
86
tot
9
99
99
92
2
94 -98
96
81
78
50
59
88
90
111
75
108
97
96
98
98
78
104
117
113
100
101
100
f i Tha campaign in . the Do rant issues showed
mo - signs ot let-np.. Reo afotor also
Mem ami at . higher prices.
in
i v.. r uaaiu.i s.nA.lur, kaieb
,; Corrected dally by tha foreign exchange de-
;'partnient of the United State National bank.
. - Quotatiooa below (except the pound sterling)
rare quoted oa the basis of 100 units foreign
sourrency. --
Opening nominal rates ott Dank transactiona-.
M '- j Xrraft . , Cable Par
t 1 ' - Checks.. Transfers. .Tahw.
Xondorr - , . i
- Lbs. sterKng.S 4 62 8 4.63 3 4.866
r-sru r rancs.. i.a 7.46
..Betemm
rranes 6.87 6.88
Berlin Marks, .0155 .0135
', Lire. . S.08 5.09
. "Athens
' Drachmas . . 1.22 1.24
- 'Qorwnhsgsit ' -.
Kroner i. ,
- !3insriania'
: t r Kroner . . . 18-90
Stockholm.
: t Kroner- . . , . 26.91
Honxkong -I
Currency. T . 52.73"
.Japan Ten.. 48.83
- tianghal
? . Taals ..... 7.4ft
I Canadian dollar discount and per cent
Ji . J vimv, i , .:-.i
?'' On Talk Bilsr InstaBed v
7 Kelso. Wash.,- Dec 21. The Ostraader
tHaiiway at nmoer company is installing . a
large crude oil storage tank on Oatxander creek
- near the Oatrander eomnanva vnclrs - T
ooarerting its engines from wood burners to
20.58 ' - 20.63
'26.91
" 80.30
49.00
70.10
19.30
19.30,
23.81
19.30
19.80
f 26.70 .
26.70,
26.79
I
,1
I
1
Let us serve
yourneetisin
.Printing
Wm cm put cH penonat :
srfdiHemf fn( yomr
: - ..
F.W. Baltes
& Company
De4-. FIRST AKDOAK
Overbeck iS CcoSeCo
it
i
A
MOSZU
stocks, ec::ds.
; caAiN y;D cottd
Losan Bryan
Stir lOKX AJTD CHICAG
M do4th4a rg'Sn
95Tio 4s '23. .
29 do 4 rg '23
1190 L'S A 4 Via '47-52
foreign Bonds
28 Argentine 7a '27. 100
13 Belgium 7a '45 101
, 271 do 8s !..... llOi
89 do 6s '25..... 96
43 BolivU 8s '47. .'.
Bordeaux 6s '34
Brasil 8s '41. . .
do 7s rets '52
do 7L ret '62
Chile 8a '26....
do 8s '41
do 8s cfs '46. .
Chi Got Ry 5s '61
do 8s etfs '52 . .
Christjania 8s '46
Colombia '27
81Cuba 5a "04. . . .
7;CxechalT 8s cfs '51
1 Denmark 6a '46.
7 Denmk cfs 6s '42
26 Dt Seine 7s to '42
32 iD Can 8s notes
'29
-22 do 5a "26..
166 do 6s 52..
10 do 5a '31. .
19 DutchEIrct 6s .'47
as do ns '62 .....
88 Fronch 7s '41.
58 do 8s '45 ,
31 Haiti 6s '52. .
6 Jap ser loan 4'81
10 Marseilles 6 '84.
- 91 Mexico 3a '46 . . .
20 do large Be '54.
7 do 4a '54
2 Montevideo 7a '52
7!.Vorwsv 8s '4B.
:31i do 6s ctfg '62..
20!Prag 7aefs-52.
6 Queensland 7s '41
BV Grand deS8a'46
-iKio de 1 8acfs'47
3 Sao PauloCty8s32
a; do state 2a '36.
2iAoinaana 6a '36..
SSjSwedan 6a '39..J
zu Swiss 8s 40
174Cn Kings '29
rSt10 ' 104I104
iv, Uruguay b (103 105
NEW - TORK CTTT Bfivnt
63 T City 4a'60101 llOl T101
50 do4s 62 reg'd 102 1102 102
MISCELLANEOl'8 AND IXDC8TBIAL
- BONDS
21ACJD ed 6sA 25. .
10 AAChem 7s"41
6 do 1st cv 5s'2S.
1 AmSmlt 1st 6s'47
21 Am Bug 6s '37.
2 ATT cvt 6s '25
! v 61 do col tr 5s6
17 do eel 4a 29.. .;
7 A W Wks 6s '84
31 Ant JCM ev6sr47
22Atl Ret d-s 87
8 Bell of Pa 7e'4B
8 (Barnsdall 8s A'31
- 3 1 Beth SU ref s'42
SOlBeth Sti 6s- '
,862 BH 8t s'42wi
9930
9616
9806
4 1 ACL 1st e 4s '32
49 B O 6s '39. ,
15 da ref 6s '95. .
S8f do cvt 4 s '83. i
881 do gold 4s '48. .
141 do pr il 8 s '26
If do8 sPjrMd '26
2 do 3s 8 D '25
2 BRTref c4s 2002
5B R T 7s '21. .
421 do 7strccfat21
- lIBCnEl 1st 3s '20
- 6 Buff R as P.-eoul
4s '37 .
