.v-a
TUESDAY, NOVEMBER 15. 192L
11
THE OREGON DAILY JOURNAL. PORTLAND, OREGON.
10
r
opening Values in new york market are quoted steady
STOCKS SHOWING
A BETTER FEELING
(Wttl Street Journal nnervUl RavWw)
Ijgee Yet. No. 15. it:. P.) Th hat ea
Um Hew for SUars rUraange irM mora setter
I tlx etalng ted than la Ih lr. trading
Me4al. Errs steal stork showed onnaiilerablj
Wtter tea., with Sievl nam bov 82. afaxl-
hi rrtroleus ' an asrly high above lit
U all stmt wetrherl the tri al res of the
araanm 1 rW.rene aith Interest today.
WALL STREET QUOTATIONS
Furnished by Overbeck C0k Co.. Board of Trad Building
TfMT
ti
of
order, for
mil be placed
Manv trairf belt, fee that II a aertaina
rM-hl U itM-laro a l ff natal holiday
will re-alt ta pr.m.mnrrd upward tivnd
tmcitlai
llrlfirt aet. rurrent that large
atvrl rail, and other tiiuipovnt
la f.w lar
Aaw the (.wliir the a.rly afternnnn
wee Iwimi T'ktliwie & Trlntrai. whirii
m4. iww high fnr the ' t n,i
Vullman. whleh m'le a new high arsvve 10.
th.i ess a .intrtVa armrt m rails ahnrtly
WTli sneral llA the "" l""
tnrtaj we aga'n mbierted lo !icy aell-
Mrar nviauw reqtererf Ihew altars on M.
i iwmina ami this Ux "nl off rather
...i Mm u .IrnuLI b remembered In this
, nrtion that lhs la-t rally In Mrtiraa f-irfll-uat
rarnl tl atm a to 117 fr.m 0 S . a
rw" "f narlj -1 pnintv
Tlinaa aho hail nld 'hi on Slonrla
am th diaraiimnt confrrtmr found tnda thai
,it Htiuklatinn had caaulud from tha ham
fttal l'im. failtd ta 11 blo tha l"
prtaia na MoimU)! a1i-. in fact, actual Ij
BtaiU aiaiw iw nin inca n-r u jr.
IBi Amtan T.lvhn. Ua.knll Barkrr.
l-iillinan anir Hftin-a i:otppr
AdaBM Kipraaa ... j
Ar ClH-m. 3 8 IT.
do pfd
Aiai kahhar 19 1
itlaaka Oold
A.aa Juiwu
Allwd Cnern 4H 4
AUia-CKalmcn 55 14 84
do pfd
Am. rWt Stvar
Aai Boach 3 82 H
Am: I'm (Jo 80 M SO
do pfd
Am. Car 4 Mj 1
da pfd. 1
Aai. Cotton Chi 28 22
do pfd.
Am Drue Rynd
An! Hide Leather IIS 11
do pfd 67 a4
Am. Irt
Am. Inf. forp 96 8
An LinaMd 84 k 32
do Pfd. "
Am 94 S 4
do pM : 108 H 10B
.ta. Haf Run 4 H 4
Am. Hhip A Con 9 H
Am Sm-lur 40 39
do pfd I
Am Hnoff I
Am Wtrl Vdj 29 H 2
Am. Hiuar 44 ' 43 Wl
do pfd !
Am. Timatra 88 821
Am. Tal A Tel 112 1I1SI
Am T.ar H24 1531
Am. Tobareo "B" 121I121 I
Am Ul ' I 78 78 I
do pfd 1. - ' I
do W. P pfd.
Ammean Zinc
Ah.ron.la 43 42
Awviati Oil
Atehlaon : 6 88
do pfd 84 S 84
Atlanta- I out lAnt
Atl tiulf 4 W. 1 32 30
High. I Ixwr. 1 Bi4- I
47TS.'
S3 ,
19
4
341
831
28i
82!
SO
891
22
47!
S
11
5T
6.V
3d
33
59i
93
108
4
fl
39
8
101J
29
4
32
STOCKS
j High. I Low. 1 Bid.
MIHMI.N rXJ'HASIif. K.TH
I nfr. I -.I dalU i tha forlft m-hangf diart
mm! Hit- I mtd la!- National hank Vj't'"
taiX'lia t" ,-l't tl pound atrrling) ar
qu.,l.d on tl. ha.i in" 100 unm fnirlcn r
tt,ry (iihg nominal ritrt on bank tranaao-
Uoaa
I .ha. MrfHini
farla Kra rxa
Krtln Marka
I. anna Ura .
Athana
Itrarhmaa . .
, t t'nrtairn
Knxwr . . .
ChrUUaaia
kriiiifi . .
Mix'klmlin
krtinar . . .
It i.aknn---
t'urtrnrj
Jaian Ym . .
Mhangliat -
Tal . . . .
t'anadian dollar dix wuit
Urafl Carle Tar
Charkt Tranfra. Vaiua.
I 8 t V t 3 97 t 4
7 ;t 7.J 19.30
S 38 23 hi
4 19 4.20 19 80
4 1 4 21 19 30
18 30 18 35 26.70
14.15 14 20 26 70
23.2.1 23 80 28.70
;,3 in " 05
tnn m is
7.1 HO 7H 10
9 per cent.
