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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (May 10, 1920)
THE MORNING ' OREGONIAN, 3IONDAT, 31 AY 10, 1920 17 CITY BANKS SHOW LARGER RESOURCES Statement Reflects Healthy Conditions on Coast. CANADIAN BONDS OFFERED Investment In Irrigation . Issues Described as Safest and Best Placed Before Public. Combined resources of Portland banks show an increase of a fraction more than 10 per cent in the state ment of condition at the close of busi ness May 4, 1920, as compared with that of May 12. 1919. The statement was issued Friday in response to the call of the controller of the currency on national banks and of the state superintendent of banks on institu tions chartered by the state. It re- J fleets a healthy condition of Port-! land financial houses, with increased j resources of $1,971,160 since the last ! preceding statement, February 28, j 1920 a period in which the higher discount rates of the federal reserve bank had been expected to show a decrease in every feature of the state ment by reason of the deflation that I was supposed to have taken place. However, it was not anticipated that the more rigid regulations would af fect the Pacific coast situation di rectly to any great degree as there has been no large amount of the speculative operations here that were the occasion for more drastic rules that did materially affect certain lines of business in the eastern cen ters and more especially the New York stock market. With the com bined resources of $178,058,090 shown by the Portland banks, the increase is indeed very slight, about 1.16 per cent. ' Deposits on May 4 were $145,622,508, compared with $144,706,791 February 28 and $141,160,982 a year ago. In the matter of loans and discounts, however, there is a corresponding slight Increase durirlg the nine weeks since the preceding statement, amount ing to $1,679,548, but by comparison with a year ago the increase is more than 40 per cent. The present total is $110,868,318 as compared with $79, 324,732 a year ago. Bankers regard the showing as in every way most satisfactory with the general condi tions of business on an even keel. Morris Bros., Inc., are offering among others two issues of Canadian provincial bonds, exempt from all dominion government taxation and two Oregon municipal issues, free from all federal income taxes. The Canadian issues are of the Provinces of Alberta and Manitoba, being $200, 000 each, the Albertas 6 per cent gold bonds to yield TVs. per cent and the Manitobas 6 per cent gold bolds to yield 7V4 per cent. Both are in de nominations of $1000. The Oregon issues of improvement bonds are those of Astoria and Arlington'. Of the As toria bonds, Morris Bros, have left ap proximately $52,000. These are 6 per cent to yield 6 per cent and are in denominations of $600. The Arlington issue is of $26,000 6 per cent sewer bonds, to yield 6 per cent and $5000 of 6 per cent waterworks and electric light betterment to yield 6 per cent, denomination being $1000. Wollman's Review discussing the report of the department of agri culture showing that there is r. short aae of farm labor supply throughout the country amounting to 28 per cent of normal neds, finds that there f)s a menace in the figures as indicating a possible serious shortage of food production at a time when the world supply is short. In further comment the Review says: "The explanation lies- in the fact that industry has of fered better wages and more at tractive living conditions than the farmer could present in spite of the rise in the selling price of his prod nets. This country, with its 110.000, 000 people, cannot be fed and supplied with other agricultural products with a labor shortage of present propor tions. That is as clear as day. Im proved farming I machinery cannot make up the deficit. One -of two things must happen. Either the farmer must receive prices that will enable him to coax back his labor, or labor will have to be driven back to the lands by industrial depression. In other words, the farmer by one or the other alternative must be able to out bid his rivals in the demand for labor." Farmer C. L. Smith, nationally known agriculturist in the service of the O.