Morning Oregonian. (Portland, Or.) 1861-1937, August 18, 1919, Page 15, Image 15

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fifflEfiS OF OREGOI.
Advanced Position Taken
Pushing Food Production.
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."
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 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.
XATIOXAIj association ad
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!
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
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 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-
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
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,
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 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
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
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
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
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
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. . 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.
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.
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.
coise ,
Calgary ...
Chicago ....
Des Moines.
Eureka ....
Galveston ..
tJuneau ....
Kansas City
I.oa Angeles
Marshfleld .
Medford ...
New Orleans
New York . .
North Head.
North Yakima.
Phoenix ..
Pocatello ,.
Portland .
Roseburg ..
.St. Louis .
Salt Lake
San Diego ,
San Francisco. I
Tatoosh Island
Walla Walla ..
Washington ..
v innlpeg
I 681
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
00 O.OUI. .ISE
5li 0.161. .IE
KfllO.001. .IN
f o.ouiioisw
6010.001.. SW
OS'0.001. .INWl
90-0.001. .INW,
74 0.00
.. W
76 0.001. JW
70 0.001. .IS
60l62 0.04l..l
7010. 00I. .IN
G4I0. 0211818
661 100IO. 00. .
. .) 84 0.861. .
..I 8010. 00112
Clear .
Pt. cloudy
Pt. cloudy
Pt. cloudy
9,500 ,
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
. .6
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. .6
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. .7
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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
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
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
Portland and vicinity Fair; westerly
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
The Premier Municipal Bond House
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
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
Open during: usual business hours and on Sat
urday evening-s from 6 to 8 o'clock.
The United States
National Bank
Portland, Oregon.
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.
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
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. .
SUs 4s
Market Price.! 93.90 $94.16
Accrued Int... .61 .70
2d 3d
4a 4I4b
1.10 1.S1
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
..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.
The Premier Municipal Bond Home.
Morris Bids.. 309-311 Stark (St., bet. 5th and 6th.
Tlphone Broadway 2151 Established ovr tS year.
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.
MAIN 648