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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Aug. 13, 1919)
18 THE OREGON DAILY JOURNAL, PORTLAND, WEDNESDAY, AUGUST 13, 1010. NEWS OF THE : KINAXCK. INDUSTRY AND ENTERPRISE WORLD Si ACTIVE STOCK OE TUESDAY SHOWS ANOTHE E Market Opens Firm, Turns Weak, Then Regains Strength With Sharp Upward Move; . MUCH CURRENCY IS RETIRED Washington Interference Re ported to Have Almost Caused Panic in Wall Street , By. Brodan Wall New York. Aug. 13.--All stocka that were active Tuesday advanced In Borne the Upward movements were very material, notably in Baldwin, American Locomotive, Pan-Amer-lean, Studebaker and Retail Stores. ' In Steel the advance was only frac tional, but the persistent firmness of the -issue was encouraging -to, in vestors. , . The market" opened firm, turned weak and about the middle of the day ad vanced sharply under lead of Baldwin and Retail Stores. The close was at about the beat figures In most issues. Withdrawals of government money from the '.banks was expected to make i call rates high, but no unusual strain on the money market had developed during the session. Wall street takes much comfort from the official figures . published 'several days ago, showing that there has been quite a retirement of currency. This retirement has not been better than justified by circum stances and another increase is due. . WASHIXGTOJf TAUGHT tESSOX The feeling- of leading banking Inter- . ests is that official Washington has learned a lesson from the wild fluctua tions in the stock market last week and will not again attempt to dictate what! Wall street shall do. Interference Trom Washington almost caused a panic and a panic in Wall street now would de moralize general business to such an extent as to increase the. cost of living. It is just, as important that there be an orderly market in Wall street as that union labor stop its talk of strikes. Full speed ahead in all branches of industry is necessary. j According to- reports current in the financial district, an Important official of the U. S., Retail Stores corporation Will ro' to Eurom in about a. Wpelc with , the Idea of establishing retail cigar -stores) on, the continent. The. tobacco business in Europe is a government mo nopoly in France. Italy, Austria and sev eral other countries. It is not devel oped as in America and ' the introduc- . tion of American brands during the war? .has made Europe want more of Airier-, loan goods. The big idea seems to-be that if the government would open .small tobacco shops patterned after the Whelan stores ' In America and put crippled soldiers In charge of them, they would "serve the three-fold purpose of increasing the revenues, safeguarding the public appetite and furnishing jobs for helpless veterans. POPULAB TOUSO MAN BUSY The lazy way of accounting for stock market movements- is to blame it on some important operator who Is always pleased to see himself in imaginary leadership of the market. Just now, however, it does happen hat a popular young man is very busy. Heavy selling of last week has been traced to his ac count and the proposition is that he has made money. Now it is said that he has turned and is working on the long side of the market. It can also be said that the so-called Waldorf crowd is heavily short of stocks. They are some what chagrined at the ease with which they are able to sell stocks and au the difficulty of getting them back. CHINESE business seeks American .cooper a t i o n,; "T, says Kim Tong Ho, Chi nese . banker, who is visiting this country. ,;,-i4V: I 7 I I I 1 i ireimi&aTMfflwiir i ii i -i i I II BANK ROM CHINA ERF SAYS GREAT T WAITS FOR AMERICA AD E BANK PARASITE GONE, SAYS STATE PRESIDENT AT BANKERS MEETING 0. M. Green of Spokane Delivers Stirnng'Addr'ess at Meeting of : Washington Association. His Country Has Had Enough of Giving Concessions to Japan and Europeans. Harvard Dean Will ' Manage N.Y. Paper New York, Aug. 13. The New York Evening" Post Tuesday announced that Kdwln Francis Gay, dean of the Harvard school of business administration since 1908, and recently a member of the war trade board' at Washington, will