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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Jan. 8, 1922)
THE OREGON SUNDAY JOURNAL, PORTLAND, SUNDAY MORNING, JANUARY 8, 1S22. YEAR Edited by WQ1 F.. Hessian EECTRIC RAILWAY 10 EMS ON TO BE BUSINESS SLOGAN Many Firms to Depend on Com binations to Meet Competition in Certain Territory. tasra ara NEW CASHIER NAMED I FOR MARSHFIELD BANK v Jaci Narto mmmlat of Tha Journal. Hew T. )u. T. Baviivem baa UfMd that war of kUiinc a eat tnaa, chok It wtta patter. Two taathod of duooain mt tomm of tlM trouble that haras basina i aw will W taruach aoaanUdatkoo and dUfouua . . at arndacttoa and thoaa nvstbods will be a " , , tavrf awd durina; tha euaiax Tear. ThiaJ aa af t,3 will be ana of nrarawrs, Bmlma '. . aMfiatcbaa mamd within tha hut 24 boon t UrUrwf aamataab that aaaav of thaia ara wall , . oa taa way to oraplttioa. aoaaolMatkjw aad npamioos ara based pnnripia of reduction of aosta la over- kad, ir pnidoctloa, and to distribution, aa a a of, bmUik rotnptltioa and a lower level of ansa. I'wacarn with aatioaal awrhcta ara at wmttlna for rvxlortlna ia treichl rates Bur ara ta jrwMia tha tii to compvlitun mora" , adraataaaooaUr plaead, OOMtOLIOATION PLANNED Thry ara arranctnf to put tnnaMlvea oa an " aaaal foounc throusb, euaaoadatton with other aiHapaaiaa ad)aoant to tliaaa fie id by the erec f Uot of plant in widely separated aactiooa, whicb til btwdooa baa raaulta. -Tbaaa tendeaeiea ara aspaciallr prominent In i tha troa and staal mdustrkr. The Jooo V , Laatbils euaapaar, one of the laraaat ande paailimU. la prrvarmi la erect a plant at Ham aaoad, lad., to Beet competition in the Chicaco . davtrssv, aad will operate a fleet of river craft a equalise freight ratea to Southern market. Taaaaatgwa ladepeodente ara working on a eom btnaUua which will aiv them ptanta tn field tar raaaeved (rue their praaant kn-aUnn. ' TNI NO TO NiaULATION The teaeral trend toward regulaiina la scarce ly lees aoticeable la other lines. Strong banks aad baslaim aoaaea ara absorbinc concerns of li ' n MabUiti not to sufie com petition, but to Broad eueasaerriaJ disasters detrimental to bust aesa as a wools. The day of widespread bank (allures la fast passins. for ax- nas sbowa that such auruptiuu ot ooafldenre are only si ghtly less detn- aaaataj to Uwa alio waalhar lite storm than to those who go under. Throne boot the eoantry. therefore, holding awpaaiss ara being formed to take over sound aa Boa-liquid aaaata of aonrern to doubtful oattloaa, paying such concerua tha cash and asaaaglng tha aeseta anUI they can be realised vna advaataawjualy. This at relia'ing bank aad basin houses of burdens winch, while o( adoabted value, would hamper them at rrerj etes toward bus la sea rehabiliUlioa. Companies apanuac shaia atoraa are axpanding and sums are aaworotag sanllsr cuooeras la whole or ' '' lit -3 J f : Bwrtewaa f ' t tt-itligggggig MARSHFIELD BANK NOW A NATIONAL Scandinavian-American Takes Ou Federal Charter; Changes Name to Coos Bay National. LOWIN MINT PNIOIOTCO ' Tltal assisUaee'ta cutting Individual and com snemiej overhead Is euming through widespread tavtval ka buildiag openstMina. which give assur ance af tha reduetloa of hwh renta. ooe of the ahsef averhead lUraa. Hotels In buying centers ara rawoed with buyers fur retail establishments aad while aiaay of these ara looking for good n aaaual "sales" the spring lines are attracting aware aad asore attention ' Tha eoal situation, whirh has beea one of the dark spot of th business firmament for anal li. b shuwtng decided improvement. Prices ara no sipected to advance, but costs of pro awrtiiia. rt I (.It. wNI be effectivelv reduced. Isavelnpment of new will fields and the bringing a f aew wrlla give promise of Increased oil product Mia throughout the year. LUMIID OtMaNO BOOD I a as her demand la many srrttans is fully enwal to product ton, and in some eaxe exceeds, fnaaa ara steady, and activity on Ihe increase. Tha market for wool Is very stroitg and the fasdastry has been stabilised both with regard to price for manufactured goods and respect r ta wages foe test lie worker. Crop raditioas are brighter now than tliey were at Ihla time last yar, and the situation af t He farmer Is gradually assuming a more cheerful aspect. Better financing of crops eaems practically assured for the coming crop sea aoaa. The steady diminution o( tha storks of oapar la the country has led mine owner tu . bsepare tor rwmitlon f prodncthm, and nearly half tha aormai force employed in the Michigan pear country are now at