TIIE MOTiXING OltEG ONI AX, MONDAY, AUGUST 23, 1920 13 SPECULATION FULLS BANK REPORTS July Clearings Tending Show Changes. to TEAR PROVES GOOD GAIN bond department, with conference rooms and offica quarters, and the Savings bank. The Hpace on the first floor vacated by these departments will permit expansion of the com mercial department by the addition of new windows for tellers. A por tion of the basement will be equipped with safety deposit vaults and the latest equipment installed, and with the complete Investment department will materially add to the facilities. The main entrance will be by two stairways at either side of the base ment entrance to a remodeled main doorway to the banking room. m m m On tlfe offering: list thla week of tha Lumbermens Trust company appears an issue of Pacific Power & Light company, of Portland, first lien and Kail Rate Increase Being Closely Matched Tor Possible Influence on Railway Securities. Bank clearines of the country for the month of July seem to confirm that business Is becoming less active. In some sections of ths country, but the explanation for some of the fail-ing-off shown can be traced to less ened speculative transactions, as in the case of New York, where this is manifest in the clearings of the month. There is some evident re duction in manufacturing and mer cantile activity that accounts for ome of the decrease. But with a slight decrease in the total clearings of the country for the month it is gratifying to note that for the seven months of the calendar year the show ing is the most favorable in history. Year Shonii Gain. The Commercial and Financial Chron icle finds in a review of the exhibit for seven months that there is an in crease of 16.2 per cent at New York over 1919, while outside cities show a gain of 25 per cent. The average for the entire volume of business thows an expansion of 19.8 per cent. Analyzed by groups the totals are in ever case in excess of 1919, with New England lowest with 18.5 per cent, and the Pacific coast highest with 36.2 per cent increase. A like favorable situation is shown for the Dominion of Canada, indicating that the general conditions of the North American continent are favorable as the last half of the year begins to register its record. There has been no great change in the foreign exchange situation, al though the fluctuations of the ex change rates of various countries has been considerable. Banks have re ported difficulty in handling Polish, exchange, and the Polish government has required remittance of dollars father than marks, and upon the ar rival of the exchange the dollars are converted into marks at a rate fixed by official edict from day to day. In view of this situation and the pre carious position of Poland, many bankers have declined to quote ex change on Warsaw. In general, there has been a slightly downward trend in the principal foreign exchange with the British pound sterling hold ing pretty well to the levels of the past fortnight. ltnte Increase Watched. This week the increased freight and passenger fares granted by the in terstate commerce commission will go into effect. The increase is 25 per cent advance in freight rates on the Pacific coast with higher increases in zones further to the east, and a uniform increase of 20 per cent in passenger fares. There is also to be a. considerable advance in Pullman car rates, which will place comfort in travel distinctively in the luxury class. The effect of the new rates will be watched with concern. The increase was made to give the car riers the additional income necessary to pay higher wages granted to work ers and the guaranteed return on the valuation of the properties. If le creased business results, the income will not be collected, although there would be some corresponding- decrease in operating costs if business declines in volume. It is not expected freight traffic will decline to any extent, but there has been the suggestion that passenger traffic may fall off. A. A. Schramm, for a number of years connected wiht tha Ladd & Bush bank of Salem, has purchased the stock of A. J. Moore and taken the position of cashier in the Corval- lis State bank. Mr. Moore had been "With the bank for seven years, since its organization, and sold out with the intention of going to a southern atate to locate, but it is implied in his formal announcement of retire ment tHat he may remain in Corvallis and