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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (May 9, 1921)
THE -MORNING OREGOXIAX, MONDAY, MAY 9, 1931 IS Pii 1 KEVHOTE OF BHK BULLETINS Readjustment Is Held Slow but Safe Process. OUTLOOK CALLED GOOD Arthur W. Kiel, Fred Anderson, Rob-' ert R. Rankin and C. W. Caruthers. The bank intends to open for busi ness within 30 days. Edgar -H. Sensenich, vice-president of the Northwestern National bank, is expected home soon from attend ance upon the annual meeting of the executive council of the American Bankers' association at Pinehurst, "V r U- i t . . : ' fin th PnilTM T3anB i n will visit New York and other cities. The Peninsula National bank is among the optimists Issuing state menu within the last few days. Its May bulletin, just out, in revlewin the situation, said that "such devel opments as have occurred during the OUSTI DEMOCRATS DISCUSSED BY KLICK I Much Is Said to Have Been Done to Return Country to Pre YVar Financial Basis. All the latest financial bulletins, I locally and from the east and middle I west, carried optimistic reports and agreed that business was gradually (returning to normal, although not ae rapidly as was predicted by some In I recent months, but perhaps on a I sounder basis because of the rather slow process which has come to be accepted as the fact. There is no IJonger expectation of sudden restora tion to pre-war status, and it gen erally has been accepted as true that It will take considerable time tn re- ladjust conditions In full. The United States National hank of I Portland has just issued its spring business digest, and under the caDtion "Business Conditions as They Appear Ito Us," said: "Gradually we are returning to something like normalcy. The general I outlook is considerably better than it has been, but caution still controls business movements. Much has been I lv.viiipuB!iru Qwiraa aeiiation. I though there is still work to be don before stability has been reached. Th country has been passing through a period or donation, In fact is yet in it itome sections of the country hv Ibeen hard hit. and the deflation has Iboen quite pronounced, although we on the Pacific coast, and particularly In Portland, have been comDamtivelv iree irom serious troubles so far. From the standpoint of the nrn. inucer, seemingly the bottom has aropped out of prices affecting every- ljiiiib eronn or produced In the Pa cific northwest, but as Roger Babson jtne noted statistician, says, there may be some consolation in knowing "that I the worst has happened." The drop in prices in the past eight months iwas me most precipitate known to I History, ana the fact that we are go ing on sawing lumber, raising wheat, fruit, hay, livestock and other stuffs Iaespue tne losses sustained, shows the stability of the neoole nf h cuumry. uur producers annnrentltr Itaken their full deflation. Lumber Is I per cent less than a year ago. Wheat, hay. wool, sheen. hn Mt. !tle. fruits of all kinds, potatoes, 'dairy products, eggs and salmon narei in tne decrease In nrii- lre irom 4U to 60 per cent lea than 1a year ago, and in most cases below the cost of production. Somewhere near steady prices should hold for the time being so far as Drodurem jare concerned, and they must needs cunaii production expenses to meet l. . ne w,ln something left for profit. linis Is certainly a time for economv uu aiienuon to business." :i ct 4- 4 : Fruk C. Hale, promoted to be naalstnnt cashier of tbe United States National bank enry (Jlewa & Co. nf -Vow -v.i. I published the following in a current bulletin: "Domestically the siernifioant nha- of the present business and invest- Iuioik prospect 19 seen in connection with the deflation which u art.,.i.