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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (May 7, 1920)
18 -THE OREGON DAILY JOURNAL, PORTLAND, FRIDAY, MAY 7. 1S20. CORNER IN STEEL IS DENIED Edited by Will F. Hessian RAILROADS ARE IN PITIABLE PLIGHT, SAYS CARL KELTY "A number of the; great railroad systems are in a quandary with re spect to financing, "j said Carl S. . Kelty vice president of the Lumber men Trust company, on his return yesterday from the Bast. "Reports that not less than $500,000,000 is required for urgently needed equip ment are met by the manifest im- possibility of selling so large an amount of securities, to the public . at present, unless it would be at Interest rates that the roads cannot afford to pay. j .v ; "The fmancial stringency is bearing more heavily on the railroads than on industrial concerns. The latter, many showing: current earnings of 25 to 50 per cent, can pay 10 per cent interest on their note obligations about as read ily as 6 per cent. The increase is added to the selling price of goods produced, and the public pays It, or it goes into operating cost and the government gets less taxes. But in case of the railroads, they cannot pass costs on to the pub lic until after a long drawn out fight for increased rates before the ' interstate -: commerce commission, and they must be able to show, beyond all question, 'that ; such increase is reasonable and neces sary. "The Pennsylvania Railroad company recently borrowed 130,000,000 from the public for 10 years at 7 per cent. Un derwriting expenses brought the' cost of the money up to 7V4iper cent. Never , In a generation past has the Pennsyl vania issued funded obligations bearing a rate higher than 5 per cent. "Following the Pennsylvania, the New York Central came into the market with an issue of $36,000,000 j equipment trust 7 per cent certificates, j and the cost to the borrower was about 7 per cent. "While the Pennsylvania and New Tork Central offerings j were successful, as far as absorption by investors was concerned, there .existed a feeling" that there were .very : definite limits to the amount of such I securities that -would be readily purchased. "The lack of locomotives and. cars to move the constantly increasing '-volume of traffic offered is a serious handicap to many lines of business. -The railroads say it will cost over $500,000,000 to pro vide such equipment. ! v "Today's press dispatches report that the railroad heads have applied to con gress for a loan of $500,000,000 to pur chase equipment. This is the only Way ' the funds can be obtained. "There is much talk in the East of possibilities of a money panic. Credit inflation can scarcely go further, and most strenuous efforts I'to force liquida tion have accomplished but little." Forelrn Exchange Market New Tork, Mjr T. UJ P.) Demand ster ling opened higher hen today at $3.83 , np H.. Franc checks were 15.82, np 65 centime: lire, check. 20.02. up 90: mark, demand. slightly biahrr at .0103.' cables .0105. United States dollar ea Canada demand were .9090. Frane : checks touched 15.92. np 65 cen times, at the closs: sterling eased off another hlrf cent to 3 84Vi. tar demand closed at 20.47, cables, 20.45;. mafts demand. $.0189. cables $.0181. . i : PACIFIC COAST BANK STATEMENT Clearlno Monday i. , . . $ Tuesday . . . Wednesday... Tlmraday . . . ' Friday. ...... : j ! i destines! Friday Balances : Friday Pert land Bank This Week. 6.S70.844.85 . 5.87S.290.SS 6,9,293.08 ,0OT.3 10.16 6,185,392.00 1. Spokane Banks . k . . .. Seattle Bonks ! Tear Asx. 6.22.52.8S 6.437.025.65 4.44B.626.83 4.825.095.23 4.615.304.46 1.S8R.836.00 616.921.00 Clearing-, Friday .',.....,....$ 5,880,060.00 Balances ! Friday ............ 1.073.896.00 San Francisco Banks i ' Clearings Friday ............ 826,826,334.00 j -- Los AnfoJe Banks Clearing! Friday . I . . . .. i.. . . .813,847,556.00 T scorns Banks 927.S70.00 109,727.00 Clearings Friday ... .'