Morning Oregonian., August 16, 1920, Page 13, Image 13

13
THE MORNING OKEGONIAN, MONDAY, AUGUST 16, 1920
V
STOCKS UPSET MMN
BY EXCHANGE SLIDE
inancial Condition of Coun
try Is Unchanged.
-
. VV to
$1 . I
Im
f 'Sil
" ' "PI
3
3
SPECULATION FALLS OFF
Millions of American Capital Xow
Held in Deposits - in Banks
of Foreign Countries.
Further unsettlement of the stock
market In New York has been caused
by continued depresseion ln foreign
exchange and developments in the
Busso-Polish situation.
But the financial conditions in the
United States have changed little" a
to the whole country during several
months. Notwithstanding initial steps
by the federal reserve board to retire
outstanding notes, there has been no
material reduction in the volume cir
culating.
Tightening of credits by the banks
has had a wholesome effect in confin
Ing operations to legitimate commer
cial business and has had a tendency
to discourage speculative activities
that had grown to large volume dur
lng the period of expansion of the
past 18 months.
Investors in foreign exchange have
teen disappointed in the slow process
of recovery, especially the large num
ber of investors who took the ex
change in the hope-of speedy restora
.tion to higher levels that would en
able them to realize large returns
Millions Deposited Abroad.
Millions of dollars of American cap
ital are now held in deposits in the
banks of foreign countries, deposited
until such time as the depositors may
Iind it to their profit to again con
vert it Into American exchange. The
f." "'Kl.-J i,wi'M n-i.wBiy J', "-I ii . m i I'-wikJwwi
E,4 - t'Q
u v- - . -
f -i " T 2'
FARM HEEDS TO BE TOPIC
Ilium H. Talbot, Captain Hammer, 5T days 1 1200 miles from San Pedro at 8
from the Solomons, with 874 ton of copra I August 14.
M-.
AGRICULTURAL CONFERENCE
CALLED FOR, AUG. 20-21.
Meeting at Salt Lake City Is Ex
pected to Draw Large At
tendance From Coast.
For the purpose of taking up the
vital nroblems confronting the neri-
j cultural industry, a conference has
been called at Salt Lake City, Utah,
August 20 and 21, in the Hotel Utah.
The American Farm Bureau federa
tion is calling the conference at the
request of the state farm bureau fed
erations and representatives of the
agricultural extension service in
Rocky Mountain states and a large
attendance is expected from the
Rocky. Mountain and Pacific coast'
sections. -'At
the conference special attention
will be given to problems of the farm
ers in each of the different northwest
districts. Details and methods of or
ganization of county and state farm
bureaus and co-operation with the
state colleges of agriculture will have
an important place on the pro
gramme.
This meeting Is of vital Import
ance and every state farm bureau
president and secretary is urged to
arrange a large attendance of county
farm bureau officers and state feder
ation officers," says a letter sent out
by J. R. Howard, president of the
American farm Bureau federation.
SCEXE FROM RUPERT HUGHES' "SCRATCH MY BACK" AT MAJESTIC.
makes the husband Jealous and atl
sorts of complications ensue until it
TODAY'S FILM FEATURES.
Rivoll Blanche Sweet, "The
Girl in ihe Web."
Star Mildred Harris Chaplin,
"Polly of the Storm Country."
Columbia Hobart Bosworth,
"Below the Surface."
Peoples B r y a n t Washburn,
"The Sins of St. Anthony."
Liberty Charles Ray, "Homer
Comes Home."
Majestic T. Roy Barnes,
"Scratch My Back."
Circle Lewis Sargent, "Huckle
berry Finn."
Globe Olive Thomas, "Upstairs
and Down."
s discovered that the husband was
told all about the dancing escapade
by his father-in-law before the marriage.
present approximate buying power of'
a dollar in foreign exchange is as fol- T rAURlCE MAETERLINCK, the
lows: 13.42 French francs. 12.5 Bel- l Belgian poet, the author of
gian francs, 4.76 bwedish kroner. 6.45 1 ..-. "The Rlue Bird" and other
Norwegian kroner. 19.41 lire. Italy; ciaBRiri,. 8-t his seal of aooroval on
the acting of Helene Chadwick, who Is
BO Czecho-Slavla kroner, 74.04 Jugo
SlHvia. krnnflr Htrman mark
The English pound sterling is worth Playing the leading feminine role In
$3.70. I "Scratch My Back," now showing at
But it may be that the situation in I the Majestic.
