ECONOMY PLEDGE DRAFT FILED WITH COUNCIL BY mAYOR Mayor Baker has filed for eonsld eratiort by the city council, and Its probable adoption aa a measure de fining its policy, a communication covering the proposal that the city government shall pledge itself to no increase lrt taxation for the next three ycars. The ' communication says: , X- ' ' ' ' - The council of the city of Portland Is In receipt of copies of resolution adopt ed by the Tortland Realty board urging 'that the council,. -In common with the other tax levying bodies of Multnomah county.) agree that no Increase In taxa tion shall be 'levied during the ensuing three yearn. These resolutions find the members of the eity council In a receptive mood, and the members will unanimously sup ' port such a program provided it has the real sanction of the public, which, after ail, W tne controlling iactor in me mat ter of taxation. -The organizations for mulating this plan cannot rest on the as sumption that by resolving to the city council they have done their full duty and there is nothing further for them fo-do. It Is necessary that these or ganizations now promote an intensive public campaign for economy, because it is the public demand for improve ments, betterments and increased serv ice that causes tax increases. Members TKANSPOnTATIOJt 2? LINE ' KewYora Cherbourg Hontnamsto j OLYMPIC ...... May 14 June 4 Jane 25 ADRIATIC June 1 July 6 Aug. 8 Kew Tors Liverpool CEDRKJ ....T.. .May 14 June 11 July CELTIC ........ .M.J 28 J una 25 July 23 T.-Bototi-Arrea-GIraltar. - ' spies-Genoa . CANOPIO .'. ..June 17 CKETIO ... i ........ . .July 12 Tblladelpnla Liverpool EUTKRtXfKD ....May 28 July 2 Aug. AMERICAN LINE-RED STAR LINE IT. T Plyraostk, Cherbourg-, Antwero K HOON LAN D May 14 June 18 July 23 FINLAND .. My21 June 25 July 80 EEELAND .....June 1 July 2 Aug. 8 LAPLAND ...... June 11 July 16 Aug. 20 s.-Y ..Hamburg (via CnartMurt after May 86) MLNNKKAHDA . May 21 June 80 Aus. 14 MANCHURIA ....Jan. 2 July 14 Aug. 25 MONGOLIA .. Jan 16 July 28 Sep. 8 . WHITE STAR-DOMINION Montreal Quebec Liverpool V.ED10 May 14 June25 An. 9 MKOANTIO May 21 June 18 July IS CANADA ..I.... Juno 4 July 2 July 80 International Mercantile Marine Co. ' fee essaevatlona end ticket apply to local aoenta ee Company'. Office, O. P. SAROENT, Manatee, 610 Second Ave., SmUI. Wash. Psons Main 113, J ASTORIA AND WAV POINTS STEAMER GEORGIANA Bound trip Daily (Except Friday) Leave Portland 7:10 A. M.. Alder St. Dock Direct Connections for Seaside. i wnnm sa.oo kaoh way. Night Boat Daily (Except Sunday) T:S0 Direct Connections lot North Beach, ifsia 1422: 641-23 Aldsi St Dock. of the city council 'or other tax levying bodies derive no pleasure from increas ing taxes or keeping taxes, high, but more generally do they permit these in creases reluctantly: to satisfy public de mand and clamorj The public Is, aner all, running the city and the council and the other governmental bodies are merely the clearing house for the public. FLAN IS hOC Ah . The tax-levying bodies are asked by the civic organisations to adopt the "no Increase" program without regard to what conditions might arise within the next three years. It is well for them, before going ahead with the plan, to ad vise themselves of existing and"past and prospective conditions which might nave a vital bearing on the subject. In the first place the curtailment pro gram as proposed can only apply to a part of the governmental agencies or a part of the tax-levying bodies. The state legislature at its recent session: fixed the expenditures for state purposes for the next two years at a figure far in ad vance of the figures for the r last two years. This cannot be undone. The leg islature increased expenditures for state departments about $1,000,000 a year and even went so far as to make direct ap propriations of about 364.000 more than the state departments asked for In the first place. It may be seen, therefore, that curtailment nowiat-ked must apply to oar local affairs as state taxes must increase to meet the action of the leg islature. 1 : There has been clamor at tax-paying time -for retrenchment and . curtailment, but ft has been followed invariably by public clamor forpublic improvements, betterments, increased service, etc. The two plans retrenchment and improve mentcannot o erate at the same time. We cannot spend an 3 still have. . SERVICE COST GAINS Kverybody knows that the last three years have seen tremendous advances in the cost of all things entering into serv ice. Speaking now of municipal affairs, the city has not kept pace with progress because the general municipal service on the basis of population and area is not now what It was before the war. While city government costs more now than it did then, the increase has been due to the abnormal conditions, and not to any mad era of spending. As a matter of fact, the city has been hampered in many things for lack of funds. In the. resolutions which I have read stress Is laid on general development of the city- and encouraging industry and commerce by guaranteeing Investors that they .are safe from any Increased taxa tion. Upholding of a city and general progress in industry, building and com merce do not lend themselves to curtail ment in municipal service. The munici pality, with its various forms of com munity service,! must keep pace with progress, or that service becomes inade quate, and " inadequate fire protection, police