THE OREGON DAILY. JOURNAL, PORTLAND. - FRIDAY, , OCTOBER 10 1919.
t
IS
HUME
ASK CITY TO PAY
Bondsmen for Contractor Peter
- son Assert Plans Changed
' After Contract Was Signed.
MATERIALS COST MOUNTS
Claimants Said to Plan Submis
sion of Question to Arbitra
. tion. ' V
. ?. A. Shannon and" J. IX Kelly.
1 bondsmen for Hans Peterson, con
tractor for The Auditorium, want
i t ha "city to pay their creditors ap
proximately , $7,000. : A claim for
" that amount haa ben filed with the
- city, and It la understood Is to be
r followed by a reqwat for arbitration
Vof the matter, one arbiter to be ap
; pointed by the bondsmen, one by the
-lty and the third to be selected by
' ths two. A stipulation n the ex
ecuted contract provided that ques
" tions be so decided in case appeal
" from the architects' decision was
S i made in three days.
n T AJtDS tO liOSE SUM
Shannon and Kelly will lose approxl
i mately the amount requested. It Is shown
' ; unless the city pays the bill. They maln-
tain that specifications were changed.
that cost of labor and materials to be
j used in construction of The Auditorium
-aviated with the war and that a de
" ficlt to Peterson, and now the bondsmen,
is the result That the city should meet
the creditors' demand for the $76,000 be
. cause of ' alterations In materials and
moral : obligations, is the contentions
of bondsmen. .
TKOrBlES PILK IP
' The entire matter dates hack to slgna-
ture of the contract. After it had been
awarded to Peterson, he claimed that a
mistake In his bid of $21,000 had been
;made, which the city is said to have
-met. Then came trouble over the bonds.
'51 The surety companies would not give
i.ihem, it is explained, Because Peterson
was already heavily bonded, but the
,-!ty agreed ta take personal bonds.
,''H. P. 8cheet of Tonlno, Wash., con
r ( trler of a stone quarry agreed to go
.on the 'bond. Investigation by Deputy
f. City Attorney Tomllnson revealed that
; lie had assets totalling .almost $300,000,
-' although they were reported to be un
tttable and might, become valueless.
' VN. A. Shannon, local marble man, was
secured as. another bondsman. His as
. sets were placed at $105,000, but because
of the reported speculative nature of
'ttheJ9cheel. assets, the city insisted that
another bondsman be secured. J. L.
Kelly, sand and gravel man, was chosen
' i; as the third. He was reputed to be
jf worth $250,000.; . , ,
' CREDITOB9 8TE' OK BONDS
i Shannon, is understood to have agreed.
In a tprlvate arrangement, to have In
sured Kelly against loss.
Then came erection of the structure,
..increased costs, and heavy loss to the
, contractor on the project. Scheel had
become a bankrupt, and creditors sued
.Shannon and Kelly on their bonds. A
t,. Judgment was awarded but two years'
C, .grace was given the bondsmen by the
creditors. ) It expires October 16.
j 'That Is where the case stands, with
ii..' Shannon and Kelly demanding that the
city' meet the Increased cost, apparant
; refusal by . the council, and arbitration
. md court action In the offing.
"Don't Let Food fiot,"
Begs Administrator
r Of Striking Dockmen
Xew York. Oct. 10. (L N. 13.) Fed
' era! Food Administrator Arthur Wil-
HOW
AUD
'' liama, fearing that 6000 carloads of per
ishable food will rot on the docks here,
; announced today he will strive to per
,v suade striking longshoremen to handle
1 the ; food during the negotiations that
. H have been opened between the strikers
' ' and their employers for more pay.
I " A "committee of three from each of
the: 12 local unions, representatives of
ihe shipping interests and the national
f adjustment commission, meet today in
i.'an fcffort to settle the strike which Is
-., ft t estimated to have made 100,000 men Idle.
, ;h Jt was reported the strjke may spread
. 10 the port of terminal workers. Includ
ing firemen, deckhands, cooks and water-
innucn on railroad Doata. Marin a rir-
men are understood to have voted not
to operate boilers of ships operated by
non-union men.
r Portland Housing
lilCodAmendments
tinder Discussion
The- merits 'of proposed amendments
to the Portland housing code were dis
cussed before .the Progressive Business
Men's club luncheon at the Benson hotel
at noon Thursday. I. R. Bailey presented
the necessity of amending the code and
Father O'Hara spoke ajrainst the pro-
: posea amendment.
