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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Aug. 11, 1919)
THE MORNING OREGONIAX, MONDAY, AUGUST 11, 1919. lo GOOD GRAIN YIELDS MEAN BUSINESS GAIN Increase in Bank Clearings Reflects Trade Activity. FRUIT GROWERS DO WELL a'ockmen of Columbia River Region Have Relatively Good Year. Security Market Strong- - - Portland bank clearln&s continue to reflect the upward tendency In business In all com mercial lines. Reports from the Columbia river basin, the. largest grain producing sec tion of the Pacific northwest are favorable to a record yield in total production, with the assured price for wheat guaranteeing a flow of money into the region. With the small fruit harvest w-ll along and demand far exceeding any previous year, there has been a splendid return to the producers of berries and small fruits, and the pack of winter apples Is being sought by eager buy ers for the eastern and foreign markets. Oregon and Washington stockmen and those, of western Idaho, and quite generally of the entire Columbia river region have ex perienced a relatively good year, with ranges for the most part wr-M sustained and abun dance of forage produced in the districts to which the greater part of tre feeders are directed in the? fall and winter months. Bfork is in good condition and there is forage sufficient for the requirements of cattle and shep brought from the drouth-stricken dis tricts of Montana and western North Da kota to the more favored districts west of the Rockies. It is the concensus of stnrlcmen that the turnover will be very satisfactory for the year in Portland trade territory. This, coupled with the existing financial situation portends continued activity in all mercan tile lines, and steady demands for the products of manufacturing industries. Clearings of Portland banks last week were $27, 809. .U -4, as compared with $21,814. 334 for the same week of 1018. The month of July made a new record in gain of bank clearings brought to a new high level, the increase for the month being ''2,000,00i. compared with July of the preceding year. For 1919 up to date the gain over last year is more than $L'05.000.fM"iO. This is significant, in view of the comparison of the reconstruc tion year over the highest tide of shipbuild ing and production in war industries at the maximum. Education of the public In the buying or securities is best reflected in the large vol ume of business that is now being handled by dealers in municipal bonds and other clauses of securities. There are scores of in vestors today where one was found five years ago, and the greatest growth has come within the past twelvemonth. Tn presenting to investors the street im provement 6 per cent gold bonds of the city of Klamath Falls, the Lumbermen! Trust company quotes an Interview with H. B. Ainfiworth, vice-president of the United States National bajik, who recently visited the prosperous southern Oregon city and waa Impressed with its supremacy in the manu facture of box shooks. It constitutes an e cellent presentation of the estimate of basic values of a community by a, trained au tbority in Judging resources. The inue is $99,994.58, maturing optionally from 1920 to J92f. and offered at prices to yield from 5 to 5.125 per cent. Locally, improved conditions in shipping afford the most interesting factor in the business situation. Faster than we dared to hope a few months ago, the big fleet of locally-built vesyels is being put into serv ice, one by one. Moat of those that have sailed so fnr have gone on their maiden voy age laden with wheat, flour or ties in full carson. AsHignment of a third vesel for the Pacific Pteamshlp company's service to the orient provides a :iB-(iay service and the company is asking the shipping board for a fou-th ship, so that it can provide a 28-day serv ice between Portland and oriental points. The shipping board has allocated 20 vessels to another Pacific coast company, which promises regular sailings from Portland to Kiiropean ports as often as cargoes can be provided. There seems to be little doubt that suf ficient outbound cargo can be secured for several vessels in recuiar service to Europe, even with the reservation of wheat and flour, which