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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Dec. 31, 1922)
.. - X i j 10 31. 1921 GENERAL 1TVIEROVEMENT IS lMHCATED THE NATION FOR THE YEAR ; By 4. C. Beyle .. Bperial Correi-pondent of Th 3 on null. Copyright, 19ii2. by The Journal. New fork, Dre. 80. Nearly all of the , rrtneinal . commodities bad a big and satin- factory year in 1922 and look forward to --- bright . 1923. The iron and uteri lrwaa 'try showed a TeaarkaMcr improvement during th year.- Production of - iron mcn-ased lOO .'per cent 'over 1821 and at the- close of the - year. steel mi its in general were on basis ot - , r.rodnrtion above 60 per cent with plants in operation width had been idle for months. - Prices hire stabilized to large extent and ru at a. -.level hii:k iasonnj profitable -etMrenona and at the nae time stimulatinr - euBsuupticii. .Automobile (teel buyins has even on a tremendous scale and building ha yrodneed dV-rnaiid for structural steel and . small asxed pipe. Railroad have placed heavy orders for Tails and other steel products and the greater .number of steel companies are booked from .8 to 9 months in advance at present prodno tion. -I"ie iron production has picked up with prices U nearly 40 per ceufc above the level -'. a rear-ago. . - Coal and ok . ; "The coal Industry -was disrupted for tomo tnooths by ti e country-wide strike. When that 'diput was settled ptoductioB jumped at once j to near war-time tonnage. All the coal was . brought to the surface in the latter part of ' tbe year that cars could be obtained to haul away. Prices, which, liad advanced -diarply. - dropped back a sain with, ooal pouring into the market and this trend was furthered by the ., reiki weather of the early winter. Dwireof - largo coniiumcrs to restore depleted reserve , stocks is expected to sustain production until -naxt sprine. Coke prices and production fol--lowed the movement of eoai closely.. . Cotton - , " With- the final government estimate pkc Mi ths cotton crop at le than 10,000.000 bsles. world cotton shortage is forecast by , maiir experts and prices moved up ircm 17 . cents .a pound to abova 25 cents before 19-2 ..closed. ,-. The cotton tpindles of the country, . many of which- were idle through a part of , the year, were over 98 per - cent rogaged - this month. The New Enghind "mills had a - Jess profitable year than those of the Soatli. - tut 4 he demand for cotton cloth has im- proved greatly in the last 12 months and prices nave risen, providing a wid-r margin of : profit - although the advsnces have not been ; .n in . eaual ratio with advances in raw si sir lis Is. Wool .- Wool growers experienced an exceedingly .-' prospermia year. Tbe amount of raw wool .produced was comparatively small and de mand 'forced prices np steadily as the season r-rogresred. In some- eases growers received - from to 60 per cent more for their prod -net than in 1921 and trday dealers are anxious to buy next season's wool, still un grown, at prices well above the general aver- ' . ag of this year. Woolen mill were fairly active through our the year. Most of then avoub-d labor troubles and operated at from v , 80 to 90 per cent of capacity, although mar : gins of profit wrre small Wcxilen goods ad- vanced tut. not to such an extent a raw wooL Silk i . Demand for silk increased stronsly toward ...the end of tlie year. Prices advanced bat de , mand for finished goods advanced with them ; and -mills which liail been running on part time and with reduced forces or had been "lie. : wre well encaged. wln- the season , . closed, with enters booked ahead. This was especially true of the hosiery mills. Clothirg "' dothihs prices' minhmt iM ,i, cost., of raw materials but the increases were - nos oi great proportions. The trer.d of de mand, however, developed into purchases of . -better quality and bisrher prised goods thaa wero, market features in 1921. ,.V.,L-;'. Shoes . -r Shoo manufacturers iu general have doni an excellent and prosperous business in 1922, although the early part of the year was ... marked by continued labor troubles in New - England plants. St. Louis -factories worked - at capacity all year. Hides advaueedfai price , Mora rapidly than leathers, and it was nof Jfl Jjl in the Jttr that tills disparity was Lumber and Building Materials T aa a areat year for lumber manufac , turers and producers of building materials. . 11 were on a capacity production basis ,;. tltrwgbont most of the twelve-month and prices .advanced steadily and .eonstanUy ?p to the ' "", leccmher. LumbeBvperatioas in Miehlsan aad Minnesota, juot. about doubled cunni the year. In the Northwest CO per - .- '.cent aaora lumber was produced than in 1921, .the total ar.proaching 9,000,000,000 feet, whila new business accepted rosa 44 par cent abova that of tbe previous year. - -r the South the mills have run as close capacity as csr shortages would permit . with reserve pine lands being cut into in "", tactions. Prices gave opportunity for excellent returns. Brick planti were pushev p-to too utmost and wera hampered to xome ex tent by fuel ahortage. Conent milU. with lnrreared prices as a spur, were kept fully oc- eupied. There was a hjvy demand for elec T, tncal sQuipment and plumvrs' supplies. ' Fruit and -Canned Goods .. .' Fruit growers in -many sections had a dis atrow twclvemotith. The tremendous appls I"; a score of districts glutted the mar- , kta and prices fell heavily. The Georgia crop, however, yielded good return. Grapes v- vra In exerllecr demnd and prices were satisfactory. t All crorn suffered to some ex- tent from ear shortages. V The canned axds markets HnaUy straight , ened tfaentsclres out end. after a period when grocers held off ttubbornly from , extensive pur .'bTr ,inlustry ended the year in good , condition with price levels well up on mm ., rroduets. Tho packing industry, on the whole 1 - ; r Activity on Curb ! ' For Year Closing - With Price Eises ; .. ' :' ' : ' f Wm. Heff smart New Torlf; Dec. 30. The closing sessioa f .af' tha year oo the Curb Kxchange was .one J : of the, most active two-hour periods that 1.; th market has witnessed in many months. Prices throughout the greater part of the list advanced sharply, as the result of tbe buying back ot stocks that had bean nii re cently for ths parpoae of establishing tax loseea. When the demaad for thaa shares nada itself felt right after the opening, those . who had gold in previous sessions found that. ,Jney had to bid prices up in order to buy fBack their holdings,. . . Thar advance of 28o in the price of crude j;oil to I3.25 a barrel also hsd a stimulating r effect upon the oil group and these were the V leaders in ths latter movement. Standard of f-Indiana reached a new high record at 60 H. p The locks most prominent wera Standard of California, new; - International Petroleum, Tiretm OiL new. and Stendard of New York. ; 'Gulf Oil of Pennsylvania featured tha inde pendeat grown. ft. City Sernca and Salt Creek Producers wera others, that came in for fcoasiderablo atten tion. -,r i v; Peerless Motor was again strong and gained ' whae U thuants both reached higher levels. ' -. - ' trattc4 Mates Grain Export jj. Exports from United States. OfficUl fig UTes in bushels: 1.52.SS7 7,5S1.0T 2.13,754 JS.431.29S ' 10.577, 1T2 .1.535,851 - ' 1923 11 Months 1931 i Farley, bu. . 