TUESDAY, JUIiY 28, 1921.
THE OREGON DAILY JOURNAL. PORTLAND. OREGON
IS
EXTREME DULLNESS SHOWN IN SHARES AFTER OPENING
STREET RAILWAY IS
PURCHASING RAILS
Federal Reserve Bank Statement
Hi following com par rive
UiMnt of the oriricioal rcMwre and liability item
of ail national bank mm of Jane 20. 1921, in the city of Portland. Or., ni released
for publication today by John Perrin, chairman of the hoard, and federal reserea
agent of the Federal Paint bank of San Francisco :
Chicago. July 26. The Lorraine Steel
company has been Awarded an order
for 6000 tone of girder rails from the
Chicago Street Railways. This is the
first substantial order for girder rails
placed so far this season, although some
emajl orders have been placed recently.
New York, July 26. Railroad execu
tives on a number of roads declared to
day that they believed it would be cheap
er for the roads to farm out the repair
work i on ears to equipment companies
than to do the work in the railroad
shops.
" Voungstown. Ohio, July 26. The
Toungstown Sheet and Tube company
today went under a reduced wage scale
which provides pay of 30 cents an hour
for common Tabor. All other Independ
ent steel companies in this district put
the same scale into effect.
Tlttaburg. July 86. The Colonial Steel
company has cut prices of Its tool steels
front IS to SO per cent. This marks the
first important change In prices of these
grades of steel and applies on standard
carbon grades as well as vanadium and
oil hardening steels.
FtJRS
New York. July 26. Retail fur deal
ers will have few August sales this year,
according to reports from retail centers.
One wholesaler declared today that $500
would be the top price for ordinary fur
coals this vur and that sales of fur
garments priced above that sum would I
oe iew.
New York. July 26. A stir has been
created in the local raw fur market by
reports that large offerings of Russian
furs are to he made privately and at
suction next week in Leipzig and Lon
don under direction of representatives
of the soviet government
, STRAW RATS
New York, July 26. Increased demand
for hats -of wider brim with band and
crown in proportion is believed by hat
manufacturers to presage popularity of
that style for next year and manufac
turers are concentrating on the large
models.
METALS
San Francisco, July 26. The Califor
nia Metal Trades association has an
nounced a wage reduction effective Au
gust tt affecting about 50 classes of
workers and averaging 10 per cent
Wages of about 25,000 men will be cut.
FISH
Anacortes, Wash., July 26. While
'sockeye salmon are beginning to appear
it will be two weeks before canners can
determine whether there will be a really
big run or not. On the Frazer river
the catches have been small.
COAL
Scranton, Pa., July 26. Despite the
difficulty of moving certain sizes in the
market, the ant:, arite collieries are still
operating steadily except where suepen-
. - - - - r-' -...,.
PrefitT awl Vu'liri mim&
Doe to bank -
Deposits, United States
Deposits, demand v. . .
Deposit, time .
Rediscount. Fedml TTswrr bank . . .
'Redbreast, not Pedersl Sim i i u bat
BUI payable. Federal Begem bank . . .
Ci rrala tion
Letters of credit . .
Acceptance -
Other liabilities
LIABILITIES
Kilt Banks
June SO. 121.
.1 5.325.000
2.23,000
i.Mt.eeo
i,ea,ooe
106.000
42.427.000
28.0ST.0Oe
:::::::::
Total
Tw rt and discount . .
Rediscounts
Overdrafts . . . .
V. 8. bonds aad securities
Other bends sad seeuri tie
Bank nous, furniture and
Other real estate owned . .
Cash aad eicfcanse
Letters of credit
Other
1 5.000
3.790.000
14. 0O
1.4SS.OA0
12.000
997.490.000
BESOCBCES -
32.091,9w
''YfefM
8.173.00
S.S82.000
....... 2.086.000
S17.0SS
17.714,000
I! Hit! i.VftS.OOO
307.000
Anil 26. 1931.
S 6.523.000
3.29.000
U74.00
13.14.OeO
125.000
44.705.000
J7.SOO.000
2S0.OOO
' 75.000
J, 698.00
18.600
1 .600.000
1 .063 .000
$101. 758.000 $U 9,42 1.000
SO. 1320.
t 6.325.000
2. 22.000
1. SO. 000
17.144.000
184.00
58.883,000
25.0.OOO
2.820.