assume general direction of the Evening Post on January 1, next. Gay will become pro prietor of "the corporation. St. Helens Cannery Open; Handles Kraut '. St. Helens. Aue. 13. The the Columbia River Canning fc Produce company started operations-Tuesday, be . ginning with 50 tons of kraut. The plant . will handle about 150 tons of string beans and later - prunes, apples, pears ana iau perries. A great field for American endeavor exists in China, according to Kim Tong Ho, assistant cashier of the Chinese Am erican Bank, Ltd., of Honolulu, who is at present visiting the United States on a business mission and With a ;Tiew of studying conditions. Not only is there opportunity awaiting American trade and money but Chinese business is liter ally seeking American cooperation. In the opinion of Ho. "American capitalists are already in terested In Japan and China, arTH manu facturers and business men are investi gating conditions there and forwarding reports recommending development in the orient, but the lack of shipping fa cilities is a disadvantage," declares Ho. "At present the shipping interests- are in the hands of the Japanese. Banking corporations promoted by American and Chinese capital are being used to de velop big industrial enterprises, but they must have the proper facilities for car rying on thp trade with this country. "Unfair treatment by other national ities is given as a reason for Chinese interests seeking American cooperation. . ... is bick ana wed or givmg conces sions ta Europeans and Japanese." Ho spent several days in Portland last week and whilehere was the guest of G. E. Miller, local bond man. Ho was educated in America,' graduating from the University of Wisconsin, and was a student under Dr. Paul S. Rienlsch. United States ambassador at Pekin While In this country he will attend the annual convention of the Equitable Life to be held in New York the latter part of this month. He holds the distinction of being the first and only Chinese dele gate tO OUalifv at th TCnuitohl ventions. While he is connected with the Chinese American bank of Hawaii, he Is Investigating, a banking proposition in China, which will interest itself in the exporting and import business. Banks in Hawaii are doing a big bus iness, according to Ho, and the same percentage of increase as is being ex perienced in this 'country is being felt HV;re; The United States loans were in stituted, and the war taught lesaonn nf saving and thriftlness. flo S g stay In this country for the next two r " 'r. .-; . - . Paradise Inn. Rainier National Park, "Aug. 18.' The time Is past when bankers can act as only loan-. ing agents, mere parasites on the community, according ; to O. M, Green, vice president of the Ex change National bank of Spokane and president of the Washington State Bankers association. Ia his address to the financial men assembled at. the 'annual convention of the association, which held its opening session at Paradise fnn. Mount Rainier Tuesday morning, Mr. Green declared that a modern bank must be a leader in his'community and must be in a posi tion to lead in the fight against the W. W, the Bolshevists and : similar ultra-radical agencies. More than 300 delegates from all parts of the state were present when the con vention was called to order. "The bankers must enter into the local and civic life of the community," President Green said. "If not running for office himself, he should support good men irrespective of politics. "You men in the rural districts and farming communities, should meet with the farmers in the grange halls and their different meetings, discuss the radical questions now ,. before us, get the farmers' side of the question, and advise with your customers. "You city bankers should consult with your . customers, the manufacturers and employes, and see if you cannot assist them along the-lines of cooperation with their employes." The labor problem. Mr. Green said, is one of the gravest problems now confronting bankers and business men. It Is just as vital to bankers as to manufacturers, "he asserted. Instead of fighting each other, labor and capital should join hands and fight economic