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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Aug. 21, 1922)
15 TIIE MORNING OREGOXIAX, 3IOXDAY, AUGUST ,21, 1922 LOIS REQUESTED BY MIT FARMERS Applications Made Rapidly to Joint Land Banks. ' BENEFITS ARE CITED C. C. Colt Kxplalns System by Which Money Can . Be Ob- " ta'ined for Long Periods. Applications for loans by farmers seeking relief from the pressure of short-term mortgages are being made- rapidly to tlhe joint stock land banks operating in Portland, ac cording to C. C. Colt, vice-presiden of the First National bank and one of the vice-presidents of the Pacific Coast Joint Stock Land bank of Portland. "The operation of the joint stock land banks is proving beneficial to the farmer." said Mr. Colt. "There are today JSOO.000,000 In mortgages on farms in Oregon and Washing ton. Most of these require the pay ment of an interest rate in excess of 6 per cent and their average time to run is five years. The renewals of these mortgages and loans are expensive, because the farmer is required to pay commission charges except through the joint stock land tanks. Banks' Profits Small. Under the rules laid down by the Brovernment tor the joint stock land banks profits are exceedingly small. They are, in fact, controlled by law. Bonds, secured by mortgages bear ing 6 per cent interest, are sold1 at 5 per cent by the joint atock land banks. The borrower pays no com mission charges for any loan ob tained from the joint stock land banks. While there is a 1 per cent spread between the interest rate on the mortgages and the rate on the bonds It really amounts to about one-half of 1 per cent in that loans are amortized so that at least one half is paid off in the first 15 years of the 33-year loan period. "The reason for the organization of tlhe joint stock land banks was the desire to make available to Oregon and Washington fanners amortized loans over a long period of years at low interest rates, and also to supplement the work of the federal land banks themselves. Loans Are Limited. "Federal land banks are not per mitted to lend more than $10,000 to any one individual and this individ ual must operate through an asso ciation of not les3 than 10 farmers. all of whom must be borrowers from the land bank and all of whom must invest 5 per cent of tiheir loan in stock of the federal land bank system. Such borrowers must be residents of the land upon which they desire to place a mortgage. 1 tie joint stock land banks are exempted from such restrictions in that the farmer who desires a loan need not live upon the land1 on which he seeks to place a mortgage. Neither is he required to buy stock in the joint stock land banks. In dividual loans may be made up to 15 per cent of the capital and surplus of the joint stock land bank. The Pacific Coast Joint Stock Land banks are accepting loans up to J40.000 from individuals. Capital Can Be" Increased. ' "The banks themselves, under the provision of the law, may lend to 15 times their capital and sur plus, which, in tine case of our own bank, amounts to more than 4,000, 000. "When the lending power of a joint stock land bank has been ex hausted it becomes necessary 'to in crease the capital stock of the bank. In the last few years the farmers f the entire northwest have been sorely pressed financially. Many of them have had short-term mort gages on their holdings. They have been unable, due to poor crop or price conditions, to take np these mortgages. In many- cases it has been difficult to make interest payr ments. The joint stock land banks are in a position to give relief from these mortgages to the farmer. Stockmen Also flrt Relief. "They also have been able to give some relief to the stockmen of the country. The stockman may mort gage his lands and with the money obtained through the banks use it to increase his herds or buy feed for his cattle. He can then, as does the farmer, pay off the loan in semi- afinnuai installments over a long period of years." Since the Pacific Coast Joint Stock Land bank of Portland opened for business some weeks ago, applica tions have been received for loans totaling more than $1,000,000. These loans are now going into the pay mant of mortgages that have in a sense been holding the nose of the farmer "to the grindstone." Benefits Are Illustrated. As an illustration of the method O fpaying off long-time mortgages xo ine joint siock land nanks. a farmer may borrow $1000 for a period of 33 years at 6 per cent in terest. He will be required to make semi-annual installments of $35 each and these will completely liquidate the loan at the end of the prescribed period. Not only has the farmer gained through the operation of the joint announced salesmen for the Port land office as follows: Ellis R. Haw kins. Fred A. Jacobs, Paul Campbell, A. W. Miller, James B. Hardy and Ross Pendleton. stock land banks, but the small country banker has found relief. Many of his people instead of going direct to him for loans that in many cases he feels obligated to grant, they go direct