5Can Nor 7a '40.
81 do deb 6s '46
22Can Pac 4s perpl
carousiu as as
32)CRy Brsxil7s '52
37iCofGaBy 6a '29
19 CPaelat ref4 '49
iC tt O coo 6s '89
4S o gen 6s '4C, .'
14 do cvt 4 s SO.
2.CAA rfg 3s '49.
37 do 8s '50...
ljCBQ gen 4s '58.
. tl U II la T1
22JH 28c 5 3. ';:
"T I UK', tit West: 'RB
1C 1SI.T IK M
93
78
96
96
96
161
103
103
51
96
97
97
95
86
109
98 .
86
101
99
99
99
93
93
94
98
96
81
78
50
60
86
90
113
99
73
108
97
96
98
98
78
104
118
113
104
108
I
1
5
1
t
o
BU Ed 6s arB'30
do -ten 7anC'3Q 106,
17 7. rt-'SA loli
r 6
49
39
' 2
1
B, E 7a I '40.
do s "40 .i
B U Ot5s '45..
do CI '47. .
B T B Ss '60..
2C 8 .7s '42. .
am O K 6s '42..
2k P 6.8t. ...
3!C It gen5s "23.
C ert 8s '31
O C cvt 7s -23'. .
do cot tr 6s '82.
iO G dc E 5s '37,
do As sta '27
98
166
90
191
,llCom, P-6s '4T, .
1 C-T R 6s '41
21 O C M ii '60..
19 C 1 6 '52....
1 OPS f 5g,.'34;
lOCaS 6s 1'42 .
7 Cuba C Bug '8s
eta '30
11 Cub Am Bug 881
liea lias aa SI.
OlDory 7a 4 ...
' I Det Ed rfg 6a "40
8 do rfg oa '40. . .
6'Doa SU ref 7s'42
7jlup de N 7s81
is uuq LtPti '49
5 do 7 Via '36..
27iE Cub Sue7 sa7
!4BftFtrtJJ
cxS -37 ...v,
13 Fnk Run s '41
lOlFrlD deb 7s'42
niu- b.t det s '40.
i r oo oeo sa '92 . .
10 Goodrich -st 6s
I '47 cfs
7WJ'year Tire 8a 41
3S do 831..,.
43 O Falls Few 5s'40
13 Hersh Ch 6s 48
9,HollAL 6s rcts'47
26 Hn aad3tts'32
6:111 Bteel d4 a'40i
v ina Bteei 5s 62.
16.1ntt Paper B 47
28,lutl M M SF6s'41
!4 suyser 7a '42.
3 K Snriae T Ss'ai
10 Kana AB. 6s52
Slck Steel 5a '50
i luggeti at si is 44
lSj do 3s '51.
8 Lonllard 7s '44
1 tMsgma Cpct7s'S2
at dTaer42
: 1 Mar O Ss war 31
' Mini "e -36..
9 M St. Tel 5 '24
, 4 M'vale St cvt5'3fi
I 6 Moat Pwrltt3a'43
f MomttlVI H i'IU
40,.arrT ::lst,s -A
I '62
. MY K4 Co refBe
-;-; 'u.. -iiiiii9
; !-- s UUUarlr
; I .W 4a '49 .. l 83
10 do 5a '48 ,2
3 NY Btmshp .'47 7j 97
41SY Tel deb ns'4lloa u. !iu
"t do" aea 4 s '3w. 93) 99
231 do ref a '41 . .10 jl6H
? ?3 : -.. J k
'awri ws rout esf f 93
108 108
191:-
95 '
98
94
10-:
106
io
9T
96
103
92
97
103 f
88 '
98
184
118
96 x
97 -96
88
97
88
92
101
02
92
166
88
98
103
96
89
197
108
106
96
4
166
90
105
191
21NuntoTL 4Tt 94 I 99
14iM StP 1st ns 41 a 9sJ
12I.V MeH Tel ?e41jl Slt
r tJntL. k aa 43.t
,OhioPu in 7 aj
I '47 il
ilt
.I1U3 Vlmxxi.
on OS vi. . 1 ai 119
7 PC4,AK1 3s '43. f 92 I 92 til
7 PacPodttA 5e 'SMI 92 I 91 it J
lOfPaeTekT a '7.f 9 j 97
271 do ref ea '63 -eJ 91
98 i 98f 98.
19x1
88
91
10
93
jl05
13
94
93
1
96. ;.
103
99
92
92
97 i
91
638inPipeL 5eefe'47
1 SharSUioop 8s'41
- 2iSPB Sue 7s '41
SiStanOU Cat deb
i 7s .'31
2:8TCo of ATs'51
liSugOrieat 7s'44
2ToledoEd lat7s'41
.,4jTe- E P 6a,'47
5 To Prod . 7a 31.
89 a
97
too .
164T
191
97
106
94
193
7
2ft7a B aV P6acts'42
41 do Otl Cal 62'4212
2 do Tana: C 7s o:i04
6 do Drug 8s '311112
9) da F Use s '361 98 -liU
' S Rcaleslmpl
I 5s. 24 . ; 99 H
OS 4ZI
5 U Stores R
1U S Rub 7s '30
29i do 5s '47. . . . ,
16 C 8 SU a f 5s 63
llC P A. is 3a '30
i (to I ak r 6a '44
6Va-Car O 6s '24
do 7s sr A "47
do cvt 7s ser
A warta "37
Saletin 1000S v ' JEeh. Low. J CJosa.