- Iso effectively. Federal reserve notes I re now ott aDout 1530,000,000 from the point reached; a year ago, while there has been a reduction In bills aiscounted or more than 1700.000,000 1A total of only about J2,167,000,00 bum on nana in the entire federal reserve system certainly does not (appear large, especially when con sidered in the light of steadily in- P"ins goia reserves, which are IJ381.000.000 higher than they -were lone year ago. The liquidation undoubtedly has I progressed very rapidly within the past two or three months. One of I tne best evidences of it is afforded by the cut In outrtanding deposits lor national banks, which, according iro tne controller or the currency's ingures just issued, have fallen off (about SI, 500.000,000 from the hich Dint of approximately J17.000.000.000. (which had been reached last year. In fact, it Is admitted by those who are most familiar with the situation that it would be necessary for the banks practically to add their ac commodations for the coming crop I year to the amount of advances which ia already carried for member banks." Bankers In group No. 1, comprising fultnomah, Hood River. Clackamas. Tillamook. Columbia and Clatsop counties', will hold their annual meet- ling at Newberg Wednesday. May 18. lin accordance with a decision of the executive committee in session in Tortland last week. A programme that will bring up for discussion a number of important subjects has been arranged. Among these are co operative marketing, canning, dairy- ilng. the livestock industry and gen eral business. The officers and directors of group vo. 1 are: H. B. Evans, cashier First National I bank of Canby, chairman; E. C. Ap persdn, president of the McMinnville National bank, vice-chairman; E. C. ISammona, assistant cashier of the United States National bank, secre tary; Karl A. Mtller. president of the IBank of Gresham; W. H. Woodworrh, president First National bank of New- Iberg; Sam Laughlin, cashier lamhill State bank; Sinclair A. Wilson, presi dent First National bank of Linn- Iton: and John K. Humphreys, cashier IBank of Commerce of Oregon City, directors. A new national bank was organized 1st Aurora, Or., May 5. Final applica- Ition for tbe bank was made early this year, and on March 1 - permis- Ision was granted by the controller of the currency for organization. The loaDitalizatlon. is $25,000, fully sub- Iscribed by nearly 70 farmers in that community. Upon the organization the following officers were elected: Louis Webert, president; George Fry, viee-ipreeident; F. D. Elliott, cashiet Directors, including the above, are past month haveeen favorable more stabilized conditions." . A great deal of praise has been showered upon the Ladd & Tilton bank during the past week because of its Installation of a large, modern safety deposit vault, with nearly 6000 private boxes and a number of cou pon rooms for the use" of patrons. Large numbers have inspected the new equipment. John N. Christiansen, formerly as sociated with the Western Union Life Insurance company, recently resigned his position and has- become genera agent of the West Coast Life Insur ance company, with .headquarters ii the Gasco, building. Frank C. Hak, recently elected by the board of directors of the United States National bank as assistant cashier, has .entered upon his new duties in that capacity. Mil. W1L1IA3IS TO LECTURE Associated Industries Dinner Pro gramme Annonnoed. The programme committee of the Associated Industries, through Chair man Whitfield. ' has announced that the May monthly dinner meeting and discussion of practical topics of in terest to manufacturers will be held May 17 at the Chamber of Commerce dining room. The feature of this meeting will be a lecture by Whiting Williams, author of "What's' on the Worker's Mind." Mr. Williams is a Cleveland manufacturerer and occupies an In fluential -position in the - business world. He turned soft-collar tourist and started out to see the world from the worker's side. His impressions. experiences and observations at tended -by some interesting conclu sions were recorded in a book. Prominent manufacturers from all parts of the state will hear Mr. Will iams' address. The lecturer is a graduate of Ober- lin college. H. C. Huntington will introduce the lecturer. Cowlitz Declamatory Contest Held. KELSO, Wash., May 8, (Special.) Jessie Gillett of Castle Rock won first prize 'n ths hi.t-'h school division of the Cowlitz county declamatory contest which took place at Castle Rock lis; night. Josephine Duplis siee of ' Kelso took eecond prize. In the upper grade division Marian Jak- way of the Catun school, Kelso, won first prize. The Castle Rock entry won first honors, in the primary grade division. Resolution on Job-Holders Tabled, However. Is JACKSON CLUB RAPPED Kelso Club Entertains Children. KELSO, Wash May 8. (Special.) Members of the Woman's