work preparing tha ' revert lee for active uperatmo. Automobile . maaafaetarera are adding to thru pay rolls as a , muse toward caiiarity production, and tire com paalaa ara following similar tactic to keep pace with demand. B mm ess TOPIC OF REVIEW Markets Respond With Vigor to Easier Money Conditions in Second Half of Last Year. Mi Ftarr jay TOPI BUSINESS' Tha United States baa, during tha past year, goo through tha moat drastic period of Uqinda) tkm and readjustment in tha history of tha country. That wa have com thremgh it ao imr.mifnlly can be largely attrisvoted to the eristaic of tha federal iuaua banking aystcm. Tha ratio of total teatrrea to set deposit aad not habiHtiea combined of tha federal leaoriaTX ayatem advanced gradually from 42 per cent ia I at the end of tha year. This inrtwitca a strong hen sing position with which to start tha i afarshfield. Or.. Jan. 7. The Scandinavian American Hank of uanntield nas been con verted iuto a national bask and has opened for buftineta under a new name. Cooe Bay National Bank of Marjhfielcl. The capital stock has been increased to 130,000 and tha new bank baa a surplus of 10.000 and total of mora than $400,000. Th officers who wrved under th old or g--f nation will be the same in the new bank. They are: lreaidcnt. R. F. Williams; cashier Rridar Bugge; aswtant caxhier. Joe F. Win- lama; directors, IL F. Williams L. A. LiljeqviKt o' i-oruana. Ueorz t. Cook and James T. Brand Canhier Bugge organised the Scandinarian American bank in MaTAhfield originally and much of the aucceiw of the institution was due to hi efforts. Ha was employed in several o the huge hanks of Kunpe and before com ing to MtrshficM was foreign exchange teller in the First National bank at Partland. He is regarded a a 'emiiervative and Droeressive banker oi wtia experience. R. F. William., the president, is one of the pioneers in the banking bimnem in this section of the state. For more than 30 years he was connected with the old Flanagan & Bennett 20,057 Mortgage Loans Completed ByU.S.LandBank V Chairman aad Federal Reserve Agent Federal Reserve Bank of New Tork. The security mark eta of 1921 may be divided roughly into two distinct periods. During the first hall of the year both stock and bond mar- keta were dull and generally depressed aa a re sult oi toe scarcity of lands, tailing commodity price and uncertainty regarding business condi tion.' In the second half of the year both markets responded with vigor to easier money conditions, a somewhat, more stable price level and improving business activity in lines. The reaction of the stock and bond market to credit and business conditions was governed in considerable degree by a marked tendency for funds to flow into investment rather than into speculative issued. During, the early part of the year this tendency bad the effect of pre venting bond prices from showing the weakness which tha stock market evidenced. Whereas tb stocks broke sharply in May and June to new low levels for the year, bonds on the aver age held substantially above the low points which naa Been reached in May and liecembor of 1B20. TRADINQ IS HEAVY The effect in the tall of tha year was to came a demand for bonds, which in late October and November resulted in the heaviest trading since laui. and a rapid rue in price that brought corporation bond averages to the highest levels since 1919, and moat of the Liberty issue to the highest since 1918. Victory notes sold over par for the first time, with the exception of a lew transactions shortly after their tssoa in 1919. . The naa in stocks, on the other hand, waa accompanied by a much smaller volume of trading than in the active periods of recent years, and average prices in December were alightly under previous high Quotation for 1921 and substantially lower than prevailing prices in 1'J0. The market for new security issues responded even more rigorously than the stock and bond markets to changing credit conditions. In the early months of the year sales were limited by the capacity of the market to absorb new offer ings and Uie market was frequently congested. Towards the middle of the year the volume of offerings decreased aa borrower satisfied their most pressing requirements, bat with the advent of tower interest rates in the later months those who had been able to postpone financing came into the market. Although the resulting vol ume of financing was large,' practically ail issues were readily absorbed and the most desirable were heavily oversubscribed. An unusually broad market was indicated