17,687.839 25.O04.064 j', Corn, bo, i..,...138,850.84 118.T81.271 ;LOaU. hi. .x...t., 29.679,488 8, 126.338 ' Rye, bu, -43,497,014 27.S48.050 .Wheat, bo. ..... .155.01 5,27 1 269,606.21 8 i llour, barrels : . . . 1S.S24.273 15.786.763 - Barley, bn. ...... Bora. bu. ...... - Oats.- bo. ....-i... Itve. ba, . . . -S' . . . jt Wheat, bu. . Flour, barrels . ... Not. 1921. 2.510.S35 4.541.774 13248 6S0.929 13,955,322 146.215 bad an txce'lent year, better at tho finish than at tbm start. ! - ;'.'-Qiasa and . 'ainte. " Two great factors affected the glass In dustry this year, almost overnight in greater percentage of auto buying e handed from open to closed cars.. This resulted in as unprece dented demand tor plate glass beyond tha capacity of the plants of the country to sup ply. Tho building boom occasioned a strong rail fur window glass and glass for illuminat ing purposes whit table ware and other lines were an a satisfactory, basis. Prices all along tbe Una advanced but not priiiibittvely. Paints, oils and varnishes were m strong demand and plants all over tbe country wera well engaged, especially to ths last six months. Noo-Fseroos -ntatafa The noa-ferreue metals bettered their posi tions materially in 1922 end with the excep tion of roppet 'each, had marked advances in price.. lead producers are selling their prod uct -at 58 per cent above prices which, ob tained last January.. Zina prices nave ad vanced nearly $0 per cent and copper has risen above the 14 cent leveL iiines through out tbe country wnieh were dosed, have re opened and working forces are being Increased as rapidly as miners can be obtained, at de cidedly irereaeed wages. Rubber anal Electrical equipment In the fast tbres snontiu. rubber bss ad vanced from aroand-ltt eeafc: a pound to about 27 cents, doe to regulation of output in tbe Par' ast. Tiro manufacturer barer worked at a remarkably hig-ti rate of produc tion throughout the year and tha nsnal slump in demand has not nude its appearance with the xaasins! of warm weather. Pnces are on the move -upward both .in . tires and in mo- cuanical rubber goods. Electrical equipment companies are work ing double shifts and both .nti.ut and 'profits lave risen nearly 35 per cant. 1 oil ; ' Phenomenal new pools of petroleuni were opened ur in this coontry fas 1922. while Mex ico, which in 1921 we at its height? as a producer, is dropping back.' Production in creased remarkably as a result and at pres ent there are huge supplies of crude oil in toraee. Sharp declines in price; have fol lowed but these have - not served to cheek production. Consumption bss been over 1 6 per cent abova 1921 and is slowly reducing these reserves. The demand for fuel oil has been a festure of the year. Hisher nrica fne trade aro forecast for the latter part of 1923. rape r; Improvement in the narier industrv has been slow hut steady throughout the year and price advances have been firmly maintained. Tills ear's total production of paper exceeded that oi any otner year except 1920. Costs also have increased both in wages and wood rruia prices, but demand for alt grades is tctive. Sugar and Tobacco A year ago tbe sugar industry of the TJniU l States was in difficult straits. Today sugar is bringing around 5 cents a pound for crude as compared with 8 M cents last January. Koth one and beet nunr nrodaeen hav fliared in tho prosperity which altered con ditions have bronght about. i no tol-acco crop was one of the largest in tbe birtory of Jhe eoontry. Increased acreage was planted sod while nriees at nreaei-t m porbsps tlishtly under tbe general average ob- tainea irera tne 1921 crop they are assuring adequate profits on the product. House Furnishings The demand for furniture- rarnelo mir. draperies and household utensil has b-en increased steadily by tha Mumt of buildinir construction 'n progress and nricos have sti rs need steadily. In many- sections furnltnre w-es sverssed from 85 to SO per cent larger than a year r.go. Nearly every furniture com pany increased its plant equipment. Aluminum kitchen ware was in special demand and ear pet manufacturers continued to work at ca pacity up to the present times. The buying of household ornaments and fixtures was a feature of the Christmas trade, r Railroad Equipment and Machinery Railroads placed tremendous orders for new cars, locomotives- and equipment In tho lat ter half of the year. Mere than 123.000 new freight cars were purehared. Orders for new locomotives from the Baldwin locomotive works alone exceeded 860,000,000- tor the year and other equipment and machinery manufac' tnrers did proportionately as well. Street rail ways rpent huge sums for new cars and rails and Gtining ard mill machinery )w-"to, gctive demand throughout the latter .half: a.f the year. Foreign business in these lues was ez cellert. .... Autcmoollee . ' ' '.. ' Automobile production hi 1922 was the Fleetest ever rccr-tded. Earnings' of tho 'com panies involved in gt-nentl were lrage and. net profits increared altliough price rtductiotwl cut the margin of profit on each car. Competi tion has been keen but the number of possible aiito owners has teen so widened by the prici reductions that the volume of business was maintained even after the time when the wual winter slump was expected, Vakers of parts were not b hind in the automotive advance. The majority of them operated at capacity throughout the year ami booy makers found it impossible to keep up with demand. Among the marked develop ments of the seavxi were the steps tak,-n toward plant efficiency and better muna ce ment, ( . Farnr Products and Livestock The farmers of the country did not hsve tucMwfnl year Prices for their products ' oid r.ot advance to the. same detzree that was i.oted ir other lines of production. However the later days of 1922 showed improvement in this rt-Txct and the farmtrs ana stork growers will enter 1023 with a brighter ot.t JTJK!on' year ago and ter credit. bts moTB Ie4dT i.ney and twl- New Tort. Dec 30. At the close of the stock market today the fdlowing table , was compiled, showing each . stock traded in to gether with high., low and closing price' for the year sad tbe net change. - Tha total trans actions in shares for tne year were 264.2Slv 800. as compared with 174,795.860 last year. z;L3,vsv,OiiU two yearn age. i -; feTOCS.8. High. Low. Close. 1 Chng .1 83 1 48 1 67 4al17 Dull Trading and Firm Prices ;Are Features in Wool Beaton. Dec 80. Trail trading, ' firm pr&es and depleted stocks are the outstaadins features of todays wool market. Kemarkable joints in tlie situation are that holders are able to maintain values in tlie face of the recent apathy of many , manufacturers and that the latter sem to remain indifferent, although stocks of domestic . sorts continue gradually to. disappear. Signs are somewhat more numer ous now than hitherto of a revival of interest. The position of the wool trade has stif fened during the past fortnight. Whether prices can be advanced materially above the present level is a question. Receipts of wool tor the week are as fol lows: 1922 1821 Domestic ...... 763.200 : 2,829.800 Foreign 9.422.500 ' 1,466,900 Totals .. 