The Oregon daily journal. (Portland, Or.) 1902-1972, October 21, 1919, Image 22

The Oregon daily journal., October 21, 1919, Page 22, Image 22

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Newspaper Page Textr THE OREGON DAILY JOURNAL. PORTLAND, TUESDAY, OCTOBER 21t 1919. ' NEWS OF THE FINANCE, INDUSTRY AND PROSPERITY SIGN SHOOTING STOCK : PRICES SKYWARD Yesterday's Advances Due to Im proved Business Conditions - and Steel .Strike Menace. t LOAN MONEY AT 4 PtR CENT - : a' . , . Education Given Public in Sale jbf ,dovernmnt Bonds Is r Hav . ing Effect on Stock Markets. , ' .?'' ' By Broadan Wall ,Ner York. Oct. 21. For the ad ", vance in the stock market Monday no general explanation Is needed ex ,'cept' the Improved condition of business everywhere. Stocks are go ' Ing up not so much on account of the actuSl' earnings at the moment-l as on account of the prospect for - prosperity and national good will. ;The steel strike as a menace is practically ended. People -are waking up to the fact ' that for nearly four years all the avafl- able surplus of the country was shipped 1 to Europe, leaving America bare of the ' ordinary stocks of merchandise of every : description. This shortage is partlcu ' larly ''painful in the building trade and In the motor Industry. Stocks of this descrtptio'n are among the leaders. , Foreknowledge of the new British loan of 1280.000.000 was also Instrumental In aiding tha market LOATf BATE FALLS While money was loaned at 8 per cent there was plenty of It and Jt tell to 4 per cent. The weekly bank statement Bhowed the ' federal reserve in a very strong position and there Is no reason why funds should not be -available for all legitimate pur poses. The public is beginning to realize that stock dealings are as legitimate as ,"are the dealings in other commodities. The. campaign of education waged through the instrumentality of the gov- r, er.nment bonds is having effect. , . -General Motors was naturally the lead er of the automobile stocks and went up 25 points In the early afternoon to the -new high record of S0V4,,which is alput $4125 a share for the old stock. Stu debaker at the same time made a new high record of 145, with an advance of nearly II points. . Maxwell Motors also made a new high, because low priced cars are being taken by persons who cannot afford better , ones. , SMALLER STOCK HOARS The public must have automobiles and - any car that has four wheels finds a ready market. The truck companies are reaping a fortune as Is. evident from the advance of Plerce-Arrow and White, each of which made a new high record, ' the former at 99 and the latter at 86. .American Woolen again was sold at " new high prices. News from Mexico was that Carransa had found a way to protect American ' . oil Investments and would do so. If that la true, It means a great deal to Mexican stocks. Strength of the tire stocks merely re - ftected the demand for automobiles. '.There are' enough factories in operation Vow ,to supply 'the tires that will be needed next year. ; American International responded with a" raise- of more than ( points on the , report that the directors Intended to de clare . a stock dividend as soon as. the court decided that such dividends are not taxable. The case is now before the court,. ; As. the court already has de clared 'such dividends not taxable, it is Inconceivable that any other point of j view could be taken. i Candy stocks continued In favor, as , did the sugars. All were well bought at continually higher levels. . Leather stocks,, as represented by En dlcot,t Johnson and Central Leather, were 'strong features, the former advancing . more, than 6 points to a new high record price. ; Unfavorable Money Exchange Hampers Trade With Europe - In a resume of the steel situation "at home and abroad." authorized