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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Feb. 17, 1920)
THE MORXIXG OREGOXIAN, TUESDAY, FEBRUARY 17, 1920
ACT IS EXPLAINED
Preliminary Hearing Is Held
by Bureau of Markets.
LOCAL MEN GIVE VIEWS
Proposed Scheme, While It Might
Succeed In fast, Does Not 3feet
With General F&ror Here.
Th working of the United States w&re-
feti ut, as Intended to affect the
fcasfcdlfnr of wool, was explained at a. hear-
IbC at the MnTtnomah hotel yesterday
an orates; held by the bureau of market.
Tho hearlmr was presided over by R. U
JflTon of WasMnrton. D. CX. federal spe
cialist In warehousing- and engaged In ad
nhiiaterlnc the United States warehouse
sk. assisted by Messrs. WaIe and Yass,
auso connected with the bureau.
The attendance was not large, and wa
awnflned principally to wool buyers. The
bMawln;. which, was one of a number ar
ssmced for the wool rrowlna; and market-
tnr sections, was preliminary to a final
feartirr on the act to be held at Washing-
toa on March L The proposed rules and
recnlatlons were explained in detail br Mr.
Mxoa and there was a general discussion
as te the merits of the proposed law. It
was the opinion of some of the local met
that the scheme, as drawn up. while It
nicht work out well In the eastern fleece
sections, would not ba sa practicable In
the western territory regions, though It
Bilrht be a success in the Talley.
Th e act provi d es for a gen er al wa re
borns Heenemg- system for wool gradins;
and the issuing of warehouse receipts.
which, like grain warefaoose receipts, will
The bureau representatives before com
frnc to Portland gave hearings at Columbus.
Mo: St. Jouia. Rawlins, Wyo.: Salt Lake
and Sao Francisco. From this city they
will go to Miles City, Mont.; Chicago, Bos
ton and Philadelphia.
SHARP TXSS XS WHEAT RECEIPTS
Arrrrals From Farms for Wheat Cot
-Nearly One naif.
The -40th weekly bulletin covering wheat
and wheat flour movement throughout
the United States for the week ending
February 6. In comparison with the fig
ures same period a year ago follows:
"Wheat receipts from 191!.
Wheat receipts from
farms previous wk 6,421,000
Whrst receipts from
farms June 27 to
to February 6S6.144.0OO 678.590,000
Total stocks wheat
all elevators and
Total stocks wheat
all ItvaIorf( and
mills previous wk.21p.93S.O00 245.683.000
Change for week,
decrease 8.60S.0AO 2.964.000
Bar re la.-
wiftur nrodueed dur
ing week 2,312.000 1.942.000
PImir nrmiueed nre-
vious week 2.701.000 2.270.000
Flour produced June
J7 to February 6. 90.594,000 76.1S6.0O0
Exports of wheat and flour, July 1. 3 919,
te February 6. 1920, about to ' 86, 433.000
bushels of wheat and 9.8S1.359 barrels of
flour, making a total equal to 130.901. 000
bushels of wheat compared with 115,831.
00 bushels of wheat and 13.075.000 bar
rels of flour last year to February 6. 1919,
; making a total equal to 174,669,000 bush
els of wheat
WHEAT TRADE 8TIIX AT STANDSTILL
Minneapolis Almost Back to Former High
Point Coarse Grains Firmer.
There was a further advance in wheat
at Minneapolis, bringing the price almost
up to the former top level, bnt no trading
la wheat In this section was reported.
