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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (March 8, 1921)
12 THE OREGON DAILY JOURNAL, PORTLAND. OREGON TUESDAY, MARCH 8, 1C21. POLICY QUESTIONS BROUGHT OUT IN SHIPPING SESSION Eleventh-Hour Meeting of Board Explained in, Degree by Facts of Agreements on Allocating. Washington, March 8. (WASH INGTON PUrtEAU OF THE JOUR Broad questions of policy . which may have a deciding: influence upon the future of the shipping board and of the American merchant marine itself were brought Into strong relief at the board's hearing on allocation of vessels to the trans Pacific trade on February 21. Examination of certain facts leading up to the hearing and the record of the hearing Itself (how that the hearing carries deep significance, whatever the mutations through which the shipping l board may p.ss. The board ia perma nent and the records are permanent, tike the records of a court. ' It will remain for reference and the basis for future action. POBTLAND IS COKCERXED Portland's case is there, along with Puget Sound's, Astoria's and the others. But beyond the question as to how many ships finally are allocated to pne or the other Is the discission of principles and policy, which are general in application, to which the board roust resort in de- - cidlng the future of -the merchant ma rine. - . The hearing dealt with big, new, com bination passenger and cargo . vessels, the 535 type (so-called because this is their length In feet),: which clip away at 17 and 17.5 knots, and are suited for transooean traffic in competition with the fast foreign lines. The problem is how best to place these ships to meet the demands oT 'commerce, to fit them In with other uhipa privately owned, and to bring about a systematic opera tion of the merchant marine as a whole, with a view to ultimate private owner ship of all,, in accordance . with the de clared policy of existing law. . ' SALE CHA5CJ5 8LIM , Immediate sale of the ships has no alluring prospects. As conditions stand, they could , not be absorbed except at ridiculous loss and abandonment of the declared policy of building up new routes and new services. . . They can be. allocated direct to oper ating, companies,-and that is the plan discussed at the hearing. It seemed to be assunfed that: they ; would go under what Is known -as the' M. O. 4 operat ing agreement. Thereby ; hangs a tale. There remains the plan of operation by bare boat charter, or by some spe cial arrangement. ; - . The M. O. 4 is an agency agreement, under which the agent ; selected uses the property, turned over to it without ha v ing to worry about: taxes, interest, de preciation, maintenance or cost of opera tion. But the operator shares in the gross earnings there being no net earn ings, perhaps, to share. OPERATORS PROPIT It seems clear enough that no oper ating company that can secure an "f. O. 4" will want to buy the ships or operate them by 'bare boat charter. If the . strong companies, for example the Pacific Mall, can secure, these alloca tions, what would be the position of other companies i at lesser ports with taxes to pay. Interest charges, deprecia tion and costs of operation to be met? It was along' these lines that Commis sioner J. N. Teal questioned several wit nesses at the hearing, j There was con siderable sidestepping, not much In ' the way of answer. It was admitted that the effect might, be "injurious" to the companies and ; ports not fortunate enough to secure the allocations. James A. s Emery, who appeared for, the , San Francisco Chamber of Commerce, and who asked that! all ships granted to that port go to the Pacific Mail, relied upon the statement that the Golden Gate has built up through a long period, and it would, be unfair not to continue the business with the established lines. PLAN HEEDS WATCHRa So the M. 0. 