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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (May 16, 1921)
THE MORXIXG OREGONIAX, MONDAY,. MAT 16, 1921 17 BANKERS SET FOB WEDNESDAY Members of Group No. 1 Meet at Newberg. to VITAL BUSINESS ON TAPIS mlttees of the senate and the house are Included In this publication. Marshall S. Wright has been trans ferred from the San Francisco office of the Lumbermen's Trust compan to be assistant to James Lynch, vice' president, at the Portland office. A. L. Mills, president of the First National bank, is - in Washington D. C. to attend the Quarterly meetin of the federal reserve bank board of directors, of which he is a member. Albany Bank Federalized. THE OREGOXIAN NEWS BUREAU, Washington. D. C. May 15. The Al bany State bank, Albany, Or., has been admitted to the federal reserve Special Southern Pacific Car Will Be Furnished by Railroad for Financiers. Bankers of group No. 1, comprising Multnomah, Hood River, Clackamas, Tillamook, Columbia. Wa s h i n g t o n, Yamhill and Clatsop counties, will hold their seventh annual meeting ic Newberg Wednesday. H. B. Evans, cashier of the First National bank of Canby, will preside. All arrangements have been made for the session, which will be an important one, with papers and discussions upon subjects of vital Interest to the business world Announcement was made by Ed ward C. Sammons, secretary, that a special car for ail who wish to go will be attached to the Southern M eific red elecuic train, leaving Fourth and Stark streets at 7:40 A. M., ar riving at Newberg at 8:53 o'clock. Some are Koin by motor. It is planned to finish the business session during the morning, after which luncheon will be served in the A. Ru pert cannery. It will be of Oregon products, prepared and served by Newberg women. The afternoon ses aion will be held in the cannery audi torium. The forenoon session will be held in the Commercial club head Quarters. On the programme for addresses will be C. C. Colt, vice-president of the First National bank of Portland, whose subject will be "The Livestock and Sheep Loan Situation at Present R. C. Paulus, general manager of the Oregon Growers Co-operative asso ciation, Salem, on "Co-operative Mar keting"; A. C. Shute. president of the Shute Savines bank of Hillsboro, on "Financing the Dairyman." and Ly dell Baker, editor The Pacific Banker, Portland, on "General Conditions. F. P. Kendall, general manager of the American Can company, has been asked to speak on some phases of the canning situation and will do so un less he is obliged to be absent on ac count of business which may call him from his Portland headquarters. The week Just passed has been one of the most spectacular in the bond and investment business that dealers here and in the east have ever wit nessed, according to Frank W. Camp, of Freeman Smith &Camp company, investment bankers of Portland and San Francisco. A great many issues offered at higher prices than at any time in the slump in interest rates have been obersubscrlbed "The most startling- thing." said Mr. Camp, "was the success of the $230. 00,000 loan of the Great Northern and Northern Pacific railroads. Financiers bad no idea how this loato would be taken by investors. In fact, many were dubious as to its immediate suc cess. You can imagine their surprise when the loan was oversubscribed without a ripple on the market. "Ifgoes without eaylng that' inter est rates are going to decline steadily from now. on. In the course of the week a number of issues came out at advanced prices and were oversub acribed almost immediately. The Etandard Oil of New York 6H per cent loan, which was offered Wednesday, was oversubscribed within a few hours. The last issue of the same company consisted of 7 per cent bonds, "All of the foreign issues- moved forward during the week. This can be attributed to the acceptance of the reparation terms of the allies by Ger many, and to the decrease in interest it"'- vC 1 f ' ! p ?! H. B. Evans of Canby who will preside at eesslon of Group No. 1, bankers, at Newberg Wednesday. system, the controller of the currency announced today. 