TIIE MOHXIXG OREGOXIAX, MONDAY, FEBRUARY 6, 1923 E CAUTION Good Judgment Now Is Held Key to Prosperity. HARD WORK REQUISITE Xut Farmer on Feet and "Day Af ter Tomorrow" M ill Dawn, As eerta Thomas B. McAdams. In what Portland financiers assert la one of the clearest-cut statements concerning the present situation throughout the world ret issued. Thomas B. McAdams. president of the American Hankers' association, de clares "good business on the day after tomorrow depends upon good judg ment now. and emphasizes the neces sity for care and caution in dealing with the many angles . of various problems now confronting the world. The letter has created a most favor svble Impression. 1 "resident McAdams says: Everywhere one hears the query What is the outlook for businessr Never before have we faced so many great problems clamoring for Intelli gent solution. To America is the world looking for far-seeing and constructive leadership and upon us largely depend the conditions which shall prevail here and abroad on the day after tomorrow the day after we shall have passed through the period of readjustment and re-vital-Ization and be once more actively en gaged in producing and consuming Ln an orderly businesslike way. Cood business then depends upon good judgment now. With good Judgment go individual Initiative and hard work as the essential elements In making 1922 a stepping stone to financial stability and industrial activity. Agriculture Reeds Atteatioa "What is our first step? What is our most important task at this hour? What needs our most careful yes. prayerful attention? There is a real challenge ln the answer agriculture. "The fundamental wealth of Amer ica is the productivity of her soiL Transportation manufacturing job bing; bankfng merchandising la bor all take on new life when the farmer prospers all suffer when his purchasing power is materially cur tailed. God in his bounty has given us the land and the water. We have the manpower we have the ma chinery we have the gold shall we put them all actively to '.7ork that the world may be clothed and fed and America's new era of prosperity built upon the firm foundation of new wealth created? "A crop that can be made and is for any reason not planted or harvested is an opportunity forever lost time and mosey that can never be regained. Rotation of crops is agriculturally sound and diversification is desirable, provided for a commodity of which there is a great surplus supply there be substituted something more sorely needed. "World movements indicate gradual clearing up of the foreign financial skies. If the series of inter national conferences being held re sult in re-establishing the buying power of Europe the fail may find us lacing an active demand for our fundamental commodities. It will then be too late to plant the necessary crops. "Should the foreign situation not Improve materially then financial America must provide the machinery for carrying the surplus temporarily and prevent demoralization in values. The demand cannot be long delayed If the needs of the world are to be properly supplied. Today crops may be both planted and financed on a materially different basis of risk than was incurred duting the period of aieh cost of production. Banker's Part Told. .What shall banker do? Help the farmers of his neighborhood to ap proach this planting season with cheerfulness and a rugged determina tion te succeed. Put. .new hope ln their hearts through continued sym pathy and co-operation assist them over the rough places. Many of them are discouraged and disconsolate as they review the losses of the last two years. They must be stimulated to look forward not backward and the banker must help bridge the gulf be tween the disheartening past and the ability to create once more assist j them in financing their need for seed. fertiliser, implements. If we are to press forward successfully, agricul ture must not be allowed to become demoralised. "For 40 years the south's crops were financed when the average farmer's only collateral was his character and his chattel mortgage. This collateral is still available make use of it. His success is na tional prosperity. "Put the American farmer on his feet, not through paternalistic legis lation or specious nostrums he neither wants nor needs charity but through the application of old-fash-ioned commonsense American banking and business principles. "Again on his feet, he will stand unsupported and as he stands will American business be renewed in strength and activity and American labor find new fields for employment. "Then shall we