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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Sept. 11, 1922)
THE MORNING OREGONIAN, MONDAY, SEPTEMBER It, 1923 m a mm m a mm a i ninr -i riiiii n 1 1 1 -i EASTERN BUSINESS Industry in Big Centers to Show Improvement. BANKERS TO SEE WEST Enlarged Market for Coast Bonds Expected as Result of In spection of Country. the 3000 savings banks of the country. Other statistics show Uiat .dividends to policy holders increased more than $31, 000,000 in 1921 over the preceding year. A total of $250,000,000 was paid last year for eatate and -.inheritance taxes and that provision to meet these taxes is now in a measure being made through life insurance. "The most astounding' facts gathered show that more men of 45 die in the United States than in nine other coun tries and that millions of life Insurance were refused to applicants in M2X be cause they waited too long?' -' " - - Carlos C. Close, secretary of Clark, Kendall & Co:, has been- promoted to a vice-presidency of the institution, according- to an announcement made yester day. He takes the place' of Walter M. Kendall, who has resigned. Mr. lose will retain the position of secretary, which he Jias held for two year. Prior to going with Clark, Kendall & Co. Mr. Close was .several years with the Lumbermen Trust company. f OREGON BOND ISSUE BOUGHT IN G0TH1 PRICE HELD J00 LOW CURTAILMENT ' IX PTJRCHAS- IXG POAVER LOOMS. Government Report for October Is Expected to , Reduce . Corn Crop Estimate. With the coal strike1 settled, and the majority of the men who nave been absent from the mines for months now back at work, business conditions throughout the eastern centers are bound to show an improvement, although It will take some time for the miners to bring the supply of coal to the point where the demands of all consumers can be sat isfied. Nothing so retards business in the eastern manufacturing centers as a short age of coal. While the men were on strike, bickering with the government and their employers over disputes in wages, business men were nervously awaiting the outcome and almost pray ing for a speedy settlement. loey were unwilling to branch out and start new ousiness endeavors witn tne tear in jniaa at all times that eventually their fac torles might be closed through a short aire of fuel supply. With the miners again at work there is little danger that any factories will be caused to close. George M. Reynolds, chairman of the board of directors of the .Continental & Commercial National bank tiicago. when in Portland a few days expressed a fear that persons and he coal supply might this winter be onfronted with a serious lack of fuel. There would be little danger of the plants of industry in such towns as Chi cago, Cleveland, Detroit and Indianapolis having to close down because ot coal shortages, he declared, but he expressed a fear for the small manufacturer and the home owner in the little towns. With, the mines Idle for months there h&a been no opportunity to mine a sur plus of coal which might be used .this winter when the demands for fuel are much heavier in the east than they are-j-southwestern ta-rmerm an the summer montns. However, with the manufacturers in all sections having the knowledge that the miners are at work and T:h,at they will receive a reasonable supply of coal, business conditions in general should chow more of & determined growth and expansion. . - . Coal strikes do not have such a direct effect in Portland and other sections of the northwest as they do In - the east. Plants of industry here are sot so de pendent upon coal as a fuel. However, when eastern industry is suffering, the ; effects are reflected here. Indications in the east are that the strike of the railroad shopmen is not having the serious effect upon business that it bad for a time. In the eastern district, where conditions were really more serious than at any other point, the number of men In the shops jumped from 02 per cent of normal July 28 to 74.9 per cent of normal August 25. Re cruiting of shop forces from non-union sources is going ahead at the rate of several thousand a week and at this rate it is believed that normal forces will soon be back at work. The threatened shortage of ears which disturbed business for a time, is less noticeable now. Here In Portland cars loaded with, grain are daily moving into the city in large numbers for the dis charge of their shipments. These cars when unloaded are being dispatched to the lumber mills for cargoes for domestic shipment to all points. An enlarged market