After noon club held the'r annual children's meeting yesterday at the home of Mrs. J. W. Crouch on the west side. Each fnember of the club brought a child or two to the meeting as a guest. Lincoln to Vote on Bonds, NEWPORT, Or., May 8. At the June election Lincoln county will vote on a bond Issue of $343,240 to com plete the main highway from New port to the Benton county line, build piece of road from Alsea to Wald- port and a stretch from Tillamook county line to Siletz bay. Ostracization by All "Legitimate" Slem-bers of Party In Oregon Urged by JIayor Hopkins. That all democratic office holders should resign in order not to embar rass the new administration, was the substance of a, resolution discussed by' the Kentucky Klick at a meet ing Saturday night in the Mulkey building headquarters. It was one of the most highly-flavored political en tertainments, in some time. Among other business transacted was a rap at the Jackson club. Lee M. Travis of Eugene sponsorea the move to oust present democratic officeholders. He said: "I am op posed M the republican party and its nrincinles for a. two-fold reason. I am a democrat because the voice of the republican party is always heard in condemnation, of the doctrine of state rights. I believe to all states of this union belong all rights and privileges not specially delegated by the constitution to tbe general government. . Doctrine Declared Old One. "This doctrine has always been ad vocated and Is still held as one of the distinctive principles of the dem ocratic nartv. I furtner oeneve w the victors belong the offices and that no democrat should accept an omce under any republican administration nr nthPT ODDOSltlOn PariJ. J. hdos nrinfinixn have been embodied in all latforms from Thomas Jefferson's time down to the admin istration of the greatest presiaent or thm ail. Woodrow Wilson. (Great applause.) Had we as a -sovereign state re jected sumptuary legislation, we won d not today be comronieu im prohibition and woman suffrage, nor have drifted Into the ariaity oi calcu lating commercialism, the impairment and destroyer of humanity. Resolution Is Offered. S. C. Armitage offered the following rpnnliition: Resolved, that, inasmuch as an democratic federal officeholders are not in harmony with the present re publican administration -ana are not in dutv bound as Jeffersonian demo crats to serve longer under a repub lican administration, they, eacn ana everv one of them, should immedi ately tender his or her resignation to tho nresident or tne unnea omes, allowing, of course, sufficient time for the dominant party to mi sucn vnnnnpiAR " A. T. Lewis, republican memDer or th Inner Circle, seconded the reso lution. Judge Oglesby Young moved tn amend the resolution so as not to include democrats holding office un der civil service, as ne saia it wouiu he hard at this time to have Z78 lea eral officeholders give up their jobs before their terms expired. Resolution Is Tabled. Mavor HoDkins of Newport 'Said it would not serve the interests or the democrats of Oregon to have them all resign during these hard times. althoueh Jack Marshall, republican member of the Inner Circle, said if those 278 democrats were genuine Wilson appointees and patriotic dem ocrats they should - resign at, once. After further comment, the resolution was held to be in conflict with th bill of rights as well as out of har mony with the by-laws of the Klick. It was laid upon the table. Mayor Hopkins of Newport intro duced a resolution declaring tne mor bund condition of the Jackson club and urging that it be ostracized by all legitimate' democrats ot Oregon. The resolution was adopted. i 'Women Members Favored. A. J. Drain of Bellingham, Wash, said some way should be provided for women to join the Klick, but the pres ident gave him to understand that such an innovation in the constitution would mean the cancellation of its annuity from the southern planters, without which the Klick would be unable to meet its current expenses. Some informal discussion followed as to the selection of democratic can didates for governor ' and United States senator. However, this was desultory and got the Klick nowhere, so a committee was named to hand pick candidates and report at the next meeting This committee consists of T. G. Thornton, Judge Oglesby