see the dawn of the day after tomorrow." In a territory so largely dependent for its prosperity upon the condition of agriculture and livestock as the 12th federal reserve district, sub stantial and permanent recovery from the severe readjustment of the. past year mast await the results of the crops of 1922, says a bulletin just re ceived here from reserve headquarters In San Francisco. There is already apparent, however, pronounced im provement ln the credit situation when compared with the beginning of 121. as indicated both by the strong position of the banks generally throughout the district and by the availability and cost of bank credit for agriculture. Industry and com merce. Total borrowings of member banks from this bank at the beginning of 1921 (J171.211.00O) were more than twice the J71.271.000 borrowed at the beginning of 1922. Improvement in the condition of the 67 reporting member banks of the district is re flected In the reduction during the year in the ratio of their total loans and discounts to total deposits, which was 81.3 per cent at the beginning of 1921 and 7a per cent at the beginning of 1922. On January 23 the discount rate of this bank will be reduced from f to 4H per cent. Prevailing interest rates charged by the principal member banks of the district have been re ported to be easing slowly, during the closing months of 1921, and it would appear that conservative enterprise in general will not be hampered in its conduct during 1922 either by the lack of available bank credit or by Its cost. Many of the members of banking staffs in Portland have been devoting much time during the last week or more to the community chest. Inas much as the campaign is to be further prosecuted, they will devote whatever time is necessary to it until it is finished. - e . e William M. Ladd. chairman of the board of the Ladd & Tilton bank, and Cameron Squires, assistant cashier, are spending vacations in southern California. see J. C. AInsworth, president of the United States National bank, is in Washington, D. C, where he went to act as a member of the committee authorised by the recent shipping conference in San Francisco to pre sent the case of Pacific coast shippers before the shipping board relative to proposed 330.000,000 pool. promising future. They still need the banker's act've support he needs their energy and ability to create new wealth if his loans to merchant and lawyer, doctor and school teacher, manufacturer and the farmer himself, are to be liqui dated. "As in the Immediate past, display confidence in those who have' shown tie w'!'ing" try work sn4 their Henry E. Reed of the Hartman & Thompson bank, who was confined to his home for five months on account of illness, is now at his desk, having fully recovered. He has been on the job for some time, but for a while was not in normal condition. Edward C. .Sammons, assistant cashier of the United States National bank, recently returned, from an ex tended trip through Idaho. He re turned in time to get into the thick of the community chest campaign. CATTLE GROWERS ELECT Wenaha Association Chooses J. P. Deuallen as President. WALLA WALLA. Wash., Feb. 5. (Special.) J. P. Lieuallen of Weston today was re-elected president of the Wenaha Cattle and Horsemen's asso ciation at their annual meeting. C. A. Winn of Milton was elected secre tary. The question of a co-operative marketing scheme was threshed out and A. R. Shumway of Milton, Or., was Instructed to name a committee to work out bylaws and plans. .Mr Shumway, who Is president of the Oregon farm bureau, charged that buyers ln this section are shipping in cattle from outside points to the detriment of local raisers. It was planned to bring the cattle off the range In the nil ana Duncn tnem in the Hudson bay section ln sufficient quantities to attract buyers. County Bonds of Oregon and Washington JT IS a noteworthy fact that the more . experienced a man gets in financial endea vor, the more he invests in GOOD bonds. At the present . time investors who study conditions are baying bonds heavily because they realize the rapid ity with which these fine securities are ad vancing to permanent higher levels. Income Tax Exempt Maturity Adams County, Wash., 6s ..1923 Gilliam County, Or., 5V4s. 1942 Morrow County, Or., 54s 1929 Pacific County, Wash., 5V2s 1924-40 Skamania County, Wash., 5Vs 1935 Union County,' Or., Cs 1927-36 Wallowa County, Or., 5i2s 1932-34 Whatcom County, Wash., 6s : 1923 Yield 5.10' 518 5 i8 5.10 5 l8 5.007o 5.00 5.10 PORTLAND, OR., DIP. 6s Due 1931 PRICE TO YIELD 5 i BROADWAY AND OAK Postal