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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Dec. 21, 1913)
g O UK al.MIAl um.uuniA.ii ruiniiaam jjvixj.. - , SMALL INVESTORS SWAY SECURITIES Marketing of Paper Depends : on Attitude of Public, Says Griffith. BUYERS WAIT ON CONGRESS Tending Currency Legislation Tends to Make Money More Timid Re adjustment of Commercial Conditions Predicted. BT FRANKLIN T. GRIFFITH, riddnu tv Dmldrnt of Portland Rallwmy, 1.1. bl A Power Company before Transpor- ' tailon C1UU.J J-or tiio lest several years public service corporations have experienced an increasing difficulty ' in security funds -with which to carry -on devel opment work and to make betterments and lmnrovements required In accord ance with good operating Judgment. The great transportation companies have been having the same experience, and this inability to secure funds is one of the principal, if perhaps not the controlling, reason for the policy of retrenchment now In force. Various reasons have been advanced to account for this difficulty in obtaining funds, hut In my opinion all the reasons ad vanced inevitably lead to the conclu sion that our inability to secure funds Is due to a lack of tonfidence of the investing public in public service se curities. There 1s not much reason for doubt as to the ample volume of funds in this country, and today In practically all lines of business not . connected with or directly dependent on public service corporations business condi tions are fairly good. Generally speak ing, the farming element throughout the country during the- last several years has been reasonably prosperous, and I do no't think we can attribute our financial difficulties to what is commonly known as "hard tmes." Sale f Bend Explained. " Pubic servce and transpportaton se curities are usually offered In large blocks and are purchased from the cor porations by banks and trust compa nies. It may be that an Issue of bonds is taken in Its entirety by a single bank or trust company, and then again syndicates of banks and trust compa nies are formed to take over excep tionally large Issues. In all such cases the corporation Issuing such securities receives a fixed and agreed price for the securities, end is not bothered wllh the marketing- of them to the investing public. The banks and" trust companies en gaged In this business of purchasing large issues of bonds usually have con nected with them a number of small er financial Institutions scattered throughout the country to whom thoy are reasonably sure of reselling small er blocks of the securities, and the actual distribution of the securities to the persons holding them for invest ment is made largely by these smaller .institutions. You will see, therefore, that a bond Issued, we will say. by the Portland Railway, Light & Power Company, may. In the first instance, be a part of an Issue of several million dollars, all of which may be purchased from the Portland company by a single bank or trust company or syndicate of bank& or trust companies, and that the same bonds will then be sold to a smaller financial Institution, and by such smaller financial institution disposed of to the man who intends to put it away in his safe deposit box and there after clip his semi-annual coupons. Donbt Chokes Market. Now let us note the effect upon this chain of bond sales if the final Invest or, that is. the man who intends to keep the bond for investment pur poses, is at all doubtful about the security If there Is a general lack of conlldence In the ability of the corpo ration issuing the security to pay in terest punctually and to provide for the payment of the principal at matur ity, the distributing financial institu tions which come In direct contact with the Investors know that they will have difficulty In finding purchasers for the securities, and for that reason the smaller financial institutions will refuse to buy the securities fromi the underwriting banks and trust compa nies In the East. - The great banks and trust companies of the East, appreciating the fact that their correspondents, the smaller in stitutions dealing directly with the in vestors, will either not buy the secu rities or will take only a small portion thereof, cause the Eastern banks to decline to buy or underwrite large Issues knowing that they will have dif ficulty In disposing of the securities through their correspondents, and then you have a situation like tbis: The . Portland Company, for Instance, may desire to issue J5.000.000 of bonds for . . 