12
44
HE OREGON SUNDAY JOURNAL, PORTLAND, SUNDAY MORNING, JULY 18, 1S:0.
CHARTERS HOL
DING
FIRM; EXPORTS ARE
SOON TO RESUME
Slumpage in North China Market
Due to Excess Lumber Deliv-
: eries Is Fast -Disappearing.
, Lumber charters are holding" firm
and exports to the Orient, West
Coast and Australia are expected to
resume within the next week or "10
days. During the last month there
has been an excess of lumber deliv
eries in North China and a1 conse
quent "slump In the market. Sail
tonnage to the West Coast and Aus
tralian ports have taken freely on
account of the offerings out, coal
and copra. j
i Coal offerings from Australian ports
have been for the Hawaiian! Islands
and copra offerings have been for San
Francisco. This condition plaiced sail
tonnage on a par with eteami for the
outbound charter rates. !
Over cut on the part of all mills on
the Pacific side of the United States
and the Inability to handle the large
deliveries on the Oriental side produced
a congestion which Is now wearing off.
i The newly organized Oregon and
Coast corporation has embarked in the
lumber charter game and announce-'
; tnents of new charters for Oriental and
South Sea traffic are expected? Monday
or ;:.Tuesday. ,. :
ETmoXS TO CIRCULATE
FOR. COLUMBIA COUNTy POUT
St. Helena, July 17. Sponsored by the
St. Helens Chamber of Commerce, peti
tions have been prepared and! will be
circulated asking that a special?; election
be held to create the Tort of Columbia
County. If the required number of sig
natures are obtained, the petitions. will
he filed with the county court and a
special election called. i
" The local chamber of commerce Is de
pending upon the cooperation ptother
commercial clubs In the county.! Tjlum
bia county has about 60 miles of water
front and it is for the purpose of further
developing the harbor work that the
fort of Columbia county Is advocated.
MAYOR AND PARTY GO TO
SEE LUMBER SCHOONER LOAD
I Mayor Baker.' Fra'nk Bailey, William
Mahiney, James B. Kerr and Grant
Smith formed an automobile party Sat
urday that drove down the Columbia
.river to the point where the new six
masted schooner Oregon Fir is taking
ion a cargo of lumber for Australia. The
"vessel is owned by the Grant : Smith
"company, as is the Oregon Pine, which
-departed with a cargo of Oregon lum
ber for Australia on the Fourtht of July.
The men spent several hours Inspecting
'the vessel and lumber handling; return
ing Saturday evening to Portland. The
vessel will clear for its maiden voyage
.into foreign waters Monday.
STAJfDIFER EMPLOYES GET
MORE PAY FROM LAST FALL
Back pay on retroactive increases,
granted last October, are being made by
the Guy M. Standlfer yards. This dis
bursement amounts , to eight cents an
hour for alt classes of help and was
granted after the strike of nine months
ago. The men returned to work on the
assurance of the management); of the
hip yards that all back pay would be
taken care of. The government has
failed to make good to Standlfer, but the
local 'firm is fulfilling the premise to
workers. . i
Notice to Mariners i:
2 The following affecU the aids to nairication in
the Seventeenth Ligtvthowe district:
Oregon and V-thlntm Columbia rirer
ClaUnp Spit can and whwUtnc buoy. Gu was tem
porarily replaced by a nun buoy July 15, 1020.
- Charts, 6100. 6151. j
Light Hit, 1020, No. 204a. i
Buoy lint, 1919, p. 18. ('
Washinirton, Juan da Fuca Strait -Neah Bay
free - and whisUina buoy, 2, heretofore reported
aaraased and light extinguished, was replaced
July R. 1920. ,
Chart. 6102. 6263. 6300.
TJght Hilt. 1920. No. 427.
Buoy Hat, 1919. p. 42.
Washington - Washington Sound; Peanod
Hacks light extinguished July 12, waa relighted
July 15. 1920. I
, Charts, 6300, 6380. : I
, Light list. 1920, No. 621. i
Buoy list, 1919, p. 63.
By .order of the Bureau of iAghtheuses,
ROBERT WARRACK.
l Superintendent of Lighthouses.'
News of the Port
Ai-rivad July 17
-. Washtenaw. American ateamer, from Port San
Luis, ou. - . . . i .
'ethane, American motorship, from Galveston,
.sulphur. -- a,
Departure! July 17 1
" Willamette, American steamer, for San Pedro
yl San Francisco, passengers, lumber.
AT EIOHBOKISO POUTS
Astoria. July 17. Arrived at 8:StO a. m.:
Steamer Aralnn, from San Kranciaco.t ' Bailed at
fnldnicht: Steamer City of Topeka. for San
Franriaro tia Kureka and Coos Bay.
- San Francisco, July IT. Sailed at 1:30 a.
as. : - Steamer Tahoa, for Portland. I
' Ran Pedro. July 16. Arrived at 6 a. m..
and sailed at ft p. m. : Steamer Harden, from
Portland, tor Panama for orders.
