TTIE MORNING OREGOXIAX, MONDAY, DECEMBER 8. 1919. 17 TRANS -OCEAN RATE ON SAMPLES HALVED Pacifi Boon c Steamship Action to Portland Exporters. BIG SHIPMENTS BOOKED 6000 Bales of Cotton and 10,000 Sacks of Flour Will Be Shipped on Steamer Montague The minimum freight rate for the hipment of samples across the Pa cific ocean has been cut in half, H was announced yesterday by R. W. Bruce, manager of the foreign freight department, of the Pacific Steamship company's Portland offices. The for mer rate of $5 as a minimum charge for each bill of lading has been re duced to $2.50 for packages weighing &0 pounds or- less and measuring not mere than two cubic feet. This rate is effective from Portland and Seattle to all ports in China, Japan and the Philippines. In conjunction with a similar action by the European-Pacific line, repre sented here by the Columbia-Pacific Shipping- company, this reduction in the tariff on samples offers a unique opportunity for Portland exporters to place their commodities in the mar Vets of the world. The European Pacific line announced Saturday the elimination of the minimum charge of $10, and the acceptance of sample for shipment at a rate per 100 pounds making possible a reduction in the cost of shipment of $7.50 or more on each package shipped as a sample. The European-Pacific line serves all ports of continental Europe, the Unit ed Kingdom and Scandinavia, and the Pacific Steamship company all ports of the orient, each of these services consisting of shipments direct from Portland to the port of destination. Food Product to Be Shipped. The shipment of a large quantity of samples of Oregon food products Is expected on the steamer Montague, the next of the Admiral line vessels to the orient, which will start load ing tomorrow morning. Practically a full cargo already has been booked for this vessel, but room can be found, according to R, W. Bruce, for as many sample shipments as are offered, as the steamship company is as eager as the exporters to increase the com merce between Portland and the far east. Th steamer Coaxet of the Admiral line's oriental fleet left down from the oil docks at 1 o'clock yester day afternoon loaded to her plimsoll marks on her second trip over the astern route. Cotton rarco Booked. Tho cartfo alreudy booked for the Montague consists of 8000 bales of Texas cotton more than three times as much cotton as was carried by the Coaxet as well as 10,000 sacks of flour, quantities of steel, tin plate, galvanized iron sheets, a large ship ment of Hood River apples and sev eral hundred cases of loganberry Juice. The apples are given special stowage and ventilation, but no re frigeration, and are delivered in per fect condition in the orient, where thev find a ready market. The oriental taste for loganberry juice is also growing stronger, to judge from the increasing amounts of this prod uct carried by the freighters to the far east. MOI.ASSKS TANKS CHBISTKNKD Cargo From Falls of Clyde Keacl.es Municipal Terminal. The new steel storage tanks at the St. Johns municipal terminal received their christening yesterday morning when a connection was made with the tanks of the molasses carrier Falls of Clvde and the warm, sweet, sticky fluid splashed into the first of the reservoirs. The tank had previously been tested with water and found to be free from leaks. The pumps worked perfectly and carried mo lasses from the ship to the tank at the rate of 300 barrels per hour. By the time the first tank is filled the econd Is expected to be ready. The Falls of Clyde, a four-masted bark whose hold consists of six tanks for carrying fluids in bulk, arrived at the terminal last Tuesday from Hono lulu with the first cargo of bulk mo lasses ever received here. aeroAs tho Pacific tomorrow morning- Thi I vessel will have a. lull cargo of general mere band lee, steel, lumber and wood pulp. Bound for Hamburg. Rotterdam and Cardiff the steamship West Aleta of the shipping board's EuroDean-Pacif ie line is , expected to sail from Seattle December 15. ine vessel is discharging a cargo of coal at the naval station at Puget sound and will come to Seattle next Thursday tB be gin loading for the United Kingdom and continental Europe. W. C. Dawson & Co., are Puget sound agents for the service. Bound Tof Vladivostok the steamship Osaquamsick of the United States shipping board, left Seattle at 8 o'clock this morn ing with a cargo of railway material for the Russian mission of ways and com munication and a consignment of Red Cross supplies. The vessel loaded part or her cargo in San Francisco before coming to this port, PORT TOWNSEND, Wash.. Dec. 7. The United States shipping board steamer "West I vis completed a successful loaded test today and sailed for ports In the orient with general cargo and a deckload ot lumber. When the shipping board steamer Clodia sails for Nipe. Cuba, next week she will carry 1,300,000 feet of lumber of which 900,000 feet will be Alaska spruce, the product of the northern camp operated during the war to get out aeroplane ma terial. The lumber was