The Oregon daily journal. (Portland, Or.) 1902-1972, July 21, 1919, Image 14

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The Oregon daily journal., July 21, 1919, Page 14, Image 14

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Newspaper Page Text14 THE i OREGON - DAILY JOURNAL; P ORTLAND. MONDAY. JULY 21. 1919. PROPOSED STRIKE OF SHIPVQRKERS HOT TO BE HELD Walkout Threatened for Wednes : day Is Called Off by Agree ment of Leaders of Unions. UNIONISTS PROTEST MANNER When Vote Was Polled Only Few Metal Trades Workers Were in Favor of Calling Walkout 'Gathering .strike clouds which threatened to envelop the steel ship building yards of Portland and the entire Pacific coast were cleared away this morning, when union -lead- Jt announced to local steel yard owners that the walkout originally planned ; for today and later post " poned until Wednesday had been ?1 -called of f after deliberations between the' strike leaders during the week end.... c " The strike which was to have come this week was decided upon several months ago in case the conference be tween .Pacific coast shipbuilders and . representatives of the coast metal : ' trades councils and international officers of shipbuilding organizations, now being held at San Francisco, should not pro vide a favorable return on the proposed ; 91 an hour rating for the workers. C. t. Bowles, vice president of the Columbia River Shipbuilding corpora tion, is attending the conference as rep resentative for the Columbia River and -Northwest Steel yards in Portland. Re ports received from him indicated that no settlement had been reached up un til Saturday. t Failure of the representatives of ?Jie ' builders and workers to reach a defi nite agreement for a raise led to the belief that a strike would be precipitated - and it was announced Saturday that the , walkout should come Wednesday. Workers expressed themselves as un willing to act on strike orders because of the manner In which the strike was committed. It was said by the workers that when the strike vote was polled several months ago only 320 of the 10,000 metal trades workers on the coast cast their vote and that these few work ers, decided la favor of the strike. After deliberation by the labor lead ers, "it was decided to cancel the strike call for the present, at least. . " Another matter brought to the atten tion of the representatives of the build ers and labor at San Francisco was the appointment of a commission of 10 men for the coast to take the place of the Macy board which goes out of existence October 1, with the ending of the Macy agreement. Under " the ' commission plan, it was intended to have two men each at San Francisco, Seattle, Tacoma, Portland . and Los Angeles, one man to represent labor and the other to act for shipbuild .... era In the various districts. Metal trade workers believe that the ware scale Ion the Pacl'f to coast should be adjusted here rather than by- a national body. No decision had been reached on the com mission plan according to word received : here, this morning. SAILING TIME SHORTENED Portland-Orient Ships to Operate on 34-Day Schedule, i '- L. L. Bates, foreign freight agent of the i Pacific , Steamship company at Se attle, is visiting in Portland, confer ring with, Frank O'Connor, manager of the local office of the steamship com pany, concerning ' the arranging of a definite sailing schedule for the vessels of the Portland-Oriental run. Schedules will be made several months In advance, according to Mr. Bates, so that positive assignments of cargo can be arranged. The company expects to operate on a S 4-day sailing: basis. It was first thought that the steamers would be operated on a 38 or .40-day basis, but 9500-ton steamers were secured instead of 8800-ton carriers in TRANSPORTATION TRAVEL We wmim all Srssasshlp Ooaapaalas. aa ema assure aveUaUa spaoa aa ear stseakst of eat use taraiaf ties eat efflss tke . . CTEAbWMIP TICKETS Pattern eeatasaplatlae tra-ral at boa n Snad. Mastea state Mast or lalattoTav? Haas the aM eoaatry. aaeaM taka advaattea ei sperlaaead lalorasatooai (na of eaauaa. , . MWRMAl. TRAVEL AND IRFORMATIO - , WIUII - . - ijluinjfs?' " """ n,n" 1S7B SanFrancisco 'S. S. ROSE CITY , DEPARTS It V002T Sunday. July 27 r From Alstworth Dock Fare Iselsdes Berth aad Heals City Ticket Office, Sd ass -Washlartoa .v Pkeae