4 1 !i it : T - i . .1. i mum ... i n i in BOtiALOW OF DR. R. B. 8H.iXDOJ TO COST The new home of Dr. R. B. Brandon, on Flora avenue, between Imperial Laurelhurst, will be a nine-room will support the veranda, which , , . ma interior o i ine ouiiaina wi in i m. o ... ... .... throughout the whole house. The breakfast-room, the billiard-room and lincrusta. A fireplace, window seats and buUt-ln bookcase. wlU b. the walls of which will be buff tinted. . i on ( ii e aoiuo. a . w in ov . i u o . A. Carpenter drew th plana the purpose of making improvements and betterments to its property, and having planned how to spend the money it undertakes to place the se curities or to provide for the t--ikir.s of the securities as issued, and for that purpose opens negotiations with, we will say. the banking house of Harris Korbes & Co. Paper Taken at Hlaeoont. Harris-Forbes & Co. are familiar with the temper of all of Its corre spondents in respect to securities of the Portland Railway. Light Power Com pany and finds that its correspondents are unwilling to take the bonds at all. or if willing to take them, proposes to take them at a discount great enough to insure against loss should the company In turn be unable to dis pose of the securities to investing cli ents. Harris-Forbes & Co knowing that correspondents will either decline to take the securities or else will take them only at a considerable discount, either tells the Portland Company that the securities cannot be handled at all. or. if willing to take them, take them at such discount as will permit Harris-Forbes & Co. to. sell the same securities to the correspondents at the rh eorresDondents will pay ih.refnr and also pay narns-r orDes & Co. for the ettorts of their business organization in so placing the secu rities. You will see, therefore, that a lack of confidence felt by the individual In vestor Immediately is apparent through the chain of transfers of the securities and the result la that the borrowing corporation must either sell its securi ties at such a discount as to make an unreasonably high interest charge or postpone Its contemplated expenditures. Postponements of this sort and due to this cause have been general through out the United States during the last two years. Business Walts on Congress. At present there is an additional com plication increasing the difficulty in disposing of securities. Because of Ihe pending currency legislation the great banking houses of the East are con serving their resources and refusing to underwrite large Issues of bonds ie cause the Initial payment to the bor rowing company trust be made by these great banking houses, and until they know Just what effect the currency leg islation will have on the volume of their deposits and funds available for su.-h Investment, they are v.nwilling tn tie up their resources in such under writing operations. This new complication. I believe, will straighten itself out in a satisfactory manner and business conditions be re adjusted to the new basis within a few months after Congress has enacted its currency bilL (.To be concluded next Sunday.) . SHIXGT.E MILL IS UXDER WAY Modern Plant at Milwnukle Will Km ploy 50 Men. The foundation for the new plant of the Rose City Shingle & Lumber Com pany at Milwaukle has been completed. It Is located on a flve-acre tract leased from Mrs. Sarah Webster. It Is expected to have the new mill completed by next April. The -cost will be $50,000. It will nave a capacnj 350.000 shingles a day. which Is more than double the capacity of the mill which was destroyed by fire several months ago. It will nave a ary-iwui of double the capacity of the former one. Fifty men will be required to operate this mllL Before deeming on nnai piano ill the owners made extensive Investi gations of other plants in Washington and have adopted modern loeas throughout. It is announced that the Hawle7 