Morning Oregonian. (Portland, Or.) 1861-1937, June 07, 1920, Page 17, Image 17

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Silver Mining Stimulated by
Continued High Price.
Investors Recommended to Buy
' Before Money Market
Becomes Readjusted.
Trospects for good crops through
out the twelfth fcde-al reserve dis
trict are now bettor than at any
other time this year, although the
season is from three to four weeks
late. Fays John Perrin, federal re
serve acent. In California, lack of
rain, cold nights, and north winds
durinc the past month, have Eeriouslv
interfered with prowth of field
crops; hut In the Pacific northwest
and intermountain sections heavy
rains and snows have assured abun
dant moisture for summer field crops.
Althouerh condition of winter wheat Is
somewhat better than at this time
last month, production in the prin
cipal wheat states in the district will
he approximately 20 per cent short of
the lfilS crop, as indicated In the
following table:
California ....
Washington ..
. .ln.OL'i.imo
. . 1 I. r.nn. (ino
. .l.-..7:i".noo
. .47.j0.000
IB. 334.000
. 1 II5.0H0
1 6.01 11,000
1'crcont of Normal,
Alav 1, Apr. 1, Mav I.
J SCO. 19L'0. IUI'1.
, SO S5 85
!I0 J (10 S7
, 11 1 !!)
78 73 99
lti some parts of the Pacific north
Wfft lully 50 per cent of the fall
sown wheat had to be reseeded, but
acreage and yield of spring wheat
promise to be sufficiently high to
counterbalance the shortage in win
ter wheat. Condition of hay has im
proved materially during the past
month, but is inferior to that of
yeur hro, as indicated by the follow
ing estimates of the L'nited Stales
bureau of crop estimates
Pet. Normal.
Way 1. Mav 1
I'JL'O. 1919.
Arizona .. S9 94
Ca I i l urnia 85
Idaho 91 99
N.ail;l 90 10
Oievon 93 9!
Uuh 911 97
Wa.-hinKtun 89 99
Unless damage from freezing dur
inn the winter is greater than at
present anticipated, the prune, cherry
and apricot crops of the Pacific north
west will bo approximately normal
the berry crop between 80 and 100
per cent of normal; and the pear crop
50 per cent of normal. Peach trees
were badly frozen, particularly in
the Yakima valley, and, as a result.
practically no peach crop is expected.
K&crllent Hane Assured.
I. ate rains and heavy snows, ex
cept in California, have assured excel
lent range for the coming season
but have retarded the movement of
livestock to the ranges, with the re
sult that many cattle are now in
only fair condition. Lambing was
generally satisfactory, but some ab
normal lamb losses were reported,
particularly in Oregon and Washing
ton. Although slrfaring has been de
layed from three to six weeks, the
early shorn wools are showing good
condition, average growth, and light
shrinkage. Buyers have not yet en
tered the market actively, and be
cause of this and car shortage, wool
movement is small. Such sales as
are being made average from 60 to 70
cents per pound.
The high price of silver continues
to stimulate production of silver and
lead, but lack of labor supply, equal
ing only about 60 to 85 per cent of
demand, is retarding extraction of
ores and resulting in neglect of de
velopment work. The present low
price of copper, combined with high
wasres and high cost of production, is
materially curtailing copper produc
tion, most of the copper mines in the
district now operating at only 50 per
cent of capacity.
Daily production of petroleum in
California during April averaged 274,
877 barrels, as compared with 276
001 barrels in March. Shipments av
eraired "90.423 barrels per day, there
hv decreasing stored stocks by 466,38
harreli Thirty-seven new wells,
with an initial daily production o
E.110 barrels, were opened, and fiv
wellR were abandoned during April
At the present rate of production and
consumption, supplies of stored stock
in California usable for commercia
purposes will probably be exhausted
before the close of 1921.
Sales Average Smaller.
Sales of retail stores in this district
averaged, by value, 1.3 per cent
smaller during April than during
March, but 25 per cent greater during
April. 1920, than during April, 1919.
Sales by wholesale firms were ap
proximately 1 per cent smaller by
value during April than during
March, but 42 per cent greater during
April, 1920, than during April, 1919.