conditions. Bankers of the nation should help these two sides get together, he declared. The convention was called to order by President Green at, 10 o'clock. Bishop Frederic W. Keator delivered the in vocation, which was followed by a song fest lead by Captain Howell Isaacs, Y. M. C. A. song leader at Camp Lewis. Governor Louis F. Hart delivered an address of welcome and Ralph S. Stacy, president of the National bank of Ta coma. extended the glad hand to the visiting delegates in the name of Ta coma. Mr. Green's address followed. N. B. Ceffman, president of the Wash ington Good Roads association, spoke on the need for better highways in the state and the assistance the bankers can give in this important work. R. A. Blanchard, agriculturist of the Livestock State bank of Portland, deltvered an ad dress, his subject being "Corn in the Teller's Cage. Cows in the Directors' Room." The afternoon session was devoted to the reports of committees and. to ad dresses by .F. N. Shepherd, field man ager of the United States Chamber , of Commerce and R. Auvals de Turenne, vice president of the Seattle Banks for Savings. . The convention will be continued to day "and wll be followed by meetings of the trust company section and the mem bers of- the American Banker associa tion. Officers for the coming year will be elected at today's session. ., ent IS dividend will be some time. . : ; continued for It Is estimated in trade circles that the copper produced during the remain der of the year will cost more than 17 tec a .pound. u. Stop loss orders have accumulated to a considerable extent under the market in - the" oils, motors, - food stocks and steels, according, to specialist gossip.- Cashier Marshfield Banfc Buys Stock in Scandinavian Bank A large block of Stock In the Sdandi-navian-American bank .of Marshf ield has been bought by Ralph F. Williams, cashier of the Bank of Southwestern Oregon, and announcement is made that he .will become its president September 1. - His son, Joseph Williams, also leaves the Bank of Southwestern Washington to become assistant cashier under Kis father., R. Bugge will remain cashier of the institution. ' PACIFIC COAST B ATTIC v ' Portland Banks Clearinss: This Week. Monday 7.826.424.14 Tuesday o.osa.oss.ou ' Wednesday . . -. 6-.l.57.l - v .. sookane Blanks Clearings' Wednewiay . Balances Wednesday Saattla Banks Clearlnss Wednesday Balances Wednesday . Tacoma Banks Clearing-i- Wednesday Balances W ednesday ......... STATEMENT Yesfr Aro 5,81 3.599.3 2,1 16,586.60 4.322tO44.04 1.827.686.00 55S.950.00 7.736.231.00 1.840.142.00 771.577.00 100.647.00 REVENUES IN THIRTY STATES MUCH ABOVE ALL EXPENDITURES 55.5. Per Excess Found to Be Capita; Other 18 States Show Shortage. Washington, Aug. 12. In 30 of the 48 states the revenues during the fiscal year exceeded the expenditures, includ ing interest and outlays for permanent improvements, by .137,417,163; -or 55.5 cents per eapita ; .but in the remaining 18 states the revenues fell below the expenditures by .$14,597,449, or, 40.5 cents per capita. Taking the entire 48 states as a whole the excess of revenues over the expenditures was $22,819,714, or 22.1 cents per capita. ..' The foregoing are among the facts brought out in a report, entitled. "Financial Statistics of States, 1918," soon to be issued by the bureau of census. Detailed data are given for, the revenues -and expenditures, the assessments, the taxes and the in debtedness and assets of each of the 48 states of the Union. The aggregate revenues of ' all the states during the fiscal year were $588.- 305,851 ; the aggregate expenditures for current " governmental .. costs. Including Interest,- $499,342,973. and, the aggre gate outlays for permanent improve ments, $66,142,964. f ,v In all '.but seven of the , states the revenue-receipts exceeded the payments for current governmental expenses and interest.' and in 30 the revenues exceed ed ' the total expenditures for govern mental cost,.".