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