In all reporting wholesale lines, with
the exception of groceries, where
sales during April exceeded those in
March by il.2 per cent, April sales
were from 7 to 18 per cent less than
during the preceding month, although
from 15 to 40 per cent greater than
during the same month in 1919. While
the price tendency continues upward,
retail stores report a softening in
prices of a few commodities, whole
sale dry goods stores reporting a ten
dency for prices to decline.
Interest and discount rates in In
dustrial centers continued to show a
tendency to stiffen during the past
month, although not sufficiently to
change prevailing rates previously re
ported of from 6 to 7 per cent. In
agricultural sections the prevailing
rate remains 8 per cent. Statement
of customary rates charged by banks
in federal reserve bank and branch
cities of this district for the mpnth
ending May 10, is given below:
California and $122,000 Improvement!
bonds of the city of Toppenlsh, wash..
Freeman, Smith and Camp company,
bond dealers of Portland and San
Francisco, have added to their list
of municipal bonds two issues which
yield up to -7 per cent. The Cordua
irrigation district is about 5 miles
northwest of Marysville, Yuba county,
Cal. The bonds constitute a tax lien
on -6122 acres where alfalfa, olives,
prunes and figs are being raised. The
bonds are sold to purchase existing
irrigation systems and to extend them
to irrigate the entire acreage. The
district is traversed by the Southern
Pacific railroad and Western Pacific
railroad. The bonds are 1000 de
nomination and mature at the rate
of $12,000 annually from July 1, 1925
to 1940. They are being sold at par
to net investors full 6 per cent with
no income tax to pay.
The bonds of the city of Toppenish
are known as "baby" bonds, being in
denomination of $200. Toppenish is
one of the very rapid growing cities
of Washington, being the second city
of size and importance in the Yakima
valley. These bonds are being sold
at par to net full 7 per cent.
Thursday evening. June 10, at the
Heilig .theater, the Portland Associa
tion of Credit Men will hold a theater
party. The entire house for that
evening for the play "Friendly
Enemies," has been bought out by the
Progressive Business Mens' club. The
proceeds from the sale of the tickets
is to go towards the good work that
Walter Jenkins Is carrying on. The
tickets will be $2.50 and war tax.
Among the new offerings this week
of the Lumbermens Trust company,
the following are included: $475,000
ty of Twin Falls, Idaho," improve
ment district 7 per cent bonds, dated
July 1. 1920, estimated to mature
serially from 1921 to 1930, offered at
100 and interest to yield 7 per cent;
$15,000 Ryegate, Mont., 6 per cent
water bonds, mature serially from
1931 to 1940, offered at a price to
yield 6.75 per cent; $75,000 Kingdom
of Belgium 7 per cent bonds, ma
turing June 1, 1945 under the trust
agreement the government agrees
to retire $2,000,000 or more of the
bond3 annually; at the price of 97.25
and interest the bonds return from
24.85 per cent to 7.95 per cent, accord
ing to dates called for payment. $50,
000 province of Manitoba 6 per cent
gold bonds, mature May 15, 1925, and
are offered at 93.84 and interest to
eld 7.50 per cent; $175,000 Portland
Union Stockyards gold bonds; these
obligations are dated July 1, 1920
and mature July 1, 1923. They are
the obligation of the Portland Union
Stockyards company in North Port
land. At 100 and interest, the of
fering price the bonds yield 7 per
Cruise From Bremerton
San Francisco Started.
There will be no regular monthly
dinner of the Portland Association of
Credit men this month because of the
conventions and the Rose Festival and
because there will be many credit men
away on their vacations. Those hom
ing season tickets will have an -opportunity
to use the last ticket on
the annual picnic to be held in July.
The First National bank of Clat-
skanie is expected to open for busi
ness about the middle of this month
with the following officers and di
rectors: Norman Merrill, president;
Henry Kratz, vice-president; H. B.