Kureltn t.ntrrnmrnt Bond Market
Wrtn.hrd b trbck A Cooka Co.
Hflman rot 5 s
Hlgian (mii 5 .
M.lKian IS' 1 114 5 . .
rUlnan - I U4 1 .
rk-lvwii tti I !-"
Hraail ! ' i " ...
Hr1lH.li 5. I B22 . . .
HnlV-li .". I II-' 7
Hnti.h 3e 1920
Ilritkh tky .
Hrltnli rrf 4
Hordvam 6 l4 . . .
t'anadian K 1 MS 7 . . .
I audian ft- l?A . .
Oatwlian 5H 1929.
Canadian tit 1911..
Canatlian 5 I . I . .
lillaau H 1911...
I 'rniM-jt
Immirl fti 1945. . . .
Imn. Muni M 11)15. .
rraiK-h 4a 1917
r rvrx h I W'.'I
k'i. h Aa 1981 .
Hid.
61
67
1(14 '
104
111
102
HUH
390
3X9
300
277
H6
90
9.1
96
94
80
ion
H
106
105
45
63
55
rrrnrh 7a 1941 95 a
rraorh Ha 1945.
Itanata W. I. 5a. . .
Horlta 4 a
Hambura 4a
HaaibOrt 4 . . . .
llpu( 4 a
I finale 8a
Munti b 4a
Muntrh 5a
r rank fort 4
Iialiaa ft dk
Jan 4a 1931
Jaa al 4 1926 . .
Jap 2d 4 1925.
Ni.rwaj I 940 . . .
KiiMtan 5 a 19J1 .
Kuaaian 3 1 1926.
Kaaalaa 6 19. .
name , 1929. . .
Rwtae Ha 1940....
I . K. a t 1921. . .
kl. 1923. . .
K 8 1 1929. . .
K 1937. . .
I.
V.
101
. 2
8 .
3
3
3
4
3
6
4
31
61
84
H4
10M
18
I 3
18
94
loo
92
90
95
93
Ak.
65
71
104
104
00
102
40
400
300
;uo
287
87
01
95
'OS
91
101
10
106
105
45
64
56
96
101 .
, 8
4
. 4
4
&
5
5
8
5
32
60
85
8.1
107
10
4
16
95
100
99
95
94
Ntw York Bond Market
fnrnUhml bjf Orarpei-k A Cooke company
Board of Ttadr balldinf
4l
fte
5
Atrhlann Uenl 4 . .
Halt. Ohio t,okl 4t
Hrl h. 8 tea I IUf 5a .
eat. I'ertfl.- li 4 a
HI Taul nl. 4 a
Charaatt N. W. t.enl. 4..
I. A N I nt 4.
New Tork K. 5a
SnrOiern r. Ij.
I'nlna far. I at 4a
I'. a. 'l na . .
I'uloa ! I at IUf.
aoutliern fa: Co of
aa
fanae. Cnnf 4a
panaa. I at 4 a . .
Chaa. A tibia Cunt.
r. Hhort Ids 4
Allied I'arkera 6a
Amn. t. ail 7a
Ann. Cotton Oil . 1924. .
Aata, Tnbarre 7. 1922 . . .
AnanetMta 7a, 1920
AnaloAmn. Oil 7a. 1925.
Armour 7s 1980
fudehe Tark 7a, 1923 . . .
I .an. Kler IVb 3a, 1952...
Ilnndrtrb 7. 1925
Rennaratt Con 7a. 1930 . .
Par. tiaa. A Kler. 7a, 192.1.
rax. r'rnll '.xir 7a
rWra-Rnrk 7a. 1027 . . .
8Unrlard Oil Cel. 7v 1931
IV 8. atoel 5a, 1951
Haattnabouae 7v 1931 ....
TeaC Uav. 7a, 1025
Rid.
82
7S
88
79
6. -i
7
85
23
80
' 84
97
7 0
01
8.1
00
83
84
86
40
86
9.1
101
99
1 03
162
10O
(Vat
97
98
97
98
100
101
96
104
103
Aakrd
82
7.1
80
70
6.1
79
8.1
2.1
80
8.1
M
70
04
88
OO
8 4
84
87
.11
89
9
101
1110
J 11.1
1 02
100
98
99
90
99
100
10.1
99
10.1
103
R eOfawatai
I Inert I Bod Kale
br OrerWk A Cooke (V:
iJbeTte.. S a . . .
I jNrrtjr. lat 4.
I.lbenr. 2d 4a . .
Uberlr, lat 4 a
l.twrtT. 3d 4 a
l4brrQr. d. 4 a
lUbaru. 4th 4 , 9494
wU-, 4 ... 4)070
a lory. 3a. .. 9970
Open.
9M0
9 4 30
9448
0460
94.19
96i4
High.
9518
9430
9460
04 60
9629
9466
9-176
91C78
liOW
940
0400
9 4 20
9408
0.10 4
9424
0968
9970
Frl Kirbaare Market
few Tar. No. IS 11. P.I Foreign e
eaanaa apened irregnlar today. Sterling 83 07 ;
(raara, .0729; lin- .0420; mark.. .0038;
Ijaniaa kmaen .1838.