Mill Pulp Company may enlarge Its plant next year. EUGENE SCHOOL PLAN'S DRAWN Many Architects Submit Sketches for $100,000 Structure. EUGENE. Or., Dec. 20. (Special.) Architects of Portland. Seattle. Spo kane and Boise are aending in pre liminary sketches for the proposed 1100.000 high school for Eugene, which It Is hoped to have erected this coming year The Board of Education will consider these sketches at its meeting Saturday and expects by Monday to choose one from the dozen or more that have been submitted. The architect whose general plans have been adopted will be asked to elaborate them, and these plans, to gether with the request for the author ization of a bond issue of $100,000. will be submitted to the taxpayers of the district at a special meeting to be called early In January. A site for the new building was purchased several months ago. " Apartment-House Planned. Plans have been completed for a frame apartment nouse. to oe con structed on Alberta street. Deiween East Twentieth ana ygani sirteu, for Erick BJorkman. The building will be two and one-half stories high, and will be 40x60 feet In size, It will con tain four four-room apartments. The cost will be about $8000. Apartments Bring $40,000. I. A. Peters, a contractor, has sold the Davenport Apartment nouse, at Fifteenth and Jefferson streets, to Mrs. Annie Parvln, for $40,000. Mr. Peters built the structure three years ago. It Is a three-story brick structure, cov ering a ground area 47x100. feet. Tho building contains 26 apartments, yl two or three rooms each. FINE LATJBEIiHUEST HOME TO EI3E bungalow. The basement wiu contain tDp.i. will be exte.ed over the driveway leading to the garage. ii w : u- tr with an oak satin. The floors will ba A Ilrepiace wui oe iaia:ic; m o. i .1 ... nnntha The dweUinST WlU . nwu. ... I. ! K. I i & r : frr mS' ht ft i 'A f -.-4V - v-: U m-ihii -iv S3 tz '31 if 5.T1 I Hit ' I ' ' -! t-iji t -t- PROPOSED Plans are being prepared for i r-.,.K A i.- i.-..... t,t,T cnr, rwt.- k,.lidl.. -111 sisting of an eight-room, two-story cottage, costing about $3500. will be built at the same U- ... The church will be furnished with a gallery with accommodations for 100 persons. The pavement will have a hardwood floor and will be fitted with a ijiage for parish entertainments. A kitchen will be bum in the basement. . ' ' . . The old church on the same site will be moved to the rear of the new edifice and " The new oak altar In the old building- will be transferred to the new church. The structure will cost about $15,000. . ' . ALAMEDA LOTS SOLD 25 Residence Sites in Park Realize $25,000. EAST SIDE DEALS. MANY Laurelhurst, Central Alblna, High land Park, Hancock Addition, Irv lngton and Other Districts Re cord Property Transfers. The most Important real estate sale of the past week was the sale of about 25 lots in Alameda Park Dy tne Alameda Park Land Company to Jose phine D. Ferguson, for $25,000. The property is scattered through the Ala meda Park, and the sale averaged about $1000 per lot. This is the larg est sale of residence property mr o... time. The deed to the property was dated December 15. In East Irving ton. Harold P. Phln sold to Claude D. Starr, part of two lots and a home In East lrvlngton in block 7 for $7000. This home is sightly. G C Garfield sold a house and lot in Highland Park to M. C. Calavan for $3000. Mr. Garland also sold a house and lot in Hancock Addition to W. H. Calvaran for $5500. He sold a lot in Brentwood. Mount Scott, to Mr. Calavan for $500, and also a lot In Waverleigh Heights for $2000, In Irvington the Hughes Investment Company sold one lot and part of an other to Mary D. Hawes for $3000 The Laurelhurst Company sold a lot to W. J. Welch for $2200, and one to G. E. Maxwell for $1300. Tn cntrl Alblna, William M. Kll- lingsworth sold to Henry Westermann a lot for $24 1 a. xn juuw W H Beard bought a home from Margaret R. Martin for $4400. In Bar rett's Addition, H. F. Vllllger bought part, of three "lots for $4400 with a home. In this same addition. C. F. Clements sold to Eliza McCourt a home for $3000. , ' John Dick -deeded a lot in Central Mblna to Henry Miller for $3800. William H. Giles sold two lots In Brazee-s Addition to H. E. McKenney