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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (March 20, 1922)
THE MORNING OKEGONIAN, MONDAT, MARCH 20, 1922 17 fDjipii:ip pnCT Dini!p ntuiiiuuuHUi mm CLEARIiyGS INCREASE 3.6 Per Cent Gain Recorded Over February, 1921. EASTERN DEPOSITS FALL Xorltnvcst tiumber. Agricultural and Livestock Industries Grad ually Returning to Normal. Business and financial conditions throughouf the United States can be In dicated clearly by the bank clearings shown In the various cities and districts of the country. 2f the conditions, of a given locality are bad this will be reflected by the clearing! that are totaled In the banks. If conditions are good they will be like ditEons in the agricultural districts revert back to a more safe1 position. Portland, during the past few years, hss developed into one of th best bond cities on the Pacific coast. There was a time, a number of years ago, when investors scorned the idea of placing their savings m bonds. Today the situation is the re verse and bond houses are educating the people to invest- in safe, high-y leldinr se curities. j The rapid development or fox:ana as sn investment center, according to Wildes Veazie, sales manager for G. K. Miller & Co., investment bankers and bond dealers, has bfen due to the education derived from the "liberty bond compaigns. 'While invest ment interests woul 1 have developed steadily," said M. Veaie( yes terday, "and Portland "niutt of necessity have become an investment center due to the wealth of its citizen? 'he t-ducation developed by the purchase of liberty bonds, the clipping and cashing of -oupois and the resale of these securities has given a practical illustration of the value of in vestments which would lot otherwise have been attained in many years. Many citi zens purchased liberty bonds more with the idea that they wen making sub scripti&n to the war fund than that they were making desirable 'nvestmen "During the period that followed the war heavy liquidation of liberty bonds wa3 in evidence. Many holders of these bonds, who had hoped at least to receive the return of their principal, wore grev- i iously disappointed and sacrificed their j holdings at the market. The fact that sales could be made promptly arid-invested funds made available at a moment's ro tice became evident. As the market later advanced and as funds became available even those -.previously disappointed saw the adantage of buying liberty bonds, net only t for safety, but for quick asset in event funds were needed. "This experience led investors into broader fields, to Investigatioa -t otner I ! i i If 1 1 wfaA MfUcta nnllmiaMn 1ntA1VlWS dd not make conditions; thse r, regulated j securities and to lnvejr.me..t therein. ben by the amount of money the citizens of a community deposit with the banks or In- Test In reliable securities. Representatives of eastern banks and western financial men who have taken the trouble to journey into the middle west and east have returned with one opinion H that i that nnnditions as regards business -and finance are better here thaif in tfie territories over which they nave traveled. This opinion Is vouchsafed by the records of bank clearings that are detailed in financial publications. Clearings Show Increase. Conditions throughout the Atlantic states during 1921 were bad. There can do no denial of this. During the month of Feb ruary of that year the clearings of New York banks were 14, 528,621.069. whi during the same month of this year the clearinra were 1 1 J.340.5-'.lS.i. or a gain of 8.8. In Philadelphia the gain was less than one-ninth of this figure. But In tne other large cities of the same district the gain was sufficient to overrun tne loss in cities where depression was the worst and make for the enure district a gain of 3.1 over total clearings in February. 1021. In the central states or middle west conditions were not as favorable during February of the current year as they were during the same month of 1921. In Chi cago, for instance, there was a decrease of 3. 