brought from Alaska on barges from which it is being loaded on the Clodia at Ballard. The Eastern Knight a Japanese-built steamer of the United States' shipping board, is en route from Kobe to Puget sound with general cargo. She is being operated by the Osaka Shoshen Kaisha Co. Upon arriving at Seattle and after discharging1 she will be surveyed and turned over to the shipping board who will change from a coal to an oil burner. The steamer Glyndon. which recently brought 100,000 cases of canned pineapples from Honolulu to Seattle in the service of the Mats on Navigation company, has been sold by the shipping board to an eastern firm. She will load lumber on Puget sound for Cuba. After discharging she will remain on the Atlantic. During the past few months, the Glyndon has been operated in the triangular service from Puget sound to Honolulu and San Fran cisco. The cargo of the steamer "West Aleta when she sails for Europe will consist of 50,000 cases of salmon. The West Aleta is discharging coal from the Atlantic at the Puget sound navy-yard. After finish ing she wilt shift to Seattle to load the salmon. The salmon will be delivered either at Rotterdam or Hamburg. She Is operated by Williams, Dimond St, Co.. of San Francisco. COOS BAT, Or., Dec. 7. (Special.) The tide of 10 feet. 7 Inches today did no damage so far reported. Observations made in Marshfield revealed nothing ex traordinary about it, save the fact that considerable of the lower land In the vicinity of Coal Bank Inlet was flooded three to four feet. The gasoline schooner Tramp entered the harbor last night from Rogue river, coming for general freight for the mercan tile companies at Wedderburn and Gold Beach. Laden with 1.500.000 feet of lumber from the Smith electric dock, the steamer Jo hanna Smith, which had been in port but one day, departed for San Francisco and bay points this forenoon at 1 1 :13. The steamship Curacao arrived from Portland with freight and passengers at 2:30 this afternoon, and will be prevented from sailing on to Eureka and San Fran cisco tonight because of the swift ebb tide carrying away the flood of today. The Curacao may remain In port until Monday forenoon. SAN FRANCISCO. Dec. 7. (Special.. Captain John H. Darlern, ex-commander of the schooner Repeat with officers of his ship, arrived here today from Nou mea, as passengers on the British steamer Tofua. The Repeat left here May 23 bound for the Tonga inlands. The vessel was caught In a typhoon and Captain Darlern and several of his men received injuries in the storm which forced them to return home. The vessel will return here In command of two French officers. The British steamer Tofua. Captain Hugh H. Williams, arrived here today from Wellington via Raratonga and Pa peete with a fair liBt of passengers and L'34 tons of freight. Heavy weather was encountered during most of the trip, ac cording to the ship's officers. A num ber of the passengers were English sea captains who served in the British navy during the war and are now returning home to England. The British bark Raupo, Captain Rob ert Kennedy, arrived here from Vavau to day with copra and reported the worst weather ever encountered on a voyage north from that port. Last Wednesday the Raupo, was off the San Francisco lightship but was driven offshore by the southeast gales and was unable to make the offing until last night. The bark Manurewa is expected to arrive here with a cargo of copra from the Tonga islands shortly, according to Captain Kennedy. Two hulls, built for the account of the United States shipping board, were launched at Eureka yesterday. The hulls will be towed here where exigines will be installed. ASTORIA, Or., Dec. 7.- (Special.) With a cargo of lumber from St. Helens the steam schooner Willamette sailed at 8 this morning for San Pedro via San Francisco. 1 The lumber laden steamer Brookwood arrived at 9:".0 this morning from Grays Harbor and proceeded to Portland to take on hunker coal. Wit h lumber from Knappton and the Hammond mill, the steam schooner San tiam Bailed at 12:15 today for San Pedro. The steamer Olockson, carrying cargo from Portland, sailed at 6 tonight on her 12-hour trial run at ea. The steamer Rose City arrived at 3:40 thi afternoon from San Francisco with freight and passengers lor Astoria ana Portland. POLLARD DISPOSES OF LVCY Scliooncr Is Sold to Copra Trading Firm at Tahiti. The sale of the schooner Lucy by A. J. Pollard to a copra trading firm at Tahiti is announced in dispatches from San Francisco. The Lucy is a three-masted schooner of 294 net ton age, built in 1890 at Fairhaven, Cal. She is now on her way to New Zea land with a cargo of lumber loaded at Portland. She sailed from here November 21. She put in at San Pedro a few days ago. but the reason for her stop there has not been reported. The Lucy has been a frequent visi tor here, bringing copra from the south Pacific and carrying lumber from the Columbia ri'er as outward cargo. It is understood she is to be used henceforth in inter-island trade. BVLLDOG TO MAKE SEA T1UP Steamer Off for Orient