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THE OREGON DAILY . JOURNAL, PORTLAND, WEDNESDAY, NOVEMBER 19, 1919.
' -
COL S. M. FOOTE,
FORMERLY OF FORT
is
STEVENS
eo
Officer Who First Urged Summer
Officers' Training Camps,
Leaves Many Friends.
Call Money "Posts"
To BY Established
In "Chi" Exchange
A newly appointed committee of mem-
j bers of the Chicago stock exchange has
begun work to establish call money and
stock lending "posts" on the floor of
the exchange, similar to those on the
New York market. The growth in busi
ness of the exchange there has been so
great that need is felt for a centralized
call money market and an organized
method of borrowing stocks to facilitate
short selling.
Brokers who now sell stocks short on
the local exchange often find it neces
sary to canvass other houses in order to
BEAUTIES AT STOCK SHOW
Portland friends of Colonel Stephen
iflller Foote. U. 8. C. A. C command
ing the coast defenses about Boston ana i borrow the necessary stock certificates,
formerly In charge at Kort Stevens at j Thls is regarded as an awkward ar
the rrouth of the Columbia river, will rangrment in active markets, and the
regret to learn of his death in Boston. ; convenience of a stock lending post on
A recent number of the Army and Navy
Journal tells of Colonel Foote s death,
which occurred in Boston the night of
October 30.
Colonel Foote was born in Michigan in
1859 and when 14 years of age he moved
to Vermont. In preparatory school and
while In their freshman year at Middle
bury college, Vermont, he and Jesse
Htearns of Portland were Classmates.
He was appointed to West Point In
J880, was a major in the Spanish
American war and at the outbreak of
the war with (iermany was In command
of the Chesapeake Bay coast defenses
and the const artillery school at Fort
reos Monroe. He was in charge of the
first training camp for reserve officers
of the coast artillery corps.
When the American expeditionary
forces were organized Colonel Foote was
made a brigadier general In the national
army and served throughout the war in
France in command of the 163d field
artillery.
Colonel Foote enjoys the distinction
of being the first advocate of summer
training camps for reserve officers a
scheme which later developed into the
riattsburg and scores of other officers'
training camps throughout the country.
the floor appeals to many members of
the exchange.
ITALIAN
CRISIS
AT
PARISBRINGS SPLIT
(Continued from Page 1n)
conference to Its very founda-
Viv - 'V-. " ajMa.vui" 1 " m '. S . BCKSUtt siteftp' ''-!,v
if tsxHg
STOCK SHOW NOTES
peace
tlons.
In his statement the president said
that Flume must serve the commerce
not or uaiy dui or ine oiner ianas to Pald admissions Monday to the Pa
ine norm ana normeasi i iiihi pun ui ,
which It had been the historical outlet : clflc International Livestock exposition
that Italy did not need the port; that If' totaled 4100, according to announcement
of the superintendent of admissions.
Counting membership passes, which are
held by all stockholders, and other
passes, attendance reached 7200.
High praise for the Portland Hunt
club came Tuesday from James Mc
Cleave, British Columbia fancier. "The
Portland Hunt club is the best I have
ever seen," McCleave said. Inasmuch
as McCleave is a veteran horseman and
has seen some of the most famous clubs
In the United States, his indorsement is
gratifying to Portland society folk. Mc
Cleave, who brought a string of 15
Above Fine dairy rattle on view at s how Yeksa Rosebud of Rose City,
junior champion Oregon State fal r; and Washington County fair; Gover
nors Yeksa Jewell of Rose City; Governors Yeksa Raindrop Jewell of Rose
City. Below "Fox D. T ravers," 2100 pound Belgian owned by Baldwin
Sheep company of Hay Creek.
Flume were assigned to Italy "it would
create a feeling that we had deliberately
put the port upon which all these coun
tries depend for their access to the Medi
terranean In the hartdB of a power of
which It did not form an integral part.
