TOE -MOItXiyQ OREGOXIAX, MOXDAY, AritIL 23, 1921
17
in
coi m
HEALTH ER
T
Price Readjustment Contin
ues; Crop Prospects Good.
BUSINESS MEN CONFIDENT
Slanacer of Portland Branch of
federal Reserve Bank Says
Situation Grows Better.
.According to Frederick Greenwood.
Bianag-rr or the Portland branch of
the federal reserve bank, conditions
In the banking world in thla country
nave steadily Improved during the
firet quarter of 1921. There la, he
asserts, good reason for the feeling
f confidence which Is more general
than it was recently. With prospects
of pood crops and a continuation of
adjustment of commodity prices, the
Situation Is said to be looking: better.
"Conditions In this district are
dally assuming- a healthier and more
encourapinir tone." said Mr. Green
wood. This is due to several fac
tors.
"Considerable liquidation of bank
loans has been accomplished, thus
placing- the banks in some sections
in a much easier position.
"Physical conditions have been ex
ceptionally favorable throughout the
winter. We are now within three or
four months from a harvest which
from all indications will be a boun
tiful one. Livestock has wintered
well, moisture Is plentiful, ran pes are
abundant and the spring- lamb and
calf crops have been exceptional.
"A continuation of adjustments in
commodity prices has brought us that
much nearer to the normal balance
between prices of various commodi
ties which Is necessary before a sus
tained and marked recovery of busi
ness can be expected.
"An increasing- spirit of confidence
Is noticeable as people adapt them
selves to the new order and resign
themselves to accepting- thing's as
they are Instead of hoping- vainly for
a marKed reaction. It is pretty fren
erally understood that getting back
to normal is going to be a slow pro
cess, and the necessity of working
and saving; is daily becoming more
apparent.
"The era of high prices Is gone, and
with producers and distributors re
signed to the adjusted conditions,
business Is showing Quite definite
. signs of revival. "The coming crop
will be raised at greatly decreased
cost compared with last year. There
Is no decrease In acreage due to lack
of funds for seeding and the banks
will be in a position to take care of
the necessary harvest expense. Rigid
economy will be the programme in
an lines ror some time to come, but
a healthier condition will Inevitably
lowering of the level of Interest In
the British market.
"The expected cut in the bank rate
has not materialized, a fact which Is
ascribed by some to the disturbed con
ditions growing out of the strike
threat. Meantime the Increase of the
federal reserve system's ratio and the
continuous importation of gold have
caused improvement in the reserve
position of the country and give as
surance of easier credit conditions
provided that the liquidation of loans
proceeds. As to whether the current
increase of gold holdings can or will
lead to a general reduction of dis
count rates in this country there la
difference of opinion with no definite
indications thus far. although the low
ering by the Boston reserve bank of
its rate to ( per cent is encouraging.
Improvement in the quotation of for
eign exchanges has been chiefly due
to the better prospects for a settle
ment of industries difficulties."
EL H. Sensenlch, vice-president of
the Northwestern National bank, will
leave today for PinehursU N.
where he will, attend the executive
council meeting of the American
Bankers association. En route torn
he will visit in New York and other
eastern cities.
COMMITTEE IS m
MOCK CATTLE SALE HELD
riUZES AWARDED AT WASH
INGTON STATE COILEGE.
AU-Ag Club Is In Charge of Pro
gramme With 500 Students,
Breeders and Stockmen There..
FIVE APPOINTED TO WORK
FOR IRRIGATION' PROJECT,
BaVer Citizens Pass Resolution to
Raise $10,000 to Aid Pass,
age of Reclamation BUL,
suit.
"The banking situation the coun
try over has steadily Improved during
the first quarter of the year. The ad
vance in the federal reserve ratio
from 43.7 per cent on December 30 to
53.5 per cent on April a is signifi
cant All in all there Is every ex
cuse for the feeling of confidence
which is daily becoming more gen
eral." The nation-wide "buyers strike" is
breaking, according to reports reach
ing the Lumbermen Trust company,
declares James Lynch, vice-president
and head of the bond sales depart
ment of the bank. This, combined
with the fact that supplies of finished
materials are nearing the aero point,
he said, indicates that the wheels of
Industry soon will be turning again
and marked improvement in general
conditions may be looked for very
Boon.
