THE MORNING OREGOXIAX, MONDAY, JUNE 14, 1920 13 CREDIT RATQNIN6 HELD BENEFICIAL Inflation Stopped, Says Mr. Hawes, by Action. 'ROCKS AHEAD' RIDICULED cannery tenders ofthe racirtc-Amertcan fisheries Mr. Grotle. the son of Captain Grotle, master of the Pacific Coast Cod fishing company's schooner John A.( re ports that the cannery tender crossed Slime Bank May 23, sighting nine cod fishing schooners on the bank. The ten der spoke to the John A. and the schooner Wawona of the Robinson fisheries. Am- cortes. but because of rough seas was un able to get close enough to hear what their masters were shoutina. The names of the other vessels could not be distin guished. The Seattle and San Francisco cod- fishing fleets consist of 11 schooners this year, so that only two remain to be reported. COOS BAT. Or.. June 13. (Special.) The steam schooner Centralla called at i-ort Orford the fore Dart of last weeK to obtain part of a cargo of ties and poles. rteeasport is looking lor tne steam Depression, lie Said, ver to lie Known at Periods of Cnder-Productlon. That the credit stand of the .Fed eral Reserve bank has proven to be a stabilizer on American business and phould not be taken as an indication of distress, was the opinion expressed by Richard S. Hawes. president of the American Bankers' association, speak ing before the National Association of Credit Men at the Atlantic City con vention last week, and that careful rationing; of credits has been bene ficial. He declared that the big bankers of the country are trying to stop inflation of credits, not restrain ing the production of necessities, but discourasrinK by every fair means projects that are purely speculative. He scoffed at the susrsrestion of the stage of "rocks ahead" having been reached as "pure gruff," for the rea son that depression has never been known to come in a period of under production. He deplored the inclin ation of the American public to be actuated more by notions and tastes than by reason. In summing up the various reasons that have caused strained credit con ditions, results of these observations may be stated as follows: Freight cars which are loaded with roods and blockaded in terminals, agrain3t which millions of -dollars have been loaned. foodstuffs and other Roods s-ainst which loans have been made, held in storage because of lack of ships and cars. Purchase of about $4,500,000,000 of the United States government obliga tions. Loans to individuals, firms and cor porations for the payment of income tax and excess profits tax. Reliefs Are Sucsreated. In suggesting reliefs which may be practiced, he submitted briefly for consideration the following: Economy by all individuals and re XEWLT ELECTED PRESI DENT AMERICAN IXSTa Tl'TE OF BANKING. t ... 'Aff x VT M if t I J. Ivinir Hrjon, T OREGON BIKERS con TO E AT EUGENE appeal from the decision of th local engineering1 office to the board of en. gineers of rivers and harbors, a per manent body, the headquarters of which are at Washington, D. C. Information in regard to the appeal may be obtained from the- local en gineer's office, located in the custom house. Portland Delegation Will Get Special Car Tonight. OFFICERS TO BE CHOSEN J. Ivinir Hrjon, The Portland chapter of the American Institute of Banking enters upon its new year with anticipation of accomplishing important work. The officers chosen to guide the course of the organization are J. King Bryon, Ladd & Tilton bank, president; Christian Petersen, United States National, vice president; June Jones, North western National secretary; Stephen G. Austin, First Na tional, treasurer. schooner Nehalem today which is eoming to that port to ship lumber at tne jonn son sawmill. The Nehalem s cargo will amount to about 800.000 feet and will be the larcpst ever shlDDpd out of the Ump- aua river. In Dast vears when oardiner auction of purchases to tne minimum, I was the only lumber shipping point on tne at the same time carrying the least I lower umpqua, sainns vessels possible pocket money. Conservatism by individuals, firms and