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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (May 2, 1921)
TTIE 3I0RNING OREGOXIAX, MONDAY, MAY 2, 1021 17 HIGH TAXES HELD J OFOBBIES SDirit ' of Emulation Too Great, Says C. V. Galloway. REMEDY IS SUGGESTED Only Sustained Community Rc bolve to Economize Will Lower Burden, Believes Banker. High taxes, such as are in effect here at the present time, are the di rect result of comparatively small groups of persons in the community workinc for tneir narticular hobby. according to Charles V. Galloway, ex tax commissioner for Oregon, assist ant cashier of the Hibernia Commer cial and Savings bank of Portland, tiuch taxes can be corrected only by a sustained community, resolved firmly to economize, he asserts. "The tax-levying bodies should not be held entirely to blame," said Mr. Galloway. "The members of the city council, the county court and the slate legislature all enter office with the resolve to hold down expenditures, but they are met by pleas for good roads from influential people who have perhaps been in California and come back with stories of wonderful laved highways which must immedi ately be matched in our own state. Other citizens have been following the port development on Paget sound and believe we should spare no ex pense to maintain equal development. Other puDlic-spirited persons are pos aihlv not interested .in Dort develop ment, but believe that public schools fihould be supported in a manner so as to compare favorably with all other states. Favorable Armament Made. "Each of these groups goes before the tax-levying body, puts up argu ments, all sound in themselves, why their particular project should be sup ported and refrains from abusing other expenditures lest antagonism be started against their own hobbv. "liie county court or city council or other tax-levying body hears little except the favorable arguments and is led to believe that the-whole com munity desires these expenditures. Protests do not come until after the tax levy has been made. "It is this spirit of emulating other communities that is responsible for hieh taxes. One of the greatest tax accelerators we have is the good roads movement. Kverybody wants good roads, but when the money, is voted by the people it isn"t fair to place the blame on the public officials who have to levy the tax." Change in Pledge Suggested. Mr. Galloway stated that it would be better to change the proposed res olution pledging the tax levying bod ies not to increase taxes so that the wording would show that the pledge was one from the citizens that they would not approve any new taxes during the coming three years. "As the tax levying bodies are all responsive to public opinion, they will not vote new expenditures if they are convinced that the majority of the people do not approve." he said. 'The 6 per cent tax limitation as it is in Oregon has made the actual tax bill higher than it otherwise would have been, believes Mr. Galloway, as now levies in the form of millage bills are proposed by those interested in par ticular projects and adopted by a Tote of the people so that they do not come within the 6 per cent restriction. "These millage bills are sometimes higher than they need to be were it not for the feeling that as long as a campaign must be waged, it is just as well to get enough. Bonds are also outside of the limitation. There has been encouragement for much addi tional borrowing with the result that taxes have had to be raised to pay inteiest and to provide sinking funds." The Railway Age analyzes at length, in its current issue, the charges made before the Tailroad labor board by W. Jett Lauck on behalf of the railroad labor unions that the railways are wasting more than $1. 000,000.000 a year by misman agement. The labor leaders contend that no economies whatever should be effected by reductions in the rail road payroll until all these alleged wastes have been eliminated. "The largest item in Mr. Lauck's estimated possible savings." says the Itailway Age. "is one of J272.500.000, which he claims could be made by modernizing locomotives. The esti mate, like others he makes, is merely a wild guess based upon no tangible evidence. He says there are available locomotive, devices which have dem onstrated beyond question their abil ity to effect large savings. There are about 61,000 locomotives in the I'nited States. Even the oldest of the devices to which he refers have been available in practical form for only about ton years and others for shorter periods. In this compara tively short time. 35.000 locomotives have been equipped with superheat ers. 43.000 with brick arches. 