for Western .mu nicipal, and farm, and corporation bonds in the eastern markets will result, if the plans made by the Pacific Northwest Investment Bankers association at Vic toria, B. C, yesterday prove successful. Investment bankers from all parts of the Pacific northwest met at Victoria yesterday for the purpose of organizing a. campaign to bring eastern bankers on a visit to the northwest following the national convention of the Investment Bankers' association of America which will be held at Del Monte, Cal., October 7, 8 and 9. . According to James Lynch, vice presi dent of the Lumbermen's Trust company bank, and secretary of the Portland chapter of the association, one of the biggest drawbacks to the flotation of northwestern securities is tne dock of personal knowledge of the norrhwest on the part of eastern investment bankers. Many of these bankers have only a faint conception oX the immensity and the de-' velopment of Oregon, Washington, Idaho, Montana and western Canada. "We believe that the national conven tion offers us a splendid opportunity to Impress our eastern colleagues with what the west has to offer in the way of prime security for investors, said Mr, Lynch, prior to his departure, for Vic toria. "Not only can we offer e as fern investor's a higher rate of interest, but we can also back our securities with wealth that is increasing steadily. Wa need millions of money to carry on our development. The east has it and once Jt im convinced that our security is more than ample, will lend it to our conf m unities, our corporations and our " VCOLU1CU L UcLlI tk. - are in position to set it for n ana - 'ion. i"o nuuuwesi Will open their eyes to opportunity and that they will do our northwest untold good by unlocking the doors to investors on the eastern seaboard." Members of the Port-land chapter who attended tne Victoria convention will re turn to Portland today and further meetings will be held locally to perfect plans fox th entertainment of the east era bankers while they are here. Remarks made by. F. A. Freeman of Freeman, Smith & Camp company, in vestment bankers, before the American Institute of Banking in Portland a few weeks ago have caused wide comment amongVho financial papers and maga zines in the United States. Copies of ; bis talk appeared in the Commercial and Financial Chronicle, Bond Buyer, Boston Transcript, the American Banker and several others. Commenting on the ad dress the American Banker, which in cludes among its subscribers practically all the banks in the United States, says: "His remarks to the bankers attending the national convention of the American Institute of Banking, held at Portland, Or., July 17, are bo frank and tcthe point that we'feel they should be widely distributed among the banking frater nity throughout the country. The smaller banks are taking an increasing interest in bond selling and are, together with the large" banks, perhaps the most im portant single agency for the retail dis- i tribution of investment securities. Be cause the operation of bond departments Is a comparatively new venture and somewhat of a side line with, these in stitutions there is great opportunity to make mistakes in policy as a. result of which th banks investor clients will be the principal losers. Mr. Freeman offers some excellent advice to the banker whose institution includes an. investment department engaged in the retailing of securities. . That the fall bond market, in Its open ing, is showing an unprecedented strength, is the opinion vouched by Glenn E. Miller, president of G. E. Miller & Go. This market, he says, however, is failing to find the supply of municipal and other tax-exempt bonds sufficient to meet the demands of the bond-buying public. The investors, who in times past have made big purchases of municipals, are now turning, due to a lack of their or dinary demands, to irrigation, farm loan and foreign bonds. There will be, ac cording to Mr. Miller, a great number of issues of foreign securities during the next few months. i Statistics Just complied by the In surance Press of New Verk show that, while the population of the United States gained nearly 14,000,000 in ten years, or 15 pef cent, life insurance gained $18,- I.000.00O, or 120 per cent This was president of the Life Underwriters Asso ciation of Oregon and assistant general manager ef the Oregon Lite Insurance company. "The statistics show, said Mr. Strong, "that nearly $1,750,000,000 is deposited annually by American policy holders, thereby making the assets of the 250 life insurance companies greater than By CHARLES D. MICHAELS. (By Chicago Tribune Leased Wire.) CHICAGO, Sept. 10.