T.1TE 3I0RNTXG OliEGOVS", MONDAY, FEBRUARY G, 1922 MARKET ON LUMBER I TO JAPAN IS HURT Rumors Banks Won't Honor w Credits Disturbing. LARGE ORDERS ON HAND Railroads Continue Inquiries for I'rltx on Car Material and umber of l'urcbases Made. Humors that the Bank of Japan durinic the past week has notified banks of Portland not to honor let ters of credit on lumber purchases have had a disturbing Influence on the wholesale lumber situation in the tate. These rumors, however, nave emanated from the lumber interests themselves, and are not a product of the banks that would be affected. If the Bank of Japan has sent ut uch a notification, the belief is that uch action was due to an ulterior motive. That motive would.be to brin down the price of lumber for oriental shipment. During the last few months a large volume of the business or tne um yer mill of the northwest has been oriental. Scores of sh!ps have left the Pacific ports with cargoes or Jap squares. Should Japan discontinue its purchasing rt would be a severe blow to the mills of the northwest and the Industry would be crippled, temporarily, at least. Large Orders oa Hand. Just now the mills have orders on hand for large shipments of Jap squares. The cancellation of these orders would be serious. Business of the mills during the Tat week has not brought great en couragement, but the lack of new business has been due to weather conditions rather than a disposition on the part of ordinary markets not to bur. , . . Stocks in most of the mills are far below normal and still the mills are - turning out large volumes of lumber daily. Some of the m'lls report that their stock of uppers are very low. while others declare that trrey are well atocked In uppers and exceed ingly short in lower grades. Keauests for prices on car mate rials continue to arrive from the big railroad companies. A number of orders have been placed. Determina tion to improve their rolling stock and prepare for a business revival throughout the nation seems to bave taken hold of the rail Interests. Xa Tie rarefcaaea. No purchases of ties are being made by the railroad companies During ordinary times the small mills scattered throughout the state have been kept in operation through tie business. The railroads must soon co Jnto the market and purchase ties. It is a well-known fact that since the railroads went back tff private control few purchases of ties have been made, tnaer government control the roadbeds remained as ther had been before the war. con' sequently today finds the same old ties that were laid before the war doma- their work. "Some of these days some wrecks will occur and the railroads will awaken and start buying ties," de clared a lumberman yesterday. "Then there will be abundant work for the mall -mills of the northwest." There is not a railroad in the coun try that does not need ties today. These organizations cannot much longer delay and the lumbermen are looking; forward to the 'time when orders start coming in rapidly. Bad Weather Halts Business. As wail the case last week bsd weather conditions in California bave ' belt up the business from that section f the country. California needs lum ber, and large volumes of it. Oregon 4s the natural source of supply. Cali fornia purchasers and salesmen have been In Portland making investiga tions of the lumber situation and re port that within a short time there will be a greater demand for lumber from their state than ever known before. . Hopes are held for the east to show a revival of interest in the market. Every day queries are coming to the . Portland lumbermen and wholesalers regarding- lumber prices. The manu facturing districts require lumber n large volumes at this time. When they will start buying is another problem. Little or no hope Is held for a re vival of business in the agricultural sections. These districts of the mid dle and central west largely kept alive by farming, are hard put for money at this time. Last year's crop prices yielded little profit from the farm products and normal buyers have not the money or the credit with which to make purchases. By fall, after the year's crops have been har vested and sold there wilj doubtless be an Increased business from the farming districts. Kmplayraeat an Increase. Reports from the Four-L organiza tions over the northwest for the past week indicate that there has been a B per cent Increase in employment. The labor supply, however, continues undiminished due to the fact that la borers are moving in from other sec tions of the country. Logging camps along the Columbia river are TO per cent closed. Most operators have made up their minds rot to attempt operation until March 1. The weather conditions bave been uch that they cannot successfully operate. The log supply for the Co lumbia river mills has been Increased considerably by rafts from the Cow litz