THE MORNING OREGONIAN, MONDAY, DECE3IBER 20, 1921
1!)
COLUMBIA RIVER ICE
HOLDS UP SHIPPING
Wooden Coaster Johan Pou!
sen Sops at Astoria.
STEEL CRAFT MAKE TRIP
Jfo Serious lamiijEC Kxpcotcd From
Flops drifting Down Currpnt
From Kastcrn Points.
Thfl proloncfd cold wcathrr has re-
ulter! in considerable floating Ice In
the Columbia rivor. according to re
ports of members of the crews of ves
sels arriving yesterday, and the Mer
chants' KxehanRe was advlxed that
tine steamer, the Johan l'oulsen. was
held up at Astoria on that account.
The Johan l'oulsen Is a wooden
coaster opcratinK between this port
and California ports. She arrived at
.Astoria yesterday morning at 7 A. M.
from San Francisco. It was an
nounced that her captain did not
want to buck the floating Ice on the
up-river trip to Portland, and that
hn would discharge cargo there. She
probably will be furnished cargo at
A.Mtoria or gome down-river point.
Steel Craft Slake Trip.
A numher of steel vessels came up
from Astoria yesterday and reported
Ho trouble with the ice, although
there was considerable In the river.
It is not believed that the ice will
cause any trouble to shipping unless
possibly to vessels of the type of the
wooden Johan l'oulsen.
The shipping board steamer Han
nawa, which came here from San
J-'ranelsco on her maiden trip to Join
the Columbia Tacific Shipping com
pany's fleet operating between Tort
land and the orient, reached I'ortland
yesterday morning at 2:30. She ar
rived In the river from San Fran
cisco at 6 o'clock Saturday night and
came up the river Immediately.
The Hannawa was launched at San
Francisco In May of 1920.
Krlnping 400 tons of freight from
New Orleans, the Swayne & Hoyt
nteamcr Alvardo reached I'ortland
h.rrbor at 7 P. M. She will discharge
at the Albers dock and take a part
cargo for the return trip to the Gulf
Coast.
Itydrr Hnnlfy Shifted.
The steamer Ryder Hanlfy. which
has been taking on a part cargo of
lumbor at Wauna, was shifted to
Portland yesterday to complete. She
came to the Columbia river from San
Pedro and will return to California
ports.
Another arrival yesterday was the
motorship tanker Charlie Watson,
which reached Portland harbor from
San Francisco at 4 o'clock yesterday
afternoon.
The steamer Santa Rita, which left
the Columbia river yesterday after
noon at 12:30 for San Pedro, Is carry
ing a cargo of Oregon lumber.
BETTER BOAT SERVICE SEED
Yaqulim, Silctz and Alsea Bays
Run Short of Provisions.
TOLEDO, Or., Dec. 25. (Special.)
Additional boat service is badly
needed on the Taqulna, Sllets and
Alsea bays, as the regular service
afforded by the Roamer, Smith and
other small boats operating out of
these bays are unable to handle the
freight with any degree of prompt
ness. Until the arrival of the Roamer
In the Slleta bay last week, the peo
ple of that territory were practically
out of provisions, the four being gone
and the people having resorted to the
use of whole wheat, and other substi
tutes. The condition will be relieved. It Is
hoped, with the starting of the new
lumber mill at Toledo and the Inaug
uration of boat shipments of lumber
which. It Is expected, will be begun
in the early fall. Formerly practi
cally all of the grain fiom the Wil
lamette valley was shipped over the
Taqulna . bar. Government reports
now Indicate 18 feet of water on the
bar at low water and with the com
pletion of the north letty, work on
which Is now progressing, the depth
will be increased by several feet.
PORT COLLECTIONS ARE HIGH
Considering Decline of Prices, Van
couver, B. C, Sets Mark.
. VANCOUVER, B. C, Dec. 25 (Spe
cial. ) Considering the decline In
prices and the consequent reduction
In valuations the collections of the
customs of the port of Vancouver are
high In respect to other years. In
11)20 the total collections were 11.
064. 000, with prices then at their
peak, but this year up to the present
the collections have amounted to $1,
014.000 and the month is not ended.
Customs officials say that the
turnover In tonnage has been far In
excess of that of last year but re
duced valuations have lowered the
total receipts.
Pacific Coast Shipping Notes.
SEATTLE, Wash., Dec 25. (Special.)
Coming- from Kobe to load lumber and
wht-it at Seattle and Tacoma. the Suzuki
steamship Brazil Maru wu expected to
dork here this evening.