1 . .i . .10,183,700 4.290,700 Receipts of 10.183.700 pounds compare with 8,692,190 pounds for tne preceding week of which 1,803,409 pounds were domestic wool. Some aiai-ateta Closed New Torsi Dec. 80. MI. N. 8.) AU lo cal coffee, sugar and cotton markets wera closed today due to- the Sew Year holiday. All markets will be dosed "Monday. Sew York Sttrar Coffe Jfew Tor. Dec SO.-- (C. P. Sugar, quiet; raw. 85.65; refined, quiet; granulated. 87.00. . . . . Coffee No. T spot Rio. 11 011 He; Not. 4 Santos. 15 13 He. - ..'Jtw Tork Wool md Hides " Kew Tork. Dec 80. IL N. S.) WooJ- market quiet, firm; domestic fleece - XX Obio 43 a 57c; pulled scoured basie 78e 31.20; Texas scoured basu 31.05 jt 1.35; territory staple scoured basis. 81.25 fc 1.40. Hides: Market duM 2a native steers UH Si Ve; branded steers 18e. NORTHWEST BANK STATEMENT! - . . i . Monday . . Taeeday - . Wednesday Thursday . Friday ... . ... JSaturdsy 1822 Portland Banks Cleannga- -Balancts 19! 6.711.109 6.101.288 4.600,879 4.6S9.922 4.534.062 t Holiday 1922. 5.556.953 6.222,941 4.452.147 4.S13.774 4.101.OO7 Wte Year . Monday ..... . . Taeeday ....... Wedneoday . , Thursday . . . iday . ....... Saturday..' . .... . cck . .sr. . ..3" ..31, 26.607.252 8 24.846.824 600,607.594 . 31.528,448.024 . Seattle Baoks- - - t ' . . . Clearing . ,,122 , 1921 1.638.957! 1.843.104 69U733 8 6.330. 701 8321.110.602 $ 1 1921 .502.T7 .319.276 ,028.690 823.875 773.848 8 445.162 33014953,561 6.668.715 6.169.959 5.415.307 6.136.564 5,324.1 9 S.762.786 4.764.896 6.687.1 it 4.M3.1SO : 4.788.144 Holiday 822 -Bslances- 1921 32.650.449 : - ?8!5 1.685.432 1.333.846 1.6-13.657 31.994.46S 941.84 7 932.882 1.1 60.275 ', 118.S46 329.853,334 V25.935,2T 86.894.243 35,747.738' Am do Am Am do Am. Am Am do Am, do Am do Am Am Am do do Am do do Ail.ni Em. Adv. - Burnley . . . da, pfd. ...... Air Reduct. Aiax Rubber All Am. Cable... Allied Chem. . . . do. pfd. ....... All Realty . . . .. kllia Chalmers. . do. nfd- ...... Am. .Agr. Chem. . do. pfd. . .. . . . . . km. Bank Note, do. pfd. ...... Am. Beet Bug. . . dn.- vtfd . Am.-Wh II... . la. SBr7 Shoe... do. pf a. ....... im. Can. ...... "do. pfd. - Am, Chicle . . . . do. pfd. ...... Am. Cot. Oil . . . do. pfd. Am. : Drug Syn. . Am. xp. i . . . ri. 1... an. . nfd - . Am. Int. Ccr. Am. Ice ... do. nfd. ... Am L France do pfd ... Lin Oil . . nfd Melt ... Radiator nfd . . - emp es vm . Snnfl ...... Pfd ...... Sugar pfd i . Sumatra- . , . pfd Tel At C. . . T St T Tobacco . . . B ........ pfd new . . . Water Wka. 6 po pfd ... 7 no nM Am Wholesale . . Am Wool do pfd il Am w Paper pfd Assets Realty . . . Assd, Dry Goods. ao - ist pia. . . . do 2d pfd Assd Oil AU Fruit ...... do ctf Atlas Powder do old Atl Gulf W I do pfd ...... AU Refining . . . do nfd Atlas Tack Austin Nichols. . . do pfd Auto Sales Cor. . do nfd Bank of fVim - Bamsdell (A) .. do 1B1 . . Baroet Lea An nfd Bsyuk Bros do pfd ctf. . . . Beech Nut ...... Hrnoklvia Edionn B'klyn U Gas. . '. Brown Shoe - do pfd ...... Brunswick Co. . . . Burns Bros A . . . do B fin nfri Bush Ter Bldg'pfdjl Duitenca uo. . . Caddo Oil Calif Pkg Calif Pet do pfd ..... Case (J I) pfd. Case Plow Wks. Cent Leather .. do pfd ...... Certain-teed . . . do 1st pfd . . . Chandler U C . Chi Pneu Tool. C'luett-Peabody . do; pfd Si.t...; Col Graph dor pfd . . ; Coca-Cola ctf ; Col & E Comnnr T R . Cons Uistrfb ! . Cong Cigar.. . . j do pfd . . . . . Cons Gss .... Cons Gas of Bait. Cont Can do pfd ....... Cont Ins ...... Cosden Oil do pfd . Cons Textile . . . ., Corn Products.,. do pfd Crex Carpet Cuba C Skigar. . do pfd Cub-Am Sugar . . do pfd ' Davison Chem . . Ieere & Co pfd Detroit Edison Co Dupont ........ do deb . ...... j Durham ctf .... do pfd Eastman Kodak. . do pfd ...... t J Km S tor s Bat. Elkhorn Corp. do tM . Emerson Brant' '. '. do pfd ...,, Endicott, Johnson. do nM Fairbanks Co I r isuna r i. .... do pfd ....... Fbherbody C . do pfd ...... do Ohio pfd "-. ... Ffek Robber Freeport. Tex . . Gen Asphalt do pfd Gen Baking .... do Dfd Gen Cig ...... ,.do pfd do deb pfd . . . Gen ' Klac . do Special W I. Gen. Motors . . do pfd . . do- 6 po pfd i. . do 7 pe pfd Gillilaod Oil pfd. Glidden ....... Gold wyn Corp. . . Goodrich Rubber. do pfd . . . . .. Gray A Davis ... Guantanama Bug . do pfd ... ... . Habirshaw . Harfsnan C. . . . Hendee t . .r. . Houston Oil . . . . Hudson Motor Hupp Motor . . . . let Age ....... do pfd ....... Indiahoina . . . . . Indian Ret . ... Int Cement Inter Cons . . . . do pfd ....... Int Harvester . . . do pfd ....... Int Her Marine. . do pfd ....... Inter Motor . . Int Paper pfd . . d pfd atpd . . . Invincible Oil ... Island Oil ....... Jewell Tea . ... de pfd ...... Jonea Bras . . Julius : Ksjrser da pfd . . . . , Kansas A Golf Kllv Tin . . de 6 pet pfd do 8 pet pfd Kelaey Wheel . Ma. nA aveyetcsse Tire 83 23 4 60 66 18 125 OIK I 10 31 45 H 167 I 13 I 46 I 58 U IS 1120 169 H (129 165 126 108 1 115U lOOH &9 ai 104 42 72 tl 55 49 80 H 49 HSU 113 76 V, 118 14 30 30 81 - 7 t- 162 17 74 50 122 95 5S 101 42 84 3 !9 9 8 25 44 159 100 85 112 47 71 TO 128 11 IS 12S Hi 65) 79 33 65 93 95 05 11 102 37 3 63 86 91 85 6 2 68 94 43 31 1375 119 22 40 91 7 1 5 U. 308 56 89 67 07 65 .17 53 24 24 64 99 4 37 53 117 01 64 15 96 71 98 93 44 82 53 95 79 89 70 105 -8 21 82 114 79 2 42 BT IX. 145 121 115 115 93 54 102 15 184 122 35 19 41. 28 102 Vk' 65 80 118V4 169 90, 81 90 108 58 25 41 118 44 94 119 20 107 107 218 112 103 19 27 73 111. 80 112 83 110 106 190 12 15 86 86 100 ' 78 18 8 if 19 14 98 8 103 27 91 .27 28 11 49 28 11 83 5 113 119 27 78 63 5 8- 20 V 8 22 76 sa Co) 48 . .106 Coi T 63 86 107 119 lOAt 24 at .....il89 1A1 1100 87 86 27 66 6T 61 31 61 31 51 93 32 93 25 ! 14 33 A U 126" 10 58 25 72 9 93 28 48 ? R2 119 8 R 14 109 90 -64 84 23 62 64 4 3 14 -8 15 . 22 8 ' 204 5tk 8vs 1 1 89 5 2 15 7 - i7 ; 8 2 V 16 : -4 96 6 17 67 86 78 43 75 75 99 1 1 20 82 19 15 900 114 13 9 6H 2 264 19 17 40 89 83 14 30 100 70 42 89 1 13 28 112 87 15 6 68 43 63 68 3 20 63 34 85 47 69 43 8T 1 6 41 64 65 2 18 47 85 ... 113 45 100 66 81 83 9 91 111 24 8 16 14 78 23 61 100 107 105 80 19 72 70 40 14 34 2 76 104 12 75 91 44 75 111 100 45 97 SI 68 77 66 37 78 42 107 , 73 V Ho 6 28 . 18 -36 5 140 10 65 26 105 87 11 93 80 53 1 115 -119 8 20U. 143 100 79 167 28 57 59 123 154 181 104 . 28 67 86 88 95. 10 27 - 65 84 117 a - 1 x& 155 87 21 1-10 16 1150 119 15 83 e 2 12 296 83 20 42 96 51 114 61 113 111 60 98 "2 134 43 114 97 47 7 83 68 95 , 73 8 32 68 44 98 67 83 70 105 2 . 7 79 4 106 70 .2 19 83 121 121 115 107 98 54 100 -11 122 120 29 13 89 25 101 32 71 111 84 19 78 89 105 108 r- 2 19 38 6 26 94 117l-12 12 1-10 91 1-12 97 I 1 i !209M2 -3i -4 -1 '11 -8 6 114 28 14 - -2 kl8 26 '14 26 '10 23 22 -5 -10 6 8 '22 '23 7 22 30 19 -5 '13 7 7 - 20 8 18 5 - -6 120 5 3 24 25 -1 -2 '13 '4 '10 . 22 13 '37 16 10 -2 '281 11 -13 . -11 19 11 3 i 3 11 8 14K "23 22 16 h - " r- 2 36 4a 41 11 - 18 23 30 68"' ' 6 22 16 h 2 35 -9 44 r- 1 6 23 16 22 10 t- 7 h-26 57r-28 -2 -1 4 -6 - 8TOCK8. f High, t lxiw. I Clow. rang. 43) 32 30 73 22 6 20 22 41 11 65 106 106 , 79 14 12 11 ' 13 12 - 63 106 17 o 453 -101 Vt 9 1001H 76 10 -12 87 68 66 . 106 65 100 94 136 Ji0 8 69 87 79 43 :, 9 ' 4 38 79 , 8 6 77 80 15 61 19 10 5 28 12 SX 28 ? 79 a 105 8 41 43 0 69 12 10 38 34 34 84 ; 1 34 71 90 61 90 4 V 111 . !1534i9ln 107117 150 1209 1 1 111 I 56 1105 43 24 do pfd. ......1H0106 lavdede Ga . 