The coarse grain market was firmer. At
the Merchants Exchange 200 tons of
corn, February shipment, Spokane dicis
lon, were sold at $60. Sacked oats bids
were raised $110- Clipped oats ranged
from 60 cents lower to 50 cents higher
than Saturday. There were no barley
Tbs Sacramento valley weather forecast
was for continued fair weather. The east
was clear and cold, with warmer weather
i Terminal receipts, in cars, were re
ported by the Merchants' Exchange as fol
lows: Wheat Barley Flour Oats Hay
Portland. Hon. 44
Year ago J1
e'n to date.60oi
Tear ago 6194
Tacoroa. Sat. '29
iiei'n to date. 60.13
Year ago 4 til' 8
Seattle. Sat.. 12
Year ago 12
Sa'n to date. 44 TO
Year ago 4718
APPLS UNCHANGED ON STREET
Eastern Market Adversely Affected by
There was no chance In the apple situa
tion. Two cars of Or eg cms arrived. Ship
ments reported out Saturday amounted to
Prices at northwestern . o. b. points
were es follows: "Yakima district. Wine
saps. XF, medium to large. $L.S5 02.87;
F. S2L40; C, S2.10; small to large. 82;
Homes, XF, large, $2; medium to large,
$2.15. Wenatchee district. Wlnessps. C
medium to large, $2. Other district a. Wine
saps. XF, medium to large, $3. Sales of
roll era Feb. 12, sixrs not given. Wlnesaps,
C $2.15; Wenatchee Stay-mans, XF, $2;
other districts. Wlnesaps. C grade. $1.90."
At Vfw T"-K. whre the movement wa.t
.... 21 1 16
7 1 13
169 2S45 401 1319
676 it:. J tWl 22
.... 19 1 2
68 1926 146 6.r2
27 .... 134 1001
3 .... 1
13 2 8
229 6.-.S 52 1039
55 983 frOS 2170
low on account of the storm, Oregon ap
ples sold as follows: Spitxenbergs, extra
fancy, $3.4063.50; fancy, $2.9; Wlnesaps,
extra fancy, $3.25&3.50; some ordinary
quality, $3; fancy, $2.8o3; Delicious, ex
tra fancy large, $4 04.25; small to medium.
$3. 60 4 ; New to wns, extra fancy, some
frozen, $2.25 g 2.T'..
Visible Wheat Supply Decreasing:.
The American visible w.hsat sufply cons
pares as follows:
Feb. 16, 1920 55.212,000 3.0 22.000
Feb. 17, 1919 126,194,000 3,108,000
Feb. 18, 1918 11.63S.000 825,000
Feb. 19, 1917 46.S48.0flO 1.040,000
Feb. 21, 3916 64,230.000 2.269.000
Feb. 23. 1915 61,759.000 1,815.000
The corn visible Is 4.172,000 bushels, an
increase of 508.000 bushels. Oats. 10.800.000
bushels, a decrease of 483.000 bushels. Bye,
20,004,000 bushels, an increase of 430,000
bushels. Barley. Increase 44.000 bushels.
Local Erg Market Firm.
The eg; market opened firm with, some
outside demand and a fair local trade.
Ranch candled were quoted on the street
at 4548 cents. The buying price i
given as 424 cents delivered.
Butter continues steary as for the past
week or two, with the best cubes quoted
at 5S59 cents.
Poultry and dressed meats were un
changed with light arrivals.
Sweet Potatoes From Oklahoma. -
Potatoes were steady on the street with
a light movement Jobbers quoted Bur
hanks at $464.50 and Netted Gems at
A car of Nancy Hall sweet potatoes,
crated, arrived from Oklahoma. They were
put on sale at 8 cents a pound.
Onions were quiet and weak en the
street with most Inhhers quoting 5 cents.
Bank clearings of the northwestern cities
yesterday were as follows:
Portland $6,957,149 $1,970,646
Seattle 7..H6.S44 1,743.382
Tacoma 1.27.645 27.88
Spokane 2.623.760 1,080,135
STOCK MABKET REACTS
NEW LOW RECORDS FOR CT7R-
REXT PERIOD REGISTERED,
PORTLAND MABKET QUOTATIONS
Grain. Flour, Feed, Ete.
Merchants' Exchange, noon session:
Feb. March. April.
No. 3 white feed. ... $60.00 $60.00 $60.00
No. 3 Yellow 58-50 59.00 59.00
Eastern oats and corn in duik:
-lb.. clipped 59.00 59.00 59.00
D8-tb.. clipped 59.00 60.00 60.00
No. 3. yellow 59.75 69.75 59.50
w u & AT government oasis, z.xv p
FLOUR Family Da tents. 113.15: bakers'
bard wheat. $13.75: whole wheat. $12.05;
graham, $11.80; valley, $11.40; straights,
$11 per barrel.
U I v Hi l fncei i. o. d. mm, en j
cartage S2 extra. Mill run, car lots or
mixed cars, $42.50 per ton; rolled barley
$71: rolled oats. $63.50; ground barley, $71
scratch feed, $80.
