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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (April 19, 1915)
THE MORNING OREGONTAN.' MONDAY, APRITj 19, 1915. REALTY DEALS AIDED Title Insurance Now Upon Market Attractive. DEMAND IS ON INCREASE Cities of Pacific Northwest Adopt Forms Tsed by Title & Trust Company aa Being of Greatest Value. An attractive series of title Insur ance policies comes recently from the office of the Title & Trust Company, marking: a long stride In simplifying real estate transactions. The cumber come abstracts of title formerly in use are eliminated and the guaranty of the title is expressed in simple language. (Seattle, Spokane and other title com panies on the Coast have adopted these forms, which meet the requirements of purchaser, seller, mortgagee or trustee. The growth of the demand for title in surance is marked all over the country, and is nowhere developed to better util ity than on the Pacitic Coast. "So many circumstances not disclosed by the records may affect the value of a real estate title, and these policies, among other features, insure the holder against forgeries, undiscovered heirs, dower claims or the rights alleged on account of execution of instruments by parties who are minors, insane or other wise under disability," says J. F. Daly, president of the Title & Trust Company. "Policies of title insurance are also cer tificates that titles are as stated with out undisclosed defects or irregulari ties. The fact that an unqualified title Insurance policy has been issued on a tract of real estate by a responsible title company. Is In Itself splendid evi dence of the marketability of the title, and the satisfaction of the interested parties in knowing that, in addition to the ordinary precautions, their title is guaranteed by the assets of a solvent corporation, supervised by the Insurance and banking departments of the State of Oregon and complying with all the requirements of the state laws, includ ing an ample guarantee fund, is fully worth the premium charged. "An excellent feature of this plan is the relief afforded the seller on account of laibllity under a warranty deed, any risk of litigation and damage on this account being assumed by the company, the purchaser securing the added pro tection of the company's responsibility, and the satisfaction of a definite con tract of indemnity with a specif! o amount stated." CITY'S GROWTH AMAZES MAN AWAY 35 YEARS E. G. Young, Pioneer of 1853, Left Portland Generation Ago With Wagon load of Supplies for Oakland, Or., and Returns by Train to Visit. THIRTY-FrVH years ago E. G. Toung. then a middle-aged man, left Portland with a wagonload of supplies bound for Douglas County. The trip had been made often before and was made often afterward, but this particular trip was the last one for Mr. Toung. He went into business at Oak land, Or., and did not have occasion to return to Portland. After the 35 years' absence he has been back in Port land on a visit and sight-seeing trip, the guest of his granddaughter, Mrs. M. B. Marcellus. Mr. Toung is now a member of the firm of E. G. Toung & Co., bankers of Oakland. Or., and Is one of the biggest stock and sheep raisers in his county. He now is SS years of age. When the train pulled into Portland with Mr. Toung, he was dumfounded at what he saw. While he had fol lowed reporta of the growth of the city, he says he could hardly believe that there could have fceen such a won derful change. He expects to be here a short time, visiting and attending to a few business matters. Mr. Toung crossed the plains with an ox team In 1853, arriving here In September of that year. He drove ahead of him on the trip a small herd of cattle. Upon his arrival he remained here a short time and then went to Silverton. Later he settled at what ia now Oakland. With the stock he had brought with him he started a ranch which grew rapidly in size. He established the first grist mill in his vicinty and for a long time con ducted the business of hauling freight from Portland to Douglas County. On his trips he used oxen for a while and later had horses. He went into the general merchandise and banking business in Oakland. While he now has virtually retired from business, he takes an active part in the business af fairs and in the operation of his farm and ranch. "After all my years of work I thought I would run back up to Portland and j j j 1 - INTEREST