-W. R. & N. railroad, was the principal speaker Saturday at a luncheon tendered him in the Benson by the officials and sales force of the Lumbermens Trust company. Due to his wide and varied knowledge of irrigation systems, he addressed his hearers along these lines, mainly in answer to widespread inquiries re garding the advantages which bond issues on irrigation districts have from the standpoint of the investor. Mr. Smith strongly advocated the in troduction of irrigation systems in the Pacific northwest and pronounced irrigated lands the most reliable as steady producers, with the adOed ad vantages of Buperior production per acre and land values above lands in districts without a steady and con trolled water supply. Speaking in regard to such big developments as the Columbia irriga tion district at Kcnnewick, Wash. whose $500,000 bond issue was pur chased by the Lumbermens, Smith said: "Bonds purchased on irrigation projects are by far the safest and the best kind of .an investment because they are a blanket mortgage against all the farms and lands undergoing improvement and are further guaran teed by the county. Furthermore the monies raised by the issues go straight back into the district, which again increases its worth and Its productiveness. With the completion of such projects, the bond holder has security greater in value by far than at the time he purchased his bonds. Attractive bond issues of several California cities are on the latest of fering list of Freeman Smith & Camp . company. These bonds are being sold to net investors 6 per cant which is considered an unusual price for a municipal bond. They are offering a block of Improvement bonds of Co lusa, the seat of Colusa county, of various maturities from 1927 to 1930 at price to yield 6M per cent. An other issue of equal attractiveness is bonds of Lodl. just north of Stockton. Maturities are from 1921 to 1930 and the bonds are being sold at price to yield 6 per cent. These bonds should be of interest to small investors ow ing to the fact that they are in mul tiples of $100. The current list shows 35 different Issues of bonds of municipalities of this country, and of provinces and municipalities of Canada and also bonds of well known irdustrial con cerns which are netting a- much as t per cent. The company also picked up a substantial block of Port of Townsend, Wash., 6 per cent water bonds, waicb. mature, in .1922... Xiieaa bonds are being sold at par to yield full 6 per cent with do income tax to pay. Blyth. "Witter & Co. have recently underwritten a $10,000,000 Issue of Pacific Gas & Electric company, five year 7 per cent convertible sold notes. The selling: syndicate is composed of Blyth, Witter & Co.. Halsey Stuart & Co. of Chicago and the Continental & Commercial Trust & Savingrti bank of Chicag-o. This $10,000,000 note issue is secured by $16,000,000 par value Pa cific Gas & Electric general and refunding: 6 per cent bonds due 1942 and listed on the New York stock ex change. The notes are convertible at the option- of the holder, into the 6 per cent preferred stock of the com pany at 95. or into the common stock of the company at 80. The Pacific PORTLAND MAX CASHIER. OK SOUTH BE.D BANK. W. F. Uoyex. . After being with Swift & Co. for the past seven years, start ing in at the plant and working up to the position of assistant manager of the provision de partment,' W. F. Boyer has re signed from his position here to become the cashier of the First Guaranty Bank recently organized at South Bend, Wash. Although officials of the meat packing company strove to re tain him, Mr. Boyer accepted the South Bend position in or der to enter the banking field. He is a Portland man, having been born and raised in the city, and is the son of the late Harrison Boyer, for many years a business man on the east side. Gas & Electric company is the larg est concern of its kind west of the Mississippi and supplies gas and elec tricity to more than 600.000 people In California. Its gross revenue has in creased since 1915 from $19,000,000 to $26,500,000 in 1919. The purpose of the present note issue is to provide additional hydro-electric power from the new and modern plant on Pitt river. Blyth, Witter & Co. are also offering Canadian Provincial bonds to net the investor 7.60 per cent. Movements of Vessels. PORTLAND, May 9. Arrived at 8 A. M.. steamer Oleum, from Port San Luis; at 2 M., steamer West Wvarla. from San Francisco, at St. Helens. Sailed at 10 P. M., barge Acapulco. rom