are handled directly by the L.nlte-1 States grain corporation and not as signed to carriers of private companies. A direct service to New Zealand and Australia is also in prospect, with assurance of a good demand for outbound cargo. But the absorp tion or return carso. either, from tho orient. K u rope or t ,ie south seas, has never b worked out thoroughly enough ro assure the continued success of regular lines, says the DUMetin or the Peninsula National bank The Items making up the cargoes that have been booked for oriental delivery, how ever, demonstrate that securing full cargoes through t his port is largely a mat'er of aggressively peeking the business. Recent shipments to the orient includs an infinite variety of things, ranging from perfumes to sugar mill machinery', and originating in widely-scattered sections of the country. Shipments of cotton from Florida and other extreme sou t hern points are booked for months ahead and promise to form a per manent item in shipments from this port to the orient. hina and Japan consume large nuan titles of American cotton, which is of finer quality than theirs, while Chinese cot ton forms an Item of return cargo because Its coarser quality is an advantage for Ue in mixtures with wool. Work of Installation of the safety deposit boxes in the large vault of th municipal bond house of Morris Brothers. Incorporated, has just been completed snd Is one of the attractively finished features of the finan ces I house. There are approximately 1 20 safety deposit boxes, artistically finished, with polished steel ceilings and partitions. The contract for installation was awarded the Portland Wire & Iron Works. ! Freeman Smith Camp company headed ! a long list of bidders for .tr.ti.non San An sslmo. Pal., school district T per cent bonds, which they are offering on a 4. So per cent to 4 S7o per cent basis. These bondB mature serially lfl-jo to lit.iO. San Ansclmo has shown remarkable growth in the last few years and (s an excellent suburhnn section located in Varin county, one of the rapidly growing districts north of San Francisco and in on of the bay counties. O. K. Miller Co.. Investment securities, with offices in the Northwestern Bank build ing. who are placing the $.-nn,nnf issue of seven-year 7 per cent gold notes of the Phei company, announce that the subscription is being rapidly taken up by investors. TbJs is one of the big industrial enterprises of, the Pacific northwest, manufacturing and marketing a nationally-advertised product that is in constantly increasing demand. The public has learned valuable lessons during the war period, not the least of which is the principles of thrift snd that local tndnstries are most valuable assets in which everyone has a direct share of accruing benefits. Portland as a center of investment securi ties is becoming widely known by municipal authorities through the purchase of issues or bonds. Cl. K. Miliar Cn have bn ad vised of a successful bid on $12.non of school bonds issued by the district of Casper. Wyo. The purpose of the issue Is the erection of two new buildings required by growing pop u'ation and ts to mature serially from 1921 in 194.V The bonds hear B per cent interest. The ssme house is aso marketing $39,0O0 city of Casper improvement bonds, bearing R pr cent interest and maturing, with op tions! retirement of lO and IS years. 20 and SO years from date, respectively. Trrigstion district No. 1. Franklin county, Wnsh.. at P;tsco. has sold throurh Robert son & Ewtng. 207-S Northwestern Bank, build ing, an Issue of 17S.O0O municipal ft per ert eold brtpds. maturing serially from July 1. 1sn, to July I. 19.19. This issue was made for the purpose of acquiring a private Irrt gat'on svstem, making additions and exten sions and to construct a new plant on the Columbia river. Certifies t Inn cf the last blck of bonds authorized by the Talent irriej'tion district. .1 ekson. Or. was made on Thursday and freeman mith famp company have tak en tho entire issue of S45.O00 This com pany floated the original block of $1TS.0nn and this new i!sue covers the total of jn.onn. This fs a 0 per cent municipal go;a oonn. Short-term co'luterst trust (T"M notes of the Canadian Northern railway, which is own-id by the Porninion of Canada, is being off'-ed to investors by the tumbermens Trust company. Th total issue is Jinnon.onn snd wit! he n-ntured 1n two lots, the f!i-st TVruarr 1. 