by large numbers of small subscribers to many of the issues of well known companies. VOLUME INCREASE. The total volume of issues of all classes for the first eleven months of the year was some what larger than in 1920. A reduced amount of corporation securities was offset by a larger volume of state and municipal bonds issued to pay lor soldiers Donuses or construction projects, rarm loan bonds and foreign issues. The yield basia upon which new securities were orrerea declined rapidly in the later months. In December prime long-term railroad bonds were being sold on a b to a ft per cent basis. compared with 7 per cent in 1930. and public utility and industrial bonds of the better grade were offered at about a per cent, compared with 7 to i per cent a year ago. In the state and municipal market, where yields reached their highest level about August and September, 1921, the decline was particularly rapid so that in in jjecemoer ew xorx city could dispose ot $55,000,000 50-year 4 H per cent corporate stock on about a 4.35 per cent basis. This was reoffend to investors to yield about 4 H per Dividend and interest disburseanenta for De cember totaled almost S323.000.00O, compared with S248.000.000 the month before and $327,000,000 a year ago. Dividends amounted to S64.0O0.000. compared with $27,000,000 a year ago, and interest payments amounted to $259,000,000, compared with S2o0.0V0.00U a year ago. Honey in circolatkm December 1. 1921, to taled S5.677.OOO.0OO compared with $5,731 O00.0OO a month before and $6,363,000,000 com oared with the corresponding period of 1920, """g the circulation per capita $52.19, com pared with $52-75 a month before and $59.41 year ago. "We have gone through the worst," says Emory Olmstead, president of the Northwester National bank. "The strongest sign of better times is the improvement m the lumber business. Good lumber business means good business for us." W. I Thompson, rice-president of the First National bank, has anceeeded Elliot R. Corbetx, vice-president of the same institution, as member of the local committee of the War Finance corporation. Gecrge H. Durham, formerly president of the old Merchants National bank, now a resident of Grants Pass, waa a Portland visitor last week. T. G. Montgomery, president of the Citizens' National bank of Baker City, has been in the city several days transacting business in con nection with his bank. E. H. Rollins A Sons, investment bankers, have moved from the Couch building to the Lewis bouding. Bradstreet reports 550 failures in the United States last week against 448 the week before and against 422 the enrresponding week of 1921 BML01SDIP ATSMrMlSCO Business Conditions, However, Are on a Better Basts Than for Some Time Past MERGERS ARE NOW OROER OF THE DAY Companies Consolidating to Meet Higher Freight Rates and the Zoning System. bank in ManhMcld before being made president cent, snd some other municipals were offered of the 8rndinarian-American bank. Joe Will- t even lower yields. An offering of $30t000. li.' i ,nrm"y WILh Flnagan & 000 Danish government bonds at 6 4 percent. , Th Federal IajmI bank of Spokane fully con Bfcteat, durtna the month of Iierember. 4 39 first Burtaae Iran In sum aaavetrstina tl.vHl.S00, whack aaasa a tutal of 1(0.05 J mortgage loans atiuletod by tt to Iierember 31. 19JI. In the astal amount of $35.3U4.1H3. according to a report laaued by the sank. In aU. 41.4111 loan epriikwxlnaa aav been M.l with the bank ank tn fir toana agarvsaUnc $131,401,765. Vlany at ' th pvlica'ioaa were cancelled or rejected foQ owing aaamuiatiuu. and Invctigatimu. and a tavse psrrratasw of thoae actually closed were eoatplted la sums les tbaa applied tor. trees Way $1, 11)21. to liecember 31. the Spokan bank completed In full 2M)if first mortgage loana In stuiu aggregating .M 7.400, and tt I hntaed ami mnfidevitly believed that tha bank will be enabled to continue ranng for Bew bastnata in It district, such as will be shown ta b worthy In anordcrly, continuous and sya tesaallr manner. ' ivaitnde continue to be great and urgent," the i.v..rt ay. "and the need of many ap parvxitit make them Imi'atient and at times un Mih:' It should be. it it ia not, generally ' an!. r.t... d that federal land banks are aelf suitmatmg institutions that have to pay for every tlii'ig they get and ae. Including postage, identi eally th same a. private businesses. They bor row BMwiey from snd pay interval to the pervans w whwsa they sell bonl to neciire fundi to limn .a farmer at a tlixhtly higher rat. Thvy ar loaning Mwi.' that