Tides at Astoria Monday '
High water - Low water
S:8 a. ro . . . 8. 1 feet 8:43 a, m.. 0.5 foot
:AS P. m. ..$.5 feet 10:17 p. m.-..1.3 feet
Move in Movie Show
Gets 'Clipper' in Bad
Leavenworth. Kan., July 17. (I. N. S.
-A "Jack the Clipper" was t arrested
here. ; Roy B. Gott of Oskaloosa, will
face trial. Recently, according to the
police, Gott has been doing the "clipper"
act, and as a result several young
Leavenworth women are short of their
treasured tresses. In each Instance they
lest their hair In picture shows, which
seemed to be.. Oott's favorite hunting
ground. When arrested Gott had the
hair of one girl in his pocket. , A parcel
he was preparing to ship contained
locks from a number of women's heads.
.SOT A 1)CU HIOMENT. 'TODAY
IS THE DAY FOR FAMILY ;
PICMCS
COMING
BIO ;, CONCERT" WKDXESDAT
KIUHT BY i
MtrtTICOMAH GUARD BA3TD
Ylolumbia
v Beach
DEVICE ENDS ; SEASICKKNESS j
.-
Gyroscopic, stabilizer being Installed in the new steamers of the Admi
ral line being built to ply up and down the Pacific coast. The sta
bilizer Is said to prevent the rollingr of the vessel. ' - j
STABILIZERS TO BE
PLACED ON LINERS
Passengers on Palatial Craft
Being Built to Ply Pacific to
Suffer No Sea Sickness. v
Installation of gyroscopic stabiliz
ers on the new 'palatial liners being
built for the Admiral line for coast
wise service will put an end to the
dreaded mal d:mcr.
Seasickness will be a thing of the past
and no matter how boisterous the gen
erally placid Pacific may get passeng
ers will be assured that no discomfort
will attend the rolling-of the ship. There
will be no rolling' as the stabilizers will
neutralize the otherwise action of these
new floating hotels.
This will be the first introduction, of
stabilizers on the Pacific, but they have
been In use on the Atlantic for some
time, and have proven successful. Nep
tune has been beaten at his own game.
The gyroscope consists of a mammoth
electrically driven fly wheel revolving on
a horizontal plane which tends to neu
tralize the action of the waves and pre
vent the ship from rolling.
The new steamships being built by
the Admiral line will be the finest ever
turned out for the Pacific coast traffic
They will be 600 feet In length, have a
capacity - for 700 cabin .passengers and
Will make a speed of 27 sea miles. They
will -be ready for 'service the early part
of next season. ! .
Concessions Asked
By Turkey Flatly
Refused by Allies
Paris, July 17. (U. P.) The allies
tonight were on record with a- flat' re
fusal to ail concessions asked by Turkey
in the treaty of peace submitted to her.
The . supreme council's reply to ., the
Turkish plea for modifications In the
peace pact was handed to the Turkish
delegates this afternoon. It was one
of . the bluntest documents ever made
public by that body. The allied leaders
made it clear that should Turkey at
tempt further delays or evasion, the most
drastic military action might be" ex
pected. ' The Turkish suggestions were
dismissed with a curt, general and abso
lute refusal. Allied leaders made It
clear Turkey would -be held, accountable
for the' depredations of the nationalist
rebel forces under Mustapha Kemal.
St earner Is Raided ;
Narcotics Valued at
At $75,000 Seized
f . , . j .....:.......,
1 .
San Francisco, July 17. (U. P.)
Customs officers who raided the T. K.
IC liner Shinyo Maru seized narcotics to
day valued at 375,000.- There were 666
tins of opium and eight five-pound tins
of morphine. - ! . -
,' The search - for contraband was be
gun Friday afternoon "and" continued
throughout Friday night, without suc
cess. The largest' single cache ': wis
found in the repair shop near the engine
room. This was found when an Inspect
or intercepted a Chinese who was leav
ing with a package. If contained 70
tins of opium. ,Tbe Chinese escaped, but
dropped the package. . - - : .- : -x v,.
Government to Put
35 Emergency Ship's
On Lakes for Wheat
(United News) . 1 '
Washington, July 17. Negotiations
expected to result in from 30 to 35 gov
ernment ships being' put to emergency
use in carrying! wheat from western
Great Lakes points U Buffalo now are
under way between the United States
shipping board and representatives, of
the American farm bureau federation, it
was said today. ; - u .
The use of the ships, i each- carrying
100.000 bushels o wheat. : is expected to
relieve- railroad congestion, r
Ships Are Itc-routcd
San Francisco.; July l?.-OfficJal an
nouncement was made in Loa Angeles to
the Marine Exchange correspondent, by
their owners, that the steamers Yale
and Charles (ex-Harvard) win be placed
on the freight and passenger run be
tween San Francisco and Los Angeles.
Brady Can Make Able Seaman
All Needed Is a
"Freese. to death this winter,'!., said
Hugh Brady. 'It's the only thing I
see in sight i : . , -, -,
- "Look at the cost of cordwood. Where
is a being going to land? - Take the price
of coal and those brick bats the gas com
pany is selling. sThe high cost of living
when it comes to grub ain't nothing to
a workin: man trying to keep warm. ..