37,000 with automatic fire doors and 15.000 with power, reveree gears. Many other Improvements have been made. Never -before were steam locomotives and the service rendered by them improved as much in the same length as in the United States in the last ten years. And yet, because all loco muiivca nave not oeen mane perieci. -ir. i,aucic roundly abuses the rail ways for alleged 'mismanagement.' ' A.- L. Desk, manager of the foreign trade department of the Ladd & Tilton bank, will attend the foreign trade convention at Cleveland. O.. which opens Wednesday. He left Portland rnday with the group of Portland Duslness men who will attend the convention. Mr. Deak will go from Cleveland to New York, which was his home before he came to Portland. He will visit various banks and export and transportation companies and will return to Portland the end of thi; month. Frank A. Nagley, advertising man ager of the State Bank of Portland, has a leading article in the Burroughs Clearing House on the value of com mercial research work in getting and holding big bank accounts. This ar ticle cites several specific examples of just how the research method is applied in a practical way to modern banking. One of the most modern of safe de posit vaults and one of the largest on the coast has just been opened to the public by the Ladd & Tilton bank. When fully installed the vault will accommodate 6000 renters with boxes of various sizes. In addition to the massive door weighing seven tons, it is protected by burglar, bomb and mob-proof appliances. The boxes are of steel and were made in Portland. Fifteen private rooms for coupon clippers have been installed. The latest bulletin issued br Kar dos & Burke of New York has the fol lowing optimistic paragraph: "It has been some time since last we had so great an amount of encouraging news and constructive developments as have become apparent in the last few- days. The week has given promise that more announcements of a furtner tendency towards returning activity and prosperity can be reasonably an ticipated." e ' M. P. Griffith, formerly of the San Francisco office of Blythe, Witter & Co., has taken over the management of the Portland office in thfe Yeon building. Colon Livingstone, who had been in charge, remains as assistant. Master Dead, Many Persons Anxious to Care for Dog. William Moorehouse's Companion whip With Canine Attracts Wide Attention. . Your Investments and Changing Conditions General economic conditions are changing so rapidly that we feel we advise wisely when we say that every investor should examine his securities periodically in order to determine the status of his holdings. We will be pleased to furnish you tro-to-date reports on your present holdings, advising any exchanges which we consider well founded and profitable. You are welcome to take advantage of our facilities. G.E.MILLER &. COMPANY ALBANY, Or., Hay 1. (Special.) The dog whose companionship William Henry Moorehouse pre ferred to a comfortable homo at the Linn county farm, and which figured in the unusual story of friendship between man and canine, widely pub lished in connection with the death of the aged man a few days ago, has had many opportunities for a good home since his master died. Various people who read the story of how the old man refused to accept comfortable quarters at the county farm because he could not keep his dog, but eked out his existence liv ing alone with his dog In order to have the animal's companionship, appear ready to give the faithful dog a home now that the master who stood by him is gone. Offers to take the dog have come from as far as Tacoma, but before the letters re garding the dog began to come in the animal had a home on a farm near Albany, and there he probably will stay. The offer from Tacoma was made by a woman of that