d-T-nd on loveafcM-. lor rapt tat with whicb to d- buslrkrw. and tlwrehy Be laffluenrrd by fluctuation. In the oovn m-nev anartet lor tlie iu reasons that eue the price at gneernraeat Dona, in ru and fall. "Tb federal land bank can consider anoliea tmas anly through th medium of nU.mal farm luaa aska-tationv by actual farmer now defined to be perMms show principal vocation is farm la and whuaw pnua-iiwl revenue la den veil from esrVrultur. loan ran b made only on first sBortgag on fsrsa lands, aad following appraisal aud.revarta, tint by a committee of tli local assnrlaUons and later by a Icdrral appraiser. Tl farm ban .y.trm at not intended to . valklat araroileeted debt, or to afford prr aaaa a aew means to Incur more debts, but to afford rdit fartilUe to real farmers who Bav Incurred legitimate Indebtsdnas for agri waNarat deveiopBrent. or wlio are purrhasirg Sana swiswas. to fund sarh ntdigatioas through tn knag lime, low Inters Deanng, easy method af payment amonuwUon contract, designed to Government Bond Situation Improves, Mellon Declares By Andrew M. Mellon Secretary , of tlie Treasury. rri . . . .. i n uwury na made substantial progress in uie reftinuing ot the short dated debt and na already succeeded in bringing about better distribution of tlie early maturities of the debt About $700,000,000 of the Victory Ldueny loan na.i oecn refunded into ltr ma turities, the- victory nites outntanding have been reduced to about $3,500,000,000. and the tranmury certificate outsUnding hove been brought down to about $2,000,000,000, With thi better uiitribution of the debt and lower rate Tor money, the market prices of Ijberty bund and Victors' notes have shown marled Improvement itunnu the nest month. Victory note are above par and IJberty bonds are selling about 10 joints highes than a year agi. Treauury certificate, whiclf last year the government was selling at 5 per cent and o per cent, have now been sold ior 4 "ii and a r per cent for similar maturities. These de velopment are more encouraaine and indienre Uiat the treasury should be able tn nrorei in an orderly way and without undue disturbance compared with an 8 .per cent yield on an offer ing of the same government in October, 1920, wa indicative of the change in the market for foreign issues. - The growth of the market in this country for foreign government bonds has been a not able development in recent years. At the close of the year there were 47 separate foreign gov ernment or municipal issues quoted actively on the New Tork stock excliange, representing over $2,000,000,000 of original issues, compared with 11 in 1914 of an original issue value of something less than $9,000,000,000. Electric Company ' Pays -Dividends A dividend of $20,000 was distributed last week by the Northwestern Electric company to its stockholders. Th" makes the twenty-seventh sensecutive interest payment made by the com pany since its establishment in the Portland Held. It is estimated that the concern could continue to pay dividends for the next seven years oat of the substantial surplus it has piled tip. even if its plants should cease ooeration. Ihe latest issue of preferred stock to be put on tne market by the concern is being absorbed in a satisfactory manner. The stock yields 7.30 por cent on a Ho basis. Ice Crop Abundant By H. B. Lauffman Special Correspondent of The Journal Pittsburg. Jan. 7. The consensus of opinion of bankers and leaders in the industrial life of this section is that 1922 will bring a larger volume of trade and gradual improvement in business with the foundation for commercial ex- narsion becorbing more firm everv da v. A oeriod oi consoiiaaaon is expected here, companies Deing merged to meet higher freight rates and the zoning Bystem. A steel merger and a coal consolidation now are under way and others are expected. Companies with widely separated plants, it is believed, will have an important advantaga in competitive markets over concerns with but a single unit. The marked disposition to start the year with low inventories has operated against extensive production - during the holiday period. This seems to have especially affected steel production. but resumptions are expected in the immediate future. In the various finishing lines, tmnlate ana pipe are making the best showing. froperty buying here has -been on a mcaT which suggests decided growth in building in uie present year, deeds coverme property est! mated to total $55,560,728 having been re corded in 1921- Saa Francisco, Jan. T. Baak loana in thai section