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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (July 4, 1920)
10 THE OREGON SUNDAY JOURNAL," PORTLAND. SUNDAY MORNING, JULY 4, 1920. EXPORTS RECORD SHOWS BIG GAINS IN PAST 6 MONTHS . Wheat, Flour and Lumber Trade Improves, Flour Taking Lead in" Value of Shipments' Made. Wheat, flour and lumber exports for the last six months of the fiscal ear ending July 1, show an In creased valuation over- the same period of a year ago to the valua tion of J7.8S 1,600. Flour shows In first place, general cargo second, wheat third and lumber last. Recapitulation of 4 the -half year ex ports show the valuation of the grain exports to be : Flour. J13.483.736.0O ; wheatv $4.30,3?3.00 ; general. $M17. 535.00 ; lumber and ties, $3.459.089.00 a total of $30,704,753.00. Flour exports mere handled largely by the United; States" Qrain corporation, : cleaning up i the last of the flour left on hand. Wheat " exports were handled largely by private corporations, and the last two months was a spurt for the ending of the 1919 crop and making room for new charter ing for futures. , ','." rORTXAJf D MOVES AHEAD In the export business of wheat and flour Portland has not stood In a Blngle. place..; Astoria has come to the front with remarkable figures in the export trade. Statistics from Astoria give the following figures In the export trade: : Exports shipped by cargoes direct from .the Astoria terminals for the fls-! cat year ending June 31 were valued at ! $3,272,054. consisting principally of lura- 1 ber.. wheat and flourj This Is the larg- : ' est - shipment of prcylucts to foreign countries in the history of the port. - in addition to the above there was a large, amount of canned" and pickled salmon shipped from here by rail for export via New York and for which this port re-j cetves ; no credit in the department records. . -' j 8AIMOS IS IMPORTANT, . This salmon was -alued at approxi mately $3,500,000, making the total value of products which were shipped from Astoria by cargoes or rail for export in the past fiscal yearclose to $7,000,000. In that period 2 vessels entered here from foreign ports, ; while 88 cleared with foreign bound cargoes. : The ves sels entering from domestic ports num bered 850 and 817 cleared for domestic points. ; I . - The exports by water direct from this port in- the - past 12 months exceeded those of the previous fiscal year by $504,938 oc slightly over 18 . per cent, while the salmon exports were approxi mately the same for each of the ' two years. i ' FUTURE 18 PROMISING " . Exports during the 'coming fiscal year promise to exceed all previous records by a vast sum, on account of the large ' amounts of wheat and grain which are to be dispatched from the local wharves. These shipments are to commence im mediately and within the next : two weeks, 6000 tons of wheat and 8000 tons of flour will be cleared rom the Astoria1 terminals for, Europe. The lumber shipments by water from the Columbia river during the month of June were unusually heavy. Statistics compiled by Deputy 4 Collector Karinen show that In the past 30 days 29 vessels loaded-at the mills .jn the lower river district and their combined cargoes to taled 31,717.173 feet of lumber. DESTINATIONS tilVEN . Twenty-seven of these craft carrying 29.292,000' feet went to; California points: -white two vessels laden with 2,425,173 feetj are en route to foreign ports, jn the -same period 17 vessels, loaded zi, 299.170 rfeet of lumber at the up-river mills, making a grand total of 6,016,343 feet of lumber which left the Columbia river In cargoes during the past month. . Among the- miscellaneous cargo ship ments from Astoria last month were 2500 sacks of flrfur, 250 sacks of wheat. . 1500 sacks of in ill feed and 1105 tons of box BhookB. which went to Honolulu. . . ; J ' A. C. STUBBK IIKADS NEW , PORTLAND SHIPPING FIRM A, C, Stubbe, Frank M. Sweet and W. Z. Haskins have. Incorporated under the name of the Oregon & Ocean Co.. Inc. A." C; Stubbe. formerly manager of the Columbia, Pacific Shipping company, will 'be head of the new enterprise. Captain Sweet , will look after , the' Astoria end of the business, and! Captain Haskins will be Supervisor for the central body. .-The1 new corporation will engage. In operation of vessels, coastwise and foreign stevedoring, towing, bunkering, lightering and chartering. Oeneral brok erage business will alfo engage the at tention of the new company. 