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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Nov. 16, 1921)
14 THE OREGON DAILY JOURNAL, PORTLAND, OREGON. WEDNESDAY, NOVEMBER 16. Ar:r,is limitation HITS 1R BASE ALSO OLD OREGON Washington. Not. It. (WASHING TON BUREAU OF THE JOURNAL) Ofiytnced by tha tenor of Japan and British repll ' to Awriw i propoasJa trttt limitation of natal conjunction U velt on the way to realisation, the effect of thla action on the country naral es Ub!lhmnt la belnf taken under con alderattan by mmbri of consres from (ha seaboard states. A movmnt to r'duce the number of navyyarda and to veto plana for Increase f lha nary" pkm on the Pacific coaat la belnf firmuUel by member! of the house. Battlewhlp scrapping plan, would end at once conatruction of the Montana, mw S7 oer cent compl'te, at the Mare Inland yard, two battleship at the New rfc vird. and two battle crulaera at tha Philadelphia yard. MAT "TOT ASTORIA BASF r-..f,iilv nrenared plana of the Helm rotnmlaalon and the McKean board for mora adequate provision for the navy In the raclflr will nan In the balance iti' lha all-lmporlant declalona of the .,... .rm miuc. Included In this proa-ram I thr proponed new navy baae at Alameda, fill., and the aubmarlne brum at Aetorla, Or., the only project of is iipim report upon which work haa -tuallv begun. Renator folndexter. acting head of the rat naval " affairs committee, was Mked a hat effect the Hughes program may ba ripwtpd to hava on eetabllah manta of the Pacific coast, partlc-ulaaly th facilities for battleships construction ....imntn that this program Is ulti- matelv adopted. "The effect would be much more con UWable. I Judire. at Mare Island, than at Bremerton." he replied. "No large stilDa have yet been built at Bremerton although we have bn getting ready for It. There would still be required a large establishment on Puget Sound, because there would remain a large fleet In the Pacific, and Bremerton Is the only navy ward In dees water on the coast with adequate flcillties for repair and fitting Bremerton also wouia do imeiy to Dene fit from abandonment of yards else where." "What about the proponed new naval baae at Alameda?" Mr. Polndexter was asked. "That will, of course, depend to large extent on what may he done at the con ference." he said. "We cannot yet tell what tha results will be." Tha Washington senator was asked t about pros pacta for committee action on I Ua next naral bill. "Tha last naval bill was net reported In tha boose, where k .originated, until February,' he responded. "I think It probable that it will not come up next year before that time and nrobably latter. SCKAP THE OLD OREGON Unleaa amended to provide that his toric obsolete ahlpe may be preserved the American proposal aa it stands Ls con strued to call for the scrapping of the battleship Oregon. It appears to be one of the old ships Included in the pro gram of destruction. Representative McArthur said today that he expects to take up this subject with the navy department to make sure as to whether the Oregon will have to go. He thinks that some arrangement may be made to exclude certain ships conceded to be valueless for offensive purposes which from historic considera tions may be desired as permanent me morials to patriotism. This, it is agreed. would have to be done under such safe guards as to prevent the preservation by subterfuge of vessels which might be come effective units In war emergency. Highway Caravan Stops in Cities Of Central Oregon Bend, Nov. 1. The' Dalles-California highway caravan s petit Monday night here, leaving Tuesday morning; for Klam ath Falls, picking up a party of 10, headed by Representative Overturf and Clyde McKay here. Monday they attended a commercial club luncheon at Prinevllle, 15D attending. The caravan will return Thursday night and be entertained here. On Its arrival here It was made up of cars from Spokane, Goldendale and The Dalles. Among the members were Rep resentative A. S. Roberts . of Wasco county, his son Elliott, and A. K. Crosby of The Dalles, Representative Herbert Egbert of Wasco and Hood River coun ties, former Representative W. C. Bol tor of Maupln, W. C. Staats of Maupin, Sidney B. Vincent of the state tourist bureau, and E. F. Vanacholck of The Dalles. Three Boys Stopped With Car and Funds As Story Doubted Roseburg:, Nov. 18. Three boys, who gave their names as Clayton and Clin ton Currie and Karton Hollenb&ch, driv ing an automobile were placed under arrest when passing through Roseburg Tuesday morning. They are suspected of having stolen the -car. and it ia thought also that they may be implicated in the bank robbery at