CORN wnoie. eracKea. ot per iun
HAY Buying prices, f. o. b. Portland;
Alfalfa, $31.50; cheat, $20; clover, $26;
oats and vetch, $26; valley timothy. $20
Dairy and Country Produce,
BUTTER Cubes, extras, 58 59c per
lb.; prints, parchment wrappers, box lots,
62c; cartons. 63c; half boxes, c more; less
than hif hnxes. la more: butterlat. wo. l.
59 & 60c per pound at stations; Portland
delivery, ordinary grades, 62c; A grade.
K(ir!.q jv.hhti.ar nrtcer to retailers: Ore
gon rt.nch. case county 42fc; candled, 450
4ttc; Feiecis. auc.
CHKfc.SC- TlliamOOK, I. O. O. x uiuiou .
Triplets, 82c; Young Americas. 33c; long
horns, 33c. Coos and Curry, t. o. b.
Myrtle' Point: Triplets. 31c; Young Amer
icas, 32 c
POULTRY Hens, 30034c; springs, ot
30c; ducks, 35 40c; geese 202c; tur
keys, live, 40c; dressed, choice, o-c
VEAL Fancy, 26c per pouna.
POKK Fancy, 20021c per pound.
Fruits and Vegetables.
FTtTTTTS O ran res. S4.757: lemons
$77.ii0 per box; Rrapefruit, 3.507 per
box: bananas, 104fllc per pound; apples.
t3rtfS3 per box; cranberries, $4.50 per
box. $12 per barrel.
VEGETABLES CaDDage. 0P Y',c per io.;
lattnm ItmA nr crate: beets. $3.50 Der
sack; cucumbers. $243 doa.; carrots. $1.73
per tack; celery, $11 per crate: horserad
ish, 15c per pound; garlic, 40c per pound;
turnips, $4 per sack; cauliflower. $1.75 W
3.25 per crate ; tomatoee. $4. 50 per box ;
sprouts, 17c per pound; parsnips, $3.50 per
sack; artichokes. $l.752 per dozen; pep
pers. 35c per pound; spinach, $2.754.25
per dox; rnuoaro, iu1?-w per vuuou.
rli J A J Ufcs uregon, it
Yakima. $4.505; sweets, 7Sc per pound.
UNIONS Oregon, office pw youuu.
Local Jobbing quotations:
fii tci a R sack basis: Cane, granulated.
15.90c per pound; beet, 11.27c ; extra C,
15.50c; Golden O, 15.40c; Yellow D, 15.30c;
cube, in barrels, 16.75c
NUTS Walnuts, aztytvc; cram nun,
30c; filberts, 35c; almonds, 8oMc; pea-
nnf lAfiiSHc: chestnuts. Zoc; pecan a
32c; hickory nuts 1516o; cocoanuta $2
SALT Hair ground, iuub, 911.13 pr wn-.
60s, $19.50 per ton; dairy. $6.5028 per
ton, best re lined, wis. s3B.au.
RICE Blue Kose. 16c per pound. '
BEANS White, 6Wc; pink, 8c; lima.
17c per pound; bayous, 10c; Mexican red
80 per pound.
COJ v Ju Koastea, in arums, ovwoxo
Hide, felts and Furs. -
HIDES Salted, all weights, 2429c:
green, 2025c; calf, green or salted, 72c;
kip. 40c; bulls, salted, 21c; green, 17c;
horse hides, imin, a; meaium, 4.ou,
large, $6tf7; dry hides, 85c; dry salted,
29c; dry calf, 65 75c; dry salted calf, 60c.
PELTS Green salted, each, $23; greet
salted shearlings, each, 5Oc0$l; dry pelts,
full wool, per pound, 32c; dry short wool,
per pound, 25c; dry shearlings, each, 259
50c: salted goats. $16 3, according to sise;
salted goat shearlings, 25c$l; dry goat a
long hair, per pound, 25c.
FURS Good grade, extra large. Iarr
and medium sizes: Skunks, black, $3.75tf
50; short, V- ?bf i; narrow, 03; oroaa.
