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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Oct. 18, 1920)
THE MORXIXG OREGOXIAX, MONDAY, OCTOBER 18, 1920 13 CLUBS VOTE AGIST INTEREST PROPOSAL Disapproval of Measure Ap pears to Be Unanimous. MENACE TO STATE SEEN Financial, Civic and Labor Organ izations Point Out Calamities iu .Fixing Xew Legal Rate.. Unanimous disapproval of the initi ative measure known as a "constitu tional amendment fixing the legal rate of interest In Oregon" is the sen timent among financial, civic and la bor circles throughout the state, judg ing: by the expressed .opinion of fi nancial leaders in Portland and the action taken by various commercial and civic groups "who went on record during the last week in no uncertain terms as being opposed to the pass age of the measure. The Portland central labor council also condemned the measure. Pour commercial and civic organ izations in Portland, the Rotary club, the Kiwanis club, the Oregon civic league and the Portland Chamber of Commerce- unanimously passed reso lutions last week condemning the measure, and all the chambers of commerce throughout the state that have considered the measure have voted solidly against It. It is pointed out by financial ex perts that while the calamities that would result if the measure should become a law are self-evident to the average voter if he reads the pro posed amendment carfully, yet the title in itself is misleading, and a hasty glance at the measure as it appears on the ballot would lead the voter to think that he was voting for a legal rate of interest only not understanding that Oregon already has a legal rate of interest. j Measure Called Dnngrerons. i The measure is a dangerous one," aid Robert E. Smith, president of the Title & Trust company, "because the average voter does not under stand that the measure is not to fix a legal rate of interest in itself we already have a legal rah of interest but is intended to fix the interest rate at 5 per cent. It would be sui cidal, and would entail the complete collapse of commercial enterprise throughout the state." "It is the most misleading and per nicious measure ever put before the people," said J. C. Ainsworth, pres ident of the United States National bank. "If it is passed it will kick back at the very persons who ex pect to benefit thereby. If it becomes Illegal to loan money at more than 6 . per cent there would be no loans, because the federal reserve interest rate for tbis district is fixed at San Krancisco and local banks could not get their paper rediscounted. The danger In the measure lies in its be ing misunderstood." I, ok to State Is Predicted. It is pointed out that if the legal rate of interest in Oregon were fixed at a point lower than in other sections of the country, the imme diate effect would be that money would be taken out of the state and loaned elsewhere to better ad vantage. In a short time a finan cial crisis would confront the state, as there would be no money forth coming for the harvesting of crops, mortgages would be foreclosed, busi ness firms would be unable to bor row to meet payrolls and all the commercial structure that is built upon credit would be overthrown. A feature of the widespread op position to the measure is the fact that every faction and interest in the state, representing the agricul tural, financial, manufacturing and labor elements, are united in their stand against the bill. The State Tttxpayers' league, known as a cau tions and conservative organization in its attitude toward measures af fecting the . industrial and economic welfare of the state, is waging a bit ter fight against the measure. State ments from the heads of many or ganizations of the city. including civic clubs, women's clubs, commer cial groups and the head of the labor party, have been compiled by the tax payers' league, from which the fol lowing are excerpts: Lnbor Hardnhfpa Foreseen. The passing of this measure would mean widespread unemployment and hardship to labor." Otto Hartwig, president of State Federation of Labor. "Every effort must be made to avert success to this radical meas ure." H. B. Van Duser, president Portland Chamber