15-YEAR CASE SETTLED Baker Man Wins Half Interest In 2 00-Acre Tract. BAKER, Or May, 15. (Special.) A case that has been on the docket of the Baker county circuit court for 15 years has been finally settled. It was a case involving a half interest in 200 acres of land. H. E. Currey was the plaintiff and W. L. Smith de fendant. Judge Dalton Biggs of Ontario has rendered a decision favoring the plaintiff. Mr. Smith claimed interest in the property as an heir. When the case was first opened Judge Gustif Anderson represented the plaintiff. and when elected judge was unable to sit on the case because of his former connection with it. Many attorneys of the city have. been interested in the case. J. H. Nichols and George A. Alien were at torneys for the plaintiff at the time the decision was rendered. ROAD WORK WILL BEGIN Improvement to Eliminate Boulder II1I1 In Grant County. BAKER, Or., May 15. (Special.) Tomorrow morning a part crew of road workers will be eent out to the Whitman forest officials to start work on a road between Austin and Susanville. A new road will be built to cut out hat is known as Boulder hill. This is one of the worst pieces of road in Grant county, and the im provement has been planned for a number of years. I. E. Jones of the forest service will have charge of the work. The ex pense is borne jointly by Grant coun ty, Whitney forest and the people served by the road, Austin, Susanville and Galena. BUILDING SITES MHO A. W. DORMAN WAS tTTCKT AT BCTLDrVG EXPOSITION". Farm Loan Appraiser Busy. CHEHALIS, Wash., May 15. (Spe cial.) A. D. Davidson. federal farm rates by the federal reserve banks in l-loan land appraiser for this district. the east and in England. "Interest is now centering on. the. new Brazilian government loan. nouncement of which is expected to be made immediately. While details are still lacking, it is probable that this loan will bear 8 per cent. It has been stated by financiers that thif will be the last issue of foreign gen eral obligation bonds offered on the attractive basis which It is proposed to sell these bonds. The latest bulletin of the Mechanics and Metals National bank of New York contained the following pert! rent statement regarding the railroad situation "As essential to American prosper tty as any other single thing is ade quate transportation at a fair price, and it is only reasonable to say that this will not he assured for the fu ture unless a broad view is taken by those directly involved. The rail roads are seriously handicapped to day, and will continue to be handi capped until large drafts are made upon the capital of the country to re store their efficiency. "So long as wages remain- unduly high, freight rates must also remain unduly high in order that the car. Tiers may continue to operate at all Granted a reduction in running ex . penses, the railroads will be able to present to the industry of the coun try a far more efficient and reason able service than has been the case since the war, and will be able to again attract the investment capital of the country to the end that they may keep pace with expanding op portunities." The current year, thus far, .has established a new high record for state and municipal financing, with Indications pointing to a continuance of heavy borrowing throughout the balance of the year, according to the Daily Bond Buyer of New York. Should New York city float a $100, 000.000 long-term loan, as now seems probable, and if the state of New York issues a considerable portion of . the authorised 145,000.000 soldiers' bonus loan, 1921 borrowings by states and municipalities will easily exceed Inst year's huge total of more than 3782,000.000. David R. Forgan, president of the National City bank of Chicago, was a visitor in Portland Friday. He was accompanied by Mrs. Forgan. While here they were the guests of E. G. Crawford, vice-president of the United States National bank, and Mrs. Crawford. Mr. Forgan gave it as his opinion that business is slowly recovering from the "orgy" it went through dur ing and immediately following the war, and said that "any merchant who is doing half the business he was a year ago is doing well." Generally, he said, things are better and it is but a question of time when complete readjustment will have taken place. The American Exchange National bank of New York has published-in booklet form lists of members of the United States senate aad the house of representatives for .the 7th congress. There is also a. list showing the ex piration of the terms of