Kalama. for Callao. ASTORIA, May B. Arrived at B:lo and left up at C:S0 A. M.. steamer Wot Nlvarla, from San Franclco. Arrived at 7:40 A. M-, steamer Trinidad, from San Pedro. Arrived at 12:45 and left ur at 5:30 P. M., Japanese steamer Kaisho Mum from Kobe. Arrived at 2:30 P. M., steamer West Katan, from New York via Saa Fran cisco. MEADOW POIXT Vv O Sail. . s P. M., steamer West Jester, for Portland. SAX PEDRO. Mav 9. Arrived .t.... Wahkeena, from Portland. ASTORIA, Mav 8. Sailed at 7-nn t vr steamer Frank D. Stout, for San Pedro at 8:30 P. M-, steamer Tiverton fnr r' Pedro. Arrived at 8:30 and left up at 10:15 P. 2.1... steamer Oleum, from Port ban Luis. SEATTLE. Wash.. Mav O A 1..-.. Steamera Admiral Schley, from San Diego Eastern Glen.- from Yokohama; Admiral Goodrich, from southeastern Alaska: Nome City, from San Francisco. Sailed Steam ers Jefferson, for southeastern Alaska West Jester, for Yokohama. TACOJIA. Wash.. Mav krr;,..a Steamer -Indo Maru. from the orient. Tides at Astoria Monday. Hisrh. I-. 4:59 A. M 7.0 feetl 0:44 P. M 6.8 feetlO:07P. M 1.3 f. Colombia River Bar Report. NORTH HEAD. May O rrtt.i the mouth of the river at . p Af . e, smooth; wind, northwest. 18 miles." DAILY METEOROLOGICAL REPORT. PORTLAND. May 9. Mnin. . perature, 03 degrees; minimum, 44 decrees. ....w --...ifc v o s. m., u leei; change 11 i"lr ' hoUrs- nono- TotaI rainfall (5 P. M. to 5 P. M.l. none: Intal in since September 1. 1019. 30.31 inri,..u- normal rainfall since September 1, 40 64 Inches: deficiency of rainfall im- sin. tember 1, 1919. 10.33 Inches. Anuria. A. M. ; sunset. 7:8 p. M. Total sun shine May 9. 13 hours: nnssihl. ,, shine. 14 hours 42 minutes. Moonrise 12:02 A. M. : moonset 10:18 a. m. nrm eter (reduced to tea level) at 5 P M 29.80 Inches. Relative humidity, at 5 A. AT.. 78 per cent; at noon, 70 per cent: at 6 P. M.. 64 per cent. THE WEATHER. Wind STATIONS. Weather. Baker . . . Boise .... Boston ... Calgary . Chicago Denver SOI 80(0.62!.. fNWi Rain 6210.46 . ,W Cloudy 6S!0.30. .!S Cloudy 54IO.OO:iOINE Cloudy 8 0.0OI12! W Clear 74 0.0V12;SM 75 O.OO!. .Is 04 o.oa!io;N TS'O.OOMSE Cloudy Des Moines. L.iear Clear Clear Cloud Eureka . Galveston Helena . . 421 64 0.0(i l3iN . .132 0. (ml. .1. . Juneaut . .1 .IClear Kansas City . Ivos Angelesl. Marshfield. t. Medford . i.. Minnespolis 1. ..1 7BIO.OOI14S Cloudy .1 B2!O.0O!. ,SW ICloudy .1 u;u.uui . w:jiear 6CI0.70! N IPt. cloudy TfliO.onl. : 8010. OOUi 6810.001. . Clear N ew Orleans SB Clear Clear Cloudy Clear Cloudy Cloudy New i ork . . North Head Yakima .... NW NW 461 f0!0.00;1f? 04; 74 O.OOr0lNW Phoenix 8K!0.0(i:iOIW Pocatello ..) I r.4;:0.10i Portland ... 45 8.V0.0O NWICloudy NW'Clear Ttonrburs' --I 4?l JW'O.OOl Sacramento I 48 6'0.OOl. St. Louis. . .1. . . I SO'O.OOI. S IPt. cloudy K t.'lear Salt T.ske 70!0.OOl N'WIPt. cloudy Pan Dleso. 64IO.0O . S. Francisco Seattle .... Bttka Snnkane ... Taooma . . . . Tatoosh lsd. Valcipzt ..) SftiO.OOljOINWIPt. cloudy 481 6'U.0ll. JNWIPt. cloudy w i touay 5SI0.OO . . W Pt. cloudy S4I CSI0.02 . . W Rain 46! B4'o.ool..iw Pt. cloudy 411 ni'ifl.ra io w linear BOiO.OO . . Clear Walla Walla 841 BR0.2BI..18E iRain t ashins;ton Winnipeg . 72:0. oni. . w Clear S2I0.0O!. .SB Ictear tA. M. today. Ina; day. P. M. report of preced- FORECASTS. and vicinity Fair; Portland wlnda. westerly Oreffon and Washington Fair west, clearluz east portion; fresh westerly winds Idaho Occasional rain and continued coo!" fre;h westerly winds. ELrnTatlsU I WJiLi.ij, Meteorologist. f ' - J .1 t , I ... ; ' T SUCH UNSETTLED Strikes, High Prices and Fi nancial Stringency Found. CARL S. KELTY IS BACK Vice - President of Lumber mens Trust Company Foresees Re duction in Certain Lines. Strikes and rumors of strikes, high prices, financial stringency, evidences of coming price reductions in certain lines, and disagreeable weather, are the most memorable Impressions brought back by Carl S. Kelty, vice president of the Lumbermens Truat company, after several weeks spent in eastern cities. , "The serious effects of the railroad switchmen's strike are not widely known," said he. "In Detroit the Ford Motor factory is running about half time because of shortage of material and other automobile factories are partly or wholly closed down. The Datroit Edison Electric company Is kept going by the railroad yardmas ter, who switches trainloads of coal to the