river. Logs from this section were cut on the Coweman and re cently brought down from the splash dams on the Cowlitz tributary. The Importance of the lumber in dustry in the northwest is to be im pressed upon retail buyers from the east, through an excursion conducted by the West Coast Lumbermen's as sociation. A special train is to carry 150 eastern lumber buyers from Minneapolis. The men will be taken to at least two mills and logging camps in each section. The retail dealers in the party will come from Wisconsin. Minnesota and Iowa. MovingHctureNec5 TODAY'S lll.H KEATt'RES, Columbia Cecil B. DeMille's "Saturday Night." Rivoli Constance Talmadge, "Polly of the Follies." Peoples Ethel Clayxon, "Her Own Money." Majestic Agnes Ayres. "The Lane That Had No Turning." Liberty Mae Murray, "Pea cock Alley." Blue Mouse "Over the Hill." Star D o u g I a s Fairbanks, "The Mark of Zorro." Hippodrome Pauline Fred erick, "The Lure of Jade." Circle Priscilla Dean, "Conflict." fepHB LANE THAT HAD NO 1 TURNING." now at the Majes tic. Is not a happy sort of picture, but it proves an excellent vehicle to demonstrate the ability of Theodore Kosloff as an emotional actor. The picture is notable chiefly for his por trayal of an overpowering rear ana its inevitable result. The production throughout Is an astonishing pres entation of the power of fear. The predominating note of morbid ity is sustained from the very first scenes and there is not one touch of humor to relieve the tense atmos phere. Agnes Ayres Is the featured player, and it is not her fault that Theodore Kosloff walks off with the honors. She handles her role with grace and distinction, but it is not the most im portant part in the story and she cannot make it so. She plays the beautiful young wife, who becomes a famous opera isinger, but who gives up her career to devote her life to her husband, who is warped in both mind and body. There are a number of violent scenes. The heroine pursues the stolen papers through the night; there Is a murder, followed closely by a suicide and an obviously forced happy ending. Mahlon Hamilton plays George Fournel, a compara tively minor role, and others in the cast are Wilton Taylor, Frank Cam peau. Lillian Lelghton, Charles West, Robert Bolder and Fred Vroom. The settings are picturesque. The picture is from a story by Sir Gilbert Parker. A Christie comedy, "A Rambling Romeo," and Pathe News complete the programme. So much has teen written about "Over the Hill" that it is difficult to say anything more about this picture, which has been heralded all over the United States as the greatest presen tation of mother love ever filmed. "Over the Hill" is now making the ! same appeal to large crowds at the Blue Mouse theater, whjch marked its previous showing here and in sensa tional runs in New York and other large cities. i It is a picture, which mingles poignant heart interest, humor and tender sentiment with a skill that is seldom equaled. "Over the Hill" is the type of production, which might easily have been ruisea Dy oeins overdrawn. It is a picture which suc- m presenting a powerful ser mon In such an effective way that it should silence forever those who say that the screen is not designed to teach lessons. "Over the Hill" is the story of a self-sacrificing mother, of her -mischievous boys and the sorrows and v. which life held ror mem mi- Mrs. Mary Carr has the memorable role of "Ma" Benton, airs. ,rr i mother in real life and invests her role with sympathy and understand ing. Four of her children appear in this picture with her. Noel Tearle is excellent as the hypocritical son, Isaac, portraying his part so realistically that he is hated and hissed as a villain should be. The Blue Mouse orchestra presents a splendid musical score to Interpret the picture. Screen Gossip. Ed ("Hoot") Gibson, cowboy, war veteran and wild westerner, who has been elevated to the dignity of five reel stardom, will appear in Portland, in person, at the Liberty theater next W"Hoot" comes with his latest pro duction. "Headin- West." Like his other pictures, it is a red-4looded drama of the west. A rather novel thrill a scene where "Hoof jumps from an airplane at a height of 5000 feet and drifts to earth beneath a parachute, is injected in the picture. Gibson is well known in Oregon. He won the world's championship at h Pendleton roundup in 1912. He served overseas with tho American forces and won the Croix do cuerre. "Hail the Woman." the Thomas H. Ince production which was to have opened at the Liberty theater next Saturday, has been postponed for a week. "Hail the Woman" will be shown commencing February 18. "All for a Woman." a European snectacle photoplay, will open at the Columbia next Saturday for a week's showing. "All for a Woman" por trays that momentous period of French history, the daya' of the rev olution. Nazimova, in the