-Ths supply and demand situation is the big feature in the grain trade, with ample supplies and an irregular demand. - Prices are at a reasonable levieL In fact, grains are relatively too low as compared, with other commodities, moor ana cost ox trans portation. Farmers are getting too small a return compared with their labor and interest account. There is to be no "shortage of wheat supplies taking , the world over, and the question of price is uppermost in the minds of grain traders to a greater extent than exists on the part of the consumers. An advance of 10 cents might be put on the price of wheat tiiid corn and five cents on oats without affecting the consumer, while It would materially affect the producer and cause a broadening in general business. Unless assistance is given the producer, his purchasing ability is likely to be felt in consumption of .merchandise later in the season. $1 Basis Likely to Hold. Wheat prices have hung around $1 for three weeks, the range being almost the same each week. The $1 level is regarded as debatable ground for the present, both in this country and abroad. Indications are that values are likely to hold around the $1 basis the rest of this month and possibly next month. are marketing wheat to a fair extent, while those in the middle west are mainly holding for an adyance of 10 cents. Export buying has turned largely to durums and Manitobas which are rela tively cheaper than hard winters, and light offerings of both hard and red winters have advanced premiums about two cents. Flour business is fair and millers ere taking more wheat. For the present wheat is regarded as a sale on the sharp advances and a purchase on breaks. ' - Corn Estimate Reduced, The government report reduced the corn estimate to 2,875,000,000 bushels fluring last month, equivalent, to a loss or t.uuo.uuo bushels. Indications are that the October report will show smaller 1 than the September. A feature is th good crop in Illinois and Iowa, and small yields in Nebraska, Kansas, Okla noma,' a good part of the south, Minne sota ana isoutn uakota. Pastures have been burned and ex ten sive feeding operations are regarded as necessary. witn an increase of 1 per cent in the hog crop consumption of com win oe neavy. There has been an advanee of 6o In Deceiber and 6c in Mav of late on crop aaraage, wiuJe September is un fia. Th close Saturday was well toward the best price of the week, with gains of 1c, September leadine-. The strength in oatB is largely due to an oversold condition, to light receipts ana decreasing seocks. The government report increased the vield 4.0(10.00(1 Dusneis last month, which cut no figure. iae country is selling oats more freely, North Powder Pastor Leaves. LA GRANDE, Or.. Sept. 10. fSDe- ciaL) Rev. G. R. Archer, for three years pastor of the North Powder Methodist chyrch, preached his last sermon in. this vicinity last Sunday, He left to attend the, Methodist con ference in Caldwell, Idaho, and has not yet decided upon his future lo cation. Rev. Mr, Archer gained widespread publicity,, through his role of preacher vshenjLff, having ob tained a commission as deputy sher iff from Lee Warnick, sheriff of Union county, anJ devoted several months to suppressing the moon shine traffic near; North Powder. His adventures in this role created country-wide comment. $5,000,000 in State Paper Taken at Record Price. SALES ARE STIMULATED Fall Investment Demand Gives New Life to Wall Street Investment Houses. Guard's Condition Held Bad. .ASHLAND, Or., Sept. 10.-(Spe eiaL) That the condition ' of the 1st company, Oregon national guard, coast artillery, is very unsatisfac tory, was the comment made by General George A.tAVhite, adjutant general, upon his recent visit in Ashland. Though the -work done by the local unit at the last -encampment was beyond reproach, the at tendance at drills is poor. At pres ent the company has an enrollment of 65, while it should have 90. Gen eral White urged the citizens of the city to get back of the company and assist in making it a creditable or ganization. DAILY METEOROLOGICAL REPORT. PORTLAND, Sept. 10. Maximum tem perature, 91 degrees; minimum. 60 de grees. River reading, 8 A. M., 3.4 feet; onange in last -'4 nours u.o loot tail. Total rainfall (5 P. M. to 5 P. M.), none; total rainfall ince September "1, 1022, 0.96 inch: normal rainfall since Sep tember 1, 1922, 0.42 Inch; excess of rainfall since September 1. 1922, 0. 54 inch. Sunrise, 5:43- A. M. ; sunset. 