19:22. and the last August 1. 1924. -rne interest rate is n per cent and Is belnc sold to net that rate. The company agrees to pay the United States normal Income tax up to 2 per cent, if exemption not claimed oy noteholder. Lake county. Or., sold Its 1200.000 issue of road bonds last Monday to the Bank of Lakevhw. of which Dr. Bernard Ealy is president. 'The bonds bear hj per cent in terest and mature serially from eight to 19 years after date. They brought a pre mium of about s?.00. The funds will be expended during the next year for highway construction. Lake county claims the dis tinction of the highest per capita wealth of any county in Oregon, with an assessed valuation of $12,800,000, and holds the proud record of having oversubscribed every war loan and national drive during the war period. HIGH PRICES HELD MONETARY Swing upward Not Due to Scarcity, Says Professor Fisher. Why are prices so high? Will they drop? Can they be stabilized? This problem of the price level is world-wide. It la my belief that it Is to remain a great problem for long time ahead. If this be true, it is es sential that we shouid understand the chief causes of the price upheaval, says Professor Irving Fisher in the Magazine of Wall Street. The almost universal rise of prices cannot be ascribed to scarcity. Prices have risen of many goods not affected by the war or in countries remote from the war. In the United States, while certain things have become scarce, including certain foods. the general mass of goods has been actually increased as a consequnc of war. The raw materials jsd in th United States in 191S were 1G per cent more than in 19i:i and 2 per cent more than in 1917. The physical volume of trade is estimated vari ously to b in 1U18 from 22 per cent to 41 per cent above that in 1913 and 8 per cent above that in 1917. The truth is that the chief causes of the rise of prices In war-times are monotary causes. It is almost Invariably true that the great price movements of history are chief. y monetary. This is shown, in the first place, by the fact that countrieg or like mone tary standards have like price movements. Thus to consider gold-standard countries there has usually been a remarkab.e famiiy resemblence between the curves representing the rise and fall of the index numbers of the United States, England, Canada. France, Bel gium, Holland, Scandinavia, Germany, Aus tria and Italy. Again, the price movements in silver countries show a strong likeness, as in India and China between 1873 and 1893. LUMBER DEALS ARE SIFTED ACCEPTANCES ARE BEING HELD DOWN TO MINIMUM. COPENHAGEN GETS LOAN FOREIGX CITIES BEAT STATION'S I INTO MONEY MARKET. Caution Is TTsed in Loading Because Railroads Receive Shipments Only Subject to Delay. Lumber manufacturers of the northwest are exercising caution to loading and are scanning with great care business being of fered with a view of holding down accept ances to the minimum- Lumber shipments are received oy the raiiroaas suoject to ae lay. due to threatened strike conditions, that on some of the lines have, become effective temporarily. On account of the strike of shopmen, car repairers and roundhouse men an embargo was placed on lumber loadings on the Great Xorthern and Northern Pacific at midnight last Tuesday, but was lifted the following day with provision that all loadings wars sublect tn indefinite delays. Car supplies wer- easy last week and mills got their normal snipment unaer way De f ota nrnsDccti of a. strike crew threatening. An aggregate of S7.924.574 feet wis slipped from 121 mills contributing to the weekly reoort of the west Coast Lumbermen s asso elation. Of this volume, 63.1S0.000 moved by rail. By continuing their practice of "select in' their orders the mills succeeded In hold ing acceptances for new business down to 71.10.y719 feet. Meanwhile production continued at the usual midsummer rate. Most mills tht closed for repairs following the Fourth of July holiday have resumed operations. The nutnii of 121 mills lor tne weK was 923.411 feet, which was within 7.000.000 feet of normal. As shipments exceeded