"Look what they are doin' to the
steamships. Fuel olj . is , now close to
82.50 a barreL Jlfs only a matter of
time until the steamboats will be forced
out of business a.nd then the old time
skys'l yarders will come back."
"But, Brady, what are 'we going to do
for sailors? These '-Hooligans' on the
shipping board boats are no good on a
wind-jammer. i , ,. , . '
The municinal srinnlor m s i..
and indulged in soliloquy;
TURK MU $11!
OR LEAVE EUROPE
Allies Put Ultimatum Up to Paris
Delegates; Must Abandon Arms
And Likewise Give Up Territory
Paris, July 17. (TJ. P.) If Tur
key ioes not sign the treaty of peace
presented to her today by the allies,
she- will be finally ejected from
Europe. i
The allies submitted this ultimatum in
their reply to the Turkish request for
modification of the terms of their peace
treaty.' which was handed to the Turk
ish delegates here today. - f
The Turks were "given until July. Vt
finally to accept the treaty as originally
presented. ' . '. ;
The allies' refused to modify any1 of
the clauses, especially, those which de
tached Thrace and Smyrna from Turkey.
The Turkish delegates were told that
Turkey must abandon her army within
six months, surrender her excess arms
and munitions and demolish the Mar
mora fortifications within three months.
The treaty clause demanding surrender
of. all important Turkish steamships was
withdrawn and Turkey was allowed to
name one member of the straits com
mission. John I. Bissener-s
Hillsboro Home Was
Resort of Friends
John Irwin Bissener, .Spanish war vet
eran, whose passing was : announced a
few days ago. was born In Minnesota
June 10, 1887,' and at the age of three
moved with his parents to Vancouver.
Wash. In 1897, he Joined the Fourteenth
infantry, spent a year with the army at
Fort Wrangle.' Alaska,-and- went to the
Philippines to fight in the Spanish war.
In 1909, he purchased, near Hillsboro,
a farm which in the hunting season was
the resort of Portland friends and at all
times a place of hospitality. In March
22, 1919, he was married to Mrs. Claire
Turner. Surviving relatives are " the
wife, a son, William H. Turner Bissener.
now In the American merchant . marine
service ; his father and mother. Mr; and
Mrs. M. Bissener, Vancouver, Wash.; a
sister, Mrs. Silas Christofferson, Port
land, and- two brothers, William P.I Bis
sener, in the merchant marine, and Harry
Bissener. . Dayton, Ohio.- - . j
The deceased was a member of Camp
Harrington, Spanish-American War Vet
erans at Hillsboro. i
Forest Fire Near
Sparta Burns Over
Small Timber Body
Baker, July 17.A small forest! fire
broke out near Sparta Friday at the old
mill site below Edison mill, according
to information received at the local for
est office, i . -
Indications point ' to either careless or
deliberate setting of the fire, which was
almost immediately discovered and
placed under control by a ranger and
men from the Edison mill.- About an
acre and a half of timber was burned
before the flames were headed offj An
old saw. dust pile caught and it will be
necessary to watch the pile until the
smouldering fire burns out. i j ;
. Two small fires In the Austin region
were reported Friday but their origin
has not been determined by local forest
officials. The flames were extinguished
before - serious damage was done. I :
Applications for'!;
Drivers' Licenses
Number 125000
. , , . ; .
Salem. July 17. A total of 135,000 ap
plications : for t motor vehicle drivers
licenses had been received at the state
department Saturday.' - The work of
checking up the applications is progress
ing rapidly but, because of the large
number received, it is not believed that
all of the licenses will be in the mails
before the middle of August. . j s :
Based on the present motor vehicle
registration. Secretary of State' Keaer
predicts thatbetween 150.000 and 200.000
applications for these licenses" will be
received at his office.
Deck of Cards
"Make 'em. I could make a sailor out
of a ' parson if he was able to walk
aboafd.; : Never mind the days of , the
bold, bad second mate with a ! belayia
pin .and a martin spike. , :
."I mind the time in 'Frisco 'and the
crimps had no 'dead ones for us. There
was a bunch of gamblers on the ! bum
and wanted to get to New York.! We
shipped 'em and made sailors of-'emi
"How was it done? Kay. Wei took
on board a bunch of playing cards. On
every nail, shroud, sheet and rope we
bent a card, If the Old man wanted to
shake out the fore to-gallant we would
ssng out : - - i : . ,
T o of yous go up the deuce of
hearts an" Bhuk out tlie king 0'i dia.
- . - vuoc Bta;iu oy ana naui
a,""y " the trey of clubs." s
LUMBERMIL LS RUN
58 PER CENT OF
iL OUTPUT
Falling Off in Production Due
to. Closing Down of Camps for
Summer Holidays and Cleanup.
. Lumber mills of Western Oregon
and ..Washington are operating at
about 5G per cent of normal produc
tion, according to reports of the sec
retary; of : the Vest Coast Lumber
men's i association. The falling off
in production is attributed, to thej
closing down of a majority of the
mills for. the summer holidays and
annual cleanup. ' ., .
