14
THE OREGON DAILY JOURNAL. PORTLAND, OREGON'
WEDNESDAY, MAY 18, 1921.
COMMODITY TRAD
E
NEW YORK CITY
New pTork, May 18. Various com
mpdlty markets in New York pre
sent the followlhgr feature:
Cotton Sales of goods in the un
finished state are showing a larger
vol timet; than for some time past.
Olnghamn, percales and' ' napped
-goods for fall continue ' scarce. A
better distribution of goods for Bum
mer wear Is reported." Business gen
erally Is being done, however, on a
margin which is said to be entirely
too small.
Silks Fall buying has not yet set In
t j aliy extent. Purchases of retailers
for- Immediate delivery.' however, is
keeping the market fairly active. Raw
silks have declined a shade under the
influence of lower prices in primary
markets.
Woolens Much of. the buying for fall
evidently - has been completed, and
further activity defends upon the suc
cess of the clothing manufacturers in
bocking orders. . The advance of woolen
. prices In the London market. has as yet
found no reflection here,-
Apparel Men's goods have swung
into the fall selling season, with retail
ers being found willing thus far, to
place orders up to about 50 per cent
of their normal purchases. Fall prices
are about 35 per cent under those of a
year ago, but are less than 10 per cent
under the prices' of the rpring. The
women's garment market is reflecting
the usual sluggishness of between sea
sons: Manufacturers are determined to
go; into the fall season with lower wage
wales, and some troubles . are antici
pated, as negotiations have been broken
off. -
Leather Calfskins and sole leather
prices have risen as the demand for
fancy-colored stock has declined. Shoe
production appears to have reached a
higher point than at any time this year.
An exceptionally good season on sports
footwear is expected.
Jewelry Greater activity is reported
than for some time past. It extends
from the retailer to the wholesaler and
back to Uie manufacturer. Some liqui
dation, of heavy stocks is. -reported, but
prices remain firm. - The gem trade in
Kurope is still depressed.
James Hampton Is
Dead; Funeral to
Be Held Thursday
t
James Hampton died Tuesday at the
family .. residence. 4914 Market street,
after an illness of 18 days, caused by
cancer of the ; s,tomaeh
- Hampton, who was born in England
2 years ago, left his home when a lad
of 12 and worked his way to Oregon on
' a sailing vessel, taking one year to make
the trip around Cape Horn.- He landed
at Astoria. For many years he worked
on river steamers, but later took up
stationary engineering, which - vocation
he continued until his death.
When Hampton came to Portland his
present homesitefwas a woods, the far
therest clearing being the spot occupied
by the central postoffice. ;
Father Campbell will conduct the fu
neral service Thursday at 9 a. m. at St.
Marys Cathedral (Catholic) and inter
ment will be at Mount Calvary cemetery.
The remains are at the undertaking es
tablishment of McEntee & Eilers.
Those who survive are the widow,
Mrs. Mary Hampton, and two daugh
ters, Mrs. -., Kenney E. Smith and Miss
Marguerite Hampton, all of Portland.
LAST BITES TO BK HELD
TODAY FOR TWO WAR HEROES
Funeral services for two Oregon boys
who made the supreme sacrifice in the
World war will be held this afternoon.
Both will be under the auspices of the
American Legion and will be in the
nature of military rites for fallen heroes.
That of Private Ronald K. Smith will
be conducted in the Mount Scott ceme
tery chapel at 2 :30. Interment will be
made in the cemetery with members of
company C of the 162d infantry acting
as pallbearers, firing squad and bugler.
Private Smith Was, prior to1 his attach
ment to ' company A, Second machine
gun battalion, a member of the outfit.
He met his death while serving the
machine : guns ., in the offensive near
Soissons. i 1
Private Remmie I. Kelly will be buried
in Milwaukee cemetery aXter services in
the First Christian church this after
noon at 2 o'clock. Private Kelly was
serving with company K, 26th infantry,
when killed.. !
: Mrs. Irene Van SI yck f
By request the' ashes of Mrs. Irene
Van Slyck, a former resident of Port
land, who died at Santa Cruz. Cal., a
week ago, will be taken to Alaska and
scattered on the' waters of Seward har
bor, a spot she loved. Visiting in Cali
fornia, she was taken 111 and her last
request was that . she be cremated and
the ashes cast on the waters. She is
survived by two children, a daughter,
Mrs. C. A. Alexander of San IMego ;
one son, Byron M. Van Slyck of Harri
son, Idaho ; her mother, three sisters, one
of whom is Mrs. W. E. Mahoney of Port
land, and one brother.
Funeral at Bay City
Funeral services for Mrs. Catherjne
Provost, wife of Howard Provost, were
conducted at the? family residence at
Bay City, Ore., Tuesday afternoon. Mrs.
Provost, who died 'at her home May 16,
is survived by her husband, three chil
dren, Francis L Clarence L., and
Catherine Provost, five brothers and
five "sisters. i
Ashland Market Changes
Kelso, Wash., May 18. C. A. Pauley,
who has been engaged in the cattle busi
ness here for many years, .has purchased
a market at Ashland. Or., and is leaving
for "that place this; week.