showed a drop from November SO to tha first of the year, but bminiaa conditions art on a better easts than for soma tint past. Building is increasing and official figures show s decided decrease ia nnemnioyment exoept in seasonal lines. Nothing resembling a boom ia expected in thla district, but steady dswopmant and prosperity ara annrirsitexl TEA New Tork. Jan. 7. In view of tha mtasrioa in the tea market it ia expected the market for the next crop of Japanese teas will be tram ZO to 30 per cent above the ncuras current during tha past year. DEI GOODS Wichita, Kan,, Jan. 7. Tb inventoria tost completed show that the week just before Christ mas was the largest week s bt Joyed by dry goods retailers hers. MACHINERY PbiladelDhia. Jan. 7. Th Baldwin Looomo- tiv works, which nave been partly dosed for the holidays, resumed this week on a 80 per cent of capacity basis. This is tha same rat as ootainea pel ore in ciaseaown. TYPEWRITERS Seattle, Jan. 7. The typewriter market overloaded with used machine. A year ago there was a derided shortage of such articles here. COCOA BEAN'S New York, Jan. 7. Stocks of cocoa beans are low and the primary markets firm and tha out look is for a steady and possibly advancing mar ket after the first of the year. v .OCOFPER New York. Jan. 7. Stocks of cower on hand with the current output are sufficient to last four months without necessitating an increase of output, according to estimates in this market. WOOL Buenos Aires, Jan, 7. There has been a con siderable interest in fine wools in this market in tlie last few days and prices seem on th up trend. Coarse wools ajso are being moved some what more freely. COFFEE Kama City. Jan. 7. Officials of Arbnckle company here for the annual sales convention of the firm declare that the outlook for the coffee trade in the coming year la exceptionally bnsht. OIL, Bayonne. N. J.. Jan. 7. The empoyes of the Standard Oil company's plant here are working full time again, or 48 hours a week. For some time married men worked 44 H hours a week and single men 40 hours. Over 4000 men are employed. BtlUKTS New York. Jan. 7. Custom shirt makers an nounce that they expect the plain whit madras weaves and the oxfords to be leaders in shirtings for 1922. These shirts will be made to sell at figures substantially under the figured madraa patterns. COAL Kansas City. Irh. 7. The demand for coal in this section continues extremely dull Pro duction in the Kansas fields is still curtailed by labor troubles. STEEL Reading. Pa.. Jan. 7. The Reading Iron company has reduced the rate for puddling from $0.75 to $6 a ton, with other tonnage rates in proportion. Day's pay will be cut 10 per cent DRIED FRCIT New York. Jan. 7. A decidely better mar ket for dried fruits is predicted for 1922 by dealers here, it u thought that alter the in ventory period the market will adjust itself to more prosperous levels. to himnes with the great refunding operation ting ice for their own use all along the Okan VtetaJ- lo.- .Za XI? k - VJI"'"1 the gan nver, according to Mr. and Mrs. Georee vwtory loan and other short dated debts rait. n.ii.. f Tn..i,., vb.ii .v ltah,i1no v . . - - . . rcvotL uie crop ivanumg. I better thjLn.njnial on Immimbi 1,1. K v. At tlie same time the administration hi h..n I cuts. It is two feet thick, one foot beini? snow able to make substantial rut in mnnim.ni I ice and the other foot clear. Mrs. N. Insrho prndlture and to reduce taxation. The budget I Rirerside reports nine inches of ice on the system nas already proved eflecave, and expendi- I Okanogan river. vure win ypsrrnuy tie aDout nsii a billion less for thi year and for next year than w. ex pected a year ago. The tax law ha. been re- votu ami s:miimeu. many uurdenwune taxes have been reduced or re Dealer! .nd the hnnUi of taxation ha been cut by hundreds of milliots oi aoiiars. o wmerence on me nmiTAtion nr ,rm,. meats lias met and rlarified the intern.ition.1 aituatinn and has pointed the way to the reduc tion of military and naval expenditure thrororh- olt tlie world. There Una been recoverv fram t.hrtv 9t5 1M"I.J7 iiiv eALierae uiltelUeluent ot the fomion I v n ... ml . . . cuang. and er hng again ,er $4. The war f wJ' '"XXT." .o li" ua lorrnauy ended, moet of the remaining war . . -"i '"it restra-ti. I.... h..