. $ Balance: Friday . ......... ilfew Tork-Loadon Silver , New Tork. May 7. 11. N. 8.) Commercial bar silver was 3 H a lower today at 81.02 "4 . London, May 7. (I. N. 8.) -Bar silrer was 2 d lower today St 604. i MONEY PLENTIFUL . BUT STREET WILL HAVE NONE OF IT Br Broadan Wall New Tork, May 7. On the stock exchange Thursday some $8,000,000 was offered, but1 nobody wanted to borrow it, although money was quoted at 1 per cent. Business was on such a small scale that' the volume of money offered made no difference. There was no longer a free call money market on the ex change, so nobody could tell what might have happened If the rate had been lower. , ' " . - - There being no inducement held out for the purchase, of stocks, the market became reactionary. In the morning it was strong. With many issues showing material gains. In the last hour At lantic. Gulf and WeSt Indies shot up to a level 10 points above the previous close, but nearly everything closed weak. : - . - Exchange authorities will hold a con ference this afternoon, hoping to, find some way to defeat the wild 'scheme of legislation talked of in Washington. One step in the right direction was taken today by the exchange when its business committee reported that an in vestigation of Republic Steel found no basis for the crazy rumors of a corner. Mr. Ryan' being invited ' to say some thing about it, told the exchange that he i never bad any interest in the com pany. . The cry baby reds who had sold the stock short believed that Ryan bad them in a trap and that the easiest way out would be to have a stock exchange committee save them as was done in Stuts. When they discovered they were Just plain, ordinary shorts without a chance of martyrdom some of them cov ered hastily, i running Republic to win a fraction of its previous high record. The exchange announced that buying in this issue had been for. investment ! ac count, saying that four firms prom inent in taking it had given assurance to that effect CONDENSED REPORT OF The United State? National Bank I PORTLAND, OREGON ; Submitted to the Comptroller of the Currency - I At the Close of Business, May 4, 1920 j T RESOURCES Loans and Discounts .................... United States Bonds and Certificates ....... . Other Bonds and Securities ............... Stock in federal Reserfe Bank Bank Premises and Other Real Estate Safe Deposit Vaults Customers', Liability under Letters of Credit Acceptances ; Interest Earned! Cash on hand and due from Banks. . . ... . . . . and LIABILITIES Capital i.. Surplus and Undivided Profits Reserved, for Interest and Taxes .. Circulation . . j .'. . . . . . ,V. Letters of Credit and Acceptances Unearned Discount ... .... ... Federal Reserve Bank Deposits j . . . .. .$19,090,865.00 . 3,844,347.27 . 2,795,570.15 75,000.00 1,088,215.11 ; 70,323.85 1,564,202.95 . 148,199.90 . 6,870,516.53 135,547,241.04 .t 1.500.00O.00 . 1,824,480.72 141,180.33 1,035,000.00 . 1.582,202.95 35,565.86 . : 3 71,000.00 . 29,057,811.18 ! STATEMENT of the condition of The Northwestern National Bank of Portland at the close of business, May 4th, 1920 , RESOURCES Loans and Discounts. ................ .$18 federal Reserve Stock. . .. . ., . ... ... i. Other Bonds and Securities. ........... Furniture and Fixtures; J Customers' Liabilities under Letters of Credit, Acceptances Bills of Exchange Due Us on Liberty Loan Subscriptions ... .'. . .$ 81,892.46 United States Bonds.. . ... . 182,600.00 . United States Certificates. . 731,000.00 Cash on Hand and Due from Other Banks ,947,404.89 37,500.00 ,310,453.69 70,000.00 250,896.68 995,492.46 ,174,017.90 Total .......... .$28,785,765.62 LIABILITIES $ Capital Stock Paid In ......... . Surplus, and Undivided Profits. . Circulation . .' . . i . Commercial Letters of Credit Acceptances Based on Imports, Exports Acceptances Executed for Customers. . . Commercial Paper Rediscounted. . . . . . ; Deposits 1,000,000.00 503,836.84 50,000.00 99,161.25 106,896.75 36,800.00 550,000.00 26,439,070.78 i i . ' 1 I ll - I : i I - I lotai .