FOREIGN
MARKETS
FOR WHEAT NEEDED
By Dick Smith
Special Correspondent of The Journal
Kansas City, Mo., May 18.: With
the wheat harvest little more than a
month away, the Middle West sees
hope of a solution of its economic
problems in a reopening of foreign
markets to American producers, j :
Crop estimates issued this week by: the
Kansas and Missouri agricultural de
partments 'show that the condition of the
whole crop indicated a larger production
than last year. ; The Kansas, report fore
casts a harvest of 138,609.000 bushels
against 136,844,000 bushels a year ago.
The Missouri crop, based on present con
ditions, is estimated at 42,262,000 bushels.
With a portion of last year's crop still
on hand, little prospect is seen of dis
posing of the coming yield at a profitable
price unless a foreign market is found
for the American surplus. ,!
The crop deteriorated in April due to
abnormally low temperatures which
counteracted , the ' unseasonably warm
weather of March, i but despite this the
condition in Kansas was 84 per cent as
against 80 at the same time in 1920.:
Perfect wheat maturing weather must
prevail, however, from now on if this
percentage is to be maintained. ' Predic
tions of an early corn planting season
have failed because of the ; cool, wet
weather.' - j :",
Evidence of the financial condition of
the farmers is found in the report of the
federal land bank at Wichita, Kan.,
where in the' last 10 days applications
have ' been - made for loans totaling
$2,500,000. j
"The demand for loans far exceeds
the bank's ability to supply money,"
Milas Tasater, president, j said. "Only
pressing needs can be cared for at this
time." A continued improvement is
noted in the lead and zinc fields, owing
to further increases in prices obtainable.
Kansas City builders and - building
trade workers have ; agreed to submit
their differences to arbitration and that
has had an encouraging effect on busi
ness generally. ; ; j
Arrested on Fraud Charge
Chehalis, Washl, May 18. Nathan
Itouf, charged with obtaining money
under false pretenses, was arrested Sun
day in Pe Ell. i
No Dividend Paid
Republic Common
New Tork. May 18. (U. PJ Direc
tors of Republic Steel today passed the
quarterly dividend on common: stock.
The regular quarterly dividend ; of : 1
per cent on preferred stock was declared
payable .July 1 on, stock of l record
June 17. - ; '
Chairman J. A. Topping of the board
Issued the following statement :
"As profits for the ysrar to date are
substantially, below dividend require
ments and future earnings very uncer
tain,, the board concluded it would be
unwise to continue the common dividend,
and, therefore further dispursements
were suspended. " '.
V
THE possession of great
sums of money was not
altogether an unmixed joy
with the early English mer
chants. There were no
banks. Perforce they kept their money
iii their fvn homes under the care of
apprentices. Soon it became very
fashionable for these apprentices to
run away and join the army.
Light-heartedly they took their master's crowns
and Caroluscs with them!
Other merchants stored their money in the
mint in the Tower of London. The King
broke up this practice by seizing all the money
there for his own use!
Being safe neither at home nor with the public
authorities, the depositing of cash with the
goldsmiths---who had great vaults secure from
fire and robbers came about quite naturally.
' ' ' - , : I.'-,-' - f I '
Receipts were issued for deposits and' interest
paid. Money was loaned and rents collected.
"Goldsmith's Notes' (receipts) passed for cash,
many traders giving and receiving nothing but
paper. The advantages of this new System were
felt in every part of London. Banking had
become a separate and important trade.
Now, as then, Safety and Convenience are fun
damental reasons for the existence of banks.
Modern ingenuity has developed these phases
of banking to the nth degree of perfection.
Our booklet "The First National Bank West
of the Rockies" gives you a very vivid idea
of the service a " great modern bank,
like The First National, renders to the
community. Ask for it,
V :
THE FIRST NATIONAL BANK
OF PORTLAND OREGON"
THE FIRST NATIONAL BANK WEST
OF THF ROCKY FOUNTAINS f
RAILROAD STOCKS BENEFIT BY THE DECISION OF LABOR BOARD
RAILS ADVANCE
BUT SOON LOSE
while . many
shares Were
I
New York. May 18. (I. N. S.) The
stock market closed irregular today.
New Tork Airbrake was in supply on
report that a dividend would be reduced,
falling 3 points to 68. Republic Steel
sold up to 59 and then broke again to 58.
while United States Steel hung around
83. - I - -y .
Reading yielded over 1 point to 73,
of the minor railroad
in idemand.: New Haven
moving up to 19. Mexican Petroleum,
after selling up to 151, yielded to -147
and then recovered to 148. Stude
baker reacted 1 point to 80.
Government bohds, unchanged ; ' rail
way and other bonds, steady.
Total sales, today, 687,700 shares;
bonds, J8.360.000. j
New Tork. May 18. (L N. S.) Railroad
shares were the feature of the - trading on the
stork exchange early today, being stronger and
active on the announcement of the railroad labor
board that it would
(killed workers.
Keadins rose 1 hi
vanced hi to 83,
op to 63 hi and
point to 148 .
Baltimore A Ohio ! was the strongest of the
medium priced issues, advancing 1 to 42.
Royal Dutch was again in supply, falling two
points to 63, the oil stocks generally beutg in
fluenced by the further cuts incrude oil.
TM Steel industrials , generally showed re
cessions, Republic yielding 4 to 574. Stude
baker rose to H'ihi from which it yielded
to 81 .
After the first 15 minutes the market showed
a watering tendency, the advance in the rail
road issues coming to an end and many of these
issues being in supply. Kock Island moved up
one point to 34 audi then reacted to 33(4.