"In the east," said Mr. Lynch, "the
buying movement is already under
way. The cost of living as compared
with July of last year has fallen 17.6
per cent, according to the reports of
the national conference board. At
the same time bank reserves have in-
; creased, Indicat'ng that business has
successfully weathered the depression
and has liquidated its loans.
"These two items are about the
fairest business barometers we have
to go by at the present time. They
point definitely to the sign, fair
weather ahead."
"Falling commodity prices have re
flected favorably on the bond market
and we note a very strong demand,
particularly from those seeking per
manent investments, for high-yield
. municipals of the smaller communi
ties and districts.
"Northwestern banks in various lo
calities write us that retail business
Is in much healthier condition than
It was a few weeks past. Wheat is
moving from the interior, and on the
west coast lumbering operations are
opening up rapidly along with other
spring work. The beneficial effects
are now being felt in Portland and
business men generally are more
optimistic"
Henry Clews A Co. of New York
publishes the following item in the
bank's latest business bulletin:
"Adoption by the British treasury
of the plan of placing treasury bills
through bidding rather than through
distribution at a fixed rate of inter
est is by some believed to foreshadow
a reduction of rates for such bills
which woald be tantamount to the
BAKER, Or, April 24. (Special.)
James H. Graham. W. J. Lacbner. W.
B. McCarthy. W. C Caldwell and F.
Vaughn were appointed by President
James Panting of the .Baker realty
board to serve on the committee l
the interest of the proposed lower
Powder river Irrigation project today
t thai hoard's weekly meeting.
At a meetinr Monday night, zvu
Baker countv citlxens passed a reso
lution to raise 110.000 to aid In me
Dassace of Senator McNary'a reclam
ation bill now before congress, and to
obtain favorable action of the United
States reclamation service on the lo-
(al nroiect.
In a similar meeting at Keating In
the river valley farmers opening land
in the proposed district votea to db
sed 15 cents for each acre to
further the movement.
A committee of six to serve with
the lower Powder directors on a com
mittee to collect the 110.000 has not
yet been appointed by President irfui
ridge of the local chamber of com
It has been assured that with the
passage of the McNary measure can
ing for an appropriation of J25.000.OO0
the money lor tne propostu piujci...
will be certain, since two-thirds of
th. fin 000 acres to be irrigated is
government or nndeeded land.
THREE ENGRAVINGS LAUDED
Jantzen Knitting Mills to Use Bath
ing Girls In Advertisements.
Three engravings of bathing girls
for use in eastern magazines in the
advertising campaign of the Jantzen
knitting mills have Just been pre
pared by the West Coast Engraving
company of this city and have excited
favorable comment from eastern ex
perts. Letters have been received by the
engravers praising the workmanship
on the plates from experts in nearly
every section of the United States,
including Louis Flader, editor of the
Photo Engravers' Bulletin.
The. critics were unanimous In the
opinion that this work is equal to any
done in this country, and the George
Russell Reed company of San Fran
cisco expressed the opinion that It
excelled many eastern specimens.
Doughnut Factory Begun.
HOOD RIVETR, Or.. April 24. (Spe
cial.) V. Williamson and B. E. Abeg
e-len of Portland have leased quarters
cn Twelfth street, on me neigms ncre.
and are installing machinery ror me
manufacture of doughnuts. The manu
facturera. who supply Portland ana
Willamette valley points witn oougn.
nuts, declared that the heavy demand
for their product in mld-OoliftnbU
mints justified the local factory. The
douehnuts will be distributed by au-
tnmobiles throughout Oregon and
Washington mid-Columbia districts.
HOUNDS MAY HUNT LOG
Hoquiam Commercial Clnb Loses
Highway Ornament.
HOQU1AM. Wash.. April 24. (Spe
cial.) City officials. Secretary
Mathias of the Hoquiam Commercial
club and police and harbor author!'
ties have been searching actively for
a huge spruce log If feet In diameter
and of undetermined length, which is
the property of the club. It was do
nated to the club by the Wynoche
Timber company some months ago
after a large slab of it had been cut
off for the Shriners to take to Port
land for the annual convention.
Secretaries in the club were changed
and other matters interfered with
the placing of the stick until yester
day. It had disappeared. Request has
been made for the bloodhounds of
Monroe reformatory to be used in
tracing the log, which was to have
been placed by the Olympic highway.
