TITE MORXIXG OREGOXIAX, THURSDAY, JTJTA' 22, 1920
19.
PRUNE MARKET IN
Packers Say Prices Will Be
Less Than Last Year.
DEMAND AT MOMENT LIGHT
I"c w Co n I r u c t s Have Been Made
With Growers on Basis of 16
and j for 30-35s.
The prune market In Oregon Is about
to open and it is safe to say ' prices
not bo as high as last year. A few
contracts have been made with growers
at 16 and cents for 30-333. but at
the moment packers are not disposed to
take hold. It is said the growers are
showing more of a willingness to sell and
in view of this fact the buyers are wait
ing In expectation of lower prices. There
is much interest In the action the co
operative association will take. Last year
the market opened at It! cents and ad
vanced to L'ft cents and better. A lower
average is looked for this year, as there
will be a big Oregon crop and market
and financial conditions generally are
against high prices.
Most of-the Oregon packers have made
sales of the new crop east to the extent
of their contracts lr?re, but Just now the
demand is reported inactive. A New York
trade report says:
The last of the big packers of Oregon
Italian prunes to make prices on the
new crop put them out as follows: ICc
for 30s. 14c for 40s. 13c for COs and
13c for 60s. Although the prices as first
announced by the other packers dif
fered somewhat, it Is understood that all
are now quoting the figures above given.
Percentages of some of the sizes allowed
in assortments vary somewhat as to
packer, however, ranging from 15 to 23
per cent on 30s and 13 to 23 per cent on
50a. while In all cases assortments include
50 per cent of 40s and 10 per cent of 00s.
Buying interest in new crop Oregons ap
pears to be languid, as it also is in con
nection with 10 JO California prunes. The
spot market for both descriptions is dull.
but there is no selling pressure in evi
dencc.
The California Apricot association has
notified jobbers of the opening prices on
190 crop. They are f. o. b. coast, bulk
basis, Jic for choice, -tic for extra choice,
2Sc for fancy and 30c for extra fancy,
all sun sweet quality, 18c for standard
and 20c for slabs.
Prices were also made on Moorparks of
30c for fancy and 33c for extra fancy f. o.
b. coast, bulk basis, while" Growers
Brand" choice, extra choice and fancy
are quoted at H&c below the prices on
other grades of what are understood to
be Hie a Leiins. The association prices on
the latter are lower by 1 to 2c than those
put out early in the week by Independent No. 3 blue
packers and which do not appear to
have been received with much enthu
siasm by buyers who were 'believed to J No. 3 yellow
140s per quarter for the coming harvest of J
bushel.
It was officially stated that it 4s prac
tically Impossible to harvest th French
record crop this year, on account of lack
of labor.
BUTTER RESERVE STOCKS LIGHT
Holdings in Northwest and in East Show
Large Decrease.
Cold storage holdings of butter in Port
land are 756.050 pounds against 1.172.371
pounds a year ago. Stocks at Seattle are
1,284,171 pounds as compared with 1,925,-
007 pounds a year ago.
Total holdings of dairy products and
eggs in all United States storages on July
1 of this and last year compare as follows:
Julv l. 1920. July 1. 1010.
Creamery butter .... 52.3C3.265 K0.158.103
p. s. butter i,uhii.u.u i,wu,i
American cheese . . 20.573,411 37,501,204
Swiss cheese li.oa4.OB2 1,002,707
Brick and Munster . 1,81)0.085 870,735
Limburger 595, 135 680,005
Cottage, etc - 5,140.005 6,601.431
Cr'm and Xeufchatel ' 203,114 227.H92
Cheese, other 4,87tt,3o; 4,au3,nu4
Eggs, cases t 6,719.530
iggs frozen . . .
7.658.S41
17,276.486 16.471,020
This Year's Hops Not Wanted.
There is no demand from Kngland or
from the east for 1920 hops and it is not
possible to quote values at this time. Con
tracts have been made for the 1023 and
1924 crops at 30 and 25 cents.
Exports from the United States during
May, 1920, were 1,048,453 pounds, of which
871,855 poundsr were for Great Britain.
