THE OREGON SUNDAY JOURNAL. PORT LAND, SUNDAY : MORNING, MAY 16, 1920.
SIX NATIONS ARE
i " ' - f ' i
REPRESENTED ON
CHINES STEAMER
Vessel's polyglot Confusion Is
Worse Confounded by Pet Lark
IWhich Talks jn Many Tongues.
v Many arie the tjppes of d'Artagnan
on the Chinese? steamship Hwah
Wu, now in the larbor. Sailors of
fortune, not soldiers of fortune,
would be ja clearer term to apply
to ; the list of officers- making up
the personnel of jthe first steamship
flying the jflag of tthe Chinese repub
lic to appear 'atj any of the ; coast
ports. 1
Captain IS. Bye, the master, ia a Nor
wegian ; Chief Officer John Koshemakln
Is a Russian; Second Officer William
Bergman is a German, and Michael
Kewames. jthird officer, is a Dane.
Three officers from the Chinese navy,
Lieutenant jWoo Shang Lee. Lieutenant
Lee Kwoh -jKvrel and Sub-Lieutenant
Charles T. iV. Hsiii complete the roster
of the deck! department.
The "black guard" are all Scotch. W.
K. Camerotj holds Ithe position of chief
engineer, and the two assistants are of
the same clan.
Kngllsh 14 the official language of the
ship, steward, bo'n nd sailors all speak
ing - in thei American tongue. A pet
lark peculiar to Iforth China is part
of the crewj It is a loquacious bird and
lias mastered a few sentences in half
a dozen languages; during the voyage.
Each of the officers of the Hwah Wu
is a veteran) of the ,yorld war. Fortuna,
the goddess of chamce, threw them all
Into Hong Kong byfone road 6r another
and the polyglot aggregation embarked
on the Chinese shlpj"to seek some coun
try new." The thre deck officers were
In the - Russian navy and the ; Scotch
engineers were in the service of Great
Britain. . V
The ship, as well as the officers, has
had a varied career. She was built in
England and originally .was called the
Mayflower j Later, j-she was sold to the
Germans and named Albenga. ;; During
the war she was Itltemed by the Japa
nese and later aol to the Chinese. The
vessel brought 1750 tons of - general
cargo . from the , Orient, the principal
part of which is 50Q0 cases of peanut oil.
She also brought 125 tons of antimony,
which will go east fin bond. The Hwah
Wu will load lumbfr for North China.
SCHOONER IS IX TROUBLE
I . AND AID IS DISPATCHED
San Francisco. iay 15. (U. P.) The
schooner Rosamond, four masted, is In
treuble off j Moss Beach, south .of here,
according to reports received .today by
the marinet department of the Chamber
of; Commerce.
The reports state the schooner Is leak
ing badly. j. Two tugs have been sent to
taw the vessel to Ithls port. !
(The Rosamond is bound from Port
Angeles tct Cape Town, South Africa,
It) left Port Angeles, March 15.
HELP BELIEVED TO ILVVE
I REACHED SINKING VESSEL
- i i i;
I San Francisco, May 15. (L Nv S.)
The four-masted schooner Rosamond, re
ported 1TJ a sinking condition off Moss
beach today, was tonight believed in tow
of two tugs sent ti her assistance. The
Rosamond I is seven miles off the coast
and the tugs carryno wireless, but flsji
ermen who brought the first report of
the schooner's plight sent word that the
tugs had reached the vessel and were
taking her In tow. The Rosamond carries
a, crew of; 12. '
TRANSPORTATION 1
By
ijTEAHSHIP
jCtaADMIRALLINEL
"crTy ow Top-
Sails from .Portland-9:00 P. M., May 20. for
Marshfielci.) Eureka and San Francisco, con
necting with atsamera-to Los Angeles and Baa
Diego. j I i
. TO ALASKA FROM 8EATTLK
.t. "SPOKANE," to SlUa and way Porta,
May 17.
a. S. "ADMIRAL WATSON," to Anchorage
and Kodlak. May 18.
S. S. "CITY OF SEATTLE," to Skagway and
Way Port. May 24.