actual production hv- mnr- than 10.000.000 feet. Stocks at mills. which already are abnormally low. were fur ther depleted. Despite continued steady oper ations at all important plants, it has been impossible to overcome the chronic short age in stocks. It is estimated that the aver age volume of stocks at all the mills in tn west coast proaucmg territory is noi qun 60 per cent of normal. As a matter of fact. ih avTAtrmi fur some of the Principal items. most desired by th trade, is less than 30 nor iint nf normal. Demand for lumber persists, both for do mestic trade and for export. West coast mill last week loaded 11.197.200 feet for ex port and 8,253,127 feet for coast-wise de livery. Td Inrtnitrr venerflTIv renorta a brisk de mand for export delivery. The volume of this business now is limited only by the ton- age available to nan die it. inquiries are coming from Australia. China, India and other oriental countries, as well as from South America and Europe. LOAN DIFFERENTIAL 3IAY GO could hope to equal. UnfortnnatelT. these conditions no longer prevail. Only adherents to tradition could Justify a loan clerk In re garding with more favor a loan embracing a sprinkling of railroad shares than one con sisting entirely of the stocks of industrial companies of admittedly large earning power and backed by huge cash reserves. industrial companies &r on mucn mum solid ground than they were a few years ago, and ample reserves protect them against a possible recurrence of lean days to come. The collateral oirered. is to do juogea on individual, rather than its group, merit- Estimate That Allies Would Need $3,000,000,000 Before End or the Year Believed Too High. Announcement is expected soon by bank ing groups in New York of extensive financ ing for the account of a number of the allied governments. Forecasts that were made about a month ago that at least $3,000,000,000 would be required before the end. of the year in loans from the American public to foreign governments are believed to have been an overestimate. It is now thought that the total will not exceed half that sum. Some of the foreign cities are coming Into the market with loans ahead of thotfe of the foreign governments. The first of these, the city of Copenhagen, capital of the king- dom of DenmarK, has oo trowed S15.0ou.0o0 on its I'o-year o per cent bonds, and the loan was announced last week by the under writing syn.diea.te composed of Brown Bros. & Co., Lee, Higginson & Co, the eligmans and William A. Head & Co. The city of Antwerp. Belgium. is expect ed to be rifixi, and will be followed probably by Stockholm, Sweden. Loans made early in the war to the cities of Lyons, Bordeaux and Marseilles, in France, will mature on NovemDcr 1. and the notes will be paid by means of some refunding arrangement. There was some talk of providing the funds by issuance of French government bonds. No announcement has been made, but is believed that this plan has been dropped and that the cities will borrow again on their own credit. The next bond issu of the Dominion of Canada will be an internal loan and prob abjy will not be offered outside of the Do minion. This loan will bear 5 per cent and the bonds will be sold at a slight d;s count- Xo provision will be made for New York payment of principal or interest, and this will make tha bonds unattractive American investors because of the exchange situation, which is ruling heavily against Canada. The . discount on Canadian funds the last few days has ruled around 5 per cent. Many Bankers Now on Way to Mount Rainier. Convention of Waahinarton State Association to Open Tuesday. I Two New York Banks' Change From Old System Meets Favor. Throughout the financial district there has been general approval oi tne new poucy an nounced bv two of the leading banking in stitutions of New York that hereafter they would abolish the loan differential and make no distinction between industrial and mixed collateral. So cordial has been the in dorsement of this step that it seems quite likely that the example thus set will be fol lowed by others, if not by all. For some time it has been recognized that tha discrimination under which sound indus trial stocks labored was based more on antiquated precedent than on justifiable