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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Jan. 14, 1921)
TTTE M0RXIXG OREGOXIAX, FRIDAY, JAXTART 14. 1921
Seven Firms Favor Law Said
to Protect Public
BILL ALREADY DRAFTED
Groups Disagree on Measwes;
Statement Is Issued.
Officers of seven Portland bond
Souses yesterday issued a detailed
statement regarding- a proposed bill
wbich they wish enacted into law for
the protection of investors and which
will bo presented to the Oregon legis
lature with that object in view. The
statement Is signed for Freeman.
Smith Camp company; Clark, Ken
dall & Co., Inc : Carsters & Earles;
National City company, Blyth. Witter
m Co. and Robertson 4 Ewing.
Tbs croup of bond houses favors
amendment to the Oregon blue 6Ky
Jaw so that the corporation commis
sioner will have Jurisdiction over
them for the general protection of the
nub'ic. Anoth.-r group favors Deing
under aupe 'vision of the state bank
iirnlur. rhese include the I.add &
Tilton ba i bond department, the
Lumbernu s Trust company, the Se
curity Saw.igs Trust company and
Hall & Co. The Ralph Sehneeloch
enmnanv and Keeler Bros, are as yet
nnmiitril nn neither Dlan. but favor
full protection to the public in eoine
m -t n ner.
The statement of thoss wishing the
npMraiiAn comui'ssioner to have
Shares of the bond houses follows:
Bankers Work oa Bill.
Promoted b-v the desire to obtain
ian legislation which will make itn
possible a repetition of the recent
financial disaster In Portland, a num
ber of the principal investment bank
ers of the city have been working to
n-rrnre i measure which will proper
ly safeguard the Interests of the In
Vesting public. The solution of the
oroblein seems to be regulation and
examination by a competent state au
thoritv. The Interests of the high
rade Investment deslers are identi
cal with those of their customers, and
thev feel that to Insure safety and
restore public confidence in the bond
Business, that the more stringent and
exacting the regulation, the greater
will be the benefits. It is a matter
of relatively small concern whether
the regulation should come through
the stale banking department or
through the corporation commis
sioner. Tt is merely n question
After careful review of existing
laws, it has seemed possibly a simpler
method to amend the existing so
called bine sky law, which already in
cludes under its provisions several
classes of security dealers. With this
thought In mind and in no wise ob
Ji cling to regulations by another de
partment, a committee representing
the following investment bankers and
brokers, have drafted certain amend
ments to the eo-called blue sky law.
The various dealers represented by
this committee are: Freeman, t-mith
eV Camp company, National City com
pany, Clark. Kendall A Co.. Inc.;
Blyth. W'tter Co.. Carstens &
Carles. Robert-son & Ewlng and E. L.
Dcvereaux & Co.
Inadequate Protection Shown.
In suggesting these amendments,
attention has been given to the origi
nal act which was drafted to Include
under its provisions all dealers in
securities. Title act was medified
to exempt dealers in municipal securi
ties. These proposed amendments
will once more place all dealers under
the regulations provided by It.
The recent financial failure showed
that the public is not adequately pro
tected by regulative laws at present
in accepting an interim certificate or
memorandum covering the sale of a
bond to be delivered in the future, so
among the amendments offered, the
security dealers propose to require
that In all cases where the actual
bonds or securities are not delivered
and a receipt or interim certificate is
given, they shall be required to keep
on hand in the nature of a trust fund
r a segregated account, the full
value of the outstanding- memoran
dum either in cash, bonds, or securi
ties acceptable to the corporation
commissioner. With this amendment
effective. It will be obligatory upon
all dealers to have on hand at all
times 100 per cent of the outstanding
memorandum, certificates, or records.
Examination Held Important.
