Image provided by: University of Oregon Libraries; Eugene, OR
About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Aug. 18, 1919)
THE 3IORXIXG OREGOXIAN, MONDAY, AUGUST 18, 1919. 15 fifflEfiS OF OREGOI. BOOST JSGfilCUME Advanced Position Taken Pushing Food Production. in tnvstmnt In municipal bonds that should appeal to you. Payment of legally issued bond of in unlet pal it Ja bonds iaaued with proper lawful authority cannot ba evaded. With sufficient taxable property to support thesa there im absolutely nothlns so certain of payment with the possible exception of United States government bonds. United ti tates government bonds, however, are not i altogether free from Income tax and bear very low rates of interest. ".Municipal bonds offering around SH and per cent have a stable market always. You can look to us to provide a market for bonds of that character which we have sold you a quick Tnarset without sacrifice. "We have JuM had delivered to us $45,000 Talent, Or., municipal Irrigation district 6a We received advance orders for half of this amount and offer the balance subject to prior sals." GOOD RESULTS PROMISED Clark. Kendall Co., Inc., are offertnc to customers part of an luu of $000,000 of per cent mortgage notes of the Maytag com pany. whose wanning machine biuunees has grown phenomenaliy and whose assets now are more than three and a half timea the amount of the note Issue, the proceeds of whi. h ar hi t-, ... Farmer Who Is Handling His Bul-1 mr.t priced to yield from e.so per cent to lu t-ni interest, according n maturltv. Dfs Wisely Can Count on Sap- port That Insures Success. Oregon bankers faara taken an advanced feoeltlon in stimulating agricultural progress In tha state through hearty support of tha work directed by county agents. Even be- l running from July 1, 1920. to 12. Also l snu.iKMi or Clearwater county. Idaho, hlgh I way construction bonds, maturinc serially "dm rfuiy j. lwau, to 11134. U. S. HAS TRADE ADVANTAGE F0BEI6N CREDIT URGED XATIOXAIj association ad vises AID FOR EUROPE. Extension of Financial Assistance Recommended for Accessaries. Luxuries Are Banned. fore the adoption of the ry.tem fostered by I HIGH COSTS A"D LABOR WREST the Orwgon Agricultural colge and county! FELT IX ECROPE. in Norway Is Being Obtained by America. u'norniM to employ trained men for the purpoee of aiding farmers In solving farm management problems, there were a few bankers Who adhered In tha Ttein.-lnl . agriculture is tha basis of permanent proa- Reports Indicate English Steel Trade The war prlod brought understanding that food Is the first essential to that part ne population wmrn oernre bad accept d th delivery of products of tha soil with out mur-h thought as to their production. .Men who nevr before delvei into statis tics of th-5 department of agriculture began to iini interest m crop reports, and bank rs who had considered applicants fcr loans more ih refrenr to the liquidity of their assets than with concern about whether their products wem esertial, began to take llve.y interest In cows, swtne and grain crops. Orf-con was- fort una t e In ha v. n c pro- Sresnive eonsraunitles d voted to dairy and :iv3toic industri. and bankers who had Ions; known the value of the best breeds of animal. Bankers In many cases were re sponsible for movements to assist farmers with credits Justified by their resources and ability successfully to conduct their Dual- Bankers Movement 8 access. The movement started by the Oreron Ftate Ban ken' association for co-operation of banks with county a rents to encourage tne farmers to produce better crops, breed thoroughbred stock instead of scrubs, and to put the xn.iaaKement of farm cnterp-tset on a bifht-r standard, was a development of an Idea that had been crowinc arnonc bank ers. It had the hearty approval and co op-rat ion ot the Oregon Agricultural col-lrj-e. and the friendiy Interest of the banks, with extension work and furm maaas-ment plans of the college joined, is awakening the attention of progressive farmers. The fiirm r may not be able to hold a special, marked uown sale in order to take up his note at the bank, but If he Is handling; his bunine wisely and with the proper care- for details, his banker can five the material financial aasNtance that injures success. Banker have further iho n Interest In the farmer and stockman by Joining In the responsibility of financing the Pacific In ternational Ilvestoclc association, which in November will hold in Portland tha area tent livestock