THE MORNING OREGONIAN, MONDAY, SEPTEMBER 27, 1920 CALCULATIONS UPSET By Producers and Dealers Are Alike Somewhat Uncertain. SLIDE IS ANTICIPATED Credit Iteslric-tion, Say Financiers, Was I'irst Step in Preparing Country lor Inevitable. With harvesting: of the gTain crops well alons In the Facific northwest states, the producers and dealers are alike somewhat uncertain as to the prices that will be realized. Recent decline in prain at market centers has upset the calculations of the farmers, i-ome of whom had been reported as dlspohcd to hold their Rrain for ex pected hislicr price levels. The re action that may follow the tendency to stepping down from the higih costs that have continued until within the last fortnight, as a hansovcr from the high costs that developed while a large part of the world was involved in the great war, is something that no one can gauge with any degree of certainty. What is now. transpiring in reduc tions of prices on many classes of commodities is a condition that was anticipated by the financiers of the country months ago. say bankers, and the action of the federal reserve board in starting to restrict credits at the beginning of the year was the first step in preparing the country for the inevitable. While it has been gen erally recognized that only by get ting back to price levels more nearly that of pre-war times covid the in dustries of the nation again approach normal conditions, there seems to have been a period in which each in dustry desired that the break should bme first in other lines. Finally, the buying power of the public either had reached a diminishing point or senti ment had gradually crystallized into a decision to cease buying so freely. Whatever the specific cause, trade fell off to a degree that resulted in caus ing manufacturers in certain lines to indicate by reductions in price that they were willing to take the lead in starting a movement thnt now bears promise of actually marking the be ginning of getting back to normal. Economic Condition! Dinturbrd. Rconomic conditions are eomewhat disturbed by the present situation. Most of the wool "clip of 1920 still re mains In the hands of the producers throughout the northwest, which is one of the heavy producing districts for this staple, with prices .much lower than last year and by compari son with the recent years seems too low to the wool growers accustomed to the higher prices. But from the woolen manufacturing centers of New Kngland states comes the information that prices have been materially re duced on cloth. The same is true of textiles in other lines. There was held in Portland last week a conference of lumbermen and traffic officials of the railroads to coimlder the situation brought about by the increase in freight rates ef fective August 26. The lumber manu facturers are confronted, with the pobsibiltty of being compelled to close down feheir mills for lack of a market in the interior of the coun try. Lnmlier Order Canceled Many orders have been canceled and new orders coming slowly 'since the increase went into effect. The railroad officials hold that the stag nation of the lumber trade is due to tightening of credits and that the present lull will be followed by a heavier movement than has before taken place. However, until the .controversy as to modification of the rates is terminated, there is lit tie prospect of any recovery in the market. The railroad executives are to hold a conference at Chicago a week from today, at which the new lumber tariffs will be authorized for publication. The lumbermen have been invited to make further rcpre sentations of their cause at that time. Irrespective of what may be done in regard to modification of rates, there is the car shortage that prevents prompt delivery of lumber or other products of the factory or field. The railroads report some measures of relief and that just rapidly as new equipment can be turned out of the shops, the require ments of the shippers for cars will be supplied. Meantime, the best pos sible use of existing equipment is the aim of the carriers, to be achieved by heavier