6,l'ackaiilot ba vali0
, OlPAmPakT 7a '80.1162 1192 1102
l-PhlCo ref e 4410O I 99 I 99
. JOiPngar.NJ 6s '59. 1 85 84 83
sojc- si one evs oeei 1 ' 1
f . I Ta "87 .....1107 M19T U07
lOjProdaVRef 8s -81 1108 110 -1108
LOiRem Int 1st 6sj
, A cfs :T ....I HI 83
2;Rep I Jfc 8t 5s '40 94 I 94 I 94
. eieaaa ex f 7S 4gilf l I4O0
16 BioC Oil s'26 98f 96 j 98
i io if .;)! :' lleUM
An
mil
WALL STREET STOCIC QUOTATIONS
fICDIPAM CTCCh
LlUunlt OILLL
RULING MARKET
88
7
100 ;
195
101
97
106
94
103
97
101
(104
112
97
10
10
do ev 7 Vie A 37 83
' jW S R 7s '41.. (108
llW ft Pew 3s '68 91
21. do 7s '33. ... . 108.
V U 6s '36. . . 199
4Watgha El Tr 31 197
llWm KA 7s '41 101
12'V S Stl 7s '36 94
OiWUsoo 1st s '41 lt0
81 do cvt 6 . 1 93
i do 7Vs '31 . . .103103 j!08
RAILROAD BONDS
99
190ValOO
108
88
193
9114
87
96
96 v
91
J108'
9
102
90
r 87
93
95
91
83
103
91
103
109
107
191 U
: 98
100
93
89
97a
100 :
103
161
97
106
4
103
97
102
104
112
97
99
(100
b8 -103
90
87 Vs
95
96 1
91
88
103
91
103
109
107.
101
94 '
10
93 h
28
AT8F (an 4s '95;
12Ota:8tP 4s '89.
20i do 4 s '8ft. .
162 do cvt 4s '32
43 do rfg 4 sA
2014
do cvt Ss B 2014
do 4s '25. . .
do deb 4s '84
C M Paget 8. 1st
4s '48
CSVf 6s '36.
CNW am 4s-'87.
do gea 5s '87.
Chi By Co 6s 27
CHI rfg 4s '34. .
CTHS IstAref 6s)
60 ......
Chi U Sta 4s'63
Obi -MT I e
4a 53 . - .
C C C 4V St L-U
ser A '29
Cleve V T 6t'72
Cold 4. Boa 1st 4sl
'29 ......
do rfg 4s '85
iCuban R R fie 62
6 j Dels H 3a'87
llDefctt i COB 4S 56
6 1 Det CRy 4s '82
aiEna 1st ca7sexo
49
64
46
1
1
14
1
4
89
3
2
39
22
"I
1
121
3
89
88
191
83
79
80
93
77
91
66.
87
83-
83
92"-
112
111
79
93
86
too
87 -
100
94
89
52
24 -88
10O
7
-81
07
71
8
63
58
65
75
65
23
64
10
41
do gen la 4s96
-do pr - In 4s96.
do cv 4s sr A'63
do cv 4asrD'68
llFndaJscO 4s'62
llGd. Tk Can 7s'40
19) do 6s '86.
16tGt North, 7a '36
25 do 4s "61
14 do 6s '62...
3 HiiERLAP 6a'54
31LUAM ref 6 A 67
87 do adj ine 5s '57
SIBCOm dlT 3s'31
26 do 5s-o4 .-.
16 do rfr 4s '65. ...
7 Int Met 4 Via '56
. 203) do efs4 a eta' 86
;. 64IIBT crt 7a- wi '82
46 .do ref 5a '66 . .
.15 do ref 5s brka
cfs '66 . i..
84 do 6s wi '32..:
10 Int O N 6s cfs 41
41 do sdj 6e wi 52
2 Ia Cent ref 4a '51
6 K CFtSAM 4s 36
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TJ.C HeyWv -
' ! (Coprrisht. 1922. by The Journal)
' New Tork. Dec. 21. The American steel
industry is leading the life of Riley, so far aa
the world's ex?ort hnmees as concerned, More
over the steel mills of
the country probably
will continue to domi
nate foreign ? markets
until the German repa
rstioos - problems, are
settled and for. aocae
time thereafter. -
Leading steel experts
here declared today that
they he wttle fear of
foreign competition in
the Near or Far East,
South America or in
deed ia much of En
rope. France, with
the- Lorraine iron de
posits in . her control,
needs German coke, the
steei men explained.
(Germany needs French
iron Ores. France baa
attempted, to bring
pressure to -bear for a workijig agreement with
the btinnes interests and the three of - Ruhr
eecupataea - ia said to have been used in this
lespect. : - . ...