TICKtT OFFICE, 101 THIRD ST.
Freight Office Municipal Dock No. Z.
j Phone Main 8281.
PACIFIC STEAMSHIP CO.,
Astoria and Way Points
Str. Georgiana
Round THp Dally Eicept Friday),
Leave PORTLAND 7:10 a. m.
ALDER STREET DOCK.
Leare ASTORIA t:00 p. m.
FLAVEL DOCK.
FARE SI .8S EACH WAY.
Special a la Carte Dining Service.
Direct jConnectioba for South Beaches.
Night Boat Daily 8 P. It.
" Main 1422. 641-22.
Xim HARK INS TRANSPORTATION CO.
SanFrancisco
S. S. ROSE CITY
DEPARTS 10:00 A. M.
Wednesday, May 19
FROM AIMSWORTH DOCK
FAR! INCLUDES. BERTH AND MEALS
CITY TICKET OFFICE, 3RD AND WASH.
i PHONE: MAIN 3630
FREIOHT OFFICE. A IN 8WORTH DOCK
PHONE BROADWAY 283
THE SAN FRANCISCO A PORTLAND
. S. S. COMPANY. ,
AUSTRALIA
j HEW ZEALAND AMD SOUTH SEAS
Via Tahiti and Raratonfa. Mail atd Peasenee
1 an lee f rem San Franetsaa Ierv ZS Oar
UNION SS. OO, OP MEW ZEALAND.
SSO OaJlfernla SV, San Pranelaa i
Or Laoaa Staenahl and Railroad Aaanataa,
! Astoria Route
S. S. "ASTORIAN"
2 .80 P. M. DA1LT (Except Thursday)
FARE 11.65, including tax
- TALYORf STREET DOCK
Phono Slain MOSS. B11-4S
Kfwy
m
-Lira rvKit-,! td r a
CHINESE STEAMER BRINGS CARGO HERE
w tiuliuilnimiiiirniMinuKailrii.nu" i mi min ' it u u "im I i i
I -- "t-K'-'v- .-.-w
SCHOONER ECOLA
TO BE LAUNCHED
ON ! WEDNESDAY
Elizabeth : Hoffman, Granddaugh
ter of W. J. Bryan, Is Named
As Sponsor for New Vessel.
Launching , of the five-masted
schooner Ecola haa been set for 1
p. m. Wednesday at the North Port
land yards.'. Elizabeth Hoffman,
daughter of : Lee Hawley Hoffman
and granddaughter of William Jen
nings Bryan, has been named as
sponsor for j the first vessel .turned
out by Captains Haskins and Rey
nolds of the Monarch Shipbuilding
company, j
The Ecola 5 will be rigged and ready
for delivery by May 27. She will load
a full cargo j for Sydney and the out
ward charter is held Nby Balfour,
Guthrie Ac Co., who have purchased an
interest in the vessel.
The Ecola will measure 1900 tons
net and will have a carrying capacity
of 2.000,000 feet, She measures 281 feet
in .length, 46 feet beam and 26 feet
depth of hold.
From Portland ' to Sydney she will
carry a full cargo and will proceed - in
baJlast to Newcastle, where she will
taie coal for the West Coast. From
the South American port she will pro
ceed north and load at a Columbia
river port for the Antipodes.
Seafaring t men have declared the
Ecola to be a perfect type of the fore
and aft rigi vessel. She has passed
109A1 on all inspection and her lines
are so close to the yacht type that she
is expected to log off better than 250
miles a day,
STEAMER SOLAN'O IS HERE
WITH CARGO OF LUMBER
Finishing a part cargo amounting to
600,000 feet of lumber the steamer Solano
moved from Warrenton Friday night
to Prescott and wlll take the remainder
of her riutbound cargo at the point. The
Solano is slated to depart on the South
ern trip Sunday afternoon.
Loading of the Solano at Warrenton
marked the opening of the waterway in
the Skipanon river and the establish
ment of deep water connection between
Warrenton and California ports. Two
mills are now in operation and regular
shipments will be made. Deepening of
the Skipanon channel represents an out
lay of $260,000. .