loading on the part of the shippers and more car mileage by the operating departments of the roads, thereby making the same cars carry a larger tonnage of goods to market. John Ij. Etheridge, president of Morris Brothers. Inc., left for San Francisco the last of the week, on a business trip. He probably will pass about a month in the south, dur ing which time he will investigate the bond and Investment market con ditions of that state. Morris Brothers. Inc., have made a record' sale of City of Edmonton (Alberta. Canada) 6 per cent general obligation gold notes, yielding 9 per cent, $750,000 of which were offered to investors last week by this house. "These securities have found a ready sale, the demand' for them be ing unusual." said Mr. Etheridge. "Strongly backed and being abso lutely safe, yet yielding the excep tional return of 9 per cent, they afford an investment opportunity of exceptional merit." The Portland chapter of the Amer ican Institute of Banking has just completed the most successful mem bership drive in its history. Under the leadership of A. H. Herndobler, auditor of the State Bank of Portland, 346 new members have been enrolled. Portland's quota as outlined by the membership committee at national headquarters was 77. Thus Portland has exceeded its quota by more than E50 per cent. Last year the State Bank of Port land was the only bank with 100 per cent membership. This year three banks have been added to the honor roll, the Multnomah State bank, Hi- bernia and Citizens banks. The total membership is now 677, which is more than double that of last year and is 73 per cent of the total number of bank employes in Portland. The United States National bank, which has 153 members, holds the rec- of any bank in Portland. Classes covering practically all the technical phases otVbanking will begin early in October and every member is expected to join one or more classes. . Officers of the Portland chapter are ,T. King Byron, president; Christian Petersen, vice-president; June Jones, secretary; to. ti. Austin, treasurer. With the prices of commodities gen erally dropping and a steady andJ. heavy rise in the price or liberty and vu'to'-v l'onds, indications for an in crease in the price of municipal bonds! stronger now than they have been at any time during the past six months. according to Freeman Smith fc camp company, bond dealers of Portland and San Francisco. Further indica tions of the strengthening of market conditions are reflected in requests received by the company from eastern dealers for quotations on western municipal bonds. The advance in the price of liberty and victory bonds means a corresponding: advance of all municipal bonds because of the in come tax exemption features, say of ficials of the company. It is interest ing to note that in the past wreelc some issues of liberty bonds advanced as much as three and a half points over prices, of the week previously. Anticipating just such an increase Freeman Smith & Camp company, purchased two large issues of Oregon municipal bonds and are offering them to net investors as much as 6.80 per cent. They purchased out right $100,000 in improvement bond3 of the city of Portland. These are 6 per cent bonds with an average life of five and a half to seven years. They have also taken delivery of $130,000 in bonds of the city of Astoria and are selling these at 99 to net invest ors from 6.05 to 6.80 per cent, depend ent upon maturities. .Tohn IT. Calkins, governor of the Federal Reserve bank of San Fran cisco, will be a Portland visitor next Friday, when he will pass the day in Portland in a trip over the north western states of his district for con ferences with the managers or me various branch banks. Mr. Calkins is popular with the bankers or tne coasu states, and will be entertained while here by some of the executives w-nn whom he has been brought into close relationship in the worn oi receni years. APPLE HARVEST DELAYED Hood Ttiver Orchardists Fear Rain May Prevent Coloring. HOOD RIVER, Or.. Sept. 26. (Spe cial.) It rained steadily last week and as a result orchardists have