RATE LOWER o.K big LOAN oar poirrxANn prop erty MADE AT 5 PER CENT. I". G. Young, of Oakland. Or., Pioneer of 1R53, Who Telia of Ilia Success In Southern Oregon Tonn. see what the place looks like," said Mr. Young yesterday. "I have read a great deal about the development of th city, but 1 had' no idea it was as extensive as it is. I was very greatly surprised. When I left Portland 86 years ago it wasn't much of a town." FOREIGN WOOLS HIGHER BUYERS CANNOT DUPLICATE PRICES PAID EARLIER. AT WOOL OUTLOOK BRIGHT BAKER. GRANT AND MALHEUR GROWERS OPTIMISTIC. Sheep In Fine Condition and Clip Prom ises to Brine Prom SS to 28 Cents m Pound. BAKER, Or., April 18. (Special.) The best season for sheepmen within memory is expected in all parts of this section, one of the largest sheep-raising districts in the Northwest. Special in vestigation in Baker and Grant Coun ties" and in parts of Malheur County have brought forth reports showing that sheep are in splendid condition and mutton and wool prices are good. Practically no wool contracts have been made, growers holding for higher prices. Growers say that the animals Win tered in fine shape and are on the range, which is in perfect condition, earlier than in any previous season. Lambing was particularly successful, in some places the bands brought more than 100 per cent of lambs, the best crop ever realized in this district. In the Burnt River section, it is re ported, there is fine class of wool sheep. which, coming from the feed yards to the splendid range so early in the sea son, insures a heavy crop of wool and from 8 to 10 cents more a pound than ever received before. Medical Springs, home of John G. Hoke, secretary of the Oregon Wool Growers' Association, has unusual pros pects, a fine lambing season and pros pects for good prices. North Powder, on the Union County line, reports that good No. 1 lambs and ewes are bringing $10, while woo! is 28 cents, with growers waiting for still higher prices. Grant County reports that the wool clip will be about 23 per cent better than last year, with mutton higher than in 1914. The Malheur forest re serve has issued grazing permits for i::0,000 head of sheep. Woolmen are expecting not les than 25 cents and some sheep have sold for $7. SCOTLAND OFfERS FIELD Consul Ucnnison Sees Opportunity lor Pacific Coast Iiimber. Unitad States Consul E. Haldeman Dennison; stationed at Dundee, in a 're cent commerce report points out the possibilities for an increased use of Pacific Coast lumber in Scotland as fol lows: "With the opening of the Panama Canal there will in all probability be a greatly increased market in this country for timber from. Calif or.nia and the Pacific Coast ports of the United States. The restriction of Baltic im ports has already induced some of the leading importers on the West Coast to. order large quantities of California seasoned redwood, and local importers are at reaent considering the possi bility of their handling American soft woods of all kinds. "In other parts of the country, it is stated, contracts have been entered into recently for the shipment of American pitch pine and Oregon pine, cut to the ordinary Swedish scantling sizes, at prices which compare very favorably with those for Baltic woods. The high price of 'alifornia redwood has hitherto restricted its sale in this district, but the conditions created by the war have now drawn the attention of dealers to it as a satisfactory substitute for the highest qualities of Russian fir. For merly It was too full of moisture when received on this side. It now comes in a seasoned condition, after having been dried by some special process, ready for Immediate use upon arrival. It Is sure to find a ready sale at any port to which it can be shipped direct. "The stoppage of exports from Rus sia also offers an opportunity for Amer ican shippers of pitch pine to find new outlets for this useful wood. It has been stated that some of the railway companies have ordered pitch-pine sleepers in place of those formerly ob tained from Riga. The mining districts consume considerable quantities of pitch pine, and the Government at pres ent is using it in the construction of officers' huts." SItaatlon Abroad Will Affect Domestic Market When Active Sea on Opens. The weekly market letter of the Portland Wool Warehouse Company says: As per our predictions for two months past, our correspondents in the East Inform us that the