Reading, after its advance of 1 hi to 74, fell
back to 78 . Republic was pressed on the
market, falling hi to 56 hi and then rallied
to 5tt . United states Steel, which opened at
t3 r . yielded to 83 and then rallied to 83 hi .
lower wattea among un
to" 74, V. S. Steel ad
American Sumatra moved
Mexican Petroleum rose 1
Kurniilred by Overbeck
of Trade building: .
& Cooke Co.. Board
Sales.
STOCK. I
liUO, Adui Express
100Agr. Chem.
200jA jar Rubber
200iAlask Gold
(Alaska Juneau
DUUAuu-Jhalmera
1000, Am. Beet Sugar..
2S00Am. Bosch .
1200 Am. Can Co.
1 , do pfd. .
200 Am. Car & Fdy. ,
do pfd.
Am. Cot Oil . . .
do pfd.
200jAm. Drug. Syni. .
700 1 Allied Chem.
1800; Am. Hide & 1-.
StJOO do pfd. .
..... i Am. Ice. . . .
S100,Am. Intl. Corp
I Am. Liinaeed
I do pfd.
500;Am. Ix.ro.
. . i do pfd.
3 00 1 Am. Safety Razor. .
700,Anv Ship. & Com.
SOOAm. Smelter . . . .
I do pfd.
100 Am. Steel Fdy
ooo Am. Sugar. . . .
100 j do pfd .
148t)0!Am Sumatra.
3100Am. Tel. &Tel.
2700Am- Tobacco....
2700 do "B" .
4 300 Am. Wool.
..... i do pfd . .
600 Am. W. P. pfd;
d00 Anaconda . . .
..... Asd Oil
1500 Atchison
100 do pfd
100 Atlantic Coast Lane
4100AU. tiulf. A W. I
S300iBaldwin Loco.
. . . : . do pfd
12900Balto. . Ohio;
do pfd
Beth SUsel 8'
3700!Beth Steel "B"
300iBooth Fish. . .
500B. R. T. . . . .
lOOjButte & Sup. .
High.
44
4tH4
32
I'af"
39 i
48
31 hi
126 "
6
45 h
13
Low.
44 K
47
31
'36
39
45
30 .
i25
6
44
13
57 36
49 J4
38 I
48
38
88 ; I 87
6
lo-ta I
3 I
3i '!'
1 92 I
6
lo
42
31
1
Bid.
i.
I 66 j 64
il05105
15 3i 1125
"77i"76
600
100
600
I
"iSoo
4900
800
7500
700
800
200
1700
Caddo Oil
Calif. Iacking
Calif. Pet. . . .
do pfd ....
Canadian Fac
Cen. Leather.
Cerro De Pasco
Chandler Motor
t'hgo. & N. W
Chicago Gt. W
do. Dfd.
K'hile Oopper .
2300;Chino
6200 C. M. & SU P.
3900 do. pfd. ..
800 Coco Cola .
3300 C & O. .
100 Colo. F. & I.
300 Colo. Southern
600Con. Gas & Else.
1800 Columbia Graph.
1100 Con. Gas . . . .
..... Continental Can
300 Continental Candy
11300 Corn Products .
do. pfd. . . J .
7400 Cosden Oil . . I .
3700C. R. I. A
1200 do. "A"
200 do, 'B"
7900 Crucible .
do. pfd.
1200 Cuba Cane
400 do. pfd.
ICuban Am. Suger
iuu Del. A Hudson
Iome Mines .
L. & R. . .
600 do. pfd. . .
880(7 Endicott Johnson
4400 Erie
2400 do. 1st pfd.
100 do. 2d pfd.
2900,Fsmous Players;
(Fed. M. A. 8m.
1600 Fisk Tire
P.-
pfd.
pfd
300
100
900
300
700
pfd.
iGaston Wms.
Gen. Cigars ..
Itien. Elec. . .
iGen. Motor . .
Gen. Motor 6
..... 4,oodyear
36200Gen. Asphalt ..
ftOOjiioodrich .....
200Granb ..
IGt. Nor. Ore ..
Gt- Nor. ofd. . .
lOOlGreene Cananea
200 ;ulf S. Steel ..
300Hupp. Motor .
3 00 Houston Oil C.l
SOO 111. Cent .
1900 Inspiration
800 Interboro ...
700 do pfd. ...
1200 Int Callahan
900,Int Harvester
1 do pfd. ..
800 Int. Merc. Marine..
3000 do pfd. ....
llOOilnt. Nickel ..
33
83
82
40
88
42 "
60
.5
13
M
16
'48;'
116
42 i
30
67
68
5 ,.9
20
12
27
30
45
29
65
31
37
. 60
7
89
" " i
72
"37"
34
77
67
78 ;
20 !
"24
102
1
65
15
22
15
75
ie
1
137
12
73
39
24
30
71
24
39
13
80
92
37
4
14
92
16 '
66
16
34
82
82
39
86
4
59
4
12
14
16
"47
iii"
40
30
63
67
8
19
12
26
29
44
29
63
31
37
60
7
89
" i
35
33
77
67
75
19
23
102
1
'64
14
21
14
74
16
1
137
12
72
38
23
30
70
24
39
13
79
92
36
4
13
5
91
15
33
16
44
48
, 31
1
; 36
39
46
30
83.
