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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Aug. 9, 1920)
14 THE MORNING OREGONIAN, MONDAY, AUGUST 9, 1920 EVIDENCE OF THRIFT SEEN II DEPOSITS! National Bank Depositors To tal 20,330,350. WEALTH HELD DIFFUSING in Statement Issued by Controller July Based Upon Statement of May 4, 1920. Evidence of thrift throughout the country is indicated in the fact that the last report of the number of, depositors In the national banks ag gregated 20,380, 350 persons, the high est ever recorded. The statement of the controller was issued under date of July 2 and was based upon the statement of May 4, 1920. The re sources of the national banks on that date totaled $22.03S.714,000, the high est ever reached with the single ex ception of December 31, 919. Indi vidual and demand deposits stood at 13,533.908.000 and United States de posits were 11 15,200,000. To this was added the amounts due other banks and bankers, showing total deposits on May 4 in the national banks of the country to have been $16,924,543, 000. The constantly widening diffusion of wealth in the country is demon strated by this showing, is the view of the bureau expressed in the state ment of the controller submitted with the report. An average of one de positor in the national banks for every five and one-half of the popu lation la shown. Loans and discounts amounted to $12,288,582,000, an increase of $294, 059.000 since February 28. The total amount of liberty bonds held as col lateral had been reduced to $677,000, 000, and of victory notes to $228,000, 00. Certificates of indebtedness held as collateral was something less than $25,000,000. The total cash on hand amounted to $2,177,218,000. Capital, surplus and undivided profits of the combined banks on that date amount ed to $2,613,068,000, an increase since Alay 12, 1919. of $254,008,000. During the month, of June, 1920 farmers of the United States received loans from the federal land banks aggregating $6,429,100, secured by long time first mortgages, according to the statement issued by the federal farm loan board. The Federal Land bank of Omaha leads in the amount of loans closed,- its figures being $1,176,900, the Federal Land bank of Spokane following with $959,700. The other banks closed loans in June as follows: New Orleans $902,350, Co lumbia $780,750, St. Louis $6S5.700, St. i-aul $658,400. Louisville $397,000, Wichita $332,500. Baltimore $288,900. Springfield $177,100, Berkeley $69,800, Houston none. State Trea'" Hoff has adopted the policy of i-rbrrTitting all municipal bonds offered for purchase by the state to Attorney-General Brown for his approval as to the legality of the securities. Under the Oregon laws the legality of all issues . of banks that Portland's . municipal bonds are legal investments for sav ings banks, bonds of Portland and other northwest municipalities are now placed in a much more favora ble light before eastern investors, ac cording to Freeman., Smith & Camp company, bond dealers of Portland and San Francisco "Since the Investment Bankers As sociation of America took formal no tice of the decision of the supreme court," says Mr. Camp of the local office, "there has been a decided im petus in the market," Biyth, "Witter & Co., .together with. the Seattle National bank, have -purchased a block of $3,000,000 Province of British Columbia 5-year 6s, due July 27, 1925. These bonds were readily syndicated. The price -is 92.85 and interest, yielding 7.75 per cent. Biyth, Witter & Co. also an nounces that the ten-year 7 per cent equipment bonds of the Union Tank Car company were readily sold, being now completely off the market. An other offering is an issue of Sutter Basin company, California, S per cent land mortgage serial gold bonds ma turing 1923'to 1929. These bonds are on an 8 per cent basis and are in dorsed by J. Ogden Armour.' "Our direct investments in foreign countries are larger than is generally appreciated. An instance is found in the purchase by American investors of FUTURE OF WOOL I STATE IS PROMISING Establishment of Portland Market Big Help. PLANTS WORK FULL TIME Great Industry Well Vnder Way and Oregon Is Taking Place as World-Wide Factor. . Among the industries of Oregon none are on a firmer foundation than that of wool manufacturing. Cirowth of the woolen mills has been steady during the past several years and now the value of this product turned out NEW GENERAL INSURANCE FIRM LAUNCHED BY WELL- KNOWN PORTLAND MEN. English, French and German ex change, of German municipal bonds, and to a less extent of the internal bonds of European countries. The very low prices of many of these se curities as measured in American money attract speculators who origin ally came from such countries or who in one way or another are especially interested in them' says the Maga zine of Wall street. "To a far greater extent