Morning Oregonian. (Portland, Or.) 1861-1937, December 21, 1920, Image 23

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Morning Oregonian., December 21, 1920, Page 23, Image 23

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Newspaper Page TextTHE MOfeNING OREtiONtATf, TUESDAY, DECEMBER 21, 1920 SURPLUS OF WHEAT MAY BE OVERSOLD Grain Men Betieve Prices Are Now at Bottom.-4' FOREIGN BUYING - STEADY Fincb la Home Supply Situation Expected Jty Some to Develop . Before Season Is Over. V There were advances of 1 and 3 centi In whit club bids and 2 and S cents in soft write, but otherwise wheat offers at ; the Merchants' Exchange were the same as Saturday. Country business was of the same small volume as heretofore. '. ' Two hundred tons of eastern yellow corn, ' December shipment, were eoW at $34.50, . unchanged from Saturday. December white nan were 50 cents higher. Other coars' grains were unchanged. - . A private wire from Chicago carried this . statement: "Persistent buying of wheat for foreign account in" the face of rela . tively low rates of exchange, depressing economic conditions and the fact that the new Argentine crop is now moving, is causing many In the trade to wonder what is the underlying cause of this demand. To grain men here there Is nothing mys terious abeut this continued foreign buy ing. The press reports are full of accounts of starvation In many parts of iurope and Asia and a shortage of food supplies . in almost every quarter- of the eastern ' hemisDhere. What the trade here would like to know Is not what Is the cause of the buying, but how much has been bougrft. . Grain men who have gone into the matter . deeply are convinced that the eatlre ex , cortable surplus of the United States and Canada has already been sold, and some believe oversold. The steady tendency of ' the wheat market. In the face of depres slon In other commodity lines, would in' dlcate the ' probability of this being the case. In that event a pinch Is likely to develop later. Consequently they believe that Drices are now at the bottom and that wheat values will continue to advance. Uaivestun cleared 1.513,(W0 bushels 6t wheat over Sunday. A cargo of gulf wheat was worked for the continent. A Buenos Aires cable said: "Scattered rains were beneficial. Weather Is now fine and outlook for growing crop of corn In this country good.' 4'' Terminal receipts. In cars, were reported by the Merchants' Exchange as follows: ' Wheat. Barley.Flour.Oats. Hay. Portland Mon. . t9 year ago 41 Season to date. 8304 Year ago 41)16 Tacoma Sat.... 6 year ago - Season to date. 3976 year ago ...... Seattle Sat..... 3 year ago -9 fcason to date.2UiO year ago 3472 1 166 1ZS ei 433 2113 4 588 347 44 506 60 .... 1 3 3 4 ... 166 l'J3 246 173 410 41 . 72 118 3 lb 8 1133 8UU 11 52l 644 .... 992 7 'tt PRUNES BECKIVKD IN BAD ORDER - Arrival of Large Shipment at New Tork Hay Not Affect Market: Commenting on the recent arrival ef a large shipment of coast prunes at Now .... Tork. the Journal of Commerce says: "Judging from some newspaper accounts i the prune cargo of the Steelmaker, which arrived early in the month, by way of the canal, wiU lead to a further demoraliza tion of the market, but such a belief Is ;. not entertained ln the trade to any ex ? tent.. As related in this paper, the Steel t maker wets about a month overdue on 5. account of a delay on,the coast which .. led the vessel to make a trip to Seattle ' before taking on a second lot of pitmes V at San Francisco. Mouldy fruit resulted. ' as shown by an inspection of the cargo here. Inasmuch as the ocean bill of lading la unusually careful in protecting the car 1 rier It Is believed that