News! of the Port
Arrivals Portland May 1B
Celllo, American steamer, from Saa Francisco,
passengers and general. ;
' Departure May 15
Wt Katan, American steamer, for Glasgow
Tia. LiTerpool, floor and vheat.
MARINE ALMATCAC
Tides at Astoria Monday
Hlfrh water low water
12:37 p. feet 6:29 a, m. 0.8 foot
j 6:18 p. m...2.5 feet
AT mEIGHBORISG PORTS
Astoria, May 15. Sailed at 8:65 a. m. : , TJ.
S. S. Heather, for sea. Arrred at 9 :R0 a. m.
Gasoline schooner Roamer, from Waldport. Ar
rired at 2 and left up 4 p. m. Steamer W. F.
Herrin. from Gariota. Sailed at 2:30 p. m.
Steamer Daisy, for San Francisco.
San Francisco. May 16. Arrrrea at a m.
Steamer Xaisy Freeman, from Colombia river.
Arrived at a. m. Steamer City of TopeKa,
from Portland ria Eureka and Coos Bay.
Cristobal. May 13. Sailed: Steamer Eastern
Glade, from Portland, for New Tort
San Francisco, May 14. Sailed at 4 p. m. :
Steamer Silverado, for Portland; Sailed It I p.
m. Steamer Wahkeena, for Portland.
Shanghai. May 18. Arrived: Steamer Tne
Angeles, from Colombia river. -
AUL AliONG THE WATERFRONT
With liB-ht oil for the Associated Oil
company, the steamship W. F. Herrin
will arrive at i.innton at dayllgnt tnia
morning. : She . comes direct from
Gaviota. i
The steamshiD City of Topeka of the
Admiral line, .with'' passengers- and
freight from Portland via Coos Bay and
Eureka, has reported in at the Bay City.
With lumber from the Columbia river,
the steam schooner Daisy Freeman ar
rived at San Francisco Saturday morn
ing, f.
The steamshln Eastern Glade from
Portland for New York with general
cargo sailed from Cristobal last Thurs
day, i ' .
united states inspectors of steam ves
sels put In a busy day Friday. . Captain
tawaras ana tjnier .Engineer wyaan
with their i assistants passed on the
steamer Henderson at Portland and the
steamers Jordan, Ilulda and Mirene at
iwwria, nviiiswcuon oi uie sieamers
General Washington and Butte was aviso
made at the mo. Uh of the river.
The steamer Silverado, in to Dant &
Russell to i load lumber for the West
coast. Bailed from San Francisco Friday
afternoon. She will be due in the river
Monday. .
Hailing from Philadelphia for Scandi
navian Dorts. thft ctmmshlnsi Rushanir.
Butte and Aikn are reported - at the
Merchants' exchange. The Bushong was
built by Standifer. the Butte by Supple
& Ballin and the Aiken by Mathews
on Grays Harbor.
Captain F. A. Willson. owner of the
IP 1 fft
r frWtfiHi-n nnT ir r " unnn in m i mi IT f ' If L 'k
Br'n iw"-iffmiiiTrriWi"if-Tiitii nnnTi-n'Tr'naririiroiin i n mr - rrn i f . i fyf'fajl t 5"' " gj?" i
I . f
ill . 7 ' 7? KdA 'fJLmmi
ilisni8rJd''M111 "''"l ' inn ri'il'T ''''"TTnTM
8 : -v- i.::t'S'',-:'V;.:.v '" 1 !
if
III V j
u;wwvLiunjuiLALUiiiJMwuij'JtULWiMi.iiwij '.WHwiKJUMWjmwajiii i" '
irn-r'-i-ii'mVil'ifiifiU'.iifiiii' 'iiiiiiiiiiiittnniiiwmyf.iiia)aw
L.-mj.i.. -lL a8CTBaaw ....
Above Ilwali Wu, cosmopolitan cr aft flying flag of Chinese republic
Officers of ship, from left Iileutenant liee Kwoli Kwel, Hiieutenant
Woo Shang Lee and Sub-Lieutenant Cliarles T V. Ilsil, all of the
Chinese nary. Insert Discharging Oriental cargo at municipal No. 4,
steamer Astorian. left Friday night' on
a business trip to Tacoma.