Phone your want ads to The Ore-
gonlan. Main 7-079. Automatic 560-95.
WASHINGTON 6TATE COLLEGE,
Pullman. April 24. (Special.) The
fifth annnal mock sale and show was
held here yesterday under the auspices
of the All-Ag club, with 600 students,
breeders and stockmen in attendance,
the largest crowd ever gathered at
any sale. J. D. Keith of Davenport
called the sale of beef cattle, horses,
sheep and hogs and James McKay of
Spokane the sale of dairy cattle.
The show and- sale were held n
the animal husbandry pavilion n
stead of Rogers field, owing to the
muddy condition or me iieia. uie
6howmanship contest this morning,
first nrizes were awarded as follows
Aberdeen Angus cattle, C. D. Swartz
ot Takima: Hereford cattle, M. A.
Alexander of Prescott; Shorthorn
cattle. James Roberts of Pullman;
Holstein cattle. C. E. Egbert of Bow;
Jersey cattle, Edward Roberson of
Olympia; Ayrshire cattle, A. E. Kel
laway of Lapura. Idaho; hogs, Russell
L. Elsom of Greenaeres: sneep, Vin
son E. Mundy of Ellensburg, and
horses, M. A. Alexander of Prescott.
Sweepstakes prize in showmanship of
dairy cattle went to Arthur Kellaway
of Lapuru, Idaho.
The judging contest, open only to
underclassmen, went to Carl Ander
son of Walla Walla, with L. E. Gra
ham nf Knokane second and M. A.
n.Tinrfiir nf Prescott third.
In the student fitting contest.
judged on the improvement made on
anmals in preparing them for show,
the following first prizes were
Shorthorns. Leonara u.
t r.r.nt r SDOKane; ""nuir.
Angus, Harold Graham oi uoinwcn,
u.mtnr, M. A. Alexander of Pres-
. . nhAAn TCllison j. muiiuj u.
LUIl, DllUbf. -
Ellensburg; hogs. Lutner n. meyer
Outlook, and horses, Marvin uross i
Walla. Walla-
EARIiY APPLICATION' NEEDED
pAREFUL INVESTORS should pur-
chase securities from an institution
whose character, stability and manage
ment are an assurance of continued pro
tection to its customers.
This bank maintains its Bond Depart
ment to afford you that assurance and
protection in making safe investments. .
III
Farmers Advised to Put on Ferti
lizer Soon After Plowing.
Commercial fertilizers are best ap
plied to land as soon after plowing
as possible, reports the soils depart
ment of the Oregon Agricultural col
lege experiment station.
Where It is applied early, says
tlje report, "the rains carry it into
the soil, d'ssolving it and making it
available for the plants. Many in
stances have been found where fer
tilizer was purchased and left in the
barn through the entire season, being
only in the way and of no use. Ex
periments have proved that late ap.
plications do not bring the returns
that early applications do. but are
better than none at all.
CHEESE PI.ANTS INSPECTED
Government Specialist Reports
Quality Much Improved.
An inspection of the Coos and Curry
county cheese factories, owned by the
Oregon Dairymen's . By-Products cor-
oration, has just been completed by
H. R. Lochry, dairy manufacturln
medalist of the United States de
partment of agriculture. Mr. Lochry
declared that much progress had bee
made since his last visit to those fac
torles during August of last year.
The quality of the cheese put out
by these factories is much improved
over the products put out last year,
said Mr. Lochry.
BROCCOLI SOWING DATE NEAR
Seeds Should- Be Put In Rows 18
to 24 Inches' Apart,
Broccoli - seed is usually sown th
latter part of April or possibly th
first week in May. according to in
Is This
a Time to Buy
Bonds
We believe that it is. The
present period of readjust
ment affords the investor
an opportunity to secure, at
unusually low price levels,
sound bonds of all " types
yielding: from
6 to 8
We shall be glad to offer
recommendations and the fa
cilities of this organization
are at your disposal.
G.E.MILLER
& COMPANY
BONDS
GOVERNMENT '
.
TELEPHONE MAIN 4-1 95
i04 5 6 Northwestern Dank Building
F O l T l . M O , OPEGON
3
Canada as a Purchaser
We have prepared a pamphlet which contains valuable informa
tion on Canada's resources and commerce. Those interested in the
trade possibilities of this country or seeking fields' for profitable
investment will find the brochure of especial interest It will be'
tent to you on request, without charge, by any of our branches.