protection, sanitary protection and the . other protection and service fur nished by the city idoes more to drive away Industry ana progress than does the prospect of a slight tax Increase. We cannot grow as a city and retrench in service. ' I - INCREASE UNNECESSARY - Personally I do not believe any in-i crease in taxation for municipal expenses will bet necessary in the next three -years. The declining cost of things entering Into, the cost of giving service probably will take care of i necessary increased service as the city! grows, but there is no guarantee to this, and it is a question whether the people of the city want to say that regardless of what happens here they stand against establishing any public service additional to what we have at this time. j ' Looking into the subject of local con ditions! in some detail, it might be well to note that federal statistics show that in 19191 (the latest government statistics) only one city i of i Portland s size or larger 1 spent less for police protection, and for fire protection Portland's per capita i expenditure was under the aver age of large cities, i Portland spent less In 19191 for conservation of public health than any other large city. Portland's costs for garbage, disposal were ex tremely low. while for park operation and maintenance Portland was well un der the average. ; . i - - These things as applied to the various branches of our' local service do not Indicate extravagance or excess service. 1 nts being the i case, are we prepared now to say that regardless of conditions we Will pledge ourselves not to increase I H.F.ALEXAMDER PnMdrt I t. v " L 1 ' . 7. reygng - - . NEW THROUGH ! Passenger and Freight Service to -i SAN FRANCISCO, LOS ANGELES AND .v SAN DIEGO 1 -yv- Sailing From Portland, 9 P. Ml ' SSrd- Evan. May 20 SS. Senator, May 27 owh.iuj Ttni ItLlllAX IHEKEAFTEB Local Passenger and r r eight Service Between Portland and MARSH FIELD, EUREKA. SS FHA5CISCO Sailing Every 12 Days. Alaska Excursions Between Seattle aau SOUTHEASTERN POINTS SOUTHWESTERN MNTS-?7 " Every ! Days , Trans Pacific Services Between Portland and Yokahama, Kobe, Sbangkal, Hong Kong. JMaalla. Dairea and Vladivostok (FreigkbnlT) SS. Coaxet, May 25 SS. Montague, June 19 SS. Abercos, July IS Betweem Paget Sonnd and Tokoh.ma, Kobe, 8n.rhal, Hong Ko.a. ..a t . M" freight and Passengers) ' 9 ' CC llt Di7'' Vladivostok, Singapore Frelht Only) SS. Wheat Mont., May 12 SS. Crosskeys, June 4 SS. Wenatchee, June 18 f -Freight Only rwlfht And Passenger - FQR FULL INFORMATION APPLY TO 101 Third Street Phone Main 8281 our service during the next three years? Will this encourage investment, indus tries and growth, or .will it cause some of these investors to hesitate over the matter of inadequate fire protection. police protection, etcT J - - ? - PUBLIC MUST AID -These are some of the things : to be considered in connection with the move which the civic organizations have to make to form public opinion and gain publio support. To ask the council to guarantee no increase in taxation for three years means nothing unless sucb a policy has ironclad public support. Public oinciais una no pleasure in in creasing taxes. Rather would they like to make a showing for themselves by re ducing taxes, out it cannot oe aone as long as the public clamors for Improve ments and betterments and increased service, for the public and not the council runs the city. And wnac applies 10 tne city applies to other governmental bodies. - - - - - ' - Lt me ask that your organisation give full study to existing and prospective conditions so that all will know before takine- final definite action lust what such a move will mean. We do -not want to tie our hands or make any promises that we will , regret or that we cannot carry out. NEW CORPORATIONS Salem, May 7. The Union Theatre company or ... Portland, capitalized at 180,000. filed articles of incorporation with the state corporation department here Friday. The incorporators are M. Pallay, Kugene Blazier and I. Leeser Cohen:- 'j . ... t ' The Hall Manufacturing company of Portland filed a certificate showtng an increase in capitalization from $5000 to 150.000. . f Olympia, Wash., May 7. Five com panies with a total capitalization of $662,000 have filed articles of incorpora tion with J. Grant Hinkle. secretary of state, as follows: Bamhard's Vegetable "Beverage Man ufacturing company of Nooksack j capi tal stock, $500,000 ; incorporators. Her man and C M. Barnhard. . The Enterprise Foundry company of Tacoma; capital stock. $10,000 ; incor porators. George and Edith Bates. . The Olympia Fir Lumber company of Olympia ; capital stock. $40,000 ; incor porators, Robin Adair, M. Lt. Sorber and J. I. Benson. Malheur Land company of Vancouver; capital stock, $100,000; incorporators. H. M. Cake, H. G. Gree and W. S. Short. . . ' - - ; ' Wenatchee-Chewawa Irrigation com pany of Wenatchee ; capital stock, $12,- 000 ; incorporators, F. E. Knapp, C. A. Leedyy. F. W. Shultz and W. D. Shultz. $TOCKMMa3T Goodyear Tire to readjust tire prices. Chicago Federal Reserve reduces re discount rate from 7 to 6H. I . Bradstreefs reviews constructive ac tors during week on basis condition in cluding reduction in rediscount t rates. Steel wage reduction, stronger., market for foreign exchange and vastly improved railway earnings for March, latter taken as sign that reestablished prices are how beginning to be discounted. Dun's reports 312 failures in United States this week, 330 previous week and 133 year ago, while Bradstreefs places total at 277 versus 351 last week and 113 in 1920. SHORT TERM NOTES (Quotations furnished by Clark, Kendall Co., Inc.) Security Maturity. Am. Cot, Oil 6s ..... 