the losses sustained i will be borne by the buyer. At any . rate. much of the 30 care on the boat are unfit for the trade, and will Jiot be sold in the usual channels. The prune market Is sick. There la very little demand, pressure to sell and an overabundance of spot stocks, con sisting of old crop as well as new Califor nia and Oregon packs. The market fa von the buyer, but the buyer does not favor the market," DRESSED TUB KEY MARKET HIGHER. Day's Receipt Clean tip Readily st S3 Cents Live Poultry Flrm' . There was a fair supply of dressed tur keys on the market yesterday, but not enough for the demand. Most of the ar rivals were used to fill standing shipping orders and others were readily taken by j local retailers. Thenarket was firm at 63 cent for choice stock. Dealers expect prices will continue firm, but much de pends on the receipts during the next two daya. Dressed geese sold at 86038c dTessed duck at 44c and dressed chickens at 30 S3c Live poultry was firm and. prices were . better than last week. Hens sold at 230 " 30c according to size, springs at 25027c. - and geese at 29c. There waa some call for live tferkeys at 40043c. . . ' Country dressed meats were weak, par ticularly hogs, which are expected to be lower today. . Moderate Decrease In ' Wheat Visible.. - The American visible wheat supply . statement cgmpares as follows: Bushels. Decrease. ... 47,376.000 1.032.000 ... 82.tiM8.OO0 - 2.3S6.000 ...111,255,000 2.042.000 ... 25.361.000 311.000 Bushels. Increase. .762.249,000 3.063,000 ..: 7.215,000 11.191.000 The corn visible is 8,927.000 bushels, a decrease of 312,000 bushels; oats 30. 008, : 000 bushels, a decrease of 602,000 bushels; rye 8.608,000 bushels, a decrease of 135. 000 bushels; barley 8,925,000 bushels, an Increase of 625.000 bushels. Raw Sugar Market Firmer. KSW YORK. Per. 20. The raw sugar market was firm and higher today on sales of 11,200 bags of Perus In poet and afloat to a local refiner at 8c c" i. f.. "espial to 6.01c for centrifugal. Refined Was uiet at T.SOc to 8.00c tor fine granulated, with no Increase In the demand. Egg Movement Drag. The butter market was considered easier In some quarters yesterday, and top grade cubes were to be had at 48 cents . There was a good movement In prints. - Kfg dragged In spite of good holiday buying In ether line. Prices were on' changed, but the market had weak ua dertone. ' Bank Clearings. Bank clearings of the ' northwestern cities yesterday were as follows: Plenrlne-s. Balances, Portland .m........86.825.05S J2.004.423 Seattle 6.T00.S3 2 2.246.302 .Tacoma 718.307 . 98.911 Spokane'.... 2.36S.546 .1,216,836 . " 1' PORTLAND MARKET QUOTATIONS' Grain, no nr. Feed. Ra Merchants' Exchange, noon session: -JilU Dec . .1.0 .. 1.00 .. 1.60 . 1.65 ., 1.65 .. 1.50 Jan. 81.6S- 1.60 1.60 1.6-5 1.65 1.50 Feb. ties - 1:00 . 1.60 1.S5 1,54 1.50 .36.00 86.00 8(5.00 .32.00 .31.00 .30.50 82.00 31.00 30.50 82 IK) 31.00 Wheat Hard white Soft white White club Hard winter Northern spaing . . Rd Walla Oats No. 2 white feed. uariey Brewing: Standard feed .... Millrun Corn ' .. ...... No. i E. . shipment. ..34.S0 84.50 34.00 FLOUR Family patents,. .si: r 8 75; valley, 47.25; whole wheat. ,8-20i graham, 18. - MILLFEEI Prices r. o. o. mm: siui- nin. 836 per ton: rolled Daney. i ; rolled oats. 849; scratch feed. 863 per ton. COR.V-r-Whole, 47; crackea, . sou - per ton. HAT Buying prices, r. o. b. rortiana: Alfalfa. 820I&121 per ton: cheat, 22Wj; clover, 820; valley timothy. $2i28; east ern .Oregon timothy, ,$30. - Dairy sad Country Produce. BUTTER Cubes, extras, 48 49c per' lb.; prints, parchment wrapped, in box lots. 53e- per pound; cartous, 64c; half more; butterfat, buying price, 46IB-58C per pouno ; at stations; 60c Portland aeuvery. EGGS- - Buying prices, case count, Bc; pullets, 60c Jobbing orice-o retail-1 ers. candled ranch. 