Morning Oregonian. (Portland, Or.) 1861-1937, June 01, 1920, Image 23

Historic Oregon Newspapers

Morning Oregonian., June 01, 1920, Page 23, Image 23

Image provided by: University of Oregon Libraries; Eugene, OR

About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (June 1, 1920)

Prev Page of 24 Next Prev Issue Next Text PDF JP2 (5.2 MB) Clip/Print Image

Return to Top

Prev Page of 24 Next Prev Issue Next

Newspaper Page TextTHE MORNING OREG ONIAN, TUESDAY, JUNE 1, 1920 23. MILLS ARE CLOSING DOWN C.VIl SHORTAGE DOING HARM TO INDUSTRY. Railroads Say Being Discriminated .Against in Allotins Equip ment Sent to Coast. ' its ni- I be the most notable occasion of una ;n the history of the organ nation. Mayor Ilalph Philbrick and the city commissioners, with members of the Commercial Club, will extend the welcome of the city. A special programme is being- planned. The date and place of next convention will be one of the matters to be de cided. Among the visitors will b'e a number of master mariners from Columbia river, Pudget Sound and Alaskan waters. MYRTLE POINT. Or, May 31. (Special.) The Coquille lumber mill, Sitka spruce mill and the R. K. Booth shingle mill have shut down owing to the car shortage and the men have temporarily been thrown out of em ployment. The Coquille lumber mill let out 200 employes and suspension of other industries has Increased this number. In consequence there is a considerable labor and financial crisis in the upper Coquille valley. This is certain to disrupt conditions unless it Vs immediately relieved. Due to a conservation of credit as Insisted upon by the Reserve bank. mills are not permitted to finance any temporary plans. Stocks that would be moved are held up through no fault of mill men whose resource is to shut down their plants. Similar conditions threaten the Myrtle Point mill, the Schroeder & Aasen mill at Norway and the cedar exporting in dustry. Each of these industries is being handicapped at the present time with the threat of an entire shut down unless they fret immediate re lief. The Myrtle Point Commercial -lub. the Bank of Myrtle Point, the Security bank and several industries concerned here have joined the Co quille people in telegraphing an ap peal for relief from the situation, ad dressing a protest to the interstate commerce commission and the Ore gon delegation in congress. Not alone are the mills handicapped and closing down, but the Port Or ford cedar export business is suffer ing severely. The car shortage makes it impossible to get shipments to Port Orford for loading vessels. It is proposed to keep the -wires hot enough to advise fully the com missioners and the congressional del egation of the impossible situation and let them know that the people of this section are concerned in getting immediate action. The Southern Pacific company of ficials, when appealed to for. relief, stated that the railroad was being discriminated against In the allot ment of empty cars sent to the Pa rifle coast, and that cars were being given to northern lines for Washing ton and British Columbia mills. The chamber of commerce at Co quille has sent the interstate com merce commission, Senators Chamber lain and McNary and Representative Hawley the following telegram: Plants cutting down and large num ber of men being thrown out of em ployment because of failure to se cure cars. Financial situation will be serious if industries cannot ship their stock. Southern Pacific officials say that they have no cars and that more cars are being shipped off their lines than they receive. If this is