1 ' ... The " first steamer fixed for the Com pany flies the Japanese flag, name to be announced later. Additional Japanese steamers will be added to the list in the . near , future and Stubbe : anticipates a large off shore business both from Port- land and Astoria. j III VKK EXCliRSION BOATS j PROMISED BIO PATRONAGE Ueservations for the .opening of the excursion season have nearly taxed the capacity of all steamers out on the river runs. The steamer Olympian, leaving the Taylor titreet-flock at 9 o'clock this morning will be filled to capacity. The .steamer Georgians, j for Astoria, left Saturday morning with a full list, and . the Astoriari, sailing at 2:30, carried all that 'the law allowed. (All river steamers for Monday excursions are booked full. AT NEIGHBORING FORTH SjlQ Franriarn. July 3.: ArriTJ--8ginw from Angle, 5;."i0i. m.: Crown t"iy from IjOS Anle. 7 . m: : Arctic from Fort Brmse, SIS . m.; F.ntenpriw from Hilo, 8:80 .- m.; Wrt Nihis from . Himoluln, 8.10 a. m.; Malrara from Vncourr, It a. m. SaiiPd t'hrle Chrtonv)n. from WiUap Harbor. U:U l m.; Navy Tux Swallow with M. V, SOS tn Uiw, 8:S-m. m. ; Wapama to Portiaod, 6:10 .m.j Soutli Iteral to Seattle. t:li a m. ' : tT-TriAIi OREGON'S PINE :i IN DI STRV DEMONSTRATED Bend. July 3. tmporXance of pine manufacture to Central Oregon is shown in a 'display prepared jfor the headquar ters -of the Oregon State Chamber of Commerce at Portland by the Brooks Scanlon htmiber company and s the Khevlln-Hlxon Lumber company. In formation given with the displays shows an' annual lumber output at the- two ..mills aggregating nearly 200.000.000 feet and a combined annual payroll of more than $2,500,000. , - , .The Brooks-Scanlon exhibit consists of a large pine slab with a cross ' section, cf a pine log bolted to its center. Ac companying data gives the -capacity of the plant at 90.000.000 annually, yearly payroll $1,200,000. average of 750 em ployes, over 30 miles of railroad track - end estimated length of operation as 29 years.- The plant has. a monthly ship ping capacity of 60 curs of box shooks and 450 cars of lumber. ...Interesting figures regarding the SIXTEEN-YEAR-OLD GIRL SCHOLARSHIP WINNER 'mr Sil Illy w pw S f ,, Ir gv-X-j l - Jt$&-.y ylllfev Jfl' an Jennie Ten Eyclc -f ;:, ,:; !--f:.c Bandy, Or "June 3. At the age ,of only . 16 : years, . Miss Jennie . Ten Eyck is the proud possessor of a $200' scholar ship, which she won at the Washington high school. She is a June graduate end received high honors all . through her hi all school course, which she be gan at 12 years, after having graduated f ion: her little home school at Marmot. Jennie - earned her own way through the Washington high and many : times studied till the hours grew late. Hav ing her "choice of any school or college, she has decided to enter the University of Oregon this falL MEDFORD SEEKING E Census Figure of 5756 Is Held Farcical and Minimum of 10,-: 000 Believed Nearer Right. Medford, July .3. Mayor C. E. Gates and the Chamber of Com merce Saturday afternoon tele graphed a protest ; to Washington, demanding, that this city be given "a. census ; . re-enumeration w and "a square deal.;j, ) ' ; V'iv .': Business men land professional men are universally? indignant wer the cen sus figures made public Saturday from Washington and. denounce the census, which gives the 2 city only 5756 inhabi tants as farcical and. a joke. General well informed 'opinion Is that Medford's population is not less than 10,000. The daily Medfordr Tribune remarks about the census in part as follow: "Anyone familiar with Medford knows that the census figures on the popula tion is a farce. Conservative estimates place the population at 10.000 to 12,000. Based on the Mail Tribune circulation in the city, allowing five to a family, the population is 10,000. The postofflce esti mate, based on mail receipts Is 6554. but this is taken only for a short period. "As an Instance of . the unerring thoroughness of ; the census, so promi nent a citizen as Attorney Evan Reames was not listed. Many others were missed. At the time the census was taken there was at well grounded suspicion that the tabulation was faulty." . Following indictment by a special grand jury three Ashland men pleaded guilty at Jacksonville Saturday and were sentenced. Cecil Emery, 19, drew two years In the penitentiary for stealing an automobile and driving it to Crescent City.. William Taper. 40, and William Hawley? 20, were each sen tenced to three years for burglary in an Ashland store. t . ; Mr. and Mrs. Dan Goodan of Medford pleaded guilty ,to charges of passing worthless checks on Medford merchants andwill be sentenced next Saturday. California Leads in - U. S. Gold Production ; ' . - -?'" , ; i - - );; .'V Gold production in the United States during 1919 was less by $10,157.90 than the 1918 output, according to the state ment issued by the bureau of the" mint. In 1919 there (were 229.395 fine ounces of gold, valued at $58,488,800, produced in the country. . California led in gold production with 840,738 ounces, Colorado was next with 470,908 ounces and Alaska third with. 437,131 ounces. Silver pro duvtion fn 1919, amounted to 55,285,196 ounces, valued at $61,966,412, represent ing a reduction of 12.624,943 ounces com pared with the 1918 output- .Montana