Outward bound from Portland, the
steamship Wawalona of the Admiral
line is reported as arrivlne at Vladi
vostok. Siberia, Way 9. i
RED FXiAG 'HOISTED OX SHjETZ.
FROM PORTLAND TO EUROPE
In a letter to Lieutenant Harold C.
Jones of the sea service bureau, . An
drew Stevenson, chief engineer of 'tho
steamship Siletz, tells of a red flag dem
onstration on that vessel while the craft
was outbound from Portland to Europe.
The house flag of the company 'was
hauled " down from the main . mast ' and
in its place was hoisted the red flag of
anarchy. . . r
Reds on the steamship Harklvar, from
Portland to the continent, recently paint
ed the word "Hungry" on either side of
the vessel.
ASTORIA BASEBALL TEAM IS
COMING FOR SUNDAY GAME
With the Centennials, a baseball team
from Astoria, and 300 fans, the. steamer
Astorian will arrive in ' Portland at
2 o'clock;: Sunday 'afternoon. Matched
against the Astoria semi-league players
Will be the Klrkpatricks of Portland.
Arrangements have been made to hold
the Astorian until C :30 for the return
trip. The game will be played on the
Pacific ' Coast league grounds. " '
Chartering of the steamer Astorian
by the Centennials marks the opening' of
series of . Sunday. excursions , between
Portland . and Astoria. The' Astorian
will leave at 7 a, m. and give excursion
ists 4 hours in Portland. Keen inter
est is being taken in the semi-profes
sional league contests.
Auto Carries Mails;
Six Hours Saved
Ashland, May- 15. United States mail
service between Ashland and Klamath
Falls tor the summer season by the
Ashland-Klamath Falls ' auto stage
began today. 'First-class mail arid daily
newspapers are carried. - A saving of
six hoors Nls made. : This service : is of
great value to -Ashland and Rogue river
valley towns t' in handling , orders for
fruits and vegetables. Mail arrives in
Ashland in time to connect, with the
afternoon northbound train.
j m -yteri .cwfa: xi jy.'ja.oee. c-er3tW'0cT-i
mJZ,iZi, r W v-3
li.mil. 1 iiimM wawaaflo
II. S. Certificates
Offered at Interest
' Of Five and a Half
San Francisco, May 15.-Wlth, an in
vitation to private Investors ' to ' partici
pate. Governor John-TJ. Calkins of the
Federal Reserve bank of San Francisco
announced the receipt '- of a telegram
from the secretary of the treasury of
fering approximately a $100,000,000 issue
of treasury certificates of indebtedness,
carrying 5 per cent interests n.nd run
ning for six months, between the dates
of May 17 and November 15.. This s
the highests interest yield yet : offered
on treasury certificates of indebtedness.
The last issue carried an interest rate
of 64 per cent.
The. quota of the Twelfth federal re
serve district. Governor Calkins said, is
$7,060,000. The amount of certificates
offered will be approximately $100,000,
000. Subscriptions will be closed with
out notice. Denominations of the cer
tificates will range from $500 to $100,000.
"Heretofore the banks and trust cioni-
panies of .the Twelfth . district have
patriotically : absorbed virtually all : of
every issue of treasury certificates of
indebtedness," said C. R. Shaw, asslsts
ant cashier of the federal reserve bank.'
The high rate of interest attached to
this issue , should attract thousands of
private investors looking for short term
investments. These certificates are ob
ligations of the United States govern
ment,, redeemable in cash at maturity,
and are therefore the soundest securities
m the world." - . -
Shorthorn Breeders
: Of Linn to Celebrate
Albany. Or.. May 15. (Special.)
Following close " on the hoofs of the
Jersey "jubilee" and Holstein '."hullaba-
Shorthorn ' "shoutfesf; - early in June.
Shorthorn breeders arranged their cele
bration at : a meeting today, with Pro-
lessor E. I. Potter of Oregon Agricul
tural ! college- and - County Ajrent S. V.