film version of Ibsen's masterpiese, 'The Doll's House" is the attraction offered for Majestic patrons, commencing next Saturday. UTILITY SECURITIES ABSORBED RAPIDLY Purchase of P. R. L & P Company Stock Gratifying. NEW ISSUES TO APPEAR 12 Federal Land Banks Will Join In Offering $75,000,000 of 5 Per Cent Bonds Today. DELEGATES TP BE SENT HEARING TO BE HELD OX SE CURITIES tax flax. Most Governors Heard From Ex press View States Will Favor Amendment, Says Mr. Haw ley. THE OREGONIAN NEWS BUREAU, Washington, D. C, Feb. 5. Governors Hart of Washington and Davis of Idaho have responded favorably to the invitation of the house ways and means committee to delegate some one to represent their states at a hearing on the proposed constitu tional amendment to bar the exemp tion of federal and state securities from taxation. Governor Olcott of Oregon replied that he had no legal authority to make such an appoint ment. The hearing will be held the latter part of March. Of 20 to SO governors heard from in response to the committee request. Representative Hawley of the com mittee said today all but two have expressed themselves as favorable to the amendment, saying that they be lieved the sentiment of their states to be favorable. It requires 36 states to ratify such an amendment. At present the federal government can make its securities taxable or nontaxable but cannot tax state secu rities. States can make their own se curities taxable or nontaxable or can tax securities of other states when within- their borders, but cannot tax federal securities. The proposed amendment, which was recommended by President Harding in his opening message to this session of congress, gives the federal government author ity to tax state securities to the same extent that the state taxes them and hands to the states equal powers as to federal securities. Miss Louise Ayer, formerly with the Washington state supreme court at Olympia, has been commissioned by Representative Albert Johnson, chair man of the house immigration com mittee, to collect data regarding the immigration laws of other countries. This information is to be used by Mr. Johnson in support of his bill to sus pend all Immigration. He expects i to show that the Immigration laws of the United States are not nearly so drastic as those of many of the na tions which complain of American restrictions. NEW COMPANIES FORMED Articles of Incorporation Filed at Olympia. Washington. OLYMPIA. Wash., Feb. 5. Articles of Incorporation filed with tte secre tary of state include the following: Verftu Marine Engineering company Inc., Seatle. J10.00O; J. P. Urbanek. A. F. Mutton and V. J. Bouillon. Cloquallum Ivelopment company, Whites. Gray Harbor county, $10,000; in corporators, W. 8. Weatover, Will J. Lang- ridge and Dale Craft; to manage real and personal property of every kind and d scription; to build, logging dame for the purpose of log and'timber products and to acquire stream and water rights, etc. Aries A Co., Inc., Seattle, $24,000; In corporators, Albert Aries. J. G. Robinson. Henry Aries, Joe Aries, George Stark and H. Jack Lawrence; to engage in the farm ing of land for garden purposes and the raising of other crops for market, etc. General Package Manufacturing com pany, Aberdeen. Wash.. Increase capital stock from $50,000 to $200,000. Great Northern Dock conrpany, Seattle, Wash.; $MM.OG0; decree of dissolution. Puvallup Ice Cream company, Puyal lup; $oO.OOO; W. C. Robb, Edith A. Robb, H. W. Austin, Lucy P. Austin and Genette Miller. State Bank of Enumclaw, Enumclaw ; Increasing capital stock from $30,000 to $60,000. Olney A Hart, Inc.. Spokane; $30,000; L. F. Olney, T. "M. Hart and D. F. O'Leary; to operate, conduct and carry on a general service business for the Stew art-Warner Products Service Station company or any other similar business. Encumclaw Insurange agency. Inc., Enumclaw; increasing capital stock from $1000 to $3000. Nook sack Coal company, Seattle, $300, OOO; Abram L. White, Harvey V. Rohrer and Allen Peyser. Washington Marble Products company, Chewelah. Wash.; $25,000; Albert I. Kul er, Louis A- Conyard, John Mutte, Roy H. Wattrup, R. F. Chase, B. M. Sped den and F. L. Rcinohl. Toppexvish Mortgage A Investment com pany, Toppenish; $a0,00O; H. B. Miller and E. A. Egge. Fruit, Beverage A Canning company, SnohomiAi, Wash. increasing capital stock from $10,000 to $30.O00. liOng-Bell Works on Dtkes, KKIaSO, Wash., Feb. 5. (Special.) The Long--Bell Lumber company has engaged Diking: district No. l's big: dredge to make repairs to a diking distriot, which s entirely owned by it. The company has also had a pile driver working on the jetties in front of the Huntington place. Read The Oregonian classified ads. JnooineTaxFacttitSliould lotr TAX STATEMENTS MAILED Six Payments Already Received In Unja Harbor County. MOXTKSAXO, Wash.. Feb. 5. (Spe cial.) Mailing- of