TTTE M0RXIXG OREGOXIAX, FRIDAY, JAXTART 14. 1921 12 JOIN MARKETING Seven Firms Favor Law Said to Protect Public BILL ALREADY DRAFTED of Groups Disagree on Measwes; Companies 'on-Committal; 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 expediency. 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 smart society. ... 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 the performance. ... 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. s s 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. a The marriage of C. E. Harris and Miss Jeanette Melius will be solem nized on Sunday hi the bride's home, a e 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 unselfishness. ... 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. .e 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 ruary 15. T PLANS UIHED Wheat, Wool and Mohair in Co-operative Pact. 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. Women's Activities D' 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 clock. see 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. e 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; Mrs. Margaret 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. Jenkins. f 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 Abandoned Well. Jess Pointer and Infant lcnpe Without Injury. MARSHFIEI cial.) Je 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 platform. 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 was injured. 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 fected. 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 orcani.ation. 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, president, said: "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 (dswell's (pnee 100,000 Caps Were Served at the PANAMA-PACIFIC International EXPOSITION 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 round." 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 rapidly. 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 Bluhill 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 every hearer. Quality and moderation in price have caused hundreds to select it. Your name here brings catalogs. Name itl L iL Address fAM0S MORRISON ST. AT BROADWAY -MASON AND HAMM PIANOS- fi i i-.f.i m i AJ 1 pa -pf 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 CREAM WHEAT m 1 ( "THITT rmm 'v.-.,?v naiaaaa"iiaiiii'iiiiii' ia iiaimm BtV&YlMWVaBBBBBBBBBBk. Bs tm IBBBBBBBBa is a highly concen trated and economic food. One package will make nine quarts of delicious cooked food. Can you beat this for economy?