For the months of September to May, both
inclusive, exports were 27,357,406 pounds.
of which 3.612.785 pounds were for
Great Britain. '
RAILWAY STOCKS FIRM
EARLY ACTIOX OX RATE AD
VANCE IS EXPECTED
New Potatoes Are Slow Sale.
There was a fair demand for good can
taloups, but poor stock was hard to sell
Raspberries were scarce and eood stock
sold at 14 4.50 on the street with soft
fruit going as low as J8.50. LoeanDernes
dragged, selling on the early farmers' mar- J
ket at $2.50. Street quotations were f 2.75
J3. A car of mixed fruit arrived from
the south.
New potatoes were very slow. Oregons
were quoted at S cents and Californias at
6 and 7 cents.
Egg Market Is Firm.
Eggs continued very firm with small re
ceipts. Butter was steady with a good de
mand for cube extras at 54 cents. Poul
try and dressed meat receipts were small
and prices unchanged.
Chocolate Prices Lower.
A decline of one cent on sweet and
ground chocolate was announced by Job
bers yesterday.
An eastern brand of rolled oats was ad
vanced ?1 a case.
Bank Clearings.
Bank clearings of the northwestern cities
yesterday were as follows:
Clearings. Ttalances.
Portland $.-.r.rn.5ir l,24j.57S
Seattle 5.!l4S.ti7S X,4(IS,rir.5
Tacoma ntill.S'.lfl .r.8.404
Spokane 1 .851.038 653.058
PORTLAND MARKt.T QUOTATIONS
tjrain. Flour. Feed. Etc.
Bid
Wheat Sept. Oct.
Hard white 2.47 S2.47
Soft white 2.44 2.45
White Club 2.43 2.44
Hard winter 2.47 2.47
Ked winter 2.42 2.43
N. spring 2.4S 2.4!
Red Walla 2 41 2.42
Oats ' July Aujs.
No. 2 white feed B5.00 00.00
Barlev
No. 3 vellow eastern 02. B0 02.00
No. 3 blue 57. On B4.IHI
Standard feed 55.00 B2.0O
Mlllrun 57.75 51.50
Corn
No. 3 yellow, eastern 02.50 62.00
Nov.
32.50
2.4
2.45
2.48
2.44
2.50
2.43
Sent.
55.00
01.50
46.00
be waiting to see what the association
figures would be.
Opening prices on 1920 crop California
raisins as made by one of the large out
side packers are 24'ic for fancy seeded
in 10-ounce cartons. 2o4c for choice, 2oc
for seeded Malagas and Feherzagoes in
25-pound boxes. 22Sic for one crown float
ed Muscatels, 23c for two crowns, 23 c
for three crowns and 24Vic for four crowns.
provided the latter is packed; 23c for I valley timothy, new fl'J'u dO.
Sultanas and 23Vfee for Thompson, both
unbleached and In 25-pouud boxes all
f. o. b, coast. Another packer quotes
fancy seeded 16s at 24c. choice seeded
at 23T,. one crown floated Muscatels at
!!ic, unbleached. Thompsons in 25-pound
FLOUR Family patents, $13.75: bakers'
hard wheat. $13.75; best bakers' patents,
$13.75; pastry flour. $11.80; graham.
$11.00; whole wheat, $11.85.
MILLFI2ED Prices f. o. b. mill: Mill
run, Sotlu'oi per ton: rolled barley.
$0S72: rolled oats. $7172; scratch
feed. $87gSS per ton.
CORN Whole. $777S: cracked. $7iS2
SO per ton.
HAi Buying price, f.-o.-b. Portland:
Alfalfa, $25(?26, cheat $23: clover, $20;
Industrials and Specialties Mark
Time Improvement In lib
erty Bond Market.
NEW YORK, July 21. The only note
worthy feature of today's stock market,
apart from very limited dealings, was the
stou,t resistance offered to professional
pressure. For the most part traders
espoused the short side, but made little
impression.