plant; otherwise the city would be in darkness. In the St. Paul yards there are miles of cars whose wheels already show a coating of rust. In dustrial plants in many lines are suf fering curtailment of output. Chicago Strike Reviewed. . "In Chicago on Saturday a week ago the cooks and waiters of all the principal hotels and restaurants went on strike at the noon luncheon hour. The hotels attempted to handle the rush with the aid of girls and volun teer cooks. The creation of the lat ter were not specially appetizing'. All through the east the garment work ers are planning a grand strike on June 1, and. not to. be outdone, their employers are preparing to declare a lockout on the same date. "There are some evidences of a shake-down in prices in certain lines; the financial stringency is having a bearing on this.- At several points It is reported trainloads of automobiles rest on side tracks because the bank ers refuse to loan funds to dealers to whom they are consigned to lift them. Certainly, automobiles will be cheap er. The recent money panic in Japan uncovered etocks of raw silk, that were unsuspected by promoters of the silk corner in America. Cheaper 811k la Forecast. "The effect promises cheaper silk shirts and hose. The demand for furs has fallen off to a degree that may be reflected In prices. Some of the bankers talk about a panic in a guarded "way, although none will go so far as to predict a panic; but they all say that unless liquidation comes naturally. It will be forced. Credit ex pansion has reached the limit. "The scarcity of investment funds is reflected by the high interest rates that railroads and industrial corpora tions of the highest standing are obliged to pay. Railroads, especially, need funds for rolling stock. Not less than $500,000,000 is required by the roads for this purpose alone. i "The New York Central tested the market with an issue or raiiroaa eouiDment trust notes which went to the public at 7 per cent and the cost to the company was about 74 per cent. including underwriting ex penses. The Pennsylvania borrowed $50,000,000 at a cost of IVs per cent. In Chicago it was currently reported that the Union Pacific, Santa Fe and Southern Pacific were contemplating eouiDment financing. It has since become understood that these issues, if they actually were under considera tion, have been indefinitely 'deferred. Limit to Purchases- Seen. "While the Pennsylvania and New York Central offerings were success ful, as far as absorption by invest ors was concerned, there existed a feeling that there were very definite limits to the amount or sucn securi ties that would be readily purchased. It was feared that it would be either hazardous or very expensive to offer many of them hazardous because the securities might not be absorbed at the latest going rate, and altogether too expensive to fix a rate at which thev surely would be sold. The lack of locomotives and cars to move the constantly increasing volume of traf fic offered is a serious handicap to many lines of business. The railroads have appealed to congress for a loan of $500,000,000, and where congress will find the money Is a problem. "Certainly now is th'e time to buy investment' securities. Never before were such high yields obtainable with equal security of principal. Hotel Expenses Higher. "Hotel and traveling expenses are much higher all through the east than on the Pacific coast and one can scarcely move without contributing to one form of holdup or anotner; ev erything seems cast on the basis of get the money. "The weather everywhere was cold. rainy and disagreeaoie. x saw tne Cubs play on one of the two days that rain permitted baseball while I was in Chicago. Hoiiocner, as snort, tor- merly of Portland, was a star. "Returning by the northern route, learned that Montana expects cer tainly this year to harvest a good crop the first in four seasons. Car casses of cattle at intervals across tne state bear melancholy evidence to the feed shortage and severity oi Mon tana's winter." Pacific Coast Shipping Notes. SEATTLE, Wash., May 9. (Special.) Two vessels of the fleet of the Matson Navigation company, the steamships East- A Booklet Every Property Owner Should t Have IT tells how this or ganization relieves owners of the time and trouble in handling the man agement of their business and invest ment properties. May