It Is for that reason, no doubt,
that Fiurr.T was not Included In the pact
of London hut was there definitely as
signed to the Croatlans."
' Orlfndo came back with a heated
statement,' complaining that the presi
dent had gone over the heads of the
Italiai delegates and appealed to the
peopls, and condemned this as unfair.
The next day the larger part of the 1 horses here for- the night horse show,
Italian delegation left Paris in a blaie
of glory; and Orlando made his report
to the government at Rome. They con
fldertly expected that their defection
would break up the conference but the
conference continued to move along. It
was significant also that while all the
political delegates le't and left dra
maticallythe Italian economic repre
sentatives, who were looking after con
stant supplies of coal. Iron, food, money,
from the al!ies, quietly remained.
Every effort was made before and
after the Italians left to change the
president's position. He was willing to
accede to some genuine International
control of Flume, but beyond that he
would not go, and the Italians would
not agree to that. The London News
aid of his action :
"What Is clear now is that two an
tagonistic principles, which have been
more or iess relied, have been in con
flict throughout the conference, and
have now met In a death grapple, una
or the other must yield. If
Wilson's principles prevail, all such
claims as Italy is now advancing must
be abandoned permanently."
The president never budged in his posi
tion than or since. The treaty with
Germany was completed and signed
and the Italians, though not Orlando,
whose government had fallen, were there
to sign It. The problem of Flume re
mains still unsolved, though the city
was seized the other day by D'Annun-xlo.
In the sixth article of this series, to
be published in next Sunday's Journal,
Mr. Baker will relate the struggle with
Japan and the Inside story of President
Wilson's part in it.
3tockMmket
trained virtually all of the Canadian
mounted officers who left British Colum
bia during the German war. T. T.
Strain, manager of the night horse
show, came in for a McCleave ovation on
the success of the opening night. "The
best first night I've ever seen at a horse
show," the British Columbia visitor com
mented.
The Tank, the world's record horse in
the 14.2 hands class, is exciting more
than ordinary interest at the night horse
show. Although The Tank took only
third place in the lightweight hunters'
competition Monday, records are expect
ed before the week is over. The horse,
owned by Miss Hilda McCormick of
Vancouver. B. C, has jumped 6 feet I
inch.
"Judge Segis" of Seattle is attending
the livestock show. He was interested
enough to bring his "nine sons and seven
daughters" to Portland for one week.
The judge and his "family" are part
of the prize exhibit from Hollwood farm.
"Judge Segis" is the premier sire of
Hollywood.
It pays to give good feed and care to
cattle, the agricultural colleges of Idaho,
Washington and Oregon point out in an
illuminating sign. "This cow is 3 years
old," a sign over a sleek, fatted animal
announces. Then it Is pointed out that
she weighs 1110 pounds. Is worth 10
cents a pound, and is valued at $119.32.
A frowsy, ordinary scrub cow ih an ad
jacent stall Is also 3 years old. But
she weighs 1100 pounds, is worth only
7V4 cents a pound and Is valued at
182.50. Good feed made the difference,
the sign argues.
Red Cross solicitors are finding hard
sledding at the exposition. One crew,
on duty several hours, reported only
four 81 memberships.
"Cruelty attends training of pets In
vaudeville acts," Mrs. F. W. Swanton
of the Oregon Humane society points
out. She asks that all animal lovers
pledge themselves to get up from their
seats and go to the foyer while animal
acjs appear on the stage. The Jack
London club now has 45,000 members,
literature given out by the humane so
ciety says.
He was only 12 years of age, but in
dustriously he swabbed the sides of a
cow whose thoughts seemed to be con
centrated back on the farm. Walter An
dergg isn't a novice at cattle care,
though. His De Kol Segis Burke Korn
syke won him a fourth priie at the re
cent state fair, and he took first place
at Gresham.
