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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Nov. 29, 1920)
THE MORNING OREG ONI AN, MONDAY, NOVEMBER 29, 1920 15 ;ial DEPENDS M PUBLIC Banker Declares People Can Shorten Strained Period. MONEY MARKET TIGHT suit of the operation et an1 income tax law, devised under conditions ex isting before the war and applied under the totally different eenaitiens of todayi "The housing1 situation wnioh seemed acuta in the eastern eltles is greatly- relieved by the reduction of semi-skilled labor In many faatorles and the removal of thousands of these back to the farms and the smaller towns they formerly left, at tracted to the oities by ths vsry high wages offered Under war conditions. This shortening of demand for liv ing quarters, together with a decreasing- wage seals Is gradually bringing about a reduction in the cost of building. Ths time Is con sidered not far distant when It will Bargains in Bonds Soon to Be Tiling of Past, Declares Brokerage Firm. There is a temporary tight situation 111 financial circles, but It depends upon the people of the United States themselves as to how long It Is to last, according to Emery Olmstead, presi dent of the Northwestern National bank of Portland. It need not be prolonged, he declares, if all: wllllend their assistance In restoring normal ltv. Reckless living and eitravaeancu must be replaced by care and thrift, be says, before conditions will .revert to a proper plane and business will resume Its full swing. "There need be no very long dura tion of the present period of business tringency." said Mr. Olmstead. "It will be Just as short as the people make It and just as long. We have been living at a fast pace and reck lessness and extravagance must give wav to care and economy the thrift spirit before normality will be re stored. I do not mean to say that I think this country will revert to pre war living conditions; It need not do that to get once more firmly on Its business feet. The fact is, we pro gressed to a higher plane of living during the past three years and prob ably shall not go back to the old con ditions. 'We have more money in this coun try than ever and there is no good reason why we should not live on a belter plane. Neither is there reason for us to be extravagant, oood com mon sense should guide us in what ever we do. We should strike the golden medium of conduct in our busi ness affairs and in our homes. We h..iH neither over-buy or under-buy. but should rejnain confident of the future and in due time this country will enter into a state 01 rem pruo perlty, based upon sound financial principles and every one will share in this era of good times." Mr. Olmstead pointed out that, while financial institutions are of necessity using great caution and discrimina tion In loans at this time, yet there is ample money for legitimate under takings, such as financing clients in foreign trade movements and in build ing up business which will create re turns on investment and help in gen eral port development, as the North western National bank is doing In as sociation with the recently-lncorpor- ted Equitable Eastern Banking cor poration of New York. As an ncident to the present liq uidation of price commodities, Cali fornia bankers are expecting steady advances in bond prices, according to John A. Keating, president of the Lumbermens Trust company who has Just returned from a week's visit in California. While In San Francisco he Inspected the Lumbermens branch and conferred with a number of San Francisco bankers. "It is difficult for the. people to realize the vast importance of the re cent heavy rains in California," said Mr. Keating. "For three years there has been a marked drought. The ab sence of rain caused very heavy losses to farmers and the big hydro-electric companies. The importance of the recent downpour can be realized when it is remembered that 3,500.000 acres of agricultural lands are under irriga tion. "Liquidation of the price of com modities is under way in California. This condition Is the direct result of Inflation during the war period and must be faced. Money has- been tight in California as elsewhere. It is ex pected, however, that it will be easier after the first of the year with about a 64 per cent rate prevailing. "The most careful bankers expect a strong bond market durig 1921 and easier selling problems. They are of the opinion that it will be harder to secure attractive bond issues to offer the public. California