Candidate Veteran. CENTRAL! A. Wash.. Feb. 5. .Spe cial.) W. W. Metter, recommended by Representative Johnson for ap pointment as postmaster at Tenino, is a veteran of the world war and com mander of the William T. Mullaney post, American Legion, or Tenino. He enlisted in the navy March 2, 1917, and served until September 80. IMS. Before You Sell Any Securities It -will pay you to confer with us. We are always in the market for high-grade-bonds, Government, Municipal or Cor poration, and because of our connections in Eastern financial centers we are in a position to give you the highest price that' the market will bear. If you want to exchange your bonds for some . other investment, or if you want immediate cash for them, you will be pleased with the service that we are equipped to give you. This bank has served successful investors for sixty three years. Sooner or later you will realize the many advantages that come with handling your investments through a firmly established financial institution of high standing. You will find our service prompt, efficient and courteous. BOND DEPARTMENT OPEN 8:30 TO SiOO Saturdays 8:30 t 2:00 & TJDLTON BANK Oldest in the Northwest WASHINGTON at THIRD JThe Choicest List msb We ownand offer: Rate Mat. Yield Tillamook County,' Or. .' 5Yz 1932 5.00 Tillamook County, Or. 5'2 1933 5.00 Tillamook County, Or 5'2 1934 5.00 Tillamook County, Or... 5 Vi 1935 5.00 Tillamook County, Or 5'z 1936 5.00 Lincoln County, Or 6 1930 5.10 Lincoln County, Or. 6 1931 5.10 Wallowa County, Or.. 5'2 1933 5.00 Wallowa County, Or. 5"j 1934. 5.00 Enterprise, Or., G. O. 5 1933 5.75 Portland, Or, Imp. 6 1931 5.00 Portland, Or Imp 6 1931 5.00 tHuntington, Or., G. 0 6 1937 5.85 Huntington, Or G. 0 5 1937 5.85 t Jacksonville, Or, G. 0 5'2 1935 5.85 tSlide Irri. Dist. 6 1933-37 6.50 Silver Lake Irri. Dist. 6 1926-45 6.50 . Pierce County, Wash 5V2 1933 4.90 Whatcom County, Wash 6 1924 5.25 tWhatcom County, Wash 5',$ 1924 ' 5.25 Whatcom County, Wash 6 1927 5.25 IWhatcom County, Wash 6 1928 5.25 Prov. of Alberta 6 1941 5.55 Prov. of B. C. 6 1925 6.00 Prov. of B. C 5 1925 6.00 Prov. of B. C. I 6 1926 6.00 Prov. of Ontario 5'2 1937 5.55 St. Boniface, Manitoba 5 1943 .6.50 Edmonton, Alberta : 5'2 1929 6.30 ' i Rep. of Argentina 5 1949 5.92 Kingdom of Norway ZVi 1962 6.00 fKingdom of Norway 3'i 1964 6.00 fDept- of the Seine, France 7 1942 7.95 fZurich, Switzerland 8 1945 7.23 tShelton Looms 7 1936 7.39 Charcoal Iron Co. of Amer 8 1931 8.00 Wilson & Company IVi 1931 8.00 B. B. & R. Knight, Inc 7 1930 7.15 tNew England Oil Ref. Co..... 8 1931 8.00 1000 t t500 J100 We Are Always Prepared te Bar or Sell These "or Other High Grade Bonds. G. E. MILLER & COMPANY PORTLAND SEATTLE. NORTHWESTERN BANK BLDG. SECOND FLOOR. - MAIH 4105. Getting there ! lETT-Vr-,;..,., rm.;,T,..T,;..p;,r,, ..p-.y.,,.,.,.,,,., ,;,.,,;,,,;,.,, , , ,., y,,, , y , ,,, $50 saved monthly will build a fortune of $50,000 in 30 years. Ask us how to do it. Six per cent bonds and our Partial Payment Plan are the answer. But you can do better, because prime bonds at present prices offer more than 6. Ask us to send you details about our Partial Payment Plan. If you want to get ahead, we'll help you. freeman, smith & Camp Co. Lumbermen Bldo Portland PHONI B'WAT 8740 New Issue Exempt from Federal, State, Municipal, and Local Taxation $75,000,000 Ten-Twenty Year Federal Land Bank 5 Bonds Dated November 1, 1921 Due November-1, 1941 Not redeemable before November 1, 1931 Interest payable May 1 and November 1 at any Federal Land Bank or Federal Reserve Bank. Principal Payable at the Bank of Issue. Coupon and registered bonds (interchangeable) in denominations of $10,000, $5000, $1000 $500, $100 and $40. Redeemable at par and interest at any time after ten years from date of issue. ' The Supreme Court of the United States has held, (a) that these Banks were legally created as part of the banking system of the United States, and (b) that the Bonds issued by the Banks are instrumentalities of the United States Government and are exempt from Federal, State, municipal and local taxation. Issues of outstanding bonds dated prior to May, 1921, are redeemable five years from the date of issue. In order to meet the demand for longer term securities, Congress enacted a statute author izing the redemption period on new issues to begin the eleventh year from date of issue instead of in the sixth as heretofore. The Bonds now offered are issued under this authority. Special attention is directed to the following Statement of Secretary of the Treasury Mellon: "In viert of the very satisfactory