than is realized, we are thus strengthening our position for the future- by ex? tending our claims on the world's wealth. An increasing flow . of in terest and dividend payments from abroad will follow these investments. We are l-n danger, in the midst of our domestic complications, of for getting the importance of our new municipal bonds, is safeguarded, but position as a creditor nation where :: V - v.. V ' :: V. -rTxf , - s i; Charles S. Barton. Uow V. Walker. I the treasurer has adopted this method as a means of making assurance doubly certain. Province of Manitoba 6 per cent gold bonds to the amount of $75,000 are being offered by the Lumbermens Trust company. These bonds are in denomination of $1000 and are offered at 92. S6 and interest, to yield 7.75 per cent. The bonds are dated Au gust 2. 1920, and are due August 2, 1925, interest being payable semi annually February 2 and August 2. Manitoba is The oldest of Canada's western provinces and is noted for the prod uct ion of the highest grade wheat in the world. The August in vestment list of the trust company sets forth 55 issues of municipal and county bonds. Bonds of well-known Oregon municipalities may be ob tained at prices to yield 6 per cent. A small block of municipality of Burnaby. B. C, 6 per cent gold bonds, due December 31, 1924, in denomina tions of $1000 and $500, are listed at 92.97 and interest to yield 8 per cent. always before we have been a debtor nation. - "For this reason, as well as many others, the position of those who fear a prolonged and severe trade depress sion in this country seems .to us en tirely unjustified.' GAME HEARING AUGUST 18 Anyone Wishing to Make Complaint Will Be Welcomed. EUGENE, Or., Aug. 8. (Special.) The special committee of ctate legis lators appointed to investigate the state game and fish commission will meet in Portland August 18 at 2 P. M. to hear anyone who has a com plaint to make against the commis sion, according to L. E. Bean of this city, a member of the committee. The committee consists of State Senators Norblatt of Astoria and Lachman of Salem and Representa tives L.. E. Bean of Eugene, Cross of Oregon City and Hare of Hillsboro. Expansion of the Portland Flouring Mills company in its trade centering at San Francisco is indicted by the report from there that extensive water front rights have been secured in Oakland. The company maintains branch offices there. The company is one of the largest in the grain trade of the Pacific northwest and has been instrumental in developing a large offshore shipping movement through the Columbia river gateway. Walker & Barton is the style of the firm recently organized with offi ces in the Wilcox building, in the general iru ranee field, and in which Iow V. Walker and Charles S. Barton are associated. The firm has been designated special agents of the Travelers' Insurance company. 'Every school in America shoul2 have a savings bank. Every child in the nation should be a depositor. The children will be fund in a receptive mood. The school savings banks in the United States have not -attained wider success because of public indif ference. As a result the nation has lost the value of a tremendous asset but these mistakes of the past should ferve as lessons in the future. The widespread inauguration of school savings banks in this country will accomplish much for the future, in dividual happiness of our citizens and the economic stability of the nation," eays S. W. Straus, president of the American Society of Thrift. "Large numhers of investors are availing themselves of the present un usual opportunity to place their sur plus funds in northwest municipal bonds while those strongly backed securities may be had at the low mar ket quotations and exceptionally high i yields now prevailing, says John I. Etheridge. president of Morris Bros., Inc.. in reviewing conditions. "That the present situation will coon be replaced by a rising market and consequent lowering of yields to the investor, is the general consensus of financial opinion throughout the country and I have no doubt such is to be the case. Such opportunities as those prevailing in the municipal bond market come but once in a life time." "District Attorney Gehler of Marion county has asked for an opinion from Attorney-General Brown as to the right of the school board of the Au rora district to redeem bonds with money realized from, their sale, the bonds having been voted for the con struction of a high-school building. The attorney-general holds that the board cannot act until authority to tise the funds for the purpose of re - demption is voted by the legal voters cf the district. As result of the recent United States lupreme court decision that under the constitution congress is without power to tax either the principal or 1 he income derived from municipal bonds, and the ruling of New Tork Chamber Has 10 