THE OREGON DAILY JOURNAL, PORTLAND, OREGON
FRIDAY, MAY 20. 1921.
10
SUCCESSFUL MEET
OF ODD FELLOWS
CLOSES At ALBANY
Albany, Or.. Mar 20. At 9 o'clock
Thursday night the I. O. O. F. spe
cial .train bore northward the 'last
remnants of the 4000 Odd- Fellows
who ' had swarmed throughout the
city for. three days-attending grand
lodge sessions.
The. closing sessions of both the
grand lodge and the Rebekah assem
bly were devoted to the winding up: of
legislative work, installation of offi
cers.' exchange of ' courtesies - and ex
pression of gratitude to the people of
r Albany for their hospitality.
.The following appointive officers
were : announced by the new grand
master and were, installed: M. j L.
.'Watts of - Athena, grand marshal;'! y.
, T. Jackson of Roseburg, Q. C. ; R. Lee
Wood, of 4. Lebanon, G. O. ; Julian C
Byrd 'of rfcurns. G. H. ; Henry Young
of Nyesa, grand chaplain. The grand
master. .. deputy - grand master . and
, grand warden of the grand lodge vis
ited the Rebekah assembly following
the. Installation.
2fE vf . LAWS PROPOSED ' .
Legislation proposed at the 1921 ses
' sloi included reduction of the repre-
. sentation at grand lodge sessions from
each lodge to one delegate for the
- charter and one additional for each
100 members. It is declared that the
lodge has grown so large that the
. grand lodge sessions are in danger of
becoming -. cumbersome. Five amend
ments td the constitution proposed last
year were tabled . or rejected. , !
At the closing Rebekah assembly ses
sion the following appointive' officers
were announced by the newly elected
president : Mrs. Olive Frye of Hepp
ner. grand marshal ; .Mrs. Etta San
derson of Freewater, inside guardian ;
Mrs. Josephine Trask of Cottage Grove,
outside guardian: Mrs. J. Willetts of
, Cottage Grove, conductress ; Mrs. Ks
tella Weed of Portland, chaplain. Mrs.
Ella Fraser. Bessie Rankin and Martha
Llttiefleld. all of Eugene, are the ex
ecutive "committee, and the board of
trustees ' is composed of Mrs. Margaret
Alllngham of . Portland. Mrs. Clara
Amos of Lebanon and Mrs. 8. McClure
Of La Grande. s i '
A vote by the Rebekah assembly, and
the grand lodge praised the wdrk of
J. K. Weatherford. u president of - the
general committee, and assistants, for
the manner in which ; the . 1921 session
was conducted. .... i " " r
Maxim Shirt and.
Garment Company
Closes Third tease
The Maxam Shirt A Garment com
pany today closed its third lease for
the month, procuring the ground floor
space at 4 20 14 Washington street as a
location for a retail store. The com
pany recently leased 10,000 square feet
of space in the French block at St
Johns for , factory purposes., and also
opened its .: first retail; store in St.
JohnsL v . : ' ; - .
According to S. Shirek, president and
general manager of the company,' ad
ditional stores will be opened 'in Port
land and at other cities as rapidly as
conditions ' warrant. The concern pro
poses to handle its product direct from
the factory to the consumer.
Bond Measure for .
Josephine Roads
Barred From Vote
Grants Pass., May 20. There will
be no special road bonding measure at
the election to be held June 7 in Jose
phine county. The bonding bill, to have
been placed on the ballot by the petition
route, received the necessary number of
signers but, owing to the fact that many
of those who favored the measure had
failed to register, their names were
scratched and the petition did not carry
the . necessary percentage of registered
voters to be placed upon the ballot.
The 'proposed .measure 'would have
bonded the county for $350,000 to be used
in cooperation with the state 50-50 plan.
The greater part of. the sum was to
have been spent on the Grants Pass
Crescent City highway.
This 3-Piece $
Bath Outfit
Complete for ........... . . . ...
Come and see this high grade set of bath room fixtures
on our sample floor. Consists of 5 Foot Enameled
Tub with nickel plated cock and fittings, lavatory with
apron, and toilet with white vitreous tank, complete with
all fittings as illustrated. 1
" We sell the fixtures or contract the complete' installa
tion. Direct to you no sale too small no order too large.
Get our prices. Out-of-town orders shipped promptly.
"Everyone Knows?' 1
STARK-DAVIS GO.
Wholesale and Retail Plumbing, Heating and Electrical Supplies
188 Fourth Street
PITTSBURG
Instantaneous
WATER
-HEATERS
Between Yamhill and Taylor;
Phones Main 797 and Auto. 549-78
QUAKER
PIPELESS
FURNACES
Ohio Man Advocates
Eenewal of Traffic
In Miami-Erie. Canal
Washington May 20. (L N. S.) Re
sumption of commerce on the Miami &
Erie canal, connecting the t Ohio river
and Lake Erie at Cincinnati and Toledo.
Ohio, was advocated , by B. F. Welty.