1 4 agreement is some thing to watch, s It -seems due for re vision if the merchant marine is dif fused, if new blood is to enter, and pri vate ownership encouraged, all of which are declared parts of the country's pol icy under the shipping act. It Is an open secret that San Fran cisco and Seattle would 1 like to divide the Pacific between, them. San Francisco believes it should have the lion's share, while Seattle would prefer an equal di vision. Portland, Astoria and Los An geles do not enter into these-calculations. The -first units of the; new fleet ap parently were fashioned along . these lines. Last May , the : shipping board made tentative plans for the: first 12 ships, five to the Pacific Mail for oper ation between San . Francisco I and the Orient, five to the , Admiral line out of Seattle to the Orient, and two from San Francisco to Honolulu by the Hataon "ne- ! - ALLOCATIONS IX AIR 1 To say that - these allocations - were made, however, is apparently a miscon ceplion.; The actual, definite allocations are probably six In number, four at San Francisco, two at Seattle, and the others on a tentative basis, v Two have gone to the Atlantic coast. That the program Is open as to the rest of the ships; there are IS 535s has been recently stated by Admiral Benson,' the chairman of the board, and the allocation hearing was on that , basis. It was at the chairman's suggestion the hearing was ordered. ; j In addition to the allocations of 535 vessels above stated, three ships of the 502 class have ' been assigned ' to the Pacific Mail for operation between San Francisco ajid Manila and the East In dies. ' These ships have accommodation for only a few first cabin passengers, but rank as high . class cargo boats, with considerable steerage room. ; LATE SESSION EXPLAINED - This helps to an understanding of the broad ground of the affair of February 21. when - the Pacific coast ports were invited , to appear and present their data and arguments. The first of the ships have gone Into operation without any very definite decision as : to how they should be handled or where they should. go. i ::"' j ! : - The problem has arrived, and the time for, hearing of all interests appears to have been fully due. The discussion of policy that went into the record, as affecting the lesser ports and the pri vately owned lines, is something the new board can ponder. The : retiring board will be free from the charge of drifting Indefinitely to the finish line. , Knappa Represents f Lower Columbia . . Knappa, March 8. Knappa high school won from Vernonia ; high school in ' the debate at Clatskanie Saturday night to decide the lower Columbia championship, Knappa had won . from Clatskanie and Astoria, while Vernenia had won from St. Helens and Scappoose.. John Conroy and William Hunt represented Knappa, and Miss . Brown and Miss Robinson, Vernonia., This victory entitles Knappa to debate for the state championship at Eugene In ' May. s i . , INCORPORATION PAPERS FILED BY RECALL WORKERS Incorporation papers were signed and forwarded to the secretary of state at Salem at noon today for the Public Service 4 Recall r committee, which proposes to conduct ' cam paign for, the recall of public serv ice commissioners Corey, Buchtel and Williams.