tha 1921 tax state ments, soms 13.000 this time, started Kriday. Six payment, have been re ceived. Just who will have the honor of betna: the first In Grays Harbor county to pay his 1921 tax will depend on which envelope is opened first Mon day morninpr by Mm. Olive Punning, county treasurer. The state law re quire that she credit no payments iWr the first Monday In February. The late Emlsire Shuhan of Satsop, a veteran of the civil war. was for many years the first to pay his taxes. The old soldier counted this early , those originally subscribed for), such payment a patriotic achievement. I as i victory notes, certificates of No. K. CERTAIN items of income are spe cifically exempt from taxation under the revenue act of 1921. Among them are the following: Proceeds of life insurance policies paid upon the death of the insured. Return of premiums on life insur ance, endowment, and annuity contracts. Amounts received through accident or health insurance, or under work men's compensation acts, plus the amount of any damages received, either by suit or aRreement. Interest on securities issued under the provisions of the federal farm lean act of July 17. 191$. Interest on the obligation of a state or territory, or any city, town, county or village, and the District of Columbia. Interest on obligations of the United States (liberty bonds, etc) and bonds issued by the war finance corporation is exempt from taxation, except that interest on such obliga tions issued after September 1. 1917 (other than postal savings certifi cates of deposit), is exempt only to the extent provided in the Respective acts authorising the issuance thereof. All interest paid or accrued on money borrowed within the taxable year to purchase or carry securities or obligations, the Income of which is subjected to tax, is a proper deduc tion. Interest paid or accrued within the year on money borrowed to pur chase or carry wholly tax-free obli gations of the United States (except indebtedness, etc., issued after Sep t'mber 24, 1917. is no longer an allow able deduction. In arriving at net income ih i. lowing items must not be deducted irom gross income: Personal, family or livinsr ernensen such as cost of maintaining a home. , . . ... ., v laiui i j me insur ance premiums, gifts to dependents, cost and upkeep of automobile used for pleasure or convenience, railroad commutation fare, and similar items. Amounts paid for new buildings, or for permanent improvements or bet terments made to increase the value or any property or estate. Amounts expended in restoring property or in making good the exhaustion thereof for which a deduction is made for -wear ana tear," or depreciation. Premiums paid on any life insur ance policies covering the life of an officer or employe, or of any person financially interested in trade or busi ness carried on by the taxpayer when the taxpayer is directly or indirectly a beneficiary under such policy. - Premiums paid on insurance under,! tne war risa insurance act Salaries paid officers and employes of a state or "political subdivisions thereof," such as a city, town, county, or hamlet, are exempt from taxation. The exemption does not extend to alaries paid federal officers or em ployes, "including the president of the United States, the judges of the supreme and inferior courts, and all other officers and employes, whether elected or appointed of the United States. Alaska, Hawaii, or any politi cal subdivision thereof, or the Dis trict of Columbia." Ther has been a gratifying re sponse to the offering by the Fort land Railway. Light & Power com pany of its 7 per cent prior prefer ence stock.- on the part of the Invest lng public, according to a statement made yesterday by A. C. McMicken, sales manager of this department. Capital received from this source will be used for development and ex- tensions in the service of this utility corporation and the fact that this paper is finding ready acceptance is. therefore, all the more pleasing, alt, McMicken said. "People with funds for investment are giving very careful attention to public utility securities at thia time, said Mr. McMicken. "Securities of this class have been showing a steady advance in price for some time past, and naturally so, for this advance is predicted on Jthe fact that commodity prices have been declining with subsequent Increase In the purchas ing power of the dollar, which has advanced from 41 cents to 77 cents in the last year. Lower Rates Forecast. "The man or woman who has sur plus funds or can save from his or her earnings to invest in such securi ties, should invest them right now, as the longer such investment is de ferred, the lower will be the rate of return, because the price of these Be curities will be correspondingly higher. "For example, in normal times, 4 Der cent or 6 per cent at most is a good return on money