62c; selects,- 61 a 60c; , pullets, boc Jobbers f. o. b. Tillamook, 80c POULTKX Hens, zjopaoc; spring., p 2Tc; ducks, 25'p35c; geese. 29e; turkeys, live, 40 & 43c; do. dressed, choice, 63c. PORK Fancy, 15c per pound. VEAL- Fancy. 1515c per pound. STOCK CLOSE IS WEAK REACtlOXARY TEXDEXCY COX (TIXrES IX WAUJD STREET. Xew ' Low, Records Are Made Several jTecu!atlve Issues; Bonds Sell Lower by to rnlts and Vegetables. vtotttt Orttnrn. navels. 84(95.60; Japanese. 83.25 per bundle: lemons. 83.75 $3.25 box; grapefruit. $4,506-8 per box; ba nanas. 12H613o" per pound; grapes, $0.25 lug; -huckleberries. 1822c per pound: cranberries, coast. $6 per oox; east ern. $19C20 per barrel: apples, $1. too. 50 per box: pears. $22.20 per box. VEGETABLES Cabbage, l2Ue per bund; lettuce, $363.50 per orate; cucum ers, I1.75&2 per dozen; carrots, $1,600 1.75 per sack: garlic, 25c: tomatoes, $4 4 50 per lug; beets. $1.002 sack; egg plant, 2ic pound; cauliflower, $2 per eoz.; celery. $4.00'a5.50 per crate; green pep pers, lullttC per pounu. . tte per pouna; squasn. -1 u. por .iiwb, pumpkin, 2(&3tec per pound. pounds;. Yakima. I2.25&2.00; sweet pota toes. 6r6Vc per pound. ONIONS Oregon, Sl.wtgn.io per b.c&. California brown, $1.752 per sack; Cali fornia yellow, $1.75 Per sack; Spanish, $1.00 a 5.50 crate. Staple Groceries. Local jobbing quotations: SUGAR Sack basis: Cane granulated 9c per pound; beet, 8.80c per pound. HONBY Walnuts, aCinc; ur.au num. 36c; filberts, 2125c; almonds, 2630e; peanuts, 9$ 14c per pound; coooanuts, $2 per dozen: pecans, 82 & 35c; chestnuts, 26 Qi3oc pound. K1C& .Blue ft one, wc per pouuu, - pan style, 7c per pound. HKAISS small wntte. oc; lara wrm-w, Be; pink. 1e; lima, 10c; bayous, 12 Ho; red, T,sc per pound. '- COFFEE Roasted, bulk; drums, sio 41c per pound; sacked, 22 & 27c per pound. SALT Granulated, bales, ).uwv, half ground, ton, 60s, $19.75; 100a, $18.26; lump rock, $26.50. . Provisions. HAMS All sizes, 28 32c; skinned, 2T 33c; picnics, 24c. BACON r-ancy. 41945c; - cnoioe, o-iib" 34c; standard, 29$31c , LARD Pure, tierces, 22c; compound, i tierces, ltttc - DRY SALT Backs, 2124c; plates, 20c. Oils. LINSEED OIL Raw. barrels, $1.01: drums, $1.08; cases, $1.18. Boiled, barrels. $1.03; drums, $1.10; cases. U.18. TURPENTINE! Tanks, $1.41; cases, $1.56. , . . t . COAL OIL Tank wagoaa and Iron bar rels. 1714c; cases, 3037c. FUEL-OIL Bulk, $2.35 per barrel. GASOLINEXTank wagons and iron bar rels. 21c: cases, -41M:C. . NEv7 YORIt, Dee. t0. Entering upon the ftnkl fortnight of the year, the stoci market today presented no materialchange of .,lone from the very unsettled and re actionary,,,. trend of the past few months. The general' tenor of 'advices over the week-end seemed In nowise conducive to resumption of operations for the long sc count. Cables from London and Buenos Aires told of the suspension of financial Institutions at those centers- and foreign exchange wae unsteady, especially to cea tral European points. , Domestic industrial and' commercial con ditions continued to be clouded by a fur ther rallies off of tonnece at leading rail way terminals, additional dividend sus pensions and more cutting of wage sched ules in the textile trade. Prices were lower- in a majbrity of in stances at the active opening ef the stock market, recessions making irregular prog ress before noon. Variable rallies during the Intermediate session tailed- to hold speculative issues succumbing to increased pressure at tne heavy close. Net losses of 1 to 4 points were made by