125
103
20
50
6
44
13
36
55
48
37
72
87
103
6
lv
42
77
30
81
101
64
105
125
124
76
97
34
42
101
82
75
82
39
87
100
41
61
104
60
4
12
14
16
47 hi
77
115
40
30
66
66
8
20
12
27 "
29
44
29
64
31
7
89
47
1
72
103
36
33
77
67.
77-.
84
19
60
23
101
19
1
64
14
21
14
74
27
16
1
59
137
12
67
9
72
38'
24
30
70
24
38
13
79
92 '
36
4
13
5
91
102
15
54
16
ConsMrvativ
Cuanodtarv;
avWMnsVsMHHMsa
Conservative
Custodian
(Clhate
The savings, de- 1
partment of the Hi
bernia has been in
business for over 28 ,
years. It
both state
is under
and fed
eral super vision.
no -safer
There is
bank.
. BBaaB
aeatsvavvatiai
HEIEIILSfLlinC
References to French ; financing: and
high quotations for foreign exchange are
expected to have the first announced
effect on the copper metal situation and
was the cause of strength in those is
sues yesterday. ; '.
Consolidated Gas Company of New
York voluntarily 'cuts price of gas from
$1.50 to J 1.23 as a result of lower cost
of gas oil,
. Credit Guide reports ' 680 commercial
failures in United States first half of
May against 776 same period in April.
United States exports of breadstuffs
in April valued at $56,260,219, slightly
greater than In April, 1920.
n -For
nine months ended March 31, Ger
many's imports of American goods to
talled $312,188,000 against $137,157,000
same period 1920. '.
Secretary of Treasury Mellon's state
ment that an era of prosperity is to be
expected soon and his prediction that
even further reduction in the rediscount
rates of the Federal Reserve banks may
occur during the Bummer, did much to
promote a better feeling.
Utah Copper -quarter ended March 31
operates , at a loss of $89,623, without
allowing- for depreciation, against a
profit of $1.71 a share for same period
in 1920.
! Foreign Bond Market
Furnished by Overbeck & Cooke Co.
of Trade building:
Russian 5 s, 1921
hUHsian 5 s, 1926
Russian 6, 1919
1 rench 5 1831
4s.
5s.
5.
5s.
5s,
5s.
vky.
ref.
1917
1920
1918
1922
1927 .
1920
4s ..
4s
French
French
Italian
British
British
British
British
BritLh
Belgium rest. 5s
Belgium prcm. 5s
German W', L. 5s
Berlin 4s ..... .
Hamburg 4s ....
Hamburg 4 s
Leipsig 4 s . . .
I.eipvig 5s .....
Munich 4 s
Munich 5s
Frankfort 4s ...
Japanese 4s ....
Japanese 1st
Japanese 2d
Paris 6s
I!. K. 5s.
5S,
5s.
5s,
5 s.
K.
K.
K.
K.
4 s
4 s .
"l'92l
1922
1929
1929
1937
Bid.
15
7
16
69
65
79
45
396
392
392
312
282
75
79
13
15
16
17
17
16
18
17
68
84
84
98
99
97
91
91
85
3tew lora Hold
Atchison ,enl. 4 s
Bait, tc Ohio Gold 4s
Beth. Steel Ref. 5s
Cent. Pacific 1st 4s
C. B. & Q. CoL 4s
St. Paul (ienl. 4 s
Chi. N. W. Genl. 4s
L. & N.. Cnl. 4s. ..
New Tork Ry. 5s .
North. Par. p. I,. 4s
Reading Cenl. 4 s . .
Union Pac. 1st 4s. .
V. S. Steel 5s ....
Union Pac. 1st Ref.
South Pac. Conv. 5s
South. Pac Conv. 4
Penna. Conv. 4 s . .
Penna. 1st 4 s . .
1'hes. & Ohio Conv.
Ore. Sliort Line 4 a,
v-
5s.
s. .
Market
Bid.
. 77
. 67
. 85
. 73
. 99 60
. 67
. 73
. 80
. 20
. 75
. 76
. 80
. 95
. 73
." 78
. 86
76
83
. 79
Board
Aked.
17
9
18
70
56
80
46
406
402
402
325
392
78
80 : '
13
16
18
18
18
19
18
20
19
68
84
84
98
100
.97
91
91 .
85
Asked.
77
68
86
73
99 66
67
73
81
24
73
76
80
95
73
92
;78
87
76
83
79
LJberty Bond. Sales
(Reported by, Overbeck tc. Cooke Co.)
" XJiW T I
Liberty,
Liberty,
Liberty.
Liberty,.
Liberty,
Liberty,
Liberty,
Victory,
Victory,
3s. .
1st 4s
2d
1st
2d
3d
4 th
4
3s
4s
4S
4 a
4
4 s
High.
8810
8718
8768
8782
9076
8738
9782
9780
Low.
8802
8714
8754
8722
9068
8728
9768
9768
Salea.
STOCK.
4700Int. Paper
- do pfd. . . . . . .
1400 Invincible Oil ...
9 8 00, Inland Oil
100Jewel Tea
35O0K. C. Southern...
100 do. pfd
2000 Kelly-Spgfld. . . . .
1400 Kennecott
800 Keystone Tire . . .
400 Lack. Steel .....
, 200 Lee Tire .