engage in other activities. C. I. West, national manager of the committee on prosecution and investi (ration of the National Association of Credit Men, is to be the guest of the Portland association at a luncheon to he given in his honor at noon Wednes day in the grill room of the' Hotel Portland. Mr. West will address the meeting with reference to the plans lor locating a branch of the bureau of which he is the head on the Pacific coast. It is the hope of the Portland association, because of the favorable location, to secure the selection of Portland as the headquarters. BECOMKS VICK - PRESIDENT OF MORRIS nitOTHEKg, INC. 4 A Xs '-at ' 1 1 : --HI :;, ' Kit 7 t-4 if fi rift rfsWfi i rrtrtwNTf POHTUNDEH LEGAL mm ERSRl.NE WOOD HOLDS JOB IX ADMIRALTY LAW v BIG. ree uicnn. ?red Glenn, an expert bond man, who for the past four years has been vice-president and resident manager at Port land for another prominent bond house, has .been named vice-president of Ivlorris Broth ers, Inc., and has already as sumed his new duties. Mr. Glenn has been in the bond business since 1907 and has specialized in the purchase of government and municipal se curities, which are handled very extensively by Morris Brothers, Inc His efforts wil: be applied particularly to buying north west issues. Jurisdiction Over $3,000,000 000 In Shipping:; 1600 Vessels In Fleet; Practiced in City. ORECOXIAN NEWS BUREAU, Washington, Aug. 22. A young Port land attorney, Erskine Wood, son of Colonel C. E. S. Wood, occupies in Washington today "the greatest legal job in the admiralty practice of law that has ever been held by any man. His jurisdiction in this domain ex tends over more than $3,000,000,000 worth of shipping under the American flag, an aggregate of shipping wealth that never befor was under single, direct control. The fleet represented by this investment Is about 1600 ves sels, with a total deadweight ton nage of nearly 10,000,000. Charles F. Dutch is nominally head of the admiralty department of the shipping board, but Mr. Dutch is now In Europe, where he has been for some time. Mr. Wood is 'n full charge of the work during Mr. Dutch's absence; being second in the depart ment, and regarded as certain to head the same in the event Mr. Dutch retires to private practice, an eventu ality rumored as a possibility of this year. Mr. Wood took up the work in the admiralty department of the board this year, and has made rapid ad vances. He had specialized in that line of legal practice :n Portland. For several years he was the attor ney for the Port of Portland. The result of this training was to espe cially equip him for the great task at Washington. 3 o'clock today from Saa Francises and oad lumber at river point. dlscharglnr fuel oil In Portland. tank ca-mr Oleum sadtcd at 4:1 this morning for California. The uttiLmer Depere. with cargo from Pan Pranciico and Portland, sailed at 5:43 this even-inr for Valparaiso, via Kan Pedro. iBrinsing a canto of fuel oil, the tank steamer Pearl Shell arrived at 5:30 this evening from California and proceeded to Portland. U. S. Naval Radio Reports. ster- With the three new attractive issues Before local investors this month Freeman Smith & Camp company bond dealers of Portland and San Sun Francisco, report that the past three weeks have been especially busy. This month has been the most active for investors since early spring. The three issues which were over subscribed within a very short time were the 8 per cer.t bonds of the Pacific Power & Light company, bonds of the New York Central Rail road company and bonds of the prov ince of British Columbia. The issue of New York Central Railroad com pany bonds was oversubscribed in two hours' time, according to an nouncement make by the syndicate. However, some of these bonds, at the original subscription price, are still available for local investors. Some indications as to how the market is expected to bo maintained on this issue is shown by the market quota tions on bonds of the Pennsylvania Railroad company, which are due at the same time as the New York Central bonds. The Pennsylvania bonds are today quoted on the market at 103. Freeman Smith & Camp company purchased originally $250,000 of bonds of the province of British Columbia and, owing to the large number of orders, nau to increase this amount b" $100,000 additional. The company also reports that investors are realiz- ' inr the o&portuoUies presented in the partial payment plan of buying bonds, e e Atlas Powder company of Philadel phia has declared a 3 per cent divi oenu on its common stock and an extra dividend of 5 per cent in stock to its holders of the company's com mon shares. The dividends are pay able to stockholders of record August 31, 1920, and will be paid September X0. 