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