corporations regarding construc tion plans. The issuance of new securities should be deferred. Municipal, state and county bond issues should be minimized. Federal expenditures should be reduced to the minimum. Member banks should liquidate all speculative loans and reduce their loans at least 10 per cent before crop moving period. If all the banks in the country would follow this sugges and the steam schooner San Gabriel, which car ried much smaller cargoes, pliea tnai port, but there was a period of more than two years when no lumber was snippeu oi Aoted Speakers Obtained to Discuss Problems That Confront fin anciers ' of Today. The fifteenth annual convention of the Oregon Bankers' association will convene at Eugene tomorrow at 10 A. M. A special Pullman sleeper will be attached to the Southern Pacific train leaving Portland at 1 o'clock to morrow morning for the convenience of Portland bankers and representa tives or banks in the northern section of the state. A large attendance is expected. C. S. Hudson, president of the First National bank of Bend, is president of the association, and will call the convention to order and pre side over its deliberations. John Lt Hartman of the Hartman & Thompson bank, the veteran secre tary of the organization, has the pro gramme in charge, and has arranged for speakers of note that will make the session of special interest in view of the present situation in financial affairs. - The programme will be opened with an Invocation by Rev. E. V. Stivers. Luke D. Goodrich, cashier of the First Natonal bank of Eugene, will deliver the address of welcome, which will be responded to by E. H. oensenicb, vice-president of the is ortn western National bank of Port land. President Hudson will then de liver his annual address. Noted Speakers Obtained. G. E. Bowerman, general secretary or the American Bankers association win deliver an addres: "Greetings rom American Bankers Association. A. li Lathrop, trust officer of the Union Bank & Trust company, Los Angeles, will be the concluding speak er of the morning session, on the topic: "The Organization and Devel opment of a Trust Department." The programme for Tuesday after noon will consist of the following ad dresses: "The Banker's Public Rela tions," George A. Van Smith, assist ant cashier the Anglo & London Paris National bank, San Francisco; '"Feed ing Stuff Laws and the Manufactured Feed Industry." Sherman T. Edwards manager New Olympic cereal mill. cereal department, Portland'; "Polit- water. The new order of things is aue icai Problems Which Oregon Bankers to a greater aeptn or water, a tun jetty work by the port of Umpqua. Klnl.ihfne- hr rareo of lumber at o last night the steam schooner Martha Buehner went down the bay and at 7:15 sailed for San Francisco. She loaded at the Bueh ner mill. North Bend. Thn KAilim? nf the Johanna smitn, trans porting lumber for the t:. A. Smith Lum ber company, was at 7:25 last night, en route to San Francisco. PORT TOWNSEXD, Trash., June IS. linn a rHiu-Hnn of 3. 000.000.000 in rFoeclal.t The Japanese steamers uraisan loans would be apparent. Maru and Krie Maru loaded to capacity Mr. Hawes said: "One credit which ""h general cargo and including lumber risk is the acceptance of checks and Temporarily repairs have been made drafts payable outside of the city I , ,h jananese steamer Suwa Maru, where deposited and requiring from which had a portion of her upper works one to ten days in transit to collect, damaged by . fire shortly after reaching This latter class of credit is seldom Seattle from the orient and she will be . . . . , readv to Bail tor Kobe where permanent recognized by merchants and the rafrst0w-lT be made. When she sails realization of this method ot extend- Wednesday she will have accommodations ing credit is but beginning to be un derstood and appreciated. The Fed eral Reserve' bank credits to its mem ber banks, subject to schedule of time in transit, a large volume of such items and it Is said that from 70 to 80 per cent of this character of for ao first-cabin