Young, H. B. Nichols, Portland, and Lee M. Travis. Eugene. Farmers Meet at Kalaina. KALAMA, Wash.t May 8. (Special.) The farmers' meeting, held Satur day at Kalama, was a complete suc cess. The business men were hosts to a large number from the surround ing country, and their wives served f a salmon dinner to nearly 200 guests. Judge George T. Reid of Tacoma, I who spoke on the "Fundamental Prin- clples of Creating weaitn, wealth was accomplished only by hard work. Others on the pro gramme were W. Cross, Mrs. Charles Windnagle. Claud Wright and Miss Simpson. OLD JEALOUSIES SHELVED Klamath Falls and Medford Inter ests Getting Together, KLAMATH FALLS, Or., May 8 (Special.) Healing of old jealousies between Klamath Falls and Medford in regard to tourist travel to Crater lake bids fair to be accomplished as the result of an agreement reached by S. V. Hall, Medford transportation manager for the Crater. Lake Park ansnriatlnn and reoresentatives of Lthe local automobile association and chamber of commerce. All agreea that the communities should work together to make Crater lake attrac tive and accessible. A combined stage and boat line from here to the lake will be operated this summer, conducted by W. T. Lee and O. L. Williams. Stages will also run from Medford. All concerned promised to urge tourists to take the through route. Those who enter from the Medford side will be urged to leave via Klamath Falls and those entering from this side to leave via Medford. LUMBER FIRM BUYS FARM Long-Bell Pays $100,000 for 90 iAcres on Columbia, KELSO, Wash, May 8. (Special.) C. F. Kletsch was in Portland yes terday to complete the sale of his 500- acre place on the west side, which the Long-Bell Lumber company arranged to purchase some time ago. The price paid for tbe place was approximately 100,000. It extends from Fowlers lake to the Columbia river with a frontage of several thousand feet on the Columbia and includes Mr. Kletsch's old place and the Foster place which he wa purchasing on contract. The property adjoins th Barnes and Olson places, purchased by the Long-Bell company, and gives that concern a compact area of more than 3001 acres of land for mill site and development purposes. Since selling his place Mr. Kletsch has purchased the C. A. Taylor farm. two miles west of Kelso and the John Bush place at La Du. 7 Income Tax Exempt . Gity We own and offer $29,000 (The unsold portion of 161,000) Income Tax Exempt of Dixon. Cal. Serial 8 Bonds Direct lien on all property in the city. PATEO February 8, 1921. DUE serially, 1922 to 1931. Semi-annual interest at 8 (Jan. 2 and July 2) CALLABLE (July 2) AT PAR with accrued interest AND A PREMIUM OF S to 21 MONTHS' ATVANCE INTEREST AT 8, vis, at 10 to 114. $4,000 July 2, '23 6,100 " '24 6,100 " '25 1,600 " '26 Denominations $100 1 500 $1000 " 101.47 "I $4,100 July 2, '27 103.67 6.000 " "28 104.13 6.100 " '2 " 104.66 2,000 " '11" 105.33 101.47 102.09 102.65 103.18 to yield 714 OIL TANKS TO BE BUILT Standard Oil Company to Expand Facilities at Albany. ALBANY, Or, May 8. (Special.) Enlargement of its plant here so that the tanks for its various products will have a storage capacity of 170, 000 gallons is the plan of the Stand ard Oil company. The company has purchased a quarter of a block of land north of its present storage depot The new improvements will include a gasoline storage tank with a capac ity of 60,000 gallons, another with i capacity of 10,000 gallons and a lubri cating oil tank with a capacity of 10,000 gallons. A new garage will be built also. ' All oils have been shipped to the Al bany plant in containers but hereafter the plant can handle the oils in quan titles. Plans Water Extension. MOLALLA, Or, May 9. (Special.) Molalla is seeking to Improve its wa ter system by adding seven miles of water pipe and getting the water from Trout creek. This will provide gravity system with all the water the town can use with a high pres' sure. At present the city gets Its wa ter from a spring and a deep well. The deep well pumping Is very expen sive and the supply from the spring which is also pumped into a stand pipe, is inadequate. The city council has called an election for May 17 to vote on an issue of 340,000 bonds for the system. Endeavorers End Session. ALBANY, Or, May 8. (Special.) The sixth annual