municipals made a sharp advance a few weeks ago, then sustained a slight recession. It is generally believed that there will - be a considerable advance after the first of the year. It Is a tradition of Investment banking that the prices of bonds advance when commodity prices decline and. bankers everywhere ex pect, as an incident to the present liquidation, steady advances in bond prices." . With continuous activity on the municipal bond market and the steady upward climb of prices since Sep tember, it will be a question of only a short time before bargains in fronds will be a matter of the past. according to the monthly letter of Freeman, Smith & Camp company, investment bankers of Portland and San Francisco. The letter seta out the fact that the extreme low levels in bpn3 prices were reached September 1 of this year. Those who purchased at that time bought bonds at the lowest prices in history. This range level was noticeable in high-grade industrial and railroad bonds, as well as mu nicipals, according to statements made in the letter. There is no indication, nor has there been any Indication in the past three months, that the sharp -advance In prices has reached its culmination. As a matter of fact, ail indications are that prices will continue to move steadily forward until something like normal bond prices will be reached, continues the letter. When this period will be is a matter of conjecture. The company's monthly offering list shows a number of new issues of -bonds to yield investors as much as SV4 per cent. Among the new Issues are two-year notes of the Davies Box & Lumber company of California to yield 84 per cent: bonds of Bakersfield. Cai., to yield 6hi per cent; of Marshfield, Or., to yield 6 per cent; of Casper, Wye, to yield as much as 7Vi per cent, and bonds of Douglas county, Washington. to yield 6 per cent. Returning from a trip covering 9000 miles in the central, eastern, south ern and Pacific coast states during the past two months, Edward E. Goady, president of the company bearing his name, has returned to Portland. Traveling on missions relative to the business of his company, Mr. Goudy had opportunity to study the monetary conditions of the country in its various sections. "Well-recognised forces have op erated to bring about the withdrawal of monies, amounting to vast totals, from standard non-speculative secur ities and their employment in others giving higher returns,- but possess ing only a fluctuating value," he eays. The first and most important of these forces is the unexpected re- x I I- ; ' It 111 -T4, ' y Harry G. K-endall. newly-elected president of Clark, Kendall & Co. . . be safe to resume the normal rate of general building construction. In general terms it should.be said that there is a feeling of optimism for the new year." "The ' movement in northwestern municipal bonds is very good,"-said John L. Etheridge, president of Mor ris Bros., Inc., reviewing the market for the past week. "There is a brisk demand for these securities, which, despite changing conditions in the world of finance, still remain at very low quotations and excellent yields. Morris Bros., Inc..' are offering school district bonds of various Idaho districts, including Bonner county Fremont and Madison counties, Fre mont county, Rigby district andRock. land district. Yields on these are 6 per cent, an unusually1 high return on this class of investment,, according to Mr. Etheridge. -. , Clark. Kendall & Co., Inc., has Just added two new members to its staff as officers and directors. They are Harry C Kendall, who has been elected president, and Carlos C. Close who Is the firm's new secretary and treasurer. Both are well known and were formerly with the Lumbermen's Trust company. Walter Kendall, who has been with the house since 1916 is its vice-president and sales manager. Harry C. Kendall has naa wiae experience, having served with the emergency Ileet corporation during the war as transportation engineer, after which he became associated with the bond business. He Is a graduate of the Boston school of technology and an engineer by train ing. Mr. Close had been with the Lumbermens Trust company -for five years, the past .four as an officer. He is a graduate bf Stanford university law department. : He is particularly an expert in the purchase of north western municipal and corporation securities. TARIFF DTJ CHERRIES 15 DECURED NEED Italian Imports Said to Hurt Northwest Industry. FOREIGN FRUIT SMALLER Maraschino Cherry Reported to Offer Wonderful