Roy. Wash., late Monday. The stories they tell of their move ments for the past few days conflict, although they admit having driven all night before reaching Roseburg. None of the boys carried a . driver's license, and a truck license was used on the automobile they " were driving. The Currie brothers claim to come from Portland and gave their agea aa 21 and IS. Hollenbacb says he is 20 years old and lives at Canby. The Currie brothers stated that their father lives in Portland oii Yamhill street and that he gave them the car for a trip to California. The automobile con tained several articles they could not explain, and a lodge card belonging to Frederick Leo of Everett, Wash. When arrested here they were well supplied with money, having about $200 altogether. They will be held here until their movements for the past few days can be traced. " IMPROVED TRADE IS SHOWN IN 'EARLY STOCK : FLUCTUATIONS' RAILS TAKE JUMP IN 1 WALL STREET QUOTATIONS Furnished by Overbeck Cooke Co.. Board of Trade Building stocks I Hiab. 1 tow, i tea. STOCKS Want School Hall For Public Needs noseourg, iov. id An old con troversy was revived here Monday night, when a large delegation of citizens went before the school board asking the rt-ecindlng of an existing order prohib iting paid entertainment of entertain ments for an advertising purpose in the h gh school auditorium. Citizens ap pearing before the board asked that the right be given to use the auditorium for health crusade meetings. Red Cross, the bund and American Legion. A commit tee was appointed to meet with the board and work out a satisfactory bo lutlon. Budget Higher, but Property Value Up Freewater, Nov. 15. The city budget committee and city council have ar ranged a budget fqr Freewater. The committee comprise J. E. Haynie, H. D. Lamb, E. S. Rowe, J. C. Pritchett, J. A. Schmidt Jnd F." M. Evans. Total ex penses for running the city are esti mated at $12,975 with receipts of $3502. leaving $9473 to be raised by taxation, an increase over last year. Increased valuation is expected to prevent higher taxes. The valuation of Freewater prop erty last year was $337,000 and this year it will exceed $350,000. New York. Nov. 1. (0. P.) Rails were fea tared today daring the first few Borates of timdjjos on the New Tork stock exchange. Cen tral Railroad of New Jersey furnished the reej fireworks, opening at 222. up 28. A block of Delaware, Lackawanna and Western waa takes at the opening at 112, op 1. Equipment were leaden of the industrial list and Baldwin was up S at 95 K . Haskell A Barker made a new hieh for the year at W. Pullman waa nnehanced at 109. Seneca Copper made a new high for the year ax tsteels were iractionaily higber. Rails con fanned to lead the market right into tne second boar. Lackawanna sold close to 1 1 4 while bi blocks of Reading wen taken as high A sodden trxirt in eouiDmenta featured the fourth hoar. American Locomotive acted bet ter than Baldwin, although both stocks made new highs for the year. There seemed, to be pint? of Baldwin for sale, slightly above 96. and i u understood big blocks that, appeared at 96 Si and 96 S simply represented catching of stop loss orders that had been placed slightly above Che former high. It was another disastrous day for the bean on the New York Stock Exchange today. On a largely increased turnover, as compared with recent -market sessions, both rails and industrials had sharp advances. Among the features were Delaware and Reading, in the rail division, and General Electric, American Telephone, U. 8. Realty, Baldwin. American Locomotive. Haskell Barker, Pierce Oil. Mexican Petroleum, 6tnde baker and Corn Products, in the industrial and oil groups. In fart, several of these stocks made new high prices for the year. Ever since late last week, the professionals nave been putting out short lines on the theory that the steady advance in prices since late in Septembes. called for a severe reaction. But there were indications that the public had come into the market in much the same manner as it did during the earbr war period. Whether or not the public can run away with the market remains to be seen, but the proles- sional element is having a bad time playing it for a reaction. The market closed strong. SHORT (Furnished TERM SECURITIES by Clark. Kendal A Roseburg Citizens Form Rotary Club Roseburg, Nov. 16. A Rotary club was formed in Roseburg Monday night, 16 representative business men taking out charter memberships. H. S. Giles cf the Salem Rotary club gave a talk concerning the purpose of the club.. The following officers were elected : Dex ter Rice, president ; Robert Gile, vice president ; A. T. Lawrence, secretary