of Commerce. "EverJr woman voter should cast her baliot against this bill." Mrs. J. C. Othus, president, Portland House wives' league. "Will mean ruin to thousands of farmers unless this bill is beaten." A. R. Shumway, president of the Farmers union. "The success of this measure would be an unparalleled calamity to the state of Oregon." K. G. Crawford chairman, Portland Clearing-house banks. PORTLAND STCDEXT ADVISED Chamber TTrged to Send Represent ative for Commerce Courses. A letter from John Barrett, presi dent of the administrative council of the Pan-American College of Com nierce at Panama City, and director- general of the Pan-American Union to the Portland Chamber of Commerce last week, called attention to the new courses in commerce being given in the Panama institution, and urging that a student be sent from the Port' land district. The course suggested for the par ncuiar netna 01 roruana is a six months' intensive "Plattsburg" course in foreign commerce, and the gradu ate from this course, according to the plan, would then return to Portland to be a special authority on manu facturing, industrial, financial, export and import matters. The entire fixed expenses ior me six months course, according to the communication, would be from $1000 to $12u0. PUBLIC ECONOMY IS CItGED Curtailing Expenditures Held Solu tion to Credit Contraction. In regard to the widespread dis cussion in financial circles as to the Immediate and future effect of the credit contraction policy adopted by the federal reserve banks early this year, or the "checking of credit ex pansion." as one banker expressed it, the Federal Reserve bank of San Francisco has issued a bulletin con taining a resume of the credit situa tion of the country and including a report made at a conference of the federal reserve board early in the year. "While the problem of credit regu lation and control is -national and even international In Its scope, yet in the last analysis it is merely an aggregation of individual problems. and the proper working out of the situation must depend upon the pub lic and the banks which deal with the public. The public should realize the necessity of economy in expenditures and in consequent demands for bank ing credit. The banks themselves are best able to impress the impor tance of this policy upon the public, and both must do their part in ac celerating the processes of produc tion and distribution and in restrict ing waste and extravagance." - The policies outlined by the board have, generally speaking, met with the approval of solid banking and business sentiment, says the bulle tin, and there has been since last spring a marked improvement in the credit situation. This Is due to the better character and greater liquidity of bank credits rather than to any actual decrease in the volume of credit. VTenatcheo Banker Chosen. "W. G. Hughes of Wenatchee, Wash., was elected president of the First National bank of Springfield, Or., at a regular monthly meeting of the board of directors last week. Mr. Hughes recently acquired a controll ing interest in that institution and will move to Springfield and assume his new duties immediately. His ex perience as a banker covers 18 years, beginning in a minor position in a British Columbia bank, later with the Spokane & Eastern Trust company of Spokane and prior to his present po sition was associated with several banking institutions in Okanogan county, Washington. Texas Oil Yet Being Found. Sidney J. Graham, general counsel for the State Bank of Portland, has just returned from a business trip to San Francisco, Los Angeles, Houston, Wichita Falls and Denver. "Every body in Texas is talking and thinking oil," said Mr. Graham. "New wells are being opened up every day. Along the border Mexicans and Americans are becoming more friendly, and en voys from Mexico are constantly seeking trade relations from their neighbors across the border." Phonograph Stock Increased. The Cremona Phonograph company of Portland, which has been operat ing an assembling plant for theil product in this city since June, 1919, increased its capital stock from $75, 000 to $350,000 in a reorganization of the company last week, and $250,000 of this will be offered to the public at $50 a share within the next few days. A new plant has been pur chased by the company at Albany, which will have a capacity of 75 phonographs daily. MEATLESS NfllM 0 ffllHT Stock Fast Disappearing, De clares C. D. Rorer. AID OF BANKERS URGED Stock Offered Public. With half of'the $1,000,000 capital stock of the Portland Vegetable Oil Mills company already subscribed by 28 prominent bankers and business men of Portland, directors of the new company are now offering $200,000 of its capital stock to the public. Plans are practically complete for the new oil-pressing plant, but no con tracts will be entered until $700,000 of the capital has been subscribed. August Exports $3,642,446. Exports from Portland for August, 1920, amounted to $3,642,446. and im ports for the month were valued at $525,367, according to an official tab ulation by the United States bureau of statistics. PUNTS TO BE INSPECTED STRAWBERRY PATCHES SERI OUSLY AFFECTED BY WEEVIL. Efforts to Be Made in Lewis County to Prevent Spread of Dan gerous Pest. CHEHALIS, Wash., Oct. 17. (Spe cial.) Owing to the fact that some of the strawberry fields of Lewis county have become seriously affect ed with the strawberry weevil, dis trict Fruit Inspector Albert has issued a warning to growers that be fore selling or shipping any plants from their patches an inspection must be made. Before plants are shipped by mail, express or otherwise they are to bear an inspection certificate. This is furnished free and is intended wholly to prevent further spread of the weevil. In a number of strawberry fields In the Mond Prairie and Yelm dis tricts the damage to growers from grubs the last season was heavy. The grub is a larvae but before hatching out burrows under the plants, eating off the roots and killing the plant. One grower who went through a small part of his patch found many hundreds of the grubs in a short dis tance. The best remedy suggested to prevent the grub is to turn a flock of chickens into the patch at the par ticular season when the beetle that lays the egg that produces the 6ub is abroad. ACTIVE REALTY FORESEEN Xational Vice-President Predicts Building: Activity in Spring. Now is the time to buy vacant prop erty and farms, according to E. B. Arthaud of Hoquiam, Wash., vice president of the National Association of Kealty Boards and a past president of the Interstate Kealty association, who was in Portland yesterday on business. Mr. Arthaud predicted that the present lull in building would see an end next spring and that a new build Ing campaign would start in. This he said would mean a better market for vacant property. Mr. Arthaud has just returned from a trip to eastern Oregon. Idaho and; as far as Uenver, Col., during which time he assisted in the organization of 16 county realty boards. He has traveled over 7000 miles in the last three months in the interest of realty organizations. Mr. Arthaud, who is staying at the Multnomah hotel, expects to leave for Hoquiam this afternoon. Stockman Held to Be Innocent Suf ferer of Lon Restriction and. Credit Contraction. If proper steps are not taken we will soon be headed in the direction of a meatless nation, declared C. D. Rorer, chairman of the agricultural committee of the Oregon bankers as sociation, in an address delivered be fore the Oregon Pure Bred Livestock association at the annual meeting of that organization in Salem, Septem ber 30. Mr. Rorer declared that the per centage of cattle and xheep in the country had been cut down far be low normal as a result of certain ab normal conditions and declared that now is the time to act to save the livestock industry from ruin. "From the most authoritative sources at my command I find this alarming situation," he said. "Wyom ing and Montana are both short 40 per cent to 60 per cent of their normal number of cattle and 65 per cent of their sheep; Idaho is short 25 per cent of its cattle and 60 per cent of its sheep; and the southwest is short 40 per cent of its cattle." Loam Restrictions Blamed. Mr-. Rorer said that the present con dition was brought about by loan re striction and credit contraction and that the stockman is the innocent suf ferer. He said that there had been an- unprecedented flow of female stock and young steer stuff to the shambles. 