1920. The Ladd & Tilton bank is making changes in the basement and first floor of the Spalding building that will represent an investment of about JiOO.OOO and which will considerably enlarge the counting-room space of the institution. The entrance to the bank will be changed, so that where the present steps rise to the front door will be the entrance'to the base ment, in which will be-; located., the general mortgage 8 per cent gold bonds. These have been proving es pecially attractive not only on ac count of the company being local, but due to the fact that the bonds return yield of 8.25 per cent for a ten- year period. The new issue of bonds is dated August 1, 1920, and due Au gust 1. 1930, denominations being $1000 and $500. The offering price is 98.25 to yield 8.25 per cent. Addition al offerings by the trust company in elude a substantial block of New York' Central railroad company coK lateral trust 7 per cent bonds. These are dated September 1, 1920, and are due September 1, 1930, denominations being $1000 and $500. Province of Manitoba, Canada, 6 per cent gold bonds, due August 16. 1925, tre in denomination of $1000 and are offered at 91.89 and interest t'o yield per cent. These-bonds are the direct general oblisration of the Province of Manitoba, which is the oldest of Can ada's western provinces. Being paya ble In United States gold coin, these bonds will not be affected regarding the payment of the principal and semi-annual interest by exchange rate. John A. Keating, president of the Lumbermens Trust company, left Thursday for a four weeks' hunt.ng. fishing and mountaineering expedi tion into the high mountains in north ern Washington and British Colum bia. He is accompanied by a num ber of government scientists, besides hunters and gun bearers. The expe dition is in the nature of a scientific exploration for the purpose of ob taining moving pictures of mountain sheep and other wild animals. The party's pack train will enter the mountains on the Wenatchee side and will proceed northwesterly, crossing the boundary into British Columbia. A special permit was obtained from the Canadian customs authorities, so that the party might cross the boun dary without going through the cus toms office. The explorers will re turn to Portland about September 15. E. I. Kuratli, Hillsboro capitalist, with associates, has taken over the interests of the Wehrung family in the Hilleboro National bank and W. H. Wehrung, president since the or ganization of the bank, has retired from the institution. It Is under stood that several new stockholders have become identified with the bank and Mr. Kuratli has been elected president. Holding of grain by farmers thfs year for price advance, or by specu lative buyers, will not be encouraged by the federal reserve bank or by either the country banks or their correspondents at the financial cen ters. It appears that all of the banks are in the same situation, with slight success in efforts to contract loans, nd therefore are not in a position to extend credits. While there will be funds available for marketing the crops they will not be obtainable for holding for higher markets. Blyth, Witter & Co., syndicate man agers of the Pacific Power &. Light company's recent 6ffering of $1,000,- 000 ten-year 8 per cent bonds, an nounce that the books were closed at once. Blyth. Witter & Co., San Francisco, state that there has been ready market for these bonds in California in both San Francisco and Los Angeles, where a large part of them, were syndicated. These bonds are being readily ab sorbed by the Portland investors. A ten-year 8 per cent coupon bond with a callable feature at 105 up to 1925 and 1 per cent less for each succeed ing year until maturity, makes a very attractive Investment, in a well-managed, conservative local concern. The company is also offering its partici pation in $25,000,000 New York Cen tral Railroad company collateral trust 7 per cent bonds dated September 1. 