Hager cashier; J. N. Rice, W. L. Pul
liam. H. McKiel Peter R. Banzer and
li. T. Uruwell, directors. Mr. Hager,
the cashier, is a native Oregonian,
born and raised in the Willamette val
ley, and for several years has been
connected with the L.add & Bush bank
of Salem. He is a graduate of Har
vard university, specializing in bank
ing and accounting, and served in the
ate war. Temporary quarters have
been secured in a store building ad
joining the store of H. McKiel, and
work is expected to begin soon on a
new and modern bank building.
"My recommendation to investors
in bonds is to buy now for the pres
ent low prices and high yields cannot
last a great while " said John L.
Etheridge, president of Morris Broth
ers.. Inc., in defining the situation
with regard to financial conditions.
"Such remarkably low purchase
prices, with the unusually high yields
which have been prevailing, will have
to give way to new conditions, which
just now are swinging back to normal
Readjustment of the money market
will inevitably result in higher prices
and lower yields, hence now is the
time for the investor to benefit by
purchasing such securities as are
"The civil war developed conditions
similar to those now prevailing. Fol
lowing that period a shift to normal
was recorded. The world war had the
same effect. Before very long we
shall experience a return to new con
ditions wherein such exceptional in
vestment opportunities as are now
afforded will be gone, probably never
to reappear in this generation."
Representatives of the trust com
panies in Portland met on Friday in
the directors' room of the Security
Savings & Trust company and or
ganized the Trust Companies' Associ
ation of Oregon.
Practically all the Portland .com
panies were represented at the meet
ing. The association is open for
memDersnip oy trust companies or
banks authorized to do a trust busi
ness in the state of Oregon.
The association will provide a
dium for the promotion of business
relations among its members, and
promote trust business throughou
the state, and in time it is expected
tnat it will aitiiiate as a trust com
panies' section of the Oregon State
Bankers association.
There were represented at the
meeting the Title & Trust company.
tne security savings & Trust com
pany, the Portland Trust company o
Oregon, the Lumbermens Trust com
pany and the Hibernia Commercial &
savings bank.
The United States National bank
and the local branch of the Bank of
California, N. A., although not repre
sen tea at xne meeting, will, it was
saia, join the association immedi
R. G. Jubitz of the Security Savings
xrust company was elected presi
aent; noDert n;. smith of the Titl
& Trust company, vice-president
w. p. iiriggs of the Lumbermen
Trust company, secretary-treasurer.
These officers will serve for the en
suing year.
An opportunity has been given to
employes of Libby, McNeill & Libby,
manufacturers of food products, to
become stockholders in the company,
with the privilege of purchasing
stock at par and with the advantage
Retired Chief Master at Arras of
Xafy Hopes to Accomplish
Trip in 2 5 Days.
SEATTLE, Wah., June 6. (Spe
cial.) In a 22-foot open boat, with
out auxiliary engine and equipped
with only three small sails, no cabin
and barely sufficient room for stor
age of provisions, Helgar Torsensen,
aged 60, a. retired chief master at
arms of the United States navy, set
sail alone from Bremerton today with
San Francisco and Vallejo, Cal., as his
Torsensen, when friends attempted
to dissuade him from what they con
sidered a rash act, expressed no fear
and, on the contrary, confidence that
he would arrive in San Francisco har
bor within 2o days and establish a
record for coast travel.
Though he had been in the service
of the navy for 30 years and had fol
lowed the sea since a youngster of 8
Torsensen cannot swim. He has, how
ever, an irresistible love for the water.
orn in him of a family of Norwegian
ncestors dating back to the days of
the fabled Vikings of the north.
Ambition Lone C'berlshed.
It has been his ambition for the
last several years of his life to make
ust such a trip as that on which he
tarted this week a trip down the
oast in an open boat, a feat that no
ne has accomplished before.
This is Torsensen's second start for
an Francisco. He attempted the feat
last fall, but was stopped by naval
uthorities upon appeal from his wife.
Mrs. Torsensen has given her consent
this year, however, .and was at the
ock to bid the determined mariner
good-bye. Her objection last year
was due to the fact that her husband
had not started on the trip until late
in the fall when stormy weather .had
lready begun. The old salt was
somewhat nettled at the time that his
trip should be Interfered with, but
eld his peace until the arrival of
this year's balmy summer days.