The aaarket rlneed, r airier Cloalng prire lrt-
Haalrd: BterHng. 83 96: franr. .0724 ;
kra, .9414; mar ka. .0038; kronen. .1820.
Oatralla UrorarT Ckaagea Hand
Cenrrmlia, Wane.. No 1 S gam Srthuia of
rnahaaa yeaU-nUr pu reheard tha Kdmiatoa gnv
North Tower aaenue Inn K. O. BdV
alr. rVbaai-took Immediate poeai n i.ion.
Baldwin Ioco
do pfd
Baltimore A Ohio ......
do pfd
Beth. Htee! I 8 )
Beth. HteW "B"
B. icilh rlih
B R T
Hutu C. A Z
Butte A Sup
Hurna Broa.
Caddo Oil
Calif, racking
Calif. Pet,
do pfd
Canadian Pae.
Ceo. Leeher
Cerro de Paaco
Chandler Motor
Chicago AN. W
Chig. it W
do pfd.
n.ili Cop
Chmo
C. M. St. P
d pfd
Co-o Cola
C. A O
'rlo r. A I
Crla Southern
Colo, das A Elec
Columbia l.raph
Con Claa
Cn Clgara
do pfd.
fVntl. Can
Com Prod
do jifd
t'ofdeo Oil .........
c K. I A P
do A ;1fd
do B pfd.
Crucible . . .'
' do pfd,
Cuba Cane
do pfd.
Cuban in. Sugar
Del. Il Hudson
I.me Ubm
11. A Lack.
Kndicott Johnson
Kne
do lat pfd.
do 2d pfd
Kamoua Player
Krd. Ming. A Smelt. . .
do ifd
Klk T)re
icon itntiami
t.enerai Cicara
t .eneral Klectrlo
lenpYal Motor
it eneral Asphalt
troodiicfa
(ioedjear
(Iranby
treat Nor. Ore
(treat Nor., pfd. ,
lireene Cananea L . . . .
liulf HUtra Steel
Hek Barker
lloustnn Oil
Hupp Motor
Ilhnoia Central
Inspiration
Int. Agr. Corp.. e. . . .
do pfd
Interboro
do tafd
Interstate Callahan . . .
Int. Harvester
do pfd.
Int.' Merc. Marina....
do pfd
Int. Nickel
Int raper ........
Iimnnelr Oil
Inland Oil
Jewel Tea
K. C. Southern ......
do pfd
Krlly Springfield . . . .
Kennecott
Kryatone Tir
l-a.-k Steel
I Tire
Lehigh Valley
I.orillard
I.orw Theatre
I. A N
Marland Oil
Mei. Pet.
Miami
Middle State Oil
Mei rale Steel
M K A T
do pfd
MonL Power
M.nt. Ward
Mo. Pacific
do pfd.
H 8t P A S. S. M.
Nor American
Nat Biacuit
Nat. Knamrl ,
Nat Id
Nraada Con.
New Haven
Norfolk A W
Nor. Pacific
Nor Scotia Steel . . .
N. T. Air Brake. . . .
N T. Central
Ok la. Prod, ref
Ontario Stlror
Ontario A V
Otoe Steel
Pacific . Itrnrer
Pae. ('an A Uec. . .
Punta Allegra
Pacifio Oil
Pan Am. Pet.
do B pfd
Prnna.
Pro. I .aft
Pere Marquette
Pure Oil
Phillipa Teta
Ilerce Arrow
Purra Oil
r8t. Coal
1-itta. A West Va. . .
do pfd
Pressed Steel Car . .
Pullman
Rai Cocs
Heading
Kemington
Itrplogle Steer
Republic L A S
do pfd.
Rep. Motoni
Royal Ptiu-h Oil
Ry Steel Spc.
SUnd, OiL N. J...
Seam Roebuck
931 93!
15
111
ji ; '
42
iii
82
31
46
68
1
12
26
23
37
54
.1 41
9
42
99
84
85
31i
94
103
.......... 3
I 5)
I 1101)
55 1 54 1 54
I 4
.1 a"
II
14
109
13
70
43
78
1.14
31
31
48
68
1
12
28
28
36
37
54
24
! 40
. I 62
3 3
. . .1 90
. . .1 23
... I 60
. . .( 46
. . . SB
jiun
33
14
109
'70
42
114
31
81
45
68
18
12
26
23
36
54
40
Bhatoiok, Aria. ... ..
nheil T. A T.i....
Sinclair ............
Staad. Oil Calif.
Htnaa-Shefrield
Soa. Pacific
Son. Railway
do pf ..........
ft n 1 r.
Strom her rCerb
Stodebaker
Kwift A Co
Tenn. Cop. A Chem
Texaa Oil
Tezaa Pacific
Tea. Pacific C. AO...
Tobacco Prodncta
Tran. ConU. Oil
Fnion Oil net
Crjkm Pacifio
t?nited Alloy
Cnited rbrng
Cnited Food Prod
rrdted Fnti t
United Roads of N. J. . .
do- pfd.
Cnited Retail Stores. . . .
r. S. Ind. Alcohol
C. 8. Robber
do 1st pfd.