Many of the Independent loggers will
resume operations Monday, following a
30-day shutdown. Prices of logs are
quoted at $18, $24 and $30. and opera
tors are of the opinion that the price
will be maintained at this leveU in spite
of the fact that many of the mills have
shut down or are running half time be
cause of inability to move their output.
There is no indication of immediate
relief from the car shortage, which has
tied up the industry during the past
few months. The new freight rate on
lumber shipments recently approved by
the interstate commerce commission be
comes effective August 1, and mill opera
tors are- looking for heavy orders, from
retailers who 'wish : to replenish their
stocks In -advance of the rise In rates.
Considerable Improvement - In c local
business is reported by Ivmbermen and
the California trade is active, but trans
continental shipments are held up by
car shortage, congestion at . terminals
and labor troubles in -Eastern states. The
Eastern lumber market; is described -as
being "demoralized" by many shippers.
SHAW-BERTRAM LUMBER
K COMPANY INCORPORATED
Articles of incorporation were Tiled at
Salem - last week for the organisation
of the Shaw-Bertram Lumber company.
The incorporators are R. S. Shaw, form
erly In charge of the Hammond Lum
ber company's business in Oregon ; J.
ft.-Shaw, who was for man years in
charge . of the . Hammond mill at Mill
City; W. J. Bertram, recently manager
of the Gooch Lumber company at Gooch,
and vA. W, Norblad of Astoria.
The new company has purchased from
the government the timber on approxi
mately 12,000 acres of land on the Klam
ath Indian reservation In Klamath coun
ty. The, tract contains several hundred
million feet of yellow and sugar pine, ex
tensively used for box manufacture and
interior finish of buildings.,
The mill will be located near Klamath
Falls and a railroad will be built to- the
timber. Construction work on the mill
and railroad has already begun. J. R.
Shaw, president of the company, will
have , general charge - of the mill and
Bertram will supervise logging opera
tions. Norblad has been elected secre
tary of the company.
ALCO WOOD PRODUCTS PLANS
TO DOUBLE MILL CAPACITY
Albany, Or., July i 17. Improvements
now in progress at the Alco Wood
Products planing . mill at Albany will
double the mill's capacity, the owners
claim. In , connection with a plan to
enlarge their business, the proprietors
are duplicating their planer and Sander
and are installing a new resaw.. ' An
addition that will treble the capacity of
the lumber - yard . Js also to be con
structed - in the near future. This will
mark the embarkation' of the Alco
company upon a retail rough lumber
business.. The mill . has been absorb
ing as many as four cars of rough
lumber a day and will double this in
take , within, a. few weeks. The chief
source , of supply is a sawmill at An
lauf. near Cottage Grove, owned by the
Alco company. Tie local planing mill
was purchased by -H. A. Dowd, C. R.
Hoevet and D. S. Halloway last March.
At the time the plant employed four
men ; now the payroll - Includes 20
names, and still more are : to be
added.
LUMBER COMES. TOO ZIIGH :
FOR BIG TIMBER COUNTRY
Roseburg, , July ; IT. To live In the
heart of the largest timbered belt In
Oregon and still not be able to use the
lumber on account of the excessive cost.
Is ; the' condition , that confronts many
Roseburg citizens. This applies to side
walks in the city. Wooden walks have
been replaced with concrete in paved
streets, and now the residents off the
paved streets find it more economical to
build -of - concrete than lumber. ; ' But
owing to the ' fact that they' ' have no
established grade," which the city is re
quired to' furnish, they are at a loss to
know Just how to proceed. The city can
not furnish grades, except at great ex
pense.: The walks 'must conform to
street grades for paving, and , unless a
uniform grade is furnished- on all un
paved streets, there can 'be no concrete
walks built. ' V "
COWLITZ TIMBER FIGURES
INCREASED BY RE-CRUISE
Kelso, "Wash., July 17-When Thomas
& Meservey, who have the contract' for
the recruise of the timberiands of Cow-'
litz county for the board of commission
ers, submitted their last report, they had
completed, recruising about 110,000 acres
of land, which showed 4,983,000,000 feet
of timber, compared with 3,352,000,000
feet on the old cruise, an increase of
1,631,000,000 . feet, or 54 per cent. The
old cruise in many instances was Viot
half' the true cruise, and. In ' addition,
many thousands of acres of land, for
merly classed as waste or barren, has
been reclassified as timberland.
RECEIVER SELLS WASHINGTON
BOX PLANT TO PORTLAND MAN
Castlerock, Wash, July 17. The Wash
ington Box & Manufacturing Co. was
eold last week by 'J. M. Lorlng. receiver,
to Frank Slagle of Portland for- parties
unknown. Consideration was $5000, less
than one third its value. J A. Knonant
Is associated with the purchasers, and
has been over the timbered sections near
Castlerock to investigate the supply. '.- He
states that the. plant will soon be put in
operation. The box factory has been in
the hands of the receiver since last
spring.