118.00
1.841.9O0
2.745.00
58.00
3.208.000
6.004)
$62,542,000
289.000
31.000
8.878.000
5.395.000
S.105.000
219.00
19.488.000
i.'seo'.ooo
1.845.000
$ T4. 029.000
2. 4 36.000
66.0OO
8.778.0
6.24.000
2,154.000
200,000
24,373.000
4.000
8.208.000
390.000
Total
.87.40.00 610L.TSa.0OO $119,421,000
Not ineladed ia total.
sions have been necessitated by labor
troubles or need of repairs
Minneapolis, July 26. An Increased
freight rate of lSyk cents a ton on bi
tuminous coal has gone Into effect be
tween this point aad Duluth despite pro
tests of shippers to the interstate com
merce commission.
BEAKS
Detroit, Jury 26. The white bean crop
of Michigan is estimated st a condition
of SO per cent and production of 2,496,
000 bushel U anticipated this season,
grown on 236,000 ere.
i CL0THI5G
St. Louis, Jnly 26. Prices for men's
clothing have been reduced approximate
ly 25 per cent but the increased volume
of business promises to bring the reve
nues to manufacturers and wholesalers
up to the money total reached in, the
spring months.
JEWELRT
. New York, July 26. The wholesale
jewelers here report a decided better
ment in collections lately. Flexible plat
inum bracelets, set with precious stones,
continue to be the feature In high priced
Jewelry. Platinum prices now range
from $73 to 90 an ounce, according to
hardness.
sroAm
Detroit. July 26. Michigan beet sugar
has reacted in sympathy with cane sugar
and has advanced 1 to l' cent a pound
in price.
BJIDBS
Boston, July 26. It is reported here
that the Central Leather company ha
broken the dullness of the hide market
by a purchase of 200,000 hides. Officials
of the company decline to confirm or
deny the report.
Stock
ibpics
Market!
Representative of automobile acces
sories report substantial improvement in
trade throughout manufacturing cities
of the Middle West.
EARLY RISE IN
STOCKS IS LOST
New York, Jury 2- (I- N. & The
stock market closed unsettled today.
The strong tone which was shown In
many stocks on Monday did not endure
over night and today the movement of
prices except for a few specialties went
to materially lower levels. The market
was heavy generally for a short time
after the opening hat as the day pro
gressed concentrated felling caused
sharp declines in the various offerings.
Further market nnsettlement was scored
in the operation of the last hour of the
day when United Drugs sustained an
additional loss and a heavy selling move
ment occurred in International Harvest
er, carrying thai stock down to 71
glM 75 te at the close yesterday.
Southern Pacific yielded from 78
to 77, followed by a rally to 78. United
States Steel held steady at 78. The final
tone was unsettled
Total sales of stocks today. 369.100
shares ; bonds, $9,632,000.
International Paper, obtaining all
skilled aad other help needed to operate
its mills.
American Woolen Mill prices on wool
ens and worsteds for spring of 1823
practically on parity with full Quotations
made last February.
Twenty Industrials 69.80 up (7.
20 rails 73.09 up .07.
Here Is an expression from a conserv
ative member of a well known New York
Stock -Exchange firm:
"I think that the stock market has
changed considerably for the better and
economically the situation is much Im
proved, and I look for a general advance.'
Union Pacific and Pennsylvania June
earnings increase.
New York Herald, July 26 Estimate
probable earnings of U. 8. Steel to be
shown, range between $10,000,000 and
$15,000,000, with a consensus of opinion
nearest the lower figures. The com
pany's Interest and preferred dividend
requirements quarter are approximately
$11,000,000.
New York, July 3.. L N. a) The
stock market opened generally strong
and fairly active this morning. Mesicaa
Petroleum advanced to 105. United
State Steel rose to 79. Reading
declined to 69. Cuba-American
Sugar advanced to 17. American Wool
en advanced to 73. Studebaker de
clined to 79. Baldwin declined
to 79. United States Rubber rose
to 54. General Asphalt advanced
to 61. Tobacco Products rose to
59. Crucible Steel advanced to 54.
American Sumatra Tobacco rose to
(1 and Union Pacific advanced to
120.