Poland Is serving to clear the atmos- I Miss Chadwick has a part in the
phere and that when the political I Rupert Hughes story that gives her
complexities are adjusted, as must be many opportunites for both coniedy
eccomplished sooner or later, the way land emotional acting. She is a pro
will be opened for getting the idle fessional dancer who marries -an
population of central Europe back to I American consul.
production of food, manufactured Years after, while her husband Is
goods and pursuits of peace may sue-I awaiting a diplomatic appointment.
ceed the war that has rent the conti- her former dancing master finds her
nent for six years. land tries blackmail. He has photo
So long as war conditions continue graphs of her in dancing costume
millions of men are kept out of pro- and. worst of all. she has never told
ductive work, enormous amounts of her husband of a dancing escapade
food, clothing and treasure are wasted Hut while she is at a theater her back
and expenses of all of the allied gov- begins to itch and, of course, she can't
ernments are kept greater than can scratch it in public, and a daring per-
be raised through ordinary channels I so" named val Komney, who sits be
of taxation. hind her and sees her trouble,
Currency inflation and abnormal scratches it for her.
wages and living costs are natural re- Sne decides he is just the man to
suits. In France the cost of living help her out of her trouble. Of course
has increased 400 per cent and the he worsts the "professor" but he
situation is worse in Italy and Ger-
many, with increased living costs es
timates at 800 to 900 per cent in the
latter country. Peace would mean de
cline in living costs, curtailment of
government expenditures for war and
increased production all directed to
supplying civilians with necessities
of life.
The State BanYc of Portland be
lieves thoroughly in the American In
stitution of Banking, which gives
every bank employe a chance to im
prove his or her qualifications for
higher banking responsibilities by at
tending classes of instruction. Last
year, largely through the efforts of
A. H. Herndobler, every employe of
the Mate bank was a member. This
year Mr. Herndobler has been made
chairman of the membership commit
tee and will conduct a drive in Sep
tember to make every bank in Port
land 100 per cent in membership.
to Burns, Philip & Co., and the schooner
Repeat, which now flies the French flag,
74 days from Papeete, with '410 tons of
copra and 33.000 cocoanuta also consigned
to Burns. Pblilp & Co.
Th Standard Oil company's tanker Roy
al Arrow, Captain Harding, which arrived
today from Beaumont, Tex., will be dry
docked to ascertain the extent of propeller
trouble. In coming out oC Beaumont the
steamer is believed to have struck a sub
merged object. The Royal Arrow is des
tined for the orient with 11.444 tons of oil
which she will have to discharge before
going on dry dock.
In the volume of traffic passing through
the canal and in .the amount of tolls col
lected the Panama waterway during the
fiscal year from July 1, 1010, to June SO,
1920, shattered all previous records, ac- 1
cording to advices received by the marine
department of the chamber of commerce.
A total of 2479 ships passed through the
canal in that period, paying more than
a total or $8,000,000 for the service.
The Peterson tug Tatoosh, Captain Bar
ker, returned today from San Pedro after
nnlplr tnw annth with thu former K h i o -
the ' P'n" hoard training ship Iris. The Tatoosh
U1U3 lite UUHU W 1 IUDLMU u V auw. " "I
bringing a nice lump sum to the oper
ators. The Iris was recently purchased
by Swayrve & Hoyt for J96.100.
The little British whaling steamer Port
Saunders, Captain Olson, which left Sat
urday, returned on account of trouble
with her engine.
The Pacific Mail freighter Point Bonita,
Captain Porta, formerly of the Great
Northern, did not get away for Baltimore
via the lower coast until today because
of the fog bank across the heads.
The Standard Oil tanker Dlllwyn, Cap
tain Bridgett, wnich arrived late Saturday
an days from Paulsboro via Tamplco, had
80.000 barrels of nantha.'
With general eastern cargo, trie pacific
Mail freighter Point Judith arrived this
afternoon xrom Kaltlmore via tne canai.
The heavy blanket of fog caused by ex
cessive heal. In the interior still hangs over
the Crolden tiate. forcing an vessels to
either delay crossing in or out or to
proceed with extreme caution.
Screen Gossip.