The examinations by the state's
representatives Is most important, in
asmuch as control can be exercised
by such examination. The dealers
contend that if the corporation com
missioner has access to their books
and accounts with authority to make
the most searching investigations, he
wiJI know whether or not the public
is being protected and the proper ac
tion to be taken in any case. This
examination would be the same for
the security dealers as is made of
banks by the bank examiner, the cor
poration commissioner having the
same rights, powers, etc, as the bank
examiner. The present law provides
for examinations but does not spe
cifically require him to make an ex
amination. The dealers would amend
the law so that it will be mandatory
for the commissioner to make at least
ene regular examination a year, and
as many others as he may deem ad
visable. A fee would be paid by the
dealers for these examinations.
The law and amendments proposed
will require dealers to procure per
mits from the corporation commis
sioner before operating or before eell-
Inc any bonds, stocks or other secur
Ities. Before a permit is iesued It is
obligatory upon the commissioner to
Investigate the moral character, the
good business repute of the person or
organization proposing to deal in se
er Ities, also to demand a full and
complete statement of the assets and
liabilities of such a person or insti
tJtkm and all other Information he
may require. If the commlsloner finds
that the dealer Is guilty of misrep
resentations, fraud, etc., a permit is
not issued and the dealer or insti
tHtlOB is precluded from operating.
Thla will prevent a firm or institu
tion from operating when it is appar
ent that the capitalization set forth
in advertisements, circulars, etc., does
not actually exist.
Law Amendment SnscrneU.
In order to get a workable law,
the dealers suggest that the section
of the law which has been inter
preted by some as exempting; the
dealer from the entire act be
amended so that all of the strict
regulations shall apply to all dealers
alike. One section of this law would
provide for the filing of copies of
securities offered for sale, copies of
advertising matter. prospectuses,
names and addresses of the officers
and directors of the corporation lsau
las' securities, etc. The deaiej-s in
municipal bonds, listed securities abd
bonds of the United States and for
eign governments contend, however,
that It would be obviously a physical
impossibility to file copies of the
Tt r RS. STEWART B. LIN"THICU1I
Mand her daughter. Miss Louise
Llnthicum, have issued cards
for a tea at which they will entertain
Tuesday. January IS, at their home,
634 Lovejoy street. The hours will
be from 4 to 6 o'clock.
Several other society women are
planning to entertain before Lent
and a number of delightful affairs
are in store.
Entertaining for the brides-elect,
dinner parties and visits to the auto
mobile show will make up the social
activity of today and tomorrow for
center of Interest for this eve
ning and tomorrow night for those
who appreciate the artistic and dra
matic will be the Little theater. In
which the Cornish Puppets will ap
pear. "The Maker of Dreams" and
"Peter Rabbit" will be among the
attractions. Many, of the matrons
are planning to chaperone groups of
young people who are eager to see
Of especial interest socially this
evening will be the formal ball to
be given by Irvington club at the
attractive clubhouse. The committee
for the month in charge of social af
fairs for the flub includes Mrs. A. J.
Stewart, chairman; Mrs. W. H. Cul
lers Mrs J. B. Ettinger, Mrs. C. A.
Sharp and Mrs. M. C. Holbrook.
The informan dance of the Portland
Heights club tonight promises to be
a most interesting event.
Mr. and Mrs. Lewis A. McArthur
are being congratulated on the ar
rival of a baby daughter, born yes
terday at the Portland Maternity hos
pital. Flowers and dainty Rifts are
being sent by numerous friends to
greet the future society belle.
Miss Louise Stearns, whose engage
ment to Henry Heath was a recent
announcement, has set February 17 as
the date for the marriage ceremony.
The marriage of Miss Frances Soden
and Merton Addison Dobbin will be
solemnised tomorrow night in the
home of Mr. and Mrs. B. T. Soden.
Dr. J. T. Abbett will officiate. Mrs.
John Claire Abbett will sing and Mrs.
Willis Buekman will play the accom
paniment. A supper will be served
after the wedding.