1920, and due in 193fl. Carstens & Earles, Inc., and asso ciates, were successful in the pur chase of $3,000,000 province of Alberta 6 per cent gold bonds, dated August 16, -1920, and due in 10 years. These bonds are being offered at 89.58 to net the investor 7.50 per cent. Cars- tens & Earles list the following: Richland Irrigation District 6s, of fered to net 7 per cent. These are serial bonds maturing from 1931 to 1940. Richland Irrigation district Is situated in the famous Yakima valley in Benton county, Washington, and consists of 12,500 acres of land. Crane Creek Sheep & Land company, first-mortgage 74 per cent bonds whioh mature in from six months to five years, are being sold at par and interest. They also list the unsold portion of $50,000 city of Portland 6 per cent improvement bonds at a price to net 5.T8 per cent. German Trade to Be Maintained. NEW ORLEANS. La. Aug. 22. An nouncement was made today by the J. W. H. Steele Steamship company that a contract had been concluded whereby the corporation would fur nish steamers to maintain and de velop former trade routes controlled by the North-Lloyd company from Bremen and Hamburg to New Or leans, Galveston and other gulf ports, as well as former routes from Ger many to Cuban and Mexican ports. Pacific Coast Shipping "otes. SEATTLE, Wash?, Aug. 22. (Special.) Stranded at the entrance to Osaka, Japan, the steamship Cape ilay. of the Barber Steamship Lines. Inc., is in a dangerous position, acoording to cable dispatches re ceived In Seattle today by officers of the Pacific Steamship company, agents in the orient for the Barber Interests. The steam ship Wawalona of the Pacific Steamship company's Portland oriental service is standing by the wrecked vessel ready to assist her at the first opportunity. The Pacific-Caribbean-Gulf Steamship line of San Francisco yesterday announced that it has established a new , service from Elliott bay and other Pacific coast ports to the Caribbean sea, Cuba and New Orleans, with A. M. Gillespie, Inc., of Se attle, as Puget sound agents. Four ships, each of 5000 deadweight tons, or 40U0 tons cargo capacity, have been ordered into the new service. Two others will be added later. COOS BAY, Or.. Aug. 22. (Special.) The gasoline schooner Osprey and Tramp sailed at 7:40 and 11 this morning for Kogue . river, both with full cargoes of cans for the fish canneries which have a big run of salmon and are short of cans. The steamship City of Topcka sailer this morning at 7:15 for San Francisco. The steam schooner Bandon arrived this afternoon at 4 for a cargo of lumber and piling. - - SAN FRANCISCO. Aug. 22. (Special.) Captain John Hill, formerly master of the liner Nile and a veteran officer in the Pa cific Mail company, has l&It for Chines, where he wii'i take command of a Pa cific Mail steamer in the "fceder .service" between Chinese and Indian ports. During the war Capt-aUi Kilt had many important commands, operating between Saigon and the Mediterranean In war service. California cargoes totaling UO.000 tons will be moved to the east coast during the nevt few months by the Luukenback steamship lines, it is announced. In ad dition to their own steamers, tine Lucksn backa have obtained several shipping board craft. Two of these are the Haonawa, recently turned out at the Union Iron Works, and the Arch-er, which has been operating under the Pacific Mail flag. Salvage operations are being conducted on the Ked Mtack tug Reliance, which sank in Oakland harbor fate Friday after strik ing a submerged obstruction. The Hell ance was towing the Paci'fic Mail steamer San Jose a.t th time. The mi&'tiap rias caused bay operators to complain to the harbor commitsion of " the presence of sunken piling and other obstructions. The new tanker Halsey went through a trial spin on the bay today. Oil. laden, the new tanker Mcvama, Cap tain Erickon, dispatched by George W. McXear & Co., left today for New York on her maideji voyase. After discharging a part caago and tak ng bunkers. ;he Japanese freighter Ama zon Maru continued today for New Tork. The Japanese freighter Celebes Maru is now discharging 1300 tons of cargo here aa.l will depart for Nt-w Orleans soon. The British tanker Satanta, Captala Ashwln, left today for fean PdrQ, where she wild take oil for Shanghai. The army transport Great Northern, from Manila via Nagasaki and Honolulu, is due tomorrow morning with the congressional parly aboard. . The steamer Curacao of the Paclflo Steamship company, arrived in port today from Corinto and other ete-ps on