William J. Burns, head of the fa
mous detective agency which bears
his name, while visiting Los Angeles,
expressed a desirrs to visit Universal
City and was escorted to the film
capital the other . day by Chief of
Police Home and Stephen Connell of
the United States department of Jus
tice. He thoroughly enjoyed his visit
gave Tod Browning a few pointers
for his current production, "Outside
the Law," in which Priscilla Dean 1
starring, and told Lyons and Moran
that a fight they staged for a scene
in "Once a Plumber" was the liveliest
scrap he had witnessed in some time.
Fatty Arbuckle, having finished
'The Traveling Salesman," will next
be the pivot of a film version of
Brewster's Millions," with Betty
Ross Clark as leading woman.
Dagmar Godowsky has been cast
for the role of the oriental dancer
in a forthcoming Universal feature,
"Black Friday."
Naomi Childers, Goldwyn actress,
is related to Justin McCarthy, play
wright, novelist and poet.
,
At the conclusion of his current
contract with Vitagraph, Larry Se
nton will probably form his own pro
ducing organization and release his
pictures through First National or
United Artists (the Big Four).
Barbara Bedford, Maurice Tour
neur's "find," who is to play lead
ing roles in Associated Producers'
pictures, inherits, her father's profes
sional ability, that of designing. She
conceives her own gown creations for
social and screen wear.
PORT TOWNSEND, Wash., Aug. 15.
(Special.) The steamer Iconium sailed
this morning in the service of the Pacific
steamship company. She carried a lull
cargo of general freight. She is bound
lor Singapore and way ports in the orient.
The JananeRe-bullt steamer Eastern Sol
Under the auspices of the Multno-I dier. a 10,o0Qton vessel. Is being con
mah county farm bureau, a series of I verted from a coal burner to an oil burner.
. . . ... I n.n.l. ..- i M V. ..mnlal.il mn b.a .tt n
poultry meetings ana culling clemon-
POULTBY TO HAVE INTEREST
Calling Demonstrations Are Slated
for Coming Week.
stratlons will be held this week, be
ginning Tuesday and extending
through Friday. Professor H. E.
Crosby, poultry , extension specialist
of the Oregon Agricultural college.
T.'ill conduct the demonstrations. All
nterestcd poultrymen are invited to
attend.
Tuesday morning, beginning at
9:30 O'clock, there will be a culling
demonstration on the Multnomah
county farm, and at 8 o'clock Tues
day evening there will be a general
poultry meeting at. Gresham library.
Wednesday's programme will inc.ude
culling demonstration In the morn
ng at the J. O Donnell farm, near
Gresham, and another demonstration
n the afternoon at the C. Campbell
farm, Springdale. On Thursday there
will be a morning demonstration at
the D. T. Williams farm near Pleas
ant Home, and in the afternoon at the
Taylor farm, a mile south of Linne-
raann station. On Friday morning
the demonstration will occur at the
Frank Snuffin place and in the aft
ernoon at the Frank C. Schroeder
farm, near Kendall station.
to make security prices higher. The
soundest thing people can do today
is to 'nvest their earnin'gs in long
term bonds and hold them, because
no v it is possible to receive an in
terest return unheard of a few years
ago and which may be impossible to
btain a few years hence. By buying
long-term bonds every 50 cents in
vested today will bring about 75 cents
or more of purchasing power long be
fore the bonds actually mature.
Last Thursday evening the officials
and employes of the Dundas-Martin
Co. met for a programme of entertain
ment, addresses and exchange of in
formation at a banquet In the crystal
room of the Benson hotel.
Twenty-five. Portland salesmen
were present with about an equal
number of guests and K. G. Grant,
sales manager, acted as toastmaster.
A. L. Dundas, president of the com
organization of a foreign trade fi
dancing corporation on lines endorsed
by the American Bankers' association
the territory served is estimated at
157,00.
Transportation facilities are unusu
ally good, the territory being served
by the Northern Pacific, the Union
Pacific, over the lines of the Oregon-
wasnington Railroad & Navigation
company, the Chicago. Milwaukee &
tat. Paul and the Great Northern rail
ways, together with their controlled
local railways and by the steamers
operating on the Columbia river.
xne management of the company
is able and experienced and the prop
erties nave been maintained in ex
cellent physical condition. The rec
ord of hydro-electrio power compa
nies for successful operation during
the trying period of increased oper
ating costs is rather remarkable and
appears to Justify the high credit
standing of the securities of these
corporations.