-, i.fLi . - f "J..5 v! Liberty first 4tia. 1932-47 . . formally de.Jared. A year' which has seen this Liberty second 414s. 1927-42 umr progress toward the it-establishment of t-dnerty tnirn 4 "is. 1929 tiusines and industry on a peacetime basis. Liberty fourth 44s, 1933-38 - - - v., viriiii .11 111 u un Torewu ri witn- arunciai stimulation, justifies us. I believe ' louaint; lorwaru hojietully to the future. Harrisburg Company Changes Its Name t Harrisburg. Or Jan. 7. The name of Hill '4 Co., under which is operated the largest hardware and drygoods store in the city, has bec-n chanced, according to a statement made by W. E. WaA.worth, the manager. Beginning from the first of the year the firm will go under the name of the ilarrisburg Mercantile company. No change has been -niade in the personnel of the corporation and the-., object, according to Mr. ii adnworth of changing the name is to sidetrack the inconveniences that have arisen with the persistent use of the old name, and to determine the nature of .the firm's business more clearly. Mr. W axis worth intimated that the scope of the business will be expanded in the near future, but he was not ready to make any definite announcement S. Evert Boys Implement Business Pendleton. Jan. 7. The interests of C. Jerard in the implement firm of Jerard Temple has been purebred by Fred Eberl. was announced toda- V- .! - -,1 entered the business in 1911. He will retire. Range in Prices of Liberty Bonds and Victory Notes During the Past Week OFFICIAL CLOSING PRICES Mon. Victory 48. 1922-23 1 Mctory- 3s, 1922-23 Tues. Wed. Thurs. Fri. Sat. S4.90. S5.00 95.50 "5.60 95.96 96.60 96.40 96.96 97.14 97.20 96.00 96.20 96.36 96.66 96.86 96.70 96.70 97.06 97.24 97.32 96.14 96.26 96.69 56.78 97. OS 97.24 97.38 97.60 97.74 97.80 96.74 96.82 91.12 97.28 97.36 100.02 100.02 100.06 100.06 100.08 100.02 100.02 100.06 100.06 100.08 STATUS IMPROVED Fewer Receiverships Reported, With Increase in Returns For First Six Months. Conch tca of th alaxXlle nih.. hih " Y" aa Btaparw Dope IOT BBat coa- lauenca in us lumra.- Hobart L Todd, pewaidaat af tha .American Bectrie Bailway sawaristiija declared ia a reoent cafQcaal - nrl CorifirraaiaRr of Ua itrlsrstina ToAl ented fiarorea showing that rarwivwnhrim for 1S&1 were a-reatJv tWiauad nmn., v those of 1920; that rvneapta daring tha first six month of tha mar aaoararl nsautal fan that tha decrease of later months vnra leas than we qui, 1 1 aam ia most unea of liniiiieas. that the song anUdpated drop ia waarea aad -al eosu at hand, althoagh both of these itewas still are approximately double what they were m ii : ana that then is a gradual inrrwaaing betterrnant in tha relatioohipa betBwaa tha pub lic and the. electric raiVavaya. In Coven n tha ! Inn n hnn anrvniavifima electric railways as th chief means of urban transportation, Todd referred to tha cities of aea Motnaa, Muskegon and Battle Creek, which have triad burn as substitute for atieaat ears ana sunseqnrmtiy voted for tha twtarm of electric -Despite thla emphatic decanoa of citia which tried buses that they prwfarrad street care, tha electric railway induatrv as making a careful study of th question f possible coordination of boa and track lea transportation system with anuusaea railway una. "The electric railway indnatry. al' of supplying the best noasibU nrbai Uon. intenda to determine how far tha boa eaa b TOTOoaafully empioyed aa a feeder to electric lines to supplant rush hour aemoa, and to act in other ways aa aa aoxilaary to the fandeawantal rail ayatem. The association believe that one responsible coordinated transportation system should have charge of th traffic la each com munity and should b free to develop the phy sical cnia near, sailed 10 tae smisja 01 pea. $76,000,000 Taxes Paid Uncle Sam in Tear, Claims Ford Roger Babson, following an interview with Henry KOrd, ia quoted aa follows : ' "I was oat in Detroit at Thanksgivtng time. Just before dinner Ford said to bis wife: 'Re member 17 years ago? 17 yean ago when you and I tramped the street of Detroit to get a chicken for oar Thardogirinc dinner and none of the stores would trust nil "Ford was quiet for a moment and then said in a aeml-undertone, "Seventeen yean ago and I paid Uncle Sam S74.O00.0O0 In taxes last year." EUEOPEAX SECrEITIES FOB TEAK The following table gives the course of prices for the principal groups of securities on the Lmlr,n stock Exchange during 1921 ceived by cable from London by the New Tork kvenins Post: Government and Corporation Securities Highest, Lowest. 1921. 1921. British 2 i per cent consols 49 War loan 5 ner cent 90 "4 vi at loan 4 Vs Per cent war losn S per cent. . . . ?. Victory bonds 4 per cent Funding loan 4 per cent Argentine recission Brazilian 4 per rent. 1889... Car-ada 3 lik per cent Chilian 4 hi per cent, 1886.. 