the senators. The members of all the standing com- has resumed his work, as farm loans have been resumed by the govern ment. Lewis county has eight local organizations. It is expected that the work will keep Mr. Davidson occupied for several months. Moose to Give Public Ball. ABERDEEN, Wash., May 15. (Spe cial.) A ball on the evening of June 9, to which the public will be invited. will be one of the major entertain ment features of the northwest Moose convention here, officers of the local lodge announced last night. - Read The Oreeronlan classified "ads. hi Province of ffl I BRITISH 1 I COLUMBIA 1 ! I 5 Year f 6's . I I - General dbligation Gold ; i ' Bonds priced : .93.84' j t to yield :4 fi Descriptive literature J E on request, : J CLARK-KENDALL J f . &CO..INC- ' 1 BL Fifth and Stark Streets r IJ73 G0VERHr1rlT-MUNia PMl CORPORATION' VTfi J 1-BONDS Ijjjf Displays Believed to Give Strong Impetus to Construction and Home-Owning Ides. Two building lots in Wellesley ad dition and another in Columbia beach by the sea, were awarded to visitors at the "Build-a-home" exposition, in addition to various other articles rep resenting hundreds of dollars in value as a closing feature of the exposition Saturday night. The exposition proved one of the most popular affairs of the kind ever held in the city and the total attend ance for the week was estimated to run well over the 100,000-mark. Officials of the realty board, which sponsored the affair, were confident that a great impetus to building and the "own-your-own-home" idea was given as a result of the display which is to oe maae an annual event. A. W. Dorman, 4121 Sixty-seventh street Southeast, received the two lots In Wellesley addition. Their description was given as lots 11 and 12 in block 3 and are hut two blocks from Sandy boulevard. Other prizes awarded and the win ners follow: M. Lv Kline Plumbing company prize rComplete set of bathroom fix tures, won by James Sheideiger. 750 East Seventy-second street; second. Olsen, 614 East Forty-fourth street North; third, H. L. Trostdorf, 642 East Tenth street; fourth, D. T. Watkins, 828 East Pine street; fifth, Mrs. O Hylander, 360 East Forty-ninth street North. Portland van & Storage company prize Free moving any time during year, winner, H. R. Ellban, 227 Mill street. Western Blind and Screen company prize Shades for sleeping porch and fireplace screen, winner, Florence H. Johns, 609 Weidler street. , P. L. Cherry & Co. prize Peerless damper for fireplace, winner, James Haines, 229 Oswego street. Bush-Lane Music company prize- Model 9 Victrola, winner, Mrs. R. J. Roberson, 4636 Twenty-seventh ave nue Southeast. Interstate Land company prize $200 lot at Columbia Beach on the ocean, winner, Mrs. J. W. Faw, 320 Second street. Honeyman Hardware company prize 1100 worth of hardware, winner. Mrs. E. C. Duchanan, 68S Irving street. F e n n e r Manufacturing company prize Miniature house costing $400 to construct, winner, Mrs. S. G. Olsen, 154 Division street. Wickman Building company prize $200 cash payment on new house, win ner. Miss D. V. Witbeck, 6720 Seven tieth avenue Southeast. DESIGNER IEAVES FOR. EAST Max Goldstein to Obtain . Latest Women's Designs and Models. Max Goldstein, , chief designer of the Lurie Manufacturing company, 73 Sixth street, left for New York yesterday to obtain for his firm the latest models and-designs in women's coats and suits. While east Mr. Goldstein will make connections by which the Portland concern will be able to obtain the latest In smart apparel from Paris and other fashion centers, he an nounced. Bond Department Iiewis Jurors Drawn. CHEHALIS, Wash.. May 15. (Spe cial.) The names of 72 Lewis county citizens were yesterday drawn for duty for the June term of the superiof court, to open in this city Monday. June 6. A large number of women are included in the list but if the usual number of these decline to serve as jurors the 72 will be materially re duced. Judge W-. A. Reynolds and Mary Grim, county clerk, drew the list. No docket has been arranged yet. It is not expected, however, many cases will be tried A General Obligation Bond That Is Self Sustaining IN OFFERING this bond we wish to 1 call particular attention to its unusual strength. In addition to being a Gen eral Obligation of the entire city, backed -by unlimited taxing power, the payment