Opportunity for Northwest Growers. ASSOCIATION WILL MEET BUTTER AND CHEESEMAKERS ' TO HOId CONVENTION. Methods of Improving Products to Be Discussed by Eminent Dairy Experts. Discussion of methods of improving butter and cheese products will be a feature of the programme of the con vention of the Oregon Butter and Cheesemakers' association, which will be held here December 9 and 10. Present defects of Oregon butter will also be taken up. F. W. Bouska of Chicago, one of the most celebrated authorities on dairy products, will be one of the speakers at the gathering. The programme of the convention, along with premium lists, entry blanks and urgent invitations to at tend, have been mailed the creamery men of the state by V. D. Chappell, head of dairy manufacture at the agricultural college, and secretary treasurer of the association. Exhibits must reach Portland not later than December 4. addressed to Professor Chappell at the Hotel Port land. They will be placed in refrig erators on arrival and scored Decem ber 7. The butter will be scored by Mr. Bouska, and the cheese by L. B. Zeimer and Otto Friedly. Following is the' complete programme: December 9. 9:30 A. M.. welcome. Mayor BaMr; 10 A. M.. president's ad drese, H. V. Franklin. Mutual Creamery company, Portland; 10:3O A. M.. "The Dairy Council and the Dairy Industry." P. M. Brandt, -Oregon Agricultural college; 11 A. M., "Observations," , H. W. Thomas. Coos county cheese inspector; 2 P. M., "Law, Lawmakers and Lawbreakers." C C. Chapman, editor Oregon Voter; 3 P. M-, Neutralization," F. W. Bouska, American Association Creamery Butter Manufactur ers, Chicago; 4 P. M., Gassy Milk." Chris Nelsun. Myrtle Point, Or.; 4:30 P. M., "Pasteurisation," George Jacobson. Port land Damascus Milk company: 7 P. M., business session, dairymen's frolic. December lO. 9:30 A. M., "Oleo, Nu coa, 'Bunco. " Robert G. Duncan, editor Duncan's Trade Register: 10r0 A. M., 'Defects of Oregon's Best Butter." F. W. Bouska. Chicago: 11:30 A. M.. "Moisture Control," Guy Bunn, Myrtle Point, Or.: 2 P. M., "Economical Manufacture of Dairy Products." V. H. Kent. Portland: 2:80 P. M.. "Getting Better Body." John Jamison, Haselwood company, Portland: 3 P. M.. "Buying and Selling Abuses," s. C. Schmidt. Mutual Creamery company. Port land: 4 P. M., "The Friend of Co-operative Marketing." M. S. Schrock. . Oregon Co operative Dairymen's league. Portland; 5 P. M.. Inspection of butter and cheese ex- hlbits; "J:30 P. M... banquet.. Hotel Port land. The need of a tariff on the importa tion of maraschino . cherries in order that the growing of cherries in the northwest, for the rapidly developlnir maraschino cherry industry may not suffer is emphasized by W. H. Faul- hamus of Puyallup, Wash. Mr. Faulhamus characterizes the growing of the Royal Ann cherry as one of the most profitable industries of . this '-section and says that cmly recently, the Importation of the Ital ian maraschino cherries has endan gered this industry. He urges a tariff of about 2 cents a pound on the Im ported cherry. The Royal Ann cherry is fast be coming one of the feature fruits ci certain portions of Oregon, Washing ton and Idaho, he says. therefore. every citizen, of these three states is particularly interested in stimulating the growing of Royal Ann cherries. I am sure, however, that we will ap preciate that the growth of the in dustry depends entirely upon the price that the grower receives for his crop of Royal Anns. . -. Question Is Serious. "There Is a-., serious . - question whether more Royal Ann cherries are used for canning ...purposes . or for maraschino purposes.- If the north west states lose the market for the Royal Ann cherry used in the manu facture of maraschinos it is going to materially reduce the price and there is a possibility of our.- losing this market for our Royal Anns. "I have on my ciesk at Puyallup a sample of Italian white cherries which have been used most extensively for maraschino purposes. This sample was submitted to me by an importer of New York: City, who makes a quo tation of 7c per pound for the drained cherry. ." - . Italian Cherry Smaller. "It is true that the Italian cherry is smaller than the cherry that we grow in the northwest, but it is also true that the buyer prefers, in most instances, a small cherry for the reason that the smaller the cherry the more to the gallon; and the mar aschino stock is usually sold, by the gallon. 