to the joint stock land banks. Xew Office Is Opened. Cyrus Peirce & Co.. one of the largest investment banking in stitutions in the west, has an nounced the opening of an office on the tenth floor of the Wiloox build ing. For several weeks representa tives of the concern have been mak ing preparations for the establish ment of the new branch office-. Malcolm Bruce, formerly of. Se attle. bu who gained his bonfl ex perience in the office of Cyrus Peirce & Co. in San Francisco, is the manager of the Portland office. Cy rus Peirce. president of the com pany, before coming west was asso ciated with x. W..Halsey & Co. He established an office for that con oern in San Francisco and trpon leaving that organization formed his own. company which now has offices located in San Francisco, Los An geles, Oakland. Seattle, Stockton, Fresno. San Jose. San Diego, Pasa dena, Eureka. Sacramento and Port land. Mr. Peirce is an officer of the California group of the Investment Bankers' association. During the last few years the Cy rus Peirce & Co. has been respon sible for the underwriting of many of the large bond issues which have been sold on the Pacific coast. The company has been among the lead ers in the educating of people to the value of saving with bonds. Mr. Bruce, the local manager, has BIG BO"I MERGER 19 EFFECTED Canadian Financial Imtaes to Be Mar keted Along Coast.' VANCOUVER, B. C, Aug. 30. (Spe cial). One of the largest mergers ever arranged on "the Pacific coast for the purpose of handling large financing Is now nearly completed and will take in i six big firms, each operating in one of the six big United States cities on the coast, and all having high ratings-in the financial world. Canadian industry and enterprise will benefit in no uncertain manner by the aydicate's efforts, as the plans call for the marketing of Canadian and indus trial and municipal bond and mortgage issues in the United States in a manner that will make It possible for all small concerns and districts with legal and safe collateral to sell their bonds to good advantage to American investors. The plan as outlined embraces the establishing of a clearing house for Ca nadian bonds .and mortgages With the Mercantile Trust company of San Fran cisco, which will have associated - with it the Seattle National bahk. Seattle; Lumbermen. Trust of Portland, the Union Trust of Spokane, Carsten & Earles of San Francisco and one firm in Los Angeles, not fixed. WEEK'S OFFERINGS nc oniunc inr ran Ul UUl.UU MIIL I Lii Only 13 'Issues Presented, Totaling $15,700,000. LITTLE PAPER IS DUE Oregon Is One of Those Expected to Float Securities for Fall Buying Money Is Easy. WHEAT GOES UNDER SI! LARGE MOVEMENT FROM CANADA ANTICIPATED. Some Traders Predict Values Will Go Still Lower . for Time, and Then Move I7p. - BY CHARLES D. MICHAELS. (By Chicago Tribune Leased Wire.) CHICAGO. Aug. 20. Wheat prices have dropped below $1. If a majority of the grain traders are right values axe likely to hold around the $1 level or close to it for cash and futures for some time to come. Conditions are regarded NEW TOKK, Aug. 20. By the Asso ciated Press.) Only 13 new bon-d offer ings, totaling J15.70O.00O. were put out through local hankers last week. This is a nw low record fo the year and romnares with JlH.100,Otrt the week be fore and a weekly average to date of ap proximately $30,000,000. The usual mid summer dullness is held responsible. Continuance of easy money rates has been a stimulating influence to the stead ily rising bond prices, which are now at the highest level in almost four years. Several new high records were made in both the rail and industrtal groups last week, underlying trunk line issues of the big railway systems receiving the most attention. Heavy institutional buying of the high-grade rail and Industrial Issues is reported by local bond dealers. Debts Due Are Small. The amount of ' corporate securities falling due this month is relatively small and will require little new financing. The total maturities amount to $56, 48fl.esO, against i9,054.r0O in July and $35.100. 00O ia. August, 1921. Bonds which have been called for payment in August in advance of maturity total $26,725,800, which is considerably above normal but far belo-w the record of $144,779,000 In July. Eaey money rates are believed re Cuba K R 7Ks A. Cuban Am Su'g 8s. Del & Hud cv 5s. . Den 4 R Q imp 5s De Edison ref 6s. . Detroit U Ry 4 its Dlam Match 7H. Dis Securities 5s.. Du Pont de N 74s Duquesne Light 6s Erie gen 4s do pr lien 4s . . . Pisk Rubber 8s Pram Ind De 74s Gen Elee deb os. 8 106 26 107 8 S8T4 45 82 44 106 25 83 105 H 106 106H 107 9SV4 984 8CWh 82 103 i 104 91 S-J S3 -4 4. 13 1075, 107 107 6 46 45 4 79 107 107 1074 44 104 V, 103 W 104 186 57 55 5754 6S 63 69- 68 69 35 106 105 106 38 96 95 95 7 102 102 102 M Tti- 8 '31 271 10014 99 100 do 8s, 1941 98 115 114 115 G. T. Ry. of C. 7s 13 112 112 112 do 6s 58 104 103 104 Great North. 