convention of the Linn County Christian Endeavor Union was concluded today after a successful session. The convention began Friday evening and several ses sions were held yesterday and today The first service was held at 7 o'clock this morning and the remainder of the forenoon was devoted to the usual church services. A song service opened the afternoon session follow ed by addresses. The closing hour of the convention was devoted to a typi cal endeavor meeting. Shorthand School to Open. KELSO. Wash, May t. (Special.) Anna Lyell Trembley is fitting out quarters for a shorthand school on Front street, and will open the Kelso Shmthand studio the first of next weeR. Mrs. Trembley is a Gregg art ist and has had much practical ex perience in shorthand work and in instruction methods. Xevt-berg-Dayton Tonrney Planned. NEWBERG, Or, May 8. (Special.) The Newberg commercial club is planning a tournament with the Day ton Commercial club to be held at the . We Offer Our Participation in . $10,000,000.00 r Libby, McNeill & Libby 7 First Mortgage Bonds Dated May 1, 1921 Due May 1, 1931 This issue represents a closed first mortgage on assets totaling $75, 000,000. Quick assets amount to over $18,000,000. - . Detailed Information Upon Request Price 95.34 to Net 7.60 These bonds at prices to yield you 7. income tax exempt, present the most attractive investment opportunity we have yet been able to offer. It is to be expected that in order to stop interest, advantage will be taken of the optional feature and a substantial portion of the Issue retired before maturity with nine to twenty-one months' advance Interest, equivalent to 6 to 14 premium. BONDS SO RETIRED WILL THUS YIELD THE HOLDER SUBSTANTIALLY MORE THAN 8. INCOME TAX EXEMPT. Dixon is the center of a remarkably prosperous farming section In the lower.Sacramento Valley on the main line of the Southern Pacific, Just 68 mies from San Francisco. The character of the city and its environment is illustrated by the fact that at the time we purchased these bonds it had only 330 outstanding in delinquent taxes.; Dixon . was Incorporated in 1874. One of Its present banks began business in .. . Dixon Has Per Capita Bank ueposiis ot nau In the opinion of our counsel, these bonds are the obligation of the cltv, supported by power of general taxation, legality approvea Dy Heller Ehrman, White McAuliffe, San Francisco. Tax exempt in California. Legal investment for Oregon savings banks Price: As shown above, to yield 7.25 Cash or Partial Payment Plan. Wire orders "collect." Ask for circular 0-132. Mtrum bam raajtcisos) Freeman, Smith & Camp Co. SOUND PLOOB LUMBIRMKNa BUILOIN FIFTH AND STARK BTWAT 74 club rooms in Newberg on Friday evening. May 20. Pool, billiards and checkers will oe the events staged. In addition to the games a programme will be provided and a luncheon served. .Several Dayton- men are to motor here for the event, and talks will be made by a number from both places. Bankers to Meet at Newberg. NEWBERG, Or., May 8. (Special.) , Bankers who compose the first dis trict of the Oregon Bankers' associ ation will hold their annual meeting in Newberg May 18. A programme is being prepared. The sessions will start at 10 A. M. and continue throughout the day and will be held in the auditorium at the Rupert can nery. The visiting bankers will be the guests of the Newberg banks at a luncheon at noon. College Girls to Aid Missions. WHITMAN COLLEGE, Walla Walla, Wash., May 8. (Special.) More than $200 is to be given by., the campus Y. W. C. A. to home and foreign mis sions this year, according to an nouncement of the treasurer. The or ganization's bank account now ex ceeds $300, with some outstanding bills and future expenditures in view. A recent May queen election netted $154. Falling Prices of Merchandise Increase the Value of Bonds Put your dollars into sound bonds and notes, where they will be safe and will cam good . wages for you during the pres ent adjustment period. Send for our carefully selected list of sound securities yielding 7 to 8 ' G.E.MILLErR 6k COMPANY BONDS GOVERNMENT ' MUNICIPAL CORPORATION TELEPHONE AVAIN 4-l)5 i04-56 NorthwesternDanK Building F ORTLANO , OR t G ON A Man of Affairs; docs'nr carry money or valuable pnpefs' about. j fntne banKl7 fhe cfher , , m a Saf j iOhe United States rsauoirai