by the ; -executive committee of the International trade conference, members of the metals committee pointed to the "unfavorable - trend" of money exchange as one of the .; biggest obstacles to be overcome in selling the . American product in Eu- ..rope, ;, ., . .. , ' ; Exchange rates, combined with high "freight rates, make the cost of Ameri can steel to the French, Belgian and Italian buyer 60 per cent greater than 'current prices here, the resume asserted. England finds American mills so loaded with domestlo orders for finished steel that with her own demands, large 'she, faces reduction In her "j exportation of . the finished product. She needs semi-finished steel more than any other kind. , ' . ' . , 1 In France the demand for steel Is great, but the cost for Imported steel Is almost. prohibitive because of unfa vorable exchange and high freight costs. .France has been compelled to defer much t her - reconstruction work ' requiring steel, which must come from abroad. : Belgium's need Is for seml-finlahed steel, but, like France, her ability to purchase has been interfered with by the rate f.excahnge. Italy Is bound to be a large purchaser of steel abroad, and she would buy It from America If some means could be found to overcome the high exchange rate, .. , McGornack Buys Big ; Block of Bank! Stock v . t Spokane. Oct 19 A targe block of stock In. the , First National bank of Moscow, Idaho, has been purchased by J. K. MoCornack of Spokane, vice presi dent of the"' Union Securities company who was elected president f the bank to succeed TV. I Payne, whose stock he bought and who has been president since 19U. The board has been reorganised, Mr, McCornack president and JT. 8. Heck Athorn cashier. . The directors are Mo ( :ornack, Hecka thorn. Thomas Wren. William Hunter and C. J. Orland. ' EINANGIAL, Latest developments, unmistakable ac cumulation of a quiet character is re ported from well informed Quarters to have been taking place recently- tn Northern Pacific stock. SIn of scale down accumulation orders' are hotedtn a number of leading' active Issues in the medium priced list, especially where div idends seem assured and yields are com paratively good. The short Interest is again of large proportions, judging from the increasing Inquiry in private lending channels. Copper shares with ''silver equities" are' being well taken according to reports received from New England interests, which give close attention to this group. . ', ; Stewart Warner directors will ' prob ably offer Increase in regular dividend from 6 per cent to 10 per cent per annum at a meeting the twentieth of , this month. The company sales are running 40 per cent a head of a year ago, promis ing a turn over for the full year of over $12,000,000. Net earnings should be well over $3,000,000 or $30 a share before taxes as compared with $20 a share a year ago. The Frederick T. Ley company of Bos ton has contracted with the West Vir ginia Metal Products company for the construction In Falrmount, W. Va., of the largest brass plant in the world and 150 dwellings. Plant capacity will be 80,- 000,000 pounds of brass annually;- The cost will be $1,500,000. Head of United Mine Workers sees no hope of preventing walkout of soft coal miners on November 1, despite further conference of miners and operators with secretary of labor. There are good reasons for believing that the tobacco stocks, sudor issues. oila and motor accessories will be taken in an impressive manner during nrofes- sional raids on the general market The Eastman Kodak company declared an extra dividend of per cent on the common stock', payable December 1 to stock of record October 31. Duns reports 118 failures in the United States this week, against 95 last week and 143 a year ago. Royal Dutch company reported to have acquired entire German oil inter ests in Roumania and Galicla. Bank statement shows Increase of $11,533,790 In surplus reserve and de crease of $60,546,400 In loans. Industrial conference still deadlocked over collective bargaining Issues.: Federal troops in New Tork for duty In longshoremen's Btrlke. Twenty industrials $113.20 ; up 22c. iiJiSA VE xVy A 4t 4 " l MWsl W 1 I booking ahead is turning 4 (AAtf I :i " Li V8M II some of those big earn aEil dla fi'WKi I ! 