5c$2.23. Fox, red, $10045; gray, $29
raccoon. $2.M)o; mmit, dark, 4tfiu;
ordinary. $2.5008; winter musk rat. $19
3.50; wolf or coyote, soft, silky, $820;
average, $5913; white weasel or ermine.
50ctf$2; lvnx, neavy xurrea. tiavoo; or
dinary, $15&50; lynx cat, heavy, $5913;
ordinary, $39; otter, dark. $11925; or
dinary, $8ij21; marten, pale, brown or
dark $5930; fisher, pale, brown or dark,
$12680; bear, black, $1920; brown, $19
14; wildcat. 25c9$2; civet cat, 10c Jl,
house cat. 106Oc; ring talis. 23c9$3;
jackrabbit. 10 20c; moleskins, 5 930a
LINSEED OIL Raw, barrels, $2.06;
raw, cases, $2.21; boiled, barrels, $2.08;
boiled, drums. $2.11; boiled, cases, $2.23.
TURPENTINE Tanks, $2.13; cases,
COAL OIL Iron barrets, 13Vj91uc; tank
wagons, lSe; cases, 24 9 51c
GASOLINE! Iron barrels. 25c; tank
Tvasons. 2."c: ca?. 3.tSc
To Net 6.50
E L Devereaux exfompany
7 SIXTH STREET
Arthur Berridge & Company
Certified Public Accountants and Auditor
Income Tax Specialists and Advisers
619 Worcester Block Main S621
Can you answer these questions:
What does it cost me to do bnsiness?
Which departments are earning the largest profits?
Which departments are being carried by others?
How many cents Net Profit do I make on every Dollar of Sale?
Washington's Kejectlon of Allies'
Adriatic Policy Takes Wall
Street by Surprise. .
NEW 10B.K. Feb. 1. Rejection y the
Washington administration of th, allies'
Adriatic policy came as a surprisft to the
financial community and Inspired much of
the reactionary movement which continued
throughout the stock market session to
day, result in c In many new low records
for the current period.
Exchange reflected the tense Interna
tional situation, the London quotation fail
ing under Its recent recovery.
Another adverse development was th.
showing' mad. by the federal reserve
banks. The local Institution reported
loss of reserve which fell to a level ap
proximating- th. recent unfavorable ex
hibit. The Matter situation bore directly
upon th. money market, time funds again
disappearing almost entirely, despite last
week's predictions of approaching im
provement. Call loans were easy. now
ever, opening at 7 per cent and declining
to o per cent in the .any altrnoon.
General Motors made a net loss of 13
points, gsles were 835.000 shares.
Bonds were irregular in all branches of
the domestic list. Including liberty bonds,
with a variable ton. to the foreign divi.
ston. Sales, par value, aggregated $10,650,-
000. . Old united States bonds were un
changed on caL
CLOSING STOCK QUOTATIONS.
Sales. High. Low. bid.
Am Beet Sug.. 700 81 80 80
Am Can 8,700 44 H 42 42
Am Car A Fdy. 2.500 1294 1275, 127-51
Am H L pfd. 2,800 108 104 104 i.