V, 8. Smelting
IT. S. Steel
do pfd.
CUh Copper
Va. Chem. .
do pfd
Vanadium Steel ......
Virandon ,
U abash
do pfd. A ........
do pfd. B .........
Wella Fargo
Western Pae
do pfd
Weatern Union
It estinghojus A. B. . .
Westinghoose . A M.
West Md.
White Moon
WUly-Orettland
do pfd
Wifcon Packing
Wisconsin Central . . .
Woolworth
Worthington Pump
W. A U E 1 .
White Oil
Money
Total Sat
...4.....U....I -6
81 3S I 97
231 23 23
90
7
18
22
74
'
45
23
29
60
9
21
123
75
20
51
42
50
91
56
81
74
31
6
20
64
19
871 88
88
.1.
94
47
'37
6
29
78
18
22"
73' '
"
45
22
28
59
8
21
122
78
20
49
40
48
90
55
29
74
30
20
64"
18
91
46
36
5
28
28 27
3
42
13
5
41
12 5,
4
78
18
44
22
80
73
98
9
45
22
29
59
8
21 ,-
122
25
75
11
117
8
20
51
41
48
89
32
82,
112
55
31
74
31
6
7
20
13
64
19
56
88
94
46
8
37
6
28
I 28
.! 24
.1121
41
7
12
4
Puaoas players declared regular qaartartr
82 eotnmoa attmdead. payable January X,
stock record December 15- After allowing for
payment of dmOend on tha oorporauon pre
ferred stock. Famous Players proftta for the
nine nvwitha ended September 80
annual rata of $23.25 a share
stock.
were at tha
LESS UNEMPLOYED
AROUND PraURG
ST, PAUL BUSINESS
STILL IMPROVING
Germans Welcome
Disaniiameiit, but
Eemain Skeptical
By atari H. Taa Wkrcaad
Caiearml Sarrlea Sun Con
Rnm M nemrM the ContiBeBtal and
Cwnimeroai National bank of Chicago find tha
East more rmtlmvir ke aa.. Thera U
use footing ourselres," he an. "by expecting a
boom to develop oeeroisht. Vie most gat oar
foundation in a atronc and safe eonditioa. apd
that is being done now."
Seventeen million doUars of United bUtea
deoosiu were withdrawn from member banks
in the New Tork district today, leafing bttie
more than $70,000,000 on deposit in that district.
Tha $50,000,000 offering of "New xori
Telephone company 6 per cent bonds was about
fire times orennMcribed.
President Vanrfain of the Baldwin Uncomo-
tire company says his company recesrea more
orders last month than in any month daring
the war. .
Northern Pacific October earning win bet
ter than any other month of 1921.
Less than 1 per cent of tha conntry'a steel
output goes into armament in peace time
Bethlehem's total investment in war material
plants represent leas than 5 per cent of total
investment and less than 1 per cent of Cnited
States Steel output goes into war material.
r H. . Laarfrnan
Special Correspoodemt of Tha Journal.
Pittsburg. Kov. 15. Badness in Pittsburg
and in the Pittsburg district generally baa slowed
op somewhat following its early sport. The
scope of eommesrial activity a till is restricted.
u retarding factors being the extant of unem
ployment and poor collections. The employment
situation, however, is improving, the number
of those out of jobs having been lessened by
resnmption of several mora mills and factories.
Building activities have decreased slightly
because of the approaching cold weather. Mine
and mill supplies are moving a trifle more freely
but the hand td mouth character of this busi
ness still is apparent. Machinery lines are com
paratively foil and tha tool trade is limited.
The rate of ope rati oris in the different mis
cellaneous industries in this section is vary
ing from 30 to 80 per cent.
mere a a noticeably more active demand for
bituminous coal bat nothing brisk has mater
ialised. This ta doe in a measure to the un
certainty regarding the probability of a strike.
a rices i or coal are sftgntly higher.
ui hi ineiw sun is a feeling that tha
return to normal conditions is Quite some dis
tance off.
By U . sskJCerwaa
Special CiMiiafnainil of Tha Journal
St. PaaL Nov. 15. Business in tha North
west, which haa beea slowly improving for taa
last few -months, is expected to show rnatsf
gains tn tha Bert tew weak as a rmnlt of
cold weather and the affect of tha $15,000-
OOO ea tended in loans to farmers through tha
War Finance . corporation. Bankers snd
saa men assart this money will find Ha
into genera retail trad through tha ahannea
Twenty industrials 75.50. off
Twenty rails 72.92. off .59.
.95.
Stocks. 711.100 shares.
Ex. dir. 1 per cent.
NEW INCORPORATIONS
33!
32
64
33
32
63
17
14
20
112
74
12
17
12
67
17
13
19
1108
73
11
17
12
64
10
134
11
63
32 I
1
24
32
73
23
78
78
10
10
133
11
61
sr
23
32
73
23
76
78
10
36
5
I 77
51
14 V
I 85
10
3
11
41
24
9
40
55' '
15
114
24
14
24 I
36
5
77
50
IS
54
10
2
11
40
23
9
40
54
is"
Close.