, Ships Maple Wood for Violins
:- Lebanon, July 17. XL' R. - Henderson
has just shipped a carload of maple tim
ber to the International Violin company
of Los Angeles, Cal., a concern engaged
in the manufacture of stringed -Instruments..,
This Is the second carload sent
from here by Henderson, the aggregate
being-sufficient to make 10,000 violins.
The maple of this section has been -tested
and found, to possess many superior
qualities for this purpose.
NORM
Of English invention are machines for
making briquets from the borings of
brass or cast iron at a speed, of (our
tons an hour. -. " .
..... ....
RECLAMATION IS DRAWING MUCH ATTENTION
IRRIGATION WORK
DEVELOPMENT BIG,
DESPITE MARKET
Conditions in Money Market Are
Handicap to R e a I Progress
in State irrigation Plans.
Salem. July 17.- During the past
month - considerable progress : has
been made in irrigation develonment
Oregon." notwithstanding the ad-
verse condition of the bond market.
However, most of : the activity , has
been along the line of investigations
preliminary to the issuance of bonds.
Owing to the unfavorable condition of
the money market, irrigation districts
have been urged to withhold bond issues
until ' conditions were more favorable,
excepting in those cases ' where - con
struction work Is in such condition that
failure to proceed would entail a loss. . .
Arrangements have been' made where
by bonds of the North Unit Irrigation
district ; in the amount, of $5000 have
been purchased by the Ralph Schneeloch
company ; of Portland, for the purpose
of making a construction . survey ; and
preparing plans for the reclamation of
the 100,000 acres of land in the district.
The reclamation of this project will In
volve, the construction of ' the Benham
Falls reservoir; upon which Prdfessor
W. O, Crosby, the noted . geologist . of
Massachusetts, recently made a favor
able report.
It Is planned ' to ' utilize the Benham
Falls reservoir for the reclamation of
all the units of the Deschutes project,
which aggregate 200,000 acres. The In
vestigations will be In charge of an en
gineering commission, composed of A.
J.; Wiley of Boise, and Fred Herman of
Sah Francisco, representing Jointly the
district and the Ralph Schneeloch com
pany, the latter having an option on the
remainder of the district bonds. ;
Investigations are under way to re
vise and bring up-to-date the information
secured by the r state and federal gov
ernment on the John Day project.- The
John Day Irrigation district was organ
ized in 1919, and has employed the firm
of Lewis & Clark, engineers of Portland,-
to 1 make . the necessary surveys;
This district includes some 300,000 acres
of land lying along the Columbia river
In Gilliam county, Morrow county, and
Umatilla county, and is one of the larg
est . projects in Orgqn, the officers of
the district being Clay C. Clark of Ar
lington, president, and F. H. Brown of
Heppner, secretary. - -. -
The Harney Valley Irrigation district,
which includes about 86,000 acres of par
tially irrigated land, lying along the
Sllvles; river In Harney' county, has ar
ranged with the engineering ; firm of
Boor & ; Cunningham of -" Portland to
make the necessary surveys and prepare
plans for the construction of reservoirs
on Silvies river for the complete utilisa
tion of the waters of this stream, and
to give a full water right to the partially
Irrigated lands -.V. - .
- An investigation has been made during
the past month ; by the Irrigation se
curities commission, -ot the Mountain
Sheep Irrigation district in Wallowa
county, v This district contemplates the
irrigation of approximately 16,000 acres
of land with the waters of Big and Lit
tle Sheep creeks, and action on the cer
tification of $150,000 In bonds is await
ing the submission of additional informa
tion. ; - ' - ' - '- ' :; ; , - -, : - "'
An investigation has been ordered by
the irrigation securities company of the
Summer Lake Irrigation district in Lake
county,- which district contemplates the
irrigation of approximately 7000 acres of
land lying along Summer lake, with the
waters of the Ana river. , c This- district
has requested the certification of $260,
Q00 in bonds, v '""'- :-y '
Very gratifying reports have been -received
from the Warm Springs Irriga
tion district, which has stored 52,000 acre
feet of water this season for the' first
time, in : Its new reservoir, , which, to
gether with the regular, flow of the Malheur'-
river affords ample water for the
irrigation of the 30,000 acres of land in
the i project, and reports ' Indicate that
crops will be excellent this season.
One unit of the-Talent Irrigation dis
trict In Jackson county, has been com
pleted and water has been applied to the
lands ' thereunder. Work on Jh4 second
unit of this project has been postponed
for the present-on account of the un
favorable condition for the sale of bonds.
The- district fortunately is in a position
that it could suspend further construc
tion without adversely affecting XX.
The preliminary pumping units on the
Grants Pass Irrigation district in Jose
phine county have been completed, and
water is being delivered to the lands on
this district. Plans have been approved
for the construction of the permanent
gravity 'system, and work on this system
is under way. :.