'I am worried to death, says Mrs.
Torsensen, "but have given my con
ent and shall not interfere this
lme. There s no use trying to change
man's mind once he has it set and
thought I might as well agree as
Torsensen expects his greatest dif
iculty in crossiug the straits and de
lared that once past Cape Flattery
he would .have "plain sailing."
IV Ordinary Chuck" Carried.
Bacon and ordinary "chuck" of the
sea is not Torsensen s idea of good
ating. "I've had lots of those days,"
he said as he stored his little boat
with large quantities of chicken, cake,
elly, pie, ham and eggs and home-
baked bread. Torsensen s motive
power for the trip consists of a fore
sail, mainsail and jib. An American
flag was one of the first "necessities"
which the old sailor took aboard.
The ex-navy man was discharged
on pension in 1913, but answered, the
call at the outbreak of the war at
he naval station at Puget sound, re
iring. again with the cessation of
hostilities. The Torsensen's are "old-
timers" in Bremerton, having lived
where the ex-master at arms was sta-
oned for the last 29 years.
A son, Allan, is an overseas veteran
and was gassed in battle in France.
Pacific Coast Shipping Notes.
ASTORIA. June 6. (Special.) Today
was an exceptionally quiet one for ship
ping at the mouth of the Columbia. Not
vessel crossed out or in during the day.
The steamer Rose City, carrying freight
and pasHengers from Portland and As
toria, will sail tonight for San Francisco.
make one trip to western Alaska, calling
June 15. She will carry both passenger
and general supplies to Cold Bay, the
center of oil activities in western Alaska.
She will call at Nyak, Chignlk, Unga and I
Band Point. The Catherine D. will be the
first vessel sailing from Puget sound for
Cold Bay direct. So great has been the
rush of prospectors to the Alaska oil dis
trict, cheating a demand for supplies and
machinery, it is probable that the Pacific
Steamship company will place a regular
service to Cold Bay.
1 he steamer Admiral Goodrich will be
gin loading for Anchorage Monday at Se
attle. Among her freight will be two big
cranes consigned to the Alaska Engineer
ing commission to be used in the con
struction of two steel bridges across the
Susitna river. The cranes were shipped
from Bay City, Mich. Tbey required six
freight cars to transport them from the
Michigan town.
SAX FRANCISCO, June 6. (Special.)
Making a fast passage of 15 days and 8
hours from Maliukona. the forraej motor
ship Annie Johnson sailed into port this
morning with a cargo of 27.rno bags of
sugar for the Mat-son Navigation com
pany. This is the first round trio of the
Annie Johnson under sail to the Hawaiian
islands following the action of the Mat-
son company in removing tho two pro
pellers from the orafe following a dispute
last April with the engineers of the ves
sel. When operated as a motorshio tho
Annie Johnson navicated the trio in -a.
little over 12 days.
Honolulu advices state that the aeute
shortage of oil for vessels in the Hawaiian
islands, which has been holding vessels
there for sometime, has been relieved fol
lowing the arrival of several heavy ship
ments. Inability of several shipmasters
tj secure assignments of bunker oil re
sulted in the lo3s of thousands of dollars
to shipowners, the report stated.
The Oceanic liner Ventura is expected
to arrive here tomorrow around noon with
a heavy list of passengers
Resumption of the service of sailing
ships from Kurope to this port that was
halted during the war Is seen by local
shipping men with the chartering of the
French schooner Duguay Triun by Bal
four, Guthrie & Co. to cexrv a cargo of
barley from this port to Kurope.
A wireless from the China mall line
China stated that the vessel would arrive
here next Saturday. The China is omit
ting Yokohama and Honolulu this trip so
as to regain her schedule.
With a cargo of 186.000 codfish on
board, the schooner S. N. Castle, Captain
Axdal, arrived here late last night from
Many school teachers of the Hawaiian.
isianns wno planned to spend their va
cations here during the summer will be
delayed in reaching here following the
decision of the government to dispatch
the army transport Sherman from Vladi
vostok to Trieste, Austria, without calling
at Honolulu as orisinallv planned. The
Sherman is carrying a large number of
n-Lno-oiovans from Russia to their
uifiues in Austria.