Ohio, during an Interview today with
President Harding. A survey of needs
of the canal has- been completed by the
army engineers, and the president was
asked to use his influence to put through
congress the needed legislation.
Welty stated he wanted to procure the
same advantages to states in the Missis
sippi valley and west of the Rockies as
are enjoyed by those states along the
Atlantic and Gulf coasts, and knew the
interest of the president in developing
and utilizing the inland waterways, j .
'Fruit in California. Oregon I and
Washington Is going to 'waste because of
the high freight rates to the Mississippi
valley and for the same reason the states
west of the Rockies are not using the
products of the mills and factories in
Uie valley," Welty said..
Court Battles in
Loganberry Cases
Will Be Resumed
STOCK MARKET SHOWS AN ERRATIC TONE. IN FRIDAY TRADE
Salem May 20. Loganberry contracts.
around which several legal . battles have
already been staged in the circuit courts
of Marion county and the state supreme
court here, will be up again for consid
eration by the supreme court on June
3, when Qie case of the Phes company
vs. the Salem Fruit union is set for
argument. The ' case, appealed by the
Phez company, involves the alleged fail
ure of the fruit union to deliver logan
berries to the Phez company according
to the terms of Its contract. 1
Other cases set for hearing before the
supreme court are: '
May 31 Poulson vs. Hoir ; Portland
vs. Yates.
June 1 Hornschurch vs. Southern Pa
cific company; Scandinavian bank vs.
Wentworth Lumber company. 1
June 2 Perdew vs. Oandson ; Nail vs.
Carlin. 1
June 7 Montague-O'Reilly vs. Milwau
kie ; Clatsop county vs. Peldschau.
June 8 Neilson vs. Title Guarantee &
Security company ; state, ex ; rel, vs.
Yates.
June 9 Portland Pulley company vs.
Breeze ; Denny vs. Wolff. j
Wool Sale Cut as
Asked by Stanfield
Washington, May 20. (WASHING
TON BUREAU OF THE JOUR-VL )
By direction of Secretary of War Weeks
and in accordance with agreement made
with Senators Stanfield- and Gooding
concerning a reduction in the quantity
of government wool to be auctioned at
Boston May 25, orders have been is
sued reducing same to 3,tl00,000 pounds
instead of 6,000,000.
New Corporations ;
Salem, Or., May 20.-Organized for
the purpose of canning and preserv
ing fruits, berries and vegetables, the
Sllverton Producers' Canning com
pany, capitalized at .5100,000, filed ar
ticles of incorooration . with the i state
corporation department here Thursday.
The principal office of .the corporation
will he located at - Silverton. The in
corporators are Fred - Upbof f, J. R.
Mero and M. E. -Lee. : "
Other co rro rations filing articles
Thursday were : '
Pacific Tire & Supply company.
Portland. S50.000 : John C Burch, Ben
jamin P. Burch and Everett T. Burch,
Klamath County Chamber of Com
merce. Klamath Palls. S2500 ; E. B.
Hall, H. N. Moe and W. H. Mason.
Permission to operate in Oregon was
eranted to the Hansen-Wadestein Desk
company, a Washington corporation,
capitalized at $50,000. A. E. Weston of
Portland Is named as attorney in fact
for the company in Oregon.
Welfare Commission Organized
La Grande. . May 20. H. P. Dion,
local attorney, has been elected presi
dent of the Social Welfare commission
of La Grande which is composed of 30
laymen and ministers. ' The organization
aims to coordinate the work of all social
welfare agencies in the city as well as
that of Individuals.
We asked for this law to protect you!
A law to enforce the regular testing of herds and dairies in Tillamook
county, so that only milk from healthy cows would be used in the making
of Tillamook Cheese. j
The Tillamook Valley is an ideal dairying country, with its cool, even tem
perature and evergreen pastures. Dairymen have come here from all over ;: ;
the world. Now, the ideal of this whole little valley is to make the finest
cheese in the world.. ...
These dairymen were not ssrhftVd with what nature had endowed did noc stop when
they had built the most modern plants. They went farther and protected the quality of
Tillamook Cheese at its very source. The compulsory law makes Tillamook one of the
few dairy sections in the world where every cow au be heahhy.
To make sure yon get the genuine, look for Tillamook on the rind.
' StUkyOmhmttrw tj OmaBtm mr aw 6 mm d 14-pomnd aiam
TILLAMOOK COUNTY CREAMERY ASSOCIATION, Tiflamook
MHikm fait, lis uiMiadeferwed ;
" oysiaU.il) by TUiamoofc DSisiis
Oregon ; Nr , ,
J
COPPER SIEADY
IN EARLY TRADE
' New York, May 20. (I. X.. S.) The
stock market closed heavy today. ' The
market showed a slightly steadier tone
In the last half hour, fractional rallies
occurring- in most of the leading Issues.
The oil stocks, .however, were under pres
sure Mexican' Petroleum falling to 146
and Fan-American Petroleum to 65.
