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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Dec. 13, 1920)
THE MORXIJfG OREGOXIAX, MONDAY, DECEMBER 13, 11920 17 FINANCIAL CIRCLES SEE BRIGHT FUTURE Optimism Is Declared Backing Fair Plan. by SUPPORT IS PLEDGED Aid. to Be Given Exposition by Bankers Declared, of Great Value to Community. Portland bankers and others closely associated with the financial world here are not at all gloomy over busl rjess conditions and, as pointed out yesterday by George W. Joseph, chair- of the 1925 exposition project, have shown their optimism by unanimously putting themselves back of this plan at a time when a good many people throughout the country are more or Jess pessimistic "In conferences with the financiers of Our city, regarding the 1925 ex position. I have found them to be op timistic over the outlook and all of them have'-agreed to support the proj ect In every way," said F. E. Beach, president of the Columbia Hydro Klectric league, the organization whjch has fostered the exposition plan to date and will have charge of the plans until a corporation is formed. "1 think it takes a good deal of nerve for a comparatively small city, like Portland, to assume the heavy re sponsibilities of a great national ex position at a time when business con ditions are supposed to be pretty bad, but the fact that Portland bankers put themselves so strongly back of this project should prove of wonderful benefit generally. It shows in a con crete manner their full faith in the city, the northwest and the whole country." Mr. Beach said that one leading banker declared that he would guar antee that $500,000' of the stock in the . corporation t would be subscribed within, two hours, when the time comes, and others gave similar ex pression of faith in the city's finan cial interesta to handle the project In a big way, even though the country Is passing through the inevitable slump due to the war and a too-swift period of living following the war. The exposition, as previously pub lished, is to commemorate the com pletion of the Lincoln highway from the east to the west and the Pacific highway from the Mexican border to the Canadian line. Incorporation papers will be filed at Salem just as soon as possible, said Mr. Joseph yesterday. The amount of the capital has not been fixed. PEO&PECT OF PAXIO DEXIED Return to Xormalcy of Banking Predicted for Early Spring. Early spring should witness virtual normalcy in business and financial circles, according to the expressed be lief of numerous leading bankers throughout the United States and that there is to be no panic is likewise put down for certain by such men as W. P. G. Harding, governor of the federal reserve board, and the heads of strong institutions throughout the country, closely related, to the situa tion. A storm Is often worse just befon It passes and there are encouraging Indications that the present business Etorra is already clearing in certain quarters, is the way one leading east ern finnncial authority describes the situation. He says, judging from a careful survey of the industrial cen ters, that the year-end may bring a few commercial thunderclaps, but that the financial lightning is about , over. According to statements of finan ciers in various parts of the country, distinctly easier money rates are ex pected In the latter part of January and by then it is believed by them that the return in the security mar kets will have come definitely. In some of the large eastern centers manufacturing industries which have been closed for some time have re opened, thereby steadying that fea ture of the situation. facturing- territory expressed their i views In answer to the first question, (as shown in the' following summary: "Inadequate, transportation, which ,has seriously interfered! with the de livery of lumber and the making-of collections. 