Deen delayed in the harvest of early varie ties of apples ana pears. The rain ana cloudy weather may prevent the high coloring desired on red varieties oi apples. The greater portion of the Hood Fiver crop, nowever. cuuaiaio Newtowns, a green variety. Old-time orchardists here declare that thev have not seen so wei a September. More than three inche f nrocinitation has prevailed during the month, while the average is only about a half inch. NORTH ROTUND IS Manufacturing Club Formed to Boost Their Area. NEW FIRMS ARE SOUGHT DAILY CITY STATISTICS Marriace IJcenfe. Thompsnn-McOonneU Thales F. Thomp son i. iii o i.eonara itret-i, nu ut erine Mildred MeConncll, IS, 76 KllsI wiinms-Kimton May Lewis W (lliame, leral. ttft fcast 58th street. Nnrth. and Ksther Vema Simpson, log, OS street. North. Chapman -Middlebrook Roy Chap man. 41, Ttfrard. Or., and fcllzaheth Mid dlobrook, legal, T01 Eaat 41t afreet. North. Wilson-Corbet t Merle Wilson. 20. Co lumbia City. Or., and Kdna Corbett, -U, J7th street. Kord-Mac Donald Palmer Alfred Ford, lejtal. Butte. Mont., and Ruth A. Muc Dona'ld. leal. 1400 L.enor street. Sniith-Rosa Clarenr Jimlth. 21, 4J'J Ten i no atreet. and Neva Ross, -3, 446 Lexington avenue. Jones-Callioun Roy L. Jones, 32, r3 North IStb. street, and Lola Calhoun, 2S, Y. W. C. A. LonK-Heston Marlon M. Lonp. 24. SOMA First street, and Helen F. Houston, 24, 48 William avenue. ischieks-Bruner Otto Kchleks, .TO, Dal las. Or., and Kmma Bruner. uti, Portland. Dirinpcr-Bellarts Norl-rt rierfriEer, 22. 300 Williams avenue, and Angela Bell arts. IS. 72 Kast i:tth etreet. Howell -Gartmun K. P. Howell, 2ii, St. Helens. Or., and Kdna J. Gartman, 19, 628 Flanders street. Vancouver Marriage Licences. Sm i th -iin it (ie or go Henry Smith. 2.", of Ridgcf ield. Wash., and Ant ha Luc 1 la fcmith, 16, of Ridserield. Wash. Shafer-Vauffhan tiuy P. Shafer. 24, of Washounal, Wawh.. and Eleanor Vaughan, 2i. of ncnuvt-r. Gunn-Bfch Curtis L. Ounn, 27, oT Cas tlerock. Wash., and Sibyl. M. S. Beach, 18. of Vancouver. Roelg- Kuatewood Alfons Roels, 27, of Pandy, Or., and KIsie Kaatewood, 24. of Smidv. Or. Wood-Wood John C. Wood, legal, Aloha. Or., and Mrs. Sada K. Wood, gal. of Portland. Dickson-Osborne Carl Dickson, , 2.1, of Portland, and Josephine Osborne, 2o, of Portland. Crucchlola-Antenone Ferdinand Crun ehiola, 24. of Portland, and Feliclna An ten one. 18. of Portland. ilcCu!louh-Post Hugh T. MrCuJlough, 2:i, of Portland, and Vivian R. Post, 2i, of Portland. Evans-Wills OrvlMc I. Evans. 46. of Eaple Creek, Or., and Jennie Wills, 40, of Portland. Turner-Ben n An die Turner, lffgal, of Portland, and Julia J. Bcnn, legal, of La Center, Wash. ligpench-Kumrow Alphonse Rapnch, 24. of Salem, Or., and Florence Kumrow, 22. of Salem, Or. Wilson-Ueland Harry C. Wilson. 25, of Portland, and Luelta Ucland, 20, of Port land. . of 10- Ban on Meetings Is Raised. YAKIMA, Wash., Sept. 26. f Spe cial.) Ban upon Xh us of the Yak ima armory for political gatherings, which heretofore has prevente-d such use of the building:, has been raised by the adjutant-general's office, and Captain W. F. Hoyer, custodian of the armory, has been informed that political meetings will be permitted under proper guarantees, and where bond is given to make good any dam age that might be done. Phone your want ads to The Orejro nian. Main 7070. Automatic ftfrt)-9n. System of Preparing City to Draw Kresh Industries Is Set I'orth by Members. North Portland is rapidly forging to the front as one of Portland's leading manufacturing and industrial sections. The industrial and live stock interests recently formed the North Portland Manufacturing club, with a charter membership of 46, and have fitted up attractive quarters where they can enjoy their meals and entertain out-of-town buyers. One of the club's primary' purposes is to help build up Portland as a manufacturing center. Alfred A. Aya has been elect ed president and Norris B. Stone bcc re tary-treasurer. "The public is interested in perhaps four things concerning this manufac turing district out here at North Portland,' said Mr. Aya. "The first is, wjiat