1 "The Italian cherry can be sold so much cheaper than the cherry ..grown in the Pacific northwest for several reasons, among which are: Cheap la bor in the district in which the cherry is grown; the cherries are put in large barrels and shipped to America as ballast- This gives our Italian competitor a very low transportation rate and the most unfortunate part of this cherry industry is that our government admits these Italian cherries into the United States free of duty. - "The maraschino cherry is not an ordinary household necessity, but it is an industry which is growing very fast and one that offers a wonderful opportunity to the cherry grower of the northwest. We can all help our selves by helping the cherry . grower get a fair price for his crop of Royal Anns. - Many districts of the north west are deriving a very large reve nue for the Royal Ann cherry-crop as delivered the past three years. Unless we get busy and try to protect our own interests : the chances are that the price of cherries will drift back to 3'A or 4 cents per pound." PEARS TOP EASTERN MARKET Medford Product Brings Big Price in New York. City. The Bosc pear, grown .in the Med ford district. toDDe'a the New York market early In the month when the Oregon Growers' Co-operative asso ciation sold one car lot at the price of 7.38 a box. 'This figure was not only the high est for which Oregon pears have been sold this year in New York city, but with a few exceptions was the highest price Drought for pears for several years," said an announcement by the association. - A "The, Bosc and in fact all other Oregon pears, are receiving most fa vorable attention from car-lot fruit buyers in New York- city." - LOGANBERRY CROP VALUABLE C. I. Lewis Says Growers Received Profit of $70 0 an Acre. That the growing of loganberries in the Willamette valley can be made one of the most lucrative of indus tries was emphasized by C. I. Lewis of the Oregon Growers Co-operative association, in a recent address be fore the Salem, Or., Commercial club. Mr. Lewis said that growers in the Salem district sold their product this season for as high as $1000 an acre. Deducting the cost of picking, he said') this would give them about S700 an acre. The - speaker admitted that this profit was exceptional, owing to the fact that the crops were heavy and buyers paid 13 cents a pound. Mr. Lewis estimated thaf there was a large enough acreage in the Wil lamette valley to produce SO, 000, 000 pounds of "berries annually. "It was just three years ago this spring that loganberry growers were discouraged and many were tearing out their vines,'" Tie said. "The price tnen was JVm cents a pound. Two years ago the price rose to 5 cents a pound. Already buyers -are trying to contract at 64 cents, but there is a general impression . that the crop will be sold next year at a higher figure." EGG STORAGE IS PROFITABLE DUDREY AIRCRAFT GO. JO ENLARGE SCHOOL New Building at Broomfield Field to House 200. ' ment of '$1-40 an acre on 35,000 acres is required for extra water furnished above the free allowance given by the government under its contract ith Indian owners. The payments also will include $5 an acre on about 0,000 acres, as an initial payment on government construction charges. EGG MORE COURSES ADDED Miss Gradelle Leigh of Portland Is First Girl Student Registered In Northwest. ' Farmers Organise Bureau. KELSO. Wash., Nov. 28 Special.) Farmers of the Bufaula district, a few miles west of Kelso, have organ ized the Bufaula farm bureau for the purpose of improving farmings and living conditions. Alfred Wohl was elected chairman, and the following project leaders have been appointed: Poultry, Henry Wohl; drainage, Al fred Wohl: potato culture. Joseph Mowery; soils, William Wohl: bees', Mrs. Trask: home improvements, Mrs. Albert Wohl; nutrition,. Miss Stone and Mrs. H. G. Knowles; club work, H. G. Knowles. Phone your want ads to The Orego nlan. Main 7070. Automatic 660-35. The Pennsylvania-Ohio Power & Light Co! . 