city, who wrote to Mayor Young yesterday. A Port land woman is also included among those willing to take the dog. She wrote yesterday to Chief of Police Catlin. The funeral of Mr. Moorehouse was held yesterday afternoon at the Fort- miller chapel. Rev. B. F. tellman, pastor of the First Baptist church. conducted the service. WOMAN BLUFFS POLICE Squad of Six Men Held at Bay for 1 1 Glours With Pistol. RED BLUFF. Cal., May 1. After barricading herself in the office of District Attorney Cheatham here yes terday and holding at bay with a re volver a half dozen officers for nearly 11 hours, Mrs. Nina E. Robinson was at 8:30 tonight persuaded to give up the weapon. She was alleged by the officers to be insane. Mrs. Robinson appeared at the dis trict attorney's office to swear out a warrant. After an argument with Cheatham she became enraged and, drawing a pistol, chased everyone out of the office. Then after firing sev eral shots she closed the door and re fused to move. WH YORK BUDGET IS GUT 965,000101) Governor Miller Lops 3000 Political Jobs. Off BLOW DEALT LANDLORDS Tax Rate Held Down to Prevent Further Increase in Kents. Economy Insisted On. NEW YORK, April 25. (Special )-' The New York state legislature has adjourned and we sorest collection of political bosses ever seen in a wild state have gone home. The session was a triumph for the brains and courage and energy of Governor Miller. Ti, the aniruish of the gang irom New York City, he lopped off 3000 political jobs and reduced the esti mates of the various departments something over J65.000.00O. He insisted upon what me gang sters, of New York regaraea as a strange fiscal policy; he vowed that the state, for once, snouia live wumu its income. He estimatea tnis in come at $138,000,000, and saw, to it that the budgets were cut to ijo; 000,000. Economy Insisted On. It is very likely that the governors insistence upon economy may nave, a direct and important bearing upon the rent situation in New York. Although the rents this year have been huge to the point of agony, the New York landlords are threatening to raise them next fall from 25 per cent to 50 per cent. Their claim is that they are forced to make the raise on account of the terrific taxation. The rate is high nearly ti on the hundred Dut tnis i not the worst. What makes the real estate owners groan is the in flation of the size ci the assessed val uations. in California, and other clvilieo communities real estate is assessed at from one-hair to iwo-iiurua mc market value. In New T;ork property is frequently assessed at Iigures in excess of the selling value. - one large apartment house on Madison avenue in the 4is nas oeen on w market for a long time tor j.'Jo.ouu. The value fixed by the assessor is $240,000. It makes a difference oi about $1700 a year in the taxes. So it goes in a vicious circle. The assessor takes the huge rents as a basis for fixing the value of the property; the property owner has to make the rents still more huge to get back the taxes. Old Landmarks Fall. The only remedy seems to be the one applied by Governor Miller cut ting down the cost of the government and thus making lower taxes possible. Old landmarks, dear to New York ers, are falling thick and fast. With a long last biast -of the old siren, the New York Herald's giant presses ceased to run. The Herald building, which has been on. of the high lights of old New York, is to be turned into a big sky-scraping office building. Upon purchasing the Herald from the James Gordon Bennett estate, Frank Munsey consolidated the Morn ing Herald with the New York Sun. The Telegram, which was the Her ald's evening edition, still runs under its old name; but is now moved to a new publication building at Seventh avenue and Sixteenth street. A furious debate has already begun whether the name of Herald square shall be changed. Many old New Yorkers, presumably among them George M. Cohan, who wanted to be remembered to Herald square in his famous song, insist that the name be held on. One proposition is to change the name to Bennett square; another is to make it part of Greenley square. ttead The Oreeronian classified ads. ALTAR T0BE MEMORIAL Ara Tncis of Augustus lo Be Re stored in Italy. (CopyriKht by the New York