Smith. A tour of .the county and a
picnic entertainment are the chief fea
tures of a lively program. The breed
ing, of purebred Shorthorns - will be en
11
couraged.
.- ; . - -
NEW FEDERAL
RESERVE BANKS
ADOPT SYSTEM OF
GRADUATE SCALE
Deflation of Currency Jo Spread,
Rapidly, Business Letter of In
stitute for May, Predicts.
Congress recently passed "a law
authorizing the reserve banks to fix
a graduate scale of discount rates,
the rate charged increasing on the
amount loaned to each member
bank. The reserve banks will al
low each member bank to borrow
in proportion to its resources, just
as private banks fix credit limits
to merchants in, proportion to their
working capital. ;
The Kansas City Reserve bank has
recently adopted ' this system . to check
abnormal 'borrowing from .'- member
banks. The Federal Reserve bank of
Atlanta, Ga., ' also is contemplating the
fixing of a graduate- scale, of discount
rates, to check , abnormal borrowing.
In commenting on this. 5a w the Alex
ander Hamilton institute .'..in its May
business letter, 'states : ". f
"In view ,of these developments. It
seems safe to predict that the move
ment toward deflation of credit, started
in New York several months ago. will
soon spread over the country. This sug
gests that there will be pressure upon
commodity prices and land values dur
ing the rest j of the year, just as there
has been pressure in the stock market
during the past six months, with the
difference, however, that the liquidation
of general business will be less rapid
than the decline in the stock market-"
Carnation Milk Co.
Issues $3,000,000
In 7.85 Securities
The Carnation Milk Products company,
largest manufacturer of evaporated milk
in the United States, whose original plant
was at Kent, : Wash, is for the first
time publicly offering an issue of its
securities. : - ..
The growth of the company reached
such .proportions that it was found
necessary to raise additional working
capital to further its operations ; to this
end the company authorized . an issue
of $3,000,000 7 per cent gold notes. The
Continental and Commercial. and Savings
bank of Chicago, Cyrus Pierce & Co.
and the Blyth-Witter company of San
Francisco underwrote the issue. Local
offices of the Blyth-Witter company
and : Carstens fe Earles are receiving
subscriptions to .the notes.
The company's statement shows growth
Ir sales from $7,906,820.38 in 131. to jb.
794,687.21 in 1919. Total assets amount
to $17,263,719.05. The. notes are dated
Mir 1. 1920. and mature May 1, 1925.
They are priced at 96H and will yield
about 7.85 per cent. ..
Gingrich Purchases
Controlling, Stock in
Bank at Hoquiam
Chehalis, Wash., Mayl5. C O. Ging?
rich, a pioneer business man of this
city, has purchased controlling interest
in the Lumbermens bank of Hoquiam
and will move to Hoquiam to take ac
tive charge Gingrich is also a stock
holder in the Chehalis National bank of
this city. T. R Behrend, another pio
neer Chehalis merchant, has also taken
a block -of stock in the bank. Gingrich
succeeds Wj E. Ferxebee as president of
The Hoquiam institution. K. W. Craig,
Hoauiam druggrist. Is vice president and
R, E. Dwady, who has been, cashier since
1902, will hold that position. The Lum
bermens bank was established in 1904
and has about 75 Hoquiam citizens as
stockholders. ; 1
Reserve Bank Rate
Hits Liberty Bonds
Washington, May 15. (L N. S.
Market values of ; Liberty bonds must
rim-. Av.n Iawap than h.v ars now In
stead of being restored to par f unless
the federal reserve Doara lowers ine in
terest rates of reserve banks, Senator
Owen, Democrat, of Oklahoma, stated in
a letter to Governor Harding, which he
read in the! senate this afternoon.
School Bond Election Called
. Oakvllle, Wash., May 15. The special
school bond election for the consolidated
Oakville district will be held May 22.
The election ,1s for the purpose of de
ciding the . matter of issuing $50,000 in
bonds for the erection of a new high
school at Oakville. The taxable property
of the new: district is said to be about
$1,333,300 assessed valuation.
