Image provided by: University of Oregon Libraries; Eugene, OR
About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Oct. 11, 1915)
TIIK MORNING OREGONIAX, MONDAY. OCTOBEIt 11, 1915. LUMBER BLACK SPOT Profit in Operation Declared Not Proportionate. FEDERAL REPORT IS MADE Central Bank in San Francisco Finds Conditions Generally In dicative of Prosperity, With Alaska Promise Rich. Conditions of the Northwest lumber trade form the basis of much discus sion in the last report of the San Fran cisco bank of the Federal reserve sys tem just issued through the Federal Reserve Bulletin. The report, which discusses the trade situation in the entire district, comprising California, part of Arizona, Nevada, Utah, Idaho, Washington, Alaska and Oregon, gives particular attention to Tumbering. "Conditions in this district." it says. "have not changed to any significant extent during the last 30 days. The lumbering business is very slow, but the trade in Alaska is proving of in creased importance for the extreme Northwest. "In the section just mentioned the wheat crop is unusual, but grain crops in the more southerly section of the district are not so Rood. "Good orices are being received for the Washington and Oregon apple crop and for livestock, while credit con ditions are easy. Decline In Lumber Values Cited, "In Washington and Oregon 60 per cent of wage-earners are employed in lumbering. Within two years lumber prices have declined from $13.60 base per 1000 feet, to $7.50, making a differ ence of $30,000,000 to $35,000,000 in the market value of the normal output. Wages constitute 75 per cent of the lumber cost and 40 per cent of the rail road transportation cost. The wage value In lumber far outweighs the tim ber value. "An extreme illustration is a recent Pueret Sound cargo sold at an average of $9. The transportation cost, includ ing insurance, was $42. Delivered In Europe the cost will be $51 per 1000, of which approximately $2.25 consti tutes the timber value. "Railroads, normally consumers of 25 per cent, now are taking only about 5 per cent of the lumber output. Lack of ships, canal tolls and lack of rail road buying obviously affect tremen dously the lumbering section. In spite of the present low prices, perhaps part ly because of them, the lumber cut has considerably Increased of late, to meet steadily increasing taxes and other obligations, and strong concerns are not hesitating to accumulate stocks against an emergency demand which Is expected to follow the close of the war. Grain Crop Moving Slowly. "Eastern Washington, Oregon and Southern Idaho have harvested an un usually heavy crop of wheat, aggre gating 70,000,000 bushels. From early prices around 95 cents a bushel, there has been a decline to about 70 cents, at which farmers are disinclined to sell, so that the crop is moving slowly from the first hands. "Grain crops in the great Sacra mento and San Joaquin valleys of Cali fornia have been disappointing and the fruit crops, while abundant, have not. in general, yielder satisfactory profit. "Cattle, horses, mules, sheep and wool all are bringing remunerative prices. "The development of Alaska is a trade factor of Increasing importance, especially for Seattle. The beginning of construction of the Government rail way marks an epoch. The Alaska sal mon pack has been good this season, though that of Fuget Sound has been disappointing. "The Washington and Oregon apple crops are large, due partly to increased acreage. Prices are excellent, approxi mating $1 a box, orchard run. "Copper mining in the district is ex ceedingly active and prosperous. "Credit conditions are easy through out the 12th district, with no disturb ing factors in prospect, except bor rowing on unmarketed wheat, which seems unlikely to be important' EXPORTS SHOW BIG GAIN Increase for Year Ended June 30 Exceeds $400,000,000. Merchandise exports for the TJnitad btates increased more than $400,000,000 in the period ended June 30 last, ac cording to statistics recently compiled by the National City Bank ot New York. The following table, showing how the ehipments or the past year to the vari us foreign countries, compared with the shipments to the same countries during: the previous year, is interesting Frinclpal Year to June 30. count rif s. l'Jlu. tTr.It'd Kingd'm.J franco Canada . f . . . T . Italy Netherlands ... Sweden ........ Cuba 1 Australia ...... Japan Norway .'. . Xu.sia in .Europe Mexico Argentina '. tJerinaay . Brazil China ... .'