7s A 101 113 110 111 do 5s it 294 103 103 ltl3? do adj inc 5s 151 65 Illinois Cent. 5s 14 102 do ref 4s 44 90 111. Steel deb 4s 131 93 Indiana Steel 5s.. Interboro-Mt. 4s do 4s ctfs 347 Inter. R. P. ref 5s 422 In. M. Mar. s f 0s 158 In. Paper ref 5s B 221 Invincible Oil 8s.. 17 la. Central ref 4s 37 K. C. Ft. S&M. 4s 221 K. C. Southern 5s 39 13 85 85 64 65 101 102 90 90 91 V 93 56 101 100 101 47 12 12 12 11 M 68 95 87 94 45 80 90 84 12 70 96 90 95 46 82 93 So 92 93 96 04 in the situation to Induce large specula- i sponsible for the amount of bond issues tlve buying for a material advance, al-I called for payment this year in entirety though some traders predict that values before maturity which reach the surprls- are likely to go lower for a time and eventually work up 15 to 2t cents or more above the $1 line. Indications are for a large movement of wheat from the southwest, northwest ana trom Canada, at the same time, pri marily markets have received practically 8,00.00 bushels this year. 29.000.000 short of last year. For the same time in lul'O the receipts were 68.000,000 bushels. There is aa average movement of winter wheat, of which many of the trade lose sight. As there is a large crop of spring wheat in the northwest and in Canada, there will be a big movement on there as long as cars and weather conditions permit. Spring wheat is likely to pile up both in the northwest and Canada as the crop there is the largest in recent years, while winter wheat yields ill the south west, where the bulk of the surplus wheat is grown, are '45,000,000 bushels short of last years, the' loss being more than offset by the increase in the north west and middle west. Most of the wheat coming to Chicago, St. Louis and markets east is from the middle west, which generally markets its holdings early. September closed Saturday at 59c. up c; December, 53o3c, up c; May, 56c, up for the week. Should wheat prices decline it will be hard to bull corn very much. Oats prices are close to the 30c mark for cash and September and are at tracting a few buyers as prices are con sidered very low. Otherwise there is little in the market except as a spread ing proposition. There was evidence at the close of September and December that the movement has increased but is below the average. September closed Saturday at 30c; December, 3333ic, and May 36 c, or practically the same week ago. M ON LOOP POSHED MOST DIFFICULT PART OF PROJECT COMPLETED. Stretch From East of Hood River, 23.1 Miles to Forest, to Be Ready in Six AVeeks. HOOD RIVER. Or., Aug. 20. (Spe cial.) -All contractors engag-ed on grading the three units o the ingly high record of $394,300,000 to date. as compared with only $19,000,000 in 1921. While it was generally believed a few weeks ago that there would be little state and municipal financing until after the November elections, indications are that a considerable amount of tax-exempt bonds will be put on the market in Sep tember. Large corporate issues in pros pect include $8,095,000 city of Chicago 4s, $1,120,000 Minneapolis 4s, $1,000,000 state of Oregon 4s, $1,500,000 city of Omaha 4s and $1,000,000 city of Hous ton 4s and 5s. Several South American countries are in the market for loans, but no definite negotiations are pending except for some long-term financing for Peru, which isstill far from completion. Local bankers also expect that Cuba may sell a loan here this fall, but this is de pendent upon political as well as bank ing considerations. Long Termers Offered. The largest offering last week was the $7,000,000 first and refunding mortgages, series A, of the United States Rubber company. These bonds, which run for 25 years and hear 5 per cent Interest, were offered t ?, to yield 5.72 per cent. Other large offerings were $3,000,000 ten-year 7 per cent first mortgage sink ing fund gold bonds of the Newport com pany, offered at 98, to yield 7.20 per cent, $1,785,000 two-year 4 per cent notes of the state of Mississippi, offered to yield 4.25, and $900,000 11 to 25 years 5 per cent sewer bonds of Tulsa, Okla., offered to yield 4.75. New York Bonds. NEW TOR K, Aug. 20. Following are the week's high, low and closing nrices of bonds on the New York Stock Ex change, and the week's total sales of each bond: U. S. Bonds y Sales (in S100O1 Hitrh Low Close Liberty 3s ...1044 101.14 100.50 1O0.96 OO JSt 4S.... 3 101.22 30J.0O 101. OU . 721 100.46 100.38 100.40 . 361 101.26 100.90 100.9O .7904 100.56 100.40 100.46 .2388 100.56 100.44 100.44 -73N4 101.78 101.02 101.02 .138 J 100.S8 100.6 100.72 402 100.52 100.32 100.32 state and mu- K". C Terminal 5s K-P Tire 8s 15 108 108- Lack. Steel 5s '23 14 100 loo do 5s, 1950 L. Gas & St. L. os L. S. & 'M. S. 4s. - do deb 4s, 1931 Lehigh Valley 6s. Liggett & M rs. 5s Lorlllard 5s ..... L. & N. ref 5s. . L. & N. unified 4s M. St. Ry. con 5s Marland Oil 8s... Mex. Petroleum 8s Mich. Cent, deb 4s Mdv. Steel cv 5b. M. & St. L. ref 5s M. StP&SSM 6s Mo. Kan.&Tex. 5s B19 do new adj 5s A120S do 1st 4s 129 Mo. Pacific gen 4s 525 Mont Power 6s A 39 N.O. T.&M. ino 5s 66 N. T. Cent, col 7s do deb 6s do con 4s N.Y.C.&St.L.deb 4s N .Y. Ed. ref 6s N.Y.N.H.&H. cv 6s N. Y. Ry. ref 4s N.Y.Tel, deb 4s '49 do ret 0s. 1941. N.Y.W.