9-2-24 Am. T. A T. 6s. ...10-1-22 Am. T. A T. !.... 2-1-24 Am. Thread 6s. i . . . 1 2-1-2 Am. Toh. 7s. ..... .11-1-21 Am. Tob. 7s 11-1-22 Anelo Am. Oil 7H. . 4-1-25 Armour Conr. 7a.;. , .7-15-30 Belgian I Jot. 7s ... 6-1-45 Belgian lior. 6s ..... 1-1-29 Beth. Steel 7s 7-15-23 British Got. 5s ...11-1-21 Britbh Got. 6 a.. .. 11-1-22 Canadian inr. Hi.. 5-1-21 Cudahy Packing Inter K. T. 7s. . . . . Japanese Got. i Hi. Kennecott Cop. 7s. . Lies. Myers Tob. 6s. Molina Plow 7s.,.. . Molina Plow 7s.. . . Molina Plow 7s. . . . Moline Plow 7s. . . . Nor. Fac- Eq'p 7. Swift 6a . tT. S. Rubber 7s. . . . 7s.. 7-15-23 . ... 9-1-21 .7-10-25 . 2-1-30 .12-1-21 . s-1-21 . 0-1-22 . 9-1-23 . 9-1-24 . 5-5-25 .8-15-21 .12-1-23 Bid. I Asked Hi) ' 90 74 974 8?4 9SU 95 97 99 lOOH 99 ; 100 H 100 ; 100 H 99 96 H va. 95 4 ; 95 14 97 ; 98 "4 UUVi: 96 . i 97 09 99 77 " i 78" " 4 ; H4fc 92 . 94 98" III! 96 .... 94 92 .... 99 H 994 VH ' 98 FOREIOIT EXCHANGE RATES Corrected daily by the foreign exchange de partment or tns united states National bank. Quotations below, except the pound sterlinc. are Quoted on the basis of 100 units foreign currency. Opening nominal rate on bank trenaaettona Draft Jahla Vmr Checks. Transfera, Value. 3.97-4 S 3.98 $ 4.866 8.33 d 0 (s- (X) r rnVelS, TSSjUthiM. Boston ahu EASTB0U3TD , wr.Tnnrr.,.' Fr"?, , From , From , Portland. Ma Itis Boston Vhila ! 2 w'?.-: v-..May St Jane 1 Jane 7 sT YSf l8,, -J-ne 12 Jans 15 Jaae IS " ... " iuiurmauon Apply to 1.1 Tfclrd Stree? 1-E. P.eUI. Coast Agejt. , - .Pboae Slala 8?l ' ' Portland S. H. Art Ira .....May 1 H. A. T,ahlah In. a 8- S. West Togas. Jaae it MlSil NOTICE of CHANGE of SCHEDULE Night -Service, Str. Lurline and Madeline Besrinnins Monday, May 9, 1921 WILL LEAVE PORTLAND, 7:30 P. M. I P WILL LEAVE ASTORIA, 6:00 P. M. rPare $2 THE HARKINS TRANSPORTATION CO. Foot Alder St. Phone Main 1422 ; 541.22 London Lbs. sterling. Paris France. Berlin Marks. Oenoa Lire. . . Athens Xrmchtnas . Copenhagen . Kroner. ... Chris ti&nia Kroner. . . . . Stockholm- Kroner. . . . . Hongkong Currency. .. Japan Yen 1.52 6.00 6.05 18.10 1537 23.35 82.75 48. SO Shanghai Taefc 68.50 8.36 1.52 5.10 6.10 18.15 15.42 2S.40 53.no 49.O0 70.00 19.03 23.81 19.30 19.30 19.30 26.79 26.70 JCew "York. May 7.L N. a) The stock market closed Irregular today. The market, showed an J Irregular ,- tone throughout the last hour, rallies oc curring in some issues on short cover ing, while other stocks made new ; low prices for the day in the last few min utes. - i: :,: --T " Steel, after selling up to 85, yielded again to 854, and changes, in the other steel Issues were equally small. Bald win rallied nearly 1 pfcint to 91. The motors were heavy, StudebaJcer falling to a new low price of 86. Mexican Pe troleum held arouno 153. Government bonds undianged, railway and other bonds steady. Total sales today, 1 450,200. shares ; bonds, $5,962,000. ' Total sales stocks for the week, 5,976. 600 shares; bonds, $67,954,000. Price movements continued nixed at the opening at the stock market today, the motors being particularly weak, while the tobacco issues were again in demand at adrancing prices. Studebaker dropped Hi j to 87 H. Chandler 1 to 80 . Pierce Arrow 1 to 38. Ameri can Tobacco sold ni 1 to 127 and United Retail Stores and Tobacco Products made frac tional improvements. Mexican Petroleum yielded nearly 2 points to 153. Houston Oil. how ever, rose orer 1 point to 85 and moderate gains were made by Pan-American Petroleum and Sinclair. I . 8teel common shaded off slightly to 85. Other steel shares were fractionally lower. Gen eral Asphalt fell over 1 point to 75 V. The rails declined fractionally. ' Furnished by Orerbeck of Trade building:-: Cooke Co.. Board Sales. STOCK. I High. Low. ( Bid. 200 Adams Express jj 45 43 44 . . Advance Bum. .. 17 ..... Agr. Chem. J..... 46 400 Ajax Rubber. . 33 33 35 900 Alaska tiold ..... 4 4 ..... Alaska Juneau . 1 700 Allis Chalmers ... 38 38 "4 38 200 Am. Beet Sugar.. 41 40 40 300 Am. Bosch .. 62 61 S 81 900 Am. Can Co. ..... 31 Sits 31Vk 200 Am. Car A Fdy.. 128 l-'7 14 127 ... . . do pfd. . . . 110 200 Am. Cot. Oil..'.,. 21 i 21 20 ..... Am. Drug. Synd... . .... ..... 6 "4 1800 Allied Chem. ..... 46H 45 46Vs 00 Am. Hide A Lea... 11 IIS IIS 900 do pfd. 53 62 62 ..... Am. Ice 67 4200 Am. Intl. Corp... 52 51 52 700 Am. Linseed ..... 42 41 42 200 Am. Locomotive 90 90 90 . ! do pfd. 103 2200 Am. Safety Razor.., 7 7 7 300 Am. Ship A Com..1 10 10 10 700 Am. Smelter 42 41 42 . do pfd : . . 77 Am. Snuff .. ..103 400 Am. Steel Fdy . . . . 31 30 80 Am. Sugar , 90 Am. Sumatra 714 500 Am. T. A T 108 107 108 600 Am. Tobacco ....127 126 124 500 i do "B" . 124 124 124 270O Am. Wool ........ 80 79 79 200 Am. W. P., pfd. . . . 34 34 84 . . . . . Am. Zinc ... ..... 9 900 Anaconda . 42 41 41 . . i . . Ass'd Oil ... 102 700 Atchison 82 82 82 400 AU. Coast Line 82 81 81 900 AU. Gulf.- A W. I. 43 42 43 18800 Baldwin Loco. .... 91 90 91 400 Balto. A Ohio 41 40 41 2400 Beth. Steel "B". . . 64 63 64 200 B. R. T. 13 12 12 T ..... Butte C. A Z. . . 6 300 Butte A Sup. 15 14 14 400jCaddo Oil 17 17 17 lOOICalif. Packing ....61 61 61 5700Wabf. Pet. 48 46 47 ..... do pfd 77 lSOOICartadian Pac. ...114 115 115 1 600 Cent. Leather .... 