DELLWOOD, San Francisco for Astoria.
220 miles north of San Francisco.
CLAREMONT, Will&pa Harbor for San
Francisco, 124 miles from San Francisco.
JOHAN SMITH, Coos Bay for San
Francisco. 110 miles from San Francisco.
PARA ISO, San Francisco for Portland,
235 miles north of San Francisco.
RICHMOND, towing barge 95, Seattle
for San Pedro, 510 miles from San Pedro.
ARtiYL. Seattle for Oleum, 320 miles
from Oleum.
EASTERN MAID, Tacoma for New
York, 12 miles south of Cape Mendocino.
C. A. SMITH, San Francisco for Coos
Bay, 231 miles north of San Francisco.
RAINIER, San Francisco for Belllng
ham, 150 miles from San Francisco.
Xotlce to Mariners.
The commander of the steamship Elca
Joc reports by radio that his vessel passed
a wreckage in latitude 44 degrees 55 min
utes north, longitude 125 degrees 37 min
utes west, at 7 P. M., June S. Danger
ous to navigation.
TJ. S. Navy Hydrographlc Office.
Columbia River Bar Report.
NORTH HEAD. June 8. Condition of
the bar at 5 P. M. Sea. smooth: wind.
southeast, 2 miles; cloudy.
Class of 35 Members Initiated at
Local Lodge Rooms.
Clatsop county Elks paid a visit to
their Portland brothers Saturday
evening, 230 members of the order
coming from Astoria, Seaside, War
renton, Clatskanie and other towns
located near th mouth of the Co
lurabia river. The visitors were met
by a large committee of local Elks
and taken to the Multnomah hotel,
where they were served a buffet sup
per, in cnarge or tne reception com
mittee were Dr. Ben Norcien and
George Brandenburg.
Officials of the Astoria lodge, all
attired in evening dress, conducted
the initiation of a class of 35 new
members at the local lodge rooms at
o o clock.
Movements of Vessels.
SEATTLE, Wash., June fl. Arrived
steamers Admiral Schley, from San Diego:
Admiral Watson, from southwestern
Alaska. Sailed Steamers Cltv of Seattle
for southeastern Alaska; West Ivan, for
mo ujicuL, via roruana.
TACOMA. Wash., June 6. Sailed
Phyllis, for San Francisco, via Everett.
COOS BAT. Or., June 8. (Special.)
Arrived at 6:30 P. M. June fi Steamer
IT. S. Naval Radio Reports.
(All positions reported at P. M. yester
day unless otherwise indicated.)
MAUI. San Francisco for Honolulu, 1257
miles west of San Francisco; 8 P. M
June 5.
ADMIRAL DEWEY, San Francisco for
Seattle, 3."0 miles from San Francisco.
KLAMATH, San Francisco for Portland
245 miles north of San Francisco.
WAPAMA, Portland for San Francisco,
330 miles south of the Columbia river.
SEATTLE. Wash., June 6. (Special.)
For operation in the shipping board's
service from Seattle and other coast porta
to Europe, the new steel steamship Hax
tum is due in port tomorrow to begin
loading fur her first voyage from Seattle
to the other side of the Atlantic. Her
Seattle shipments will consist of 3000 tons
of wheat and 1,000,000 feet of lumber.
From here she will shift to Portland to
complete with additional lumber ship
ments and will then steam direct for
Liverpool, Glasgow and Uunkirlt.
Sound for Cold Bay. Alaska, the port of
the oil districts in western Alaska which
are now being opened up, the steamship
Catherine D, owned by the Pacific Ameri
can Fisheries of Bellingham. will sail
from Seattle June 15 under charter io the
Pacific Steamship company, taking both
freight and passengers. A number of oil
prospectors have booked passage on the
if business Justifies the step, the Pa-
citic Steamship company, it was announced
yesterday, will maintain a regular service
to Cold Bay during the open season. On
the voyage the Catherine D. will call at
Nyak, Chignik. U,iga and Sandpoint.