From a period shortly after the open
lag this morning the market displayed i
heavy tone, but business was extremely
dull and confined almost wholly to the
speculative element on the floor. A few
stop orders were caught on the decline
and the lowest prices. in many issues re
ceived from the execution of stop-loss
rders. This was the esse, especially la
Studebaker, In which a number of stop
orders wore reached at 79 and 77, carry
ing the price down to 79. a loss of
points.
Central Leather Issues were influenced
by reports about a quarterly statement,
the common falling from 39 to So
American Woolen was in supply, yield
ing over 1 point to 71, and Baldwin
dropped from 80 to 79. Kelly-Springfield
Tire was down 2 point to 41. U
S. Steel moved in a narrow range, falling
from 73 to 7$.
Furnished by 0
of Trade building:
arocT
SET
bisk Cooke Co.. Beard
$00
130
200
100
500
Advance Boss
do : (d. . . .
Ast. Chess. . .
A tax Rubber .
Alaska io)d
Alaska Junes . ,
Allied Ones. . . .
00 AIBs-Chelmen .
160 Am Botch . .X
lO0 Asa. Can Co. .
1100 Am. Car rdj.
36
24
1
H
88
28
96
2$ V
1
SR-4
31
3S
27
11261125
Bin
Ts-
88
86
33
1
3 8 V
31
32
38
125V
ADDITIONAL ISSUE
$250,000
PORTLAND GA & COKE COMPANY
First Lien and General Mortgage Gold Bonds
Series of "7's Due 1940"
Dated January 1, 1921
Due January 1, 1940
Interest payable January 1 and July 1 at the office of the Bankers' Trust Company without deduction for Fed
eral Normal Income Tax not exceeding 2 per cent. Callable at the option of the Company, on the first day of
any month, on four weeks' notice, in blocks or not lee than $250,000 at 107 and interest, to and including
January 1, 1924 ; at 105 and interest, thereafter to and including January 1, 1931 ; and at a premium becom
ing of in less each year thereafter to maturity. Coupon bonds of $100 denomination, reglsterable as to
Bankers Trust Company, New York, and B. W. Jones, Trustees
OUTSTANDING CAPITALIZATION AT CONCLUSION OF THIS FINANCING
Funded Debt: , Authorized Outstanding
First Lien snd General Mortgage 7 tf Gold Bonds S 1,050,000 ft.OSO.OOO
First snd Refunding, Mortgage 5s t5. 000,000 6,409,O00
Portland Gas Co. First (Closed) Mortgage 5s 750,000 371.000T
Capital Stock:
PreUfrred 7 Cumulative Stock 3.000,000 2,830,200
Cor6on Stock .. ' 3,500,000 3,000,000
Note': An additional $1,060,000 of these bonds are deposited with the Trustee as additional security for the present
General Mortgage Gold Bonds.
of Kirst Lien and
If oteti These bonds are part of an authorized issue of $750,000, of which $379,000 have been deposited under the First and Refunding Mort
gage, and leaving only $371,000 outstanding.
HISTORY
The Company was incorporated January to, l9to. under the laws of Oregon, as a successor to the Portland Gas Company and
the East Portland Gas and Light Company. It does the entire gas business in Portland, Oregon, in Oregon City, Oregon, snd in
fifteen other communities within a radius of about twenty-five miles of Portland. The business has been established for over sixty
years.
GROWTH OF BUSINESS
The Company's modern gas manufacturing plant, placed in operation in 1913, has a present daily generating capacity of 12,000,
000 cubic feet and has provision for an ultimate capacity of 20,000,000 cubic feet. To take care of available new business, additional
generating capacity of 4,000,000 cubic feet per d$y is now under construction. The Company serves approximately 73,420 meters
through about 1130 miles of mains.