exposition ev-r st4.se d west ot Chicago. There will b more than $75,(H In caab prizes for the best showings of thor oi'fhbred livestock. All the popular breeds of cattle, sheep, swine, goats and an un usually fine lot of horses will be exhibited tn the biR buildings. j FarsneYS Outlook Improves. j "When the bankers are agreed tht an en terprise Is worthy of financial help. Its cause la pretty well established In tue proper man net to become successful, or it already that, then It may be expected to grow to large proportions. That la the situation of agricultural pursuits In Oregon today. Tnouauda of fanners are making money and have going enterprises, and with the credit benefits that merchants and man ufarturers hava long enjoyed, the door of opportunity is opening to larger production. and better results. C. S. Hudson, president of the first Ni tlonal bank of Bend and president of the Oregon Bankers' association, was author of the resolution adoDled by the bankers their recent annual meeting to get .behind the development movem-r.u while 1 Ursre measure the actual effort Is Doing made through the activity of Individual bankers. It hs the benefit of sentiment of the financial leaders of the state competing the membership of the association. Much of a constructive character is being accom plished by reason of the action I tn or- gunixatioD. a Tha division of foreign exchange of the federal reserve board has issued tne xoi lnirinr announcement: -From inauirles which have been received, It would appear that a misunderstanding has arisen with regard to the present restriction on the exportatlan or importation of Rus sian roubles. The regulation of the division of foreign exchange of the federal reserve board issued on June 4, 1919, which pro fa i oils their exportation or importation or .h transfer of funds for their purchase, is the governing, regulatlon and remains In ef fect until specincany revonea. 'Your attention Is called to the fact that, sincn th war trade board section of the department of state has Issued a general enemy trade license opening' termany traue and communication, and as exchange operations between the L nited titatea and r.ermany are therefore permitted, all restric tions on transactions In foreign exchange ir been removed except dealings wltb that part of Russia now under the control of the so-called bolshevist government, the ex portation r Importation of roubles and re mittances to Hungary enemy territory), which latter are only permitted under U cense from the war trade board." It was not tha Plumb railroad bill which broke the market. The wave had risen too high and waa bound to break by Its own weight. The downfall waa followed by a recovery, and a further break, from which some improvement Is now going on. It ap pears that, there was nothing basically un favorable in the situation to reduce prlcea The reasons are technical, says the Bache Kevlew. Nevertheless a break of such proportion! sometimes staggers a bull market out of position for a considerable period, even with favorable bsflc outlook remaining the same. The usual outcome after a series of breaks of this kind is a period of dullness at grad ually lowering levels, during which there is plenty of time to pick up securities If they are cheap. The queston of whether stocks are cheap la often predicated upon sentiment prevail ing in business concerning large questions such as the belligerent attitude of labor, po ll t leal activities against corpora tons. etc. If an atmosphere of this kind Is created It will hardly conduce to a rising market, especially with loans still very high, meaning that the pub'ic is still very heavl.r In tha market. We believe profits should bo realised from time to time, and that investors should be, careful not to extend their lines of commit I ment beyond their ability to amply margin, particularly until the existing labor agita tion has been quieted and Washington has demonstrated Its sbillty to handle the many important questions affecting the v public . welfare, 9 Municipal bond, are especially attractive to investors because of the exemption from federal income taxes. In this respect the musrtcipa: are better thn some liberty Is sue. Morris Brothers. Inc., include in their lateot list a number of new municipal Issues that have recently been acquired. Including the foHowtg: f 1 oo.ooo Teton county, Mont., road and bridge bonrf sold at a price to yield 2 per rent, and maturing serially from H'f to IOCS: $o47.;4lO K:amth county. Or., road bonds, to net 4 "T: fill. on Ontario. Or., paving bonds, to yield 3 per cent: l.Vl.ftO city of Arco. Idaho, electric light per cent bonds, sold at a price to yield 5.40 per cent: S15.CHV city of .r-ce. Idaho, sold to yield V40 per cent: So.itoo city of Soda Springs. Idaho. old to yield 5 40 per cent: lO.O0 city of eOngg-, Idaho, sold to yield 6.40 per rent, anl $l.'