The marriage of C. E. Harris and
Miss Jeanette Melius will be solem
nized on Sunday hi the bride's home,
The many friends of Mrs. A. Goodall
are grieved to hear of her death yes
terday, after a brief illness, and are
sending messages of sympathy to her
family. Mrs. Goodall was widely be
loved for her many good deeds and
Mrs. Clarke Leiter left Thursday
for the beach to recuperate from her
recent Illness. Mrs, J. McLaughlin
and Ted Leiter accompanied her. They
will occupy the R. A. Leiter home
while at Gearhart.
Two of the three Christian En
deavor societies of the First Congre
gational church will hold a yonng
people's party this evening. Allyn
Keid is chairman of committee of
arrangements. A programme of
music, games, contests and charades
will be attractions, w "
Surprising their Portland friends.
Miss Marguerite Emerson of Eugene
and Clayton R. Jones of this city
wore married in San Francisco last
Tuesday at the home of Mr. and Mrs.
E. P. BIy, the Kev. Dr. Guthrie of
ficiating. The bride was on her way east and
Mr. Jones was in San Francisco on a
business trip, when they decided1' to
be married at once.
Mrs. Jones is a graduate of St.
Helens hail, while Mr. Jones formerly
attended the University of Pennsyl
vania and is a. member of Delta
Kappa Epsilon fraternity. Mr. Jones
served as a lieutenant in the navy
during the war, and at present is
engaged in the shipping business
with the firm of W. J. Jones & Son.
Mr. and Mrs. Jones will be at home
in the Stelwyn apartments after Feb
Wheat, Wool and Mohair in
INTERESTS KEPT APART
Independent Associations of Farm
crs Will Control Grain and
Stieep of Oregon.
bonds before beins? ?o!d by them
it. K.t bonds of the city of Portland
or bonds of the republic of France-
and prtv tho Other data required be
cause of the manner in which th is
sues are handled hy national under
writers, so they suggest that this sec
tion be amended so that they will be
exempt only from these particular
and peculiar restrictions. However,
this I'hanpe to the present law would
specifically and automatically make
them amenable to all the other sec
tions, new and old, of the blue sky
Law. Some, slight changes are made
to straighten out obvious ambiguities'
In the wording of this section.
The present blue sky law and
amendments proposed fixes severe
penalties for violations. The law will
provide that a person who violates
any provision of it snail oe ueemea
guilty of a crime and upon being
onvicted shall be fined tor eacn of
fense not less than J50O0. or by im
prisonment In the state penitentiary
for not more than five years, or by
both fine and imprisonment.
R. VIRGIL MacMICKLE will be
the speaker at the regular meet
ing of the Portland woman s club at
3 o'clock today in the ballroom of the
Hole! Multnomah. Dr. MacMlckle's
subject will be "Landmarks on the.
Road to Health," and will be a lec
ture of great interest to the members.
Mr. V. G. Lunt will be soloist. The
business meeting will be held -at 2
Community service class in military
drill will meet this evening at 8
o'clock at the armory with Captain
Hail as instructor.
Instead of the regular business
meeting the Richmond Parent
Teacher association will enjoy a so
cial get-together this afiernoon in
the school assembly. A musical pro
gramme and an entertaining grab
bag will be the features. All mem
bers and mothers In the community
and their friends are invited. Re
freshments will be served.
s s e
The woman's forum will meet at 12
o'clock luncheon today in the tea
room of the Y. W. C. A. Response to
roll-call will be with "Things Worth
While." Mrs. F. B. Merry will be
cnairman of the day.
This evening at S o'clock a com
munity concert will be given in the
Ulenroe school. The Mignon chorus
under Sirs. Ella Hoberg Tripp, as
sisted by Miss Evangeline Yerkes,
reader, will furnish the programme.
A small admission fee will be asked.
LA GRANDE, Or., Jan. 13 (Spe
cial.) The members of the Neigh
borhood club spent a most enjoyable
afternoon Tuesday in the study of
the works of Mca. H. H. A. Beach.
America's foremost woman composer.