80 per cent of which should have been allowed to stay on the range. "We read somewhere about Nero having fiddled while Rome was burn ing," he continued. "It strikes me somebody is doing a heap of fiddling while our livestock industry is being destroyed, or at any rate receiving such a setback that it will take years for it to recover. The stockman is not able to overcome the insurmount able obstacles before him. He must have help and that real soon. He must not be allowed to bid his head off in this present high money market." Of the possibilities for some relief he said: '- "Governor Harding of the Federal Reserve board has given it out that there will be set aside this year one billion dollars for agricultural and livestock paper. N Loans Not to Be Direct.. "The reserve banks cannot loan this direct. It must reach the farmer through the bankers. It will be avail able for rediscount purposes. There fore it is up to the bankers of the country to back up the livestock in dustry. Bankers are generally hu man -and I dare say the majority of them are keenly alive to the dire ne cessity of the help needed iy the stockmen. Here's where the shoe pinches. Tf a banker makes a loan to his stockman customer and then in turn rediscounts this paper with the federal reserve bank, he pays the same rate he receives, or so nearly so that there is no -margin of profit left for him, and he stands in the posi tion of indorser' or guarantor of the full amount of the note. "We -must stop the uneconomic and unwarranted slaughter of our young live stock. Let 'us rally to the rescue of the stockman. - Let us stop "the dull thump, thump of the half-fat steer and the half-fat cow in its weary tramp toward fche slaughter pen. There are millions of bushels of corn In the middle west ready to be cribbed and fed to our matured cat tle and sheep. There are millions of tons of alfalfa and other hay and forage- crops throughout the. coun try. The longer the feeder men are denied the money with which to buy the feed, the more the fellow will get who is able to hold out. It therefore resolves itself into the one proposition. Dark as It may seem to the stockman now, he will come out all right if he can stick it out. Hankers Must Be Educated. Tn the meantime it is up to us to educate the bankers to the stability and soundness of the livestock in dustry. They must be made to know that a stockman with equipment, hay, ability to care for stock and honesty of purpore must count for something. They must be made to realize that tne weuare of state ana the na tion depends on their coming to the help of the livestock Industry rr it will perish from the earth. "They must be brought to realize that the present ruinous prices be ing paid by the packing plants is not cost per head price, but a price brought about by countless thousands of all sorts of animals being forced on the market in this crisis of un warranted liquidation of an industry." J. F. MENZIES TO TESTIFY Defense in $20,000 Suit Says 3Iys tery Figure Is Alive. TACOMA, Wash.. Oct. 17. (Spe cial. ) That James F. Menzles, former manager of the Carbon Hill Coal com pany, was not killed in an automo bile accident several days ago, but is alive and will be here to testify in the federal court within two days. was the bomb exploded today in the trial of Andrew Marr's edit for $20,- uou against the company. aiarr Is seeking judgment against the company on the grounds that he signed an agreement with Menzies several years ago which stipulated that he was to receive $20,000 if he swung the election of the Carbonado Miners' union. tainment, arranged particularly for women visitors. More than a score of committees of the association- meet tomorrow, each to "consider the particular problem assigned to .it, with a report to be made later to the convention proper, which will hold sessions Tuesday, Wednesday, Thursday and. Friday mornings. The committees will con sider questions of federal and state legislation, puflia relation's, educa tion, gold, Americanization and thrift, insurance and numerous other sub