ex isting conditions, says wool man a Keview. There was a time, of course, when railroad stocks, on account of their stable earning power ana tne general sonaiiy ox tne trans portation business, represented a type of 'iri fv WRirn rew innusTr: a i corporations John A. Keating, president of the Lum- bermens Trust company, left yesterday for the convention of the "Washington State Bankers' association, which will bo held on Mount Rainier August 12 and 13. -Motoring over the Washington highway, accom panied by Mrs. Keating and Miss Talmadge. a cousin of Mrs. Keating who Is here for the summer from her home, Alliens, oa., m party will spend a week in the northern park. t A. Ttlanehard. of the Livestock State bank. Portland, will be one of the speakers on the programme oi tne wasnington etaio Bankers' association, convening on Mount Rainier this week. Another Portland man nn the ni-neramme is O. M. Plummer, man ager of the Pacific International Livestock exposition. trinanrtln tr nf automobile t)tter." Wll thtt topic on which R. W. Schraeer. vice-president or tne unuea ciates inlhujii u.u.. -fore the Portland Automobile Dealers as sociation last week at the meeting held at Chanticler Inn, on the Columbia highway. It was an illuminating exposition of the principles governing tho handling of such paper. Carlos C. Close, secretary of the Lum bermen Trust company, accompanied by Mrs. Close, is spending his vacation period In a motor trip through central Oregon and to Crater Lake National park. They made the trip south over the highway from The Dalles via Wapinitia and will return via the Pacific highway, making stops en route at Bend, Klamath Falls, Medford and other points. rT. Hirschberg, president of the Inde pendence National bank, was a Portland vis itor the past week, accompanied by members of his family and friends, en route to Foley Springs for a vacation period. Mr. Hirsch berg is ono of the Willamette valley growers who have not entirely abandoned the hop industry. His crop will be approximately 400,000 pounds and he recently disposed of a quantity at 50 cents per pound. Ralph XL Baldwin, manager of the San Francisco branch of the Lumbermens Trust company, who spent the past fortnight in Portland, left Saturday night for home. Portland hankers who will attend the meeting of the Washington State bankers Tuesday and Wednesday Include E. H. Sensenlch. vice-president, and Clarence M. Olmstead, traveling representative of the Northwestern National; R. W. Schmeer. vice president of the United States National: W. L. Thompson, vice-president of tho First National; R- S- Howard, vice-president of I -add & Tilton ; S. A. Anderson, president, and Anthon Eckern, vice-president of the State Bank of Portland. F. P. Risteigen, vice-president of the First National bank of Silverton, was among those who participated in the events of buyers' week. LIBERTY and VICTORY BONDS If yoa must sell your Liberty or Victory bonds, sell to as. If yoa can hay more Liberty or Ylrtory bonds, buy from us. On Saturday. August 9. the closing market prices were as given below. They are the governing prices for Liberty nd Victory bonds all over the world, snd the highest. We sdvertise these prices dally In order that you may always know the New York market and the exact value of your Liberty and Victory bouds. 1st 2d 1st 2d 3d 4th Vic Vlo 3V&S 4s 4s 4VS 4 4s 44i 49 3s 4s Market price.. $900 $04.10 $03.14 $94.20 $93.24 $94.4 $03.33 $90.84 $99.84 Accrued int.. .54 .62 .96 .06 1.02 1.72 1.37 .84 1.07 Total $100.S4 $04.72 $4.10 $46 $94.30 $0.6 $94.70 $100. OA $100 01 When buying we deduct 37c on a $50 bond and $2.50 on a $1000 bond. We sell at the New York market plus the accrued tutereyt. Burglar and Fireproof Safe Deposit Boxes for rent. MORRIS BROTHERS, Inc. The Prfml.r Municipal Bond Hoave. Morri, Hide 30U-S11 SUrk St bet. Atb. snd th. Telephone Broadway 21il i.tubli.bed over 25 DEPOSIT CUT 48 MILLIONS RESERVE BAXK'S LIQUIDATION OF DISCOUNTS MODERATE. Large Withdrawals of Gold for Ex-1 port Are Offset in Part Through Deposits by Treasury. Reduction by about $48,000,000 In the gov ernment deposit account, together with mod erate liquidation of discounts and accept ances is Indicated In the federal reserve board's weekly