Mala Salt - -: Freigkt Office, Alstworth Bock Psoas Broadway SM Saa Fraaetaeo Fortlaad 8. S. I4aes STEAMERS - ' The Dalles and Way Points ; Sailings Tuesdays, Thursdays, and Saturdays, 10 P. M. DALLES COLUMBIA LINE Atk St. Dock '." :-:, Broadway 3454 two cases and these vessels with more powerful engines, will be able to make a faster ' schedule. The steamship com pany will issue sailing schedules In a few days and will then be prepared to take bookings as far in advance as next spring. ... , , FURTHER INSPECTION GIVEN. Officials Trying to Find , Out How Badly West Harlan Is Damaged. . Having completed the transfer of her cargo of grain; and flour ta the Mount Evans, the steel steamer West Harlan was given further , inspection by the shipping board officials this morning in an effort to determine the full extent of damage done to her bow and keel when she ran onto a rock tn the Colum bia - river two weeks ago through- the fault of defective steering gear. According to reports made to C. XX. Kennedy, head of the division of opera tions in Portland, a temporary bulk head will likely be placed In the West Harlan so she may be towed out for repairs. It is not the intention of the shipping board to place the West Har land on the Portland dry dock because of the demands on that structure ' by wooden steamers which are being pre pared for carrying ties to the United Kingdom. OFFICERS ARE ANNOUNCED Captain Rossie Chief Mate on Deer- lodge; Jessen Goes to Meriden.' Captain A. Rossi, has been appointed first mate aboard the steamer Deerlodge, according to announcement made by the sea service bureau this morning. Cap tain Rossi was first mate aboard the Hough steamer Mono. Captain Jessen of the Mono has been assigned to the steel steamer Meriden, one of the SSOO-tonnera of the AJbina Engine & Machine works. The Meriden will go on the Sah Francisco-Hawaiian Islands-Seattle service. Three Ships From South Bearing full lists of passengers, three steamers arrived in Portland harbor Sunday evening from San Francisco. The Wapama, operating in the MoCor mick service, discharged passengers at the Couch street dock, followed by the Multnomah and Klamath of the Parr McCormick service. The Tiverton, owned by the latter company, is ex pected to- arrive in this port in a day or so with passengers. All of the ves sels will carry lumber and passengers, south. Steamer Nishmaha Launched With full steam up and Its whistle blowing, the 9500-ton steel steamer Nishmaha was launched at noon today at the C. M. Standifer yard at Van couver. The Nishmaha was over 90 per cent complete and In a few. more days will be in shape for her prelimi nary trials. Mrs. R. V. Jones Jr. was sponsor for the Nishmaha. ALL ALONG THE WATERFRONT Captain Bethel Carlson has been ap pointed master of the wooden steamer Boxbutte, recently assigned to the Pa cific Steamship company to carry ties to the United Kingdom. The Boxbutte was launched by the Coast Shipbuild ing yard in December, 1918, and will likely load at Grays Harbor. The Bteamer Coaxet, which is sched uled to leave Thursday for the Orient on the Pacific 'Steamship company Portland-Far Eastern service, moved to St. Johns municipal terminal Saturday evening and 'began loading general merchandise Sunday. The Coaxet will take lumber and general cargo on her initial trip across the Pacific. Carrying flour and wheat the West Celina and Mount Evans, being oper ated by the Pacific Steamship company, left out Sunday. The West Celina will go to Europe direct and the Mount Evans will report at New York. - Barge 36, owned by Dant ft Kerr, arrived at the Willamette Iron & Steel works this morning to load three boilers for Victoria. B. C. The steamer Alector moved to St. Hel ens this morning to finish loading ties for the United Kingdom. The vessel is beingr operated by the Columbia-Pacific Shipping company. News of the Port Arrival July 21 Daniel Kern and bttn No. 86. American, from Victoria, B. C. ballast Arrivals July 20 4 Dafry Matthews. American ateamer, from Saa Francisco, seneral and cement. Departure July 21 Daniel Kern and barce Na 36, American, for Victoria, boiler. . Departure July 20 West Celina, American ateamer, for Europe, wheat , Mount Evans, American steamer, for New York, wheat. MARINE ALMAJTAC , Weather- at River's Mouth North Head, July 21. Conditiona at the mouth of