coppers, eaulbments. shippings and wuch specialties as International Paper and Famous Players,- but Houston OH was the most Conspicuops feature, breaking 1114 points. Sales of all stocks amounted to 875,000 shares. Another heavy Inflow of gold from Lon don was reported, but the movement bad little effect on remittances bf sterling bills. which rallied only slightly. Call money ruled at 7 per cent all day. but time money- showed Increasing activity. Heavy selling of liberty issues, espe cially the second, third and fourth 4s. featured the bond market, the offerings being attributed to enforced liquidation Total sales, par value, $24,508,000. Old United. States bonds were unchanged on call. Liquidation of bonds was not effective until the final hour, when heavy transac tions in the several 4 14 per cent liberty Issues overshadowed other operations. Net losses of 1.60 per cent were made by the second ana third 414s. the fourth 4Us clos ing at a decline of 1.32 peat cent, after hav ing registered an extreme fall of 1.62 per cent. .Brokers and banking houses stated that ft large proportion of the selling orig Inated out of town, especially in the mid- die west, wnere money, even for the short periods, has been almost unobtainable In tne last fortnight CLOSING STOCK QUOTATIONS. Last High. Low. sale. 3714 35 30-4 23 22 22 IWSs 117 . 1175, At 'It 30 Stt 85 32!t 32li 78 7714 77 3914 8814 3S 14 84 2 8314 8814 67 67 96 8014 9514 6114 6014 6014 614 6 '614 85 32 32 7914 78 7814 10414 102 im Sales. 2,200 2.700 7,700 2.3M 6,700 6.000 5.200 5,600 1,500 3.100 6.61W 3.9IJP Pec. 20, 1920... Dec 21, 1919... Dee. 16, 1918... Dec 17, 11)17... Pec. 18. 1016... .Dec. 20. 1915... FOR SALE 3000 Alaska Pet. A" Coal... 1000 Amer. Llfeograph 17.50 40 pfd., 20 com. Amer. Securi ties Co Bid 10O0 Bankers ft Merch. Pet...... .75 500 invaders Oil, Oklahoma (carrying 100 Btock div) 1.97 2000 Harvey Crudo Oil .1214 -JOOO U. S. Oil Gas 50 60O0 Mike Henry Oil .09 1W Queets Trading 09 W buy or sell any active or Inactive teeks on any market and will quota , prices on stocks in which you are in terested without obligation on your part. LIBERTY BONDS BOUGHT AND SOLD AT NEW YORK MARKET. 'ftERRINsRHODES'iNev w - ESTABLISHED!. STOCKSand BONDSj Members Chicago Board of Trade. Private Wires to All Leading Cities. Main 283. . ; Railway Exchange Bidg. Am Beet Bug. American Can Am Car ft Fdy Am H ft L Pfd Am Inter Corp American Loco Am 6mt ft Rig American Sug Am bum loo JAm Tel ft Tel Amen Woolen Am Z L ft S Anaconda Atchison Atl Gf ft W In Baldwin Loco Bethle Steel B But ft Sup Cop Cal Petroleum Canadian Pacif Centrl Leather Chandler Mtrs cues & Oho Chi MM ft St P Chlc'go ft N W Chi R I & Pac Colo -Fl & Iron Corn Products Crucible Steel 10.600 Cuba Cane Sug 13.000 Erie i 4,200 Genetl Electrio 1,700 Generl Motors 46,100 Grt North Pfd 3.8o0 Illinois Central Inspir Copper Int MS Ma Pfd Interna Nickel Interna Paper Kan Cty South Kenhe Copper Louis ft Nash Max Petroleum 1,000 Miami t-opper l.ooo Mid States OH 7,000 Mldvale Hteel 11.400 Missouri Pact 7,100 New-York Cen N Y N H ft H Nor ft Western Northern Pacl Ok 'Prd ft Rfr Pan-Am Petrol Pennsylvania.. Pitts ft W Va Ray Con Cop Heading Cop 15.900s 6,1 oo 4.000 ' 5,600 6.800 70O 4.900 2.900 4,400 6.400 4,800 7,100 8,900 3,700 460- H.GIMJ 2.600 5.900 4.300 8.800 7.500 ' ooo 8,400 200 . rf.306 8.600 . 2.IOO , T.900 2,700 6.900 8,100 1,600 2.400 13.600 Rep Ir A Steel 14,100 Royal D . N'Y, 9, 6001 5514 &1K ' Sl s 2614 11214 3014 69 6414 25 66 20 2.114 6414 82 184 1214 1J8H 1314 72 83 2914 4814 12 46 J! 97 159 15 12 80 89 16 9614" 79 3 78 89 29 11 82 58 Shat Ariz Cop 2.300 5 Low. 35 22 117 . 