invested, and these rates will no doubt prevail again in the very near future. Al ready indications point to lowered in terest rates for the use of capital. "This company Is extremely grati fied over the quick response which has greeted our offering of 7 per cent prior preference stock, for two rea sons. First It is an attractive invest ment Itself, and In the second place the proceeds from the sale of these securities will be put to work right at home to help the growth andpros perity of Portland and the 30-odd other communities served by this company. "Our company has already an nounced that'll this plan of home fi nancing is a reasonable success, it will enable us to furnish employment for an indefinite period to between 1000 and 15000 men on the one big construction project alone, namely, the great Oak Grove hydro-electric development. 'In addition to this 10.000,000 project our company 'needs . large sums o? capital funds to use tor aa ditional generating equipment, trans mission lines, sub-stations, transpor tation equipment, trackage, overhead construction, etc., so that our plant facilities may keep pace with the growing demands." Railroad financing has received an impetus by the successful flotation the last few weeks of several large blocks of railroad bonds. J. P. Mor gan as CO. and tne f irst nauonaj bank of New York will bring out to day an issue of $30,000,000 general ortgage 5 per cent Donas or tne Great Northern Railway company, due January 1. 1952. The offering price is 96 and accrued interest, to yield about 6 per cent. ine Donas are not subject to prior redemption. The Issue has been authorized by the interstate commerce commission, and the proceeds will be applied to retire $2,800,000 bonds due this year, to pay the railroad's entire indebtedness to the railroad administration, to pur chase new equipment and to 5ay for additions and betterments. Part of the betterments will be the double tracking of 48 miles in western states and some terminal improvements. The mortgage covers directly or collaterally 7675 miles ofroad, con stituting 88 per cent of the Great Northern svstem. The outstanding mortgage Indebtedness Is at the rate of about $37,500 a mile, including this Issue. As a result of the con version of the Northern Pacific-Great Northern Joint bonds, approximately one-half of the Chicago. Burlington & Quincy stock is pledged under this issue, free from prior lien. Bonds to the amount of $115,000,000 have been issued against ownership of Burling ton stock, which amount deducted from the total debt would leave a balance outstanding at the rate of about $22,500 a mile. No more mort gage bonds may be issued. Income available for charges dur-inz- the last ten years has averaged about two and three-quarters times the amount required to be paid. This income includes cash ouviaenas re ceived by the Great Northern on its holdings of Burlington stock, and the charges Include Interest on bonds is sued in connection with acquisition of such stock. For the six months ended December 31, 1921, dividends received by the Great JMortnern on its Burlington stock more than covered Interest for the same period on- the Great Northern's 7 iper cent, bonds. A number of Portland dealers will participate In the underwriting, and local Investors- have manifested a keen Interest in'the bonds. The Great Northern is in many respects a Port land road. Jointly with the North ern Pacific. It owns' the North Bank line, extending from Astoria to Spo kane, and to Bend, Or., and its trains enter Portland from the north over the tracks of the Northern Pacific. An issue of $30,000,000 Southern Rail way Company 6 per cent bonds, of fered three weeks ago, Vas greatly oversubscribed. V a There are' several good-sized blocks of Oregon county road bonds in the hands of Portland dealers and being offered to yield 4.90 per cent to 5 1-8 per cent to investors. Oregon county bonds have always commanded a good market in Portland, and very few of the issues disposed of .during the last year have gone to eastern bond houses. County bonds now avail able for Investment include the obli gations of Union, Morrow, Gilliam, Wallowa. Malheur, Tillamook, Lane, Marion. Benton, Sherman and one or two others. There will be very few additional county bonds offered this year. Lane and Linn counties have small unsold balances of issues voted last year. Curry county offered $60, 000 bonds for sale last week, but upon examination the attorneys found the notice of sale Invalid, and the sale was deferred. Klamath county has been talking about voting $800,000 road bonds, but the petition was de clared by the attorneys to have been improperly executed and the project has been indefinitely deferred. Portland improvement . bonds are still to be had to yield 5 per cent. This la the lavorite bona among in vestors in Portland, and the amount to be