is the district doing now in a business way; second, what commodi ties are being produced: third, what additional commodities could be pro duced: and fourth, what is being done to build up these industries and cre ate bigger payrolls? C-rowtb Is Described. "The first two questions are easy to answer, the last to depend Borne what upon the community. "There are 34 concerns In the North Portland district, 13 of which have come there since 1 1 7. and they do total business of about $125,000,000 year and employ over 3000 people. "Pickles, ships' masts, macaroni. pipe both metal and wood, sauer kraut and all sorts of meat products, stoves, furniture, ready cut houses, boxes and crates, wool, dry kilns, waxed paper, steel bridges, patent roofing, paints, all sorts of lumber, shingles, wood containers from candy pails to giant tanks, farm appliances road-building equipment and fer tilizers are some of the products turned out by the plants in this dis trict. Then there are the big stock yards and the companies who make loans to the farmers and woolgrowers so they can raise more stock and pro duce more wool. Pew people who pass the Livestock State bank in this district realize that the clearings of this bank average over $1,000,000 per day. New BuNlnena Can Be Mad. "The further growth of these fac tories and of the livestock market is retarded because North Portland har bor is not dredged to admit ocean going ships. About half the planto out here, among which are the big gest producers, have expanded as far as they can without entering the ex port business. It will not pay these firms to go into the export business unless they can ship from the docks on North Portland 'harbor. That has been tried out and the effort was abandoned. The result is that Port land is losing valuable foreign busi ness right along; the very business the community is anxious to build up. 'The Robert Dollar company i:f San Prancisco has not yet completed nego tiating for the purchase of the Big Monarch mill, although the deal was said to have been closed. They don't want the mill unless the harbor Is Im proved so they can bring in their fleet of steamers to load. They want to produce and ship lumber to the At lantic coast and foreign ports. They would take the maximum output of this and other mills in their ships, but they will not wait indefinitely. "Tying the Robert Dollar company to Portland would mean the employ ment of at least 500 men immediately and the bringing of a new steamer line to this port. But it would mean more than that. Robert Dollar start ed life as a lumber jack in the Cana dian woods. Korty years ago he men ufactured lumber in Michigan and ex ported it to Kngland. He has been a foreign trader ever since. His expe rience and his fleet of ships plying between this and Atlantic and foreign ports would develop other trade, be cause his ships would not return empty." LINN TO VOTE ON TAXES County Court Insinuates Increase Should Eit'ccd 6 Per Cent. ALBANY. Or., Sept. 26. (Special.) Voters of Linn county at the coming election will pass upon the question of an increased county tax levy for next year. The county court estimates that the increase in the tax levy should be greater than the limited 6 per cent increase and has filed a certificate m U3 m m m m m m m m m 1 m m m 5 m m H m m 15 m ftps The Right Time to Invest Is Right Now! Have you followed the trend of the bond market during the past two weeks? Liberty and Victory bonds have enhanced in value over a dollar a hundred within a week. The investment yields to be ob tained through ' the purchase of them has dropped accordingly. The recent 8 French Government loan was sold out within AN HOUR by the syndicate that handled it. Every high-grade security of this type that has -had a yield of 87 or better has been eagerly bought up by the investing public. Canadian bonds that are a general tax obli gation of entire Provinces and therefore of very high grade security, are now yielding only in rare instances, better than IVt'k Two months ago they, could be purchased in abundance to yield or better. We now have only a