.0o) Wallowa county. Or., road bonds, sold to teld i.70 per cent. - Lumbermen Trust company announces Ttie followirg new lanues of securities on their list: Fisher Body corporation short-term a per cent note selMng at pricee to yield from 6r0 to 6-73 per cent. Reynolds To bacco company, A per rent no tea. dated August 1. 1910, and due August 1. 1822. sell ing tit par to Tstald per cent: city of Aso tin, wash, s per cent bridge bonds, selling on a S liiT. per cent basts; city of Laurel. Mont, 0 per cent improvement bonds, selling at par: city of Roundup. MonL, water lm-p-ovement. per cent bonds, selling at par; Big Horn county, W'yo.. school district No. 41. per cent bonds, snd Hot Springs. TVyo.. s hool district No. T. per cent bonds, both e.itng on a 0.123 per cent basis. e e In, presenting to clients the latest issues of scurit:s offered by Kreemsn Smith Sc Camp company. K. A. K re man says: "Have you compared the advantages of Investing In tax-exempt securities with in vestments of other character? A total exemp tion from Income tax is offered by n-nntetp.nl bonda. There axe other features offered by I Tha high cost of living In Europe and the continued strikes and idleness on the part or labor abroad give America. a decided ad vantage In world competition. Thae art reports of steel shipments to Norway from America to former customers of British manufacturers and shipments of coal and machinery to British mills despite ample re sources nearby which could be used If Brit lsh labor were not placing too much de pendence upon political action and too lit tle upon productivity, to the detriment of the general community and ultimately to themselves individually. The Present abnormal nroaner-ttv In imaf. - i oasea iunaamn tally upon the fact that, coincidental ly with widespread idle ness In Europe, American labor has stead- aauy votea to continue producing. A temporary weakness in the British ecn nomlc situation is reflected in the recent de- cline of sterling exchange to $4.8 a pound in -e w i ora. "I neie art two important causes for this decline. In the first place. cngtand eontinuea to Import and consume more gooas man she is oav nc for bv ei ports of British products, says the monthly letter of the Alexander Hamilton institute. The amount of drafts being drawn by Amer ican seiieri against ling Uh buyers la ex cessive, and the law of supply and demand, therefore, has operated to causa the British pound sterling to sell at a discount of 10 per cent In New York. To some extent this situation la unavoidable. It is necessary foi Europe to buy food and materials and place iic-r lacionei in run operation Dernre ih will nave goons to sell to the rest of the world. Regardless of exports and Imports, however, there is another cause of the deoreciatinn of the foreign exchanges, namely, the fact that during the war the belligerent count ris is- sued more paper money than they are now able to redeem In gold. It is a law of business that twb foreign ex change value of a circulating medium can be kept at par only when Daner mnnov is re. deemable In gold at home. But in England the paper money has been increased bv near ly iOO0.0O0.000 since 1P14. whereas the rold reserve has Increased only about $.10,000,000. If either the British treasury or the Bank ol England undertook to redeem paper money in go ia, tne reserves would be found inade quate. The gold would be withdrawn and exported to pay for food and materials. So far ss Great Britain Is concerned, how ever. It would be a comparatively slmpli matter to restore the gold standard by bor rowing tne metai in ;ew lork. But Eng land will be busily engaged in rendering as sistance to other and weaker Euronean coun. tries for some time to come and meanwhile will not be greatly concerned whether or not tne gold standard is restored in Lon don. That will be an easy matter once law and orner are restored throughout Europe. .iiftnwniiB tne Discount on sterling in icw York and a corresponding premium on dol lars in Lronaon. win tend to cause British Importers to curtail buying In America and will stimulate British manufacturers to ex