6:33 P. M.; -total sunshine, J2 hours 60 min utes; possible sunshine. 12 hours 60 min utes. Mobnrise. Monday, 9:15 P. M.J moonset. Aionaay, iu:o2 A. M. riarome ter (reduce to sea level) 6 P. M., 29.95 inches. Relative humidity, 6 A. M., 78 per cent; noon, 45 per cent; 5 P. M.. 39 per cent. THE . BATHER, STATIONS. I; &aker Boise . . Boston Calgary Chicago Penver Des Molnee Eureka . , . Galveston Helena . . . Juneaut Kan. City L. Angeles Marshfield Med ford .. Minne'p'lis N. Orleans New York No. Head Phoenix . Pocatello . Portland . Roseburg -Sacram'to t. IsOUis bait Lake San Diego San Fran Seattle 2. a h ft a e 3 3 I SOiO.OO 82:0.00. 82 0.00 Wind, ..i.NW .Isw 78O.O012INB c-n rrt tit 12 W NW w W 68,0.50... 0810.00 0810.00 78 0.00 SrtO.OO 7210.00 t5 ei;iu.oo!i2W 78 0.00 . . 8210.00 . : 1040.00. . e-tio.oo .. ssio.sol. . 78 0.00:1018 80 O.OOjlGiN W NW N Clear Clear Clear Clear Clear iCloudy Clear Clear 104;0.00. .iw Clear 78,0.00 . . NWIClear 0110.00 . . NWiClear ' 100 0.00 ..INWfClear 68(104 0.001. . NTWiClear 70;1.52il4!N' ICloudy o u. iui . w ;uiear WeAUiAr, iCiear Clear Clear Cloudy Kain Clear ICiear Clear Pt. cloudy uiear 74 O.00J. . 66! 74'O.OOlli 64 Sitkat ,.....J(10i. hpoaanft . . Tacoma Tatoosh la Valdezt , . W. "Walla Wash'ton Winnipeg . Takima . . NW sw IN tA. 11. Ing day. 84 0. 001. .W 74 o.oo io;n 62:0.00:28jNE 56 .. 8C1O.00 . .INB 84-O.00I..1S 60'0.0O..W 88 0.001. Clear Clear Clear Clear Clear Clear -ie'lear Clear Pt. cloudy Clear JP. II. report of preced- FORECASTS. Portlan . and vicinity Monday, fair and continued warm; northwesterly winds. Oregon and Washington--Monday, fair and continued warm; moderate northerly wind. NEW YORK, Sept. 10. (By the Asso ciated Press.) Appearances of ;th usual fall Investment demand provided a stimulus to new boM offerinea last week, which totalled $21,450,000, as com pared! with f 18, 150,000 the week before. Tax-exempt issues were in special de mand, ten Issues of this class being put on public sale at prices to yield from 3.95 to 4.75 per cent. 0 Bond prices, as a whole, were- steady, losses in the early part of the week be ing recovered and several issues, espe cially in the medium and low-priced group, establsihing new high records. Foreign bonds showed substantial - im provement. Only nominal changes took placs in Liberty issues, which had been inclined to weakness on the renewal of congressional activity on soldier bonus legislation. Local bond -houses purchased a number of state and municipal bond issues dur ing the week, which will be offered shortly. ' ' ' Oregon Bonds Taken. The largest. was an issue of $5,000,000 of the state of Oregon, the syndicate price for which was the highest in three months. - Five foreign Issues are now in prospect. They include the - $200,000,000 loan to Argentine, which, the congress ef that country has Just been asked to ap prove; a $12,000,000 or $13,000,000 Issue of Chile: a $50,000,000 issue to Cuba, which involves political as well as finan cial considerations! a $16,000,000 issue of Haytt to be used in refunding old. French loans, and a long-term rerunning opera tion -for Pern- which, has been under ne. gotiation for eever&i montns. The largest . offering ol tne weeK, which was sold at private sale, subjac to approval of the interstate commerce commission, was an issue of $6,800,000 equipment trust certificates ef the St. Louis-San Francisco Railway company, which mature in equal annual install ments from September 1, 1923, to Sep tember 1, 1937. The price was not mad public The next largest offering was the $5,000,000 4 per cent bonds of the state of Missouri, which was sold to yield 4.10 per cent, maturing in 1926 and 1927. - Other Offerings Larjre. Other large offerings of the week were: $2,600,000 6 per cent 20-year first mortgage sinking fund gold bonds of the Ramapo AJax corporation, whleh were sold at 100; $1,800,000 4 per cent 25 to 84-year road bonds of the. state of North Carolina, offered to yield 4.30 per cent; $1,775,000 74 per cent ten-year secured consolidated gold notes of the Wickwire Spencer Steel corporation, of fered at par; $1,250,000 6 per cent 19 to 40-year gold bonds of Porto Rico, yield 4.20 -per cent, and $1,050,000 4Si per cent two to 49-year hospital and park bonds" of Hudson county, K. J., to yield 4.15 to 4.20 per cent New lork Bonds. NEW YORK, Sept. 10. Following are last week's nigra, low and closing prices of bonds on the New York Stock ex change, and the week's total sales of each bond : -y. S. Bonds Sales (in $1000) High Low Close Liberty 3is... 1,613 100.90 100.70 100.84 do 1st 4s . 