1 ims into Big L. rt'.fli mA J 1 si.P:fTS H W 1 AceaMtnto here at the North- r llmwmT v western Nation,L .t rt ,i -I rj Is? U? EJ i I P o m o t e your relationship . StlW.fl'mar mil Uberallntere.1 ! Northwestern SliKy National Bank T " i ! Northwettem Bank BIdg. s ' Portland, Oregon z i " ; - Relation of Corporation Securities to Prosperity THE wJfeeinycstor diversifies in his choice of securities. Instead of ''putting Sntrr CP ? efbaLsket h distributes his investments so that W? holdings will not be of the, same kind, of the same securheme It is because of this demand for diversification on the part of investors that Zttrl- UrK !OD liSt f- mniP bond of f ering? wfth wJSSy S i .bonds,, nofes and stocks, which have greatw sTcuritv bt hind them than manv mun c nal ,,i ...u:.u 5.r, um y De attractive interest return. - "m" In addition to 46 issues of foreign bonds, our current hgmihM g70P . issues that offer intf rtr Xr J f ten hgh-grade corporation Circular umbermerxs Sr FriTkrciacd -1 Satisfy, Workers by : Paying More Wages For Greater Output As a, solution of the labor problem, Barclay's ank of London,' bne of the world's largest - financial . Institutions, writes: - " - ;, "Broadly speaking, methods' of profit sharing or of payment by results appear the most hopefuL In the Birmingham dis trict ' some of the manufacturers are adopting methods whereby their employ es will reap -the benefit of increased tf fort. In 'one case a factory has been marked out into departments and the re sults are being tabulated each weekVTke employer meets the whole of his employes once a week and brings before them the previous week's results. The employer then addresses the work people as re gards. orders in hand or in prospect In another instance a minimum output has been fixed and the employes are paid a bonus on any output in excess of this minimum." - , ' . 6 PACIFIC COAST BAWK STATEMEWT Portland Sanka Clearing!: ThU Week. Ter Ate. Monday ..,..$ 7,1 .OS.I.fll $ T.40X.5a H7 Tuefdiy .... fl.7S9.SlS.27 9,049. 400. 73 Sunt Bank! rirriniB Twddijr ....$ 1 0.95s. M 1 .00 Planes 3.403.183 00 San Prancteeo Cleariocs Tnedar $31,063,352.00 La SnaotM Banks Clearing Tneiday $ 8,882.198.00 LIBERTY BOND SALES Liberty bonds old in tie New Tork market at Tneadar Owi 8 $100.32 . nt 4a ftfl.so Second 4 03.74 First 4H 05.40 ?2dJ1' 80 Jhinj 95.40 Fourth 4Vt M.4S Jliorr 44 09.64 Victory S 99.60 n ROBERTSON LIBERTY BONDS Kew Tork QsoUtloss, Interest Ineladed. $.. First 4s.. Second 4a . First iV4t.. Second 4if.. $19 1.83 9.;0 9.47 98.89 95.58 Third 4s.. 95.79 Fourth ty4t 98.49 Tlctory4?4s loit we Boy and Sell Any AmoODt of Wtm u. j u Hum u IQ i.18 nqirw w rnxsm-tJ Almi o saving. per cent. showing details will be mailed Bpds -Trusts- AcccptaKces "C"01 surplus &oo.ooo " Lumbrmena Blda. Porlard, OreqoK.;! ENTERPRISE Fornbbed hy Orerbeelr A Cok Co. New York Bullish operations are ex pected to continue. -There may be con siderable profit taking today, however, and good returns on part , of holdings Ought not be neglected. Conservative stock exchange houses are taking the po sition that the safest bull propositions are the coppers and rails because neither, group . Is selling at inflationary levels -and the copper Industry is facing a big consumption, while the railroads are certain to benefit from existing con structive activities