38 38 88 700CerTa lie Pasco..; 30 29 30 140OChandler Motor ... 81 80 80 lOOjC. A N. W . . 67 66 66 600'hi, O. XV 8 8 8 IChi. ti. XV. pfd.... 19 1200Chili Cop 12 11 11 40;Chino 25 25 23 1300C. M. St. P. 28 28 28 1300C. M. St. P. pfd... 44 44 44 200 Coco Cola 29 29 29 500C. AO... 64 63 63 200Colo. F. A I...... 32 32 32 200Colo. Southern ... 38 37 37 500iCol. Oas A Elec. ..i 60 59 69 2400Co)umbia Graph. . . 8 8 8 lOOO Con. Gas ! 89 88 88 300Com. Cigars 40 40 40 .....ContU Can , 55 IConU. Candy 1 SOOiCorn Prod. ... 75 74 74 6500 Cosden Oil 37 35 85 400 C. H. I. AP 32 31 32 100 C.B.I. A P."A"pfd. 75 75 75 lOOjCR-I. A P.-B'pfd 65 65 65 l00Cracible . 85 84 84 ..... ICrucible pfd. . . 85 SOOiCuba Cane . . 21 20 21 4400Cuban Am. Sugar. . 25 24 25 600Iel. A Hudson.... 100 99 101 400Iome Mines 19 18 18 200I. A H. U 200IO. A It. G. pfi ... 1 1 1 1200 Kndicott Johnson. . 67 67 66 700jKrie ...jl4 14 14 600 Krie 1st Pfd 22 21 21 I Famous Players. . 79 IFed. Ming. A Smelt. 7 I do pfd. 26 2800 Flsk Tire. I 18 17 18 4 OO Gaston Wms. 1 1 1 (Geo. Cigars I..... ..... 60 20O Gen. Klec. 188 137 137 10600 Gen. Motor j 13 12 13 , . Gen. Mot, 6 69 . Goodyear . . . . i ." 8 15200 Gen. Asphalt ..... I 76 73 76 600 Goodrich 41 40 40 Granby ;. 23 100 Gt. Nor. Ore .' 80 30 80 . do pfd. -. 72 72 72 ' 200Greene-Cananea ... 24 24 24 ERRATIC TONE IN SHARES AT CLOSING STUDEBAKER STOCK IS A WEAK FEATURE Salea. STOCK. 400Gulf 8. Steel..,, Meii Wamtedo Licensed Officers and Engineers Also Men for Our Merchant Marine Efficient; marine men who stand by Shipping Board vessels and those accepting employment will be accorded every consideration in the future. Wage Scale for 8000-Ton Steamer Master $305 1st Officer .$195 2d Officer . ...$170 3d Officer . . . .$150 Carpenter. $85 'Boatswain ......$80 AU Seamen.. $72.50 Ordinary Sea- ....$52.50 Chief Engineer $285 let Asst. Eng-r . .$195 2d Aaat. Engr. .$170 3d Asst. Encr. :$150 , Deck Engineer. . . $85 Oiler $80 Watertender . . . f $80 Fireman .! $75 Wiper .........$65 Chief Steward. .$120 Chief Cook . 2d Cook I . Cook's Mate Meitman . . . Mess Boy . . ..$100 . ..$80 ...$65 ...$70 ... .$60 SEA SERVICE BUREAU U. S. SHIPPING BOARD Room 205 Concord Bldg., 2d and Stark Sts. Portland aoton . . Houston Oil, . . . Ilia. Cent. V.... , Insptratioa ...... Internoro . ....... 1 1 OOt Interstate Callahan 400 Int. Harrester 2 00i Int. Mere. Marine. 700i : do pfd. ... . . . OOOilnt. Nickel ...... 6400 Int. Paper ...... SOOlblamt OU ...... 28O0IInTincible OU . . . Jewel Tea . . fiOOIK. C. Sootlwra.. . K :- 8 fc.-d.l. . I. . . . .1. Kelly-Bpring 61) 60 SI KennecoU . I Zl. 21 I zin Keystone Tirel 16 116 Ijick Steel.'. - 53 S3 S3 Ie Tire . ,1 28 I z z 2000 1000 S500 300 100 4400 43 15 83 . . . 6 fi 15 57 16 64 4 4 28 Low. 1 Bid. '41 "44 " 14 14 84 84 1 86 SS .... S .5 05 5 15 15 5 S 16 16 64 64 4 4 4H 4 '27 27 . i0 Ivthich Val. lOOIMaiwell Mo 100Maxwell 1 pf . . Maxwell 2 p 21 600jMex let 4 00 1. Miami . S7O0Mid 8ta Oil 00Mid Steel. . 600JM K V T . . Mont Power. 6700;m Pae. . . 1 500 Mo Pae pfd! lOOMot Ward 100 MSt PASSM . . . . . M ic St I,. , .... JJiat Enamel lSOOiNat Lead. . 20O Nevada Con 154 5 7 155 155 23 ,. 14 29 2 22 42 71 12 81 12 10 00 7 10O0New Haven 800 Norfolk VW 400 Nor lac . . . . . Nora 8'a Stl 800 N T Air Bke 77 2001N T t'entralf 71 1U0U Ukla. 1'rod. ref.. Ontario Silver ., Otis Steel ..... 8100 Pacific Der 300 Pae. (iaa A. E . . . 2800 Pan. Am. Pet . . ICOO do B pfd. . J, . 2700 Penn. , . . . . i . M . . 1000 Peo. Gaa - 600 Pere Mamaette . . . . . . Philadelphia Co. . . 200 Pare Oil 2500PtereB-Arrow ... 200Pierce Oil 1600Pitts. Coal . . ... 100 Pitta. 4b West Vs. , . . . . . Pressed Steel Car 160 Pullman ........ 200 Ray Cons 1800 Reading 500 Remincton ...... .500 Replotie Steel . . 700 Republic' I. It 8. ....- do pfd. ..... Rep. Motors . . . . , 700 Royal Dutch OU . . Ry. Steel Sot. . . . . . . . Haion Steel Sptr. . 1000 Sears Roebuck . . 400 Shattuck, Arig. . 300 Shell T. & T 1700 Sinclair SOOKlos Shef. 2600.HonthTn Pacific. 2700 Southern Ry. . . . 2 OO j Southern liy. pfd. ouuistromoers; Larb. . . 20700Studebaker ,.... ISwift it Co. BOOiTenn. Cop. & Chem. 1800Texaa Oil ....... 3000 Texas Pacific . . . . 6500Tex. Pae C. Sc. O.: SOOjTob. Products 4000Tran. C'onU Oil.. 1600Lnton Oil Iel 1200! Union Pacific. .....ICnited Alloy .... ICnited Unit . . . . 000 t'nited Food Prod. 100 200 300 1900 1800 3100 100 "8800 200 700 i300 '200 300 " 300 600 400 200 800 '6900 700 1000 United Fruit United Kds. N. J . . do pfd. United Retail Store V. 8. Ind. Alcoho U. S. Bnbber do pfd. U. S. Smelting. . . . U. S. Steel. do pfd. Utah Copper Va. Chem. Vanadium Steel . . . Vivandou . . . . . . , Wabash do A pfd. . i . . . . do B pfd. Wells-Farco . Western Pac. . . . , Western Union . . . Wesfh'se E, M. West Md. .' White Motors Willys-Overland . . . do pfd. Wilson Packinc . . . Wisconsin Central . . Woolworth . . . . , , Worthincton Pump W. at L. E , i.-.-l 28 28 ..... 6 5 ..... 7 5 . 153 148 158 158 ..... 23 23 ..... 14 14 ..... 29 29 2 2f ..... ( -53 21 22 . 41 41 22 22 . , 71 71 12 12 ..... a a a . A3 a 78 80 .6... 12 12 18 18 98 98 75 95 ..... .... 1, 34 .... . 76 76 .... 71 71 I a 3 3 5 15 15 15 88 38 38 54 63 53 72 71 71 64 64 64 35 35 35 48 47 48 20 20 20 32 31 32 35 35 35 88 37 37 10 10 10 63 63 63 . . 29 88 jl02 14 14 14 76 75 76 86 35 36 32 32 32 65 64 65 91 ; . 