Am Loco 3,100 894( 67 88
Am Sm & Rfg. 2,400 62 61 -i 62
Am Sug Rfg... 600 U6H 124 125
Am Sum Tob.. 1,800 83 82 ft 82H
Am T & T.... 700 974 7 9714
Am Z L ft S.,. 300 164 1 16
Anaconda Cop. 4,100 K7V4 K6ti P'SVi
Atchison 2.200 79J4 7814 79
A G & W I S S. 2.100 148 143 143
Bald Loco ....47.900 109 106 107 "4
B & 0 2.400 304 29V4 29'4
Beth Steel "B". 10.600 84 86 86
B S Cop 2,000 23 23 23
Calif Petrol ... 8O0 33"i " SH, 31
Can Paclf 2.300 119V 118 11874
Cent Leather .. 4.000 78 77 77
Ches St Ohio... 1,500 50 48 4R
Chi M & St P.. 600 33 31 32
Chi t N W loo 79 79 79
C R I P 2.400 26 3r 25
Chino Cop LOOO 86 35 35
C F ft 1 300 88 38 38
Corn Products. 3,900 80 78 79
Crue Steel 231.600 209 199 200
Cuba Cane Sug. 2,600 44 43 43
U S Food Prod. 1.100 60 68 58
Erie 1,600 12 11 12
Gen Elec 400 157 155 157
Gen Motors ,.., Z3 22o zzs
Gt Nor pfd ... 8,000 72 71 71
Gt Nor Ore ctfs 1.900 86 35 35
rilinols cent 8-'
Insp Cop 2.600 54 52 52
1 M M Dfd ....S.OOO 84 79 80
nt NlcKel .... 0.4UU 2i zuft
nt Pancr S.50O 76 75 75
K C Southern.. 100 15 15 15
Ken Copper ... 1.9O0 29 28 28
Louis & Nash. 600 100 99 99
Mex Petrol ...15,100 172 167 168
Miami Coo ... 200 22 23 22
Midvsle Steel.. 6.300 46 45 45
Mo Paclf 1,900 23 22 22
Mont Power .. 100 61 1 61
N Y Central... 1.500 68 67 67
N T N H H. 2.700 26 25 25
Nor & West... 100 91 91 91
North Fact! ... 3,-uu lis is
Paclf Mail 26
Pan-Am Petrol. 10.300 78 75 75
Pennsylvania . 2.0 41 'A 4 'A ,1
Pitts & W Vs.. 1.600 25 24 24
Rav Con Cop.. 1.000 20 19 1
p parting 6 000 68 1 66 67
Rep Ir & steel. 46.400
Shat Aril Cop. 100
Sin Oil & Rfg. .40000
South Pacif ...16.700
South Ry 2,600
Tob Prod .....
Union Pacif ...
Un Ret Stores .
Dlst Sec Corp..
U 2 ma Alco
U S Steel E3.800
do jfd 1.400
Utah Copper .. 2,500
West Union ... 100
Westing Elec . . 2,100
Nat -Lead 600
Ohio Cities Gas 1,700
Roy Deb ex dlv 8,900
105 100 101
11 11 11
89 38 38
93 91 92
20 20 20
87 - 84 85
183 17T 177
68 . 66 67
116 113 115
70 68 68
86 80 60
98 96 96
110 110 110
71 69 69
84 84 84
50 50 60
25 24 24
78 75 76
43 42 42
98 6 6
U S Lib 3s..
do 1st 4s ...
do 2d 4s ...
do 1st 4s..
do 2d 4s..
do 3d 48..
do 4th 4s.
Victory 3s ..
U S 2s reg....'
do coupon . .'
D S 4s reg. .. .'
do coupon . .
Pan 3s reg. . . .
do coupon . . .
.90.40 A T & T cv 6s.
.89.94Atch gen 4s
.91.301 D & R G con 4s
.90.40IN Y C deb 6s..
.93.06! N P 4s
.90.6!N P Ss
.97.70Pac T ft T 5s.
Pa con 4s..
S P cv 6s.
So Ry 5s
U P 4s
U S Steel 5s...
M'"'"r blocks nt Boston.
BOSTON. Feb. 16. Closing quotations:
North ult .
Old Dom ...
Sup & Boston
Utah Con ...
Greene Can .
Aria Com liu,
Caiu & Ariz. ... 59
Calu ft Hecla..360
Centennial .... 13
Cop Range . .
East Butte .
Isle Royalle .
FARMERS NOT SELLERS
COIOf STILL HELD BACK AT
1 COUNTRY POIXTS.
Honey, Exchange, Etc.
NEW YORK, Feb. 16. Mercantile pa
per, 66 per cent.
Sterling. demand. 33.34; cables,
13.05. Francs, demand, 14.27; cables,
14.25. Belgian francs, demand. 13.82;
cables, 13.80. Guilders, demand, 87;
cablet, 8S. Lire, demand. 18.22; cables,
18 20. Marks, demand. 1.00: cables. 1.01.
Sterling rallied from the low levels in
th lata dealings. Sterling. 60-day bills.
83.32; commercial 60-day bills, J.i.rji,;
83.32 ; commercla o-aay mils, j.d. ;
demand. 83.36: cables,
Time loans, strong; 60 days, 90 days, six
months, 8 per cent.
