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
-