THE MORNING ORECONIAN, MONDAY, MAY 29, 1922
15
MARITIME STRIKE
HURTING B'JIESS
Export and Coastwise Lum
ber Shipments Affected.
CROP ESTIMATES GOOD
Federal Reserve Agent Reports 17n-
usual Activity in Mining, Oil
and Lumber Industries. '
With the longshoremen's strike still in
progress and no indications of a quick set
tlement, business conditions in Portland
are not as satisfactory as desired. Ships
headed here for export cargoes have been
unwilling; to take the chances that load
ing under present conditions entails and
Slave steamed to other ports on the Pa
cific coast.
The lumber Industry of this section of
the country is now in the midst of the
greatest prosperity it has experienced in
years, but it is being visibly affected by
the strike; which hinders the loading of
ships for either export or coastwise trade.
The threat has been made by the lum
ber mill proprietors that unless conditions
adjust themselves on the waterfront they
will close their plants. This would mean
that thousands of men now employed
would be thrown from their Jobs for an
Indefinite period of time. Payrolls would
cease to be, for a period at least, and the
entire financial structure of the city would
suffer.
Meanwhile outside prospects for Improved
flnanolal conditions are becoming more
bright. From the wheat-raising sections
f the state come good reports. Crops are
growing and Indications point to not only
lair yields, but good prices.
Crop Estimates Good.
Government estimates for May Indicated
fc winter wheat crop for this year the same
mzB as was barvested In 1021. At the
same time proaneots for eroos in other
wheat-growing centers of the world are
reported good. There does not seem to be
any chancs for a world shortage of wheat
this year, and the Question of the Grade
and quality of the grain harvested will
remain the normal dominant price factor.
The large Increase of acreage brought
.bout by tho elimination of Russia and
Romania, as sources of International sup
ply and the continued expansion of the use
of the readily available low priced arable
lands well suited to the growing of wheat
In Canada and the Argentine bid fair to
effect a serious change In the interna
tional wheat situation, coincident with the
return of Russia and Rumania as ex
porters of wheat.
As It la, a world erop that would equal
the combined bumper crop heretofore pro
duced by eaoh of the wheat-growing coun
tries of the world would be a calamity
rather than a blessing. The development
of large areas of new wheat lands will
mean the elimination from the Interna
tional market of some of the higher-priced
lands now growing wheat for export.
Fruit Growers Optimistic,
fruit growers throughout the Oregon
country are feeling confident that the
crops of this season will not fall far short
of those of last year. Apples will bo plen
tiful, and the prune growers are confident
The latter growers point to the crops of
last year, which were almost a failure,
and declare that two such seasons will not
come In succession.
The sale of the Stanfield wool clip in
Portland last week for a big price gave
hope to the wool growers throughout the
west. It is certain that wool prices are
not going to fall to the point where they
were last season. In Idaho and other wool
centers contracts for wool have been made
at prices almost double those of a year
ago.
These prices will enable the growers to
reap a fair profit and liquidate some of the
debts that have been long overdue at the
banks.
The production of lumber by the big
xnllls of the northwest last week was 0
per cent above normal, and orders from
all sections continued to exceed production.
It seems apparent that the long-hoped-for
period of lumber prosperity has arrived
and is here to stay for some time. The
one thing that is affecting the situation
right now is the strike dinner the wot,,.
fror.t, and this will grow more serious a
time goes on unless some means of set
tlement Is reached,
Unusual activity In the mining, oil and
lumber industries throughout the west,
tontinued strength in the banking situa
tion and comparative dullness in whole
sale and retail trade are noted in the re
port for April of John Perrin, San Fran
cisco, federal reserve agent for the twelfth
district
"Improvement in - the lumber industry
was the outstanding feature," according to
the report. "Production during April was
5 per cent of normal and during the firs
two weeks or May reached normal. Oders
receivea curing April exceeded production
fry 27.1 per cent, this being the fifth con
secutive month in which demand has ex
ceeded current production.
"The mining industry le reported more
active than at any time In the past year.
Cold and Bilver mines with the richer ore
deposits and which have been closed rinm-n
are being worked again and 12 of the 16
jarse copper companies of the district are
jiow ia operation after a year of cnmnnra-
tlve inactivity or of complete cessation of
operations.
"Petroleum production continues at rec-
wiu levels, Dut consumption has been lag
ftlns behind output and stored stocks on
Way 1 were 14,438.288 barrels, the largest
u mount since lull and oo.U per cent
greater than one year ago. -
"Normal or better than normal yields of
most of the agricultural crops of the dis
trict are expected. The May estimate of
the United States department of agricul
lure places the yield of winter wheat at
i2,82D,K)0 bushels; a decrease of 7,049 000
bushels, or 9.8 per cent from last year's
record crop and an increase of 2S.5 per
."o mciuua nve-year average.
Deciduous fruit orchards, excepting apri
cots, are in good condition, Jciriv - .
rate estimates of the damage done to the
California orange crop by the January
. i vois cm uuw avauaoie and it is
iiru mat approximately 58 per cent
io.uuo,uw ooxesj or the previously esti
mated crop will be marketable. Prices of
isrii-ultural products were relatively stable
during April and the gains of the previous
three months were generally, held. Tenta
tive prices for fruits and actual prices of
"u wool a-o wen above prices
,.ua alio.
"Increased activity In Industry and ag
ricunure is reflected in the loans and
discounts of reporting member banksj
?..rL'lncresed trom $8M.24.ooo to $So3,-M
-i,uuu, or z.i, per cent, during April. At
the same time deposits in these banks
increased from $1,114,01)2,000 to $1,152,
807,000, or 3.5 per cent, and they were able
to reduce their borrowings from the fed- i
eral reserve bank from $22,S:.1,00, to $14,
6i2,000, or 3.5.2 per cent. Borrowings of
all member banks from the federal reserve
bank declined from . $49,025,000 to $43,279,
000, or 11.7 per cent in the four-wee'k
period ended May 10.
"April was a month of little or no Im
provement In retail and wholesale trade.
A decline of 1.3 per cent In the value of
sales at retail compared with sales in
April, 1021, was reported, notwithstanding
the Pact that Easter buying was included
in March sales last year a.nd in April sales
tnis year. In eight of the 10 reporting
lines of wholesale trade the value, and
probably the physical volume, of sales was
less in April. 11)22, than in April, 1021.