SECURITY
These First Lien and General Mortgage Gold Bonds will be secured by deposit with the trustees of an equal principal amount of
the Company's First and Refunding Mortgage 5 bonds, due 1940, and f or of cash. The First and Refunding Mortgage S Bonds
are secured, in the opinion of counsel, by a first lien on the entire plant, property and franchises of the Company, subject as to a
portion thereof to $3 7 1,000 outstanding, underlying bonds, of which underlying issue 3 79,000 additional bonds are deposited under
the indenture securing the First and Refunding Mortgage 5 Bonds. The First Lien and General Mortgage Bonds will be further
secured, in the opinion of counsel, by a general mortgage on the entire property of the Company. The value of the physical
property is largely in excess of the Company's total bonded debt including this issue. Under the trust agreement, the amount of
bonds issued is limited to 75 of the cost and value of permanent improvements, as certified by the trustees' engineer. .
PURPOSE
Proceeds from the sale of these bonds will provide funds for improvements and extensions to the property.
EARNINGS FOR YEAR ENDED JUNE 30, 1921
For the year ended June 30, 1921:
Gross Earnings 3,214,994.86
Operating Expenses (maintenance and taxes) 2,259,761 05
Net Earnings , 9 S 5,23 3.81
Annual interest on total funded debt, including new Issue .- . 412,500.00
Balance 542,733.81
Net earnings for the year ended June 30, 1921, $re more than 2l4 times the annual Interest charges on total funded debt, includ
ing this issue. Earnings of the properties now comprising the system have shown consistent and substantial growth. .
All legal details incident to the issuance of these bonds will be under the supervision of
Messrs. Sullivan & Cromwell of New York City
PRICE: 95 and Interest, Yielding about 7.50
Blyth. Witter. & Co.
UNITED STATES GOVERJWEItT MUNICIPAL ATTD CORPORATION BONDS
402 Yeon Building, Portland, Fifth and Alder Streets Phone Main 8183
is
709
Aaa. Cat. Oil
lijB . liuTa tieaieer
ItTPT
de sid.
de 15.
iija XaO. Corp
looses. Uasasd . .
laSwlAs. .Lore. . . .
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20 Asa. Ship, a
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100
30
lSOOiAea. Sumatra . . .
aftftftUa. TeL A Tel . .
ITOOlaea. Tekeese. ... .
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1700 IA1
sattTV,.:
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lOOlAa-d Oil .
SlOOUtckwaft .
101 do ofd
400 At! rf a
8001Baldvte
I Ss 84. . . .
94omaite. a Ossi
200 do pfd.
SSOOIBeOi Steel "I
Beeth fish ..
8SOIS. B. T
OOLBstts C. a Z.
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zveon ansxnaa
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loairatosse t w
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ii
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lMi
1134
121 V
73 V
SM
47
97
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1400
20OiCaeje
40jC. If. St. P.
80 C. M. SC P.
S7rCoce Cola . .
(c. a a
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1300
Col. C.a S Klee.
70fCulssab Graph
OSrCee. Oee
Coan. Clear . . . .
cv,ntl Cas
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eOOlCorn Prod.
toora Pref. pfd . .
11400fCeeden OU
010. b. l a p. . .
100IC. B. L a P. 'A' Vt
100,r. B. L a P. 'B' pMj
S200rcrarTMe
I C raeSJe pU ....
SlOOICaba Osse
1500 Cuba Case pfd. .
I fnh. Abb lr
rvi a H
Dosae Mine
ass
400 d. a a. o.
00 d. a H. C. pM.
SHOO Kadioott Johoeae .
80 Brte
00 Erie l,t pfd.
200 Erie Id pfd.
3300!ramoo I'lann.
I Fed. Hinina A Salu
... .1 do ph.......
1400191 Tin
. . . . IGeeton Was
lOOIOea. Clear
lSOOea Else
SOOKiea. Meter
Oe. Met. ...
9700:Crn. Asphalt
800ioodr1ch .......
.... ICeedysar
200 (irsnbr
100 ; rest Sot. Or. . .
I00OOnet Sot. pM. . .
.... insseca) Camaea. . . .
300 Celt B Steel
400Hekk Barker
1200: Houston OB
e0Happ Mote
900!IOp. Cent
... Inspiration
ion int. Act. Corp, c.
200 Interbor
.... de pfd
Intrrttate Callahan
InL Marc Banna .
0001 do pfd.