the Cen tral American and Mexican coast. The vessel had on board 24 oaein and 21 steer, age passengers. Cargo consisted of $75,000 in treasure, besides coffee, sugar and hardwood. SEATTLE, Wash., Aug. 22. Special. W After lying since early morning in an ex- posed position with water in her two for ward holds, the Johnson line motorship Pacifio was floated from a reef at Beachy Head, on Vancouver island. Just west of victoria, this afternoon at 5 o'clock and was towed to Victoria for repairs. The vessel, on her way to Vancouver, B. C. from San Francisco, lost her way in the fog while passing In the straits early Sun day morning and grounded during a ris ing tide on the rocky reef that extends into the straits from Beachy Head. The first news of the accident was re ceived here by radio by the Seattle har bor master's department. The United States life-saving tug Snohomish was sent acoss the straits from Port Angeles to her assistance. The Pacific 3. O. S. called a number of Canadian vessels to the seen but in the early afternoon the wind was so heavy that they were unable to get along side. Later in the day the wind went down. The two holes in. the hull w'ere stopped up and the vessel was floated. Convoyed by the Snohomish and the Canadian tug Algerine. She proceeded to the W-illiams Head quarantine, station, just outside of Victoria. The Pacific is a vessel of 2232 net tons capacity and is under charter of W, H. -Grace' & Co. She will load cargo at Vancouver and Seattle for a return trip to Scandinavian ports. (All positions reported at S P. M . y day LnlrM otherwise Indicated. I COL. K. L. DRAKE, Astoria for Will bridge,. H3 miles from "Willbridge at 8 P. M.. August 21. WILHELMINA. Honolulu for San Fran cisco, 10M8 miles from San Francisco at S P. M.. August 21. EVERETT. E-verett for Ban Pedro, 270 miles from Everett. YOSEMITE. Port Ludlow for San Fran cisco, 14.1 miles south of Cape Flattery. DEPERE, Portland for Seattle. 12 miles north of the Columbia river lightship. CAPT. 1 A. F. LUCAS," San Pedro for Ketchikan, 100 miles from Ketchikan. CHINA, San Franctaco for Honolulu. 105 mtles from San Francisco; 8 P. M., Aug ust !M. ' COLOMBIA. .San Frairciseo for the orient, ," miles from ban Francisco; 8 P. M-, August 21. LOS ANGELES. Cape Blanco for San Pedro. 8X7 miles from San Pedro; 8 P. M.. August 21. DILWORTH, San Pedro for Prince Ku pet, off Point Montara. PORTE1R, Gavlota lor Everett, 118 miles from Gavlota. W. F. HBRRI-V. Linn ton for Avon, 404 aiWes from Linnton. COLOMBIA, San Francisco for the ori ent. :lt!3 miles from San Francisco. COLORADO SPRINGS, Kelung for Sfen Francisco. 119 m41es from S-an Francisco. HATH WAV, Honolulu for San Francisco, 94H miles from San Francisco. EASTERN TRADER, San Francisco for Yokohama, 845 miles west of San Fran cisco. CROSS "KEYS, Seattle for the onient. 53 mrles from Seattle; 8 P. M., August 21. MONTAGUE, Portland for Kobe, 270 miles from the Columbia river; 8 P. M-, August 21. EASTER LING, New York for Yokohama, via San Franchico. 2040 miles northwest of San Francisco: 8 P. M., August 21. WBST NIVARIA. Portland for TakubaT. 1-082 miles from North Head; 8 P. M., August 21. MONTANA WHEATLAND. Yokohama for San Francieco, 2300 miles from ban Francisco; 8 P. M., August 31. HORAOE BAXTER. San Francisco ror Seattle, via Point Welle; 35 miles from Seattle. REDWOOD, Ketchikan for BelUneham, off Lummi island- CLAREMONT, Willapa Harbor for San Pedro. 225 miles from WHlapa Harbor. GOV'ERiNOR, Seattle ror San ranclsco, 10 miles south of Cap Blanco. WEST LOGOS, Tacoma lor Astoria, off Umatilla. OLEUM, Portland for Oleum. 448 miles from Ofreum. QUEEN. San Francisco for Seattl, 424 miles from Seattle. REDBROOK, Seattle for San Pedro, 25 miles from Seattle. ROYAL, ARROW, San Francisco for Woosung, 5SO miles west of San Fran cisco. FRANK H. BUCK, Monterey for Port land. 45 miles from Monterey. CELILO, San Franoisco for Seattle, 15 mil-es north of Cape Blanco. CELILO, San Francisco for Seattle, 257 miles north of Point Arena; 8 P. M., August 21. WESTERN . CROSS, San Francisco for Seattle, 130 miles north of San Francisco, 8 P. M., August 21. ANTINOU3. Port Townserud for South ampton, via San Pedro, 25 miles south of Cape Mendocino; 8 P. M.. August 21. COSTA RICA. Bristol bay for San Fran cisco, 1235 miles from San Francisco; 5 P. M., August 22. JOHANNA SMITH, Coos Bay for San Francisco, 121 miles north of Can Fran cisco. WAPAMA. San Francisco i for Portland, 175 miles north of San Francisco. WAHKEENA. Grays Harbor for San Pedro. 