The exceptions were agricultural Imple
ments and hardware.
"Building permits Issued during April
give further evidence of exceptional ac
tivity in construction and building. Per
mits issued were lli.5 per cent greater in
number and 51.6 per cent greater in value
than in April, 1H21, and were approxi
mately equal to the permits Issued in the
record month of March, 1022. The volume
Of business transacted In the district, as
reflected in reports of debits to Individual
aacunts in 20 principal cities was prac
tieany the same in April, 1U22, as in
March, 1922. and April, 1021. The num.
her and liability of business failures, al
though large, was less than in the previ
ous month.
"Employment In the district is Increas
ing rapidly as industrial activity in
creases and seasonal farm and construction
worli Is begun."
"
In an Interview given out a few days
go in Salt L,aKe uuy Judge Kobert S.
Lovett, chairman of the board of directors
of the Union Pacific system, attacked taxa
tion and blamed high tax levies for the
present business condition. His statement
follows:
"Business generally throughout ' the
country is, I believe. Improving, but as re
flected by railroad traffic, the rate of im
provement is Very slow. I believe, how
ever, that it will be practically continuous.
though certainly wlthout any boom, at
least until crops are made and moved.
"The greatest damper upon- business re
vival and the greatest menace to the re
turn of prosperity in this country is taxa-
tion. I am sure people generally do not ;
realize the seriousness of this aspect of the
situation. Business is carried on for prof
it; men undertake new enterprises, employ
labor and take the risks, tor profit; it is
largely the surplus wealth of the rich, in
vested in enterprises carried on by others.
that affords most employment for labor
outside of agriculture.
"Income surtaxes which take half of
the profit a man makes, while leaving
him to suffer the loss alone, has taken
the heart out of many of the men who
have hitherto created the country's busi
ness. A man generally risks his whole
fortune when he engages in business and
therefore he has had a notion that he is
entitled to most of the profit. Younger
men who have hoped by great energy,
new enterprise and initiative to accumu
late a fortune see that possibility dwin
dling as excessive surtaxes become a fixed
policy of the government.
"Then, too, the processes of common
sense seem to be reversed In our basis of
taxation. Instead of a premium on enter
prise and industry by a lower tax on
earned than invested income. Just the op
posite is the law. A salary or a profit
made by personal effort Is taxed the max
imum rate under the provision for sur
taxes, while capital escapes the tax alto
gether by being Invested In municipal
securities. The result Is not only a sense
of injustice suffered and discouragement
In the Individual relying upon his own
efforts, but an orgy of recklessness and
extravagance in municipal expenditures
unparalleled In history to supply bonds
for tax-exempt investment of capital.
These huge sums are not only going into
tax-exempt securities, shifting the burden
of taxation to Industry, but are being
withdrawn from Investment in Industrial
enterprises of all sorts that employ labor,
and in the. building of homes for housing
the people.
"Railroads are feeling K even more
heavily; and of course this means that it
must eventually be borne by the country's
business. The total taxes paid by the
Union Pacifio system ien years ago that
i. for the year 1911 amounted to 4,ibi,-
C98. while the taxes paid for 1821 were
$12,536,073. Of this latter amount 3,S3U,
376 was paid to the federal government
whereas only S274.1G8 federal taxes were
paid ten years ago; and of coarse there is
room for saying that this should be ex
cluded from the comparison, because It
was. In effect, a war tax. But exc.uding
this federal taxation, the state and other
nnlctnal taxes alone. In no wise charge
able to the war, Increased in ten years
from 3,90B.8S8 in 1811 to iS.TWO.Mi in
1921 or 123 per cent
In building or planning to bulla a rail
road the Inquiry of prime Importance has
always been, how much will it earn net
per mile to meet fixed charges- 7 mat is,
to pay Interest on the money required to
bnlld It $1000, (2000, J 3000 or more per
mlleT Expectation of net earnings of
J3OO0 per mile, which Is equal to 6 per
cent en $40,000 per mile. Is probably more
than was counted on in the original plans
for most of the railway mileage built in
this country."
LITVINOFF GIVES VIEWS
PACT . AGAINST SEPARATE
AGREEMENTS RESENTED.
Soviet's Salvation Iiies In Individ
ual Dealings, According to
Belief of Delegate.
BT SAMUEL SPEWACK.
(Copyright by the New York 'World.
Published by Arrangement.)
BERLIN, May 28., (Special wire
less.) "If America acts at The
Hague In the manner suggested by
Secretary of State Hughes' recent
threats, she will Ilay an even more
unfortunate role than France at
Genoa.
"If it la true .that' the allies, as
rumor reports, agreed not to make
separate agreements with us on ques
tions arising before the Hague, in
sisted upon, we understand, by Amer
ica then Russia reserves the right
to revise her attitude as to partici
pation at. The Hague."
The two statements are taken from
the pronouncements of Maxim Litvln
off ot tho soviet Genoa delegation as
given In official statements to the
Moscow press.
Influence With Lenin Known,
The importance of his view lies in
the fact that although he did not do
much talking at Genoa, he Is known
to have undisputed influence with
Premier Lenin. Furthermore, Lit
vinoff does not hide the fact that he
believes, as most bolshevists always
have, Russia's salvation lies in sep
arate agreements. s
"The Hague will begin where Genoa
left off," he said, reviewing the
course of the latter conference.
"There the real question of what fi
nancial aid the west can give begins."
Litvinoff was on the whole dis
satisfied with Genoa and his remarks
reflect reports that the Moscow soviet
places little faith in The Hague. "
Krassin Has Another Theory.
Leonid Krassin, minister of trade
and commerce, is the only Russian
delegate who believes his country got
anything more than the German
treaty out of the long negotiations,
I am informed. Krassin, as the busi
ness man of the group, is more amen
able to capitalistic negotiations. On
this account he and Litvinoff are not
working harmoniously and there have
been reports of a definite break be
tween them. However, these personal
differencs have not yet led to an open
quarrel.
STUDENT HEADS CONFER
Drastic Change in Intercollegiate
Debate Is Advocated.
. OREGON AGRICULTURAL COL
LEGE, Corvallis,.May 28. (Special.