The Canadian Bank of Commerce
Portland Branch
Fourth and Stark Sta.
School
District
6 BONDS
OF
OREGON
Gilliam County, S. D. No. 25
Opt serially, 1927-1941
Sherman County, S. D. No. 23
Due 1930-1933
Klamath County, S. D. No. 1
Due 1929-1931
Madras Union High S. D. No. 1
Due 1940 Opt 1930
Prices Par to Yield '
6
Ralph Schneeloch Co.
MUNICIPAL AND CORPORATION rMANS
UJMSCRMCNS BUILDING
B
$3,000,000.00
Province of
ritlsh Colombia
General Obligation Gold Bonds
Dated April 25, 1921
Due April 25, 1926
Principal and semi-annual interest payable April 25 and
October 25 in New York City in United States Gold Coin.
DENOMINATIONS $500 AND ?1000
FINANCIAL STATEMENT
Assessed Valuation ... $801,407,268.00
. Total Funded Debt, including this issue : 43,466,436.00
Population (Officially Estimated) 450,000
British Columbia is the third in size of the Provinces of Canada, and
has an area exceeding 227,200,000 acres. The natural resources , of
the Province make it one of the wealthiest in the Dominion, the
natural forests alone covering an area of about 180,000,000 acres.
The great progress which is being made in the development and
production of the Province isseen in comparing the value of the total
production of 1901, which amounted to $53,037,280, with that of 1918,
amounting to $237,144,696.
Price 93.84 to Net 7.50
Carstens & Earles. Incorporated
SEATTLE NATIONAL BANK
JOHN E. PRICE & CO.
FERRIS & HARGROVE
HALSEY, STUART & CO.
Bond Department
Pendleton, Or.
The famous "Let 'er buck" city, and the
wealthiest, per capita, in the Pacific North
west. A limited issue of
10-Yr. 6 Imp. Bonds
Legal Investment for Oregon Savings Banks
INCOME TAX EXEMPT
Price 100, Yield 6
Pendleton has a population of over 7000 people. It is the agri
cultural and industrial center of eastern Oregon, and is the
trading center of an immensely wealthy region.
Denomination $500.
We Suggest an Immediate Reservation
For diversification we recommend
Greybull, Wyo. Imp. 7s. Yield ..
Tillamook, Oregon, 6s. Yield 6
All Income
Tax Exempt
LUMBEKMEN5
TRUST COMPAiiY
BROADWAY AND OAK
structlons on the production of that
vegetable sent out by the agricul
tural college experiment station.
"The usual practice is to bow It
In rows from 18 to H inches apart
and d'stribute the seeds thinly in
the row, not less than an inch apart.
The Dlants reauire from seven to
eight weeks to make their seed bed
irrowth.
'.They will bo ready to set out the
last week of Juno or the first week
of July."
Safety
High Yield
We offer the unsold portion of
our own issue to yield 8.
Safety of Principal and cer
tainty of interest guaranteed
by 95 individual first mort
gages on irrigated farms. .
There are $175,000 mortgages
held by the Portland Trust Co. .
to secure $150,000 bonds. Con
servative loans. Bank recom
mendations. Bonds Ready for Immediate
Delivery at the Portland
Trust Company
Exempt as to 2 normal in
come tax. Legal investments
for Savings Banks and Trust
Funds.
Denominations:
$100 $500 $1000
Ask Us for Circular
Southern
Idaho Land &
Power Co.
Portland .Office
1212 Gasco Bldg.
City
of
T
o
P
P
e
n
i
s
h
Wash.
7's
at
par
Hay 3,149
Grain...... 293
Fruit . 110
Potatoea . . . 846
Sugar 250
Livestock . . 256
Sugar Beets 700
Carloads. 5,604
This Is not all sim
ply the principal prod
ucts Bhiooed from Top-
penish. Wash., during
last year. Can you
beat It7 Do you know
of another community
of 7000 people that can
touch this record?
Toppenish h a s t h e
largest nursery in the
state. It has bank de
poslts of $1,500,000.
Bull dinr permits for
1920 aggregated I31S,
SO0. It has a sugar re
finery that cost (4,250,
00( Cm Yon Beat ItT
Toppenish Is the
trade center of a vast
area of the famous
Yakima valley. We own
and offer you 15400 of
Toppenish 7 one to
ten-year street Im
provement bonds at
par and accrued inter
.est to yield you a full
7, income tax exempt.