. - Principal Wins Divorce 4
Albany. Or., May 15. Peter M. Nash,
principal of Crawfordsville schools, was
granted a divorce and the custody of
his two minor children in circuit court
here -today on the grounds of cruelty.
fer.ki
- Stdfarftafii
; ash (or eaar west pocket ariiThynsrv of
I lain ill luiai Efsrr sn
ifkf a in ja j-i wagfcn,y iwn ' r:. A
tsatWHHHaWaWartavaai
I tiTjTucfwf f1ITiiaitiTTp1 H
cBsskfaAse Sa CDsiatvel fivs dense H
on j. rs ah basts, Tt Tcs B
ssgrnck.9atB B
sVaU Umwm st- it il ill is Dc U II
LAW AUTHORIZES DISCOUNT
NEW OFFICIAL NAMED
IN LADD & TILT0N BANK
Frank S.. ' Meagher ;
i , i
Frank . S. Meagher, for the past 11
years a member of the clerical staff of
the Ladd & Til ton bank, has been' ap
pointed an assistant cashier of that in
stitution, ' filling a vacancy in the of
ficial family occasioned by. the resigna
tion of Thomas H. West, who will en
gage in the banking business In The
Dalles. . .
. MCagher has risen through the ranks
on ; sheer merit, having commenced his
banking career as .a , messenger boy in
1909, later working up through the
various departments of the bank. He
Is a certificate holder in the American
Institute of Banking Section of the
American Bankers' association, and is
a member of Ihe board of directors of
the local " chapter of that organization.
The assistant cashiers of the Ladd &
Til ton bank now are Cameron Squires,
Arthur Brookings, G.; C Blohm and F.
S. ; Meagher. . ...
BANK SURPLUS
STOCKS ADVANCE
By Broadan Wall ,
New York, May 15. -'-The bank
statement today showed surplus In
creased $23,354,690, loans Increased
$20,244,000 and net demand depos
its Increased $86,302,000. The aver
age statement showed surplus , de
creased $4,214,710, loans decreased
$10,175,'O00, 'and net demand de
posit Increased' $9,642,000.
The local federal reserve bank showed
a ratio of 43.3 per . cent of reserves to
net deposits and federal i reserve notes
combined compared with 41.4 " a week
ago. : . - : j-
STOCK PEICE8 ABTAKCE
The stock market was so overcrowded
with shorts that a slight i buying move
ment moved prices up, in nearly all de
partments. Net gains were small, but
the tone of the day's trading was strong.
The upward movement was not taken
seriously ,, by Important jbrokers, ; who
warned customers in commission houses
to Wait . a few days before taking any
decisive action on , either side. The
chief concern was over the congestion
of traffic? on the railroads, because this
is not only restricting credits and mul
tiplying loans, but is reducing the earn
ings of concerns that cannot get raw
materials. j
It was felt that the only relief possi
ble was from the interstate commerce
commission, which has power to grant
an increase of rates, thus putting the
railroads In - funds and .making an In
crease of wages possible. . j o
Until the railroad congestion is re
lieved, no hope can be entertained of
more than fitful and purely artificial
rallies In the market. j . ' -MUST
CLEAR FREIGHTS
With the railroad situation relieved It
is possible, say leading bankers, to have
a recovery for a time. The railroads
are so full of freight even now that it
will take weeks to clear it all and by
that , time the crops will begin to move.
New low records again In Liberty
issues disheartened the : investment
brokers. . ". ' - ' L .
Strength of United States Industrial
Alcohol is attracting much attention. The
high price of gasoline is; bringing the
motor fuel made by this company into
competition. The company is selling its
new fuel In Baltimore at numerous sta
tions and will extend to sill other cities
as rapidly as mechanical j facilities Can
be provided. The Unitedi States Food
Products also has a fuel that it will put
on the market it gasoline goes much
higher.:- " -i .
North American ;
Pulp & Paper
t Valuable facts re girdinz this
. leading paper producer
ih: our latest Weekly Market
Dleest. now ready. s j ' '-
x Dictionary of Wall Street
Over 209 : definitions of: every
expression on the Btreet.