Student body presidents from many
ot the universities and colleges of the
northwest are holding intensive ses
sions in conference here.
A drastic change in intercollegiate
debate is advocated by many of the
delegates. Under the proposed plan
nresent dav tODics onlv would be dis
cussed, and groups of students would
be on the platform instead of onlv
be on the platform instead of only
two or three persons.
Means of building up strong student
loan funds were discussed.
Executive officers present are W.
Long of Pacific college, F. F. Foster
of Reed college, L. F. Hersey of the
University of Idaho, Harvey Locke of
Llnfield college, R. A. Brady of Reed
college, D. W. Evans of Stanford uni
versity, H. S. Little of the University
of Oregon, M. G. Enslow of Washing
ton State college, Bruce white of
Willamette university and John Mac
gregor of the University of Oregon.
J. B. Alexander of Corvallis, Bern
hardt Wagner of Portland, Harold
Readen of Portland and Earl Price
of Santa Ana, Cal., are the men rep
resenting the Oregon Agricultural col
lege.
La Grande Graduates 52.
LA GRANDE, Or., May 28. (Spe
cial.) At the commencement exer
cises of the La Grande high school
52 pupils were graduated. President
P. L. Campbell of the University of
Oregon delivered the commencement
address. The honor pupils were
Howard Jean Taylor, Alfred Louis
Meyers, Douglas Kline, Percy Har
old McGaughey, Audrey Scarborough
Hare, Asabel Brook Colt and Dorothy
Eleanor McGaughey.
Wheeler Folk to Attend.
FOSSIL, Or., May 28. (Special.)
Wheeler county will be well repre
sented at Canyon City June 8, 9 and
10, when the Canyon City Commercial
club, known as the "Whisky Gulch
Gang," will stage the celebration
commemorating the discovery of gold
on Canyon creek.
Read The Oregonian classified ads.
OFFERINGS OF BONDS.
ARE UNDER AVERAGE
Issues During Week Only
About $70,000,000.
PRICE . CHANGES SMALL
Liberties Are Strong, With Fairly
Heavy Turnovers; Railroad
Blocks Are Leaders.
NEW TORK, May 28. Public offerings
of now bond issues last week again fell
below the $100,000,000 average maintained
since the first of the year, the week's of
ferings totaling approximately $70,000,000.
While there was a slight stiffening of
money rates, the decrease is attributed to
the desire of banking ana investment
houses to let the market get settled pre
paratory to sonie heavy railroad and indus
trial financing which is now under way. -
There were few substantial changes in
bond prices last week quotations gener
ally moving irregularly within narrow lim
its. Liberty issues were strong, the 3&s
and several of the 4is selling at par or
hetter on fairlv heavy turnovers. The
strongest features were among the rail
road issues, including convertioie, income
and refunding mortgage bonds of such
roads as Brie, New Haven, Texas & Pa
cific, Chicago & Alton, St. Louis & San
Francisco, Lake Erie & Western, Pere
Marquette, Wheeling & Lake Erie, Chicago
Great Western, Colorado Southern and the
St. Paula
Utilities Bonds Featured.
Public utilities bonds featured the new
issues, six blocks of those bonds totaling
(58,571,000, being offered at prices to yield
from 5.17 to 6.75 per cent- Chief of these
was the (35,000.000 5 per cent issue of the
New England Telephone & Telegraph com
pany, which was three times over-subscribed
before tho boolts were opened.
These wfjre offered at WVa to yield 5.15
per cent, but they sold half a point above
the offering price on the second day.
Tho only -foreign bond issue last week
was that of the United Steamship lines,
which disposed of $5,000,000 in 6 per cent
bonds to a syndicate which offered them
at 9514 to yield 6hi per cent. However,
several foreign Issues were In prospect.
South Americans Seek Loans.
While several South American countries
are in the market for loans, they recently
have shown a disposition to seek tenders
in London, where hankers are reported to
be offering them better rates than they can
obtain here. Argentine and Peru are two
of the countries reported to be negotiating
In the London market.
Among the large offerings last week
were $12,471,000 Utah Light & Traction
company's first and refunding mortgage
22-year 6s offered at 91 to yield 5.70 per
cent; $6,000,000 Brooklyn Union Gas com
pany's first lien and refunding mortgage
25-year 6s offered at 105 to yield 5;
$1,750,000 Columbia Sugar company's first
mortgage sinking 10-year 7s offered at
par to yield 714 and $2,344,000 Chicago,
Rock Island & Pacific Railroad company
1 to 13-year 6 per cent equipment trust
notes ottered to yield rrom o.io to o.iu
per cent There wore also 20 municipal
offerings ranging from $280,000 to $800,000
at prices to yield from 4.15 to 5.376 per
cent.
New York Bonds.
NEW YORK, May 28. Following are
'ast week's high, low and closing prices of
bonds on the New To'rk Stock Exchange
and the week's tstal sales o( each bond
in $1000:
U. S. bonds
Sales. High. Low. 'Jlose.
Liberty 34s ...,.8185 100.06 69.70 99.96
Liberty 1st -4s 9 99.9B 99.50 99.S0
Liberty 2d 4s .... 41 99.78 99.60 99.74
Liberty 1st 4 Vis. . .1155 100.00 99.02 99.90
Liberty -2d 4s .. 617 99.96 99.70 99.84
Liberty 3d 44s ..4400 99.98 99 92 99.94
Liberty 4th 414s.. 8999 1O0.06 99.86 9.94
Victory 4s S617 100.7O 100.50 100.60
Victory 3s 1187 102.00 100.00 100.00
Foreign govt , state and municipal
Argentine 7s ...... 200 100 100 100?J
Chinese Govt By 5s. 32 5414- 53 53
City of Bergen 8s.. 19 111 110 ill
City of Berne 8s 6-1 113 11214 113
City of Bord 6s 102 8714 Stili 87
City of Chris 8s .... 8 110 110 110
City of Copen 5Vis.. 119 93 91 9214
City of Lyons 6s ... 75 8714 8614 86
City of Mars 6s ... . 75 8714 &61i 87.