turn has come and that the wool markets, both in Philadelphia and Boston, are reacting and sales axe being made at advanced figures. While this ad vance is not enough to create a boom, it denotes that the trend of the market will be upward from this on and that the ma jority of the dealers have made up their minds that wool is to be scarce and high and is good property to own today at the prevailing prices. They seem to realize that the supply of cheap foreign wools bought last November will soon run out and that it is impossible for them to get any more from abroad at the price they are selling these and have made up their minds that cheap wool is a thinly of the past. The mills are buying very freely, and, In fact, have taken the initiative in clean ing up these cheap wools, and a great many are covering for next season, as rhey know that wools will bring a much better figure tnan tney are quoted at present. The large muis. especially, are loading Up very heavy. and the shortage of wool has been brought to their attention very forcibly by the fact that the East is practically clean of domes tic wools, and if there were any domestic wools to offer, good prices could be realized. The low combing wools are very steady and are in very good demand and the price has shown an upward trend in the past week. The wools purchased out hero two or three weeks ago by the dealers will show an extremely good profit when they arrive in Boston. The competition of wools from South America and Australia has practically ceased, aa the clip in both countries has been cleaned up and there Is no place left but the United States where any quantity of similar wool is grown, and our advices denote a shortage this year. The fine wool market has been very steady in our estimation, considering the competition that has been brought to bear on them by reason of the cheap Australian wools being offered In the Eastern market, and when we take Into consideration the fact that these wools were purchased months ago at an extremely low figure and held by the embargo and dumped on the market Dy tne millions of pounds. It is no wonder that the market on domestic fine wools ha been quiet; but with the event of the arrival of late purchases from abroad the competition will have practically been elim inated, as the new wools were bought on a much higher basis. All domestic wools are extremely scarce at Eastern points, and the woolgrower who will hold for his price will get it, and we beg to report the tone of the market is extremely steady and prices higher. Shearing Is in full blast in soma sections, and from the reports that have been made concerning sales already made, denote that those who have sold their wools are already repenting, and wish that they had held a little longer, but they feel that the cash buyer tempted them and they fell. We arn pleased to report, however, that a 'ery small percentage is sold, and our correspondents through the Northwest Inform us that the bulk of the wool will be handled through Portland this year and beg to say that ship ments are arriving daily, both by rail and by water. Twenty-six cents has been offered and refused for about a car of wool at McMinn ville, and on these wools the market will be extremely strong later on, as they are the scarcest' wools in the world today. The market cannot be quoted in the East, as there are no wools offered, and we strongly advise holding. Sales of mohair have been made at 32 4 cents and a better price can be looked for later, as more mills are using this com modity 4n 'their new goods which they are ofrlng. total of $5000, the proceeds from the sale of which will be used in retiring local Improvement bonds. The bonds will run for a period of seven 'years and bear 7 per cent interest. Morris Brothers have received no tice that the question of legality of the issue or 120,000 serial coupon notes of Union High School District No. 2 has been settled. The notes draw 6 per cent interest, payable semi-annually. The proceeds from the sale of the bonds will be used for the construction of a union high school building at Gresham. The City Council at Rosyln, Wash., has authorized the issuance of $20,000 in bonds to secure funds to extend the city's gravity water system. W. D. Dickey, assistant cashier of the National City Bank, of Chicago, passed a few days recently in Portland as the guest of his father, W. P. Dickey, manager of