9114
9410
9402
9420
9 4 22
0020
9430
996H
9968
17
18
43
41
38
80
13
96
78
73
110
23
14
24
13
18
2
40
34
79
12
'o.i
76
72
32
79
67
63
81
7
17
13
108
19
110
73
11
17
1:2
67
217
10
:
60
13i3
111
62
81
10
24
82
73
23
38
78
TO
10
96
36
7
37
1-
3
6
76
192
118
60
13
I 54
10
2
11
I 24
50
I 0
43
,9
40
27
54
142
15
107
20
Salem, Or.. Kov. 15. -Articles of incor
poration were filed with the state corporation
department here Monday by tha Sheep Grow
ers Lioan company of Portland, capitalized at
$500,000. The incorporators are T. J. Ma-
honey, E. F. Roy and Jay Bowennan.
Other articles were filed as follows:
Bolen Creek Mining & Lumber company,
Medfprd, $500,000; W. T. Normile. S. I.
Brown and Porter Neff
A. E. Kern A Co., Portland. $50,000; A.
E. Kern, Frank Regner and Ernest Kroner.
Lanherr-Ko8e corporation, Portland, $5000;
Fred Lefanherr. C. H. Rose and Allison Moul
ton. Community Water company, Portland.
$7500; -Robert L. Sabip Jr., Forest S. Fisher
and Homer D. Angell.
The Seventh Uny Adventist church, Eu
gene. $1700: R. K. Syphers, C. M. Gardner
and A. F. Kervhman.
Permission to operate in Oregon was grant
ed to the Heisfelt Construction company, a
Ctah corporation, capitalized at $100,000. W.
MacMillan of La, Grande is named a the com
pany's represent tire in Oregon.
Mid-West Gets Loan
Of $1,201,000 Fund
For Aid of Farmers
Washington. Nov. 15. (I. N. 8 1 The
- fin.no enmoratinn todar approved 42 gov-
.rr.ri.rrt advances asETecuting $1,201,000 for
agricultural aim livestock purposes.
Tk. lMna . wtttt.m states follow 1
Illinois, $94,000; Wisconsin. $120,000;
Nebraska. $37,000; Minnseota. $145 000;
vh riakota. $165,000: South Dakota, $201.-
AAA
tk. K.rrv.n'lr alsn aonroved an advance of
!nrvnno to finance the exportation of agri
cultural machinery to France.
Standard Oil Storks
(Furnished by Overbeck A Cooke Co.)
Salem, Or., Nov. 15. The Northwestern
Daily Cattle Loan company of Tillamook, capi
talized at xouo.oeo. Tiled articles of incor
poration with the state corporation department
here Saturday. The corporators are R. O.
Magarell. John Plash or. B 1. Beans Jr., Web
ster Holmes and Theresa Gaylont
Articles were also filed Saturday by the Mc
Tagzart Tree Inoculation company of Madras,
oapitaflzed at $50,000. The incorporatoTs art
May Bye McTaggart. D. M. Clark, Charles E.
Bye and John McTaggart.
Anglo
Cheeseb rough
do pfd.
Eureka
Galena, com
do old pfd
do new pfd . .p.
Illinois Pipe . .r
Indiana Pipe a,
Northern lipe
Ohio Oil
Penu. Mn
Southern l"ipe
Southern Penn. Oil
S 1 1 ("alif
s! O'. Ind 93
8. O. Kansas. i v oia
8. O. Kentucky 430
8. 0. N. 1 3J0
S. O. Ohio......... 41o
do pfd 10?
S. O. Nebraska. So
Bid.
19 V
loo
98
87
47
98
06
168
82
OS
294
24
T0
2-10
88
19
16.1
101
91
50
102
100
173
8j
9ti
300
27
95
258
Berlin, Now, la. Grmanjr'g gkepUcUm
regarding; world disarmament is aa ret
unahaken by tha Hmlna plan. Tha
WaahLnsrton propoeala ara both tha aen-
aation and tha featura of the entire Gr-
maa press.
Tha far-reachlny; nature of -th
worked -out details aurpriaed all Ger
many.
: Completely dlBarmed herswif and now
sut few days baa shown I often tha victim of three browbeating;
prsiinssa coo- . nd bullvinr militar-r Dowers. Germany
serving tha farmers.
Retail trade in the
a tendenrv ta aa'. but wnoiesale
turaas io gain. m w aeoaiiy, sruw m ..Icorsss .s rvartUI rllaarvnamnt hv
hMW us ap wear vhlHl Ta MKirrns a: -. . -
brisk demand, with prospects that thv wvek
will show tha largest volume of saMa la snnnina.
famtfaetorers of footwear and candy ana
roaning almost at capaeiy. I tie demand tor
shoes this fall has been exceptionally good, and
factories .found their stocks exceedingly low
whan th rush period arrived. Caady makers
are . stocking up for the holiday trade, which Is
expected to be unusually heavy. Trie makers
are in an excelleot position, as thesr stocks
hare been made from low-pnced sturar.
Further Gain Shown
In Gold in Federal
Reserve Statement
runner gun or ahont 118.000 Ann r .a
- -. . iu oi suauuv ics r n a n ii iifin oi i o
nf . .
