r
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