36 32 77 IS 67 90 60 6 32 78 102 31 60 ' 111 33 68 83 24 61 24 63 70 18 12 118 12 72 83 . 28 - 1 12 43 J6 16 97 155 15 11 29 16 67 16 95 -74 8 -74 39 27 11 - 80- .. 50 53 5 31 50 x8 24 111 3:! 68 54 25 64 21 , 25 64 80 16 12 118 13 72 83 28 47 12 43 16 10 97 157 15 11 30 . 16 68 16 95 74 8 74 39 27 11 80 67 65 5 City of Portland 10-year6 Call or phone. CAMP CO. MOUNB Ft-OON krsnwMSM Botlmm I "hell ft W S.ioo i am on ft Rrg- I8.nm ooumern raci Z4,ooo Southern Rwy 7,700 8 0"N-J Pfd BOO 8tudebak Corp 6.600 Texas Company 16,909 Texas ft Pacific 2,200 Tobacco Prdts 2,970 Trarticontl Oil 8.3O0 Union Pacific 6.900 U 8 Food Pdte 8.100 I V S Ihd Alchl 4,000 V a Rtl Stores 8.900 . U 8 Itub.... 4.100 U 8 Steel. . . . 29,600 V 8 Steel Pfd 1,40 Utah Copper.. 3.800 West Electric 8,50 Willy - Overld 800 Bx-div; W -; S 96 20 IO -42 . 42 17 60 MM '8$ 61 79 105 47 11 6 8K 8 22 12 95 . 95 19v 19 103 14 103 16 50. 6 3 15 0 61 60 T8 105 47 40 6 41 10 50 113 15 6914 61 1 . 18 105 40 H . 3 , BONDS. TJ 8 Lib s...80.00!A T ft T cv 6s. 94 do 1st 4s 84.80i Arch gen 4s... 73 do 2d 4s. ...84.30D ft R G con 4s 62 do 1st s... 85.00, N Y C deb 6a.. 90 Whzn Men Used Stone Hatchets : N P J do 2d 414s. ...83.10 do Sd Hs. . ..83 SO do 4th 4 4s... 83.80 Victory 3a ...94.94 do 4S . ....94.9S.S F ev 5s... TJ 8 cv 4s cpn.fioe So Ry 5s ... Ban 8 reg ....t89 U P 4s .00 coupon ...too U S Steel Ss N Pi Pac T ft T 5s. . Pa eon 4s. .. 73 64 80 87 83 79 0 Bid; toffered. East Butte Franklin Isle Royalle .. Lake Copper. . Mohawk ..... Mining Storks at Boston. BOSTON, Dec. 20. Closing quotations: Allouez 18 North Butte 6. 8 Aris Com 5IO!d Dom 15 uaiu et Ariz... 41 Osceola -. 22 Calu ft Hecia..216 Oulncv 85U centennial .... o iHuperlor ........ a Copper Range.. 25,. Sup ft Boston.. 1 1 14 1 Shannon To 2 14 1 Utah Con 8 16 IWinona 85 lIWolverlne 9 43Granby Con .... 18 ' . Money, Silver, Etc. NEW YORK, Dec. 20. Prime mercantile paper. 7G8 per cent. Can money steady. High. 7 ner cent: low, 7 per cent; ruling rate, t per cent; closing bid, 6 per cent; offered .at' 7 pel cent; last Ipan, 7 per cent; bank accept ances. o per cent. Time loans easier; 60 days. 90 days and six months.. 77 per cent. Bar sliver domestic;. 99 ; foreign, 62. Mexican dollars, 4. LONDON, Dec. 20. Bar silver, lod per ounce. Money 4 per cent. Discount rates, short bills, 6 per cent: three-month bills, 6 per cent. Foreign Bends, . Foretm bond Quotations firnIhMl hv the Overbook ft Cooke conrpany- of Port land: Russian 6U. 1921 Russian 5s, 1926 Russian 6s. 1919 Currency French 6s, 3931 .... French 4, 1917 ... French 6s, 1930 ... Italian 5s, 1018 ... British 5s, 1922 ... Brltistl 5s. 1927. .. British 5s, 1929 ... British vky 4s-.... British ref 4s .... Belgium rest 6s .. Be!)um prem 5s . German W. Ii. 6s . Berlin 4s Hamburg 4 ...... Hamburg 4 Lelpslg 4s ...... Leipsig 6s Munich 4s ......... Muuich 6s ......... Frankfort 4ls , Jap 4 , ap lati an 2d 4s , Paris sixes , K 5& 1921 .... U K 5s, 1922 .... U K 6s, 1929 U K 6s, 1937' . . Bid. .. 8 .. 7. .. 7' .. 65. .. 49 .. 39 .. 5 .. 23 ..3-IO ..341 ..332 ..246 , .2 .'. 63 .. 60 JO .. 10 .. 13 .. 12 .. 12 .. 13 .. 13 .. 13 .. 13 ,. 65 .. 74 .. 74 .. 92 .. 7 .. 94 ..88 ,. 83 Ask. 12 ' 10 14 67 61 41 fW 2 354 343 . 