Judging in the Berkshire swfhe classes
at the exposition was completed Tues
day by Thomas Brunk, a veteran Ore
gon swine grower. A larger part of
the ribbons went to the Oregon Berk
shire company, the remainder going to
Hugh Nisbet, who brought a herd of
six Berkshires from Chimacum, Wash.
The Oregon Berkshire company Is lo
cated at Warren. Or., where C. M.
Hyskell. former Portland newspaper
man, produces some of the finest Berk
shires to be seen on the Pacific coast.
His animals carried off 16 ribbons, in
cluding seven blues and three champion
ships. That the livestock exposition here
will do much to promote interest in
boys' and girls' livestock clubs through
out the state is the assertion Of Miss
Ethel I. Calkins, Multnomah county
boys' and girls' - club leader. "Fifteen
boys brought cows and pigs to the ex
position this year. The big prizes of
fered and the advantages of study here
will create new enthusiasm for next
year. At least 100 entrants should be
present at the next stock show," Miss
Calkins said.
Oregon City doesn't focus all interest
on J225.000 fires. Not a bit. To repre
sent Clackamas county, it sent five
wide awake youngsters as entries In the
boys' and girls' livestock exhibit. Nor
man Parrish, Raymond Montgomery,
Gaylord Montgomery, Ernest Bradele
and Lowell Montgomery are members of
a standard cow club and spend odd mo
ments massaging the surface of a pure
bred Jersey cow.
The first auction sale of registered
Guernsey cattle in the West will be
held Thursday. More than 30 head of
cattle have been consigned in this sale.
Many of them are prize winners at the
exposition.
Old-time horse followers are watching
Frank Holland's Credential. Credential
two years ago broke the world's record
for jumping, clearing 7 feet 10 inches
I at the Vancouver Ice Palace. Holland
recently returned from France, where
he served with the Canadians. He lives
at Vancouver, B. C.
of all banking establishments of the
country 10H year ago.
On the. last bank call resources of
national banks totaled 821,615.000.000. an
increase of 8815,000,000 over the call of
June 31. 1919. As compared with Au
gust 31. 1918, this is an increase of
$2,795,000,000.
The increase for the year in deposits
exceeded by more than 81,200.000,000 the
increase In loans. The proportion of
loans to deposits on September 12, 1919,
was 66.45 per cent as compared with
68.37 per cent on August 31. 1918.
Cash oli hand and due from federal
reserve banks (including lawful reserve
and items in process of collection) on
September 12. 1919. totaled $2,044,413.
000, the largest ever reported, exceeding
by $123,574,000 the figures of June 30,
1919, and by $372,580,000 the amount of
cash on hand and due from the federal
reserve banks August 31, 1918.
The circulation of national banks out
standing September 12, 1919, was $681.
589.000, an increase over June 30, 1919,
of $4,427,000, and an increase over Au
gust 31. 1918, of $7,388,000.
Capital, surplus and undivided profits
September 12, 1919, totaled $2,438,000,000,
an increase over June 30, 1919, of $75,
000,000, and an increase over August 31,
1918, of $156,000,000.
Finance, Industry und Enterprise
Edited -by 3-v
Will F. Hesslaa
PUBLIC FAILS TO
BUY RAILS; BULLS'
PLAN IS DELAYED
Public, Sore and Broken, Re
fuses to Get in New Group,
Even Though Offered Money.
EXCHANGES HIT LOW MARK
WALL STREET REALIZES
THE BANKING SITUATION
BUT IS NOT WORRYING
Banks Blamed for Not Correcting
Loan Situation and of Attempt
ing to Stop Speculation.
Expectation of Trouble in Mexico
Had Depressing Effect and
Caused Heaviness of S. P.
able character of this, however, had ap
parently been discounted by somebody
who took profits about the time of its
appearance. Cerro de Pasco is a large
producer of silver, and as silver metal
established another new high record in
London today, it was only natural to
expect that this stock would perform
well. As it was Cerro de Pasco closed
at the lowest of the day with a loss of
three points from the high of the morn
ing. TKOVBLE IX MEXICO
Expectation of trouble in Mexico also
had a depressing effect on the market.