The Furness Prince line freighter Bar
rymore tlid not reach Seattle until thia
morning. she la loading a full cargo or
general freight here for the far east,
Orlplnally she was placed in the Euro
pean trade but has been diverted to the
orient. She la being handled here by
Frank Waterhouse & Co.
With general freight the Alaska Steam
ship Company's carrier Latouche arrived
here toduy from Alaska porta.
From the Atlantic seaboard the Charlea
II. Cramp of the Atlantic. Oulf & Pacific
line docked here early thia morning. She
brought several hundred tona of Atlantic
cnapt cargo for Seattle discharge. She
inaugurates the new direct service to
Jacksonville, Kia., when she leave here
the middle of the week.
' In ballast the Mitsui Buezan Kalsha
steamship Klso Maru arrived here today
from Mllke, Japan, and proceeded to Ta
coma to load a capacity load for Japa
nese ports.
The Grand Trunk Pacific steamship
Prince Rupert arrived from Prince Rupert
this afternoon and waa scheduled to sail
for British Columbia ports at 11:46 P. M.
According to snnouncement made today
the General Steamship corporation will
place the Shipping 3oard steamship West
Calara on berth In Seattle the middle of
January for Australian ports instead of
the steamship West Henshaw, as pre
viously announced.
The West Calara is now In San Fran
c:sco and should start loading lumber,
feed and general merchandlst shortly after
January to. She will be followed by the
steamers West Mahwah, West lalip and
Hollywood February 15, March 15 and
April l-o, respectively.
At 10 o'clock this morning the Pacific
fneamahtp company's liner Spokane sailed
for Alaskan ports with a big passenger
list and capacity cargo. She goes as far
north as Juneau.
The Rosalie Mahoney of the Charles
Kelson line departed for California ports
toils y.
The Pacific. Caribbean Oulf Mns
freighter Red Hook lnautrurstlng the
Joint service of Moore A McCormack of
New York and Swayne A Hoyt of San
Francisr-o to gulf ports and the port of
New York, was expeoted to get away
from Seattle today with a large cargo.
Shipping board officials announced yes-
I terday that the board's idle fleet In Seattle
Irow consists of the steamers Icontum,
Anna E. Morse. Dei Rosa. West Hsrtland.
I Silverado. Cross Keys. Delight. Western
Knight. Win Ison. Walllnjcford. Lubrico,
' West Cahokia. West Le-wark and Brook-
dale.
ASTORIA. Or., Dec. 25. (Special.) The
steamer John C. Kirkpatrick with 572.0t0
feet of lumber from Portland and 8-8.000
feet from St. Helens, sailed at 6 o'clock
this morning for San Pedro.
The steam schooner Santa Rita, with
1.450.0O0 feet of lumber from Westport,
sailed at 12 o'clock last night for San
Pedro.
The steam schooner Johan Paulsen ar
rived at 7 o'clock this morning from San
Francisco and after discharging freight
here for Portland left this afternoon for
WestDort.
The steamer Alvarado. with freight from
Portland and Seattle, arrived at o'clock
from San Francisco.
The tank steamer Charles Watson ar
rived at o o'clock this morning from Cali
fornia brina-ina- fuel oil for Portland.
Carrying freight and passengers from
Portland and Astoria, the steamer Admiral
Evana sailed at 5 o'clock for San Fran
cisco and San Pedro.
The Japanese steamer Sweden Maru
which tout-bed on the sands off the Ham
mond mill yesterday was floated this
morning uninjured.
The motor schooner Sierra arrived at
2:15 today from Sun Francisco to losd
lumber at Westport.
The steam schooner Trinidad arrived at
2 o'clock this afternoon from San Pedro
and will load lumber at Warrenton.
PORT TOWNS END, Wash., Dec 15.
(Special.) Coming from Kobe in ballast,
the Japanese steamer Spain Maru ar
rived this morning. She will remain un
til Monday, when she will be fumigated.
She is under charter to a Portland firm
and will load on Puget sound and Uie
Columbia river for the orient.
When the steamer Red Hook of the
Pacific, Caribbean & Gulf line sails from
Puget sound Monday for New Orleans and
way ports, she will have a capacity cargo
consisting of lumber, vinegar and general
cargo loaded on Puppet sound and the Co
lumbia river. On the Columbia river she
loaded more than 1,000.000 feel of lumber
and 1500 tons of vinegar, which is the
largest shipment of this kind ever made
at one time from the northwest. The
vinegar Is consigned to Galveston, Tex.