1 "Cancellation of orders due to non delivery and the expectation of lower prices, which has. resulted in the pil ing up of working capital In lumber piles. Requests for an extension of credit from nearly all lumber manufacturers and in a majority of cases of a re quest for increased lirve of credit dur ing a time when it is almost impos sible to- comply " because of similar increased demands from every other line of business and industry. The ability, of the majority - of lumber manufacturers to handle their financial affairs onv a rising market nd the inability of many lumber manufacturers to meet the situation on a declining market without calling oji the banks for extra financial assistance. The tendency of the smaller op erator to throw all his stock on the market when prices have started on the decline, involving sooner or later other manufacturers and eventually resulting In a chaotic, condition in the lumber market, with which cumula tive effect the' larger operators must reckon." The consensus of opinion' regard ing future outlook was: "The effect f high railroad rates on orders is problematical. "A temporary break in retail and wholesale prices in lumber ready for delivery is to -be expected. Future prices will be regulated by the future, coet of labor, production, etc." A summary of a large volume oi answers would indicate tha't the bank ers consider the fundamentals under lying the -lumber market as sound. but point out the necessity for the umber business to protect itself ay having more working capital. This work was started In June and ex presses the bankers viewpoint as gained during the past few months. Municipal Bond Market Cleaned. The eastern market has been cleared of practically all good munici pal bond issues and as a result of investors being awake to the possi bilities of buying bonds at bargain prices, according to word received here from F. A. Freeman, president of Freeman. Smith &. Camp company. In vestment bankers of Portland and San Francisco, who is now in the east. Investors are giving their attention to long-term municipals with a view of having a high yield bond, bringing in an income when Interest rates are low, declares Freeman. Freeman, in letter received by the local office. says' it Is the consensus of opinion among bankers, bond dealers "and business men that money is going to be easy after February 1, ana iis means a decrease in interest rates. Security Investments Advised. Colon Livingstone of Blyth, Witter & Co. believes that now Is the oppor tune time for investors to purchase long-term securities. Now Washing ton and Oregon municipals, long-term external foreign bonds and corpora tion bonds of this country can be pur chased at prices which yield a higher Interest return than at any time since the days shortly following the civil war. Mr. Livingstone predicts a strengthening in the bond market shortly after the first of. the year. Incorporation Articles Filed. Articles of incorporation of the Great Northern Finance company have been filed with the county clerk. The capital stock is $1,000,000. The incorporators named are S. W. Strik cr. R. Bushnell Potts and J. Hunt Hendrickson. It 's stated the com pany intends to do a general loan and brokerage business here. Harding Statement Distributed. C. X. Porter, manager of the Oregon deDartment of the Fidelity & Trust company of Maryland,- has distribut ed copies of a recent statement oy Governor Harding of the federal re serve board, expressing his views as to the financial and business situa tion. LAWYERS HOLD MEETING LOCAL FIRM OWNS SHEEP, MILL, STORES Wool Taken From Sheep -to Garment Factory. Seattle Merchants Sell Product Put Out by Oregon Concern and Order More. BAR ASSOCIATION" DISCUSSES PROPOSED LEGAL CELAXGES. AVTI-TAX MOVE IS DROPPED Seed of Funds by Government Halts Chamber Action. The recent statement of David F. Eouston, secretary of the treasury, in which hw showed that the federal government must have funds with which to meet immediate obligations aggregating approximately $700,000 and a large sum with which to pay in terest on liberty and victory bonds, has caused the legislative committee of the Portland Chamber of Commerce to abandon efforts to secure defer ment of fhcome tax payments. "After Mr. Houston's announce ment,", said William MacMaster, chairman of the committee, yesterday, "we ceased further consideration of the proposition to obtain defermen'3, even though business men are very hard hit under its provisions. It was decided that, in view of the govern ment's urgent need for funds at this time, the only thing to do is to meet payments due December 15." PROMPT PAYMENT IS WANTED Government to Horry Awards on Orders for Funds. Announcement that the TJnited States army finance section will cake every effort to make prompt payment on government orders was. made