for $5700. including a home. In Laurelhurst, Helen S. Bradshaw sold to W. N. Henry two lots for $4000. The Laurelhurst Company sold two lots and part of another to S. B. Stew- r $6000. . avenue and Peerless Place , in Brick piers of oak . , , . - , the dining-room p.ed in eaturea of tha --"S.r2S ".V . .n An-hitart CO.t .bOUt $(000. ATCfllteCl la. E0SE CITY PARK EDIFICE PLANNED ' . jt-lN-. EPISCOPAL. CHURCH BCILDIXG TO a new frame church building to be erectea dj tne obe wty i" onj Krnaiiwav Although work nvr trnnnH area. feet and Will ard for $2812. The Laurelhurst Com pany sold a lot . In Laurelhurst - Addi tion to William P. Hardesty for $1150. Nina M. Haberly bought a lot in this addition for $1350. TEAM TRACKS ARE RUSHED Work of Xorth. Bank Road on East Side Shows Progress. . Work on the North Bank road team tracks between Union avenue and East Third street rapidly is nearlng com pletion. They will be ready for use be fore) the North Bank is ready to ex tend its service to the East Side. Five sets of tracjes have been laid throuKh the full length of the five bloclfs between Belmont street and Main street. Planked roadways have been provided for accommodation of teams and trucks. These roadways meet the street level at easy angles so they are readily accessible. For the present the northern termi nus of this track development will be at Belmont street, but eventually the North Bank, system will erect a freight terminal at Union avenue and East Morrison street The ground already, has been cleared. PHILOMATH GAINS LARGE VALLEY TOWN HAS MANY NEW BUILDINGS AXD IMPROVEMENTS. Street. Are Paved and Beautiful Homes Erected In City Give It Appear ance, of Prosperity. PHILOMATH, Or., Dee. 20. (Spe cial.) No town in the Willamette Val ley has shown ,a more surprising and rapid growth In the last three years than the town of Philomath. The con struction of a number of up-to-date and attractive looking buildings be gan in the Fall of 1910. Heading the list was the high school, a two-story, nine-room structure. 1 Then came a number f business buildings, the Philomath State Bank erected a handsome little edifice In Main treet flrenroof and modern: the Pugh & Williams Hardware Company erected a cement structure; a large fireproof structure erected by S. O. Watkins is occupied by the postoffice, and a number of -private concerns. These buildings, with the paving of the main streets and many residence streets, have given the city a new and prosperous look. Among the farmers' organisations that have helped add to the Interest and the financial standing of the town is the Philomath Farmers' Creamery Company, whose creamery is located near the railroad. A number of new and beautiful homes have been erected also, and In general Philomath has an excellent outlook for the coming year. BOX MANUFACTURERS ELECT Movement for Standardization- of Shipping Containers Indorsed. A resolution Indorsing the National movement for the standardization of shipping containers was adopted at a recent meeting of the Box Manufac turers' Association In this city. The following were elected officers for the next year: Paul Lachmund, Potlatch Lumber Company. Potlatch. Idaho. president: Vincent Palmer, George Palmer Lumber Company. A Grande. Or., first vice-president; F. A. Douty, Multnomah Box & Lumber-Company. Portland, second vice-president: A. J. Stokes. National Lumber & Box Company, Hoqulam. Wash., secretary; C. W. Whittlesey. Standard Box A Lumber Company, Portland, treasurer: a 8. Sovey, Clatsop Mill Company, di rector for one year, and Paul M. Lach mund. George Gardener, of the Lamb Davis Lumber Company, Leavenworth. Wash, and E. J. Robertson, of the Stanley-Smith Lumber Company, Hood Biver. director, for two year.. FIXE STRUCTURE UXDER WAY Four-Story Building at Third and Conch to Cost $85,000. The $85,000 hotel and store building which is being constructed at Third and Couch streets for A. C. Pike will be completed about January 1. 