Ir.U Nickel
SOO Int. Paper
... .) do pM
500 Intnc ibis Ofl
SeOSilaland OU
200 Jewel Tea
100 K. C KooUitrn . .
a. r. Son.
KeUr
10000
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111
2ft
900
300
Lack.
lee Tin
Lehlsh Valley
Ueruterd
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400 I. N.
100
500
(J0O
500
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00
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7
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e
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132
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PACIFIC COAST BAB ST ATM BUT
Wrk Tsar Asa
.9 4.924.81 19 9 a.Sf5H
.itvss
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Clisriesi.
t.BwS.43B OS
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19.73393 97
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91.92S.99
Per4ga
PereAeaed by Ore
saeea Stts 121
ssAsa 12 .
awaaa 191
seek 9a 1991
reek 4i 1917 ...
ssjsfc 9s 193
iMea 8s 1919
ttaa a 13 ...
BrltS 9e 137
Brtttah ft 1SS . . .
British eky. 4 .
British rer 4 ....
(iersaaa W . U a .
rl!n 4s
lib here 4 .....
Rasekesv 44 ....
leSeaeT 4s
bekeeej Se
Mesh 4s
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Frankfort 4s . . , . .
Jaraeees 4s
Japanes 1st 4S .
Japanese 3d 4 .
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C. BL 9Hs 131
T. 8 SHi 19X9 .
V. K. Ii IS 3 .
C. K 5 i 1997.
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ass, TrTS ;
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98- ;
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Mstseto 1 BW.'
9a 9- 3-1954 9
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1700 Mrs. Pet . . .
Mum. -
3800atid. States OU
Mldtal Steel
IM K. A T
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Mont Power .
do nfd. . .
M. .St. r. A S 8 M.
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Bel. BiassAt . . .
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Net. Con.
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IB. T. Air BtsAe.
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ISOOIPae. t; a alec.
840O PcrV Oil
TOO Pan-Am. Pet. . .
20 Paa-Aa. Pet, "B
3400 Henna. . . .
1300 People ;
ii a
119
43 H
19
Si
13 8
117
200; Pw Maraejette. . . .
Philadelphia Co..
900 Pore OU
7300 Pierre Arrow
400 Pierce O0
800 Pitta. Coal ,
Ipius. a W. Va . .,
40o Pressed Steel Car.
1700PeJJaetB
200 Rar Ceea.
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iBesaisstoa
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I Rea. Motor
2100 Royal Dutch OB. .
By. Steel Sprints
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220 Sears. Bosh wok . .
shat tuck. Aria, . .
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I 1 f
SUCCESS
Jimes J. Hill, the fi
mous empire builder once
said:
"If you want to know
whether you are desfined
to be s success or not,
you can easily find out.
The test is simple snd in
fallible. Are you able to
save money? If not, i
drop out. You will lose
as sure as fate, for the
seed of success is not in
you."
Bonds of
Northwestern
Cities
Yielding
6i to 7i
Ask sbottt our partial
payment plan.
C LARK-KEN BALL
e co. inc.
Fifth and Stark Streets
Oskkss m,
AST AT S 1 1 18(3
Asa. J. A T 9s. . I I 19X4
Asa. Thread s It- 1-134
Asa Tea Ts 11. 1.1921
do Ts 11- 1-133
de Ts ... .11- 1 1988
AeSrAsa. OB 7 9- 1-13$
Areata Caw. T. T-18 If 3
Beta, Gee. .7. 9 1 143
3tWv::: rUiiS
de 7s 7-18-1938
Bittaah Oee. 5 11 1933
Betewh Uee. 9 s. . 1 1-1 ls
Osav lie s a i-i3i
4V 9a 9- 1-12
W4 Peek. T. f IS tS4
Inter R T 7. . 9- 1-1921
Ow. 4a... t-1 ft. 11 A
Kern. Cos. 7s 3- 1 1930
B. P. Bees 7s. . . 13 1933
PernV Oas 99. . . 9- 1 133
Swtft e 8-1X191
r 8 Rebkor T. . IX I 1838
9TATB AK OftW
OtmsfB. dlractor JwXeBtill9 ll Of Ukt
State Bask or PortUnd will motor
Thursday afterwoes to Brtetabirdl las OB
de hhrnvay 9sr. aa svwslfe warty, M
ksuhk after whir there wfH be (Unctss;
aad s $caj eatsrtJsraajnt
raw York
kaL'a'oaswTSeM 98. ."