here yesterday by Colonel E. P. Orton, head of the Pacific coast region. He was In the city from his headquarters in San Francisco and conferred with Lieutenant Frank F. Fulton, in charge of the local office. They also met with General Manager Dodson of the Chamber of Commerce. Colonel Orton said that if business men will send bills for army orders to the local office, 323 new Postoffice building here, they will receive prompt attention and will probably be paid within from five to ten days. This is a part of the governmnt's plan to assist in steadying the financial situation, it was explained. - X.CMBER SITUATION" SURVEYED Banks Give Reasons for Slowing Down of Industry. Eeasons for the slowing down In the lumber industry of the Pacific coast are given from the bankers' viewpoint by Baker, Fentress & Co., bankers for lumbermen, Chicago. The company recently asked 2854 banks located in the timber states in the western territory what, in their Judg ment, were the most serious prob lems confronting the lumber indus try at the present time and what they thought of the future outlook. The bankers in the lumber manu- Bills to Be Introduced in Next ICff. Islature Talked Over by At torneys of Clarke County. VANCOUVER, "Wash., Deo. 1!. (Special.) The Clarke County Bar association held a special meeting yesterday to discuss proposed legisla tion to be introduced at the coming legislature. Among the topics dis cussed was a proposition to permit only licensed attorneys to practice law with provision that they must be American citizens. A bill providing that paupers ac cused.of any crime may have attor neys appointed .by the court and paid what the judge thinks proper was also proposed. A rule that peremptory challenges be exercised through the court In writing, recommendation that the state, have as many challenges as the defendant, and a bill allowing the estate of a man who has no heirs, to collect damages for his death, by the wrongful act of another, providing that in no case shall the damages be more than enough to pay his debts and costs of administration, and pro vision that Jurors in civil cases be kept together if this be demanded by either side, were other proposed changes. Provision that the sheriff be en titled to an indemnity bond in case a third party claims property about to be attached, and proposed Dill mate ing property deeded to man and wife, the property of the survivor in case of either s death, were also discussed. LEGION HOLDS ELECTION Robert Dillard Post Commander a MarshXield for 1921. MARSHFIELD, Or., Dec. 12. (Spe cial.) The Marshfield American Le gion post has selected officials for the ensuing year and is to be led by Bob ert Dillard, post commander. Th other officers are: B. B. Ostlind, vice commander; Herbert Busterud, adju tant; John Ferguson, treasurer Everett E. Mlngus, historian. The post entertained Captain Mc Kelvie who was on local ground for the purpose ' of distributing victory medals to applicants, bixteen medal and clasps were awarded to Harry Paxton, uuy rtoDinson, Jesse Burdick B. B. Ostlind. Clyde Carlson. Joh Preuss, Leonard Litkee, Ernest Reed Robert Lang, Arthur Pearson, Robert Purdin. Lars Petterson, Ferdinan Painter, Everett Mingus, Dunca Douglas, William Blake. Carlson, Lit kee and Reed lougnt in tne American lines at St. Mihiel, the Argonne, Champagne and Meuse. Campus Tree Blown Down. One of the stately fir trees on the Reed college campus was blown down Friday by the storm. The tree, located ' immediately In rront of the gymna sium, snapped off about 20 feet above the ground. unemployed problem In this state. The shortest road to avoid difficulties along this line Is declared to be to support the industries of Oregon. MODEL FARM OPERATED Wool from - the back of the sheep to lite completed garment under one wnershlp and management is now to be an accomplished fact as the result of the recent acquisition by J. hi. Bowman of the Brownsville Woolen mills chain of stores and the Brownsville Woolen mills at Browns ville, Or.. Mr. Bowman already owns a model farm east of Gresham, where a flock of high grade sheep are kept and he conducts a garment factory in connection with his Portland store. The Brownsville Woolen mills. which had been shut down for some time, is to be operated again as soon as it is overhauled and remodeled. It will then be possible for Mr. Bowman