On Puget sound she completed cargo
with lumber and general freight.
The steamer Knoxville City of the Isth
mian line, now loading at Tacoma for At
lantic ports, will carry the largest cargo
leaving Puget sound for many months.
Included In her 12,000 tons of freight
are copper, lumber and miscellaneous
freight loaded at Seattle, Tacoma and
Everett.
W. R. Giace Co.. which recently sold
the steamers Santa Rita. Santa Inez and
Santa Alicia, which for years had been
operated in the west coast service. Intend
to continue In that service, but will op
erate larger boats. The steamer Colusa
will be the first arrival ol tne larger
vessels from west coast ports. She will
be due early in January with shipments
of nitrates and copper ore for the 'iacoma
smelter. .
VICTORIA, B. C, Dec. 23. (Special.)
The Japanese steamer Spain Maru passed
Flattery at 9:JO A. M. today, but pro
ceeded to Port Townseud Instead of com
ing here.
Don Cameron, In charge of the Dodwell
office here, has been shifted to Vancou
ver. Henry Davison has come' over from
the Seattle staff to manage the Blue Fun
nel Interests at this port.
The Furness steamer Barrymore. expect
ed here from the orient bound for Port
land, was diverted to Port Townsend on
passing In. SUe will likely load on Puget
sound first.
The big Admiral liners plying out of
here to ths orient are making a strong
bid for the Chinese steerage travel, most
of which originates In Canada. The Blue
Funnel steamers have heretofore been the
favorites of the Chinese, as although not
fust, they carry no other passengers, thus
affording the orientals unlimited deck
space. Th competition of the Admiral
line Is making serious inroads In the
business of rival companies. The We
natchee. which left last night, was packed
to capacity.
SAN FRANCISCO, Cat., Dec. 25. (Spe
cial.) The roughest weather experienced
in years along the water front on the
bay and beyond the heads was recorded
here today. The storm beyond the Gold
en Gate was too much for even the large
Intercoaatal and offshore veesel to fight.
The American steamers Virginian, bound
for New York with a general cargo, and
Caoba, bound for San Pedro, and the
Norwegian steamer Baja California,
bound for Vancouver, all attempted to
leave and returned to port after reaching
beyond the heads. The steamer Steelsea
farer was the only one which succeeded in
getting out. It lert for Vancouver at 5:20
A. M., and though running into a storm
up the coast did not return to port.
The local offices of the Toyo Kalsha
Kisen Steamship company yesterday re
ceived a wireless message from the Tenyo
Maru advising that the steamer will reach
San Francisco at midnight. The Tenyo
Maru waa due to arrive In San Francisco
at 7 A. M. this morning, but ran into a
spell of heavy weather and was delayed
17 hours. The Tenyo Maru la bringing
passengers and general merchandise from
ths orient.
Ship Reports Dy Radio.
(Furnished by the Radio Corporation of
America.)
Positions reported at 8 P. M. yesterday,
unless otherwise indicated, were as follows:
YOSEM1TB, Portland for San Fran
cisco, 1110 miles south of Cape Flattery.
ADMIRAL SCHLEY, Seattle for San (
Francisco, 239 miles south of Seattle.
I.IE1IRB. San Pedro for Seattle, 403
miles north of San Francisco.-
NORTHLAND, San Francisco for Bell
Ingham, 133 miles from Belllngham.
HORACE BAXTER, Port Ludlow for
Redondo. 217 miles from Port Ludlow.
ANDREA F. LUCKBN'BACH. Vancou
ver for San Francisco, 185 miles south of
Cape Flattery.
ROYAL ARROW, Shanghai for San
Francisco 21140 miles from San Francisco,
Dec. 24. 8 P. M.
MANUKANI, Hllo for San Francisco,
1010 miles from San Francisco. Dec 24,
8 P. M.
BROAD ARROW, San Francisco for
Hongkong. 1119 miles west southwest of
Ssn Francisco, Dec. 24, 8 P. M.
HYADE3, San Pedro for Honolulu. 8S
miles west of San Pedro, Dec. 24, 8 P. M.
WEST KEATS. Dalren for Portland,
1018 miles west of Columbia river. Dec.
24, 8 P. M.
LAS VEGAS, Shanghai for Portland.
1150 miles from Columbia river, Dec. 24,
8 P. M.
COL. E. L. DRAKE. Honolulu for Rich
mond, 685 miles from Honolulu, Dec. 24,
8 P. M.
WILHELMINA. San Francisco for
Honolulu, 1071 miles from Saa Francisco,
Dec. 24. 8 P. Mt
MANUKA!. Seattle for Honolulu. 2158
miles southwest of Tatoosh, Dec. 24.