&Bos. 4s. Nor. & So. as A. '12 69 95 89 wo 46 81 92 85 108 100 92 93 96 94 MARKET HOLDS UP DESPITE MISGIVING Clear Judgment Passed on Events' Meaning. PICTURE IS INTERESTING 90 93 95 93 6 103 103 103 22 100 100 100 1 99 99 99 15 10B 106 106. 47 93 93 93 88 102 102 105 105 93 93 89 91 46 47 89 2 102 14 108 45 93 263 91 30 47 8 103 103 103 86 60 83 68 99 74 35 107 85 86 58 9 83 83 66 68 98 9 72 74 105 107 185 lOSVi 107 108 14 85 85 85 1 87 87 8. 37 112 111 112 85 83 81 83 11 36 36 36 18 107 107 107 61 106 106 106 64. 55 54 55 45 70 68 70 Nor. & West, cv 6s 156 117 113 117 82 100 63 106 98 95 74 89 14 100 84 94 do 2d 4s do 1st 4s do 2d 4s do 3d 4s do 4th 4 W s Victory 4 s do 3s .. Foreign government. nlcipal Sales Kieh Low Argentine 7s ...2360 101 100 Chinese gov't rys 16 53 53 City of Bergen 8s 13 110 109 City of Berne 8s. . 6S114 111 City Bordeaux 6s 15 82 82 City Christiania 8s I"tl0 109 City Cop'h'gn 5s 66 92 91 City of Lyons Ks 81 83 82 City Marseilles 3 49 99 9S City Hio Janeiro 8s 26 10O 99 city Sao Poulo Ss 72 City of Tokio os.. 84 115 City of Zurich 8s 110 Mount Hood loop highway from its I Danish Mcpl 8s A) 163 UK OB 1 .5s 1922 447 110 intersection with the Columbia river highway Just east of the city to the bounds of the Oregon national for est, a total distance of zi.l miles, are now making excellent headway, according to County Judge Has brouck and Roadmaster Nichols. The B. A. Webster company has com pleted the most difficult of the work, that section, along the east bank of Hood river for some three miles south of the city. Mr. "Web ster will complete his contract with in -six weeks. Two small stretches, aggregating 1 miles, have been withheld from the Webster contract until next spring. The construction involves the entire rebuilding of the old road at points where the improve ment would badly obstruct apple hauling this fall. The county will take charge of completing the small distances next spring. The announcement that the state highway commission will award a contract on August 29 for the rock onrfaiin? of thft " entire section of the loop highway up the Hood River I m l"n 58 valley has arousea general expres sions of gratification among busi ness men and orchardists here. The contract will stipulate that the en tire surfacing must be completed by August 31, 1923. Originally in 1921, when the valley trunk of the loop highway was pro posed, the cost of surfacing the road was placed at $7500 per mile. Costs have dropped since then until it is now estimated the work can be done for a little more than $5000 a mile. 91 84 102' 113 109 89 102 Close 100 53 110 11314 82 110 81 82 98 100 72 115 110 !0 102 Norf & W con 4s. 36 92 Nor Pac pr In 4s 228 90 Nor St Pr ref 5s A 325 . 98 N W Bell Tel 7s.. 81 108 Or & Cal 1st 5s . . Or 9 L gtd 5s ctfs . do ref 4s O-W R RR & N 4s Otis Steel 8s A. . . Pac Gas & Elec 5s Pac Motor Car 8s. P-Am P & Tran 7s Penna R R 6s. . do gen 5s .... do gen 4s . . Pere Marq ref 5s. Peoria & E inc 4s. Pierce Oil deb 8s. Port R Lt & P 5s. Prod & Refiners 8s 10O 102 Reading gen 4s .. 221 85 Rep I & S col 5s. . 9 Rio Gd & W 1st 4s 8 R I Ark & La 4s 74 S L I M & 3 ref 4s 154 St L & S P adj 6s 253 do inc 6s 277 do pr lien 4s A 857 St L So 1st 4s . . . 25 S P 4 KC S L 4s 67 S An & A P 1st 4s 27 Seab Air L con 6s 174 do adj 5s 179 92 88 91 107 100 104 92 88 100 91 20 107 107 107 34 102 101 101 72 110 110 110 184 103 102 101 94 93 98 35 94 86 40 47 34 1 99 36 97 83 92 90 93 100 106 94 88 100 93 103 94 9 36 97 86 do ref 4s 104 Sh Steel Hp 8s A. 66 Sin Oil cv 7s .. do col Ss So Pac cv 4s ... do fer 4s do col tr 4s .. So Ry gen 6s . do con 5s ...... Ill do gen 4s 401 95 80 85 90 83 75 74 80 84 80 69 29 45 99 101 102 84 85 94 79 83 88 81 74 73 79 83' 80 63 44 98 94 80 85 89 83 75 74 79 84 80 69 29 45 98 288 104 103 103 2 103 35 106 27 97 -90 64 5 64 So Por Rico Sg st on cal deb 7s. Tex & Pac 1st fis. Third Ave adj Ss. do ref 4s Tide Oils 6s ctfs Tob Products 7s . Uhlon Pac 1st 4s. do cv 4s do ref 4s Union Tnk Car 7s United Irug 8s... U S Realty Ss ... U S Rubber 7s. . do 5s U Steel s f 5s. . Utah P & L 5s. . . . Va-Caro Chm 7s Virginian Ry 5s... Wabash 1st 5s.... Western Elec 5s... West Md 1st 4s Western Pac 5s . . . West Union 6s.. Westghse Elec 7s. Wheel & L E 4s. Wlckwire-Sp St 7s. Wilson&Co sf 7s 231 10 35 100 99 99 3R0 94 92 94 165 91 90 91 44 89 88 89 113 103 102 103 100 98 100 70 69 70 102 102 105 106 96 97 63 64 64 64 23 103 103 103 53 108 105 106 94 95 94 95 88 88 103 104 ltl 97 97 42 108 108 108 582 90 90 90 68 104 103 104 58 93 91 98 39 105 105 105 99 99 99 100 100 100 67 65 67 86 86 86 3 112 112 112 32 108 108 108 14 75 72 72 7 99 99 99 105 106 107 95 111 95 38 89 20 104 45 111 111 17 97 86 9 7 172 40 Debt Seine 7s Dom. Can. 5 notes. 1929 71 100 99 100 Dc-m.Can. 5s. 1931 1S2 95 95 90 Dutch E Indies 6s, 1947 274 95 94 94 French Repub 8s 419 101 100 lol do 7s 449 90 98 98 Japanese 1st 4s 2i6 95 93 do 4s 317 79 78 King Bel'gm 7s 82 105 104 do 6s 73 10O 99 Kin Denmark 6s.. 87 99 99 King Italy 6s. . 