treasurer ; Dr. A. C. Seely, Ray darks, A. A. Wilder, B. W. Bates and Dr. E. B. Stewart, directors. Choice Cuts and Others A few weeks ago a newspaper man visited one of the wholesale markets of Swift & Company. He wanted to see a retailer boy a loin of beef and then watch the retailer sell the por terhouse and sirloin steaks from it over his counter. He thought this would make a good story. - The head of the mar ket took the reporter into the "cooler" where he showed him a high class side of beef. With a wooden skewer he marked off the loin and said, "That would cost a retailer just 40 cents a pound, but it's only 8 per cent of the weight of the whole side. "This piece, (and he marked off about one fourth of the carcass) is the chuck and IH sell it at wholesale fcr 7 cents a pound. Please remember, this is one of ourbestsidesofbeef.We also have beef which sells for half as much. This wide variation in the price of various cuts from the same side of beef is caused largely by demand for the tender cuts. The others are, of course, just as wholesome. It seems as though more people fhan ever are demanding choicer cuts, and their demand sets the price. If few people ask for the f orequarter cuts, the price of forequarters will automatically drop to a figure low enough to induce people to buy because of cheapness. Even though certain cuts sell for relatively high prices, other cuts, due to lack of demand, sell so low that our profit from all sources over a period of five years averaged only a fraction of a cent a pound. It is competition between consumers for the choice cuts that keeps prices for those cuts relatively high; an equalizing demand for all parts of the carcass would benefit producer, packer, retailer and consumer. Our average wholesale selling price of all products has fallen about 40 per cent since September 1920. Swift & Company, U. S. A. t Street Mattel, SO OUavaa 8L, Cor. 4th 8 J. E. Forest, svUnagar Packing Plant, North Portlaad, Oregon, B. c, Dwxaall, Manager Packing Hooee Market, North Portland, Oregon, Q. K. Parkhd. Manager Am. Tel A Tel. 8s, October, 1922. Am. TeL Tel. 6s. February. 1924. Asn. TeL & TeL 6s, August. 1825. Armonr Conv. 7s, July. 1930. ...... Anaconda Cop. tts. January, 1929. Anaconda Cop. 7s, January, 1929. Belgian Uov. 6s, January. 1925... Beth. Steel . July. 1922 Beth. Steel 7s, July. 1923 Canadiin 5s. April, 1926 Canadian as. October. 1931... Cop. Kxp. Assoc 8s, February, Cop. Kxp. Assoc 8s, February Cop. Kxp. Assoc. 8s, February r V-n Aocyw tit VKmttT-V Cudahy Packing 7s, Jnly, 1925 Jap. First Ext. 4s, February. 1925.. Jap. Second July. 1925 HmitliwnAtm HfU TeL 7s ADril. 1925 . . Standard Oii ot New York 7s. Jan., 1931 107 . Swift A Co. 7s. October. 1925... 102 H U. S. Rubber 7s, lecember, 1923 100 U. S. Kubber 7 Vis. Ausust. 1930 103 1922. 1923 . 1924. 1925. Co.) Price. 99 . 9 . 104 . 102 99 . 95 Vs . S . 100 '4 . 100 . 95 . 94 V4 . 101 V . 102 . 102 . 103 . 100 . 85 . 85 100 FOREIGN B0XD MARKET (Furnished by Overbeck, Cooke Co.) Bid. Belgian rest 5s til Belgian prem 5s 67 Belgian 7Vs 1945 102 Beleian 8s 1941 104 V4 Belgian 6s 1925 95 H Brazil 8s (new) 102 British 5s 1922 398 British 5s 1922 399 Briush 5s 1927 891 British 5s 1929 390 British vky 4s BO I British ref 4s 278 Bordeaux 6s 1934 86 Canadian 5s 1937 90 Carsdian 5s 1926 95 Canadian 5s1929 86 H Canadian 5s 1931 , 94 Canadian 5s1927 89 Canadian 5s 1927 89 Chilean 8s 1941 101 Currency 7 Denmark 8s 1945 106 14 Dan. muni 8s 1945 105 French 4s 1917 45 Vi French 5s 1920 63 H. French 5s 1931 55 4 French 7s 1941 95 French 8s 1945 101 German W. L. 5s .2 Berlin 4s 3 Hamburg 4s 3 Hamburg 4s 3 I-cipoig 4s 3 Iieipsig 5s 4 Munich 4s a Vi Munich 5s 6 Frankfort 4s - 5 Italian 5s 1918 32 Jap 4s 1931 69 Vi Jap 1st 4 s 1925 84 Jap 2d 4s 1925 84 Norway 8s 1940 106 ft Kussian 5 V4 s 1921 13 Russian 5s 1926 3 Kussian 6s 1919 13 Swiss 5s 1929 94 Swiss Ss 1940 Ill U. K. 5s 1921 92 U. K. 5s 1922 99 U. K. 5s 1929 96 U. Jv. 5 s 1937 94 Ask. 64 70 103 104 96 103 408 409 401 400 311 288 86 91 97 95 91 91 101 9 106 106 46 64 56 96 101 '4 3 4 4 4 5 5 5 8 5 34 69 85 85 107 16 4 16 95 112 100 99 96 94 Adams Kxpreaa . . . . . Advance Rum . . . . , do pf d. ........ Agr. Chem. do pfd. Ajaz Bobber ....... Alaska Juneau Allied Chem. AJhs-Chalmers do rtd. Am. Beet Sugar Am. Bosch Am. Can Co do pfd Am. Car & Fdy. . . . Am. Cotton Oil Am. Dro. Synd . . . Am. Hide it Leather. do pfd. Am. Ice . . . .' Am. Intl. Corp. Am- Linseed .do pfd. Am Locomotive do pfd. Am. Saf. Razor Am. Ship & Comrc . Am. Smelter Am. Snuff Am. Steel Fdy Am. Sugar do pfd Am. Sumatra Am. TeL & Tel Am. Tobacco , do "B ' Am Wool , Am. W. P. pfd Anaconda , Atchison do pfd AtL Gulf & TV. I Baldwin Loco do pfd Balto A Ohio do pfd Beth Steel "B" . . . . B. R. T Butte C & Z P.utte Sc. Sup Burns Bros. ....... Caddo Oil Calif. Packing Calif. Pet do pfd Canadian Pac , Cen. Leather , Cerro de Pasco. ...... Chandler Motor , Chgo. & N. W Chicago, Great W. do pfd. Chili Cqp Chino C. M. A St. P. do pfd. Coca Cola C. A O Colorado Fuel & Iron. nClo. Southern Colo, fias &. Elec . . . Columbia Graph, . . . Cons. Gas Cons. iCgars do pfd oCntinental Can .. . . Corn Prods, do pfd Cosden Oil C. B. I. A P do "A" pfd. do "B" pfd Crucible do pfd Cuba Cane do pfd. Cuban Am. Sugar... DeL A Hudson Dome Mines DeL A Lack. Kndicott Johnson .... Erie do 1st pfd. do 2d pfd Famous Players Fed. Mining & Smelt do pfd. , Flsk Tire Gaston Wma Gen, Cigars Gen. Elec Gen. Motor Gen. Asphalt Goodrich Goodyear Granby Great Nor. Ore do pfd. Greene Cananea Gulf S. Steel Hask Barker Houston Oil Hupp. Motor Ills. Cent. Inspiration Int. Agr. Corp., com. do pfd. Interboro do pfd. Interstate Callahan . . Int. Harv Int. Merc. Marine... do pfd. .A 34 60 19 49"" 36 34 23 5 12 59 68 6 40 31 55 85 33 112 125 122. 44 82 97 8 5 13 70 43 116 32 82 47 12 26 23 37 3 56 4 2 63 3 50 33 58 17 4 " 35 28" ' 33 2S 5H 11 57 68 6 40 29 54 83 31 112 124 121 43 31 94 7 5 13 70 42 114 31 81 46 12 26 23 36 87 55 ii 62 V. 3 48 JfEW TORK BOXD MARKET Furnished by Overbeck A Cooke company. Bid. Ask. Baltimore A Ohio gold 4s ... . 79 79 Central Pacific 1st 4s 79, 79 St. Paul genl. 4s 64 64 Chicago N. TV. genl. 4s 78 79 U & S. uni. 4s 85 85 New Tork By. 5s , 25 Northern Pacific P. L. 4a . . . . 80 80 Union Pacific 1st 4 84 84 U. 8- Steel 5s 97 98 Union Pacific 1st ref. 5s 79 79 Southern Pacific coot. 5s 92 93 Southern Pacific conv. 4s 66 66 V, Penna. conv. 4s 0 90 Penna. 1st 4s 81 82 Chea. A Ohio conv. 5s 84 84 Ore. Short Line 4s 8 1 si Allied Packers 6s 49 51 Ann. Can 7s 86 89 im rvtctnn Oil 6s. 1924 95 96 Amn Tobacco 7s. 1823....... mi ivm Anaconda 7s. 1929 99 100 Anglo- Amn. Oil 7 s, 1925. . . 103 103 Srmon, 7a 1930 102 102 Cudahy Packing 7s, 1923 100 100 i:.t, KW. deb. 5s. 1952.... 93 ... Goodrich 7s. 1925 98 98 Kenneeott Cop. 7s, 1930 ... s 14 v. c... Jk F.lec 7s. 1925... 97 99 i..ifi. Frnit Exnress 7s..... 98 99 Un ftoebuck 7s. 1927 100 100 standard Oil CaL 7s. 1931... 105 105 IV. S. Steel 58 1951 96 99 Westinghouse 7s. 1931. f"; West Elec. 7s, 1925 103 103 34 32 80 68 65 32 32 80 68 63 49 12 39 33 60 19 4 48 S 81 28 34 31 87 138 23 5 12 58 8 38 38 60, 95 108 4 6 40 101 31 54 84 31 112 125 121 79 22 43 87 83 32 96 !103 37 51 56 7 5 15 111 13 70 42 80 116 32 32 46 6S 6 16 12 26 23 37 37 55 24 42 62 3 91 O 57 46 89 10M 34 32 80 6 65 88 8 IS 14 S. M. 8 7 18 17 14 13 108 108,108 20 I 18 18 113illljll2 75 74 75 12 12 12 18 17! 17 112 68 7 29 10 60 134 135 1 1 11 62 64 32 32 10 25 2S 32 32 73 7H 24 39 30 77 7R 79 7!) 10 1(1; 96 36 37 8 9 39 40 1 5 6 6 76 77 11 11 50 53 137 11 64 30 '2 33 74 39 79 79 11 37 41 78 12 54 Int Nickel Int. Paper do pfd. . Invincible Oil Island Oil Jewel Tea, do pfd. Keliy-Springfieki Ke&necoct Keystone Tire . . . Lack, Steel . . . . Tire Lrhigh Vallej ... Ijjrillard ! Theatres . . L 4b N Marland Oil Mex. Pet. Miami Middle States Oil Mid rale Steel . . . M. K. & T . . . . d pfd. Mont. Power t . , Mont Ward Mo. Pac! do pfd. .... M. St P. A 8. Nr. Am. . . . Nat Enamel . . Nat Lead . . . Nevada Con. New Haven Norfolk A W Nor. Pmc X. T. Air Brake N. T. Central Okla. Prod.. Bef Ontario A TV Pacific Dev Pac. Gas A Elect Punta AUegre Pacific Oil Pan-Amn. Pet do B Penna. Peoples Gas Pere Marquette Pure Oil Phillips Pete Pierce Arrow Pierce Xhl Pitta. Coal PiKs. A W. Va do pfd. Pressed Steel Car Ray Cons. Reading Remington Replogle Steel Republic Iron A Steel. . do pfd. Rep. Motors Royal Dutch Oil Ry. Sieel Spgs Rears Roebuck Shattnck. Aria. Shell T. & T Sinclair Stand. Oil Calif Sloss Shef Southern Pacific Southern Railway . . . . do pfd St L. A 8. F Stromberg Carb , Studebaker Swift A Co Tenn. Cnp. A Chem... Texas Oil Texas Pacific . Texas Pacific C Tob. Product" Tran Cont. Oil Union Oil Del Union Pacific United Alloy . United Drug United Food Prod... United Fruit United Retail Store. U. S. Ind. Alcohol . . . U. S. Kpb do 1 t pfd C. S. Smelting , U. S. Steel do pfd Utah Copper Va Chem. do pfd Vanadium Steel ...... TVahaah do A pfd do B pfd Wells Fartio ........ Western Pac do pfd Western Union Westinghse E A MaV . West Md . , White Motors W lUys-Oterland do pfd Wilson Packing Wisconsin Central . . . Woolworth Worthington Pump . . . W . A L E White Oii Money IffiAJlew. Bid. 14 13 13 5 54 55 95 10 10 S 2 S 24 54 24 53 51 51 43 41 41 24 23 23 19 9 10 43 41 42 28 27 I 27 57 55 56 145 144143 I 15 1109 1 SO 115 Ill!lt4 13 14 i' 3 16 IB 43 12 36 13 7 79 58 's 20 8 63 28 45 51 47 35 33 19 36 14 9 60 62 14 72 25 50 47 !4 25 14 i 14 1 25 t HI 1 H 3 8 I 53 15 1 18l 18 A O. 43 41 ' ' 35 is" 96 78 56 3 19 8 62 28 44 49 46 35 55 19 34 'is 7 59 61 13 71 23 49 46 BUSINESS REVIVAL DEEMED CERTAIN Stock Ibpics : : 1 MARKET! BMoUa eaded tfcarna, 37 I 36 24 2.1 91 I 88 79" ' y. 19 18 44 44 22 21 I 82 31 77 73 ' 9 " 9 46 45 23 22 31 29 60 60 9 8 I 22 21 !l24 123 26 25 77 75 118 i ii 52 51 i'56 48 I 91 90 33 82 83 82 112 112 57 55 83 31 I 77 74 I 32 31 7 7 I 21 20 47 38 6 28 42 is 4 47 37 6 S7 42 ii'" 4 Total sales stocks, 780.000. 43 67 42 3 81 13 13 7 78 58 73 3 19 8 62 28 45 51 47 33 55 19 S6 32 14 9 AO 24 78 61 14 71 24 rid 84 7 47 90 67 37 23 89 39 7 18 44 H 32 77 97 9 46 23 30 59 8 123 26 74 12 117 52 43 50 91 82 83 112 56 83 77 31 7 20 13 f 4 20 5 7 88 47 8 38 6 28 28 25 123 42 8 13 4 By s. . MMtaa Special CorrwvoadeBt of Tb Joorwal ducat Nov. 1 6. Rusinms men hare have abaadoaed tha prediction, carried ia stork so kmc that bewaeaa will be wwrae baforw it better. Now they are simpty dncuadac bow lone it win be until basines activity reaches a satisfactory point. The progress ta that di rection, the feel, will no be even in all Unes. nor will the maximum Improvement be I suddenly attained, but all teel that cnmplrt revival ia eertaia. There no longer is fear here ef farther rwiae tion in prices. Careful buying, which ia still the rule, has prevented tha accumulation ef high nriced .eooda. That buying has been done at price which Trnit a profit The credit situa tion ia remarkably good and many henaa are entirety out of debt t the federal reserve bank. Money rates are kwer. our nav hh iiubi 10 ccrrespood to the lowered reserve bank ratm. The latter reflect tne preeenee 01 w morr man ample gold supplies rather than a particularly small demand for commercial fund. One of the most esconraging lectors in to situation is the decision ot tne western raiiroaos to place orders for much needsa equipment. RETAIL. TRADK MT8 ICTT D By I. V. ahartwevi 8 penal Correspondent of The Journal New Orleans. Nov. 16. The knug Indian summer in this section bs traded greatly te restrict retail trade. Many people have post poned buying seasonal merchandise, and dealers in men's clothing women's wearing sitiarel snd millinery have suffered severely. Sales see run ning from 15 to 20 per cent under the business done last year ta those lines and no material im provement is looked for until tb thermometer drops Wholesalers claim they also have been affected to some extent by the weather, but declare they have been injured to a greater extent by th slowness with which agricultural product are moving. Unwillingness of cotton producers ta sccept prices offered since the decline in the spec ulatrve market is restricting business over a large area. Another large section is being af fected by th sow price for sugar which is selling far under the cost of production, and tb fall in the pnee of rice and th lasrning of demand for that product is curtailing sales ia suil another district Collections are' slowing up all ovr this terri tory. No decided Improvement is snortpaiM until agricultural product ar again moving freely and at mors satisfactory prices. Intern tioaal Nickel ia stx September JO, reports deficit after federal hi and preferred dindrnd of M.lSt o or II II coaunou stark mm period l;a. Twenty industrials 7ft0. up .30. . Ttw. Michigan Rurar roswany erred Warn oa both th rvaa ferred dividrmds due December 1 ber IS. directors d oa snu) Pra sad Dacesfs- The Panhandle Producing and Refining ena Fny tor th. quarter ended rVpt,brr 30 euraed s cents pr shar on it cuanmou stork. Asaeriraa Hide and Leather earnings s far have not been si all wnutsetory. but buyer of th stork are minting on stady rwssrot ta lh leather industry rv Tort Herald. PACIFIC COAST BATiK MATEME5T Pwlianu Bank . Thl Monday, clearing., t 6.613. 766 Mondays balances.. 949 37 Tueiay. einanng.. V.IT9 612 Tor May. balances.. I 111 W'rdnesday. clearing 6 261 119 Wednesday, balances 1.211.933 Twr 851 5 141 1 TTa.110 1.7 1 l 4SJ 6.27.M 1.07. ta utU Banks Teartngs. TVsdneoday .... Balancea, Wedae-dvv . . Taeema Banks Clearings. Wednesday Balance WedneMlar apokaew Basks Oaring. WediMwday alaaces, Wedimdav . . Ban rrancJsoa Banks Clearings. Wednmiay Oat tan Banks Clearings. Wednesday Las aiissl Banks Clearings. Wednesday t S. MO 034 S6.973 S 57. 33 .5 I 2.219. 7 9T0.61S 326. 60. 