U. S. Steel fell to 82 and then recov
ered to 82, while Crucible moved up
from 71 to 72. American Linseed sold
down to S3, a loss of 5 points. Chesa
peake & Ohio rallied over 1 point to 58.
Studebaker was , in supply, falling to
77. .i ,
Government bonds unchanged ; railway
and other bonds irregular. i '
Total sales, 632,900 shares ; bonds,
J9.S38.000. . , -: i;
' New York, May 20. L N. S.) The
undertone In the stock market was gen
erally steady in the early trading today.
Copper Issues were an exception, being
firmer. . '
American lanaecd ni ireak. braking 2 to
IH on the p&Mins of toe common dividend.
An&conds mored up to 43. American
Smeltins abo advanced S to 42 hi. Atlantic
Halt declined to 38H. i
Cnicible yielded 2 to 7S. tT. 8. Steel
nd oft S to 82 ? and other steel indus
trials showed fractional I oases. Mexican Pe
troleum waa firmly held, raosinc from 14 3K
to 149.
Bails were in supply, soma of them showing
kisses of around 1 point.
There was no special change in conditions
in the market after the first 15 minutes ex
cept that many stocks became teady after early
n-unn.
American Unseed had a further drop af 1
point to 84 tt.
- The tobacco issues were prominent, America!
Tobacco advancing- 1 Vito 128 and frac
tional sains were made in Tobacco Products
and United Retail Stores. There was heavy
trading in Pittsburg' Coal, which ranged from
52 H to 53 . American Sumatra Tobacco,
after selling down to 68 hi. , moved up to 4 H.
Studebaker waa actively traded in. first de
clining l'A to 77 H and then rallying to 78.
Northern Pacific waa s weak feature, yielding
1 V to 71. Petroleum stock wen without
special feature, .
Furnished by Overbeck
of Trade building:
fc Cooke Co.. Board
Sales.
STOCK.
1 700Adams Express ..
1300 Agr. Chem. .....
; 400Ajax Robber
, (Alaska Gold
7 00 Alaska Juneau ...
000 Allis-Chalmers ... ,
200 do pfd. .......
900 Am. Beet Sugar . .
1500 Am. Boech ......
600 Am. Can Co. . . . .
100 do pfd.
600 Am. Car It fdy.v ,
200 do pfd.
, . . . . Am. Cot. Oil . . .
, . . . . do pfd. .......
BOO Am. Drug Synd. .
600 Allied Chem.
1100 Am. H. & L.. ...
1300 do pfd.
100 Am. Ice
4800 Am., Intl. Corp. .
600 Am. Linseed ...
do pfd. ......
2400 Am. Loco. .....
. . . . . do pfd. ......
Am. Saf. Razor .
700 Am. Ship tc. Com
2000 Am. Smelter . . .
100 do pfd.
300 Am. Snuff
Iw00 Am. Steel Fdy...
800 Am. Sugar
200 do pfd.
3900 Am. Sumatra.
4000 Am. TeL A Tel
7200 Am. Tobacco.....
1700 do "B"
200 Am. Wool..
. . . . . do pfd
600 Am. W. P. pfd.. .
. . . . . Am. Zinc. .......
1700Aoaconda ......
1 00 And. Oil
1000 Atchison
100 do pfd. . .
. . . . . Atlantic Coast Line
6600 jAU. Uulf a W. L . .
Z400iBaldwin Loco..
! High. Low, j Bid.
i 4500,Balto. at Ohio...
,....( do pfd
300 Beth. Steel 8 . ,
6400Beth Steel 'B...
300 B. B, T. ........
3 00 j Butte tc, Sup
400Caddo Oil ; ,
1000 Calif. -Packing. . . .
1000 Calif. Pet
..... do pfd . ,
2100 Canadian Pac....
3300Cen. Leather.
eOOCerro Ie Pasco..,
3700IChandler Motor. . ,
lOOjChigo. N. W.
600 Chi. Gt. West. . .
100 do pfd. .....
8200 Chile Copper . . . ,
HOOChino
4300 C. M. A- 8L P..
2500 do pfd.. .. . ..
80O Coca Cola
19800 C. tc, O
100 Colo. F. . tc I. . . .
300jCoio. Southern
300, Col Gas tc Elec
4000 Columbia Graph. . .
uas
Con. Cigars . . . . .
do pfd. ......
Continental Can . .
Continental Candy -Corn
Prod. ......
do pfd. ......
Cosdert Oil ......
C. 14. I. P....
do A pfd. . . . . .
do B Dfd
Crucible ........
do pfd ......
Cubs Cans
do pfd. ......
Cuban Amn. Sugar
DeL Hudson...
Dome Mines . . . . .
D. R. G.
do pfd. .......
Ewheott Johnson. .
Brio
do 1st pfd..
do 2d pfd.
Famous Players. . .
Fed. Min. Smelt
do pfd. .......
Fiske Tire ......
Gaston Williams ..
Cigars ......
Gen. Elec. ......
Gen. Motor ......
do 6 ......
Goodyear ........
ijtn. Asptuut . . . .