led with 14,940,027, Utah was second wtih 11.006,152 and Nevada third with 7.313.454. t . Truck -Loading Law Test Is in Prospect Salem; July 3. -An opportunity for a test of the Oregon law regulating Uie load of trucks on ,t public highway is seen here in the action of D. M.. Burnett, Jefferson contractor, in defying the lo cal roadmaster Friday afternoon when his driver was ordered off the highway for overloading. Burnett declares that the, roadmaster exceeded his authority and Is said to court arrest on the charge of overloading in order to test out the Oregon law. . ! . . . Farmers i Organize lo war on xnistie Albany, Or., July 3. EUgltty farmers, wno are trying to Increase their num ber to 100, have organized - the Grand -Prairie Canada Thistle club, seeking elimination of the pest in their Com munity, -three miles southeast of AI bany. They will work In conjunction with County Agent Smith, Their plan is to pledge each member to eradicate the weed on his own hand, and to compel everyone ; at least to prevent the thistles-from going to seed. Sheviin-Hixon plant are shown on an other huge pine plank. Annual output of this concern i placed at 100.000,000 feet, payroll for the past year amounted to $1,375,000 and life of the plant, based on present.llmber holdings, ia estimated at 30 years. The Sheylin-HLxon mill holds a . record , for two ' years and IU monllu; of continuous day and, night operution without a shut-down. NW ENUM RATON FEDERAL RESERVE REPORT FOR WEEK SHOWS INCREASES : - i . Boston'Bank at Top of. List for Reserve Percentage With 56.8 ; New Yprk Has Only 39.2. t Substantial increases in discount operations and corresponding addi tions to deposit liabilities are indi cated In the federal reserve board's weekly bank' statement issued as at close of business on June 25, 1920. During: the week the banks gained 7.i millions In old and 7.7 millions in total cash reserves, while federal reserve note circulation increased 11.9 millions. The reult of these changes is seen in a decline oil the reserve ratio from 44.5 to 43.6 per cent. BIIIS SECURED BY TJ. S. ' Bills secured by United States ; war obligations show an increase for . the week of ' 46.1 millions, other discounts on hand an Increase of 89.5 ' millions, and acceptance holdings an increase of 0.6 million. A decline; of 21.7 millions in treasury certificates on hand repre sents the amount of special certificates retired by the treasury duringu? the week. , These certificates are held to cover advances to the government pend ing the collection of funds from deposi tory institutions. Total . earning assets are shown 114.8 millions larger than the week before: 1 i 124 MILLIONS IN DISCOUNT' Of the 1278 millions of paper secured -j by United States war obligations, 611.8 millions, or 48 iper cent,, were secured by Liberty bonds, 298.3 millions, or 2X4 per cent, by Victory notes, . and 367.9 millions, or 28.6 'per cent, by treasury certificates, as against i9, . 23.3 and 27.7 per cent of a ; corresponding 1 total of 1231.8 millions shown . the week before. Total discounts held by the, Boston. New York and Cleveland laanks are in clusive of about 125 millions of paper discounted for seven other reserve banks in the South and Middle West, while ac ceptaifce holdings of the 'Boston, Cleve land and San Francisco- banks include 6.6 millions of bills purchased from the New York and St. Louis banks. INCREASE OF H. - : : ; . 'r ; As against a decline of 42.2 millions in government deposits the banks report an Increase of 3L9 millions in reserve de posits, and of 23.3 millions in other de posits, including foreign government credits and non-member banks' clearing accounts. " Following the collection of the large volume of checks and drafts received by the government In payment of June 15 taxes and credited' to its de posit account by the federal reserve banks the "floaff carried by the reserve banks and treated as a deduction from gross deposits, shows a reduction of 91.6 millions. The result of the above changes is seen in an increase of 104.6 millions in-calculated net deposits, f The statement for the first time shows the reserve percentages for each federal reserve bank. These percntages range between a minimum of 19.2 per cent for the New York bank and a maximum of 56.8 per. cent for the Boston bank. loration Filed - For Two New State Banks in. Oregon Salem. July 3. Two new state banks are in course of organization in Oregon towns, according to articles of incor poration filed with Wilt II. Bennett, state superintendent of banks. Friday. These are the Junction City State bank at Junction City, Or.,' and the Aisea State bank at Alsea, Benton county. The Junction City bink will be capi talized at $25,000. with the following Incorporators: C. F. Ruder, Henry Harkson and Will ' T. Wright. The Alsea bank will be capitalized at $15, 000. . D. D. I xsng