Morning Oregonian., June 21, 1920, Page 19, Image 19

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THE MORNING OREGONIAN, 3IOND'ATr JUNE 21 192Q
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OREGON BAKKS HELP
TO DEVELOP STATE
Agricultural Needs Surveyed
and Work Undertaken.
SOME RESULTS ARE CITED
C. D. Rorer Gives Interesting Ad-
dress at Association Meet
ing in Eugene Recently.
Judged by the comment that has
been heard from Portland ban Iters the
Outstanding feature of the Oregon
Bankers' association convention at
Eugene last week was ..the report of
the agricultural committee, submitted
by C. T. Rorer, chairman. As an in
troductory to the report the chairman
made an interesting study of the
primitive conditions that obtained in
this part of the world for many years,
where the farmers suffered not be
cause of inability to raise crops and
produce livestock, but for lack of
markets.
As a result methods of agriculture
did not keep pace with the more ad
vanced districts of the country and
because of the Insular BituatiSn the
populace was slow to adopt modern
methods when introduced. Lack of
transportation lines made it neces
sary for the producers to trail their
livestock to the mining camps of
southern Oregon, northern California,
eastward to the pioneer camps of the
Coeur d'Alene and northward to Brit
ish Columbia.
Conditions Are Discussed.
Coming down to the period that
marked the termination of the period
that followed the panic of 1893, and
speaking of the conditions existing 15
years ago, Mr, Rorer said:
"Business in Oregon was suffering
with what might be called creeping
paralysis, superinduced, to my way of
thinking to a one-crop condition, an
over supply of town lots, too many
acres planted in orchard not yet in
bearing, an unwarranted increase in
the price of farm land; nobody farm
' lng the farms; nobody raiBing any-
thlngs to sell; every community send
ing out carload lots of boosting liter
ature; everybody falling over them
selves to catch the next eastern suck
er; the whole mess undigested and
fermenting on the stomach of the fel
low who was caught holding the sack
"Our big principal industry, the
lumber business, was barely alive and
that is about all you could say. The
little operators had long since been
shut out of the market. The big oper
ators were cutting their valuable
stumpage and milling it at a logs.
Business was rotten; the towns were
sick and the farms were sicker.
Situation la Analysed.
What happened then? Men grown
frrey in the affairs of business. Keen,
jar-seeing bankers and others began
to analyze the situation.' Further
more, some of these long-headed
business men set about to right .the
situation. They decided the young
orchards were not ready, quick
money, such as we needed at that
time. The .timber industry depended
more on a satisfactory market than
en assistance or encouragement the
communities frtlgnt give. What we
needed was newly and 'quickly created
wealth to bridge us over the then
period of depression. It takes five
to seven "years' waitiHg for a prune.
apple or pear tree to come into bear
ing and return wealth to the com
munity; it takes longer for the Eng
lish walnut. "
"The loganberry and other berries
could be made to produce more quick
ly, but at that time there was no de
pendable market. A chicken could
be hatched and raised in a few
months; a hog could be bred and born
and be ready for the market in less
than a year, and cows could be made
to bring in returns almost as quickly.
it is quite natural that a few far-see
ing men and a few keen bankers
, should see and realize that in this
programme was to be the cure for our
then existing ailment.
"There have been many factors at
work which tided Oregon over its
period of depression, up to the time
the war broke out, but I believe I am
safe ' in saying that, the cattle and
sheep of eastern Oregon, and the
hen, the hog and dairy cow of west
em Oregon am more to save our
'bacon' at a time when it needed sav
lng than any other one factor.
Jlarktt Conditions Changed.
"Are We going to stop? Are we
going to go back to a one-crop coun
try? Market conditions have changed.
We are not able to reach the markets
of the world without dried and de
nydrated fruits and vegetables.
"Our dairy products are in demand
at wonderful prices and we can mak
the finest cheese and furnish th
finest condensed milk in the world.
This is the most Ideal dairy country
on the race or the earth. This is th
.greatest natural breeding ground fo
all kinds of livestock there is on.th
continent. The demand for pure bred
livestock is in its infancy. The banker
who lends or his time and money 1
inducing and promoting the Increase
of more and better livestock is build
lng his deposit account for the future.