of principal and interest comes direct -from the revenue of this hydro-electric plant owned by the city. Bandon built ' its water system in the same manner. The water system has paid its way and has never cost the taxpayers a cent. CITY OF BANDON, OREGON 6 GOLD BONDS Dated May 1, 1921 - Due 1926-41 Den. $500, $1000 PRICES From 97.17 to 98.94 Income Tax Exempt. Yield .A $110,000 Issue with $1,580,000 Security LUMBE 2MENS 'Jk.US TYMPANY -JBAN Broadway and Oak 6Va $25,000,000 United States of Brazil 20-Year 8 Non-Callable External Gold Bonds Dated June 1, 1921 Interest Payable June 1 and December 1 Due June 1, 1941 Principal and interest payable in New York City in United States gold coin at the office of Dillon, Read & Co., fiscal agents of Brazil in the United States. Coupon bonds of $1,000 and $500 de nominations, registerable as to principal. Exempt from all Brazilian taxes, present or future. The Bonds Are Not Callable in Whole or in Part As a sinking fund, the Brazilian government agrees to provide a sum sufficient to buy $625,000 principal amount of bonds semi-annually during the life of the loan, which payments will be applied by Dillon, Read & Co., to the purchase of bonds in the market at or ' below 105 and accrued interest. Any balance unexpended at the end of six months reverts to the Brazilian government. DIRECT LIEN ON GOVERNMENT TAXES -.,. j These bonds, when issued, will be a direct obligation of the United States of Brazil and will be specifically secured by a first charge on the consumption tax (consumo) and stamp tax (sello), which yielded, at the average rate of exchange in 1920, approximately $58,963,000 last year, and according to present estimates will yield $60,000,000 in 1921, also by a second charge on the government's receipts from customs duties. The total receipts from all the above taxes in 1920 were $127,759,000, on part of which there was a prior charge amounting to $4,035,271. Re- ceipts from the above taxes are pledged by the government to secure a total issue of $50,000,000 bonds, of which the present offering is a part. PURPOSE The proceeds of this loan are to be employed in part for the .purchase in the United States of materials required by the government. ' . . . . 1 DEBT ' On December 31, 1920. the national debt of Brazil, both external and internal (converted into dollars at par of exchange), was $1,000,000,000. of which $565,000,000 was external. A large part of this debt was incurred for the construction of government railways, steamships and other revenue-producing undertakings. On the basis of the lat est estiihate of populatioa this represents a total indebtedness of about $33 per capita and carries an annual per capita charge of $1.85. This compares with the per capita debt of other nations as follows: Denmark $83.65 Canada ...$275.08 Switzerland $92.71 Australia $324.59, Argentina $111.90 Great Britain .$827.29 United States $227.83 France , $i;i07.95 The present issue is the first offering of Brazilian government bonds in the United States, previous Brazilian external loans having been issued In London and Paris. NATURAL WEALTH . The area of Brazil is 3,300,000 square miles, covering nearly half of South America. It is larger than continental United States, the United Kingdom and France combined. Its population of approximately 30,000,000 represents half the total population of the South American continent. Brazil has vast natural wealth, and the increasing in vestment of foreign and local capital is rapidly bringing out the nation's resources. Brazil is said to contain the world's greatest reserves of timber and iron ore, and has large deposits of other essential minerals. It produces 70 of the world's coffee, and supplies some of the finest grades of rubber which cannot be grown in the east FOREIGN TRADE - ' 1 The volume of Brazil's reign trade has increased rapidly, and the balance in favor of exports increased from $52. 