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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Feb. 12, 1920)
t - 1 ,, THE " OREGON DAILY -JOURNAL, PORT LAND, THURSDAY, FEBRUARY 12, 1920. 15 SOME WEAKNESS IN STOCK VAEUES FOLLOWS BIG TURNOVER Edited by ill F. BwslM BRING BIG BREAK IN STOCK PRICES New Low Levels Are Struck and 1 Brokers Predict Downward Movement to Continue. By Broadan Wall New York. Feb. 12. On a turn over which amounted to nearly 1,500,000 ahares, prices of stocka broke sharply again Wednesday un der heavy offerings. The, downward movement was in full sVinf when the nession closed, leaving quota lions around the lowest level for the flay and at the lowest figures,. for the , year. Several stocks, partlcu larly those selling between $20 and $30 a share, touched the lowest prices in their history. The weak ness was so pronounced at the end of business that brokers expressed a belief that a lower range of quota tions would probably be witnessed. At no time during the session was there a display of strength. Opening prices wars irregular with most issues showing declines from the previous clos ing. Professional beer traders, learn ing that there were few buying orders under the market, immediately started to of fer 'shares around the room and succeeded tn causing substantial reces sions. Around noon the industrial ls itytos developed resistance and the (Ire of the bear operators was directed into the railroad department, in which high -iass Issues like Southern Pacific and Union Pacific declined from 2 to 1 points, to the lowest prices for this year. Short covering caused a slight rebound from the low figures of the forenoon, but In the last hoar the gen- m.rlt V.prt a upcond nnell of wpak- ness In which the lowest levels wenri General Motors was at the head of the declining column and at one time changed hands li points undtr the high for the day. Brokers reported that notwithstand ing the favorable news of the last two days their customers Tefuse to purchase stocks. Stock k..lbpics Market! FornUb4 br Herrin Rhodw, Inc.' American Sugar declared regularly quarterly dividend of 1 per cent on preferred and common and extra of three-fourths of 1 per cent on its com mon, all payable April 2 to stockholders of March 1. , New York. (Mall.) The annual re port of American Can was made public today. For some time past reports have been circulated tn the street that the showing would be favorable in compari son with the year before. This, how ever, was not 4he case as the reports showed only $6.65 per share earned on the common stock, as compared with $7.65 earned the year before. Another large shipment of gold to South America is expected to be made the early part of next week, presumably to Argentina. The amount of the ship ment Ik reported to be $10,000,000. Within the last 10 days Sapproxlmately $17,000,000 in gold has been shipped to that country. AGENCY IS OPENED FOR RELIEF OF FRIENDS IN I WAR-RIDDEN COUN IS Herbert Hoover Heads Adminis tration Through Which Food May Be Bought for Others. Even the money conditions have had no definite support of the market, but It wotffi seem that the unauesttonable Improvement in the money market must draft sends it to the one he wishes to Persons wishing to assist relatives or friends in the distressed " sections of Europe can now do so in a most prac tical way through a food draft plan devised by the American relief admin istration, of which Herbert Hoover. Is chairman. The American relief administration has established warehouses in Warsaw, Hamburg,' Vienna. . Budapest and Prague, iii which will be carried stocks of staple foodstuffs such as flour, beans, bacon, milk, lard, corned beef and cottonseed . oil- Packages are made up in two denominations. $10 and $60, and in two kinds, one for Gentiles and one for Jews. The purchaser of a food be considered soon. Bankers look for assist, who. upon presentation