- Headquarters of the Committee have bfeh established at 729 Lumbermen's building, phone Broadway 1700. i. ; : ' p': Members of the incorporated commit tee are B. G. Duncan, president I W. E. Richardson, secretary; Mrs. J. C. Othus, treasurer; Mrs. J. E. Dean, John W. , Miller, W. W.. Merriam. Sidney Smythe, Gus E. Erlckson. E. : G. Hop- son, S. H. Singleton, H. G. Kundret and W. H. Downing. Mrs. Othus. with a clerical staff, will be in charge of the headquarters office. Efforts are being made to secure the services of W. P. La Roche as attorney for the recall committee, according to Duncan. Work . of preparing petitions for circulation will be done immediately, Duncan stated, though it will be Impos sible to circblate the- - petitions legally until after July S, when Commissioners Williams and Buchtel will have been in office six months. The recall statute provides that no officials may be recalled from office un til after he has ..served six months. Williams was elected and Buchtel re elected at the November election and entered upon their duties as commis sioners January 3. , - The chief grievance against the com missioners is in relation to their' grant ing Increased rates to the' Pacific Tele phone & Telegraph company, Portland Gas & Coke company and Northwest Electric company, and it is presumed that these objections wlll.be named as a basis for-a recall on the head of the petitions. . - 'Legal advisers of the recall committee proposed today that an appeal be made to the courts to annul . the order of the public service commission relative to the Increase in telephone rates. FOREIGN SITUATION CAUSES SELLING OF SHARES Have Bread Filled Witti Raisins For Flavor and for Health A bread is made that's full of raisins, luscious nuggets of sun-cured California fruit, Nature's own confections. Itfs called Sun-Maid Raisin Bread. First-class bakers make'it, and suriply it to retailers, or you can bake it at home according to the recipe below. Serve such bread because it's! real raisin bread and because it's healthful. j . ' Raisins are rich in natural iron content. Natural iron in the blood makes ruddy, rosy cheeks. Rosy cheeks make pretty women prettier. : One needs but little iron daily, but that need is vitally important. Eat raisins daily and be sure you're getting all the iron you need. SyN-MAID Raisin Bread SUN-MAID RAISINS 3 CUPS flour y-':'- 1 teaspoon salt 3 scant teaspoons baking powder , lft tablespoons of sugar Sift well together M package Sun-Maid seeded raisins : 1V& cups milk ; If desired to make bread a little rich- ). i er, 2 tablespoons of butter and one ' beaten erg may be worked in. Bake SO minutes. WiU make one loaf. Can-T . not faiL This recipe makes delicious raisin muffins. SELLING SHOWN AFTER THE START New York, March 8. I. N. S.) The stock market closed steady today. The - market ehowed . a : steady . tone in the late dealings, most of the leading issues rallylug in the' last half hour. U. S. Steel wold up from 81 to 81, and Baldwin from 88 to; 89. Chandler Meters rallied over ' one point to 71V&, and Studebaker moved up from 59 to 60. Atlantic Gulf rose over one' point to 41. and United Fruit recovered two: points to 100. Allied Chemical continued in demand, moving up to 42, a gain of j.early four points from Its early low. Mexican Petroleum rose from 154 to 166. Government bonds unchanged; railway- and other bonds steady; Total sales of stocks : today were 468,900 shares ; bonds, $7,570,000. New York, March 8. (I. N. S.) The advance of the allied troops into Ger many had no disturbing effect on the stock market, at the ; opening v today. After some hesitation at the start, the entire list turned strong and made good advancea ' : ' Farnunca by Ot(mc C, e Co.. Bast STOCKS Sun-Maid Raisin Bread is made with : Sun-Maid Raisins, California's best. ' Use these raisins for all home cook- ing . purposes. In pies, cakes, pud- dings, saladsV rolls, etc - ' Plump, tender, juicy raisins, made from the finest table grapes. Packed in California in a great, new, immao ulate plant. Clean, sweet, whole- torn t American raisins the' kind ! you know are good. ' ; Three varieties: Sun-Maid Seeded (seeds removed); Sun-Maid Seedless i (grown without seeds); Sun-Maid : Clusters (on the stem.: All dealers. j Insist upon the Stm-Mald brand. 