Mrs. Sherwood Williams was chair
man for the day, and had prepared
an excellent paper telling of the
works of this composer. Miss Hilda
Anthony played "Gavotte Fantlsque"
in her usual charming manner, and
graciously responded to an encore,
two selections. "Ah, Love, but a Day,"
and the "Years at the Spring." were
two difficult numbers ably rendered
by Mrs. A. L. Richardson. Mrs. W. W.
Berry acted as accompanist.
CASTLE ROCK, Wash., Jan. 13
(Special.) Castle Rock lodge. No. 1,
Degree of Honor Protective associa
tion, has installed the following offi
cers: Mrs. Margaret Dougherty, past
president: Mrs. Ida Peabody. presi
dent: Mrs. Blanche Loring. first vice
president; Mrs. Minnie Blauser. secretary-vice-president;
Carson, financial secretary; Mrs. Ells
Parker, treasurer; Mrs. Amanda
Thurston, usher; Mrs. Lenna Crane,
assistant usher; Mrs. Bessie Price,
Inside warden: Mrs. Pearl Shumaker,
outside warden; Mrs. Rosetta John
son, captain of the team; Miss lla
Rockwell, musician: Mrs. Ose Brewer,
trustee for two years.
SEASIDE. Or., Jan. 13. (Special.)
The Woman's club has decided to
give a card party the night of Janu
ary 17 to raise money ror the schol
arship loan fund. A relief committee
his been appointed to look after the
needy persons whose cases may be
brought before the club. The member-
are Mrs. J. T. Lewis, Mrs. A. R.
Wascher and Mrs. M. M. Miller.
Mrs. Charles L. Boss entertained
last Wednesday afternoon for the
benefit of the woman's building.
Bridge was the diversion of the aft
ernoon. Mrs. B. F. Weaver received
with Mrs. Boss. Honors In cards fell
to Mrs. William Gadsby. then Mrs.
F. C. Whltton. The rooms were most
attractively decorated with pussy
willows. Mrs. R. L. Aldrich will en
tertain for the building fund tomor
row. IS. L. Tully and Walter Jenkins
will sing tomorrow at the luncheon
given "by the Oregon Federation of
Women's clubs. Mrs. Genevieve Baum
Gaskins will accompany Mr. Tully
and Ruby Lloyd will accompany Mr.
OREGON CITY. Or., Jan. 13. (Spe
cial.) Notwithstanding the inclem
ent weather, the Oregon City Wom
an's club opened the new year with
an enthusiastic rally at the commer
cial clut rarlors this afternoon. Re-
peaieu applause greeted the "Signs
of Hope" ably presented by Mrs.
Caufield. Mrs. Latourette and Mrs.
Lewthwalte. Mrs. R. W. K'rk read
a paper on "Teaching Ethics in the
i'uDiic Schools, after which her hus
band, the city superintendent, gave
an address on the method in use here.
Mrs. saaie urr Dunbar of the state
hfalth board presented a plan by
wnicn MicKamas county cin retain
its health nurse.
Girl and Baby Tumble Into
Jess Pointer and Infant lcnpe
ELD, Or.. Jan. 13. (Sne-
ean I'ointer of Coquille
was crossing a vacant lot carrying
Jack Noah, IS months old. A man
passing that way saw them disappear
and stood dumb for several moments,
seeming paralyzed by the sight of
the girl and child being swallowed
up in the ground.
They had fallen through rotten
boards into a well, a depth of 12 or
IS feet. They landed upon a platform
built half way across the well and
three feet above the water. The im
pact jarred the baby from Miss
Pointer's grasp and he disappeared
beneath the water, soon coming up
again, however. Miss Pointer, by
leaning over the platform and
stretching her arm, was juet able to
reach the child and pull him to the
In the meantime the girl's mother
had reached the mouth of the well,
and by placing the child above her
head Miss Pointer raised him high
enough for her mother to reach down
and get him. Miss Pointer was res
cued later by a citizen who brought
a ladder. Neither she nor the child
Robbers Visit Junction City.
EUGENE, Or., Jan. 13. (Special.)