jects. Vice-President Marshall will de liver the address of welcome to the bankers at the opening session of the convention proper on Tuesday. The annual address of Richard S- Hawes, president of the association, will fol low. Secretary Meredith of the ag riculture department, also will speak on "Banking and Agriculture" and John J. Pulleyn of New York will dis cuss "Transportation and Its Effect on Credit." Bank Adds Deposit Boxes. ' The First National bank of Coquille has added 100 new safety deposit boxes to its equipment, according to an announcement in the Coquille Val ley Sentinel. The boxes were ordered several years ago, says the communi cation, but owing to the need of metal for war purposes and the shortage of labor, the manufacturers got far be hind in their' orders. SHEEP TP BE IN DISPLAY EXHIBIT WILL BE PART OF EATJIORK-LA MB" CAMPAIGN. Livestock Expositoln to Assist In Effort to Teach Value of Steep to Housewives. Among the exhibits to be attrac tions at the Pacific International live stock exposition next month will be some fine Imported Cotswold sheep, the type that , the breeders of Ore gon are importing and raisins to marked degree this year. A cam paign is under way to encourage the greater use of lam-o as a xooa ana to. emphasize particularly the utili zation of the cheaper cuts of lamb. To this end in the cities and towns meetings are held at which the wo men are shown how a lamb is cut up. The Housewives' council of Portland will have a demonstration of this kind at the library tomorrow afternoon. While Americans are a race of meat eaters they use very little sheep and lamb. The per capita consumption of these meats combined in the United States is only five pounds a year against seven pounds of veal, 67 pounds of beef, 71 pounds of pork. The section of the country east ot Pittsburg and north of Washington contains about one-fourth of the peo ple of the United States, yet over its counters pass perhaps to per cent of the lambs sold in America. Pos- LOAN OVERSUBSCRIBED The subscription books for the Sears, Roebirck & Co. $50, 000,000 loan were opened for subscription last Wednesday morning and closed the same day, with the loan greatly oversubsc rlbed. x We sub scribed for a large amount In excess of actual subscriptions in hand and have available out of our allotment approximate ly $50,000 of' these 7 Gold Notes of one of the greatest mercantile concerns in America (the largest mail-order house in the world) at the original subscription prices to yield 7.60 to 7.85 without de duction for 2 Normal Fed eral Income Tax. y 1 year 7s at 99.20 to yield 7.85 2 ,, 98 72 ,. 7.70 3 " " " 98.41 " 7.60 $100, $500, $1006 Cash or partial-payment plan. Wire orders collect. This offer Is subject to withdrawal or advance in price without notice Price 96.68 Yield jT 1-4 3-Year 6 Gold Bonds Canada's Wealthiest Province ONTARIO Bonds dated Oct. 1, 1920 Due 1923 8-Year 7 Secured Gold Bonds Anaconda Copper Mining Company Price 9.6.25 Yield 7 5- World's largest copper producer, whose annual average earnings alone amount to 50 of this $50,000,000 bond issue. Company also is large manu facturer of copper wire. THE FULL SERVICES of this bank's four departments are at the disposal of de positors in our CHECKING 1 and SAVINGS . DEPARTMENTS Lumbermens Trust Co. BROADWAY AND OAK slbly five per cent of the crop is pro duced here the west produces the lanvb and the east consumes it. This entails extra expense In handling. The "Eat-More -Lamb" campaign being staged throughout the United States is to furnish an incentive to the producers to raiBe more lambs by establishing a more widespread gen eral use of the product in that way eliminate the fluctuation in the mar ket price which is due to th unre liable demand. Cbehalls Dredging Studied. CENTRALTA. Wash.. Oct. 17. (Ppe- cial.) A committee ot Centralians Friday went to Olympia and inter viewed officials ot the state reoiama tlon service relative to the proposed dredging of the Chehalis river, whereby many acres of inundated land southwest of this city w,ould be reclaimed. State officials will be here in a few days to look over the project, after which a survey will be made and costs estimated. It is pro posed to form a district and issue bonds, the latter to be sold to a state fund provided for by the last legislature. 