City of Rio de J 8s. 73 10414 103 103 (i
City of San Paulo 8s 93 104 103 103
City of Tokio os ... 64 71 71 rl
City of Zurich 8s... 14 113 112 112
Danish Mun 8s A... 15 111 9414 110
Dept of Seine Is 269 9414 93 9314
Dom of Can 514
notes, 1929 ...... 104 100 100 100
do 6s, 1931 79 984 11814 98
Dutch E I 6s, 1947. . 314 96 9514 95
Dutch E I 6s, 1962.. 484 96VS 95 95
French Rep 8s 247 104 103 103
do 714s 500 101 10114 10114
Jap 1st 4V4s 100 81 90 91
do 4s 245 77V4 76 76
King Belgium 714s. . 79 1081a lorvj lota's
dO OS 14 lUZ-ft IOZ'4 lOZ'A
King Denmark 6s.. 262 99 98 8S
Kingdom Italy 6"As 44 Utt 4 !
K Netherlands 6s.., 718 97 90 97
K.mg Norway as.... 24 lll liv't liofc
King Sweden 8s....' 123 10214 101 101
Paris-Lyons-M 6s... 451 83 81 82
Rep Chile 8, 1946.. 47 1 05 104 100
Rep Cuba 5s, 1904.. 1 90 90 90
Rep Uruguay 8s.... 46 108 108 108
Queensland 7s 16 111 11014 110
do s 54 102 101 101 ;
Rio Gr de Sul 8s... 411 102 101 101
Swiss Confed 8s 117 118 117 118
G B & I 5s, 1822.. 338 108 108 108
do 1929 380 108 108 108
do 1937 425 102 102 loan
TJ S of Brazil 8s 475 105 103 105
U S of Mexico 5s... 200 67 65 66
do 4s 121 57 55 56
Railway and miscellaneous bonds
Adams Express 4s.. 4 76 7(i 76
Ajar Rubber 8s 20 102 102 102
Am Agr Chem 7s 59 103 102 102
Am Smelting 5s 88 93 92 93
Am Sugar 6s 417 100 100 100
Am Tel & Tel cv os. 86 llo 115 115
do 'col tr 5s...... 150 97 97 97
Am Writ Pap 7s... 28 88 87 88
Armour & Co -4s.. 56 90 88 89
A T & S F gen 4s.. 155 89 88 88
do adj 4s 1 II 84 84
Atl C L 1st con 4s. 21 89 88 88
Atl Refining 6s... 50 103 103 103
B & O 6s 212 10W 99 99
do cv 4s 341 83 81 82
Bell Tel of Pa 7s.. 55 107 107 107
Beth Steel Ref 6s..
do p m 5s
Braden Copper 6s.,
Bklyn Ed gen 7s D.
B R T 7s ctfs stpd.
Cal Gas & Elec 6s.-.
Can Northern 6s.
Can Pacific deb 4s..
Cent of Georgia 6s.
Central Leather 5s.
Central N Eng 4s..
Cent Pacific gtd 4s.
Cerro de Pasco 8s..
C & O cv 5s
21- 95 94 95
65 93 92 92
26 9 - 98 98
24 107 107 - 107
28 81 80 81
49 96 95 95
76 112 111 111
ZU3 iVk S
3 99 99
42 97 97
22" 66 66
45 87 86
244 124 120
401 94 93
99
97
66
87
123
84
87
99
80
61
71
dp cv 4s
87
98
80
60
70
65
C B & Q ref 5s A.. 263 99
u & & l os 2lil
Chi Gt Western 4s. 107 62
C H ft St P cv 4s. 277 72
do ref 4s 331 67
6
Chi & Northwest 7s 8 106 106 108
C & N W 6s 14 109 109 109 V.
Chi Rys 5s 79 83 82 82
u k i & r gen s. . . o 4
do ret 4s 193 82
C ft W Ind 4s. i 61 74
C C C & St L gen 4s. 16 81
Chile Cooper 7s 230 107
Chile Copper 6s 350 92 ,
Colo Ind 5s 33 79
82 83
si 01
73 74
80 1
106 106
.81 91
77 77
87 87 41
Colo & Sou ref 4s 8 87
Col Gas ft Elec 5s.
-is 0,1 9o ar
73 88 87 S7
97 117 116 117
90 83 84 85
54 85 S31.-'. 85
11 103 102 103
18 103 105 105 V.
27 97 96 97
18 82 82 82
6 62 61 61
60 103 102 102
56 84 83 83
14 108 107 10S
23. 44 43 44
227 108 107 107
Cons C of Md os...
Con Gas 7s
Cuba C Sugar deb 8s
do deb 7s
Cuba R R 7s A. .
Cuban Am Sugar 8s
u & Hudson cv os..
P & R G imp 5s...
P M & Ft D 4s
Dt Edison ref 6s...
Dt United Rys 4.T.
Diamond Mat 7s
Distillers Sec 5s....