Erection of apartment houses is im-
i practicable under the existing code, ac-
i cording to Balleyi and the high rental
asked was attributed in terse measure
. . to th fact that no apartment house
4 projects have been commenced sines the
present code went into effect In May.
: Proposed amendments to the code were
'L Prepared by a committee appointed by
. I Barbur, commissioner of publio
r works. Bailey acted as chairman of this
committee and Father O'Hara, who was
' ; t also a member, opposed the adoption of
. tne amendments and submitted, a ml-
ir norlty . report favoring the retention of
, me present code, ;
Cox Breaks Shoulder- , "
J. I Cox. a lineman for th Western
Union, f ell from a pol this morning
, while working in St Johns and was suf
fering from a broken shoulder, a badly
.ut face and other Injuries when taken
to' St Vincents hospital. Cox resides at
376 Arlington Place.
-iff: SchoorChlldrerillssinjii"'
Missing since they' left for school
Thursday morning, police today are look
ing for, Peter, age s, and Charles, ase
10. sons of Charles Sampson; 63 Morris
Ktreet. The boys are Polish and have
iirown hairand blue eyea : .
Willamette Boys
Are Tearing Down
Old Lausanne Hall
Willamette UnlverIty.'lSalem, Oct 10.
By the unanimous vote of the faculty
and student body today was proclaimed
a holiday, that old Lausanne" hall may
be torn down. The site of the old build
Ing is to be prepared for the new halL
Every man in school is contributing a
day'a labor. ' . - A .
Lunch was served by the women of
the university in the First M-i E. church.
With $45,000 on hand and more dona
tions In eight It has leen deemed ad
visable to commence wcrk on the new
hall as soon as possible, that the new'
dormitory" will be complete and ready
for use next fall.;;.; .,v 4 .
OF
1ST
Reports by Various Officers In
dicate White Temple to Be
in Splendid Condition.
Following a banquet and a program,
the annual meeting of the Frst Baptist
church, White Temple, was conducted
Thursday night Reports given by the
various officers show the church to be
In a prosperous' condition,: especially
financially. During the past year the
church raised more money for benevo
lent enterprises than ever before. This
was due to the drive conducted in March
for the Victory campaign of the denom
ination. ' . ' - i
The chief address of the evening was
given by Dr. C. E. Shepherd, superin
tendent of oriental missions for the Bap
tist churches on this coast ; Dr. W. A.
Waldo, pastor, presided.
One Interesting feature of the service
was a brief history, of the church from
the date of its organisation, given by
James F. Falling and Mrs. Ella J Clin
ton, Mr. Falling told of the organiza
tion of the 'church in 1855 and of the
first service held In a school house at
First and. Oak streets. The first church
building was erected in 1860 at Fourth
and Alder streets, the present site of
the Honeyman Hardware company. Mrs.
Clinton reviewed the history of the
church from 1891 on, this being the date
of erection of the present building. Mrs.
Clinton has been a member of the church
for 42 years. Mr. Failing is a charter
member.
The election of deacons and officers
for the following year was also held. The
results are f.
Deacons C. E. Wlghtman, F..B. Hil
ton. W. E. Hale, J. O. Malone, M. L.
Hardwlck, F. O. Leary ; Sunday school
superintendent Floyd Smith ; church
treasurer, Grant Phegley; church clerk,
W. M. Everett ; church finance commit
tee'. W. E. Pearson : church usher, D. P.
Shepherd ; auditors. C. E. Milligan and
A. B. Moore; superintendent of church
missions, J. G. Malone.
Wounded American
Troops Back From
Siberian Campaign
San Francisco, Oct- 10. (L N. S.)
First of the wounded American soldiers
who fought in the now famous engage
ment at Romanofska, Siberia, are here
today, arriving on the transport Sher
man. But 13 of their number returned
oa this boat
Lieutenant Lawrence D. Butler, com
manding the Americans in this engage
ment and the first American awarded
the distinguished service cross of the A.
E. F., is In the party.
The Americans "went In" with a sup
posedly friendly party of Russians.
Fifty-three of their little party of 74
suffered casualties as a result. The
Russians turned on their own allies, the
men report, and they could but scatter
for their lives.