or tne the present for a call money market ' draft to tha nearest central warehouse, averarin around 8 Der cent and for! will receive food designated on the mill use it when the most Lis required. agent, who urgent nee&ie requires c The food drafts can be purchased at almost any of the local banks. While the drafts have been on hand a abort time, many have, already taken advantage of this . opportunity fo help the sufferers In Europe. . Bankers Are Urged To Lend Funds More Freely to F annex s An appeal for greater interest in ag riculture by bankets of the United States was recently made by Richard S. Hawes of St, Louis,-president of the American Bankers' association. "Nothing is more germane to the fu ture happiness of Amerca and the pros perity of its bankers than increased scientific production on the farm," said Hawes. "Bankers should lend every assist ance to the encouragement of scientific farming methods, which will bring prop er and adequate returns on labor and capital invested. The bankers must help solve every problem facing the d"al communities because their prosperr la close to the whole future of the country- , s. XJ. S. Exports in 1919 From South America Show Big. Increase A careful investigation of the export situation in South America, made by the New York Evening Post, reveals the fact that the southern countries are not cancelling their orders to the United States, despite the alarming reports of low European prices and other induce ments. "Much is heard nowadays of-the fail ure of American exporters to properly pack their goods and to offer them in convenient and attractive packages. The official reports on the export situation, are to say the least assuring. Ameri can exports from South America during 1918 exceeded $300,000,000 thus passing all' previous record a Tha exports for the first nine months of 119 show that the total aggregates $387,746,000. At this rate the total exports for 181 to South America will exceed $426,000,000." by the United" States secret service in a nationwide cleanup of fake brokers' establishments, are to be restored to their rightful owners by the treasury department, it is anounced. Moat of the securities seised previously bad' been recorded as lost or stolen. Treas ury: officials say raids have reached the point of a successful roundup of the chief violators. . School District's Bond IssueBought Ralph Schneeloch company announces tne purchase or the bond issue for $13,000 Stolen Bonds to Be Returned' to Owners Stolen registered .Liberty bonds and War Savings Stamps amounting in val ue to several million dollars, recovered some supply of time money on about the same basis, as well as for two and three day call money. New York Olobe. American Loco. draft of an equivalent value to the cost of the food draft. The charge of the draft is based on the factory cost of the food plus a reasonable margin to cover earnings for the six months ended De- the cost, of transportation and insur- cember 31 are estimated at over 16.00 a share on the common stock after all charges and taxes. For the calendar year of 1919 the earnings are said to have been over $30.00 a share. anc Any one wishing to contribute .to the general relief of anyxone of the coun tries can purchase a draft, whlcK will be forwarded to the administration's Advertising Company Is Permitted to Sell $1,500,000 of Stock b - ar Salem. Feb. 12. The Foster & Kleiser company advertising, with offices in Portland and San Francisco, were today granted permission by Corporation Com-' minsioner SchuMerman to sell $1,600,000 worth Of preferred stock In Oregon. The Nlehalem Boom company, a log ging and lumber corporation, capitalized at $500,000, with headquarters In Port land, today filed articles of Incorpora tion with the corporation department here. The incorporators are Oavld C. Eccles, Kay B. Early and W. F. Turner. I nthr artlnlvn ur ftlert fnriav an ff.l- 1 lows: ! prmie-Ritis rompunr. Portland, $250,000;; J. A. fcprmiw. A. A. 8)rmita and J. M. Kltr. Khari Warehouse roroptir. Portland. 