to take the wool from his sheep. weave it into cloth in his mill and then make it into garments In his factory and sell it over the counter to his customers. The Brownsville Woolen mills was owned by the Brownsville Woolen mills store about 20 years ago and the purchase by Mr. Bowman conse quently means bringing it back under the old management- Mill to Be Remodeled. Mr. Bowman announced that he will ompletely remodel the mill, install ing new machinery and making it up to date In every particular. As soon this work can be done the mill will be operated again, in spite of the fact that many mills over the country have shut down. Mr. Bowman announced that his hain of stores would be able to han dle the cloth turned out by the mill and keep the factory running even though sales to other concerns might not be large. The BrownBVlllo Woolen mills Is declared to be the oldest mill of its kind in the state. Thomas Kay Sr. was the original owner. He and oth ers made fortunes on the operation of the mill previous to its being closed down three years ago. The Brownsville mill l3" declared to have the finest natural power and the best location for a plant of that char acter in the state. ' farm Is Acquired. It was last year that Mr. Bowman acquired his farm east of Gresham, which he is rapidly making into a model" farm for the raising of pure bred registered stock. He has stocked the farm with Jersey cattle and Dor set sheep. The Dorset sheep he de clares to have found the best for his purpose, producing a high grade of wool and also being especially good for the production ' of spring lambs for the market. Mr. Bowman is now operating stores in Eugene, Astoria. Marshfield, North Bend in additfon to the store in this city. In connection with the Port land store he operates a factory for the manufacture of clothing employ ing about 125 persons. This factory is equipped with all the up-to-date machinery necessary for the turning out of a high grade product. Portland-made suits recently invad ed the Seattle market as the result of a trip made to that city by Mr. Bowman. When seven of the Seattle merchants saw the quality of the suits turned out by the, Portland factory and the- prices quoted on them they immediately signed up for consign ments. And now they are declared to be In the market for more. Development of Firm Rapid. The development of a million dollar company doing a five million dollar business In less than 7 years from a single cannery Is the record which Is claimed for the A.itupert company Incorporated of Portland. The con cern now said to be the largest fruit and vegetable packer and canner in the northwest is declared" to bo an ob ject lesson of what can be. done in this section by a proper development of the resources of the country. Seven plants in Oregon and an eighth -In Washington are now being operated by the company. Proposed Plant Site Obtained. The proposed nlant of the Watson Bucket Plow company will be located In the Linnton district, according to announcement made by officials of the new $500,000 concern. The com pany was organized to manufacture a plow Invented . by William Watson, pres'dent of the company. Portland will be used as the distributing center for the new Industry and employment win be given to a large number of men, it Is declared. 40,000 ROSE SLIPS WILL BE EXHIBITED 'ubfic Is Invited to View Collection January 4' TILLAMOOK LAW-ABIDING 30 DAYS PASS WITHOUT REST BEING MADE. Alt- Jailing Average but One to Every 900 Residents of County for Yearly Period. TILLAMOOK, Or.. Dee. 12. (Spe cial.) Tillamook, both as a county and city, is almost impeccable, accord ing to statistics compiled today by the county sheriff and city recorder. Absence of crime has authorities on their tiptoes looking fore and aft, to port and starboard, lest the qQiet be ominous. It has been 30 days since there has been any arrest in the coun ty. It has been three weeks since anyone was in the county Jail. In the last six months there has been only ten arrests in the county and three of these were arrests of non-residents. Arrests have averaged one to every SOU inhabitants. ine most serious offense in the month's period has been the robbing of a rail road outfit car, for which two men were sentenced to the penitentiary to serve a year each. The city record is still better. In the whole year to date there