1914. The 'building is a reinforced concrete structure, and will consist of four sto ries and a basement. The first floor will contain four stores. The upper floors will be occupied by a ISO-room hotel. ' , The building will be absolutely fire proof. The floors will be cement, and practically the only wood used in con struction will be the fir door casings. The structure is being built by the Investors' Building & Trust Company. COST S1S,000. - . . . n nil T xlr XT't-w Id. on tne structure ' i" Seal 0U persons. con- ELKS' HALL UNIQUE Attractive Structure at Rose burg Nearly Completed. COST OF PROJECT $75,000 In Addition to Well Arranged Club rooms and Lodge Hall, Fine The- ater Is Included Building Be Dedicated Soon. to ROSEBURG, Or., Dee. 13. (Special.) The combination building, including a theater and clubrooms, built by the Roseburg Lodge of Elks, at a cost of nearly $40,000, is nearlng completion. Dedication of the structure probably will take place early In February. The building Is of cement and brick construction and, according to the su pervising architect, is one of the most durable structures in- Southern Oregon. The theater has a seating capacity of 850 and is modern throughout. The stage Is of standard size and Is equipped with modern scenery .and electrical effects. In addition to the parquet, dress circle, balcony and gal lery, the theater contains four boxes. The theater .is heated by Bteam, while the Illumination is of the latest de sign. The lobbby and box office is much the same as found in the larger cities. Special attention was paid to guarding against fatalities and acci dent in case of fire. Numerous exits have been provided and it is estimated the house can be emptied of a normal crowd In five minutes. ' The clubrooms, which adjoin the the ater, are especially arranged for the members of the Elks' lodge and their friends. Included In the club are large, light and well-ventilated reading-rooms, ladles' parlors, cardrooms, pool and bllllard-room, banquet-room, a large kitchen and other apartments usually found In a structure of this nature. Several large fireplaces add to the attractiveness of the clubrooms. The rooms have been so arranged that the Elks and their ladles may hold meetings at the same time without interference. Like the theater, the clubrooms are heated by steam and il luminated by electricity. In a court directly In front of the clubrooms there has been Installed a beautiful and cost ly fountain. Adjoining the clubrooms to the right Is the Elks' lodge halL The lower floor is used for public meetings, while the upper floor Is utilized exclusively for lodge purposes. The furnishings for the clubrooms will be of mahogany. The entire property. Including the lots upon which the structures are built, represents a value of not less than $75,000. India baa 815,000,000 people, less than half of whom can read even the native vernac ulars. Nevertheless there are 058 newspa pers and 1JK)2 periodicals published there. I .1 J . ' .!'"'"'- ' .- --! -- :- - U2dL riL r J rt, I trtnt n lit mmW 1 is 7" 7r 4 SHOPS IH PLANT Northwest Steel Company to Occupy Big Area. GROUND IS TO BE RAISED About 300,000 Cubic Yards of Sand Taken From Bed of River Will Be Used in Elevating Site . an Average of 15 Feet. The new plant which the Northwest Steel Company Is installing at the foot of Sheridan street, in South Portland, will consist of four machine shops and a storage shea, and will occupy an area 300 by 950 feet, besides a river dock 100 by 320 feet. Piles will be driven throughout the whole Bite, to give a solid foundation. The surface of the yards, after- the piles are driven, will be raised an average of 15 feet, by washing In sand from tne river. About 300,000 cubic yards of sand and gravel will be required for the fill. x The sand will be dredged from the river and carried to the dock in scows. Clamshell buckets will scoop the sand from the scows, and hoist it to a giant hopper, 70 feet above the level of the river. The sand will be washed from the hopper by a stream of water from a 10-inch centrifugal pump, and along an elevated flume to the spot where It will be used. Steel Framework Product. The plant will make steel bridges and frames for houses. The raw ma terial comes in beams from the Pitts- buror district and from Belgium. The beams, when they arrive, are about 40 feet long, and weigh from 600 pounds to two tons. An outdoor crane, cover ing the whole material yard, 60 feet wide and 