Call money, easy: high, 7 per cent; low,
6 per cent; ruling rate, 7 per cent; clos
ing bid, 6 Per cent; oiierea at t per cent
last loan, 6 per cent.
Bar silver, 8JL30.
Mexican dollars, 81.00.
LONDON, Feb. 16. Bar silver, 83 d
Money, s per cent,
Discount rates, short and three-months
bills, 55 13-16 per cent.
Hops, Wool, F.tc
HOPS 1919 crop. 80c per pound. . S-yeai
contracts. 45c average.
MOHA1 Long staple, wvmc; anon
TALLOW no. X xwc; xio. z, oc par
CASCARA BARK New. 11c; old, 12
WOOL Eastern Oregon, fine. 40950c;
medium, 456P50C; coarse, 35937c; valley,
medium, 60 52c: coarse, 85 a 37c
LOCai JODOinBT Ijuumu.....
HAM'S All sizes, 3437c; skinned, 27
35c; picnic, 2728c; cottage roll. 80c.
lard Tierce basis, 28c; compound, 26s
DRY SALT Short, clear backs, 2S32c;
BAOON Fancy. 41 50c: standard, SI
Duluth Linseed Market.
DULUTH, Feb. 16. Linseed, $5,259
With Receipts at Chicago Unusual
ly Light, Operators Turn to
Buying Side of Market.
CHICAGO. Teh. 16. Corn advanced In
farmers were continuing to hold their
grain. Depression m securities ana lorcisu
exchange had only a transient opposite ef-
Th mplr !rtA strong. 10
2o net higher, with Mav, 1.351.S5
and July 81.32 91.32. OaU gained
191 and provisions 40995c. '
Bearish attacks, which took place In
the corn trade at the opening, met with
in, r.m a o - , uu w -
. .k.-in, that receiDts
here did not reach even a moderate total.
the buying side or tne maraei uct'"
favorite regardless of political or finan
cial conditions to the contrary.
Changes in the oats market ran parallel
with the action of corn.
Provisions rose wun rratn.
Leading futures ranged as follows:
it..... SI. 32 $1.35
July 1.29 IM""
Sept..'... 127 1.29
July. 72 .74
35.85 36 00
21 Kd 22.00
V cv? 22.40
May. 18.50 18.97 1.W
ilv 19.40 19.10
Cash prices were:
Corn No. 3 mixed. 8L42: No. 8 yellow
lOaU No?2 white. 8389; No. 3 white,
RylN0. 2. $1.61 1.62.
Barley $1.35 1.50.
Timothy seed 1 2 0 14.
Clover seed $4559.
Lard $20 S5.
May. . .
FACTS NO. 503.
The first of two main divl
- ions In road work loca- -tion
and construction is an
e n g i n eerinff problem; the
second division paving, or
surfacing the sub-grade Is
dictated by experience,
a d a p tability and economic
propositions. Hence, the
' reason for streets, roads
and highways being paved
Minneapolis Grain Market.
MINNEAPOLIS, Fab. 1$. Barley. $Llt
9 1 .38.
Trading in Sugar Futures.
NEW YORK, Feb. 1- Trading In sugar
futures. . suspended at the government s
request on August 16, 1917. was resumed
on .the New York coffee, and sugar ex
change today. The first sale mas 100 tons
for May delivery at 10 cents a pound.
This contrasted with the last previous sale
at 4.84 cents, a pound In 1917. February
and March shipments were offered freely
at 10 cents a pound. The price today
f- mnp for Immediate delivery was
11 cents asked.
in.L Centrifugal. 11.54c asked; refined
steady; fine granulated. 15t?16c.
To yield over 7
Short term five years
principal and semi-annual
interest PAYABLE IN
NEW YORK general
tax obligation due April
4s at 86.96 to yield over 7
Tax Exempt In Canada,
Full Details on Request.
Wire or Phone Orders "Collect."
WARREN BROTHERS COMPANY.
FINANCIAL INDEPENDrNCE AT FIFTY
Correct plans for use by large or small in
vestors in meir ruueo-u. " ,",
clally independent. Prlre $'2.10 postpaid.
Tirker Pub. Co.. SSV New St.. N. Y. City.