522 miles north of San Pedro. ROSE CITY. San Francisco for Port land, S20 mites north of San Francisco. CITY OF TOPEKA, Coos Bay for Eu. reka. 20 miles north of Eureka. SAN DIEGO. San Francisco for Tacoma, 220 miles north of San Francisco. C. A. SMITH, San Francisco for Coos Bay. 200 mWea north of San Fran-oleco DELLWYN, San Pedro for Seattle, 650 mil'ea from Point Wells. Movements of Vessels. rron. Oak Grove orchardist and family were on a tour of the highway last nlcht. "We had a similar experience near the same spot in which Mr. Baker met his cougar," said Mr. Lemmon. "My folks were pretty badly scared when we ran onto a tawny animal in the middle of the road. We probably would have told of a thrilling encoun ter, too, ' but in my excitement I killed my engine almost on top of the tawny animal. Of course, we got a good view of it. It was a small Jersey calf perfectly harmless." . Colombia Out for Speeders. ST. HELENS, Or., Aug. 22 (Spe cial.) The county court has employed a policeman to enforce the speed laws. Last week some 20 offenders were brought before the St. Helens justice of the peace and In most in stances were fined. TRAVELERS' Gl'IDE. DAILY METEOROLOGICAL REPORT. PORTLAND. Aug. 22. Maximum tem perature, Sfl.6 degrees; minimum, B0.6 de grees. River reading at 8 A. M.. 5.7 feet: change in last 24 hours, none. Total rain fall (5 P. M. to'.-i P. M.). none: total rain fall since September 1. 1919. S5.51 inches: normal rainfall since September 1, 44 S6 Inches: deficiency of rainfall since Sep tember 1. iniy, n.35 inches. Sunrise. 5:19 A. M. ; sunset. 7.0S P. M. Total sunshine August 22. 13 hours 49 minutes: possible sunshine. 13 hours 411 minutes. Monnrlse. 2:3i P. M. ; mootiset. 11:511 P. M. Barom eter (reduced to sea level) at 5 p M.. 2U.S9 inches. Relative humidity at 5 a'. W.. 81 per cent, at noon, 43 per cent; at 5 P. M.. Sti ier cent. THE WEATHER. STATIONS. Wind Weather. Baker Boise . Calgary Chicago Denver Des Moines4 iLureka .... ORlveston . . . Helena .... Juneaut Kansas City Los Angeles Marshf leld . Med ford . . Minneapolis New Orleans New Ybrk . . I North Head Phoenix ... Pocatello ..I Portland . .. Roseburg Sacramento bt. Louis... Salt Lake... San Dieso. . H. Francisco Seattle Sitkat Spokane Tacoma Tatoosh Isd. Valdest Walla Walla Washington Winnipeg Yakima . : .. .1.. SS 0.001. .INWIPt. cloudy KM O.OOi. .:NV US 0.0O. JSE B4 0.00114 N Cfear IClear Clear Clear -Clear Cloudy Clear Ciear Cloudy Pt. cloudy jiear TS o.oo: . i iSE 74'0.p . .!KK 5H 0.001. .INW ss o.r.u'. . sw 541 RN'O.TOi. .SW 40J,OiO.Ot . .ISE 74 0.OO'.. IK 7 0.OOI. .IW 52 52!0.0ll. .iNW'Cloudv 531 !ni o.on'i2'Nw:Pt. cloudy i -;u . ihi . . iims ftjiear 70io.0l!..lv ICloudy 82 O.oo 14 NWiCloudy .- O.oono . . ..pt. cloudy 1U4 ju. uu . .i.n W'Clear l2 O.0O;. .ISW lnar B2j 8.0.0n. .IN ICIear in Hiiio.oui. .i.NW'Clear 5i S4IO.tO'14!3 ICIear 72 0.00;. .INE !Clear WVO.OOl. .I.NWIClear 7'JiO . oo: 1 OIN W!Clear RII0.00 22 W ICIear 50 700.0012IN Clear 4S 02 0.041. .1 Rain .-.! 04!0.00l. .IW Clear' 58 S2'0.00f..W Cloudy 52l ftK'0.0n!12N Cloudy 3Ki5:;l0. 021 . ,n Cloudy OUj Dh'O . oo, . I w Clear .. 8'.2t. .INW Rain . . .1 tUIO.oOUS'SE ICIear 521 (4I0.00. .SB ICIear B. S. "CITY OF TOPEKA" Sails 9 P. M. August 30th for Coos Bay, Eureka and San Francisco. Connecting with ttamera to Los Angeles and ttan Xiego. TO ALASKA FROM SEATTLE The 8. S. ADMIRAL WATSON," to Anchorage, KodiaK ana way ports, Au gust 24th. Ticket Ofrico 101 Third Bt. Freight Office Municipal Dock No. 3. Phone Main 8281. Paclfla Steamship Co. I PRICE TO VIELU 3 92.65 gll 1 9' g OS Around the World Cruise New Steamship "Empress of Canada 22.0OO Tens. Gross Resistor MARCH-JUNE 1921 JTERARY AND FARES FROM CANADIAN PACIFIC f CANADIAN PACIFIC 63 Third St- f Portland. f Broadway 80. lANl Ni fisSAMBRICA Rates, eto. Ave, Seattle, KOBWAY SWEDEN DENMARK rnntlnentai Europe ! I n'd ht'teo Sept. Oscar II Sept. 16 HelllK Ol'v Sent. 80 t'd'k VIII -t. 14 The ChllBera- Agency. 703 34 Wash., or tcai aihh $75,000 EXEMPT FROM ALL DOMINION GOVERNMENT TAXATION CITY OF NORTH VANCOUVER (Province of British Columbia) 6 GOLD NOTES Dated June 15, 1SSO. Due Jama IS, 1023. DENOMINATION $500 Price 92.65 to Yield 9 Principal and semi-annual Interest June 15th and Tlecember 16th. Payable in sold coin of the United States at the agency of the Royal Bank of Canada in Now York City or at tha offices of Morris Brothers, Inc. FINANCIAL, STATEMENT. Assessed valu for taxation 119 9,S37,667.74 Exemptions not included above 3,744.636.00 General debenture debt r 2,934.424.00 Less Kinking: fund 433,248.58 Waterworks debentures. 