the Portland Cattle Loan Company. Loans totaling $84,038.59 were made by the Portland Remedial Loan Asso ciation between February 1, 1914 and April 1, 1915, according to the report submitted at a recent meeting of the association. During the eame period loans redeemed aggregated $42,383.71. leaving outstanding at the time of the report the amount of $41,658.88. Ben Selling is president of the association. S. G. Sargent, state superintendent of banks, has received an opinion from Attorney-General Brown to the effect that National banks may exercise the trust company privilege granted them under the Federal reserve act. He finds that there is no state law that con flicts with the provision of the Fed eral act granting special permits to do a trust business. . Portland bankers have received printed circulars from C. G. iJolver, president of the Riggs National Bank, of Washington, D. C, which give a re cital of circumstances leading to the legal action taken by the bank's of ficials against Secretary of the Treas ury McAdoo and Controller Williams. The suit was brought to restrain the Federal officials from pursuing their alleged conspiracy to harass the bank and to compel It to perform acts not required of other bonks. The circular appeals to the National banks of the country for moral support in resist ing the demands of the Controller of the Currency. Edward E. Gondey Says Tendency of Mortgage Business Shows Increasing Confidence of Capital. "The normal interest rate in prosper ous times for mortgage loans on the best securities in Portland is 5 per cent per annum. This relates to central re tail business properties. There has not been any money available at that rate. however, since the Spring of 1912, when the last loan at 5 per cent was made." says Edward E. Goudey. "During the three years that have elapsed since then there have been long periods when it has been impossible to secure money in large amounts and other periods when the lowest rate obtainable on, the best of properties has been 6 per cent. The lowest rate offered at any time during the three years has been 54 per cent. I have succeeded in securing the ac ceptance of a loan in a large amount on property in & choice central location at 5 per cent. This, of course, is made by &n Eastern investor. "It should not be inferred that all who are interested in large mortgages are now willing to make loans at 5 per cent. This acceptance should be taken rather as an indication of the beginning of a feeling of confidence, induced by the evident returning of better business conditions. The need of putting tp work the large accumulations of funds that have been laid aside since the com mencement of the European war last Summer is also undoubtedly having a compelling effect. t "I believe we may now assure our selves that this feeling of confidence will grow and tend to an increased de sire to make investments, thus bring ing about an enlargement of the total funds available for mortgages and a more liberal tendency in rates. "Local investors also seem to be more inclined to place money in good mort gages on Portland properties, and are showing more liberality In their esti mates of the values of properties of fered as securities for loans. "The experience of the past few years shows that Portland mortgages, well selected, have been more satisfactory for investment funds than any other form of security, and I look forward confidently to a. year of large offerings of local money for mortgage investment.'.' Advance Offering: Portland Railway, Light & Power Co. 2-Year 5 Gold Notes Dated May 1, J91S. Due May 1, 1917. Coupon Notes in Denomination of $1000 Each. Interest Payable Semi-Annually. Guaranty Trust Company, New York City, Trustee These notes are a direct obligation of the Portland Railway, Light & Power Company and are secured by collateral deposited with the Trustee, the par value of which is twice the amount of the Note Issue. The Portland Railway, Light & Power Company has outstanding $25,000,000 capital stock, 75 paid up, leaving $6,250,000 in cash which can be assessed on the stock, or 14 times the principal of this Note Issue. The surplus earnings of the Portland Railway, Light & Power Company for the year 1914 amounted to over four times the annual interest on this issue of $5,000,000 Notes. A safe and profitable short-time investment YIELDING BETTER THAN 6 Descriptive circular containing detailed