passengers and her full complement of cabin and steerage passengers. Included among her passen gers will be Count and Countess Llovcra from Madrid. Count Llovera is a cap tain in the artillery service of fr-paln. He will go to Tokio as military attache to the Spanish embassy. A party of Sal credit is now being handled through vation Army workers will also take pass- age for ports in the far east. The freighters 1-atoucne ana that source. "Froien Credit" Cited. "When we consider that the daily utstanding of the federal reserve Valdea will make special trips to the Bering sea. Both vessels are now loadig general sup plies. exDlosives. lumber and machinery. system in items which are uncollect- Tn Latouche is scheduled to sail Jun. Are Facing," Robert E. Smith, presi dent Title & Trust company, Port land; "Some Features of the A. I. B.,' Cyrus A. Woodworth, with the Ladd & Tilton bank, Portland. The feature of Tuesday events will be a picnic dinner on the bank of the Willamette in one of the popular re sort spots of the university city. Officers to Be Chosen. Wednesday the session will con vene at 9 A. M. and will receive re ports of the various committees. Election of officers for the ensuing year will take place. The afternoon will be given over to social affairs including an entertainment for the ladies, of the party at the Eugene Country club. A visit to the Uni versity of Oregon will occupy a part of the afternoon. For those fond of outdoor sports a golf tournament has been arranged. Officers of the association who have directed its activities during the past year are: C. S. Hudson, First Na tional, Bend, president; N. U. Carpen ter, president Citizens Bank. Port land, vice-president; J. W. McCoy. cashier First National, Ashland, treas urer; John L. Hartman. Hartman & Thompson, Portland, secretary. able and cannot be used cither as basis of extending credit or the issu- 18 and the Valdez a few days later. The shipping board steamer Lake Fil bert, which has been detained at nono- nnce of federal reserve notes amounts ! lulu for ten days on account ofthe short to the tremendous sum of $600,000,000 daily, and that in nddltion thereto there is a similar frozen credit in the hands of the bankers of from two hundred to three hundred million dally, it is apparent that the banks of this country are extending credit to individuals, corporations and firms on checks deposited for their imme diate use to the extent of eight hun- ago of fuel oil. Is now en route to Puget bound, according to advices received by ! local agents last night. She sailed from Honolulu Friday. She has been assigned to the General Steamship corporation. which concern will load her for west coast ports. RANT FRANCISCO. June 13. (Special.) Early in May a "false alarm" fire was dis covered on the Bteamer west (.ape ana AO. 000 cases of oil were discharacd at Point dred to nine hundred million a day, 1 orient to permit an investigation of the for which, in many cases, srr. I! if any supposed blaze. The vessel was then rc compensation is received. "in a number of centers a very proper charge is made by the banks for interest in transit on this char acter of credit the reason being that there is absolutely no difference be tween discounting a man's note and discounting his indorsed check. "This form of credit is least under stood and the difficulties with which the federal reserve system and the bankers of the country have ' labored in their endeavors to meet this sit uation are not adequately appreciated by the merchants and manufacturers.' m Because of the death of its presi dent. Charles E. Ladd, the Equitable Savings & Loan association, at a spe cial meeting of its board of directors laet Friday, elected Edward Cook- ingham. president of Ladd & Tilton bank and for many years vice-presi dent and manager of the association. as president. Other officers of the association were advanced as follows: F. McKercher, vice-president and for many years secretary, was made first vice-president; C. W. Hayhurst, sec retary, was made vice-president