true, cannot some action be taken to give them more cars and help this locality?" In addition to this the R. K. Booth Shingle company, the First National bank, the Sitka Spruce mill, the Far mers and Merchants bank and the Co quille lumber mill sent individual ap peals to the interstate commerce com mission. The Coquille lumber mill addressed the following to Senator Chamberlain: "Customers are cancel ing orders because we cannot get cars and by canceling and replacing these orders in Washington they can get shipment. This leaves us with material on hand sawed to order on which we must suffer great loss. Southern Pacific railway claims that northern lines are getting cars; that more cars are being taken from the Southern Pacific than are being re turned. Situation is extremely seri ous. Please bring this matter to the attention of the interstate commerce commission, as we understand that they are in full control of the distri bution of cars. Advice from you as to what relief we may expect will be greatly appreciated." AUTO AGENTS PROTESTING C.VRS SOLD OX CREDIT MAI" BE CONFISCATED. SCARLET FEVER ABROAD 2 Boys, in "Peeling" Stage, Escape From State Training School. SALEM, Or., May 31. (Special.) Superintendent Gilbert of the boys training school reports the escape during the night of Clarence Bland. 17, and Clinton Young, 16, from the hospital, where they were in quaran tine, recovering from an attack of scarlet fever. Both boys were convalescent, but still in the "peeling-' stage and dangerous to any persons harboring mem. Bland"s mother lives at Hood River, although he was committed from Bend. Or. He is 5 feet 6 inches tall, weight 140 pounds, fair com plexion, blue eyes, brown hair and stocky build. Ho is also known as "Bill Shannon." Young's description is height 8 feet 6 inches, weight 130, dark com plexion, blue eyes, prominent nose, dark brown hair: committed from Portland for running other people's autos. CAPITOL OPEN SUNDAYS Sam .V. Kozer Restores Pre-War Hours for Visitors at Building. SALEM. Or., May 31. (Special.) Under a new order to be issued this week by Sam A. Kozer, recently ap pointed secretary of state, the Capitol buildings will be open to the public on Sundays from 9 o'clock in the morning until 5 o'clock in the after noon. Since the war the doors of the statehouse have been locked on Sun days, admittance being gained by courtesy o fthe watchman. Mr. Kozer says the statehouse Is a public institution and the people have a right to inspect Its corridors and other attractions on Sundays as well as other days of the week. It is ex pected that the new order will be come effective next Sunday. 266 Inquire About Oregon. May 31. (Special.) nquines were re- MEDFORD, Or., A total of 266 ceived by the chamber of commerce from outside states residents, many of whom asked for general information about this vicinity and others who contemplate moving to Medford or the Rogue river valley, were received the p"ast two months. California seems to have the most residents look ing toward Medford and vicinity as a possible location, as 44 inquiries were received from that state. MedTord Elks on Picnic. MEDFORD, Or.. May 31. (Special.) The Elks of Medford and their fam ilies enjoyed a basket picnic Sundav on the Rogue river 11 miles north of Medford. A feature of the r3l;mn was the tak in c of mnvintr ni,.t,,.Qr of the picnickinjr thrnnrs whih wni later be exhibited along with other pictures of the lodge taken during the past two weeks, at loral lU.f... and at the state Elks convention at Salem. DAILY METEOROLOGICAL REPORT. " PORTLAND. Or Mav 11 y,,i Perature 4,! degrees. River reading. 