... iri ,c caim, accompanied by a ra-
aucuon oi IS, 500,000 in deposit HahiHri
and an increase of $12,700,000 in federal re
serve note circulation, is indicated in the fed-
-nu rrawTe Doaxu s weeciy consolidated
issuea at tne close of business
'"""'"J "'" ina nanks reserve ratio
showed a farther ns from 71. to 71.4 per
-tULi. -
Government deposits are shown $29,100,000
lass than the week before. Raserva deposits in
creased by $19,000,000. while other deposits,
composed largely of non-members' clearing so-
TtZA"'
Federal reserve note circulation shows aa
mtjrease for the week of $12,700,000. sub
sUnOaJ ircreasea in circulation being reported
t-i0?", lfAmA banks of New York.
PhiUoelpbja, Cleveland and Richmond. Aggrel
gate net habditaes of the federal reserve banks
on federal reserve bank notes in ciraikuion
s0Tnnooo1,rther deoliM the week of
$4,500,000. as against a nolnctio. in ... i
circulation of less than $3,000,000 reported
by the treasury.
Bob Hair, But Not ,
Brains Says Head
Of Girls' College
state-
on No-
Fund Apportioned
Salem, Or., Nov. 15. Apportionment of
school funds, aggregating $166,273.67. to the
various districts in Marion county has inst been
completed by Mrs. M. U Fulkeraon county
school superintendent. The fund included $95.
503.38 from the common school fund $24 -469.59
from the interest on the irreducible
school fund, and $43,300.70 from the elemen
tary school fund.
Cotton Goods in
Smaller Demand;
t May Be Temporary
By Jams AOartan
sianil rsmsmniimt of Tha Journal
New Tork. Nov. 15. The heavy buying of
print cloths ha fallen off in tha cotton good
martet. aiinougn it m neuerea um aiumi
only temporary. Hoaseg catering to tha manu
facturers of women's garment have niched
goods to their customers in anticipation of the
strike of the coat and suit trade now in effect
over th attempt of the manufacturers to force
a piece-work scale upon their employe.
New business in hides' and learner -in mis
market is being restricted mainly by lack of
nfferine. Potuirv manufacturers in this ter
ritory are increasing their output, and dealers
are buying in fairly large quantities. Building
activity in tha greater cities ha continued un
abated 'on account of the exeeDont weather
and the demand tor electrical supplies for new
buiklmg has improved materially.
SHORT TERM SECURITIES
(Furnished by Clark, Kendall 4 Co.)
Price.
Am TeL A Tel. 6s, October. 1922 99
Am. TeL A TeL 6a. February. 1924 99
Am. TeL A TeL 6s, August, 1925 105
Armour Conv. 7s, July, 1930 102
Ansoonda Cop. 6a. January. 1929 99
Anaconda Cop. 7s. January. 1920 95
Belgian Gov. 6s. January. 1025 9.1
Belli. Steel 7s, July. 1922 100
Beth. Steel 7s, July. 1923 100
Canadian Ss, April. 1926 95
Canadian 5s. October. 1931...: 95
Cop. Kxp. Assoc 8s. February. 1922.. 101
Cop Kxp. Assoc. 8s, February. 1923.. 102
Cop Exp. Assoc. 8s. February. '1924 . . 102
Cop' Exp. Assoc 8s. February. 1925.. 102
Cudahy Packing 7s. July. 1925 100
Jap First Ext. 4s. February. 1925.. 83
J.n rWnnd 4 U a Julv. 1925 8.1
Southwestern Ben Tel. 7s, ApriL 1925 .. 100
Standard Oil of New York 7s, Jan.. 1931 107
Swift A Co. 7s October, 1925 101
C 8. Rubber 7 December. 1923 lOO
V. S Rubber 7 s, August. 1930 103
othera.
This by no means, however, lessens
the skepticism as to President Hardin
and Secretary Hughe being; able to
force the American plans through.
. In government circles as well as in
the former army and navy, the expres
sion of leading men is something; equiva
lent lo "I am from Missouri."
Having: no longer any navy herself,
but surrounded by bayonets and cannon,
with 500.000 Polish soldfers on one. side
and 80C.000 French soldiers on the other,
with both the Belgian and Caecho-Slo-vaklan
.armies greater than her own
reichswehr. Germany is much more in
terested In cweing what the Washington
conference haa to propose In the way of
reduction of armies and land arma
ments. i ..l.w f tk. aurnriae anrunr bv Sec
retary Hughes the opinion ta genera j
nere mat tne numninni ronicmsv
haa taken on a vastly greater world
Importance than the Lssague of Nationa
SERTICE MAN GETS TOST
Olympia, Wash.. Nov. la. A; potiil-
ment of Captain veoiey i. ratal oi
Snohomish, overseas veteran, as statrs
tician for the department of business
control was announced Monday by T. E.
Skaggs, director.
PACIFIC COAST BAKK STATEMENT
Pwrtlaed
Thai week.
Monday, clearings. . 8 a.Sl.Ts
ilnrf.r's 1-1-- . $49.(87
Tuesday, clearings. . "J.JJS
Tuesday, balance.. 1.196.611
Chloaro, Nov. 1 i. "Let the glrta bob
their hair If they dont bob their brains.
declared Dr. W. G. Guth of Baltimore
ta as Interview here today. Dr. Oath
Is president of Goucher college for yvung
women,
He believe women have mora sxnaa
than men and that the world wfll be bai
ter when they work out experiments la
their own way.