Railway shares led the market, so far
as the list displayed any leadership. Ad
vices from Washington strengthened the
hope that the Interstate commerce com
mission is likely to take early action on
the request of the railroad heads ' for in
creased freight 'and passenger rates and a
possible baggage tax.
The usual industrial and special favor
ites did little 'more than mark time, al
though shipping and express stocks made
substantial advances, bugar group prices
fell in sympathy with a sharp break In
the raw product. Sales amounted to 300,
000 shares.
Interest in foreign exchange shifted from
European remittances to South America,
the rate on Argentina' recording a further
discount in marked contrast to the early
months of the year, when Buenos Aires
bills here commanded a premium.
Liberty bonds were firm, but most do
mestic issues, industrials as well as rails,
showed nominal gains or declines, ex
cepting Virginia deferred 6s, which were
strong. Total sales, par value, aggre
gated $8,875,000. Old United States bonds
were unchanged on call.
Sales.
Am Beet Sug 1,100
Am Can oOO
Am c & Fdy 000
A Hi & L pfd 700
Am Int Corp 500
Am Loco 2,400
Am S & Ref. 3no
Am Sum Tob 200
Am T & T . . !00
Am Woolen . . 3,200
Anaconda Cop 1.0O0
Atchison 1,100
Ati U & XV In 200
Baldwin Loco 8.UOO
Bait & Ohio. . 1,700
Beth Steel B OOO
Cal Petrol .. 3O0
Can Pacific. l.Soo
Cent Leather. 3O0
Chand Motors 300
Ches & Ohio 400
C M & St Paul BOO
Chic & N W . . !00
C R 1 & Pac 3,300
Chino Copper. 100
Col Fuel & Ir 100
Corn Prod ... 3,800
Crucible Steel l.ooo
Cub C Sugar.. 7,200
Erie 300
(Jen Motors . . 0.000
tit Nor pfd. . 300
ti N Ore Ctfs 4O0
111 Central .. 100
Inspir Copper 700
I Mar Mar prd 500
lnt Nickel .. . 500
Int Paper 1.000
Kenne Copper 500
Louis & Nash 100
Mx Petroleum 1,700,
Miami Copper 1O0
Mid States oil 0.5O0
Midvale Steel 300
Miss Pacific. 2.200
N Y Central. . 1.S0O
N Y N H & H 1.500
Nor Pacific . . 1.200
Ok Pro & Rf 3.5O0
Pan-Am Petrol 2.200
Pennsylvania. 1.500
Pitts & W V 1.400
Kay Con Cop loo
Reading 32.400
Rep Ir & Steel 2,400
R Dutch N Y 3.3O0
Shell T & T. . 200
Sin Oil & Ref 1.0OO
South Pacific. 3,300
South Railway 17.000
S O of N J pfd 200
Studebaker Co B.70O
Texas Co .... 1.8O0
Texas & Pac 1.70O
Tob Products. S0O
Transcon Oil.. 00
ITnlon Pacific l.soo
U S Food Pro 2.200
U S In Alcohol noo
U S Ret Stores 2.1 oo
U S Rubber.. 5.000
U S Steel .... 7,100
V S Steel pfd 400
Vtah Copper. . 100
Wrestern Union .'00
West Electric OOO
W-O l'd ex div 400
FORTY-ONE THOUSAND DOLLARS
COUNTY OF
CARIBOU, iDAHs
Road and Bridge-Court House Bonds
Income Tax Exempt
Yielding 6
General Obligation. '
Dated May J, 1119. Due Serially
192S-38.
Denomination flOOO. Price 100
Yield .
Principal and Semi-Anniral Interest Payable in New York or at
jviorris isrotners, inc.
Dairy and Country Produce.
BUTTER Cubes. extras. 54c pound:
prints, parchment wrappers, box lots, 57c
per pound; cartons, 55C; half boxes, He
more; Ices than half boxes, lc more: but-
teerfat. No. 1, 55 56c per pound at sta-
boxes at 23'c and unbleached Sultanas I tlons: Portland delivery. 58c.
ii.jU ttuying price, current receipts.
in 25-pound boxes at 23c, all f. o. b. coast.
lOOO TRICES IN STRONG POSITION
Radical Declines In Values are Not Ex
pected Soon.