1 Ask for free book, "Sun-Maid Redpes.' ' it CALIFORNIA ASSOCIATED RAISIN CO., Fresno, California Membership IO.OOO Growers - 1-8 .til- Hi l Cut This Out and Send It California Associated Raisin Co. : , Dept. N-26-B, Fresno, Calif. ' Please send me your book, "Sun-Maid Recipes, Nimr ... free Address-City -State- Agr. t'hem. ........ Aiax Rubber AUka Oold ........ Alaska Juneau . . , . , . Allia'i'Jutlmera ....... Am. Beet HatT ..... Am. Banch .......... Am. 4 It a Co. ........ Am. Car A Fdjr. . . . . . Am. 1'otton Oil Am. Jnig Sjnd....,., Allied t hem. ........ Am. Hide . it Leather. . Am. Ice Am.. IntL t'oi. ...... Am. Liiuecd . Am lo. ........... Am. Ship Ik Com re. . . Am. Smelter ........ Am. Hnuff .......... Am. Steel -.Wj Am. Sniar .......... Am. Sumatra ........ Am. Tel. & Tel. 1.... Am. Tobacco do "B" Am. Wool .......... Am. Kine ........... Anaconda . . ...... j. Associated Oil ........ Atchison . . ........ AU. Oulf A V. 1...... BaJdwin Loco. Baltimore II Ohio..... Bethlehem Motor Bethlehem Steel "B"... B. Jt. T. , Butte- C. A Z. ....... Butte 11 8uou CuMo oil , California. Packias . . . . California, Pet. ....... Canadian Pacific , . . . . Central Leather Cerro De Pasco ...... Chandler , Motor ....... Chicaco t, N. W; Chicago GL V ...... .. Chile Cob..... ChJno . ............ C. M. St. P Coco Cola- ........ . C. O. . .. . .', Colo. P. ek I.... Colo. Southern ...... CoU Gaa Elee... ... Con. iaa ........... Cons. Digara ......'.. Corn Prod. Coedea Oil ......... C. K. P. Crucible . .......... Cuba Cane Cuban Aran. Sugar. . . . Del. Sc. Hudson ... . . Dcaaie Mines ........ I. Sc. M. G. .. Kndicott Johnion . . . , . J?11 V a moils Players Fed. Mining aV Smelt... Fisk Tire (,aatoD Wma. en. Cigar ......... tien. W ien. Motor .......... ien. Asphalt ........ Goodyear Goodrich . . . . Oranbjr , iit. North. Ore....... do pfd Greene Cananea Gulf. 8. Hteel. . ...... Hupp. Motor Houston Oil i 111. Cent... , Inspiration j Int. Agr. Corp., com... Interboro . . Interstate Callahan .... Int Merc. Marine Int. Nickel Int. Paper Invincible Oil Island Oil K. C. Southern. ....... Kelly-Springfield Kennecott Keystone Tire ........ Idtckawanna Steel .... Lehirh Valley . Iorillard Mackay i ........... . Maxwell Motur ....... Mexican Petroleum ... Miami Middle SUtaa Oil ...... Mid rale Steel M. K ic T. .......... Montana : Power ...... Miaaouri Pacific ....... Montgomery-Ward ..... M. 8U P. Sc. S. 8. If. . . . National Knamel ...... National Lead ........ Nerada Cons. ........ New Haven .......... Norfolk St W Nor. Par, Nora Mcotia - Steel N. T. Air Brake N. T. Central. ....... Okla. Prod, ref . ...... Ontario W,.... ..... Otis Steel . . . Pacific Oil ; . . Par. Uaa Sc Klee Pacific Mail ......... Pan Am. Pet......... Penna. - Peo, Gas Pere Marquette ...... Philadelphia Co Pure Oil Pierce Arrow Pierce Oil .......... Pitts. Coal ....... Pitts. Wert Va. Pressed Steel Car Pullman ............ Kay - Cons. ......... Reading Keplogle Steel ........ Republic I. Sc. 8. . . . . Rep. Motors ......... Royal Itatch Oil ..... . Ry. Steel Spg ........ Sears Hoebuck ....... Shatturk. Ari. . ...... Shell T. . T. . .. . Sinclair Slosa Shef. Sou. i Pacific. . . . . ; Sou. Ky. . St. 1. A 5. t". Ktromberg Carb. ...... Studebaker .......... Swift i Co Tenn. Cop. ic Chem . . . . Texas. Oil . Texas Parifie , . .. . . . . Tex. Pacific C. & O. . Too. Prod acts Tran ContL Oil ...... I'niou OH Del ..... I'mon Pae. ......... I'nited AUoy Lnited irrug . . . I'nited Food Prod . . . . . I'nited Fruit ...... i, . l.mted Retail- R tores . . U.S. Ind. Alcohol.,.. V. 8. Rubber , V. S. Smelting ...... V. S. Steel ......... do pfd. .......... I'tah Conner ....... Va. Chrmt. ......... Vanadium Steel . . . . ., ViTaadou. ............ Wabash 1 . ...... . . . . . Wells i Fargo . . . . . . . , Western Pacific Western Union . t. . . . "Westinghouse , 4c it. West Md. .......... White Motors ....... Willymrtand ...... Mnransa Central .... W OWWOTlhl J. ........ Worthmgton Pump . . . W. sV u n. ........ High. 83 H 44 63 29 124 21 H 4SH 44 V 86 40 104 4. 29 t 85 102 1-1 S H llVt 4 4 'si" ii'' 41 884 33 H 2 67. 18 61 H aaa- 118 38 2T 72 7 i6 21 6 sh'' 69 71 28 27 84 23 1 eo is e 14 13 SO 37 31 74 21 18 67 88 33 14 20 3 23 40 17 10 Low. sa 158 187 18 13 30 18 57' 18 80 70 30 74 38 33" 2 10 27 103 12 74 26 66 1 78 23 44 76 21 21 82 60 104 41 22 24 68 SCO u. 12 30 102 64 'in' ' 30 81 10 60 33 47 1ft 8 1 111 47 48 28 1 84 48 68 28 122 21 6 38 48 83 39 103 29 89 84 101 118 116 63 87 39 , 88 83 2 66 13 61 88 113 88 26 70 66 "' '26' 20 68 . a 34 68 71 28 24 Sl 22 1 69 18 66 5 14 13 03 87" ' 31 73 21 is 4i6 88 33 13 58 19 3 22 I 39 IT 1-5 '52 ' 155 154 17 12 30 18 Bid. 87 18 79 70 30 73 38 if' 32 23 10 27 104 12 . 73 25 66 16 , 77 22 4 2 75 21 21 82 59 104 41 22 24 62 H 20U 119 29 9 22 98 62 67 "l 80 81 109 48 '83 46 9 88 7 111 4S 28 1 1 84 3 53 28 22 21 8 42 9 49 44 47 83 10 89 08 29 90 84 U. 101 118 116 64 8 37 98 81 40 89 33 2 67 11 .4 12 18 6 88 113 88 26 71. 66 8 9 21 26 20 58 11 58 82 51 71 28 26 92 22 29 102 r 15 1 6O 13 5 14 2 AAU 132 18 55 14 37 20 31 73 21 31 13 67 88 32 8 4 r, 3h 13 13 54 19 8 22 I 89 17 13 55 32 V4 156 61 , 4 156 17 12 30 2 54 18 17 . 67 67 10 18 97 79 86 81 70 3 16 13 80 47 13 74 38 40 17 82 82 26 10 57 27 88 103 11 73 23 13 00 88 77 6 39 22 4 2 73 21 21 82 59 104 7 41 22 24 33 8 20 119 30 94 22 100 S3 7 67 80 81 109 48 38 82 6 7 61 26 86 46 9 HS 7 SO 110 Stock , Topics Market! , Tbe stock market is expected to move quietly and possibly Irregularly In a narrow range awaiting- definite news as to German indemnity. Favorable Lon don developments would stimulate short covering. The general list appear to be In a strong technical position. ; Studebaker automobile common stock is being referred - to In conservative quarters - as probably one of the best speculations in the motor group. - Con servative companies like Studebaker are expected to earn their dividends during 1921. In many parts of the street, Germany is looked upon as bluffing in the indem nity matter, for home consumption, and predictions are made that she will come across in the near future. Consolidations in the motor world ale persistently- rumored. Some of othem are denied, but good reasons are found to support the belief that economic com binations will take place soon. - New York federal reserve bank's ra tio advanced from 40.5 to 42.2 per cent. The Federal reserve board's weekly statement shows a rise In ratio from 49 to 60.8 per cent, the highest ratio since September ,26, 1919. . ,1 Derive r At Rio Grande . stockholders have until March 25 to buy the road fer 110,000,000, if they want to prevent its sale to Western Pacific Interests for $5,000,000, as previously ' ordered by this court. - Western Pacific interests hold judgment against Denver for 938,000,000. Standard OU Storks Closing. Anglo ......... Borne ScryMner Buckeye ....... Cbeewbrougn . do pfd. . . X . Continental . . . . Crescent . . Cumberland . . . . Kureka ...... . . Galena, com. ... Galena Old pfd.. Galena New pfd.. Illinois Pipe . . . . Indiana Pipe . . . . Nat'l Transit N. T. Transit. . . . Northern Pipe . . ., Ohio Oil Interl PeU Penra Mri. . . . . Prairie Oil ...... Prairie Pipe . . .. 