DuPont de Ne 7
Duquesne Lisht 6s. 104 103 lOs 108
Erie gen 4a 526 56 H 54 5.1
do pr lien 4 102 6514 M 64
Fiste Rubber 8a.... 17 1001 100 10
Framarican I D 7s 161 9!l'.4 98 54 88
uai n is a. os...... a w Hi PS US
Gen Elec deb 5s 10 lfll'i 100 101
Goodyear T 8s, 1931 200 103 (4 102 V4 102 ?4
do 191 68 116 115 11574
Gr Tr Ry of Can 73. 28 112 11254 112i
do 6a 97 1041A 111.114 1ox4t
Great Northern 7s A 2SS 109 108 109
do 5V6s B 260 10054 100 100
Hud & Man ref 5s A Hlfl 83 54 S3 54 3 5s
do adj inc 5a 308 64. 6S54- 635i
Illinois Central Sa 41 10154 101 KM
d(ref 4s 8, 87 86 87
111 Steel deb 454s... 13 91 14 91 91,
Indiana Steel 5s.... 22 10054 99 99
Inter Agric 5s..;... 24 7954 79 79
Inter-Metropo 454s.. 200 1G 15 15
do 454 ctfa ...1331 1754 15 16 j
Inter R Tran ref 5s. 934 71 54 70 70 '
Inter Merc M s f 63 240 98 54 97 07 5
Interna Pa ref 5a B 162 87 85 87
Invincible Oil 8s..., 52 98 86 98
Iowa Central ref 4a 26 48 46 46
K C Ft S & Mem 4s 22 79 78 78
Kan C Southern 5s. 38 8Slj 87 87
Keily-Spgfld Tire 8s 87 108 107 108
WICK citeel OS, 1923. 33 99
do 1950 41 91
Lac G of St L 1st 5s 12 92
L S & M S d 4s, 1928 26 94
do 1931 58 92
Lehigh Valley 6a... 14 102
Liggett & Myers 5s. 17 97
Lorillard 5s 38 BRiA
90
91
98
92
80
82
83
92
95
95
97
96
Louis & N ref 5s. 101 103 103 103
L & N unified 4s.. 16 91 89 90
Market St Ry con Ss 160 00 80 90
Marland Oil 8s 29 100 87 100
Mex Pet 8s 42 107 106 107
Mich Cent deb 4s.. 38 90 89 0
Mich St Tel 1st 6s.. 24 88 8 88,
miuvaie steel cv ss. 186 1 90 81
M & St L ref 5s... 20 48 47 47
MStP&SSM6s 30 102 102 102
M K & T new prior
lien 6s A.... 81 84 83 83
do new adj lis A.. 848 68 . 67 67
do 1st 5s 35 82 91 P2
Mo Pac ref 5s, 1923 43 100 100 100
do gen 4s 503 65 63 64
Mont Power 5s A.. 362 97 86 86
Morris & Co 1st 4s 18 87 87 87
N C ft St L con 6s.. 1 100 100 100
National Tube 5s... 1 99 99 99
N O Tex & Mex 5s. 84 71 70 70
NYC cot 7s 68 106 105 106
do deb 6s 804 103 102 103
do con 4s 19 83 82 83
NW C '& StL deb 4s 14 84 8"4 84
N T Edison ref 6s 107 110 100 109
N Y N H & H cv 6s.
1948 84 84 81 81
do deb 4s, 1957.. 18 57 65 55
N Y O & W ref 4s.. 10 76 74 75
N Y RyB ref 4s ctts. 30 41 39 41
N Y Tel deb 6s. 1949 37 105 105 105
do ref 6s. 1941... 134 105 104 105
N Y W & B 4s... 168 68 67 57
Norf & South 5s A. 13 68 67 67
do cv s 120 109 108 108
Norf & W con 4s.,. 80 87 87 87
Nor Pac pf lien 4s. . 59 87 86 86
do gen 3s 49 62 62 62
N P-U-t N jnt 6s..l231 105 105 105
Nor S P ref 5s A.. 14 92 91 91
N W Bell Tel 7s.. 117 107 106 106
Ore & Cal 1st 5 10 99 99 99
O S L gtd 5s ctfs. . S 102 101 1-02
do ref 4s 09 81 91 91
O W R R ft N 4s.. 103 82 81 81
Otis Steel 8s A 21 102 102 102
P-ao Gas & Eleo 5s 50 92 91 91
"-C T & T 5s 31 87 !)fi fl7
Pack Mo Car 8s... 66 107 107 107
Pan-Am P & T 7s.. 39 100 100
Penna R R 6s... 114 109 109
100
109
9
91
96
32
101
96
102
85
85
79
81
87
79
69
72
78
82
' 77
69
27
42
89
104
99
95
90
do gen 5s 134 100 99
do gen 4s
161 81 90
18 97 86
52 B2 30
15 101 100
18 97 96
33 103 102
104 85 84
Pere Mar ref 5s...
P- & East Inc 4s. ..
Pierce Oil deb Ss. ..
'C C4St L 5l A..
Pro & Ref 8s ....
Reading gen 4s
Rep I ft S col 5s. ..
Rio G & W 1st 4s. .
It 1 A ft Ia 4 'As. .
St L I Mt &S ref 4s.
S L & S F adj 6s. . .
do inc 6s
12 95
14 BO
74 81
50 7
357 80
375 70
95
81
87
79
68
72
78'
81
77
68
25
43
98
104
99
95
80
87
82
99
5
66
do pr lien 4s A. . 263
StttSW 1st 4s. . 6
S P & K C 8 L 4s 12
S A ft A P 1st 4s .. 13
Seaboard A L con 6s S26
do ad 5s.. - 154
do ref 4s 185
Ph St Hoop 8 A . . 46
72
78
82
77
61
28
48
Sinclair Oil cv 7s. 311 105
do col 7s 271 89
Southern Bell Tel 5s 95
Southern Pac cv 4s. 183 91
do ref 4s 232 88
do col tr 4s . 64 83 82 83
South Ry gen 6 3.. 328 99 99 99
do con 5s 149 95 96 95
do gen 4s 272 67 66 66
o Porto Rico Ru 7t 27 99 99 99
St Oil of Cal deb 7s. 68 106 104 105
Tex & Pao 1st Ss... U 96 95 86
Third Avenue adj 5s 114 62 60 61
do ref 4s 4i 65 64 64
Tide Oils 6s ctfs. 38 103 102 102
Tobacco Products 7s 19 103 102 102
Union Pac 1st 4s .. . 146 41 91 91
do cv 4s 50 84 94 94
do ref 4s 95 86 88 86
TTnton Tank Car 7s. 43 103 103 103
O H I 7st 5s. Pitts. .39 87 86 87
U S Realty 5s 25 97 96 97
U S Rubber 7s SO 108 107 108
do 5s 148 90 89 90
H S Steel s f 5s ... 170 101 101 101
Utah P & L 5s 62 93 91 91
Va-Car Chem 7s.. 470 105 105 105
do 1st 5s 185 100 99 100
Va Ry 5s , 138 96 95 95
Wabash 1st 5s 8 98 97 97
Western Eleotrlc 5s. 14 100 100 100
West Md 1st 4s..
48 65 64 64
13 87 87 87
28 109 109 109
90 107 107 107
7 68 67 67
27 1 00 99' 99
est Pac 5s ......
West Union 6s. ..
Westing Elec 7s...
W ft L B 4s
Wlskwlre-S S 7s..
Wilson & Co s f 7s. 155 105 104 104
do cv 6s..... 45 94 91 91
Wis Cen gen 4s 10 80 79 80
Dom Can 1952 W J. 207 1 00 100 100
Czecho-Sio 8s ctfs.. 120 98 97 7
Total sales of bonds for the week were
$83,9S7,000.