19 96 96 h.ing Neth'lds 6s 23S 97 King Norway Ss.. 42 112 King Sweden 6s. . S3 103 Paris-L'ons-Med s 188 78 Rep Chile 8s 1946 30 104 Rep Uruguav 8s I'll 105 State Queensl'd 7s 57 111 do fis 60 103 State Rio Gr Sul 8s 42 99 Swiss Confed 8s.. 83 ISO 98 111 104 77 103 1.-04 109 102 99 119 109 94 79 104 99 99 96 97 112 104 78 103 104 110 102 99 119 109 FIRE BLIGHT IS FOUGHT do 1929 304 110 109) 110 do 1937 V. 251 105 104 104 U S Brazil 8s.. ln 101 101 U S Mexico os.. 77 57 57 do 4s 27 46 45 Railwav and miscellaneous bond Adams Express 4s 4 80 SO Ajax Rubber Ss.. 7 99 99 Am Ag Chem 7s 38 104 104 . Am Cotton Oil 5s 5 90 89 5 96 94 Am Sugar. Ks ... 119 104 103 Am T & T cv 6s.. 60 116 115 do col tr 5s 142 99 99 Am Writ Paper 7s 20 86 85li Armour Co 4s ' 88 92 90 A T & S Fe gen 4s 182 03 92 do adj 4s 22 85 85 At C L 1st con 4s. 31 91 91 Atlan Refin 6'ia.. 62 103 103 Bait it- Ohio 6s... 80 102 do cv 4s 226 87 Hood River and AVasco Counties Launch Joint Campaign. HOOD RIVER, Or.. Aug. 20. (Special). Hood River and Wasco counties have launched a joint cam paign for the eradication of lire- blight, now attacking orchards both counties. Hood River County Fruit Inspector Green and C. L. Haaen and C. W. Daigh, respect ively Wasco county fruit inspector and agricultural agent, are collab orating in plans for stamping out the disease. Old orchards on the range between here and Hosier -will be condemned and pulled up. The blight, the horticultural in spectors say. is spread by -wind. Bell Tel of Pa 7s. 49 10S Beth Steel Ref 5 23 96 do P m 5s ..... 37 93 Bradrn Copper 6s 15 100 Bkly Edi en 7s D 19 108 B R T 7s ctfs stpd 1 82 Cali Gas A Elec 5s 3 96 Canadian Nor 6s 30 112 Canadi Pac deb 4s 367 80 Cent of Georgia 6s 27 101 Central Leather 5s 27 98 Cent New E-ng 4s. 8 68 Central Pac gtd 4s 48 91 Cerro de Pasco 8s. 56 126 Ches & Ohio Cv 5s 795 99 do cv 4s 412 91 C B & Q ref 5s A. 115 101 Chic & East 111 5s 222 84 Chi Gt Western 4s 80 81 C M & S P cv 4s 478 75 do ref 4s 211 68 oi rhinos Ttn Ks as Rtii 101 86 108 94 92 99 107 107 101 57 43 l SO . 99 104 90 95 103 116 99 86 92 93 85 91 103 102 86 108 96 93 99 82 96 111 79 100 97 68 90 124 98 89 82 96 111 80 100 97 6S 90 125 99 91 100 101 82 83 C R I & P gen do rer 4s. Chi c West Ind 4s 170 School Bus Contract Iot. KELSO, Wash., Aug. 20. (Spe cial.) The contract for operation of a school wagon from the I-P crossing to the Lone Oak school and from that school to Kelso for the high school and . upper grade students was awarded yes terday by the Kelso school board to Harlan Shepardson, whose bid was $147. Gilbert Martin will op erate the school district's bus from the county farm to Kelso, Leon Barr will operate the school wagdn from Shanghai to Kelso and Walter Lundberg the bus from Mount Pleasant to Carrolla and on to Kelso. 19 85 448 83 77 CCC&SL gen 4s 29 84 Chile Copper 7s... 45 105 do 6s 316 93 Colorado Indus 3s 140 83 Col & Sou ref 4s 78 92 Col Gas & Elec 5s 13 96 Con Coal of Md 5s 95. 91 Cuba C Sub deb 8s 74 92 rin deb " .''7 9" 59 72 66 107 82 85 82 76 83 104 92 77 90 95 90 90 S9 61 75 68 108 82 85 83 77 83 105 93 79 91 95 91 92 89 Phone your want ads to The Ore- goniaji. Main 7070. Now is the time to in crease your income by trading your short-term securities into long-term bonds. Ask us about it. Freeman, Smith & Camp Co. UiualRSCHt Bloo Portland do cv 6s 139 96 Wipe Cent gen 4s. 16 83 Cz-Slo Rep 8s ctf 105 95 Dom Caii 5, 1952. 628 99 Rep of Bolivia 8s. 149 98 C M & t P cv 5s. JOS 77 EmpG&F 7s ctfs 150 98 Int&GtN adj 6s w i 97 52 Mo Pac con 5s...-. 205 102 NEng T&T 1st ctfs 215 99 Nor Pac ref 6s. .. .1472 109 108 109 PacT&T 5s 1952ctfsl02S 94 03 94 fufjuc avs ..... .-o ? Sine Crude OUs 166 99 Un BP 6s A ctfs. 56 loo United Fuel Gas 6s 10 97 Va Car Chm 7s ctfs 123 98 Total sales of bonds for the week were $63,297,000. 95 83 94 98 97 75 98 51 100 98 85 98 99 97 08 95 .83 95 99 97 75 98 51 102 98 86 99 100 97 98 GUARD PICKS SHOOTERS Washington to Send Team to Na tional Match In Ohio.' SEATTLE, Wash., Aug. 20. The men who wifl represent the Wash ington national guard in a "Shooting match at Camp Perry, O., next month were named tc-day by Major Archie F. Logan, team captain, after a tryout that lasted all this week. The ten men of the team and the substitutes include: Lieutenant Joseph R. Neely and Corporal Billy B. McAdams, Seattle; Lieutenant Ray Haynes, Yakima; Lieutenant Paul J. Roberts and Ser geant Alpheus Sloan, Tacoma; Ser geant Mark Jackson, Sergeant Myron T. Ladd, Sergeant William A. McGinnis, Sergeant Charles E. Pray and Private John S. Wing, Spokane; Sergeant Herbert Viereck, Bellingham, and Sergeant Lloyd V. Stoddard, Everett. Lieutenant Jo seph H. Souviney will again accom pany the team as coach. Long-Bell to Have Bus Service. . KELSO, Wash., Aug. 20. (Spe cial.) The Long-Bell Lumber com pany will establish an auto stage service from Kelso to its ferry land ing south of town on the Columbia river as soon as a permit is issued by the state of Washington. This will provide the shortest and quick est connection with the Spokane, Portland & Seattle railway line at Rainier. Personal