' When the appropriations committee of
the-house of representatives recently vis
ited Central Oregon, an Inspection was
made of the big Ochoco dam which 1s
now nearing completion. At one end, the
big dam has reached Its maximum height
of 125 feet, and requires only a small
additional amount of work to complete
it throughout, its entire length. About
20,000 acre feet of water has been stored
in the Ochoco reservoir this season.'' and
a large part of the 22.000 acres within
the district has been irrigate! this sea
son. . ' . :
Sinclair , Gold Notes ;
Arouse Interest of
Big Investing Public
With the Armour' & Co. " note issue
over-sold, considerable Interest has been
aroused in the 74 per, cent gold notes
of the Sinclair Consolidated Oil corpora
tion, one of the largest producers and
distributors of crude oil . and Its by
products in the world. . . ' r
Of the $50,000,000 of this issue author
ized there are a few of the notes left
on the Pacifio- coast for distribution.
A feature proving attractive to investors
is the conversion- privilege; an investor
being permitted to convert each $1000
note into 10 shares of 8 per cent, ac
cumulative sinking fund preferred stock,
and 24 .; shares common stock ' of the
company; Owing to the prevailing n
terest rates these notes sare , of a very
short duration, being due May 15. 1925.
The company made " approximately
$22,000,000 last year, and the estimated
earnings of this year are figured as
$30,000,000. . . , .
A number of the foremost banking,
institutions in the United States heads
the syndicate underwriting this issue.
Some of the largest and best . known
banks on the coast are members.
.The notes are selling at 98 - to yield
8 per cent, and are offered locally ty
Freeman Smith A Camp company. First
National bank. Security Savings nd
Trust company and Lumbermen Trust
.company.-.' i -.
Active Demand for
Serial Gold Bonds
Of Sugar Company
: The Lurrtbermens Trust company re
ports a very active demand for the first
mortgage serial 7 per -cent gold bonds
of .-the Utah-Idaho Sugar company, this
being due in part to the essential nature
of the commodity manufactured. ' The
Utah-Idaho Sugar company has been in
successful operation since 1891 ' and is
today - one of the largest producers of
beet sugar in the United States. The
bonds of the-Utah-Idaho Sugar company
are in denominations of $500and $1000
and mature serially from 1921 to 1930.
They are offered at prices to yield 7.75
per cent. .. . ' - - ' -Y".
Among other new securities the Trust
company is offering $125,000 Yakima
county,, Washington, ; 8 per.- cent road
bonds. 'These mature serially .from 1921
to U934 and are in denominations - of
$1 000 and $500. They are offered at
100 - and Interest for any maturity to
yield per cent. : - r
i Twenty-five thousand dollars. Adams
county, Washington. 8 per xent road
bonds, offered at prices to yield the full
per cent. -
One hundred and twerity-;five thousand
dollars. City of Tillamook. Oregon. 8 per
cent Improved bonds, estimated to ma
ture serially from 1921 to 1930, and are
In denominations of $500. These bonds
are offered at 100 and interest- to yield
8 per cent-. ;: ;7' '--' "-
' Thirteen - thousand dollars, '..Ontario,
Oregon, 8 per cent improved bonds, due
August 1, 1921; These bonds are the
general obligation of the city, and are
offered at 100 and Interest to yield 6 per
cent. " " . i
SAVINGS DIRECTOR
URGES NATION TO
"HOLD TIGHT REIN"
"The country is now in a critical
condition as to readjustment of
prices and values, , and must ride
with a tight rein and a steady hand,"
states Theodore Hardee, director of
the government savings organization
of the Twelfth , federal reserve dis
trict. "The tight rein must be ap
plied through the , avoidance of un
necessary ; expenditures, particularly
for luxuries and non-essentials; the
steady hand; must consistently in
vest savings in government securl-
ties. -.-?;--:-'1''.::'.::V:''
;"Muge economic factors are pulling at
apparent cross purposes. White all au
thorities unite in ' the statement that
there is a real lack of essential ' com
modities produced, and that high prices
are a natural outcome of that scarcity,
we have on the other hand the fact that
the public has forced lower prices tem
porarily at least by its refusal to longer
pay higher , prices in -some Ilnes.
- "At present, banks and other financial
strongholds which should be in posses
sion of enormous Quantities of liquid
capital for the use of .trade and indus
try are hampered by the necessity of
carrying a large proportion of the coun
try's war debt, !n proportion as the in
dividual investor absorbs this "war
paper' the banks are freed and able to
come to the rescue of commercial and
industrial necessities.
."Prices of Liberty bonds and Victory
notes, fortunately, are an invitation to
the public to. absorb them. The return
to the investor on his .purchase of Vic
tory notes, for instance, , Is nearly 6
per cent, and on various issues of Liberty
bonds approaching per cent. Coupled
with these large returns Is the fact that
they come from the safest security in
the world. ,xThe investor who holds Ills
government bonds until maturity can
calculate his profits to the penny,-knowing
that the government will redeem its
bonds' at par. "j '
"More than ever before, now is the
time to work, save and Invest savings In
government securities." .
Wew Tork Boii Market
Fnrnished br Orerbeck - c Cook company.
Board of Trad bulldms.
Atchivnt-ten. 4i
Bid. A.