A Preferred Stock With a Definite Maturity
7 Cumulative Preferred Stock
Redeemable in whole or in part at any quarterly dividend date after three years, upon the payment of $110 per
share and accrued dividends.
Final Maturity Feb. 1, 1940
HISTORY OF THE.BUSINESS ' '
The firm of FOSTER and KLEISER was established by Walter F. Foster and George W. Meiser on Janu
arv 1 1902 for the purpose of engaging in the outdoor advertising business. At that tune these men pur
' Tj etSU dbldeBB which had been profitably conducted by their predecessors for
more than twenty years in Seattle, Washington, and Portland, Oregon.
DurhS 5Te eighteen years bf its existence, this company has shown a steady, and rapid growth. It has ex
' tended ite operations through the states of Washington, Oregon and California. Today its holoUngs consist of
advertisnig Plants and facilities of the most modern character in San Francisco Los Angeles, Oakland, San
JoJeTvaUejc Sfornia; Portland, Oregon; and Seattle, Tacoma and Bellingham, Washington, and more
than two hundred other towns west of the Rocky Mountains. .. .. , . , i.v u
ThTcoSTdoerover ninety per cent of the outdoor advertising done in its territory, and controls through
leaseholds more than ninety per cent of the valuable advertising locations, besides enjoying exclusive cec
S for i a? interSaof bSsiness throughout the United States and Canada, with more than five thousand
FostedMeSpany now ranks third in size and importance in its line in the United States. .
Preferred.... - $2,000,000.00 W9ffiSS
Common 4,000,000.00 2,750,000.00
SAFEGUARDS FOR THE INVESTOR
This issue of preferred stock will be protected by the following restrictions and covenants:
DiviSs at theate of7 "payable quarterly on the 1st days of January, April, July and October
Redeemable in whole or in part on any quarterly dividend date after three years upon the payment of $110
VeTmntdeidtnri more than six months after the date thereof may be issuec 1 nor any
prior or equkl preferred stock issued, nor the amount of the present .mortgage indebtedness of the Company in
creased (except that additional property subject to mortgage may be acquired and such mortgage assumed as
parf of tht purchase price thereof) without the-written conseflt of the holders of record of at least seventy-
fiVCTgr cnUt le- than 225 and net current assets of not less than
15During Company will expend for betterments and exten
sions a sum equal to 5.of the total amount of Preferred Stock that may at any time theretofore have been is
sued oV dSote Xe difference between the sum so expended and 5 to purchasing preferred stock in open
during thla thte'&e Company agrees to expend 5 of the total amount of the
Preferred fstSk theretofore issued tourchasing Preferred Stock in the open market or calling preferred stock
for redemption. The entire preferred stock must be redeemed on ot before February 1st, 1940. .
SouMtte corporation fail to declare and pay any quarterly dividend upon the preferred stock or should
it fail to perform any of its agreements with the holders of the preferred stock then the holders of preferred
stock shaU thereuTOii T have, in addition to all other legal and equitable rights, the right to vote in all respects
Ifhe SerlTcCmon stock while any dividend on preferred stock remains unpaid, or during the continu
ance of any other default: g QF OVERSUBSCRIPTION
Because of the attractive features of this security and because of the commendable rep
utation enjoyed by Foster & Kleiser company in probably every city and town along
thm Pacific coast for the past several years, together with the demand for these secun
ties as already evidenced since the initial offering, we urge you to write, wire or tele
phone your reservations without delay.
We offer the above Preferred Stock, when, as and if issued and received by us at
$100.00 AND ACCRUED DIVIDENDS
Yield will be IVi to over 8 per cent, according ts date of redemption.
G. E. MILLER & COMPANY
Northwestern Bank Building Investment Securities Portland, Oregon
tUesnpt fras all Dsml.la Cvvr
nt Tax atlas
City of Saskatoon
Gco School Cold Bonds
Dated Januarv 15. USD. Due Jsnuarr IS. l'lO. Denomina
tions S100. ". Assessed valuation 30.T ;.910. Net bonded
Price: 87.53 to Yield 7?
LIBERTY and VICTORY BONDS
If yon win, tie I yoor Ulwrty r Victory Rao do. ortl to M.
If oa ran bujr morf Ulwrty or Victory bnotla, nor from m.