Goodrich
Granby ..J......
Great Nor. Or . . . .
Great Nor., pfd....
Greene Cananea . .
Gulf States Steel. .
Hupp Motor ......
Houston Oil
Illinois Cent. . . . . .
Inspiration .......
Ont. Agr. Corp., e.
do pfd. .......
Inter. Callahan ...
Int. .Harvester. . . .
Int. Merc Marine..
do pfd. .......
Int. Nickel ......
Int. Paper ......
do pfd. .......
Invincible Oil . . . .
Island OQ .......
Jewel Tea
K.. C. Souther A ...
700K. C. Sou. pfd....
2900 Kelly-Springfield . .
1 200 Kennecott .......
4 7 OO (Keystone Tire ...
1000(Lack. Steel
1200Lehigh Valley ....
Lonllart ........
j. A N
Maxwell Motor . . .
- do IsL pfd..'...
do 2d pfd
Mex. Pet. .......
Miami ..........
Middle States Oil..
Midval Steel ....
M. K. tc T ..... .
do pfd. . ......
Mont. Power ....
Mo. Pacifie ......
do Pfd. .......
Mont-Ward- ......
M. tc St. L. . .
Nat. Biscuit .. . . . .
Nat. Enamel . . . .
Nat. Lead .......
Nevada Cort. .....
New Haven . . . . .
Norfolk W.....
Nor. Pacific
Nova Scotia Steel..
N. T. Air Brake..
J300Jf. T. Central
200Okla. Prod. ref.....
. 200;Ontsrio Silver
2900 iCon.
lOO i
400
8200
100
1700
10700
800
700
8100
"iooo
700
1500
600
600
2400i
2000
8500
200
100
2800
100
100
700
100
..... Gen
1000
10300
200
31200
700
" "266
4200
"066
2100
' 1100
200
130
300
900
1500
4000
200
600
200
T800
"l26o
3400
4800
800
100
100
27000
300
8300
1200
3400
1500
700
I 400
200
7 00O
200
1500
2800
1260O
; 6OO
700
10
42
77
107 i
30
81
100 U
r4
10514
128
127 14
76
42
"99
82
'82
39
87
40
103
59
12
14
16
60
48
115
40
29
5
65
8
19
12
28
28
43
29
63
31
89
60
7
88
45
50
32
"i
37
76
39
46
29
124
109
6
45
12
65 -55
47
36
87
71
35
33
76
65
75
ik
60
23
101
19
"i
64
14
20
78'
8
27
15
137
12
68
79
37
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69
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77
90
86
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65
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61
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100
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149
23
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115
12
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98
72
85
69
70
3
5
43
49
31
i
36
76
38
46
29
124
109
6
45
11
54
55
46
33
86
10
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77
105
29
90
100
63
105
12S
124
76
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81
"81
88
84
89
102
68
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113
89
.29
04
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26
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42
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70
34"
31
75
65
71
m s
18
69
23
100
19
....
63
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. i .
72
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186
12
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67
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75
90
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6
83
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68
is"
'
26
60
44
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62
99"
6
6
145
23
18
27
21
40
21
12
115
60
12
18
6
70
84
68
69
3
: 6 ;
Dry Goods in .
Better Demand;
. Fall Purchases
Chicago.. May 20'. Drygoods houses
report sales keeptng'-up remarkably
well both for immediate and future
delivery Retail merchants are now
anticipating their -requirements for
fall with increasing confidence and
this accounts for ths satisfactory
amount of orders for future .delivery.
An unusually large number of cus
tomers are In the market and collec
tions remain good.
lnin Arn mi
dANIo UALLtU UN
FOR MORE
44
M9
81
1
86
76
88
45
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83
124
109
20
50
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105
. 29
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102
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69
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6
BETTER BUSINESS
NOW APPARENT
' t By Ij. B. McKenna ;
Special Correspondent of The Journal
St. Paul, Minn., May, 20. A small
but certain improvement In. the un
employment conditions of the Twin
Cities and ideal crop conditions pre
vailing throughout the Northwest,
giving promise of a large yield, have
brightened things ur in this section
of the-United States.
The manner in which the crops are ad
vancing is ' giving the Northwest the
greatest amount of sunshine. It has been
many years since the farmer has experi
enced such a spring-. Planting got an
early start, the cost of labor decreased,
the grain stalks are much .further ad
vanced than they usually are at this pe
riod. K. Oi Quamme, president of the Fed
eral Land bank for the Northwest, has
just completed a survey of the crop con
ditions. He has found the farm outlook
100 per cent normal. There has been no
curtailment of acreage and the grow
ing conditions are much better in com
parison with the 10 year average, he
says. . . .
Money conditions are somewhat better.
Local bankers will reduce the loan rates
from 7 to 7 per cent withirr the next
few days. The city banks are reducing
their debts with the Ninth district fed
eral, reserve bank. An indication of the
easing of money conditions is found in
the report- of three of the larger banks
of this city. The deposits total $75,100,
000 and the combined -cash reserves
amount to I31.SOO.000. r
The unemployment situation is being
relieved by the reopening of many fac
tories that had shut down. The locomo
tive shops of the Soo railroad rewpened
today after a three months shut down.