bottom,' Marion Hay den, Dudley D. Risley, J. W. Buster and G. T. Wadsworth are the incor porators..' ,. .: i. ,-; : . - ' . , Walla Walla Gets ' $150,000 for Roads Walla Walla, Wash., July 3. Walla Walla county received a check for $150, 000 from the state in payment; for the road improvement bonds issued to fur nish the county's share of the cost of paving the Inland Empire highway be tween here and Dixie with concrete. The federal government granted the other $150,000 needed under the federal aid act. The bonds bought by the slate will run for a period of 20 years and will bear 5 per cent interest. Gasless Fourth in Prospect at Salem Salem, July 3. With practically every filling station drained to the last drop of the precious motor fuel early Satur day afternoon, and hundreds of motor ists clamoring for a supply; Salem faces the prospect of a gasless Fourth of July .unless something is done to relieve the emergency Sunday. ; The Situation here is more serious than at any tune during the present emergency. Disbursements Increased Dividend and. interest disbursements for May will total $238,000,000. compared Vtth $357,000,000 In April (a quarterly period) and $238,000,000 In Mayof last year. Dividends will account for $58. 00,000, compared with less than J56.000, 000 for the same month a year ago. In terest payments will be $180,000,000. com pared with $177,000,000 a year ago. the increase and more being-accounted for by Interest due on $160,000,000 of United Kingdom notes and approximately 64. 000,000 on bonds of the city of New York. i .... . . , r . . ) Vdncatnrs 41f. I ; Manchester,' H July 3j (L N. S.) An Increase,-of ; 14 per cent in wages was . granted the laborers, in the street department . by the board of public works. The men are at present receiv ing - 54 cents an hour. The Increase will bring , the pay to $1536.60 a , year, including- 10 days' vacation with pay. Tills Is more than the average pay of the teachers in public schools, includ ing I he heads .f grammar schools. A Present Investment U p p ortunities i5est, Declares. Ethendge "The investment bulletin issued: last week by Morris Brothers. Inc Is an ex cellent example of the splendid invest-, tnent opportunities of the presentlme. Usted therein are issues of Northwest municipalities showing yields as high a 7 per cent on low market prices.: ; .'"The remarkable investment oppoft tunitles of the present," said Johri U. Etheridge. president of Morris Brothers, Inc., -'constitute, what may be the last of such opportunities available in a gen eration!. History ehowa that such ad vantageous bond buys cannot long con tinue, for the money situation Is bound to revert to normal in due time and then the exceptional Interest rates -now of fered will be a thing of the past.? Pacific Coast Market Shows Part of Liberty Bonds Strong; Other Issues Weak. San Francisco, July 3. (TJ. P.) The week's transactions t in Liberty bonds on ' the Pacific coast showed Victory - notes of "the 4 issue still offering the Strongest inducement to permanent investors with a yield of 6l33 per cent,, according to the weekly statement of the San Fran cisco federal reserve bank, based on market I Quotations at the close " of business at noon tday. : ' i -There4was a strengthening of some issues, while others weakened slightly as -compared with last week's 'State ment. Today's table follows : ' ' i Mrkt Yield Issue: First Liberty First- Liberty . ; First Liberty . . Second Liberty. . Second Librty . . Third Liberty Fourth liberty . Victory 'Liberty, . Victory Liberty . . Pet. Maturity. Price. About 8 1932-47 91 li 4.05 4 1932-47 85 414 1932-47 85 4 1927-42 8.'. M 1927-42 85 . 4 1928 - 89 Vt 4 1933-38 85 4 J 922-23 95 K 1922-23 95 5.01 6.24 K.12 5.40 5.90 5.51 6.33 5.31 Incorporations i The : Northwestern f Livestock Loan company Saturday filed with the Mult nomah county clerk Us articles of in corporation, showing j Portland as j its principal place of business and i the capitalisation placed ( at $1,000,000, j di vided into 7004. ehares at $100 each and 12.000 shares at " $25 feach. ; The incor porators are George ! I. Buland, An drew Koemer and C; J. Young. f 7000 "Hot House" i Lambs Coming to Market Via .Yakima, Takima, July 3. Takiraa'a total 1920 wool clip from the territory between LUensburs and Moscow ia a little. better than 2,000.000 pound, according to H. Stanley Coffin, and ita Taiue mora than SO0.00p. About SO per cent of the clip baa been marketed1 at a price range et from 85 and 50 cents, J with 40 cents aa the Iterate. Sheepmen are now preparing the first of their up ring lambs for market. Urdert have been placed for cars to carry about 7000 head of hot bonne lambs to market during the cotu ing month -and breeder hare a total of30,000 wliicli wiU be marketed in the next six weeks. There are about 200.000 breeding ewe in- the district and the increase for tbe euon has been close to 100. per cent. The outlook for price is good owing to the acarcety of - lambs in Wyoming, Idaho and Montana. - . 