World. Pub lished by ArranjremeiU.) ROME, May 1. (Special Cable.) What is left of Augustus' Ara Pacis was excavated, beneaiq the Palazzo Ottoboni-Fiano on th& Corso in the vicinity of the Piazzo Venezia,-will be collected, restored and put up as a monument of the world war and the victory of the allies along the walls of the Sala del Concistoro of the Palazzo Venezia, the former Austrian embassy to the Vatican, which has been seized by Italy. The original Ara Pacis was planned by Augustus Caesar in 13 B. C, and unveiled four years later, when he GOVERNMENT MUNICIPAL CORPORATION BONDS I TELEPHONE MAI N -4-19& 04 5 6 NorthwasternDanK Building PORTLAND, OREGON WHY ACCEPT LESS Security for your investment than that afforded by tax-secured bonds, the recognized superior investment, when yields as the following are available A few of our present municipal offerings: Security Due. Y'ield Utah County, Utah, Alpine School Dist. 1922-40 6.00 Assessed val. $18,222,300; debt $608,000; pop. 23,517. Stanfield, Oregon, Improv 1923-24 One of Oregon's progressive cities. Freewater, Or., Gen'l Obligation 1928-36 A prosperous farming center near Walla Walla. Nampa, Idaho, Highway Dist. . 1939-opt.29 Assessed val. $8,014,672; debt $500,000; pop. 10,000. Province of Alberta 1923-24 Greater Winnipeg 1923 Call for Detailed Circulars Broadway 5800 Portland KEELER BROTHERS Investment Securities U. S. NATIONAL BANK BUILDING 7.00 6.40 6.00 7,75 8.00 Denver 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 ' sent to you on request, without charge, by any of our branches. The Canadian Bank of Commerce Portland Branch Fourth and Stark Sts. returned from his victorious cam paigns in Spain and Gaul and the Temple of Janus was closed to signify that peace had been restored. Parts of the Ara Pacis are kept not only in different Italian museums, but also in foreign countries in the Museum of the Thermae, in the Uffieia, Jn the Paris Louvre and in Vienna. MINE DEVELOPED RAPIDLY Ore Chute of Southern Oregon Com pany Highly Valued. MEDFORD, Or., May 1. (Special.) Rapid development work upon the properties of the Gold Ridge Mining company's holdings, located in the Kanes creek mining district ten miles from Medford, Is groins; forward. Within the past week an ore chute upon which the company is rushing work became rich, estimated values running, (it to claimed, as high as S or $S to the Dan. This vein varies fin width from 2V4 feet to 3 Va feet, and is cut 400 leet helow the surface. A drift of ever 65 feet has been made along the ore chute and it is report ed that specimen rock has been found all the way. The stockholders of the company are all Medford men and its officers are: C. C. Clark, president; G. A. Childers, vice-president; Frank L. Clark, secretary, and E. 1 Childers, L. W. Ross, Fred C. Sander and Lou Compton, directors. MOVIES TO CATCH EVENTS Junior Week-iEnd Activities at TTni- . versify AVill Be Filmed. UNIVEBSITT OF OREGON'. Eugene, May 1. (Special.) The varied activi ties of junior week end. May 18, 19 and 20, will be filmed by Alfred Pow ers of 'the university school of jour nalism. Motion pictures will be taken of all the action events and some scenic effects will be included. Thirteen hundred feet of film will be taken. Mr. Powers has obtained an experienced operator for the work. The tug of war over the mill race, campus clean-up work, track meet, baseball game and the freshmen paint ing the "O" will be featured. This is the first time motion pictures have been taken of campus events. Bond Department A bond's security lies in the ABILITY of the debtor to pay it. These lTq municipals are backed by unusually strong security and the Taxing Power, We recommend them without reserve. City of Bandon, Or. 6 Gold Bonds A general obligation of the city, and the first lien on all its tax able property valued at $ 1 ,580, 000. The.net debt is only $40,000. Legal for Savings Banks PRICE TO YIELD SV City of Greybull, Wyo. 7 Imp, Bonds These 10-year bonds are obli gations of the district which in cludes the business and city's best residential sections. It's value is $1,004,000. Net bonded debt (this issue only), $75,000. PRICE TO YIELD 7 Bonds Income Tax Exempt. Order by Phone, Wire or Letter, LUMBERMEN TRUST