TIIE MORNING OREGOXIAX, MONDAT, OCTOBER 11, 1920
15
PORTLAND
BANKERS
GO TO QNIVENTION
Strong Delegation Will Attend
Big Congress.
SESSIONS IN WASHINGTON
National Association to Discuss Vi
tal Questions Arrectlng All
Phases of Business.
Portland will be well represented
at the 46th annual convention of the
American Bankers' association .to be
held at Washington, D. C. October
18 to 22, which promises to be one of
the most imDortant in the annals of
the organization, as many questions
having a direct and vital bearing on
the financial -and economic future of
the country will be discussed. Two
thousand, five hundred bankers al
ready have registered, according to
advices received from the headquar
ters of the public relations committee
of the organization at St. Louis, Mo.
Bankers of this city to attend the
convention are Edgar H. Sensenich,
vice-president of the Northwestern
National bark, and Oregon member of
the new executive council to serve
three years, and S. L. Eddy, vice-president
of the Ladd & Tilton bank, both
of whom left for the east yesterday.
I.eroy D. Walker, president of the
State Bank of Portland, left Saturday
for the east on a business trip and
will attend the convention. Willis K.
Clark, of the Ladd & Tilton bond de
partment, will Join the Portland dele
gation at Washington.
Tax Revision to Be Conslirrred.
Among the foremost subjects) to be
considered by the bankers will be re
vision of the federal tax laws. Rich
ard iS. Hawes, president of the Amer
ican Bankers' association, has named
the personnel of the economic policy
commission of the association, which
is to consider tax revision and make
recommendations to the convention as
to suggested changes.
The committee is as follows: Waldo
Newcomber, president National Ex
change bank, Baltimore, Md. chair
man; Sol Wexler, J. S. Bache & Co.,
New York; J. W. Staley, president
Peoples State bank, Detroit; L. L.
Rue. president Philadelphia National
bank, Philadelphia; Kestus J. Wade,
president Mercantile Trust company,
St. Louis; Arthur Reynolds, vice-president
Continental-Commercial Na
tional bank, Chicago, and Charles A,
Hinsch, president Fifth-Third Na
tional bank Cincinnati.
"Thrift and Americanisatlon Work"
will be the subject of a report by a
special committee headed by S. Fred
Strong of New "Haven, Conn. This
report Is expected to outline an
especially active programme on thrift
fop the coming year. The American
Bankers' association will also make
special plans for aiding In the general
observance of National Thrift week,
January 17 to 23.
Currency Commission to Report.
The report of the currency commis
sion, of which A. Barton Hepburn of
the Chase National bank. New York
is chairman, on Professor Irving
Fischer's plan to stabilize the dollar
is expected to reflect the bankers' at
titude toward the gold standard, as
will also the report of the gold bonus
committee. This committee will re
port on the plan suggested under the
so-called McFadden bill, which seeks
to stabilize gold production by taxing
gold used in the arts.
Of interest to the northwest will be
the discussion on the transportation
problem. The status of the country's
transportation system and the effect
of varying transportation conditions
on credit will be considered on the
first day of the convention. J. J.
I'ulloyn, president of the Emigrant
Industrial Savings bank and a mem
ber of the Railway Securities Owners'
association, will speak on this sub
ject. In addition to the main sessions of
the convention, many important con
ferences have been scheduled. Hon.
K. T. Meredith, secretary of agricul
ture, has issued an invitation to the
bankers to visit the department of
agriculture.
Service May Be Rendered.
"Bankers, perhaps more than any
other single group of business men,
have it in their power to render an
essential service in maintaining and
developing the agriculture of Amer
ica on the basis that is necessary to
the permanent prosperity, not of ag
riculture alone, but of all industries
end all business enterprises," said
Mr. Meredith, in part. "We shall be
delighted to show the bankers, when
they visit the department on October
18, some of the more important things
the federal government is doing
aid of agriculture and to assist
making clear to them some of the
ways In which bankers can promote
this work.
Other Snbjects on Programme.
Among the other vitally important
subjects and speakers are: Hon. E. T.