and general manager; A. C. Cammack, assistant secretary, was made secre tary; R. A. Schramm, assistant sec retary, was made first assistant eec- retary;and F. E. Vrooman, auditor. was made assistant secretary. Since the first of the year 1920 the association has received over tl.600,000 in savings and other ac counts and has loaned over 11.200.000. It now has approximately $2,000,000 of loans and other assets. Pacific Coast Shipping Notes. SEATTLE. Wash., June- 13. (Special.) With temporary repalrl completed, the big Nippon Tusen Kalsha liner Suwa &laru, which was damaged In her upper works to v. the extent of JISO.OOO by a rire the night of May St. will sail for Japan Wednesday morning. The repairs were completed - yesterday. She will carry only 35 cabin passengers on the voyage across the Pa cific, her first-class accommodations hav ing been damaged badly In the fire. The second cabin and steerage accommoda tion! will b filled to capacity. On her arrival In Japan, the liner will undergo permanent repairs. After steaming approximately 300,000 . xnlles in the trans-Pacific trade of Se- attle, the liner Mexico Maru of the Osaka Shosen Kalsha is on her farewell visit to ,, Elliott bay. It is her forty-second visit to Puget sound in II years and in all that time she has run between the sound and the orient with a regularity that could not be surpassed. A carrier of 32.000 -" tons displacement, she Is to give way to the new Arlsona Maru, a steamship of 38 noo tons' displacement. First news of the Seattle and Sail Fran cisco cod-fishing fleets since their ar- - ' rival In Bering sea was received last night by W. J. E. Shields of the Pacific Coast Codfishlng company of this port. In a letter written at Ikatan, Alaska, by George CiroUe, employed oa ens oX the inuriori itid left here for Chemulpo on May 30, only to return three days later with her bteerlng scar out of order. An Investigation developed mat it woum be necessary to drydock the vessel to make the necessary repairs. In order that the vmrM ennld enter the drydock safoly, it was decided to discharge 5500 long tons of the vessel's cargo to raise the dr&tt or tne steamer 15 feet. The vessel will go Into the drvdock tomorrow, and it Is expected that the necessary repairs will be com pleted rapidly. Unless the way ana ttiver bosi owners association agrees to collective bargain ing and recognition of their union, tne walkout onWoo bay launchmen was threat ened todav. If the launchmen go out It ill result in a tie-up of ' nearly 400 launches here. Recently the launchmen ioined forces with the Marine Knglneers Association and are now members oi tnat organization. According to advices yesterday from Honolulu, the fuel oil shortage at that port is serious. Five freighters, the re port stated, are tied up for want of fuel. A report received here today by the ma rine department ot the chamber ot com merce, stated that the steamer Labre reached Honolulu today from Port San Luis with a cargo of oil. The vessel ar rival is expected to relieve the situation temporarily. The advices stated the vessels held up are: The HaleaKala, west Cactus, Editor. Yosemite and the I.ake Filbert. Com pleting her first round trip for the Stand ard Oil company the new tanker Rich- concal. Captain Zuvic, arrived hers today irom the south. After being held up by the British ad miralty during the war on suspicion of giving aid to the enemy and to determine her ownership, the steamer, Edna Is ex pected to arrive in this port Thursday The Edna was formerly the Mazatlan made Internationally famous following her exploits while under the ownership of Fred Jcbson. The vessel is owned by the Sud den r t-nnstensen company. COWLITZ AID IS DENIED E.NGIMiKRS OPPOSE DliUP- EMXK OF RIVER. - ' Coninacrce to Be Benefited Said Mot to Be Sufficient to War rant Expenditur.., Announcement has been made by .Lieutenant-Colonel J. R. Slattery. commanaing jne corps of army engi neers assigned to this district, tha in all likelihoodi the improvements in the Cowlitz river, from Ostrander to the