Are we going to put better and more
intelligent effort in getting behind
the big movement which will give
Oregon the soundest financial basis
that can be had? It means the dis
tribution of the risk, building up our
soil, the sure steady pull, something
coming in all the time.
Timber is our big natural resource.
Our shipyards, our canneries, our
fisheries and our factories are our
secondary lines of finanPlal strength,
but our agriculture and livestock in
dustry is the basis and foundation ofTcaJ., are also beine off- nttm
our wealth. I offering are 7 per cent warrant of
Bank's Policy Is Told- I Sao-amento and SaJt Joaquin
..c i, v,j uraraaga district selling at par
' ... u i,..b. , I lionds of the city of Toppenish. Wash-
state of Oregon who wobld Uk' th I?'1'1,4 7 pe' cenV bonda ''th
same keen, lively interest in agrl- " w "" " m yieia
cultural and livestock development I cent
as has been taken by your own
president, Mr. Hudson. Think of the I The Ladd & Tilton bank receives a
effect it would have on the financial I flattering commendation at its math.
improvement of our state. Think of J ods and Portland good advertising
the new wealth he has assisted in inrougn the reproduction Itt "System
creating for our commonwealth. Num- j of a page advertisement of the bank
bered among the activities of his I from The Oregonian, as an example
bank's agricultural department are 1 of good bank publicity. The reprc
these: His bank purchased ana ais- i auction is made a part of the double
tributed 35.000 pounds' of alfalfa seed page spread of the Alexander Ham.
at actual cost to 314 farmers," par- ilton Institute, 1ft the course of which
chased and distributed 142 bottles of I more than 40 of the employes of th
alfalfa Inoculation, Bumcieut lor ztuu i Dank are registered.
acres of alfalfa, organized the boys i
nd rirls' dIk- clubs, distributed soo j ow prices and high yields In
wa.i Iranian hfinklnta distributed 600 I northwest municinal bonda
booklets on 'Why cream tests vary,' to .be the features of the. market and
imported 3400 pounds of sunflower I according to a report, given out by
eed for silage, furnished Z5U0 doses I juorns srotners, Inc., these high-class
blackleg vaccine to his rrienos ana i securities are moving well.
ustomers gratis, purchased and tne mere is a strong appeal to the in-
tributed many head of purebred short- I vestor in bonds of Oregon, Washing-
orns and many pure bred rams, macie ton and Idaho communities, as they
an agricultural survey of 64 farms in are issued for improving sections of
central Oregon, ' promoted the first I th.. country in which there is large
Annual Central Oregon Banker- I general interest among people of the
Farmer Mixer, bought and distributed I entire northwest.
sulphur, assisted in increasing dairy! The patriotic satisfaction of the In
herds, furnished telegraphic livestock 1 vestor in knowing that the funds in-
market reports, held dairy and cream-I vested in bonds are going to further
ery meetings. I development of communities In which
There are some more bankers in I he or she is at least indirectly ran-
tne state wno are snowing a real in- i resented many times directly is an
erest in the development or ineiri added attraction to other features of
gricultural communities in the right I northwest securities, which at present
sort of close, helpful co-operative I include remarkably low purchasing
way. xnere is junn neimens iu price ana exceptionally high yields.
Klamath Falls sending out and bring- After all, every one takes pride in the
ng in pure bred snortnorn nuns ana i upbuilding of their own territory, and.
eirers ana selling tnem to tne Doys price and yield being equal or better,
SCHOOLTEACHER IS FINED
on long terms at low rates of interest
and there is D. W. Byre, president of
the United States National Bank, Ba-
em. Or., one of the pioneers with the
boys and girls in the pig club work,
nd there is John Humphreys and
Thomas Ryan of the Bank of Com
merce, Oregon City, sending to the
sle of Guernsey for a shipload of
Guernsey cows and heifers. That is
EUGENE, Or., June 20 (Special.)