8 n " TA. "Ve.et,: cha" in hours. 0.2-foot. TotaJ rainfall (5 P. M to f.jTi. M n.?,ne:..tolal rainfall since Sep tember 1. 1910. 31.22 Inches: normal rain fall since September 1 aj i inh... 5i?Jy.of J"Hlnfa" 'nce September 1.' 1919 "84 Inches. Sunrise. 4:24 A M sun , ;l P" M : otal sunshine, ll' hours possinie sunshine, 15 hours Moonrlse. 7:08 P. !H.; moon M. Barometer (reduced sea a ir "0--3 inches. Relative A. M.. SO .per cent: noon .", i 19 minutes; 29 minutes, set. 3:ur A. level). 5 P, humidity: r per ceni; o f. AJ ., 34 per cent. THE WEATHER. STATIONS. discrimination hy Government Is Charged and -Making Appeal to Congrcbs Discussed. BAKER. Or., May 31. (Special.) -An unfair discrimination against automobile dealers by the government was charged by Robert E. Magnet, field secretary of the National Auto mobile Dealers' association, at a spe cial meeting of Raker's "auto row" called) by O. R. Mount, president of the Baker Automobile association, at the chamber of commerce. The dealers of the country, he said are facing the possibility that auto mobiles sold to customers on credit will be confiscated by the federal gov ernment if found with liquor. "A dealer will not even be allowed to be heard to set up his claim to a car seized, regardless of the fact that the car was sold on a conditional bill of sale, or that he holds a mortgage against it this, too, in spite of the fact that he knew nothing of the wrongful use of the vehicle," con tinued Mr. Magner. "The only rem edy Is through congress, and the only way to secure a real hearing is through organization." At the conclusion of Mr. Magner's ad- oress, tne meeting went on record with a heavy vote to affiliate with the Oregon Automobile Dealers' asso ciation. It also was recommended that the name of the local oreaniza tion be changed to the Baker County AUiomoDiie Dealers association. CLASS SERVICE IS HELD ccntraiia, Wash., High School to Graduate 59 Students. CEXTRALIA, Wash., May 31. (Spe elal.) The baccalaureate services of the 1920 class of the Centralia high School were held last night in the high school auditorium. Rev. E. Bur ton, pastor of the Baptist church, de livered the sermon. Tomorrow the claBS will hold a pic nic at Priest Point park, Olympia The commencement exercises will be held Thursday evening. Rev. Frank Dyer of Tacoma delivering the ad dress. Diplomas will be awarded to 59 graduates. Baccalaureate services, held yester day morning, marked the opening of commencement week for the gradu ating class of the AVinlock high school. Rev. R. V. B. Dunlap deliv ered the sermon. 2. Wind Weather. Baker ... "BoiHe ... Boston . . Calsarv . i'hicago .... lenver rca Moines. Kureka .... Ua'veston .. Helena t.l uneau Kansas City. J.os Angeles, Marshfield . MedTord .... Minneapolis . New Orleans New York . . North Head Phoenix . . . . Pocatello . . . Port land . . . Roseburg . . . Sacramento St. Louis . . Salt Lake . ban Dieno . r ranclsco Seattle Sitka Spokane . . . . Tacoma . . . . Tatoosh lsld. tValdc-z . Walla Wall&l 44 Washington . -ro Winnipeg ... 44 Yakima .-.tvo.no i o.n Hnlo.Oo! 2 .V 7SO.OIV10SW .".4O.0(i:i2,N S.'O.OO 10 S 8,0. noli 2 .VW 84 O.OOl. JSR o4)0.00! . . INW 84 0. on . .sn r.2 O.0O!lBj?T UK'O.on:. .. 8H:0.0O;10!S 0 0. Oof. . SW 6210. 00112. W 74 O.OO 12!NW 82 t(.00 . .ISW 8XI0.0O!. JSE 7O!O.0Oi20'S rrO:n.ni)i24!NW 1(1(1 O.IIO!. . W O.tHl'12 NW koio. no; i2!N 72.0.00! 