the river at noon: Sea smooth, wtnd north 22 miles, weather partly cloudy, humid ity 45. TMas at Astoria Tuesday High Water Low Water A:4B a. m....5.S feet 8:48 a. m-...0.4 foot 9:27 p. m. . . .8.6 feet 8:10 p. m. . . .3.0 feet DAILY RIVER READINGS 8 a. m.. Pacific "Summer Tims & a en I 3 STATIONS. lie TJmatilla , Albany Salem . . . Oregon City...... Portland 5 11.0 1 -0.2 6T00 26 l.S 0 0.00 20-1.1 O 0.00 12 S.S 0.3 0.00 18 8.9 -0.1 0.00 () Riainc (-) Fallinc RIVEB FORECAST The Willamette river at Portland will fall slowly drains the next two or three days. AT NEIGHBORING PORTS Astoria, July 21. Arrived, at 10 last nifht and left up at midnight, tug Daniel Kern and barge No. 36. from Victoria. Sailed, at 11:40 a, m., steamer Fort Seward, for England, from Grays Harbor. Sailed, at noon, Bteamer Kami, for United Kingdom. San Francisco, July 20. Sailed, at S p. m, yesterday, steamer Multnomah, for Portland. Sailed, at 4 p. . m., yesterday, steamer Baby, for Columbia river. Arrived, at - 11 a. ra. and sailed at 2 p. as., steamer Wapama, for Port land, from San Diego. Sailed, at 10 a. m., steamer Klamath, for Portland. Sailed, at 11 a. m.. ateamer City of Topeka, for Portland via Eureka and Coos Bay. San Diego. July 20. Sailed, at 9 last night, ateamer Washtenaw, for Portland. New York. July 10. Arrived, steamer. Bosh, eng. from Portland. Astoria. July 20. Sailed, at 4 a. ra., ateamer Santa Barbara,' for San Pedro. Bailed, at 10:80 a, m.. steamer Aurelia, for Saa Francisco via Eureka and Coos Bay. Sailed, steamer Aiken, for Grays Harbor. Sailed, at 5:80 last night, steamer Mokomo. for United Kingdom. San Francisco, July 21. (I. N. 8.) Ar rived. July 20. GjrUe Mahony, from Albion, at 8:85 a. m.: tag Standard No. 2. towing barge No. SI. from KI Begundo. at 8:15 a an.: Sea Foam, from Mendocino, at 8 .25 a. m.: Saginaw, from San Diego, at 11:05- a. m. ; Wapama. from Los Angeles, at 11 a. an.; South Coast, from STRUOTURAL SHAPga S RIVKTS , BOLTS urssT RODS rABRIOATKD MATKRIAL foe BRIMII aUILDINQS . TANKS TOWERS ; SHIPS NORTHWEST BRIDGE i : & iron co. PORTLAND. ORKOON P. O, Btas S8S. v Main 11SS Craseent. at ' 2:19 p. sa. ; Wasblngtoa, from Eareka, at 4:30 p. m.; Horace X. Baxter, from Los Angeles, at 11:40 p. as. Sailed, July 29 Argyll, for Fort San Lais, at 4:10 p. an.; Kla math, for Portland, at :6 a. to- i . C. List daner, for Coo Bay, at 10:48 a. m. : City of Topaka, for Portland, at 11:80 a. m.; Raymond, for Grays Harbor, at 12:05 p. m.; Astyoax, British, for Seattle, at 12:10 p. as.; Oleum, for Seattle, at 12:30 p. ra.; Wapama. for Portland, at 1 :88 p. m. ; Tsuruga Mara. Japanese, for Xo kobama. at 6:88 p. m. ... ' : SeaUa. July 21-(L N. S.) Arrived, Blaka W, from Neah bay, 6 a. as. Arrived. July 20, Tillamook, from Southeaster Alaxka. at 10:40 a. m.; hull Agylla, from Graya Harbor, in tow of tug Tyea; Bedondo. from Southeastern Alaska. D. G. ScofieM. from San Pedro, at ? p. as. : 8ailed. July 20. Morning Star, for Van couver, at S p. m.; Wakena, for British Colum bia porta, at 8 p. as. ; Silver SheU. for Saa Francisco, at 1 p. m.; Prince Gaorge, for Prince Rupert via Vancouver. -- Santa Rosalia, July 18. Sailed, Crowa of Galicia, for San Francisco. San Pcdre. July 20. Arrived, El Lobe, from Vancouver. Sailed, Queen, for Beetle via San Francisco. - Vort Saa Ijuim, July 18. Sailed, Cordelia, for Van Couvec. Astoria. July 20. Arrived, tug Daniel Kern, towing a barge, at midnight. Tacoma. July 21. -If. N. S.) Arrived, Ad miral Schley, from Seattle, at 6 a. m. Arrived, July 20, Elihu Thompson, from Noma and St. Michaels, tawing barge Fresno; Santa Inez, from Valparaiso, towing schooner W. J. Pirrie. San Francisco, July 21. (L N, 8.) Arrived. Spokane, from Los Angeles, at 3 a. m. ; Van guard, from Loa Angeles, at 8 a. m.; Pasadena, from Albion, at 7 a. m.: President, from Victoria and Sound porta, at 8:28 a. m. ; Daisy Gadsby, from Los Angeles, at 8:40 a. m. ; Fearless, with barge Fullerton in tow. from Port Saa Lata, at lis. sn. , Richmond with barge 85 in tow, from Loa Angeles, at 11a. m. Sailed. Japanese ateamer Taiya ' Mara, for Yokohama, at 7 a. m. ; barce 03. in tow of tog Standard No. 1 outside beads to be picked up by steamer Colonel E. L. Drake, far Portland, at 9 a. m. FINANCIAL BREVITIES By E. F. Ha Hon It Co. wire, furnished y J. B. Steatbarh tc Co. Now York, July 21. The