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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Oct. 9, 1922)
IS. THE MORNING OREGONIAN, MONDAY, OCTOBER 9, 1922 E Billionaire Special Arrives in i California City. PORTLAND MEN PRESENT -Pacific Northwest Financial Houses Largely Represented at National Convention. By F. A. FREEMAN, President of Freeman, Smith &. Camp Co. DELMONTE, Cal., Oct. 8. (Spe cial.) The leading investment bank ing houses in America from J. P. Mor gan & Co. down took the trouble to charter three special trains and to send their representatives to the an nual convention of the Investment Bankers' Association of America which met today in Delmonte. The billionaire special in three sections arrived last night. A whole week has been spent in touring California and the managers of the affair so far have made no mention of the Pacific northwest. However, it is not California's show. The California group is pay ing for it and it is not to be won dered at that they would get all the advertising advantage they can. Al though the special trains are routed back east over the Central Pacific, a large number of the eastern dele gates will drop off at San Francisco and will visit Portland and other northwestern cities before returning home. Mr. Crawford, of the Port land Chamber of Commerce, is ex pected here to register the delegates who will visit Portland and to see that they are given proper instruc tions. Entertainment Is L.avih. Entertainment has been bestowed lavishly on the delegates by the Cal ifornians. They have visited Sacra mento, Fresno, Los Angeles, Santa Barbara and the Yoaemite and the convention will wind up with a din ner at the Bohemian in San Fran cisco Friday night. Today's session was devoted to a meeting of the board of governors which received reports of commit tees appointed at the convention in New Orleans last year. The prin cipal business of the convention the next four days consists of consider ing these reports, electing officers and selecting a place for next year's convention. John A. Prescott of Kansas City will be elected presi dent by acclamation. The Pacific northwest group will be recognized by the election to the board of gov- hernors of Joel E. Ferris, of Ferris & Hardgrove, Spokane. The conventions of the -associations are semi-social in nature, ana" golf and other sports are always featured. The Pacific northwest group of the association is largely repre sented. Those registered today are: Regfatrants Are Listed. James H. Lynch, vice-president of the Lumbermen's Trust company, and Mrs. Lynch; ii. E. Miller, president of G. E. Miller & Co.; Willis K. Clark of the Ladd & Tilton bank. Harry C. Kendall of Clark, Kendall & Co. and Mrs. Kendall, from Portland; Ralph H. Baldwin of the Ralph Schneeloch company, Frank W. Camo of Freeman. Smith & Camp com- paiiy and Mrs. Camp, Irom Seattle; R. H. McMichaei of the Dexter-riorton irust and Savings bank, Detrich Schmitz of the Union national oanK, Anorew rnce of John E, Price & Co. and Mrs. Price, T 'H. 'Greening of G. E. Miller & Co., Louis Eyman of Bond, Goodwin & Tuck er. Hwirv K Love of the Lumbermen's Trust company, Douglas Alexander ot Cycus Peirce & Co., J. C. Owens of Jor dan. Wentworth & Co., from Spokane; J. E. Ferris of Ferris & Hardgrove; Ar tBur C. Blum of the Union Trust com pany; Arthur Cantrell of Murphy, Favre & Co. from Victoria, B. C; Harry Ross of A. E. Ames & Co. Former Portlanders here are Carl S. TOltv nf Freeman. Smith & Camp com- pary. Los Angeles, and Herbert S. Boone nr tne JNa.tion.ai v-ity toniudnj, can cisco. H TRAFFIC HEAVIER Western. Canada Markets 4,000,000 Bushels Daily. foreign importing countries are smaller than rast year. There is enough grain available in exoortine countries for aJl foreign requirements and the future is Iargeiy a matter of distribution ana 01 adequate transportation. Corn is gaining friends and has for several weeks. Prices were up last weeK to the highest leve4 on the present up turn. May and July touching the best figure of the season, while December was up within 54 cents of the previous high. There im a large general consumption, with prospects of its continuance. The (covemmen-t report tomorrow is expected to show a reduction from the September figures to near 2,790.000.000 bushels, against 2.875.000,000 bushels last mon-th and 3,081,000,000 buchels