$28,785,765.62 i 1 i r j .:!:' ; ' 135,547,241.04 I j j .. - M' - - . ' 'i I ' - - . , t SF . . . ' ' gj"" , . - : -r- - II -Ml i Condensed Report of - the Condition of First National Eanli ANL? i Security Savings and Trust Company At the Close of Business May 4, 1920 RESOURCES T The FIrsH NetionsJ Seeurity Sevinf Btftk & Trust Company . i l . - - - i - . . f Combined Lozms and discounts $24,766,617.90 $1,648,107.54 $26,414,725.44 U. S. bonds Other bonds, etc : ; . . Stock in Federal Reserve bank . . . Bank premises and other real estate. ., . . Customers liability 1 under letters of credit and acceptances. . . . 2,749,550.23 Due from U. S.' treasurer. Cash on hand and in banks. . . 6,7l4,369;9o 1 4,50d;024.17 2,012!,760.39 lolooo.oo 994,755. 02 l,262t266.9l 133,312.50 : 4,835.00 420,165.33 4,500,024.17 3.275.027.30 105,000.00. 1,128,067.52 2,754,385.23 75,000.00 7,136,535.23 Total .S41,92Q,077.6r $3,468,687.28 $45,388,764.89 i - UABIUTIES The Firtt National Security Saving tSAnlc r & Trust Company Combined Capital stock . . .$ 2,500,000.00 Surplus land undivided profits ,1,364,261.53 Circulation ... . . . . . . . . . . . . . . . 1,499,995.00 Letters of credit and acceptances 2,758,550.23 Deposits 32,582,270.85 Federal Reserve bank. . . . . . .... 1,215,000.00 $ 250,000.00 $ 2,750,000.00 333,240.31 1,697,501.84 1,499,995.00 4,835.00 2,763,385.23 2,880,611.97 35,462,882.82 ' v ! I 1,215,000.00 Total ...$41,920,077.61 . $3,468,687.28 $.45,388,764.89 . r' ' Tne stock of this bank is owned the stockholders of THE FIRST NA- TIONAL BANK, Ul fUKlLAWU, OKtUON. $150,000.00 A Capital Stock Offering (All Common) $10 par The Westiein Rubber i of Tacdma, Washington Comp any The; Western Rubber Company ias been established at Tacoma, Washington, for the purpose of supplying .a i part of the enormous demand for tires and tubes here in the Northwest. The SOUND TIRE will be synonymous with QUALITY and SATISFACTION Our i factory is now completed, a 1 machinery installed", and will start production this month. The- s . . k. . - -r r """'"'j movancu, aim win awn pruuucuon tnis montn. i he phnt will have a capacity of 75o tires andiooo inner tubes per day. With a little additional ma- M chinery Jin one or two departments i The; building is of concrete, and can easily attain a capacity of 1000 per day. enst nnn TU su:-,. : r it...... ... v, ..!'. i. , i J , t" ,iuv mauiiiicij i3 ui uic very latest type, and the equipment throughout nf th vph, voct c , .. . J- . v yv ' u ihr iinifprf-QHTAc'-- tn,: 7r r . J' 1 U1 113 "c u,cre ,is no Detter equipped tire factory n one rir W V Vry "man ' gCr - d thC fremen fr the ' various Apartments i are merv of long experience Our factory manager comes from a similar position-in one of the seven largest Oornnt ' F7s toTthat connection was for 22 years with the Diamond and Goot : : t-:'1'li:- ' :: ': ".V r f , r The Company is ably; and conservatively managed. The Chamber, of Commerce of Tacoma his hepanand the management, as the leading' bune a'nd rjanKers ot I acoma. . That, the Company has assets in excess of $500,000 shows how stronjriv th people of Washington have indorsed the Company. ' Q Stronly tne STATEMENT OF CONDITION OF THE LADD & TILTON BANK ' AT CLOSE OF BUSINESS MAY 4, 1920. . : RESOURCES Loans and Discounts ..J...... ... Stock of Federal Reserve Bank, Bonds and Stocks .................... Customers' Liability on Letters of Credit.. Customers' Liability Account Acceptances. Real Estate, Claims and Judgments ..... . Accrued Interest Uncollected U. ,S. Bonds and Treasury Certificates. . . . . Cash and due from Federal Reserve Bank a other Banks. ........... . . ........ LIABILITIES Capital Stock Fully Paid. . . . Surplus and Undivided Profits . . ...... Reserve .for Interest, Taxes, etc. Letters of Credit . . . Acceptances Due Federal Reserve Bank Unearned Discount . . . Deposits i . ... . . . . ....... i .$18,268,708.34 . . 60.O00.00 . . 1,962.331.20 . . 