344 ' 200 234 (W 6- 12 12 14 14 15 16 1-5 16 15 66 75 75 93 97 95 89 83 5-year 7t Gold lyote WHEELER TIMfiER COMPANY Den. $100, $500, 5 $1000. PRICE 100 YIELD 7 The great Redwoods which -comprise the major security for this $400,000 issue were sapIings and that waa sev eral thousand years ago. The notes are backed by more ' than $2,000,000 worth of Cali fornia timber lands and over $1,000,000 worth is Redwood one of America's rares commercial woods. These -bonds are of tuch general excellence, that they are Legal Investments for Oregon Savings Banks LUrZlTMENS TKUST COMPANY" Broadway and Oak Foreign Exchange. Foreign exchange rates at close of busi ness yesterday, furnished by Northwestern National bank of Portland. -The amount quoted is the equivalent in United States dollars: r-onnti-v TTnlt. Kate. Austria, kronen ...... I .00-6 Belgium, francs - ot30 Bu carta, leva Czecho-Slovakla, kronen 0123 Denmark, kroner .1.128 hitfiann. nounn nvmns ........... a .' ' Finland, finmark o.'8 France, Francs .0598 fiArmanv. marks .OI4J Greece, drachmas .0740 Holland, guilders '; Hungary, kronen .oos Italy, lire -03.0 Jugo-Slavla, kronen ""'i: Norway, kroner l' Portugal, acuaos "r? Roumanla, lei 0113 erbia, dinara .u-ij Spain, pesetas . lrf10 Sweden. Kroner .1987 Switzerland. franca 1KB China Hongkong, local currency... .6555 Shanghai, taels '" Japan, yen 4950 NEW YORK, Dec. 20. Exchange irregu lar. Sterling, demand, $3.59, cables $3.50; francs, demand 5.85, cables 6 87; Belgian Irancs, demana e.is, cables o.?u; guilders, demand 31.00, cables 31.10; lire, demand 8.37, cables 8.39: marks, demand 1.36, cables 1.37; Oreece, demand 7.3U; Mew Fork Exchange on Montreal 15 per cent discount. Sterling advanced further In the late dealings; demand $3.61. cables $3.51. Swift Co. Stocks. Closing prices for Swift ft Co. stock at Chicago were reported by the Overbeck & Cooke company of Portland as follows: Swift and Co. 99 wwlft International : 25., Llbby. McNeill ft Libby National Leather Hep a Kew York. NEW . YORK. Dec. 20. Hops state 1920, 41M5c; 1019, 83'(ia."c; coast 1(120 8.' .1y : 1019, 33iS5e, .1! . T quiet; Pacific TROFITABLE employment of money necessitates that it have no idle hours. Inform us of your needs for investment of- January interest, dividends or funds from maturing securities. We have avail able, or will obtain, securities to fulfill them. 7y2to 9 Yields Exempt From All Dominion Government Tax $55,000 Cold Bond Municipality of Assiniboia I Province of Manitoba Price 88.13; Yield 9 Dated December 1, 192. De December 1, 11)26. Denomination $600 t General Obligation Cold Note I CITY of EDMONTON I Province of Alberta I Price 95.24; Yield 9 I Dated September 1, 1920. Dae September L 12!. Denomlnatle $1000 $35,000 t Cold Note I PROVINCE of ALBERTA Price 90.75; Yield 7V Dated May t 1016. Due May 1, 102$. Denomlnatle $1000 Principal and semi-annual Intereat ef the above bone's fisyable In I'nlted States Uold Cola In New Tork City or at the elf lore of Morris Brothers, In. TELEPHONE Olt TKt.KGR APH OHDKI1 AT Orri EXrE18K MORRIS BROTHERS, Inc. LIBERTY BONDS REDEEMED AT PAR! Politz will redeem Liberty Bond of all Issues at par in exchange for a suit or overcoat, returning the difference in cash to you. FOR EXAMPLE A suit or overcoat selling- t forty dollars rives you a balance of ten dollars in cash on fifty, dollar bond, or a hundred - dollar bond will give you a balance of ten dol lars in cash and a fifty -dollar bond of the same Issue. POLITZ CLOTHES SHOP Corner Washington and Sixth. Established Over a Quarter Century "The Premier Mnnlelpal Road. Iloase" PORTLAND, Ort MORRIS BLDG. 309-11 STARK BROADWAY 2151 Dther Offices at Seattle, Tacoma. Wash, and San Francisco, Cal. Capital One Million Miliar SAFE DEPOSIT BOXES - v ( ; NEW ISSUE- ' ... ' . $3(),000,000 Standard Oil Company of New York Seven Per Cent Serial Gold Debentures t ' ' To be dated January 2, 1921. , - , " Interest payable January 2 and July 2. ' . . . - Total authorized issue $30,000,000, due in seven annual serial installments, as follows: $4,000,000 due January 2, 1925 $4,000,000 due January 2, 1928 $4,000,000 due January 2, 1926 ' $4,000,000 due January 2, 