we send you one? Strong 6 MacHau$hton POSJTVANOCORSLTT BUILDING WOB":ON BUSINESS s ern Gale and Hyadei will be In Seattle this week to load for Hawaii. The Eastern Gale sailed from San Francisco last night for Seattle and the Hyades will leave Sao Francisco next Tuesday for this port. The cargo training ship Brookdale of the shipping board, which is operated by the Alation Navigation company between Se attle, Hawaii and Ban Francisco is on her way to the island with a complement of merchant marine apprentices. She will load sugar In Hawaii for San Francisco. The fort 'tender El Aquario is receiving her final touches at the Duwamish water way plant of the National Steel Construc tion company, as a preliminary to her de livery to the United States army quarter master corps. She was subjected to gruell ing tests last week, but went through them with flying colors, being found perfect In construction and equipment. Seattle will feel the effects of the sailors- and firemen's strike in British Colum bia if the crews of the steamships Prince George and Prince Rupert go out, as those vessels ply between this port and Vancou ver and Prince Rupert. Captain C. H. Nicholson, general man ager of the Grand Trunk-Pacific Steamship company, which owns and operates the Prince George and Prince Rupert said that if the crews did not sign up he would tie up the vessels In Vancouver. The Grand Truak-Pacif ic steamship Prince Albert is already Idle as a result of the strike. All but three of the Union Steam ship company's vessels have been taken out of commission and they will be tied up as soon as they arrive In Vancouver. The craws of ths Canadian Pacific steamships plying between Seattle and British Columbia have signed up and the vessels are running on schedule. ASTORIA, Or., May 9. (Special.) The steamer West Nevaria arrived at 6 this morning from San Francisco and went to bt. Helens to load lumber. The Japanese steamer Kaisho Mara ar rived at 1 this afternoon from Japan aKd proceeded to Portland. Sn route to Portland and then to Puget sound the steamer West Katan arrived at 3 this afternoon from San Francisco. The steam schooner Trinidad, coming to load lumber at the Hammond mill, ar rived at 10 this morning from San Pedro. The steam schooner Tiverton, laden with lumber from Westport, sailed at 8 last night tor San Pedro. The steam schooner Frank D. Stout sailed at 8:30 last night for San Pedro with lumber from St. Helens. PORT TOWNSEND. Wash.. : May . 1 Special.) The steel steamer Eastern .Glen, built in Japan for the United States ship ping board, arrived this morning from Yokohama, proceeding to Seattle. She came in ballast and is the first Japanese-built steamer sent here without cargo. The Osaka Shosen Kalsha steamer Indo Maru arrived this morning from Yoko hama, proceeding to Tacoma to discharge and load return cargo. Arter being overhauled in San Francisco and fitted up for the west coast of South America, the steamer Meriden is on her way to Puget sound to inaugurate a 20 day service between Puget sound and west coast ports by the General Steamship com pany, tne steamera Wallinzford S lvor- ado and Lake Filbert will be the other steamers to- be placed on the routes. with t..,ouo barrels of fuel oil. the Unit. ed States shipping board steamer Quab- bin arrived today. Proceeding to Harbor Island. This is the second voyage of the big tanker to Puget sound. STRIKE DIVERTS STEAMER ARABIA 3IAKU GOES'FROM SE ATTLE TO TACOMA. Freight to Be Discharged at Substi tute Station on Account of Longshoremen's Strike. SEATTLE, Wash., May 9. (Spe cial.) As a result of the strike of long-shoremen, the steamer Arabia Maru of the Osaka Shosen, Kaisha, which arrived in Seattle yesterday morningT from the Orient with a cargo valued at $8,000,000, went on to Ta coma, where all the steamship's freight will be discharged. There is no strike in Tacoma and Seattle representatives of the Osaka Shosen Kaisha expected the liner to be working cargo soon after her ar rival In that port. The vessel put ashore passengers, baggage and mail In Seattle. The' Arabi ais the first, vessel dl vertel from Seattle because of the strike. Plenty of men were available for handling the cargo, but repre sentatives of the Chicago, Milwaukee & St. Paul Railroad company, which operates pier 6 and the Milwaukee ocean dock, refused to discharge the liner by