bank statement issued close of business on August 1, 1919. Gold reserves show a further decline of 6.7 mil lions, larger withdrawals of gold for export having been offset in part through gold de posits by the treasury. War paper on hand shows a decline for the week of 3.6 millions, other discounts a decline of 1 B.l millions and acceptances a decline of o.H million. ar-paper hom ines of the Chicago, St. Louis and Minne apolis banks are inclusive of 99.3 millions discounted for other tederal reserve banks a pain Ft K4.9 millions shown the week before, while acceptances on hand at the Cleveland and San Francisco banks include I 47.3 millions a acainst 4. millions of acceptances required from other teaerai re serve bank?. Treasury certificates, largely to secure federal reserve bank-note circula tion. Vent up about 6 millions, largely at the New York and Chicago hanks. This in crease goes hand in hand with an increase of 7.1 millions in federal reserve bank-note circulation. As against the substantial decrease in government depostls indicated, members' re serve deposits show an increase of 24.1 mil lions, the "float" carried by the reserve banks an increase of 3.1 millions and net deposits a decline of 30.4 millions. Federal i reserve notes in circulation went up 2.3 mil lions, while total cash reserves declined 4.7 mill inns. Tho banks' reserve ratio, because of the relatively large reduction In deposit liabilities, shows a rise from 50.2 to oo.o per cent. Business and Banking are so interdependent that neither can prosper without" the success of the other. The better the banking service the better the busi ness chance. May we serve you? . The United States National Bank Sixth and Stark Streets. e a. Coupon Clipper These Canadian government and Municipal Bonds Illustrate the advantages of being a. coupon clipper. Regularly at intervals of six months you go to your safe deposit box and clip your coupons for interest which has accrued. It is so safe and certain so easy. Just like finding the money your bonds earn. This is only a partial list of our many offerings. We also have many desirable issues from Oregon, Washington and Idaho. Let us help you select the issue best suiting your requirements and circumstances. Exempt from all Dominion Government Taxes Rate Maturitv Price Yield 4.000 Alberta, Province of S F&A, 1922 97.29 6.00 13.000 Alberta, Province of. University Guaranty 4Vi J&J 1P24 94.1 .00 4.600 'Alberta. Government of Province of 4S F&A 1SJ4 94.16 6.00 1.700 t Alberta. Government of Province of 5 J&J 19S9 100.00 6.50 66.000 'British Columbia. Province of 41 J&J 1926 94.25 5.50 67.600 ''British Columbia, Province of 5 J&J 1939 93.50 6.55 1,900 British Columbia, Province of M&S 1939 100.00 5.50 10.000 'Calgary, City of. Alta.. School 4 V2 Feb. 1922 96.38 6.00 4.000 'Calgary. City of. Alta.. School 44 Feb. 1924 93.97 6.00 1,500 t'tDominlon of Canada 5Vi J&O 1922 100.00 5.50 600 Dominion of Canada 5Vi M&N 1923 100.00 5.50 127.000 'Edmonton, City of. Gold Notes 6 F&A 1924 99.03 6.25 22.000 Edmonton, City of. Gold Notes 6 M&S 1920 100.00 6.00 61.000 'Greater Winnipeg Water District 5 J&J 1922 97.29 6. on 6.000 'Greater Winnipeg Water Mstrict 6 F&A 1923 96.88 6.00 1.000 'Greater Winnioeg Water District 6 F&A 1923 100. 00 6.00 2.000 Greater Winnipeg. Water District 5 J&J 1921 ' 98.22 6.00 6.000 Greater Winnipeg. Water District 6 J&J 1924 100.00 6.00 87.000 'Lethbridee, City of. Province of Alta 6 F&A 1924 100.00 6 00 8.000 'Lethbridge. City of. Province of Alta 6 Feb. 1926 100.00 6.00 49,000 'Moosejaw, City of,. Province of Sask 54 J&D 1939 94.27 6.00 98.600 "Newfoundland. Government of 5 4 J&J 1939 100.00 5.50 1.000 'Saskatoon. City of. Province of Sn.sk 5 J&J 1943 90.30 5.75 20,000 'Saskatoon, Citv of. Province of Sask 5 J&J 1944 90.13 5.75 14,000 'St. Boniface, city of. Province of Man 5 J&.T 1935 To Net 5.75 74.800 ''St. Boniface, City of. Province of Man 5 M&N 1943 To Net 5.7R 11.000 'St. Boniface, Citv of. Province of Man 5 J&J 1945 . To Net 5.75 19.000 'Victoria, City of. Province of B. C 4V4 J&J 1923 94.75 6.00 43.000 'Victoria. City of. Province of B. C 4 J&J 1923 94.45 6.00 1,000 'Victoria, City of. Province of B. C 54 A&O 192S 9.52 6.00 . 