8 P. M.
ENTERPRISE, San Francisco for Hllo,
1934 miles from San Francisco, Deo. 24,
8 P. M.
MANOA. Honolulu for San Francisco.
1073 miles west of San Francisco, Dec
24. 8 P. M.
ARCHER, 1600 miles east of Honolulu,
Yokohama, from New York, Dec 24,
8 P. M.
WAIKAWA, Chemalnus. B. C. for San
Francisco, 50 miles south of Cape Blanco,
Dec. 24, 8 P. M.
"VIGILANT. Belllngham for Callao. 5
miles west southwest of Farallonea, Dec
24. 8 P. M.
MONTEiBELLO, Port San Luia for
Honolulu, 1470 miles from Honolulu, Dec
24. 8 P. M.
WEST KATAX. Portland for San Fran
cisco. 45 miles south of Cape Blanco, Dec.
24. 8 P. M.
TAHITI. Sydney for Ssn Francisco. 500
miles from San Francisco, Dec. 24, 8
P. M.
ESTHER KOWLAR. San Francisco for
Norfolk, due to arrive at San Francisco
tomorrow morning.
MOBILE CITY due to arrive In San
Francisco at 6 P. M. from Portland.
531,337 FREIGHT CARS IDLE
Report on Conditions December 15
Is Announced.
WASHINGTON, D. C Dec. Z5. On
December 15 there were 531,337 idle
freight cars "because of conditions,"
according; to reports to the American
Railway association.
There were 321,552 cars in good con
dition as against 339,552 on Decem
ber 8.
William S. Tittle Is Dead.
SAN BERNARDINO. Cal., Dec. 25.
William S. Tittle, resident of this city
for 62 years and of California for 69
years, died here tonight, agred 91
years.. He often boasted that he
voted for every republican candidate
for president from John C. Fremont
la 1S56 to President Harding.
BANKERS REJECT
EXCHANGE
BUME
Abnormal Trade Balance Held
Real Trouble Source.
CRITICISM IS ANSWERED
Nation-wide Effort Made by Finan
cial Institutions and Chambers
to Dispel Misapprehension.
Due to criticism of bankers and
business men in foreign countries, es
pecially In South America, that the
high rates of exchange on New York
and other points in the United States,
including the Pacific northwest, are
due to some manpulation on the part
of financiers in this country, a nation-wide
effort is being made
through banking Institutions and
chambers of commerce to dispel this
misapprehension.
Frank Ira White, manager of the
foreign trade department of the Port
land Chamber of Commerce, has been
requested to obtain the help of his
department in this work. In this
section of the country bitter com
plaints have come from Canadian
bankers and also from Australia and
New Zealand, as well as South Amer
ican countries.
The answer to the criticism Is that
the high rates of exchange have been
a great source of annoyance and loss
not only to the merchants and other
business men of South America and
other countries who have had pay
ments to make in the United States,
but also to the manufacturers and
merchants of the United States who
have wished to make export sales.
Furthermore, the bankers who have
been compelled by circumstances be
yond their control to make these
charges for accomplishing payments
In the United States have suffered
much embarrassment on account of
them and sincerely regret the ne
cessity for them.
Russian Situation Hurts.
Due to the fact that so much of
the world has been obliged to turn
to the United States for manufactured
goods and for foodstuffs, as well as
for raw materials, there has devel
oped a state of foreign trading
marked by rather difficult problems.
This has, In part, been due to the
Inability of Russia to export as many
commodities as formerly, and the con
ditions that have prevailed in Europe,
both during the war and since. In
fact, most countries, trading with
the United States have been buying
more here than this country has been
buying from them.
In the operation of foreign trade
credits in a given country are usually
created by selling goods In that coun
try. Previous to the war when the
United States bought more from Eu
ropean countries than those countries
bought from us, the balance was
cared for by investments in American
securities. During the war period
the United States absorbed practi
cally all of the securities of this
country which were held abroad, and
through loans to the allied govern
ments and Investments made by cltl
sens of this country In foreign secur
ities became the creditor nation of
the world. Large balances are due
this country on outstanding loans and
Investments and are a factor In the
present trade situation.
Remedy Not Found.
Two years ago complaints began
to be heard from other countries
where business men were Inclined to
blame the United States, as the onlv
powerful nation In the council of na
tions in which values were at par.