7Va Twenty-Year Bonds A lonif term bond hip:h inter est ate of an essential Elec tric cornpany sup-plyins a most important industrial section. Price to Yield 7.85 Circular giving interesting details of the business will be furnished, upon request for OR-351. The National' City Company Correspondent Offices in more than SO clues. - POBTIAJ.D YF.ON B 1.1)0. TELEPHONE MATS 6078. Bonos of 1 7 Cents a Dozen Paid to Members of Association. As the result of closlna- out a. larsre stock of storage eggs at 49 cents a dozen, the Oregon Poultry Producers' association has been able to turn over a bonus of 17 cents a dozen to all members who had participated in the pool of stock. It was on July 1. when the market price dropped from 44 to 40 cents, that wie management or the association decided to put eggs in storage. About louu cases were stored between July 1 and 26, and an advance payment of a& cents a dozen was made. The bonus recently turned over to memoers amounted to as high as $220 inuiviau&i memDers. According to figures recently com- iieu lit ma management, the asso uiauion uuring tne two months end- ihk vcioDer 31 nandled a total of 663,293 dozen eggs at- a value of irUKSEBY FARM ESTABLISHED Pears Declared to - Be Replacing . Apples in Hood River. t fiviK. or.; Nov. 28 (Spe- "a sicai uemana lor pear """' J" Mcoromg to Charles Rawson, veteran nurseryman here who has retired from the business, has resulted In his re-establishment of a uuraery xarm in tne upper valley. Mr. lormeriy associated with i-mun. aianton, now county fruit i otciUr, Jn ne orcnard and nursery business, says he will devote his at- iDuiwn entirely to pears. i consider that the most of our future fruit settings In the Hood River valley," aays Mr. Rawson, "will be pears. The d'Anjou is going to be the popular , variety.- Pears will., in r0.??1,.. instancea' 'eP'ace apple trees killed' or damaged by the extreme cold weather of last wfhter." Portland is rapidly assuming a place as the center of aviation In struction for the northwest and in connection with the rapid develop ment of this new industry the Dudrey Aircraft company has announced that a new building for housing its school of aeronautics will be erected at Sroomfield Flying field. The school already has enrolled 70 students with others coming in every day and is rapidly outgrowing its present questers. The new building, according to plans which have been arranged un der the direction of C. V. Dudrey, manager, and Captain F. S. McClurg. chief instructor, will house a student body of 200. The work of erection will be started about the first of the year, it is announced, and will be pushed rapidly to completion.. 12.0OO Feet In Two Stories. The proposed structure will be two stories and will have 12.000 feet of floor space. It will 'be fitted with a lecture hall, 60x80 feet, and with all the necessary shops and equipment for the practical instruction in aero nautics. There will be plenty of available space and equipment so that students, if they wish to do so, may make their own airplanes while - taking the courses offered at the school. In ad dition there will be sales and display rooms for the use of manufacturers. A portion of the additional equip ment for the school, it is announced. will be three additional airplanes be sidea numerous parts and tools. Three Coarse Offered. . As a result of the demand for ) more advanced course in aeronautics officials of the school announce that a new course for advanced students and comprising aeronautical design. lng and engineering is to be giverr. The school is already giving three courses, including the complete pilot's course, the complete mechanics course and the mechanics' ground course. - Miss Gradelle Leigh of Portland said to be the first girl student of aviation in the ' northwest, is regis tered at the school and soon expects to qualify as a pilot. . ' The student body also comprises a number of Chinese boys. Among these are James Moy, son of the Chinese consul here, 240 Yamhill street. He has announced his lnten tion.of returning to China after com pleting his course here and starting a company of his own. Two other concerns have also started aviation schools here. They are the Oregon, Washington & Idaho Arplane company and the Adcox Auto & Gas Engine school. J 'Farmers Must Pay $200,000. YAKIMA, Wash:, Nov..- 28. (Spe cial.) Yakima reservation farmers are called on to pungle up WOO, 00 between now and the first of the year to meet government charges, bills for which were mailed this week. Pay Demonstrations of Feeding and . Breeding Given in "Linn County. ALBANY. Or., Nov. 28. (Special.) Poultry demonstrations on feeding for egg production and on choosing breeding stock were held in three dif ferent communities in Linn county during the past week and were largely attended. ; Professor Cosby, poultry extension work of the Oregon Agricultural col lege, conducted the demonstrations and was accompanied by S. V. Smith, county agricultural agent of Linn county. One demonstration was con ducted at the farm of Arch C. Miller, in the Riverside community, south west of Albany, another took place at the farm of C. B. Chandler near Waterloo, and the third was held in the Lake creek community, west of Halsey and north of Harrisburg. PRODCCTIOX SHOWN FILBERTS TO BE GROWN Attractive Northwestern Municipals to Yield 6 JZxempt From Federal Income Tax Exceptional investment values are offered in the following list of School District and Highway Bonds. Compared with the . valuation the bonded indebtedness of these districts is insignificant. -:- $18,000 Bonner County,. Idaho School District No. 4, 5 Building Bonds. 