Meredith, secretary of agriculture
Hanking and Agriculture"; Hon
I). F. Houston, secretary of the treas
ury, "Government Finance": George
Woodruff, president Nirst National
bank. Joliet. 111., "The Country Bank
era Problems"; Fred I. Kent, vice-
president Bankers' Trust company
New York, "International Relations":
Joseph H. Defrees, president United
States Chamber of Commerce. "Serv-
ica Organizations"; F. W. Ellsworth
vice-president Hibernia Bank & Trust
company. New Orleans, La., "Publicity
Public Relations"; Sol Wexler, J. S.
Bache & Co., New York, "Underwrit
ing and Financing Big Business
11. M. Robinson, president First Na
tional bank, Los Angeles, Cal., Com
modity Financing"; Oscar Wells,
president First National bank, Birm
ingham, Ala., "The Federal Reserve
System," and John Kendrick. Bangs,
"The Incorrigible Optimist."
The government has announced a
new issue of treasury certificates of
indebtedness which are dated Octo
ber 15 and are due March 15. accord
ng to the local Federal Reserve bank.
This Issue will be $100,000,000, to
yield E"4 per cent Interest, and the
allocation to the 12th federal reserve
district Is 17.060,000.
EASTERN OREGON PROSPERS
Survey Made by Banks Indicates
E'ne Crop and Cattle Conditions.
Maynard Redmond, cashier of the
tate Bank of Portland, has just re
turned from a trip through eastern
Oregon, Including in his itinerary the
towns of Madras. Redmond. lone, Ar
lington, Pendleton, Athena, La Grande
North Powder, Haines, Baker. Rich
land and Nyssa, and makes the fol
lowing report of the general condi
tions in that district:
Farmers at Madras are nearly done
threshing. Wheat Is making from 15
to 30 bushels, in general the bes
crop since 1916. "Everybody In this
district is talking irrigation, " says Mr,
Redmond. "Ninety-nine thousand
acres of rich land Is awaiting the
magic touch of water."
Redmond, Or., is specializing In po
tatoes and alfalfa, with dairying and
livestock increasing rapidly. The
Deschutes Valley Seed company is
now ready to harvest 300 acres of fine
seed potatoes on land which last
March was covered with juniper trees
and sage brush. A new industry is
springing up in Redmond. Juniper
trees are being made into wood for
lead pencils.
Wheat around Pendleton is averag
ing from 35 to 45 bushels to the acre.
Athena is producing even larger
yields, being one of the best wheat
growing districts in the world. Thou
sands of dollars worth of wheat Is
dally being taken to elevators, al
though little of it is being sold.
Business Is good In La Grande,
which has a large railroad payroll in
addition to drawing trade from a
large number of smaller towns.
At North Powder and Haines the
crops, which appear better than last
season, are about six weeks late.
Richland is a beautiful little city
located in the narrow but fertile
Eagle valley, which produces an
abundance of hay and livestock and
some of the finest flavored honey in
the United States.
Nyssa is the center of a large irri
gated district producing quantities
of hay and considerable corn.
While the crop In eastern Oregon
has been generally good, the extreme
heat in July prevented the bumper
crops earlier expected. In general,
however, the late rains have been
very favorable for seeding grains for
next year and prospects for winter
wheat are excellent
Commercial organizations through
out the state are taking an interest
In the measures to be voted on at the
coming election, and requests for
speakers to debate on some of the
initiative measures are coming in to
Oregon state chamber of commerce.
Carl Hubulock has been requested
by the state chamber to defend the
negative side of a debate on the mar
ket commission bill before the irranare
hall at Hood River October 15. Judge
Btapleton will uphold the affirmative
side of the question.
In response to a request from the
Freewater chamber of commerce ask
ing for a speaker to explain both sides
of all measures to be voted on, the
state chamber Saturday wired a re
quest of A. A. Smith of Baker, attor
ney and member of the state legisla
ture, to speak at Freewater in the
near future.
GRAND TRUNK 7S ON MARKET
Inc. (United States) and Massey,
Harris company, Ltd. (of Canada) 10
year 8 per cent sinking fund gold
j 1920 and are. due October 16. 1930.