.. . . - : Amerioan Mills. Domrnate -
Stinnaa has countered by auggasting to Bng-
Jash financial interests that Britain supply some
ex tne commodities neeoea ana enaro m a sxoee
campaign -for world markets. ' Each country,
the eteel men declared, waa playing the other
two off agaiinn eacn other. In the meantime,
Pittsburg. Young town. Cleveland and Chicago
steel mills are running at the beat December
rate-recorded since 1917. The American steel
trade ia in excellent position to counteract sny
influence that may be brought to bear on the
Southern European, South American or Aus
tralian markets. r
: Steel men contend, that whichever way Ger
many jumps America still will be in a domi
nating position, for the steel industry here is
regarded ss strong enough to override any po
rt Ci ton in the Franco-Oerman steel alliance,
while it is felt that British steel interests will
not go so far in any negotiations with Stinnea
as. to endanger the markets that Kngliah -industry
always held safe from Uermaxc qompsuV
tion.. ,-..---' . . -.
x , .- ;l 7 j - .Mint RunnlSf FuH Blatt -,-:
The majority pf the steel mills are running
full blast -and some which "here expected' to
elose a full week from December 28 will re
some operations at full speed .the day after
Christmas. , Domestic orders and inquiries are
heavy. One - company ia in the market for
200,000 tons of steel bars. Pending orders for
freight cata will require at least 50O.00O tons
of steel, and oaa railroad in the South will re
quire 14.000 tons of rails shortly.
Portland cement plants are turning out that
necessary building material at a tremendous
rate and tt ia being taken off the makers' hands
aa fast aa it can be produced. The output for
this month is expected to exceed 12.000,000
barreia, . u - ;
' Christmas Turksea Chseser
Christmas tnrkera. aa was nredieted in these
columns, will be lower in price than we 10 the
Thanksgiving birds. The decrease in various
sections of the countryt averages about 10c a
pound to the consumer. In Seattle today deal-
en-are selling turkeys at SOe a pound, which
they bought at Thanksgiving tiine at 40c and
which have been in cold storage since that
time.
Sales of tobacco, cigars and cigarettes nave
increased tremendously over last year, some
companies reporting today that their December
business is running at least 100 per cent above
the corresponding period of 1921. . Sales -ol
leaf tobacco are proceeding briskly and -loans
by the War Finance corporation to groweia to
finance marketing have greatly strengthened the
position ot the growers.
CleStrle Business Gaining :
Electric supply plant are running at a rate
well in excess of pre-war capacity. The Gen
eral Electric company business for the year is
estimated at about 8200,000,000, and it is
expected that 1923 will show new business
booked in excess of 8240,000,900. More elec
tric locomotives are being made by W eating
house than ever before.'
It is rehably reported today that negotia
tions by which the Calumet Jr. Heele Mining
company, great ptudmets of copper, will take
over big brass manufacturing interests in De
troit, are, well wider way.
by Overbore: Cooke Ca,
Sales.
100 1 Adam Expr
;'8
lOOl
1100
1 High. Lew. Bid.
100 Austin
Ku
Nieboie
f1 FURNITURE '
Minneapolis, Dec. 21. Carload shipments
of furniture from the Twin Cities increased
50 per cent this year. One group of associa
tion dealers alone sent out shipments to North
west retailers valued at mora than $350,000.
H ' ;' , BRICK
1 Pittsburg, Dee. 21. The Refractory com
pany of Pennsylvania and the Central Refrac
tory company of Ohio have consolidated into
the fourth largest, brick company in- the United
States. . - -
, LUMBER - y--
' Boston, Dec. 21. The market for lumber
continues to exhibit firmness today. Spruce
is holding its recent . advance and yellow pine
is quoted at the top prices of the year.
' ' '.' ' RICK .
Sacramento. Dec 21. The rice outlook
here is not bright. There is a large crop in
the warehouses today and demand is small
Brokers gar the Oriental crop have been heavy.
f' ' DRY. GOODS k : :
' New Orleans. Dec 21. It is estimated to
day that between 38.00O.OOO and ilO.OM..
0O0 will' be spent on Christmaa gifts in this
City una year. ji ims aunt, merchanta aay
more than half will be for gifts ot a useful
nature, ,
""-- COTTON -, .
' Houston, Texas, Dec. 21. On the bsxis of
the estimate by the department of agriculture,
the 8.290,060 bales of cotton grown in Texas
(iua year wtll mean more than 6300,000,000
in new wealth to" the-community, not counting-
returns from cottonseed.' Farmers are get
ting $48 a ton for seed,- while mills are selling
meal at $48 to $50 and hulls at $12.75 a ton.
FARM PBODCOTB ''""'?
St. Paul. Dec , 21. Although ' farm prod
uct are bringing better prices today, the farm,
era ol the Northwest are buying necessities and
wholesalers and Jobbers' here are being called
en to furnish staples rather than novelties to
the country merchants. -, . ,.
COAL
r Union town, "Pa., Dec 21.-
-Miners who left
thai field during the- strike are returning to
their old places. . JSegro workmen brought from
the South are leaving the district. Coke pre-
d notion ia ahead of consumption. - The holi
days are expected to interrupt production.
'r --. , v. ! steel I V;V
: Tank-ton, 8. Tt.i Deo. 21. - Anthorixation
has been given fdr the letting of the contract
of the steel of superstructure of the new $1,
O00.0OO bridge spanning the Missouri river
here. . ' - "i - s
FarreB. Pa.. Dec 21. United States Steel
plant operations - here are en a ' 10-0 per cent
basis, except the steel and wire mills,' which
are running 75 per cent..
r'-"' t-i'V-- ' POTTERY ' :-- . ;-i
Eaat Uvoroool. Ohio. Dec 21Settlement
of the general pottery war strike has brought
buyer from aS parte of the country, to this
place. The' shortage .of stocks has resulted in
the placing of rush orders. Buying of white
and decorated .. dinnerware for January and
("eoruary oeuvery wneavy. Htraay plant op
eration for the first- half of next year la as
POTATOE3
Atlanta, Dee. 21. L. B. Jackson, director
of the Georgia market bureau, nas protested to
the Southern Freight . association, ' declaring
sweet potato growers of Georgia, Alabama and
South Carolina are being- discriminated -f-fft
in rams wmcn lavor growers ot Aw Jen
Virginia and Maryland. s,.