Has Ad miral Chappie as Mascot. "When the Admiral line steamer Coaxet left down yesterday afternoon for the Orient she carried as mascot no less a character than Admiral Chappie, the official bulldog of the Admiral line and personal companion of Frank O'Coruior. agent of the com pany. When questioned as to his rea son for sending the pup on a sea voy age. O'Connor admitted that the fact that Chappie was getting rough with the baby had something to do with It, but insisted that the main object of the move was the dog s education Movements of Vessels. PORTLAND. Dec. 7. Sailed at 8 A. M., steamer Olockson. for Balboa and New York; at 1 P. M., steamer Mayfair. for San Francisco via Wauna; at 3 P. M.. steamer Celtlo. for San Francisco and Los Angeles via St. Helens: steamer Coaxet, for oriental ports. Arrived at 8 P. M., steamer Brookwood, from Grays Harbor. ASTORIA. Dec. 7. Arrived at 6 and left up at 8 A. M-, steamer Brookwood, from Grays Harbor. Sailed at 8 A. M., steamer Willamette, for San Francisco. Arrived, steamer Rose City, from San Francisco. SAtf FRANCISCO. Dec. 7. Arrived Steamer Oleum, from Portland. PORT SAN LUIS. Dec. 6. Sailed Steamer Washtenaw, for Portland. SEATTLE. "Wash.. Dec. 7. Arrived Steamers Admiral Schley, from San Diego: YoeemUe, from San Francisco ; Joan of Arc, from Callao; Bktn. Thrasher, from San Francisco. Sailed Steamers Admiral Dewey, for San Diego: Ossaqumslek, for Vladivostok. TACOMA. Wash., Dec. 7. Arrived Steamers Chllliwack, from Granby, B. C; Admiral Schley, from San Francisco. Sailed Steamer Northwestern, for Cor dova, via Seattle. Tides at Astoria Monday. High. Low. A. M... 8.1 feet'7:17 A. M... R.l feet P. M...10.6 feet;8:13 P. M...-L4 feet EXCESSIVE BUYING BLAMED FOR PRICES Vast Speculation in Mercan tile Circles Is Factor. PROCESS HARD TO XURB Economical Purchases Xecessarj on Part of Individuals to Re dace Level of Costa. 1 :31 0:07 Port Calendar. Offshore Vessels to Arrive. Name. From Date Chaiiamba. Br. M. S.Seattle ......Dec. 10 Irene. Am. M. S San Franciseo.Dec. 20 West Aleta. Am. Str Puset Sound. . Dec. 22 West Hart'd. Am. St.Sintapore ....Jan. 1 Mont Cervlu. Fr. St. . Marseilles ...Jan. 1 Coastwise Vessels to Arrive. Daisy Mathews San Franciseo.Dec. 9 Wahkeena San Franciseo.Dec 9 After he sees what 1, , going on in j "en. . . . . . San aciSco.Dec; 10 the Orient and learns the company's Business." said O'Connor, "I'm groins to take him into the office here and give him a good position." Pacific Coast Shipping; Xolcs. SEATTLE. Wash., Dec. T. fSpecial.i First of the .mail steel ship, built on this coast to be sold by the hipping' board to rivals Int. rests was the 3S04)-ton steam ship Glyndon, which was purchased yes terday by Atlantic coast Interests. As a result, she will be withdrawn from the triangular Festtle-Honolulu-San Francisco service in which she has been operated by the Matstin NaviEation company for the shipping- board since last spring. The Ulyndon Is now in Seattie discharg ing a full cargo of canned pineapple from the Hawaiian Islands. She Is one of a number of 3800-ton steel carriers built for the shipping board by the Alblna Engine & Machine works of Portland. Or. Tbree of the vessels have been operating In the triangular service. The steamship Iconlum of the Pacific Steamship company's shipping board fleet. Is discharging oriental freight at the Smith Cove terminal of the port commission and will bttgia o&diog ior her na&t voage "Washtenaw Pt. San L.uis. . rj.c- 1 1 City of Topeka ..,.S F. and way.rec. V2 K. H. Meyer San Francisco. Iec. Wapama Sau Franciseo.Dec, 13 To Depart From This Port. Mendora ........... United Kingd. Dec 10 Centaurus West Coast Dec. 9 Montague Orient Dec, 3 Vessels in Port. Else, Balfour, Guthrie : Co.. Inman Poulsea mill. leca, 'A. F. Thane A Co.. Eastern A Western mill. Celllo. C. R. McCormlck, St. .Helens. Siletz. Pacific Steamship company, mu nicipal dock No. 1. Mendora. Columbia-Pacific Shipping company, j. v aocK. Diablo. Pacific Steamshif company. Pa cific Marine Iron works. Falls of Clyde. Parrott & Cx. Bt. Johns terminal. Multnomah, C. R. McCormick, drydock. Diana. Columbia-Pacific Shipping com pany, municipal dock rsio. 1. Montague. Pacific Steamship company, municipal dock No. 1. Mayfair, Charles Nelson A Co.. Wauna. Nishmaha, Pacific Steamship company. xorm sanK oock Kose City, San Francisco Portland t Suamshig ianutanrt Ju&aworla Oouh, Those who speak with authority on industrial, financial and economical problems are seriously asktog whether It may require economic de pression to straighten out the here sies of the times. This suggestion was contained in the Bache Review for November 17. but put aside with the expression that "a distinct ad vance was made," in the speedy ter mination of the coal strike by the government. The same authority holds that curbing of speculation in the NewYork stock market by ac tion of the federal reserve board was but dealing with one feature of the speculative evil, and says: In mercantile circles there is pro ceeding at the present time a vast amount of