Morning: Telegraph says: The financial com munity last week had practically noth ing: but favorable news to consider, generally speaking:, reports from steel and Iron trade were enlarging- and well sustained. It is among; the possi bilities that copper metal will sell at 26 cents by the end of the present year. Call money waa more conservative in its movements last week. Fall in sterling- exchange to an unprecedented low price brought out very prominently the fact that unless the United. States ex tends credit in volume to European nations, the trade of this country will be the sufferer. The copper situation has rapidly adjusted Itself daring the past recent weeks, mainly because the producers have won their waiting fight. The copper metal has been rapidly adjusting itself during the recent past weeks mainly because the producers have won their long waiting fight. Large domestic consumers rushed . to cancel long standing orders, with the signing of the armistice, in the belief that prices would fall very much lower. They did, but still the consumers held off. These interests are now reentering the market on a large scale and with the present curtailment in production, the output barely keeping pace with consumptive requirements, indications point toward a steadily advancing mar ket and with the anticipated increase in foreign demand which is almost a certainty in the early future, an ad vance to the recent war level of prices, or higher, would not be surprising. Rather nervous, unsettled market during the first two hours trading, with prices irregularly lower. Reports of labor troubles at. the United States Steel corporation brought weakness in that issue, the price receeding to 190, a drop of 1 points from Saturday's final figures. Any, reason for weakness in the market was ascribed to slight illness of President Wilson or continu ous decline in sterling exchange. Both of these factors were influential, but the real reason is that British items of news which were formerly ignored are now given heed marketwise and the almost universal advices, of commission houses urging caution in making new commitments ia also having its influ ence. The bad news is out on Republic Iron & Steel. Last quarterly statement shows present dividend rate not earned but people are forgetting the huge earnings of this company since 1914 without a dollar paid out in extra dividends. Prevailing over-speculation Is a dan ger to the financial balance of the country which has found expression in the high money rates for call loans. New York News Bureau: General sentiment is mixed and suggestive of ir regularity with a few bullish specialty moves. On recessions, good buying ab sorption is expected in the rails and equipments. The foreign exchange de moralization is considered -unsettling. London cables announce that articles of incorporation of British-Mexican Pe troleum company were filed July 5. Man Found Hanging From Tree by . Rope Hanging for perhaps two months, the btody of a man was found suspended by a small piece of rope from the limb of a tree about 300 feet back in the woods from the Canyon road near the end of Jefferson street, . Sunday after noon. Absolute identification has not yet been established, but from writing found in a small memorandum book, marked Occident . Flouring company, Minneapolis, discovered In the man's pocket, it is thought that his name waa either John Stone ot John Short. Large Premium Paid For Klamath Bonds Klamath Falls. July 21. Municipal bonds for improvement of Klamath Falls streets were awarded last evening by the city council to the Lumbermens Trust company of Portland. This com pany bid 114, being the highest price ever paid for securities in this city. Streets in c three : different sections of Klamath Falls are at present being im proved. Nearly all of the Improvements will be bitulithio pavement. PACIFIC COAST B AIT K STATEMEKT Peruana1 Banks Clearings This Week. Tear Ago. " Monday ....$ 6.053.852.18 $ 6,085,835.08 . Tacoma Banks Clearings Monday ...... .....8 188,880.00 Bala noes Monday . 1S3.808.OO Saoaaaa - Banks -Clearings Monday .......... it 1,848.811.00 Balance Monday 64 0.4 8 6.00 3 sett Is - Bank ' Clearings Monday .... 6.8g.89.0 BaUnoea Monday 1.825.068.00 - Ssfgft sTrincli0s BaWltt Clearings Monday 324.479.582.00 ' ' Lea Asgslss Banks . Clearlnga Monday;..... 