Two stores at Junction City were
robbed Tuesday night and two men
were seen attempting to enter the
theater, but were frightened away.
Co-operative non-profit associa.
tions of farmers, for the marketing
of the wheat crop of the state, and
the wool and monair produced
Western Oregon. were definitely
launched at the final session of th
Oregon Farm Bureau federation a
the Imperial hotel yesterday.
A meeting for perfecting the or
ganization of the proposed associa
tion for the marketing of whea
will be held at The Dalles as soon
as plans for the contract can be per
In the case of the wool and mohai
growers, a meeting will be held a
Albany, on January 21, at which the
plans will be definitely outlined and
presented for adoption.
In the case of the wheat growers
the plans adopted at yesterday's meet
ing of the bureau provided for a non
stock non-profit, co-operative organ
ization and the signing of a 6-year
contract with the members of the or
ganization for the marketing of the
crop It was estimated that farm
ers present at the gathering repre
sented 600,000 bushels annually.
Resolution Embodies Plans.
The plans were presented in the
shape of a resolution by a commit
tee composed of E. M. Hulden, George
A. Mansfield. V. H. Smith, Frank
McKinnon and Sim Cully. -
The plans for the wool growers
marketing association provided for
a 5-year contract. It was estimated
that there are BOO. 000 sheep in the
territory which will be covered by
The bureau also went on record in
favor of making the Oregon farm bu
reau federation a permanent organi
zation. It was announced that the or
ganization has been in existence ap
proximately a year as a temporary or
ganization and had shown that it
was filling a need in the life of the
farmers of the state.
Bureau Has Great Task.
In outlining the plans of the bu
reau George A. Mansfield of Medford,
"The state farm bureau, in enter
ing upon the first year of its perma
nent organization, is confronted with
a great task. It must co-ordinate the
activities of the farm bureaus of the
state alcng definite lines of work to
benefit the farmer, and it must carry
on a campaign of education along co
operative lines with the public pen
aw i mi.
JLou aont Know
what youre missing
100,000 Caps Were Served
Glen Haven Rest Home
Diet and Rest Cure
Eleetriclty, Hydro-Therapy. Battle
Creek methoc, spelled . your physi
cian directs Outside pattest treated
also. Aa Udeel Home. Beautiful
U5 Kat SSth St.. Car. Alder.
Phono East 4t22.
There Is One Electric Store
Where Prices Are Lower!
Electric Light Globes, 10, 15, 25, 40-watt. 35
No. 14 House Wire (special) per foot 2d
Key Sockets (brass) special 49
-Poqnd Friction Tape 45d
Chain-Pull Sockets (regular $1.25) 99d
House Fuses (15c quality) 9t
No. 18 Lamp Cord (per foot) 4
Dry Cell Batteries (No. 6 size, retail 60c) 49(4
Electric Light Extension (8-ft. cord and plug) . .$1.25
We Repair Your Flashlight Free of Charge
Flashlight Batteries, Strictly Fresh, Last Longer
s We Repair Electric Irons and Electric Appliances
Lowest Prices on Everything Electrical
EVINRUDE ELECTRIC STORE
Evinrude Motors Electrical Supplies Phone Marshall 1765
211 Morrison, Near First St. Open Every Saturday Night Till 9
rally in order that they may realize
that our object is to promote the sen
era! welfare. We must educate the
public generally to accept the view
that propositions are not class and
farm legislation: Instead of being
class legislation it stands upon the
same footing as general legislation
for the public welfare.
"We must to this end co-operate
fully ourselves, not only with the
farmers' union, the state grange and
the state federation of labor, but with
all, classes of society for the public
weirare. Our motto is to do a:: we
can for the farmer without injury
to society at large.
Education to Be Started.
Plans for putting on a campaign of
publicity for the purpose of educat
ing the farmers and others of the
state relative to the purposes of the
bureau were also discussed.