port goods to the United States. That is, the British Importer will seek to avoid the payment of a premium of 10 per cent on imports merely on sccount of the exchange, while the British exporter will receive 10 per cent more In sterling on goods soTd In America, xnua tne element ot exchange wI tend to reduce consumption and stimulate production In England until equilibrium is restorea. The necessity of a credit extension with all reasonable liberality to the people of Eu rope la emphasised In a letter sent by J. H. Tregoe, secretary-treasurer, national asso ciation of credit m?n. to -the 29,500 mem bers of that organization. Mr. Tregoe avers that the return of business in Europe to condition of prosperity and contentmen largely depends on the ability of the American people to have a true understand lng of credit concepts. The practice of credit extension lor tne acquirement of luxuries and extravagance is condemned by Mr. Tregoe, who states that it works an Injustice on those who seek credit with which to provide necessaries. "If reoDle are industrious and thrifty, Mr. Tregoe writes; (if they are not consumed by the desire to speculate and tie up ex cesal ve araou n ta of capita I In f i xed form. then they provide a credit basis as safe and solid as the credit grantor has a right to demand. The removal of secrecy from all credit re lattons Is also urged by Mr. Tregoe and he seeks to Impress the members ot tne as sociatlon with, the necessity ol adopting policy cf the utmost frankness and co-op eration In all credit transactions. Discussing the importance of the credit nrofession. Mr. Treeoe writes: "The whole world wsits upon the decis ion of credit grantors who are exercising their utmost inranultv to bring about American broad concept of credit, an under standing of the necessity of its extension with all the reasonable liberality to the peoplea of Europe and also to those who hitherto have depended upon murope ior thoir credits. These credit grantors also are trying to bring about true concepta of what that basis of credit In these coun tries Th rate of crorress back to stability and modern standarda and the condition oi con tentment and prosperity that was enjoyed prior to the war, depend uson the ability of the American people to get a true un derstanding of credits, how In the final analysis of a people redeem their promises even though collateral to back them is not available." Bffi SHOWS BIG GROWTH CHEHALIS INSTITUTION' CELE BRATES 35TH ANNIVERSARY. BANKS IN FIDUCIARY CAPACITY ALSO MUST POST DEPOSIT. Attorney-General Holds That Trust Departments Are Subject to State Examination. SALEM, Or.. Aug. 17. (Special.) When ever the laws of Oregon require corpora tions acting In a fiduciary capacity to de posit securities wltn the state authorities for protection of private or court trust, na tional banks, so acting, ahall be required to make similar deposits and securities so pro vided shall be held for the protection of private or court trusts, according to a legal opinion given out yesterday by I. H. Van- Winkle, assistant attorney-general. The attorney-general also holds that trust departments of banks operating under these regulations shall be .subject to examination by the state superintendent of banka. The legal opinion was requested by will Bennett, state superintendent ot banks, who wrote the attorney-general asking what pa pers had to be filed with hia department by national banks dnslring tq operate under the state trust company laws. Stretching- across western Australia s a rabbit -tight fence, said to be the onsrest in the world. It extends for a distance of 1200 miles without a break xcept for gates. Coffman-Dobson Company Develops From Small Beginning; Into Financial Prominence. CHEHALIS. Wash., Aug. 17. (Special.) Chehaiis pioneer bank, the Coffman-Dobson Bank & Trust company. Is this week cele bratlnr the 35th year of Us founding in this city by N. B. Coffman, who la still president of the Institution, and Charles H. Allen. In August. 