Local Company to
Join in Floating
Motor Firm Stock
The Ralph Schneeloch comnany la lo
cal participant In an underwriting syn
dicate wnicn win shortly offer an issue
ot 13.000,000 7 per cent cumulative sink
ing fund preferred stock of the Palge
Detrolt Motor Car company. This com
pany has no funded debt. '
Owing to the enormous domestic busi
ness, as well as the larsre exoort da.
mand, the Paige-Detroit Motor Car com.
pany Is building- an additional nlant t
jLeiroit ana wm double its output this
year,
The net earnings of the comnanv tnr
1918 were more than four and three.
fourths times the annual dividend re -
nnlrompntn nnri trino.J K u .
for the first six months of this vear
w-- . e JJ yie I ClUI 1 la
this margin will. be greatly increased
during 1919.
The first preferred stock will be of-'
fered to the public at 97.50 and accrued
dividends, yielding about 7.18 per cent
Gatens Wants Boy
Who Cashed Checks
Mentally Examined
Twenty-one-year-Old Walter Itur m
be examined by Dr. S. C. Kohs before
Presiding Judge Catena win pass on his
case, which was tried yesterday and in
which it was brought out that Baer had
cashed 16 bad checks In the sum of 8390.
twer gave nariow Brackets 23, $106 of
the money he fraudulently received.
Brackett said he Just happened to be
along during Baer's check-cashing esca
pades, and his story was corroborated
by Baer. . Judge Gatens continued, the
forgery case against Brackett for six
months. ; . - :, -. -j . -
Because Baer comes from a good fam
ily, despite the fact that he has been In
trouble before. Judare Gatpn ri-iHj
have him examined by Dr. Kohs in order
11 sound of mind. ;
ANNUAL
MEETING
BAPTIST
CHURCH
D BY BANQUET
LIBERTY BOND SALES
UbutT bead sold la tbs Nnr York market
Friday ' '
3H
Firt 4j ...
fr'wond 4a
Vint 4 tit .
RtCBd 4 Ui
t..,floo.io.
Stk.lll
94.10
5.80
94.22 '
BS.Kti ,
4.3a
' B.J)8
'J.,md..45 -.......
'-nrva ii.-., ..
4.a .,4.....
Victory
NEWS OF THE
PENDLETON LEADS
ALL IN
Round-Up City Suddenly Leaps
To First State - Position , With
Deposits of $8,471,433.90.
ASTORIA DROPS TO SECOND
Salem Third, Forest Grove and
Prineville in Million Dollar
Class Vale, Enterprise,, Out.
Salem, Oct. 10. Pendleton, with
an increase. In bank deposits over
those of June 30 amounting to
$2,257,393.60, has assumed first
place In the list of cities in the mil
lion dollar ejaas outside of Portland,
according to a report Just complied
by Will II. Bennett, state superin
tendent of banks. Pendleton, with
th ree ban ks, reported a total of
$8,471,435.90 on deposit September
18. Astoria, with five banks and
deposits aggregating $S,220,3T7.6S,
has been crowded out of the first
position into second' place, and Sa
lem takes third place, with deposits
of $7,690,121.19 in its four banks.
Thirty-two bapks are now listed in
the $1,000,000 class, a gain of one over
the list based on reports for June 30.
Newberg, which failed to qualify for
a place in the last report Is back again
with a showing that entitles the town
to favorable mention. . Forest. Grove
and Prineville have also passed-the
$1,000,000 mark and got a place In the
list, but this gain Is offset by the loss
of Vale and Enterprise, both of which
failed to qualify.
STATE DEPOSITS HUGE
Deposits In all banking institutions
in the state at the time of the call.
September 12, aggregate $288,441,823.93.
an . increase of $52,616.26, the report
shows. The 32 cities and towns qualify
ing for a place in the $1,000,000 class
are as follows
City.
No. Banka
Deposit.
tl64.340.888.61
8.471.435.90
8,220.877.68
7.600,121.10
4,814,280.29
3.964,015.12
3,680,369.45
3.610,192.24
3.054.753.86
3.041.942.83
Portland .
24
3
S
4
4
8 '
2
3
4
6
Pendleton
Antoria
Salem
Eugene .