94 Rubber : . 35 Liggett ek Myera.. 233 do pfd. j 123 do B ..a... 220 . lens ctf. 23 Lioft I no rtf..... 14 Looae-Wilea ..... 67 a. . 1 rtM . . I An o 2d pfd.....!ll loriBard Co. .,.1186 do pfd. 1121 Meckay C? (12 - do pfd. ..... 70 - lack Track. . . ..I 1 dw let pfd.J 8 do 2d pfd. , . . f 7 Malbnsrtt ...f ..f 40 do pfd. 97 87 13 ! 20 48 16 I-3 1112 82 104 104 182 .11 14 84 84 96 46 10 i 4 35 84 12 16 93 i at 8S- 1. I 70 27 23 ... -14 4 9 4 4i tl8 '18 '14 6 r - -i 1 44 - 7" 1 1 31 12 34 H 88 44 116 44 62 95 7 S 14 20 74 52 4244 104 1 49 83 ' 102 169 101 44 182 110 83 29 J- 6 14 12 44 U rio ( 44 '1 5 37 ' 1 59- 1 '59 , .8, . ' 1H 14 ' 214 162 lll I19 9 105)34 u. ! a u. 25l 57f28 68 92 i !! 54 1 8 125 13H-8 23 62 I -92 30 11 36 97 1109 116 1147 io 72 . 59 '10 '19 . - '6 h s a h 6 11 4 K t-21H sa- r- 4 ' 4 -2 9J 32 16 Manhat lOec Saui 69 Manhattan Shirt. I 69 Mama Sugar.-.. 52 do pfd. 84 Marland OU.....j 46 Slarlin Boca.....! 2S Martin-Parry Cor. 36 Matbiaoa Alkali W 54 Max. Motors. A.. 74 do B 25 May Dept. torea 69 do pfd. 11T Mex Pet .. 322 do pfd. . . . ...jlOo Mex. riea OU 84 do pfd. ctfs. .-. 82 Mid Eta to OU ... 16 Moon Mot ..... 19 Montgomery" Ward 2 5 Mont Power , 76 do pfd .. .... . 110 Muihns Cor . ... 84 do pfd .-. 96 Saab.. Mot . , 680 do pfd 108 Nat Acme 21 .a xnacuu . . . 263 -do pfd i. i. . . 11:6 4 Nat Cluai A Huit 66 do T.fd . . . . . 102 Sat Conduit ..'.. 4 Sat K II 8 ' .--1 V do pfd .,r.. ... 105 NT' Air . . 4 1 44 N I lioclt 49 do pld . . . . . ..I 08 N T Shipbuilding ?5 North Amer. . . ,1105 d pfd .......I 47 do rcu ...... I -28 I XHunnauy ....... I 12 Ohio Fuel Sup . . 62 . Okla 1' i R - I a 5i t nw u ec u...i4 Orphenm ctf . ,. 28 Ltia Elevator "..163 do pld. . . . 104 Owens Bottle Ml 42 do pfd 110 Pac Der Cor,. .1 14 I'ac Gm Klec . .1 fil u Pao Mail I j Pac Oil - .1 09 44 -ac x ot X ...... I 68 do pfd I 92 U Pan-American PeL1100 do B ' ..... v .. i n.nv rannanaw 'et . . I 75 Parish-Bingham ..! 17 People a Gas ... I 99 Philadelphia Co... I 45 rump Jones .... 1102 ao pi a i ui Philips Pet. . 50 Pierce-Arrow . . .1 24 ao no 1 4 Pierce Oil .....I 12 do pfd f 71 Piggiy-Wiggly A. .1.50 Pitts Coal 72 ao pfd 100 Pond Creek Coal . . 1 41 Postum Cereal . .1120 do nfd 112 44 Producers 4fc Ref.j 61 do pfd 1 49 V rumic (Service S.J. 100 do pld ....... U08 Pnnta Alegre Sa. j 53 Pure OU I 38 do nfd 1102; Beis ctf 21 do pfd .1 78 Rem Typewriter..! 42 do 1st pfd (105 do 2d pfd . . 1 80 Reynolds Springs.) 51 Reynolds Tob .. 90 do B : . , 03 do pfd 11118 Roy Dutch Ce. 67 Santa Cecilia Sugl 6 Savage Arms l 24 saxon Motors . . . f 5 Sears-Roebuck . . 94 do pfd ......1112 Shell Trans Co. .48 Shell U OU pfd A 13 Sinclair Oil I 88 do pfd 1102 Skelly Oil 111 Porta Bican Su 57 do pfd I 98 Spicer Mfg .... I 24 do pfd I V6 Standard Mill... 141 do jfd -1 06 Sterling Prod ... I 63 Sterns Bros pfd.jlOO Stew W Speedoml 79 Stromberg 71 j Studebaier 141 do pfd 1118 Submarine Boat.) 8 Superior Oil . . . . I 10 44 Stand Oil of Cali135 Stand Oil of N J 41 do Dfd ..120 Sweets Co 1 5 Texas TJo . .. 52 44 Texas & Gulf .. 67 Tex Pae Coal tt, Oj 32 Texaa Pae Land TJ420 Tidewater Oil ...1154 - do rta 1 67 Tob Prod A I 89 do nfd lis Trans Con Oil... 20 Underwood Typew 145 do pfd 118 Union Bat Paper. 78 Union Oil 25 Union Tank .... 184 do Pfd 112 United Cigar St. 1185 do nfd 120 United Drug Synd 85' do 1st nfd 51 United Fruit Co. 1162 United Pa Board. 1 20 United Retail St. 87 U S Express 1 8 V H Food Prod. . 10 U S Ind Alcohol. . I 72 do pfd . . .1102 . U 8 Realty I 92 U 8 Rubber .... 67 do 1st pfd . . ..1107 U S Tob 83 do pfd 115 Yaa Baalta . .. .1 67 do 1st pfd. ... .1100 Va-Car Chem . ;.( 86 00 pid I oz Ta I A C at C..I 94 do pfd ....... 1 86 Vivaudoa 1 16 Webber HeUbrn .1 17 W-SV Express... 98 West. -lec pfd. 11 18 West. Airbrake. .1116 West in. Elec. .165 do. pfd. .....1 75 Western Union. . . 121 White Eagle OS. 34 White Motor C. . 54 White OU 11 WUsoa at Co. . . 0 do. pi O. . i 91 W. -Overland . ..J 10 do. pfd. . . . . I 49 Woolworth ..i;22S de pfd . .1125 Worth Pump ... 65 - do. pfd. A.. . . . 95 do. pfd. B. . . . 79 Wright Aero . . , H . MKTALS Alaska ' Gold .( tasks Juno . . . .1 2 Asa. Car atFoundry 291 do., pfd. ,..,...1126 Am. , loco. . ... . . .1136 do pfd . ..i ..121 An, Metals . 53 do. pfd. . -1 . . .l 16 Am. Smelting ... j 67 do. pta. A. 101 do. pfd. . i , . 104 Am. & Foundry . . 46 do. pfd. ... . .. . 107 Am. Zino . . . . . 21 do. pfd.. ...... 67 Awaconda Cop.-. . 57 Art Metal s. . . . . 1 6 BaOdTin Loco .. 142 do pfd..... 118 Batopilae Min . . 1 Bethlehem Steel .. 79 do B ....... 82 do T- pe pfd.; 105 do 8ipe pfd.. 116 British ' SU. . 14 do ; 1st pfd..,. 77 de 2d pfd..... 39 ' 1 Butter Copper . . 10 44 Bntte 4k Superior 35 CaUahaa ine . . 11 Cal k Arix.... 66 Canon. Hill . . . . 1 6 Oerra de Pasco C 46 Chile Cop 29 Chine Cop ..... 3 3 Colo r a I..,. 37 Crucible Steal ,. 98 do pfd ...... 100 De Beer Mine.. 24 Dense Mines 46 Fad Mining A 8. 16 do ptd ...... 62 Gen Asa Tank Co 80 do pfd . . . ... 105 Granby Mna . . . 35 H er Ore ctfs. 45 Greene Cananea . 84 Gulf States Steel '94 Homestake M . i. 82 Hydranhe Steel . 14 Inspiration C ... 45 Int 4'ora Eng. . . 30 Int -Nickel 19 do pfd 84 Iron .Prod ...... 63 do ran . . . : . 103 Kennecott Copper. 1 39f 29 Ijaakawaana Steel t5 Um Locoaotive. 65 do pfd ...... 126 Mrlntyv P Mines 21 Misnii Op 3 Uidvale Steel ...J 45 50 4 46 82 29 10 28 48 50 15 68 11? 291 10a 16 15 11 18 22 67 110 23 0 6Vt ' lOH-" 11 I 18 '14 -10 2 ' 4 ' 6 '26 - 6 ' 1. 8 ,177 -24 7S ' 2 8 2 ,9 4 2 122248 ri21 118ll21 I 2 , 1 61; 6b - 110: t 30 66 81 ,98 4 f 23 20 46 11 44 38 8 47 1 s 12 116 93 24 62 11 42 55 86 48 44 61 7 '59 31 73 88 28 8 18 3 32 49 55 90 14 66 105 24 36 66 104 80 26 94 . 8 49 24 55 SO 12 70 43 111 47 1 10 1 59 91 34 12 18 97 8 38 83 15 84 80 83 43 91 24 35 I 78 K! 100 8 4 91 38 113 1 42 38 18! 300 108 49 76 88 7 125 107 55 13 85 102 140 104 41 119 14 48 6 2 37 89 55 46 91 43 107 57 ,90 23 58 If 6 10 66 107 80 49 65 89 25 35 1 27 66 4 24 187 ; 117 26 83 63 6 22 50 . 12 105' 45 27 62 1 19 152 103 87 110 83 12 48 68 92 91 .83 62 14 93 40 79 96 47 0 81 4 38 66 00 99 39 114 110 50 49 91 107 48 20 99 15 78 34 103 SO 9 48 116 52 2 18 1 86 109 38 12 33 98 9 42 42 20 89 86 94 62 109 79 66 117 I 116 7 5 121 41 118 AND EQUIPMENT 141 118 102 112 44 197 43 81 86 30 91 12 86 43 16 82 184 61 66 90 114 8 88 -19 5 20 -5 69 32, 16 22 24 52 80 16 18 -... 8Tr 4 6 23 22 2 44 59 - . 3 31 20 11 60 24 66 52 ; 98- 13 25 26 7 36 32 SO- 3 32 -7 -5.- . -1 66 6 27 . - 16 -1 -5 5 T 30 1054 11 13 K -7 20 1 10 49" 46 Ma 1 so 7 r-25 6 13 h 8 -32 - 3 6 24 '20 '10 '24 15 9 48j-12 61 21 300 124 57 84 108 13 138 118 66 18 85 109 185 115 79 47 155 14 75 7 4 68 97 88 56 07 64 109 63 97 24 62 54 80 6 12 91 113 106 60 73 111 26 49 8 38 87 6 42 219 125 32 83 68 8 7 29 0 49 24 6 -L '22 '16 '13 -1 15 19 14 3 14 53 29 61 14 3 -x. 23 4 20 -4 h-65 h-18V4 -17 19 2 8 10 3 33 5 35 10 7 2 31 23'' -5' 28 7 27 15 3 8 -4 -8 1-32 22 ;ii io 8 10 "9 -7 7 18 1 14 80 1-12 h-12 1 -1 1 181 123 127 120 51 114 66 101 9M 32 103 16 48 50 16 138 116 61 62 96 115 9 7 24 lO . 31 10 57 7 45 27 26 27 70 88 24 43 9 46 68 161 24 30 27 80 80 4 85 23 13 6H 45 100 36 76 59 123 47 27 28 - 85 8 19 7 11 '14 '12 3 11 2 '12 -1 1 '40 12 9 4 6 3 11 1 4 9 4 -1 '-4 '10 '12 -1 2 -8 22 f -3 -! - 84 23 -2 -4 1 -13 11 '31 ... 