- including" Interest audv outlays-- These $0 states were Vermont Rhode Island, Connecticut. New; Jersey, Pennsylvania, Ohio,: Indiana, Illinois, Wisconsin, ; Minnesota, Iowa, 'Missouri, North Dakota, South Dakota. Kansas, Delaware. s Virginia, West Virginia, .North. f,;!ar9lina, - Georgia, Alabamay Arkansas, Louisiana, Oklahoma, Texas, Montana, Wyoming. Arizona, Washing ton and Oregon.. The greatest excess, $5,646,216, was shown by Connecticut, ENGLISHMAN' PAYS $1.14' TO BUY-$t WORTH GOODS v At the extreme exchange quotations of last month, it cost the Englishman $1.14 (in his currency) to buy $1 worth' of American goods, the Frenchman $1.42. the Italian $1.67,- the German (were he buying) $4, says the J Mechanics and Metals National bank of New York. The American seller received no "more than $1, and if the transaction was financed by his drawing a drafV on the European ' customer, he - had ta accept corresponding discounts. There existed an encouragement, on the other hand, for the American-to buy from Europe, for he could obtain a dollar's worth of gdods for "88 cents from England. 70 cents .from France, 60 cents from Italy and 25 cents from Germany . i , Keep chives cut; If allowed to bloom they will produce no more spears or leaves this seasOn. STOCK MARKET TOPICS FINANCIAL BREVITIES- " Two ,Sea Veterans Home f Vancouver, Wash., Aug. 13. Harry 'Burrows, son of Mr. and Mrs. E. C. - Burrows of East Vancouver, is home i, from New York. He has been serving raa second engineer on the S. S. Alcia. ; John Colteux, who for 10 or 12 years has made his home with Mr. and Mrs. : Burrows, is home from Bremerton, 'Where he received his discharge from the navy. H served during the war on the U. S. Fairfax, attaining the rank of petty officer. . MKADQUAItTKftS LIBERTY BONDS We BUT and SELL any amount. Vew Terk quo tations by. wire -every scorn tag. Interest in- eluded: SMs VP m i 4V tad .... Srd Vs..u... its imi. 1st td lit .. I1M.4J ... 94.64 .. 14.6S ... 94.84 ... " 94.18 96.66 ... 94.69 .. lt.8g Victory 4s... If necessary to sell your sonas, oring uiera to we pay highest pries . ,,. ROBERTSON & EWING t07-S N. W. Ban ultdtn. OVIftMMCNT. CORPORATION HS The contrast between the English and the American hnnvin. . , " - . D7 9iCIl)8 us, in "S??C most diking, says the PhiladelphIaCorn Exchange. There are tha" Vanks ?n all of Great BrUan. In 190 W banks had 5000 of- !t-,r, rnches 'n the British isles. These 12 banks have since been merged into a total of only five. , It can readily be perceived that such a . network of branch banks radiating from the great parent organisation is a very effective system for the development and financ ing foreign trade. It means coordina tion of effort, and a service Just as valu able in the out-of-the-way, places as in the center of things commercially. Another step toward Standard Oil re financing has been taken , by the direc tors of the Atlantic Refining company in voting to issue $20,000;000 of 7 per cent cumulative preferred stock and , to authorize im lsi e j .... . ' f.w.uvuuu JLU ditlonal common stock!' The: company "- uinamg t,UVU,000 of stock, $100 oar. and has K at the rate of 5 per cent quarterly. This ..iu.cui iuuows tne acuon tf the Standard Oil company of New Jersey in announcing or, m nnn nn r. aauo . VI SAVVSVW.UVV preferred stock, ; whll will be listed on . .w exenange, and Intima tions that the par of the common, which now sells around 17fifi a .hgu .m reduced and that stock also listed. American and Belgian bankers are holdinr mnfrnMi. n , x... v ucocia : in t;un- necUon with Belgium's industrial and financial needs. It was shown that Bel gian industry has -taken only $14,000,000 of the S5n noo nnn -. - . - w ,uiw . cDiauiifliieu several months ago. because- loans are ouui t. .ii proportion to nign rate of interest. Present .Vt. . WU1MU makes a 45 per cent-increase in .cost to inrcnuen oi . American goods. Sir Thomas White, minister "of fi nance. announcM that n nt loan will be a taxable issue.' A minimum of $250,000,000 will be raised. While no oxuciai siatement has - been i made - to date, it is rcnnrtd thor. year bonds will be Issued and that the vi .meres win probably be 5 per cent. The price and terms of the new loan willi not -f be announced " until October! " 1 ' , - . Furnished by Overbeck & Cooke com pany. Financial News says: 'Tersistent rumors of developments