2 per cent in bank clearings. In Cleve land where manufacturing is great, there was 'a decrease of 18.3 per cent. In In dianapolis, however, there was a gain of 18.1 per cent. In the entire district the figures for the two months show that there was a decrease of 3.3 per cent dur ing the month of February, 1922. Decided Improvement 6howsu The decreases in many of the cities of these districts have been so great that they have cut down the total and made loss. In several cities of the territory conditions have shown a decided improve ment in bank clearings. In others, how ever, where manufacturing plays the prominent part and where- the articles manufactured compete with those pro duced in Europe, the loss has been great enough to overbalance the improvement in other localities and bring the standing of the entire district under what it was in 1821. i Turning to the Pacific Coasa district, it la found that the entire district showed gain of 3.6 per cent in bank clearings during February of 1922 over the eame month of 1921. Portland showed a loss of 2.1 per cent in February as compared with the eame month of 1921, but this was largely due to the falling off of the lum ber trade, upon which the surrounding district largely depends, and the closing of the State bank. -These conditions are held but temporary and a few weeks will bring a revival according to the ideas of both lumbermen and bankers. San Francisco, Los Angeles and Seattle all showed decided gains in bank clear ings over those of the month of 1921. Salt Lake City, largely dependent upon agriculture and mining, showed a lose of 33.9 per cent as compared with February, 192L Conditions Far From Normal. Conditions, taking the country as a whole, are far from normal. The best financial minds of the country cannot pic ture them as becoming normal for a long period of time. The entire . nation Is In the same condition as a man who has Just arisen from a bed after a long period of illness; it is convalescing. The north west, with its lumber, agriculture and livestock, is recovering and getting back to a pre-war basis as rapidly as possible. With the east, where manufacturing and the accompanying dinner pail plays the prominent part in finance, conditions are the reverse. Take for Instance the city of Racine Wk, which has a population of between 5.00O and 72.000 people. Its great in dustries -are the manufacturing of farm mplements. The largest .plant for the manufacture of threshing machines In the world is there located. During the war this plant employed 2S00 men and ran full time. After the war farm products diminished In price, farmers found their credit shut off, there was no demand for farm ma chinery and this creat plant reduced its employes at least 20O0 men. Other plants of the city were forced to do likewise, due to similar condftiona. Financial af fairs la Racine city have not resumed their pre-wH statu? aiiii tlTy cannot until rnn- such bonds seemed to afforl adequate se curity. The change fron- one form of se curity to another has been remarkable. Few investors knew anything of Canadian bonds prior to the war, but following the war these bonds came into great favor notwithstanding the difficulties presented in problems of exchange. ' "From Canadian bonds a movement fol lowed into the wider field of interna tional securities, where again the problem of foreign exchange developed, and in more complicated form. Today there are millions of foreign bonds issued in sterling, kroner, francs and ' other standards of currency, held by investors of Portland and the northwest." With nearly $900,000 of Its $1,000,000 first preferred stock issue sold in record time, the stock sales department, of the Northwestern Electric company expects to dispose of the remaining shares before the end of the month. This objective, accord ing to F. J. Buckley, sales director, will be achieved without great efforts. The operating department of the com pany is already laying plans for the ex penditure of the funds obtained from the sale of bonds. In new extensions and de velopments. These changes will enable the concern to take care of 10.000 sew customers before the end of the year. Un derground cables and aerial wires are being constructed into many sections of the city hitherto untapped. "There has been an exceptionally strong demand for public utility securities of late." said Mr. Buckley yesterday, "and Northwestern Electric, because of the fact that it has paid 27 consecutive dividends. has taken a position right in the van of nign-ciass utility stocks. ' The election of Marshal S. Wright as assistant to tne vice-president or the Lum bermens Trust company .was announced following a meeting of the board of di rectors held Thursday. Mr. Wright has been with the organization for the past mree years ana nis promotion eomes as a recognition for a good record made. He has assumed his duties as assistant to James Lynch, vice-president, who has charge of the, bank's bond sales depart ment. Mr. Wright Is a graduate of Ore gon Agricultural college. EXPORTS BEAT 1913 TOTAIvS 10 Principal