last year. BUSINESS EXCEEDS CARS lNEW CHURCH DELAYED HIIMTON IN PORTO RICO Aviator Lands on Island in Trip . to Rio dc Janeiro. SAN" JUAN.' P. R-. Oct. 8. (By the Associated Press.) Lieutenant Wal ter Hinton, piloting the hydro-airplane Sampaio Correia II on a flight from Florida to Rio de Janeiro, ar rived here at 2 o'clock this after noon. He had hopped off at San Do- fire Bureau Chief to Speak. SALEM. Or.. Oct. 8. (Special.) J. H. Shively, who is connected with the national fire prevention bureau, with headquarters at San Francisco, will give an address at the weekly uncheon of the Salem Commercial club here tomorrow. Fire preven tion will be the subject of discus sion. Mr. Bhivefy wilt spend tne en tire week in Oregon and is sched uled to deliver a number . of ad dresses in different parts of the state. The Oregonian is the medium through which many people supply their wants by using its classified columns. Tefeph-otie Main 7070. Need of Railroads Increasing Transportation Equipment Is Emphasized by Situation. BY CHARLES D. MICHAELS. (By Chicago Tribune Leased Wire.) CHICAGO, Oot. 8. Grain prices have worked irregularly higher with advances from the recent low point of the season on wheat nearly 9 cents on Ieceniber and 5 cents on May. December corn is up more than 10 cents andvAlay cents, and oats are up nearly 7 cenia on De cember and 3?s cents on May. These advances have created a better feeling among all interests and lifted the mar kets out of the rut, and while outside speculative buying is not heavy, senti ment is more favorable to the buying side oil breaks. The situation, not only in grains but In a 1 1 buei n ess, is larg e ly a matter of transportation. Grain traffic in the northwest is heavier than for haif a dozen years and is believed to be close to the record, if not above it, on. both sides of the interna tional line. Marketing of wheat in west ern Canada averages 4,000,000 bushels a day. and so far this season 96.UO0.OO0 bushels are said to have left Canadian farms. In the Dakotas, Minnesota and Montana 65,000.000 bushels are estimated to have been marketed. Taking the pri mary movement of grain last week, there was an increase ot 18 per cent over the, five-year average. It has been demonstrated that business of th.e country is too large for transporta tion facilities and that railroads must be permitted to enlarge their equipment, track and yardage facilities to handle the business. Millers are accumulating wheat, ex porters are buying fairly and grain of any kind available for filling export sales for prompt loading brings advanced pre miums. At the same time there are in dications of increasing supplies of wheat and other grains as soon as cars are available. Political conditions abroad are causes of uneasiness aad the outlook at the close of last week was less favorable for the leading powers. This strengthened mar kets abroad and brought in some foreign buying. India has taken off its embargo on wheat exports. Supplies afloat for AValla Walla Congregationalists Postpone Building. WALLA, WALLA, Wash., Oct. 8. Members of the Congregational church who this morning; considered plans for their new church building decided to wait a week before act ing: because cost of the proposed structure is higher than the church wishes to pay. It had been decided informally not to spend more than $80,000 on a new church and parish house, and the lowest bid submitted was $108,000. The matter was referred again to the committee in charge in hope that some changes can be made in the plans or some means taken to cut down the cost to within the means available. The plans call for separate church and parish house buildings connected with an arcade. The new church is to replace the, structure burned in January, of this year. OLYMPIA CAFE ROBBED Footpad Holds Up AVaiter, Who Is Making Change. OLYMPIA, Wash., Oct. 8. (Spe cial.) While a number of patrons seated in boxes partook of their meals in ignorance of what was oc curring, in the same room a bold holdup man robbed the cash regis ter of the Pekin cafe on Main street near Fourth about 1 o'clock this morntnc holding at bay with a re volver the Chinese waiter who had opened the cash register to make change. The holdup man tendered a check in payment for his meal and when the waiter' opened the register he looked up to see the revolver leveled at him. The