mouth of the stream, asked for by tdwns along the river, will not b maq, tne reason tor the denial o the petition being that the district corps of engineers which surveyed th contemplated' project reported tha neither the present nor the proso'ec tive commerce to be benefitted is suf ficient to warrant the expenditure necessary to make the desired change in tne river Dea. The petition submitted by Ostrand er, Kelso and other towns asked tha the bed of the Cowlitz be deepened oy six leet. The interested towns affected ino report or tne engineer corps ma U. S. Xaval Radio Reports. (AU positions reported at 8 P. M. last night unless otherwise Indicated.) LOS ANGELES, Port San Luis for Van couver, 70 miles from Vancouver. MANOA. Honolulu for San Francisco, 727 miles from San Francisco. IMLAT, Port' San Luis for lianila. 700 miles from Port San Luis. WEST RARITAN, New Orleans for Yokohama, 67 miles west of San Pedro. STORM KIXG, with, drydock pontoon in tow, Seattle for Oakland, 334 miles Irom San Francisco. C. A. SMITH, San Francisco for Coos Bay, 253 miles north of San Francisco. J. A. MOFFETT, Seattle for San Pe dro, B20 miles from San Pedro. OLEUM, Portland to Oleum, 2S5 miles from Oleum. QUEEN, San Francisco for Seattle, 448 miles from Seattle. JOHANNA SMITH. Marsnfield for San Francisco, 187 miles north of San Fran- loco. ASTORIA. June 13. (Special.) Tne steam schooner Ryder Hanlfy arrived at this morning from Coos Bay and went to a Portland drydock for repairs. Laden with lumber from lirays tiaroor and Westport and carrying boilers from Portland, the steam schooner Johan Poul- sen sailed at 8 last night for San Fran cisco. Tha steam schooner Everett, from Port land via St. Helens, sailed at 3:30 this morning for Everett to load lumber. Carrying freight and passengers irom Portland and Astoria, the steamer City ot Topeka sailed at 3 today for San Fran cisco via way ports. After dischareinr oil in Astoria ana Portland, the tank steamer Atlas sailed at 9:30 today for California. After dlseharrin fuel oil in fortiana the tank steamer Frank H. Buck sailed at S o'clock for California. The Japanese steamer Vancouver Maru iled at 3 today for Japan with lumber and phosphate rock from Portland. Brine ns- fuel oil and gasoline tor t-ort nd, the tank steamer Argyll will be due tomorrow morning. WEST MAHWAH. San francisco tor Auckland. 11 miles ftom San Francisco. ! SAN JUAN. Balboa for.San ranclsco. 15 miles south of San Francisco. H ERNE LLNNTON, for Uaviota, arriving at Gavista. "'' IDAHO, Grays Harbor for Redondo. J5 miles south of San Francisco. EL SEGl'NDO, Point Wells tor ban rs- dro, 427 miles north of San Pedro. YOSEMITE. Port Gamble for san ran clsco, 30 miles from San Francisco. LOS ANGELES, Port San Luis lor Van couver. a-7 miles from Vancouver. E. H. METER, returning to San Jfran- cisco. . A. F. LUCAS, towins barge 3. wiu- brtdge for San Pedro, 457 miles from San Pedro. LYMAN STEWART. Seattle lor uieum. 250 miles west of San Francisco. WEST MORELAND, San wranctsco lor Honolulu. 30 miles from San Francisco. SANTA RITA, towing Pierre. Valparaiso for San Pedro. 1825 miles from San ran clsco. BRADTORD, Talava for Vancouver, miles south of San Francisco. EFFINGHAM. New York lor san reoro, 680 miles south of San Pedro. F.IJiHORN. Honolulu for San trancisco. 1110 miles from San Francisco; 8 P. M-. June 12. TRIP, Saigon for etna, miles irom San Pedro: 8 P. M., June 12. WEST MONTOP, San r-earo tor orient, 4R3 miles west ot Point Fermin; 8 P. It- June 12. ENTERPRISE, San Francisco for Hilo, 47 miles from San Francisco; 8 P. M-, June 12. ' PRESIDENT. Wilmington Tor faan r ran clsco, 217 miles south of San Francisco. CARONK. Seattle for Cuba, 4 mncs south of Ri(Siardson Rock. SAN ANTONIO. San Diego tor Han ran- clsco, 175 miles south of San 1- rancisco. HART WOOD, Grays HarDor ior oan Pedro. 