issued this year is extremely limited. Bond dealers predict that the price will go higher. One of the most successful offer ings in some weeks, according to Freeman, Smith & Camp company. local syndicate participant; was the offering last week of $30,000,000 Ch cago, Burlington & Quincy Railroad company first and refunding mort gage 6s, due February 1, 1971, redeem able at the option of the company 'on or after February 1, 1942. at 107H to 103, according to the date redeemed. This issue was offered at 97 and in terest to yield 5.17 per cent- Subscription books were opened et the office of J. P. Morgan & Co. New York, syndicate managers, and almost immediately closed, the rssu being several times over-subscribed. The bonds Were traded in on the curb market and very . quickly advanced to . The great success of this important piece of financing, while due largely to the excellent credit standing the company, clearly illustrates the sound condition of the bond market, the demand for high-grade offerings being strong. The 12 federal land banks of the United States will join in offering to day $7a,000,000 of their 6 per cen bonds. The bonds will be due 20 years after date and will be redeem able at the option of the. banks on and after ten yeaTS from date. The offering will be made simultaneously all over the country at 102 3-8 and in terest, at which price the bonds will yield 4.70 per cent to- the optional date, and 5 per cent thereafter, If not called for redemption. These bonds, as instrumentalities of the govern ment, are fully exempt from federal, state and local taxes of every nature. The federal reserve bank of the 12th district, embracing the Pacific coast states, is offering to purchi before February 16 victory liberty loan notes bearing 3 and 4 per cent, at 100 and accrued interest. This is in accordance with the announced purpose of Secretary of the Treasury Mellon to provide for gradual retire ment- of these notes before maturity, May 15, 1923. These notes have been traded in actively on the New York stock exchange recently, ana were quoted Saturday at 100.24 and in terest, which is $2.40 a thousand more than is offered by the feaeral re serve bank. The National City company is among the local houses handling the $75,000,000 issue of federal land oanK bonds, which will be offered to the investing public of the entire coun try today GRAZING FEES ONEROUS Livestock Men in Northwest Clan oring for Remission. THE OREGONIAN NEWS BUREATT, Washington, D. C, Feb. 5. Livestock men in the northwest state are clamoring for a remission of fees for this year s grazing in national forests. asserting that the livestock industry throughout that section of the coun try is in danger of destruction if such relief is not granted by the govern ment. Renresentative Smith of Idaho w'll appear before the house public lands committee Monday to plead for a Bill granting the petition of the livestock men, although Secretary of Agrlcui ture Wallace has declined to approve such a proposal. The secretary of agriculture eaid he sympathizes with the western livestock growers, but that the depression of which they complain is' not peculiar to their In dustry alone. "A similar question," he said, mght be raised by the people who buy lumber in the national forests. Might they not by the same line of reasoning urgefthat they should have their lumber free? Might not the ame argument be. made by anyone buying Irom tne government : The secretary added that if reiiei s to be given to the western stock men it should be given to all stock men and the western growers could then use what they received to pay their grazing fees. LETTUCE WO ORGANIZE Idaho Growers Form Co-operative Association at Boise. BOISE, Idaho, Feb. 5. (Special.) The lettuce growers of Idaho, in a public meeting held yesterday in-the house chamber of the- state house at the .call of the ' state department of agriculture, .formed a co-operative organization, adopted a standard crate, and approved standard grades for lettuce shipped to market. The principal part of this programme was concluded late In the afternoon, after "thorough discussion of the grades as proposed to be included in the state department s 1922 booklet o standards. T. S. McBirney Is president and A. C. Saxton is secretary of the as sociation, the organization of which was perfected in the interim between morning and afternoon sessions of the standardization meet'ng The ac tion was the outgrowth of l series of meetings held during the week in southern Idaho. Phone your want ads to The Ore gonian. Main 7070. Automatic 560-95. Union County 5i Road Bonds ' Dated Due Jan. 15, 1922 Jan. 15, 1927-36 Denomination $1000 , Price to Yield 5.00 Morrow County 5 Road Bonds Dated ' Due Nov. 1, 1919 Nov. 1, 1929 Denomination $ 1000, $500 Price to Yield 5.125 Gilliam County ' 5 Road Bonds Dated Due Jan. 1, 1922 