It was that as much as anything else
that caused the heaviness of Southern
Pacific. Southern Pacific declined more
than five points, and this wus all the
more disturbing because it came after a
sharp decline yesterday. In the after
noon Southern Pacific held steadily and
the last few minutes of trading it wail
the most active disturbing feature onj
the list
But It was United States Steel that
worried the Street the most This stock
has been held steady throughout the re
cent disturbances. Today tbje selling in
it was excellent and continued VP to ths
close of the day with a certainty that
seemed to Indicate that the selling: cams
from strong interests. The cost of tha
stock, added to the curtailment of busl
ness made necessary by the reduced
output of coal. Is sure to give the steeL
j corporation a poor report for the last
quarter of the year.
j In connection with the return of tha ,
; railroads to the owners on Jaftuary 1,
' it is rumored that some of the systems
may change their plan of holding sub-
sidlary companies. '
LIBERTY BOND SALES
BANKS' RESOURCES ARE
IN EXCESS OF ASSETS
New York, Nov. 19. The New Tork
Telegraph says : Wall street knows that
the banking situation is well in hand but
this does not mean that the speculative
condition is as some people ask for.
Certain it is that its nothing to worry
over in the banking displays of last
week. It is admitted, however, that it
would be necessary to continue a most
rigid supervision of loans for some time
to come, that if undue speculative ac
tivity should break forth drastic ac
tion will be taken to suppress it.
There is a general movement against
general speculation at all centers, in
commodities as well as securities al
though Governor Harding of the fed
eral reserve board has declared that
cotton loans are safe, larger margains
only being required in order to protect
the lending banks. Whenever the credit
operation becomes strained it stands to
reason that the strain should be re
lieved. Complaint is made that the banks, of
their own free will, do nothing to cor
rect the loan situation, that when
trouble comes the financial institutions
promptly lay the blame upon borrowers,
who they maintain do not use good
judgment at a time when discretion is
needed. It is not denied that federal
reserve officials and bank managers
gave verbal warnings, but until the New
York federal reserve bank raised its
rate of rediscount there was no serious
attempt made to curtail Wall street
loans.
OF THE NATIONAL BANKS
Increase for the Year in Deposits
Exceeds Increase in Loans;
Money Circulation Greater.
Assets of national banks of the coun
try are now in excess of the resources
of all banks and trust companies of the
nation as late as April, 1909.
According to figures made public by
the office of Comptroller of Currency
Wjlltams the resources of the national
banks at the time of the last bank call
exceeded by $520,000,000 the resources
PACIFIC COAST BANK STATEMENT
Pert! and Bank!
Clearings This Wpelt. Yrar Ajo.
Monday S.R1P.SK9.79 S 7. 1 3!.H4 s.4 1
Tuesday .... 6,689.999.51 S, 405. 834 27
Wedneadar. . . 6. 018, 387. 94 6.008. 132. 04
Seattl Banks
Clearings, Wednesday X 7.643.91 . 00
Balances, Wednesday 1,244. 8B4. 00
Tacoma Bankt
Clearings, Wednesday ( 821. SI 8. 7 5
Balances, Wedne:day G4,823.4
8an Francisco Bankt
Clearings Wednesday $29,280,651.00
Los Angela Banks
Clearings Wednesday $11,241,580.00
Spokana Banks
Clearings Wednesday $ 2,265.680.90
Balances Wednesday 814,854.00
By Rrnadan Wall
New York, Nov. 19. Real liquid
ation took place in some specialties
where the previous declines had
been accomplished with profession
al selling only. Crucible especially
suffered in this way, the stock
showing a gross decline of 32
points at one time. Others In which
there was liquidation were Repub
lic, Studebaker. General Motors and
Mexican Petroleum and United
States Steel. In most of these, the
liquidation was for accounts of
pmall followers of big insiders, but
it was sufficient to cause sharp
breaks in the quotations.