They are in denomination of $1000
and are offered at 100 and interest, to
yield 8 per cent. The Massey, Harris
Harvester company Is the largest
manufacturer of agricultural imple
ments in the British empire. It oper
ates throughout Canada, the United
States, Great Britain, Australia, in
Europe, South America and Africa.
The last financial report of the com
pany shows net tangible assets of
$30,584,699 or $7646 per $1000 bond,
which i3 a very remarkable state
ment. CAXADIAN BONDS IN DEMAXD
Gold Note Issue of Edmonton Latest
Attractive Offering.
Canadian gold bonds continue to oc
cupy a prominent place In the offer
ings of the local bond houses this
week at Interest yields ranging from
7 to 9 per cent.
Morris Brothers, Inc. have an
nounced that they have been able to
acquire the unsold portion of a re
cent issue of the city of Edmonton,
province of Alberta, 6 per cent gold
notes, yielding 9 per cent. These
they are now offering to the invest
ing public and report a very brisk de
mand for the notes on account of
their excellency of security and high
rate of return. These notes are dated
September 1, 1920, and are due serial
ly in 1922 and 1923, with principal
and semiannual interest payable
March 1 and September 1 In gold coin
of the United States in New York or
any other of the offices of Morris
Brothers, Inc. The denominations
are $100, $500 and $1000, and are a
general obligation of the entire city
of Edmonton.
Edmonton is the financial center
and capital of the province of Alberta
with a population of between 60,000
and 70,000, and is a thoroughly mod
ern city with 26 banking houses and
branches, which serve as a clearing
house for the wealth in and surround
ing the municipality. It is a great
railway center and receiving depot
for the vast crops of the contiguous
territory, which this year are break
ing all records for size and quality,
according to official reports received
by Morris Brothers, Inc.
Dominion Offering- of Railway Is
sue Guaranteed by Government.
Among its new offerings this week,
the Lumbermens Trust company has
been directing especial attention to
the Dominion of Canada Guaranteeing
the Grand Trunk Railway 7 per cent
gold bonds. These are issued by the
Grand Trunk railway, which is owned
by the Dominion of Canada. The gov
ernment unconditionally guarantees,
by endorsement, the payment of the
principal and semi-annual interest,
which makes the bonds the obligation
of the entire government. The bonds
are in denomination of $1000 and are
offered at 100 and interest, to yield
7 per cent. In 1916 the Dominion
marketed a 20-year 6 per cent bond
on a 5.25 per cent basis. This present
issue of 20-year 7 per cent bonds, on
the same basis, would command a
price of 121.60. It is, therefore, very
evident that with the return of nor
mal conditions, these long term bonds
should greatly appreciate in value.
Province of British Columbia 6 per
cent gold bonds. These are in de
nominations of $500 and $1000 and are
due October 1, 1925. They are pay
able in United States gold coin, and
therefore will not be affected regard
ing the principal and semi-annual
interest payments, by the exchange
rate. These bonds are offered at 94.83
and Interest, to yield 7.25 per cent.
Massey, Harris Harvester company.
Bond Issues Are Offered.
Carstens & Earles. Inc., are offer
ing the following at attractive 'prices:
Province of British Columbia 6 per
cent general obligation gold bonds,
dated October 1, 1920, due October 1,
1925. at 94.83, to net 7.25 per cent;
province of Manitoba 6 per cent gold
bonds, dated April 1, 1920, due April 1,
1925. at 95.27, to net 7.25 per cent;
$20,000 city of Salem, Or., 6 per cent
refunding bonds, dated October 8,
1920, due October 8, 1930, at 101.25,
to net 5.80 per cent; city of Enter
prise 6 per cent Improvement bonds,
dated April 1, 1920, due April 1, 1930,
at 98.85, to net 6.25 per cent; Swift
& Co. notes and Grand Trunk Railway
company bonds, guaranteed by the
Dominion of Canada, are offered by
the firm.
POWDER MAT IS KILLED
Unexplained Explosion Catches Ed
Smoots Unawares.