speculation on a very large scale in commodities. An in stance is cited of one concern that is carrying S15.000.000 worth of vege table oils which are in great demand. and .the concern is holding; for higher prices. This is a distinct damage to the consumers and keeps living; prices in these things, used daily, at top and increasing levels. Speculation of this kind is a real detriment to the community. Speculator Hard to Cnrb. The amount of money required to carry that part of the cotton crop wnich is speculatively held through out the country, say 5.000.000 bales, would be around 1750,000.000, which is equal to half of the whole amount of estimated Wall street stock ex change loan a. This is only one com modity. But it is difficult to curb the mercantile speculator. It is easier to smash Wall streets specula tion through drastic control of the money market, and the results in the release of funds are quick be cause Wall street is a cash market and nowhere else in the world can money be so quickly obtained." There is a belief rather common in the lay mind that if the speculators in various lines of business would permit things to take their natural course there would be a tendency to lower prices of necessities. Just so long as the people insist on buying to the limit of their resources at high prices there will be no great decline. One of two things seems im perative if there is to be restoration of normal conditions, either specula tion In commodities must be curbed or the public must be taught to con serve and cease buying unnecessarily. Industry in production was never more essential than now when the world supply of foodstuffs and goods is below its requirements. Gold Export Is Heavy. Under the influence of the federal reserve system there is no danger of a financial panic thought of in con nection with whatever measures may be found essential to restore Bound business and economic conditions throughout the country. The infla tion that has been created by war time financing in which the circula tion of federal reserve notes issued against securities rediscounted by the banks has had a large share, has practically crowded gold out of circu lation. Recently the United States has exported considerable gold, in fact during the morttn's of June, July, August and September we exported $179,942,000 more gold than we im ported. This is about twice as much as we have ever exported in a single year with the single exception of 1914, when the war panic relieved us of S165. 000,000 net. But the United States has an abundance of gold and to spare. It is said to be the only really rich nation in the world today, as a result of the war. But this fact makes it the more essential that we discover methods of managing our own affairs so that our living costs shall not be bo radically excessive,, and labor costs so high as to exclude us from commerce with the rest of the world. Foreign exchange has reached new low levels during the past week, when the English pound sterling went down to $3.87, and sold over the foreign exchange counters of the banks in this country at $3.90. The American dollar is the autocrat of international exchange. But it is making difficult the sale of American goods in lands where they are most needed. France is anxious to trade with America and to avoid patron izing German Industry, but rates of exchange are most unfavorable against France in dealing with us. Germany is believed to have exerted every influence to depress the mark as a means of attracting foreign trade. Is there a purpose in the decline of English pounds and French francs? Holiday Bojlnp; Heavy. From throughout the country comes the report that there has never been heavier holiday buying than this sea son, and the trading is just well un der way. It Is the forecast of mar ket centers that the Christmas trade will exceed any previous record. This is probably due to the fact that for the first time the prosperity of the war that was applied to many indus- rles has been generally distributed over the country in the high prices for agricultural products and with tremendous production or foodstuffs in a large part of tho country. While commodity prices advanced in 1915 and 1916. it was not until 191S that the farmers realized on higher prices for their products in a large measure. Up to that time they were caught in the maelstrom of up set conditions witn otner consum ers and without netting a return on their crops equivalent to the added costs piled up against them. Failure of the coal miners to return to work, lack of constructive railroad legislation up to the present that will permit the return of the railroads to their owners January 1, with a basis established for them to survive, and the impasse in conclusion of the treaty of peace are some of the mat ters that are receiving the serious thought of financiers and bankers throughout the country. The tem porary closing of many industries be cause of the fuel shortage, and dis continuance of one third of the pas senger train service on practically the entire railroad