23" '"- BOND ACTIVITY IN YEAR PRONOUNCED Pacific Northwest Securities Cbmmoidity Business for 1 922- 'Generally of Goo3 .Character With Labor Factor in Some Lines WALL STREET, STOCK QUOTATIONS Beported by The Journal's Wall Street Bureau ' . Tx:Kii. "' ' 1 High, f low; I Cloae." Cbng. Mother Lode.... 11 9l 11 Nat. lad .... 129 83 128 41 do pfd .i.. 117 108 112 4 ' Nevada Cons vi 19 -18 15 - H Nova S B C. . 40 20 26 -7 Ontario Stiver . 9 4 6 1 Otis Steel 16 8. -2 do pfd 66 40 42 12 Pa. Seaboard 13 y 2 2 -7 Pitta. B Ocpfd. 97 i8S 91 67 . Praased Steel .. . 95 63 ; 81 18 ' dU pfd 106 91 99 T Pnllman ...... 139 105 lit , -214 By.' Steel Spg.. 126 94 114 16 do pfd: 120 . 108 116 '9 Ray Cona 19 12 14 - Band Mine .... 36 19 33 13 keplogle bU . . . 41 ,21 "24 3 Bep, Iron ek &. 78 343 43 -3 do pfd ..... 95 94 90 4 St Jo Lms.. 20 ,412 10 . 6 Seneca Copper. . 23 i 6 7 -15 Bbat Aria Cop.. 12 6 i8..... etoss-Sheffteld 54 34 39 62 do pfd ..... 8 65 78. 2 Soperior Steel . . 89 26 29 2 do pfd .v 93 90 90 -3 St ek Tube 'fdl 96 68 85 1 Tenn -Cop A Ch 12' 8 10 T A Wms Bted F 45 33 33 . Uni Alloy Steel. ( 41 25 34 8 D SO I P . .v .1 89 16 24 12 do p(d 78 58 7120 C S Hoffman.. 25 18 21 ..... U S' Smelting. . 45 32 87 1 da pfd ... SO 42 3a 47 2 44 US Steel- ..L . 111 82 10622 do pfd .... ...123 114 Ji 121 6 Utah Cop . . . . . 71 59" 65 1 Utah Securities... 23 9 19 6 Vanadium ...... 58 30 85 3 Wickwire Steel... 21 8 10- 4 RAILROADS Ann Arbor ....1 24 10 1 151' 3 do pfd ....... 52 29 32 - 2 ACL . ..1124 8a 104 30 AU Birm & Atl. 5 1' H A T A S F ... 108 44 91 102 9 do-pfd ....... 95 5 89 5 B A. O ... . 0 33 427 do pfd ...... . 86 52 58 6 B B. T ....... 29 6 16 9 do ctf 24 5 18 7 Buff Roch At P. 74 60 63 18 do pfd 95' 85 89 11 fan I'ac Jl51 119 144 24 Jen By of N J. 24 185 229 4a C & A ....... 12 1 2 - 2 do pfd ... 20 13 18 8 0 C C'eV.'St' V 80 64 76 21 do pfd 100 72 160 26 C & E 1 new.. 43 12 88 2 do pfd ....... 64 31 67 '23 0 G W 10 ,8 4 -2 do pfd ... 24 7 8 -6 C M Sr. S P ... 86 15 23 4 do pfd ....... t5 29 34 1 CANW...... b5 69 80 116 do pfd .......125 lOO 117 ,16 V. Sc. O -t 54 71 15 Colo & Sou .... 63 32 41, UV- do 1st pfd 64 55 59 1 do 2d pfd 60 49 56 6 (J I F . 50 30 i 82 -1 do 6 p o ifd.. i3 70! b3 UH do 7 p c pfd.. 103 88 91 7 C S P M tt O.. 90 51 72 'lSft do pfd 107. 88 99 17 Del Hud ..... 141 106 115 7 D L & W .... 143 110 127 9V Det la By 70 4; 67 70 1 Dul SSecT.. 6 2 2 - do pfd 10 3) 4l 1 Erie . 18 7 (10 do lit pld..,. .8 11 15 do 2d pfd .... 20 7 11 'lVs G N pfd 95 70 70 1H G M & .N 19 5 12 7 do pfd ....... 47 16 44 28 IU CVnt ......115 07 113 115 do -A" 72 61 1 72 ..... do pfd w I . . 116 105 114. ... . do rights ..... 77 74 44j 7.v 12 laON.ri... 26 16 23 1 R T w i 82 17 19 Iowa Central ... 13 4 4 H K C South ... 30 17 lft -4 do pfd. 59 62 53 L E oc W E9 44 10 -22 4 do pfd 76 26 75 46 Lehigh Val 72 56 69 12 I" sV N 144 108 134 24 Man Elev Guar.. 58 35 47 11 da ctf 55 37 39 Mkt St Ry . 11 3 9 6 do pfd 60 17 41 27 do 2d pfd.... 32 3 24 18 do pr -pfd 76 35 70 34 Minn & St L... 14 5 JI Ct P & S 3 M 75 55 60 -5 do pfd 94 80 85 -3 do L L 68 53 54 3 M K T 14 11 1 do pfd 14 14, 14 11 do w i nrw 19 7 1.4 5 do pfd w i ... 41 24 88 12 Mb Pm 25 15 16 -1 do pfd ...... 63 40 43 -1 Kash 4b Chat. ... 125 100 110 9 Nat R B Mea 1st Pfd 10 .6 7 -2 do 2d pfd ... . 7 2 2 - NOT Mex... 87 84 85 '28 N T Cent. 101 72 9420 SYCtSt 17.. I 91 51 80 27 do. 1st pfd. 102 72 94 23 do 2d pfd.... 93 61. 85 '15 NYNH&H.. 35 12 21 8 N Y O A WU.. 30 18 20 - Norf tc Sou.'... 22 8 13 4 Norf A West 125 96 112 M4 do pfd 82 72 76 6 Nor Pac 1 90 73 74 -2 Peoria A East... 28 10 12 M Penna . 49 83 46 112 Pere Mar 40 19 36 10 do pr pfd 82 63 76 10 do pfd- ...... . 74 50 69 18 P C C A St L . . 80 78 80 1 P & W Va . . . 41 23 23 Ml do pfd I 94 76 89 11 Beading 87 71 79 6 do lrt pfd .... 57 43 4 53 9 do 2d pfd 79 45 Ts 63 8 Rutland Ral pfd. 53 17 29 St L 4 S f ... 32 20 21 . do pfd . . . 56 34 37 . St L 8outh W . . 30 20 30 8 do pfd 60 32 55 22 S A L ........ 10 2 S 2 do pfd 15 3 -8 4 Sou Ry ... 28 17- 25 7 do pfd 71 45 65 l19 South Pao ..... 96 78 89 10 Term R R St L. . 36 18 20 6 Third Ave 25 13 151 T StL Ac W ctf B 75 14 67 48 do pfd ctf B . .1 62 22 56 33 Twin CityR T ..61 34 38 28 do pfd ....... 89 73 89 13 Union Pao .....154 125 128 12 do pfd 80 71 75 3 Uni By lay .... 19 7 11 8 do pfd 36 H 20 27 7 Wabash - 1 4 6 8 2 do pfd A ..... 30 19 -24 5 do pfd B , 24 12 as 4 West Hi.. 17 8 11 do 2d pfa 27 13 I 24 9 West Pae.. 134 18 15 -1 do pfd. ... 64 51 I 53 2 W. ALE 1644 6 f "9H 3 do pfd. ...... 2l 12 171 4 Wis Cent... .... 33 25 j 26 2 1922 Investment Market Shows Liberal Rise Along With Stocks; Later Trade Quiet. Decrease. New Incorporations Olympia. 7 Bee. 30. The following ar tides of incorporation have . been filed with Secretary of State J. Crant Hinkle: DnnnsraooT' rug crnpany -of Raymond Capital stock 330.000: E. J. Dunmmoor, Row Dunnsmoor. C. 1-, Wing, A. L. Davis and Louis Lan. CSanadian-Amerfean Timber corporation, of Everett Capital stock $1,000,000; A. R. Manlsby and J. It. Maubby. Ozette Logging rnmpany eif Port Aneelas Capital stock $20,000; T. F. Trumbull. , Connolly Creek Coal A Timber coairpany of Seattle Capital rtoca- 350,009; Raymond Auziaa de Turenne and Frank Terrace. , Pika Place Investment company of Seattle Increasing capital stock from 812.000 to" 875.000. a 1 Clear F5r Lumber eompany of Taeoma Inereasine eapital stock from 3140.0OO to 642O.0OO. . ; Robimoa Manufacturmg company ' of Ever- ett Inereamng capital stock from 350.O0O ta 8750.000. - - W. W. Haines Tannine company of Ever ett In-reen n capital stock from. - $30,000 to- $100,000. s . - Sunset Tire eompany, of Seattle Capital stock 1 1 0.O0O ; changro name to Sunset Autoanotive Supply eompany. Campbell . Mill eompany of Seal.fl e -In-' creavnng capital stock from $100,000 to $150,000. Snohomish Logging company St Seattle ' iTwrea-irMt capital stock from $50,000 to 8200,000.' Weutern Conservation corporation of ' Spo-; kaoe -lf-reaainj eapUal stock from $50,000 BOSTOK COPPEB STOCKS ' By OrertMckooke company. 1 - atio. 1 ass. 1 1. .-, Bid. Ask. INo. Arfk era 7 Advent're 60 Afameek. 67 Algoasah 20 . Allonea.. 21' Areadnis 3 Ring Mas 17 Cai A Ar 66 CU A 235 ' N Cirn; 17 "'1 "TitiTtl';t4. Cop Kg.. 36 y.f tJy 2 E Butte. 8 Helvetia. 90 Is Creek 105 Keewansw 1 ' Kerr ! 8 Ake Cop " 2 : Safla 1 : Micrngaa -1 Mohawk. 58 May Ofl 3 Mason Val 1 60 !o 24 4 18 57 290 17 -9 37 3 9 100 ' 108 Butte 9 Nipbaung 6 No. Lake 29 0 Dm cop lit -' Oaa Mng 82 ' Qy Mng . 34 1 Royal . 21 !So Lake . 40 iSnp Bos'n 2 5 40 19 S3 . 35 22 42 2 a shoe mh 44 44 I do pfd . .26 27 3 lO I Ha 45 , 53 ' 9 1 2 37 88 - 48 3 JTrln cop jrnolnmn frt mm. 1 ttiUt Con a. itT a Slin i 3 de Pfd 47 -. 1 j -' p .. - 2 Ventura 29 4ja jVwteria 1 4 ; Jwolv'rn 7 ,. lWadt 25 - 29 . - " V 33 -By Q aorta T. Hughe (Special Correstmndeat of The Journal.) Courriirht. 1922. bv Tbe Jairn.ll New V ora. Hec. jo.