1SS4, Messrs. Coffman and Al len opened up for business in Chehaiis, the location of their place of business being in small frame structure. In 18S3 a brick vault was built, this be ing the first such construction other than wood in all ot Lewis county or southwest Washington. Although deposits were not sought at first, many began to turn In their belongings to be put In the vault for safety, and for a ime. In primitive style, each man a sack which he kept his money was safely laced in the vault and his own money was tn turn paid out to him as he desired to raw out funds. In 3 S90 the opportunity for a bank at Chehaiis having been fully demonstrated, Messrs N. B. Coffman, as president: W. M. Urquhart as vice-president, J. Y. Coffman as cashier, and John Dobson and Francis Donahoe as directors, opened business in what was then the most pretentious brick building in southwest Washington, the First National bank of Chehaiis, with a paid-up capital of $50,000. During his years In the development of Washington and Its transition from terri torial days to statehood, Mr. Coffman has always taken an active part In all public matters and in politics. ft Ohio from the Southern FacisV on January i. as general manager of the Baltimore ft Ohio Southwestern, and Cincinnati, Hamil ton ft Dayton railroads, with Headquarters at vincinnati, R. W. Walters, In charge of tha Omaha of. flee handling the eastern business of the Charles E. Walters company, of which he n;o-presiaent. was a visitor in Portland the past week at the home of his father. );"a"" waiters, as a part ol his vaca tion trip to the northwest he attended the meeting of the Washing ton fitataa tia n Irmt-m' association last week at Paradise Inn, on ... tanking; house ol D. W. 9tandrod & Co., of Blackfoot, Idaho, waa a Portland visitor sev- uays last wen. The district In which he is located Is experiencing an exceedingly jm, wmi crop yieias satisfactory and uc, uuBiuess conaitions good. ... . E- J- Wilson, cashier of the Crook County Bank, of Prinevilie, was among- the outstate Danker, who sojourned In Portland the past i rr '"vurn excellent progress in Ir- igaiion aevsiopment and splendid yields of alfalfa in the first cutting of Crook .k ""cns ana satisfactory grain yield ... The Harvard endowment fund committee Baa appointed for the Oregon division in the campaign for upwards of $10,000,000 two Joint chairmen to manage tha big fail drive i , Iiim 5 . COIlnlry. . They are A. L. Mills and H. L. Corbett. president and vice-president. rMnM.Mv.tv . v. . o. . . r. Mills graduated from Har- .-.w u jooi ana Mr. (JorDett la 1903. . wosepn A. Broderfrlr Mmfan , .K. jral raserve board and chief examiner of .oU..s, reserve oanKS. has severed his con nection with that body in order to become ...o-uiciiuBni oi tna Natlnn R.nlr rm. meree In Nes Tork. Announcement of his " "la naw appointment wai made slmultaeously by the board in Wash Ington and the bairk in New York Mr. Brodeiick watt a mmH. -f t v. - -i al committee appointed by tha secretary of the treasury to work out proposals for the technical organization of the federal reserve inn organisation under the eral reserve banks he was made chief ex aminer in August 1014. He later succeeded H. Parker Willis as secret. rv f h hrri fi ,ame tlme continuing In charge of -.. -E.ii,i.iioJ1 wora. in tms capacity he ;.7 . V "r,oua times examined each of the i- federal reserve bank. DAILY JBETEOROIX)GICAL REPORT. runiWlAU lir.. AUB-. 1 I (ll.lmTii- - 57 degrees. River reading. S A. M.. 5. feet: tnnnie in last hntir iirA . rainfall (S P. M. to 5 P. M. ), none; total raln- biuib. eptemoer x, mis. 41.34 Inches normal rainfall since September 1. 44.76 h.r 1 '1. V . . . V ""'"-'i mce Septem ber 1, 1018. o.41' Inches. Sunrise. 6:10 A. M ; unset. 7:20 P. M tnf.l ,iUU,.c.. pvBeioie sunsnine, 14 hours 12 minutes. Moonrlse. 0:55 P. M moon.t 1:40 A. Jf. Barometer (reduced aea lev.n ' -"-oa indues, neiauve numidlty A- P. p"r c'n'i 1 p- M- 57 Per cent P. M., 51 per cent. THE WEATHER. in 77! :se Government and ssues of unicipal Bonds are without question of doubt a group of the safest and most desirable Government and Municipal Bonds owned and offered by any Bond House in America. Careful analysis of the Financial Statements setting forth the strength and stability of the respective issues here listed will bring to the attention of clientsand investors the reason why these bonds are such unusual Investment securities. Exempt from all Federal Income Taxes Rate Maturity Price Yield tAstorja, Oregon, Improvement Series No. 19 6 J&J 1920-24 To Net 5.00-10 S K3 1 S s - t: c o . o a 3 3 e i' 2 STATIONS. 5 "3 ? o Weather. 