San Francisco. Dec 21. Potatoes are in
heavy supply today. Poor stock is cheap, but
high-trade potatoes ? command prieee running
close to 3c a pound retail. The California crop
w- nsuvim uuuw wm isi, w
- Pierre. 8. D.. Dec 2 1. South Dakota, with
a yield of 8,000.000 bushehls this year, new
ranks sixteenth among the potato-raising states.
The value of the state's crop is estimated, this
year as : ee.yoo.uow-. - : .-.-...ri
Chicaeo, Deo. 21j Orders for spring -wool-
ena are extremely goon in xoxs section and now
are running about 40 per cent above those of
a year ago. Winter overcoat stocks here are
almost so .a out. races roc woolen goods are
expectsa to oononue iirm. . .
ti Forelam Bxefenagw Market
New Tork. Dee. 21. (L S.I IsJ
sterling 34.63. Fraae eablea 37.46; checks
87.43. Ure csbies 3.09; eneeks 8.08.
Belgian cables $6.88: checks 86.87 vi.
Marks .0168- Guilder cable $39.80; check
$39.77 1- Bweden kronen eablea 826.98 1
cheeks $26.94. Norway kronaa cables $18.97;
checks $18.98. Denmark kronen cables $20.06:
checks $29.61. r-. .- v -i.ft--- ---i- -- i ' -x-
Ch
ed ...w.
Ajax Rubber
Gold - . ,
1 000 Alaska Juneau
4600 Allied Chem . .
800iAiMs-thalmers
49iAm,Beet Sugar. .
Uam Hoseb ,
. eoUOiAss Caar Ca
- 1200 Ana Car as Pay..
dO : Ptd . , ' -.
S0OAm Cot Oil .
... ..1 do pfd ......
.. 100 1 Am Drug SynJ..
'.' 200 Am Hide Loath
do pfd. ......
2600 Am Ice
1800 Am InU Corp. .
400lAm Linseed ...
800 do pfd ......
4200 Am- Ixwo 1 . . . .
. , . do pfd . . ,
100 Am fief Reaor. .
100 Am Snipes Com
1400' Am Smelter . ,.
.100 do pfd - . ; . , . .
...... Am Snuff . . . ,. .
500. Am Steel Fdy...
. lOOOlAm Sugar '..'...
290 do pfd .
. .' . . . (Am Sumatra ...
; 159VAm Tel A Tel . .
....( Am Tobaeoo . .
.;..-.( do It
220OAa Wool . .,"
.... do P pfd . . . , .
80 Am Zine
3tHKAnaoenda ......
900Am d OU . , . .
80 Atchison .......
v20O do pM 5,...,,
. . . . . Atl Coast Line I .
2tOOiAt) Gulf et W 1.
317001Baldwin 1 Loco . .
lOOi do pfd .......
8304!B AO ........
. . . . .( do pfd . . .
SaOOiBarnedell Corpa A
200. do B ..
ISOOOiBeth Steel B . A
? OOOlnooth Fish .
70(B K T
2 4 00 1 Butte J at Z
dOOjButte At Sup
6000Boma Bros A
3400) do H .....
M)iCaddo Oil -
400Caiif Packing
bSOOOCalif Pet - . .
101 do pfd . ...
1200Callahaa Zc Ac
SOOOjCasadian . Pac
- 700;Cea Leather . .
lSOOjCerrode Pasco
: 1 OOWtChandler Motor
1000C 4k- .N W . . .
700iCh Ot VT ,..'.
.. 1
i.d'. ,1
1 - - t
3S 8iri
8 68
12 ., 11 I
a a. lr .. I
'it-; "ti"
4$ -. 44
37 87
41 40
- 74 .-, '73 '
181 ; 179.
ii i7,
iiiioo
26 s 27
125 Hi"
iv. v. ."I!:
7 86
78 74
122 122!
"96 93
"60 "49
ioi" 100
91 j 90
'ii" "21
132 127
141 4 "
.1.
30 29
60 I $9
4t 4
.. 16 16
. -i 9 I 9
. . ) 82 j 81
!.t44r8
...J 7 7
..1 81l 81
.. 7 63
Ldl "'" ""
.-tl414Z
32 I 32
44
2
79
1000
3300
900
2200
3500
400
100
400
200
do pfd
Chili Cod .
Chins . . . .
C 31 SOP .
do pfd -. .
Coco Cola .
C AO...
Colo F At I
Colo Southern
400Col Gas dt Else.
210O
86OO
80O
100
3000
100
Columbia Graph . .
Con Gas
Cons Cigar
de pfd
Cons Textile . . . .
Contl Can
4400Corn Prod
200i do pfd
26000 Cosden Oil .
4800 C R 1 p
do "A" pfd
200 do "B" nfd
2300 Crucible
don fd
11100 Cuba Cane
3001 da pfd
500 (Cuban Am Sneer.
300, Davison Chem. . .
1200
200
1100
600
1700
8700
1900
1400
, 100
. J
100
Del dt Hudson
Del Jt Lack
Dome Mines . . . .