1 Yiel Exempt From All Dominion Government Taxation We offer subject to prior sale and change in price- The Unsold Portion, City of EDMONTON Province of Alberta --General Obligation 6 Gold Notes I ' FINANCIAL ST4TEMKVT " " THlUSllon $ S6 f0, 7 I ! 00 Value Municipal Property (not including Public Utilities).. 1 M35!37;0 Net Debenture Debt 9 48S W97 00 Revenue from Public Utilities (above cost of operation).... 767!773.IO Net Local Improvement Debt (rate payers' share) 3.'J64.7ti3 uo In addition to being General Obligation Notes, these are secured by long-time debentures totaling $2,594,420 Rdmonton is a bustllnir city ot 60.WK to 70.000 population" ana the capital and financial center of the Province of Alberta. Edmonton Is also tlhe creat railway and distributing center between Winnipeg and tho l'ablfio coast. Three transcontinental railroads, their branches, and local lines brins the products of the great tributary country to Edmonton for further distribution and shipment. Into Edmonton's business enterprises and financial institutions pour the profits from these products. Prices Subject to Increase Without Notice DATED SEPTEMBER 1. 1820. Maturity as Follows: Due Sept. 1, 1!)-J2 Price 94 82 Dub Sept. 1, ISL'S... Pries 8:.45 Denominations (100, SSOO and (1000. Principal and semi-annual interest (March 1 and September 1). payable In U. S. Gold Coin in New York aud at ttta offices of Morris lirotherq. Inc. Legality Approved by Malone, Malone Lonr. Toronto. Canada. TELEPHONE OK TELEGRAPH ORDERS AT OUR EXPENSE. MORRIS BROTHERS, Inc. Established Over a Quarter Century. "The Premier Municipal Bond Hoose," fortland. Or. Morris Building. 809-11 Stark. Uioadway 1S1. (Seattle. Wah.. Central Bid. San Francisco. !.. Merchants National Bank Building. Capital One Million Dollars g NORTHWECTESM BANK BLOO. . B Prunes and Berries Draw Crowd. The prune and berry industries will form the principal topics of dis- cusston at the annual gathering of tne Oregon btate Horticultural so ciety to. be held in Eugene December 2 to inclusive. J. O. Holt, of Eugene, is president of the organization and C. P. Miaton of Portland, is secretary. Prunes to Be Advertised At least $50,000 will be snent hv the Oregon Growers' Co-operative as sociation during the coming year in advertising to the world the merits of Oregon prunes. The Oregon product will be advertised under the name of "Allstland. BANKERS MEET TODAY CABINET OFFICERS TO SBEAK DCKIXG 5-DAY SESSIONS. UNITED STATES SHIPPING BOARD Offers for Sale S. S. SELMA Sealed bids will be received in the office of the Chairman, United States Shipping; Board, Washington, D. C, on or before 5 P.- M., October 28, 1920. Bids to be opened October 29, 1920, at 10:30 A..M., in the offices of the Board on a lump sum basis "as is and where is." SPECIFICATIONS: Length, 420 ft. 7 in. Gross Tonnage, 6287. Breadth, 54 ft- Net Tonnage, 3893. Depth, 34 ft. 4 in. Boilers, 3 Foster Water Tube. Loaded Draft, 26 ft. Engines, 1 Trip, Exp. Estimated Speed, 10 'i Knots. I. H. P., 2650. Designated DWT, 7500 Tons. Fuel, Oil. TERMS: Certified check for 2 of the purchase price must accompany bid; bid must also include terms on which deferred payments can be made. The S.S. SELMA was stranded off Tampico harbor on May 31, 1920, and sunk. Since then it has been refloated and towed to Galveston where it is now undergoing repairs. At the present time there are 21 carloads of repair material, estimated at approximately $38,000, on the way to Galveston. Prospective purchasers must include the value of this material in their bid. The Board reserves the right to reject any or all bids. Sealed bids should be addressed to the Secretary of the UNITED STATES SHIPPING BOARD, 1319 F Street N. W., Washington, D. C, and indorsed "Sealed "Bid for Steamship SELMA, and Do Not Open." Province of Ontario, 6 Bonds Dated October ,1,J 920 Due October 1 , 1 923 ' Denomination $1000 Price: 96.68 To Yield 7.25 Province of Saskatchewan -'N . Guaranteeine GRANDjJTRUNK PACIFIC BRANCH LINE 4? Due January, 1939 -Denominations 200. ($973.33) Payable