. . . .'. India British Austrla-Hun'y Other countries: Oil, "H2.000 9 694,72,000 brtit.Sm.OOO 15tf.UlU.UJ0 SOO.tJ.OOO 44,71 1, 00) 810.000 74.235.000 143.(17,000 1121 tt.OOO 7S.274.000 14iB44,000 73,f30,U;O 6.6S4,0O0 43,011.000 45.77r..OUn 41. 515, 000 51,100.000 30,075. COO V, 007,000 S 7 . 4 7 4, jK 30,0X9, 0O0 B4. 104,000 38.749.OO0 3lI.550.OOO 45,170,000 2S.b03,OOO S44.7y4.OOO 2 5. 6S 0. OOO 10, 064, 0OO 20, 66-J.OtrO 01.110.OUO l(J,4l-2,tO 24 ftoy.OOO ll.tltMi.UOO 10,655.000 1.20,000 22.71 S, 0O0 S71.025.0OO 2bl.53I.0UU Totals -$2,7S.5S0.0oO f2,3tt4,57tf,0tH) INVITATION GIVEN BANKERS Marshficld Wants to Entertain State Association. Marshficld is making: a bid for the Oregon Stat Bankers' convention next year. Although the Oregon bankers, when they met in san tranclsco last Snrinr, tentatively decided to accept the Invi tation of Portland in 1S16, the Marsh Iield people believe that Portland is ready to waive its claim on the honor and join in the proposed trip to ilarsh- Iiekl. It is pointed out that the Southern Jr'acifie rail line will be completed to 1. 00s bay by the time the convention is to be held and that this will afford the bankers of the state an excellent op portunity of visiting and becoming acquainted wnn mat arrowing and im rortant district. The banks of Marshfield have Joined together in an invitation to J. M. Poor man. of Woodburn. state president, and J. Ia. Ilartman, of Portland, state secre tary, who are communicating the pro' posal to the other bankers of the state. Condon Bank Adds Official. Increase in business, says the Condon Tiinw, has necessitated the election of in assistant at the First National Bank In the person of Hugh E. Bran, former. ly assistant cashier of the Uartman & Thompson Bank in Portland. Mr. Bran already has commenced the perform ance of his new duties.. NEWLY ELECTED OFFICERS OF WASHINGTON STATE BANKERS' ASSOCIATION. . ..i-i -SW r- ' " i aWMMMMaaWSSSBBBK n tint, ( f.n ill - - jt " - .v- r l 1 W' f ' -- Hi J" ,ULIf' - toUSnSfc; .? I k I 1 ' t4&n NEW OFFICIALS HI KC3vJ Heads of Washington Bankers' Association Scattered. MEETING WELL ATTENDED Legislative Committee Recommends That Formulation of New Iiank- ag Code Be Delayed TTntil Re serve System Is Familiar. Representative bankers from various parts of the state were elected to the various official positions of the Wash ington Bankers' Association at the re cent convention in Seattle. The complete list of new officers is as follows: President. H. C. Lucas, president Yakima Trust Company. North Yakima. Vice-president, Ralph S. Stacy, presi dent Pacific National Bank, Tacoma. Secretary, w. i. Martin, cashier Pio neer National Bank, Ritzville. Treasurer, C. E. Davis, president Grant County State Bank, Ephrata. Executive council, for three-year term: J. A. Swalwell, vice-president National Bank of Commerce, Seattle; C. W. Johnstone, cashier Washington National Bank, Ellensburg. For two- year term: O. M. Greene, vice-president Exchange National Bank, Spokane; F. H. Luce, vice-president Fidelity Trust Company, Tacoma. For one-year term: L VV. Homan, cashier Pacific State Bank, South Bend. The convention, which was held lm mediately preceding the American Bankers convention, was one of the most successful in the history of the organization, and was largely attended. One of the interesting reports was that of the legislative committee which recommended that on account of the recent enactment of the Federal re serve law it would be inadvisable to attempt the preparation of a new state banking code until after the operation of the Federal law should be trior oughly understood in the Northwest. Many instructive addresses were de livered, principal among them being that of Arthur Reynolds, vice-president of the Continental & Commercial Na tional Bank, of Chicago. RAIL CONTRACTS PLACED RUSH ORDERS ARB GIVEN TO EAST ERN BULLS. New BuiiacH Come, at Time Wh Plants Are Nearly Filled to Ca pacity With War Contracts. Favorable factors in the Iron and steel industry are multl'-'ving with rapidity seldom, if ever before, wit nessed. It would have entailed no hardship among producers had there been a temporary abatement of the foreign demands, but these continue undiminished, and to add to the pres sure upon manufacturing plants the railroads are beginning tn anticipate their requirements with some degree of urgency. There is something of a rush in rail road buying orders, sar trade advices from the Blast, which