The market closed at about the lowest
i of the day, weak and active, with money
at 12 per cent and with foreign ex-
changes at the lowest price on record.
The much advertised bull market in
! the railroads does net seem to start,
i By some freak of reasoning the interests
! that caused the break in the market last
i week imagined that the public could be
i induced to buy railroad stocks. The
i public Is sore and broken and refuses
to get into a new group, even though
I offered money.
It is quite possible that bulls will have
o wait for weeks before a fresh move
ment upward can be gotten under way.
Careful investigation today disclosed
' the feet that short interest is very large j
' ana tnai li IK noi ouisiairanig iur me
' account of mere speculators. Some of
the most important interests of the
Street are short of stocks.
: DECLINES HCRT
In the Crucible group on the exchange
it was said Monday that real stock was
coming into the market. and that decline
of prices was really hurting certain
people very much.
i In regard to Mexican Petroleum, it
was said that there was accumulation, j
but if so no professional traders ap
peared to compete with the investors
who wanted the stock. They got it
easily at falling prices.
In Republic a nest of stop loss orders
on the long side was uncovered when
the stock broke through 105.
Early In the day great strength was
displayed by Endicott Johnson. The
stock rose five points, but sold off in the
afternoon when the market turned weak.
Marine preferred was also one of the
strong issues in the early trading. Cerro
de Pasco rose rather sharply in expecta
tion in a favorable statement to be put
out on one of the tickers. The favor-
Ilbprty bonds
Liberty bonds
Wednesday
3 H8
First 4s
Serond 4
First. 4 V s
Serood 4 '-i
Third 4 M s
Fourth 4 '4
Victory 4
Vic tory 3 . s . .
old in New Tork market at the following prices:
sold in New York market at the following prices:
9n High lxw Clnsa
10(1 30 1100.30 1100. 10 $100 04
.... ... ... 94.40
92.50 02.48 92.30 92 40
.... .... .... 94 50
92 90 92 98 92.80 92.90
94. 10 94.40 94 30 94 S
92.90 93 00 92 86 92 92
99.30 09.30 99 24 99.2R
99 32 99 82 99.28 99. 2B
Cloao
Closa
Tuesdsy'1
$100.12 'i
94.40
62.44
94 50 J
92. S 1
94 32 "
98 02 i
99. 2H
99 ifO
Furnished by Wilson-Heilbronner Co.
Financial News Nearly all specula
tive, elements committed to bear side In
expressions of market opinion after the
close yesterday. Professional traders In
sisted there were no indications of sup
port in any issues and that liquidation
must be expected In many stocks. From
general drift of professional talk there
was evidence that short interest is be
ing steadily increased and that much
of the supply of stocks at the low levels
represented bear offerings.
One class of industrial shares which
was not exploited in the late bull mar
ket was the copiers, therefore they had
little ground to lose 6n the break. In
some houses which specialize in copper
shares it Is said a substantial amount
of orders are in the market just under
current levels and that on the first fa
vorable opportunity .they will be moved
upward.
Furnished by (Herbeck . Cooke Co.:
A prominent stock exchange firm says
Union Pacific is In good position to adapt
itself to private ownership.
United Cigar stores declared dividend
of 6 per cent on common payable in
January, no date.
House passes bill authorised railroad
to reimburse government to amount of
$400,000,000 advanced for equipment : re
fused to consider conference report to
create foreign credit corporation.
FOREIGN EXCHANGE RATES
Corrected daily by foreign department. United
States National bank.
Opanlnc nominal rates for bank transactions:
Kterling made a new low record at $4.03 just
before tha cloea.
Checks. Cables.