13 Oars of Lambs ! On Way to Market Pendleton, July 3. The first lambs of i the 1920 seaMn to go to the Chicago market were shipped July 1 by Sraythe Brother from Sloan. There were 13 carloads, about 3500 head, and the lainlM averaged around 85 pounds. They are reported fat and choice thin year and are expected to top the Chicago market. Kiglit trainioada of lambs were sent by this concern to Chicago but year. ., - .. j .- j Price of Raw Milk - , Advanced to $2,80 i .i, ...... i . Chehalis. Wash., July. 3i It is announced by tiie Carnation Milk Products company that for the firat half of July the price of milk will be $2.80 per 100 pounds, j This is an increase of 20 -cents per hundred orer the price paid the latter half of -June. BEST BEES TO POLLEXIZE I.OWEK -ACHES ORCHARDS Bettering that more complete pollenization of apple blossoms would strengthen the set of the fruit. W. B. Armstrong, 1 J. Shadbolt and a number of neighbors in the Lower Naehes .this spring rented 150 stands I of bees from" an apiarist, and placed them at central points in the orchards. i, Just before the Calyx spay tbe owner of the bees was notified, and removed them. - "t am not prepared to sa" cays Mr. Arm strong, "that the result will increase our crop by any definite percentage, ; but the indications are that through the whole ; district, the set of fruit is stronger, and the drop less, than it has been 'in previous seasons. In fact it looks as if we would get a real crop this year. We think enough i of the results., so we are planning to make a similar arrangement next year." PACIFIC COAST BA'NK STATEMENT Portland Bank Clearings. Monday . . . Tuesday . .. Wednesday Thursday Kriday This Week.! Tear Ago. 4.S2.71.64 6.356.95 01 4.84ti.10.bi 0.0410.954.64 Holiday Holiday 5.408.287.1S 6.082. 44H.42 7.530.6K5.S4 5,528.938.14 B.atU.1.40 i 0.759,970.04 ' Saturday Week . . . , .137.708.072.12 821,892,785.20 DAIRY PRODrCE OF THE COAST t 8an Francisco Market San Francisco, July 8. ( U- P.) Butter Extras. 01c; prime firsts. 59 He; firsts, 55 He. Kggs Kxtras. 51 He; dirties, extra pullets, 45 He; undersized pullets, 33c. 1 Cheese California flats, fancy. 84c. .Takima to Adrertlse - Takima. Wash.. July 3. (Takima is going in tor things big during tbe coming season. They will inaugurate their apple adrerfhing campaign on October 1 6 with a full pge inside coyer ad Tertisemetit In the Saturday j Krening Post, ac cording to announcement Imade by - Ueneral Manager t:harles H. JSwigert. The advertising plan will be presented to the : fruit trade by a reproduction of the Post ' adrertisins, ' and by other forms of advertising in trade papers. j . , V ,- , ; Range in Prices of GREATEST DEMAND t OFFICIAL, CLOSING PRICFS ' 1 -Mhi. I Taen. t Wed. 2 ......... . .( 01.80 J 9. 00.1 90. ' f- i HS.ffO I K3.40- Liberty 3 s, 1SS3-47.".. liberty lst-4'. 103?-4 7.. liberty '.'d 4s. l'J7-42. Uberty I t 4 4 a. 1 !8'.'-4 ...... . . . . j' S3. BO : 1 HH.l? ...... fc.74 ( S5..1K ...,..) K&.3 4 f.A T. : I iiw-rty 4 S.M21-4Z liberty 3.1 4 , s, I Ill's. Liberty 4 Ms. Victory 3 is. 1 !-'a-l'3 ... 1 !." . . V ictorr 4 4 PTTRT Jfl DRRT U.S. WINDS UP : YEAR WITH ALL IT'S BILLS PAID Although Costs for " Last Twelve Months Have: Been 7 Billion, Little if Any Deficiris Faced. ; i By John Glclssner . Washington, July 3. The federal government wound up its fiscal year Wednesday with' practically' all the year's - bills paid, officials of the treasury department said -today. y-;? iThe operationj for the last 12 months the first full fiscal year since the war ended will show little, if any deficit. Receipts and disbursements,, have just about ; balanced. . amounts paid out Up to this month exceeded income by $20,000,000. a small amount whenf the total of transactiofls Is taken Into con sideration. It . Is expected that opera tions during June will not greatly alter that figure. i . COST IS SETEX BILLI05S It has cost nearly-$7,000,000,000 to op erate the federal Igovernment for the last 12 ; months. I In the first quarter there -was a deficit of $770.000,000 ; In the second there was a surplus of $150, 000.000 : in the third a surplus of nearly $400,000,000. The ( present and final quarter. It is believed, will also show a surplus. . . . V : . The greatest expfenditures during, the year were made by) the war department. $1,503,000,000 durinei the 11 months for which figures have been compiled. ' The treasury i. department,' In 11 'months, spent $310,000,000; the navy, $723,000,000; the shipping board, ; $484,000,000, and railroads, $591,000,000,;'while Interest on the public debt required $864,278,864.