HOQTJIAM, Wash., Oct. 10. (Spe
cial.) An unexplained explosion
which followed the explosion of a
charge under a stump in the Poison
Logging company's camp No. 12
caused the death late Friday of
Ed Smoots, 52, a well-known man In
the Grays Harbor country.
Mr. Smoots was an expert powder
man. He had placed a charge under
a stump and retired a safe distance
until after the explosion. He then re
turned to the stump and the second
explosion followed.
Net tangible assets of
$7646 secures each
$1000 bond of
Massey-Harris'
Harvester Co.
- Second largest farm implement manufacturer in the
world. Operates throughout America, the British Em
pire, Europe, Africa and South America.
10 Year 8 Gold Bonds
Due Oct. 15, 1930
This $4,000,000 issue constitutes the only funded debt.
Interest will be $320,000, while average net profits for
last four years has averaged almost $2,000,000 per an
num. Net tangible assets total $30,584,000
or 7.6 times the issue.
Price 100 QCf
To Yield O 0
PROMPT BANKING SERVICE
Assured All Depositors
in Our Checking and Savings Departments
Deposit Your Funds Here -
I i
Commercial and Savings Accounts
Bonds and Trusts
BROADWAY AND OAK
RATE REVISIONS SEEN
ENCOURAGIN'G REPORT SENT
NORTHWEST IUSIBERMEN.
First Word From Chicago Confer,
ence Is Highly Pleasing to
Timber Interests.
SEATTLE, Wash., Oct. 10. (Spe
cial.) Immediate railroad rate read
justments permitting northwest for
est products to compete with south
ern pine lumber In eastern markets
is forecast in telegraphic advices re
ceived from Chicago Saturday by the
West Coast Lumbermen's association.
The telegram, which Is the frlst
news of the progress of the confer
ence of lumbermen and traffic chiefs,
is as follows: "Hearing today before
transcontinental freight bureau on
revision of lumber tariffs very satis
factory to coast industries represent
ative. As a result of this hearing we
are hopeful of rate readjustments
permitting our competing In eastern
markets.
"On October 5 we met with a south
ern pine committee and Ironed out
many mutual misunderstandings. The
result was that southern pine took
a very liberal attitude on the west
coast rate problem. E. L. Carpenter
of Minneapolis, re-presenting the In
land. Empire territory, also rendered
material assistance.
"Our case was well presented by
H. W. Vinnedge, George Long. E. G.
Griggs, J. H. BloedeL C. H. Chattan,
Howard Jayne, F. H. Hubbard. C. H.
Watzek, Phillip Buehner, F. H. Jack
son and J. N. Teal. '
"The railroads' - attlture was very
different from that at the recent
Portland conferences. Our relations
with competing producer and rail
roads were very harmonious."
H0QUIAM ROAD IS OPENED
Connecting Link of Olympic High
way Opened at Harbor,
HOQTJIAM. Wash., Oct. 18, (Spe
cial.) While there was no brass band
out for the occasion, Mayor Roy Sr
gent of Aberdeen was a guest . of
Mayor Ralph Phllbrlck of. Hoquiam
Friday evening at the. opening of the
Simpson avenue paved highway, which
is a connecting link of the Olympic
highway. City engineers of both cit-
j5m -wr nimiishi 'hum mi ii IMe n wiiiii wiMy-;"?
, p r A
Z$12&-j- i" i-x-K -rH fev V 1
'S bL Harvesting the Mammoth 4i5A teJ&VJl
I V-ill" -' - " mni7 Wheat Crop In the ft VriTS"Vii"''' n" ' " "' " '" I' i. M
j Edmonton .District. J
We Offer Subject to Prior Sale and Change in Price
The Unsold Portion General Obligation 6 Gold Notes
itiniinMunnummmttftninmninim
CITY OF
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inmrnnrnmirmm:
i EDMONTON-YIELDING B.
filtiiumaiwuMWMnnlnimituwtwiiiifnwiuiiiUiMiiinmiinuuiiHfiMirtnMiiij
Exempt From All Dominion
Government Taxation
wHnmmumnwHwiHmiHirwMriMiW"lmiic
These Prices Are Subject to Increase Without Notice
n
DATFJ) SEPTEMBER I. 103O.