Transportation difficulties and car short
age tend to limit stocks and maintain
prices, and the impending advance in
freight rates will immediately add to the
cost and selling value of all products, says
the monthly wholesale review of Wadhams
& Co.
The principal necessities in the food
line are in an unusually strong position. A
42c. Jobbing prices to retailers: Can
died 4Sfi50e; selects, 61 S 52c.
CHBliSE Tillamook, f. o. b. Tillamook;
Triplets. 20c; Young America, 30c.
POULTRY Hens. 20(&27c; broilers. 250
28c: ducks, 2535c; geese, nominal; tur
keys, nominal.
PORK rancy, 23c per pound.
VEAL Fancy, 22c per pound.
QUOTATIONS.
High. Low. Last.
88 8 sa
40l 3UV4 40',4
130 135 135
87 t6 8
8454 84 84
JK 8 i$
5fl 5"i .''. i
91 S'JVs 8'JVs
94 M 04 94
00 V tX 80 'A
55 55 ht ' 55
81 80 W S0V4
156 150 150
HO!i 11714
32 M, 31 V -31 74
8Si 87 87
31 , 31 31
121 110 1201
03 2j 2 74
07i 97 07
54!4 54 5414
34 33 V4 34
70 4 U'4
37 W 30 37
2S 28
32 82 32
94 'i 94 '14
155 V4 153 153
. 51 48 Vi 4S
13 13 13
25 24 2 4 74
7014 70 70 4
30 35 54 35 ?4
S3 83 83
50 49 14 50
83 82 82
17 i7'. nw
83 '4 83 8374
25 2514 25
100 100 1O0
192 '4 100 14 191
20 14 20 V 2014
2114 21 21 4
41 4i7i 41
201 20 26
70 6S 0914
31 3014 30 V4
72 .71 W 72
4 4 4
IO314 10214 10214
3914 3fli 3014
3014 29 30
1614 16 1
91 89 91
91 9014 00
78 77 77 74
73 7214 72
31 30 30
9414 93 93
20 29 29
105 105 105
71 09 71
45 74 45 45
41 4014 40i4
07 7 7
15 14 15
116 11514 116
07 06 00
!H 89 80
74 73 73
03 91 Bl
01 01 I
10S 107 107
00 00 60
K2 82 82
4S 48 48
18 18 18
V 3 Lib 8s. . .90.90;
do 1st 4s . . .83.90
rtn "d 4s 84.84
do 1st 4Us.. .80.10
do 2d 4V4s 84.118
BONDS,
Anglo-Fr 5s ... 99 l
AT&T cv 6m. 92
D R G con 48 62
NYC deb os. . 96
M T 4 73
80.101 N- P 3s 51
5
80
8l
00
Fruits and Vegetables.
FRUITS Oranges. $5 7.50; lemons.
$4.50(&6 per box; grapefruit, $4f9.50 per
box; bananas. 11 & 12c per pound; apples,
new, $3.254.75 per box; cantaloupes.
2f&5 per crats: cherries, 59c per
pound: watermelons. 4c per pound; aprt-
world's shortage of grain and the pres- I cots. $2.o0 per crnte: pineapples, lc pel
ent record prices paid for new crop wheat
assure a season of high values for fiour and
all other cereal products, as well as feed,
which affects milk, butter, cheese and
eggs.
mle sugar has declined 4 cents per
pound since June 1, dealers and consumers
did not pay more than within 3 cents of
the extreme market. Today's values are
three times normal, with no Indications of
any adequate relief before new crop beet
sugar arrives in the fall. This, together
with the high prices of glass and tin, will
make all canned fruits and vegetables, as
well as 1cllie8 and Jams extremely high
for another year.
Retailers should not speculate, but can
buy their regular requirements with con
fidence. Financial conditions demand
curtailment of credits and prompt collec
tions, and sates should be on as near a
cash basis as is possible.