Many persons inclined to the opinion
that the cause and the remedy were
entirely In the hands of the United
States. No one was able to suggest
a method whereby this country could
alter the situation and any theory
propounded was not sufficiently broad
to Include a practicable plan. In the
Pacific northwest bitter complaints
were heard from Canadian bankers
and business men and later similar
rumblings were heard from Austra
lia and New Zealand and also South
America.
The Buffalo chamber of commerce
has endeavored to answer the ques
tion, "Is North America responsible
for abnormal exchange?" with Its es
pecial reference to South .America.
George E. Roberts, vice-president of
the National City bank of New York,
recently returned -from an extended
trip through South America. At the
request of the Buffalo chamber of
commerce Mr. Roberts prepared a
special article as to why the present
exchange rates are abnormal. An
other statement was prepared by A. H.
Baldwin of the Guaranty Trust com
pany of New York. These were pub
lished in the form of a small booklet,
which was printed in quantity and
furnished to exporters who are active
in South American trade, as a means
of removing the unwarranted preju
dice manifested by South American
business men.
Difficulty Isj Experienced. .
The following, quoted from the
contribution of George E. Roberts on
the subject, is of interest:
'Credits In a given country are
usually created by selling goods in
that country, although of course they
may be created by selling securities
or borrowing in any way. In the
ordinary course of trade the sale of
commodities is the chief means of
creating credits. These credits pass
Into the hands of the banks by sales
of bills of exchange, drawn against
commodities being exported, and as
the banks acquire these bills they
are able to sell bills or drafts against
them.
"When the trade between two
countries approximately balances, it
will be seen that the bills of ex
change arising In each country
against the other practically offset
each other, and the banks have no
difficulty in finding the means by
which they can supply drafts in
either country against the other and
they do so at a moderate charge.
But when trade is one-sided, with a
heavy balance one way, the banks
find great difficulty In creating
credits against which they can draw.
They may for a time borrow in the
country where the credits are needed.
dui tney cannot continue to do that !
very long without accumulating ob- I
ligations wnicn would curtail their
ability to care for their regular busi
ness at home. They go into the mar
ket and offer a premium to anybody
who will supply credits in the coun
try where payments must be made.
These premiums make an inducement
for anybody to supply such credits,
which may be done by selling some
thing there, or by borrowing there, or
by shifting: credits from some other
country. At some price for exchange
it is always to be had, but the bank
ers have to pay a premium for it,
and the rate they have to pay de
termines the rate they have to
charge when they sell it.
"Argentine exchange is at a discount
compared with the United States for
the same reason it c is at a premium
compared with many countries, for
instance, Spain, France, Italy and !
Great Britain. Thus while normally
five francs or about five lire were
equivalent to an Argentine gold peso. I
recently it has been necessary to give
13 francs in Paris, or 22 lire in !
Italy, to obtain a rcld peso in i
Buenos Aires. These are much larger j
premiums than any that the United j
States dollar has commanded over the
peso. These premiums are not the .
fault of bankers. They result from j
the state of trade between the coun-
; tries. Notwithstanding the large ex
ports from Great Britain to Argentina,
and the good credit which Great Brit
ain enjoys, exchange on Buenos Aires
commands a premium in London.
"The discount does not reflect dis-
credit upon a country under these
conditions. The credit of Great Brit
ain is untarnished, but exchange rates
are not dependent upon national
credit. They depend upon the state
of trade, and the means that may ex
ist for settling the trade balances.
"It la a familiar fact that the Ar
gentine government maintains a large
stock of gold behind the paper cur
rency outstanding; indeed, the per
centage of this reserve is very much
higher than that of the gold reserves
or either Great Britain or the. United
States. In normal times this gold
would be allowed to flow out in set
tlement of adverse trade balances, and
if this was permitted now the pre
mium on New York exchange would
disappear. The Argentine govern
ment is properly the judge of when
such action should be taken. Just as
the British government is properly
the Judge in case of the gold reserves
in that country. It is the duty of the
government, of course, to follow the
policy that, in its opinion, will best
promote the interests of the country.
Situation to Correct Itself.
"Eventually, of course, the situation
will correct itseir. When the prod
ucts of Argentina, such as hides and
wool, were moving freely to the Unit
ed States, and bringing high prices,
the balance of trade was in favor of
Argentina, and at times drafts on
Buenos Aires were at a premium in
New York. The business men of the
United States, the'bankers who deal
in exchange, all who are interested
in the trade relations between the two
countries, will be glad when the situ
ation becomes normal again."