have been but six arrests, three of the i rests being for drunkenness, two for assault and battery and one for fail ure to pay a dog tax. Only once was the maximum penalty of a J26 fine imposed and that was on a man who insisted on getting drunk twice the same night. Only one person served sentence In the city jail and that was a man who was determined- ne would not pay a tax for his dog and rather than pay the tax served it out In jaiL OID COMPANY TO DRILL Development of Xew Mexico Land Planned by Concern. The Portland-Pecos Oil company, recently organized under the laws of Oregon with a paid up capital stock of 9300,000 has announced its inten tion of drilling for oil in the new oil district in the Pecos valley, New Mex ico. The company owns leases on about 3500 acres of land lying on both sides of the Pecos river in Eddy county, New Mexico, near the Texas- New Mexican boundary line. Thomas M. Hart of Portland Is president of the company and Willis Wright of Los Angeles vice president. The directors, all Oregonians, are Thomas M. Hart, Willis Wright. A. K. Higgs, M. H. G. Gunther, John J. Read, N. M. McDaniel and C. F. Pan- kow. SnOEMEX DINE CLUB 3IEMBER Ralph X. Baker Leaves to Enter Business in Los Angeles. Ralph N. Baker, who has been con nected with the Knight Shoe compa ny in thts city for the past 20 years was given a farewell banquet by mem bers of the Knight s club, composed of employers and employes of that store, Wednesday night on the occa sion of his departure for Los Ange les to enter a new field of business. Mr. Baker is to take a position as buyer and manager of the Juvenile department of the store of Wetherbee, Kaiser company of Los Angeles. Mr. Baker was presented with traveling bag by W. A. Knight and with two automobile robes by the Knight's club. SUPPORT INDUSTRIES URGED Hotel Men Pass Resolution Asking Help for Oregon Firms. People of the state are urged to support Oregon industries by a reso lution which was passed at the annual meeting of the Oregon State Hotel men's association at The Dalles. The resolution points out that this is-a period of readjustment in busi ness and that many people are being thrown out of-employment as a result and declares it to be the duty of every person in Oregon to do what they can to reduce to a minimum the Bolstfort Debaters Win. - CENTRAL! A, Wash.. Dec. 12. (Spe cial.) Arguing the affirmative side of the question of compulsory arbi tration of labor disputes, the Bolst fort high school debating team, com posed of Mildred Tucker, Gordon An derson and Roy Harris, defeated the Rochester team Friday night. Roch ester was represented by Theodore Boyd, Elmer Morris and Vincent Hiden. Miss Z. May Meighen, Lewis county superintendent, presided as chairman. STREET TO BE ADORNED Plants Intended to Beautify Sand; Boulevard Will Be Shown In Park Beds. Forty thousand rose ellns. slanted In the Mount Tabor park nursery under the -direction of City Commis sioner t-ier and Superintendent of Parks Keyser -tor eventual use In transforming Sandy boulevard into a bower of beauty from East Sixteenth to East Seventy-second street, will be viewed by Mayor Baker, the city and county Vommissioners. reorescnM. tives of civic clubs and the general puuuc xuesaay, January 4. It will be made a big occasion, acrnrritniz- tn w H. Haynes, head of the Portland Ad ciud s committee. In charge. Anotner feature connected with the plans to make Sandy boulevard a roseway for approximately ihr miles, excelling anything in America ior lloral Beauty, was announced yes terday by Mr. Haynes. This was a drawing by the various clubs of Port land, each of which will by lot receive a section of the thoroughfare as Its own property for the purpose of pre liminary cleaning up and making ready for transplanting of the 40,000 rose bushes and caring for them. The exact date for this drawing has not oeen iixea. neither have the details been completed. . Plan Declared Unique. "Nothing like the plans fgr this rcseway feature has ever been un dertaken," said Mr. Haynes yesterday. "Think of 40,000 rose bushes be ing put into one project like this! Yet that is the way this unique feature is being handled. Commissioner Pier and Superintendent Keyser, repre senting the city officially, nave planted that number of slips in the Mount Tabor nursery for this pur pose. "We want everyone In Portland and