It was announced 'that the organi
zation, which has been in existence
in the state about a year, now has a
membership of 4805 farmers in IS
counties. It is declared to be growing
The officers of the organization are
George A. Mansfield of Medford. pres
ident; V. H. Smith of Wasco, vice
president; P. O. Powell of Monmouth,
secretary; J. F. Schroeder of Nor
way, V. V.. Hickox of Ontario and
T. N. Case of Klamath Falls, members
of the executive committee.
IDAHO FARM ORGANIZATIONS
END THEIR SESSIONS.
yes, and they certainly do get away with
Green Chile Cheese
State Irrigation Congress Indorses
Governor Davis for Interior
Portfolio In Cabinet.
NAMI'A. Idaho. Jan. 13. (Special.)
Through the policy it outlined for
the future, the annual meeting of the
state farm bureau, which ended In
this city today, probably will prove
a memorable one for the farmers of
the state by unifying those engaged
in agriculture and initiating concert
ed efforts on their part for the pro
motion of their own interests.
Officers elected for the next year
are as follows: President. W. S.
Shearer of Lewiston; district presi
dents R. C. Pritchard of Bonner
county, H. F. Shedder of Boise county.
Kdear Frye of Idaho county, W. H.
McClasky of Canyon county, B. H.
Ward of Payette county. H. C Jame
son of Valley county. C. J. Call of
Jefferson county, H. A. Bjorkman of
Bannock county. George B. Sweigt
gert of Fremont county, W. F. All
worth of Twin Falls county, W. F.
Swartz of Cassia county and Carl
Grayson of Blaine county.
The Idaho Seed Growers associa
tion, which has been in 6ession here
for several days, elected officers as
follows: Carl D. Irwin of Twin Falls,
president; H. F. Sheddler of Sand
Point, vice-president, and B. F. Shee
bau of Boise, secretary. Directors
were elected as follows: M. A. Thorn-
EN EVENING C0IES-TIE EUPIM
Evening, if one has the Euphona, becomes a time of keenest
musical enjoyment and satisfaction. Business cares dis
appear in the wealth of melody that floods the home, and
physical weariness is forgotten in the rollicking cheer of
the latest popular airs.
The Euphona, because it is so simply controlled, so easily
operated, brings to every home the musical literature of
the whole World, and brings it so perfectly as td charm
Quality and moderation in price have caused hundreds to
select it. Your name here brings catalogs.
itl L iL Address
MORRISON ST. AT BROADWAY
-MASON AND HAMM PIANOS-
fi i i-.f.i m i AJ
etz. Twin Falls; R. K. Bennett, Mos
cow; Carl Johnson, Idaho Falls; H. K.
Wiley, Springfield; S. W. Chter, Bur
ley." and K. F. McLeod. Wendell.
At its closing session the state irri
gation congress, through strong reso
lutions, indorsed Governor Davis for
the position of secretary of the inte
rior in President-elect Harding's cab
inet. The Smith-Fletcher bill, now
pending in congress, also was in
dorsed, and Addison T. Smith, repre
sentative, was strongly commended
for his activity in behalf of the rec
lamation of the lands of the west.
The following officers were elect
ed for the next year: President. G.
C. Baldwin. Idaho Falls; first vice
president. C. H. Decamp. St. Anthony;
second vice-president. Murray Brook
man, Richfield; secretary and treas
urer, J. H. Martin. Rupert.
Baker Bank Orfieers Elected.
BAKER, Or.. Jan. 13. (Special.)
Stockholders of tho First National
Bank of Baker have elected the fol
lowing directors: William Pollman.
J. H. Parker, John Schmitz, F. A.
Phillips, Paul E. Pollman, and A. S.
Shockley. Officers elected were Wil
liam Pollman,. president; J. H. Parker.
vice-president: Panl E. Pollman, vice
president; A. H. P. McCord, cashlerj
B. A. B. Castle, assistant cash ten,
The directors voted to install a sav
ings and trust department.
Ouirute.rajs- Crtildrgty j
143 Sixth Near Alder
m 1 ( "THITT
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