KLAMATH BUYSX STOCK
10,000 Head Imported to Build
' Up Industry.
KLAMATH FALLS, Or., May 28.
(Special.) To build up the livestock
industry of Klamath county, which
was practically hindered during the
war, prominent cattlemen of Klamath
county are shipping in 1 9,0-00 head of
beef cattle to be distributed over a
number of ranches.
D. L. McLemore, prominent cattle
man of Oakland, Cal., and S. C. Miller
of P.oseburg are two of the largest
shippers -and a number of Klamath
county ranchers are bringing in small
herds.
College Editors Appointed.
WASHINGTON STATE COLLEGE,
Pullman, May 28. (Special.) De
partmental editors and the greater
personnel of the Chinook, of 1924, next
years annual, were announced yester
day by Walt Irvine of Seattle, editor
of the book, as follows: Grace Troy,
Pullman, assistant editor; departmen
tal heads Lelia May Demers, Eureka,
Mont.; Leila Mason, Harold Zent, Spo
kane; Howard Burnham. Morris Swan.
Vancouver: Howard Morris, Joy Bar
clay, Pullman; Thad Byrne, Seattle;
Swindel Mitchell, Emma Francis
Howard, Colfax; Mildred Norton,
Walla Walla; Rex Turner. Yakima;
Nelson Wilson, Sandpoint, Idaho. The
staff is already at work perfecting
plans for a bigger annual than here
tofore. Academy to Graduate Three.
PENDLETON, Or'., May 28. (Spe
cial.) The thirty-fifth annual com
mencement exercises of SL Joseph's
academy will be held in this city
June 9, when diplomas will be pre
sented to Miss Hazel Meurer, Miss
Elizabeth Roden and Miss Mary York,
in the Latin-scientific course. For
the first time in the history of the
academy the exercises will be held
n the academy. Bishop McGrath will
present the diplomas. Miss Meurer
is valedictorian.
Iodge Elects Officers.
FOSSIL, Or., May ,28. (Special.)
Blue Mountain Rebekah lodge No. 68,
at us regular meeting last week,
elected the following officers: Mrs.
Maud Portwood, noble grand; Mrs.
Jennie Wright, vice grand; Mrs. "Mat
tie Johnson, secretary; Mrs. Alice
Iremonger, treasurer. Mrs. Thurman
Van Horn is the delegate who went
to the etate assembly at Eugene.
Minister Goes to Lakeview.
KALAMA, Wash.,- May 28. (Spe
cial.) Rev. L. D. Cook, for two years
pastor of Kalama's Methodist church,
will leave for Lakeview, Or., where
he will take up the work there, hav
ing resigned his pastorate here. Mr.
Cook ha3 been an active member and
secretary of the- Kalama Business
Men's organization.
Phone your want ads to The Ore-
gonian. Main 7070. Automatic 560-95.
ACHIEVEMENT
A Bank Balance built up by careful economy and
self-denial will give you greater satisfaction than
an equal sum secured without difficulty or exertion.
The advantages of such a reserve are worth a
' genuine effort. .. '
We welcome accounts, small or large, ;
The Canadian Bank of Commerce
Portland Branch - Fourth and Stark Streets
EXPORT DEI1S
FOR LUMBER QUIET
Japanese Trade Shows
Signs of Recovery.
No
DOMESTIC TRADE IS BIG
Northwest Mills Get Large Orders
From Industrial Centers and
Farmers Begin to Buy.
The one discouraging element of
the lumber situation today is found
in the fact that the export demand is
not keeping pace with the buying
from domestic sburces. For the past
few weeks the demands from Japan
have declined materially, . and no
symptoms of recovery were seen in
the last few days.
For large capacity cargo mills
this is a grave situation. In a com
paratively short time, unless this de
mand revives, it means the diversion
of shipments to the rail trade and
the consequent neutralization of
some of the advantage gained in that
direction, and perhaps a strain on
the car supply.
Export Revival Expected.
There are those firm in the belief
that in a' short time the export trade
will come back. Many manufactur
ers are excedingly doubtful about the
reports of financial difficulties in
Japan. From time to time rumors
are passed about that Japan is suf
fering a tense financial condition,
but today there are few countries
in the world, excepting the United
States, that are in better financial
condition than Japan, it is declared.
Big building programmes have
been announced in the Orient. Lum
ber will be needed to carry these to a
conclusion and the United States is
the only country that can now supply
the materials. Some are of the opln-
ion that in a short time Japan will
be demanding more lumber than ever j
before. j
Domestic Trade Big. '
As regards the domestic situation,
it can best be told through excerpts J
from a letter of a Loyal Legion cor- j
respondent:
"Trade Is big," reads the letter.
"While off-shore business has be.en
light for- the las-t two or three weeks,
and California is a little dull, there
is an immense number of inquiries
coming In from California, and we
think that the slackness there is
only temporary. San Francisco is
taking on a building campaign which
bids fair to equal those of eastern
cities. The Atlantic coast Inquiry is
very large and the middle west is
buying freely. It looks as though
there is going to be a big demand
for everything that we can cut.
Prices are advancing, especially on
common dimension."
Retail Yards Buying;.
According to reports of the Loyal
Legion demands from the retail
yards of the 'country have continued
to be the predominating features of
the lumber market during the past
week. Much of this buying is com
ing from the farmer, who, ' until
prices for farm products -materially
advanced, was putting' aside build
ing plans. The buying of the farmer
Jb not as dependable, however, as is
that of the cities. Lumber demands
from the agricultural districts are
entirely dependent upon crops anal
are apt to fluctuate with the prices
of these. The agricultural outlook
throughout the country Is promising,
according to reports gathered from
all sources, and it is evident that
demands for lumber from the agri
cultural districts will be greater this
fall than they now are. These de
mands will be for common grades
of lumber.
Demands for Commons Good.
At the present time there is a big
demand for lumber commons, due to
the fact that these grades are going
into the frames of dwellings and
buildings being constructed through
out the country. After a time the
demands for commons from the cities
will decline, and by that time the
farmer will be ready to increase his
purchases.
Some lumbermen now hold that in
a short time there will be an even
greater demand for upper - grade
lumber. The houses put under con
struction early in the spring are now
ready for finishing, and this will
bring a big outlet for the best grades.