and hinting at a sensational further rise in Baldwin justify 'special reference to the strength and activity of the stock explained in most quarters by Increased capitaliza tion talk, and the placing of the com mon stoclc on a, substantial, regular divl dent basis. A prominent stock exchange house says it is not difficult to find rea sons for persistent strength lately ex hibited by Corn Products. During the past three or - four years the working capital has Increased 70 per, cent and accrued dividends have been - paid on the preferred while the bonded debt has been cut down about $1,000,000. Undi-. vided profits for the common stock of near $32 a share excite speculative imagination. Utah copper, Cerro De Pasco ' and Anaconda being - bought to hold fbr long pull, according to well in formed quarters which are understood to have been making special analysis-, of these companies during past few weeks. ' Glen E. Plumb, author.of railroad na tionalization plan, asks house interstate committee to investigate his charge that Wall street financial interests are con spiring to wreck roads. Committee gave no indications of further : inquiry. ' V.' S. Rubber shows net earnings after charges federal taxes and reserves of $10,815,750 for six months ending June 80 against $10,242,865 a year ago. Bankers are negotiating to take care of short term notes of French munici palities that fall due now. November I issues were sold In this country latter parr of 1918. . ; -Pittsburg Steel Products " company closed its plants at Monessen and Allen port, announcing a shortage of orders. ""Chicago A. strike vote will be taken by 38,000 steel and iron workers In Chi cago district tomorrow. -', Tarnished by J. B. Steisbaeh A Co. Every Indication . points., towards the current fiscal ' year being the , best In the History of the United Fruit com-' pany and it is reported in authoritative circles that a substantial extra dividend within the next year or two Is likely. U .. .v.- i General" Electric company is ;doing a large business and the outlook for this company is very bright. Art early enor mous demand for electrical reconstruc tion, both domestic and foreign, is an ticipated " and i the . company's capacity will probably be taxed to the utmost. ' There is every reason : te expect a continuation of the present $10 annual dividend on ' American Sugar Refining and we believe the stock is somewhat undervalued at the current quotations. The Jlailway Steel Springs corpora tion was very conservative in the matter of dividends during , the 'period . of the war profits, and used its surplus to en tirely eliminate its funded debt. The company" is moderately capitalised and it seems mors than likely, that the pres- iraHuimnmmMumiifflHfflaronBMfflM I Wishing alone will not buy you anything; but wishing and saving will IF YOU WANT a home, furniture,' or, an au tomobile, save for it. If you want tofedu I ... cate your children, if you want to Jave I something for your family after you are gone, save for it. v s The ability to save and make your earnings I earri still mdre is the jfirst step in gainihg,'yOur I ' goal. Ik f-. You can take that first step rtght now. MmW&. I Step into our Savings De- . partment and eet one of these handy little 'savin.es banks. I Start saving nickels, dimes I and quarters, and soon you i ? - will be saving dollars. Ask us 1 to show you how fast a dollar I a week in a savings account ji will grow. 1 Ladd & Tilton Bank j Oldest in the Northwest 1 Washington at Third lwHiirannnmwniiiiniwiiiaiiDwiinmiUKiiOT m M . s 'M Big Lumber. Company Operisj Officer Here Offices ef the -E. K, Wood Lumber company of San Francisco have been opened in the Northwest Bank building. This firm is one of the largeut operators on the Pacific Coast and maintains of fices at Bellingham and Tacoma. 11. V. Vincent ,will be in charge of the Tort land office of the concern. The Wood company! ls already engaged In exten sive lumber operations in the northwest both in domestic ana export Dumimiw. i LIBERTY BOND SALES ; ; i i i ' i i i in -" - n i .ii i i i i i ii Ubcrty bonds aloud in tt New Terk market at following pricM ,; v'dniiir. Friday. .V.J Monday -, . Tuesday. . . . 