information furnished upon request. Morris Brothers INC. Railway Exchange Building;, Portland. a part of the extensive livestock rais ing campaign that has been outlined by James J. Hill. FIRST NATIONAL BANK OF ST. PAI L DIRECTING COXTEST. Seven Northwest States to Contend for Honors in Separate Districts, With 120 Prises. As announced February 17, the First National Bank of St. Paul is now send ing out full information'to all the bank ers in the Northwest relative to the big "First National" Corn Show, to be held under the auspices of the First National Bank of St. Paul, in that city, December 1 to 31, 1915, with 120 loving cups of fered as prizes. The show will be an open compe tition for Minnesota, North and South Dakota, Montana. Washington, Oregon and Idaho. The states will not com pete with each other, hut the territory is divided into 30 districts, the compe tition being confined to districts. The following is the manner In which the states have been divided: Minnesota, North Dakota, South Da kota and Montana, six districts each; Washington, three; Oregon, 2, and Idaho, 1. The geographical divisions for Ore gon are: District No. 1 Counties of Hood River, Wasco, Sherman. Gilliam, Mor row, Umatilla, Union. Wallowa, Baker, Grant, Wheeler. Crook, Malheur, Har ney, Lake and Klamath. District No. 2 Counties of Clatsop, Columbia, Tillamook, Washington, Multnomah, Clackamas, Yamhill, Polk, Marlon. Lincoln, Benton, Linn, Douglas, Coos, Curry, Josephine Jackson and Lane. "Corn and cattle contribute capital for bigger bank balances" is a slogan thai has been adopted by the First Na tional Bank of St. Paul in its efforts to aid in the development of corn raising in the states named, and this show is Finance and Industry Tift addition of a few drops of paraf fin to the powder used in cleansing silver improves the polish and makes it Jast longer ILES C. MOORE, president of the Baker-Boyer National Bank, of Walla Walla and ex-Governor of Wash ington, has been in Portland the past few days on business and pleasure. Mr. Moore says that both wheat and fruit crop conditions are excellent and he looks for exceedingly prosperous times this year in the Walla Walla country. Morris Brothers, of Portland, have purchased the 120,000 6 per cent re funding bonds of the City of Newport. The bonds are serials. maturing in blocks of 11000 each year after the first year. The bonds will take up the float ing warrant indebtedness of Newport. Notification of the approval as to legality of three municipal bond Issues it had been previously awarded has been received by the Lumbermens Trust Company. These issues consist of $13,500 7 per cent Camas, Wash., bonds, $17,500 7 per cent CoqulUe water bonda and $13,500 6 per . cent Forest Grove improvement bonds.' K. C. Sammons and C M. Dyrlund, who have been connected with the l-iumoermens .national Bank for some time were made assistant cashiers of the bank last week. Mr. Summons has been manager of the credit department for the past year. Mr. Dyrlund has been chief clerk and auditor of the bank for several yearn. J. W. Salmons, president of the First State & Savings Bank, of Klamath Falls, lias succeeded W. C. Worden as' manager of the Klamath Development Company. The company owns Harri man Lodge on Upper Klamath Lake, the White Pelican Hotel at Klamath Falls, besides considerable land in Klamath County. Tenino, Wash., will issue bonds of a 1 In Pullmans, you can pay for your meals with A.B. A Cheques El They are also accepted by fiotels, ticket offices and leading shops throughout the United States. You should always carry travel funds in this safe form, instead of carrying cash, which can seldom be recovered if lost. We issue these cheques to any sum in $10, $20, $50 and $100. NORTHWESTERN NATIONAL BANK SIXTH AND MORRISON STS. The Real Strength of a bank depends largely upon- its surplus. This bank has a surplus of ONE MILLION DOLLARS in addition to a capital of ONE MILLION DOLLARS. The United States National Bank Third and Oak Portland' Oregon LIBERAL RATE OF INTEREST ON SAVINGS CITY CREATES FOUNDATION Fund in Spokane to Be Used for General Civic Purpose. A community trust fund, to be known as the Spokane Foundation, has been created by the Union Trust & Savings Bank of Spokane in response to a' peti tion of several citizens. It Is the pur pose ' of the foundation to provide a permanent agency for bequests or do nations intended for civic