Morning Oregonian. (Portland, Or.) 1861-1937, August 21, 1922, Page 15, Image 15

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    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