few thousand Canadian Provincial bonds on a 7 basis. A Word to the Wise Is Sufficient - LADD SpTILTON BANK Washington at Third MEMBER FEDERAL RESEHVi .SYSTEM, Oldest in - - - the Northwest i ! with the county clerk for the placing1 of the question on the ballot at the coming election. The court estimates that an increase of $91,000 in the levy for next year over the levy on which taxes were collected this year is necessary. The certificate recites that the increase is required because of the increased cost of labor and materials required for urgent and necessary construction, maintenance and repair of roads, bridges and ferries, because of in creased state taxes and because of the increased cost of maintaining other county obligations. ited the Woodburn lodge last night. The Albany lodge conferred the mas ter Mason degree at the meeting in Woodburn. Albany Masons Visit AVoodburn, ALBANY, Or., Sept. 26. (Special.) A large number of members of the Albany Masonic lodge, headed by Jud ere "Kelly, worshipful master, vis- AND SAFETY Our First Mortgages assure to the Investor: Abundant Security Punctual Payment of Interest Freedom from Care Undiminishing Par Value Available in denominations of $100 and upward. Western Bond & Mortgage Co., Main 113 80 Fourth St. PROPERTY VALUES TP a piece of property is vacant, it is worth only what the purchaser will pay for it. But if a suitable type of building is erected and kept in first-class condi tion, you have a basis of determining its value by the return on the invest ment. It becomes profit able to hold or readily, salable. We manage and develop property. PORTLAND! COR BLTT DUlVDINg W Argentine Government 4 EXTERNAL STERLING LOANS Coupon bonds in denominations of 1000, 500, 200, 100, 20 Principal and Interest payable in sterling in London, or may be collected through our office Redeemable not later than 1956 by a Cumulative Sinking Fund Direct general external obligation of the Argentine Government Argentine, next to Brazil, is the largest country in South America and from the standpoint of climate and soil is said to present the most nearly perfect area that the world contains for the production of wheat, oats, corn and meat products. Evidence of this is seen in the rapid growth in the cultivated area of the country which has increased in twenty years from about 13,700,000 acres to 57,000,000 acres, and in the last eight years the national wealth has increased from 9,820,000, 000 to 13,865,000,000 United States dollars. Population in 1904 was 5,190.000, which has since increased to 9,300,000, or about 80. Its per capita wealth is estimated at about $1500; its per capita debt about ?83. Price and Complete Details on Application Approximate Yield At Current Rate of Exchange la 7.20 to 16.25 Dependent Upon Date of Redemption Increase in Sterling Exchange Will Increase Yield Proportionately Ralph Schneeloch Company aJKK3PJB..ANX CORPSRAnOHmUNCB POHTUOn.OREGOK In the Center of America's Largest Available Belt of Pulp Timber- Salem, the site of this great paper mill, is situated in the heart of the greatest pulp timber belt in the United States. The mill has at its disposal all the immense holdings of the Spalding Logging Company, a total of two billion feet of timber. The mill is now manufacturing paper 8 Cumulative jj Preferred Stock u o Oregon Pulp & Paper Co. Dividends Payable Monthly Price 100 Par Value of Stock $100 0 El Under- StforMSumOragcm. Slate llankino Department., Lumbermens Building Trade With the Orient With correspondents of the highest standing in China, Japan, India, and other countries of the Orient, and branches in all the principal ports on the Pacific Coast- of North America, this branch is excellently equipped to serve the interests of the grow ing trade with the Orient. The Canadian Bank of Commerce . Fourth and Stark Streets, Portland, Oregon Four hundred and eighty-five Branches in Canada, also Branches in-London, England; Mexico City, Mexico; Havana, Cuba; Kings ton, Jamaica other Branches will be opened shortly in Central and South America and British West Indies. 