system of the country, is bound to have a far-reaching effect upon business. It will probably not materially change the volume of seasonal business in the next two weeks, but it bids fair to cripple of the whole machinery of the national business- for a good many weeks to come before it can be re stored to normal. In addition to an issue of $12,000 Adams county. Wash., I per cent road bonds, which were purchased last l week th lumbermen's Trust com pany is offering this week a new Is sue of $145,000 Adams county bonds, the proceeds from which are to fi nance tho Improvement of the Basaett county road. The bonds are offered on a 5 per cent yield basis and a large portion of the Issue will mature within the coming five years. Adams county Is situated 0 miles southwest of Spo kane In the productive wheat section known as the Big Bend country. The trust company has Just completed distribution to investors of $350,000 Skagit county, Washington, road bonds and has also handled in recent months bonds issued for the Improve ment of roads in a number of other Washington counties, including, Yak ima. Clarke and Whatcom. At the present time it is offering the small unsold portions of recent purchases of Douglas county, Lincoln county and Walla Walla county bonds. The same company also shows on this week's offering list two new Montana municipal Issues and several blocks of Canadian municipals, A block of $20,000 Columbus Irrigation district, Stillwater county, Mont,, 6 per cent bonds is being; offered at par to yield 6 per cent. The lands of this district have been under cultivation and Ir rigation for years, only two miles of new construction being involved in the present improvement. The bonds Issued by Musselshell ' county. Mont., are for the purpose of constructing and maintaining a waterworks plant in a district comprising the town of Musselshell. These bonds are 6s and are offered at par. Securities Issued by the city of Vancouver, B. C, the city of Regina, Bask., and the city of New Westminster, B. C. are offered by the trust company at prices to net the investor 6.25 per cent, payable in this country. C B. Hurtt. of the Hartman A Thompson bank, who has been In eastern cities for several months at tending to some business matters in volving" land development in which he is interested, will return to Port land during the week. He has been making headquarters in Chicago since the first of September, with trips to New Orleans and Washington occupy ing a part of the time. C. L. Lamping, manager of the Port land branch of the Federal reserve bank, was at Pendleton last Wednes day to confer with the cashiers of six state banks in that district, to Inform them as to the advantages of mem bership in the federal reserve organ isation. Representatives of banks at Milton. Helix, Weston, Stanfield, Echo and Pilot Rock were present at the meeting. There are a number of state banks that are considering affilia tion with the federal reserve system. 'Efficiency and oourtesy, plus a smile" this is the slogan adopted by the newly organized Ladd Bank club, which is a representation of 146 em ployes of the Ladd & Tilton bank. The need of an organization of this kind has been felt for some time past, and its purpose will be to Incorporate into one body all the various activi ties which are now being carried on by the bank's staff, such as recrea tional, educational and social fea tures. The new club has the full sanction of the officers and directors of the bank, who will continue, as in the past, to lend every assistance In pro moting. the welfare of Its workers. A notable' example of this was an ex penditure recently of $6000 on the part of the bank which has made it possible for 60 of its employes to take a business course In the Alexander Hamilton institute. The officials of the Ladd Bank club are as follows: J. King Bryon, president; Gretchen Robinson, vice-president; Ernest R. Allman, treasurer; Cyrus A. Wood worth, secretary. Colonel Frederick E. Farnsworth, for several years general secretary of the American Bankers' association, resigned that office to become presi dent of the Bankers' Statistics corpo ration. New York. Guy E. Bowerman of Idaho, who has had an active part m the association of bankers in the Gem state, and who organized na tional banks as Ashton, Lrriggs and St. Anthony, in that state, has been selected as the new secretary of the association by the administrative committee. Walter Kendall, president of Clark, Kendall & Co., has returned after spending some time visiting corre spondents in eastern cities. San Fran cisco. New York. Chicago, Kansas city ana uenver were visited by the Portland man on his trip. He is on timistlc as to the outlook for the bond market. ai The Lumbermen's Trust company reports an increasing interest in the purchase of bonds under the install ment payment plan, which it inausru rated in Portland several years ago tor tne oenerit or investors of mod erate income. After the initial Dav- ment is made the investor is allowed a year to complete the purchase, no special