900 feet long, will carry these beams to the main structural shop, where they will be riveted together and bored for use in building. , This main shep will cover an area 65 by 580. The frame will be of wood, and the walls corrugated Iron. Two overhead traveling cranes will run the full length of the shop, and out onto an. outdoor craneway, extending xvv feet back to the Southern Pacific siding. The larger will have a capacity of 15 tons, the smaller five tons. These will be used In moving heavy weights around the shop, and for loading cars. In addition, there will bo a number of swinging jib and wall cranes, designed to serve all the machinery In the shop. Smaller Shops to Rise. Besides the main shop, there will be three smaller shops. The templet shop, where the wood patterns will be made, will be situated In a two-story frame building 60 by 100 feet in size. The templet shop will occupy the second story. The lower story will be used as a storage shed. . The machine shop will occupy a one story frame building 60x100 feet in size. In addition to the ordinary ma chinery, it will contain the machines for compressing the air used to Oper ate the riveters. The smith shop will occupy a space 60 by 100. It will be a one-story frame building adjacent to the machine shop. All these smaller buildings will be covered with corruugated iron. The plant, said J. W. Cunningham, the architect, will employ about 250 men. The monthly output will be about 1500 tons, of steel girders for bridges and skyscrapers, he prophesied. All the holes bored in the timbers during construction are drilled by means of compressed air. The same power is used in driving spikes. The joints where timbers are united are all strengthened with steel fittings. The bolts are washered with cast fit tinss. Work on the building was started November 12. The plant probably will be finished about April 1. 3 STREETS NEAR FINISH GRADING AND LAYING CONCRETE SIDEWALKS GOES ON. J. Allen Harrison. President of Mount Scett Association, Say. District Make. Rapid Strides. Very soon the improvement of three streets from the Arleta scnooinouse to the Foster boulevard will be completed. These streets are East Sixty-Third, East Sixty-fourth and East Sixty-fifth, the improvements consisting of grad ing and cement sldewaiics. it is es tlmated that more than 1200 people visit the Arleta school dally. J. Allen Harrison, president of the Mount Scott Improvement Association, in speaking of the growth of that district, said: "The Mount Scott district is making excellent progress, especially In the improvement of streets. Presently our schoolhouse will be surrounded with imnroved streets: that Is, streets grad ed and cement sidewalks laid. A great many streets are being Improved In this way.. We hope to get the Foster road Improved next year. Our peti tions have been signed up pretty well for this improvement. We consider this the most important Improvement projected for this district, as the Foster road is the main highway with which all other districts connect, and it ought to be paved next year. I think It will be. No steps have been taken for sew erage in the Mount Scott district, but we will not need sewerage, for some time, as there is a bed of gravel un NHW ELKS' BTJILDUTG AT ROSEBURG ATTRACTIVE COMBINATION STRICTURE ONE OK BEST BUILT IV SOUTHERN OREGON. derneath all this section so that. tn drainage is excellent." ' Axon; the improvements projected in the Southeast Side are the following: Fifty-fourth avenue, from East Seventy-fourth to East Seventy-seventh streets; Fifty-fourth avenue, from East Seventy-second to East Seventy fourth streets: Fifty-third avenue from East Seventy-second to Haller s Addi tion. - , Portions of Everard and Fifty seventh avenues have been completed at cost of $4842. -.Portions of Thirty-ninth avenue, in the Southeast Side. Fortieth avenue and Forty-first avenue have been completed at a cost of $6281. Also East Sixty-third street In the Southeast Side has been com pleted at a cost of $2644.. BIG FUEL PLANT TO START Oregon Power Company to Install Machinery to Reduce Slabs. EUGENE, Or.. Dec. 20. (Special.) Construction of fuel bins, conveyor sys tem and the necessary machinery to re duce