20 69 1 68 69 90 .... .1 90 84 84 83 6 6 8 48 48 48 28 27 .27 43 43 42 78 77 77 22 22 22 24 S4 24 43 43 43 68 86 86 i 100 9 9 41 41 41 24 . 23 23 30 29 1 29 f 54j-64 54 12 11 12 22 ( 22 22 120 120 120 . 31 ...i.: 95 23 23 23 ..... ..... 110 11 11 11 24 24 24 58 I 57 58 .72 71 71 77 76 77 101 101 101 33 85 85 85 109 109 109 55 64 54 28 38 88 88 ......... 4! 7 8 8 ' - 8 23 23 23 15 63 63 63 29 29 29 00 89 89 48 48 48 11 11 11 . 41 40 40 10 9 0 88 42 ..... ..... 35 114 53 53 53 11 10 10 PACKING TRADE OF BETTER VOLUME Foreign Bond Market Furnished by Orerbeck & Cooke company: Russian 5 a, 1921. Russian 5s, 1926. Russian 6s, J919. French 5s, 1 93 1 French 4s, 1917 .. French 5s, 1920 Italian 5s. 1918 .. British 5 1922 " . , British 5s, 1927 .. British 5s, 1929 .. British vky. 4s ... . British ref. 4s Belgium rest. 5s Belgium prem. 5s . . (German W. L. 6s. . Berlin 4s . Hamburg 4s ...... Hamburg 4s .... Leipsig 4 s Leipsig 6s ........ Munich 4s ....... Munich 5a ....... Frankfort 4s ...... Japanese 4s ...... Japanese 1st 4a . Japanese 2d 4 a . . Paris sizes ....... V. K. 5 s. 1921 . . U. K. 5 s. 1922. , V. K. Bs, 1929. . V. K. 5s. 1937. . Bid. Asked. 15 18 7 9 10 18 60 68 52 54 73 75 89 41 . 395 407 889 401 80O 402 303 810 280 232 60 71 . 73 75 1 1 - 12 12 13 14 15 14 15 14 16 14 16 13 14 15 17 14 16 67. 7 84 84 84 84 98 99 96 97 .90 . 91 86 86 Business developments In the packing industry during: the month of April showed some improvement. One of the most hopeful signs was a revival of buying for export ac count. Botlv meat and fats figured In the month's export business and that fact has given rise to the hope that a continually broadening mar ket will be reopened in England and on the continent. The stocks of meat which some foreign govern ments have had in large . quantities now are being digested freely, and their movement Into trade channels Is bringing about a condition which will ' undoubtedly lead to strength ened demand in" the very near future, says Armour & Co. , Production of packing: house products was continued on a greatly curtailed scale. Operating expenses remained dis proportionately high in spite of measures that have been taken to bring about their adequate reduction. During the latter part of the month the demand for both beef and pork was maintained with con' siderable strength beef being encouratr ingly active for the first time in several months. . : - It is not to be presumed that busi ness conditions generally have not had a great deal of effect upon the packing Industry. The increased, number of mercantile failures during the month, together with the increase In idleness and the decrease in the earning ower of a great many workers, all have been very pertinent, factors in slowing up the sale of all commodities. The lessened volume' of bank clearings, . after proper deductions for income tax payments are made, plainly shows . the decreased, pur chasing power, or decreased willingness to buy. of the nation. There are still a half million idle freight cars, an-elo quent witness to-the stagnation of pro duction along the line, and the prices of some essential commodities apparently have yet to take reductions before pro duction of manufactured articles can be augmented in adequate and profitable degree.. All of these are among jthe things that point to a continuance of the present level to which business' opera' tions have fallen. . On the other hand, there are signs that seem to hold -more, hope for the future. though as yet they, are more or less superficial in nature. A settlement of the German reparation matter, whether it be Considered a satisfactory one or not by all parties concerned, will go far toward the establishment of a basis on which trading with that country may be renewed. . The attitude of the new administration toward business, and its patent desire to .bring about a condition whereby business will be able to stand on its own merits, is doing much to re store confidence of producers. The ef fective manner In which the administra tion has begun to function, which was especially disclosed during this month, was one of the most encouraging signs that were evident in the last 30-day per iod. Some of the measures which Presi dent Harding had initiated, particualrly the readjustment of the railroad situa tion, will give an added degree of confi dence to business generally. The slow but sure liquidation of loans by the fed eral reserve bank, with the consequent increase in the ratio of net deposits to loans and discounts, is tending to ease the money market so that investments may be rejuvenated. - v- The reduction of steel prices an nounced by the United States Steel cor poration during April, and similar reduc tions, though small in themselves, in the prices of other building materials, all have added a firmer undertone to busi ness operations, though the degree of that firmness cannot yet be measured. There still is -a disparity In the relativ ity of the liquidation processes that have been carried on by many industries. In other words, the equilibrium which would enable every business to pull together has not yet been reached. There are' so many industries still struggling to main tain their balance that they are unable to add their strength to that of those who are trying to turn thai wheel of progress. It means that the entire busi ness structure of the nation became top heavy during the war, .with overhead operating expenses that are very slow to be liquidated. Many of them built