1 2:." S2IO.OOH2INW Clear so o.in . .sk Pt. cloudy :iear ear (loudy Clear Pt. clousy Pt. cloudy Pt. cloudv Cloudy Clear Clear Cloudr Pt. cloudy iiear Cloudy Clear Clear Cloudv Cloudv !Pt. cloudy Clear Clear Pt. cloudy v. icar Clear slo.oo I4:.vw 4!o.ool. .,SW 720.0020iW 82.0. 0OI . .IW 42!4Sj0.00 . . SSl BS'0.01 .. 42 64 0. on:.. 48l tiOi0.no!.. 44 "US o. on . . 0.0OI . .ISW Hiiio.no!. .s 2 0.oo'l4!X 74,0. 001. .INW NW N W Cloudy Clear Clear Cloudy Cloudy Clear Cloudy Cloudy ciear !Clear Pt. cloudy Cloudy Municipals Will Advance In Price With readjustment of the money market, which" must come when, present abnormalities subside, the low-priced, high-yielding, long-term munici pal bonds will advance in price and present yields will be unobtainable. Now Is the Opportune Time to Buy Them Here are a few of the Income Tax Exempt Municipals we offer: Rate Maturity Milton, Or., Impt 6 1921-30 Yakima County, Wash., Roads 6 1921-26 Hardin, Mont., Impt. 6 1924-25 Kingman Colony, Or., Drainage 6 193140 Power Co., Hwy. Dist., Idaho b 1930-34 Yield 6.00 5.50 6.50 6.25 6.00 11111 Uitdflf-tyarMiUtcOroouSaaIW)ing Department.. BONDS TRUSTS ACCEPTANCES Lumbermens Bldg. ikfi Co, CATTLE PKICES OFF 2 5 TO 5 0 CE TS AT STOCKYARDS. Hogs in I-lst "Supply ana rtigner Sheep Are Unchanged Day's Receipts 111 Cars. There nu a bis run of 5400 head of stock at the North foruana jaruo terday and a very active volume of busi ness in spite of the holiday. Of the 111 carloads received, 27 loads of cattle came In too late to be offered during the day. As It was, the cattle suppiy was ur and the market was wean, wun off 25 and 50 cents. Two loads of steers went at the top quotation, which is now $12.75. The extreme price x-uhiib u " and heifers was Jiu.ou ana on $13 50 Hobs, on the otner nana, were uui over-plentiful and the market went up 5 and 35 cents to tne new iop Sheep and Jambs were steaay ana un changed. Receipts were came, 1O0T hogs and 1691 sheep. mi uay s sales were as follows: wt. Price. 1 steer. . lino $12.50 31 steers. 8H3 9.6o steers. .u 22 steers. 918 15 steers. 11JH 10 steers. 1101 2 steers. eu 6H0 675 1030 OHO 805 8X5 820 1230 ..O 1140 917 1055 S22 1020 920 J 1 2 8B4 1010 1 steer. 2 steers. 2 steers. 1 steer. . 2 steers. 6 steers. steers. 3 steers.' 1 steer. . 1 steer. . :2 steers . 4 steers. 4 steers . 11 steers. 2 steers. 4 steers . 5 steers. 1 steer. . 3 steers. 1033 53 steers. 910 30 steers. 02O 23 steers. 1283 2. steers. 1 1 1 steer. . 9 steers. 3 steers. 1 steer. . 1 steer. . 25 steers. 5 steers. 1 steer. . 20 cows . . 5 cows. . 2 cows. . 3 cows. . 1 cow. .. 2 cows. . 3 cows. . 1 cow. .. 1 cow. .. 1 cow. .. 7 cows . . 1 cow. .. 1 cow . .. 5 cows. . inr.n 13 cows. . 708 lO cows. . 022 2 rowF . . 1 OOO 8.O0 9.75 10.50 10.50 8.00 8.00 8.00 9.15 9.15 9.15 9.15 9.15 9.50 8.00 70 942 583 730 7l una 884 ftnQ 937 940 975 1020 1010 BfiO 82 S 720 680 590 914 840 800 12 mixed. 23 mixed. 8 mixed . 3 mixed . 7 mixed . 22 mixed. 4 hogs. .. 33 hogs. .. 22 hogs. .. 4 hogs. .. 1 1 hogs. .'. 10 hogs. .. 1 hog.. . . 00 hogs. .. 4 hogs. .. 5 hogs . . . 9.0O1 54 hogs. .. 10.25 39 hogs. .. 10.25 1 hog. . .. 8.601 147 hogs.. lo.ioi Shoes... 8.50!20 hogs. .. 10.901 6 hogs... 9.00 10 hogs. .. 9.001 5 hogs. .. 10.50i 14 hogs. .. 11.50' 13 hogs. .. lO.OOl 7 hogs. .. 12.751 hogs. .. 12.751 3 hogs. .. H.00'23 hogs. .. 10.00I2O hogs. .. 7..-.0 34 hogs. .. 7.50110 hogs. .. 7,501 8 hogs. .. 10.401 1 hog. . .. 8.50'J0I hogs.. .00 8.85 7.0O 6. on 8 on 6.(1(1 7.0OI 6.50 hogs. 5 lambs. 1 lamb.. 1 lamb.. 3 lambs. 8 lambs. 2 lambs. 92 lambs. 6 75i 39 lambs. 8.50 lambs. 7.5046 lambs. S.OO''8 lambs. 6 OO07 lambs. 8.001 68 lambs. 8.001 2 ewes... 7.SOI 8 ewes. .. 7.50 1 ewe. . . !) 751 ' ewe. . . Wt. Price. 