The seims-btemble company. -a concern
repairing rolling equipment of railroads,
has added 250 men. - The American Hoist
& Derrick company reopened last week
with 40" per cent of a normal force. The
improved demand the past two weeks for
flour has resulted in increasing the
forces at all of the big mills.
Stock Ummr
.Extra stock exchange holiday on Sat
urday preceding Decoration day.
Federal reserve 'board's weekly state
ment chows further rise In bank ratio
from 65.9 to 66.8 per cent.
-i i
New Tork Federal Reserve b hk ratio
increased from 53.8 to 57 per cent.
WestingbSuse Electric earned $8.43 last
year.
Kansas City Southern railway April
earnings at rate of 6 per cent on com
mon stock.
at
Automobile industry now operating
about 60 per cent, -,,
General disposition prevails to look for
easier money because of completion of
the Burlington financing and govern
xnent disbursements. ,
Establish Credit Bureau
Philadelphia. Pa., May 20. At the re
quest of large retail merchants, includ
ing some big department stores, the
chamber of commerce has decided to
make its credit bureau a sort of clearing
house for retail credits, placing at its
head Henry H. Smith, local manager for
Bradstreets. Kach store now maintains
a separate credit department at a cost of
from $10,000 to $100,000 a year. The new
plan, which may be followed in other
cities, avoids duplication of effort, will
save, it is estimated, $500,000 in expenses
and prevent $500,000 of bad debts.