On February 1. W2Q. itie cio-ini Nt York market pri- wk aft I
below. They are the t-orerninir prlcea for Ibertv in1 Vinury bonja a'l ovr
tho world, and tho hlghert. We alvertte thene 'price daily in oni.-r that r
may know tho New York markot and tho exact vaiuo of your Liberty aad
l5t lut 2d lt Jd S 4fh Victory
Market... tVtl tt4 -j0 44 $89.00 W1 S2 !H -1? $93 0 $f0 tH i'J T $V7 T
Iaterert.. . .60 .W I.W .73 1 O l.Tft 1 it 3
Total. .$97 S $91.09 $l M $J'2M $tl 41 9i S7 $92.13 41 t
Whea buyiny wo deduct H7c on a '0 bond and $2 50 oa a $1imm bond. Wo
ell at the New York market, piuft tl-o accrued Interost.
. iiii-ttir and fireproof Safe Dopoott lioxeo for Rtnl,
OPIkN I'ISTIL $ P. M. ON tATl RUAVS.
MORRIS BROTHERS, Inc.
The Premier Mnnlripal Bond Haniw. Capital Otm MlllUa Pnllars.
Morris Bulldinit. SVS-lill Stark St . Bstwssa Mb and lh
Teiepbons Broadway 210L Katabllh4 ovar a quartsr csnlurr.
Opinion of Leading Business Men
on Present Commercial Situation
Wc recently asked the manufacturers and
wholesalers of the country: "What, in your
opinion, is the course that a prudent mer
chant in your line of business should pursue
in buying and selling goods, when prices
show a declining tendency?"
, Literally hundreds of leading firms have
already responded. Most of the replies were
based on actual conditions present and pros
8pective as seen by each individual firm.
Of tremendous significance is the common
note which runs through practically all of
these letters. It is a note of courage, of op
timism, of progressiveness, yet withal, a
note of caution.
In brief, the realization teema to W eorrie to Amer
ican buaioetf man gMrmlly that rigAt wrm the time to
iqftiuarJ eptinrt meaiukk Jjflatitn. Aa one banker
writes, "It if a time for playing ssU."
What it yur opinion? Send it to consensus of all
replies, in booklet form, wiB b. aent free to all who
contribute their advice.
AMERICAN CREDIT INDEMNITY CO.
ot NEW YORK t M. TREAT, wisidbmt ,
"TUB .DUMMY THAT ISSUSM TMI KMC trf J.r-
H. T. MacRILL, General Agent
Board of Trade Bldg.
Phone Main 1179 Portland, Or.
GENERAL OBLIGATION MUNICIPAL
BONDS INCOME TAX EXEMPT
The obligations of well established agricultural
sections offer one of the safest forms of investment
obtainable. Subject to prior sale, we offer:
POWER COUNTY, IDAHO, HIGHWAY DIST. 5ja Due 1930-I9SI
51 Of This district embraces the city of American Falls
20 and the famous American Falls wheat district.
PRICES ON ANY MATURITY TO YIELD 5.307 '
CITY OF EMMETT, IDAHO, 6s Due Nov. 1. 1939. optional 1929.
Qf County seat of Gem County and second largest
O 20 freight shipping point in Southern Idaho.
PRICE 103.81 AND INTEREST, TO YIELD &',
SNAKE RIVER IRRIGATION DISTRICT 6s Due 1931-1939
npf 8000 acres of land in Ada County, producing an
t) O abundance of alfalfa. HK),000 head of sheep owned
in the district.
PRICE 100 AND INTEREST, TO YIELD 67.
n i t A J
Capital 3 Surplus ttoa.ao.
Can frreiaco U,b.rmv. Bldo,
Port land. Orqoi.
Consumers Power Company
General and Refunding Mortgage 10-Year
Seven Per Cent Gold Bonds
Price 98 and interest
Yielding about 7.28
Seven Per Cent Serial Gold Debentures
At Prices to Yield About 7.75'o
Complete circulars on these attractive Itmues
will be sent upon request tor OK-iiSi
The National City Company
Correspoient Officet in Over 50 Cities
Portland Yeon Building
Telephone Main 6072
Bonds Shrt Term Notes Preferred Stodrt
Phone Your Want Ads to
Main 7070 A 6095