-t A the year close the oondi clone which face the investment mar ket and on which the trend of quotations de penas present ootn points of contrast and points o similarity : with those prevailing a year ago. Nineteen twenty-two opened with money rates declining and bonds advancing. IS closed with money -rates stabilised and bondsv while- firm and anowinc some unWi toward bieher levels, : giving - no 'indication of a renewal of , the rapid . advanee whioh marked the first halt ofvthe year and reached na cumax aoont ana-summer. . . For a time early . in the year - the bond market rivaled the stock market in specula tive activity. The rise bee an in May 1920 long before there were any signs of business revival and continued irregularly throughout 1921 . and . at an accelerated rab for more than half of 1922. Whatever the future may have m store it does not aeem lately that till 4 movtanent will continue except in a very email way. This is not. to predict any decline. It is merely to say that tlie oatlooa- is that in vestment securities will be maintained around piescnt levels. Capital .Converted Into SecuHUes . I The rise in the bond- market began while business was still an the depths of depression, As has been invariably the case capital which was not needed in commerce souaht employ ment in the highest grade of securities, bonds as to which there wait no Question about pay- ment of Interest and dividend. This demand uaturallx. advanced a notations and the improve ment tpread ta tbe second grade and then to tut semi4peculative. issues. Finally interest centered in stocks Instead Oi bonds. Meanwhile as business slowly re vived the demand for fundi became stronger and banks which had invested their surplus m:ney in securities offered, them for sale. Prices declined correspondingly, but the level mt the end of the year rsj far. above that at the beginning and this pressure on tbe market from selling by institutions Had largely aoatea. It was in 1922 that Liberty bonds reached par after their long decline and even sold a point or a point ana a nail aoove par in Julv only to fall below that point again in October after the government had issued its refunding loan. Effect of Bonus Agitation - Fluctuations in Liberty were due therefore not only to the changes in the money market but to ths cneraaon of the government. An. other factor which influenced prices more or leas was tbe persistent agitation in favor of a no-celied bonus for veterans ot tne world war. In this leepect the situation at the opening of 1923 m not very different from that of a year ago Both houses of eoegreea paoaed the oonus bill. President Harding vetoed it and tne at tempt to pass it over hia veto failed in the sen ates But advocates ot this legislation gathered new. courage from tbe result of tne election and assert they intend to press their advan tage at the next sessioa of the national legis lttive bodies. . The Liberty bond market there fore (till faces the nrosuect of competition in some form of government security issued to recompense the former aotd-era. Railroad securities advanced with, the rest of tbe bond msrket for the first half of the year reaching their high points in July and August and then receding with a subsequent recovery which sou left them above the prices prevailing bvt January. Here too, however. other considerations than the current rates for money influenced the market. First came the. strike with its disastrous effect on earn ings, then came the election over-turn which enormously added U the power and prestige of those representatives of the agricultural- west who insist on lower rates on prod acta of the farm. They also demand the repeal of the Transportation act, or at least of that clause wbicn appears to guarantee to tne rauroaoa a fair retnrn on their invested capital. Whether the agricultural bloc succeeds or does not succeed in it efforts, it activities cannot be helpful to railroad securities. Stocks of course suffer the most but bonds are not exempt. Kven if tne reoommenaacioos 04 President Harding prevail and the . Interstate Commerce commission is entrusted with the authority to fix both rates and wages, it will be but a short step further to government ownership and operation. , Movement of Foreign Bonds The movement ef foreign bonds during the year iiut closing has been one of striking con trssts. The nosition of Great Britain as evi denced' by the course of sterling exchange s greatly improved and. next to tnet ot tin ada, the credit of tbe United Kingdom in our markeU is higher than of any otner loresgn country. - It is far different in tne ease 01 r ranee. French bonds at the close of the year, are if anything lower than at ita beginning. Tbey reached their high prices in March and April nd then fluctuated with the news from abroad as to the outcome of the reparations tangle. They rescued tneir low point in novemoer and earned with them at that time the obliga tions of Belgium. About the name period American investors developed a sudden timidity about South American bonds, notably those nf Reri Tc was not until support from powerful interests came into the market that confidence was in a measure rawm , Outlook Still Discouraging Rim now the outlook - of placing foreign obligations in this market under any advan tageous term to the Borrower is noj, encour aging. - - , It is also to tie no tea mat wtodu are actively competing ior avium an uui in the way of government and municipal loans and that the British investor, perhaps because of his greater familiarity with condi tion outside his own country, w muen more courageous than the American. Brazilian bonds, for instance, are better taken in Lon don than in New York and the same is true to a greater or leaser degree ot rrencn se curities. - If the coming year snonia witness sv iuu of the reparations problem on- a reasonable basis and a definite understanding, could be reached as to the international -debt, a tre mendous impetus would be imparted to the market for foreign bonds which are now aell ing to give returns that would , have been regarded as fantastic in 1913. - - r. rj tha moat interesting developments of the year may be found in tie chsng.ng fash ions in investments. For many years there were only two classes of bonds in which there wss any wide distribution railroad and in dustrial . Under the head of industrials, pub lic utilities were included. Railroad - issue, however, were regarded a entitled to at least 50 per cent of attention. Ther. iastill large interest in rail bonds and railroad fi nancing and railroad offerings were prominent topio all through the past twelve months. It wss not rail issues, nevertheless, that made the greatest advances, nor waa it mdustri .1. .. h utilities. Part of the favor shown to the utilities was due to fundamental causes and part to the fact that, during the war land pot-war penna oc uign c. ""'J bends had been depressed out of proportion to ether securities. There was a complete ...! twit h in . ooinkm and In onotarieaia during 1922. With the exceptions of the trac tion, all the Uttutie suarea u; uavj nrt hnt tha cai mi were- greater in the electric light and power and the telephone issues. : Met by.Waaw Increases . : Taklne- Dn the eaee ef the traction first. the street ear companies were especially hard hit by the rapidly mounting labor cost. Cor responding increases in tares weis very um- cult to obtain. Vat some reason or otber. public ' service commission were more reluc tant to grant relief ; to traction companies than to any other of the' utilities. , The five- cent fare had become tradition. in tne public mind - it naa mens . sot possasweu. four cent or six cents. ', . ' When rates were una ay vaiseo. .v were in mo t eases outside tae larger ernes, great inroads had already been .made into surpluses and tons of the weaker companies, had gone into bankruptcy. . Practically all of tbeea had eospended dividends en their stork. It became lmpoasiDie - ior unra : vata- paniea to do any new financing except ta eases such as that of Montreal tramways where there It a contract srith tbe city which, insures JORPAH-WEItTWOrTh. ft (a 201 Kailway .Exchange Member Chicago Boar f Trad r -STOCKS EONDS ; grain eonc:. V PllITATE LEASED WIRES TO , E.F.Hutton& Co. ' MEMBERS ALL FKlSCirAI. EXCHANGES Solicit laqalries AU Local . - ::. feecaritles .. (Beported by Jordan. Wentwortb. At . " BANK STOCKS Rank ef California. N A. . . . Ciaawna Bank ex stock dlv.. Canadian Bank ef Commerce, First Natl Bank Portland...