1014 We Offer, Subject to Prior Sale and Change in Price $443,700 General Obligation 6 Gold Notes CITY of EDMONTON Exempt From Dominion Govt. Tax 9 Yield Exempt From Dominion Govt Tax Denominations $100, $500 and $1000 Kdmonton is an industrial city of 60,000 to 70.000 people, and the commercial center of :55.2S5 square miles of agricultural lands surpassing in the production of wheat and other Brains and livestock. Into Edmonton pours the wealth of the McKenzte River Valley and the great Peace River Country, and out of it, in turn, the equipment and Eivpplies for those vast wealthy empires. FIMXC1AL STATEMENT- Assessed valuation $S6,605,71S.0O Value municipal property (not including public utilities) 1 1 0"r.376.00 Net debenture debt 9.44S.937.00 Revenue from public utilities (.above cost of operation) 767.773 0(1 Net local improvement debt 3.04tt,763.00 la addition to belnar Grifnl Obligation oten, their are secured by lons-time debentures totaling ,."14,40.MI. Hated September 1. 103O. Maturities as Follows: H5S.S00 due Kept. 1, 1922; price 94. S2. 126.Ht due Sept. 1. 1923; price 92. 2. 1164.200 due Sept. 1. 1924; price 90.11. Principal and semi-annual interest (March 1 and September 1) paynblo In Cold Coin of the United States in New York and at the offices of Morns Brothers, Inc. Telephone or Trlesraph Order at Oor Expense Morris Brothers, inc Portland. Or., Morris Blilar.. 3iU'll Stark, bt. "The Premier Municipal flond IlfMlwe.' EntaHliMaed Over a 4tnnrter Century Capital Over Million lollnr Merchants ntlona4 llnnlt Uldfr., till Franriieo, 4'al. Seattle. "Wash., o. :t Central II Id if. If. -.ll National Bank of Commerce inNewYork Established 1839 "T STATEMENT OF CONDITION II SEPTEMBER 8, 1920 ! Resources Liabilities jj II Loans and Discounts $310,748,229.90 Capital Paid up 925,000,000.00 f 11 U. S. Certificates of Indebt- Surplus . 25,000,000.00 a i II edness ... 187,500.00 , ill 1 Other Bonds and Securities 1S.981.0S6.14 Und.vided Profits 7,695,966.10 I Ijl U. S. Bonds Borrowed 6,000.000.00 Deposits 324,861,019.29 B III Stock of Federal Reserve U. S. Bonds Borrowed 6,000,000.00 K DBr.lk'V; Rediscounts with Federal I --Banians House 4,000,000.00 Reserve Bank 35,904,625.00 III Cash, L.xcnanges, and due . , , ' ., ,. , Ijl from Federal Reserve Bank 93,250,288.55 Reserved for Taxes, etc 3,9o5,168.j8 Hi Due from Banks and Bankers 5,636.769.79 Unearned Discount 2,997,178.37 I J"terest AtcfTu.ed " -. 399,689.90 Letters of Credit and Ac I Customers Liability tinder , Iii Letters' of Credit and Ac ceptances 62,069,823.95 HI ceptances 52r.483,02S.38 Other Liabilities 3.692.778.57 jj 5497,186,559.66 $497,186,55L66 HI rHBSIDeNT HI JAMES S. ALEXANDER HI vcs-mcoMrs J. HOWAHO ARDREY , HERBERT P. HOWELL PARIS . RUSSELL JOSEPH A. BROOERICK LOUIS A. KEIDEL . STEVBNbON E. WARD OUV EMERSON DAVID H. Q. PENNY ROGER H. WILLIAMS I JOHN E. ROVENSKY Steoo vci-peoeiw VtARRY P. BARRAND JAMES I. CLARKE EVERETT E. RISLEY I , LOUIS P. CHRISTENSON ARCHIBALD F. MAXWELL HENRY C STEVENS I I k EDWARD H. RAWLS I ( CiSHtcff juorroff ROY H. PASSMORE ALBERT EMERTON Offfe-croffS JAMES S. ALEXANDER HERBERT P. HOWELL CHARLES H. RUSSELL WILLIAM A. DAY ANDREW W. MELLON VALENTINE P. SNYDER HENRY W. do FOREST HARRY B. THAYER FORREST F. DRYDEN -aamaaanw JAMES TIMPSON annnnannnnnnnnnn J . City of Portland Improvement I Call or 'phone g I n"r- ftrmnlljM. I 1 MOATMWCSTERM AAMKaLD. Phone Your Want Ads to THE OREGONIAN Main 7070 WHEN CONDITIONS ARE UNSETTLED and the future uncertain, the advantage of buying sound bonds becomes obvious. Bonds can now be purchased to yield a larger return than stocks. The return is not only larger but much more certain. The principal likewise is insured against loss by the fact that the equities are owned by stockholders who must maintain the in tegrity and take advantage of present invest ment opportunities. Send for list S-27 of sound bonds yielding 7 to 8 per cent. " ., Blyth. Witter. & Co. UNITED STATES GOVERHMEIfT MUNICIPAL AND C0RPGRATIOH BONDS YEOX BUILDING, PORTLAND, ORE. Telephone Main 8183 San Francisco Seat'Io Nrw YorU Lea Argclcs f and other hith gade securities axe