82500: V. r. Mvar. I.. A. IlackKn and G. A. Mercr. i t'nited J.umhr rompiny, Htramel, Wirfi- i ington "unty. $10,000; Tlmrt Johnson, Sigurd ! Iaron amt: Krai Johnson. Harrtnon Oil A Gu o., Condon. $16,000;, . V Hnllen. 11. II. Wiiburn and W. A. raei. Increased Amount Of Currency Used Proves Inflation In the United St at el the circulation of money before the war was $35 per capita. Today It Is $54, showing an in crease of 64 per cent. The increase in circulation does not represent wealth. On the contrary. It is a reflex of the increased cost of liquidating debts, of the higher cost 'of production and of the Inflation in credit. One of the prob lems now is to deflate credit 'and cur rency. France, England and the United states have tsken steps in that dlrec , Hon. France proposes to Issue a great loan"; payable Only n currency and retire the currency thus received. England has decided to prohibit a further Increase in the issue of treasury bills. In tha United' States the federal reserve board liga already increased rediscount rates. It Is hoped the effect will be a check to the orgy of extra vaaanCe which has , gripped ijhe people and tend to an in crease hi the purchasing power of a dollar. FOREIGN EXCHANGE RATES nrrrtri i!iU br foraura department of tha Vnitrd Stataa National bank. Opantnf nominal ratm for bank transaction . as of February It. No qOoUUcns today ac count local hcliday. Traft Cable Par London-Pounds cheques, transfer. Rata. sterttnt $ 3.39 U $ 8.36 I4.88.0S Paris-Francn 14.62 14.80 S.18.26 lUmburt Berlin Marks 1 05 l.OT 28.82 Oenoa-Lire 18. ti 18.30 6.18.28 CopanhMwn-Kroner. 14.75 14.85 2S.80 t'hri'fiania. Kroner. IT. aft . tT.4 lie." Stockholm-Kroner.. 18.4,5 13.55 26.80 llongkone-Locsl eurrtaer .100.00 101 0O .... Tokohm-Tn . . 4B.00 4S.10 4 8.84 FACTS, X. Mt Ready for Use Complaints that highways are kept closed during surfacing is constantly recurring. It is im possible to compute the loss in actual dollars or the inconven ience attending this state of afairs. This contingency never -happens when roads are paved with WARRENITE BITULITHIC WARKEIT BOTHERS CO. INVESTMENTS Diversified offerings o f usually high yield and merit. We own and offer, subject to prior sale: CITY OF VANCOUVER, BRITISH COLUMBIA 4H Bonds, due December 15, 1923. The financial, commercial and manufacturing center of British " Columbia. PRICE 91.41 and interest. TO YIELD 7 CITY OF NEW WESTMINSTER. BRITISH COLUMBIA 6 Bonds, due July 1, 1923. The geographical center of the largest and best developed farm ing Section of British Columbia. PRICE.96.94 and interest TO YIELD 7 BRAZILIAN TRACTION LIGHT A POWER COMPANY 6 THREE-YEAR NOTES, due November 1, 1922. One of the largest and most successful public utility corpora tions in the world. PRICE 79.50 and interest. TO YIELD 7 A. G. SPALDING & BROTHERS 7 cumulative inking fund, first preferred stock. This company has a world-wide distribution of its factory products through its own sales organization. PRICE 100 and inteVest, TO YIELD 7ro umbermers B ord s -Trusts - Acceptances lefHrai a. surplus fBM.ee fTJVCI64 lrsSM Bld Portland, Or-qor. rust- (fo. avtU ' : -" : I ! : , I ! . i : . i ; I u ; i 1 1 1 , j-: , 1 1 j ; :,; i M i ! - miilllllllllllll Food Drafts For Foreign Relief - It is now possible for friends and rela tives to send food drafts to foreign countries in order that unnecessary suf fering may be obviated. These drafts, sent through "the Amer ican Relief Administration, may be drawn as follows Hamburg for Germany Vienna " Austria Warsaw " Poland Budapest " Hungary Prague 44 Cxecho-Slovakla Without permission of the American Relief 'Administration drafts cannot be drawn for more than $500, butone or more dTafts of the same denomination in smaller sums may be secured. No commission charged on the