is in contrast to the conservative attitude so long dis played by the transporting 'itereata.' As has been previously pointed out, the railroads apparently ove?tayed their market and are now coming to the front with deferred contracts at a time when the mills are about filled to ca pacity with war-born business. Ob viously, this intensities the already complicated situation in regard to de liveries, which is the problem that is causins chief concern to producers and consumers alike. The latter in not a few instances are willing to pay premiums to accelerate shipments. $2 to $3 a ton additional being offered on steel billets for rolling and forging, and generally prices grow stronger week by week. Most of the large steel companies have advanced bars, plates and shapes for this year to f 1.40. Pittsburg and one Eastern mill is quot ing $1.45. Bids were opened by Gov ernment for 12,000 tons of plates, shapes and bars, mainly plates, for various Navy-yards, whilA. seaboard and lake shipyards shortly expect contracts for the construction of a number of new vessels. Foremost in railroad eqrrlpment buy ing is the New York Central order for , 130.000 tons of rails for 1916, and it is 1 H. C. Lncai, President. 3 W. H. Martin, Secretary- (3) Ralph S. Stacy, Vlce-Prenldent. 4 J. A. Swalwell, Member Kxecntive Com mittee. (5) Frank H. Lace, Member Executive Committee. estimated that September rail bookings of the leading interest foot up close to 150,000 tons. Considerable purchases of cars have also been made, and from 15,000 to 20,000 cars are under negro- tiation, including 10,000 for an im portant trunk line. Though current demand for pig" iron Is not heavy, sellers are asking higher prices for next year a deliveries, and quotations of coke are stiffening, sev eral large contracts having developed for the first quarter of 1916. RESPONSIBILITY IS SEEN HENRY CLEWS SAYS NEW CONDI TIONS MUST BE FACED. Introduction of Dollar as Interna tional Medium of Exchange Alter. Commercial Attitude. America must begin to adjust itself to the new responsibility imposed upon it by the other nations of the world in making the dollar the medium of ex change for transacting the world's business, says Henry Clews, the eminent New York banker, in his cur rent trade letter. "As everyone knows,- says Mr. Clews, in discussing the recent loan to the allies, "dollar exchange, while rapidly attaining world-wide popularity, is still in its infancy. "Under most favoring circumstances it will require years to develop on an important and world-wide scale. But with the restoration of our interna tional exchange rates there will be less incentive for foreign interests to avoid the American market when purchasing their supplies of food and of clothing and all other necessities. This is of great value to our agricultural sec tions, especially to the West, where such large crops have been success fully raised and are now for practical purposes ready for our home and foreign markets. Had the loan not been arranged there would have been strong encouragement for foreign buyers, where they could not entirely delay purchases, to obtain their sup plies from other countries, leaving the United States last upon the list as a source of supply. This quite naturally would have been a source of depres sion on the prices of American grains and provisions. Beyond this it would have placed American grain products in the list of those that would be most subject to the competition of Russian wheat if the allied armies and navies are successful in opening the Darda nelles." MR. M'ACDOO IS INVITED Chamber of Commerce and Clearing House Extend Courtesy. Invitations have been extended to William G. McAdoo, Secretary of the Treasury, who now is on the Coast, to visit Portland before he returns to Washington and it is believed probable that he will accept. The Portland Clearing-House and the Chamber ox Commerce have united in asking Mr. McAdoo f come here. He v.'sited Portland with Secretary Hous ten, of the Agricultural Department, in January, 1914. to take evidence on the establishment of the Federal Reserve banks. On account of his connection with the formation of the Federal re serve system and on account of his knowledge of the banking business the Portland bankers are eager for another visit from the Secretary. BANK CHANGE URGED Collection of Checks Without Exchange Advocated. FEDERAL BANKER IS HEARD Theodore Wold, of Minneapolis, De clares Specific