5 3 In " - S ' S ? : - c ' : 3 5: : I r Montreal Banker Visitor in Portland During Week. Sir Frederick William. Taylor among: prominent financier. ho topped in city. Baker coise , Boston Calgary ... Chicago .... Denver Des Moines. Eureka .... Galveston .. Helena tJuneau .... Kansas City I.oa Angeles Marshfleld . Medford ... Minneapolis New Orleans New York . . North Head. North Yakima. Phoenix .. Pocatello ,. Portland . Roseburg .. Sacramento .St. Louis . Salt Lake San Diego , San Francisco. I Seattle Sitka Spokane Tacoma Tatoosh Island tValdez Walla Walla .. Washington .. v innlpeg 57 r,4i I 681 561 02 0.001. .INE Cloudy 00.00i..lw Pt. cloudy BS O.00I. .IE ICloudy SS0.00I..ISB Pt. cloudy 7S(0.40I..W Cloudy 82,0.001. .INW Pt. cloudy o wtuifiijiiv w uiear RUJU.UO . .1 W SS!0.00ll4iSW 00 O.OUI. .ISE 5li 0.161. .IE KfllO.001. .IN f o.ouiioisw 6010.001.. SW OS'0.001. .INWl TSiO.OO 24INWi 90-0.001. .INW, 6S0.4l28iBE 5SIO.OOI10IS !I4'0.00 9SIO.0O 2:0.00; 74 0.00 80'O.OOi 8010.001 .ISE .. W ::ly ..IN S ss;o.oo;is:nw 8SiO.O0i12I.VWi 76 0.001. JW 66-0.0Oll4SW 70 0.001. .IS 60l62 0.04l..l 02!0.00i..NE 7010. 00I. .IN G4I0. 0211818 6010.00 661 100IO. 00. . . .) 84 0.861. . ..I 8010. 00112 NW Cloudy Cloudy Cloudy Cloudy Clear . Clear Cloudy Clear Clear Pt. cloudy Rain Clear Cloudy Clear Cloudy Clear Clear Clear Clear Cloudy IClear Clear Clear Pt. cloudy clear Pt. cloudy ciouay Cloudy Clear Clear Clear 9,600 6,000 26,327 75,000 8,000 1,000 29,000 2,000 347,500 13,000 111.000 1,000 1,000 1,000 60.000 29,000 35,000 56,000 23,000 32,000 14,000 66,000 9,500 , 8,000 4,600 25,000 35,000 1,000 15,000 TAstoria, Oregon, Improvement Series No. 20 6 J&J tAatorla. Qrenon. ImDrovement Series No. 21 6 JA.T Astoria. Port of, Oregon 5 J&J tClatsop County, Oregon, S. D. No. 30. -uoiumDia county, Oregon, Jioaa Crook County Oregon Road Bonds Douglas County, Oregon, S. D. No. 2 tKlamath County, Oregon, Road Bonds tLake County, Oregon, S. D. No. 5 tOntarlo, City of, Oregon, Paving: tSeaside, City of, Oregon, Funding. Seattle, Washington, S. D. No. 1 Seattle, Washington, S. D. No. 1, Series 8.. Arco, City of, Idaho, Light tBonner County, Idaho, S. D. No. 4.; Bonner County, Idaho, I. S. D. No. 1 Buhl.-fity of, Idaho, Water Buhl, TJity of, Idaho, City Hall Buhl, City of, Idaho, Intersec Buhl. City of, Idaho, Fire Caribou County, Idaho, R. & B Clark County, Idaho, S. D. No. 61 tDriggs. City of. Idaho. ImDrovement. Dis. No. 2 t Fremont and Madison Counties, Ida., J.S.D. No. 7. .6 Fremont and Madison Counties, Ida., J.S.D. No. 8.. 6 rremont County, Idaho, I. S. 1. No. z Gooding County, Idaho, Bliss High. Dis Grace. Citv of. Idaho. Lisrht.... 125,000 t'Jerome County, Idaho, Hillsdale H. D 11.000 'Jerome, City of, Idaho, G. O 5.000 tMinidoka County, Idaho, High 3,500 tMinidoka County, Idaho, S. D. No. 4 4,000 N'ez Perce County, Idaho, W. T. H. D 36,000 Ne Perce County, Idaho, Clearwater H. D 1,000 'Power, County of, Idaho, I. H. D. No. 3 12,500 tPower County, Idaho. Rockland I. S. D. No. 2. 25,000 'Power County, Idaho, Crystal High 42,000 'Rigby, I. S. D. No. 5. Idaho (Jeff. Co.) 24,000 'Rupert, Idaho, I. S. D. No. 1 80,000 'Soda Springs, City of, Idaho, Water 17,000 St. Anthony, City of, Idaho, Genls 60,000 tSt. Anthony, City of, Idaho, Spec 100,000 Teton County, Idaho, Road and Bridge 80,000 "Twin Falls County, Idaho, High. Dis 25.000 'Twin Falls County, Idaho, Buhl I. S. D. No. 3. 1920-29 To Net 5.00-20 1920-39 To Net 5.00-25 1937-48 To Net 4.90 .Shi F&A 1924-38 To Net 5.00 ..o AfcU 1S24 100.44 4. 0 ..5i M&N 1939 To Net 4.90 ..6 F&A 1927-28 To Net 6.00 ..5 J&J 1929-38 To Net 4.75 ..5i J&J 1929-39 To Net 5.00 ..6 F&A 1920-29 TO Net 6.10 ..6 J&D 1939 To Net 5.25 . .4 M&N 1928 95.00 4.70 . .A M&N 1928 98.55 4.70 ..6 J&J 1930-39 Tk Net 5.40 . .5H J&D 1920-39 To Net 6.00 . .SVs J&J 1930-39 To Net 6.00 J&D 1S30-3S to Net 5.20 J&D 1931-S9 To Net 6.20 J&D 1930-39 To Net 6.20 J&D 1931-39 To Net 6.20 J&D 1929-38 To Net 6.00 M&N 1931-39 To Net 6.00 J&J 1920-29 To Net 6.40 M&N 1928-38 To Net 5.00 J&D 1930-39 To Net 6.00 .5 J&D 1930-39 To Net 5.00 .6 J&J 1933-35 103.81 5.25 J&J 1930--39 To Net 6.40 J&J 1930-39 To Net 5.20 J&J 1930-39 To Net 5.25 J&J 1930 To Net 5.16 J&J 1928-38 To Net 6.00 J&J 1927-29 To Net 6.20 J&J 1929-39 To Net 6.25 J&J 1930-38 To Net 5.25 F&A 1930-39 To Net 5.00 J&J 1930-39 To Net 5.25 M&N 1930-39 To Net 6.00 M&N 1930-39 To Net 6.00 J&J 1930-39 To Net 5.40 J&J 1929-39 105.78 5.25 J&J 1920-29 To Net 6.60-6 J&J 1929-38 To Net 6.00 J&J 1935-37 To Net 6.10 J&D 1930-39 To Net 5.00 . .6 ..6 . .6 . .6 . .6 7 . .6 ..6 . .6 . .6 . .6 . .6 . .6 . .7 ..5". . .6 . .6 Exempt from all Dominion Government Taxes 11,000 Alberta, Province of. University Guaranty. 