The proceeds from the sale of the
first lien and general mortgage
per cent gold bonds will be used to
reimourse tne company for exten
nanv: John Annand. vice-president
The following conferences on the ! of the Western Finance corporation;
Dr. R. M. Ross, manager of the Pa
cific States Securities .company; F.
N. Clark. vlce-Dresident of the Stra- I i ..i .jji.i.."." .
held between a special committee ap- I divari Phonograph company, were the for other corporate purposes which
pointed by President Richard S. principal speakers. Major T. C. Mills Bhou,d reflect materially greater
wca u i. ljihi. usui;iaLiuii ana rep- spuKe ewterLitiiiiiiB ' t
lesentatlvcs of other national organ-) May Dearborn tcnwab or new iorit
nations interested In the mainte- I delighted the banqueters witn ner so
prano voice, singing several ..-selections.
G. F. Martin gave' a concise
review of the progress of the com
pany, with data as to the various cor
porations financed since its lormation
1918, with aggregate capitaliza
tion placed of 3,6 1 a.ouu. ana toia
something of the big things that are
to be handled in the immediate fu
ture. The Dundas-Martin, company
now has offices in 17 cities and is
nance and development of America's
foreign trade, the administrative
committee of the American Bankers
association nas juBt adopted a reso
lution noting with approval and sat
Jsfaction the development of the as
sociation's policy in the plan for the
formation of the corporation and urg
lng as essential to its success the ac
ceptance by John McHugh of New
Tfork, chairman of the association
commerce ard marine committee, of preparing to extend its operations to
the position of chairman of the board the middle western and Atlantic coast
cities.
Of directors of the corporation.
The capitalization of the corpora
tion may be $100,000,000 and the tenta
tive date for its organization is Jan
uary 1. 1921. It is announced that in
the board of directors adequate rep
resentation would be given stockhold
lnAreDta f .... a A. ...Annl 41.
tribution of' stock being carefully PACIFIC COMPAXY OPERATES
PfiWEH BONDS OFFERED
kept in mind in this connection, as
well as the co-operative effort of any
affiliated national organization, the
Idea being to have representation on
the board of directors reflect stock
subscriptions in various sections, and,
due regard being had to other na
tional interests, to have the foreign
trade interests of various sections of
the country given special attention
by the corporation proportionately to
the absorption of the corporation's
debentures in those sections, the pro
cedure being obviously in the line of
encouraging thrift and production.
a
The price paid for the state high
way bonds and the rapid sale of the
recent United States Rubber com
pany loan indicate a much better
market for bonds and other secur
lties than existed a month ago, ac
cording to Freeman, Smith & Camp
company, bond dealers of Portland
and San Francisco. The bond dealers
generally agree that all indications
point to increases in prices of se
curities. The price paid for $1,500,000
highway bonds recently was 1.62
. points more than for similar bonds
a month before. With the advance in
price of government or Switzerland
bonds. Belgian government bonds and
3. O. Armour & Co. notes and with a
steadiness of price for liberty and vic
tory bonds, prices are coming out of
the cellar, according to tne dealers.
The company sold a large block of the
city of Reedley, Cal., bonds before the
Issue was actually taken up, and they
report very heavy orders for tha
Binclair Consolidated 74 per cent
gold notes. They have also taken de
livery of an additional block of bonds
of the city of Toppenish. Wash., and
the city of South San Francisco, yield
ing 7 and 6 per cent, respectively
A new block of Douglas county and
Yakima county. Wash., bonds are be
ing offered to net investors per cent.
"Although commodity prices are
high today," says Mr. Freeman of the
local office, "sound investments are
cheap and conditions that go to make
IX GROWIXG TERRITORY.
$1,000,000 Issue, to Yield High
Rate, Will Be Handled
by Local Firms.
One of the most important recent
sales of a large block of securities
of a local industrial enterprise is
that of $1,000,000 first lien general
mortgage 8 per cent , gold bonds of
the Pacific Power & Light company
The entire issue was purchased by
Blyth. Witter & Co.. of Portland, to
gether with Langley & Co. of New
York. These bonds will be oilered
to the public today by a local syn
dicate at a price of 98, to yield
the investors a return of 8 per cent.