vicinity and visitors, too, to arrange to go to Mount Tabor nursery oe Tuesday, January 4, to see what has been done as a sort of preliminary feature of the roseway planting, which probably will not follow until November of 1921. Invitations will be extended to Mayor Baker and the city commissioners, the county com missioners, J. A.Kurry, representing the American Rose society; the offi cers of the Portland Rose society, the board of governors of the Rose Festi val, the Ad club's 'roseway committee, officers of all civic clubs and the gen eral public ts also asked to attend." Planting Ron Task. , The Job of planting all of these rose bushes, especially that of providing proper soil for them, . Is going to oe very large and Mr. Haynes and Super intendent Keyser said there, must be full co-operation on the part of the clubs to get the project under way so that the 40,000 bushes will bloom in time for the 1922 Rose Festival,. After the drawing every, club par ticipating will be' required to handle each phase of the preparations and of transplanting and caring for the rose bushes in its section of the roseway, Mr. Haynes said. They will have every assistance of experts in trans planting and caring for the bushes. A fund Is being created by the Ad club for the purpose of offering' cash prizes for the club jvhich has the best arrangement of its section of ground and the most unique plan of beauti fying its section. SCHOOLGIRL CLUBS GROW Tour of ' Lane County Shows Most Schools Have Organisations EUGENE, Or, Dec 12. (Special.) Miss Helen Cowglll, state club leader of schoolgirls' club projects, accom panied by J. G. Swan. Lane county rural school supervisor, made a tour of several schools of Lane csunty two days last week, gtlvlng demonstra tions In Bewlng. Mr. Swan reported that all the schools visited 'have project clubs or hoDe to have in the very near fu ture. The morning of Saturday, December 18. the sessions of the Lane county farmers' week at the Eugene cham ber of commerce will be devoted to boys' and girls' clubwork. H. C. Sey mour, state club leader; Miss Cowgill and L. J. Allen, state pig club leader, will all be here to address the meet ing and to give demonstrations. Ashland Eastern Star Elects. ASHLAND. Or..Deo. 12. (Special.) Alpha chapter. Eastern Star, at Its last regular meeting elected the fol lowing officers for the ensuing year Worthy matron, Mrs. Elizabeth Bush worthy patron, S. A.. Peters Sr.; asso ciate matron. Mrs. W. H. McNair secretary, Mrs. Leah Caldwell; treas urer. Miss Lydia McCall; conductress. Miss Georgie Coffee; associate con ductress, Mrs. L. S. Brown. Ashland Masons Elect. ASHLAND. Or.. Dec 12. (Special.) Ashland lodge No. 23, A. F. and A. M., at the meeting last Friday Read Th Oregonlan classified ads. Municipal J 1 to yield ' 6 to 7 City Enterprise 6's Mat'y Feb. 1. 1930. at 100, yield 6. City of ForMt firw " Mat'y 1921 and 1922. at 100. yield 6. City of Marahfleld 'n Maty Aug. 1. 1926. at 100. yield 6. Douglas County, Wnh, T Mat'y 1921 to 1936. at 100, yield 6. City of Toppenlsn. Ts Mat'y 1921 to 1930. at 100, yield 7. City of Casper tTnt Mat'y 1923 to 129. at 97.50, yield 6.38 to 1. Details Upon Request. n$ SMITH OROUNO PLOOK CAMP Fifth and Stark CO. W S740 llliyj IL 1 1 IW VTTff rTTiHlfii a f ma The Oldest Living Thing in the World REDWOOD . More than $1,000,000 worth of it is included in the $2,123,000 tim ber and land security for these WHEELER TIMBER CO. 5-Yr., 734 Secured Gold Notes I r., w ,w u . I I nearest commercial supply to San Francisco, the coast's largest lum ber market. Many of the trees are more than 2000 years old, and there are numerous trees so large I that they can supply sufficient tim- I I her for an entire building. I ' PRICE 100, to YIELD 7 Call, phone or write for circular Broadway and Oak Bead The pregonian classified ada. 1 ANDn i nnmir The one htiR-e fortune build er that dwarfs all other sources of wealth is Real Estate. , Our First Lien Mortgages, based upon 50 of the quick sale value of real property form one of the most substantial forms of invest ment known. Ask for booklet. Western Bond & Mortgage Company Main 115 SO Fourth St. Keeping Up With the Times TUTANAGING a busi ' ness building takes time. The daily ' quest ions which must be met re quire much more time than - the average busi ness man should take from his other interests. We make this work a specialty and therefore have both the organiza tion and the time. " , Strong S M3tfiauhW Port of Astoria Including all of Clatsop county 6 BONDS . Dated Due July 1, 1920 July 1, 1925 Price 99.03 Yielding 6.25 Income Tax Exempt City of ' Vancouver, B. C. Payable in U. S. Gold Ay2 BONDS Dated Due Dec. 15, 1913 Dec. 15, 1933 7.75 Canadian Tax Exempt Wire Orders Collect Ralph Schneeloch Company r ItU U PJg.