004 I 2.178.0O0 118.147. Sl Moaer aad Exrhaar New Tork. No 16 I L N S 1 TaU tnoiww on the floor of th New Tork mlnck each today ruled at 4 Per t high 4 per cent, t"" 4 H per cent Time mnnry was a aw Rates wrr SrS percent Th market for prim mercantile naoer waa ui Ca asoney in Leodoa today was 3 nmt, Strrung exrbange was strong. ith buanras ia banker- bill at 400 for demand. LABOR SITUATION IMPROVINa By 'rank D. Metal n RiwU ComsDondf-nt of Tb Journal Philadelphia. Nov. 16. Busineas conditions here show little change from last week, but what change is apparent is for th better. Retail trad is more brisk. Retail tobaccoanisu are showing increased enterprise and push in advertising and in display of good and ar reaping a big reward. Department store are encouraging early holiday purchases by making bills for goods bought now payable in January. A substantial lift ta the building industry has been given by th Methodist church, which is planning four building operations which will require the expenditure of 1 1,600.000 or nor. Work will begin on several of the project at the same time. Th number of small dwelling bouses being built is increasing steadily. b.ut rents continue to remain very high. Th labor situation is showing derided im provement In the last few months th Cham ber of Commerce has aided ta settle nin strikes. Strong effort still 9 being mads to indue men of the building trades to accept wages and hours which will b satisfactory to th builders. Manufacturers and wholesalers of hardware report a decided increase in demand. GROWERS SUFFER F ROM BAD SHIPPING STEEL PLANT TO BE DISMANTLED STANDARD Oil STOCKS Furnished by Overbeck A Cooke company. Board of Trade bmKnng: Anglo . . . , H Cheesebrougn . do pfd. Eureka Galena, c Galena Old, pfd Galena New. pfd. Illinois Pipe Indina Pipe Ohio Oil Penn. Mex Oil South Pepn. 9. O. Cahform 8. . Indiana S. O. .Kansas S, O. Kentucky S. O. New York S. O. Ohio S. O. New Jersey 8. 0. Nebraska Bid. Asked. 19 20 155 165 98 11 86 90 49 50 98 102 96 100 170 175 93 96 293 298 24 27 92 95 235 240 89 88 88 575 585 430 440 270 273 405 415 171 ISO 190 LIBERTY BOXD SALES Reported by Overbeck A Cook Co. : High. Low. Liberty. 3s 9540 9514 liberty, 1st 4s Liberty. 2d 4s 9436 9414 liberty, 1st 4s 946 8430 liberty. 2d 4S 94SS 9420 liberty. 3d 4 s 9448 9618 Liberty. 4fh 4s 9474 Victory. 4 9874 Victory. 3 874 8440 9968 9968 Close. 8520 8444 9430 94 52 94 54 9640 9466 9970 8870 Walla Walla, Wash., Nov. 16. "The aggre gate loss to growers of the Northwest can prob ably not be computed, but it is safe to say that Washington and Oregon lost this year a million dollars through disorderly shipments." Thus did W. B. Armstrong of Spokane, presi dent of the Washington state farm bureau, pass judgment on the marketing system prevailing in tire United States, with particular reference to be sale of perishables in the Pacific Norhtwest states in an interview given Monday ju&t before leaving for Atlanta, Ga, to attend the national convention of farm bureaus. Armstrong, who has had conferences along economic lines with Herbert Hoover, secretary of commerce, and Carl V. Vroomaa. noted econo mist, declared that, "of all economic readjust ments needed in this country none can be re garded as more important than the one which affects the daily .food of the people. When we realize," said he, "the distressing look of the operation of demand and supply in the distri bution of raw foodstuffs, we will begin to see hat readjustment is an urgent necessity and the present method a running sore in our national life. A study of the means of correcting it will widen the view of the matter to its true national importance and divert the entire . subject of any chance for preconceived notions of really benefit ting the farmer alone. "In the perishable food trade, demand and supply hare very little knowledge of each other. Conditions are so bad that the unreasoning cry, 'eliminate the middleman.' is to me no more unreasonable than the state of affairs which is of itself eliminating the middleman, for it doesn't seem possible that a legitimate dealer can con tinue. The trade must, if unregulated, fall entirely into the hands of those whose first ihd only law is that of self preservation. "A few example will show how large opera tions bar been carried on with no knowledge of condition. Last fsll a half dozen shippers of this region with no knoweldge of the relation of demand and supply in the southwest, but act ing solely on "hunches" succeeded in tjeing up about 90 cars of John than apples at Fort Wcrth, Texas, resulting in a loss of certainly not less than $100,000 to growers in this region. "At about the same time Kansas City. Pitts burg and other large ccnlers of distribution were also overstocked in the same disorderly manner. "The aggregate loss to Pacific Northwest grow ers can probably not be computed, but it is safe to say that