"Whoee buaioeaa i It it girls do bob
their hair 7" he asked
"It la curious." he continued, "that
none of the employers who baa coana
out with a sort of 1 0 ronunkBdrnntU
for their employes haa not "offered a con.
etructlve program for young women.
They merely say Thou ahalt'not do this
and thou shall not do that' : but the.
never tell them what to read or wtvera.
to hear good music or lec-iuraa.
p.
W. F. HEARING OPESEB
Olympia. Wash, Nov. ii Application - I
of the Western Union for an increase In .
Intrastate preaa rates In Washington waa (
given first aesvion of a hearing Monday
before the department of public work, j
The company seeks to bring the Intra- j
state rates to the Interstate level.
Tear age
t 8.818.141
1.770.119
6.168.987
1.484.452
Clearing. Tuesday ...I.
Balaocea, Tuesday .-'. -
T m wins warra
Clearings. Tuesday
Balances Tuesday .-v-
tkn Banks
Clearings. Tuesday 8
Balances. Tuesday
sen nam lie swu
CUarincs. Tuesday $i.00.00.04)
Las AneaJes Bank
Clearing. Tuesday $1T J8.56.0
TtS.SS'l.Ow
36.633 00
1.788.806. e
6S7.460.O0
1 mutt vell a blbck
of bonds to raise cash.
Will sell part or all.
Will discount so to
yield 10 per cent.
Bonds recommend
ed by banks.
Z-979, Journal.
Dray Baslaesa Caaages Haada
Kalama. Wash.. Nov. 15, Earl Todd has sold
hiv dray businem to Avery Wicker, who will
operate th. aame. Both have been render t of
K a Is in a for many years.
Stwcaa. aUssaU. rttwm. Craisv. Eta.
J 16-317 Soar- ! TraaU ftsuldlmf
Overbeck&CookeCo.
DIRECT PRIVATE WIRES
TO ALL EXCHANGES V
Baard l Tts 4
Lagan A Bryan
new lacs
8-SSSglB III 1 1 II s ,
ban CUesga
Carrasaaatsau af
Caieaga
Dr. Robert Hayes Dies
Aberdeen, Wash.. Nov. 15. Dr. Borjert F.
Hayes. ged 90 years,- died recently in FreErt.
Ill He was on of the founders of the HiVes
A Hayes bank here and the father of the late
Harry Hayes, who was manager of the bank for
a good many year after, its establishment.
$50,000,000
New York Telephone Company
,t!'
62 82
28 27
45 I 44
50; 49
48 i 46 .
351 35
58
19 I
35
31 l
131
71
60
24
14
24
; r
3
3
J5
18
42
HI
40
in 6
34
13
13
95
78
S
12
i 3
: 4
19
; 8
: 8
82
27
44
49
46
35
13
'18
60
. .1109
i
71
49
T
50
66
56
18
351 35
31 31
12 ;13
s r t
59 i ;s
123
172
60
liOS
ilS
;70
23
121
i49
83
7
1.47
! 84
1166
I i66
59
10S
13
70
48
7
47
66
A Yield
of
With a call promise
that may pay you a
preriliumof $11432
per $1000 bond.
(Q2S
C2"
8 Ten-Year Closed
First Mortgage Gold Bonds
Charcoal Iron C ompany
The
of America
nation's largest producr of charcoal iron,
wood alcohol and acetate of lime
5-'
v-
Lewis Co., Wash 5
Port of Grays Harbor.,6
Pullman. Wn., Water..5Vt
City of Enterprise, Or. 6
City of Molalla, Water 6
Silver Lake I. D. . . . . .6
Ptot." of Manitoba. . . . 6
Ptot. of a C.. .5 and 6
Swift & Co . .7
N. E. Oil Refining Co. 8
Charcoal Iron Co 8
1931
1941
1930 '
1922-31
1930-37
926-46
1946
Various
1931
1931
1931
to yield 5.40
to yield 5.50
to yield 5.87
to yield 6
to yield 6
to yield 7-7.25
to yield 6
tp yield 6.90
to yield 6.80
to yield &15
to yield &20
The total assets of this great company total over $15,000,
000. Its earnings have annually averaged $1,321,475.00
for the last five years. It owns four modern plants in
Michigan and Wisconsin; over 190,000 acres of Michigan
timber ; more than 100 miles of railroad, boats, docks, etc.,
and long leases on iron mines.
Its assets ore more than three and three
quarters times the $4,000,000 issue of First
Mortgage Closed Bonds. Its earnings are over
four times maximum interest requirements.
and
In addition to a high yield and solid security, purchasers
of these bonds will have an opportunity to secure a good
premium, because bonds are callable by lot, each May and
November, on a 6 basis. Bonds called next May. for
example, will pay a premium of $114.32 per $1060.
Dated October 1, 1921
Refunding Mortgage Twenty-Year 6 Gold Bonds, Series A
Due October 1, 1941
Interest Payable April 1 and October 1 in Nrw York City
Coupon Bonds in Denominations of $1000, $500 and $100, Register-able as to Principal Registered Bonds in Denomination.
of $1000. $5000 and $10,000. Coupon Bond and Registered Bond,
and the Several Denominations UUranf aable.
