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.