Provision in Re serve System Is Demand of Business Men at Large. A check on a National bank should be cashed at par anywhere in the coun try, says Theodore Wold. Governor of the Ninth District Federal -reserve bank at Minneapolis, who recently visited the Northwest. Mr. Wold gave forcible expression to those views at the recent convention of the Montana State Bankers Asso ciation at Glacier Park. Mont- While he spoke with particular reference to banks of Montana bis opinions have equal reference to Oregon and other parts of the Northwest. He urged the bankers to cease their opposition to the provision in the Fed eral reserve law which permits the reserve banks to clear the checks of the member banks without exchange charges. "I believe." said Mr. Wold, "that that provision was written into the act through pressure brought up on Congress by the business men of the country who have been bearing the ex pense incidental to the collection of checks. . Businessmen's Hand Noted. Ten cents upon one item means vers little. Take the district as a whole or the country as a whole, and the cost to the business interests of the country n the matter of collecting checks has been enormous. They have protested but to no avail. Therefore it was quite natural, wnen the new banking bill was being framed, that they should use their Influence and they used it to such an effect that two paragraphs placed in section 16 provide that every Federal reserve bank shall receive on deposit at par from member banks or from Federal reserve banks checks and drafts draw.n upon any of its depositors. "While 1 am not going to bore you with an argument upon the collection of checks by the Federal reserve banks, nevertheless 1 feel that it is neces sary and advisable that I should state my position upon this question. Per' sonally I believe that the question of collecting checks is a function which should be performed by the commercial banks. I am quite satisfied that the Federal reserve bank would have got along very well, indeed, if its functions had been confined to a bank of reserve and bank of issue. The facts are that the paragraph was put there for purpose, and that purpose is to do away with the charge of exchange to the holder or payee of a check, and if any charge is to be made upon them, place the charge where It belongs, on the one who draws the check and gets the Denent of It. "I believe that a check upon a Na tional bank is going to be oar. and just as soon as the National banks of this country realize that, just so soon will they And that the whole exchange problem they are worrying about now will disappear in thin air. Modern System Advocated. "The Federal Reserve Bank of Min neapolls is not interested in collecting checks of the National banks in the ninth district, but it is interested in making a check in this district good for 100 cents on the dollar. If all the banks constituting the membership of the Ninth Federal Reserve District would say that they would take care of tneir checks at par without any dia count whatever for exchange or any thing else, regardless of from whom received, I firmly believe that at that moment the necessity' for our handling them will disappear. Checks will come to you through the commercial banks in the usual manner the purpose of that paragraph in the act will be ac complished, and the really dangerous thing which has developed from our present method of handling checks, viz. the exceedingly large float, which la caused by the circuitous routing of checks throughout the country, back ana iortn, lor tne purpose of avoiding tne exenange cnarge will be done away with. Nevertheless, but one phase of the problem has been solved, viz., checks upon banks, members of tha Federal reserve system. We must not forget that out of 30,000 banks throughout the United States, but approximatelv 600 are National banks so there still remains the problem of handling checks upon the state banks and trust com panics throughout the country. Busi ness men are not going to be satisfied or cease their agitation until the ex change charge upon checks on all banks is done away with. Bankers in the East are alive to the situation and the associated banks in New York have recently established a clearing-house for the collection of country cheeks. It seems to me that the banks of Montana should carry out some such plan in one or more of the most accessible cities for the handling of Montana checks. It is unpractical