83 80 4 79 74 604 52 77 83 48 7 Chinese 5 per cent, 1896 81 Colombian, 1896 56 Frecch 3 per cent rentes 33 t rencn nau detence a per cent loan German 3 per cent Greek 5 percent, 1881 47 Inah land 24 per cent guaran teed India 3 V4 per cent Italian rentes Japmese 5 per cent, 1907.... Russian 5 per cent, 1906 Spanish 4 per cent Swedish 3va per cent Transvaal 3 per cent lurrfcih unified Uruguay 3 per cent 51 4 58 V 29 85 17V4 73 98 66 V 29 56 Vi 44 H 82 76 s 83 Vi 72 Vi 67 Vi 51 85 72 67V4 78V 33 Vi 23 V4 4Vi 2 34 45 54 Vi 18 7-16 CI Vi 7 69 84 61Vi 13 46 January f Investments 1 F. star ad a Hotel Has Sew Manarer Estacada. Jan. 7. W. F. Cary is the new manager of Hotel 'Estacada, V. W. Hauser re 11 ring. T. W. Hauser and W. E. Linn, woo have taken over the Red Front pool hall, will shortly put in a first class restaurant in connection. ALLEN BROS. CO. B-KOh. hlth Buy immediately Studebaker, Bald win Locomotives. High-class listed stocks accepted on $3 and $5 margin. Inquire for particulars. Established 1919. S2 Cham. Commerce Bid;. 611-14 Can be reserved . NOW CAREFUL INVESTORS, with funds available for investment shortly, are offered ethe advantage of buying now at current prices for delivery later when their funds mate rialize. As the trend" of bond prices still continues up ward, and as there is al ways an increased de mand for bonds in Jan uary (due to the release of funds from interest nd dividend payments, etc.), prices will be further strengthened as the year turns. We recommend the res ervation of jour January requirements now. Call, phono or write. freeman, smith & Camp Co. LUMSBRalCNS BLOSh PORTLAND " l!Jl AXh& ' STARK 5740 Business Changes At Forest Grov( el ahem.' eBusiness Buildings v Completed at Pasco I": 4 Pasee, Wah ' J.e. T Th wet room in tae aew Model Bakery buiMIn has hern so fr eeaapvelM, a re permit of it ain occupied hy the lplv Eierirw company, whirh yesterday amvad friHn It former location oa Fourth street. The east roova sad rear af tli kniktm m aaw.d aa 0 mm will he ores pled hy the wrt. The halKlfna I. of concrete with a ' ""i. ea civ ot Uie saost hand Me kuMMas haiklmaa a the city and uta ' mtmm aa in vary heat aaatnev aeriwa. Imrma r r aw aa mm live turntantu: ."W"""as wiiildiac. the larjeat of wuirh ws the tia.ouw aarar. mt the rear autn waiaT. .itaera were tha. aew Muds Bakery bajldiaa ts. ' Na.bta. saop. C. M. Km a iwint , aad the taikmaa eatahttaameaa- of VV. T Uaya Fornrt flrove. Jan. 7 H H Reen.nt h.. sold ills book store here to B. F. White. He win stay with the concern for some time and will probaMy move u Portland. Mr. Bernard purchased the book tore from Miss Emma Pen- uehi vrrral years aio. Will M.rtin until recently a partner in the Sohulta market and itrocery here, ha nun-based ntiani meh.n. du store at tUrihaldi. He is enthusiastic over his new keation. it beinu tin.i.v A sawmill has recetitly bwn erected there. Trre' rnrest (irov l'etetm.n studio, which haa been owned ny lhotrtrIlier Peteron of Portland has, been purcht.oed by en. B. Ventura. He lias 'been iu oii. 01 o cauery lor several mpntha. PortUad Man Buys Blacksmith Shop KKhrefleld. Wa.h . Jn T tv;:i,-. u t lor of Portland has purrhaied the hlaiT.,th .w. 1 .... 1. - . . : . 1 " ""'" n rrane Loot or tlm Hr ass p.ac, located on 1'ioMeer avenue aaat Mun Wr I lrrr street. The new nroi.r.etor )... ,.k- I VIIU The former blaeksmi:h! have nit announced any , w taoir. iki win ( 11 reMie here. Northwest Bank Statement PORTLAND BANKS Monday . . Tnewiay . . Wednesday Thursdsfy Friday . . . Saturday . Totals. Monday Tuesday . . Wednesday Thursday . Friday . . . Saturday . Totals. 1922 Holiday 6,35,256 6.217.092 4.825.38 4,556.947 4.342,209 1921 8.173.045 5.827.302 5.114.646 4.7S2.256 4,900.643 4.471,807 Balance 1922 Holiday $11415,226 1.028.084 737.902 631.988 438,073 1921 JU371.682 1,371,682 666.603 543.592 814,092 761,621 .126,376.873 J31.269.701 SEATTLE BANKS (4.246,674 $5,261,325 Holiday 6,88,892 6.356,913 6.082.332 5,564.457 4,592,619 7.247,294 5.894.650 5.287.884 ' 5,634,779 4,470.990 -4.677,253 Holiday $2,006,793 1.020.127 1,281,250 981,135 . 1.005.557 $2,219,261 1,396.110 1.194.470 1,434.948 583.915 1,186.938 .