up machinery that was . based on an effort to satisfy the great demand that was caused by the artificial stimulation of war. That demand was not an eco nomically sound one, as has since been demonstrated, and it is extremely doubt ful that its strength again will be mani fest. Many t Industries coming to - that realization are trying hard to put their operations back on a normal plane, it Is the process of getting back that la so painful, but each month sees Its accom plishment more nearly completed. All Indications point to the prediction that these coming months of summer will be ideal ones for the continued ef fort of all phases of industry to obtain a truer perspective of themselves and their possibilities. RAIL BUSINESS SHOWING A GAIN ' Washington, r I). C ' May T. f he railroad situation Is showing a marked Improvement. Preliminary reports , Just received from 181 rail roads, representing 220,000 mlles of line, or about 90 per cent of tlie railroads of the country, show a net Income for March of approximately $28,000,000 against a deficit of 37, 000,000 In February. The figures for April. It is declared, will make even a ; better; showing than those for March. In January the railroads showed. a net Income of $3,000,000. Under the apportionment figured . at the time when rates were Increased so as the give the railroads an earning capacity equal to per cent dividends the roads reporting for March should have earned 181.000,000. The net income of $28,000,000 therefore shows about one third of the i estimated income was real ized. The improved showings for March indicates that the railroads of the coun try are getting their expenses somewhat in hand, due .to lay-offs and other re ductions In operating costs. Traffic also has shown jan Improvement. This is especially true -of the forecast reports for April. Jso better indication of the passing of the industrial depression is to be obtained than the improved reports from railroads. Standard Oil Storks Anglo . ...... Borne Scrysmer , Cheesebrough j . . .: t'heesebrouch ;pfd-; Continental . j . . . Crescent . . i . . . Cumberland Knreka . . tialena com (ialena (Md pfd. alna - New jpfd Illinois Pipe j . , Indiana Pipe I . , National Transit i N. r.- Transit Northern Pipe Ohio Oil International IPete. Penn.' Met. Prairie Oil Iraiie, pipe .-vlar - iieig. ... . . .. . . . Southern Pipe South Penn Oil ,;. , . . 8. W. Penn Oil .;. 8. O. Calif 8. O. Ind S. . Kansas . . S. O. Kentucky!. . . . . . . . lif . i ....... , 1.- ,,....... tsas i , . Swan Sc. Finch . I'nion Tank i . , I'nion Tank pfd. Vacuum . . 1 . , Washington J. . S. - O. -ebra5k Imperial Oil j. . ' Closing-' Hid. Asked. . 21 ' ' '22 1 300 30 - . 192 200 . 98 100 .120 124 . 26 28 . 185 145 .. 92 84 .'48 45 . 93 OU . 9H !! , 176 : 178 '-; . 81 83 . 27 28 . 147 150 . 91 04 .30U 310 . 16 16 . 20 - 29 . B4 615 . .191 - 15 . 410 420 . 06 99 . 215 230 , 65 68 . 81 81 . 75 76 .610 625 . 400 ,410 . 857 302 , 394 400 . 164 "" 108 . 85 " 45 . 106 100 . 93 06 . SOU 304 . 28 32 . 160 170 97 ' 99 RED T ABROAD IS CONVENTION PLEA" Cleveland, May 7. "Restoro con fidence at home and credit abroad." That was the business slogan for the United States suggested by Senator Walter J? Kdge who rr.ade tho prin cipal address at the . banquet of the National Foreign Trade Council. "Confidence at home can be restored by n revision of the taxation prosram. Credit abroad can be restored by tho formation of foreign trade financing ioi I'Orationa as provided for under the .so called Kdge act," he said. HARDING SENDS MI.SSAOK "The fdge act provides for the en largement of the American banking nyt tern, msklnr lt noMHihle to irlvn n.iit abroad on the same 1hU .that is no possible at home." A letter from President Harding wai., read at the banquet Friday night. After expressing his regrets , at not. being able to attend the convention. Harding went on to say : "I fceH that th National Foro.tl-n Trade council has done a very xisePel work and that Its opportunities for use fulness are constantly increasing in view of the changing conditions that affcit international trade everywhere. "It is gratifying to know that concep tion of our new commercial relations of the world Is becoming very widely es tablished . .and 'that organizations llko your own are doing much to spread it further. ' COST TOO HIGH "The new relation of America to the commercial world since we hnve he- come a great creditor instead of h debtor nation, involves new problems In view of the expansion of foreiRii trade, and I know that those will be anions the matters that your Cleveland con vention will give the. most Intelligent and helpful consideration. " A number of manufactured articles. It was declared, remain too high in cokI of nroducHon tn roirtnete In neutral mar kets, while agricultural products have been reduced to pre-war level.M, How ever,, no readjustment ran be complete without reduction of costs of railroml transportation, both, for domestic and export snipmenc rwl. - 1 1 ..... I . l . iii . . i a lie luiiuwiiiK iiir-ri- 11 inai limit; ihii- Icy waa outlined : 1. Retention of government-owned chips until such time as they can he wold ud yantageously. SHOULD MAINTAIN SKItVK'K 2. Ships which cannot be chartered on a bare boat bant-i or time charter should be laid up pending revival of world com merce. 3. Maintenance of lines not Justified by freight offered should be discontinued. 