D e n o m 1 n ation- $200.
Cash, or partial . pay
ment plan. Can you
beat it? Call, phone or
write.
Wo specialise In
Liberty and Victory
Bonds,
See us fcefore you buy or sell.
wouwo n.eea
UiHumm MiLOtiM
Firm mb Stjuuc
S74
.Freeman
Smith
CAMP
CO.
Bonds for Immediate Delivery:
Obligations of the entire
Province of
British
Columbia
6 BONDS
Maturing October 25, 1923,
Price: 96.09
Yielding
7W
Municipal Bond Department
Commerce Mortgage
Securities Co.
Ground Floor
Chamber of Commerce Bldg.
91 Third Street
Phone: Main 3067
We offer our participation in
$30,000,000.00
Goodyear' Tire 8c
Rubber Company
1 st Mortgage 8
Sinking Fund Bonds
Redeemable in Lots of $750,000
Each Six Months, Starting Nov. 1, 1921
At 120 and Accrued Interest.
These are coupon bonds of $100, $500 and $1000 denominations; in
terest payable May I and Nov. 1 ; security consists of first mortgage lien
on all fixed assets of company (now and hereafter acquired) aggregating
at this time over $84,000,000. .
PRICE 99 AND INTEREST
The high character of this issue is evidenced by its being underwritten and
participated in by the foremost investment bankers east and west.
Complete information upon request.
CEABK KENDALL & CO, inc
GOVERNMENT MUNEIPALAND CORPORATION BONDS
FIFTH AND STARK 5TRT5 PORTLAND OPEGON
Nico lor Flowws
-but a vasc is
rat hoc tnsocun?
for kpin
valuable papers
1'iacG jourr
in a Safe
behind steel .
and rorvrpto at i
ythU.S.. i
PROVINCE OF
BRITISH COLUMBIA
6 BONDS
Dated March, 1121 Due SI arch,
1D26.
Principal and Inttreat
Payable In
U.S. GOLD COIN
in New York
7
H. E. WILLS CO.
Price IM.00
to yield
31 17. S. BANK BLDG.
Bdwr. 1011. Portland.
IB
1 1
Bonds
IMPROVEMENT
PROVINCIAL
SCHOOL
WATER
to yield
6 to 8.
Western Bond &
Mortgage Co.
Main 113. 80 Fourth St
Board of Trade Bldg.
Ground Floor.
imi i
iAff United States
National Hank.
Sfcrth and SaiK Streets.'
MORTGAGE OFFERINGS
7
?160O 7
Farm Valuation $4000
$20007
Residence Valuation ....$5000
$25007
Residence Valuation . . . .$6000
Call for particulars. j
Pacific Coast Mortgage Co.
S19 Ry. Exchange Bldg. Main 675
You Need This
Investment Record Book
Send for It
Every investor should keeP a complete and
permanent record of every investment trans
action and a full description of his holdings.
We have prepared for distribution to investor!
without obligation a new Investment Record Book.
It is complete, embodying a full description of your
holdings and a record of your transactions.
It is convenient. Its loose-leaf pages enable you to
file away your record after disposing of your hold
ings. It is compact, a cloth-covered book, 4x8 inchei
in size.
A copy is yours for the asking. Send for it today.
Ask s0 fr a C0P9 f ouT Current Investment
List, offering over tivenly attractive investments.
BlYth, Witter, &, Co.
Yeon Bldg., PORTLAND
SEATTLE - SAM fRANCISCO- tOS ANGELES- NEW YDnit
WE WAJfT
HENS and BROILERS
Top Prleea Quick Retnrma
C. M. HALL PRODUCE CO,
272-274 GUaaa Itreet, Portia, Or,
AMONG CANADA'S BEST
Eonds secured by large municipalities now available at
excellent yields:
Due Yield
Province of Alberta 6's 1923 7 Ofn.
i f J
Province of Alberta, 4','s 1924
Greater Winnipeg 5's 1923 Q AA
Tifv of Montreal 6's 1923 OiUUw
Portland KEELER BROTHERS
. Investment Securities
U. S. NATIONAL BANK BUILDING
Broadway 6800
i