19 O0 Lehigh Valley .. .
..... Lorillard
Mackay
..... Maxwell Motor . .
..... . do. 1st pfd. . .
do. 2nd pfd. . .
46900 Mex. Pet.
500 Miami
10000 Middle States Oil.
1300 Midvale Steel ...
800 M. K. A T. . . . .
900 do. pfd
..... Mont. Power ....
10100 Mo. Pac
3100 do. pfd.
. . Mont. -Ward
100 M. St. P.- & S.S.M.
1900M. A St. L.. .
800 Nat. Enamel . . . .
Nat. Lead
1800 Nevada Con. . . . .
7000 New Haven
2900 Norfolk A W
7200 Nor. Pac .
Nova Scotia Steel.
1000 N. Y. Air Brake. .
1600 N. Y. Central....
..... Okla. Prod. ref. . .
..... Ontario Silver . . .
100 Ontario A W. ...
100 Otis Steel
200 Pacific Oil
1600 Pac Gas A Elec.
3000 Pan Am. Pet....
1900 do "B" ......
8200 Penna . . . . .
10200 Peoples Gas
5400 Pere Marquette . .
Philadelphia Co. .
700 Pure Oil
8800 Pierce-Arrow
200 Pierce Oil
400 Pitta. Coal. ......
1900 Pitta. West Va. .
do pfd. ......
200Pr. Steel Car ...
400Pullmau . . ...
10001 Ray Cons.
6800 1 Reading .
SOOIRemington ......
200Replogle Steel . . .
SlOOjliepublic L A S..
j do pfd.
3 00! Rep. Motors
12300) Royal Dutch Oil. .
. IRy. Steel Spea. . .
. . . . . 8. O. Ind. ......
16004 Sears-Roebuck -. . .
lOOOIKhattack. Aria. ..
500 Shell T. fc T. ...
105OOSinclair ........
lOOjSloss Shef. . ....
890OSoa. Pacific ...
2900Sou. Ry. ......
600 do pfd.
6 100 St. U A S. P. . .
400fStromberg Carb. .
33300 iStodebaker .... .
ISwift A Co.
I High. I
71
'l9 "
4
9
28
46
22
13
50
27
55
151
23
14
28
2
4
"23
43
"73"
13
57
i2
20
99
74
"id-"
72
19
13
38
55
69
62
33
67
23
"S4
30
101
62
31
'86'
102
14
74"
37
28
69
'l8'
64
79
7
45
27
78'
22
53
25 I
39 f
Low. I
69
'l8
3
9
27
43
22
15
50
29
55
147
23
13
27
2
4
'22
42
"73'
12
57
'12
19
r- 98
78
68
75
19
13
38
53
65
60
35
64
22
"84
29
10
62
30
83
101
14
73
37
28
58
"17
63
78
7
45
26
77
21
52!
24
Close.
8802
8746
8712
8756
8722
9068
8726
9768
9768
Bid.
"69
94
18
8
2 7 hi
51
45
22'
15
50
27
55
153
63
5
5
1
148
23
13
27
2
4
53
22
42
21
73
13
57
78
12
19
98
73
34
68
72
3
4
19
13
38
64
67
61
35
55
23
33 hi
: 34
30
10
62
30
74
86
101
14
73
37
28
58
89
17
63
89
75
78
i 7
45
27
40
71
22
62
23
39
82 78 79
...(..
IO
39
27:
700iTenn. Cop. it Chem
3300 Texaa OU
8100 Texas Pac
1100 Tex. Pa. C. A O. .
6600Tob. - Products . . .
OOOiTran. Cbntl. Oil ..
'6 8001 Union Oil DeL ..
l'SOOLnioo pac llVt
300I;nited Alloy I 30
. ....lUnited Drug ....
. ....Itnited Food Prod. . 22
130011 nited Fruit 111
9
89
26
28
United Retail S to real
HOOjU 8 Ind Alcohol.
J800U S Rub.
11001 o 1st pfd.....
tr S Smelting. . . .
10800U 8 Steel. .......
000 do pfd . . . .
2T00jCtah Copper ....
7 0iVai Chem
1700
Vanadinm-Steel. .
lOOlVivandoa
200 Wabmah ........
300O do A pfd. ... .
I do B pfd. . . . . .
2001Weib Fargo
1 9001 Western Pac
I do pfd . . - . .
. 3 noj Western Union . . ..
lO0Weatinghse E A M.
OOOIWest M! . . .
300jWhite Motors . ...
3 SVillrn Overland j
100 do pfd
a uu VVtlaon far king . . . .
Wisconsin Central. .
Woolworth .......