improvement, educational aid or charitable work. The foundation will be administered by a committee of five citizens, who will be empowered to accept bequests or donations and to fulfill the condi tions imposed by the donors. The foundation will be under the jurisdiction of the state laws and either the Attorney-General of. the state or the chief law officer of Spokane may institute proceedings to recover for any maladministration of the founda tion by the trustees or committee and may inspect the foundation records. The Union Trust & Savings Bank has been selected &e trustee for the foun dation funds. Grazing Crops Well Advanced. WALLA WALLA. Wash., April 1"S. (Special.) Warm weather and mois ture has brought the alfalfa crop along In a hurry, and in some sections the forage plant has a stand of from six to ten inches. Much additional acreage has been seeded to alfalfa this year, espe cially in the dry-land sections. Reports from sll sections here are encouraging. .Use Your Bank Customers here have learned to use their bank. Business men confer with officers at will about their affairs; savings depositors, seek advice about investments. All told, whenever our customers need any service ih connection with money matters, they.use- their bank. This same comprehensive service is yours. Let us serve you. Make this your bank; then use it. lumbermens National Bank Fifth and Stark WHEN TRAVELING USE TRAVELERS CHECKS The most convenient way of carrying funds. Cashed by hotels, railways, stores, banks, etc. Call, write or phone for particulars. MERCHANTS NATIONAL- BANK A Commercial Bank With Savings Department Founded 1886 Washington and Fourth Streets The First National Bank Fifth and Morrison Streets Capital and Surplus $3,500,000 In every department of banking we are prepared to serve the public acceptably. THE BANK OF CALIFORNIA NATIONAL ASSOCIATION of San Francisco. Founded 1864 Capital Paid in .$8,500,000.00 Surplus and Undivided Profits. $8,219,494.90 Commercial Banking. Savings Department. PORTLAND BRANCH Third and Stark Streets Improved Farms Inside Business Property Residences Commerce Safe Deposit and Mortgage Co. 91 Third St. Chamber of Com. Bldg. The Canadian Bank of Commerce HEAD OFFICE Toronto, Canada. Established 1867. A general banking business transacted. Interest paid on time deposits. Commtrrlal Lrllrri of Credit Iwued. UiehiBKe on London, ISnsland, Bought and Sold. PORTLAND BRANCn, Corner Second and Stark Sts. F. C MALPAS, Manager. TRAVELERS' UVIUE. Palaces of the Pacific 8. S. NORTHERN PACIFIC H. 8. t, Kh.AT NORTHERN Do I.uxe 1'ut I.lne la SAN FRANCISCO S. H. NORTHERN IACJFIC bails April 17. II. 25, ZD, Mar , 1, 11, IS. Steamer train leaves Portland, North Bank depot, A. M., arrives Klavsl 12:0; lunch aboard ship; SS. arrives Han Francisco 1:30 F. M. next day. Freight delivery second morning after ahlpment from ban Francisco. NORTH BANK TICKET OmrE. Phones: Mar. 20, A'S71 Sin and Mark. M. J&Jat. 8. S. BEAVER, PAIIX A.M., APniI. it. SAN FRANCISCO LOS ANGELES Th San Franrioro A Portland K. H. ., Third and Washington M. (with O.-U. K. '. t o.). Tel. Marshall 4500, A 6111. San Fr, an rrancisco LOS ANGELES AND SAX 1)1 EOO S. .S. ROANOKE Sails Wednesday, April 21, at P. M. NORTH PACIFIC STEAMSHIP CO. Tirket Offlcs Kreljtht Offlre, tt Sd bt. I Foot Northrop Ht. Main 181. A 1314 I Main 6203. A 64ZX AUSTRALIA NEW ZKALAM AND fcOLTH SEAS. Regular, through aillnr lor byrtnoy vf Tahiti and "Wellington from ban Francisco. April 2ft. May 26. June 2d. and vrjr 21 days, fend for pamphW. Ipton Meamtthlp Co., of New Zealand, Ltd. Office 67 Market street, Kan rauciC4t. or local B. Ei. and 1C K. agenta. American- Hawauaa Steamship Co. A-l bteamhip "HOSOI.ULAS" l0."a Jros Tunsj Carrying K!rt-r-iRM vannngers Only to MW YORK Tla the I'anama (anal. Falls from ban Franciaco on or about MAY KTH. 1 are. . . .(150.00. C. T. ktNNLDV. Aa-ent. S70 stark ritret. Portland. Or. DALLES-COLUMBIA LINE. Steamer State of Washington Leavaa Taylor-t- dock dally except fiunday, 11 p. M. for The Dallea and way landings. carr lug freight nd paenicr. Return. nit. leaver Tt Dallra daily. 12 noon, except Monday. Tel. Metn 613. Fur a $1, bertha 6'o. COOS BAY LINE Steamer Breakwater Sails From Alnasvorlh Dork. Vor4lnitd. S A. M. Friday. rrrlabt and Thkrt Office, Atnanorth I-k. I'hnnea Mala SHUO, A City Ticket Of fire, SO lth Strt-rt. I'honra M.irliall 4.Od. A I'OUlLA.'i aV COOS UAY B. B. LIM.