1 100.40 100.40 100.40 do 2d 4s . . . 6 100.28 100.16 100.20 do 1st 44s... 508 100.74 100.86 100.70 do 2d 4s... 1,978 100.44 100.10 100.22 do 3d 4(4... 2,486 100.36 100.18 100.33 do 4th (I.8.. 3,909 100.76 100.30 100.66 ao victory 43 (uncalled) . . 1,214 100.72 100.66 100.70 do Victory 4s (called) 120S 100.34 100.26 100.S4 Foreign govt., state and municipal bales High Low close 348 10244 101. 102 17 54 531,4 53tf 7 114 113 9 J10 109 162 83- 81 7 109 109 84 93 93 , 23 84 82 ' 70 83 82 36 100 99 100 4T 102 101 102 4 72 72 -72 26 115 114 114 10 110 109 110 196 102 102 102 367 -91 89 90 . 62 100 .100 . 100 721 07 05 80 561 96 94 96 54 C C C & St I. gen 4s 2 83 Chile Cod 7s 69 106 Chile Cop 6s...... 180 94 Colo llid C3 145 Colo & So ret 4s IS Col Gas & El 5s.. Cons Col of Md 5s Cu Cans Su deb 8s do 7s Cuba R R 7s A Cub Am Sugar S uei Ac Hua cv os 6 49 99 37 80 96 91 92 94 90 105 94 77 96 90 91 92. SO 83 100 94 79 96 91 92 93 89 107 D & R G Imp us. Det Edison ref 6s Det Uni Rys 4s. Diam Match 7s. Dist Sec 6s . DuP de Nem 7s Duauesne Lieht 6s 508 106 Erie gen 4s 117 55 22 107 106 21 107 J06 106 187 101 . 98 hi 101 38 82 '81 - 81 35 105 104 104. 8 83 .84 84 6 108 J07 107 SI 46 46 46 KA lnSU KtA 108 do pr lien 4s.. 114 67 60 Fink Hub Ss 26 107 107 107 F.ram Ind dev 7s 59 96 94 90 Gen .Elee deb os. 14 102 101 101 Good T 8s. 1931.. 188 100 10O 100 do 1941 79 116 113 115 Gd T Ry of Can 7a 104 114 113 litf An B 9 106 104 105 Gt North 7s A.. 170 114. 112 113 do 6V4S B 142 104 104 104 do adl ino 6s.. 57 66 66 .66 Til f.nl &Lm 82 102 101 10: do ref 4s 19 91 90 91 III Steel deb 4s 4 92 92 lnrl fiteel fis. 17 lOlfc 101 Inter-Met 4s ... 156 15 15 do 4 etfs .... 15 Inter Rap T ref 5s 7T8 In Mer Mr sf 6s.. 188 In Paper ref Ss B. 158 Invin Oil 8s , 1 la Cen ref 4s 33 K S Ft S & M 4s 107 K C Sou 6s ... 85 K C Term 5s .... 57 Kelly-Sps T 8s... 12 108 Lack Stl 6s, 1923 9 100 3 1 85 15 73 98 89 89 44 83 92 8.5 do 1950 L G of St L 1st 5s LS&MS deb 4s,'28 11 95 do 1931 30 94 Lehigh Valley 6s. J7 104 Lig & ftiyers os.. Lorillard 5s ...... L & N ref 6s I, & Nash uni 4s. Mkt St Ry 5s ... Marland Oil 8s 15 72 92 88 89 42 82 91 84 105 100 82 95 95 93 103 99 92 101 15 15 72 93 89 89 4.4 83 92 85 108 100 92 95 95 94 104 99 113 109 82 109 93 . Hi 83 Argentine 7s . Chinese ly 5s... Berne 8s ........ Bergen 8s Bordeaux 6s . . . . ' Christianla 8s . . Copenhagen 5s Lyons 6s Marseilles 6s . Rio de Janeiro 8s Sao Paulo 8s ... Tokio 5s , Zurich 8s Danish Mun 8s A Can 5s 19.29... Dept Seine 7s. . . . Can 6s. 11)31...,. Dutch E Indies 6s Dutch B I 6s 62. French Rep 8s... 312 102 101 101 do 7s 954 90 98 98 Jap 1st 4s .... 17 94 84 94 do 4s :.- 637 82. 80 82 K of Belg 7s. ... 158 106 104 106 uoos tv loo 9H lOO King or Den 6s.. 156 99 99 99 K of Netherl'ds 6s 343 96 85 98 K of Norway 8s .. 59 112 112 112 K of Sweden 6s . 79 106 105 106 rar-ijyoiin-wea OS O03 i t 75 77 Rep Chile 8s '46. 40 104 103 104 Rep Cuba 5s 1904 7 93 93 88 Rep Uruguay 8s.. 17 107fi 106 1AT4 St of Queens 7s. 12 112 my m do s 29 104 102 105 St R G do Sul 8s 21 101 1MU lnna owibs uniea os.. oo 1214 ly- 121 UK GB&I6s '22 12 100 100 100 do 6s, 1929... 79 108 107 108 do 6s. 1937... 219 105?4 101 10S U S of Braz 8.. 215 102 1014 loatf u o ol jviex os... xm &e o6 do 4s 103 45 42 42 Railway and miscellaneous honrls Adams Exp 4s . . 1 SO 80 80 Ajax Rubber Ss . 53 99 97 99 Am Ag Ch 7s. 75 105 104 105 Am Cot Oil 6s .. 3 91 91 91 Am smelt 6s . . 162 95 84 84 ouKtll- o ... (1 .lUefe-ITt.mt Am. T. & T. ov 6s 195 119 115 ao col. tr 5s 123 10 Am. Writ. Pr. 7s.. 28 86 Armosr & Co 4s 95 93 T & S F gen 4a 218 93 do adj 4s 8 85 At C L 1st con 4s 39 91 do ref 6s 6 103 Bait & Ohio 6s... 124 102 do cv 4s 64 88 80 109 106 11 97 96 26 94 83 11 99 '89 42 10S 108 89 81 85 2 97 86 86 Hi 113 683 83 82 8 100 23 98 97 98 90 128 98 98 88 !l o 80 99 oo 91 83 85 80 1U3 104 ais 99 86 91 93 85 91 103 101 102 86 88 108 97 98 99 108 91 97 113 3 Bell T of Pen 7s. Beth Steel Ref os. do n m -5s Braden Copper 6s Bkn Ed gen 7s d Bkn R T 7s etfs at Cal Gas & El 6s... Can Nor 6 s Can Pac deb 4s.. Cen of Ga 6s... Cen Leather 6s. . Cen Pac gtd 4s 210 S044 on Cerro de Pasco 8s 40 129 128 v. n KM unio cv OS Z71 ao cv 4ss ... 123 CB&Q ref 5s A.. 112 102 100 100 Cni & East 111 6s 263 8 R4 K5HL. Chi Gt West 4a... 101 59 88 68 CM&StP cv 4s.. 811 76 74 75 do ret 4s 153 68T4 B7 nun Chi N W 738 100S4 10!), 1IM15L C & N W 6s 6 111 110 111 Chicago Rys 5s.. 44 83 82 82 O R 1 & P gen 4a 1 84 84 84 do ref 4s 303 R.ii Rsu C W Ind 4s .. 37 TT - 7fl . 