Some New Ideas Regarding
Motor Stocks for Investment
A new booklet of pertinent toterert
to holder of motor ; atocka.
As of the bov free
upon request. . .
McCALL & RILEY
COHFAHT, IJTCOEPORATED
lrtveatment Scurnia
20 Broad St., New York
Philadelphia ' . i Msrrliburt
DIRSCT PRIVATE WIRES
General Insurance
B O N D.S
McCargar. Bates &. lively
Yeon Buiiains Mala" 163. -2694
t V "ft
it. ' ' r '
SHOWS INCREASE
MUCH LIQUIDATION
IS SHOWN; DEPOSIT
LIABILITIES DROP
Circulation of Reserve Notes for
Week Increases Bank Reserve
' Ratio; Also Shown to Rise.
Liquidation of "over thirty millions
of discounted bills and. reduction
by 38.4 millions in deposit liabili
ties are Indicated by the federal re-'
serve board's weekly bank statement
issued as at close of business' on May
7, 1920. Fecleral reserve note circu
lation shows an Increase for the week
of 17.8 millions, and cash -reserves
a gain of 5.3 millions, largely In gold.
As a consequence, the bank's reserve
ratio shows a rise for the week from
42.4 to 42.7 per cent.
Holdings of bills ' secured by United
States war obligations declined by 21.1
millions and other discounts by 9.3 mil
lions. Holdings of acceptances pur
chased In the open market for the first
time since January 23 show a small in
crease for. the week, the .total reported.
409.8 millions, being amout 165 millions
below the high figures shown during the
first month of the year. . Treasury cer
tificate holdings Increased by . &.4 mil
lions, while total earning assets declined
by 21.4 millions. :
' Of the total of 1444.2 millions of loans
secured by government war, obligations,
685.3 millions, or 47.5' per cent, were se
cured by Liberty bonds. 298 millions, or
20.5 r per cent, by Victory- notes, and
462.9 millions, or 33 per cent, by treas
ury certificates, as against 47.1, 20.2and
32.7 per cent' of a total of 1465.3 millions
of 'war paper' reported the week before.
Total discounts held by the Boston,
New York and Cleveland banks are in
clusive of 126.6 millions of paper, dis
counted for seven other federal reserve
banks; as against , 149.6 millions - the
week before,, while acceptances held by
the New York, Cleveland and San
Francisco banks comprise 15.9 millions
of bills . purchased . from' three reserve
.banks, compared with It.Z millions re
ported the week before. . " .
' All classes of deposits Were smaller
than the week before, members' reserve
deposits showing a decline of 41.2 mil
lions, government deposits a decline- of
16.2 millions and other deposits. Includ
ing foreign government credits,, a de
cline of 5.1 millions. On the other hand,
the "float" carried by the reserve banks
and treated as a deduction from gross
deposits shows a reduction of .28.1 millions.'-
- .
An. increase of nearly $900,000 is
shown in the paid-in capital of the fed
eral reserve banks . In consequence of
large additions to capital and surplus
accounts of member, banks, chiefly In
the New York and Boston districts. -
Now is thte
Statistician Ses
Future in Bonds
as World Spends
On of the foremost ttatietleiatw in the world
Is Roeer W Babson of New York. In a re
reeently published (Utement referrinc to the cur
rent financial situation. Mrh commodity prices
and investment opportunities, ha is quoted M
"The ceaara.1 imprnasion la that that ia only
ens solution to oar financial troubles, and that
la financial crash which will cause prices to
tumble.
"People are not buylnc what they should buy.
Tbey are not making what they, should make and
are not purchasing tblncs that will Increase the
permanent wraith of the nation. -
"I am bullish on bonds. Bonds are the only
thine I am bullish on. If a food many men
would liquidate their business, put the money In
real, food bonds and then spend two, three .or
five years playing coif, they would bar more
money at the end of five years."
(Portland Tales; nun, Kay "14)
Freeman
JIIIIIIIIIIIIlIIIIllIlIIlIIIIIIIIlIIIIIIIHIIlIllllIlIllIIIIIIIIlIllillllllllllllllllllllllllllllll
1 $150,000 STOCK OFFERING 1
; OF THS '.' .