- . This : last item- alone is almost as much as the - entire : federal establish ment required In a tore-war year. -INCOME TAX TIEXDS 3IUCH . Income and "profits taxes provided most of the money, bringing in $3,927, 000,000 up to June 1. Miscellaneous taxes brought in $1,442.32:0,000. Miscellaneous sources of revenue added $602,011,000, while customs, formerly the principal source, yielded $318,674,000. - The new fiscal year will begin with the total gross public debt at a little less than; $25.004000.000. It reached its highest point August 31, 1919, when it stood at $26,600,000,000. Included in this amount is' about $3,000,000,000 "floating indebtedness" loans running for a rel atively short period and bearing a high rate of interest. 1 J ' LARGE SUMS BORROWED This - floating I indebtedness has caused the government to come into the loan -market at frequent Intervals dur ing the year, borrowing to pay current expenditures. The certificates would be retired when tax installments were paid. But new certificates would immediately be Issued. The last ; Issue of certifi cates bore 9 per cent. The various is sues and retirements" of certificates dur ing the year amounted to close to $15, 000,000,000. - r REDUCTIONS IX SIGHT ; During the coming -fiscal year the government confidently expects to make further reductions in the debt, although 4his of course cannot be accurately "fore told. .The revenue 'Will vary with busi ness conditions and j the expenses of the government, authorised by. congress,, can orily be approximated, although various men ,at the capital have claimed to have definite figures. Thei unscientific method of appropriating money in numerous un related bills and have the indefinite ap propriations like the railroad bill make It impossible for even specialists to fore tell accurately what the year's opera tions will require.: j : . The last 12 months have witnessed a great expansion of ; commercial credits, but steady liquidation of war securi ties. Tbe - federal Reserve banks com bined loans and ', discounts secured by war paper have been reduced by $400, 000,000,' while other! -loans and invest ments increased $1,200,000,000. Member banks reduced their holdings $2,000, 000,000 i - - i . );". ' . " Emphasis Laid on Tax Exemption of Municipal Bonds Pertinent facts relative to investments in municipal bonds are given in the July letter of. Freeman Smith & Camp com pany, bond dealers of Portland and San Francisco. Emphasis is placed upon the fax exemption features and for the bene fit of investors . me letter in part follows : "Municipal bonds are the most desir able and safest of all investments. They are entirely exempt!- from both normal federal income tax and all surtaxes. The full effect of this is ndt understood by many who have funds tt invest and who undertake to invest their funds wisely. ' "Do you know that on account of the higher costs municipalities are every where curtailing- expenditures for mif nlcipal .work, . reducing greatly the ex pected supply of municipal bonds? "Da you know that a great number of people wow buy municipal bonds who before the war never bought bonds? "If you know these - things you will realize jthat the opportunity to purchase safe bojnds, both'f short and . long term, at pricey! to yield I per cent to 7 per cent, tax exempt, cannot-but be Short lived. The demand for .tax y exempt bonds is fast increasing the. market broadening. "The person purchasing today not only ecu res an exceedingly high rate of in terest while he has his money invested, but he is also buying bonds at the low est prices in history and which will prove profitable to him upon return to normal times and he desires to -sell. When one realizes that in normal times high grade murrlclpa bonds sell to net investors from 44 pei" cent to ,5 per cent and these same bonds are selling today to net Investors 'as much as 7 per cent it Is easy to figure out that now Ib the time to purchase securities." Liberty Bonds and j V- f " . -J. :' ,.rc - -'" i-J --r. ' J.-' I Thor. J Vri. 01 joo ill . on 5 if.O K.I. SO 4 jl I 83:40 s.i.'r.' ftq.io 8.1.1'4 8.1. 4 O.OH " 8ft. 4 VS. 70 f Sft.S2 t.1.7S Kft.HU Sat- U4.60 I S4.0 I 8.1. GH i S-V. 4 ( 84,l J S4.f0 t SS.JtS 1 8. ft j 83. ll j .'.I2 j D3.M 1 StA.Tia 1 5.60 i H3.A4 t TS. NOW Oregon Securities Show Big Increase In Year 's Activities Salem. JulyS. A very marked In crease . in the activity of the bond asid securities market In Oregon during the past year over preceding years is re flected In figures on file In the office of T. i II. Hand ley, r state corporation commissioner. During , the ' year j end ing June 30 last a total bf 1881 per mits for the sale of bonds and securi ties of corporations incorporated . under the laws of Oregon , or admitted to operate in ; this state have been ap proved by the corporation , department under the Oregon -"blue sky" laws. For a similar period ending June 30, 1919, these permits " totaled only 79. and for the year previous tol that only 76. - K The