Jan. 1, 1942 Denomination $1000 Price to Yield 5.125 Federal Income Tax Exempt Wire orders collect. Ralph Schneeloch Ca :MIt;--l' MUNICSVU. AND CORPORATION rMANCB LUMBER MENS BUILDING DIRECT OCEI LIES TO IRELAND PUUPED. i New York Men Active in Pro- j jected $500,000 Company. BSiffKia We Offer, for Immediate Delivery, the Following Canadian Bonds TOURIST TRADE SOUGHT! Freight and Passenger Vessels to Fly Flags of Free State ; One Concern Incorporated. NEW YORK, Feb. 1. (Special.) The green and gold flag of the Irish free state will fly at the taf frail of passenger and freight ships plying between New York and ports in Ire land if plans that have been Quietly maturing here are carried to success ful conclusion. At least two groups of Irish-Americans have been work ing on such a project. One has al ready incorporated as the Irish-American line, while the other has taken an option on a passenger ship and has been busy sounding sentiment among prominent men known to be interested in the Irish cause. There is a feeling an Irish steam ship line could be started with every expectation of immediate success, in view of the resumption of trade with Ireland, the desire of many former natives to visit their homes and the appeal to patriotism would be car ried by an organization supported by Irish capital and flying its nag. Experienced Men Engaged. The Irish American line was incor porated a few days ago under the laws of Delaware, with an authorized capi tal of $500,000, divided into 60.000 shares of 8 per cent preferred stock at $5 par value and 50,000 shares of com mon stock with ?5 par value. The directors are T. C. McNamara, M. D.; P. J. Kilduff, Daniel Coughlin, John Quinn, John Mahoney, A. McCarthy, T. O'Kane, Frank J. Scannell, Peter Baumer and Adrian Griffin. Mr. Mc Carthy, who Is secretary of the line, said that the purchase of two ships to carry freight and passengers had been considered. Experienced steamship men of Irish nationality had been en gaged, he said, while of the directors, Dr. McNamara and Mr. Kilduff had become known to Irish-Americans as representatives of Eamonn de Valera. A somewhat, ditrerent plan is oeing followed by the other group known to be interested in an Irish line. These men are determined not to go ahead unless they can be assured of suffi cient capital to carry the project through. No attempt will.be made to sell stock, but it is hoped it will be privately subscribed by a small num ber of influential men. This eroup has an .option on the steamship New York, for years a crack flyer of the American line, later boujrht by the Polish American . line and then sold at a marshal's sale. A meeting will be held within a day or two by this group, to which have been invited more than 20 of the best known Irish-Americans in New York. The preliminary steps have gone far enough, it was said, so incorporation could be carried out immediately, the name of the company registered and the option closed on the New York. Whether further tonnage would be secured would depend upon the ease with which passengers and freight could be obtained. . Prospectus Is Quoted. Bryan L. Kennelly, real estate man. said the idea of an Irish .steamship line had appealed to him at once and that it ought to win instant favor with travelers to Ireland. It fitted in, he said, with a plan he had long favored. This was to boom Ireland as the ideal place for motorists. A route could be mapped out, a little money spent on improving hotels and roads and tourists would flock in huge numbers "to the most beautiful country in the world," he eaid. The prospectus of the ansa Amer ican line says in part: A regular service maintained be tween the countries will enable the United States to open another much needed market for her products, and give the Irish people an opportunity to show the people of the United States the high-class goods they can manufacture. The present is an opportune time for such a company to organize. Ves sels of suitable tonnage can be pur chased at a rate per ton that Will probably never again be possible. Coal, provisions and wages have been reduced to such an extent that the economical working of the vessels is assured, and even at the current low freight and passenger rates substan tial profits can be earned. , Price Prov. of Alberta 6s, due 1941. .104.75 Frov. of Alberta 6s, due 1931. .100.75 Grand Trunk Alberta Guar. 4s, due 1942 -78.00 Prov. of Manitoba 6s, due 1946, 106.75 City of New Westminster 6s, due 1942 94.45 Province of Saskatchewan 4s, due 1923 97.00 City of Vancouver 4s, due 1923... t...... 97.85 Yield 5.60 5.90 5 5.50 6.50 6.50 6.75 Write, telephone or call at our office for complete information and de scriptive circulars on the above issues. . -t. lyth. Witter. & Co. Fourth and Stark Streets PORTLAND, OREGON New Issue Only Issue - MUNICIPALITY OF ST. JAMES Adjoining Winnipeg, Province of Manitoba. 