man grabbed all currency in the drawer, amounting to about S30, took his check and left the restaurant. Evaporator to Take Walnuts. TrTTrrpivp: Or.. Oct. 8. (Special.) The Eupene Fruit Growers' associa- Mammoth Oil Company (Controlled by the Sinclair Consolidated Oil Corporation) . . . Capital Stock 2,005,000 Shares No Par Value Teapot Dome Field (Wyoming) The company has leased from the United States government 9321 acres of land, known as Naval Petroleum Reserve No. 3 in Wyoming. This property was selected by the United States government as an oil reserve for naval purposes and is being developed for the joint benefit of the United States government and the Mammoth Oil company. The company, during the past week, brought in a new well, flowing from 10,000 barrels to 20,000 barrels of oil per day at a depth of only 1500 feet. The company is drilling 20 wells, 9 of which have drilled through oil-bearing sand. The Salt Creek field, of which this is a part, is capable of producing approximately 150,000 barrels a day from existing wells, which at the present time are running about 60,000 barrels a day. This present pro duction will be materially increased as soon as adequate pipe line and tankage facilities have been provided. A pipe line is to be built from the Wyoming field, probably by the Sinclair Pipe ine company, which is owned jointly by the Sinclair Con solidated Oil Corporation and the Standard Oil Company of Indiana. There is now being constructed steel tankage which will provide for 1,600,000 barrels of oil. A limited number of shares of the Mammoth Oil Company will be offered for sale Monday morning, October 9th, 1922. Appli cation has been made to list this stock on the New York curbs market. Orders for the purchase of these shares should be placed through your own broker. Ill Broadway Jesse L. Livermore Statements contained herein a net guaranteed, but are based upon Information which I believe to be accurate and reliable. New York Put Your Money Into Good Mortgages OELECTION determines the value of any investment, and particularly mortgage loans. In our 35 years' opera V tion we have never lost a dollar on one; nor have our investors, who buy our Mortgage Cer : tificates to yield them 6. It is because our loans are determined by accurate ap praisals. Portland Trust Company of Oregon SIXTH AND MORRISON esfffiliafed tertk - . me Northwestern National Batnh tion which has been handling all kinds of fruits and vegetables for many years, has added walnuts to its list The board of directors at a meeting yesterday authorized J. O. Holt, manager, to dry walnuts at one of the evaporators. Here Is the $252,572.00 Security for This Issue ; $60,000 First Mortgage Vfr Serial Gold Notes THE CANADA SHINGLE CO., LTD. Vancouver, B. C. Six acres of extremelv valuable city water front, unincumbered and TAX FREE $150,000 Eleven-Machine Shingle Mill, insured at $92,000 for bondholders, and appraised at 102.572 Giving over four times security for loan, or $232,572 nHE major portion of the p-oceeds of this issue goes back immediately into betterments which will give the plant an estimated yearly production of 140,000,000 VERTICAL Grain cedar shingies. instead of the present output of 49,000,000. With quantity production the estimated net profits from earnings after all fixed charges, will average between $25,000 and $30,000 per annum, during the life of this loan, as against $4500 maximum intrrett requirements. The company has been profitably operated for 21 years, and because of the special ized quality of its nhmgles connitentiv maintains orders booked far ahead of manufacture. Kor &-year period. I !t -"-', average annual net profits were $8M0.W). All security is pledged to this bank, as trustee, during life of loan. 500-Pound Bear Killed. WHITE SALMON", Wash.. Oct. . (Special.) A 500-pound black bear, which had been treed by dogs In the" Trout lake district, was killed by w. Wood. Frank Corey. John Perry and Rufe Ordway. Bears are un usvally numerous this year and are feasting on fruit in orchards. Bonds Due Serially Oct. 1923-31 Dens. $100 $500 $1000 ry 1 Qf PRICE TO YIELD 2 0 TrTXS TOM35AiOr "BANK BROADWAY and OAK Mossyrock Fair Saturday. CENTRAL,! A. Wash.. Oct. 8. (Spe cial.) Arrangements are beinr com pleted for Mossyrock's fair, to be hold next Saturday. Among the rpeakers Will be Governor Hart. Representative