records of the corporation de partment also show a 'very marked gain in the number of . corporations or ganized in this state. During the six months period ending June 30 last an even 600 articles of incorporation were filed by Oregon ; corporations. ; Bankers Mast Judge Credit Uses . Bankers are being urged by ' the! fed eral reserve authorities to discriminate between loans for essential land non-4 essential purposes, keeping in mind the main Object of stimulating the produc tion, manufacture and distribution .of things required to sustain -life and) pre-, mote comfort and happiness. The re serve board, however, -recognized the difficulty of determining what tiredit uses are essential or non-essential, leav ing the decision to the individual judg ment of. the banker. ., - . . I Which The Highest Price Piano or when you buy pianos you consider not all of it.! .If you can .obtain the price, isn't tnat better business? Our 1919 Model New Clearance Sale of liast jesr. to feUestep the eonslastly till needed, and stored them, and now models at price way below present (local the Steger A JSous Pianos and Player world, vlzt FLAYER PIANOS . Onr -Wats ral Players" Are the Wonder of This Age. .Come, llear Tnem $1300 StegerT' Grand Player f QQC S100 cash. S25 monthly OOiJiJ I OUU jioo cash, $25 monthly POOa tnfin 8U, F9a Oak tfOCO a I uUU siOOcash, J2? monthly tfOD6 lOnnfteger, Grand,' Oak $895 $862 IUUU 1100 cash. Ylo monthly $1300 Steger. tiraad, Mah. 1100 cash. $36 monthly $II50f71 Heed A Sons.Dull Mah-C TOC 5 cash. S25 montlUy 9 t tM $1000 $1000 Mnger, Pall Oak.... $50 cash, Yl'i monthly S712 Singer, Pol- llahog'y frCQC 550 cash. $2L60 mo. wU3J 1 1 finn Singer, Doll Walnnt ltJU $50 cash. $2i.M mo. $695 IUUU 50 cash. $22 monthly O I Lt tlfinn linger. Golden Oak.. 0 1 UUU $50 cash. $21.50 mo. $695 $712 $712 $712 $695 $712 $675 $635 $635 $675 $635 $595 $595 $595 $595 $1000 Singer, Doll Oak ... $50 cash, $22 monthly I nnn poi. Man..... j) I UUU $50 cash. $22 monthly Smnn ". oak ..... I UUU $50 cash, $23 monthly 1 1 finn Slngefv Golden Oak I UUU $50 cash. $21.60 mo. tinnn Singer, Pol. Man-any glUUU $50 cash. $23 monthly $900 Thompson, Pol. Oak.. $50 cash, , $20 monthly CQnn Thompson, Ball Oak,. 93UU, $50 cash, $1 monthly tQfin Thompson, Gold. Oak W3UU J50 cash, $19; monthly Qfin Thompson, Sberldaa . . WtJUU $50 cash, $20 monthly fnnf TbompsoJi, DbII Oak.. SUU $50 cash, $19 monthly QCn Mendenhall, PoL Oak., $03U $25 cash. j$18 monthly (PCD Mendenhall, Doll Oak dOjU $25 cash, $1$ monthly $850Jl eadenhall. Gold. Oak 5 cash. $18 monthly $850 Mendenhall, Gold. Oar $25 cash, $18 monthly SAVE $ 1 30 TO $438 BY BEING YOUR "OWN SALESMAN la.r methodr of distribntion. It considers as unnecessary, for instance, great numbers of city or traveling salesmen, and you ben efit by these fully 20 to 25 savings. We are not interested in your name and address if our 25 lower (than local mar ket) pVices do not sell you. :; - ' : " j . LIBERTY BONDS ACCEPTED SAME AS CASH-TRUTHFUl ADVERTISING Lh named. Why should yiauexi not have a price Identity? Why should market values not be observed? - Why should you pay Inflated prices? Your old piano, orjan or city lot. tfiken In pjiyment. " , (lSnCD YflllD PIAUfl BY M All ' Head,, study and compare our quality, prices and easy terms, as advertised, and you will UnUCn lUUn rinnU .DI lilnll -understand why we have thousands of mail-ordeT buyers. We prepay freight and make free delivery to your tune within 200 mtiea, besides the piano will be shipped subject to your' approval and subject to exchanpte within one yer, we allowing: full amount paid. This virtually gives you a one-year trial of the piano you may. order. F'very piano or wayer piano purchased carries with it the Kchwan Piano Co.'s guarantee? of satisfaction ; also the usual guarantee from th manufacturer. .000.000:000 w.r?.. ONE MUST SAVE TO BE A REAL SUCCESSFUL MAN Authority Says Thrift Is the First Essential Feature of Real Sue cess; .Saving Is Encouraged. By S. W. Straus, president American Society for Tlirirt. No matter how well you may be faring today, how successfuTyou!may think you' are or how promising the future may appear, you are a failure unless Vyou are saving money; .110 matter-how badly-you may seem to fare, nor how rough and steep the road you travel, you are a success if you are . saving money. ' Do not be lured to failure by the wIU-o- the-wisp "Someday." For "Someday" never , will come. You may" think, that sometime you will reach the place of ideal conditions when you can begin to save money and build up for the future. But you never will reach the time when it will be easier for you to start saving money than the present. If you are on - a salary how do you Do You Want? Player Piano or tbe Best Quality Piano or Player Piano? two things quality and price quality same quality style and good workmanship, without pavihe