.tiOndoS, pounds sterling..! 4.03 H $ 4.04 Si
-Pari, francs 9.69 8.U7
Berlin, "marks 2 20 2 25
Genoa, lire 12.42 12.40
Copenhagen, . kronar .... 20.75 20.85
Christian la. kroner...... 21. 9( 22.00
StorkUonn, kroner ...... 22.80 . - 2:1
Hongkong, local currency. S8.50 luftfaO
Yokohama, yea ...... ..... 6V.8S ' 11.00
JS SPACIOUS banking room handsomely
equipped adds to pleasant associations
which many thousands of Portland's good citizens
have acquired in their dealings with this bank.
THE FIRST NATIONAL BANK
OF PORTLAND OREGON .h
fcM TH5.rF,fJ NHONAL BANK WEST fJj
OF THE, ROCKY. MOUNTAINS gM&
Exempt
From
Normal
Income
Tax
BRIGHTON MILLS
Company
Ha No
Mortgage or
Debt
Funded
(Passaic, N. J.)
7 Cumulative Class "A" Preferred Stock
Brighton Mills, incorporated manufactures Sea
Island, Egyptian and American cotton yarns and cotton
fabrics for fabric and cord pneumatic tires, filter cloth and
other cotton specialties.
Total net assets equal $"37 per share and net current as
sets $16." per share of all class "A" and "B" preferred stock
outstanding. Net quick assets are not to be reduced below
100 of -total par value all preferred sfoek. Sinking fund
will operate to retire 3 of preferred stock each year, begin
ning in March, 1921. .
Par value of shares $100
Price: 97 and accrued dividend to Yield 7.22
Full Details on Application
umbermerxsnTrusf (To.
1 aga
- Borxds -Trusts-Acceptances
taprral m. Surplus tooa.aa
San francisco tWn-mns Bldaj. ' Sevttl
Portlarxd. Orqor.
A Sure Way to
Make Money
is to save your income. But what
shall it prof it a man if he save his
income, and lose his - principal ?
You will be sure of both income
and principal if you invest in
bonds offered by Ladd & Tilton
Bank, for every bond offered has
been purchased outright by us,
after passing the most exacting
reliability tests.
Therefore, if you have funds to
invest now, or want to put aside
some money each year to create
definite capital at a certain time,
consult with us.
For bonds that are safe, and interest that
is certain, see our
Bond Department
LADD & TILTON
BANK
Oldest in the Northwest
Washington and Third
C--1EM BE
FEDERAL RESERVES
1 SYST E M)
Short Term Gold Bonds of
City of Vancouver, B. G
Four years due December 15, 1923. Principal and semi-annual
Interest payable In gold in New Tork City without any deduction for
Canadian taxes. Direct general obligation. Pull details on request.
Call or phone.
4V bonds at discount price to yield 6V
Wir ordan "ooilaet."
WTUIM ftaa Flfawss
Freeman Smith & Camp Co,
CCONB FUOOBt
BORTHWESTERN BANK BUILD MQ
Main S4t
G. E. MILLER & GO.
Established If 12
INVESTMENT SECURITIES
BONDS
GOVERNMENT MUNICIPAL
CORPORATION -
205-6 Northwestern Bank Bldg. Phone Main 4195
FRENCH CITIES
Bordcaaz
Price $92.50
Lyon
EXTERNAL LOAN
To Net
AMERICAN GOLD
MartnlllM
6.80 i
5 1 Deve pea ux fcfim pa ny
87 Sixth Street Broadway 1042
Ground Floor Wells-Fargo Building
GOVERNMENT, CORPORATION AND MUNICIPAL
BONDS
TO NET FROM 5 TO 7
PREFERRED STOCKSLOCAL SECURITIES
ROBERTSON & EWING
207-8 NORTHWESTERN BANK BLDG.
HALL & COMPANY
Bay and Sell U. S. Government. Foreign Government 0
M e ak a. . at m - .
Railroad, rabitc utility, industrial. Municipal
BONDS
Quotations Upon Request
Lewis Bldf Portland, Or.
Telephone Marsnal. 655
t
if ':
4
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