. . 73 - 75
. . 59 . 39
. . 84 14 88
.. 70 70
. . est 94
.. 88 09
72 4 " 72 ti
.. 77 H 774
.. . - - 22
.. 73 7314
.. . 78 H -78H
..' 80 ' 81
.. 9114 91 H
.. 71 71
. . . :r..-i 98
75H .'77
.. 88H 88
.. 75 73
.." 74 75
.. 73 H 764
Bal. tc Ohio cold 4 a
Iteth. 8tel ref, Be .
Cent. Pacific lat 4a . . . r,
C. B. Q. col. 4 .....
Bt. Paul ten!. .....
Chicafo X. W.- feiu. . 4 .,
U N. uni. 4a ,
New York By. 5 .......
Northern Pacific P. L. 4a ,
Readins ml 4s .......
rnios Pacific lit ii
V. 8. Steel 5a
t-'nion Pacific lat ref. 5a .,
Southern Pacifio cofi t. 5a
Southern" Pacific com. 4i .
1'enoa. conv, 4 H f ...... .
Penna. 1st 4 Ha
Chea. it Ohio coot. Of...
Or. Short Lin 4s . . . . .
JULY 20-26
Twenty-One Big Events
Music Lectures Entertainment
Attend on the Season Ticket Plan. Single Admissions
total $8.05. You save $530 by purchasing your
Season Ticket in advance.
ADULTS $2.50 STUDENTS $1 .50 CHILDREN $1
War Eax Extra
. ON SALE AT ALL ST. JOHNS STORES .
Central High Schdol Grounds
Mi
FOREIGN EXCHANGE RATES
Corrected dally by foreign exchange .depart
ment of the t'nited States National bank..
London PuunOs
Ifraft fable lar
Cher-Va. Traimfera. - Vein.
' Bterllnc . . t 8. NT hi I J.M $ 4.HSH3
Pan c'rancs. 8.39 S.37 - C.lttS
Ilamburs- Berlin
Marks ... . 2.2 - . 8.62 . 211.82
fcenoa Lire . . 6.89 6.89 H 6.1820
Colietihates
Kroner... 1S.45 1S.S0 28.85
ChrUtiania r ,
Kroner 1S.7J 16,80 2S.S3
-tockbolm-. -
Kroner ... 42. OS 42.10 : 28.80
Hongkona ' .
Currency, i 72 00 ' 72. RO 42.80
Japan Yen.. 61.91 91.73 43.UO
hanhai--
TaeU .... 1.02 1.03 83.00
BANK STATEMENT
Railroad Wages to 6e Announced
Tuesday Morning and the
Rates a Little Later.
By Broadan Wall ' ,
New York. July 17. The actual
bank statement today showed sur
plus reserve . increased $19,218,390;
loans increased $42,328,000 and net
demand deposits increased $21,346,
000.. The. average statement showed
surplus decreased $1,763,000, loans
decreased $7,024,000 and net demand
deposits decreased $19,768,000.
The New York federal reserve bank
showed a. ratio of 40.8 per cent against
39.8 last week ' of reserves to : deposits
and federal reserve notes outstanding,
Thep statements are better ..than the
! street expected. '
Some good buying was seen in low
priced rails, but the market as a whole
was quiet.
Crucible advanced 7V4 points at the
opening in .response to the extra stock
dividend declared late the eveening be
fore. Part of the gain was held. -United
States Rubber was quiet, following an
nouncement that the- company had sold
$20,000,000 of 1 per cent extensions.
The company's S per cent bonds fell
two points to 77.
'Mexican Petroleum and Pan-American
did nothing, - although It was strongly
hinted that tfie latter would tasue $10,
000,000 of 7 per cent convertible bonds
for building nw ' ships. Brooklyn Rapid
Transit advanced more than -a point. The
chemical issues were- strong. -
Recent selling of -low priced railroad
stocks and particularly of St. Louis
Southern, Is now believed to have been
pn account -of the Sage estate. Kor somei
time the stocks in. question .were; be
lieved to be -coming from the Gould
estate. '' .
Railroad wages and rates are to be
announced next week,, according to Wall
Street ' expectations. The former will
come Tuesday morning.' but there is no
official statement regarding the latter.
PACIFIC COAST SANK STATEMt'ST
Fortlane Banks
This week.
$rt,9SB.0O5 99
8.08,673.8t
7.180.4S8.53
8,208.284.81
7.004,958.87
e,02.002.97
. Cleannci
Monday ......
Tuesdai ....
Wedmday ....
Thursday ...
Friday ......
Saturday . . . ,
Tear ngn.
,334.Sti,73
8.202.820.82
5.0ia.34.72
4.277,949.81
4,728.080.81
3.709,333.94
Week
. . . $41,485,333.42 831.221.088.05
Tacama Banks .
Clearings. Saturday .......... $ .850,277.00
Balances Saturday',......,.. B1.432.V0
Spokane Banks' - '.
Clearings Saturday ......... 3 2.837.250.00
Balances Saturday ... 928.423.O0
. -j Seattle Banks
Cles rings Saturday ...... ....I 8,338:809.00
Balances Saturday , 1,498.821.00
an Franclsce Banks
Clearings Saturday . .. 830,100,000.00
Lea Angelas Banks
Clearing Saturday
, .(14,400,837.00
Foreign Bond Market ' '
Furnlnhed by Orerbeck aV Cooke Co., Board of
Trade buildina:
nid.
