14
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.