galea. STOCK. High. Low. Bid. t
600 Ont, tc W 18 18 18
600 Otia Steel ....... 13 13 13
6300 Pacific Oil 38 37 37
100 Pac. Gaa tc Klee... . 53 58 63
11 BOO Pen. Am. PeC. . . . 67 65a 65 ,
3400 do -B" 60 68 68
2100 Penn. 85 84 34
7500 Peoples Gas ...... 52 60 60
2400 Pere Marquette .... 22 21 21
100 Philadelphia Co.... 82 82 82
llOOIPure Oil ........ 83 83 83
SBOOjPierce Arrow 29 28 28
ISOOfPierce Oil ....... 10 9' 9
800 1 Pitts Coal 63 62 62
2900 Pitts. West Ta... 31 20 29
..... do Pfd. 74
400 Pressed Steel . Car. . 84 84 88
SOO Pullman V 101 101 100
7O0 Ray Cons. 14 14 14
7500 Reading. 71 70 70
1000 Heroins-ton ....... 35 85 83 -
2O0 Reploele Steel .... 27 27 27
3500 Republic I. & S... 68 57 67
..... do pfd. ..... ....t 89 ,
..... Kep. Motors 1 6
3700 Royal TXitch OIL . . 64 63 63
v, Ry. Steel Sprincs... ..... ..... 86
52O0 Rears Roebuck ..... 77 76 75
100SheIl T. . T.....' 44 44 44
2500Sinclair 27 26 26
400 Sloas Hhef 40 40 89
10200 Son. Pacific ..... 77 75 75
4S00SOO. By. ........ 21 70 21
100 do pfd. . ... 52 61 61
8700 St U. tc S. F. ... 23 23 23
. . . . . Stromberg Carb... . ..... 87
26700 Studebaker ...... 78 76 76
.....Swift & Co 98 87 97
200 Tenn. Cop. & Chem. 9 9 9
6000 Texas Oil 38 88 -38
760 Texas Pae. 25 24 24
8200 Tex. Pa. C tc O. . 28 27 27
2100Tob. Products.... 57 66 56
6000 Tran. Con. Oil . . . 10 10 10
900 Union Oil Del. ... 23 23 24
3900 Union Pac. ...... 120 118 1 1 9
.....United A liny 29
700 United Food Prod. 22 21 21
400 United Fruit ....110 110 110
100 United Kda. of N. J. ..... ..... 10
..... do pfd. 23-
11000 IT. Retail Stores... 61 69 SO
8100 It. 8. Ind. Alcohol. 69 68 68
.7400 0. 8. Rub 72 71 71
200 do 1st pfd 101 101 101
100 U. S. Smeltins.... 84 84 83
12400 U. 8.. Steel...... 83 82 821?
700 do pfd. ....... 108 107 107
1600 Utah Copper ..... 56 55 55
340OVa- Chem. ...... 31 80 30
4 OO Vanadium Steel... 83 33 33
SOO Vivandou , 8 8 . 8 ,
llOO Wabash 8 8 8
2900 do A pfd...... 23 21 21
..... --do B pfd ...... . . , i . ..... 15 -
1800 Western Pacific.... 29 28 28
800 do pfd. 67
200 Western Union..,. 88 88 88 .
..... West'noose A, B. . .......... 93
700 do K. tc U.... 48 47 48
200 West Md. ....... 10
1300 White Motors..... 40 39 39
4 1 00 Willys-Overland ... 8 8 8
600 do pfd. 37 86 36
190 Wilson Paekine... 41 41 41
. . . . . Wisconsin" Central.. ..... ..... 31
Wool worth ..112
900 Worthincton Pump. 61 60 50
24001W. tc I E.. ..... v 9
MONEY
By George T, Rockwell
Special Correspondent of' The Journal
Cleveland. Ohlo May 20. Indus
trial conditions here show but little
change. Financially.' however, it is
noticed that an unusually heavy de
mand upon the federal bank is being
made by member Institutions which
is reflected In a decline in the com
bined ratio of deposit and federal re
serve note liabilities from 68 per
cent to 65.3. per cent In a week, j
Bankers explain this condition this
wise . The Cleveland district is largely
a manufacturing section and there has
been a large decrease in deposits fol
lowing the' curtailment among the steel
plants which were about the last to shut
down. Banks are extending commer
cial loans much longer than usual and
in so doing are tying up money that
ordinarily would be available for invest
ment purpose. Upon this condition
comes a strong demand from the farm
ing districts for funds to carry on the
spring planting which makes for a heavy
strain on credits:
French Loan
Interest Will Be
Seven and Half
Benefit of Reserve
Banking System Is
Eelated in CKehalis
Chebalis. Wash., May SO. At' the
Chehalis Rotary club luncheon-MZednes-
day noon, N. B. : Coffmalt, Chehalis
banker of long- standing, explained the
federal reserve system to the members.
He told how it. works to the best in
terests of the public and the bankers
as welL and how it has proved its un
questionable worth. ' Coffman pointed
out further the great stabilizing finan
cial force the - federal reserve system
proved to be during . the war, and the
trying period of readjustment follow
ing.
Standard OH Stocks
Furnished by Overbeck & Cooke Co..
Board
of Trade building: , . Closing
Bid. Anked.
Anclo ................... . 19 20
Borne- Scrynmer 360 390
Euckeye .................. 81 ' 83
Cbeesebrough 180 195
Continental ., .....114- 117
Crescent 27 29
Cumberland 135 145
Eureka 93 95
Galena c ...-.. 41 43
Galena Old pfd. 93 99
Galena New pfd 93 99
DlinoU Pipe 178 : 183
Indiana ipe 80 82
National Transit 27 28
N. T. Transit 143 147
Northern pipe , . 80 93
Ohio Oil 295 299
International Petroleum ...... 16 17
Penn. Mex. T 26 28
Prairie Oil 610 515
Prairie Pipe ................ 190- 195
Solar Reft 395 410
Southern Pipe ............. 92 93
Southern enn. OU .......... 215 220
8. W, Penn. Oil 63 66
S O. Cal 78 79
8. O. Ind. 74 74
S O. Kansas 605 615
S. O. Kentucky ............ 405 415
S O. N. T. 385 895
S. O. Ohio, pfd 104 108
Swsn A Finch 85 49
Union Tank 106 109
Union Tank pfd. 83 90
Vacuum 280 800
Washington 28 32
S.O.Nebraska.... ....150 160
Imperial OU 94 96.
5s. 1921
6s, 1919
rs. .1031 ..
4s, 1917 ..
6s, 1920 ..
5a. 1918 ..
6s. 1922 ..
5s. 1927 . .
5s. 1929 ...
vsy. 4a
Torelga Boad Market
(Furnished by Overbeck A Cooks
. Ilia.
14
15
69
65
., 80
........ 45
398
........ 393
........ 893
. .312
281
75
78
13
... 14
......... 16
......... 16
......... 15
16
, 16
......... 17
17
. 68
......... 84
84
......... 98
AA K
........ V" 7S
87
91
......... 85'
Russian
Russian
French
French
French
Italian
British
British
British
British
British ref. 4s
Belgium rest. 5s
Belgium prem. 6s
Germsn W. lu Ss
Berlin 4s . . . .
Hamburg 4s . .
Hamburg 4 a
Leipsig 4 s .
Leipsig 5s ...
Munich 4s . . .
Munich 5s . . .
Frankfurt 4s . .
Jap. 4s ......
imp. 1st 4 s .
Jap. 2d 4S .
Fans sues .
U. K. 5s,
U. K. 5a,
U. K. 5 s,
U. K. 5 s.
1921..
1922..
1929..
1937..
Co.)
Ask
16
17
70
66
81
46
410
404
404
824
291
77
SI
15
15
17
17
17
18
18
20
18
9
85 .
85
99 .