4. Shipping laws requiring lurger cr;w s on American vessels should be repealed, 5. American shippers should give pref erence to American vessels. - 6. Combined passenger and frclRht service between the United Ktafcs and its possessions and foreign ports hould be maintained. PACIFIC COAST BANK STATEMENT Portlanat Bankt J Thia Week 6.423.800.62 5,824.018.10 4.l'! RN1.II4 4.966.387.88 4,0J,4.-..8H 4.697,531.02 Clearinga ! Monday ... .t Tuesday . . ,. Wednesday .. Thursday ... Friday ..... Saturday. . . Tear Aro 6,970,44 85 5.876.290.59 !.! ik 6.067.310.16 b.l 85.892. UO 8.56S. 905. 13 Week .. .J20.044. 553.64 $35.368,036.4 1 Spokane Banka - Clearinss Saturday .......... 8 1.476.577.00 Balaneea Saturday. . . i 543.950.00 I Seattla Banka Clearing HaturJr ........ . $ 8.996.010.00 Balance Saturday . S81.647.O0 Tacoma Banka Clearings Saturday : . .....$ S80.059.O0 Balances Saturday 59.202.00 flan Francisco Banka Clearings Saturday .317,400,000.00 Lea Angelaa Banka Clearings Saturday til, 531,770.00 1 Sterlings Goes To a New Mark At WeekFs End w Tork, May 7iV. P.l Fer elga ezehaage closei stroag. Hterllag reached a aew bigh since April a year ago. being qnoted at IJIH. Fraaca were .9881,1 lire .9514, marks .IlitH, Caaadlaa dollars Jttli, kronea .1807. 'tw Tork Bond Market - t, Kumi?:hed by trerteck A ?Vnilie nunpHrij' 114, 215, 216, 217 Board of Trail Imil'lmu I.i.I. 77 . . .67 . . .S4 . . .73 ',; trhiaon ffeneral 4. . . . . Baltimore St Ohio grJd 4a. Pethlehem Steel re. ,5. . . . Central Pacific lt 4i t Paul Biincnil 4 : , . . Cl.ifagat N. XV. general 4. K A N'. fn 4- ew Tork Ky. 5 . . . , i . . , NortHerw I'ac. IT 1 4a' . . Iteadiiif c;neral 4 ...... I'nion taoifi 1st 4s...... V. 8. Steel 6s rw.uthern I'ae. ronv. Bs. , Hnuthem Pac. ronr. 4a . . 1'er-nrylrania ronv. 4 Ha. I'tmxyWanis lot 4V...... ClioMiieake St Ohio eon. 5. Oregon Short line 4 . . ', . .7.1 ho -: ... : . 7.-. i ..T7H . . " K .riH .78 Ti .S5 . 76 ' Si .79 . IJlierly llond Kale ' Reported by Ouerbeck & Cot.ke Co. : ' - Hilh. low. IJberty, 3 t 8030 8910 Liberty, lt 4s Liberty, 2d 4s.. ........ .... Liberty. 1st 4a.-i 8766 7H Liberty. 2d 4 ...... ..8786 8730 Liberty, 8d 4 is... ;.1070 902 Liberty. 4th 4 14 a. ....... 874 4 8734 Vwtary, 4 . ......... . ... .... Victory, 3 Hs. . .....0802 9Hm Ak. 7T S 17 , 83 7". 75 t M I -' 70 77 -HI . 96 0.1 70' 88 , 7H 7"i CI-e.-8020 8 7 5 8730 87' 8736 tl64 874 98tMt 9M ' Washington Mtato Funds r01ympla. Wash., May 7. For the week ending April 30, the balance on hand in the state treasury was $12,253,627-17. ac cording to the report made by Clifford L. Babcock, state treasurer, to the state auditor. The balance for the week end ing April 23 waa 112.138,144.62. . v . Suit fo,r- Divorce riled Vancouver, mitn., gryny . , 1 1 1, i ! n r. Hall has started suit for divorce h gal nut Kdith Hall, whom he married in 1916, ) charging desertion. Place RvTUfMls of the Annnal Statement of the v CONTINENTAL CASUALTY COMPANY of Hammond, in the state of Indiana, on the thirty-first day of December. 1920. made to the insurance commissioner of the state of Oregon, pursuant to law : i . ' . CAPITAL . ' Amount of capital atock paid np f 700,000.0 INCOME ' ' : Net premiums received during ; - ' '- the year 9.755.428.14 Interest, diridends and rents re- ceiTed during the year.....'" 148,764.07 Income from other aoarrea re- ceiTed during the year.... . 199,850.59 YODR Insurance; in STRONG Companies Total income ,.:..,L.. 810,103,541.80 DISBURSEMENTS Net loases paid during the year, . ' " including adjustment expenses. 8 - 8,988,020.00 Diridends paid on capital stock ' during the year 72,000.00 Commissions and salaries paid during the year ....... 2.930.4 16.44 Taxea. licenses and fees paid ' daring the year 270.728.84 Amount of all other expendi tures . . 737.537.37 Total expenditures .8 8,018.702.65 ASSETS Value of real estate owned imar- ket ralue) '...$. 75.000.00 Talne of stocks and bonds owned : (market value) 2.525,615.00 Loans on mortgages and collat- ral, etc. 1 5i'25? Cash in banka and on hand. . . . 267,837.17 Premiums in course of collection written since Sept. 30, 1920. 2,178,650.21 Interest and rents due and ac- craed and other assets...... 861.062.29 Total admitted assets. .... LIABILITIES .8 7.829.509.67 Gross claims for tosses unpaid. .! 2.082.044.37 Amount of unearned premiums .- on all outstanding risks 8,177,079.32 Iu for commission and broker- age . .................. 584,134.77 AU other liabilities ......... . 242.502.60 Voluntary . reaerve 142.848.81 Total liabilities, ernT of capiUt stock of 87OO.O00... 8 6.229.509.67 BUSINESS IN OREGON FOR THE YEAR Net premiums seceieed daring the year 8 148.664.76 Losses paid duriag th year. ... 82.348J0 CONTTNENTAt. CASFALTT COMPANY H. H. B. A LEX A N DEB, President. W. H. BETTS, Secretary. Statutory resident attorney for set-rice: JAMES McL WOOD, Portland, Synopsis of the Annual Statement of the UNITED STATES BRANCH OF THE K5I , PLOYERS' LIABILITY ASSURANCE COR PORATION, LTD.. ' 1 of London, in the Kingdom of Great Britain and Ireland on the 31st day of December. 1920, made to the insurance commissioner of the state of Oregon, pursuant to law: -J CAPITAL Statutory deposit ........... $ 200.000.00 INCOME Net premiums received during the . year , 825.970.461.84 Interest, dividends and rents re ceived during the year...... 943,136.28 Income from other sources . re- . ceired during the year. ..... ' 83.231.83 Total income ............ 