amount being required in any on montn. meanwniie tne purchaser receives interest on the installments which he has paid in, and the Unpaid balance carries itself as it Is earning- interest. Because ot tne DODUlarltv ot the installment payment plan bonds are issued in smaller denominations than was customary years ago. Some of the bonds on the current list of the Lumbermen's Trust company are in denominations as low as $50, and many issues em Brace $100 and $200 denominations. The smaller denoml nations are especially popular among those who purchase bonds for Christ mas presents. The $1,000,000 of Oregon 4 per cent highway bonds recently delivered to Freeman Smith & Comp Co. were all disposed of to the public within a period of eight days. The bonds were sold at par. The quick sale of these bonds indicates the strong position of the municipal bend market. The same firm is offering $75,000 of 'ity of Regina 6 per cent bonds matur ing in ten years, price to yield 6 per cent witnout deductions for any Canadian taxes. Principal and inter est are payable In the city of New York. Many special offerings are shown on the weekly list of Morris Brothers, Inc., all of which are attractive invest ment securities. Included is an issue of $255,000, Province of Saskatchewan 4 per cent gold bonds due July 1, 1923 These bonds are direct obligations of the entire province and are payable in gold coin of the United States. Sas katchewan has a population of 700,000 people, with an area of 251,700 square miles. in this respect, it is larger than France and twice the size of the British Isles. It is the third largest province in Canada with respect to population, ranking after Ontario and Quebwc. Saskatchewan ranks first of all tke Canadian provinces in the pro duction of field Crops, having 14,678. 042 acres under cultivation, yielding crops valued at $349,488,200. This issue of bonds is being offered at 92.87 to yield 6.25 per cent.. The special offerings also Include an issue of 24.3. City of Fort William 5 per cent bonds, 'due in 1934. which are being offered at 88.25 to yield 6.50 per cent; $76,000 City of Regina. Sas katchewan, $46,000 of which are 6 per cent bonds, due in 1923, and $29,000 of which are 64 per cent bonds due in 1928. The first maturity is offered at 98.56 and the other at par, both to yield the investor 6.50 per cent. OIL PROSPECT ASSURED TRIGOXIA COMPAXI TO DRILL IX ROGUE VALLEY. Machinery Capable of Going to Deoth of 4000 Feet Will ! Bo Installed Soon. C. E. Gates, mayor of Medford. is chairman of the board of directors of the Trigonia Oil fc Gas company, recently incorporated under the laws of Oregon for the purpose of putting down wells in the Rogue river val ley in an effort to tap someaof the reservoirs of nature in that section. Accompanied by- Charles Lilly, presi dent, and Chris Gottlieb, one of the directors of the corporation, the mayor sojourned in Portland the last of the week on business connected with the plans of the company. Capitalized for $500,000. the stock sold for development purposes will be largely taken up by people of the district, and the conduct of affairs is under the direction and with the ap proval of the corporation commis sioner of the state. President Lilly, formerly president and for many years active manager of the Lilly Varnish company, Indianapolis, with Mr. Gottlieb, is at the Imperial hotel. Mr. Lilly will leave today on a busi ness trip to Chicago. Preliminary to development, the company obtained the services of M. L. Josey, oil geologist, of San Fran cisco, who made a careful survey of the valley and declares that surface Indications are favorable to the dis covery of oil and gas. The first well is to be started at a point east of Phoenix and north of Talent, and a standard rig has been ordered, cap able of drilling to a depth of 4000 feet. The derrick soon will be under construction and will be 96 feet high. The plan is to carry on general de velopment in an energetic yet con servative, business-like manner. That the district is favored with mineral deposits of value not fully revealed on surface Is said to have been demonstrated in a well about S00 feet deep drilled several years ago in the same locality. It is un derstood that several veins of bi tuminous coal of excellent quality were out in that drilling, and that other formations encountered sus tains the conclusions of geologists based upon surfaci outcrop. In addition to the men named above, the directorate of the com pany includes Sylvester Patterson. director of the Citizens bank. Ash land; W. H. Campbell and S. I. Brown, business men of Medford. and W. Liljegran, geologist, also of Medford. A group of strong financial inter ests headed by Morton. Lachenbruch & Co. and Josephtal & Co., of New York city, have closed negotiations for acquisition of part of the capital stock of the Hercules Paper corporation, re cently formed to obtain units in con formance with a policy of expansion which alms to establish one of the country's largest paper making con cerns. Tho company operates two