and very unbusinesslike for the Montana banks to attempt to collect items on other Montana banks through the Federal Reserve Bank of Minneapolis or through their Twin City correspondents. It Involves expense and delays which are unnecessary." Voncalla Improvements Are Pushed YONCALXiA, r.," Oct. 10. (Special.) The work of paving the streets here is about completed, and the work of lay ing sidewalks is being rapidly pushed, all presenting a very neat appearance. Trees that have stood in the main We Would Appreciate an opportunity to prove the many ways in which your banking: interests could be better served by us. x A Commercial and Savings Department under Govern ment Supervision. Merchants National Bank The Bank of Personal Service Founded 1886 Washington and Fourth Streets First National Copper Orders executed and latest information furnished upon request. E. M. BUCHANAN & CO. 44 Broad Street, New York City streets for years have been removed, adding to the appearance of the town. The Southern Pacific depot is receiv ing another painting after its scorch ing In the recent fire when the ware houses burned. LUMBER OUTLOOK BETTER Merchants National Bank letter Savn Improvement Due Soon. Early improvement in the lumber trade and a corresponding advance in many other industries of the North west are predicted in the curent trade letter of the Merchants' National Bank of Portland. "One report as to the condition of the lumber business," says tha report, "is that the general situation is not im proved, but that increased activity along building lines soon should bo felt in a greater demand for lumber. "In the Northwest the situation has been quickened by the demand for spruce and fir for England, knocked -down box cars for Russia, the spectacu Baltimore. which was filled by a lar rush order of 3.000,000 feet from Hoquiam mill In 11 days from the re ceipt of order. Shipments offshore from Washington and Oregon were one-third heavier in August than in July. 'Movement of grain to - either East or West Coast is unusually slow for this time of year. East of the Rocky Mountains the cause is given as wet weather and a late harvest. The rea son assigned for small receipts at Pa cific Coast ports is unwillingness of the farmer to sell because of faith in higher prices. Authorities are divided as to prospects for the future. It is contended by some that present prices are all the miller and exporter can stand, in view of high rates for car goes, weak European demand and in stability of foreign exchange. It is also contended that it will be months before conditions will justify a rise. It is believed the Northwest wheat growers occupy a most favored posi tion, as their grain is of a better qual ity and has not been exposed to the wet conditions of the Eastern districts. Barley and oats in the Pacific North west are fairly active, with prices firm." PROSPERITY IS PREDICTED Swiss Bankers Say America Can Re gard Future With Confidence. BERNE, Oct- 7, Tia Paris, Oct. 10. (Delayed in transmission.) The uwiss Bankverein, the most important bana lnz institution in Switzerland, makes this comment on American conditions in a pamphlet just issued: "The United States has recovered rapidly from the financial and economic crisis caused by the outbreak of the war. Obviously the country is ap proaching a period of great prosperity, owing to her rich harvests and uncom monly large exports a degree of pros perity which has not, pernaps, oeen eaualed in the economic annals of America. "The United States can regard the future with confidence, as neither ex ternal nor internal policies cause anxi ety or apprehension. It was really fortunate for Europe that the economic and financial resources of the United States have so well resisted all shatter ing events." W. J. Burns to Speak Here. William J. Burns, the famous detec tive, is due in Portland before the end of the present month to address the local chapter of the American Institute of Banking. The date of his visit depends entirely upon the progress of the trials of the alleged dynamiters at Los Angeles. Mr. Burns was responsible for the arrest of the men Caplan and Schmidt and is aiding in their prosecution. When be stopped in Portland Jour weeks ago on his way to California from the Seattle convention of the American Bankers' Association, he promised the local chapter to return this month and deliver an address. The Seattle convention granted Mr. Burns' agency a three-year extension