COMPANY BROADWAY AND OAK BBBHBBnBBBnBm SOPHOMORE DANCE IS OFF Unsanctioned Junior "Flunk" Day Event Icads to Penalty. OREGON AGRICULTURAL, COL LEGE. Corvallis, May 1. (Sneeial The sophomore cotillion has been can celed by order of the student affairs committee as a result of action taken on a dance held on junior "flunk" day uy me sopnomores without approved chaperones and the sanotion of the committee. The 1923 class will not be allowed any social functions during the remainder of the school year. Officers of the class called before the committee suggested that only those who took part in the "illegal" dance should be punished, but the committee decided that, as class of ficials were present at the affair and did not stop the dance, the committee was justified in punishing the en tire class. SILVERWARE IS STOLEN Thief Gains Entrance to Home While Family Is Away. Four dozen pieces of valuable sil verware were stolen from the home of James Culross, 733 East Twenty eighth street, some time Saturday night by thieves who gained entrance into the home during the absence of the family. A report of the burglar was made to the police detective bu reau yesterday. H. D. Courter, 821 East Twenty fifth street, reported that prowlers had entered his home during the ab sence of the family and had ran sacked it from top to bottom. The thieves evidently were looking only for money as nothing was taken. Elmer Bedinger, 508 Tenino avenue, reported that prowlers had gained access to his home and had stolen 120 in cash and a bank book. Nothing else was missing by the family when they returned later in the evening. Auto Veterans in Wreck. NEW TORK, May 1. Major and Mrs. Charles G. Glidden, who esti mated they had driven approximately 100,000 miles by automobile in various quarters of the earth without mishap, were cut and bruised here last night In a collision between their taxicab and another automobile. Xine Sailors Drowned. CORUNNA, Spain, May L Nine members of the crew of the steam trawler Antonita were drowned when the bessel broke in two today after its boiler exploded. Phone your want ads to The Ore-c-onian. Main 7070. Automatic n60-5. Port of Umpqua Douglas County Oregon 6 Bonds Dated DUE May 15, 1921 July 1, 1926-30 DENOMINATION: flOOO Assessed valuation, $4,746,305 Total bonded debt, $325,000 PRICE 98.00 TO YIELD ABOUT 6.30 to 6.48 Ralph Schneelqch Co. MUNICIHU. AND CORPORATION rmAJTCC ujmbermen5 building Portland. Orcocm. rFor 1 May 1 I We Offer Additional Block of $50,000 ity of Edmonton '6 General Obligation Gold Bonds Dated Sept. 1, 1920 Denom. $100, $500, $1000 Principal and Interest Payable in U. S. GOLD COIN in New York Due Sept. 1, 1922 Price 95.13 Due Sept. 1, 1923 Price 91.86 TO YIELD- Telephone or Telegraph Reservations at Our Expense H. E. WILLS COMPANY 10 Investment PORTLAND, Imp. 6'. t. yield about S.KOr $15,000 est, Sept. 1, 1927 101 CROOK COUNTY, Koad 6's to" yield 9'r 1000 Dec. 1, 1023 if l'JO YAKIMA CO., Road 6' to yield 6 11000 June 1, I'JIZ jj) 100 BAKKR, Oregon. ' to yield 6 ."UU0 Alay 1, 1041 & luo ASTORIA. Imp. 6 a to yield about 6.03'A-6.0Vc I4f.no est. Auk. 1. IMS tl! 1IMI0 eat. Feb. 1, 1H.H9 it '. 30V0 est. Feb. 1, 1040 is 80 ASTORIA, S' to yield about .,OU0 est. .Nov. 1, 4.030 it so.yo PORT OV BAY CITY, ' ta yield (2000 May 1. 12S 97.32 8000 May 1, 11(211 tp Oli.92 9000 May 1, 1030 it SB.U3 400 May 1. 11(34 ill 86.00 CASPER, Imp. '; yield about 8.46 and 6.54 0.".00 est. S'?pt. 1, J020 97.50 5000 eat. Sept. 1, 1027 o 97.60 MARSHLAND D. D., 6'. to yield 8000 June 1, 1023 it 97.27 5.)O0 June 1, 1020 it 00.73 7000 June 1, 1827 it 90.23 TOPPENISH, Imp. V to yield 7 J2200 sat. June 1, 1024 iv 100 TOPPENISH, Imp. Vb to yield 7 J.'OO eat. Nov. 1, 1020 & 100 200 eat. Nov, 1, 1027 in 100 400 eat. Nov. 1, 02N if 100 600 est. Nov. 1, 1820 it 100 VANCOUVER, B. C, 4V4". to yield over Jy 5840 Feb. S, 1923 9 93.05 REPl'B. CHILE, ', yield about S.3.VA to 0 55o0 Feb. 1, 1841 99 JOINT NORTH KRN PACIFIC CiKKAT NOKTHKKN. 6 Via to yield about m.OUO July 1. 