sale of these drafts. .i LADD & T-ILTON BANK Oldest in the Northwest Washington and Third Mii)iiiiiiiiiiiiiiiiiiiiiiiiiiiniiiii OHIQJjyL NOT TRANSFERABLE -GOOD ONLY IF PRESENTED WITHIN O DAYS FROM OATK OF ISUC FOOD DRAFT ADMIN19TCSCD BY AND fOS THE PROriT OS" TMC lUMPtAN CMILDKtN'S FUND . . To American Relict -Administration Warehouse Ttqt Feb. 10,1 920. yo279151 a Please deliver oti presentation to He INRfCH ScHMIP Or Ms prone rlii constituted representative iiILl D(siqiiatcd as letter D -fl Hereon, IN CASE OF CMERCtNCY fVUBSTITUTE COMMOOITlC 1 TM: Gift of A A 24 lbs. flour j 10 lbs Beans I 8 lbs Bacon I B cant Milk t $10 B 140 lbs Flour SO lbs. Buns IS Ids Bacon 15 lbs. ln la lbs. C 48 mm $5 m MM Wf SCSEPVE TMC Rl fr EQtyi- rooo A oh OS irX:esnsWf ir W 1 m e A. jcwf tut. f? 1 s tmc Rioa-iTrcr . rooo yuE: V - - " "YT " Packages D lbs. flour lbs. Beans 45 Ibs.Cit'nstidOi 48 asns nnk' $50 quivatent j, .50.00 American Relief Administration The United States National Bank COUNTtatltNINO BANK OHANN Schmidt tan Address PORTLAND, OREGON Portland, Siynat tmc cost or this rooo draft a shown above covers all expense to U Or&con, - BrV kj a MttraWt avi CLUDINO ANY BANK4NO CHABOC tasiiijssmui' i f " '"in ii:iiMii!itiiiim(!iiii!;itiirHiii(iii!!mi(i:wiiitH S1!rniJBWlii',n.i!W:lll1'll41Hi;iliiUila. i 1 s ii FOOD DRAFTS READY Food drafts like this specimen may be drawn on warehouses in the following cities: HAMBURG FOR CERMANY I VIENNA FOR AUSTRIA f WARSAW FOR POLAND i BUDAPEST . . . , FOR HUNGARY I PRAGUE FOR CZECHO SLOVAKIA I A food draft may be drawn for one or more packages ot the same denomination. f Drafts cannot be drawn for more than the equivalent of $500. without first refer- ring to the office of the American Relief Administration. j We charge no commission on the sale of these drafts. j THE UNITED STATES NATIONAL BANK 1 SIXTH AND STARK CAPITAL AND SURPLUS $2,500,000 , j aiW!laWIH!ilBWa!l ii ia r Everything done to the best advantage, resulting in the greatest value at the lowest cost. Ifaia lej-Telephea na-A1165 FWBALTES & COMPANY FIRST AND OAK Multnomah county school tllatrlct N. 61. The bond bear C per cent Interest, dated February S, 1920. maturlnr Febru ary 2. 1940. and are iatued In 11000 de nominations, free from'f federal Income tax. The district la a hlch arada subur ban reaidenca aectlon and oontalna bome of many of Portlands wealthiest i titans. . Appeal to Be' Qeard Canbr. Feb, 12. The appeal of the city -of Canby In the suit of .Feter Horn If, wherein Hornlsf was- awarded damaaea. of $4200 for personal injuries reoetvvoMn tha water works riant sev eral years ao. will be heard In'the state , euprlme court at Salem on March a. " .' Canadian Bonds V Due to the present exchange rate,-bonds of Cana dian Provincescan now be purchased at prices to net the investor unusual rates of interest. Principal and interest of the following are payable in United ' States dollars in New York: 7 Province of British Columbia 6s. .1923 . Province of Saskatchewan 6s. 1925 .Province of Manitoba;6s. 1928 Province of Saskatchewan 4s. 7. 1923 Province of Alberta 5)4 s 1929 6.60 6.75 6.75 7.QP 7.00 Blyth, Witter & Co. United States Government, Municipal and Corporation Bonds 402 YEON BUILDING, PORTLAND. OREGON Telephone Main 3304 Seattle San Francisco New York Los Angelas WE OFFER AND RECOMMEND Western States Finance Company (Incorporated under the lawn of Oregon) . $250,000 Seven Per Cent Cumulative, Participating PREFERRED STOCK OFFICERS AND DIRECTORS C. E. CUNNINGHAM President DR. E. T. HEDLUND t. .' Vice-President W. B. POTTER Second Vice-President GEO. T. DREIS Treasurer - CHARLES GRAFE Secretary The Western States Finance Company has the following powers : To loan money secured hy mortgages on personal property, or real estate, also to buy, sell and deal in bonds, notes or loans secured by mortgages, or other liens on personal property or real estate; also as principal or agent