With 600 tons of whale oil. 1O0 tons of
arsenic and shipments of canned salmon
and canned milk from Seattle and 600.
000 feet of lumber from Port Blakeley,
the steamship Magician, Captain H. Rus
sell, of the Harrison Direct line of Lon
don, .England, left last night for Victoria,
B. C, where she will complete cargo for
the voyage back to the United Kingdom.
She will load 1,600,000 feet of lumber at
The next Harrison Direct liner to come
to Seattle is the Statesman, which will
arrive here July 15. She will be fol
lowed two weeks later by the Crown of
Toledo of the same fleet. Both will bring
capacity cargoes. The Harrison Direct
line is represented on the Pacific coast
by Balfour, Guthrie & Co.
PORT TOWNSEND, Wash.. June 6.
(Special.) The shipping board steamer
West Ivan sailed today for Portland,
where she will complete her cargo with
lumber for the orient. She is in the serv
ice of Frank Waterhouse & Co.
The steamer 1 lax turn arrived this after
noon in ballast. She will load 300O tons
of wheat at Tacoma and 100,000 feet of
lumber at Seattle, and then will go to
Portland to complete for Kurope. She is
making her maiden voyage and is in the
service of the Williams, Dimond & Co.
oi ban r rancisco.
Under charter to the Pacific Steamship I
company, the steamer Catherine D. will
To Yield 7.95 P.O.
Anticipating oversubscription
we subscribed for a larpre
amount for our own account, and
while any of our allotment is
available we will protect orders
at original price of 97.25 and
accrued interest to yield 7.950
to 24.89, according to year re
deemed. These bonds are to be
redeemed by drawings at 115 in
amounts of not less than $2,000,
000 annually.
Denominations JS00, $1000.
Dated June 1. 1920. Due June 1,
1945. Payable at 115 in U. S.
Gold Coin in New York, free
from any Belgian taxes, pres
ent or future. Price for 1'r'o
bonds 974 and accrued interest
to yield not less than 7.95 and
up to 24.89.
' Wire order "collect"
Tillamook Graduates 12.
TILLAMOOK, Or., June 6. (Spe
cial.) A class or 13 was graduated
from the Tillamook high school at the
exercises held in the Christian church
last night. Dr. V. P. Poling made the
address, his subject being "The Grip
mat MOiaa." Attorney H. T. Boots
chairman of the board of education
presented the diplomas.
Members of the class were George
Lenikaemper, Clare Small, Betty
Lantz, Klese Erickson, William Wrig
gle, Harry Elliott, Ernest Kord, Cora
Oliver, Mildred Finney, Bertha Blan
chard, Henry Anderson and Gladys
Phone your want ads to The Orego
nian, Main YOn, Automatic 560-95.
Import and Export
Import firm established eight
years desires to increase their
capital stock to enable them to
take advantage of the excep
tional opportunities now exist
ing in the Orient.
This concern is conducted by
experienced men of high stand
ing and the best of bank refer
ences can be furnished.
This is an exceptional oppor
tunity for investment in a con- .
servative established business
where the returns in a couple of
years will be large. References
51 056, Oregonian,
These unusually attractive American Northwest municipals
eloquently testify to the present magnificent buying opportunity.