1038 0 96.50 Cull or 'phone for details. Freeman, 7b SMITH ROUND PLC Umnmu Bottom rum and Stabs wur on 316 United States National Bank Bldg., Broadway 1011 PORTLAND Kelso, Wash. 7 IMPROVEMENT BONDS Dated Feb. 1, 1021 Due Feb. 1, 1033. Estimated maturities 1923 to 1931 Prlcei Par and "Jcf Interest to Yield ' O Western Bond & j Mortgage Co. j Main 113 SO Foortb St. Boarof Trade BulldinK, j Ground Floor. pAREFUL INVESTORS should pur v 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. 1 7fo Farm Mortgages 7 Secured by some of the best improved farms in the State of Oregon, netting the investor 1. We have on hand , amounts of-$1000 to $ 10,000. City mortgages in amounts from 500 up, netting 7 to the investor. Pacific Coast Mortgage Co. 319 Ry. Exch. Bldg. J. L. Karnopp, Pres. .(Established 25 years) Phone: Main 675 ' l il 'vr5,ifi,rr'i- Good Bulbars j always look, j tn m siovo first j Vbur valuable I papers and i jwtlry are j more wcuro m J Doppsit Bo i behind Stool tma j concrete, j - I "tli II :!l OA United States National Bank. Sixth and Stark Streets. MORTGAGE OFFERINGS 7 $1600 7 Farm Valuation $4000 $20007 Residence Valuation ....$5000 $25007 Residence Valuation ....$6000 Call for particulars. Pacific Coast Mortgage Co. STOP AND THINK How many people have you known who bought promotion oil, motor and mining stocks a3 a re sult of glowing pronfises made in prospectuses and glaring advertisements? Have you ever known any of them to succeed in making the fortune which is always held out as bait to get the money? Think over the history of the men you know who are independently wealthy. How did they make their money? In nearly every case you will find that they made it by investing in sound, established business enterprises where it was possible for them to find out all the facts sur rounding their investments, or that they made their money in a business which they themselves developed. After a thorough investigation among success ful bankers and business men, you will find that nobody is going to make you wealthy on pro motion Stocks. The wealthy men of today are the men who first saved some money and then invested it where it accumulated more each year. If you persist in the idea that you can get rich quickly by speculating or gambling in promotion stocks, we cannot help you, but if you want to as sure yourself of a safe and regular income, we will gladly talk over your problem with you. If you cannot call, write or telephone for our booklet, "The Elementary Principles of Safe In vestment." In this booklet you will find the dif ference between -investment and speculation clearly defined. Blyth, Witter. &. Co. Ycon Bldg.. PORTLAND SEATTLE - SAN FRANCISCO -LOS ANGELES - NEW YORJC The Financing of Our Railroads Is Absolutely Essential We Offer Our Participation in a New Issue of $230,000,000 NORTHERN PACIFIC - GREAT NORTHERN Joint Fifteen-year 6'j Convertible Gold Bonds Dated July 1, 1921 Due July 1, 1936 A joint obligation of the Great Northern and North ern Pacific Railways having an equity in their net assets approximating $1,077,000,000. By reason of the strength of the railroads issuing these bonds, coupled .with their attractive conversion features, this issue presents an exceptional opportunity for investment. PRICE 96.50 to YIELD about 6.88 Telephone or telegraph orders collect Complete information on TequesU Oldest in the Northwest WASHINGTON, AT THIRD UMATILLA (Municipal) DRAINAGE DIST. Umatilla County, Oregon 6 Gold Bonds. Due 1925-1930. 6.50 PRICED TO YIELD 6.50 No Income Tax to Pay This district comprises 1600 acres, including town of Stanfield and a veritable Eden of productive farm and fruit lands. Bonds certified by Secretary of State as legal security for State, County and City deposits in Oregon banks; also for Trust funds. D. C. Henny, well known reclamation engineer, reports: "My investigation shows the value of these bonds to be unquestioned. .The bonds are a safe and unusually attractive investment." Send for Descriptive Circular CEARIt KENDALL & CO GOVERNMENT MUN1CIPALAND CORPORATION BONDS FIFTH AN 0 STARK STRUTS - PORTLAND 0PEQ0N New Issue Province of British Columbia 3-Year 6 Gold Bonds Dated Apr. 25, 1921. Due April 23, 1926. Price 93.84 to Yield 72 Denominations ?500-$1000. C-ARSTENS & EARLES. INCORPORATED I'.lahlUbrll 1Hf. Ciovrrament. Munlrlpal rporatlon IIii.iU. Fr.-ir Imu AKtlr V. 8. ISallnnal Hank HUB. Portlaart. rma. Broadna; 4IOM. tratllf-iikan j 319 Ry. Exchange Bldg. Main 675