Baker
The Dalle
Albany
Medford
Klamath Falla
Oreion Citj
! Grande
McllinnTiUe
Corvallis. . ,
Roaebori
Manhfield
HUbboro
Hood Kiter
SUrerton
Bend
Lakeriew
Hilton
TtlUmook
Heppnar
Grant'! Paaa
AahUnd
Condon
Ontario
Forest Grora
Newbert
PrlneTUlv
Burn
7
8
10
11
12
13
14
IS
10
IT
18
1
20
21
24
2.885,828.18
2.316,068.92
2,483.635.49
2.420,168.44
2,249.640.43
2.023,069.51
1.5)85.591.50
1,732.304.21
1,637.814.66
1, H28.91 8.40
1.377.688.08
1,502,089.70
1.498.594.40
1,468,133.20
1.379.351.42
1,322.714.94
1,801,008.62
1.270.825.34
1.238,825.62
1,238,263.15
1.089,914.95
1,007.626.73
25
26
27
2S
29
SO
81
82
Totals
113
824S.2S2.451. 53
Deposit! of Freewater branch of the Flrat
National bank included.
Furnished by Orerbeck & Cook Co. ' -Financial
News Says : Bullish informa
tion circulates on Whelan issues, Motor
accessories stockB, eorulpment, shares and
oils. The New York dock strike is be
coming a factor of warning in the stock
market Inducing profit taking.
International Nickel Is reported to be
well favored by sources which are us
ually well Informed to regard' to this
company advising their friends to buy It.
Favorable news seems,.' to be expected
(n some quarters in touch with steel in
terests from the quarterly meeting of
U. S. Steel scheduled to take place Octo
ber 28. Predictions of par for American
Can common before the end of the. year
are circulating in circles with close con
nected with the western speculative
crowd.
New York United States steel unfilled
tonnage at noon.
: Canadian reciprocity act repealed by
house with little debate.
'Leaders of mine workers in central
competitive bituminous fields who will
meet operators today feel that the
threatened strike -on November 1 will
be averted.
, One hundred thousand longshoremen
are out at, Brooklyn, Manhattan and
Jersey docks. Embargo placed on all
l.i - i n
.lea up.
freight for sea and 18 shipping lines are
President's condttion cintinues to show
slow but steady improvement.
Resolution introduced by Gorapers at
industrial conference providing-. for arbi
tration of steel strike, not favorably re
ceived by officials of the Pittsburg dis
trict. -
Twenty industrials 113.40 off .15; 20
rails 81.70 off .34.
New York Japanese houses sold. A
good many traders took profits. Weather
in Texas was better so far as overnight
reports went and the early map so far
as Texas was concerned was not . baa.
With good weather from now on the crop
Ml; wax. Slate may ik . uvunauij ; in
creased. Much depends upon the weather,
This may be worth bearing in mind.! A
rainv autumn would admittedly be bad
but a late fall and late date of killing
frost would make a difference of 200.000
or 300,000 bales of the crop of Texas and
cause a corresponding increase in some
other parts of the belt.
.; -r: . Bank Changes Name. -
Baker. Oct 10. The American State
Bank of Halfway has been authorised
by the comptroller dt the treasury at
Washington, D. C, to change its name
to the First National Bank of Haiiway,
and this has been done. The bank baa
Increased Its capital stock from 315,000
to 950,000. - s - ,
at ToUowtm prteaa:
Bish."
100.14
, 95.20
-.- - 94.20
, 93.50
4.29
fl.Kft
4.S4
" 90.H8
i 99.8
Cioaa
Cimm -3100.12
.ao
, . 4.14
- ' 93.40
94. 2
. 95.80
. 04.20
" 9.2
' 99.84'
. Thanday
$100.10
95.16 .
94.10
... 95.80
. 94.18
. S5.7S
84.18
S.N2
. an.8.
- SIWO.IO
. 95.10
94.10
95.20
94.24
95 S3
94.20
' , so.fta
: 99.84
BAB
t. ibpic gjf-
FINANCE, INDUSTRY:: 'AND-
EINANCIAi;.:
BKgeyiTiBis.
C W. Barron, owner of the Wall Street
Journal, in a recent lay sermon, said:
"The law of Investment and of specu
lation f come under the 8ame Christian
laws social and natural -service.' One
should not put money into an investment
that -docs not promote public good, and
the best investments will be found ' In
those that perform r the widest public
service : and that rest upon the widest
human consumption and needs." .