Lee M. Travis, of this city, who is
a delegates to the democratic na
tional convention at San--EVnrl,nn.
constructive banking ability of the I says he will endeavor to have ln-
ntgnest order ana tne deposits ot aerted in the national platform a
their bank would Indicate that their It lank similar to that which v. 3
fforts are being rewarded. There Is I Adams, also of this eltv. waa inim.
also Alfred C. Schmitt, president of (mental In placing In the republican
the First National Bank at Albany, platform at Chloago. in reference to
nd there is Charles Hall and Dorsey
Kreltzer and the Farmers' & Mer
chants' bank, Coquille, down Coss bay
way.
investors, like other business people.
cave a strong leaning toward "horns'
industries.
Republican Flank Favored.
II. DICKIXSOX OP WIN" LOCK
DRAWS $5 0 PKNAJjTY.
Assault Charge Wa Oatgrowth of
Alleged Whipping Gtren .
8-Tear-oid Girl.-'
libera appropriations for construe.
tion of highways, bringing about a
reduction in transportation costs,
better marketing of farm products,
improvements in rural postal deJ
livery, as well as to meet the needs
Lane Dentists Elect.
Blyth, Witter & Co.. are offering
12,000,000 Miller & Lux, incorporated, I of military defense
rirst mortgage I per cent, ten-year
gold bonds. The bonds are ' se
ured by approximately 1,000,000 acres
of land and improvements, given
a conservative present value of more
than S50.000.000, and include 800,000
acres in 18 counties n California and
200,000 acres of land in Nevada, Utah,
Idaho and Oregon, 124,000 acres, in-
luding improvements and water
rights are located in Harney and Mal
heur counties in Oregon.
FOSSIL Or., Juna 2. fSpecial.)
jTH. Dickinson, superintendent ef the
Wlnlock schools, was indicted by th
grand Jury Wednesday on a- charge
of simple assault, pleaded guilty, and
paid a fine of 150, The case was the
outgrowth of trouble that started last
winter between Dickinson and Ed
Dodson, when Dodson is alleged to
have returned home from a short trip
and found his little 8-year-old daugh
ter suffering from bruises that, she is
said to have sustained as the result of
a whipping at the hands of Dickinson,
wno was in charge of the school.
Since that time the Winlock school
board has re-elected Dickinson in the
same capacity for next year with an
increase in salary.
The father, Ed Dodson. was not at
home when his daughter is said to
nave been punished, but upon his re
turn several weeks later became in
dignant when hearing of it. On Feb
ruary 4 last. Dodson saw Dickinson
go into the postoffice. While in the
postoffice, Dickinson. anticipating
trouble is said to have taken his
knife from his pocket, opened it, and
placed it back in his pocket open.
The evidence in the case developed
that Just prior to the trouble, while
Dickinson was in the postoffice. Dod
Son pulled off his coat and made the
threat that as soon as Dickinson came
ont of ths postoffice he was going
to give him "a Hckin'."
The evidence also tended to show
tnat ne approached Dickinson, ac
cused him of whipping his little girl
unreasonably and struck him. Dick
inson then drewhis knife and stabbed
Dodson three or four times. Dodson
getting away, started to run across
the street. Dickinson followed, and
ran him about, a block, where the
men clinched and were separated.
The grand jury found they were
both at fault and indicted each on the
charge of simple assault, and fined
each S50. Dodson also Dleaded ruiltv
and paid his fine. At the time of the
stabbing Dickinson was arrested on
the charge of assault with a danger
ous weapon and was placed under
fiooo bond to appear before the grand
jury.
which subject he haa specialised dur
ing ths past few years.
FEDERAL AID IS GRANTED
$138,000 Assures Completion of
Ocean BeacJr Higb-wray.
SOUTH BEND, Wsh., June 20.
(Special.) The granting of J138.00O
of- .federal roa-i- . money by Pacific
county commissioners recently' adds
assurance of tb- Ocean- Beach, high
way being completed" this year.
The necessity of this additional
money was revealed wnen xl. xj.