Johnson, Mrs. Clara Tripp, of the State Manufacturers' association. Tom Hill of the Seattle Chamber of Commerce. K. K. Van Schoick. secretary of the Centralia Chamber of Commerce, and T: J. O'Connor, secretary of the I'hehall Clttiens club. There will be band music and selections by Centralis' Kiwanls quartet. The fair will In clude a better bshles hnw and model chicken furm. conducted br H. H. Collier of Tacoma. The Orea-onlan la the medium through hlcn many people nipt- their ani by uml I'a rUir4 rolirTn". T'nfc,ri M'f1 7nTe New Issue Alunicipal Bonds $550,000 DESCHUTES COUNTY MUNICIPAL IMPROVEMENT DISTRICT General Obligation Serial Gold Bonds Dated January 1, 1922 Due Serially 1033-12 Principal and semi-annual interest (January 1 and July 1) payable at the Fiscal Agency of the State of Oregon in New York City, or at the office of the County treasurer, Deschutes County, Oregon, or at any of the offices of G. E. Miller & Company. Callable in whole or in part in numerical order on any interest dBte on four weeks' notice at 103 and accrued interest. Coupon Bonds in t)enominations of $1000 and $500 Exempt from all Federal Income Taxes, including Surtaxes, in the same manner as Slate. County and City Bonds. Legal investment for Savings Banks. Trust Companies. Trust Funds and Insurance Companies in Oregon. Legal to secure deposits of public money in Oregon. Financial Statement - Total acreage of District 20.375 acres Appraised value of the security $1.7.0.non.OO Total amount of Bonds authorized and issued $550,000.00 Average holding of productive land 82 acres Average holding pasture land 27 acres i Average annual tax necessary to pay Bond interest and a Serial Installments of principal $3.30 per acre Appraised value ot Bond security over 2fi times this tax. Estimated annual average income over 10 times this tax. The District The District is located in Central Oregon, the diversified farming section of the state, and is but four miles from Bend, a prosperous and growing city with a population over 6.100. It is served by the Union Pacific and Hill systems which provide excellent transportation facilities for all crops produced. Dairying and rattle raising are important and there are several creameries and cheese factories near the district. Three hydro electric power plants supply this territory with electric current for power and domestic use. Alfalfa, hay, wheat, corn, barley and potatoes are extensively raised. Strawberries raised in the di trict are in demand in Eastern markets and in many rases have brought over $1000 per acre. Nature has provided a fertile soil, a delightful climate and with the present addi tional supply of water available, the Deschutes County Municipal Improvement District is one of the most prolific agricultural sections in the country. This improvement ia for ex tensions, betterments and increased productivity. Tli-r4c The Bonds are secured by the entire property in the district, conservatively UUUUO appraised, over three times the total bonded debt. The collection of taxes and payment of interest and principal of the Bonds are collected at the same time and in the same manner by county officials as are school, county and state taxes. A n-friTor The district has been examined and security approved by State Securities ZipprUVCU, Commission, consisting of State Engineer, the Attorney-General and the Superintendent of Banks of the State of Oregon. Co-ritifA nrtA T edrxTpA undr Stat" Law hy indorsement of Secretary VertlIieU. anO. .LiCgdllZCU of state. Each Bond bears this certification and the seal of the State of Oregon. These Bonds are legal for all purposes that General Obligation State Bonds are legal for. Legality approved by Messrs. Teal, Minor and Winree of Portland, Oregon, and the Attorney-General of the State of Oregon. PRICE TO YIELD 6.25 Orders May Be Wired "Collect" Bonds offered subject to prior sale. Call, write or phone Main 4195 for special circular or reservations. G E MILLER & COMPANY PORTLAND N. W. Bank Bldg. SEATTLE Hoge Building MUNICIPAL CORPORATION LOS ANGELES Van Nuts Building SAN FRANCISCO 105 Montgomery St. Second Floor Northwestern Bank Bldg., Portland, Telephone Main 4193 The Ititcnniti ronOtnrd herein are not r- r-l. hat are hmmr Ma t rraila aa4 advice watch t believe t he accarate aa4 reliable and aaaa which wa . have relied ia parchalaa tfeeae Hoaa.