8 7.S1S.004. 00 LIBERTY BOND SALES liberty bonds closed la the New Tork market at Hi 1st 4s Sdas lstKs Tuesday...... 2 . B4.00 S.V . Wednesday.... S.2S rS.0O 83.40 V5.ee Thursday. . . . . ss.sa si.ft a. ao.wv rriday. ..... . .4 ' 93.00 . 82 SS.OO afoaday...... . 3.80 - .2 S4.70 REQUIREMENTS NECESSARY FOR FOREIGN TRADE EXPLAINED OPPORTUNITY FOR TRADE IS OFFERED PORTLAND Commodities Available Here for Export and 'Pep to Go After Business Only Thing Needed. BANKS ARE READY TO HELP Manager of Foreign Exchange De partment of Bank Outlines Steps Necessary to Be Taken. Foreign trade opportunities are now apen to manufacturers and business men of Portland and Oregon who will employ the proper effort to secure then. With the thought of enabling those interested in foreign trade development to pre pax for such trade, Walter H. Brown, assistant cashier and manager - of tbe foreign exchange department of the Northwestern Na tional bank, has prepared the following article exclusively for the Journal. By Walter H. Browa s Portland over-subscribed its quota of each Liberty loan drive ; Red Cross drives have been BUWC91.U& SLIIU ill , - innume r a b I e ' campaigns to . raise t funds for other war worlc and for insti- ?a ,s tutions of charity i V An hl. .l ... .... rL tiring: in their ef forts. These were war time emergen cies and are now tlems of history, the reconstruction period has beerun in which "charity begins at home." Are we going to put over the drive for foreign trade? Every man. woman and child should be working for the commercial welfare and interest of - this city. The slogan should be, "Portland Expects Every Citi zen to Do His Duty." To successfully engage in foreign trade there are fundamental require ments which are: essential to the flrfti or community seeking to extend its sphere of trade in this direction. COMMODITIES COME FIRST , There must be commodities available which are suitable for - export. These commodities, whether raw products of the soil or the finished manufactured article, must be obtainable at an initial cost which will permit the shipper, after paying, freight charges, insurance, stamp duty, etc., to lay down his goods in the foreign market on an equal basis with competitors from other countries. The exporter must know what foreign countries are consumers of the commodi ties for which he is seeking a market. A selling organization is necessary capable of presenting the article to the foreign buyer. The exporter must have a knowledge of consular regulations and custom re quirements of foreign countries, also what shipping documents are necessary. Adequate transportation facilities must be available with favorable freight rates. The shipper must inform himself as to how the foreign buyer has been accus tomed to having his goods shipped. He must also make investigations regard ing the country to which shipments are to be made to ascertain if any unusual' conditions exist which might affect the sale of the article about to be exported, or if there are any special requirements which he must conform with. Banking facilities for financing ship ments are indespensable. BESOrBCES ARE HEBE ' i In analyzing local Conditions in con nection with the above requirements, one will find that no country is blessed with natural resources to a greater ex tent than Is this Oregon country, whose resources are too numerous and well known to require naming. Firms desiring Information relative to foreign trade opportunities will find the foreign trade bureau of the Portland Chamber of Commerce very helpful. This bureau works in conjunction with the bureau of foreign and domestic co'mmerce of Washington, D. C Port land banks having foreign departments will also furnish valuable information. Foreign orders can be placed through export Journals or through local banks. Local foreign consuls can give informa tion regarding custom regulations" an1 consular requirements. A list of neces sary shipping documents can be ob tained from local banks. In normal times ships seek cargoes If we furnish the cargoes the ships will come of their own accord. Portland's geographical location entitles it to an advantage in freight . rates over other Pacific coast ports, and our claim for recognition of this advantage is to come up before the interstate commerce com mission today. MUST MEET BEQUIBEME5TS . Local banks through their foreign con nections can obtain Information regard ing any peculiar difficulties or prob lems to be met in shipping to any cer tain foreign locality. Foreign customers are Insisting more and more that their requirements receive greater considera tion. Any Portland bank will assist a re sponsible firm to finance a legitimate foreign shipment by negotiating drafts against an established letter of credit or by the execution of acceptances. Credit information on foreign . firms is also readily furnished. If firms entering foreign fields will consult with their banker and discuss their problems fully, they will avoid many pitfalls. In the final analysis of Portland's pos sibilities In foreign trade it is very evi dent that the matter depends entirely upon the ability of 'its citisena to main tain a broad-minded, intelligent and con sistent campaign of,aggressiveness. ' The opportunity Is here ; we have iut to grasp it. , Slide Victim Is Buried Vancouver, "Wash., July 2L Funeral services for Ralph Walker, a member of the TJ. S. forest ' service, killed by a slide on Mount St. Helens Tuesday, were held this afternoon. He was a son of Mrs. W. E. Wilson of Os wego. Or. . . . following prices: 2dKs Bd 4 -Victory Hi 4t4H Sa 4a ' . ts.se . .o . . O4.02 4.S S. 100.03 100.00 loe.oo lae.eo - S8.BS . 94.00 - S4.SS -' 4. S4.84 B.0 91. PS. S3 " S3.7S . FOREIGN vs.vs ' B2.S2 . .. S3.69 Bank deposits of Vancouver banks have doubled in the last two years, ac cording to . O. J. Olsen. vice president of the American 1 Security bank and president of the First State bank of Tacolt. "In the American Security bank alone an Increase of 85 per cent in deposits was made between the June 30 call and that of May 12," says Mr, Ol sen. "Our bank has made big strides since opening last August. We see a big future ? for Vancouver and are con fident that our business will continue to expand, as it has at the start." . . Robert Earl, former well known Uni versity of Oregon man, has returned from 14. months' overseas service and has accepted a position with Morris Brothers. . ; f Earl, John, of Ladd sVTllton. has gone to Seattle to spend a vacation of two weeks. On his return trip he will visit North Yakima. The total deposits in the banks at Vale, , Or., climbed above the' million mark, as shown in the last statement of condition made to the comptroller of currency. Vale has two banks, the United States National and First Na? tional, and the total amount of deposits reached $1,045,405.72. The combined re sources of the two institutions amounted to $1,657,000. : Group three of the Oregon State Bankers' . association has planned some interesting development work along fin ancial lines, according to P. E. Snod grass, president of the First National bank of Eugene and recently elected president of the association, who visited Portland last week. - ; Alf Jury, cashier of the Bank of Cot tage Grove, has sold his interest in that intltutlon to N. E, Glass of Baker, Or., who succeeds to the position formerly held by Mr. Jury. The sale of Mr. Jury's stock was negotiated through the Portland offices of the Charles E. Wal ters company. John Tyron, who has been connected with the First National bank in Eugene for the past.eight years. Where he served as . teller, will leave shortly for Myrtle Point, to become cashier of the Myrtle Point bank. The institution has re sources of about $500,000. . -' , John F. Daly, president of the Hiber nia Savings bank, is making an auto trip to Victoria, where he will attend the sessions of the Interstate Realty association convention, and will later make a tour of Vancouver island. Ira M. Camp, cashier of the First State bank of La Crosse, Wash., has taken the cashiership of the Farmers' National bank of Colfax. Wash, He will take up his new duties August 1. Land Banks Lend Over $11,000,000 In Month of June Washington, July 21. During the month of June, 1919, $11,267,850 was loaned to 8724 farmers of the Uriited States by the federal land banks on long-time first mortgage mortgages, ac cording to the monthly statement of the farm loan board. The federal land bank of Houston leads In amount of loans closed, $1,670, 670. Omaha is second with $1,582,900. The other banks closed loans in June as follows: St. Louis, $1,154,840; Spokane, $1,028,150 ; St. Paul. $1,020,000 ; Columbia. $931,340; Louisville, $850,500; New Or leans, $815,400: Wichita, $783,100; Ber keley, $500,500 ; Baltimore. $470,900 ; Springfield, $459,550. On July 1 the total amount of mort gage loans closed since the establish ment of the federal land banks was $234,424,516, numbering 91.472 farmers. During June, 5086 applications were re ceived, asking for $17,113,604. During the same period 4423 loans were ap proved, amounting to $13,552,715. -Altogether 201,531 individuals have applied for loans under this system, aggregat ing $546,62,.586. Prisoners Started Fire Leavenworth, Kas., July 21. (I. N. S.) That the fire at the United States prison Saturday night, which for a time threatened the whole institution, was set by the prisoners is an established fact, according to Warden August An derson today. Warden Anderson said he knew without a doubt the men who started the fire and that before night this man will be taken into custody. Prison officials placed the damage at $150,000. 4i9 offer subject to allotment $10,000,000 Canadian Northern Railway Two aad one-half aad five-year Seenred Gold notes DATED August 1, 1919 (February 1, 1922 (August 1, 1924 DUE These Collateral Trust Gold Notes are the direct obligation of the Canadian Northern RaUway, all tbe capital stock of whiek If owaed by tke Canadlaa Got eraaieat. and are specifically secured by $14,286,000 General Mortgage 4 bonds of the Canadian Northern Railway ma turing 1934, the direct mortgage lien on the entire railway system, whlek bonds both as to priaelpal aad latsrest are n eeadltioaaliy gaaraateeed by tke Deatla lea of Caaada. -This note issue is in the proportion of 70 to the par value of the pledged collateral or approximately 7.35 basis at the present quotation of the Collateral Trust notes In the Lon don market, at which market the Col lateral Trust notes yield about 6. These Gold notes offer an extraordi nary interest - return for obligations issued by thm Dominion Govern man t. Price, for cither matur ity, 100 and interest, " to yield 6.-' Freeman Smith CAMP . WRITER CANT SEE CAUSE FOR ALARM OVER SPECULATION Brokers'- Loans Huge in Figures but Not Abnormal When Money Inflation Is Considered Also. BUYING IS FOR ADVANCE Stocks of Railroads Which Own Oil Lands Show Big Activity? Labor Shortage Great Factor. By Broad Anwall New Tork, July 21. In spite of the tremblings of bankers, broken and professional traders, the techni cal condition of the stock market continues sound. , Brokers' loans are about $1,600,000,000, which is a rec ord ; but even this vast sum Is not large in comparison with previous loan levels, when one takes into con sideration the tremendous inflation of currency a,nd credit due to the war. The British pound Is now worth about $4.35 and the American dollar is worth only about 40 cents compared with its purchasing power five years ago. This brings the purchasing power of a pound sterling down to $1.75 com pared with $4.85. It is by contemplat ing such figures that one realizes the terrific inflation in which the world is wallowing. . . PRICKS SOT BEALLT HIGH In the light of such figures, prices of speculative stocks do not look high. In the light of such figures it is a wonder that purely investment bonds and such securities sell as high aa they do. Securities are .now bought not : so mucn lor me incomes tney yield as for the prospects ,of advancementvln value commensurate with inflation. Many persons do not seem able Jo catch this distinction between buying for in come and buying for increase of prin cipal. That,- however, is the dominant factor of the stock market. It is a law of nature almost that is working itself out for the enrichment or ruination of investors, according as they go with the tide or attempt to stem It. That Is why the warnings of the fed eral reserve board and the brutal call HEADQUARTERS for LIBERTY BONDS We BUT and BELL any amount. New Tork quo tations . by. wire every mem lag, interest in cluded: SHs., I M.76 1st 4s.... IUI tad 4a S4.Se 1st 4HS..... i.4t . tad, 4Va t$ !:i f-" 4ta 4 Via S4.t Tietorv 44s. m.7 If necessary to sell your Bonds, bring them to us. We pay highest local . prices. ROBERTSON & EWING t07-S N. W. Bank Birildlnej. GOVERNMENT, CORPORATION AND -itV LADD &T1LT0N. BAM Washington and Third - money tactics fall' to make mora im pression on tbe market. !