to purchase, hold, improve, sell or exchange real estate; also to purchase, sell and deal in notes, bonds, stocks, securities or investments of any kind with full power 4p borow such moneys as it may require for the purpose of its business, to buy and sell any kind of prop erty, either real or personal. . The broad scope of its corporate powers insures Constant flexibility in placing its funds in profitable channels of investment. SPECIAL OPPORTUNITIES While the possibilities of investing the company's funds are many and varied, there are a few very attractive fields of operation open at the present time. 1. One of these is underwriting approved issues of stocks and bonds in cases where the company can make a good profit on" the turn-over of its money. ?. Financing commercial and industrial concerns on their trade acceptances and time-payment paper, when the same is secured by ample collateral of undoubt ed value. ' 3. One of the most profitable fields is that of purchasing from responsible deal ers deferred payment paper on automobiles, trucks and tractors which have been sold. Such paper, carrying the indorsement of the dealer, together with , that of the company, can readily be resold, thus obtaining more funds for investment. " EXPENSE' OF OPERATION The ordinary overhead expense of a business of this nature is comparatively small because no plant or extensive equipment is necessary. The operating expense should be lower than that of the average banking insti tution. A by-layjQ of the company, amendable only by the stockholders, is as follows : ) ARTICLE VIII SALARIES and FEES The total amount expended for salaries of officers and fees of direc tors shall not in the aggregate exceed in any, one year three per cent of the actual paid-in preferred capital stock of this corporation. t DIVIDENDS ' The following is an excerpt from Article V of Articles of Incorporation : The preferred tteek eh all lie eatltlei to an aesaal dlrldsii ef urn pet rent (7), payable ml anaaallT or more freqneatiy If desired, x tie Board of Directors, wkteji said dlTldead thai! be cam mlatiTs asd .thaU be paid before any dlrldcad Is paid epea tbe eammea ateek. ' After tba imi ftr east (1) dtrldead bat basa paid ea ths common stock, , fa addition to tbs dJrldead of seven per eent T to to be paid poa the prefflrred ttoekMar farther dlrldoadt upon aid commas and preferred jitoet tkall be paid at follows. Oechelf ef seen dlrldead shall b paid to tte registered holders of preferreM stack and eae.haif thereof U the reltred holders of com. mo a stock. Said praftrred stock shall aUo bars a prior llan In ease of llqaleatloa or dlssolatloa of this romoraUon npon aU the assets of th corvoratioa ap to aad laeladlna Or Hnadred aad Twenty firs Dollars (llli.lt) per share pins the eaeaat nccraed and inpald dtrldrnd apoa said preferred stock before tbe com mo a .stock shall be entitled to aar dlTMead eat of said assets. Kald preferred stock shall not hare aay rotlaf prlrllegres. TERMS OF -SUBSCRIPTION -Subscriptions will be accepted in blocks of not less than two nor more thaii forty shares of preferred stock at $123 per share, carrvins: a" 50 bonus of com mon stock. Par value of common and preferred stock is $1QJ). A cash pavment of twenty per cent of the price must Accompany the .subscription and five per cent of the balance is pavable monthly without interest. Subscription contracts are not subject to cancellation, either wholly or in part. , iDELIVERY OF CERTIFICATE Certificates of stock will be issued when subscription is fully paid and dividends will accumulate only from date of issue. . . PAYMENT OF SUBSCRIPTION All payments on subscriptions must be made in certified checks, bank drafts or money orders, made payable to the Western States Finance Company. . MAIN 5346 ... ..11 . RAILWAY EXCHANGE BLDG SEATTLE, WASH. WILCOX BLDG. PORTLAND, OR. " . -e.i " t - - " erV '4 v , - - ins-- rf" - j " -.4