99
97
81
86
SHOBT TEH 31 KOTKS
QuotatiDna f umiahsd by Clark. Kandall tc
C!. Inc.:
Security Matarity
Am. Cot. (Ml 6s.... 9-2-24
Am. T. & T. 6.. . . .10-1-22
Am. T. T. 6s. . , . 2-1-24
Am. Thread 6s. ... .12-1-28
Am. Too. 7s.....'... 11-1-21
Am. Tob. 7s... ....11-1-21
Am Too. 7s......... 11-1-
Am. Too. 7s 11-1-23
Anglo-Am. Oil 7 s.. 4-1-25
Armour Con v. 7s. . . .7-15-30
Belgian Gov. 7s... 6-1-45
Beligan Gov. 6s..... 1-1-25
Beth. Steel 7s. ..... 7-1 5-22
Beth. Sted 7. 7-15-23
British Gov. 6s 11-1-21
British Gov. 5 a. . . 11-1-22
Canadian Gov. 6s.. 8-1-21
Canadian Gov; 5 a.. 8-1-29
Cudahy Packing 7 Vsa. 7-15-23
Inter. B. T. 7s..... 9-1-21
Japanese Got. 4 s.. 7-10-25
Kennecott Cop. 7s... 2-1-80
Molina Plow 7s.... 9-1-21
Molina Plow 7s.... 9-1-22
Molina Plow 7s.... 9-1-23
Molina Plow 7s.... 9-1-24
Pacific Gaa 7s...... 6-1-25
Swift 6s . 8-15-21
U. S. Rubber 7. .... 12-1-23
Bid Asked
89 90
97 97
96 96
95 96
100 100
89 100
89 100
99 100
100 100
95 96
99 99
95 96
99 99
87 88
99 99
97 97
99 99
92 93
98 99
76 77
84 '83
88 "84
9ft
94 ....
92 ....
95 97"
89 89
98 88
FOREIGF WXCHAKGE BATES
Correctad 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 units foreign
currency.
- Foreign exchange closed strong. Sterling,
8.09; franca, .0849; lire, .0558; marka.
0174; Canadian dollars, .8950: kronen, .1793.
Opening nominal rates
I J rait
Checks
3.99
8.77
1.66
6.66
cm bank transactions:
Lend
Lbs. sterling . 8
Paris Francs. .
Berlin Marka .
Genoa Lare. . .
Athens
Drachmae . .
Copenhagen 1
Kroner . j
.ChristianM
Kroner ' . .
Stockholm -Kroner
. . .
Hongkong
Currency .
Japan Ten
6? 60
18.25
16.00
23.77
49.00
48.25
Shanghai Taeli 65.00
Cable
Transfers.
.$ 4.00
. 8.78 V,
1.66
, 6.67
. 6.65
18.15;
16.05 y'
23.82 '
49.2S ,
48.50
65.50
Par
Value.
8 4.866
19.03
s 23.81
19.80
19.30
20.70
26.70
. w Tork. Msy IB. (t. y. 8.)
The loaa which the French govers
ment plans to. make In this coan
try tool will carry an Interest rate
of per erst, the International
STcws Service learsed this after
boob. The loan will be for 1100,.
,0 to. tli0,6,00 and will raa
for 29 years.
All gf the details have been com.'
pleted aad official asnoBBcemest of
the terms of the loaa will be made
la a few days. It Is expected.
RAINS IN TEXAS
AID 10 FARMERS
Hew Terk Boad Market
Furnished by Overbeck tc Cooke Co.:
Atchison Gent 4a. . . ,
BaL tc Ohio Gold 4s. .
BesV Steel Bef. 6a. .
Out Pacific 1st 4s. .
C. B. A Q. Col. 4s. .
St. Paul Gent 4a.
Chi. N. W. GenL 4a.
U A X. TJni. 4s. ,
New Tork Hy. 6s.
Northern Pac. P. It 4s.
Reading Gerd. 4s.
Union Pac 1st 4s
V. 8. Steel 5s. . .
Union Pac.- 1st Ref. 5s. .
Southern Pac Con v. 6s.
Southern Pac Conv. 4
Penn. Conv. 4 a. . . .
Penn. - 1st 4s.....
fhea. & Ohio Conv. 5s
Ore. Short Una 4. . .
. . ... 4
......
... .
. . .
s. ..... ;
76
67
83
72
99 60
66
74
80
20
74
75
80
95
75
S7 -
78-
85 B
76
84
77
A -Jr.
77
68
83
73
90.64
67
77
81
24 "
75
76
80
95
75
r 89
, 78
7"
84
77
By James R. Record
Special Correspondent of The Joomal
Fort Worth, Texas, May' 20. A
week ago Texas farmers, bankers
and merchants were beginning to
show signs of worry over -the drouth.
Today half of the state Is rejoicing
over ample moisture and the other
half is complaining of too much.
In sections of the black land cotton
growers have been unable to plant be
cause ot the rains, elsewhere the. "Seed
has rotted in the ground and replanting
Will be necessary. The Brazos bottom
districts are complaining of too much
rain, but in West Texas, particularly in
the grain and cattle districts, the rain
Thursday, Friday and Saturday was the
saving grace of the season. -
Wheat was suffering generally ; grass
and weeds were retarded and cowmen
were shipping their herds by the thou
sands into the Kansas and Oklahoma
pastures. This now will be checked.