Goulter, who held the contract of
grading the right-of-way from Naaet
to a point near tieavlew, encountered
a large amount of rock. His esti
mate, it seems, was based upon the
removal of dirt. Since the handling
of rock nlaced' the work entirely
beyond what was appropriated, in the
$162,000 of county money voted two
months agov it was apparent that
unless other funds could be secured
the highway would have to remain
uncompleted for another season at
least.
The formal report of the committee
shows that 103 banks answered the
questionnaire sent out to 249 banks
outside of Portland The 25 Portland
banks received copies for their in
formation, but it was recognized lhat
they were hot so directly concerned'
as the banks of the remainder of the
state. The Canadian Bank of Com
merce, however, reported having
promoted a goat club which was
successful. The summary of the 103
banks gave the following results in
clubs of boys and girls organized:
Bank.
Pi it . 82
Sheep .6
fair 7
Pnultrv ..L 4
Pure-bred Blre , 7
Cow testinR til
Corn irrowinflr contests 18
A-lfaifa-clover firrowinK. ..............
Increasing dairy herds..., 22
The committee has established the
roll of hondr". list of.aU banks .en
gaged in the financing and promotion
of club projects, which is mailed to
every bank in the state. Activities
of th? committee brought responsive
interest from officials of the Ameri
can Bankers' association from whom
came a telegraphic) request for full
Information as to the work accomplished.
The First National bank of Port
land has Just Issued a 20-page book
let that contains a history or the
nstltution, founded in 1S65, and
which for 65 years has had an In
fluential part in the commercial de
velopment Of the city and Its tribu
tary territory. It contains interior
and exterior views ot the splendid
marble building nf the bank, informa
tion of value to the business man
and is a valuable addition to the
advetlslng literature that will ln-
tcrest visitors.
The national convention, American
institute of banking, which is an
organisation Of bank employes
throughout the United . States, will
hold Its 1922 Session n Portland.
according to a telegram received
Friday from the Portland delegation.
This will bring from 1500 to 2000
delegates to this city. A strenuous
contest for the 1S21 gathering took
place in 'he Boston convention be
tween Minneapolis and Los Angeles,
and Minneapolis won out. Had Los
Angeles been successful. It would
have resulted in defeating Portland
for 1922; hence indirectly, the scrim
mage between Los Angeles and Port
land, and the Portland delegates
carried off th1 honors.
a
Bonds of several progressive mu
nicipalities and counties of Califor
nia, Oregon and Washington have
just been purchased by Freeman,
Smith & Camp company, bond dealers
of Portland and San Francisco, and
are to be offered immediately to lo
cal Investors. An issue ot 13i,000
Improvement bonds of the city -of
Reedley, Cal., make a most attractive
lrt vestment. The bonds mature from
1821 to 1930 and are being sold to bet
investors 6 per cent. A large block
of bonds of Douglas county, Washing
ton, have also just been purchased.
bearing interest at the rate of 6 per
cent and wiature serially from 1911 to
1938. Bonds of the city of Sonoma,
EUGENE. Or., June 20. (Special.)
Lane county dental society yester
day elected officers as follows: Dr.
W. B. Lee of Eugene, president; Dr.
J.- D.' Tye of Eugene, secretary and
treasurer. Delegates to the state
convention In Portland this week are
Dr. W. E. Moxley of Eugene, and Dr.
E. W. Barnum of Harrisburg. and
the alternates are Dr. M. C. Harris
and Dr. W. B. Lee, of Eugene.
Sal U !
7T Y r'TZL" 1 1
RlDGEFIELDJiUILDS FAST
Big 3Iercantdle Establishment Will
-Construct Jfew Home.
RIDGEFIETLD, Wash, June 20.
(Special.) Ths mercantile building
of Mayor N. C. Hall, corner of Main
street and Pioneer avenue, is being
torn down In order to bolld the new
home of the Lents-Hurst mercantile
establishment.
With the new tank bulWlng, new
concrete garages, several new busi
ness buildings and 12 new residences
now under construction, Ridgefleld Is
one of the busiest town in this part
of the state. Several more buildings
will be erected as fast as material
and workmen can be secured.
Ale Message Station for Eugene
EUGENE. Or.. June 20. (Special.)