1.200 tAlberta, Government of Province of 66,000 'British Columbia, Province of 69,600 "British Columbia, Province of 1,900 tBritish Columbia, Province of 10,000 'Calgary, City of, Alta., School 4,000 'Calgary, City of, Alta., School 1.300tStDominion of Canada 600 tSDominion of Canada 74,000 'Edmonton, City of. Gold Notes 17,000 'Edmonton, City of, Gold Notes 132,000 'Greater Winnipeg Water District 6,000 Greater Winnipeg Water District...: 1,000 - Greater Winnipeg Water District 2,000 Greater Winnipeg, Water District 2,000 Greater Winnipeg, Water District 100 tGreater Winnipeg Water District 87,000 Lethbridge, Citv of. Province of Alta 8,000 'Lethbridge, City of. Province of Alta 49,000 'Moosejaw, City of, Province of Sask 98,600 "Newfoundland, Government of JO.OOO 'Saskatoon, City of. Province of Sask 14.000 'St. Boniface, City of. Province of Man 74,800 "St. Boniface, City of. Province of Man 11,000 St. Boniface, City of. Province of Man 14,000 'Victoria, City of. Province of B. C 43,000 'Victoria, City of, Province of B. C 2,000 'Victoria, City of, Province of B. C 29,000 'Victoria, City of. Province of B. C 5,000 'Victoria, City of. Province of B. C Rate Maturity Price Yield ....44 J&J 1924 94.16 6.00 hVi J&J 1939 100.00 6.60 4 J&J 1926 94.25 6.50 ....5 J&J 1939 93.40 6.55 5 M&S 1939 100. NO 6.60 414 Feb. 1922 96 36 6.00 4V4 Feb. 1924 93.97 6.00 5Vs J&D 1922 100.00 5.60 5!i M&N1923 100.00 6.50 ....6 F&A 1924 99.03 6.25 6 M&S 1920 100.00 6.00 ....5 J&J 1922 97.29 6.00 5 F&A 1923 96.88 6.00 6 F&A 1923 100.00 6.00 5 J&J 1921 98.22 6.00- 6 J&J 1924 100.00 6.00 6 J&J 1923 100.00 6.00 ...6 F&A 1924 100.00 6.00 6 Feb. 1926 100.00 6.00 5 J&D 1939 94.27 6.00 ...514 J&J 1939 100.00 6.50 ...5 J&J 1944 90.13 5.75 ...5 J&J 1935 To Net 5.75 ...5 M&N 1943 To Net 5.75 ...5 J&J 1945 To Net 5.75 ...4'4 J&J 1923 94.75 6.00 ...4 J&J 1983 94.45 6.00 .. .5Vi A&O 1928 96.62 6.00 ...Els A&O 1939 97.03 6.75 ...5HA&O 1940 96.95 6.75 Rate Maturity . . .6 J&D 1936 Price 99.60 Yield 6.06 FOREIGN GOVERNMENT BONDS 21.000 'Swedish Government 9 Denotes $50 denomination, t Denotes $100 denomination, t Denotes bonds of $500 denomination. Denotes bonds of $1,000 denomination. " Denotes bonds of $100, $500 and $1,000 denomination. tA. M. today. 'P. M. report of preceding day. AMONG the prominent financiers who visited Portland during the past week waa Sir Frederick Williams-Taylor, general manager of the Bank of Montreal, who passed through, making brief stops In each direction, on a business trip to San Francisco. He was occupying the private car Pioneer of the. Canadian Pacific, ac companied by Mrs. Williams-Taylor and their daughter. Mrs. Fraaer. The Bank of Montreal owns a majority of the stock of the British-American bank, of San Fran cisco. ... Flnlay D. McKaughton. a former Portland newspaperman who recently returned from service overseas, has Joined the staff of the Lumbermen's Trust company. McNaughton enlisted within a month after the United States entered the world war. He was with the 91st (Wild West) division of the Amer ican expeditionary forces. Before coming to Portland McNaughton was engaged In newspaper work In Spokane, Seattle, Winni peg and Vancouver, B. C. For a time he was a member of Th. Oregonlan staff. ... Another of the strong young railroad ex ecutives of the country has left the rail road field for the more attractive oppor tunity of Industrial work. J. M. Davis, for merly operating vice-president of the Balti more A Ohio system and now manager of the New Y'ork propertiea of the Baltimore A Ohio, Including the Staten Island lines, has resigned, effective beptember 1, to become president of the Rock Hill Iron & Coal com pany and associated corporations, including ne East Broia 1 op rcallroaa coal com pany. with officea at No. 1 Broadway, New x orK. Mr. Davis, who began his railroad career In his native state of Texas, first held offi cial position on the Great Northern and sub sequently served on the Erie and on the Harriman lines. He went to the Baltimore FORECASTS. Portland and vicinity Fair; westerly winds. Oregon and Washington Fair, except thunderstorms in the mountains; much cool er east portion; gentle westerly winds. Idaho Fair, except thunderstorms in the mountains: much cooler. EDWARD L. WELLS, Meteorologist. Deputy County Clerk Resigns. PASCO. Wash.. Aug. 17. fSpecial.) Mrs. Icil Robinson, who has been deputy county clerk for a number of months. has resigned and accepted a position with the Northern Pacific, and Miss Carolyn Churchman has been appointed to the position in the. county clerk's office. MORRIS BROTHERS, Inc. The Premier Municipal Bond House MORRIS BUILDING, 309-11 STARK ST, BETWEEN FIFTH AND