in congress. Pre dictions are being made in active'' stock exchange houses of a big move in Bald Win. The Information emanates from well informed quarters which were in possession of advance advices regarding Baldwin prior to the last upward move ment in this security stock dividend gos sip still does, duty in exciting Interests. ! Though talk of inside selling continues, (he point is made that when prices ad vance with much selling In progress, it is safe to assume accumulation is going on. Accumulation also noticeable in other Stocks, including Pan-American and Mexican Petroleum. ' Motor and rubber Shares also attracting considerable at tention with much bullish .talk regarding the future of these Issues. j Stewart Warner Speedometer voted to Change present 100.000 snares of stock to par $100 into. 400,000 shares at no par and and to place stock on 12 per cent dividend basis and declare regularly the fotTowinc price: Close. : Monday 8W0.40 05.30 03.08 05.40 93.58 95.40 93.50 00.60 00.60 Hiii Low Close $100.42 95.30 03. SO 05. S 94.74 95.88 98.40 90.60 99.64 $100.70 ; B5.50 i 03.74 05.40 9S.92 i 95.48 i 9S.58 00.64 00.66 $100.24 95.20 03. SS 05. SS 93.70 95.82 93.88 00.54 99.60 & EWING FEDERAL TAX EXEMPT 6 BONDS Local Securities 207-8 Northwestern Bank Buildlne PORTLAND. OR. anaoiy oner ! a more , . .. ... . on request rust (To. ; " Se&itle ; WORLD r Quarterly 3 per cent, payable November 15 to stock; of record October 10. Com pany's net earnings' before federal taxes for third quarter $U2I4.57 against $638. 846 year ago. - " J. P. Morgan ft Co. to offer $250,000, 000 64 per cent three and 10-year Brit ish notes. ' International banking syndicate form ing to extend big credit to all Russia government at Omsk! - : : -Judge Gary addressing industrial con ference says steel strike should not be arbitrated or compromised nor any ac tion taken by , conference now which bears upon that subject. Gornpers hotly replies to contrary. I. W. W. organization, anarchists and Russian unionists. Bolshevik! all sup porting present steel strike according to Jacob Margolis. general counsel, for I. W. W. in Pittsburg district before sen ate committee. Miners and operators confer with eeJ retary of Labor Wilson today over threatened soft coal, strike, . .Twenty industrials 115.43, up. 2.25. Twenty rails 81.14, off 1.01. High Record for Silver New York, Oct 20. Silver was quoted this morning in the New Tork market at $1.23, which was a new world's high rec ord price and the premium of 23 cents over the London official quotation. The acute shortage of silver- here has re sulted in an active bidding -for the metal. PIFTH AND STARK STREETS - PORTLAND We Own and Offer Subject to Prior Sale and Change $200,000 WAR! CHARACTER These Bonds are an obligation of an Oregon municipality; are entirely exempt from Federal Income Taxa tion ; are certified by the Secretary of State, upon examina tion by the State Irrigation Securities Commission, as eligible as legal investment for Savings and Commercial Banks, Trust Companies and Funds, Insurance Companies and State School Funds; and as LEGAL SECURITY for deposits of State, County and City funds m Oregon Banks. yield Almost e per cent Maturities Range From 1 938 to 1 947 Price lOl and Accrued Interest A Municipal Obligation Certified Tax Exempt Concrete Dam 100 Feel High Warm Spring Irriga tion District, Riverside, Or. History and . ?.h?w,lrI? Sprlnre Irrlratlon District, organized In 11. la located In Malheur County. Central Eaatern Oregon, and ii compriaad ef 28,000 Irrigable acres. It Is about 400 miles east of Portland, Oregon, 100 miles eaet of Pendleton, Oregon, and 60 miles west of Boise, Idaho. The popula H0?,0.' the District Is estimated at 4000, which includes that of the cities pf Vale aad Ontario within and adjacent