The Pacific Power & Light company
was incorporated in 1910 by the con
solidation of several established prop
erties, owned in fee, some or wnicft
have now been in successful opera
tion for 25 years. The company s
business is conducted without com
petition and under satisfactory fran
chises, in the states of Washington
Oregon and Idaho, in an agricultural
industrial territory, which in the past
ten years has shown a growth of
approximately 61 per cent In popu
lation. Among the communities served
are Walla Walla, Yakima and Van
couver, Wash.; Astoria, The Dalles,
Pendleton and Hood River, Or., and
Lewlston, Idaho. .
The cities and towns in which the
company operates, except Astoria, Or.
are located in prosperous and grow
ing agricultural and horticultural dis
tricts of Oregon, Washington and
Idaho. Business at Astoria depend
largely upon shipbuilding, shipping
lumber ana salmon fishing,
The population of the towns served
by this company, acoording. to th
1900 census, was 40,512, and according
to tne laiu census was 97,517. In
eluding an estimated rural population
commodity prices will conversely tend of 4000, the present population of
Pacific Coast Shipping Notes.
SEATTLE, Wash., Aug. 15. (Special.")
Seattle's first steel steamship launch ins
this summer will be staged Wednesday
evening at 7 o clock when the East Vater
way plant of J. F. Duthle & Co. will send
the 2250-ton steamship Grtffco down the
ways for Jame Griffiths & Sons,' pioneer
shipping: house or feeattie.
With more than 5UU passengers, lnciua
lng cannery employes from the Carlisle
Packing company s plant at the mouth or
the Yukon river, the cannery of the Sock
eye Salmon company In False Pass, and the
crew or the northwestern t lsneries com
pany's plant in N'aknek, Bristol bay, the
Alaska Steamship company's liner Victoria
is expected In Seattle next Wednesday
from Bering. sea.
To load 100,000 feet or lumber at the
Schwager-Nettleton mill, to bunker and
take aboard 75 recruits from the West Se
attle training station, the United States
shipping board's marine training ship
Brookuale arrived in Seattle this morning
from Belllngham. The vessel loaded
1,000,000 feet of lumber In Bellingham and
as available cargo was not sufficient to
complete her shipments, she came to Se
attle to complete. ,
Struthera & Dixon's trans-Pacific steam
ship West I vis is due her September 3
with a cargo or oriental products. She
will be followed to Seattle by the West
Ison. arriving here the latter part or Sep
tember. Captain Archie McKay, former
Alaska navigator, who joined the Seattle
fleet of Struthers A Dixon early In the
year as master of the steamship West
Jessup. was appointed port captain here
last week.
Succeeding Captain R. Paulson, who has
retired from the sea. Captain John Grif
fith, former Seattle navigator, who has
been a government pilot on the Panama
canal for the last three years, has been
appointed master of the Pacific Steam
ship company's steamship Curacao by.
yice-president and General Manager
Haines. Captain Griffith came tip to Se
attle recently on a biennial vacation from
the canal zone.
This work will be completed so she can
begin loading general cargo August 24
for New York, in the service of the Gen
eral Steamship company.
Edward McConalogue, northwestern traf
flc manager for the company, has been
transferred to San Francisco as traixic
manager. Offices have been opened in
Portland and will be In charge of K. C.
Devine, who has been called with the
shipping firm of W. C. Dawson in Seattle.
The steamer West Notus finished load
lng nearly 4,000,000 feet of lumber at
Port Ludlow today and will clear tonight
for Buenos Aires.
A report was received here today ot
the death of Captain Charles W. Ames,
tne of the best-known shipmasters on the
Pacific coast.' He was in command of
the United States Australian Mail steamer
Bell Buckle. His death took place at
New Castle, New South Wales. Captain
Ames has been in command of steamers
operating on this coast and Alaska dur-
ng the iast 40 years. During the Span
ish-American war he was in command of
the United States transport Hancock, car
rying troops and supplies to Manila. At
the beginning of the world war, he was
in command of a shipping board steamer
operating across the Atlantic
The schooner Resolute completed her
crew yesterday and was towed to sea this
morning en route to Melbourne with 854,-
000 feet of lumber loaded at Bellingham.
When the steamer Fred Baxter, now
en route, arrives from San Francisco she
will pa?s from the ownership of the
Charles Nelson Co. to the Coastwise Steam
ship company. She will be operated in
the coastwise timber-carrying trade. Other
steamers will be placed In the same serv
ice as soon as business will justify. Ter
minals for the vessels of the new com
pany will be at Seattle and Tacoma.
EASTERN IMPORTER. San Francisco
for Honolulu, off Point Bonita at S P. M..