using non-union gangs. More than 600 non-union longshore men were employed on the waterfront and nearly all the terminals were handling cargo. Approximately 2000 men are needed to work the water front at full speed during normal times. The first picketing since the strike began was attempted at pier D, when some of the strikers got inside the dockhouso and began talking to a number of young men who were handling cargo, in an effort to have them quit work. Guards on the pier ejected the strikers and no delay in handling cargo occurred. The Pacific bteamship company was employing a total of 175 non union men on the Seattle waterfront today, according to representatives of the employers union. Phone your want ads to The Orego- nian. Main voyo, Automatic osn-9a. Canadian City and Province Bonds City of Edmonton 52S . Due Oct. i. 1923, at 86.58 Greater Winnipeg Water District 5s Due July 1. 1922. at 94.92 City of Vancouver 4'is Due June 1. 1921. at 97.10 Province of Alberta 6s Due May 1. 1923. at 96.03 Province of Saskatche wan 6s Due May 1, 1924. at 94.90 . Payable In JJ. S. Dollars . AsIc for details. To be redeemed at 100 on In terest dates. Price of 86.58 fig ures "iy for 9 'A years aa if the bonds will run the full term. The bonds retired at 100 prior to due date will yield an inter est return greatly in excess of this figure. FREEMAN Smith a Z".V." ,L Camp O TRADE UNIT IN WEST SUGGESTED BY BAKER Oregon Delegation Favors Commercial Entity. H0USER CALLS MEETINGS Oregon Business Men En Konte to Sn Francisco Hold Con ferences on Alms. ABOARD FOREIGN TRADE SPE CIAL. BOUND FOR SAN FRANCISCO, May 9. (Special.) An organization to include as a commercial entity the business interests of the 11 western ataies ana to work through congress. ma BUKgest On made bv iianrr I JSaker, mayor of Portland -1 ference held in the second section of me traae special today. The sug gestion will be one of the goals to wara wnich the Oregon delegation will work at the conference in San Francisco. A- Callan was chairman of the section conference. Mr. Baker pointed out the interest of all the states in development of the foreign commerce as a market for their products of raw materials and manufactured goods. It was the con census of opinion that a federal in corporation law should be enacted to enable the concerns in foreign trade to do business without losing their identity. Under decree of the British consulate Hongkong managers of all British companies operating there must be of that nationality. As many of the American enterprises have been obliged to operate under foreign charter due to inelasticity of Ameri can charters by the various states, the effect is unfavorable in develop ing and maintaining their independent identity. . China Case Cited. The China Import & Export Lum ber company. Portland owned, is an example of the corporations that are suggested to workings of the present lack of an adequate federal law. J. Arnold, commercial attache of the American legation at Pekin gave the delegates information as to the legal and technical phases of the relation ships of the foreign eovernmentn nnri holds that the American charter pro vision snouia compel majority capital control or tne corporations by citi zens of this country. He said it should not be so that other nationali ties could capitalize a corporation, to benefit by good will toward America in China. Lengthy conferences in both sec tions were held at the call of Xt rL Houser, general chairman, who pre sided over the first section at which subjects to be brought before the general and group sessions were con- 'JiiiiiiiiiiiiiiiriiiiiiiiiuMiiiiiiiiiiiiiiiiiiiiiiiiuiiiiiiiiiuiiiuiiiiiiiiiiiiiiiiiiiiiiiiui A company has been organized for the purpose of selling motor vehicles in the Pacific Coast country. They have secured a distributing franchise for one of America's greatest trucks ; their territorial rights em brace the State of Oregon, Southern Idaho and South ern Washington. Several of the best pleasure cars and tractor lines are available which no doubt will be considered later. Now is your opportune time to become associated with one of the greatest selling organizations in the Pacific Northwest. Full information " and status of company cheerfully given. Call ANDERSON BROTHERS 110 Tenth Street, Pittock