-, do Freewater. Or. ....... Hibernia Cosal 4k Savings Bk. Ladd A Tiiton Bank Livestock State Bank ...... lumbermen Trust Co ...... Mnltnomaa State Bank North weatern Natl Bank... Peninsula National Bank.... u a national Bank 203 1 SO 183 ' 200 290 , 173 300 0 . 9 150 133; .J. 125 a: 320 PCBLIC UTILITIES V Co. Ask. 207 190 210 323 190 350 173 100 173 ISO 138 340 Calirernia-Oregoai Power ooan uu' lau ............ Northwestern Eleetrio com. . j do 6 pfd ............ do 7 pfd ............ Pao Power A Light 7 pfd. Pacific Ts es Tel com;. . .. . do pfd Portland Gas tt Coke 7 pfd Portland Ry Light A Pow e. : do 1st pfd " v do 2d pfd . . do prior nref j LUMBER, PLXP AND PAPES Central Coal at Coke com. . . 79 . do pfd . ............. ... 79 Crown-VVUlajnette Pulp 4k Pap 400 do "A" pfd . . : .98 jiawiej ntip mt raner ..... 210 Multnomah Lbr St Box spl c. 50 00 10 pta . ; , . Oregon Pulp A Paper com . . . do pfd . , . Pacific Bog iifd Peninsula Lumber pfd ...... Tum-A-Luas Lumber com . . . do 8 pfd T..... do 10 54 pfd ........... A!k fteuiP Tit Packers ........... do pfd T... Dennoa Food of Portland. . . . Deney-Renton Clay A Coal . , Fairbanks-Morse c ........ do pfd Federal System Bakeries Fidelity Security Corporation. Fisher Flouring Mills pfd.-. . . Flebhmana Co. pfd ....... Gt N western Livestock Units. Hartman Co.. J. L. gen pid. . do redeemable pfd, ...... Kinga Food Product Unit. . Lilly Co. Charles H., pfd... Luckel King A Cake Soap. . . Morgan Bldg , Oregon Portland Cement Unit Oregon Worsted Mills Owl lirog c , do pfd . Pacific-Alaska Navigation.... Pacific Csr It Foundry Pacific Coast Biscuit....... do e. ................ do 1st pref ............ do 2nd pref . Pacific Portland Cement .... Ptta OUr, Co. 7 pfd .... Paraffin Co pfd do e Portland Cattle Loan ..j Portland Feeder Co ....... Portland Realty Associates . . Portland Vegetable Oil Refrigerator Car Equipment. . 8 perry Flour Mills c do pfd . , BONDS Bdwsy.-Tamhin bldg. 7 '25 do 7 '26 Cal. -Oregon Power 6. . .... do 7a A City of Astoria 6s '27-42... City of Tillamook 6s '48.. 1 eon j-Ren ton 8s 29 Idaho Power 1st 5s Morgan Bldg. 7a '28 ....... N. W. Elec. 1st Mtg, 6s '36 Or.-Cal. 1st ot '27 Or. R B Nar 4s '46 Or Elec 1st mtg 5s '86 Pae Coast Bie 6s '33 Pac Pow It Lt 6s '30 ... . do 8s '80 ........... Pac Tel A Tel 5s '37 do 6s '42 . . f do 5s '62 Pittock Block 6s '40 Port of Astoria 5s '25 Port Uaa It Coke & '40 . . . do 7s '40 do Hi II Sou Pac 20 yr cvt 6 '34. S perry 1 Mills 1st mtg 6 '84 Willamette Val Son 6 '38.. 6 92 80 93"; 20 92 96 13 - 60 ; 40 83 SO 110 95 80 95 75 95 100 61 140 . SO 15 47 92 .3 V 97 T 97 35. 83 60 50 86 100 SO 90 85 70 103 60 65 115 12 30 25 97 84 20 60 90 '80 10 95 100 102 97 108 99 100 100 92 99 99 9 88 90 90 104 07 01 97 ,93 95 02 164 92 83 88 85 i ' ? 2 . 83 9 . 89 93 99 15 v 63 50 80 82 . ,85 lOO" 90 120 io 90 102 85 105 110 64 "35 eo 3 80 62 87 . 100 102 105 67 95 100 60 0 115. 100 100 i io 75 75 135 IS 40 26 98 102 88 23 65 100 75 90 20 56 100 103 103 99 108 101 109 101 95 102 101 100 - 00 67 95 94 106 98 93 98 06 94 15 98 83 98 89 tbe payment of interest on the conxpany'e bonds. Investor even fought shy of the bonds of holding companies, any large part of the income of which wis derived from street railroad earning. . Aside from tbe political factors, the growing competition of the private paasemrer ear and - the public motor bus :uinii. caruai away rrom tractions. Kven the very recent influx of tax-tnaha nttamsn lower rate than ever before was not without lis euccg. The street railroads made a good fight against all these obstacles. , They introduoed the one-man ear and economised in operation in every possible way. Tbey also adopted the motor bus as a feeder and in eonaequeace, it is probably true that their credit at toe end of tne year was better thaa at the begin. mn. 1 zacuon secoriaea still sell te give man yieios eomparea witn otner utilities. Gas companies fared much bettea thaa the traction Increasing favor waa shown, toward their securities all through tha year, although they, too. suffered from the attitude of the public - autnonuea in insisting that rates be reduced fully 'as fast, if not faster, than costs. Electric -light and power and telephone is sues have been ..eagerly bought at advancing prices. Expansion in both these fields bss been steady. The eleetrio light companies find difficulty 16 keeping up with the demand of telephones. The result hi that good first mortgage bonds of either of -these utilities can not be aeenred to give ranch better than a five tier cent- return. Even the preferred stock of these companies finds a ready market among investors and in one notablo instance. tbat of the American Talephime It TeJegrapn company, financing waa don t by the sale of common Stock. In fsot. the distribution of stock to the amount of $115,000,000 by this company without any underwriting waa one of the most significant investment develop ments of the year. American Telephone It Teiearranh has now the largest number of stockholders of any American corporation. Among the eieetno ' light com pants tne Brooklyn Edison successfully financed its needs by the sale of additional stock to it share holders. There are many other instances in the case of smaller corporations scattered all over the country. - All this bad a very favor able effect on the market price of telephone and electric light bonds. Customer Ownertnip popular Along the game line was the development of the. customer ownership plan, Msny utili ties, especially in tbe Middle West utilized this method or Ilnancmg to a great extent during 1922. The idea ia to sell small lota of pre ferred stock to the people the utility serves, thus them, partners and securiag their moral, aa well as their financial, support for the corporation. Tha atorr is told of a Western Utility which had a case pending involving rate before tbe local municipal autaonoea. At tae public hearing the representativea of tne eompany were astonished when a prominent attorney who had never been connected in any way, made an eloanent plea for fair treatment. speaking simply as- a citiaen. Alter tne neanng waa over tne attorney lor the earnoration expressed his ratitnda and asked why this gentleman had coma to their assistance. The answer was that tbe speaker's daughter had bought one share of the com pany's preferred stock. Te protect