. fta
Iflt wrfte a e
Oeal 4.
CwkwsSe B. W. GesB. 4
U a B. BM. 4a
Vow Terk US- 8a
Settkera Pac P U 4s
Sasvska Oeal 4s
rsftsa Pee. let 4s
r a steel 9
( alee Pee 1st Ref 8
uutkiis Pac. Ccwt. 8s
a esaer Pea Ose. 4e. .....
Pi nee Cwa 4
Peas 1 let 4s
CW a Oka Coat. 9ft
Oa SBeet Us 4
cat
Synonyms:
Prosperity; Palouse; PiilJmtin
Pullmtn. Washinfton. in the heart of the Palouse CoantrV
in Whitman County, the createst wheat prrxhicrnr county ta
the state, his a remarkable asset in the Urge number of
flowing artesian wells ia and shout the city which aid greatly
in economical production oa the farms end exceedingly low
cost of water in the city for household use aad fire protection.
TW aaxt 49 f Pal Was is stklp 9999.
Pullman is home of the Washinfton State College, one of the
best agricultural colleges la America, with aa enrollment of
1 5oo students.
Ask bs for details of the one to tea-year 7 Improvement
bonds of Pullman we own and offer st per aad interest for any
maturity to yield a full 7, income tax exempt You may
purchase these oa the Partial Payment Plan ii you desire.
Wire orders "collect."
Freeman, Smith m Camp Ca
United States J
of Brazil
WW. . ft
External
5
I
SCHNEELsOCH
Sterling Bonds t
Denominations
100 500 1000
A Pireet aad Oeaeral Kstermal
Okllgatto of IB Kepsbllc
At the present rate of
J00 purchased at
will yseld S preftt et $399 at ma
turity. In addition to an annual
Income of about 9. Increases In
price of sterling exenarure win in
crease tnka profit
portionately.
and Income pro-
PRICB AID COBPLFTP
DETAILS fJPOB APPLICATION
' iSSrtawaOawswT f
979
8799
878
8T
Sl44
HERRDi ft RHODES, inc
BROKERS
MEMBBK8 CHICAGO
v OT TBADE
Prreate
SOAID
l teWfcJs98 SjBfaaSSwe?
LIBERTY AND VICTORY BONDS
91.
BOC09IT ABB BOLD
BTATB
E
Slw-317
Overbeck&CookeCo.
DIRECT PRIVATE WIRES
TO ALL EXCHANGES
$1360 Possible Profit
on a $1100 Investment
Ast unprecedented opportunity
v for profit by buying
4 and 5 External Gold Loan
Bonds
Republic of BrazilJ
Due to the fact that the American dollar commands
m big premium in England, we and our associates
have been able to purchase these direct general
obligation bonds of Brazil at prices which will,
upon equalization of exchange, return large profits
to the holders. At the present rate of exchange
the 5 bonds, for instance. .
YIELD 8.41, INCREASING TO
S 1 3.35 WITH STERLING AT PAR
At $1100 for a 5 800 bond
WIU Xtwar at Aaaaal Iiroms Mat. Tarae Profit
3.60 $90 $1800 $730
4.86 (par) $121.80 $8430 $1880
(Four months' accrued interest included)
Bonds in -100 800 1000 D
Prices on arpplication
Broadway and Oak
A High-Grade Local Investment
We own and offer
$50,000
PORTLAND GAS & COKE CO.
7 GOLD BONDS
1. 1940
si S1000
Price 95 and Interest
Yielding 7 Per Cent
These bonds secured by a first Ken
and general mortfaf e on all ta prop
erties of the conpsny. offer aa un
usually secure investment opportunity
The Portland Gas m Coke
pahy has a history of over
years succesrful operation.
We recommend these bond
investatent.
"Complete details oa reqae
9793
9744
914
A V. m
878
9184
Seattle San Francisco Ls,
Liberty: M IVi
LAterty. 4th
9789
ft
97 8
1
42 984
Tksksry.
181
84
i