Block, Portland, Oregon. rillillilllllllllllllllilliliilllllllilililliiiiiiiiiiiiiiiiiiliiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Portland, Oregon ' IMPROVEMENT BONDS 5.30 Return NO INCOME TAXES TO PAY Descriptive Circular Upon Request. But this is only one of a splendid line of Municipal. Government and Corporation offering's we have. QARK.KENDA11 S CO. Trade With the Orient With correspondents of the highest standin? in China, Japan, India, and other countries of the Orient, and branches in all the principal ports on the Pacific Coast of North America, this branch is excellently equipped to serve the interests of the grow ing trade with the Orient. The Canadian Bank of Commerce Fourth and Stark Streets, Portland, Oregon Four hundred and eighty-five Branches in Canada, also Branches in London, England; Mexico City, Mexico; Havana, Cuba; Kings, ton, Jamaica other Branches will be opened shortly in Central and South America and British West Indies. BONDS MORTGAGE is r cry fiRsT O. W. T. MUELLHAUPT & CO. Announce: The opening of a Real Estate Department under the manage ment of Chas. E. Adams for the service of their patrons. I sidered. After discussion of the va-1 rious issues the action authorized was : delegated to special committees, . In relation to tne matter or ioreign t trade policies, it was the opinion of shipping men that there should be reci procity in the matter o import tariffs" of the South American countries and those of the orient, with the excep tion of China. Shippers declared that the import tariffs of the South Amer ican countries bordering on the Pa cific ocean are almost prohibitive on importations of canned foods, particu larly canned salmon, fruits, vegetables and, to quite an extent, on canned milk. The same situation prevails on these commodities when imported to the various countries of the orient, with the exception of China. It was suggested that, in view of the fact that the United States allows the im portation of commodities from the countries fronting on the Pacific ocean on a very low tariff, manufac turers on the Pacific coast should be permitted to export their products on a more reasonable rate. . Marine Insurance Dlscoises. II. L. Hudson, C. E. Dant and G. B. Hayes were appointed by Chairman Houser to formulate plans to bring before, the convention the necessity of placing American marine insurance companies upon an equal footing with foreign companies and suggesting a plan whereby American merchant ma rine vessels may be covered by Amer ican companies. Also the firm estab lishment of an Amreican bureau of classification such as "American Bu reau of Shipping," that it may have the same standing and equivalent ef fect of Lloyd's in similar instances. XJ. S. Naval Radio Reports. All positions reported at S P. M. terday unless otherwise stated.) yes- WHEATLAND MONTANA. Seattle orient, SS3 miles from Seattle 8 P. May 8. l.ATOUCHE, Ketchikan for Seattle, for M.. off East Point. WEST MINGO, Kahulul for San Fran cisco, 810 miles wes of Saa Francisco; 8 P. St.. May 7. WEST NILUS. San Francisco for Hono lulu. 854 miles from oaa Francisco; 8 P M.. May 7. WEST NIL.US, San Francisco for Hono lulu, 103a miles from San Francisco; 8 P. M., May 8. MAUI, San Francisco for Honolulu, list miles west of San Francisco; 8 P. M., May 8. SYAQUII.O. Tacoma for Saa Francisco, 20O miles from San Francisco. EASTERN GALE. San Francisco for Se attle. 2S4 miles from San Francisco. ADMIRAL. DEWEY, San Francisco for Seattle. S22 miles from San Francisco. MOFFETT, Point Wells for San Pedro, 5Mi miles from San Pedro. PRESIDENT, Seattle for San Francisco, via Victoria. 25 miles south of Cape Blanco. S. O. BARGE ST. t. In tow of tug Ta toosh, Richmond for Grays Harbor, 450 miles from San Francisco. FRANK H. BUCK. Monterey for Ever ett. 165 miles from Monterey. HARTWOOD. San Francisco for Grays Harbor. 277 miles north of San Francisco. . ERNEST H. MYERS. San Francisco for Crays Harbor, 230 miles north of San Francisco. . AVALON, San Francisco for Portland, 32 miles from San Francisco. COLONEL, E. L. DRAKE, San Pedro for Point Wells, 580 miles from Point ells. KLAMATH. Everett for San Francisco, 95 miles north of San Francisco. MULTNOMAH. San Francisco for Seat tle, off Point Bnnita. W. T. HERRING. Portland for Gavlota, 782 mlls from Portland. CLAREMONT, San Pedro for Willapa Harbor. 