WHEAT TRADING 13 AT STANDSTILL
Lack of Export Demand Brings Huylng I
Id Northwest to Stop.
With export demand for wheat ad flour I
lacking, trading in the wheat market ha
practically come to a standstill. There 1
were no changes in bids at the Merchants'
Exchange yesterday. Offers for coarse
grains were also unchanged.
The Kansas crop report estimates the
wheat crop at 147.000,000 against 110,000,
000 bushels last year. This is the second
largest on record. Corn condition is 86.1
gainst 87.3 last month. Corn acreage
5,157.000 acres.
Terminal receipts, in cars, were reported I
by the Merchants' Exchange as -follows:
Portland Wheat. Bar. Flour. Oats. Hay.
Wednesday.... 13
Year ago ... . 5
Season to date. US
Year ago. ... 121
Tacoma
Tuesday 9
Year ago ... . 4
Season to date. 10O
Year ago.... 40
Seattle
Wednesday . I . . 4
Year ago .... 8
Season to date. 53
Year ago. ... 55
pound; peaches. 92.25(212.50 per box ; plums,
42.85C3.25 per box: currants. $22.50 pet
crate; raspberries. $4.254.50 crate; casa
bas, 67c per pound; grapes. $2.253.50
per crate; loganberries, per crate;
pears, $0.o0 per box.
do 4th 414s. . .85.201 Paj; T i T 5s... 85
T-if-tni-v 3.H . . . (..WI fa con 4S.... 01 --
do 4s 95.R2 S P cv 5s
U S 2s reg. ..-lool So Ry 5s
do coupon ..100U P 4s
U S 4s reg 105 1 U S Steel os. .
do coupon ..M05 j
Pan 3s reg 77 I "Bid.
do coupon ,77
Mining Stocks at Boston.
BOSTON, July 21. Closing quotations:
Allouez
CARIBOU County, situated in
the central part of Idaho, is ac
knowledged to be one of the
richest in the state.
AgrlculHire and stockraisingr
are its chief Industries, beint?
highly successful, with crop
failures unknown.
The Oregron Short Line fur
nishes rail facilities.
Tributary to Soda Springs,
the county seat, are 6.500,000
acres. 50.000 of which have been
continuously" farmed for many
years. The city is modern, with
two banks, hotels and business
houses and is well built.
Caribou Co-unty's estimated
valuation is $10,000,000 it's
bonded debt but $150,000.
UsaPTTM
I Out Million
Telephone or Telegraph Orders at Our Expense
Morris
iROTMERS !N
V7yfe fPremtercMun:cipafBondrHouso
MORRIS BLDG., San Francisco Cintusv
PORTLAND. OR.
Seattle
Central Bldg.
ErokSuMcs I
OvtflQuiXTCR I
San Francisco
Mer.Nat.Bldg.
$1,500,000
STATE OF OREGON
HIGHWAY BONDS
Dated July 1, 1920.
PRICES:
Bonds due 1925 to 1929 to yield 5.607c
Bonds due 1930 to 1934 to yield 5.40
Bonds due 1935 to 1945 to yield 5.30
Income Free From Federal Income Tax.
HENRY TEAL
No. 805 Title & Trust Building. Telephone Main 266.
34.70; cables, 34.72. Lire, demand, -5 63;
cables, 5.05. Marks, demand, 2.53: cables.
..4. Drachmas. 7. SI.
New York exchange on Montreal. 12 1-16
per cent discount.
Time loans strong, unchanged.
Call money, unchanged.
Bar silver, domestic, unchanged- for
eign. 94c.
Mexican dollars. 71c.
July 21. Bar silver, 65V4d
LONDON,
per ounce.
Money. 4 per cent.
Discount rates unchanged.
Silver Jumped two pence half penny today
under fair-sized buying orders from India
on a market somewhat bare of supplies.
xne closing tone was strong.
Metal Market.
NEW YORK, July 21. Copper, steady,
unchanged.
Iron, steady, unchanged.
Tin easy. Spot, July and August, 49.25c
Antimony, unchanged.