29.000 'Victoria, City of. Province of B. C 54 A&O 1939 97.03 5.75 6,000 'Victoria. City of, Province of B. C 5 4 A&O 1940 96.95 5.75 ! Denotes $50 denomination, t Denotes J100 denomination, t Denotes bonds of $500 denomination. Denotes bonds of $1000 denomination. " Denotes bonds of $100, $500 and $1000 denomination. MORRIS BROTHERS, Inc. The Premier Municipal Bond House MORRIS BUILDING, 309-11 Stark St., Between Fifth and Sixth Telephone: Broadway 2151 Established Over 25 Years PORTLAND, OREGON - HORRISON STREET CO EDIT DEPARTMENT STAYS r-iCMTl OCPTl 'I I! u I I I I it 'Ti .1 mm ELL COMMERCIAL SOS DErWTMENT CW1NG AND RECEIVING TELLERS LOBBY N.W. BANK BUILDING TICtftS QUARTERS WMfU COrintXtCLAL. BOCKKCIKiU D D O 1 I i urvvi muk f COLLATION rH& exchange: ULKAK I HUN lO 3AVtNOS BOOKKCEPCR5 a llllllllilllllili!llll!!ll!lll!ll!l!!l!!i;!l!3!llii!lll!!!llll!llllll!ii!lll!lll!lllilllllll!!l BANK TO DHL Ifl BONDS 1 LADD & TILTON" DECIDES TO OPEN NEW DEPARTMENT. Willis K. Clark Will Assume Man agement of Business to Be Started September 1. Announcement made by Edward Coo kins ham. president of the Ladd & Tilton bank of ahe decision to establish a bond depart ment of that institution, is a matter of In terest In the bank news of the week. It im the policy of this pioneer bank to afford to Ita customers eVery facility, and in the initial statement regarding this de partment H is stated that the securities handled will be of the high (trade that the bink takes for its own investments. oper ations of the bond department will be ex tended to interior banks, that they may have the benefit of the analysis of invest' ments and experience. Willis K. Clark, formerly senior partner tn the investment Dan kins house or ciaric. Kendall & Co., will have the title of man ager of the bond department, which will be opened September X. Mr. Clark has been in the east for some time, making an In vestigation of the methods and practices of some of the larger eastern banks in their bond departments. ladd A Tilton ts the first of the larjre Portland banks to estab lish a bond department. The Bank of California National Association Founded in 1864 HEAD OFFICE: SAN FRANCISCO Branches at PORTLAND, SEATTLE and TACOMA Conducts a greneral banking business. We Carry Checking and Savings Accounts Buy and Sell Foreign and Domestic Drafts and Cable Transfers Issue Commercial and Travelers' Letters of Credit and Travelers' Checks for Use Throughout the World Pay Interest on Time and Savings Deposits Capital, Surplus and Undivided Profits, $17,000,000 PORTLAND BRANCH Third and Stark Streets W. A. MACFwAE, Manager J. T. BURTCHAELL, Asst. Manager Phone your want ads to The Orego nian. Main 7070. A 6095. ansactions in AI! Territories WHEREVER your markets take you the services of the Northwestern Na tional will precede or follow just as your requirements dictate. It is our desire to fulfill your com mercial banking- needs at home and abroad. tiff Brother Bank to Business . - .... t-.' 'S, mm. '"-'rinriTr' KsN.sv nN iN. X N a N N X v- 1 I- . ns N HrMEMEERm 1 x FEDEPU RESERVE-! to x - f X " xv X I x XN x - v s Is v-x - v"H N X x v Xvv H , VSSXV- V, X vv X, S V " v! J x ': xV r - i' -x. wx ? v v rv x - XvxH - n V S S - V v 5 xv v-t vX.xv., . x- x xx.x X I X. - . - xv I . X I vx K. v vW V t v 1 I I I x . x t r ' X v " X V $ V V i i N v " X X X x x V v -v I I . s ; Vt- L ....... - v ? .'. v . -N : v- v x X-sx V S ..V t -XVX- N V I v - v v-0 x Xvsv X S. x, vX, v " f X V V X VV V": v X "Tvv!"W f ! viXS.v.; i -3 3- 1 vv iX M .wvvvvx.NfcxXvxSSxvvvvKv "v x v X X- X"xsx x X tN -cXS xxvxvxx-x-xxxxxxsxv- v xxiv..;.v ix.xkvi;xx;..-vijxv.j .&.Wi'WWioMtNVV'MWW.-' " Building On a Solid Foundation In the course of your business there are innumerable times when you are confronted with problems, the solution of which wall make or mar the future growth of your business. It is at such times that the advice of a bank well verged in the eco nomic conditions of the day should be called upon. The Ladd & Tilton Rank, with all its facilities, is at your service. L'ADD STILTON BANK Oldest n the Nbr6u)es'& Washington., and i nira 7"J AMT-N. T-J ,f,.., XiiSjlN.x4...Xvvv. ...xx:. f V x - vxv. 5 vvXXvVWxSXS 5. j urvj 1 1 -rr t '-''S' vxx' 4 .4. x x x $ ' : l vxXxvv-VX Sts. 1 v- , J w m m m ii iiiti iminii'iTari