412 miles from San Pedro. EL LOBO. Peru for Vancouver, SS0 miles south of Point ArgruHlo INC. LOANS INSURANCE faaiiiillil JSS llfliiiiiaii Exempt From Federal Income Taxes Washington anjd Idaho 6 Per Cent Bonds of Thriving Municipalities CITY OF A R CO, IDtHOi Klectric ltjsht bonds. Dated Jnly 1, 101. due serially, l3l to 13. Price par to yield Denomination S10OO. Principal nd semi-annual Interest (January and July) payable at the .National Dank, of Commerce. In ew VorW City. V4XCOI VEH, WASHINGTON: SpK-lnl anseosment bond. listed March . inSO. eatlmattrd maturities. 1121 to 111. Optional on and aftrr Marck , ln-JAK Price, par to yield ri. Hrsominattos, SStMI. Principal and annual "'"'t I March S, payable at office of the Ttraaorrr, Vancouver, or Quartern of Morris Brothers, Inc. CITY OF hl.l.SO, WASniXCTOXi Water bonds. Dated March 1. 103O. due March I. lUHS. Price par. tn jield S'.r. Dpnu miiiat ion SIOOO. Principal ?.? sieml-annunl interest (March 1 and September II payable at oMIce of l lty Treasurer. Krli. LIBERTY and VICTORY BONDS If Ton mnrt sell your Liberty or Victory bonds, sell to ns. ' If u can buy more Liberty or Victory bond, bov from as. . . "n Saturday. May 8. the closing; New York market prices were as wiT" J-,y.?r,! Jh"L Kovernlnr Prices for Liberty and Victory bonds all over ths worm, and the highest. We advertise these pricea dally In order that you may i1"' "ow the New York market and the exact value of your Liberty and Victory Bonds. 1st lat 2d 1st I'd ad 4th Vlotory , . .88 4s Ws 4S.S 4V.S .1is 44s Market. 91.(i0 JS6.00 S.Y0 S8H.10 S.'..14 Si).60 JS5.S4 95.2 96.0 Interest 1.40 1.60 1.B3 1.70 L',05 .64 .28 1.80 1.00 rX?JK 93 20 8T.fl0 !. $87.80 X7.19 00.2t J85.92 37.42 $97. 0 "when buyine; we deduct 37a on a 50 bond and J.50 on a $1000 bond. We sell at the New York market, plus the accrued interest. Burglar and Fireproof Safe Deposit Bases far Rent dura Until 8 P. M. on Saturdays Morris Brothers uss Tfie rPremtercNurucipal ' BondHouse 1 Oni Million V0oilas Morris Bide SOA-ll Stark Int.. Bet. Klfth and Sixth Telephone Broadway 2131 of Alfalfa On the 11,500 acres of land in the Columbia Irrigation District, . Benton County, Wash., would Pay Its Entire Bonded Debt Four Times Over Seven thousand acres are already under irrigation and are producing;. The money from this issue is going: back for extensions of the already successful irrigation system. Bonds Are General Obli gations on the Entire District, Which Includes the City of Kennewick, Washington. We unhesitatingly recommend this issue of 6 Serial Gold Bonds Columbia (Municipal) Irrigation District Price to Yield 6.25 EXEMPT FROM ALL FEDERAL INCOME TAXES Bonds Dated Jan. 1, 1919, Due Jan. 1, 1932-39. Denominations $100, $500 FINANCIAL STATEMENT Act. Value (Est.) $2,624,293 Assessed Val. (1918) 874,765 Bonded debt, including this issue. . . . 500,000 Since the 1918 assessment valuation was determined more than 1000 additional acres have been placed under irrigation. Full Informatin Upon Request. Bonds, Trusts, Acceptances. Lumbermen's BIdg. Three Well Secured Investments Province of Alberta Price 96.03 to yield 7.50 This js a three-year, 6 Gold Bond, due May 1, 1923, payable in the United States, and is a General Obligation of its Province. Province of Saskatchewan Price 94.90 to yield 7.50 This is a four-year 6C Gold Bond due 1924, payable in the United the United States, and is a General Obligation of the Province. Pacific Gas and Electric Company Price 97Vs to yield 7.70 This is a five-year Tyo Convertible Gold Note and is secured by Pacific Gas and Electric Company General and Refunding 5 Bonds due 1942, listed on the New York Stock Exchange. These five-year Notes will be made legal for Savings Banks, in California. The Pacific Gas and Electric Company is the third largest com pany of its kind in the United States, distributing gas and electricity to 5S?o of the population of California. Blyth, Witter. & Co. UNITED S1ATES GOVERJSHEITT MUNICIPAL AUD C0RPQRATI05 BOKDS YEON BUILDING PORTLAND, OREGON Telephone: Main 3304 San Francisco Seattle New York Los Angeles Straining for that extra one per" cent is not the wisest course in making invest ments. Demand safety first, and then look for the highest rate obtainable. "The House Built Square" (arstens & Jarles, Incorporated Government, Municipal and Corporation Bonds. Third Floor U. S. Bank Bldg. . Broadway 41 OS. Ovc Qumtci sr-l