Lead steady, spot 8.50c.
Zinc quiet. East St. Louis delivery,
spot, 7 & 8c.
NEW YORK, July 21. The American
Srrieltlng & Refining company advancta
the price of lead from H to 48.50 today.
New York Sugar Market.
NEW YORK, July 21. Raw sugar weavT
Sales 15.000 bags Porto Rlcos, 10,000 bags
Cubas and 3600 bags full duties, ffentrlfu--"kookl!10'
rerlnei l"it, Xino granulated.
Dried Fruit at New York.
ViSFluJ0- JU'y 21 EvPr.ted ap
Prunes, quiet
Peaches, quiet but steady.
INSURANCE
WE WRITE ALL LINES
C. De Young & Co.
810 Spalding Bldg.
Main 7351
Hi;!iiiiiii!ii;i!iii;!;iiiii!:ni!:iiiiiiniin
lliMllilllliilliHIiillliillllMili'iriliMiii'niili'llil'llhTlilii'l.nilliTi7!
.tl('in:,ii!:i!fl(t!-lfi!ttit;i!lK.
A Convincing Record
The certified net earnings of the consolidated Sinclair properties '
increased 218 from 1916 to 1919. These net earnings reported
available for interest and reserves, after allowance for Federal
taxes, were:
1916 .TT $6,807,323 1918 . $19,640,717
1917 .V. 15,134,967 1919 . . . 21,890,898
Total $63,533,905
The notes described below are backed by this consistent record.
A Complete Unit
in an
Essential Industry
Fact 9 and figures compiled oy the
Sinclair Company
Produces, transports, refines
and markets petroleum prod
ucts. About 1900producingwells.
Approximately 2800 miles
of pipe lines.
64 pumping stations.
Over 4000 tank cars.
10 modern refineries with
total daily capacity of about
45,000 barrels.
10 casinghead gasoline
plants.
400 distributing stations in
20 states.
About 6,000,000 barrels
crude oil in storage.
Marine fleet of 50,000 tons
in service.
1919 net earnings before
interest and reserves
21,890,898
Total siiuilarnet earnings for
lasts years $56,6U6,582.
Pmtuid
To yield 8
. Five-Year Secured
iVi Convertible Gold Notes
of the
Sinclair Consolidated Oil
Corporation
vhlch has furnished us with the Jblloicing irformation
These $50,000,000 Secured Notes are the sole f
funded debt of the enterprise, excepting equipment
notes and other items aggregating about $5,275,S00,
and against this the audited statement shows total;
net assets, including the proceeds of this note issue,
of over five times the amount of the note issue. '
The consolidated net earnings over a series of years r
make a consistent and convincing record, the audited
statements showing an amount available for in-' -terest,
depletion, etc., equal to 5.83 times the annual
interest on these notes for the year 1919, and j
averaging over 5 times such interest for the past,
three years. vwirf?j
The notes have the benefit of a sinking fund provi-
sion at the rate of $2 ,000,000 every six months for the
purchase of the notes at or below 100 and interest.
A feature is the noteholder's privilege of converting
each $1,000 note into $1,000 par value (ten shares)
8 Cumulative Sinking Fund Preferred Stock and ,
2j shares Common Stock of the Company. t
These secured notes may be purchased in denominations '
of $1,000, $500 and $100. Interest payable without de- .
duction for the Federal Income Tax up to 2.
Write for illustrated booklet
We offer and recommend these notes for investment
M 98 and interest, to yield 8
Freeman Smith & Camp Co.
SECOND FLOOR
NORTHWESTERN BANK BUlllDlNQ
Main 646
Sam an cisco
Thm mtatmmmnt presented in thia adomrtitement, whitm not maarantmmd,
tmrm obtained from source which tve believe to be reliable
i,i -h-! ii!iiii!iii ti;;;;ii11iHl!'ll)li:ilil:!ii!tiiW
8
Artz Com lO
Calu & Ariz. ... ."
Calu & Hecla. .301
Centennial .... 11
North Butte. ... 1
Old Doiu Ii4
Osceola 3H'x
Ouiuc v !