Yield SVz to 7,
American Bonds Exempt From All Federal Income Taxes
Kate Maturity Price Yield
Arco, City of, Idaho, Light 6 J&J 1931-39 100.00 6.00
Arlington, City of, Oregon, Sewer 6 A&O 1940 100.00 6.00
Arlington, City of, Oregon, W. & L 6 A&O 1940 100.00 6.00
Astoria, City of, Oregon, Ser. No. 15 6 F&A 1938 100.00 6.00
Astoria, City of, Oregon, Imp., Ser. No. 24 6 M&N 1931-37 100.00 6.00
Bonner County, Idaho, S. D., No. 4 oli J&D 1930-39 100.00 5.50
Bonner County, Idaho, I. S. D., No. 1 5'.2 J&J 1931-37 100.00 5.50
Buhl, City of, Idaho, Water 6 J&J 1930-39 100.00 6.00
Buhl, City of, Idaho, City Hall 6 J&J 1931-39 100.00 6.00
Clarke County, Wash., Road (Donohue) 5-i A&O 1932-39 100.00 5.50
Clatsop County, Oregon, S. D., No. 30 5V F&A 1929-30 100.00 5.50
Coos County, Oregon, S. D., No. 5 M&S 1930-40 100.00 . 5.50
Franklin County, Washington 5 A&O 1924-39 99.00 5.50
Freemont County, Idaho, I. S. D., No. 2 5H J&D 1931-39 100.00 5.50
Grace, City of, Idaho, Light 6 J&J 1931-39 100.00 6.00
Helix, City of, Oregon, Imp 6 F&A 1932-39 100.00 6.00
Heppner, City of, Oregon, Water...'. 5li M&N 1927-39 100.00 5.50
Jerome County, Idaho, Hillsdale H. D 6 J&J 1930-39 100.00 6.00
Kelso, City of, Wash., Water 6 A&O 1935 100.00 6.00
Lewis County, Wash., Road (Donohue) 6 M&N 1921-30 To Net 5.50
Ontario, City of, Oregon, Paving 6 F&A 1927-29 100.00 6.00
Power County, Idaho, Crystal Highway . 6 J&J 1930-38 100.00 6.00
Prineville, City of, Oregon, Funding 6 A&O 1932-40 100.00 6.00
Roosevelt, City of, Utah 6 J&D 1938 100.00 6.00
Seattle, City of, Wash., L. & P 5 A&O 1929 96.39 5.50
Seattle, City of, Wash., L. & P., 5 A&O 1935 94.85 5.50
Seaside, City of, Oregon, Funding 6 J&D 1930-33 100.00 6.00
Shoshone County, Idaho, Clarkia H. D 6 M&S 1933-39 100.00 6.00
Shoshone County, Idaho, Clarkia H. D 6 A&O 1938 100.00 6.00
Tacoma, Port of, Washington 5 F&A 1936-37 To Net 5.50
Teton County, Idaho, Road & Bridge 54 J&J 1931-36 100.00 5.50
Wapato, Washington, Water 6 M&S 1929 100.00 6.00
American Bonds Exempt From All Federal Income Taxes
Buhl, City of, Idaho, Sewer Dist., No. 3 7 F&A 1927-29 100.00 7.00
Buhl, City of Idaho, Sewer Dist., No. 4 7 F&A 1926-29 100.00 7.00
Buhl, City of, Idaho, Paving Dist., No. 3 7 F&A 1924-29 100.00 7.00
Olympia, City of, Wash., Imp 7 Jan. 1921 100.00 7.00
Olympic, City of, Wash., Imp 7 Jan. 1923 100.00 7.00
Rupert, City of, Idaho, Sidewalk I. D., No. 4 7 F&A 1921-29 100.00 7.00
Rupert, City of, Idaho, Paving I. D., No. 1 7 F&A 1921-29 100.00 7.00
Soda Springs, City of, Idaho, Sidewalk 7 F&A 1922-29 100.00 7.00.
Soda Springs, City of, Idaho Sewer 7 F&A 1921-29 100.00 7.00
St. Anthony, City of, Idaho, Imp 7 J&J 1927 100.00 7.00
Vancouver, City of, Washington, Paving 6 Mar. 1921-30 To Net 6.75
Telephone or Telegraph Orders at Our Expense
I Capital
Onc Million
Morris Brothers
Tfie fPremterQNunicwal ' Bbndrhouse
Morris Bids., ROil-11 Stark SU. Bet. Ktfth nd Sixth
Telephone Broadway 211
CtMTurr J
PV- V'lll 'I L-A '
Skono FuxfSQ MAIN 64
eommercial paper
Customers M'rk't
P.C. P.C.
San Francisco 6 7
I. OS Angeles ... 54 6T
Portland 7 1
Fait Uke 8 7
Seattle 7 7
. Spokane 7 7
Secured by liberty
Interbank Collateral Bonds and United
loans. loans. States certificates
P.C. P.C. of indebtedness.
6 f6Vi P.C.