o'CIock Club. KLAMATH FALLS. Or., Aug. 8 (Special.) The Ten O'clock club, an organization for procuring members for the Klamath county chamber of commerce, will open its campaign at 10 o'clock Tuesday morning. The club consists of 10 members, each charged with getting 10 new mem bers in 10 days. When a member. has completed his allotment he "gradu ates" into the "alumni.' class and has the privilege of appointing a successor to procure another iu members, ine campaign of the club will continue until the county is tnorougniy can vassed. each year by the various plants runs well into the millions. An excellent idea of the extent of the woolen in dustry in Oregon is given in an ad dress delivered before the Portland Ad club last Wednesday by Clarence Bishop, president of the Pendleton Woolen Mills company, extracts -of 1 which axe given below: ' j - "The combined output of the mills in the Portland territory at the pres ent time is between eight and ten mil lion dollars annually. Hurlng the war the men called to arms on the Pacific coast were equipped with suits, overcoats and blankets made in the Oregon mills. With labor troubles in the east and a lack of transporta tion facilities, . this was an important, as well as a surprising advantge to the government, and special citations for this war work were Recently re ceived by the Oregon woolen factories from the government. Oregon Mills on Full Time. ' "At the present time a large pro portion of the mills in the east are either shut down, or running slack time on account of a lack of business, while all the mills in this territory are running at their normal capacity, and sorne are maintain ing their double shifts. This is a condition and not a theory as Grover Cleveland would say, and there must be some Diihttt-jTitial vaaarxrta Vtasitr rt this ' cess of the industry jn the Portland territory. "The first reason lies in the natural advantages already mentioned; the second is experienced organizations, and the third is the growing favor able attitude of the public for Ore gon woolens that' has been developed by years, and similar associations in Portland and on the Pacific coast. The test has covered a period of 60 years. While all the advantages seemed to be with the California mills in the beginning, by a natural process of the survival of the fittest the Port land territory has definitely and per manently established its supremacy. . Future Expansion See.it. "For the future it is Just as sure that the woolen Industry on the: Pa cific coast will expand, As it is that the cities will prow larger; that its agricultural production will be in creased; and that its present standing timber will be converted into lumber. As an experiment, direct trade with both South America and China have been opened up in a small way by one of our Oregon mills and it has been ascertained that these fields are prac tical, offer desirable business, and that the mills on the Pacific coast hold advantages in reaching tnem. "As examples of how the industry will expand more rapidly in the fu ture than it has in the past, two In stances may be given. Up to within recent years It was the custom for the wool dealers in Boston to send men out during the spring months and buy up the wool clip of the state and ship it east. The growers felt obliged to sell while he buyers were in the field, regardless of whether they were sat isfied with the price, and the Oregon mills were obliged to purchase a suf ficient supply to carry them over un til the next clip came in which was a considerable financial strain. Local Market Developed. "The consumption of wool by local mills, however, finally reached a point which made it practical for financing concerps to carry 'a stock':of wool in Portland, and. within a very few years this business has reached very large proportions, Portland being rated at the present time as the sec ond largest wool market in the United States. This arrangement is not only a decided advantage to the mills op erating in the Portland territory, but will assure the selection of this point as a location for new mills starting up on the Pacific coast. "The second example started many years ago in Portland with one man making possibly a dozen pairs of I wool socks a day on a hand machine. uue uusiness grew siowiy until younger men took it up and expanded it into a regular knitting business with manufacturing, wholesaling and retailing departments. They were, however, dependent on the east for their supply of worsted yarn, which interfered with their full expansion. They induced an Oregon mill man to undertake the changing over of a mohair plant to a worsted yarn plant. and the new enterprise was success fully, established. A by-product of worsted yarn manufacturing is the fibers that are too short to reach the necessary span for the worsted thread. This by-product Is the proper stock for the heavy wool hose worn by loggers,, miners and other out door men, and used on -this coast in considerable quantities. By-Product Makes Hose. "To utilize this by-product another factory was. in turn, started at Van couver, Wash., and is turning out more than 100 dozen pairs of these woolhose a day, the'full output be ing sold to the two leading Portland jobbing houses, which previously se cured this merchandise from the eastern factories.' We find, then, that a quantity of wool equal to one-half of all the wool produced in Oregon is brought into the Portland territory .