(Superior 4
Read The Orepronian classified ads. s oo
Cop Range .... 57 I Sup & Boston.. 3
Franklin Lian won o -j
Isle Koyalle ... 1 Winona 0
Lake Copper 3 I Wolverine 3 4i
Mohawk . . no Greene Can ... V'J 'h
Money Exchange, Etc.
NEW YORK, July 21. Mercantile paper
8 per cent.
Exchange, Irregular. Sterling, demand,
$3. So; cables, $.1.S3 34,. Franca, demand.
8.10; cables. 8. 1 -. Belgian francs, demand.
cnhtH. H.trj. Guilders, demand.
STOCKS
We can sell any stock you own
or
Buy any stock you wish to own.
We buy and Sell
Liberty Bonds in any amount.
FIerrin g Rhodes inc.
r ESTABLISHED ISM.
STOCKS and BONDS..
Railway Exch. Bldg. Main 283.'
Members Chicago Board of Trade.
1 l
1 '- 4 3
13 60 18 31
37 05 47 54
0 .. 3
S
2 6! ' . . 78
-'0 1 2 3U
19
2 115
3 13 .. 127
4 30 31 18
El'KOrE'S WHEAT REQUIREMENTS
iorth America Will Have to Supply Moat
of Grain Needed.
The general , position ot -wheat, cables
Broomhall, Indicates that European re
quirements of this cereal wilt be liberal,
possibly S20.0O0.0OO bushels to 560,000,000
bushels, and importers will have to rely
largely upon North America for these sup
plies. Crops in Australia and Argentina
are now promising better, but the old
crops In these countries have been about
cleared away and the new crops will not
be available until the beginning ot next
yfir. The crop in India will approximate
368.000,000 bushels, but the home con
sumption will be greater than the prewar
average of about 520,000.000 bushels, so
it is not safe to -reckon on obtaining more I
than 30,000.000 bushels of wheat from this
grower. Authorities will not permit ex
port of wheat . until after October. The
food controller of Great .Britain has stated
that the British, farmers may obtain fully
National Bank of Commerce
iuNewYork, I
II Established 1839 III
STATEMENT OF CONDITION 1
JUNE 30, 1920 III
HI Resources Liabilities I
ill Loans and Discounts $310,802,658.54 Capital Paid up $25,000,000.00 I
U'edneer!i.fi.C.a.t.e.S. "f.I?! 1534 939 35 Sui-ph, 25,000,000.00 I
Other Bonds "and Securities 16'o3o',423'.21 Undivided Profits..... 6,533,152.05 1
U: S. Bonds Borrowed 6,000,000.00 ?TepSlS " 370,448,229.32 i
Stock of Federal Reserve U. S. Bonds Borrowed 6,000.000.00 I
Bank 1500 000 00 Rediscounts with Federal II I
Banking House 4,000,000.00 Reserve Bank 29,926,150.00 i
Cash, Exchanges, and due Reserved for Taxes, etc.... 3,390,674.03 1
from Federal Reserve Bank 127,405,975.91 Dividend Payable July 1, II I
Due from Banks and Bankers 6,824,708.06 TT 750,000.00 III
Interest Accrued 859,082.48 Unearned Discount 2,520,143.01 III
Customers' Liability under - Letters of Credit and Ac- j.
Letters of Credit and Ac- ceptances 81,863,635.03 Jl
ceptanccs 77,785,344.94 Other Liabilities L31 1.149.05 I
$552,743,132.49 $552,743,132.49 1 9
rnmsiOBNT III!