Maturities as Follovrsi
Due Sept. 1. 1922 Price 94. S3
Due Sept. 1. 1923 Price 92.45
Denominations loo, 500, C10O0
Principal and femi-annual interest March 1st and Sep
tember 1st, payable in U. S. Gold Coin In New York and at
the offices of Morris Brothers, Inc.
The wraith of a city na be aiPuarff ly the profluctlveneM of l tributary country.
Edmonton, the capital nod commercial center of the lrorince of Alhcrtn. ! not only nmtandH h?r the
wealth of natural agricultural reaoiirce. but Its nonltion mitltcn It the fcatewny to, and natural distributing;
point of, the arrcat I'cacc Ktver Country and the MrKcnmic Hivcr Itnln.
Into Edmonton' wn-rr hoiinrw ponr the karvrKt of a vist empire famed for bumper cropn of hlarh tenting;
Train and produce. Into her hankn the profit of these crop. And from Edmonton's retail and wholesale
establishments go the equipment and up plies fur this irreat district.
iiiuHwinnmnninmiuiin!
gMitmiinnmiHinimtittiniiiKttiiiiiimtimntNuiiniiii.'.v CI Kid STATEM ENT,1IKHI,I,,MI,I,I11,I,
I Gross assessed valuation $86,605,715.00 !
Value Municipal Property (not Including Public Utilities) 11,035,376.00
Net Debenture Debt
Revenue from Public Utilities (above cost of operation).
Net Local Improvement Debt (rate payers' share)
9.4S8.997.00 5
77. 773. 0
3,046,763.00 I
&iiwMmnHniiininnmniHmmimmiiimiMwiiiiimmii!itiMim
iintiaramnif)
In addition to being General Obligation Notes, these are secured by long time
' debentures totaling $2,594,420.
Legality Approved by Malone, MaJone Jt Long, Toronto, Canada.
IBIIIIIIIIIIIllBIIBIaDIIIIIIIBBIIIIItlEIIIIIIIBIIIIIIIII
SJVIFT & COMPANY
7 Five-Year Gold Notes
Price 97 and Interest y Yielding Over 7.60
Daui October IS, 1920. Due Ottobrr IS, 1925. '
Coupon Notts in Denominations of $1000r f500 and $100,
The foUoufing information is taken from official sources:
THE net assets of the Company from a financial statement as of Novem
ber 1, 1919 (after giving effect to this financing"), are $342,654,896, ap
plicable to a total funded debt, including this issue, of $95,258,500. I
Annual net earnings available for interest for the five years ending No
vember 1, 1919, averaged $28,842,807. The average annual interest charges
on all outstanding obligations during these five years were approximately
$7,996,815. Total sales of the Comppany's products have increased from
$250,000,000 in 1909 to over $1,200,000,000 in 1919.
The Trust indenture requires the maintenance of current assets equal to
at least one and one-half times current liabilities, plus the amount of these -Notes
outstanding, and provides that no new mortgage may be created
against present assets and property.
We recommend these notes for investment and shall be
pleased to send you a circular describing ihe issue in detail.
BOND DEPARTMENT
Harris Trust & Savings Bank
Organized at N. W. Harris & Co. 1882. Incorporated 1907
HARRIS TRUST BUILDING, CHICAGO
RIP
Harris, Forhet A Co.
New York
E arris, Forbes St Co Inc.
Botlon
MORRIS BROTHERS, Inc.
Merchant
Rational Bank
Bids.,
Sia Frnnciuw,
Cal.
"The Premier Municipal Bond llonit,"
Eatubliahcd Over a Hunrter Century.
Capital One Million Dollars.
Portland, Or, Morrl HI die 300-11 Stark St.
Broadway 2151.
Seattle, Wask.
No. 3
Central Hide
Mali 7227.
Elliott WvM.
BIHDnlHnfKBHBHBl Telephone or Telegraph Orders t Our Expense 'B B SB I
lea, and contractors, together -with
many citizens, were on hand when
the "road closed" signs were torn
down at 5 o'clock. Mayor Philbrick
led the procession, over the concrete
way.