-each vear and manufactured into blankets, cloth and knit goods; that a large part of -the cloth is converted in Portland shops into shirts, suits, bath robes and other wool garments.". DISTIRBUTORS' FIRE League Does Not Regulate Price, Is His Answer. GLASS REPLY ATTACKED Statement Called Effort to Crush Co-operative Marketing Assort' . ation by Alma D. Kalz. Arthur Booth, who was for seven years with the Beechnut company as sales and advertising manager, has become affiliated with the Phez com pany as vice-president in charge of sales and advertising. Mr. Booth came west about a year ago to take a position with the Botsford, Con stantine & Tyler advertising agency, and it was In this connection that he became acquainted with the ad vertising programme being under taken by the Salem plant. . Work of manufacturing boxes for the Yakima Growers' association was begun by the Bede Lumber company of North -Portland last week. New machinery for handling the box out put was recently installed and the plant is under the direction of A. B. Frame. The output 'Will be disposed to the Yakima growers and packers. The plant is located near the Pacific International Livestock exposition grounds. Phone your want ads to The Orego nian. Main 7070. Automatic BBO-95. Attack upon the Oregon Dairymen's league contained in the statement of Frank S. Glass, representative of the Nestles Food Products company, by nference based upon the testimony on the milk situation, in Portland brought out before the committee of the Mate Taxpayers leagne, is misrepresentation that opponents of the dairymen are putting out in an endeavor to rush a co-operative marketing association. charcresX statement issued yesterday by Alma u. jvaiz. presiaenfof the da rvmen's eague. vvhen Mr. Glass in his statement said that 'the people should realize that it is not the distributors who regulate prices." he unwittingly ex posed the thorn in the distributors' sides," said Mr. Katz. "He should have added also that neither is it the condenseries w,ho regulate prices. iseiore the dairymen besran to achieve success 1m their efforts at co operative marketing they were at the mercy of the dealers and the con denseries. There was no complaint then that the distributors did not regulate .priceSL They regulated the price the consumer paid for his milk and they dictated the price that the producer got for it. If the dairy men objected to the price he was told to "slop the hogs.' , "The distributor etill regulates the price the consumer pays for milk, bufc with this difference: the dairymen through their co-operative marketing organization have something to -say concerning the price they get for milk. They ask for nothing more than cost- of production plus a rea sonable profit. At the present time, they are getting aonsiderably under cost of production. "Co-operative marketing means co operation between the producer and the consumer. It means a tendency to lessen the spread between the. pro ducer and the consumer, an elimina tion of excessive and unnecessary profits to middlemen. - "Mr. Glass, representing the Nestles Food Products company. 13 consist ent In fighting co-operative market ing. His concern is not engaged in a philanthropic- work, but neither is It interested particularly in what the consumers of Portland pay for milk. "In his own words last Tuesday. Mr. Glassadmltted that he had fought co-operative marketing In California and that he was fighting it here. He said that the price his company paid for milk for their condensarles In this state was based upon the price his competitors paid In other parts of the country. It has nothing to do with the cost of production. "When asked a" question at the meeting last Tuesday about paying $1 a hundred pounds more for .milk than was offered in the open market. Mr. Glass answered that they had to have the milk, but it developed upop fur ther questioning that as soon as his competitors were out of business the price of milk was immediately re duced. "The Oregon Dairymen's league Is composed exclusively of dairymen. Kvery member is actively engaged in the industry. Every official of the league from the president down owns or operates a dairy. The insinuations of Glass concerning promoters con trolling the league are a pitiful at tempt to pull the wool over the