8olar Ref rig. . . . . Southern Pipa . . , South - Penn. Oil. 8. W. Penn. OU. . S. O. Calif....... 8. , O, Ind. . . I , . . a S. O. Kansas .... 8. . Kentucky.. 8. O. N. T.. . . 8. O. Ohio do pfd. - ...... Swan St. Finch . . Cnkm Tank . , , . do pfd. ...... Vacuum ...... T. Waahintrton ..... 8. O. Nebraska... Imperial ........ 1.4.:.. ..." . . . . a ., . . a Bid. Asked. 17 18 375, 400 ' ! 82 84 190 20 10O 104 v 110 113 ; 29 81 183 143 - 97 100 ' 44 .' 47 " 90 95 90 93 . 165 170 84 85 27 28 160 158 94 ' 98 ' 280 ' 285 ' 16 15 SO . 85 465 475 - 190 200 400 : 413 102 , 106 - 220 225 . 65 72 SOU 802 69 , 70 : 590 600 , 4U0 415 830 885 880 " 40ft 108 110 : 40 SO 106 110 97 100 308 315 28 32 420 440 93 96 Foreign Bond Market : (Furnished by Orerbeck Sc Cooke Co.) , Bid. , Asked. Russian 5 1921., 12 . 14 Russian 5 s 1926. ........ V 9 11. Russian 6s 1919 ......... 1 4 1 6 Currency .................. 65 66 French 5f 1931.... ... 47 ' 48 French 4s 1917. 68 70 French 5s 1920.... 27 28 Italian 5s 1918.. 870 891 British 5s 1922.... ...... . 36 , 881 British 5s 1927........ , 864 376 British 6s 1929. . . 292 804 ; British Tky 4..... . . 26 2SO British ref. 4s. ............ . 66 68. Belrium rest. "Si 70 T3 Belgium prem. 6s. ......... IS 13 German W. L. 5s. ........ . 13 14 Berlin 4s 14 13 Hamburg 4s . ........ 14 13 Hamburg 4 S 14 16 Leipsig 4 15 r 17 j Ieipsig' 5s ............,...:J5 16! Munich 4s 17 19' Munich 5s . , 16 17 Frankfort 4s .... , 84 64 j Jap 4 82 82 ! Jap 1st 4.. 82 84 Jap 2d 4 Hs. 96 96 Anglo French 5s 98 98 V. K. 5s 1921 ......... . 96 97 V. K. S s 1922........... 88 ' 97 L. K. 5s 1929.......... 83 86 w York Bond Market Furnished by Overbeck Sc Cooke Co.) Kid. Atchison CanI 4s .......... 77 Bait. Ohio Gold 4s 67 Beth. Steel Kef. As. ........ 82 ' C. B.; Sc O. Col. 4s...'...... 97 St. Paul Uenl. 4-s. . 8 t'hi-sgo N. V. GenL 4s. . ... ., 74 I.. Sc S. Uni. 4s . 81 New York Ky. 5s. . : 18 " Nortlvern Pec. P. L. 4. ..... 73 Reading Genl. 4s . . 81 Union Pac. 1 st 4s. ........ . 80 V. B. Steel 5s 94 Union Pacific Irt Ref. 6..., 76 Southern . Pacific Conr. 6. . . . 91 do 4s 71 Pennsylvania Coot. 4 ,... 88 Pennsylvania 1st 4 s ...... 78 Cbes. Sc Ohio Cost. 6a : 82 Ore. bhort Lin 4. ...... . 7 8 Aked. , 77 88 : 82 . 98 68 73 81 23 76 82 80 , 95 77 95 72 88 79 82 79 Credit Extension Is y, Aid in Preventing Crisis, Says Banker f " t - -.f Samuel L. -Eddy, vice president of the Ladd & TlUon bank, gave a review of the financial situation today before the Kiwanisub at the noon luncheon at the pennon hotel and told how the bank ers, with the aid of the larger business houses, had prevented a serious crisis by extending creditin larger amounts than ever before. . . "This has been done," he said, "to bring business back to normal. We have adopted the creed or conservative nuy ing. By that is meant buying what you need and going ahead with normal busi ness. The era of extravagance is over, but for business to continue we must buy.!' Lieutenant Commander Frederick J. Klder of the Portland navy recruiting of fice branch told of the advantages of cyanide fumigating as the best and most efficient method of eradicating vermin from ships. , C. S. Chapman to Speak C. S. Chapman, secretary of the Ore gon Forest Fire association, will ad dress the local section of the Society of American - Foresters in open , meeting Wednesday night In Central -library on 'Kecent Forest Legislation in Oregon." District Forester George Cecil will talk on 'the "Recent Olympic Windfall." Examinations Stiffened : Olympia, Wash., March 8. (U. P.) The house today passed a bill making mofe J stringent I the examinations for practicing chiropody In the state. - - . SHORT TERM TSOTE8 -Quotations furnished by - Clark. Kendall Co.. lno. ...... Security. Maturity. Am. Cot. Oil .... 