JAMES S. ALEXANDER I I
VtCE-PRCSIOMNTm I I
J. HOWARD ARDREY HERBERT P. HOWELL PARIS R. RUSSELL I I
JOSEPH A. B RODERICK LOUIS A. KEIDEL STEVENSON E WARD III
GUY EMERSON DAVID H. G. PENNY ROGER H. WILLIAMS 1111
, JOHN E. ROVENSKY I 111
Bmcohd vrccr-mtESfomrra I I
HARRY P. BARRAND JAMES I. CLARKE . EVERETT E. RI6LEY 111
LO'JIS P. CHRISTENSON ARCHIBALD F. MAXWELL HENRY C. STEVENS I I
1 1 EDWARD H. RAWLS 11
CAawc Auorrom I I
ROY H. PASSMORE ALBER- EMERTON II II
ommxyrome III
i JAMES S. ALEXANDER HERBERT P. HOWELL CHARLES H RUSSELL I I
LJ wA:,Dc ANDREW W. MELLON VALENTINE P. SNYDER I I
Zt r L l!7 HARRY B. THAYER
""ST F. DRYDEN .rr,w JAMES TIMPSON I
CHARLES E. DUNLAP. . THOMAS WILLIAMS I I
$3,000,000
West Perm Power Company
First Mortgage 7 Gold Bonds, Series "D"
Dated March 1, 1916
Due March 1, 1946
Interest payable semi-annually February 1 and August 1 in New York or Chicago. Bonds are in coupon form in denomina
tions of $1,000, $500 and $100. Registrable as to principal only. The $1,000 denomination being exchangeable for fully reg
istered bonds. Coupon and registered bonds interchangeable. Redeemable as a whole or in part upon four weeks pub
lished notice at the following prices and accrued interest: On and after March 1, 1921 to and including February 28,
1926, at 107; thereafter and on or before Febrwary 28,"1931. at 105; thereafter and on or before February 29,
1936 at 104; thereafter and on or before February 28, 1941, at 102; and thereafter to maturity at 101.
TAX EXE5IPT IN PENNSYLVANL
INTEREST PAYABLE WITHOUT DEDUCTION FOR FEDERAL INCOME TAXES NOW 0,R
HEREFATER DEDUCTIBLE AT THE SOURCE NOT IN EXCESS OF 2.
The West Perm Power Company was organized in March, 1916, under the laws of Pennsylvania.
The Company supplies the territory for light, heat and power purposes in 113 cities and towns
located in the Pittsburgh district of Pennsylvania, at distances of from three to fifty miles
from that city. This territory has an area in excess of 4,000 square miles, and an estimated
present population of more than 500,000.
Full information regarding this issue is contained m a letter from the president of the Company,
copies of which vill be sent upon request, and from which the following is summarized:
These bonds, in the opinion of counsel, are secured
by a first mortgage on all the physical property,
rights and franchises now owned by the West Penn
Power company.
Gross earnings for the twelve months ended May
31, 1920, were $6,843,382. During the same period,
net earnings amounted to $2,201,380, as compared
with annual interest requirements on the outstand
ing $16,778,000 first mortgage bonds of $951,680.
Upon completion of the new Springdale plant, the
generating capacity of the company will be increased
44 per cent. The new business which the West Penn
Power company has actually under contract, together
. with prospective business, is more than sufficient to
keep the Connelsville, Windsor arid the new Spring
dale plants of the company loaded to capacity.
The unusually rapid growth of the properties
owned by the West Penn Power company in the four
years ended April 30, 1920, is evidenced by an in
crease in the number of consumers of 52, in total
connected load of 69.4 and in the annual output of
117.27c.
The franchise situation is eminently satisfactory,
as with the exception of a few small communities
from which the company derives less than 3 of its
gross earnings, all of the franchises, in the opinion
of counsel, are unlimited as to duration.
The territory served by the company is located in
the Pittsburg industrial district and is considered
one of the best fields for power consumption in the
United States, the industries served being of a very
widely diversified character, of which coal mining,
steel plants and chemical works stand out most
prominently.
Price $94.25 to Yield TA
WE RECOMMEND THESE BONDS FOR INVESTMENT
Halsey, Stuart & Co. A. B. Leach & Co., Inc.
Chicago New York Chicago New York
Cyrus Pierce & Co.
San Francisco Los Angeles Seattle'
The above statements are official or based upon Information which we regard as reliable and, while we do not guarantee them,
they are the data upon which we have acted In the purchase of this security.