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
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5
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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