Washington and Oregon lost a million dollars through these disorderly shipments. "To my personal knowledge large section of niicoia, Iowa and other middl atates were al most entirely unsupplied, and I am firm in my belief that there was no surplus had all been property distributed." Armstrong believes that the plan of protecting Docn tne dealer ana snipper against pnee-fix- lng. wtucn will be discussed at the national con vection of farm bureaus at Atlanta, will receive the attention of all of the larger distribution growers, organizations snd others acting with a committee composed of 21 farm bureau mem bers to th end that, when all details are worked out, the plan win have the indorsement of the entire agricultural industry through th farm bureau, the support of the perishable food trad and the force of pub he opinion. Philadelphia. Nor. 16. The Philadelphia and Camden ferry has awarded eoctnota for two steel ferryboats for the Philadelphia-Camden service to the Sun Shipbuilding company The boats will go into service next summer. NEW INCORPORATIONS Kew La ruber Speelfieavtioa Spokane. Wash.. Nov. 16. Adoption of a new sise specification requiring lumber which is sur faced on four sides to be cut three eighths of an inch scant instead of one-half inch under present rulings, was made by members of the Western Pine Manufacturing association in a meeting held today. The sew rule will be ef fective January 1, 1922. I ar ForUami Vaa Goa to'WeiatcJi're Wenatehee. Wash . Not. 1$. L. Arnett ef Portland, brother of A. J. Arnett and Mrs. E- J. Reasor of this city, arrived here from Portland Saturday. He came to Wenatehee three weeks ago on a visit and Mked the place as well he decided to return and go vnto business here. He not read? a yet to announce wnat his plans FOREIGN EXCHANGE J&TES Corrected daily by the foreign exchange depart ment of the United States National bank. Quo tations below (except the pound sterling) an quoted on the basis of 100 units foreign cur rency. Opening nominal rates on bank transac tions: Draft Cable Par Checks. Transfers. Talus. London Lbs. sterling. $ 3.97 Paris Francs. Berlin Marks.. Genoa Lire. . Athens Drachmas . Copenhagen Kroner Chnsriani Kroner Stockholm Kroner Hongkong Currency Shangba Taeis . .. 7.2: .39 4.17 4.20 18 10 14.05 23.15 53.75 47.85 75.80 t 3 97 7.23 .39 4.18 4.23 18.25 14.10 23.20 54.00 48.10 76.10 $4,866 19.30 23.81 19.30 19J0 18.30 26.70 26.70 Sharon. Pa.. Nov. 16. Orders hare been received here to prepare to difmsntle the steel works department of the Carnegie Steel com pany's plant. This was built in 1896 and turned out approximately 150.000 tons of in gots rolled into shells and tin bars, angles and skelpts. About 7000 men were employed. ine oiast lurnace ot we company will re main. FRCIT San Francisco. Nov. 16. The total prune crop or cauxorma this year is estimated at 95.000 tons, about the same a that ot last season. The market is barely steady. The raisin yield, despite the (rust and some rain. is Bwimiira at lzo.'iiru tons. CLOTHING Chicago, Nov. 16. Salesmen returning from trips through the Middle West declare tliat orders for spring buhinen have been fairly satisfactory so fsr. although they declare prices nave small margin ot profit to tne manufac turer. COAL AND COKK Union town, Pa.. Nov. 16,. A local broker representing coke interest is negotiating for tne enure output of a West Virginia mine. timated at about 10.000 tons a month, for the next five months, st a price said to be in the neighborhood of SI. 85 a ten at the mine. BRKAD Rochester. Minn.. Nov. 16. Bakers here hav announced a reduction of 1 cent a loaf for bread. This makes th price for the Urge j loaf 13 eents. The one-pound loaf is selling in the Twin Cities at 6 ctnts, the lowest price reached in eight years. r LOUR I Minneapolis, Nov. 1 6. Floor prines are the lowwt they nave been in five years. Loral mills are quoting family patent at (6.80 and S7. and millers report business exceedingly dnU. Retailers had stocked up in anticipation of a possible railroad strike and therefore were not in the market. GLASS Pitfiburg, Nov. 16. The ghuw industry in this section ha picked up materially, due to seasonal demand, but is not yt within reach ing distance of 50 per cent of eapacit' output MEATS Chicago. Nov. 16. Shipments of" fresh and cured meats from this market throughout the country have increased decidedly tn th laxt week or 10 days, but are still 10 mew hat under tnoee lor tne eorrepoTKfcng period of last year. KNIT GOODS Philadelphia. Nov. 16. The knitting mills manufacturing hosiery' snd underwear are still behind on orders, although production is speed ing up Underwear orders for spring it in creasing and fall underwear is telling freely, while knitted outer wr trad is active. 