to his contract for protecting the mem ber banks from theft and fraud. The Canadian Bank of Commerce HEAD OFFICE Toronto, Canada. Established 1867. A . general banking business transacted. Interest paid on time deposits. Coi smerc-lal letters oC Credit Issued. Exraute on Lvsdos, Baalaad, BoasTht ud Sold. PORTLAND BRANCH. Corner Second and Stark Sts. F. C MALPAS, Manager. Farm Loans Eastern Money at Low Rates. Commerce Safe' Dep. and Mortg age Co. 91 Third St, Chamber of Commerce Bldg. The Dollars Facilities for All Kinds of Banking The United States National Bank Third and Oak Streets Portland, Or. The First National Bank OF PORTLAND, ORECON Offers to the public all the advantages of an old, reliable and well connected institution. It seeks to characterize every transaction with integrity, promptness and courtesy. Capital and Surplus THE BANK OF CALIFORNIA NATIONAL ASSOCIATION of Saura Franciaco. ' rounded 1864 Capital paid in gold coin $8,500,000.00 Surplus and undivided profits 8,232,962.26 Commercial Banking;. Interest paid on Time and Savings Deposits. PORTLAND BRANCH, Corner Third and Stark Sts. Wm. A. MacRae J. T. Burtchaell Manager. Assistant Manager. THE BEST EVIDENCE OF OUR CONTIN UAL AND RAPID GROWTH IS THE GREAT NUMBER OF SATISFIED CUSTOMERS WHO ARE DOING BUSINESS WITH US. THE- NORTHWESTERN NATIONAL BANK TRAVELERS' GUIDE. .TOTlsTTalaees- of tk aff le. ;Kfc.AT NORTHERN" "NORTHERN PACIFIC" Tuesday l" C bSvXZ; rorbanrrancisco Best of trip In daylight $:t0 round trip. OtiA way, $8, 4(15, $20. lactudlnv meals and , berth. Steamer express ((steel parlor cars and coaches) lavcs North Bank Station 9 :30 A. M.. arrive 4:25 P. - M. Sunday, Wednesday. Friday. KOKTH BANK TICKKT OFFICE HUH A1 M ARK Pn on es B road way A ft671. Tickets also at Third and Morrison. 100 Third St. and 848 Washington St. San Francisco Los Angeles 4Witbat CkD( Es Rate The Bis. Clean. . Comfortable. Elea-antly Appointed. ScmsQlsx S. S. BEAR Sails From Ainawortk Dock 3 F. HI OCTOBKB 13. lOO Golden Miles on Colombia River. All Hates Include -Bertha and Mcala. Table and service L aexceUed. ( The San Francisco A Portland S. S. Co., Third and Washington Streets 4 with O.-W. R. A X. Co.) Tel. Broad way '4SOO. A lUL r STEAMER "DALLES CITY" Leaves Portland Sunday, Tuesday and Thursday at 7 A. M. Leaves The Dalles Monday, Wednes day and Friday at 7 A. M. Fare. Portland to The Dalles. Kt.OO. Al.OER.ST. DOCK, PORTLAND. Phone Main 014. A 5112. V 7 BARBADOS, BAH LA RIO DC JANCIRO.SANTOa. MONTEVIDEO C BUENOS AYR ELS. LAM PORT HOLT LI N E FrwqtM-t sailinc from New York by nmw and fas. (..UrOO wn puwn gmr steamers. aay elM lool act. i m an - a ft. Pi CT I . I d 1 I I I 1 iTT'lt" inn--in' You take care of now will take care of you later on. The time will come when you will need them no question about that. If you have no banking home, come to this strong Na tional bank. - - $3,500,000 TRAVELERS' tst'Itw. FRENCH LINE Com pastii- Crnerale rranMatlmntlqaa. Sailings From MEW QiUL to BOROZAUA CHICAGO Oct. 16, 3 P. M. LA TOURALNE Oct. 23. 3 P. M. ESPAGNE Oct. 30. 3 P. M. ROCHAMBEAU .Nov. 6.3 P.M. THE NEW QUADRUPLE SCREW S. S. LAFAYETTE Maiden Trip From N. Y. Nov. 13. FOR IN fu Kit AllUit AFPLI C V bUngcr. 80 (ith t., A. t. -oarlton. r63 Morrison U: fc.. K. liarrlMin. C. M. A fc't. P. Kr.: Uoreey B. suulli. lie sd si.; 11. L Bsird. 1UU Sd wt.; U. Uirksoo. 348 Wash, inston st.j Nnrth Bsuk Kuad. ,tb and bis sts-s F. 9. Mi'lsrlaiid. bJ and Warrington si..: E B. Dulfy. l'J4 3d t Portland. t -V NORTH PACIFIC STEAMSHIP CO. San Francisco SANTA BARBARA. LOS ANGKLU AND SAN D1EQO. S. S. ELDER Sails Wednesday. October 13. 6 P. M. COOS BAY El'ELKA AND HAN KANC1SCO. S. S. SANTA CLARA Sails Monday. October 11, 8 I. M. Ticket Office 122 A Third St. Phones Main 1314. A 1314. American-Hawaiian Steamship Co. C. O. Kenned. Act- stark t Poruaau. AUSTRALIA NEW ZEALAND AND BOOTH bEAS, Regular. t-hrouKb ailing tor liydney via Tahiti and Weillng-ton tri m San Francisco. October 19. November 10. December a. &! mwy 28 day a Send for pamptUet. Union bteamsblD Co. of New Zmtand. 14ft. Office ? Market street. Ban irrnnntsfm, r local b t. anU si. K. Mts. RELIANCE MT. HOOU AUTO STAGES Dally to Mount Hood resorts t JL. M. Round trip 16; Oo. Camp $7. 6s. Special rates lor weeM-eod and climb ing parties, Ii.f ormaiioa. reservation and tickets at UOt TI.KlM.il 8PKO FLORAL CO 19 SJ tit. Main WM, A Sell. Or Irvine ton Uiumft, East Hi. .... .1 .V- . e' Between Pcrtland New York 4