August 14, .
MAUI. Honolulu for San Francisco. S51
miles from San Francisco at 8 P. M..
August 14.
CUBA, San Francisco for Honolulu. 32T
miles from San Francisco at 8 P. M.,
August 14.
DILWORTH. Honolulu for San Pedro,
1514 mi Us from-San Pedro at S P.
August 14.
WEST NILUS, Honolulu for San Fran
cisco, 449 miles from San Francisco.
KLAMATH, San Pedro for.6an Fran
cisco, ten miles from San Francisco.
WH1TTIER, Port San Luis .for Oleum,
139 miles from Oleum.
VICTORIA. False Pass for . Seattle, 673
miles from Flattery.
LIBBY MAINE. Bristol Bay for Seat
tle. 90 miles from Tatoosh.
HORACE BAXTER. Eagle Harbor for
San Francisco. 84 miles north of San
Francisco at 8 P. M., August 14.
EASTERL1NG, New York for Yoko- 1
hama, 211 miles west of San Francisco at
8 P. M.. August 14.
DERBY LIN E, Guam for San Francisco,
9rtl mile's west of San Francisco at 8 P. M ,
August 14.
WEST HARTS. Kobe for San Francisco.
1025 miles west of San Francisco at 8
P. M.. August 14. r
LAKE GEBHART. Port Allen for San
Francisco, 1348 miles west of San Fran
cisco at 8 P. M., August 14.
WEST NILUS. Honolulu for San Fran
cisco, 643 miles west of San Francisco at
noon. August 14.
WEST MOAHAMED, New York for
Kobe. 800 miles west of San . Francisco
at 8 P. M August 14. .
LYMAN STEWART. Seattle for Oleum,
0 miles from Oleum.
WASHTENAW, Port San Lule for Port
land, 205 mites from Portland.
WILLAMETTE. San Francisco for Port
land. 290 miles from San Francisco.
WEST CAYOTE. San Francisco for
Portland, 831 miles north of San Fran
cisco.
SANTA FLAVIA. Anacortes for San
Francisco, 243 miles north of San Fran
Cisco.
PRESIDENT. Seattle for San Francisco,
125 miles from San Francisco.
CLARE MONT, San Pedro for WUlapa
Harbor, 322 miles from WUlapa Harbor
HERCULES, towing log raft, Astoria for
Fan Diego, 210 miles north of San Francisco.
FRED BAXTER. San Francisco for Se
ttle. 385 miles north of San Francisco.
ADMIRAL DEWEY. San Francisco for
Seattle, 337 miles from San Francisco.
$65,000
TAX EXEMPT
Yielding 6
General Obligation
Movements of Vessels.
PORTLAND. Aug. 15. Arrived at 2 A.
M. Steamer Rose City, from San Fran
Cisco. Sailed at 11 A. M. Steamer Johan
Poulsen, for San Francisco via . Westport,
EUREKA. Aug. 15. Arrived Steamer
City of Topeka, from San Francisco for
Portland.
SAN FRANCISCO. Aug. 14. Sailed at 8
P. M. Steamer Davenport, for Portland,
SAN PEDRO, Aug. 15. Arrived Steam
er Celllo, from Portland.
PORT SAN LUIS, Aug. 15. Arrived
Steamer Oleum, from Portland via San
Francisco.
SEATTLE. Wash.. Aug. 15. Arrived
Steamers Admiral Schley, from San Fran
citco; Spokane, from southwestern Alaska,
Sailed Steamer jerierson, for southeast'
ern Alaska.
Tides at Astoria Monday.
High. Low.
1:57 A. M...8.5 feetl8:33 A. M...0.5 foot
1.33 P. M...8.5 feet!0:00 P. M...0.5 foot
Colombia River Bar Report.
NORTH HEAD. Aug. 15. Conditions at
the mouth of the river at 5 P. M. : Sea.
smooth; wind, nowthwest. 16 miles.
The Buhl Highway District
Twin Falls County
IDAHO
6 GOLD BONDS
Dated January 21, 1918. Due Serially January 1, 1934-37
Denomination $1000. Price 100 to Yield 6
Principal and Semi-annual Interest Payable in New York or at
House of Morris Brothers, Inc.