911 9.25 80 8.00 585 SOU 1080 8.75 17 9.15 500 7.00 122 13.00 189 15.00 187 15.00 305 14.00 128 13.00 167 15.10 20 13.50 194 15.10 43 13.10 6t46 7.50 210 1 5.00 190 13.00 70 12.25 5 12.25 97 13.00 JH.5 15.00 198 J3.O0 131 13.00 184 14.30 220 14.50 24 14. 0O 255 14.00 295 14.00 426 12.0O 210 14.75 132 13.00 152 13.00 343 12.73 202 14.75 180 12.75 115 13.00 250 14. SO 74 13:50 80 13.50 90 13. SO 63 10.00 62 10. on 80 10.00 63 13.50 48 10.50 67 13.50 66 13.75 SO 10.00 "6 13.10 68 11.00 165 6.00 128 8.50 140 8.0O 10O ft. oil 1 COW . .. 1 cow. .. 1 cow . .. 2 cows. . 25 cows. . 1 cow . .. 1 cow. .. 12 cows. . 3 cows. . 13 cows. . 1 cow. .. 4 cows . . 1 cow . .. 2 cows. . 1 cow. .. 2 cows. . 1 cow. .. 1 cow. .. 5 cows. . 6 cows. . 2 cows. . 1 cow . .. 19 cows. . 29 cows. - 29 cows. . 28 cows. . .11) cows. . : cows. . 1 cow . 4 cows. 1 cow . 1 cow. 1 cow . 2 cows. . 1 cow . .. 2 cows. . 1 cow. ,. 1 cow. .. 1 COW. 1 COW. 1 COW. 3 cows. . 2 cows. . 11 cows. . a calves 17 calves. a calves. 3 calves. 1 calf. . 9.751 3 ewes... 8.00134 ewes. .. 5.75125 ewes. .. 6,oO, 1 1 ewes. .. 8.00110 ewes. .. 8.01(1 8 ewes... 8.0o: 11 ewes. .. . 8.0014 ewes. .. 7.501 ewes. .. g 7ftl 9 ewes. .. 8.751 1l vearl.. 7.00 8 yearl . . 9.0O 33 yearl.. 8.00 J8 year . . 7.00 1? year . . 7.00',, I year o 751I2 yearl. . TOO' ? yearl.. 7.00!. " ye' .. 6.65i year . . 8.00 .'' year . . S.OOrJ 'ear 10 41 1 yarl. . I0'?S 8 yearl.. 10 S 7 ye"-1"1 ,n 5v 20 wethers 9 wethers 1S0 210i25 "ethers 950 H40 800 1095 931 1120 890 1105 970 951 810 870 11O0 670 820 825 1160 850 900 896 715 700 947 916 992 898 873 580 677 7SO llOO 1110 790 050 910 620 950 990 910 10S0 100K 020 948 146 134 96 343 8.00 8.00 calves. 320 19 calvesl x cair. 1 calf. . 10 calves. 44 calves. null. .. 1 bull. .. 1 bull. .. 1 bull. .. 2 bulls. . 1 bull. . 1 bull. .. 1 bull. .. I stag... 1 stag. .. 1 stag. .. 1 bull. .. 2 mixed. 9 mixed 2 mixed! 3 hogs. . Jnog::: l. hogs. . 4 lambs. 22 lambs. 203 153 310 170 177 195 940 1 lo 1 200 1190 8IO 970 2070 1440 1O70 600 9IO 490 4 20 6S 430 180 100 220 179 60 62 Livestock prices yards were as follows: Cattle Orain and pulp-fed steers. Choice grafc-s steers Good to choice steers Medium and. good steers....." Fair to good steers Common to fair steers. . . Choice cows and heifers..... Good to choice cows, heifers. Medium to good cows, heifers. Fair to medium cows, heifers. Canners Bulls Prime light calves l Medium light calves Heavy calves ............... Stockers and feeders......... Hogs Prime mixed ................ Mertuim m!-r! 4 wethers 1 wether. S'Jn 14 wethers 8 '-.n 11 vearl. . " 7 bucks.. '"V 14 bucks.. I'"', 1 buck... 5 1 buck... 1 5" 2 bucks.. 00 B bucks.. - 70 mixed. ' 0" 193 mixed 2i0 1 steer.. 2 li! 28 eers.. 0 00, 12 steers.. ,5 H5i10 steers. -, 13.001 1 steer.. 12.751 Scows... IO.110 10 cowa. 8.00c 1 cow"... 9.00129 cows... 8.001 i calf... 8.50 4 calves.. 13.501 1 bull 10.001 1 bull 10.001 5 mixed. 10.001 17 mixed. 9.251 2 mixed. 7.00 19 lambs.. 7.00 41 lambs.. 8.00,3-, lambs.. ..00 182 lambs. 8.0OI41 ewes. .. 7.501 2 ewes . .. 8.00115 yearl. 8.001 2 yearl.. 8.00 1 cow. .. 9.001 5 cows. . 7.00! 7 cows. .. 6. 30 1 2 cows. .. 7.50 1 cow. .. 9.50! 4 cows. .. 8.00I2 cows. .. 15.10I 1 cow. . 13.10 20 calves. 13.101 4 calves. 10:27 calves. 13.001 1 bull 13.001 2 bulls. . 116 8.00 72 6.00 98 3.00 1 19 7.00 124 9.0O 146 OOO 100 3.00 105 6.00 135 6.00 123 6.2.1 110 7.50 81 9.00 108 7.50 114 7.50 103 9.00 110 7.00 79 9.00 96 9.00 103 8.50 74 6.75 80 8.75 92 9.50 90 fl 00 117 8.50 115 9.00 135 7.50 122 7.60 131 7.60 115 8.00 120 8.00 70 7.00 103 9.00 102 9.00 169 6.00 170 6.25 180 8.50 ISO 6.00 143 5.o 146 6.00 91 8. 