000,000 in 1911 to $21 1,000,000 in 1919. Exports in 1920 were larger in volume than in any previous year, al though the total value was less than in 1919 6n account of the general fall in commodity prices. The United States is Brazil's best 'customer, supplying about 48 of the imports and taking about 42 of the exports. Coffee makes up about 50 of Brazil's exports at the present time, and of this the United States has been taking about- one-half in re cent years. The Central European nations are now purchasing coffee in increasing quantity. Other important ex ports are rubber, cocoa, meat, tobacco and sugar. The largest packing plant in South America has recently been com pleted in Brazil. Exports of meat, hides and skins increased from $8,075,250 in 1913 to $73,000,000 in 1919. We offer the aboye bonds for delivery vhen, as and if issued and received b us, subject to the approval of legal proceedings by counsel. 1 Price 9iy2 and Interest to Net 8.25 Dillon, Read & Co. Blair & Co Inc. White, Weld & Co. - Union Trust Company, Pittsburgh Illinois Trust & Savings Bank Halsey, Stuart & Co., Inc. Continental and Commercial Trust and Savings Bank Union Trust Company, Cleveland Northern Trust Company Chicago Cyrus Peirce and Company Bank of Italy Bond and Goodwin and Tucker . , Th lafarmatlsa contained la tfcia advertisement has been obtained partlr by fftble, from., official and other loureei. While net guaranteed, it la accepted by us as aeeurate, 1 Sound Economy is not only avoiding extravagance, but fore seeing any loss and providing against it. In times like these, it is the soundest kind of economy for every manufacturer, every wholesaler, to safeguard against unforeseen, abnormal credit losses. Money invested in a premium for the American Unlimited Policy of Credit In surance is the wisest money you can invest. Consider firms like the Berkshire Cotton Mfg. Co., Adams, Mass, They write: Wo acknowledge receipt of your draft for 114,000.00, in payment of excess loss under recently expired policy with your company. "We have carried your Policy for 2t years, and althqugh. this is the first year we have had a loss, we are such firm believers in your syntem of Credit Insurance that we felt It the part of - good business to carry the protection, being better satisfied to have our customers pay their bill, than for ua to call upon you. "When the loss did come, as It did this year on two highly rated customers, you responded with the utmost promptness and to our entire sati fictlon." Write or phone for the full particulars today. Payments to Policyholders over $10,000,000.00 AMERICAN CREDIT-INDEMNITY CO. Of NEW YORK E. M. TREAT. msiOENT. I tSSUCS STANDARD UNLIMITED POLICIt II. T. MacRILL, General Agent, Board of Trade Bldg. Phone, Main 1179. Portland, Oregon. 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. 'iYml 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. Tbe Canadian Bank of Commerce Portland Branch Fourth and Stark Sta. 7 Farm Mortgages 7 Secured by some of the best improved farms in the State of Oregon, netting the investor 7. 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, Tres. (Established 25 years) rhone: Main 675 life WE OWN AND OFFER CITY OF NORTH BEND, OREGON GENERAL OIILIGATIO.V HIIK IIP.ME.VT nous. Dated May 1, 1921. May 1, 1U. ritlCEl PAR AND ACCRTED IVTEREST. Carstens & Earles, Incorporated Naa Francisco Lam Angeles EstnhlUhrd 1KM. Government, Municipal and Corporation Bonds. 8. at loom llank llldg.. Portlnnd, Orraon. Ilroadnnr 410. cattla Hpukans IA s Bonds IMPROVEMENT PROVINCIAL SCHOOL WATER to yield 6 to 8.50 Western Bond & Mortgage Co. Main 113 80 Fourth St. Board of Trade Bid. Ground Floor. Mortgage Offerings 7 12000 value 15000 Rose City Park (1600 value (3600 Hawthorne Dlst. (4000 value (9500 Hawthorne Dlst. $2200 value (5500 Rose City Park $2500 value $5800 Rose City Park $2000 value $4800 Hawthorne Dlst. PACIFIC fcOAST MORTGAGE CO. 319 Ry. Ezcb. Bldfc. Main 75 CLATSOP COUNTY Oregon 6 Road Bonds Dated Due April 1, 1921. April 1, 1931. Denomination: $1000. A general obligation of the county, proceeds from which will be used for highway construction. Exempt From Federal Income Tax Price Par to Yieid Ralph Schneelqch Co. MUNIOMl AND CORPORATION TTNANCC UJMBCRMCNS BU'LOlNS PoftTUMD. Ommafc V OREGON HUMANE SOCIETY Investigates all eases of alleiret cruelty to animals. Offices, room lt0 courthouse. Phone Main 178 from S A. M to 6 P. M. The society has full charge of the city pound at Its home. 636 Columbia bou levard. Phone any time. Woodlawn 74. Dogs for sale. Horse ambulance for sick or disabled horses. Small animals painlessly electrocuted where necessary, and stray animals cared (or. All dead animals, sows, horse, to, nicked up J- 0