"The only criticism I have to offer
to Oregon is the fact that she hasn't
advertised herself as she shourd," said
li. A. Williams;-" formerly of Omaha,
who has been placed in charge of the
Portland office of the National Bank
& Mortgage company, which recently
entered Oregon.
"I have made 15 trips to the west
in the last 30 years, during which
time I resided in Nebraska, and 1
concluded on the last trip two years
ago that Portland was the place I
wanted to live in the rest of my life.
So here I am. I have been here al
most two months. The half (las not
been told the wonders of Oregon
have not reached the ears of the mid
dle west at all.
"This state's possibilities are un
known in the east; her farm possi
bilities in particular. I was Inter
ested especially in recent statistics
which showed that in the last ten
years Oregon farms had increased
only 4704, when the farms of
Washington had Increased 10,098,
Idaho 11.209 and California's farms
29,473. This is evidence enough that
Oregon has not been advertised suf
ficiently back, east to get the farmer
to come to this state. In my own
case I know that Washington Is a
better advertised state throughout
Nebraska than Is Oregon.
'The work of the war finance cor
poration in assisting the farmer and
livestock men means great things for
the Pacific northwest. The banks and
the war finance corporation have
saved the livestock Industry from dire
disaster, but some means must be
worked out to carry along and further
develop this industry .so vital to
America and the world.
"I have had the opportunity in the
last month or two to travel through
the agricultural sections of the south
ern part of Oregon and I see wonder
ful opportunities for agricultural de
velopment." Movements of Vessels.
ASTORIA. Dec 25. Sailed at 5 A. M.,
steamer Admiral Evans, for San Fran
cisco, San Pedro and 8an Diego. Arrived
at 5 and left up at 6 A. M., motorship
Charlie Watson, from San Francisco. Ar
rived at 7 A. M., steamer Johan Paulsen,
from San Francisco. Arrived at 9 and
DAILY METEOROLOGICAL REPORT.
PORTLAND. Dec. 25. Maximum tem
perature. 37 detrrees; minimum, 26 de
crees. River readlna- at 8 A. M.. 3 4 feet;
change iji the last 24 hours. 0.1-foot fall.
Total rainfall (5 P. M. to 5 P. M.) none;
total rainfall since September 1, 11)21. 18.26
Inches; normal rainfall since September 1,
17.88 Inches; excess of rainfall since Sep
tember 1, 1921, 0.38 inch. Sunrise. 7:52
A. M.; sunset. 4:31 P. M ; total sunshine
December 25. S hours and 39 minutes: pos
sible sunshine. 8 hours and 39 minutes
Moonrlse Monday, 8:51 A. M. ; moonse-t
Monday, 8:07 P. M Barometer (reduced
to sea level). 5 P. M., 29.73 Inches. Rela
tive humidiay: 5 A. M.. 78 per cent:
noon, 54 per cent; 5 P. M., 54 per cent
THB WEATHER
STATIONS
Kker
Boise , . ... .
Boston
OalKiiry "...
Chicago, ...
Denver ....
Dps Moines.
Galveston .
Helena
Junes ut
Kansas City.
Los Angeles.
Marshfleld .
Medford ....
Minnespolis
New Orleansi
New York . .
North Head
Phoenix
Pocatello
Portland
Roseburg
.St. Louis
Suit Lake
San Diego
S. Francisco
Seattle .....
Sltkat
tpokane ....
Tacoma . . . .
Tatoosh . . . .
Valdeit
Walla Walla
ICloudy
Washington
Winnipeg ..
Yakima ...
Cloudy
Clear
Cloudy
tA. M. today. P. M. report preceding day.
FORECASTS.
Portland and vicinity Probably ocTX
slonsl snow, eawt'erly winds.
KINGDOM OF NORWAY
Coupon Bonds
Denomination
10, IBs Rd Kroner 360
Franca 600
Special Offering
AT
'46.50
IMMEDIATE DELIVERY
Phone er Wire Orders at Our
Expense.
A. F. BERNSTEIN & CO.
530 Northwestern Bank Building
Main 2073 Portland
fc '-' T ind
l Hilt 2
u "H I
15 -?f Was..
'
24; 32U.0Oj j.V Snow
... 32 0.01 NWWnow
... 24 0.01V INWiSnow
... 210.00 ICiear
... 22'0.0O12IS I-Cloudy
... 42 O.ftil.. . NWIPt. oloudy
. . . 22.0. 0O . . SW Clear
... 52 O.OOllO N Clear
1 4 o tu lunr e i
... 28-0.OO1..