Products of United States Make Good Showing. (Copyright by Public Ledger Co. Pub lished by arrangement.) PHILADELPHIA. March 19. (Special.) Notwithstanding the business depression, exports from the United States of ten prin cipal, products in 1921 were considerably greater both in value and volume than in 1913, according to J. J. MacFarlane, li brarian of the commercial museum. Exports last year were 21 per cent less in quantity of these products than in 1920, the record year. They decreased 40.3 per cent in value. The products in the list are breadstuffs, cotton, mineral oils, meat and dairy products, iron and steel manufac tures, except machinery; leaf tobacco, coal, copper ingots and manufactures, refined sugar and vegetable oils. Breadstuffs to the amount of 6.244,000 short tons were sold abroad in 1913. com pared with 11.605,000 tons in 1920 and 15.634.300 tons last year. In the last pre-war year 22,141,000 long tons . of coal were exported; in 1920, 39.215,000 tons, and last year, 24.829,000 tons. The yearly tonnage totals for al." products are: 1913. 45,306,350; 1920, 75, 536,150; 1921, 69.662,000. For the investor who desires sound bonds, with a substantial yield, and ready marketabil ity, we commend the general obligation bonds in this attractive .list. Bonds are income tax exempt. Write or phone for whatever in formation you may de sire. " - General Obligation BONDS Yielding to per cent . Due Baker County, Or., 5s. : . 1939 Benton County, Or., 5s ..................... . . 1927-29 Gilliam County, Or., 5s. .-. . ........ . 1942 Pacific County, Wash., 5V2s. .1928-32 Tillamook County, Or., 5V2s. . . . . ...... .... ..... 1932 . Wallowa County, Or., 5y2s. . . 1937-38 Ashland, Or., 5y2s, I . , ; . . .'.1927-30 Portland, Or., 6s. .. .1928 Prineville, Or., 6s ....... . ) . . 1933 Pendleton, Or., 6s. ........ . . . .1923-32 Evergreen (H. D.), Lewis County, Idaho, 6s. . . . .1930-39 West Point (H. D.), Gooding County, Idaho, 6s. .1931-39 Yield 5.00 5.00 5Vs 5.10 5.00 5.00 5.35 5.00 5.80 5.20 5.75 r on LUMBER Broadway and Oak Long Term UNDERWEAR SALES GOOD wholesaler's said to have made money. dium and winter weight, there has been fair-sized business. Low inventories on woolen underwear hand machinery of, this class says there Is interest in getting- machinery, either new or second-hand, if it ean be delivered National Association Sends Out Letter Regarding Conditions In American Market. (Copyright by Public Ledger Co. Pub lished by arrangement.) PHILADELPHIA, March 19. (Special.) Wholesalers have done well with spring knitted underwear on a basis of purchases at last July and August prices, said the market service letter of the National Iry Goods association. When this merchan dise is gone there Is prospec,t of reorders at higher prices. Trading on an advanced price basis will probably be on a limited scale. Manufacturers are eager to keep their plants running, on the theory the loss through oDeration on an unprofitable basis will be less than that occasioned by drastic curtailment or complete shutdown. Fall 1922 underwear conditions are abotlt the same, with littre additional buying by the wholesaler. Mills which opened at last-year prices did a fair business, but those which advanced prices admit tnat they are in a dilemma. In men's flat, knitted woolen and worsted merino under-' wpar, two-piece puUs and -union suits, me- are reported by both wholesaler and re- quickly. Business is better than one year tailer, but buying to replenish stocKs is not ago. 'mere also is a good, steady demand enthusiastic. Manufacturers wno nave tor supplies used in repairing this ma eold fall 1922 wool underwear at last chinery. year's prices in the face of a decVIed ad-1 vance in the price of wool say that if Bua!nM(. manfHnir lntfr. f,1 in connection with knitting machinery, for both hosiery and underwear. Is in better there Is a large volume of business they i must raise their prices. One hosiery buyer is quoted as saying: "It is evident that there was an enor mous expansion of hosiery manufacturing facilities in this country during the war period and that the present production is far ahead of consumption. Until' this condition is remedied, either by elimina tion of many smaller mills or by the re establishment of the export business, there is little probability of quantity trading in hosiery. "In spite of apparently determined ef forts of manufacturers to kill the- heather hosiery business through over-production and by making undesirable goods, indica tions point to a fair business by jobbers and retailers on this class