mills, one at Corn wall-on-Hudson and the other at Rock City Falls. N. Y. A third is to be taken over in the im mediate future. Exempt from all Dominion Government taxation. $116,500.00 City of North Vancouver Province of British Columbia 6 GOLD NOTES Dated: December 1, 1919 Due: December 1, 1922 Gold Coin of the United States in New York or at the quarters of Morris Brothers. Inc. DENOMINATION: $500 This issue of bonds of the City of North Vancouver ta a direct lien and general tax obligation of the entire city, all of its taxable property, wealth and resources being pledged to pay Interest and principal as they beoome due. We recommend these bonds as exceptionally desirable, with an unusually high interest yield. As a matter of fact, it would be difficult to duplicate this opportunity from an. Investment standpoint. Price: 97.34 to Yield 7 Burglar and Fireproof Safe Deposit Boxes for Rent MORRIS BROTHERS, Inc. The Premier Municipal Bond House Capital One Million Dollars 309-11 Stark Street, Between Fifth and Sixth Streets, Ground Floor Telephone: Broadway 2151 Established Over a Quarter Century FUNERAL PLANS DELAYED HO DY" OF WILLIAM A. HOLST EXPECTED HERE TODAY. Steward of Portland-Built Steamer Ahala, VIh Died at NoriolU, Va., Is to Be Buried Here. Funeral arrangements for William A. Hoist, who died recently in the marine hospital at Norfolk. Va.. are being- held in abeyance pending the at rival of the body here. Mr. Hoist was a veteran ship stew ard of the Pacific coast and had served in this capacity for the past 35 years on vessels plying in the Willamette river and off the coast. He was for nine years steward of the steamer J. N. Teal and was wrecked twice on the ill-fated steamer Alll ance. He also served for many years on the steamers Koanoke. J. B. Stet son and others plying in the Port land-Alaska trade. At the outbreak of the war he en tered the merchant marine service in the capacity of steward on vessels of the emergency fleet corporation, lils death occurred just after he had completed a voyage from Philadelphia to Bordeaux and back to Hampton Roads on the Portland-built wooden steamer Alia la, which sailed from this city to the Atlantic coast under the operation of the Columbia-Pacific Shipping company. His body is ex pected to reach Portland today and will be taken to the parlors of the Edward Holman company. Funeral Bervicea will be under the direction of tho Moose lodge,, of which Mr. Holat was a prominent member. Mr. Hoist was born in Stockholm, Sweden, and came to this country in 1863. He came to this country when 12 years of age, on a sailing schoon er. He leaves a widow, Mrs. Agnes Hoist of Baker, Or., and two sons. Jack, who lives in Baker, and Harry, a resident of this city. WEST CELERA IS LAUNCHED 8800-Ton Freighter leaves Ways at Schaw-Batcher Plant. SAN FRANCISCO, Cal., Dec. 7. The West Calera, an 8800-ton freighter built by the Schaw-Batcher company here for the emergency fleet corpora tion, was launched today at the com pany's yards in south San Francisco. She was launched sideways with her boilers, auxiliary machinery and deck machinery in place. This was the first ship launched since the shipyards reopened several weeks ago, despite the strike of em ployes in effect since October 1. NEW RADIO RECORD SET Colombia "Talks" With San Fran cisco When 48S& Miles Out. A new Pacific coast record for long range wireless communication was established by the Pacific Mail steam ship Colombia, which recently ar rived in San Francisco from the orient. The operators of the Colom bia kept in communication with San Francisco through the X.os Angeles station ot the navy for a distance of 4856 miles. Tho' operators also maintained that for two days they listened in and distinctly heard the stations at Han over, Pario and Sweden, distant 12.000 miles, or half-way around the globe. Ice Jam Stops J. X. Teal. The hard luck cruise of the river steamer J. N. Teal, operating between j Portland and The Dalles in the serv- TK, nallaK.PnlumhlB line., which I began with a delay of four days at the Cascades because of a high wind down the Columbia, has culminated in the boat's being caught at The Dalles by an ice Jam. Repoits from tho upper river last night were that the temperature had dropped '.o zero and the Teal was biding her time in a protected bend of the river. Brookwood Coals Mere. Because of a shortage of coal at drays harbor and Astoria, the wooden steamer Brookwood, built at Seattle and loaded with lumber on Grays har bor for an Atlantic port, came up to Portland last night to coal at the Pacific Coast bunkers. U. S. Naval Radio. Reports. AII positions reported at 9 P. M. yes terday unless othern-ihe Indicated.) MOKFET, Seattle tor Bah Francisco, 116 mliea north of an Francisco. RAINIER, Seattle for Ran Francisco, 208 miles from San Francisco. AVAL.ON. Karmond (or Ran Francisco. 265 miles from Kan Francisco. GOVERNOR. Ban Francisco for Seattle, 75 miles north of Cape Blanco. JOHANNA SMITH, Coos Bay for Ran Francisco. 289 miles nortb ot Ean Fran cisco. CITT OF TOPEKA. San Francisco for Portland. 