601.000.00 Kerry debentures 153.000.00 Local improvement debt 935,525.00 2,1:2.773.53 (Rate payers' share.) Net debenture debt 811,650.42 Value of municipality's assets 4,331,446.00 The City of North Vancouver is a suburb of Vancouver. British. Columbia, area 2950 acres, situated across the bay from the latter city. It has a population of approximately 10.500 people, and its securities have always been considered very safe and desirable in vestments. This issue of bonds is a direct lien and general tax oblisration of the entire city, all of its taxable property, wealth and resources being pledged to pay interest and principal as they become due. We recommend these bonds as exceptionally desirable, with an unusually high interest yield. As a matter of fact, it would be difficult to duplicate this opportunity from an investment stand point. Legality Approved fc.y K. K Reed. K. C, evf Bowser, Reed A WsJI tridg;e, Viuieoaver, II. C' Telephone or Telegraph Orders a Oar Expense. MORRIS BROTHERS, Inc. The Premier Municipal Bond House. Between Established Quarter ef a Century Telephone 5th and 0th Jtlorrlsj II I dir., 3(-U Stark St. Broadway Streets Capital One Million Dollars. 2151 tA. ing di M. today. P. y. M. report of preced- KO RECASTS. Portland and vicinity Fair, continued warm; westerly winds. Oregon and Washington Fair, continued warm: moderate westerly vlmlw TRAVELERS' GUIDE. Astoria and Way Points STR. GEORGIANA Bound trip daily i except Friday leTe Tort land 1.10 A. M., Aldar-.tre-t docl; Leaves AMoria V, M. travel dock. Fare S1.6A cacti way. Special a la carte dining fterviee. Direct connection for aout baaobea. Kizbt poat daily, ft V. al.. dau except Sunday. Tue Harkln Tr-va-part- Tinn Co -In in 14?2 &41-22. Astoria Route S. S. "ASTORIAN" 2:30 P. M. DAIVT fExcept Thursday). FARE: X1.U5. Including tax. Morrlson-St. Dock. Phones: Mala SOftS. 011-4& AUSTRALIA NKW ZEALAND AND SOUTH SEAS via Tahiti and Itaratonga. Mail and pas senger service Itom ban t'rancUco even ES days. UNIOW 8. ft. CO. OF KKW IEALAXD. . Hfn.nlu Kt ku n Francisco. r local steamship and railroad agencies. PORTLAND, Aug. 22. Arrived at S A. M Steamer Colonel E. iu. Drake, from San Pedro. Sailed at 6 A. M. Steamer De pare, for Valparaiso, via Saa Pedro. ASTORIA. Aug. 22. Sailed at 7 A. M Steamer Oleum, for Port San Luis. Ar rived at 4 P. M. and left up at 4:20 P. M. Steamer Ernest H. Meyer, from San Fran cisco; arrived at 4 P. M-, steamer Pearl Shell, from San Francisco: arrived down t 4:20 P. M., steamer Depere. for Val paraiso. Left up at 4:30 P. M-. steamer Pearl Shell. . COOS BAT, Aug. 21. Arrived at noon Steamer City of Topeka, from Portland, for San Francisco, via Eureka. HOQUI AM, Aug. 21.--Arrived Steamer Eastern Ulade, from San Francisco lor 'Portland. TlTrtnCTI A . 1 1- .1 P,,J Inward at 1 P. M. Steamer West Cayote, from Port land, for Hull, via San Pedro and Panama canal YOKOHAMA, Aug- 18-Arrived Steam er West Keats, from Portland.- MON'TERET, Aug. 21. Sailed at 4 A. M. Steamer F. H. Buck, for Portland. ASTORIA. Aug. 21. Left up at 7:30 P. M. Steamer Colonel K. L. Drake, from San Pedro SEATTLE. Wash., Aug. 22. Arrived Steamers Admiral Farragut, from San Diego; Admiral Rodman, from southeast ern Alaska; West Cayote, from London; Hyades, from Honolulu; Ketchikan, from Ladyamith. B. C. ; Argyll, from Oleum; F. S. Loop, from San Francisco; Catherine !.. from southeastern Alaska; bark Ori ental, from Llbbyville, Alaska.. Sailed Steamers West Jena, for Manila; Red Hook, for Honolulu 1 Fulton, for Van couver, C, Tides at Astoria ' Monday. High. Low, 8:4S A. M...5.S feet2:35 A. M...1.0 foot 8:25 P. M...7.1 feet I 3:81 P. M...3.3 feat Columbia River Bar Report. NORTH HEAD. Aug. 33. Conditions at the mouth of the river at 5 P, M.l Sea, smooth; wind, north, 16 miles. " COUGAR YARN EXPLODED Hood Man Would Have TJiousht So Too.-but His Engine Died, HOOD RIVER. Or., Aug. 23. (Spe cial.) -John Baker, local attorn ay. while motoring last week with nts family on the Columbia river high way, narrowly missed driving over a full-grown cougar which stood in th middle of the read. O. G. Lem PORT TOWNS END, Wash., Ad;. 