Elec 8 tor Battery.
Endieott Johnson.
Erie ..........
do 1h Pfd
Famous PUyera . .
Fed M tt 8
do pfd .......
Fiak Tire
Xoarnn berry Orwanlaation Farmed
Bakemv Or.. Dee. 2 1. Ways and aaeana tor
xarthering the ioemnbeery industry were d-
t iissiiii or giues trom ail sections of Western
Oregon here Wednesday. H. n. Mumrord of
Liberty eras named president, and Bart Utaaa-
dler of elhertdan secretary of a temporary or
gsaixaOon formed to study the problem from
the standpoint of the glower. Delegate were
present from Sheridan, lndependenee. Salem,
VVoodbnrn, Canny, bcotta Miila and Wewberg-
OOOIGen Cigars
900 Oeu Elec
9 4 00 (Gen Motor
1001 do 6 dot cent . .
25900Gen Asphalt . . .
lOOiGIiddin Paint . . .
Hicooricn 1 & xt .
Kilcn Alden , . . .
Granby
7001G S ure . ... . .
8SOOf do pfd
1 00 Oreene Cananea . .
1 700IRulf 8 Steel . .
2400Hou. ton Oil .. , . .
. . . . . I Hupp Motor.
20001 111 Cant . . .
2800 Inspiration ... . .
lOOJInt Agr Corp
. . .1 do sfd
1200 Interbcro
6700! do pfd
800 Int Harr
4O0 Int at u
5300) do nfd
2 0O0 1 Int Nickel
. 4 00 1 Int Paper , ,
400 1 Int O'mb Bug . .
llOOilnv Oil T
1400jlslnd Oil . .
SOOlJeWjd Tea . . ... .
.....UK C Southern . .
do pfd ........
IKayser J ......
1400 Kelly-Spgfld . . . .
4400 BLeaneeott ......
16900 Keystone- Tire ...
. . . . . Lack Steel . . . . .
Lee Tire
6000 Lehigh-Valley .
. . . . . Lorillard . . . .
2000 Loew Theatre . ,
lOOL-ek N-
2700 Lima Loco
7200 Mar land Oil
..... Maxwell Mot "A"
90O do , "B"
. - - May Stores . 1 . . .
3000 Mex Pet . . . . .
1400 Mex Seaboard . . .
..... Miami .
SOOOlMid tato Oil. . .
10800 Mid vale Steel . . .
140OM K et T wi ...
400 Mack -Truck
100 Mont Power ....
6400 Mont Ward
600 Mo Pie
8800 do pfd '
.--.v. . M St P At S 8 M
4800 Nat Biscuit wi . .
700 Nat Enamel .. . , .
800 Nat vmTl:.:,:
S12S Nerad Cott ;
600 -New Haven .....
200 Norfolk at West. .
4500 Nor American .
2400 Nor - Padfte . . . .
..... Nova Scotia Steel
i;. N T Air Brake.. .
3600 N'T CentralT
, S00 Okie Prod ref . .
1000 Orphenm . ; . ; .
100 Ontario- W. . "
1000 Otis Steel .7. . . .
800 Piggly Wiggly ; ,
2000 P G 4k BT. .'
190O0 Pacific OU . .tJ
64000 Pan Am Pet
7700 do B pfd ,'C'!'.
1800 Penna .';.",.
900 do Sea Steel ".
- -Pen Gea -. . . . . ,
lOOOPere Marquette ,
200 Philadelphia Co .
60OO Phillip Pet v . .
4600iPiere-Arrow
SOOPieroe Oil . . . i .
24O0Pitts Coal . , . .
..- SflA PM. ' s. . ur v
- linii laaaea St -Car.
!l0O;Punta, Aiegre .
. 2500iPuUman
1290!Pnre Oil
900 1 Ray Cons . ....
10200 (Heading
r ISO Remington
600:Reploie Steel .
9
23
26
22 '
34
ii"
25
104
2
116
38
"ii
109
128
121
62
81
'82
69
"i4"
89
26
81
116
180
44
58
88
10
14
91
2S00
1500
6900
1700
3700
do I & S.,
do pfd
Royal Dutch Oil
Ry Steel Sd- ...
Saxon Motors .. .
Koback
. . . Shattaek dt Aria
20;SheU T T,..
24800 8inc!air .i.",.
6100 Bo Pacific . . ,
6000 So Ry .
i . . . . ! Sterling Prod , i .
11800 S O Cal .......
S O Ind
W8 0 n a ...;..
i.i..JS O Ky-'f.i-.V.'
i4eoist x 4k a r....
360O Strombera' . Carb-.
21000 Studebaker
iSwtft At Co.... .
4100'Tenn Cop at Chem
ZOOfTexas Oil ......
900Teza Pa i . . ; . ,
eOO Tex Pae C At O.
620o!Tost Prods ......
SieoiTrane Contf OU. .
300 !Ti maws RB ....
lOaoflfnion OS Dei; s .
4000 f'nKMi Pae i. 1
trnited AQoy ....
10OO C sited Pood Prod.
600;rnited Fruit v.
ICnited Rds ot S3
) do pfd . 4 .
7100'Uni Re mil Storesj
XSUW.U B C 1 Pipe.
182
13
48)
444
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leOOrO .S Snselttnw
21TOO.it 8 Stawt -..ii-.