169 miles south of Grays Harbor. GOVERNOR. Seattle tor tsan r rancisco. five miles south of Cape Blanco. ATLAS, Portland for Richmond, 000 miles from Richmond. ANNETTE ROLPH, Los Angeles for Vancouver, 405 miles north of San Fran cisco. WHITTIER, Oleum for Coos Bay, bar Bound off Coos Bay. PLENTY OF MONEY I FDR CROPS IS SEEN Credit Conservation, How ever, Held Need. i BANK HEAD GIVES OPINION Movements of Vessels. PORTLAND, June 13. Arrived at A. M. Steamer Westwind, from Honolulu; at 5 A. M.. steamer Rose City, from San Francisco; at 2 P. M., steamer Ryder Hanlfy, from Coos Bay. Sailed at 6 P. M. Steamer Klamath, for San FranciECo. ASTORIA. Or., June 13. Arrived at 3 A. M. and left up at 5 A. M. Steamer Ryder Hanlfy. from Coos Bay. Sailed at 3:30 A. M. Steamer Everett, for. Everett: at 9:10 A. M., steamer Atlas, for San Francisco; steamer F. H. Buck, for Mon terey. COOS BAT. Or., June 13 Arrived Steamer Tiverton, from Portland. SAN PEDRO, June 13. Arrived: Steam er Wahkeena, irom- Columbia river. SAN FRANCISCO. June 12. Sailed at 8 P. M. Steamer Dewey, for Portland, via Puget sound. SAX PEDRO. June 12.- Arrived Steam er Santiam, from iColufriblaricy. 'ASTORIA. Or., June 12--Arrtved at 4:50 and left up at 8 P. AJ. steamer' Westwind. from Honolulu. - Sailed at 5:20 P. M. Steamer Tiverton, for Coos Bay; at 9 P. M., steamer Johan Poulsen,- for San Francisco. SEATTLK, Wash., June 13. Arrived Steamers Toyohsshi - Maru,. from Hong kong: Adm-iral Rodman, from -southeastern Alaska; Admiral . Farragut, from San Diego: Cathorlno D.-, from Alaska ports Sailed Steamers -. Ural san Maru from Yokohama; Ranter for Corinto via San Francisco: Santa Ana, for southeastern Alaska; J-Ioraee X. Baxter, for San Pedro; U. S. S. Kl Aquarlo. for San Francisco. Tides at Astoria, Monday. ' High. Low. 11:30 A. M...S.9 feet I 5:11 A, M, .-0.4 foot 11:01 P. M...9.8 feet 4:68 P M.". 3.0 feet Colombia Riyer Bar' Report. NORTH HEAD. June IS. Condition at the bar at 5 P. M.: Sea. choppy; Wind, southeast. 3 miles. H. Sensenich Returns From Ex tended Trip Through Kast and to Conventions. If the banks of the country con tinue to -conserve credit there will be ample financial facilities for han dling the crop movement of the year, is the opinion of E. H. Sensenich, vice president of the Northwestern Na tional bank, who returned yesterday from a business trip east that has occupied more than a month. Mr. Sensenich was a member of the dele gation that attended the seventh na tional foreign trade convention at San Francisco, proceeding- thence to fnnadelphia and New York and visit ing most of the important centers of the Atlantic coast section in his trav els. Incidentally, he visited his old home in Lancaster county, Pennsyl vania, which he declares is the rich est agricultural county in the United States, a proud position which It has held in census statistics for several decades. Crop Outlook Favorable. "The crop outlook of the country is very favorable," said Mr. Sensenich. in speaking of the general conditions as ne observed them throughout his trip. Last month, when I traveled through the western states, the indi cations were that the farming sec tions had the seasonal work well un aer way. in some localities corn planting was later than normal, due to continued rains during April that delayed preparation of the ground, but everywhere there was confidence that the promise was good for crop yields. Montana was being soaked thoroughly the middle of last week after three dry years, and trie rrTToolt is for abundant crops and good range for livestock this year. "Money is in strong demand throughout the country. Credits are especially tight in the middle west, largely due to the car shortage and the consequent inability to liquidate loans. My observation is that money is probably easier in the Pacific northwest than in any other section of the country. It appears that the credit difficulties have been passed. If the bankers of the country con tinue to conserve credit for legitimate demands, credit facilities will be available for the movement of the crops of the coming season. Rates for money will no doubt be stiff throughout the year. Republican Victory Forecast, "I attended the foreign trade con vention at San Francisco, the annual