77 CENTRAL PACIFIC 4 BONDS . To Yield 5.25 BRAZIL. GOVERNMENT 5 BONDS To Yield 8 Union Safe Deposit & Trust Co. 284 Oak Street Safe Deposit Boxes $3.50 2 100 K 1(K1 4 106 106 106 2 93 93 93 44 89 88 88 114 122 120 121 Mex Pet 8s 17 107 106 107 Md Steel cv 6s .. 53 90 89 89 M & St L ref Ss. 9 ,45 44 41 MStP&SSM 6s.. 39 106 !Oo 10O MKfcT n P In 6s A 6S7 88 86 88 do nw adj 5s A. 1529 66 6344 65 do lat 43 ...... 64 84 84 84 Mo Pac gen 4s .. 812 '69 68 69 Mont Power 5s A- 40 99 4 98 99 NO & St L con 5a 11 100 100 100 N O T & M ino 03 31 77 76 77 NYC col 7s 2 107 107 107 do deb s ..... 15 107 106 107 do con 4s 3 85 85 85 N Y md ref 6s. 64 112 112 112 83 85. 84 85 60 88 88 38 84 107 107 107 81 107 106 107 41 67 57 67 708 124 118 124 25 94 93 94 6 91 89 91 44 85 94 94 9 108 - 107 107 35 101 101 101 80 10 105 105 26 94 90 80 NYNH&H c 6s '48 NYRys ref 4s, etfs N Y Tel deb 6s '49 do ref 6s, 1941. N Y W & B 4s. Norf & W cv 6a. . Nor & W con 4s. , N P pr -Ilea a, . . N Sts Pw ref 5s A N W Bell Tel 7, Or & Cal 1st Ss. . O S L gtd 6a etfs do ref 4s. O-W R&N nav 4s 276 86 84 86 Otis Steel 8s A.. 85 101 -10O 100 Pac G & E 6s-. .. 83 94 93 93 Packard Mo Cr 8a 88 107 107 107 Pan Am P & T Ts 15 128 128 128 Penn R R 6s,. 40 112 110 111 do gen Ss 154 103 102 102 do gen 4s ..71 84 . 84 94 Pere Mar ref 4a 6 101 100 100 Z3 39 it 38 4 99 08 99 10 87 85 87 87 113 112 112 Peoria & E lne 4s Pierce Oil deb 8s P Ry L & P 5s. Pro & Ref 8s Reading gen 4s.. 102 86 86 86 Rep Ir & St col 6s 24 95 85 95 R G & W 1st 4s.. 11 80 80 80 R 1 Ark & (La 49 31 85 83 85 S JO I M & S ref 4a 104 91 89 91 S L & S F adj 4s. 199 84 83 84 do inc 6s 145 79 77 78 do pr lien 4s A. 664 76 75 75 6t L SW 1st 4s... 1 80 80 80 StP&KC Sh L 4s 65 86 84 86 SA&A Pass 1st 4s 3 79 T9 79 S Air Lin con 6a S58 70 67 69 'do adj 6s 227 29 28 29 do ref 4s 120 46 45 46 Sharon St Hp 8s A 11 9S 97 97 Sin Oil cv 7B.. 438 105 104 105 do col 7s 847 101 100 101 Sou Bell Tel Ss. .. 5 99 08 99 S P cv 4s 102 93 93 88 do col tr 4s ... 189 81 90 91 do eol tr 4a. ... 6 88 88 88 Sou Rail sen, 6s 243 104 102 104 io con os 141 loo 89 joo do ren 4s ..... 106 71 70 71 So Por Ric Sug 7s 18 102 102 102 O of Cal deb 7s 85 106 105 106 Tex & Fao 1st 5s 4 98 98 98 Third Av adj 6s.. 228 68 66 68 ao rer s zs 67 ee 67 4 Tdw Oils 6s ctfa lO 103 103 103 Tob Prod 7s 20 108 . 105 106 Un- Fac 1st 4s.... 84 05 89 80 do cv 4s 185 95 94 85 do ref '4a...... 28 90 89 90 TJn Tk Car 7s... 70 104 103 104 United Drug 8s... 11 113 111 112 uityin 1st os, ftev is vi US Realty 5s. US Rubber 7s. do 5s US Steel s f 6s . . , Utah P & L 6s.. Va-Car Ch 7.. Va Ry 6s Wabash 1st Ss ,. West Elec 6s .... West Md 1st 4s . West Pacific 5s . . West Union 6s. Westingha Elec 7s wn & I. Erie 4 "4a Wick-sp tsteel 7s 19 98 .T. 53 110 169 109 279 90 90 90 144 104 103 103 6 93 90 93 8 105 105 105 64 100 98 100 49 101 99 100 22 100 100 100 58 68 67 68 22 87 86 87 9 113 113 113 '57 108 17 108 4 77 76 77 89 99 99 Why Municipal Bonds Are Safest TiyrUNICIPAI Bonds are Better Bonds they represent to a Community what Government bonds represent to the Country, an obligation of the people of "all the people in the municipality or district issuing them. They are bonds issued not upon one piece of property or plant or industry, but upon all properties, plants and industries within the dis trict. They are BETTER BONDS because the principal1 and interest are paid by taxes and taxes are the one CER TAINTY of life. rTiVii'iVsi UNITED STATES MCNTCIPAIj BONDS : 8 Aberdeen, Wash., Imp.....,.. Arco. Ida.. Electric Light t Astoria, Oregon tBlackfoot, Ida.. L. I. D f 'Capitol Highway Water Dist., Multnomah County tCasper, Wyoming, Imp , ICoulee City, Wash., Imp . Jefferson Co., Ida., Rigby I. S. D. No. S IKennewick, Wash., Imp .. tMills City, Wyo., Water Minidoka. Co.. Heyburn Paul. Hy ...... t Morto, Wash., Iinp. . SPort Angeles, Wash.. Imp , tPost Falls, Idaho. Water Rupert, City of, Ids L. X. Z. No. 4-.. tShelby, Mont., Water ......... SShelby, Mont, Imp Guar, by Revolving Fund Soda Springs, Ida., L. L D. . ........ tSpokane, Wash., Imp Guar, by Revolving Fund fWheeler, Oregon fDrumheller, Alta. . tHanna, Alberta ........... tKamsack, Saskatchewan . . 5Peac River, Alta., S. D.. .. Reglna. Saskatchewan Saskatoon, City of ........ Rate. Maturity. Price. Yield. 7 1930-84 To yield 6.2S 1939 100.00 6.00 0 1930-39 101.69 6.75 . 7 1930 ' 104.67 6.25 6 1934-41 To yield S.60 1925-31 100.00 6.00 7. 1923-30 To yield 6.50 1 6' 1937 102.48 6.75 8 192S-29 - . To yield 6 50 .6 ' 1937-52 100.00 6.00 8 1930 101.51 6.75 .8 1922-84 To yield 6.75 T . 1930-33 To yield 6.25 6 1932-42 100.00 6.00 . 