CUT PRICE ON
AUTO IS BIG AID
Cleveland, . Ohio, . May 20. The
motor car business has apparently
taken a turn and while some of the
smaller companies report a continu
ance of orders some of the larger
ones are not unduly optimistic:
One company which cut "prices reports.
an increase in sales traced to that ac
count No doubt the agitation of re
ductions In motor and tire prices is hav
ing a tendency to delay buying.'
Ratification of the financing plan by
stockholders of the Goodyear Tire, and
Rubber company is a matter looked upon
as favorable for the clarification of local
financial ). situation. Production at
Goodyear has increased to 20,000 tires a
day or about 3000 below normal ; the
130.000,000 of first mortgage bonds were
quickly sold and $27,500,000 of debentures
of the company are expected to be of
fered shortly. With-this financing: done,
the air will be considerably cleared.
feteady improvement is beins made.
but the readjustment task is so gigantic
that the more done, the greater the job
appears However, every day brings a
little better condition hereabouts, ac
cording to opinion in banking and bust-
SOUTH AM
CAN
E
TRADE IS SOUGHT
Eugene, Or., May 20.- South
American trade is the thing that
business men of this country should
go after, according to Bishop Homer
Stuntz of the Omaha area of the
Methodist church, who spoke to the
Chamber of Commerce Thursday. He
has spent much time in the Latin
American countries, and in, fact, all
over the world.
The nations in ; the. southern -heml
sphere, he said, have 17 times the buy
ing power that the Chinese have, . and
he wondered that so much effort was
beins made to get Chinese and other
Oriental trade. He advocated that
American business firms who are doing-
business In South America now should
erect warehouses there, so that they
may win more business by .being able to
make speedy deliveries.
Local Investment '
Houses to Assist in
Forming N. W. Unit
Representatives of Portland's invest
ment banking houses will leave for Seat
tie tonight to meet with representatives
of security dealers throughout Oregon
and Washington for the purpose of form
ing a Northwest unit of the Investment
Bankers of America. Only sections in
which an officer of the national associa
tion resides artif eligible to form sectional
urrtts. The Northwest is fortunate in
this respect in having such an officer re
siding in Seattle. An organization of
Northwest dealers has been In the mak
ing for some time. It is expected that
at this meeting definite plans will be
adopted for the immediate forming of an
association.
ness circles.
Cotton Goods Sale at Ixmoit Ijevei
Charlotte, N. C. May 20. Cotton yard
mills in this section are said to have on
hand at the present moment more actual
orders than at any time during the past
year. The week has had many encour
aging features.. Prices continue discour
agingly low, some being below the cost
of production.
Liberty Boad Sales
(Reported br Overbeck & Cooke Co l
Hich. Ixiw. Close.
liberty. 8s 8820
Liberty, 1st 4s
Liberty, 2d 4s.
Liberty, 1st 4s 8750
Liberty. 2d 4 s. ...... 8724
Liberty. 8d 4s . 9076
Liberty. 4th 4 s. . . . . . 8744
Victory. 4s 9776
Victory. 8s 8770
8804-
8736
8714
9062
8722 ;
97."8
8818
8724
8700
8744
8718
9074
8T86
9770
9770
. TTew York-London Silver
New Tork. Msy 20. L N. S.) Commercial
bar ailver was quoted aa follows: Domestic, un
ohanted today at 99 c; foreicn waa e lower
at 68 e.
London, May 20. -I. V. S.) Bar ailver was
d lower today at S3 d.
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's Income. ,
Deposit Requirements for
, Carrying Stocks os Ac
count. Dictionary of Wall Street.
-History of tho New York
Stock Exchange.
History of the Now York
Carb Market. :
Foreign Exchange.
And many other subjects of
interest to investors and
stock traders.
Copy Free Upon Request
McCALL & RILEY CO., INC.
20 Broad Street Now York
Stocks. Beads. Cottea. Orate, ' . Etc.
16 1 Board of . Trad -.eildlag
Overbeck&CookeCoo
DIRECT PRIVATE WIRES
TO ALL EXCHANGES
Heaters Caleago Beard of Trade :
CorresaoadeaU of Ixgaa aV Bryaa
Cfcicago
Sew Turk
IM1
. V.I a-
It I -4rrji.
I J a I '
HI
20-year secured
GOLD NOTES
American Power
and Light Co.
Price 981
This great concern con
trols a number of the
. large public service cor
porations In- the country
and is amply backed by
1 resources and earnings.
Send for TJrsrripUre
Clrcalsr
COUK-IiENIlAIIy
& CO. INC.
nflK finri f.lrV Streets
WVERnnCMT-MUHiaPAUCORPORAn0rl
BONDS,
ft
OH RE WD
owners of
propertyretain
a management
organization
just as a cau
tious mariner
- takes aboard a
pilot.
Strong Mac11au6htc:i
C0RBETT BUILDING
PORTtANO OREGON
IMPROVEMENT
PROVINCIAL
SCHOOL
; WATER
to yield
6 to S.B07o
Western Bond &.
.Mortgage Co.
Mala 111 8 Fesrth St.
-Board of Trade Bldg. .
(iround floor