of merchandise during early fall. Mills tnat have always made this class of merchandise and the production of which is relatively small are well sold up. Jobbers that are handling their goods to the exclusion of exper i mental merchandise will undoubtedly do a good business." Business News Notes. (Copyright by Public Ledger Co. Pub Jsihed by arrangement.) PHILADELPHIA, Mam& 19. Textile machinery used in spinning worsted yarn is in good demand. The representative of st firm don lins1 in Imported and second - condition than for some time. A manu facturer says it is at least 25, per cent better than a year ago. His plant in Phil adelphia is now working on a 40-hour-per-week schedule Last year the plaut was running some, but was accumulating stock. A good portion of that stock has been ab sorbed. Foreign business is developing, with inquiries and orders from Great Britain, France. South America and Japan. Most of the foreign orders are fos loopers on full-fashioned hosiery machines, but some of the orders from Japan indicate that the knitters in that country are be ginning to make sweaters. " The call for loopers in this country is for hosiery, un derwear and sweaters. -Corn Exchange National bank has re ceived a letter from a reliable importer in Rio Janeiro who wishes to get in touch with manufacturers of construction sup plies and brewers' supplies. Only such firms as have sufficient capital to carry on an export business of considerable pro- rant Why we believe the bonds issued by Oregon counties are the highest class character of investment open to you: 1 2 3 4 Authority to issue must first be obtained by a majority vote of all registered voters in the county. Bonds cannot be issued in excess of 5 of the assessed valuation of the county. There has never been a default of principal of county bonds in the history of the State of Oregon. These bonds offer a high interest return consistent with their character and entirely exempt from Federal income tax. GILLIAM COUNTY 54 Road Bonds Assessed valuc.f 15,269,582 Bonded debt.... . 125,000 Population 3,960 A.1920 Census.) Due 19 12 Price 101.55, yield 5 MORROW COUNTY 5 Road Bonds Assessed value.-? 13,356,629 Bonded debt. . . . 290,000 Population 5,617 (1920 Census.) Due 1929 Price 102.40, yield 56 UNION COUNTY 54 Road Bonds Assessed value...$26,415,611 Bonded debt.... 860,000 Population 16,636 , (1030 Census.) Due 1928-1931 Prices to yield 5' BONDS of this type under normal investment conditions, to which we are rapidly returning, have values very much higher than those shown above. We will furnish full details upon request. We will reserve these bonds for you to suit availability of your funds later on. You may purchase them upon the Partial Payment Plan if you wish and pay for them in small amounts as may be convenient, earning while saving the the same income upon the amount of money yoa have invested as if the bonds were fully paid for. We wish to be of service to you and will appreciate your calling upon us or inviting us to call upon you. Wire orders "collect." FREEMAN, SMITH & CAMP CO. Lumbermen Bldo., Portland STARK S740 portions would trade, they say. be able to handle this Postmaster Highest in Test. KALAMA, Wash., March 19. (Spe cial.) Ad-vices received hero from Washington, D. C, are that Edwin Schauble, present postmaster at Ka lama, ranked first in the recent civil service examination: his brother, John Schauble, ranked second, and Every large city has one newspaper which, by universal consent, Is the Want-Ad medium of the community. In Portland It's The Oresonian. - HERRIN & RHODES, Inc. Established 1896. STOCKS, BONDS, COTTON, GRAIN Correspondents B. P. HUTTON & CO., N. X. Members all leadlns; exchanges, Babson's Service OB File. Bdwy. 725. gfll Railway Exchange Bids;. i Money to Russia and Poland Owing to recently completed ar rangements can be forwarded to the best advantage through this bank. Dollar or Mark transfers to Russia are exchanged into Soviet Rubles by The Russian State Bank at Moscow at the official rate. Our transfers of Polish Marks are handled through the official Polish Fiscal Agency. Consult Mr. Spliid, Manager of our Foreign Department, if you have funds to collect or transmit to any foreign country. gpsw E m EsajB BsssyytemsbS OTWSFn?