the local market we must unioadtiow. $900 Player Piano for $635 All 1919 Models Way Below rising. enats. we contracted for mors pianos are oiiertnc tbe balance of these lew Kit market prices." This Include tbe sale of Piano, the moat rateable pianos Is the UPRIGHT FIAWOS Including the Host Valuable Pianos la . - . - "World, li ' tQCn Sterer, Grand, VfrXgliX &nJt iUUU $00 cash. $20 monthly OO O $900 bteger. Circa. Walnnt $50 , cash, $19 monthly $645 $645 $675 $595 $435 $575 $562 CQnn Sterer, Grand, Oak.... f 3UU $50 cash, $19 monthly QCn Hteger, Circa. Walnnt 3JU $5o cash. $20 monthly $900 Sieger, PoU Clr. Wal. $50 cash, $1 monthly rpnfl Meger, Mission Oak... t)UUU 25 cash, $ U.io mo. tCnn Meger, 1IM Mah'gaay 0UU $50 cash. $18 monthly $800 $ Heed t Sons, L'ge Oak :5 cash, $17 monthly tflfin Ke Hons, L'ge li.CCCO 90UU fih cash. $1? monthly xtZjj, S562 $562 $25 cash, $17 monthly Heed Sons, Doll Oak $25 emm, $17 monthly Reed i. Sons, Pol. WaU t0 $25 cash. $17 monthly wUUsj Reed t Seas, Dull Mah. $562 Z.t caah $17 monthly Keed k Sons. Pol. Oak tQC $25 cBh.- Il 'raonlhlv vtau Reed tt Sons. PoL 'al. jf Q $25 cash. JIS monthly wHJO (Mnger, Large Osk... $25 cash. $15 monthly $468 Singer, Ilall Oak..,.. QJCQ $2 cash,- $15 monthly iJtDO Kteger. PoU Walnnt... CROC $50 cash. $18 monthly OJt7D QC7R Singer, Dull Oak..,,,, wOlu $25 cash, $15 monthly ffC7C Singer, Polished Oak.. 0UIJf5 cash. $15 monthly (GCn Thompson, Colonial..., w33U cash. $15 monthly $468 $468 $468 $468 $468 $395 $395 OCn "Thompson, Walnut iUUU cash. $15 monthly $650 Tbempson, Pel. Oak. $251 cash. $15 monthly. C7C Thompson, Sail WaU $25 ash. $12 monthly JCTC Mendenhall. Mahogany w J25 cash. $12 monthly tR7K Thompson, Mabognny Jl J Za cash, $12 monthly !395 (Ctfi Thompson, Golden oak $JJU $25 ah. J 12 monthly $395 propose - to, advance, excepting as you add portions of your Income regularly and systematically to your capital? You may reply that you will increase your earning power as you grow older or as you become more efficient. Let this fact be granted. Let it be conceded that you will " go along from year to year constantly enhancing your , income ; that you escape illness, accident, unemploy ment and all other disasters which might restrict 'your earning capacity. Urant even (.hat .through a long series of yearn nu ill-luck befalls you nd your income constantly Is growing. And then at last -what Is the answer?. You : cannot escape the infirmities of old age. ' : - ' The day will come ' sometime when your Income will be sadly shrunken If not .indefinitely. Whatever you save, therefore. . during your good earning years, represents permanent progress. Ali of yoiur other years, no matter how much money you have earned, are total losses ' insofar - si substantial personal progress goes. They riiay be filled with beautiful memories of happy times, but these thoughts will not take care of your old age or provide for your com forts and needs in the declining years of your life. - . Monday Is to Be ; Holiday in AH I Financial Houses With July 4 falling on Sunday, the financial institutions of the city will follow the usual custom in 'ob servance of the - holiday by closing their doors all day Monday. is the bie part of the story, but j $25 Cash, $19. Monthly Local Market Prices PRfl-T,0,w,,", Golden Oak MCQi UJU ij25 cash, li monthly wHUO tKKnln, Oak ...... r?OQC 0U3U$25 cash. $12 monthly ifOJU ; Downstairs Store rACTORT REBUILT PL4KOS WADE LIKE SEW AJ(I USEI PIANOS $900 $750 nnn Stelnwny U Sons, Mah. "! OCt $60 cash. $14 monthly H)J t7Rn telnway Sons. Up'fr fE; gl UU $35 cash. Ill monthly; 00"L Steger It Sonsj Oak... fA D tt 50 cash, $Oi monthly O vCnn hrnsleb & Bach, oak.. UUU $25 cash, $12 monthly aef ChEn conover. Dull Oak.... CQ IK" tpwvw $ J25 .cash. $10 monthly O tK7K Mobart M. Cable. Mah. o r r pui u $25 cash. $13 monthly $475 $650 $550 $550 $475 $600 Vose A Sons, Ebony... 125 cash, $7 monthly Singer, Colonial $25 cash, $12 monthly Kbersole, Mahogany .. $25 ca.Hh. $11.50 m'thly 5235 $395 S365 Kim ball, Large Maby POC $2o cash, $11 monthly wOtu Darls k boa. Plain..;, $25 cash. $7 monthly Singer, Large Mab'ny $25 cash. ' tit monthly innr SRCfl Automatic Mule Co... UJU $25 cash, $ monthly CA7K Melntyre 4c Good sell.. WH $26 cash. $7 monthly $165 5245 CORfl coiiard Collar. 5 65 tuu $ 25 -cash, $3 monthly t97h Br1 t0- Upright... I J $25 cash. $1 monthly tqCn'M' Gray, Upright puJU $25 cash. $5 monthly ten Hsllet A Darls, Uprht 7w $15 caslu $6 monthly 5 75 5135 5195 C47K Hallet Davis.. tl $t5 cash, $7 monthly OaOD fine Tanham, Walnnt wtW $15 cash. $5 monthly tinnn T. Planoforu OM I UUU $50 cash, $8 month 5165 5265 ' USED PLATER PIAXOS All Modern 6S Sotes ' " 50nn Thompson, Mahogany CQC 9UU $50 cash. $18 monthly OOUO t7n CoMahog'ny OQEt l UU $50 cash. $15 monthly tflnn Mendenhall, Oak j.... 4fQti s)0UU $50 cash., $15 monthly l UUU $50 cash. $19 m'thly OuOQ