9-2-24 An. T. Sc T. . . . ..10-1-22 Am. T. T. 6...., 9-14 Am. Thread 6. ..... 12-1-28 Am. Too. 7s. ...... 1 1-1-KO Am. Tob. 7.. ,,.. 1-1-21 Am Tob. 7s. ......11-1-22 Am. Too. 7. ..... .11-1-28 Anglo Am. Oil 7s.. 4-1-23 Armour Con. 7 . . . . 7l 5-80 Belgian Got. 7,.. 6-1-43 Belgian ov 6s... .1-1-21 Belgian 4io. 6a..,., 1-1-23 Beth. Steel 7s 7-1 5-2 2 Beth.- Steel 7s. . . . ... 7-13-23 British Got. 5 . . , 1 1-1-21 British Got. 3 Hi... 11-1-22 Canadian Got. 5s". 8-1-21 Canadian ' Go. 6 . 8-1-29 Cudahy Packing 7,.. 1-13-23 Inter. R. T. 1m...: ... 9-1-21 Japanese Got. 4.. 7-10-23 Kennecott Co, 7s... 2-1-30 Moline Plow T 9-1-21 Molino Plow .7. ... 9-1-22 Moline I'low 7s..,.. 9-1-23 Moline Plow T, .... 9-1-24 Pacific Gas 7.. .... 3-1-23 Swifts ......... .8-15-21 U. 8. Rubber 7s. ... 12-1-23 Rid Ak. 89 . 91 97 97 93 93 98 93 99 10O loo ioo 100 100 99 99 99 100', 96 or 96 96 90 91 V x 90 9H - 99 90 97 98 99 94 " - 03 99 99 88 88 92 98 no , 69 82 83 91 93 98 . . , . . . ?2 . . . . , 92 , . ; 88 . : . . . 96 97 96 99 96(9 06 FOREIGN EXCHAOE RATES Corrected daily by the foreign exchange de partment of thai United SUtaa National bank. Quotations below, except the pound sterling, are quoted on tbe basis of .100 units forelgu cur rency. - Opening nominal ratea on bank transaction: lratt cable Par Checks, Transfer. VkImf. London Lbs. sterUng.8 3.88 Paris Franca. . 7.15 Berlin Mark. . Genoa Lint. . . Athens-. . Irachmaa . Copenhagen Kronen . . Cliriitiania -Kronen . . . . Stockholm Kronen . . .' . Hongkong- Currency . , Japan Yea , . Shanghai Taels ...... 160 : 8.87 . 7.65 16.23 16.60 22.33 48.00 48.50 59.50 3.89 7.16 1.50 8.68 i 1 T.7 ' 16.80 15.65 : 22.45 46.50 4.9.00 60.00 3 4.866 19.36 23.81 19.30 19.30 26.70 26.70 26.70 PACIFIC COAST B A K STATEMENT i Clearin Monday -. Tuesday . , Clearing Balances Clearings Balances Clearing Balances Clearing Clearings Tear ago, 37.2H3.0U4.12 6.836,178.52 ' Portland Bank This week. .35.083.499.57 ...... 5,880.685.78 ft rwlfc aura astainh a Tuesday .. . ....... . , $1.606.661 .00 Tuesday ............ 401,075.00 Tacoma Banks Tuesday. . . 8 752,608.00 Tuesday 69,578.00 Sacttlo Banks Tuesday .84,418,834.00 Tuesday .......... .. 918.453.00 San lranclooBank( Tuesday $21,600,000.00 Lo Angelas Bank Tuesday $14,077,719.00 United States of Brazil External 4 Sterling Bonds . Denominations 100 500 1000 A Direct and General External Obligation of the Republic - At present rate of exchange, 200 purchased at present price will yield a profit of $405 at ma-. turity. In addition to an annual income of over 8.21. Increase in price of Sterling: Kxchange will increase this, profit, and Income proportionately. PRICK "ATHD COMPLETE DETAILS UPOX APPLICATION Ralph Schheeloch Co MUNICIPAL. C0RPOBATION LUKSERMENI BLDS - POWTtMn. OKK. NOTES. . & The Hibernla Commercial & Sayings bank has. just opened a new recreation room for the benefit of its employes. The Idea was originated by Lansing touU vice president of the bank, who feels that employes should have a s-sc-" tion of the Institution in which they wlir be free to rest during the time they ars off duty. . H. K. Wills eV Co., formerly located in the Henry building, now occupies more commodious quarters In the