THIS district is in "The. Garden Spot of Idaho," as Twin Falls
County is justly termed. The county as a whole leads all others
in the Northwest in the production of wheat, corn, oats, barley,
rye, alfalfa, timothy, . sugar beets, vegetables and fruits of
great variety.
In the Buhl District are 95,000 acres of the richest of land.
These bonds provide funds for extending Idaho's highways.
Telephone or Telegraph Order at Our Expense.
MORRIS BROTHERS, Inc.
Between The Premier Mnnlripal Bond Home
5th and 6th Uwtalilivhed IJuartpr of a Century ' Telephone
Streets Alorrl. U1(Ik., :ill!-U Stark St. Broadway
Capital One Million Uollara. 2151
$2,000,000
worth of taxable property
$85,500
the net bonded debt.
A Bond Solidly Secured
City of
Tillamook Oregon
6 Improvement Bonds
Price to Yield
"F7
-1
Dated Aug. 1, 1920
Due Aug, 1921-30
Denomination $500
INCOME TAX EXEMPT
l J AIM
tMBmrnmrmwd.
'k. yi'H Under- Supervision, Oregon, Sbiia Banking OcpaitiiUinC
Bonds Trusts Acceptances
Lumbermens Bldg. -
IT. S. Xaval Radio Reports.
All positions reported at 8 P. M. 3es-
terduy unless otherwise indicated.) .
ICONIUM, Seattle for Shanghai. 186
miles west of Seattle.
w AH KEEN A, San Francisco for Grays
Harbor. 45 miles sonth of Grays Harbor.
FRANK H. BUCK. Monterey for Port
land, H59 miles from Monterey.
EVERETT. San Francisco for Tacoma,
475 miles north of San Francisco.
DURAXOO, Pan Pedro for Shanghai,
earnings for the company In due time.
uotn gross and net earnings for the
past ten years have shown steady
increase, reflectinir the stability of
tne territory In which the company
perai.es ana tne etiiclency of man
agement. Net earnings for past fou
calendar years have averazed 2.2S
lmes all bond interest, and for th
year ended June 30, 1920, were 2.1
times such Interest charges, includ
ng interest on this new issue.
substantial part of the funds from
which will be, or have been, expended
in property, wnicn upon completloi
will reflect materially . greater earn
ings for tne company.
During the past four years the com
pany has Increased Its number of
consumers 53 per cent, representing
a steady growth and diverslf icatign
of business. Seventy-one per cent of
the company's gross earnings is de
rived from the sale of electricity (of
the company's plant capacity, 71 per
cent is nyaroeiectrlcaliy operated).
These bonds are redeemable on four
weeks' notice at aojtime up to and
including October 1, 1925, at 105 and
accrued interest, and 1 per cent per
annum less thereafter until maturity:
The local syndicate offering the issue
is headed by Blyth, Witter & Co..
and includes the Lumbermens Trust
Company, Ladd & Tilton bank. Free
man, smith & Camp and E. L. Dev
ereaux & Co.
ASTORIA-Or.. Aug. 15. (Special.) A
cargo of fuel oil for Portland was brought
by the tank steamer Frank H. Buck, which
arrived, at o ciocK this -alternoon xrom
California.
The steamer City of Topeka will be due
tomorrow from San Francisco via way.
ports, bringing: freight and passengers for
Astoria and Portland.
The steam -schooner Halco will be due
tomorrow from San Pedro and comes to
load lumber at the Hammond mill.
SAN FRANCISCO, Cal., Aug. 15. (Spe
cial.) Within an hour three windjammers,
copra-laden, from the South Sea islands,
made port late Saturday. They were the
schooner Forester, Captain Daerweritas, 80
days from Suya, with 70S tons of ennra
to Wolf. Klrchmann & Co.; schooner Wil-
Farm Writer on Local Staff.
J. A. Davidson, who for the past
12 years was a member of the adver
tising staff of the Farmer, published
at St. Paul, has become affiliated
with the Vestern Farmer of this city
as manager of that paper's advertis
ers' service bureau. Davidson had
charge of similar work for the St.
Paul publication, one of the largest
journals of the kind in the middle
west.
Lambs Go to Chicago.
YAKIMA, "Wash.. Arts. 15. (Spe
cial.) The Takima Sheep company
Friday shipped five carloads of lamps
from Cle Slum station to the Chicago
market.
LEASES
A LEASE is a
very impor
tant document. It
should cover every
possible contin
gency that might
arise.