convention of the National Associa tion of Credit Men at Atlantic City and the Washington Bankers' associ ation at Seattle, all of which were largely attended. It was surprising to learn how generally the feeling prevailed that republican victory is certain in November. It seems to be the general impression that a repub lican administration of national af fairs would mean, an era of great de velopment and prosperity. "While in Chicago I attended the first session of the republican con vention, which was an impressive occasion. uregon delegates took a prominent part, in which Judge Mc Camant was especially active and served on committee places with dis tinction. In fact, all' of the members of the Oregon delegation attracted favorable attention by their activitle d BOND OPPORTUNITIES EXTRAORDINARY , This list of Northwest Municipals is typical of the many which we own and ' v exemplifies the exceptional investment advantages of the present market. -Sia to 7 YIel ., GENERAL OBLIGATION BONDS - .-- 'American Bonds Exempt From All Federal Income Taxes . ' - ' Rate Maturity Price Yield 18,000 Aflington, City of, Oregon, Sewer 6 A&O 1940 100.00 6.00 3,000 Arlington, City of, Oregon, W, & L 6 A&O 1940 100.00 6.00 - 500. f Astoria, City of, Oregon 6 M&S 1924-36 100.00 6.00 " 1,000" fAstoria, City of, Oregon, Ser., No. 15 6 F&A 1938 . 100.00 6.00 500 tAstoria, City of, Oregon, Imp., Ser., No. 4... 6 J&D 1922 100.00 6.00 10,500 fAstoria, City of, Or., Imp., Ser., No. 24.. 6 M&N 1931-37 100.00 6.00 14,000 Buhl, City of, Idaho, City Hall 6 J&J 1931-39 100.00 6.00 40,000 Clarke County, Wash., Road (Donohue)... 5 A&O 1932-39 100.00 5.50 1,000 "Clatsop County, Oregon, S. D., No. 30 hVi, F&A 1929-30 100.00 5.50 13,000 Coos County, Oregon, S. D., No. 8..; 5 M&S 1930-40 100.00 5.50 16,000 Franklin County, Washington 5 A&O 1924-39 97.36 5.50 22,000 Freemont County, Idaho, I. S. D., No. 2. .. 5 J&D 1931-39 100.00 5.50 11,000 Grace, City of, Idaho, Light 6 J&J 1931-39 100.00 6.00 17,000 Helix, City of, Oregon, Imp 6 F&A 1932-39 100.00 6.00 2,500 tJacksonville, City of, Oregon 6 A&O 1930 . 100.00 6.00 60,000 Jerome County, Idaho, Hillsdale H. D 6 J&J 1930-39 100.00 6.00 16,000 Kelso, City of, Washington, Water 6 A&O 1935 100.00 6.00 . 46,500 fLewis County, Wash., Road (Donohue) 6 M&N 1921-30 ToNet 5.50. 500 tLinnton, City of, Oregon, Imp 6 J&J 1921 100.00 6.00" 8,500fMt. Angel, City of, Oregon. , 5V2 J&J 1925-35 ToNet 6.00 2,000 "Newport, Port of, Oregon . 5 J&J 1928 93.72 6.00 500 fOntario, City of, Oregon, Paving 6 F&A 1927-29 100.00 6.00 16,000 Power County, Idaho, Crystal Highway... 6 J&J 1930-38 100.00 6.00 31,000 Prineville, City of, Oregon, Funding 6 A&O 1932-40 100.00 6.00 2,000 "Roosevelt, City of , Utah 6 ' J&D 1938 100.00 6.00 4,000 fSeaside, City of, Oregon, Funding 6 J&D 1930-33 100.00 6.00 1,000 "Seattle, City of, Wash., L. & P 5 A&O 1929 96.39 5.50 1,000 "Seattle, City of, Wasll., L. & P 5 A&O 1935 94.85 5.50 5,000f Shoshone County, Idaho, Clarkia H. D 6 M&S 1933-39 100.00 6.00 2,000 "Springfield, City of; Oregon 6 M&N 1931 100.00 6.00 15,000 "Tacoma, Port of, Washington 5 F&A 1936-37 ToNet 5.50 55,000 "Teton County, Idaho, Road & Bridge 5Vi J&J 1931-36 100.00 5.50 .lOOftTillamook, City of, Oregon. 6 A&O 1925 100.00 6.00 5,000 tTurner, City of, Oregon 6 J&J 1944 100.00 6.00 4,546ttWapato, Washington, Water 6 M&S 1929 100.00 6.00 SPECIAL ASSESSMENT BONDS American Bonds Exempt From All Federal Income Taxes 5,000 "Buhl, City of, Idaho; Sewer Dist., No. 4... 7 F&A 1923-29 100.00 7.00 4,000 "Buhl, City of, Idaho, Paving Dist., No. 3.. 7 F&A 1924-29 100.00 7.00 4,700tGrandview, City of, Washington 7 M&S 1922-23 100.00 7.00 . 45,000 "Rupert, City of, Idaho, Sidewalk I. D., No. 4 7 F&A 1921-29 100.00 7.00 9,000 "Rupert, City of, Idaho, Paving I. D., No. 1 7 F&A 1921-29 100.00 7.00 2,600 fSeattle, City of. Wash., L. I. D., No. 3072. . 