slapwood to chips for fuel will be begun shortly after the first of the year by the Oregon Power Company at its power plant at Springfield. The whole installation will cost $13,000, and will be completed by April 1. Refuse slabs and lumber are to be ob tained from the new Booth-Kelly mill, now under construction, and will be utilized in operating the six furnaces at the power plant. By reducing the boards to splinters and sawdust the fuel can be fed automatically to the boilers. - GOAL bWbEOPENEO IOWA MEX BUY HI HENRY MIXES AND TOYVNSITE- IX IDAHO. Rick ABTlcnltnral District North of Boise Is Expected to 'Develop Rap Idly n. Coal I. Worked. j BOISE. Idaho, Dec. 20. (Special.)" The Hi Henry coal mines, together wlt! the townsite of Horseshoe Bend, have been sold to the firm of Dulln & Rhine, of Des Moines, la. The new owners have taken charge of the management of the miners and townsite. The mines will be developed and an effort made to build a town on the Kmmett-Payette Lakes extension of the Idaho Northern Railroad. v ' Horseshoe Bend is 22 miles north or Boise, and is located on the Payette River. The purchasers refuse to name the price paid. The Hi Henry mines first were de veloped by Hi Henry, 'known as the "King of Minstrelsy," a musician and theatrical manager who invested much money in the property. He failed to obtain transportation facilities, how ever, and about a year ago Hi Henry gave up the development work. Later the tdaho Northern Railroad was pur- . chased by the Oregon Short Line and work started on extending the road via Horseshoe Bend to the Payette Lakes. This will make the mines valuable, a. they contain a tine grade of soft coal. The Jerusalem and Brownlee agri cultural sections are tributary to Horseshoe Bend, and with the develop ment of the mines it Is predicted a rich farming country will be settled rapidly. E. F. ILAWREXCE IS HONORED Portland Architect 3Iade "Fellow" by American Institute. Ellis F. Lawrence, a Portland archi tect, and Benjamin WIstar Morris, for merly of this city but now of New York, were raised to the degree of "Fellow" by the American Institute'nf Architects In its recent convention, at New Orleans. This honor Is conferred upon members of the institute who are citizens of the United States, and who, in the opinion of an authorized Jury of fellows, shall have contributed notably-to the advancement of the pro fession. ' The members raised to fellowships by the recent convention were: Charles H Alden, Seattle, Wash.; John C. Aus tin. Los Angeles, Cal.; I'aul P. Cret. Philadelphia. Pa.; James J. Egan, Chi cago, 111.; Burt I. Fenner, New Yerk, N. Y.; Norman M. Isham, Providence, R I.; Elmer C. Jensen, Chicago, 111.; Henry H. Kendall, Boston, Mass.; Charles Z. Klauder, Philadelphia, Pa.; Ellis F. Lawrence, Portland, Or.; Ben jamin W. Morris, New York, N. Y.; Charles A. Piatt, New York, N. Y.; Al bert F. Skell, Cleveland, Ohio; Edward Stotz, Pittsburg, Pa., and Setli J. Tem ple, Davenport, la. The following were elected officers: R. C. Sturgis, Boston, president; T. R. Kimbal!, Omaha, NlV, first vice-president; F. C. Baldwin. Fredrlcksburg, Va., second vice-president; D. K. Boyd, Philadelphia, Pa, secretary; J. L. Mauran, St. Louis, Mo., treasurer; T. j Fuller, Washington, D. C, auditor, and Walter Cook, New York: Octaviu. Morgan, Los Angeles, Cal., and W. Wil cox, Seattle, Wash., directors. BUIDDERS EXCHANGE THRIVES Closer Co-Operation of Allied Inter ests Is Urged. That It is necessary for the archi tects, contractors, supply houses and owners to unite in correcting the evils apparent in the building trade is as serted in the report of the last monthly meeting of the Builders- Exchange for 1912, as prepared by O. G. Hughson, the secretary. While the building activity has been less than in former years, says the re port, the members of the exchanga have secured a large share of the busi ness, and have done much to establish, a reputation for fair, honorable deal ing. The careful owner, accorcTlng to the report, has come to prefer a mem ber of the Builders' Exchange, who has the guarantee of the association, to a man who has no credentials. The directors have announced a cam paign of expansion for the coming year. m