V In ,vfew of 'the sugar shortage, the
sugar equalisation board is planning to
regulate the distribution of the available
sugar for the remainder of this year
through, a committee. Officials of the
board have been in conference with su
gar Interests planning the details, and
some, announcement is expected in the
course of the next day or two.
The treasurer of the territory of Ha
waii will receive bids until October 20
for-$1,500,000 414 per cent public improve
ment bonds4 to run -20 years, with the
privilege of redemption In 10.
- It is not as popular today for the mul
titude to condemn banks as it was a few
years ago. The people have found out
during the war that the great system of
banks in the United States in cooperation
with the people made it possible to pro
vide the government with the money that
carried the war to a successful termina
tion. American Tobacco moved upward fol
lowing the official announcement of the
formation of the American Tobacco Se
curities corporation, . which is to take
over the American Tobacco company on
the basis of one share of American To
bacco for four shares of American To
bacco Securities. The new company later
on will be combined with the Interna
tional Trademark company. It Is stated
that about 25 per cent of American To
bacco stock has been offered for ex
change thus far.
New York Realty
Valuations Show
Large Increases
New York, Oct 10. Total assessed val
uation of New York real estate in 1920
will reach 38.271,157,608, an increase of
$252,516,459 over the present year in the
five boroughs of the city, according to
figures made public here today by the
department of taxes and assessments.
Although only 6130 new buildings were
erected in the current year, the report
says, the increase in the assessed (Valua
tion was due to the "higher market value
of property," due In part to rent profi
teering by landlords. Personal property
assessments, the board says, were re
duced to $785,947,400, as compared with
$1,396,040,625 this year.
Among the personal property holders
John D. Rockefeller heads the list with
an assessed valuation of $5,000,000. The
next highest was Edward S. Harkness,
$1,000,000 ; George F. Baker, $1,000,000.
and Cathleen Vanderbllt, $1,000,000. John
D. Rockefeller Jr. was assessed at $500,
000. PACIFIC COAST BAWK STATEMENT
Portland Bankt
Clarhuj
If onday .... $
Tuesday
Wednesday ..
Tlinrtday.
Friday ....
TWiVVlt. TrarAVb.
8.623.120.58 f 6.321. 725.1T
6.404,683.30 6.622,769.64
6.587.465.14 5.401, 18004
6.044. 8. 0 5.0X3.604.1.1
6.414.140.97 6.189.795.22
Tsooma Bank
Clearlncs Friday $ 651.191.23
Balance Friday 176,934.19
poksn Bank
Friday $2,811,479.00
ClMrincs.
Balasoea Friday
93Z.127.00
Seattle Bankt
Clsarlnes, Friday $6,128,665.00
Balance Friday 11,809,579.00
tan Franclico Bankt
Claartnct Friday 828.839.084.67
Los AnieiM Bankt
Clearings Friday S 8,056,308.00
Yakima Deposits Increase
Yakima, Wash., Oct 10. The five
banks of this city have on deposit 32,-
37,i7z in savings accounts, an average.
oi zor eacn or tne 7Z46, depositors
and an Increase of $584,267 in the last
year, and $157,000 for the last quarter.
Magic of Arithmetic
Or How $897.50 May Be
In October, 1919
Pay in $897.50
In the Meantime
use youf scissors on the first day of each intervening
February and August to clip a coupon and cash it for $23
22 coupons or $550 in all. -As
assurance that $897.50 invested in
Pacific Power & Light Co.
5 Gold Bonds
. to yield over 6.30
purchased from us at 89.75 will return $1550 to yoii ly
August 1, 1930, a mortgage has been consummated cov
ering the entire physical property of the company which
furnishes electric light and power for 65 thriving cities,
towns and rural communities in fertile and thrifty sec
tions of-the Pacific Northwest,
We cordially invite inquiries
. . BONDS; TRUSTS, ACCEPTANCES
Lumbermen's BIdg. : Fifth and Stark
Six hundred thousand dollars in capital and surplus
ROBERTSON & EWING
LIBERTY BONDS'
Hew York Qaotatteas, '
- latereet laeladed.
' 9Yt 91S1.2S
First 4s tJ :
i Rseaaa - 4. S.S1 ,
First ..,....-...