10Ol do pfd
Jt400i7tah Copper,...
400 da rdd
: 670O! Vanadium - StseJ..
160 Tivandoai . t.-
SwOlWabaah .......
70f do B pfd .1,.
IWelm-Fnrro'ViM V.
OOOIWesterm Pae',,...
2001 do pfd
-BOVtWeatern Union
400
Wmtinghouae A B1
lOOl do E a a
26001West Md ......
8200 White Eagle Oil.
i.-' 30 Whit Motors . .
30 White Oil . . .. .
BOO Willys-Overland ; .
' 800 do pfd v ;
i .. (Wilson Packing .,
. 400 Woolworth . . . v.-,
-i lOOIWerthington Pump
400W At L E
; STANDARD O
TOO Anglo Am Oil 4 v.
IOO AU Lobe
435 Buckeye P L i
SO Contl OH ... -i .i-.
lOOCreaoent P-1.
. 75 Cumberland P L.
i,425 IU-P AV.,-....-..
' 800 Imp Oil of Can. ;
75 bid PL.. ..
8100 InU Pet Co Ltd. .
900 Nat Transit ...i.
1 30 Northern P tW.
Jl 40 Prairie PI.i.
j IO Sou Pens Oil .
. 1- 40 Southern P 1, i , i
3600 S O Cal new ... .
1440O S O Ind . . . .
; 1400 H O Ky new . - - .
1 500 S O Kan "B" .
140 SON Y new ,
12 001 Vacuum Oil new. .
t High. tsvm. Qona,
"66 S 63
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43 43 43
163 164' 166
161 161 161
115 113 114
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42 42 42
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40 40 40
NEW INCORPORATIONS-
Salem. Or., Dec 21. Capitalised at 3250.
000, the Wonder Reeorery company of Port
land filed" article, of Incorporation with the
state corporation department: .here Wednesday.
The incorporators are Roy Barkhurst, Say
Barkhurst and W. H. Sayre. . J. .
Other corporations filing . article Wednes
day were: . . -v" :
Washington - Investment company, Portland.
35000; P. . Cookinghsm, C. B. Woodworth
and C. B. Stephenson.
Kotlli Maid , Manufacturing company. Port
land. $5000; Joe Mats. F. Radinsky end Jacob
Stern. i
A. certificate filed by the Bend Garage com
pany allows an increase in capitalisation from
$10,000 to $23,000.
SehSer
baying
City. Dec. - 21. 4Ar.rb.tjna
in this ewrrlen he neea2W per bent
than last year and the year before. ' In spite
cf this,' there t a eSstinctly conservative note
being . sounded tnkasin -circle, . This:" at
do larjrely to th ituatjl "la ! tha gricnltiirl
regions, . where ettsparitx between price - lor
farm products and ether cnmxeodttlea and .lack
of ear to ship gram have affected toe financial
situation and, buying power ol the tanner.
- It. ie estimated t by the . state authorities
that over 36 per cent of the. 1922 wheat
crop, or dl.Otttf.OwO bushels. atiU remains
on Kansas farm, aa compared with 27.316.
VO0 bushel a year ago. Despite Uus. Kaaaaa
has ceded 11,S1.0 acre to winter wheat,
only sUgbtly less than the record-breaking acre
age ot a year ago. r
BAXK
COAST
"- ' " - - - 1922 1921 ---
dearings Monday . $ 6.503.853 $ 6.269.791
Balances Monday.. . 1.887.982 1.577.259
Clearings Tuesday. 5.000,782 4,812.771
Balance Tuesday, v 1.20O.8S1 ' . 910,071
Clearing Wednesday 6,880.618 4,123.999
Balancae Wednesday 1.414,068 900.949
Clearings Thursday 4.793.644 ' 6.188.216
Balance Thursday 1 863.657 1.09L.739
SeatUa- Banks
Clearing Thursday , -. .
BaJanoss Thursday .-.
' , Tneama Bank
Thnrsday a transactions . . .
nan Imaltes, atsuika
Clearings Thursday .. ... ... $24.400,0.00
Oakland tianfes .
Clearings Thursday ...........
Le Bnaelea asanfca
Clearuiga Tharsoay . ........ . . $18,373,509
.$5,384,671
073.571
.32.435.000
..$2,190,000
w Tork Wool d Hide ''.
. New York. Dec 21. (t K. 8. ) -Wool
Market firm. Domestic fleece, XX Ohio, 48 )
57e: do pulled, scoured basis. 78c $1.20; do
Texas, scoured bams. $1.05 1. 85; territory
stapie, acourea nasis, . fi.zoei.tv.
xsiaea Market dull.
21 e; branded steers.
Native steers. 19 61
18o bid. ...
V
Homey 4 Eienur
New Tork, TJee.. 21ft. N. H. I Call
money on the floor of the New Tork stock ex
change today ruled at -4 44 per cent: high. 6
per cent; low! 4 per cent. Time money was
steady. Rates were-4 5 per cent. The
market for prime mercantile paper was steady.
Call money in London today was 1 per
cent. Sterling exchange waa steady, -with busi
ness in bankers', bill at $4.64 for demand.
LUMBER GAIIIS III
WEEK ARE HEAVY
. On hundred and forty-six muTs report ing
to Wast Coast Lumbermen' association for- the
week -ending December 16, manufactured 87.