23. (Special.) Th Oriental arrived this aft ernoon, returning from Bristol bay, where he spent the season as a cannery ship, acd proceeded to Seattle. She brought down a portion of the season's salmon pack and also a numfber of cannery men. On September 1 both passenger and freight rates on coastwifa and Alaska steamers will be given a boost of JO per cent as a result of the United States ship ping fcoard sanctioning the increase asked by the sttamshtp operators. The rate in crease he also -been approved by tihe in terstate ocummerco commission and state bodies. The &wed-lsh motorship Pacific was re ported as-hore at Beachy head, two miles we bit of Race rocks, on Vancouver island, going ashore during. a fog mixed with smoke. She was reported by wireless this morning. No further information has been received. Tlie Paci-flc was coming from Stockholm by the way of -San Francisco, The sailV-ng of the motorship OH h ana te the west coast with lumber win be delayed as a result of libels being filed by her master and officers for money due. She has been taken In charge by the United States marshal and is now at the Todd plant on Harbor island. ASTORIA, Aug. 22 steam schooner Ernest H. (Special.) The Meyer arrived Who Pays You or Your Property? THERE are two ways of managing business property. The right way and the wrong. The wrong way takes money out of your pocket. The right way puts money into your pocket. Put your property prob lem up to us. Strong 6 MacNaughf on "W" 1 W-tJHM-TT tHIUPINQ y OtH.COM (NEW ISSUE) $2,000,000.00 Province of Alberta, Canada Ten Year 6 Gold Bonds Dated Aug. 16, 1920. Due Aug. 16, 1930 Principal aftrf semi-annual interest pay able in Gold Coin in New York City. DENOMINATION $1000 FINANCIAL STATEMENT Assessed Value (est.) $1,000,000,000 Value of Provincial Assets , 135,952,458 NET DEBT 33,500,000 Annual Dominion Gov. subsidy., 1,621,075 Area , 255,285 sq. miles Population (est.) 579,000 These bonds are a direct general tax obligation of the entire Province of Alberta. The Province of Alberta is one of the most substantial of the western Provinces and has a very low rate of debt. Considering the attractive yield and term of these bonds we anticipate a ready sale and advise an early purchase or reservation. Price 89.58 to Yield C712 Girvin & Miller Kohl Bldg., San Francisco Carstens & Earles, Incorporated U. S. Bank Bldg., Portland Ten-Year Gold Bonds of Two Prosperous Corporations . TO YIELD f . . SV4 NEW YORK CENTRAL R. R. Due Sept. 1, 1930 PRICE 100 YIELD 7 Den. $1000, $500 Collateral Trust 7 Bonds specifically secured by N. Y. C. refunding and Imp. 6 Bonds and Reading Preferred. Valued at $31,425,000. PACIFIC POWER & LIGHT CO. Due Aug. 1, 1930 PRICE 98.25 YIELD 8.25 Den. $1000, $500 First Lien and General Mort gage 8 Bonds. Secured by bonds and all properties. Call or Order by Phone, Wire or Letter '"Ltl! linden Supervision Oroon. stale DanJungDq'arijtLcnl, Lumbermens Bldg. 7 to New York Central Railroad Co. Ten Year 77o Bonds Parx and interest, to yield 7 itish Columbia Five 7 98.85 and Interest, to yield 7 Province of British Columbia Five Year 6 Bonds 98.85 and Interest, to Pacific Power & Light Co. Ten Year 8 Bonds 98-25 and interest, to yield Sy4 .Full details upon request Freeman Smith & Camp Co. SECQNB FUOOH NORTHWESTERN BANK BUH-DINS Main 64 The Saved Dollars This is a period of high wages and of high prices. Your dollar is worth less than half of what it used to be. Now is the time to save. Your dollar, placed in high grade bonds.'has a greater value than ever before. Bond, prices are low and commodity prices high. Invest your funds in 7 to 8 bonds, seasoned bonds with large security. These same bonds formerly yielded 5 to 6. Among our recent offerings are: Due Price Prov. of British Columbia 6s 1925 92.85 Yield 7.75.. Due Price Pacific Power & Light Co. 8s 1930 98.25 Yield 8.25 Both in $500 and $1000 Denominations. Blyth. Witter Co. UNTIED SSTE8 GOVERMEKT MUNICIPAL AW CORPORATION BOOTS; ' YEON BLDG, PORTLAND Telephone: Main 8183 San Francisco Seattle New York Los Angeles. a PMTV t IMCM gill J "" IIIIIII'IIIM Trade With the Orient With correspondents of the highest standing in China, Japan,' India, and other countries of the Orient, and branches in all tha principal ports on the Pacific Coast of North America, thi3 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-fire 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. 1