financial condition of the Banks themselves, 6f the exemp tion of the bonds issued by these Banks from Federal, State, municipal and local taxation everywhere in the United Stales, and of the very adequate security back f these Bonds, they should prove an attractive security to investors large and small throughout the country." Operation: In three and one-half years of active operation the 12 Federal Land Banks have been built up until on December 31, 1921, their Capital was $28,707,170; Reserve, $1,690,000; Undi vided Profits, $2,499,108, and Total Assets, $473,799,410. All twelve Banks are on a dividend paying basis and every Bank shows a surplus earned from its operations. Acceptable by Treasury: These Bonds' are acceptable by the United States Treasury as security for Government deposits, including Postal Savings Funds. Legal for Trust Funds: They are lawful investments for all fiduciary and trust funds under the jurisdiction of the United States Government They are eligible under -the laws of many of the States for investment of all public and private funds, and have been officially held eligible for investment by savings banks in the following States: , Alabama Arkansas Colorado Delaware Florida Georgia Idaho Indiana Kentucky Louisiana Maine Maryland Massachusetts Minnesota Mississippi Missouri Nebraska New Hampshire New Jersey North Carolina Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont . Virginia Washington West Virginia Wisconsin Wyoming The United States Government owns over $5,500,000 of the capital stock of the Banks and the United States Treasury has purchased over $183,000,000 Federal Land Bank Bonds. -The Banks themselves are under the direction and control of the Federal Farm Loan Board, a Bureau of the Treasury Department of the United States Government. At the request of the Federal Farm Loan Board in co-operation with and on behalf of the Federal Land Banks, we offer these bonds at: Price 102 and interest, netting about 4.70' to the redeemable date (1931) and 5 . thereafter to redemption or maturity. Alex. Brown & Sons Brown Brothers & Co. The National City Company Harris Trust & Savings Bank Lee, Higginson & Co. Guaranty Company of New York Th statement! contained herein, while not guaranteed, are based upon information and advice which we believe to be accurate and reUabl. 52 Increase in Net Earnings in 1921. This ia the remarkable record made by Standard Gas & Electric Company Long term bonds are the most profitable investment in this period of rising security prices. They afford the greatest oppor tunity for enhancement in value and also for keeping your money . at work at high interest return. Secured 7 Gold Bonds at 100 and interest to yield 7 Wo- These bonds mature September 1. 1941, and are callable only at very substantial premiums. Therefore, whether they run for the full life of the issue or are redeemed before maturity, they will prove an unusually profitable investment. ' This prominent company, together with its subsidiaries,-controls electric, gas and other properties in many substantial communities, including Minneapolis. St. Paul, Louisville, Tacoma and San Diego, and serves 2.135,000 people. The bonds are a direct obligation of the company and are also secured by collateral with a present market value of approximately $9,000,000, being over 2y times the face of the loan. Present market value bf securities junior to this issue is over $18,000,000. Company earned over 8 on its common stock in 1921. Bonds ready for immediate delivery. tXABK KENDALL & CO. inc OCVERNMEKT HUNICI PAL AND-CDRPORAT ION BONDS FIFTH AMD STARK 5THTS - PORTLAND OREGON JULIUS R. BLACK PubHc Accountant, Auditor Income Tax Service Concord Building, Second and Stark St. Broadway 7443 JJ A Conservative Custodian 1 ' LIBERTY ' I I - BONDS J I j You can buy or sell Liberty Bonds at A , lljljj the Hibernia Bank at New York prices. ' II J! J When you sell the commission is Yz of 1 I I 1 , when you buy 4 of 1. J I JjJ We can make immediate delivery out Is JjlJ of our stock of over half a million dollars ! Hji . worth or will pay you cash on what you IE I ji You insure absolute reliability by 1 I dealing with the Hibernia. The Hibernia I I if! was established in 1892 and is a member 1 jjjjjj of the Federal Reserve system. Ijj j I RliiTO J ! illaUailitl Si isAViNGsiiiinU j ji aasa ' 4t & WashJngon ankng Service Your banking requirements may be entrusted to this Bank with every confidence that care tul and efficient service will be rendered. The Canadian Bank of Commerce Portland Branch. Fourth and Stark Streets.