Authorisation to erect on top of the
federal building hers tho antenna of
the radio receiving apparatus to be
used in connection with the airplane
forest patrol, which begins here
June 25, has been received by the
postmaster from Washington, D. C.
and the work of installing the appa
ratus will ' start at one it Is an
nounced.
Father O'Hara to Locture.
EUGENE. Or.. June 20. (Special.)
-Father OHara, the new priest
St. Mary's Catholic church, who was
recently transferred here from Port
land, left today tor New York city,
where he will attend the .annual
meeting of the Catholic Educational
association. Father O'Hara will de
liver an address on social and relig
ious prohlomH In rural districts, upon
' En gene Ros Show Abandoned,
EUGENE, Or., June 20. (Special.)
Plana for Eugene's annual rose
show have been abandoned for this
year. It was to have been held last
week but the rain interfered and
now that commencement week at the
university is on and there will be
other activities following. It was de
cided not to hold the show this year.
Phone your want ads to The Orego
nian, Main 7070, Automatic 660-95.
NEW ISSUE
$12,000,000
Miller & Lux, Incorporated
First Mortgage ,
7 Ten-Year Gold Bonds
I Ml
l-r -J & ii- ' - Of
111 1 !:. .," $
I I I iu
111 : -
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19 1
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SHWNERS, THRICE
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ICE WELCOME. :, . j
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Dated June 15, 1920
Due June 15, 1930
Authorized $15,000,000; to be presently outstanding $12,000,000- ' Interest payable June 15th
and December 15th. Coupon bonds of $500 and $1000 denominations, with the privilege of regis
tration as to principal. Callable as a whole or in part during the. first three years at 101; .
during the next two years at 102 and thereafter at 102.
Bank of California, National Association, San Francisco, Trustee.
Application has been made to the Superintendent of Banks to certify these bonds , a legal
investment for Savings Banks in California. '
SECURITY '
These bonds will be 'secured by approximately 1,000,000 acres of land and improvements of a
conservative present value in excess of $50,000,000 as follows: "
(a) Approximately 800,000 acres of land with water rights and improvements in California
belonging to Miller & Lux, Incorporated, on which theee bonds aro, an absolute first mortgage, and
(b) Approximately 124,000 acres of land, with water rights and improvements in Harney and
Malheur Counties, Oregon, and 75,000 acres of land in Nevada, Utah and Idaho, owned by the
Pacific Livestock Company, a subsidiary of Miller & Lux, Incorporated. All of the capital Stock
of the Pacific Livestock Company will be deposited with the Trustee Under the Trust Deed securing
these bonds, together with a covenant that no lands of the Pacific Livestock Company -will be
mortgaged during the life of these bonds. - , , '
The above lands were valued by the Commissioner of Internal Revenue of the United States,
for inheritance tax purposes, at more than $30,000,000 as of 1916.
The quick assets of Miller & Lux, Incorporated, and the Pacific Livestock Company, consisting
of cattle, sheep, hogs, horses, grain, nay, meat products and accounts and bills receivable, as
shown by the consolidated balance sheet as of . December 31, 1919,-are in excess of $15,000,000.
PURPOSE OF ISSUE '
These bonds are to be iesued to provide funds to retire all of the outstanding bonds of Miller & Lux,
Incorporated, amounting to approximately $8,000,000 p.ar value, and for other corporate purposes.
We Offer
The Dalles, Oregon
6
General Obligation Paving Bonds
Dated June 1, 1920
Due Serially June 1, 1934-1937
Denomination $1000
Prices According to Maturity
To Yield 5.75
Free From Income Tax
iRALPH SCHNEELOCH COMPANY
!njNrcrfiM.ANO corporation fdtAncb
. cjUMBfcAMCNa imloat
PROTECTIVE PROVISIONS
The Trust Deed securing these bonds will provide that there must be paid into a sinking fund
upon the sale of any lands, including lands of the Pacific Livestock Company, an amount equal
to 75 of the net sale price, but not lese than 60 of the valuation of such lands, as shown in
the above inheritance tax appraisal.