to the District, though axcludad therefrom. Vale is the county seat of Malheur County, and the headquar ters of the District ara located there. Vale and Ontario, which were in corporated In 1S88 and 10. respectively, EACH have two banks with an Jf?rffi cPltl of $235,000 and total resources on January 1, 1919, of $2,5a0.B0. The 1918 assessed valuation of said two cities Is sl.ll,72. Ontario t Is on the main line of the Oregon fehort Line Division of tha union Pacific System from Omaha to Portland, and tha entire District is traversed by a 160-mile branch line running from Ontario to Crane, tn Harney County. .- - ,. . , - . . . The f 1.360,000 bonds have been sold by the above District to enable It to acquire a reservoir site and to construct a dam to Impound about 170.000 acre feet of the flood waters of the Malheur Kiver and also to enlarge and extend the existing .canal system. The construction of tha dam six miles from Riverside Station has been completed ana it is estimated that the distribution system will be prac tically complete by December 1, 1919. i . . The storage or 120,000 acre feet of flood waters of the above river The prlB4 t shall be i at ail in rincrpal aad Interest ef the beads Me ana remain liable te the saa thai um anartgagaa. praviaes tnat tne Beard af Directors af the District shall certify tba eqaal 'esor eater apo UietOCA'Ti aaaeaameat roll la the oasaa manner tlrat maal Aaaeaear accoaa tea lar in caxk BAjaa, BlASt A tun Aa CIJRKKENDALL & CO., $250,000 Bonds for Unibn Stockyards in - Spokane Purchased . : . u " , ? ' : Spokane; Wash, Oct. 20. An issue of $250,000 of the Spokane Union stockyards bonds was r announced yesterday by Walter D. Roberts, president. ' Ot this amount $200,000 wilt be Issued now. The entire Issue has been purchased by the Exchange National bank, which is also named trustee under the trust deed se curing the issue, f:ied yesterday.' The bonds will bear Interest at f per cent per annum, paid semi-annually, and will run 10 years. A limited amount will be offered to the public. v,;v The new issue takes up the issue of $150,000 : purchased by the : bank last spring, will cover the cost of the ex tensive 1919 building program near! ng completion at the yards, and will furnish funds for the . 1920 - construction now under consideration. '- - , Irrigation District Six Per Cent Gold .Bonds Are Offered Clark,' Kendall & Co, Inc., of this city are offering an Issue of $2,000,000 serial per cent gold bonds of the Warm spring irrigation district. These bonds. In denominations of $1000. are an obliga tion of an Oregon municipality and are entirely exempt from federal taxation. The Warmspring district is located in Malheur county and 4s comprised of 29.000 Irrigable acres." Tfte construction CLARK, KENDALL & CO. INC. COVCRNHtNT. MUNICIPAL AND CORPORATION ftONOS Serial 6 Gold IGS IRRIGATION. Malheur County , T9TESCTUFTIVE RTNOrSIS. InlraMe area eeree Aia espcetea te ke trriratea tm4 -mltUm.tr Curiae Ittl . w m NOW tartrate aad eattlrateal aerca) CtUmatrd arrraya arraM valna' ' mf eropa far rear 11T, 111, aad llt fram aoly atMot 4m pmr ceat af taa (tal rea) . . .. MHwim aaa eiataaauia;, baadad Udbtljwa MM.Oee Eatlaaaiaal aaarkrt valaa af Una aloaa tse.eoe Com mmt larlada wmMmm at erataaa pradlrallr renphtd frith be pra eeede treta tha aale at aaada m tba Inrrcaad laad -ralura which aboold , fallaw tola deTCloBmoiit. Atmt aoadod dab par arra. Kattnatad avaraa; anarket rata ef , laad ft met)..... Eatlraeted averafe . rraaa valna ef crapa far yeara 117. lets aad 111. P arra ... Avwafi tax lary par arra raaadraal ta pay mmm rmmtm lataraat aa $1- SM.oee baada Kartmated tax lary par aera reqeired ' far aparatiaa aad aaalataaaaca. . . Eatlnaatad paplatia. ItMludlaa that af eitlaa (citlea arc, hy law, ex cluded traaa the