6 6H7 6
6 7 7
7 8 7
7 7 T4 8
6 7 S 7
Labor shortage exists in all sections of deferred payments in meeting the
of the district, particularly in the
case of miners, farm laborers and
domestics. Some labor unrest Is re
ported in all sections of the district,
but with the exception of the bakers'
tid and Seattle there
iy- rl J bii ikch or I a u u I
l .f anv Imnortanee in this
Btriye in P-rtand
are' mV-,nt
purchase price. Under the plan just
proposed an mploye may acquire
from 10 to 60 shares, par value $10
each, and ia allowed two years in
which to complete the payment for
the stock. The offer is made In con
nection with a new issue and is nnen
iw eveiy vxapjuta wno nas ieen ,
service mori than six months. T. .'
directors expect and hope that every
:lovytU.Jb.ei;ome a, stockholder
property oft
times take on
such aspect to
Then is the time to
consult the Strong
& MacNaughton
But it's better not
to wait that long.
Strong 8 MacNau$hten
as Collateral
iGkHENEVER occasion arises . for
t? use of couateral either as security
Y or lans or in business transac
tions, bonds are preferred. - They
are everywhere recognized as the
highest character of collateral.
Municipal Bonds are
Income Tax Exempt. Protected
as to Principal and Interest by
Taxes and Are Readily Market
able. Why not invest in long-term,
low priced, high-yielding
Rate Maturity Yield
Prineville, Or., Funding 6 1934-38 6.00?o
6 1921-26
6 1934-38
6 1931-40
7 1927-29
6 1931-40
Buy Municipal Bonds
HIGH yields, tax exemption and development
purposes are a few of the attractive quali
ties in Oregon Municipal Bonds.
Our lists are long and varied
orauuu mbk mirt-MtnAM out awi
IWlor- Supervision., Oregon, sioia Banking DcaxtsumjC
Lumbermens Bldg
) 1 1
. ... ... .. ..; , .
S ..... I
'jjpX ,'T7'
- -- - ' i
Belgian Government
Twenty-five Year, llA Coupon Bonds
$500 and $1000 Denominations
To be redeemed at 115 by annual drawings at the
rate of $2,000,000 annually.
PRICE 97 1-4
Blyth. Witter. & Co.
San Francisco
Yeon Bldg., Portland
Telephone Main 3304
.Seattle New York
Los Angeles
Plrtone Your Want Ads to The Oregonian
v A Main wAr ; 7
Trade With the Orient
With correspondents of the highest standing 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 Ilranclies will i V l opened shortly in Central r
' 1na1es. .. ,
A Safe Investment
Paying Large Profits
We.own and are operating a large
salmon, clam, beef, vegetable and
berry cannery, a general store,
hotel and water transportation
business, all so strategically lo
cated that we are without com
petition. We buy our salmon, etc.,
at prices ranging from 40 to
60 of prices paid elsewhere.
We expect to pack 25,000 cases of
red salmon this year and several thousand cases of the other prod
ucts. We own the above named property and the fifty-three acres
of land where the plant is located, free from all encumbrance.
Ample insurance is carried to cover everything. Our new 65-toa
boat will run between Grays Harbor and the Queets, time less than
8 hours, with a freight rate of $15 per ton each way. We have more
than $50,000 worth of freight lined up for the boat this season. We
are offering a block of our non-assessable treasury stock at 10c (par)
a share in order to raise the money needed to finish the payments
on this new $20,000 boat. Our capitalization is only $100,000. Offi
cers and directors all well known business men. We fully expect to
pay our stockholders 50 oc more every year on their investment. t
l St 1 A t 1 A - .
company indorsed Dy commercial ciud ana me DanKs. Any sum
from $25 up may be invested. Investigate this at once. The price rj
of the stock will be advanced 100 or more within the next 30 days, ji
Send for circular. (It has full description and map).
Queets Trading Co., Iloquiam, Wash. 5
New Issue
Province oi
British Columbia
5-Year 6 Gold Bonds
Payable in U. S. Gold Coin in New York
Price to Yield 7.75
Details upon request.
iRalphSchneeloch Company
and. Km
. i