pub lic's eyes. Gie Charge Explalmed. "Various assertions have been made that the issues In the controversy are clouded. Glass avers that the Injunc tion to prevent him and his confed erates from their campaign to get the members of the league to break their onntmri war ti attemnt to silence the distributors before the committee of the State Taxpayers league, rie ior gets that A. M. Work of the Portland Damasous creamery had finished pre senting the case for the distributors before the papers were served. "If the distributors and Mr. Glass were honest in their desire to have real investigation they would have kept the promise made publicly by Mr. Work before the taxpayers com mittee last Tuesday that a letter would be written the followinr; day to Mayor Baker agreeing to throw open their records to a milk commission annointed by him and to abide by the decision such a commission might make in regard to the price of milk in Portland. Inquiry Not Feared. "The Oregon Dairymen's league has nothing to fear from an Investigation of the milk controversy. Our hands are clean. The league is organized under the principles of co-operative marketing, which principles are un equivocally indorsed in the speeches of acceptance of both the candidates for office of the president of the United States. Success of this movement will serve to the interests of the "con sumer and the producer alike and to the detriment of only those who seek to heighten the spread between what the farmer gets and the public pays. "There is only one issue between the Oregon Dairymen's league on the one hand and the Nestles Food Products company and the Portland milk dis tributors on the other. The issue is whether or not the producers shall have a voice in naming the price they get for their product. Everything else sifts down to this point. "Members of the Oregon Dairymen's league are farmers and they are also consumers. They desire to have the people of Portland get their milk at the lowest price possible. ' Ail they ask is cost of production, plus a rea sonable profit. They have orfranWo'l to market more efficiently, which will tend to lower the ultimate cost to the consumer. If the Portland milk dis tributors would co-operate with the league this result would naturally follow. "The Nestles Food Products com- $47,100 Tax Exempt General Obligation Bonds PORT of BAY CITY Oregon YIELDING SIX-FIFTY PER CENT Dated May 1, 1919. Due serially 1925-31. Denominations $1000, ?500 and $100. Prices to net 6To Principal and Semi-Annual Interest Payable in New York or at Morris Brothers, Inc. Assessed valuation of the Port District is $7,374,355. The total bonded debt is but $667,000. ITUATED on Tillamook Bay, a natural har- Dor, me port is surrounded by a fast-devel-opinsr country, vastly rich in notential wealth, more than 24,000,000,000 feet of mer chantable timber being included. Telephone or Telegraph Orders at Our Expense MORRIS BROTHERS, Inc. The Premier .Municipal Bond Honae Kabllhel Qnartrr of ntury Telephone Bh and 6th Morrin Bld..M)-ll sturk St. liroadvrnv Streets Capital One Million Dollars. 2101 pany is a millionaire corporation. It is a concern of a foreign nation. It is Interested In getting milk for lis condensarles in Yamhill county and Curry county at the lowest cost pos sible. It has been getting milk at less than the cost of production. It has dictated in all ithe terms. The dairymen through their league are demanding a voice In the price they are paid for their product. It is easy to understand the concern felt by the Nestles Food Products company. From a mercenary standpoint their firht against the Oregon Dairymen's league is perfectly consistent." Vegetable Inspection Satisfactory. YAKIMA. 'Wash.. Aug. S. (Special.) Reports from the Yakima reserva tion state that both growers and ship pers are satisfied with the state in spection of vegetables, w hich Is being enforced at reservation shipping poirfts this summer for the first time. Read the Orepronlan classified ad. Trade With the Orient With correspondents of the highest standing in. China, Japan, India, and other countries of the Orient, and branches in all the principal ports on the Pacific Coast of North America, thi3 branch is excellently equipped -to serve the interests of the grow ing trade with the Orient. .. The Canadian Bank of Commerce Fourth and Stark Streets. Portland. Oregon Four hundred and eighty-five Branches in Canada, also Branches in London, England; Mexico City, Mexico; Havana, Cuba; Kings ton, Jamaica other Branches will be opened shortly in Central -and South America and British West Indies. 1 B University Principal Named. EUGENE. Or.. Aug. 8. (Special.) Rollein P. Dickerson has been. named as principal of the University of Ore gon high school to succeed Giles, Ruch. who acted in that capacity last" year and who has received a paying scholarship at Stanford university. New Issue We Own and Offer $200,000 Province of British Columbia 5-year 6's at,92.85 , 3 4- ; Denominations $500 $1000 Dated July 27. 