United States National bank building. Tho com pany, which also maititaina an office in .Seattle, makes a specialty 'of foreign bonds. Clarence-H. Desky is manager of this department. Wills Is now a res ident of Portland and will give his per sonal attention to the local office. The $100,000 Seaside 6 per cent gen eral obligation bonds being offered by Carstens A Uarles Is an attractive mu nicipal Investment. The bondsr depend ing upon their maturity, are priced lo yield from 6 to 11 per cent. The limue is dated November 1, 1920, due serially" from November 1, 1921, to November 1, 1930. - The Oregon Bankers' association will hold its annual convention this year at -Seaside. June I and 4. It is expected that the call of the waves will appeal to a large number of banker throuRh- out the state and that a high . record . attendance will be made. With the open highway to the coast many of Portland's bankers will motor to the beach city. ' W Investment bankers of the city have en Invited by the Morgan syndicate to participate in its latest underwriting, the Humble Oll-A Refining company's Ja5.000.000 in2year 7 per rent gold noleH. ' The loan Is being subscribed to by sev eral local dealers. Liberty Bend Hale (Renorted by Orerbeck 4c Cooke Co.V High. Ixw. Clrwie. Liberty. 8H ......... 90o6 9073 0fHt Liberty, 1st 4s..'.., HH7D Liberty. 2d 4s 8696 ' 8680 .H72 Liberty, lit 4ii 872(1 KflDO 8AH4 Liberty, 2d 4 V, .,... . 8flft8 8678 8rtN2 Liberty, 8d 4 'AS . .... . OOftA Itoart 902H Liberty, 4th 4 '4 8720 S70J 8702 Victory. Am B7ft0 9746 01 Victory. 3S ..t 9748 9746 974 Are you saving? James J. Hill once said to a group of young men. "Jf you cannot save money you are lost. The seed of suc cess s not in you." Our PartiafPaymwnt Plan of selling' bonds converts -the careless spender Into a ' consistent Investor. It will help you to cultivate the saving habit and make it possible for you to ret the largest , Investment consist ent with your earning ca- -paclty. Small as well as large de nominations. Writ for ewe "Partial Payment nan." FRzzr.iAri, CMITH A Camp swOUNOPtoM IBnMCtt3 I FsTTM AMD 9Ti $97,500.00 1 1 Seaside, Oregon 62 6 Tax Exempt General Obligation Bonds Dated November 1, 1920. Denominations 5oo.oo. Due serially. FINANCIAL STATEMENT Assessed value, 1920 . 1,200000.00 General Bonded Debt (includinulhis issue). 1258000 Less self sustaining water bonds. 63,000 Net General bonded Debt. 195,000.00 : This is not a Bancroft Improvement Bond. It is a Genera! Obli ' ration of the City payable from the general fund and is a serial bond payable onlyupbn definite dates. ' MATURITIES $9,500 due Nov. 1, 1921 $10,000 due Nov. 1, m'S $10,000 " " '" 1922 $9,500 " " " 1J7 $9,000 " " " 1923 $9,500 " " 1U28 $9,500. " " " 1924 $9,500 " " 11(29 , ' $9,500 " , 1925 $9,600 " " " 1930 -Price: 97.20 yielding according to maturity from 6Vtro to Legallty'approved by lleitrt. Teal, IMIaor k Wis free, Attorney a, Portland Carstens & Earles, Incorporated ' KstablUlied 181 GoTersmest, Msalrlpal and C'orporatloa Uosdt - C. S. atloaal Bask Bldy. Mas Kraselseo Pnrtlaad, Oregon lAm Asgeles . Broadway 4198 Ream Hpokaae m . T 1 tA 4-PaKe book leXl BOOK OI crammed full of ij tt n, . information for ralL tjtreet the investor and " 19il Edition stock trader. .' Copies FREE. No Obligation McCall Si. Riley Co., Inc. 20 Droad St. ' New York I 77, rv B I B OUR BOND DEPARTMENT is equipped to give the "same reliable, effi cient and courteous service in investment mat ters, which characterizes the service of every department of this bank. ' Our offerings include the highest type of gov ernment, municipal and corporation securities. OLDEST IM II ! 47 9 47 I