Views of Situation Prob ably ever Before So Dark as This Xear. " BY ALEXANDER DANA NOTE'S. (By Chicago Tribune Leased Wire.) NEW YORK, Aug. 20. Last week gave a particularly interesting picture, first of the function of the stock mar ket in passing clear judgment on the meaning of events, second, of the extent to which in the financial and business community, or at any rate, the opinijn of individuals on the news of the day may be modified or reversed by the ver dict of the market. There- has probably been no 'occasion this year when personal views of . the general situation took so dark a color as they did early last week. Not in frequently one would hear the remark, even by a Wall street man, that he had come downtown half resolved to realize on all of his investments, seeing no hope for escaping a great calamity in the German reparations controversy or our own labor disputes. It was easily possible1 to pictuce such economic disaster as a logical sequence to the day's news. But the man whose imagination had in the morning been full of those possibilities, did not sell out his stocks and bonds. Flrmfaess Changes Mind.. The market gave no evidence of such selling and he was usually ready in the afternoon to confess that the firmness and composure of the stock market had changed his mind. Two or three days afterwards, he was beginning to admit that, in regard to the latior situation at any rate, 'the stock market had ad judged the matter correctly. For a market to remain unruffled and with a constant display of quiet strength. at a time when evidence was plainly in sight of a great political or economic disaster, which afterward materialized is something which has probably never happened in financial history. One might possibly except a rise of prices caused like that now going on in Ger many, by rapid and artificial inflation of tho currency. But even in the case of the German mark, it will be ob served, that whatever may be the eco nomic calamities of the future, the rise on the bourse has at least preceded the spread of intensified business activity in that country. Respect Is Warranted. Experience during the series of chaotic episodes since the armistice at least war rants respect lor tne stocK market s in dication. Nobody has forgot the ex treme pessimism into which private ideas of Europe's political and social condi tions were plunged in the first year after the war. At this time last summer, the immi nent financial collapse even of the stronger European states was the com mon talk of Wall street; but the stock murlut advanced and the collapse did not occur. At the present moment, not withstanding the depressing effect of a dispute over German reparations, the franc is selling on the foreign exchange market 3 per cent above the price of a vear ago, the Italian lira at an advance of 6 per cent and the pound sterling 21 per cent over last August s iigures. aii two continental, rates have lately been higher still, and the recovery has hap pened while the German mark was fall ing from cent a year ago to eigm one-hundredths of a cent last week. Improvement Is Indicated. Tt In scarcely open to doubt that the exchange on England, France and Italy has clearly indicated economic improve ment in those countries during a period when financial opinion leaned to the be lief that the situation was steadily grow ing worse and that tne course oi uie OT,.b-at w reflecting deterioration of economic strength In Germany at the mcment when Germany herself was point ing to tho countries immense prosperity. It would be loonsn to press wwa in terpretive power on the financial mar kets too far. Their action must otten be judged from observation during a con siderable stretch of time. Other in fluences than political and industrial news have even on this occasion been at i, . Bv mnnev. for instance, harvest results, increase or decrease of foreign trade contraction or further expansion of already inflated currencies. Yet it will often be found that these incidents over a period are themselves sympto matic of Improvement or deterioration in the country's financial posinun. AUSTRIAN CRISIS ACUTE Catastrophe Is Forecast H'hless Remedy Is Found. VIENNA. Aug. 20. (By the Asso ciated Press.) The financial crisis n Austria is daily growing in inten- : . .1 ...mKlinira are Vienrrl f O T'C - Blij am i uiiiu.ineu - a atantrnnhA unless means are found to remedy the situation. An official statement issueu to me ...... u tv CAntra.1 Kuro- llt!V, Ofrl-I'. i " pean problem, as left by the London conference, nas assumeo. bo shvo form that it may "press for practi cal solution earlier, perhaps, than the world expects." The phrase t- ..,!,... T onlitt inn " on far AS it CO II - cerns Austria, is construed to mean ither convulsive fusion wnn tjer nany or the disintegration of the state. There is business stagnation as more shops close their doors. Ostrander locomotive Wrecked. KELSO, .Wash., Aug. 20. (Spe cial.) A Shay locomotive belonging to the Ostrander Railway & Timber company was wrecked early this week when it plunged down the em bankment on ah 8 per cent grade after a rail had broken. The grade was on a new branch road that is being built. Harry Kinch. engineer, and Henry Cole and Frank Pitch ford jumped to safety, Pitchford sustaining painful, bruises. The company had three other locomo tives and another Shay has been ob tained. ' . Read The Oregrmian classified ads. 890,000,000 FEET National Forest Timber for Sale THE FIRST VSIT OP 0!VE OP THE LARGEST UNDEVELOPED TRACTS OP YELLOW PI.XE IN THE UNITED STATES. LOCATION AND AMOUNT All the merchantable dead timber stand ing or down and all the live timber marked or designated for cuttirig on an area embracing about 67,400 acres in Twp. 15 S., Ranges 29, 30 and 31 E., Twp. 16 S.. Ranges 29, 30. 