$29,483,213 $33,212,650 $6,294,862 $7,921,642 Yields Which Urge Investment Apple Crop of Idaho Shows Big.Increase ' Waaaark-a, tTata., Jaa. V -Tae Wrnauae. ftet aeed not look to the East and ai.ddki eaa far asan.vtiUoa la th bo led apple tadit tcv. Vat t Maha aad Uritaah Coiaaihta.' said Joaa r leawa. salas aaaasmr ml the Sorth Ass.rlsaa rrvut eaehaai. at tae rearalar ar mlj aaeetlnsj af tkw Wraatchew Honaraltarai evMet? a taa faaakefrlal ehaa Twaaday erea.aa lla aaid that Uaha ahiftwd 1700 ear darina J i2 mmmm aad taaw darina tha Ittl are awa f ta Urevvaber la. aa Increase of 10 nr aeas. lla a4 that BntKk t'ommbia apples are owsauia ta to treat and thai rear Drabat.li a wa aa taa Xsw t . . . . . .. t Overbeck Cooke Go. Stocks, Bonds Cotton, Gram, Etc DIRECT PRIVATE WIRES TO ALL EXCHANGES Members Clucalo Board of Trade CorraapoavJaaU el Lo(an tfe Brraa Ckieato New York 216-217 Board el Trade BuiUinc awVsTaatavawaw9saM New Issue DUTCH EAST INDIES 6 GOLD BONDS Due January 1, 1947 Non-Callable Before 1932 'rincipal and semi-annual interest payable j in U. S. sold coin. Plaice: 94 and Interest F.l.flevepeaux RGmpany j INVESTMENT BONOS T SIXTH STREET PORTLANO. ORCGON BROADWAY 1042 GROUND FLOOR WCLtS-TARGO BUILDING 1 HPHESE Canadian Government and Municipal bonds require no - recommendation other than their high character and large yields. They are on hand and ready at our offices for immedi ate delivery, and, in case you cannot call, will be sent direct to your bank with draft for payment attached. Alberta, Province of -Alberta, Province of ....... . British Columbia, Province of. , Calgary, School Dist. No. 19. . Edmonton, City of Edmonton, City of New Westminster Prince Georre, B. C, Street Imp. Regina, City of Regina, City of Selkirk. City of, B. C. Victoria, City of , B. C t Winnipeg, Water District t Winnipeg, Water District. : Winnipeg, Water District Winnipeg, Water District ate. Maturity. Frier. Tleld. 6 1923 99.37 6.50 6 1931 100.00 6.00 6 1926 98.84 6.30 6 1923 98.92 7.00 6 1923 98.45 7.00 6 1939 97.36 6.25 6 1923 98.60 7.00 5H 1929 96.88 6.00 6 1930 93.57 7.00 6 1923 98.91 7.00 5 1928 91.20 6.75 6 1923 98.98 7.00 6 1928 96.03 6.75 6 1924 98.52 6.80 5 1923 97.33 6.90 6 1924 98.18 6.80 6 1923 98.70 6.90 tDenotes $500 denomination. Denotes $1000 denomination. These bonds are payable in U. S- Gold Coin in New York City or at our office. Telephone or wire orders at our expense. Morris Brothers Corporation Merrls BaOdJag. Bdvy. tlil Portlaaa, Or. SM-U Stark Street. ' SAFE DEPOSIT BOXES. Swap Column", Sells Calves -'. Small Cost H.H.McMullerthinks Jour nal Want Ads bring home "The Veal" witts $5 Prize FOR SalLE Ta mJ,r aalvaa. at traUTV wwad. evaveaana, aaaqaa; atawa mr aaa laaara. Journal Publishing Co., City. 11-25-2L Above ad was inserted in swap column o! Journal on Nov. 6th. The result was I made a trade which saved me money, as well as getting a fair price for my calves. If people coming to the city or -going away, would use your swap column they would be sur prised to see what they could get for things they figure as of no value. I was surprised to see so many people read the swap column. (Signed) H. IL McMULLER, 4004 79th Street S. E, City. Try a Journal Want Ad Yourself and Win a Prize "Journal Well-Read Dis turbs Peace," Says Ernest H. F. Baytitam wins $2.50 5031 62nd Ave. S. E. Portland, Oregon. Dec 1, 1921. Dear Sirs : In regard to want ads of The Journal I cer tainly think no one could hate had better results than I had. I inserted an ad in your paper three weeks ago for our dog. I didn't really expect any callers, but they first got us out of bed Sunday morning early and took the dog. We had five more calls before 11 o'clock, when we came home from church they were waiting cm the doorstep for us, in fact we had no peace until the follow ing Friday. I must also add we had letters from out of town, so one must believe The Journal is certainly well read. Yours sincerely, ERNEST H. F. BAYNTAM. Journal Want Ads Get Results YOU CAN WIN $5.00 OR $2.50. TELL US OF YOUR EXPERIENCE WITH JOURNAL WANT ADS a RULES Your letter must reach The Journal before Friday to compete in this week's contest. The Journal is to be sole judge of which letters ire to receive priaes. Announcement of winners will be made by publishing the winning letters in this section every Sunday. If possible, send in a CHppinr of the Result-Producing Advertisement and the Date on Which Advertisement Ran in The Journal. Address your letter to the "Classified Advertising Dert.", The Oregon Journal, port land, Oregon. Two Cash Prizes Are Given by The Journal Every Week for the Two Best Letters Telling of Results Obtained Thru Journal Want Ads. $5.00 For The Best Letter " $250 for Second Best Letter SUNDAY'S CLASSIFIED PAGE CARRIES WINNING LETTERS. JOURNAL WANT ADS "Dime-a-Line" Anytime Over a Quarter of a Million People Read The Journal Every Day and Nearly Half a Million on Sunday. 9. J a i ; v