The Trust Deed will also provide that the net quick assets of Miller & Lux, Incorporated, and
the Pacific Livestock Company, shall be maintained during the life of these bonds in an amount
equal to at least 50 of the par value of bonds of this -issue outstanding.
Authorized, but unissued treasury bonds amounting to $3,000,000, will be held for future needs
of the company. Issuance of these bonds will be restricted by Customary provisions in the Trust
Deed, among which is certification by the Superintendent of Banks that the treasury bo"nds, when
issued, will be a legal investment for savings banks in California.
All legal details incident to the issuance of these bonds will be under the Supervision of our
attorneys, Messrs. Pillsbury, Madison and Sutro, San Francisco,, whose favorable opinion will b'e
furnished in due course. - A
Temporary Certificates, issued by the Bank Ot California, National Association, San Francisco,
will be ready for delivery on or before July 1, 1920.
Application will be made to list these bonds on the San Francisco Stock and Bond Exchange.
Price: 100 and Interest, Yielding 7
Blyth, Witter. & Co.
UNITED SDSTES GWEXHME.Tr KUNICIPAI. ATfD CORPCBvMIOK DOKD3
Sa Francisco
YEON BUILDING PORTLAND, OREGON
Telephone, Main 3304 V "
Seattle New" York
Los Angeles
The above statements and statistics are derived from official sources, or those which we regard as
reliable or are carefully estimated. We do not guarantee them, but believe them to be correct.
O YOU who Have just journeyed to tEe'
Oasis of Portland, the house of Morris
Brothers, Inc., extends a sincere jvel-
A biff- establishment, ecraitroed witH facili
ties by means of which we handle a "turn
over" of millions annually, giving service to
. hosts of investors, is at your command.
Make of this an oasis within an oasis f orv'
yourself and friends. m f
Drop in any time and use our service sys
tem, built through more than 27 years in th
bond business.
Should you have need to get in touch" witK
your investment banker, feel free to call upon
us for assistance.
MORRIS BROTHERS, Inc.
The Premier "Municipal Bond House
Morris Bldg, 309-11 Stark SU Bet. Fifth and Sixth
Telephone Broadway 2151
i-.
i
- !
If Your Checking
Account
is at the "Broadway you are
not annoyed with service
charges and collection on out-of-town
checks, whether your
account be great or small
A BOND of High Character, High Yield,
and secured by an improved district in
one of the wealthiest and most substan
tial cities of Idaho.
compounded eeml-annuallr. will
be paid on your
SAVINGS ACCOUNT
Broadwar d Stark.
Valuation
DO YOU know
or do you
think you know
the value of that
property.
We have the
facilities for de
termining its
true worth.
Experience is
an expensive
teacher.
frond Mr Nai?4hrn
oarvAHo(jCoKTT BoilOttCfJOtOON If
ira
J
Stocks - Grain - Cotton
(Stocks Listed New York stock
Xxcbens.)
IttEDtCKD COMMISSIONS BMAtX
J1BPOSIT9 LIMITED LIABILITY. ,
Chas. R. McLain
Brokerage Co.
Dearer. Colo.
Allen Bros. Co.
Portland Corraeavadeata.
!lt Cham. Com. Bide. Trhoae fll-l.
INCOME TAX EXEMPT
7 Improvement Bonds
r
City of r
Twin Falls, Idaho
nnla a4iA In Biinn til i Tnf all mTt tm Katttrrf-ftTiln-ar JTnlv 1 111
PRICE 100
TO NET
i ?v ......... ., ,.
mini inu qn)wmfrmm'TrKTm S
t v j. .-r.w' -"J "fi"
7
We recommend this isfrae with
out reserration. Orders by
wire, phone or letter accepted.
aWifaAlirriJai-il
-ast- - i
mr ilvii'Tm wimini.mr- imm ii ai
Partial View of Business Section of Twin Falls, adjoinin
District That Is to Be Improred in Same Substantial Way.
iltlOT
Ofi
BOND S TRUSTS ACCEPTANCES
Lumbermens Bids
Trade With the Orient
''With correspondents ef the highest Btanding 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 Berve the interests of the grow-
ing traue wiin vne uneui. j
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. .
t
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