7 1926-29 102.62 6.25 6 1931-40 100.00 6.00 6 1924-29 To yield 6.50 7 1925-29 To yield 6.25 6 1922-34 100.00 , 6.00 6 1941-42 100.00 6.60 CIPAL BONDS 7 1923-25 To yield 6.60 7 1923-42 To yield 6.50 6 1928-82 100.00 6.50 7 ' . 1923-25 To yield 6.50 8 1928 95.37 6.00 5 1943 88.15 6 00 6 1950 100.00 , 6.00 7 1927-84 To yield 6.50 Denotes $1000 Denomination tDenotes 500 Denotes $100 tDenotes Fractional Bonds Denotes $200 : Denotes $300 Telephone or Telegraph Orders at Oar Expense. MORRIS BROTHERS CORPORMON . Government and Municipal Bonds aWLiForUand.Oreon g 309-11 STARK ST. DEPOSIT BOXES five- sticker candidates to appear for the office of county assessor. They are H. S, Knapp of Raymond, M. H. Leaeh and Joe Johnson of South Bend, A. B. Leason of Naselle and Wayne Suomela of Ilwaco. SCHOOL TO USE RADIO University of Idaho Arranges to Broadcast News. UNIVBESITT OF IDAHO, Mos cow, Sept. 10. (special.- Arrange ments have been competed bet-ween the University of Idaho and a radio" broadcasting concern here for broadcasting- important unlv.ersity news to all parts of the state. The radio station Is installing two 50 watt power tubes, a 1500-watt mo tor generator and other equipment necessary to enlarge the sentllng scope. The station was installed some time ago fry two university students and a practical electrician. Tri weekly concerts have been broad cast during the summer. Football scores will be sent out and all ath letic contests of state-wi.de Interest. Read The Oregonlan classified ads. AID FOR EX-SOLDIERS IIP HELP URGED FOR MEN SERV ING WITH ALLIES. Idaho Representative Introduces Bill Into Lower House for Veterans' Benefit. THE OREGONIAN NEWS BUREAU. Washington, r. C-. Sept. 10. By the terms of a bHl sponsored by Repre sentative French of Idaho, Ameri can boys who served in the allied armies during the world war will be given the same preferred land settlement rights under the- United States homestead laws as those sol diers who eerved in the American army. Explaining the purposes of the bill, Mr. French said: "My attention was called to the necessity for this legislation through a. few cases- that arose in Idaho. One was that of a Coeur d'Alene boy who enlisted with the Canadian army prior to the United States entering the war. This Wil & Co s f 7s 297 107 105 107 do cv 6s 137 97 85. 87 Wis Cent gen 4a. 7 84 82 82 Cz-Sl rep 8s etfs. 201 96 95 96 Dom Can 6s, 1952. 452 99 99 99 Reo of Bol 8s ... 183 98 98 98 C M & St P cv 5s 52 78 77 78 EmD G & P 7s.l007 97 97 97 I & G N adj 6s Wi 646 55 54 64 Mo Pac con 6s.. 217 102 102 103 N B T & T 1st 5s ct 163 99 99 99 Nor Pacific ref 6s 512 110 109 109 P T & T 5s '52 etfs 166 94 98i 93 Pub Service 5s .. 11 S9 89 89 Sin Cr Oil 6s... 268 99 89 99 U B & P 6s A etfs 110 100 99 100 Unit Fuel Gas 6s 41 98 97 98 Va Car Ch 7s etfs 187 88 98 98 Winchester 7a . 20 104 103 103 Westeh W Co 5s . 1 99 99 99 Total sales of bonds for the week were $55,900,000. PRIMARY CONTEST HOT Few Democratic Candidates En ter Pacific County Race. SOUTH BEND, Wash., Sept. 10. (Special.) Old-time politicians de clare that the present primary cam paign in Pacific county is one of the hottest contests in many years. The returns Tuesday night will set tle most of the races, as there are very few democratic candidates, and nomination ja equivalent to elec tion. There have been a number of last minute entries of "sticker" candidates. Mrs. Emma Whealdon of Naselle will try for the democratic nomina tion for state representative as sticker entry. J. T. Stratton of Raymond, republican, was the only other entry and was considered elected. Due to the recent death of A. W. Dodwell there have been of o;i2ooi3J Departmentized UJDER" experienced direc tion many departments of service are afforded by the Portland Trust Company of Oregon. i Trnst or Fiduciary Department Rental and Property Department Bond and Investment Department Mortgage Loan Department Insurance Department Safe Deposit Vaults Out 6' Mortgage Certificates are a prime investment Portland Trust Company qf Orison SIXTH AND MORRISON tfhe Northwestern National Bonk FSB HnWMBl There is nothing speculative about these ' bonds except as regards price of sterling exchange. It has been steadily advancing, and as it advances the value of these bonds, increases. They now offer you A YIELD OF OVER 8 and OPPORTUNITY TO PRACTICALLY DOUBLE YOUR INVESTED PRINCIPAL United States of BRAZIL Sterling 5s of 1895 Den. 200 At the present time these bonds can be purchased at less than $570 for each 200 bond. With ster ling and bonds at par they would be worth $972 : PRICE ON APPLICATION Make Immediate Reservations JiUMBEEMBNS BROADWAY AND OAK