Some go so far as to "predict that the
demands for uppers will soon be
greater than it ever was before.
'. Rate Cot Is HelpfnI.
The reduction in freight rates an
nounced last week through a deci
sion of the interstate commerce com
mission will have a good effect upon
the lumber business. For a long time
middle-western purchasers have hesi
tated to purchase materials here and
throughout the northwest due to the
high freight rates demanded by the
railroads. The reductions on lumber
will be approximately 10 per cent.
Loyal Legion correspondents point
out that these reductions are to be
from peak points. Rates that have
teen previously lowered are not af
fected. As rate reductions already
in effect apply mostly to territories
east of Chicago, those markets prob
ably will not be influenced. From
the Minnesota line ' west, however,
distinct relief will be given by new
rate levels. The Loyal Legion is
warning its members not to expect
market advantages from these points
too soon, and predict that there is a
possibility for the present buying to
be affected. This would be brought
about through the retailers holding
off buying until the new rates go into
effect. -
Sooth Protests Reports.
The Southern Pine association,
through 'its information service, is
taking exception to the stories that
have been going around that the tim
ber of the south is to be exhausted
within a few short years. A letter
from the association points out that
"southern pine forests are found in
the South Atlantic states and gulf
states and stretch in an almost un
broken belt from Virginia to Texas."
In 1918, according to the informa
tion received, the available supply of
southern pine was 260,000,000,000
feet. Since that year 30,000,000,000
feet have been cut, thus leaving 230,-
000,000,000 still in the. timber. It is
claimed that this supply will last for
a period of at least 20 years.
Operations Moved West,
Lumbermen do not dispute the fig
ures supplied by the Southern Pine
association, but they point to the fact
that many of the big companies, of
the south have practically exhausted
their holdings and are unable to buy
more. They must turn, then to the
Pacific coast and the northwest and
here purchase timber with which to
continue operations.
The big timbered areas of the south
today are in the hands of a limited
number of concerns. They will con
tinue to remain in those hands and
the lumber will be taken out as the
owners see fit. When a small or large
company exhausts its available sup
ply of timber, it finds itself con
fronted with the problem of either
getting out of the south and moving
west for new properties, or getting
out of business:
Ml AREA TO BE STUDIED
REGIOX IS STORAGE BATTERY
OF STORMS AND CALMS.
Amundsen Expedition to Flash
Daily Reports on AeriaJ Condi
tions to Washington.
SEATTLE, Wash.. May 28. (By the
Associated Press.) A new region
termed a veritable storage battery of
storms and cairns, will be opened to
investigation by Uncle Sam's weather
man when Captain Roald Amundsen's
arctic scientific expedition begins its
long eastward drift with the polar
ice pack during the coming summer.
Complete meteorological reports, in
eluding temperatures, barometric pres
sures and wind and moisture data,
will be flashed to Washington dally
by wireless for the benefit of the
forecasters, the explorer announced.
Captain Amundsen, who is per
sonally supervising the outfitting of
his ship, the Maude, -for the five-year
arctic drift, last week reluctantly
parted with his garden of grasses and
flowers, transplanted to the Maude
two years ago from a bleak bit of
the farthest north coast of Asia and
which, although they have withstood
temperatures of from 60 to. 70 de
grees below zero, have thrived and
grown larger. The garden will be
sent to Norway, there to await the
return ofthe expedition from the polar
fastnesses.
Outfitting of the Maude is prac
tically complete and the vessel pre
pared to sail from Seattle June 1
on the first stretch of the voyage.
Captain Amundsen was much en
couraged a few days ago to receive
from Nome, Alaska, word that the
winter has been the mildest in more
than 20 years,- insuring him a pas
sage free from ice to Wrangell
island, off the Siberian coast. There
the vessel will "freeze in" with the
eastward drifting pack.
When the Maude sails from Seat
tle members of the expedition will
be- garbed in the clothing ordinarily
worn in the mid-latitudes. At Wran
gell island they wiH be outfitted
with complete sets of fur clothing,
made during the past winter by
Charles Carpendale, lone Siberian
trader, with whom Captain" Amund
sen placed the order more than a
year ago.
NEW WHEAT CONTRACTED
Xearly Fifth of Estimated Umatilla
Tield Sold at $1 a Bushel.
.. PENDLETON, Or., May 28. (Spe
cial.) Nearly one-fifth of the esti
mated 5,000,000-bushel wheat crop of
Umatilla' county has been contracted
for the flat price of $1 a bushel for
delivery at harvest time, according
to grain men of this city.
The amount under contract is about
the -same as had been sold at this
time last year, according to H. W.
Collins, local grain man, and the price
is the same as was given last year on
early contracts. The .wheat contract
ed is to be sacked.
Just now crop conditions over Uma
tilla county as a whole are not quite
as good as those of last year, but
farmers and grain men think that if
favorable weather continues until
harvest time last year's crop produc
tion may be surpassed. Rain of this
week has been a material help.
GROWERS GET RETURNS
3 00,000 Boxes of Hood River Ap
ples Average-51.452.
HOOD RIVER, Or., May 28. (Spe
cial.) Walter Woolpert, sales man
ager of Dan Wuille & Co., London,
apple shipping concern, northwestern
headquarters of which are located
here, says final returns have been
made to growers. The average on
300,000 boxes of apples handled from
various Oregon and Washington dis
tricts was $1,452. About 4 per cent
of the apples were exported to Eng
land, the export average reaching
$1.55.
Mr. Woolpert will leave this week
for eastern commercial apple centers
to make a personal survey of condi
tions. He will also visit various east-,
ern distributing points and endeavor
to instill interest among buyers In
the Seattle convention of- the Inter
national Apple Shippers' association
to be held in late July.
Hardware Dealer Goes to Yakima.
WHITE SALMON, Wash., May 28.
(Special.) W. H. Dean, pioneer
booster of this section, who recently
sold his interest in the White Salmon
Hardware company, left here with his
family on Friday for lakima, where
Heals and Berth Included.
STEAMSHIP
"SENATOR"
Sailn from Mimlrtiml dork No.
Saturday, June 3, 4 F. M.
For -SAX
FRANCISCO
LOS ANGELES
SA" Dlf.l.O
Sailings every Saturday
. thereafter.