3.600 Fremont and Madison Counties, Idaho. Joint School District No. 7, Refunding 6 Bonds. S20.000 Fremon and Madison Counties, Idaho. Joint School District No. S,' School Building 6 Bonds. 130,000 Fremont County, Idaho, Funding 5H Bonds of St. Anthony - Independent School District No. 2. Price to yield 6. $29,000 Rig-by Independent School District No. 5. Jefferson County, - Idaho, Building 67r Bonds. $12,000 Power County. Idaho Rockland Independent School District No. 2, School Funding 6 Bonds. Yamhill Farmers and Orchardlsts Interested in Industry. DAYTON. Or., Nov. 26. (Special) Farmers and orchard men around Dayton, Yamhill county, are becom ing interested in the planting of fil bert orchards It has been found by experience that western Oregon and Washing ton, in soil and climate, is well adapted to the growth of these nuts and that they produce as heavily in western Oregon and Washington as in England or any part of Europe. The trees should be ' planted on rich, well-drained river bottom and valley and and should be pruned into tree form as much as possible . GARAGE HEATER IS INVENTED Gas Company Begins Manufacture of New Product.' The Portland Gas & Coke company has developed a new heater to fill the demand for a method of heating pri vate and public garages. The new heater has been built along safe lines, and In compliance with the regula tions of the, fire department prohibit ing an open flame In a place where autos containing gasoline are stored. The Gasco garage heater has been tested .by the fire department and pronounced safe. The company has begun manufacturing them. -Highway Bonds- 875,500 Jerome County, Idaho. Hillsdale Highway District 6 Bonds. S 7,000 Minidoka County. Idaho, i Bonds of the Heyburn-Paul Highway District. $16,000 Buhl Highway District 6 Bonds, Coiyity of Twin Falls, Idaho. i U Pearl Necklace Stolen. ABERDEEN. Wash.', Nov. 28 (Spe cial.) While Mr. and Mrs. Fred B. Weatherwax. 613 North . K street, were guests at a family Thanksgiv ing dinner party atthe home of Mr. and Mrs. B. S. Weatherwax, burglars jimmied the back door of their resi dence and carried away a pearl neck lace and diamond pendant and other articles of an estimated value of from J300 t9 $400. Read The Oregonian classified ads. Petty Problems t in Building Management -... -1 rxsHERE are many seem- ' ingly small but none ' the less important ques- tions arising every day. The average business ' man has neither the time nor facilities for solving these .questions.4 - .-. . It is the -business of this organization to work out ' such questions. v. - ' We manage and develop property.. rrtn f KarNsusSfiT ah A Municipal Bond yielding from 6.85 to 7.60 with the exceptional security of $11,500 worth of taxable property for every $500 bond. $64,500 CITY OF . .-. .. . Hardin, Mont. 6 Water Extension Bonds Dated 1920. Due 1925-30. Den. $300 - . PRICE ALL MATURITIES 94.50 YIELDS FROM fi-85 to 7.50 . Financial Statement Dist. Assessed Val $2,310,801 Bonded Debt, including this issue $ 100,000 v BONDS INCOME TAX EXEMPT Facts About Hardin Almost within Hard in's outskirts is the 200,000-acre farm, operated by a syndi cate financed by J. P. Morgan & Co. It is the county seat of the famous Big Horn County and th center of a vast agricultural region which includes 100, 000 acres of irri gated lands. The municipal debt is one of the lightest among western cities. BROADWAY AND OAK UNITED STATES .SHIPPING BOARD Offers for Sale Steel and Wood Ships and Wood . Hulls Bids will be received on a pri vate competitive basis in ac cordance with the Merchant Marine Act at the office of the United States Shipping- Board, 1319 F Street N. W., Washing ton, D. C. -f The ships offered for sale in clude steel vessels and wooden steamers. - The steel steamers are both oil and coal burners. The Board has established a mini mum price on these vessels. v .Terms on Steel Steamers ,Jlt of the purchase price In cash upon 1 delivery of the vessel; 5 In 6 months