50 83 6.75 710 8.50 1152 11.50 716 9.00 806 8.50 1160 10.00 853 10.00 48 8.00 1160 10.OO 520 6.00 3) 7.60 235 13.00 1710 9.00 1770 9.00 828 10.00 885 8.25 715 8.50 64 1 1 .00 1 11.00 4 13.50 06 13.50 127 8.00 120 8.50 82 8. 50 00 6.50 1120 6.00 10(15 KOI) 808 6.0O 440 7.50 1020 7. no 865 8.00 854 6 00 530 7.50 177 ll.oo 405 7.50 274 9.50 U20 7.50 H0 7.50 ana stock- New Issue $6,000,000 American Light & Traction Company Five-Year 6 Per Cent Gold Notes COMMON STOCK PURCHASE WARRANTS ATTACHED The notes upon issuance will carry detachable warrants entitling the holder thereof to pur chase, within the periods below fixed, common stock of the company in the ratio of two thirds of one share for each $100 face value of notes, at $142 per share on or before May 1, 1922 $147 per share thereafter to and including May 1, 1924, and' , $152 per share thereafter to and including May 1, 1925. Dated May 1, 1920 - . ' Due May 1, 1925 Interest payable semi-annually, May 1 and Noyember L, in New York. Coupon notes in denominations of $1000, $500 and $100, registrable as to principal only. Redeemable as a whole or in lots of $100,000 or more on May 1, 1922, or any subsequent interest date on sixty days published notice, at 101. BANKERS TRUST COMPANY, NEW YORK, TRUSTEE. Interest Payable Without Deduction for Federal Income Taxes Now or Hereafter Deductible at the Source, Not in Excess of 2 Per Cent. The following information is summarized from a letter of Mr. Alamon P. Lathrop, president of the company. 12.25 412.75 1 1.50 an 12.00 11.00111.60 10.0O(b? 11.00 V.OO'rtlo no 8.00d O.OO 9.00 60 10.OO 8.00 4 9.00 7.00 8.00 6.00! 8 OO 61IO fffl 8.50 12 00 r 13 .',0 8.00 Sill OO 6.00fri 8.50 7.500 8.60 14.75 13.10 14.25'oM4.75 The American Light and Traction Co. was organized in 1 90 1 , and owns over 99 per cent of the capital stocks of fourteen operating companies engaged principally in the production and sale of gas and electricity for light, heat and power. The business fields embrace a present estimated popula tion of 2,400,000 and include some of the most impor tant manufacturing and industrial cities in the aountry, notably Detroit and Grand Rapids, Michigan; Milwau kee and Madison, Wisconsin; St. Paul, Minn.; San Antonio, Texas; St. Joseph, Missouri, and B in gha ni ton. New York. These notes will constitute the sole funded debt of the American Light and Traction Company, the equity being represented by preferred and common stocks having a market value, based on present quotations, in excess of $40,000,000. The detachable warrants entitle the holder thereof to purchase, during the periods stated above, common stock of the company at prices ranging from $142 to to $152 per share. The range in quotations im the common stock during the past ten years has been from $125 to $450 per share. Cash dividends have been paid on the common stock during the past seventeen years, the rate since 1911 having been 1 0 per cent per annum, and in addition stock dividends of 10 per cent per annum have been paid since 1909. The net income of the American Light and Traction Company for the twelve months ended March 31, 1920, amounted to $4,20 1, 139. as compared with annual in terest requirements on the five-year 6 per cent gold notes of $360,000. During this period the consolidated gross earnings of the company and the operating com panies were $22,686,216, and net earnings were $5,826,0.1 6, as compared with interest and other de ductions of the operating companies and annual interest on these notes amounting to $1,984,877. The operating companies have been in existence from twenty to sixty years and have shown uninterrupted growth regardless of general business conditions. The management of the company is in the hands of the same men who have conducted its Operations since its inception. Price 94.75 and interest, yielding over 71 per cent. WE RECOMMEND THESE NOTES FOR INVESTMENT. The notes are offered if, when and as issued, subject to prior subscription by the stockholders and to opinion' of counsel as to the legality of the issue and the propriety .and sufficiency of corporate action with respect thereto. It is anticipated that temporary notes will be ready for delivery on or about June 15, 1920. Halsey Stuart & Co., ,vc. CHICAGO NEW YORK The National City Company NEW YORK CHICAGO Bankers Trust Company NEW YORK All statements herein are official or based on information which we regard as reliable and. while we do not guarantee them, they are the data upon which we have acted in the purchase ot this security. Smooth heary Hough heavy . IMsrn Shceo Imbs Cull lambs ... YearHnss Wethers E'C8 .. 11.00(313.00 . . 10.00(8ill.00 .. 11.00013.00 .. 13.0013.5 . . 9.004 11.00 R (Ml 'ix 10.00 7 U0ff 9.90 ... 3.0038.50 Chiracs livestock Market. CHICAGO. May 31. Cattle Receipts 10 000; beef cattle 13 to 25 centa bisher. Top yearling, 14.30: best heavy. S13..5; bulk, all weights. I213.15; she stock, steady o atron. Spot higrner, choice heavy cows. Ill: bulls and canners steady; me dium bolognas. 7.75JiS; calves steady to Ftroog; bulk vealers, 13.5014.25; feeders steady to strong, but qet. Hois Receipts 45.000; HkM weights IS and 25 cents lower than Saturday's aver age. Top, $14.90; bulk, all weights, S14 IA 73: pigs, "' to 60 cents lower. gheep Receipts 8000: bulk lambs steady, others lower: sheep R0 cents lower. Good and choice shorn lambs. 16.5017; com mon kinds, most I213: choice spring lambs. $17.50: others mostly $16.25; good and choice fat ewes, $9(910. Omaha livestock Market. OMAHA. May 31. Hogs Receipts 15.-&0O- 16 and 25 cents lower. Top, $13.80; bulk. $13013.50. Cattle Receipts 300, beef steers mostly 15 and 25 centa higher. Best yearlings, $13.20: bulk of steers, $11012.50; cows and heifers, steady to strong, bulk, $9(9 10.50; bulls and veals steady; stockers and leeders dull. Sheep Receipts 2000. killing classes strong to 2S cents hTeier. Bewt sprlne. tA. M. today. Ing day. P. M. report of preced- FORECASTS. Portland and vicinity Fair, warmer; westerly winds. Oregon and Washington Fair, warmer In west portion: moderate westerly winds. KUVVARD t.. WEI.1.8. M etnoroloclst GRINNELL When the Fire Starts SONS OF NORWAY GATHER Convention at Iloqulani Expected to Be Notable Occasion. r HOQUIAM, Wash.. May 31. (Spe cial.) Norwegian from several states, and some from Alaska, will attend the seventeenth annual con vention of the Sons of Norway in Hoqulam next Friday and Saturday. Abuut 200 will be on hand. It will the Water Starts GRINNELL Automatic Sprinklers not only protect your business and the lives ot your employees, but they pay for themselves and then begin to pay you! The insurance rate reductions are usually sufficient to wipe out the initial cost in a few years. After that your savings are clear profit. Ask your own insurance broker. GRINNELL COMPANY op The Pacific '517 L. C. Smith Building Seattle, Washington v $1,500,000 American Fruit Growers INCORPORATED 7 Serial Convertible Gold Notes Dated May 1, 1920 Due $300,000 annually August 1, 1922-26 EARNINGS In excess of nine times interest requirements. CONVERTIBILITY At option of holder