THE 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