100 Worthington Pump.
700 W A t E. .......
67f 56
11 II
24 I 23
121
30
4
22
11 0
59
68
73
10Z
60
69
74
102
83
108
58
30
34
"8
24
66
80
89
it""
46
82
108
57
29
33
" 8 '
.23
"66"
29
88
10
40
8
52
99
10
38
26
28
67
11
24
121
30
94
22
111
59
70
73
101
33
83
108
. 67
80
34
8
8
23
16
6
3
67
88
48
10
,40
8
39
41
SO
LONG CREDIT IS
A LUMBER NEED
In discussing the depression In the
lumber industry . before the eighth
National Foreign Trade Convention
at Cleveland, J. J. Donovan of Bel
lingham. Wash., voiced the needs "of
the Pacific , Northwest for long time
credits, such as will be afforded by
the foreign trade financing corpora
tion, with which to carry on foreign
trade. '
"Some lumbermen," said Mr. Dono
van, "ssek to expand foreign : trade, al
tlyugh conditions are chaotic and ' dis
couraging. If exchange can be stabil
ized and If banking machinery, supplies
capital so that foreign customers, in
stead of advancing money months be
fore a cargo Is shipped, can issue accept
ances payable in three and six months
after delivery of cargo, business should
revive at once. Such revival to be per
manent is predicated on world peace,
settlement of German reparations, fund
ing of Europe's debt to us, and tariff
and tax revisions based on after-war
conditions.
"It is a question of credit for foreign
firms of established reputation through
American banks who will cash their ac
ceptances at a reasonable discount when
endorsed by the American seller. We
have the lumber to sell ; the world de
sires to buy ; . the buyer is solvent, but
has neither the cash nor goods immedi
ately available for payment.. His record
for honesty is good. He has paid in the
past; he will pay in the future. How
can we tide over the present?
"The manufacurer has his burden of
plant, raw material and labor to carry.
The shipowner must pay his crew and
provide his ship. Each in his own place
is 'functioning. . The banker must come
to provide for continuance of necessary
business by arranging the credit which
hia reserve capital warrants. Without
him business stops.
"Instead of- hampering our foreign
trade in lumber it should be encouraged.
Lumber is a crop for sale even though
it takes a hundred years to grow. The
older European countries understand
this. They conserve, , plant and sell.
They use for themselves about; one
tenth of .the lumber per capita required
by the people of the United States.- We
have cut forests over hundreds of thous
ands of square miles to make room for
men. We are now reaching a balance
on the mainland of the United States.
There is no occasion for hysteria. Lum
ber for all proper uses will Je produced
indefinitely within our own borders for
a reasonable price.
"For many years we shall have a
reasonable lumber- surplus to ship
abroad. Such shipments are deprecated
only by the ignorant or the demagogue.
They are for the best interests of all
concerned. A better understanding of
the problem of credit will revive trade.
This requires the earnest study of the
producer,, the carrier and consumer,
assisted by the banker. Such Study is
being given and we look to the state
ments and discussion in this convention
for a crystallization of sentiment which
will gain and hold for America the for
eign trade so necessary , for her pros
perity."
FOREIGN EXCHANGE RATES
Corrected daily by the foreign- exchange de
partment of the United States National bank.
Quotations below, except the pound sterling,
are quoted on the basis of 100 unit foreign
currency.
Foreign exchange closed strong. Sterling,
3.99; francs. .0849; lire. .0558; marks.
0174: Canadian dollar. .8950; kronen. .1793.
Opening nominal rates on bank transactions:
Draft Cable Par
London Ch-V. Transfers. Tali
Lbs. sterling. 8.99 $ 4 00
Paris Francs.. 8.51 8.52
Berlin Marks. 1.75 1.75
Oenoa Lire... 5.55 5.56
Athens
$ 4.866
19.03
23.81
19.30
Drachmas... 6.65 -5.70
Copenhagen i
Kroner 18.15 18.26
Christiania
Kroner..... 15.95 16.00'
Stockholm
Kroner 23.60 23.65
Hongkong
Currency....; 4 9k 50 50.00
Japan Yen... 48.25 48.50
Shanghai Taels 65.00 65.25
190
19.30
26.70
PACIFIC COAST BANK STATEMENT
' Portland Banks
- Clearings This Week fYear Ago-
Monday 8,167,038.28 f 7.880.100.17
Tuesday 4.436.815.37 6.873.742.91
Wednesday .. 4.881.342.77 6,823.702.57
Tacoma Banks
Wednesday
Wednesday j
Spokane Banks!
Wednesday $
Wednesday ........ i
Seattle Banks !
Wednesday. ....... .
Wednesday ........ .i
an Francisco Banks
Wsdnesday 324,600.000.00
Los Angeles Banks
Wednesday , 112,932,994.00
Clearings,
Balances,
Clearings,
Balances.
Clearings,
Balances,
Clearings,
Clearings,
67I.748.0S
. 220.081.00
1,636.885.00
646,5622.00
4.263.990.00
804,936.00
Graves Cannery Is
; Ready to Start
Sherwood, May 18. The Graves can
nery is getting ready for the June run
on strawberries, gooseberries, etc., and
other early fruit. The-company has
recently installed new, machinery, the
cost of which will total about $12,000,
and has also purchased an additional
lot 0 take care of future building ex
tensions. ; The company hopes to do a
large business this year. The- cannery
is now equipped to take care of overripe
fruits through its juice saving machin
ery. Many of the farmers and -business
men of Sherwood and vicinity are share
holders In the local company.
Joins Military Ira ternity
University of Washington, Seattle, May
18. Matthew Murphy of Portland was
elected to membership in Scabbard and
Blade, national military honorary fra
ternity, here. : He is a captain in the
University of: Washington reserve of
ficers' training corps.
Trade Conditions
Are Sound; Price
Mark May Decline
Washington, May 18. Fundamental
conditions in American business are
"very sound' in the opinion of Secre
tary Mellon, and the depression has be
gun to wane. . - - .