dlatrlet) Development of Warm Springs Irrigation District da are. by law, "pal by the rsTenae derived traaa the aaaonl aeaeaamenU ttpea (be lead Is eased or such paseats aa herein preuaaa, aad aader gad sabjeet te the prVTiala. .f thl are HLAIUfAL TAXlia. aid imm uUwUm Legality of the Issuance, and Sale by Messrs. Teal Minor For entering ubcription or for further information set forth in descriptive circular, call upon or address' of an arch concrete dam capable of Im pounding about' 170.009 , acre , feet of flood waters has been completed and the distributing system Is expected to": be completed by December l, 1919. " The population of the district Is about 4000. Crops such aa barley, wheat and alfalfa predominate, i ; . !; .-',. fliyiiiiiNiiiiilMH mm hi in Miijljjai! Mm mf BmWmY mm . ' im j!jp(l' n Jf UHH1 -Sal -111!! OREGON in Price (A), Oregon TERMS Dated July 1st; denominations $1000; Principal and semi-annual interest Jan. 1st and July 1st; payable in gold at the office of the Treasurer of Malheur County, Vale, Oregon, or at the f iscal agency of the State of Oregon in New York City at the option of the holder, redeemable in whole or part in numerical order on any interest payment date upon four weeks' notice at one hundred and three and accrued interest . 2t,M xt.eee n,oee , .a ue.eo e.ee U.0t 11 M l.7 Dam 'Warm t.tee will complete tha auonlv to 12.000 Pfiy?1 irrigated and will make av.vvw acres, weicn n in net ii.uoo now,.wJ.tn'r th fcoundarlea of the District. ' Additional irrigable areas are -Ui5,-,01L,? PP this surplus stoied water aid the foFm"i" ties of rovidiag tor the use ot said surplus waters ara bow being arranged, The construction of the darn and works has been done by the Sbattwck Edingcr Company of Portland, ban Francisco and Lou Angeles, and. for speeu, the completion of the dam is unparalleled for a aimilar structure. The practice of irrigation In tiila section datea back to the early 'SOs. Thus, the susceptibility of the soil to irrigation, us fertility and the productive value of the tana are matters ot nistory and not theory vr expectancy. STAPLE CROPS PREDOMINATE, such as wheat, barley and alfalfa A very conservative estimate of average per acre yields lor which the ilAliF?.Ui.ilJLOUSb.V0l .- fcttsbals of barley and 7' tens of alfalfa. lt Is beileved that the average gtoss value ot the crops xrowM during 117. 1K1 and lsliroa land repreatnting only - of tne enure if, t!ihW,V4f.c.a V06- "' truing in th"District Jf .argi numbers of cattle sua sheep tuntributea uiateiiaAly to Uia larmina reve nues which the property vwners derive. tmtut'a " trriaatiari awka am l Iced aMaeaanaeat rail af the Dlatrirt ta tba rlpajnlllaewmeatae it,nJ i. .... . . .... of These Bonds Has Been & Winfree, Portland, Or. INC., PORTLAND, OREGON Attempts Air Flight to Australia'' London, Oct 21. (V. P.) Captain Matthews started from Houiuriow, near London, today on an attempted airplane flight' to Australia by way of XMrope. Matthews route will total 11,600 miles. A $30,000 price has been offered tf the London Dally Malt for the first person " making this flight Reasons Why TheUnitedStates National Bank enjoys a steady, . healthy growth. FIRST: SECURITY v Proven by 29 years of success. Second: SERVICE Proven by our larne num ber of satisfied customers. Third: LOCATION At Sixth and Stark streets In Portland's financial center. And Msny Other Reasons Resources Over $40,000,000.00 i Bonds H DISTRICT Springs Irrigation District, RhersiJs,' Or., Nov Completed. mrr nt h., available a full suppy for a the past total of irrti mora . ;: i..i..ki. . ... . ,m k 7 U the tllstrlet. and alt tha laada la'th. I AH." 1 be UeWl TlU tos a AMtli COLHTY iatvima .k.. k. , . . - " - "" mmm -taaea mi taa eaaioty. A pproved '. "ar e niiTi-iii-fWin-i 1 T i ' :- it''-" I tk- , a . J