... 2GO.OU . .'f3 Clear
... 320.44 12 8 Rain
84 44!O.0Oi..LSW Cloudy
30( 80 0. 041. .IN Rain
... If 0.0O12;S Snow
... 50O.0W. .iNE Clear
... 0.0fil8lN Cloudy
36, 4J;o.00i..:N Clear
60 O.04 .. NWIRain
I 82 0.lr2 . .)SE Snow
. . 2l 37 0.00!!2iE Clear
.. 821 34 0.0OI. .WW Cloudy
260.00:14S Clear
1 30.0(r10S Know
I 6S 0. 421143 Rain
i. .. 6Oi0.28;12SW Pt. cloudy
IM ISD.(M18,N Clear
. . . I"38k.00(. .(
16 3O-0.0OI. .IE Clear
... 8H'0.0O2OXE Clear
96 400.0O341B Clear
. . .:22:0.0. .
18 ...0.0O;..Ls
... 40!o.od..fN
4.0. OL. N
o nft no 'vtr
The Best
of
the
Season 's
Greeting.
Blyth. Witter. & Co.
Fourth and
We Own and Offer:
$21,500
EPIIRATA (WASHINGTON) GENERAL OBLIGATION
6 WATER BONDS
Maturities 1926 to 1935
PRICE: PAR AND ACCRUED INTEREST TO NET 67o
6,000
GRANGEVILLE (IDAHO) GENERAL OBLIGATION
67o BONDS
Due July 1, 1941, Opt. July 1, 1931
PRICE: PAR AND ACCRUED INTEREST TO NET 6
Western Bond & Mortgage Company
SO Fourth Street,
Ground Floor Board of Trade Bnlldjnsr.
left up at 10:30 A. M... steamer Alvarado,
from New Orleans via San Francisco.
Sailed at 12:30 A. M . steamer Santa Kila,
for San Pedro. Arrived at 2:15 P. M.,
steamer Shasta, from San Pedro. Arrived
at 8:10 P. il., steamer Trinidad, from
San Pedro.
PORTLAXD, Dec. 25. Arrived at 2:30
A. M.. steamer Hannawa, from San Fran
cisco; at 7 P. M., steamer Alvarado, from
New Orleans via San Francisco; at 4 I'.
M., motorship Charlie Watson, from San
Francisco; steamer. Ryder Hanify. from
San Pedro via Wauna.
SAX FRANCISCO, Dee. 25. Arrived at
8 A. M., steamer Virginian, from Port
land, for New York and way ports. Sailed
last night, steamer Santa Ines, for Porl
lind. Arrived, steamer Mobile City, from
Portland for New York and way ports.
SAN DIEGO. Dec. 24. Arrived Steamer
E. 11. Heyer, from Columbia river.
HONOLULU, Dec. 24. Sailed Steamer
Cordova, from Portland, for Hllo.
CRISTOBAL, Dec. 2:. Railed Steamer
Julia l.uckenbach, from Philadelphia for
Portland.
POINT RETES. Dec. 25. Passed
Steamer Admiral Sebree. from Portland
tor San Pedro
NORTH HEAD. Dec. 25. Severe storm
off central California coast moving east
Southeast storm warnings displayed from
Eureka to San Diego. Advise all shipping
of strong northeast winds off Cape Men
coclna. i
SEATTLE, Wash.. Dec. 25. Arrived:
Steamer Barrymore, from Kobe.
Hailed: Steamer Mandassan Maru. for
Kobe; Lyman Stewart, for Port San Luis;
City of Spokane, for Shanghai: tipokane,
for southeast Alaska; Admiral Schley, for
San Francisco.
VICTORIA. B. C, Dec 25. (Special.)
Arrived: Prince Rupert, from Prince Ru
pert; ICllobo, from Iobltoa. for Vancouver.
Departed: Prince Rupert, for Prince Ru
pert; Kohan Maru, for Yokohama, from
Vancouver; Andrea P. Luckenbach. from
Vancouver for New York, via Balboa. .
Dec 24.
Tides at Astoria Monday.
Wir.H WATER. LOW WATER.
10:36 A.M.... 9.6 feet 4.46 A.M.... 8.2 feet
11:01P.M.... 7.5 feetl 5:4o P.M.. . .-0.1 foot
Report From Mouth of Columbia.
NORTH HEAD. Dec. 25. Condition of
the sea at 5 P. M. Smooth; wind, north.
Phone your want ads to The Ore
eonian. Main 7070. Automatic 660-95.