in New York i at Par of Exchange Price: 67.61 To Yield 7.25 City of Victoria, B. C, 5 V Bonds Denomination $1000 Due October 10, 1928 Price: 88.13 To Yield 7.50 Principal and Interest Payable in American Funds in Nen York Cits. Ralph Schneeloch Company tZJXB2XStAUJBiI CORPORATION riKANCE $5o,aoo Province of Manitoba 6 Gold Bonds Bead tho Oregonlaa classified, ads. Secretary Meredith, ' Secretary Houston and Prominent Finan ciers on Varied Programme. WASHINGTON, D. C, Oct. 17. Bankers from all parts of the country meet here tomorrow for the opening of the 46th annual convention of the American Bankers' association, which will continue througrh the week. The programme calls for consideration of all questions of finance, ranging from problems of the country bankers to international relations. -. Cabinet officers as well as bank, ers of national prominence are to address the meetings, to be held morning:, afternoon and night, some simultaneously, in three down-town hotels and a theater. The programme also calls for a dally round of enter. BUILDINGS. THAT PAY SOME buildings pay sufficient interest upon the investment. Others not only fail to pay dividends but op erate at a loss, irrespec tive of whether they are ' new or old buildings. Sometimes it is due to unavoidable conditions more often to property management. Why- not place your property under the man agement of specialists J We manage and develop property. N Strong 8 Wactf auSfrton I Dated October 1, 1920 Due October 1, 1923 Principal and semi-annual interest payable in United States Gold Coin in New York City. FINANCIAL STATEMENT . Assessed Valuation $680,000,000 Net Bonded Debt '. 51,000,000 Population (Officially Est.) 640,000 PRICE 95.24 TO NET 7.15 Carstens & Tarles, Incorporated: Est. 1891 . Government, Municipal and Corporation Bonds I Third Floor U. S. Bank Bldg. Phone Bdwy. 4108 AND SAFETY Which do you value more principal or interest ? Our methods assure SAFETY to purchasers of our First Mort gages. Our servjet assures prompt payment in full at ma turity. Available in denominations of J100 and upward. Western Bond & Mortgage Co., Main 113 80 Fourth St. Offering of $200,000.00 of Portland Vegetable Oil Mills Co. Capital Stock, $1,000,000.00 x (All Common) A Portland enterprise for the upbuilding of Portland. An opportunity to keep Portland money in Portland and to make dividends for stockholders in Portland and Oregon. Offers; subject to prior sale, the balance left unsubscrfbed of an offering of $200,000.00 of its Common Stock (There is no Preferred Stock). $500,000.00 was subscribed by 2t Portlanders (prior to Incorpora tion of company) at par for cash. -, - - There is no promotion or watered stock in this enterprise. - . When the balance of this $200,000.00 is subscribed (making- $700, 000.00 total subscribed) contracts will be let for site, building and machinery. Write us for full particulars. 'We will send you our prospectus frlving information on the vegetable oil industry in the United States and in Fortland; also of past earnings and of prospective earnings.' Kep ynnr Portland made of Portlaad. uuer In Portland (or the vnbulldlna- Portland Vegetable Oil Mills Co. Telephone: Main 821 $08 Wilcox Bldg, Portland Current Bond Offerings DUE $ 6,000 Grand Trunk Ry. Guar. 7s. 1940 $30,000 Anaconda Cop. Co. Sec. 7s . 1929 $40,000 Wisconsin Elec. fr. Cp. 1st Mort. 7V-JS 1945 $10,600 Swift & Co. 7s.. 1925 $15,000 Carn'tion Milk Prod. Co. 7s 1925 $ 6,000 Pac Power & Light Co. 8s . 1930 $ 5,000 Massye-Harris Co. 8s: ... . 1929 $ 9,000 Sears Roebuck .& Co. 7s. 1921 $29,000 Sears Roebuck & Co. 7s. . . 1922 $18,000 Sears Roebuck & Co. 7s. . . 1923 PRICE YIELD 101.00 6.91 96.25 7.60 99.00 97.50 97.00 100.00 100.00 99.20 98.72 .98.41 7.60 7.61 7.75 8.00 8.007o 7.85 7.70 7.60 Our complete list contains a selection of conservative short and long-term bonds. We shall be pleased to supply you with this list and also circulars descriptive of the above issues. Slyth, Witter.- & Co. ' VNHED SATES GOVEEMEJT MUNICIPAL Arm CORPOBAnoiT DQKDS. Yeon Bldg., Portland Telephone Main 8183 San Francisco Seattle New York Los Angeles 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.