31 and 32 E.. and Twp. 17 S.. Ranges 29, 30 and 31 E., W. M., Silvies river watershed, Malheur national forest, Oregon, estimated to be ; 770,000,000 feet B. M., more or less, of western yellow pine and 120,000,000 feet B. M.. more or less, of Douglas fir, western larch, white fir, lodgopole pine and other species of timber. The 'cut ting of other special than western yellow pine to be optional with the purchaser. STUM PAGE PRICES Lowest rates considered, $2.75 per M for western yellow pile and $.50 per M for other species.' Rates to be readjusted April 1, 1928, and at three-year intervals thereafter. DEPOSIT $25,000 must be deposited with each bid to be applied in the purchase price, refunded or retained in part as liquidated damages, according to conditions of sale. PINAL DATE FOR HIDS Sealed bids will be received by the Dis trict Forester, Portland, Oregon, up to and including February 15. 1923. - " The right to reject any and all bids reserved. Before bids are submitted full information concerning the -character of the timber,, conditions of eale, deposits and the sub missison of bids should be obtained from the District Forester, Portland, Oregon, or the Forest Supervisor, John Day, Oregon. $125,000 FIRST MORTGAGE 7 SERIAL GOLD BONDS BONN Y VIEW FARMS One of Eastern Oregon's Big Producing Ranches. The Security is worth more than $400,000 and. is held in trust by Lumbermen's Trust Co. Properties include 14,000 acres of deeded lands, 11,000 acres of leased lands, cattle herds, crops, ranch buildings and equipment. BONDS DUE 1927-32. DSNS. $100, $500, $1000 Bormey View Farms are '25 miles east of Prmeville, Or., and Jine both shores of the Crooked river. They are owned by May & Knox, who for 30 years have been success ful ranchers and livestock men. . The 14,000 acres owned outright consist of irrigated lands, cultivated hay lands, pasturage and range. The appraised value of these lands is $343,100. For loan purposes this ap praisal was depreciated to $226,200 and all improvements, such as buildings, equip ment, farm machinery, 100 miles of fenc ing, etc., was depreciated to' a nominal fig ure $8000. The cattle herd was valued at $66,000, based on the PRE-WAR average WHULJciSALi!; ftiiL,ti oi beef on foot. . Earnings. We estimate that the gross re turn from cattle turn-off, during the life of the loan will average $27,000 annually, and the total NET surplus from this turn-off, after deducting interest, principal, payments of PRICE 100 TO YIELD 7 bonds, operating expenses, etc., will exceed $58,000- This does not include crop re turns and hay tonnage which alone amounts to a very substantial figure. Sinking Fund. Commencing in 1923 a contingent reserve fund will' become operative in addition to the regular serial maturity of the bonds. This and other funds will be held by the trustee. Purpose of Issue. To retire existing indebtedness and pro vide additional betterments on properties including purchase of another large came nera. The Trustee. The Lumbermen's Trust company, of Portland, is trustee. Mortgage and Trust Indenture provides am ple safeguards for bond holders and on voluntary motion of May & Knox invests trustee with full power over properties. For detailed . information call on, phone or write us. LUMBERMENS Broadway and Oak Bonds are Legal Investment for Savings Banks and Trust Funds in Oregon WHEELER Film IS DATED EXHIBITS TO BE MADE SEP TEMBER 14 TO 16. Agricultural Products and Live stock Will Be Shown ; Fossil Houses Offer Prizes. FOSSIL, Or., Aug. 20. (Special.) The Wheeler county fair and live stock exhibition will be held at Fos sil September 14 to 16, Inclusive. The agricultural exhibit will be more difficult to display than usual on account of the dry season. The livestock will be up to the standard both in quality and number. All the old exhibitors of purebred cattle will be represented, as well as sev eral new breeders who purchased their first stock at Jhe sale last year. The Wheeler " County Purebred Livestock Breeders' association will hold its second annual sale of regis tered stock on the second day of the fair. The sale will consist of 32 head of choice Shorthorns and Here fords. The premium list for the women's department has been revised by a committee ana a splendid exhibit is expected. The Women's Welfare