TIIE MORNING OREGONIAN, MONDAY, JUNE 1920 17 f 20 PER CENT WHEAT ' REDUCTION LIKELY Silver Mining Stimulated by Continued High Price. BOND OFFERS ENTICING 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: Production. -Bushels.- California .... J.laho riri't'in Washington .. Totals Kstimated. m-'ii. . .ln.OL'i.imo . . 1 I. r.nn. (ino . .l.-..7:i".noo . .47.j0.000 1!lf. IB. 334.000 . 1 II5.0H0 1 6.01 11,000 19.800.000 6S.24U.000 Condition. 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 California Mano Oj.'KOtl "WathinKton 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 Condition. 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 cent. SALT, 80, SETS SAIL IB 22-FOOT BOAT Cruise From Bremerton San Francisco Started. to UNUSUAL "CHUCK" TAKEN 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 available. "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 ateiy. 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 objective. 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 not. 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 Ijnga. 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. GEORGE E. CANDY. 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. CLATSOP ELKS PAY VISIT 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 Brooklyn. 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. 7 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 vessel. 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 Victoria. 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 12's To Yield 7.95 P.O. 24.89 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 brown. 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 required. 51 056, Oregonian, .iMvUiii BONDS These unusually attractive American Northwest municipals eloquently testify to the present magnificent buying opportunity. Yield SVz to 7, GENERAL OBLIGATION BONDS 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 SPECIAL ASSESSMENT BONDS 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 r I Capital Onc Million Morris Brothers Tfie fPremterQNunicwal ' Bbndrhouse Morris Bids., ROil-11 Stark SU. Bet. Ktfth nd Sixth Telephone Broadway 211 ESTABUftMtO I CtMTurr J PV- V'lll 'I L-A ' Skono FuxfSQ MAIN 64 NORTHWESTERN BANK BLDG. Prime eommercial paper Open 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 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' s...be mV-,nt purchase price. Under the plan just proposed an mploye may acquire from 10 to 60 shares, par value $10 each, and ia allowed two years in which to complete the payment for the stock. The offer is made In con nection with a new issue and is nnen iw eveiy vxapjuta wno nas ieen , service mori than six months. T. .' directors expect and hope that every :lovytU.Jb.ei;ome a, stockholder 'White Elephants' PIECES of property oft times take on such aspect to owners'. Then is the time to consult the Strong & MacNaughton organization. But it's better not to wait that long. Strong 8 MacNau$hten pow,ii.ujU3rBETT tJUIlOINOUOBL&OK1 Preferred 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 MUNICIPAL BONDS Rate Maturity Yield 5.50 Prineville, Or., Funding 6 1934-38 6.00?o 6.50 6.75 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 CLARK. KENDALL & CO. INC orauuu mbk mirt-MtnAM out awi Uiimli Qtmimm IWlor- Supervision., Oregon, sioia Banking DcaxtsumjC BONDS TRUSTS ACCEPTANCES Lumbermens Bldg (Co. . ) 1 1 . ... ... .. ..; , . S ..... I 'jjpX ,'T7' - -- - ' i THE CANNERY 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. UNITED SATES GOVEJWMEirr MDNldPAI. AUD C0RPCBVMI01I BONDS San Francisco Yeon Bldg., Portland Telephone Main 3304 .Seattle New York Los Angeles MUNICmALTANS CORPORATION -TTNANCE- . lUMBEMCNS aUfCDmO Po RTlJtMTr, O RE G OK 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 $2,000,000 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