We- are not lawyers
and therefore do
not write leases but
merely suggest
many practical
points that a lease
should cover.
Strong 8 MacYiauhtcn
Portland! Cor bctt Building Ooblgon
1
7 Em
Of all the steel filing cabinet
and furniture equipment in the
banking and business offices
of the world today ' is the
product of the Art Metal Con
struction Co.'s factories at
Jamestown, N. Y.
Their catalogue of Steel Let
ter Files, Document Files, Card
Index Files, Roller Shelves,
Vault Trucks, Safes, etc, fur
nished on request.
Glass &.
Prudhomme Co.
Agents Art Metal
Construction Co.
PRINTERS : BOOKBINDERS
DESKS : FILING CABINETS
65-67 Broadway
Portland, Oregon
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
FouMh 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.
Investment Opportunities'
and
Oar Twenty Payment Plan
i
Thesa pablieatloM tell ml rood larwt
mnt stocks, which ean b purchased oa
small payments, xtniins' ever a period of
twenty months. This plaa wa orilrinataa
bj urn in UOe. Tta aaa seeur Data tree.
Wrifa for J7-. TO
' Investment Securities
40 Exchange Place, New York
TAX EXEMPT
BONDS
TO NET
b
PREFERRED STOCKS
We buy and sell all local securities.
Robertson & Ewing
207-8 N. W. Bank Bldg.
$1,000,000
PACIFIC POWER & LIGHT CO.
First Lien and General Mortgage 8 Gold. Bonds
Dated August 1, 1920
Due August 1, 1930
Interest payable February: 1 and August 1 in New York and San Francisco.
Denominations 1000 and $500 " '
Redeemable at any time upon four weeks notice up to and including August 1, 1925, at 105
and accrued interest and 1 per annum less thereafter until maturity. Registrable
as to principal only. Interest payable without deduction for
the normal Federal Income tax not to exceed 29fc.
United States Mortgage and Trust Company, New York, Trustee.
TERRITORY
The company is engaged, in the manufacture and distribution of electricity in
the states of Washington, Oregon and Idaho throughout a territory largely de
voted to agriculture. Company also serves gas throughout a part of this ter
ritory. All of the company's important franchises run to at least 1950 and
the company operates without competition.
Among the communities served are Walla Walla, Yakima and Vancouver,
Washington ; Astoria, Dallas, Pendleton, and Hood River, Oregon ; Lewiston, Idaho.
This territory in the past ten years has shown growth of approximately 61
in population.
SECURITY
These bonds will be secured by a first lien upon the company's property
through the deposit of the first and refunding mortgage 5 bonds (now first
lien) with the trustee par for par. They will be additionally secured by a gen
eral mortgage upon all of the company's property now owned or hereafter ac
quired. ' .
Additional first lien and general mortgage bonds may be issued only when
the net earnings of the company for the twelve months preceding shall have
been at least twice interest charges on its entire bonded debtl
The bonds are followed by $4,250,000 dividend-paying preferred stocks and
$6,100,000 common stock.
71 of company's electric capacity is hydro-electric.
EARNINGS
Dec. 31 Dec. 31 Dec. 31 Dec. 31 June 30
Year ending 1916 - 1917 1918 1919 1920
Gross income $1,461,821 $1,647,401 $1,S62,968 $2,186,014 $2,407,432
Oper. exp., maint'nee
and taxes . 751,834 783,718 989,884 1,136,327 1,285,271
Net income. 709,987 863,683 873,0S4 1,049,687 1,122,161
Interest on bonds 366,125 . 366,503 374,526 443,772 450,374
Bjteseta!t.e.r.?"?.1""$ 343,862 $ 497,180 $ 49S,558 $ 605,913 $ 671,787
The above earnings are derived 71 from electric light and power, 14 from
gas, 9 from railways and 5 from water.
We recommend these bonds as a first-lien obligation of a well-managed elec
tric company in a growing territory.
PRICE 98 YIELDING 8y4
LANGLEY & COMPANY
. New York
BLYTH WITTER & COMPANY
Portland
LADD & TILTON BANK Jg-
Portland
FREEMAN, SMITH & CAMP
Portland
LUMBERMENS TRUST CO.
Portland
E. L. DEVEREAUX & CO.
Portland
The statements contained in this announcement are not guaranteed, but are based upon infor
mation which we believed to be accurate and reliable, and upon which we have acted in the pur
chase of these bonds.
T