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.
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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
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.. 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