8J.0 90.86 0.84 HO I 1st 4a S4.00 94. 1 04.10 94.10 04.10 04. U0 3d 4a. WS 00 OS. 20 03.06 -03.14 OS 00 0S.OS lt4Ha 04.13 08.20 04.00 04.40 04.10 04.10 2d 4 Ha 0S.1H VS.ls 0S.1O 9a. 28 I18.8U US. 28 Sd4V(a 4Ui4H -VlctoiT 04. HA 04.04 04.00 04.04 04.06 04.00 08.18 08.48 03.30 03.32 08.88 08.0 SKa 00.76 00.00 00.80 00.64 00.63 09.80 4 00.78 00.84 00.62 ' 09.64 09 83 09.80 Municipal , fl T Government Corporation Gold IBomids $16500 King County, Wash., Independent Highway 1S0O July 1. 103S 104.80 to yUld M0f, 2t saso ViVOO -750- .87BO 300' 1934 1035 18 198 7 1988 1939 105 0J 105.24 103.43 1(18.04 105. 2 106 B 50 6.AO ft flo 5.50 5.50 B.S0 ,000 Talent, Ore., Municipal Irrigation District Gold 6'$ t 0,500 January 1. 1985( 101 to . 11.600 - " " 1038 " 10L " yild nrarly 6 7 " 3 iSOO Valle jo, Calif ., Improvement 7' s $ Bod July 2. 10?8 & 105.82 to yield B.B0r. , . , 2BOO " ' J(ji4 JO5.03 V " 8.825 " . 800 " " 1925." 108.27 j' " 6.75 7 00 City of Montreal, Quebec, Cold 6's -;r500 May 1, 1028 100 to yield 9 - - ; - 5 00. City of New Westminster, B, C, Cold 6's - j : $5800 July 1. 1B28 00.6S to yield (i ' 14,000 Burnaby, B. C, Gold 6s V ! i 814.000 December &1. 1924 08 85 to yield 8.28 14 -! - - j i. 4,500 Government of Switzerland 5V2 Gold Bonds i $8500 Auust 1. 1020 & 08.2S to yield over 9 , 40,000 Canadian Northern Ry. 6 Secured Gold Notes $38,000 February. li 1022 0 par to yield 6 ; ... 2.000 Auguat ; 1. 1024 I" " " 6 T9J50Q Quaker Oats Company 6 Cumulative Pre ferred Stock r . 10.500 09 to 7ield 0.06 ft (quarterly Interest) 1,500 F. L. & M. E. Stewart and Alger Logging Company F. M. 7'e ' V y. $1500' February 1 1928 100 to yield t (quarterly intereat) ; Call or phono for doUlle wire ereora "ootlact." Freeman Smith a Camp Co. SECOND FLOOR Parvs, 8as raaaeitc HQRTH WESTERN BANK BUILDING 1 Main 648 . Employiog. Qwf Abroad Dollars ProMaMy ' By reason of its commanding position this country today serves as the financial clearing house of the world. We hav the wealth and other nations look to us as their bankers. This recently-created situation explains why $o many foreign government bonds are. now being offered Jn the United States at surprisingly attractive prices. . ' . " ; We respectfully suggest and strongly recommend thata portion of your investment funds be placed in one or other of the following foreign bonds, which we regard as safe beyond any reasonable question of doubt. After purchasing them with our own funds we offer them, subject to prior sale. ! . Name of Issue Maturity. Price . .Yield- U. K. Great Britain and Ireland 5s 1937 98. 5.67 ' (Debt of the ehtire kingdom) 1 ' - Government of Switzerland 5s. .... 1929 96.25 6 (Debt of entire nation) Canadian Northern Railway 6s . . . 1922-24 100. 6 (All capital stock owned by Dominion of Canada which guar- ,-, " 1 antees the pledged bonds) Government of Sweden 6s. . . . .1939 (Debt of entire nation) - City of Copenhagen, Denmark, 5s 1 944-25 (General obligation of entire city) Government of Argentine 6s . : . , . 1 920 . (Debt of entire nation) : f Convenient Denominations. ' Further details on request. C i . Lumbermens Trust Company Lumbermens Building , Fifth and Stark - Six Hundred Thousand Dollars in Capital and Surplus 99.50 6 93.50 6.01-6.84 99.66 6.50 . - 4 Semi Annual Interest MUNICIPAL BONDS FEDERAL TAX EXEMPT ROBERTSON & EWING GOVERNMENT -CORPORATION MUNICIPAL b ow as 207-8 NORTHWESTERN BANK BLDG. PORTLAND, OREGON - We of fer the unsold portion of $500,000.00 Seven Years 7 Coupon Gold Notes of The Phez Company of Salem Oregon, and Olympia. Wash. AT PAR AND ACCRUED INTEREST . Notes dated July 1st, 1919. hue July 1st, 192C. Redeemable after 2 -years at 103. - - Wire or telephone at our expense. G. . Miller & Company Northwestern Bank Bid. .. 1 Phone Main 4195 Port of Nehalem, Oregon Bonds to Net 5 Government and Municipal Bonds ; ljought and Sold ' Pevoreaux SQmpany 87 Sixth Street . . Broadway 1042 Ground Floor Wells-Fargo Building HAUL &5GGMMY .! Bay nd SI1 U. S. CoTcrnmant, ForI(B Cor rn meat, iUOroaJ, Public UtUlty, IndnttrUl, Municipal ! BONDS QoeUtion Upon Rqaet ' , ' Lewi. BId., PertlaniL Or. i TlpIoo Mrln tZZ