MOl( IVtl. ...... , ti.J
Tblrd .. sHll
! Foarth .': 4s......i t7 :
Victory 4s,...r ,
f Ws Bay asd Sell Aay .
EFFECT OF SWE
IN N Y. HARBOR
FELTON MARKETS
.3- -i .;...SnaSBsaBBaBSSSSsa"aBSS, - .
Net Losses and Shading of Big
Gains - Results From Profes
sional Selling in Wail Street.
ANTICIPATE BIG COAL STRIKE
Mexican Petroleum Jumps j 'Stutz
Gains 17 Points; Ouke Whelan
Stock Back in the Limelight
. By Brodan Wall :;
v New York, Oct. 9. Because next
Monday will be a holiday and be
cause the labor is tied up with a
longshoremen's strike again, there
was ome professional selling of
many stocks in Wall ttreet this af
ternoon. This resulted In somenet
losses and in the shading down of
the big gains made by the leaders
early in the day. , During most of
the session the market was extreme
ly .active and strong. The leaders
were those great industrials such as
oils, motors and tobaccos, that will
not be hurt by a freight embargo.
.The rails were properly quiet and
subdued. Money went to 10 per
cent, but that had no influence on
the market.
Motor stocks, oils, tobaccos,' United
States Steel' and a' few high grade spe
cialties .were at the front of the trad
ing' list. New high records were made
by several, but those in Mexican pe
troleum. General Motors - and retail
stores attracted most attention.
Business opened, with a rush. Gen
eral Motors was the leader and its ac
tivity set all other matters arid oils
a-going.
Rumors come from Pennsylvania of a
strike in the coal fields to begin on
November 1. A 'coal strike will fail, and
the antomobile and petroleum compa
nies will be the reasons.
In anticipation of something of the
kind stores of fuel oils have been ac
cumulated at important centers.
Mexican Petroleum made the new
high record that it Is expected to es
tablish dally. The street is full of ru
mors to explain It.
Stutz was one of the best perform
ers in the market, showing a net ad
vance of 17 points for the day.
The Duke Whelan stock got in the
limelight again. United Stores, which
had been inactive for weeks, advanced
50 points. It is evident that tlfe stub-
We Want
a large amount of
Liberty
Bonds
and
Victory
W ban onf illed order for a larc amount
ad will pay yon top prim pay you mora
and asT our cHenta money by eliminating
ahippins chart ea, loaa of tima. exchange and
commiaaiona east.
New York mart at by mtr dally.
A U ua te quota you
Freeman
Smith
Camp
NomiMnM Bank Bum.
Mam a
Transformed Into $1550
In August, 1930
Take out $1000
FEDERAL TAX EXEMPT
6
BONDS
Local Securities
207-8 "Northwestern Bank.
p Biiilffln?' f '
. PORTLAND. -OR. 5
sanoMa ploom
ENTERPRISE
born short Interest te that. stcw per
sists. " . j . - ; .-k'i V'.'b; v 'jtr-
American Woolen, International Har
vester and Worthlngtoa pump are three
stocks that have been persistently ac
cumulated by very rich men. , They
move -erratically, but today all went to
new high records, although Harvester
was the . only one that held vtha" new
price.. : . - ' v ;v
Eirst National of ?.
Bend tb0pen Bank -At
Silver Lake, Or.
Silver Lake, Oct. 10. That the First
National bank . of Bend contemplates
opening a bank here In the near future
was made . known here, today. L. M.
Foes, vice president, has been here dur
tog the week distributing stock among
leca! people who had expressed a desire
to 'become financially interested' In- the
new institution. He stated early, m the
week that he had placed over half the
required amount, and was confident
that the balance would be qalckly made
up. - .--
' A reinforced concrete building will
be. erected and a fireproof 'vault., with
burglar proof safe and up to date fur.
nishings will be installed.: Because of
the' near' approach of winter it Is pos
sible that the building will not be com
pleted this fall, but in this case a tem
porary home for the new bank will be
secured so that business may bo com
menced at an early date.
Stock Control of
Coquille Bank Is
Now in New Hands
Coquille, Oct, 10.John E. Ross and
X. Li. Turner of Portland have purchased
the stock of J. W. Mast and F. E. Mc
Kenna in the . Farmers and Merchants
bank here, and secured enough nore
from other large stockholders to give
them a majority. This will result In
Messrs. Mast and McKenna being suc
ceeded in the directorate by the new
men.