20-Year 6 General Obligation Gold Bonds Dated January 1, 1022 Due January 1, 1842. Denominations $1000, $3O0, flOO. Legal opinion of E. G. Long, Esq., Toronto, Canada. 94.45 6 o S and interest to yield . . Principal and semi-annual interest payable in U. S. Gold Coin in N. Y. City, or at the office of Morris Brothers Corporation, Portland, Oregon. ' FINANCIAL STATEMENT. Assessed valuation for taxation .$8,537,174 General debt (this is the only issue) 400,000 Population, estimated, 15,000. ' THE THRIVING OFFSPRING OF WINNIPEG. The municipality of St. James adjoinsthe great metropolis of Winnipeg, capital of the province of Manitoba, and is a thriving city of 15,000 people. Winnipeg itself, which sheds much of its prosperity upon St. James, is the Chicago of Canada, linking all parts of the continent with a network oi railways. It is said to be the largest grain market in the world and. in industry as well as shipping, it ranks high in Caiad.an cities, having 450 factories in operation and 22 charter banks with 20 branches in the city. The St. James district has an area of 4930 acres, and these bonds are a direct charge upon all taxable property. Phone or Telegraph Orders at Our Expense. Morris Brothers Corporation 300-311 Stark Street. Safe Deposit Boxes. Morris Building, , Broadway 2151. PORTLAND, OREGON. TRAVELERS' GUIDE. Phone your want ads to The Ore gonian. Main 7U7U. Automatic itu-&. HERRIN& RHODES, Inc. Established 1S96 STOCKS, BONDS, COTTON, GRAIN Correspondents E. P H0TTON & CO., N. T. JdemDera au leacuns exenangea Babson's Service on File.. Bdwy. 4725. gO I Railway Exrhange BMg. EAST SIDE MILL and LUMBER CO. Lumber Box Shooks General Mill ' Work SELLWOOD 597 B-1563 (Regular service between Portland, Maine; Philadelphia, Boston, New York and Los Angeles, San Francisco, Portland, Oregon; Seattle and Tacoma via the Panama canal.) North Atlantic and western s. e. uo.'s suu-ton steel vessels. EASTBOCND From Portland, Or. COLD HARBOR Feb. 1 BI.l'E TRIANGLE.. Feb. 17 Feb. 22 WESTBOUND From From - From BRUSH Feb. 13 Feb. IS Fb. 20 ! LlsniUB Feb. 2 Mar. 1 Mar. 7 f, WEST ISI.ETA Mar. 12 Mar. IS lr. 1 -v.arpo space unaer rerrifireration. For Further Information AddIv to THE ADMI11AJL 1.INE, Pacific Coaxt Agents. 101 Third Street. Phone Broadway 5481. imnit nanMii'igu'iiu NORTH CHINA LINE Columbia Pacific Shipping Co. Direct Freight Service Without Transshipment PORTLAND TO ' Yokohama, Kobe, Shanghai, Tsingtao, Tientsin ( Taku Bar ) , Chinwangtao, Dairen S S. EASTERN SAILOR Feb. 13 S. 8. WEST NOMENTUM Mar. 6. Shanghai, Manila, Hongkong S. S. V1NITA Feb. 17 S. S. WEST CATOTE j Mar. 17 For further information regarding space, rates, etc., apply to TRAFFIC DEPT., 609-522 Board of Trade Bids., Portland, Or., or Astoria Shipping Co., Astoria,' Oregon, or R. T. Johns & Co Central Bldg., Seattle, Wash. I TRAVELERS' GUIDE. AUSTRALIA NEW ZEALAND AND SOUTH SEAS Via Tahiti and Baratonga. Mall and nassenser service from ban f ranciwes ever? days. UNION S. 8. CO. OF NEW ZEALAND 230 California St., San Franeiseo, ar local steaxnaa ip and railroad asenciei. ASTORIA and WAY POINTS Steamer Service. Lvs. Daily (Except Saturday) 7:30 P. M. Splendid Sleeping; Aocommodationa Connections Made for All North and South Beach Points. Fare SI. 83 Each Way. 3 Round Trip. Alder-St. Dock. Broadway 6316. Xhe Marklna Transportation Co, Passenger and Freight Service to California Through Sailings to San Francisco, Los Anateles and San Diego. Leave Municipal Dock ISO. 2, 4 P. If. SS. Senator ----- Feb. 11 SS. Admiral Evans - Feb. 18 SS. Senator ----- Feb. 25 And Every Saturday Thereafter. Local Service to MARSHF1ELD, EUREKA AND SAN FRANCISCO Admiral Rodmari - Feb. 15 Every 14 Days Thereafter. Fast Trans-Pacific Passen ger and Freight Service Yokohama, Kobe, Shanghai, Hongkona and Manila Sailing from Seattle. SS. Pine Tree State, Feb. 18 SS. Wenatchee - - - Mar. 4 Bay State ------ Mar. 18 For full information apply to 101 Third St., Corner Stark Phone Bilwj. 8481. Passenger and Freight Services N. Y. to CHERBOURG AND SOUTH AM PTON. AQUITANIA Feb. 28, Mar. 21, Apr. 11 MAURETAMA. .Apr. 4. Apr. 23. May IB BERENGARIA. . May 30,. June 'o. .Inly 11 N. Y. TO HALIFAX. PLYMOUTH, CHERBOURG AND HAMBURG SAXONIA Mar. 7 N. Y. TO QUEENSTOVVN AND LIVERPOOL ALBANIA Feb. 18, Apr. 1 SCYTHIA Feb. 25. Mar 22, Apr. 26 CAMEBONIA. . . Mar. 11 N. Y. TO LONDONDERRY AND GLASGOW ASSYRIA Mar. 17 ALGERIA Apr. 8, May 12. June 10 N. Y. TO HALIFAX. LONDONDERRY AND GLASGOW ALGERIA..., March 4 BOSTON TO LONDONDERRY, LIVER POOL AND GLASGOW ASSYRIA Apr. 18. May 23, July 11 PORTLAND. ME.. TO HALIFAX AND GLASGOW SATURNIA Feb. IB, Mar. SO CASSANDRA Mar. 2. Apr. 13 For information, tickets, etc., apply to Local Agents or Company's Office, 621 Second Ave.. Seattle. Phone Elliott 1632 Phone Your Want Ads to THE OREGONIAN Main 7070 Automatic 560-93