into twenty shares of common stock SECURITY Ne,t assets more than three times total amount of this issue. for each $j,ooo note. EXECUTIVE COMMITTEE Charlea J. Brand, Vice President and General Manager American Fruit Growers, Inc. Walter II. (oicdoa, Trustee, Congdon Estate, Duluth. Minn, jr. S. Crntcbfleld, Faesident American Fruit Growers, Inc. Jl. T. M. McCreadr Attorney, Pittsburgh. William Nevraorae, Vice Pesidnt, United Fruit Company, Boston: David A. Reed. Reed. Smith, Shaw & Beal. Attorneys, Pittsburgh. C. C. Speacer, Vice President. In charge Potato Operation, American Fruit Growers, Inc. Hamilton Stewart, Director, Crucible Steel Co. of America and Vice President. Harbison Walker Refractories Co.. Pittsburgh. Chester J. Tyson, Vice President and Production Manager. American Fruit Growers, Inc. R, B. Woolfolk, Vice President and Chairman of Board, American Fruit Growers, Inc. We recommend these notes for investment Prices to Yield about 8 - Descriptive circular on request MOORE, LEONARD & LYNCH Members New York, Pittsburgh and Philadelphia Stock Exchanges 111 BROADWAY" T 1 T 1 J . t. . . , - -r THE RlTZ-CARLTON New York FriCK Building, PlttSDUTgh, Pa. Philadelphia, Pa. The statements contained herein are not guaranteed, but are based upon information and advice which we bebeve to be accurate and reliable, and upon which we have acted in purchasing these securities. lambs, averaging 64 pounds, $17.25; year lings, S12.50. london Financial Market. LONDON. May 81. Bar silver, 6THd per ounce. Money. i per cent. Discount rates Short blils, 6. per cent: three-months bills, 66 13-16 per cent. i'uel Men to Hold Convention. SEATTLE. Wash.. May 31. More than 50 coal dealers, wholesalers and retailers will leave Seattle Wednesday for Spokane to attend the first annual convention of the Washington Stat Fuel Merchants' association to be held there June 3, and 5, it was an nounced today. Everett, Tacoma and Bellingham members will Join the party here, according to the announcement. ft Cafcb Aidncn: Canuaim' In Personal Touch with the Orient THE BANQUE INDUSTRIELLE DE CHINE announces the opening of its American Branch in New York. Banks and Bankers whose clientele is constituted of Importers and Exporters engaged in business in the Far East will find every requirement of international banking in the service rendered by this institution. Tn every step a close personal supervision is exercised assuring prompt and efficient transaction of business. Our representatives and Agents in Europe, the Orient and in the United States take a personal interest in inquiries and transactions of our clients. The success and growth of this Bank in the Orient is in a large measure based upon direct personal service. This service covers the transfer or payment of funds by mail or cable; paying interest on demand and time deposits in our branches in the Far East and Europe; negotiating, selling and buying bills or exchange. We issue letters of credit available in China and in all parts of the world, furnish information regarding Oriental business, etc., etc. Importers and Exporters are invited to use this service to the fullest extent. Branches in Europe and in the Orient LYONS HAVRE BORDEAUX ANTWERP MARSEILLES LONDON PEKING HONGKONG YUNNANFU HANOI CANTON SWATOW SINGAPORE VLADIVOSTOCK FOOCHOW SHANGHAI SAIGON YOKOHAMA HANKOW TIENTSIN HAIPHONG MUKDEN BANQUE INDUSTRIELLE DE CHINE NEW YORK-AGENCY O. J.THOMEN. Atenl 27 Pine Street - - . New York, N. Y. Head Office: 74 Rue St. Lazare. Paris. France Subscribed Capital, Fes. 150,000,000 Deposits, Fes. 600,000,000