1920. ' Due July 27, 1923. Principal and semi-an-.nual interest payablev in U. S. gold in New York. Bonds now ready for.delivery. "Wire orders "collect." yield BULLETIN No. 6 TN our message for this week, we are going to list a few of the many difficult questions which, are liable to arise any day. These questions are important and you, as own ers of business property should know the correct answers. Strong S MacHsihtoni NEW OFFERING GOVERNMENT OF THE Maim 6-44 NOBrrMweSTERM BANK BLOfi. Investment Opportunities and Oar Twenty Payment Plan Tb publications tall mf food hurt bmdI stock, which con bo parcbkMd on moil pormonto. oxtondjng over a ponod of twenty month. This ploA wns onciamtod or no in IMS. Yon onn soewrs boca Crso. Wrtf for 17-. PO Investment Securities 40 Exchange Plica, New York Province of British Columbia 6 Gold Bonds Dated July 27, 1920. , Due July 27, 1925 Interest payable January 27 and July 27. Principal and interest payable in New York City. Denominations $500 and $1000.- . w FINANCIAL STATEMENT Estimated value of Taxable Property. ..... . . . . . ..$2,000,000,000 Assessed value of Taxable Property 801,407,268 Total Funded Debt, including: this issue. 41,871,936 Less Sinking Fund 6,184,384 Net Funded Debt. .$ 35,687,552 Provincial assets, consisting of timber, crown lands, public buildings, roads, etc., valued at ....... 610,000,000 Population (estimated 1920) 460,000. . British Columbia is third in size of the Canadian provinces, having an area of-355,855 square miles. It has a strategic geographic location, and is possessed of tremendous natural resources, including-timber, coal and ores, the ownership of which is vested in the Province. These assets are valued at several hundred millions and represent security behind these bonds in addition to the taxing power. . These bonds are a direct and primary obligation of the entire Province of British Columbia, and are issued to finance comple tion of the Pacific Great Eastern Railway, which is owned by the Province. ' . Price 92.85 and Interest Yielding 7.75 Biyth, -Witter & Co. UNITED STATES GOVERNMENT, MUNICIPAL AND CORPORATION BONDS YEON BUILDING, PORTLAND, OREGON Telephone Main 8183 San Francisco Seattle New York Los Angeles nil Information Is Derived From Source Believed to Be Reliable, But Im Kot Uunranteed to l or by li. t Price 92. 86 To Yield 7.75 Five-Year 6 Gold Bonds of one of Canada's greatest wheat-producing regions Province of -MANITOBA- The assessed valuation of Manitoba is $680,000,000. ' Its net bonded debt is $33,890,870. Order by Wire, Phone, Letter or Call 1 3 linden SupoAiiloiuOrogcm. slata BanWng Department Bonds Trusts Acceptances Lumbermens Bldg. TO YIELD We Own and Offer $1 30,000 Richland (Municipal) Irrigation District 6 Bonds Denomination $100 and $500 Due Serially July 1, 1931 to 1940 PRICE TO NET 7 Financial Statement Estimated real value of taxable'property $2,000,000 Total authorized bonded debt 590,000 Total debt outstanding 150,000 Richland Irrigation District consists of - 12,500 acres of fertile farm lands in the famous "Yakima Valley," Benton County, Washington. Detailed Information on Request arstens & paries, Incorporated V:' Established 1891 Government, Municipal and Corporation Bonds Third Floor U. S. National Bank Bldg. Broadway 4108 M AK1NG MONEY If you buy an article for 4c and sell it for 20c and the total selling ex pense is 6c, you make 10c that's plain. We are now buying salmon for 4c a pound, packing: them at a cost of 6c a pound and selling them for 20c a pound. That's 10c a pound profit. We expect to pack 25,000 cases of salmon this year. There are &0 pounds of salmon in a case. Figure the profit. We own and are operating' a large salmon cannery, a general store, a hotel and a growing water transportation business. Our new boat carries. 65 tons, makes her ran in 7 hours and the freight rate is $15 a ton each way. The operating- expenses of the boat are about $500 a month, fig ure the profit. Our hotel and general store are without competition and are doing a fine business. The greater part of the immense sums we pay out for salmon will be traded out in our store. We are building a new tourist hotel to take care of the growing trade. We are a going growing concern that has " made progress every day since we organized. Our capital stock Is $100,000. fuliy paid and non-assessable. Our officers are endorsed by the commercial club, banks and buinesn houses. Just now we are selling stock in the company at 10c a share. On AuicuMt 12tb tbr price will be advanced to 1I5- m Mb are, becaune we think our great prop: re warrants It. This is positive and the last warning to buy -NOV. Our circular tells all about us. Send for one today. Queets Trading: Co., Hoquiam, Wash. i