The new managers are not unknown
In Cqp8 county where Mr. Jfloss was one
of the organizers of the Scandinavian-
American bank at Marshfield. And Mr. i
Turner was for some time associated I
with him in that bank. I
Secretary of Treasury Glass says if
congress does not stop its wasteful ex- 1
penditures there will have to be another
Liberty loan.
BetterBondS
WE SHOULD
like very much
to place your
name upon our ever
growing list of pa
trons and potential
patrons for receipt
of our quotations on
Government, Munici
pal and Corporation
Bonds.
Sooaar or later to
wm wast te kiow
sbest eb larest
mestc aad aaswl.
ledge of our InTest
mest scrvlcet will
b laralaable to you.
LARK.KENE&LL &C01
MUNICIPAL At
BONDS
S II
S I
5c fS
TO TAKE LOAN
-"---. " 1 . - . '- ir
War 'Finance Corporation's ; Idea
Is to Bolster Up Market for
. European Exchange. .
IF ACCEPT," EXCEPTIONAL
i . ,, .
Because Borrower Must Take
All Risks of Collection, Amer
ican Houses Slow to Accept.
Chicago, Oct. 10. First definite
efforts on the part of the govern
ment to bolster the market for Eu
ropean exchange have come to light
here In. offers made . by the war
finance corporation to extend sub
stantial loans to large exporters to
assist them In extending credit to
European . buyers. One. large Chi
cago manufacturing concern, with
Ladd & Tilton Bank is always
anxious to serve the public in
every way possible, and to that
end is offering a condensed
digest of the new traffic ordi
nances that went into effect on
October 1st.
This, copy is authentic and rjy,
cial, and will be a great conve
nience to motorists. Your copy
is waiting for you at Ladd &
Tilton Bank. Come in and ask
for it tomorrow.
Saving .Department Open
Saturday Evening, 6 to 8
Ladd '& Tilton Bank
tliMaER-J
nDtRAL REStRVF
.
Angl
o-French Bonds
To Net 7.65
Government and Municipal Bonds Bought and Sold
g)Pevepeaux frfimpany
87 Sixth Street v Broadway 1042
Ground Floor Wella-Fargo Building
branches in Europe, according to re
liable Information obtained tn bank
ing circles, haa been offered a loan -of
$5,000,000 by the War finance cor
poration; The proposal was submit
ted to the company's board of direc
tors and tentatively accepted.
Witt MTREXGTHEX FOREIGV ' ' '
EXCHANGE , . - ....
"The war finance corporation has slg
nllfed Its wtllingess to finance export
Shipments On long term credits as a
means of strengthening the foreign ex- -change
market" said H. (X P. Deans,
vice president of the Merchants Loan A
Trust company, today, "but owing to the
conditions attached to the offers, man- "
ufacturlng Interests here have not shown '
much Inclination to accept them. The
war finance corporation, of course, ex
pects the borrowing corporation to take
all the risks of getting payment from
European buyers. The finance corpora
tion makes no loans itself to the foreign
customers, but looks entirely to the
American x porter for repayment of the
loan.
OBJECT TO AID AMERICAN
IiORROWERH
"The arrangement, thereforr, amounts
merely to assistance of the American
borrowers In financing exports, and this
is acceptable in rases where the goods
are sold to Europcsn firms of well knon
credit."
The plan enables exporters to maVe
shipments without Immediately drawing
drafts on the buyers and offering them
On the exchange market.
Car Shortage Closes Hills
Belllngham, Wash.. Oct. 10. (I. M. P
One large cedar mill at Blaine, run
ning day and night and a large Bel
llnpham sawmill were forced to shut
down 'today on account of car shortage.
Belllngham mills are getting but 15
per cent of their car requirements.
. Traffic
Ordinances
Now
Ready
Oldest in the Northwest
Washington and Third
Service
STEP into the North
western National even'
upon the most trivial
errandand get a sample,
of that satisfying bank
ing service.. :
Close to things and con-
, venient throughout -
'' . . . . . -
"The Big Brother Bank ' V
The Northwestern ;i
National Bank -
NorthweaUrn Bank .Baildiaf