The question now. Secretary Mellon
said Monday, is whether the wave of de
pression has spent its force. He believed
that it had nearly reached its end.
The secretary added, however; that
price readjustment had not yet' been
Completed and until it was, business
could not return to thorough ' stability.
People are not yet convinced, Mellon be
lieved, that prices, have reached their
lowest.
When stability is finally established,
which will be shortly, marked prosperity
is - assured, the secretary said.
NEW CORPORATIONS
Salem. May 13. The Yonna Valley
Oil & Gas company capitalized at $500,
000 filed articles of incorporation with
the state corporation department here
Monday. The principal office of the com
pany will be at Pairy. Klamath county.
The incorporators are A. L.. Michael,
Ross S. Sutton and Wilson S. Wiley.
,' Other corporations filing articles are:
Buck Creek Lumber . company. Inc.,
Anlauf, riouglas county : $25.000 ; D. S.
Holloway, C. R. Hoevet and C. H. Miller.
Western Furniture, Portland ; $15,000 ;
Joseph Ft. Gerber, Joseph A. Davidson
and Lb M. Smith.
Columbia Gorge Hotel company, Port
land ; $10,000; P. P. . Dabney, M. M.
Matthiessen and Richard W. Montague.
Jerome-Boyer company, Portland ;
$5000; John L Jerome, John C. Boyer
and George Lv Rauch.
Olympia, Wash., May 18. Articlea of
incorporation have been filed by three
new companies with J. Grant" Hinkle,
secretary of state, as follows :
Rocky Bay Oyster company of Olym
pia; capital stock, $25,000; incorpora
tors. John H. Blass, Frank M. Kenney,
William P. Vance and Peter SchmidL
; Christopher Double Taper Bearing
company of Spokane ; capital stock,
$250.000 ; incorporators, C. L. Chrlsto
pherson. and H. Hspruenhagen.
: Metkoff ' Island Packing company of
Seattle ; capital stock. $10,000; incorpor
ators, E. Schoenwold, L. G. Pattucco
and F, J, Speckert..
Standard OU Stocks
CLOS1NO
Bid. - AKked.
Anglo 194 20
Borne Screamer 3(i' 390
Buckeye,?..-. 82 83
Cheesebrough ISM) 193
Cheeaecrougb pfd UH 100
Continental .....114 118
Creswnt 27 14
Cumberland 130 140
Lureka 92 , 94
Salens com 42 44
lialena Old pfd 3 .99
Salens New pfd 93 99
Illinois Pipe 176 - 181
Indiana Iipe 80 82
NaU Transit 27 ! 28 '
N. Y. Trani.it 144 149
Northern Pipe 90 92
Ohio Oil 290 300
Interl Pete 16 4 16
Penn Mex 26 2
Prairie Oil . Z 510 15
Prairie Pipe .i ..... 190 95
Solar Refg . 405 15
Southern Pipe 93 93
South Penn Oil 242 46
S. W. Pena Oil 63 68
8 O. Calif 79 80
S. O. Ind. 734 75
ti O. Kanxas 602 620
A. O. Kentucky 405 410
S. O. N. Y 345 350
8. O. Ohio. . 383 895
8. O. Ohio, pfd......'; 104 - 108
Swan A Pinch 35 45
I'nion Tank 1 100
Union Tank pfd 93 06
Vacuum ... 290 300
Washington 28 32
8. O. Nebraska. 150 60
Imperial OU 96 98
Am.
Am.
Am.
Am.
Am.
Am.
SHORT TEH 31 KOTES
' Quotations furnished by Clark, Kendall
Co., Inc.:
Security Maturity
Am. Cot. Oil 6s 9-2-24
T. A T. 6s..,, 10-1-22
T. A T. 6i.... 2-1-24
Thread 6s. .... 1 2-1-28
Tob. 7s 11-1-21
Too. 7s..... .11-1-22
Tob. 7s .11-1-23
Anglo Am. Oil lhi.T 4-1-23,
Armour ConT.- 7s.. 7-ls-au
Belgian Gov. 7s... 6-1-45
Belgian Got. 6s.... 1-1-25
Bethlm Steel 7s.... 7-15-22
Bethlm Steel 7.... 7-15-23
British Got. 5Hs J 1-1-21
British Got. 5 s. . 1 1-1-22
Candian Got. 5Hs . .' 8-1-21
Canadian Got. 5 1As.. 8-1-29
Cudahy Packing 7 Hi. 7-15-23
Inter B.-T. 7 .
Japanese Got. 4 H s, .
Kennecott Cop 7 s, . .
Molina Plow 7s....
Molina Plow 7s.-...
Molina Plow 7s. . . .
Moline Plow 7s ... .
Pacific Gas 7s
Swift 6s
V. 8. Bobber
9-1-21
7-10-23
. 2-1-30
9-1-21
9-1-22
, 9-1-23
9-1-24
6-1-23
8-15-21
7s.... 12-1-23
Bid
89
97 54
96
95
99 '4
99 hi
994
100
96 hi
97 hi
9 2 hi.
98 74
97 hi
. 99 hi
954
9fM4
91 hi
98H
73 hi
83 14
91 hi
98
2
80 .