club of Fossil is preparing a special exhibit. The schools, also, will have exhibits. Special stress is being put on the students' livestock judging contest. The premiums for this event amount to $125. Besides the regular" premium list tne business houses of Fossil and breeders are offering special pre miums amounting to $200. should complaints be received re garding them. Powers Ha Building Boom. Powers is having quite a building boom, according to Earl Gates, man ager of the Coos & Curry Telephone company. Mr. Gates says six or eight houses are now being erected at Powers and that he learned plans were made to build about 50 new residences. Mr. Gates says businesff is good at Powers and that the town seems thriving. The telephone com pany will put in a new switchboard at Powers to' take care of the in crease in business. Coos Kay Times. Capital Highway Water District MULTNOMAH COUNTY WATER BONDS Dated July 1, 1922 Due serially 1932-1941 Denominations $500-$1000 Exempt Federal Income Tax Principal and semi-annual interest payable at Ladd & Tilton Bank, or at the quarters of Morris Brothers Cor poration, Portland, Oregon. These bonds are general obligation of the Capital Highway Water District comprising 2400 acres in Multnomah County, directly adjoining the city of Portland on the southwest, and rapidly building up with modern sub urban homes. Bearing z I Yielding 5V2 mWS BROTHERS CORPORinON Government and Municipal Bonds ForUand.Oregbn w?l M0RRJS BUILDING BROADWAY 2151 STARK ST DEPOSIT BOXES CHINESE ARE STIRRED Reported Deportation From Ja pan Excites Colonies. TOKIO, Aug. 20. (By the Asso ciated Press.) Chinese colonies in Japan are greatly excited over the report that 2500 Chinese laborers are to be immediately deported un der an old regulation prohhiting foreign laborers working outside the foreign settlements. As there are 5000 Chinese laborers in the country, such a deportation would entail a serious hardship for the Chinese, it is thought. It has been officially denied that Japan has taken or even anticipated such action. The chief of the foreign division home department says the police have received complaints that a col ony of 600 Chinese in Tokio. who came to this country as merchants, have turned laborers and are living In squalid conditions. Some of them, it was reported, have been respon sible for crimes. The police thereupon advised that the suspects would be returned to China and that similar action would be taken against other colonials, And Other Safe, High Yieldini? Bonds UMTKD STATES HAberdeen, Wash.. Imp.... IIBay City, Port of IIBozeman. Mont.. Imp tLewistown, Mont.. Imp.. ILind, Wash., L,. I. D tMills City. Wyo., Water. . tMorton. Wash.. Imp PPort Angeles. Wash.. Imp.. tSToppenish. Wash., Imp.. fWheeler, Oregon CANADIAN MUX Bannatyne, School. Province of Manitoba fl tCoquitlam, Port of. 7 tDrumheller, Alta 7 tGrana Prairie. Alta tSKamsack, Saskatchewan.... JPeace River. Alta. S. D t Prince George, B. C, Hos. Ex. tPrince George, B. C, Elec. Lt. USt. Boniface, Man USt. James, Mun. of Denotes $1000 denomination .lll'MCIPAL IIOIS. Rate. Maturity. Price. Yield. . .. 7 1927-31 To yield .2S . .. 6 1930 To yield 5. SO , .. 1924-42 100.00 fi.00 6 1924-32 To vield 6.0ft . ." 1 923-3S 100.00 K.flO . . 6 1937-52 100.00 6.00 .. S 1922-31 To yield 6.75 . .. 7 1931-33 To yield 6 25 .. 7 1925-33 102.02 6. 25 .. 5ti 1933-42 100.00 5.50 ni'Aii HOMIS. 41 ?200. tDenotes $100. SDenotes 1923 1941 1923-4 2 1923 37 1923-35 1923-37 1 93 6 1937 1943 1942 tDenotes $500 fractional bond.i. 6i 7 6 6 5 6 100.00 lnO.OO To yi.-ld To vield 100.00 To vield 100.00 100.00 91.29 100.00 IDen 6.00 7.00 6.60 6.50 6.50 6.50 6.00 6.00 6.0O 6.00 otes Telegraph or Telephane Order at Our Kipenxe. . City of Union, Oregon General Obligation 6 Bonds Financial Statement. Assessed valuation $663,787 Net Debt 62,000 Population 1319 These bonds are issued for water system and street . im provement purposes and are payable from ad valorem taxes levied on all the property throughout the city. They ma ture serially from August 1, 1934, to August 1, 1942. Priced to Yield : 5.40 ' Legal investment for savings banks and trust funds. Clark, Kendall & Co., Inc., Temporary Location: ' 295 Stark St. Safe Bonds for Conservative Investors State of Oregon 4 Vis Due 1932-42 Toyierd4.25'c Lincoln County 5s Due 1927-33 To yield S.10 Curry County 5s Due 1936 To yield 5.10 Grant County 5s Due 1936-51 To yield 4.90, Chelan County 5 Vis Due 1932-34 To yield 4.80 City of Klamath Falls 6s Due 1926-32 To yield 5.50 City of North Bend 6s Due 1931 To yield 5.25 City of Roseburg 6s Due 1929 To yield 5.00 City of White Salmon 6s Due 1942 To yield 5.25 City of Tillamook 6s Due 1935 To yield 5.25 Port of Astoria 6s Due 1925-30 To yield 5.25 7o Grants Pass Irr. 6s Due 1930-40 To yield 6,25 All of the above Bonds are general tax obligations of the respective municipalities and are entirely exempt from Federal Income Taxes. Wire Orders Collect. Ralph Schneeloch Company MUNICIPAL' IhjljjJiH CORPORATION Second Floor Lumbermens Blog. L2SSSBEE! 1