-TsTR ! &it III II I : 1SAYINGS 4th & Washington Portland Oregon We offer our participation in 1 $45,000,000 Sinclair Consolidated Oil Corporation First Lien Collateral 15-Year 7 Gold Bonds ' . Series "A" Company: Sinclair Consolidated. Oil Corporation is the second largest oil producing, refining, and marketing corporation in the world. It is closely affiliated with the Standard Oil Co., owning jointly with the Standard, nearly 2800 miles of pipe line in the mid-continental section of the United States. Security: Secured, by pledge of $90,000,000 face amount first mortgage; 7 bonds of subsidiary companies and by sub stantially all capital stocks owned except that of Mexican Sea board Oil Company. - Pirpnae! Refunding of outstanding 7 notes; therefore no in crease in funded debt of corporation. Earninjca: Even in year of business depression earnlngrs equal to about 3 times annual interest charges; for 4 years ending Decem ber 31, 1920, earnines averaged approximately 7 times annual interest on funded debt. . Sinking Fundi Sinking Fund payable semi-annually, commencing December 15, 1922, will provide for retirement through purchase of 50 of Series "A" bonds before maturity if obtainable at 100 and Interest. , PRICE: 98 and interest to yield 7.22- Offering subject to prior sale, Clark, Kendall & Co., Inc. Temporary location 295 Stark Street Directly opposite old quarters. FUNDS IN RESERVE to pay notes, mortgages, income taxes, etc., may be profitably invested in U. S. Certificates of Indebtedness and Gold Notes Maturing Yielding About Maturing Yielding About April 1, 1922 3.45 Jurw 15,1922 3.65 Aug. x 1, 1922' 3.80 Sept. 15,1922 3.75 Dec. 15, 1922 3.90 May 20, 1923 4.45 June 15,1924 4.45 Sept. 15, 1924 4.50 March 15, 1925 4.50 ,-March 15, 1926 4.50 We BUY and SELL in any amounts at the current market Ask for our booklet UA-10 giving full explanation and quotations HALSEY, STUART & CO. INCORPORATED 209 SOl'TH U 8ALLK STREET, CHICAGO. CHICAGO DETROIT NEW YORK MILWAUKEE PHILADELPHIA MINNEAPOLIS BOSTON ST. LOUIS Mrs. Mary Johnson, deputy in the county clerk's office, was) third. The civil service commission has not yet reported on either the Kelso or Castle Rock office, although th examina tions for those were held a month or more earlier than the Kalama examination. $23,000 Lassen County California ROAD BONDS DIST. NO. 1 op AT PAR TO YIELD Dated January 4, 1922. Due Serially 1923-1937. Denominations 11000 and 1743. r 7 "' INCOME TAX EXEMPT Principal and eeml-annual Interest (January 4th and July 4th) payable at the office of the County Treasurer of Lassen County, or at the office of Morris Brothers Corporation, I'orLland. Oregon. FINANCIAL STATEMENT Assessed valuation of taxable property, 1920 9.064.01S Actual valuation (estimated) , 18.000.000 Total debt, including; this issue 123,000 Population, 1920. 8507. Lassen is one of the important counties of northern California, and is supported chiefly by lumbering;, agriculture and stock-raising industries. IKaI Investments for Oregon Savins; Ranks. Telephone or Telegraph Orders at Oar Expense. Morris Brothers Corporation Worrli BuIlriffiK, Broadway S 1."1 Portland. Orrjron. :VM-ftl1 Mark frret Safe IJrpuilit lioaea. !3SBBSfiSff,BnrT The Toke Point Oyster Company FIRST MORTGAGE GOLD BONDS Of fer Conservative Investors &y2 Per Cent TR.IPL.Y SECURED. Tou Should Know Their Investment Features. ' MAIL COUPOX JfOW. ' THOMAS H. GREENE, Snlte 344 lit took Block, Portland, . Oregon. Please send me details of your new issue yielding a minimum of 6&. . Name . Address Port of Kalama, Wash. 6 Bonds Dated Due Dec. 1, 1921 Dec. 1. 1924-35 Denom. $1000, $500 FINANCIAL STATEMENT Assessed Value $2,764,874 Bonded Debt ........ 82,000 Price to Yield 5.75 Income Tax Exempt Acme Township Whatcom Co., Wn. 6 Bonds Dated - Due July 1, 1919 ' July 1, 1925-9 Denom. $500, $100 FINANCIAL STATEMENT Assessed Value $1,247,482 Bonded Debt 62,800 Price to Yield 6.00 - - Income Tax Exempt These are General Obligation Bonds, payable principal and interest from unlimited ad valorem taxes levied against all assessable property in the respective municipalities. WIRE ORDERS COLLECT Ralph Schneeloch Company MUNICIPAL AIDEQRPORATI0NTINANCS LOMBCRMENS BUILDING Port jmno. Oregon. We own and offer New Issue DUTCH EAST INDIES 6 Gold Bonds Due March 1, 1962 (non-callable before 1932) These bonds are the direct external obligations of the Dutch East Indies, which government is an integral part of the Kingdom of the Netherlands. Price 94 and interest to net 6.35 to G.73 p. I. Devereaux gifim pany INVESTMENT BONDS Or SIXTH STRCCT PORTLAND. ORCOON BROADWAY 1043 ONOUNO FLOOR WCILS-TARCO BU1LOIMO aokins5 Service Your banking requirements may be entrusted to this Bank with every confidence that care ful and efficient service will be rendered. The Canadian Bank of Commerce Portland Branch. Fourth and Stark Streets. ' i