1929 : " $4,000,000 due January 2, 1927 $4,000,000 due January 2, 1930 $6,000,000 due January 2, 1931 . Counon Debentures in denominations of $1000, $500 and $100, with privilege of registration as to principal. Redeemable in whole or in part on any interest date on and after January 2, 1925, at ld5 and accrued interest. If less than the entire issue Bhould be called for redemption, the longest , ' -outstanding maturities are to be called first. - Interest to be payable at the office of the Equitable Trust Company of New York or Blair & Co., Inc.. without deduction' for ahy Federal Income Tax not exceeding 2 in any year which the Com- . pany or the Trustee may be required to pay thereon or retain therefrom under' - - ' any present or future law oi the united States or America. THE EQUITABLE TRUST COMPANY OF NEW YORK, TRUSTEE An Ideal Gift for Christmas "a well-selected, high-grade bond." Bend for our current , list of offerings. The National City ' Company " Office In more than B0 cities. . Portland Yeon Bid. -Telephone Main 6072 I A The investor lho seeks every safe ' guard Then purchasing bonds should first consider the responsibility and per manence of the bond house. Sixfp-one years of continuous service is the record of the Ladd & Tilton Bank. Substantial Utility Company of Pacific Northwest M the . We own and recommend for investment -First Mortgage 5 Bonds of the Pacific Power & Light Co. Due August 1, (930 This company serves exclusively the famous "Yakima and Walla Walla Valleys in Washing ton, and Pendleton, The Dalles, Hood River. and Astoria, Oregon. Seventy-five per cent of their gross earnings are derived' from the- sale of electric, light and power, i ' -v PRICE TO YIELD 7 8 - M l UfiOOTpp3G3 III s m WASHINGTON AT THIRD flj Mr. H. C Folger, President of the Company, in a letter dated September 15, 1920, addressed to Blair & Co, Inc., and. the Equitable Trust Company of New York, writes as follows: - SECURITY: These Debentures will be the direct obligation of the Standard Oil Company of New York and will, constitute its .sole funded debt. . - NET EARNINGS of the Company compare as follows: ' ' Before ' After Year Federal Taxes Federal Taxes 1916 ' $37,40i,764 ; $36,638,495 1917 39,376,043 ' 30,000,672 1918 '; 44,157,080 28,642,387 1919 68,330,176 43,165,109 ' Net earnings-for 1920 before Federal Taxes are estimated at 60,000,000. ' Net earnings before, taxes for the four years ended December 31, 1919, averaged 20 times the annual interest on the new Debentures and for 1919 were nearly 28 times such annual interest. . ASSETS:"" The balance sheet as of June 30, 1920, shows total net assets of $246,196,981 and net quick assets of $133,768,112. Adding the proceeds of the new Debentures, the total- net assets exceed 9 times these Debentures and the net quick assets alone on this basis exceed 5 times these Debentures. The balance sheet includes nothing f qp good will and does not reflect the yery Bub etantial increase in the value of the Company's physical "and other properties accruing over a period of years. - " EQUITY: The Company has outstanding $75,000,000 capital stock on which dividends of 16 per annum, are being paid. At present quotations this stock represents an equity of about $250, 000,000 ranking junior to these $30,000,000 Debentures. i , . - RESTRICTIONS AGAINST MORTGAGE: These Debentures are. to be issued under an Indenture with The Equitable Trust Company of New York as Trustee providing in substance, among other things, that the Company will not create ahy mortgage oh bf pledge of its prop erties unless these Debentures shall shar equally and ratably in the lien of such mortgage or pledge, but