88-
93
99i
98H
Asked
80
97 hi
96 hi
97
1004
100 hi
100 hi
lOO
09 hi
92T4
99 hi
98
96
994
92
99
75
83 hi
&2
96
99 hi
98 T4
HoKr tad CHnsnge
New York, May 18. L N. S.) Cair money
on the floor of the New York stock exchange
today ruled at 7 pei cent; high 7 per cent;
low 7 per cent. Time money was steady. Rates
were 6 hi 6 4 per cent. The market for prime
mercantile .paper was steady. Call money in
London today was 5 14 per cent Sterling ex
change was steady with business in bankers' bill
at 8.994 lot demand.
Foreign Kxcbange Market
New York, May 18.- (C. P.) Foreign ex
change opened firm to higher. Sperling. 3.99 i :
francs, 0857; lire, .0356; marks. .0173 hi ;
Canadian! dollars, .8950: Kronen. .1815.
Foreign exchange closed firm. Sterling,
3. hk i- francs. .0860: lire. .0359: marks.
.0169 i Canadian dollars, ,8973. .
Portland Ninth City
In Postal Savings
Portland, twenty-fourth city In the
United States in population, is ninth in
the volume of postal savings deposits,
according to the government statement
made public today. On May 1 the Port
land office had deposits ; l aggregating
$1,695,639. Seattle is tenth on the list
with deposits of $1,638,891 and Tacoma Is
twelfth with deposits of $1,398,142. The
total deposits on May 1 aggregate!
BIZ ST 18 GRAVES CANNERY KTA,
720 to g
Yields From
CANADIAN
PROVINCIAL BONDS
6K GOLD BONDS
GOVERNMENT OF NEW ZEALAND
Dated June 1, 1921 Due 1936
Price 93f Yield 7.20
Provinces of ' Rate Due Price V Yield
97.07 I
sk mm at
Aioerta . t vo
British Columbia ... 6
Manitoba . . ...... .67o
Saskatchewan ......6
City of Montreal
1922
1925 i 94.64
1925 . 94.36
1923 96.37,
.6 1923 96.37
50
J7 Yield 8
LUMBE RMENS
iRUSTgMRAY -gANK
BROADWAY and OAK
CARS ARE SHORT
OF ACTUAL DEMAND"
By Phil S. lLanna
ftpeeial Correspondent of The Jonrnal
Detroit, Mich... May 18 There is
a strange conflict here thirfweek end
between the facts on one hand and
sentiment on the other as regards
the business outlook. For neveral
weeks past there have been clandes
tine whisperings among the motor
menabout a "secondary depression"
in the automobile industry, and it is
more pronounced - than ever this
week, yet the concerns who" sell
cheaper cars are having difficulty in
supplying customers.
Max O'Lesry. one of the largest De
troit Ford dealers, lost six cash orders
yesterday because he did not have the
cars to deliver. Rumor had it also that
stveral plants had let out men this week,
but inquiry brought denials, in fact
the opposite Is nearer the truth, accord
ing to reliable reports. Men are work
ing overtime at the Hudson plant and
the same is true of the Kex factory.
But Detroit is a long way from the point
where-it Is worth while for outsiders to
come here seeking employment. Accord
ing to- employers" association "figures
there were 118.437 men employed tty th
9 members. This is a gain of 2000 for
the week, against a gain -of 300 the
week previous, but there-are still, more
than 50,000 unemployed in the city. "
Cuts in automobile and tire prices and
their effects have been the popular topic
among business men since last Sunday.
Flint reports are that the Chevrolet
plant began increasing its forces sub
stantially in response to the Increased
orders, resulting from the reductions In
price of Chevrolet cars, according to V.
F, Garth, manager, but the more con
servative' element among the bankers
here cling to the opinion heretofore ex
pressed that" there must be a more gen
eral scaling down among alt the car
makers to bring the results all are seek
ing. The Stevenson Uear company has
decided to bring its business here: The
company makes automobile gears by a
special process that Is expected to re
duce materially the cost of automobile
production.
Washington's Bank
Dividends $227,000
Spokane. Wash;, May 18. Stockhold
ers of the 306. otate banks of Washing
ton received dividends of 1227,000 last
year. John I . nuke, new state super
visor of banks, told 200 hankers at the
annual banquet of the Spokane Clear
inghouse association. Their gross'earn
tngs were $2,200,000 and the net eartt
ings were $1,500,000.
ft
Professional
men's in-1
vestments need
protecting and
directing.
Th'e demands
of their practice
often prevent
' this attention
and make essen
tial the services
of conservative
business man
agers. Strong MacHaughtoh
CORBETT BUILDING
PORTLAND OREOON
TEXT BOOK
OF
WALL STREET
A 40-page book (copyrighted)
discussing "clearly and unmis
takably rules governing stock
market transactions:
Methods of Trading.
Commission Rates.
How to Open an Account.
Augmenting One'a Income.
Deposit Requirements for
Carrying Stocks on Ac
count. Dictionary of Wall Street.
History of the New York
Stock Exchange.
History of the New .York
Curb Market.
Foreign Exchange.
And many other subjects of
interest to investors and
stock traders.
Copy Free Upon Bequest
McCALL & RILEY CO., INC.
20 Broad Street New York
BONDS
IMPROVEMENT
PROVINCIAL
SCHOOL
WATER
to yield
6 to 8.50
Western Bond &
Mortgage Co.
Mala IIS 8 Fosrth St.
Board of Trade Bid.
CJround "loor
52 H
uo
10
1