-- PAT DEBTS 3IOW, ADVICE r- Now la the time to pay1 debts. The debtor who neglects to do so at this time may in a few years bitterly regret his neglect. v j The market ia being affected by what sailors might call a financial ground swell. The movement is too dep. too fundamental. - too o elemental, to be guided fcy bankers. There haa been a revolution in governments and now we are t getting a revolution in : finance. That is why the stock ticker at ' the moment is so Important. It is the pulse of finance. , It does no good to scold ( or. denounce. The various sharp movements 1ft legislative stocks and the swindling operations that are disclosed from time to time are nothing . more than the outbreaks of the elemental feelings of the masses. There is a wild desire on the part of everybody to get in position to live as comfortably aa In the days before the war. Everybody la to blame and nobody is to blame. f, BAILROAD INVESTORS "WAIT S Very few railroad Investors hope for anything definite until after : the next presidential election. In the. meantime the buying of railroad stocks Is the most speculative operation possible in Wall street, The low priced ones are being taken by the pools on the theory that they will be sold to the big sys tems. There is also good buying of We are members of tbe underwriting syndicate and offer subject to prior sale our allotment out of tbe issue of $10,000,000 Canadian Northern Railway Company Collateral Secured Serial Gold 6 Notes Dated August 1, 1919. Due This issue is specifically secured by collateral of $ 14, 286,000 General Mortgage 4 Bonds of the Com pany due 1934, being a direct mortgage lien on the entire railway system and unconditionally guaranteed, both principal and interest, by the Canadian Govern- ment. . i : : " ; . ; ' Price for both maturities par and interest TO YIELD 6 NFT. Send telegraphic orders "collect." LUMBERMENS TRUST COMPANY LUMBERMENS .BUU-DIN9 CAPITA!. AMD Enterprise, Oregon, 5 Bonds at Par Government and Municipal Bonds - Bought and Sold nevepeaux &(ompany 87 Sixth Street Broadway 1042 Ground Floor Wellg-Fargo Building HAlLsp&lCQMPNY Buy and Sell U. S. Government, Foreign Govern ment, Railroads Publie Utility. Industrial. Municipal BONDS Quotations Upon Request Lewis Bldg., Portland, Or. Telephone Marshall 658 Commodity is measured by the sum total of the prosperity; of its individual citizens. Therefore, the only way to insure permanent prosperity for Portland is to make its resi dents prosperous. Jhe best method of doing this is to have everybody in the city set aside systematically; and regularly some portion of his income. Here the bank comes in as an important factor in community development and upbuilding. By offering interest as an inducement to sav ing, many persons have learned to save who would not otherwise. Ladd & Til.ton Bank rejoices in the hundreds of Portland citizens who have learned the les son of Thrift through it, and solicits the ac counts of others desirous of learning it. Edited by Jordan stocks of those roads that have land In oil regions.. The latest one in this list is St Paul It owns more than 100,000 acres in that part of the state of Washington ' where oil has been found. The Texas and Pacific, Missouri Pacific, Frisco, and Southern Pacific are other beneficiaries of the oil ex citement. Such buying of .railroad stocks la excusable. . It la the buylnar of them, because they are railroads that is dangerous. ROADS ASSURED OF BUSINESS Crop reports are optimistic, the only bad feature dealing with winter wheat in the Northwest. .That is such a small Item It can be Ignored. Tonnage re sulting from these crops will provide the railroads all the business they can do. The resultant wear and tear on rails and rolling stock will furnish business for the steel companies. Labor Is one factor in which there Is a. defic iency. Thousands of working men who remained safe in America; during the war are now returning to their former homes in Europe, hoping to pick prizes out of the disaster. These people should be made to ' understand that they are going to Injure not alone the United States but : themselves by their action. S. II. Green Stamps for cash. Hol man Fuel Co., Main S5S. A-SS5S. Block wood, short slabwood. Rock Springs and Utah coal; sawdust Adv. February 1, 1922 August 1, 1924. SURPLES $900,000 FIFTH AND TAR a.