this shall not apply to purchase money mortgages 6r pledges of personal property to secure temporary- loans in the Usual course, of business and 6hall not restrict the acquisition of . , additional property subject to lien or mortgage. ' - v , CURRENT DEVELOPMENTS: The Company is engaged in adding to its refinery capacity, marine equipment, etc., the earning capacity of which expenditures And of the proceeds of this issue will be reflected in the future operation of the Company. Its capital requirements have been supplied' almost entirely from earnings. In the five years ended December 31, 1919, approx imately $115,000,000 from surplus earnings have been reinvested in the business. The legal proceedings in connection with the issue are being passed upon by Messrs. Hornblower, Miller and Garrison and Messrs. Murray, Prentice and Howlarid, Lawyers New York. Pending receipt by us of temporary Debentures, Interim Receipts' may be delivered. . All offerings are subject to approval of counsel, "when, as and if issued and received by us."-T " j . r4 What a Big Denver Bank Thinks of Credit Insurance Manufacturers and wholesalers, here is a message you will likely want to cut out and save. It is a letter recently received from one of Denver's leading; banks . by . the American Credit-Indemnity Co. : "We are reminded by the prevailing con ditions in the financial world of the lmpor ' tance and value of Credit Insurance. It is common knowledge that when prices of commodities are advancing and purchases are freely made, it docs not require the greatest degree of skill and good judgment to profitably conduct mercantile business, but when values and prices are declining, as under present conditions, the highest measure of ability is required. "It follows that, unusual precautions must be exercised if losses due to poor credits and bad debts are to be prevented. It is in this connection that the value of Credit Insur ance becomes at once apparent. "Every conservative business house is bound to avail itself of every proper means to pro tect its financial standing and we are firmly convinced that the purchase of insurance upon open credit accounts will prove an important factor in the successful manage ment of general business during the ensuing years. We have no hesitation, therefore, in recommending to our friends and patrons the wisdom, and expediency of purchasing a line of this kind or insurance." Bankers in all cities endorse precautions that prevent, else pay, bad debt losses be yond the normal, which the American's "Unlimited-Interim-Payment" Policy does. Write or phone for particulars. Payment t PtlicyhtUert abtut SI 0,000, 000. 00 AMERICAN CREDIT INDEMNITY, CO. or NEW YORK E. M. TREAT, president UtUIl STANDARD UNLIMITCD POUCH H. T. MacRILL Board of Trade Bide. Phone, Main 1179 Portland, Oregon Price: 100 and Accrued Interest Blair & Co., Inc. Circular on bequest . ' The Equitable Trust Company of New York Wm.A.Read&'Co. the statements presented In this circular, while not guaranteed, have been obtained from sources which we believe to be reliable- . . Ail ef the Debentures Having Been Sold This Advertisement Is A Matter of Record Only. Building for Sale Ten-Year Lease to Net Modern brick building in desirable wholesale location, occupied by Ion? established, responsible concern. Will arrange fife or ten-year lease to net 8 per cent Price $65,000.00. W 222, 0REGONIAN " f HOTEL HOYT Strictly Flrproef. Kar both opou and convenient ear nrvlo ta '. - all Dart of tba city. (Una-le tioome Without Bath, SI and ap Single Rooms With Hath. and an ' ELBKKT B. ROBB. Munmxer. Phon Your Want Ada to THE 0REG0NIAN Main 7070 Automatic 560-95