uoiut. Sbttrt and Stark Streets. Province of British Columbia 6 Gold Bonds Dated April 25, 1921. Due April 25, 1926. Price 93.84 to Net 7Y2 Province of Manitoba 6 Gold Bonds Dated Feb. 2, 1920. Due Feb. 2, 1930. Price92.45 toNet7.15 Carstens & Earles. T NCORPORATED . Lm America 1 . Established 181. ' CtoTermsaemt, Municipal and Corporation; Bnda V. S. National Bank Bldar. Portland. Oregon. . Broadway 4 J OS. . Seattle Snokan United States of Brazil External 5 Sterling Bonds Denominations ' 100 500 1000 A. Direct nnd General External Obligation of the Republic Each bond contains the state ment that If any part of the loan remains unpaid by August 1. 1934, same nhall be paid off at par bv the Government. Based on this maturity and the cur rent rate of exchange, these bonds will yield over 10.60, which will be Increased propor tionately by any increase in the price of sterling exchange. Price and Complete Detail Ipoa Application .Ralph Schneeloch Co hukicipju. am cohporahou rwahce Portiamo-Orxooii I TAX EXEMPT I Municipal 1 I Bonds i li 'Yielding j I I f Liberty and Victory fjj Bonds bought and sold j H at current market : ffl prices. j ffl Invest or find nm ever m idad to afford them H ftxJ consultation relative to J m Investments i Sciark-inball - & CO.. INC. I L. Fifth and Stark Streets r Wjv BONDS JB Income Tax Exempt MALAD CITY IDAHO ' 1 Sewer Bonds Est. Maturities 1922-30 PAR To net The Cltyi County seat of Oneida County. Situated in the rich Cache Val ley. Population, U. S. Census, 2598. Has a total general debt of only 2 of 1 of ita assessed Talu ation and an equally conservative improve ment debt. KEELER BROTHERS Portland Denver Investment Securities lS. NATIONAL BANK BLOC Broadway 5800 Vn. Bond Department WE PURCHASED THE ENTIRE $125,000 ISSUE Because we consider it one ot the strongest municipal bonds issued in Oregon. ; S General Obligation Bonds Income Tax Exempt Legal Investment for Savings Banks Security for Trust, State or County Funds Bonds dated May I. 1921. Due Krially 1926-41. Den. $1000, $500 Int. emi-annually. Wallowa Valley Municipal Imp. Dist. No. 1 THESE BONDS are being isiued limply and solely because the farmers in this wealthy valley want CROP INSURANCE. For over 30 years the lands have been, farmed and THERE HAS NEVER BEEN A CROP FAILURE. To make sure that there never will be one. it is purposed to build a reservoir and ditches. The actual value of the lands is $1,200,000; its only debt is this $125,000 issue. There are 9600 acres in the district practically all under intensive culti vation. Every acre and improvement are pledged to these bonds, which are prior to first mortgages. The lands are conservatively estimated at a $125 per acre valuation. This issue represents a lien of only $12.50 an acre. Taxes for 1921 and includ ing bond tax, totals only $2. 75 an acre. We advise immediate reservations. PRICES from 89.32 to 95.84. To Yield 7 LUMBERMEN TKUSTCdffANY BROADWAY AND OAK You Need Three Booklets 1. 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 holdings. ( is compact, a cloth covered book 4x8 inches in size. 2. Elementary Principles of Safe Invest ment It defines in non-technical language the elementary principles underlying safe investment and shows wherein an "investment" differs from a "specu lation." In the appendix will be found an alphabet ical list of financial terms and phrases with concise definitions. . 3. Investment Opportunities of Today A six-page folder describing high-grade readily market able municipal, public utility and corporation bonds, yielding a return of from bVi per cent to 8 per cent. Write, phone or call for these booklets. We have published them for your use. BlythAVitter, &. Co. Yeon B!dg., PORTLAND SEATTLE - SAM FRANCISCO - LOS ANGELES - NEW YDOK m v IVi fir c s rti-sr-s rz. rrr. j CAREFUL 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. Bonds IMPROVEMENT PROVINCIAL SCHOOL WATER to yield 6 to 8.50 Western Bond & Mortgage Co. Main 113 80 Fourth St. Board of Trade Bldg. .Ground Floor. 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 bs sent to you on request, without charge, by any of our branches. The Canadian Bank of Commerce Portland Branch Fourth and Stark Sta, lo 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, Prea. (Established 25 years) Phone: Main 673