1 867,227.06 546,296.64 .. 47,536,76 ;. 119.586.18 1,097,384.44. nd 5.186,874.09 28,155,944.71 .$ 1,000,000.00 . 2,062,476.34 198,182.85 . 867,227.06 , -546.296.64 650,000.00 18,278.88 . 22,813,482,94 $28,155,944.71 Agonal workmcap.tal is desired, and the company has received . a 'permit- under the law of thls state, to sell $150,000 of the capital stock of the 'company n Oregon Ths offers an excellent investment to ?he people of this state. It wiirbraJpSed" the more ,f one can realize what; the tire business is today, the zreatTuture he " hi coast for, such an industry and the facilities of !te. Wester; ' KulZ So"S and part.ally supplym,: the demand for ! automobile tires and tubes - : .j' .: ,j : j r- n :. - - ' : - - r . a .,, o u. th .tuefced coupon, tod we will bo ment, 9f tlu. Te.bnenl. W .hould Ik. you to csdl iB per.on it ou, branch office hero, or phone for an eppointment, Mar.haU 467 COUPON To the Western Rubber Co., S. J. Claridze, Director Stock Bond Department, Portland Branch Office. " 903' N. W. Bank Building, . Portland. Oregon. i Gentlemen: Without obligating myself to pur chase, you may send me one of your booklets. , a. Name '. Street No. . .. i ................ . City or Town. and - ; - -v - ' ; , i. . -ity or Town. . . . . . IIIIIIIIi Hibernia Commercial arid Savings Bank OF PORTLAND, OREGON j Member Federal Reserve System ' " , : 4--' ''- : i , : . Statement at Close of Business May A, 1920 RESOURCES Loans and discounts Bonds and warrants: ' City of Portland. . v. . 62,056.83 U. S. Government bonds and treasury , certificates ................... 1,034,701.70 Other bonds and warrants.... 113,022.92 3,571,936.42 Stock Federal Reserve bank. ........ Stocks and securities ............ Real estati Furniture and fixtures ............ Cash on hand and due from banks. .. Deposit for taxes - LIABILITIES Capital stock ' Surplus and undivided profits .... v Dividends ....... ... ....... Demand- deposits . . . .'. . . . . , Savings and tirns deposits.... ., . 2,251, S10.63 . . . . 3,227,122.06 1,209,781.45 9,000.00 61,526.44 122.614.48 5,000.00: 865,617.69 1,000.00. 5,846,476.48 20O.000.00 165,158.79 2,685.00 5,478,632.69 5,846,476.48 STATEMENT OF CONDITION OF THE ' State Bank of Portland I OF PORTLAND, OREGON . At .tjhe Close of Business, May 4th, 1920 . I RESOURCES Loans and f)iscounts . . .11 ............... . .$2,604,539.21 Bonds and Warrants .. ... 8:38,240.19 Furniture afid Fixtures 25,000.00 Cash and Due From Banks 6!9,803.09 i oiai d . . . . . "'--f $4,107,674.19 LIABILITIES Capital Stoxk burplus ! Undivided profits t Rediscounts ..-a.. Deposits . ' Total J . ..$ 200,000.00 ... 50,000.00 . . . 29,474.10 .. . 244,000.00 . . . 3,644,200.39 $1,167,674.4.9 - STATEMENT OF THE CONDITIO JT OF THE PENINSULA NATIONAL BANK PORTLAND, OBEGOTT At the Close of Baslaess May 4, ' RESOURCES i Loans and Dlscoufita .1.... . , Over Draft .1 '. : V. S. Bonds and er tlflca ten. Stock. In Federal Reserve Bank.' Bonds and Securities i. i ,'. ... . Furniture and Fixtures Cash on Hand anj, Due From Banks and U. S. Treasurer...., r Total .I , .LIABILITIES i j Capital Stock ... A ......... Surplus f-.", ..,,...,....., National Bank N4ts Outstanding...; Federal Reserve Sank .... Deposits .y ..... Total I... .7.... . .Sl,a29.84l.ft2 186.19 ,4f.0.00 .a'..'J4 .Zj.5S 373.1 3, 275 13; 43,: 4 .....IZ.lB'J.tl'iMO .....I 200, 2t0, zs. .713. 000.00 114. 7 000.00 ooo.no 504.64 ..... 1 . ....j2.iua.6ia.4o T Stateraeat of Coadltloa of tka LIVESTOCK STATE BANK 3 J At Ihe Closs of Baslaess May 4, Its i RESOURCES : Ixans and RiscounU , . Bonds and Warrants Stock in Fedftral Reserve Bank. Furnifure ana Fixtures Cash on Hand and Pus From Other Bank. ,..$1,157,321.41 ... 132. 811.47 3.76!l.OO 6. 000.00 ... -350.046.B2 ...1,649,3S.80 100.0Ofl.00 37.71T.M ... 28,545.7i ..; 1,13,67:.15 Total ....t ................ J.. 1,84,935.80 a : Liabilities Ca pi tal Stock . ..A Surplus and Undivided Profits Rediscounts Deposits .. . ... -.i'dniiilili!