02.278 feet of lumber: sold 99.115,678 feet,
and shipped 97.149.165-feet. ,
Production for reporting mills waa 13 per.
cent below . normal. . . New busineea -14 per
cent above -produ-tion. ShipmenU wee 2 petv
centTbeJow-new businrss.
Thirty-eight , per cent of U new botinesa -taken
during the week was for future water -delivery.
This amounted to 37.653.678 feet.
e4 winch 28.224,365 feet was for domes Ho
cargo dell very, and 9.031.3 IS feet for over-,
seaa- aliipnnent- Jiew business fur delivery by
rail amounted to 2042 ears. - 1
Forty-tour per cent ot tle week's lumber
shipments moved by water. - This amoantad to
42.969.136 feet, of which 32,084.34 6 feet
moved coast wine and tntercoastal. and 10.8H4. :
810 feetj export. Rail -abipmenta amounted
to 1806 -ear. ... i - - - -, , - - . , . t :
I'nfilled domestic cargo order tots 157.
291.317 feet.,- Unfilled export- orders 70. -132.8H6
feet VnfiUcd raU ordem 01 08 ear.
In fifty weeks production ha been 4.2 76.
749.6M9 feet: new business 4.040.493.288
feet; shipment 8.94$.0O7.687 feet.
- - Strte Cleared for Rallwar '
KelBo, Wash,, Deo, Portions of Wash
ington, Ijncolii, Maple, North and Flaher
street in West - Kelso were vacated by the city .'
of Kelso last night for the nee of the Long
view, Portland t Northern. Railway company
for right of way purpose for their railway.
It will cross .West Kelso at an elevatwm ot
about 12 feet above the level of the streets.
A steel viaduct wilt be built across Mam street
and trestle viaducts across Cedar and Grant
streets. -: '-- - - - ;
avi -v sayiaj ,.
Utaksf OJcnr Bottrd f TrtaU
STOCKS BONDS '
v : 63UlEICOnOre
rUTATJB IJtABJSl VlU$jT$ .
rJ. K Hiitton & Co.
MEMBER AT.Ii PRIKCIPAA ;
EICHAKG13
' 6)oltelt Inqnlrto All '
-
ir n! i-ri j
. vLm',rmi7---
- NJmww . , ...
. - '.-
- fx'' r ' ' . V f.
9WnWgMeW4)
JtBtaUatStRVCI
6nxkSYSTCMa .
A Bond!
A good sound bond is a gift which some
member or members of your family will cherish'
. always. It is a permanent ; invesmient whose
regular dividends in tha years to come will be
a real reminder ; of your thoughtfulness this
Chribnastide. ;
" And our Partial Payment Plan makes it easy
for you tojerive a bond. Call at our Bond De
partment .TODAY and let us explain the plan.
Buy Bonds By Bits ,
v 1 face value down, 19 a month, 6 inter
eat on deferred payments in some instances
more than covered by tne bond's earnings.
, Bonds Sltw and up.
laMHLp & TELTOH
Oldest In the Northwest
; Washington at Third
iJ.f.Tjj.iJ.i.T.r.T.r.T.r.T.i.i.iJ.iJ.iJ.i.i.ij.i.i.i.i.ij.ij.i.i.ij.i.i.ij.ij.i.i.i.f.ij.ij.ij.i.i.ij
-,04.' .
The Safety piF
A RBc6ipmencled Security
t
47H
294
29 H
84 H
18
32 4
17
4a
1801,
.!; -,e4-
70 H
184H
106 4
47t
21
24k
63
12
32
17V
136i,
151
II
72
26Ht 21
A recommendation ' means every
thing if there is recognized respon.
sibility back of it. When you give
your personal recommendation you
, always have definite knowledge on
' which to base your judgment.
Place yourself in ' the position, of
Blyth,- Witter & Co. What safo
guards would precede the 'recom
mendation you would give a secur
ity? : What steps would you take to
make certain that .this security met
standards and principles upon which
you would, base, your recommenda
tion? - . t ...
If you felt sincerely the responsi
bility of your recommendation you
' i would obtain expert information on
erery phase of the company's busi-
ness. From expert accountants you
would obtain facts from the com-
v pany ' v books. - From r men long ex-
. perienced in that particular line of
j, business you would obtain a judg
- ment of .the company's general con
dition. From recognized appraisers
... . you would - obtain unquestionably .
low and conservative property value .
: to establish the equity back of the V
security,'. The dependable - earnings ; .
over a. period of years would influ-
ence your judgment. ;
After collecting all the information
. and making certain of every require
v ment of safety, then you. could say,
"I recommend this security for safe
. investment. v . .
Investors who have purchased Blyth, ;
, Witter Sc. Co. recommended securi-5 -C
ties have the satisfaction of knowing V
that their invested funds are safe.
, They have relied ; on our recom-" -'
mendation and the results have been '
satisfactory. ' 'v ' " "
i Our - list of securities, from which
: : you : can judge the type of 'invest-
, ments we recommend, will be sent ;
to you without obligation upon your
" written request or call at our office.
v .:" BiyT.-,. Wi-lrfilifGoi . V:"-.'
GOVERN MEWT-MUNIO RAlrCOr, PC.Tl ON CON OS
FOUirni AND STARK, POsTTLAflD
BROADWAY 64CI - .
SAN FRANCISCOLOS ANGELES NEW YORK CI1ICAG0EATTLE--P0RTLAND " M
tt
: f i
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