826,948,829.43 DISBURSEMENTS Ket losses-paid during the year in cluding adjustment expenses, . 810,874,279.49 Commissions and salaries paid during the year . . . . 8,553,372-87 Taxes, licenses and fees paid dur- ing the year ............. 83.124.46 Amount of all other expenditures 4.678.069.48 Total expenditures ...... ASSETS Varae of real estate owned (mar ket value) . 8 Value of stocks and bonds owned (market value) Loans on mortgages and collat eral etc. Cash m banks and on hand and with trustee. New' England Trusf Co. . . . Premium in course of collection written since September 30, 1920 Interest and rents due and ac crued ....... .. . Advance to employes account Lib erty loan subscriptions. . . . 822.988.845.75 552.345.75 21.669.787.00 450,000.00 874.994.78 8,885.922.82 297.978.24 8.797.00 Total admitted assets .829.684.103.54 LIABILITIES Cross claims for losses unpaid j . 814.708,508.00 Amount of unearned premiums on . all outstanding risks 8.565.822 50 Due for commission and broker age . . j . 1.8S7.197.1 5 All ether liabilities. i . 1,859.333.38 Total liabilities, exehuJv of ' capita! stock ij. 826.490.860.98 BUSINESS IN OREGON FOR THE YEAR Net prem rums received during the year . . .8 61.622.78 Losses paid during the year, i ; . 2.847.74 THE UNITED STATER BRANCH OK THE EMPLOYERS LIABILITY ASSURANCE CORPORATION. LTD. ' IT. 8. . Manager. SAMUEL APPLETON. Statutory ..resident attorney for service, James McL Wood, Portland. - - Synopsis of the Annnal Statement of the NEW TORK PLATE GLASS INS. CO. of New York, in the state of New York, on the thirty-first day of December. 1920, msde to the Insurance commissioner' pf the state of Oregon, pursuant to law: . 1 CAPITAL Amqnat of Capital atock paid op. 8 150,000.00 -" -' ' 1 . INCOME Net premiums received during the - year-. . 81.929.597.76 Interest, dividends' sad rente re ceived during the year...... 45.117.99 Income from .other sources re-. eeived during: the year....... 150,358.29 Total Income .12.125,064.64 DISBURSEMENTS Net ' losses paid during the year. including adjustment expenses. 8 964,607.69 Dividends paid on capital - stock - during the .year . 12.000.00 Commissions and salaries paid - during the year 709,684.89 Taxes, licenses a ml ' fees paid dur ing the year 4 85,804.49 Amount of all other expenditures 20.564.98 Total expenditures ..,.$1,762,111.85 Value of stocks: ASSETS and bonds owned (market value) .8 794.880.60 Loans on1 mortgage and collat eral, etc. 79.000.00 Cash in banks and on hand : 70,106.63 Premiums in course of collection - written since Sept, 30, 1920. 529,821.06 Interest and . rents due and ac- crued . ,i 4.879.50 Total admitted assets .81,478.687.19 t LIABILITIES Gross claims 'for losses unpaid ... $ Amount of unearned premiums oa all outstanding risks. ....... Due for commuaiba and broker age . All other liabilities ........ . . Total liabilities, exclusive of capital stock of $150,000, and surplus $45,014.24 $1,283,- 35,098.05 171.844.80 80,000.00 673,93 $1,478,687.19 BUSINESS IN OREGON FOR THE TEAR Ket premiums received during tlx - year V... .8 6,077.99 Losses paid during the year-. ... 3,292.88 Leas in incurred duriag tbs year.. 8,422.55 ' NEW TORat PLATE GLASS TNS. CO. MAJOR A. WHITE. President. J. O. FRENCH. Secretary. Statutory resident attorney for service : - JAMES McL WOOD. Portland. -::. Synopsis of thm Annual Httn,nt of ths AETNA INSt RANCE COMPANY rf Ifart'ord in the state of Connecticut on ths thirty-first lsy of December, 920, made to the InsaraTee Commissioner of th fuu of CAPITAL Armrant of capital stock paid np f 5, 000, 000.00 income Net premiums received during the year 826.947.223.41 Interest, . dividends sod rents received during tits year.. ; 7.545. 243.22 Ir come from other sources re cti red daring ths year.... 1,617.77 Total Income $C8.404,084.40 a ' DISBURSEMENTS Net losses paid during the yeer. including adjustment expenwa 12,537,406.68 Dividends paid on capital stock during the year . . . . . 1.200,000. 00 Commissions and salaries paid during the year......... 6,603.878.93 , a w. , i ii.n . anil irc jjviu during the year. 1,787,699.71 Amount rjf all other expend i tures , 2.404.607.02 Total expenditures. .... - - ASSETS aht of real estate (market value) ........ $ Value of stocks and bonds owned (market value) - . . . , Loans on mortgages and col lateral. te. . Caeh In banks and on hand.. Premiums in course of collec- tion written since September ' 80, 1920. Interest' and rents due snd accrued .....$847,093.87 Total admitted assets LIABILITIES Gross claims for lowes unpaid. Amount af unearned premiums on all outstanding risks. . . Due for commission and brokerage ....... ... . , ; . All other liabilities ......... .$24.62S.502.a 410.000.0t 31,671.500.92 10,982 31 3.863,485.59 4,356.235.06 $ 210, 648. C3 840.872i54T?0 $ a.45'J.477.39 21.173.154.16 no. ooo.oo 995.000.00 ToUl UabiliUes, (xchudva of capital stock... ,..$35,657,631.95 BUSIXEAR IN OREGON FTR THE YEAR Net pnrmtums received during the year $ J 60.865.26 Losses paid during the year. . . 8 --54.321. 87 Losses incurred during the year 4M.tf40.5tt Name ef company. Aetna Insnrsnce Company. Name ef president, William B. Clark. Name of secretary, Guy E. BeardJfy. Statutory revident attorney for ferric, 7 UcKercher, Portland, Or. JAS. Mel. WOOD & CO. General Agents for the , Above Companies-Fire, Lia bility. Personal Accident, Durglary, Surety Donds and Plate Glass. 314 Railway Exch. Did sr. Main 47 and 47Z Z