02 miles south of Cape Blanco. ELLOBO, Vancouver for Fan Francisco. 14 miles north of North Head. 6POK ANB. "Wilmtng-ton for Pan Fran cisco. 2(K miles from San Francisco. ASUNCION, San Pedro for Richmnod, 1120 miles south of Richmond. ARUVLI., Seattle for Oleum, 360 miles from Oleem. WILLAMETTE, Portland for San Fran Cisco, 115 miles south of the Columbia river. W. S. PORTER. Meadow Point south, 874 miles from Meadow Point. ROYAL, ARROW. San Francisco for Shanghai. 237.1 miles from San Francisco at 8 P. M.. December 6. MBR1DEN. Taeoma for Honolulu, 1HT6 miles from Cape Flattery at 8 P. M., December- ft. SENATOR. Anacortes for San Francisco, 85 miles from San Francisco. ATLAS, Richmond for Victoria, 260 miles from Richmond. CAPT. A. F. LUCAS. Ban Pedro for As toria. 3K4 miles from Astoria. STANDARD NO. 2, and barse 91. Los Anfteles for Richmond. 140 miles south of Richmond. SYLVAN ARROW, San Francisco for Beakmont, 823 miles from San Francisco. Cisco. J. A. CHANSLOR, Linnton for Gariota. 670 miles south of the Columbia river bar. KLAMATH, Seattle for San Francisco, 135 miles north of San Francisco. PRESIDENT, Seattle for San Francisco, north of Ran Francisco. WASHTENAW, San Pedro for Portland, 640 miles from Portland. ASTRAL. San Francisco for Hongkong, 80 miles from San Francisco lightship. EL FEOCNDO. Richmond for Point Wells. 160 miles from Point Wells. WEST IVIS. off Race Rocks. ADMIRAL RODMAN, Port Armstrong for Heceta, 29 miles from Port Armstrong at 4 P. M. LIBERTY and VICTORY BONDS Jf yo most sell yoor Ubvrty or Victory bonds, sell to ma. ,"'" ' j 2 , ,U "T er icrory noaus. nay from os. rt.J ??- t2t3J Dcmbr 6. 1919. the closing New Tork market prices for Liberty and victory bonds were as given below. They are the geverning srlcM J?1" V.nlied Stm.'." Government Liberty and Victory bonds all over thYwofltC and the highest VVe advertise these prloes dally In order that you may alwavs know the New lork market and the exact value of your Liberty and Victory bends. 1st 2a 1st 2d 3d 4ih "Hi 4 4s 44s 4m 4H 4Hi Market ..899.B2 B4 02 $92.10 K4..0 $'J2.2 104.40 182.43 Interest... 1.63 1.02 .26 2.04 .27 ag .S3 ry I Victory Victory 3 s 4m JI1IVH 199 14 2.06 2.61 . Total. $101.30 S.4 J92.36 $P6.34 tl.2.65 t5.S8 9.1.0.". $101.20 $10173 When buyln. we deduct 87c an a tftO bond and $2.0 on a $1000 bond. We sell at the New York market price plus the accrued InteresC Burglar and Fire-proof hmtm Depeult Boxes for Kent Open uatil P. M. a Saturdays. MORRIS BROTHERS, Inc. The Premier Municipal Bond House Capital One Million rtnllara ''VTiP,l'llng. 3US-11 Mark street. Bet. Hfth and nixth TELEPHONE BROADWAY EloL. Kstablislied Over s Quarter Century Colombia River Bar Report. NORTH HEAD. Dec. 7. Condition of the bar at 3 P. M. : Sea, moderate; wind, north. 22 miles. BONDS JsAFETY FIRSTl INSURANCE o. W. T. MUELLHAUPT & FINANCIERS GENERAL INSURANCE Will Render You a Superior Service "All Strong: American Companies' Suite 407-409 U. S. Nat'l Bank Bldg. Tel. Broadway 3838. CO. TWO DOZEN- Blancbard Evaporated FRESH EGGS $1.15 Aak loar Graeer Haaelwood Company, Distribntora Portland, Oregon GOVERNMENT, CORPORATION AND MUNICIPAL BONDS TO NET FROM 5 TO 7 PREFERRED STOCKS LOCAL SECURITIES ROBERTSON & EWING 207-8 NORTHWESTERN BANK BLDG. Year After Year the gross earnings, the net earnings, the valua tion and the number of customers of the Pacific Power & Light Company have shown substantial increases. Gross earnings this year have been running from 12 to 22 higher than for corresponding months of last year. The Company manager estimates that the net earnings for 1919 will be 15 higher than for 1918. The value of properties has been increasing about $1,000,000 each year. The number of electricity patrons has increased steadily from 13,952 on December 31, 1912, to 25,311 on June 30, 1919. First Mortgage 5 Gold Bonds secured by the ' entire physical property of the Pacific Power & Light Company OFFER THE INVESTOR A RETURN OF OVER 6.30 Full details of this investment gladly furnished on application. mbermerslYrus1" (fix Borvds -Truss- Acceptances vjpim a ssrpiui naMM Sar frarxeisco lob.reei Bid. Por-l rd. ' Orqoi. CSS The Bank of California NATIONAL ASSOCIATION Founded 1864 Head Office, San Francisco Capital, Surplus and Undivided Profits $17,000,000 Under authority of the Federal Reserve Act this bank is now empowered to perform all kinds of fiduciary service and transact any Trust business authorised by law. By appoint ment or agreement it will act in the following: capacities: Trustee Administrator or Executor Fiscal Agent or Escrow Agent Receiver or Assignee Registrar or Transfer Agent We shall be glad to discuss or correspond with those inter ested in business of the above character, as well as banking in all its phases. PORTLAND BRANCH Third and Stark Streets W. A. MACRAE, Mgr. J. T. BURTCHAELL, Asst. Mgr. MUNICIPAL BONDS From the States of OREGON WASHINGTON IDAHO To Net 4.90 to 6.50 Exempt From Present Income Tax fHPevereaux 5i(5mpany 87 Sixth Street Ground Floor Wells-F&rgo Building Broadway 1042