6 J&J 1921-30 100.00 6.00 13,000 "Soda Springs, City of, Idaho, Sidewalk 7 F&A 1922-29 100.00 7.00 26,000. "Soda Springs, City of, Idaho, Sewer 7 F&A 1921-29 100.00 7.00 2,000 St. Anthony, City of, Idaho,-Imp 7 J&J 1927 100.00 7.00 3,981ttVancouver, City of, Wash., Paving 6 Mar. 1921-30 ToNet 6.75 . Denotes $100 denomination, ft Denotes $200 denomination. -Denotes $rMM denomination. $ Denotes fractional bonds. 'Denotes filOOO denomination. Telephone or Telegraph Orders at Oar Expense. Morris Brothers ins .DokLA! Morris Bide. 309-11 Stark St Rt- Fifth and Sinh Cl-Turr , Telephone Broadway S1S1 of which all Oregon people should be proud." 1000-Acre Ranch Sold. ROSEBCRG, Or., June 13. (Spe cial.) One of the biggest realty dealt made in this county for some time took place Saturday, when the Jock son brothers of Douglas. Ariz., bought the Four C ranch of 1000 acres. Milroy Candidate for Judge.' TAKIMA. Wash.. June 13. .(Spe cial.) R. B. Milroy. Jtidge of the Yakima police court and a pioneer attorney here, contemplates becoming: a candidate for the republican nomi nation for superior court Jude. A woman teacher 'of the -Rocky Glen district school, near Elmdale, Kan., has had only two pupils the last term, but she has been getting a sal ary of $70 a month. . " Stocks and Bonds - of Any Description Bought and Sold - At Prevailing Market Rates. No Matter Where the Market. Liberty and Victory Bonds- and Unlisted Securities are given special attention. Herrin & Rhodes, Inc. STOCKS AND BONUH. Kfctah. 18D6. Ralln-ar Exchange Building. Members Chicago Board ot Trade. Seattle Portland Tacoma. UY OND With SO-CENT Your interest and principal will be returned to you in one hundred-cent dollars. The price of bonds varies inversely with the price of commodities. The former are now at their lowest recorded level, the latter at their highest. Some time in the not very distant future the trend will change, therefore if you invest in bonds now in stead of goods, you are getting much more than - your money's worth. You can place your money in the highest grade se- , curities, which normally pay only 5, but which will . now pay you 7 to 8. Ask for List T-ll Blyth Witter. & Co. UNITED SATES GOVERJHMEUT WONIOPAI. AKD CORPORATION BONDS YE ON BUILDING, PORTLAND San FranciscoSeattle New York Los Angeles - Ten Thousand Carloads of Products Are shipped out each year from the rich agricultural district, of which busy Twin Falls is the commercial capital. This fact was only one of many that thor oughly convinced us of the general excel lence of the issue of $400,000 City of Twin Falls, Idaho 1 Improvement Bonds . INCOME TAX EXEMPT Serial Bonds due in installments of $40,000 annually beginning July 1, 1921. Phone, write or call for full information. I 1 AL&&BJU U3 BONDS TRUSTS ACCEPTANCES Lumbermens Bids The Yield, the Purpose and the Security of Oregon Municipal Bonds appeal particularly to the far sighted investor who does not overlook the returns, the safety and accomplishment of his working money. Our lists contain just what will please you. ClARK. KENDALL 8 CO. INC. 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 Branches will be opened shortly in Central and South America and British West Indies. A Safe Investment Will Pay 50 or More If you have a few hundred or a few thousand dollars to invest in an absolutely safe proposition,, one in which you can't lose, then send for our cir cular and read all the particulars. The chance of a lifetime for only a few people. The offer closes in a few days. QUEETS TRADING CO., Hoquiam, Wash. riaHtriarti Money never tires It works 24 hours a day. 365 days a year if It is put to work. Exceptional op portunities exist for invest ment, for high-KraAe se curities are telling at. the lowest levels in years. It is not difficult to become an investor, even with a comparatively small amount of money, if it is well used. Write for our booklet. "Partial Payment Plan' i R i Secono Rooir Maim 4-6 NORTHWESTERN BANK BLDG. &u la- Efficient Property Management OUR varied expe rience in han dling the needs of clients, has equipped us with every needed facility to manage your prop erty with the highest degree of efficiency. Consultation Invited. istron$SNactiau$htcn ft -