ROUND TRIP
. 1. , II.'IU.' ........
Ban Francisco $.10.00
Los Anreles .....S74.00
San Dlero ....$81.50
TICKET OFFICE
101 3D ST.. COR. STARK.
FBONE BROADWAY 6481.
AUSTRALIA
NEW ZEALAND AND SOUTH SEAS
Vin Tahiti and Ruratonsm. Mall and
passenger aervlce from San Francisco
every 28 daya.
Pacifio Tour, South Scan, Neiv Zea
land, Australia, S525 First Clans.
C-MO. S. S. CO. OF NEW ZEALAND
230 California St San Francisco, or
local steatnwlilu und railroad amende.
MORRIS BROTHERS C0RP0MTI0N
We Offer Subject to Prior Sale and Change In Price
$51,600 CITY OF
WENATCHEE
WASHINGTON
6'2 IMPROVEMENT BONDS
TO yield ey4
Dated June 1. 1922
Optional
Estimated maturities in amounts from $4200 to $4400,
June 1, 1923, to June 1, 1934, at prices to yield 6
DESTOMIJIATIOXt 200
Learnl Investments for Banks, Trust Funds and Estates
EXEMPT FROM ALL FEDERAL INCOME TAX
Principal and annual interest payable at Wenatchee, Wash
ington or at the headquarters of Morris Brothers
Corporation, Portland, Oregon.
- FINANCIAL STATEMENT
Assessed valuation, entire city $3,285,000
Real valuation, entire city 6,862.000
Assessed valuation, this district 363.945
Real valuation, this district 728,690
Population 7600
CITY OF WENATCHEE
Wenatchee, the county seat of Chelan county, Washington,
Is known as the "World's Apple Capital." It is one of the
largest and most prosperous cities in northwestern Wash
ington has three banks, with deposits of $5,870,000; situated
on the main line of the Great Northern railroad. During
1920 over $40,000,000 worth of products were shipped in and
out of Wenatchee.
. These bonds were issued for the construction of the South
End Sewer, serving 1000 residences in the
central part of the city.
Telegrraph or Telephone Orders at Our Expense
TELEPHONE BROADWAY 2151 v
MORRIS BROTHERS CORPORATION
Government and Municipal Bonds
morris building unrtlanfi frr.oor.Ti 309-11,
BROADWAY 2151 i Ul lltll 1(1,11 SAFE Dl
igHiiiflgMUiiiMDiiii
For a "Choice" Diversified Investment
An Oregon County Bond
Wallowa County 5 Road Bond, due 1937, to yield 4.80
An Oregon Gity Bond
Enterprise 6 Water Bonds, due 1930, optional after 1930, to
yield 5.25
- An Oregon Irr. Dist. Bond
Slide Municipal Irrigation District Bond, choice of maturities
from 1934 to 1937, to yield 6.25 '
A Northwest Bond
Carbon County, Utah, 5 School Bond, to yield 5
An Industrial Bond
Amalgamated Sugar Company 7 Closed Mortgage Bond, due
1937, to yield 7
A Utility Bond
Utah Light & Traction 5 Mort Bond, due 1944, to yield 5.70
A Canadian Provincial Bond
Province of Alberta S4 non-callable Bond, due 1952, to
yield 5.30
A Foreign Gov't Bond (Internal) -
Norway 6 Kroner Bond, to yield from 5.30 up to over 8.50
A Foreign Gov't Bond (External)
payable in U. S. currency. Dutch East Indies, 6 Bond, due
1962, to yield 6.20
Take Advantage of Present-Day Prices Call, Write or Phone
Muln 4105 tor RetterYatlons
2nd floor
SSa BANKBLDQ, PORTLAND
n r !t :1 11 1! ;; !;!' ! li r-J
ii it H
he will be associated with the firm of
Dan Wuille company, fruit growers.
Mr. Dean was for many years the
manager of the local Telephone com
pany, having built a great portion of
the rural telephope lines throughout
the White Salmon valley.
HERRIN k RHODES, lac.
EatabUnhed 1894.
STOCKS, BONDS,
COTTON, GRAIN
Correspondents E. F. RUTTON CO.. N. t.
Members all leading fxchane
Baboon's Service on File.
ASTORIA
Week-End Excursion Round Trip
$2,50
Good Over Decoration Day Returning Wednesday.
Good Friday, Saturday, Siiiidny-i-tteturning; Monday, for balance of
the Season.
STR. GEORGIANA
HOl'HS TO ASTORIA.
Leave Dully Except Friday, S A M. Connections ainde at Astoria
for Seaside and Gearhart.
Night Boats for North Beach
Dolly; Except Snturday, 7:30 P. M.
Alder Street Dock Broadway 6344
THE HARKINS TRANSPORTATION CO.
t S Between Portland. 31 e.. Boston. .New York. Phllaileluliia. Raltimnrc. fiN
Charleston, and San Dieao. Loa Anaeles. San FrajiciHeo- I,rt tiinii. bcuitt.lt,. :
ancouvsr, is. u.
KOBIB ATLANTIC WESTF.K 8. S. CO.
WEST 1501 ND
Portland. Me. Boston
. . naDssi
S. 8. Brush June IS June IS
ponaet P June ..
EASTIKHND
88. Cold Harbor June 3
8S. Blue Trltiiurl' June 14
SS. Deerfield June 1 I SS. Vabaah JuIt 19
Refrlg:eratoT Spaco)
iOl Third St. THE ADMIRAL LINE, Pacific Coast Agents. Rroadtvaj E4S1
Due June 1, 1934
June 1, 1923
STARK ST
DEPOSIT BOXES
G.E. MILLER
& COMPANY
NORTHWESTERN
rUM; M 1 1 -.i i; j :m: n imi ':
Western Bond &
Mortgage Co.
Investment Securities
United States Libetty Bfnd
issues. State. Counts, City,
School and foreign bonds, also
First Mortagres on improved
city and farm property.
LlNt of Current Offerings
L'pon Kequest
Ground Floor, Board of
Trade Bldg., Portland, Or.
i
New York Fhila. Baltimore Charleiton
tlune 3 June 10
June 20
Juno 17 June 26
FIvOll PORTLAND
SS. Artlciis Jnne 2
8S. l.ehich ...Inlr is
I