ESmml Are Municipal bond prices ' going higher? In ip03 representative groups of municipal bonds yielded .... iO In I9IO, the yield was j.OO In 192-O, the yield was 5.70 Today, we are offering , . strong municipal bonds to yield from 4.35 to 4.80 The year 1920 was the peak of yield and the bottom of prices, a remark able opportunity for investors. But municipal bonds today -are still attractive in view of normal as (ex pressed by 1903 and 1910 prices, AND TODAY TAX EXEMPT FEATURES MEAN MORE. Save writing a letter for our list of strong munic ipal bonds yielding from 4.35 to 4.80 hy placing your name and address here: Aidrest. CmnsJiRCECoi PORTLAND Phone Bdwr. 501.1 1002 Wilcox Bldtr. San Francisco Los Angeles Seattle Oakland San liero San Jose l'aadiiH Fresno Stockton Sacramento Kurrku Coeur 4'Aleno soldlar saw a.ettv service (or 1 years; vat a mem ber of th flying corpe and waa ahot down in a duel with a German air plane, but was able to effect ai suc cessful landing back of the Cana dian lines. He ha recovered .from his wounds and hts citizenship tia been restored to him. "Another case brought to mv at tention was that of a soldier from lewtston, Idaho, who was not ahle, on account of his aire, to got Into the American army. At his own -x-pense he went to France, Joined tliii Frenrh army and served to thn end ' ViV Tth Investments of Merit General Obligation Bonds oF Northwestern Municipalities Payable From Taxes Maturity City of Portland 412S. . 1922-52 Klamath County, Or., 1939-40 Lincoln County, Or., 5s. .1927-30 Skagit County, Wash. 6s. 1930 City of Grants Pass, Or., 6s. . . .1942 City of North Bend, Or., 6s. ... .1931 City of Forest Grove, Or., 6s 1930-31 City of Condon, Or., 6s. . , 1942 City of Roseburg, Or., 6s 1929-32 Port of Astoria, Or., 6s. .1925-30 City of Klamath Falls, Or., 6s. .'. 1929-32 Cowlitz Co., Wn., D.D. No. 5 7s. .193536 Grants Pass Irrigation Dist. 6s . 1941 Hayden Lake Irrigation Dist. 7s. 1940-42 Income Tax Exempt Wire Orders or Inquiries Collect Ralph Schneeloch Company To Yield 4.20 4.80 5.10 5.00 5.25 - 5.25 5.25 5.40 5.007o 5.25 5.50 6.25 6.25 6.25 MUNICIPAL CORPORATION Second Floor LUMBERMENS BLDG. W3 Ten 'Choice' Bonds for September Investment "Every Bond which we recommend has received the most careful and searching investigation of our organization. Such approval once received, is official recogni tion of the fact that the bonds have behind them sufficient security to safeguard the investor and ample earnings for the payment of principal and interest. Security Rate Mat. Yield Jackson County, Oregon 5s 1932-37 4.60 Wallowa County road 5!s 1937 4.80 Klamath County 54s 1941 5.00 City of Tacoma L. I. D 6s 1926 6.25 Coulee City water system 6s 1923-40 5.75 Curry County road 5?4s Opt.-29 5.10 Slide Irrigation Dist 6s 1937 6.25. City of Eastside, Or, G. 0 6s 1942 5.50 to 6.00 Jordan Valley Cattle Co 7Js 1926-32 7.50 Central Coke & Coal 6s 1930 6.10 Wire orders "collect" or phone Main 4195 for reserva tions or information. Your name and address below and a check opposite the security interested in, will bring full details. Name -. . Address GAMMER & COMPANY Portland 'MUMigiEAL 'l:fiKtjlTf WTISN' Los Angeles Seattle vtSSI San Francisco 2d Floor N. W. Bank Bldg., Portland. Phone Main 4195 890,000,000 FEET National Forest Timber for Sale TTTV. FIRST r!VIT OF OIVE OF THE LARGEST I'XDEVELOPED TRACTS OF YELLOW Pl.NE IS THli l.MTEI) STA1KS. LOCATION AND AMOCJIT All the merchantable dead timber ftarid lax or down and U th live timber marked or designated for cutting- on an area embracing about 67.400 acrea In Twp. 15 R. Ranges 29, 80 arvd 81 E.. Twp. 16 S., Ranpea 29, 30. 81 and 2 K.. and Twp. 17 S., Ranges 2. 30 and 31 K.. W. M.. fcllvi-s river watershed, Malheur national forest. Oregon, estimated to be " 770 000 000 feet B. M.. mora or less, of western yellow pine and 120'000 000 fee B. M.. more or less, of Douglas fir. western larch, white fir lodgopole pine and other species of timber. The cut ting of other apeciea than western yellow pine to be optional with the purchaser. ........ . - STUMFAtiE PRICES Lowest rates considered, $2.75 per M for western yellow pile and J. 50 per M for other species. Rates to be readjusted April 1, 1928, and at three-year intervals th.;rearter. DEPOSIT $25,000 must be deposited with each bid to b applied in the purchase price, refunded or retained in part as liquidated damages, according to conditions of sale. FINAL PATK FOR Bill Scaled bids will be received by the Pl trict Forester, J'ortland, 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.