8 TEEL Wilmington. Del.. Nov. 16. The enutreenrv fleet orjrpoTaUor has begun the disposal of 1500.000 worth of steel, iron, lumber and fit ting now located at the Pusey A Jones ship yard at Gloucester City. Morn other mate rial bought by the government for use on ships the contracts for which were canceled with the conclusion of the war remains to be gathered up and disposed of. WHEAT AmariHo, Texas. Nov 6. Much of the Texas winter wheat will have to be replanted. Dry warm days followed th first aaeding, end a a result tbe grain sproutetl and is dymg. , Replanting will not begin until the rain fall. iw mt-ixw m yuwuui wjv nig SS IBM year. BEANS Saa Fraaeisoo. Nov. 16. TH bean crop will run weil below that of last year in this state becaap) of redaoed acTtat. The yield per acre thai stsson also is smaller. PAPER Bangor. Mains. Nor. 16. Wood pulp has been advanced from 4 to S eeots a pound by the Eastern Manufacturing entapuny. the Brown company and other large pulp ssanufac Salem. Nor. 1 6. The Western Irrigation company, an Ohio corporation, capitalised at $87,500. was granted permission by Corporation Commissioner Uandley. Tuevlay. to operate in Oregon. K. B. Swayae of Hermiaton. Umatilla county, is named as attorney in fact for the company in this state. Articles of incorporation were filed with th corporation depananent Tuesday a follows: Western Roofing at Supply company. Port lsnd: 320.000; C. B. King. A. 1-. King and Bartiett Coie. Th K.-F. company. Prinerille: $5000: W. F. King. Barman T. Fleming and Kdith King Fleming. The Dalle. C lea nine A Tailoring company. The Dalies; $5000; Henry W. Scberrer, K. J. McMahon and John O'Brien. Olympia, Wash.. Nov. 16. Articles of in co mo ration were filed with the secretary of state oa Tuesday by the fallowing companies: Best Ixx-k company. Seattle: capital stork $5,000,000; incorporator. Prank K. Bot Wil liam 8. Barrow and Linton P. Bennett. Nprth Star Canning company, Anaeortes; capital stock $15,000: incorporators. Lewis K. Phillips snd W. H. A n-hib Id Incorporations filed on Monday Included tbe following; Chicago Clothing company. Tskima. capital stock $30,000; incorporators. Nsthan Applr baum, Sidney Neumann and Charles G. Neu mann. Gold Ridge Mining A Milling company. Everett: capital stock, $100,000; incorporators. E. C. Baker. John H. Former and J. C. Norton. Pacific International company, Seattle; capi tal stock. $1500; merchandising and ship brok erage business; inenrporators William F- Hdw ard, Charles F. Riddell and Samuel M. Brackrtt. Lindntrom Mill company. FairmouDt; capital stock. $5000; incorporators, C A. LirxUtrom, Ida C. Lindstrom snd Freda C. Johnson. Discount Company of Centralis. Centralia: capital stock. $ - JOO : to dispose of real estate, personal property, etc ; incorporators. K. R. Fitzgerald and TV. N. Real. . Harris A Easter Meat company. Auburn ; capital stock. $5000: T. T. Hams, W. E. Easter, Susie M. Easter and Lulu M. Harris. Canadian dollar discount, 9 per cent. Amity Meat Market Claire Haad Amity. Qr.. Sot. 16. The Amity Meat Market, ef which H. E- Hintseu of Bneridau waa proprietor, changed hands this week. Mr. Hintzea selling out to A. W. Nrwby of this city, who took charge immediately. X 4J Yield with a call proviso that may pay you a premium of $14320 per $1000 bond. A $4,000,000 Issue of 8 10-Year Closed First Mortgage Gold Bonds of tb $15,000,000 Charcoal Iron Company world's largest pro ducer . of charcoal iron, wood alcohol and acetate of lime. Oregon Municipals State of Oregon 5 Vis Due l!H0- Lincoln County 6s Due isrs-ji Wheeler County 6s Due 1!J Coos County 6s Iue 1323 Clackamas S. D. No. 106 6s Due 1327 Polk S. D. No. 66 6s Due 1337-39 City of Salem 6s Due 1931 City of The Dalles 6s Due 1S31-41 City of Cottage Grove 6s Due 191 City of Grants Pass 6s Due 1931' City of Newberg 6s Due 1M1 City of Enterprise 6s Due 1939 Port of Astoria 6s Due 1930 Price aad Prarrlptlv Clrralar of Aay Issa Famished Vpea beqeest Wire Isqilrlfs Collrrt Ralph Schneeloch Cq laTJIUCBvU AMD O0RPORATIW rOOOsTX UBCBaiia BUHOMS A Growing Bank Balance is the best $ign of a healthy financial condition. This is a good bank to get acquainted with make it 'your depositary. H0URS-8 A.M TO 530PM SATURDAYS-8AM TO 8 PM. Price9&H Yield 8 LUMBERMENs BroA&wwj and Oak I must sell a block 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. J Stocks. BoastJa Cottom, Crakv Eta. Slt-317 Boarsl el TrasU Eauktlag Overbeck&CookeCo. DIRECT PRIVATE WIRES TO ALL EXCHANGES Mean bars Cakeag Boars at Trass CsTTwaaoaSeau af Laaaa. a Brjaa . . Calcac w lata I