Redeemable, at tne Option of the Company, in Whole but Not in Part, on October 1, 1B31. or en Any latarest Date
Thereafter, Upon 60 Days' Notice, at 105 and Accrued Interest.
BANKERS' TRUST COMPANY, NEW YORK. TRUSTEE
Following is a summary of the letter of H. F. Thurber, Esq., President of the Company, stating the
particulars in regard to the issue :
The New York Telephone Company operates the only comprehensive telephone system throofhout the stats)
of New York (including New York City) and in the northern part of New Jersey.
The present value of the New York Telephone Company's physical property, which is the rsJoe used for
-. ; :. !.. f ah. f tk Bronrtw earraasl on the books. On Swptasmber 30,
. .. T . ' r .1 . i - c i-tJ: . .a rssiswilii. fisrstrea.
Price 98.50
LUIvffiERMENS
ITS(3lgVWeTar
BROADWAY and OAK
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Gi E. MILLER & COMPANY
rORTLAitD SEATTLK. i 1
8EC0XD FXOOR VOKTHWESTERX BJLKX BLTKs.
MXTS 1S.
Series .
PROFIT SHARING
Number
STEADY WORK
WANTED
For Rainier, Ore.
SHAREHOLDERS
t Who Are
Sales, Sawmill, Veneer, Box, Trim or Toymen
PARTIAL PAYMENT PLAN
RAINIER MFC C
lie!
90S Chamber of Commerce
, Portlmd
9 A. M.-S P. M. Evenings, 7-9. Sundays, 2-5.
E. P. DUNBAR.
. Pros.
W. R. HAUGHEY, .
... ' - . Sec .
1 QOI sV UaaL S .f Ihs onsnnavaw'a essstt.- vslnms aeenriliM af aurjasdiaTW aUtgnDafljeS
amounted to over $408,000,000, whereas the total bonded debt, including: the present issue, aggregate teas man
$142,000,000. During the last ten years, $83,795,000 from revenue has been reinvested in physical pro party er
in Bell System securities.
For the last 12 years the net earnings of the New York Telephone Company have averaged over AM times
its interest charges. Inasmuch as the proceeds of this issue of bonds are to be used for future additions to prop
erty, net earnings should be materially increased.
The company has paid uninterrupted dividends at the rate of not le than 6 per annua sine 1896, and
for the past 11 years has paid dividends at the annual rate of 8. The eompaay. outstanding capital tock of
$166,000,000, which it is proposed to increase at an early date to approximately $216,000,000, is owned by the
American Telephone dc Telegraph Company.
The bonds are to be issued under a refunding mortgage dated October 1, 1921, covering all the real estate
telephone plant and appurtenances of the company in the State of New York, and also securities oi a book ralne of
about $100,000,000, including the controlling interest in stocks of the Bell Telephone companies operating in
Pennsylvania, Maryland, Virginia and the District of Colombia. On this property the bonds are subject to indebt
edness aggregating $67,416,515, of which $66,543,215 constitutes the company's first and general mortgage
4H bond issue, due in 1939, which is being steadily reduced by sinking fund payments. The refunding: mort
gage is to secure ratably with the bonds issuable thereunder (including the series "A" bonds), the outstanding
$23,929,100, thirty-year sinking fund 6 debenture bonds due in 1949. Additional bonds may be issued under
restrictions set forth in the mortgage.
The refunding mortgage provides for sinking fund payments to a trustee at the rate of $250,000 qstarterly,
beginning January 1, 1922, such payment to be used in purchasing series "A" bonds, if obtainable at not exceeding
102H and accrued interest.. Any portion of any quarterly installment which cannot be so applied is to be
credited on the next ensuing installment in reduction of the amount then payable.
The issue of the series "A" bonds has been authorised by the New York State Public Service Cotnnaiion.
THE ABOVE BONDS ARE OFFERED, SUBJECT TO ISSUE AS PLANNED, FOR SUBSCRIPTION
AT 97 AND INTEREST, TO YIELD OVER 6.25 PER CENT
Subscription books will be opened at the office of J. P. Morgan & Co. at 10 o'clock A. M., Tuesday,
November 15, 1921. The right is reserved to reject any and all applications, and also, in any case, to
award a smaller amount than applied for. The amount due on allotments will pe payable at the office of
J. P. Morgan & Co. in New York funds, the date of payment to be specified in the notices of allotment,
against delivery of temporary bonds, exchangeable for definitive bonds when received from the company.
J. P. MORGAN & CO. KUHN, LOEB & CO.
KIDDER, PEABODY & CO.
FIRST NATIONAL BANK, New York " NATIONAL CITY COMPANY, New York
BANKERS TRUST COMPANY, New York GUARANTY COMPANY OF NEW YORK
HARRIS TRUST & SAVINGS BANK LEE, HIGGINSON & CO.
As all of the above bonds have been sold, this advertisement appears as a matter of record only.
InnininnmnnnninuuniiuiiiiiniiunuiiiHiiunninniiiiiniinnniinniiimiSi