SIXTH STS. Telephone: Broadway 2151 Established Over 25 Years evening near Halsey at the Lloyd Hil leary hay-baling machine, when the big traction engine blew up, seriously wounding the engineer. Iron frag ments, wheels, debris and hay were hurled hundreds of feet away. Traction Engine Explodes. BROWNSVILLE, Or., Aug. 17. (Spe cial.) An explosion occurred Friday Cheese Plant Located. ASTORIA. Or., Aug. 17. (Special.) The board of directors of tho Clatsop County Dairymen's league has decided to build the proposed new cheese fac tory on Young's bay, close to Astoria. The plant will cost approximately $7600 and will include a milk distributing station for deliveries in the city. Clothes Stolen From Lines. The clothes-line thief was busy again early yesterday, according to reports made at police headquarters by Mrs. R. T. Applegate. 1540 Overton street, and Mrs. T. MacEacheron, 1563 Overton street. They said the family washing had been taken from the line some time during the night. V. L. Lisum, 6606 Fifty-third avenue Southeast, reported the theft of a box of auto tools and other articles morning. from his home yesterday Read The Oregonian classified ads. When You Waste a Dollar You also waste the interest on that dollar for the rest of your life. Consider this and save through our SAVINGS DEPARTMENT. , Open during: usual business hours and on Sat urday evening-s from 6 to 8 o'clock. The United States National Bank Portland, Oregon. J FOURTH SI. WASilNG7ow j I Safe Investment of J " rr . t- t i i nisi r unas , . - - . j The Hibernia Savings Bank makes a specialty of handling estates and has the best facilities for safe in vestment of trust funds. This bank is the prudent appoint ment as Executor or Trustee. Consult us freely. HIBERNIA SMNGS5MK SAVINGS - COMMERCIAL - TRUST FOURTH AND "WASHINGTON STREETS i OPEN SAT U ROAY EVENINGS 6 TO 8 Anglo-French 5 Bonds. To Net 7:30 Government and Municipal Bonds . Bought and Sold. KLDevereaux R(ompany 87 Sixth Street Broadway 1042 ground Floor Wells-Fargo Building LIBERTY and VICTORY BONDS If yon mast sell your Liberty or Victory bonds, sell to us. If you can buy more Liberty or Victory bonds, buy from us. On Friday, August 15 (no market Saturday) the closing: market prices were as Riven below. They are the governing prices for Liberty and Victory bonds all over the world, and the highest. We advertise these prices dally in order that you may always know the New York market and the exact value of your Liberty and Vic tory oonas. . 1st 4s U4..'SI .74 1st SUs 4s Market Price.! 93.90 $94.16 Accrued Int... .61 .70 2d 3d 4a 4I4b 1.10 1.S1 Total 4th Vic Vie 4s 81 4 Its JIX;.:M ( 9U.7S f 0H.7S 1.45 .02 1.18 94.69 J100.70 $100 4 we ..f 100.51 S94.SS S94.03 A.V04 JB4.3S IWVK1 aWben buying we deduct 87c on a 5u bond and $2.50 on a $1000 bond. eeii at tne new xorjc maritet plus tne accrued interest. Burglar and Fireproof Safe Deposit Boxes for rent. MORRIS BROTHERS, Inc. The Premier Municipal Bond Home. Morris Bids.. 309-311 Stark (St., bet. 5th and 6th. Tlphone Broadway 2151 Established ovr tS year. ootids to yield to 7 $16,500 King County, Wash., Independent Highway District No. 1 Gold 6'a $1500 July 1. 1833 9 104.80 to yield 5.50ri 2250 " ' 11134 " 105.02 " " B.50 2.100 1935 " 105.24 " " 0.50 2750 " 19:i(i 105.45 " " 5.50 3250 " " 1937 " 105 64 " " 5.50 B750 " " 193S " 105.S2 " " 5.50 500 " " 1939 " 100 " " 0.50 6,000 Talent, Ore., Municipal Irrigation Dist. Gold 6'a $6000 January 1, 1935 101 to yield nearly 6 2,000 Peninsula Drainage District No. 1 Gold 6's $2000 November 1, 1924 101 to yield S 2,000 Vallejo, Calif., Improvement 7's $ 500 July 2, 1923 10512 to yield 5.50 1500 " " 1924 " 105.75 " " 0.025 6,500 City of Montreal, Quebec, Gold 6's $6500 May 1. 1923 100 to yield 5,500 City of New Westminster, B. C. Gold 6's $5500 July 1, 1923 99.58 to yield 6i 12,000 Burnaby, B. C, Gold 6's $12,000 December 31, 1924 88.85 to yield 6.25 4,000 Government of Switzerland 5 Gold Bonds $4000 Auguat 1, 1929 96.25 to yield over 6 34,000 Canadian Northern Ry. 6 Secured Gold Notes $29,000 February 1, 1923 par to yield 6 0,000 Auguat 1, 1924 " " ' 8 12,500 Quaker Oats Co. 6 Cumulative Pref'd Stock $12,500 99 to yield 6.06 (quarterly Interest). 1,500 F. L. & M. E. Stewart and Alger Logging Company F. M. 7's $1500 February 1, 1926 100 to yield 7 (quarterly Interest). Call or phone for descriptive circulars trlre orders "collect." Freeman Smith & Camp Co. POITUUIO SAS FRANCISCO SECOND FLOOR NORTHWESTERN BANK BUILDING MAIN 648 V