thereafter; 5 in 12 mortths thereafter; 5 in 18 months there after; 5 in 24 months thereafter: balance of 70 in equal semi-annual installments over a period of ten years; deferred payments to carry in terest at tne rate 01 per annum. Canadian Bonds v City of Vancouver Due February 1923, to yield 7 Province of Manitoba . Due June 30, 1930, to yield 7Vz Province of British Columbia Due July 1, 1926, to yield 7Va Details upon request. , Wire orders "collect." Freeman, Smith & Camp Co. BAN nuora . aaouNo n.ooa Lumbermens Builxin . riPTH AND STARK - ' . B-WAT B70 1 . The two hundred and eighty-five wooden steamers for sale are of ten different types, as follows: Nine DauKhertv TvDe: Seventeen Ballin Type; Ten Peninsula Type; Six Pacific American Fisheries Type; line Alien Type; One Lake and Ocean Navigation Company - Type: Thirteen McClelland Type; One Hundred and Eiehty-six 1.-.. n Tvnf Thirtv-onft H one h TVDe: Eleven Grays Harbor Type. Also have a number of wood hulls of various types. Terms on Wooden Steamers 1A rash on deliverv. Balance ii equal semi-annual installments over a perioa ox mree years. Bids may be submitted for one or more vessels or ior any comomauon nf above vessels, and must be ac companied by certified check made payable to the U. S. Shipping Board for zy ye 01 amount oe ice oia. Bids should be submitted on the basis of purchase "as is and where is.' Fnrtbi Information wi a be h fnlnpd hr reauest sent to the Stain Sales Division. 131 F Street H. W-, Waklneton, D. C. TTie Board reserve the rlskt to re ject any and mil bid. Bids should be addressed to the UNITED STATES SHIPPING BOARD, WASHINGTON, D. C, and indorsed "BID - FOR STEAMSHIP (name of ship)." 7 SAFETY Il - ' 8ECTTRITY, YIEMJ J MARKETABILITY These, the most Important factors In an Investment, are ideally CJm bii.ed in our First Mortgages. Ask for booklet "Some Interesting Facts About First Mortgages." Western Bond & Mortgage Company Main 115 80 Ftonrth St. " Circulars Containing Details on Request Principal "and semi-annual interest payable In New York City and at the. off ices of Morris Brothers. Inc. Telephone or Telegraph Orders sat Our Expense. MORRIS BROTHERS, Inc. Established Over & Quarter Centurjr The Premier Municipal Bond House PORTLAND. OR. MORRIS BLDG. 309-U STARK BROADWAY 2151 Other Offices at Seattle. Tacoma, Wash., and San Francisco. Cau Capital One Million Dollars 1) SAFE DEPOSIT BOXES III 111 1 . , mill. 1 i in 1 11 imiij 11 1 i main is-iitw6 T,a. m.a si.-. .JtliSiilswfiFait! .Mr. Office Manager. 'OU COUID yOUT shoo. f&tilOI V Or ttorm Wltr mtvmmv rlMrlft ' that will make for economy, improved product and rapid output Do you apply the same policy in your office ? The first rule of accurate and efficient accounting is a full set of entry and record books that exactly meet your requirements. Know yarn requirements, and then order first-trade National . Account Books from your local stationer. You cannot economize . 00 Blank Books or Loose Leaf Equipment. . The National Loose . Le Jin Includes wide choice of Ledgers, Post Binders, Ring x . and Transfer Binders, Sheet Holders and Price Books. The National Line la so extensive you may not be setting the - no oat of IL through lack of information. Stationers selling ' Nationals can help joa to secure this service. NATIONAL BLANK BOOK CO- Holyoke, Mass. ! ASK YOUR NEAREST STATIONER Blake, McFall Co Co, J. K. Gill Co, Kllham Sta. Itgr. Co, Meier A Frank Zast Bros, Olds, Wort man. A Kins;, D. O. Cunning-ham Co.- Make Permanent Investments Now History repeats itself, but it takes years to do it and you may never again have the opportunity of making investments at such high interest rates as now offered. Therefore, it is sound business judgment to get your money out for as long a time as possible. To get 7 per cent and 8 per cent it is not necessary to depart from the safe, established kind of securities. You do not need to speculate in new enterprises. You can buy from us: Canadian Municipal Bonds Paying. . . . . . ,7'2 First Mortgage Bonds Paying . 8 Foreign Government Bonds Paying Over 8 Write, telephone or call for further information Blyth. Witter. & Co. UNTIED SATES COVERHMETT WDNIdPAL AHD C0RPORn0H BONDS . YEON BUILDING PORTLAND " Telephone, Main 8183 San Francisco Seattle Los Angeles New York We Own and Offer: CITY OF NORTH BEND, OREGON 6 Improvement Bonds Dated Sept. 1, 1920. Est. Maturity 5 years. PRICE PAR TO NET 6 Qarstens & Earles, Incorporated - i Est 1891 Third Floor U. S. Natl Bank Bldg. Phone Bdwy. 4108