J Western Rubb er Company J
OF TACOMA,
PORTLAND BRANCH OFFICE
903 NORTHWESTERN BANK BLDG.
PORTLAND; OREGON
Rubber factories !n the East have uniformly been successful and
E proved lucrative investments. Mr. T, A. Sieberline;, President oi the
S Goodyear Rubber Company, In a speech; to the stockholders of that
5 Company on December 3', 1917, stated: ) .
'El . "Th past year w hare earnaxl, net taking into
S: account what may bm deducted for federal taxes,
' - . 61 H for tba common stock of this Company."
S If you could appreciate the' opportunity that you have, in buying
S stock at par in the Western Rubber Company now established" at
E: Tacoma, Washington, which Company will manufacture your SOUND
S TIRES for you in the future, you would lose no time in writing your
E name and address plainly on the lines below and nail to us. You
would Immediately receive a booklet explaining fully the merits of
S - the investment offered ybu, or we should like you to call In person
E at our Branch Office. 903 Northwestern Bank Building, Portland, Or.
Name) ; ............. r . .' .
H Street No. ....... .-. .... . . .
- City or Town .... .' . . .
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aiua d
tVlll IT. Ilpvvinn
Surplus Incomes
Absorbed, by High
Tax, Says Kendall
In reviewing the present condition of
the bond and Stock market, Walter M.
Kendall, president of- the Clark. Kendall
company, states. "There is a heavy de
mand . for accommodation in industrial
and . commercial quarters, and because
of high 'level of. prices generally it now
takes, $2 to do the work of $1 formerly.
"In I so far as the bond market Is
concerned. It ' has been placed under an
additional . strain through our, prenent
system of taxation, which, in rerent
years, has been absorbing, and continues
to absorb, . a very material portion of
earnings and surplus Income, and there
by creates a serious shrlnkajte in funds
that would otherwise find an outlet in
investment channels.
"One of the, hopeful signs of the times
is the increasing cry against. high, com
modity prices, and the greater dvsire
shown by the public to cut down un-.
necessary expenses. . It Is needless to
point out that the habit of thrift would
immediately help the financial situa
tion." Advantages Claimed
For -Investments in
Northwest Securities
Unusual conditions which have
wrought great, changes in the world of
finance, bringing about peculiar fea
tures wltlu rexpect to the value of the
dollar, are emphasized by" Johti L.
Etherldge, presid'.-nt of Morris Brothers,
Inc. who calls special 'attention to the
excellent' advantages of the present day
in investment securities,
"There is every inducement for the
Investor in bonds," said Ktherldge, "for,
while the dollar has much lens value
in purchasing; power than formerly. Us
investment Value is much greater. AIho,
the prosperity- general throughout the
country and in Canada Is such that the
communities and dlettricts back of the
Issues which we .are offering give the
dollar an actual Increased .inherent
value, thus more than ever safeguarding
the investment."
' Morris- Brothers. Inc.- are finding a
ready sale for Canadian Issues, ns well
as for the 'splendid northwest securities
which they own and offer to the lnvests
ing public.
Hall & Co. Offer
Attractive Bonds
Among their attractive offerings Hall
& Co. are; featuring the following lusues:
The Steel & Tube Company of Amer
ica 6 per cent gold bonds, priced 95. to
yield 6.40 per cent : Motor Wheel cor
poration, preferred stock, priced 100, to
yield 8 per cent; Portland Ga & Coke
... . . . . , 1 . I , ft O ..At.
7.14 per cent, and Pacific Power &
Light company, preferred stock," priced
96, to yield 7.29 per cent.
John Day Votes Bonds
Baker, May 15. John Pay has voted
$8000 In bonds to complete construction
. n rrVin
vote was 25 to 4.
time to buy
You have never been of
fered :$uch opportunity
for the Interest and for
profit as now opened to
you by tax-free munici
pal bonds of established
progressive communities.
Ask us for list of bonds
to yield up to
Smith & Camp Cq
WASHINGTON
RATES
seSCOtsjD) FLOOSI .
laUUMM.