-jmO CORPORATION HNABCB 4122,000 GENERAL OBLIGATION Pendleton, 0 S regon PARK-FIRE EQUIPMENT BONDS v Price and Details Upon Request. Carstens & Karles, Incorporated Eirt.' 1801. GOVERNMENT, MUNICIPA1. AND CORPORATION BONDS. ' THIRD FLOOR V. S. BANK BLDG. BDWY, 4108. The following; High-Yieldins Newfoundland Government Issue and Income Tax Exempt Northwestern Municipals offer attractive oppor tunities for the investment ot January's dividends or interest, and funds maturing from other investments. ' ' $75,000 6V2 Coupon Gold Bonds GOVERNMENT OF NEWFOUNDLAND 7y2 Yield Exempt From All Newfoundland Government Tax Dated June 1, 1918. Due June 30, 1928. Denomination $1000. l-TTT, Of Qfl Semi-annual Interest payable January 1st X IIXVjIIj VfiOU and July 1st. Principal and semi-annual Yorl interest payable -in IJ. S. Gold Coin In New orrices of Morris Brothers. Inc. rk. City or at the NORTHWESTERN ISSUES Income Tax Exempt Yields From 6 to 7lz. CITY BONDS $10. 00 Prlneville. Oregon, 6 Funding Bond. 3.000 Wapato. Washington, 6 Water Bonds. $14,000 Buhl, Idaho. 6 Fire Department Bonds. ROAD BONDS $10,000 Ne Perce. Idaho, 6 Clear Water Highway Dis trict. $19,000 Power County, .Idaho", 6 Crystal Highway Dis trict. $12,000 Twin Falls County, Idaho, 6 Buhl Highway Dis trict. , SPECIAL ASSESSMENT J 12,000 City of Soda Springs, Idaho, Local Imp. 7 Bonds, "Yielding 7 . 7,000 Vancouver. Wash., Local Imp. DIst 161, 6 Bonds. Yielding 7. $ 4,000 Kid&efield. Wash.. 7 Gold Bonds. Principal and tml-annual Interest of the above lmraea payable In IT. 8. ffold coin In New York city or at the offices of Morris Brothers, Inc. with the exception of Vancouver and Rid ge.fi e)d issue a, whl;h. are parable v-4-hee placea. respectively, and at Morris Brothers, Inc. Telephone or Telegraph Orders at Oar Expense. MORRIS BROTHERS, Inc. Estnfcllxfced Over m Quarter Ceatury Tkr Premier Municipal Bond House PORTLAND, OR. MORRIS BLDG. 309-11 STARK BROADWAY 2151 Other Offices at Seattle. Tacoma, Wash, and San Francisco. Cal. Capital One Million LtulUu-a -SAFE DEPOSIT BOXES- night elected the following officers to serve during the coming year: Worshipful master. Dr. Buchanan; senior warden, George Icenhower; Junior warden, Karl Nims; treasurer. E. V. Carpenter; secretary, "TV. H. Day. The installation of these officers will take place on St. John's day, Decem ber 27, when the appointive officers will be named and installed. Make Permanent Investments Now v . 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 .iy2 First Mortgage Bonds Paying. 8 Foreign Government Bonds Paying Over. .8 Write, telephone or call for further information Blyth, Witter.-& Co. nnnnnnnnnVnPnnnnnnnnnnnnnnnnnnnnnBnnnnnannnnnnnnn UNITED STATES COVERJOIEKT MUNICIPAL AKO CORPORAHOK BONDS . " YEON BUILDING PORTLAND Telephone, Main 8183 San Francisco Seattle Los Angeles New York C O 1 Holyokn, Mana, . By NATIONAL BLANK BOOK COMPANY rIERE are few first-class Stationer who do not carry some National Blank Books. A great marry dealers carry National products exclusively. You are taking no chances when you buy blank books from a dealer who features Nationals, because back ,of his personal reliability is the guarantee, of the largest blank book factory in the world. Promiscooua buTxng at Account Books iuuSi im Iom at time, money and office efficiency. As Blank Books are the cornerstones of business, intelligent care should be used in their selection. National Blank Books are nruformry sati -factory. A set of Dr. & Cr. Posting Slips mailed free from the factory to accountants. SOLD BY STATIONERS A OFFICE SUPPLY COMPANIES Blake, MeFall Co. Kllhant St a. & Prar. Co Heler A Frank Co. J. K. Gill Co, Zan Bros, Olds, 'Wortman & King, D. O. Cnanlneham Co, Banking Service Yo.ur banking requirements may be entrusted to this bank with every confidence that careful and efficient service will be rendered. THE CANADIAN f$ANK OF COMMERCE Portland Branch, Fourth and Stark Sts. i