Myrtle etreet, where the eastern
end of the Simpson avenue pavement
connects with Aberdeen, avenue, is
being repaired.
Trust Investigator Appointed.
WASHINGTON, Oct. 10. Appoint
ment of George E. Kelleher of Boston
as special assistant to the attorney
general was announced yesterday at
the department of justice. Mr. Kelle
her. who had been detailed by the de
partment to work In Alaska, will have
charge of the investigation of alleged
violations of the anti-trust laws.
F. J. RI3IOLDI OX FACULTY
Rhode Island Professor Is to Be
at Corvallls College.
Frank J. Rlmoldl, who formerly held
the chair of assistant professor of hor
ticulture at th Hhode Island Agricul
tural college, has been made assistant
pomologist at the Oregon Agricul
tural college experiment station and
t3
Current Bond Offerings
DUE PRICE YIELD
Grand Trunk Railway of Can
ada Guaranteed 7s 1940 100.00 7.00
Swift & Company 7s 1925 97.50 7.61
Morris & Company 7Vs 1930 98.25 7.75
Utah-Idaho Sugar Corporation
First Mortgage 7s 1921-30 7.75
Pacific Power & Light Co. 8s. . 1930 100.00 8.00
Sutter Basin Company 8s...... ,., 1926 100.00 8.00
Call or write for our complete list M-ll of
current Bond Offerings.
&LYTH, WITTER CO.
UlttIED.5IftXES GC3VEIWlItI MUNICIPAL ATO CORKBVOIOW BONDS; "
" Yeoh Bldg., Portland
Telephone Main 8183
San Francisco Seattle New York Los Angeles
instructor In the collcre. according to
advices received from the college.
The new member of the faculty is a
graduate of horticulture at the Con
necticut Agricultural college and took
graduate work at Cornell and Brown
universites. He has also had wide
experience in horticulture and ento
mology as teacher and investigator.
The dog depends largely on hla
sense of smell, and in order that that
faculty may be kept keen and sharp,
the nose' must be moist all the time.
As the moisture continually evapo
rates, the nose feels cold to the touch.
"Your Personal
Bank"
PROVINCE
OF BRITISH
COLUMBIA
6 Gold Bonds
Dated Oct. 1, 1920
Due Oct. 1, 1930
Price 94.83 to Net 7.25
PROVINCE
OF
MANITOBA
6 Gold Bonds
Dated April 1, 1920
Due April 1..1925
Price 95.27 to Net 7.25
CITY OF SALEM, OREGON
6 Refunding Bonds
Dated Oct. 8, J920 Due Oct. 8, 1930
Price 101.25 to Net 5.80
(arstens & paries, Incorporated
Est. 1891
Government, Municipal and Corporation Bonds
Third Floor U. S. Bank BIdg. Phone Bdwy. 41 OS
We Offer the T'nunld Portlona
of 124,000.
City of
Asteria
to20-year6 Bonds
at 99 to yield
6.05to6.82
Income Tax Exempt
These bonds are a general tax
obligation of the third city In
size In the state and Uie second
lu commercial Importance
Ask for circular 0TC.
Wira orders "collect."
-rrwE5TliiN &AMK BLO&.
0
HBBBal
Building
Upkeep
THAT is a very im
portant item in
the operation of
any business prop
erty. We are experienced in
the ways and means
of keeping our clients'
buildings in first-class
condition at all times.
Our business is man
aging and developing
property.
Strong 8 MscNairihton
POSTLAN0 C OA RETT BuilDIHC U QBLCON
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 porta on the Pacific Coast of North America, this
branch ia excellently equipped to serve the interests of the grow
ing trade with the Orient.
The Canadian Bank of Commerce
Fonrth 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.
AND
9b
SAFETY
Which do you value more
principal or interest? Our
methods assure SAFETY
to purchasers of our First Mort
gages. Our b e r v i c e assures
prompt payment in full at ma
turity. Available In denominations of $100
and upward.
Western Bond & Mortgage Co
Main 113 80 Fouvrt.
V