10,000
KINGDOM
OF
NORWAY
3
y2's
Rated A")
In Our Opinion
The Soundest Sterling
Bond Affording
6-7 Income
and prospect of
more than
100 Increase
OF
PRINCIPAL
We will give you full informa
tion. Call or write
G.E. MILLER
& Company
2d FL Northwestern Bank Bldg.
Stark Streets
Portland, Or.
Tel. Main 113.
Keep your
earnings
on high
ine downward turn in
interest rates and yields
makes it advisable for
the owner of capital to
insure for himself a con
tinued hig-h return.
Investment NOW of sur
plus funds in fixed interest-bearing-,
nor.-callabrs
securities at present
prices will insure such
return.
An Investment
Account
affords an easy method
for holding securities at
present prices for deliv
ery po you later, as, and
when your funds will
allow.
A request for infor
mation will receive
prompt attention.
Freeman, Smith &
Camp Co.
Lumbermen Bldg.. Portland
Oregon
Port of Astoria 6s,
1926
At 100 to yield
Clatsof) Co. S. D.
No. 10 6s, 1941
At 101.S8. to yield
B until 1931
and 6 thereafter.
Income Tax Exempt
Wire, Phone or Call
freeman. Smith a
CAMP CO.
Lumbermen BLoa.. Portland
FIFTH SS
-X PHONE
B'WAr
STARK
C: H7SO
HERRIN & RHODES, Inc.
Estbllsh1 T9
STOCKS, BONDS,
COTTON, GRAIN
Corrsspondsnts E. F. HTJTTON A CO. N. T. j
Members ail leading sicbsnaes J
Rahion's Service on Ffle.
Main ZS3 101 Bailway Exchange Bids,
3 FIFTH irfitYITfeV PHONE 1
y and !l b'way a
BIM
A Conservative Custodian
Don't Take
Chances
Money buried in tomato cans,
stuffed in mattresses, carried in
your pocket subjects you to the
likelihood of holdup or robbery.
Don't take chances a thief
never steals a check book.
When called on to pay a bill for
the second time, there, is no
answer like showing the can
celed check. Don't take chances.
Deposit your money with the
ilibernia.
I
MB
ill Havings
4th & Washington Sts,
We offer subject to prior sale and change
in price the following high-grade bonds,
at an attractive yield:
Rate. Maturity Yield.
Goodyear Tire & Rub
ber Co 8s 1931 8.007c
Paraffine Co., Inc 7)s
American Factors,
Ltd., Series "A".... 7s
Earl Fruit Co
Pac Power & Light
Co., First Lien 8s
Pac. Gas & Electric
Corp., Non-Callable 6s
Republic of Bolivia.. 6s
State of Or. Highway 4s
Write or phone Broadway
Bond & Goodwin sTucker
UNITED STATES
run I L AINJ
lo ANi.ri t
gAM rsAwrisro
GOVERNMENT BONDS
Kingdom of Norway
3V2 Coupon Bonds
Dated 1901 ' Due 1961
Denomination, 19 lGs M Kroner 3G0 Francs 500
Investment Opportunity: At a cost of $48 per bond the inves
tor will receive an income of 6.06 and a profit on the principal
of $35.25 (73) at maturity. Should Sterling advance to its
gold parity of $4.86 the investment increment will be $48.46
(1007) on the principal and an increased interest to yield 7.027c.
Following table shows dollar maturity values, etc.:
Sterling at $ 4.20 $ 4.40 $ 4.60 $ 4.86
Maturity value S3.25 87.22 91.18 96.46
Increase over cost .. 35.25 39.22 43.18 48.46
Dollar income 2.91 3.04 ' 3.18 3.37
Current yield
Above table based on a bond of 19 16s 5d, , Kroner 360,
Francs 500.
Three options: The investor has the privilege of demanding
payment in either Sterling, Kroner or Francs, thereby benefiting
by the advance in either.
Price Per Bond, $48
We highly recommend these bonds.
Robertson & Ewing
207 Northwestern Bank Bldg.
PORTLAND, OREGON
iankins Service
Your banking requirementa may be entrusted
to this Bank with every confidence that care
ful and efficient service will be rendered.
The Canadian Bank of Commerce
Portland Branch.
1
! i
mm
1942 7.30
1936 7.10
7s 1936 7.507c
1930 7.207,
6.12
8.00
3171 for descriptive circulars
NATIONAL BANK Bl'llDINC
lATTlt
6.06 6.33 6.62 7.02
Fourth and Stark Streets,