that $100 investment this attorney made a plea for whioh be would nave charged any client at least $500. " - . " - SURPLUSES HAVE EFFECT ON CURB Cash Piles Up and Big Corpora- tions Cut Melons? Price of Ji; - Shares Affected. ' . William r. Meffemew ' ; j . Special CorrespoudeBt of Tbe Journal, i fCopyrtgntl 922. by Tbe Journal I - New Tork. Dec, 0. YYtUua the year 19U many ct tbe corporations and companies whose eouriliea are traded ta on tn curb aurket ' have piled up tremendous cash surpluses and have adopted the plan which lias bean com. ' moa In reoent mouths of distributing theee surpluses m Uut shape of stock divstlends te . present ahsreholdere, - Opinions vsry aa te the main reason for tlie adoption of these' measures, but tt is generally exiHained that uc actum haa been taken to provide a larger working capital so that these companies and corporationa may be able to provide necesMry facilities to cope with tho expense in their various Industries. Consequently new stock i baa -been issued to shsreiioMers in the form of stock dividends, ia proportion to the num ber of shares held by the investor. It haa been rumored in financial rtivtea that, in view of revised taxation methods pertaining- to corporation easn aurpluees. several of tbese stock dividends nave bean declared tn order to avoid any such action. However, If these corporationa and companies eaa maintain their present dividend rate on the, additional stock allotment, then their action In making these large diatributmna will be justified. PHae Ohanoe of tne Veer i Price fluctuations tins year have been wide with speculative and investment opportunities abounding . in all sections of tbe curb market ' During the first few month of 1922 the auto mobile industry suffered rather severe depres sion, and price cuts throughout this section of the industrial . In brought about material! v lower levels. On the other hand the- increased -production and output of automobiles by all companies has increased monthly to meet trie enormous demands of the general public, and has resulted in a steady upward movement in motor stocks nnul most of tine class re at -tlMitr burn levels aa tlie year ends. Automo bile manufacturers, la 1922, nave enjoyed ' tbe biggest business In the history of tlie In- . d us try with the prospects even better tor busi ness in the coming year. High and Lew Mark The month ia which the high and low price of sere ral of the more prominent and active leaders of the motor group were recorded M given below: Durant common touched its low for the year in tbe month ot January, when it sold at 22 ; the high prices were reached V just before the end of December, when it sold above 71. Durant ef Indiana bkewiae reached its low record in the tint month ot the year, when it sold st 8 . and moved sympathetically with higher prices la Durant common, crossing 17 ia the Utter half of December. Suits Motor, however, was aa exception to the general tendency, but for reaaona that were not rv erned by tlte motor industry- Continental ate- ' tors made 1 tallow price of 6 in tne- month of February and the close of the year saw this ' issue selling at ita top quotation above 11. Automobile wheel manufacturers' shares and automobile accessories moved sympathetically ; with the general trend of priors in automobile snares and were actively traded in throughout the greater part of the year, . The chain atore companies and department store bad a big year ia 1922 and many new issues of this" character hsve reached the invest! rig public through listing on the curb exchange. The year closes with tbese sttocks. ., for tbe most part, either at or slightly under their highest levels. Mining shares, such as copper, sine. lead, ete., - reached their highest levels generally aronnd the middle of the year, alter which the market tor those 1 hares suffered rather severe depression as ths result of tlie small profit margin. Indications point toward active trad ing in the near.Inture in thia group. -. Depression In Oils Oil shares. Although actively traded ' 1n throughout the greater part of the year, met with many - happenings that wrre responsible for depression. The high price generally were reached in the months of May and June. Malt water intrusion in many ot the Mexican wells, brought abuot aevere declines In tlie share of MexicaB oil companies and was repoirble for curtailment of output by American com panies ia Mexico with the hope of conserving the -future supply that these eompaniea would be called upon to furniah American industries. The petroleum produation of Mexico in the month of September fell almost 7.O0O.O0O barrels below that for the Bionth of June, which was considered the best production month of the year. In addition to this the most noteworthy Incident in tbe petroleum industry was the continued decline in the price of gasoline. However, with the steady improve ment la buslnese conditions generally. along with the increasing output in the automobile industry as the year progressed, the demand for petroleum products generally began to as sert Itself. In tbe meantime oil companies increased their storage iactlitiea gnd are hold ing their crude la the hope of higher price. Eleettoa Declared Lrg-al Kelso, Wash., Pec. 80. Judge Homer IQrb of the Cow lit superior court handed down a decision Friday declaring the election held tn September, 1921, to vote 525.O0O in bond for the construction of the , Kelso bridge legal. The question of the time that had almnaed between- tbe publication of the notice of election and the election waa in volved and Judge Kirby decided thia could not make the election invalid. Local Securities WANTED SO Portland 4sae at Coke pfd. SO Pacific Power A Light Pfd. 10 Worth western Eleetrio 7 Pfd. FOR SALE ,0OO Andersen Broa lite. 10 Western. Bend at Mertoaf SO Luckel Klnfl at Cake 10 Multnomah Lumber at Beg Pfd. Northwestern Klectri 7s Pfd. - Our Local Department fee the resale ,. ef unlisted securities mt merit Indis pensable to bo Wars of thee share. Highest fwHca ebtalnabl anywhere. L Direct private wire to ft. F, Mutton at Oe., members Mew Vert Stock Ex change. V. ) -Jobdaw-Wentwortk a (5 STOCKS AND BONDS 201-8 Railway Ex. Bid. Bdwy. 4728 A Million MaMs IN GERMAN :, GOVERNMENT, MUNICIPAL , AND HIGH CLASS ' INDUSTRIAL, BONDS . for $350.0,0: - 5 5 German Cower rtrnamt 'BobcIs, callable 1924 ' Pruuian Covrnmnt Bonds, callable) 1925 Fre City Bremen Bonds, callable 1930 -Oldenbars; State Bonds, callable 1932 t City of Berlin Bonds, callable 1930 ' ' City of Munich Bond City of Colofne Bonds, callable 1929 . Eintracbt Brown Coal Works Bonds, secured by gnoirtgafe ,5'; V-H :,..-; ".' "'. f :Af" ::! Rbeixu Elect. Bonds, secured by mortgage German Telephone Works Bond Price. Subject to change without nice . prior to sccertance .of order. Right reserved to substitute other but similar issues. ' On account of scarcity of offerings, delivery cannot be completed ' before four months from teceipt of order. If unable-to complete order, amount paid will be returned on unfilled part. Transadantic Estates! Company Foreign Estates, Bonds ,"bb1 a5ecnritie . , , 210 Exchange Eldg Portland, Ore. 100,000 100.000 100,000 4H 100,000 C 4; 100,000 4 100,000 A 100.000 4 100,000 4H 100,000 100.0O0 4H . 1 i J