A-k.
A. V. 6a Oct. 1020 .
IT. K. 6 H s No. 1921..
Rep. France 5s lnffl....
Pari 6 Oct. 192K . . . .
Russia EStn 6H 1021 . ,
Ruaaian Intl. 54s 192S.
Ihjtn. Rs April 1921.....
Ikim, Bs April lt31 . ...
Don. 6s April 1926,,.,.
Ilom. Canada. 5s 1 987 . ,
U.. K. tni -.i.
1)9
?s
93
24 Vs.'
30
07 4 .
S3
83 H
90S
07
75
94
27
84
17 H
88
80
Htt .
854
j
a
MOREENCOURAGtNG
Range in Prices of Liberty Bonds and
Victory Notes During the Past Week
-Liberty 3s 1932-47 .....
Liberty 1st 4s 1932-47..,.
Liberty 2d 4a 1927-42.. .......
Lrrberty 1st 4"4s 1932-47......
Liberty 2d 4 s 1927-42..
Liberty 3d 4V4 1928..... .i. . .
Liberty 44s 1933-3S
Victory 3S 1922-23.
Victory 4s 1922-23...........
ST. JOHNS
'AUQUA
EuILd by
Will F. Ilessiao
INTEREST EARtllilGS
FOR STATE MAKE
GAIN If! HALF YEAR
Semi-Annual Report -of the State
; Treasurer, Shows $79,918.89
Over Same Period Last Year.
Salem. July tl 7.-r-According to the
semi-annual report 'of O. P. Hoff,
state treasurer, recently filed with
secretary of istate Kozer, the state
of Oregon for tye six months ending
June 30." received . interest earnings
of ' $356,709.01. This is an-increase
cf $38,115.81 compared with the in
terest earnings hi the state a? com
pared with the Same period of 1919
and an increase of $79,918.89 us
compared with the first six months
of 1918.
"On June 30, 1920," said the report,
"there was a" cash balance on deposit
with the state - depositories of $3,120,
354.39. , The average daily balance in the
active account for jthe first year of my
administration was $166,383.08, as against
$348,357.63 for the preceding year. This
dally balance In the, active account dur
ing the past six mojnths has aKain been
reduced to the sum iof $58,498.6l.
FU5D8 WII1EI.Y UlSTItlliin EU
"It niay readily I obnerved that the
larger: interest eariiing Is due to lite
policy of thin office In carrying a smaller
balance ' In the active account and in
distributing the greater portion of state
funds among the many banks of the
state. ' K
"It has been, and will continue to be,
my policy to keep all funds not actually
needed to he retained for the daily chhIi
transactions, deposited tn hanks through
out the state so that the funds may be
gin drawing interest!-as won in jkjs
sible, and that all sections of the state
may be treated as impartially as pos
sible.' ' I '
"In pursuance of this policy the state
treasurer- has funds now deposited In 193
banks Jn all sections of the stale, tlach
bank having a deposit of state fuhuo In
required to deposit with the departnumt
us necurlty for such deposit, bonds of
sufficient amount so that each deposit
of funds in a bank shall be absolutely
safe.
"During the past, six months I have
continued my policy of collecting inter
est payments on school loans semi
annually. This change in policy has met
with very -little, if any, opiositlon, and
has materially benefited the finances of
the stale.
"The collection of the inheritance taxes
forms a prominent part of the work of
this officeand Its Importance can readily
be seen when It is shown that the re
ceipts from this tax for the iertod of this
report amounted to $i8,'lll.93.
;,J78,f0A INCH K ASK
"The bonded Indebted nea( of the state
on June 30, 1920. was $13,243,750, an In
crease of $2,678,000 during the six
months, v With the exception of $4uO,000
Issued by the state of Oregon as Oregon
farm crejciits4 per cent bonds and $163,
750 isHued by the Oregon irrigation se
curities commission to pay the Interest
on Irrigation bonds, this bonded indebt
edness represents issues for road and
highway Improvements. The payment of
interest and the retirement of the high
way bonds is provided for from licenses
levied on motor vehicles, chauffeur,
gasoline and from all moneys and reve
nues which by law are diverted for the
improvement of our roads and highways.
,"Durlng the past six months the reve
nue i received by this office from the
motor vehicle department, which Is di
verted for the improvement of roads and
highways, la $1,709,789.50; from gasoline
tax, $166,832.43. The total receipts from .
all sources and diverted for road and
highway purposes waa $4,655,707.84."
Liberty Bond Hales
- Open,
liberty, Itte. . . , 9004
liberty, 1st 4. . . 8590
Liberty, 2d 4. . . . "508
Liberty. 1C ,4 4s. 8572
Liberty, 2d 4 Vis. 8512
Liberty, 8d 4 . . "852
Liberty, 4th 4H. 342
Victory. 44 a ... 9390
Illch. Ixiw. CIim.
9US OOMA 9(IW)
8506 84 HO
H50H S.'.OH MHO
ftSOO 8572 8572
8512 850(1 6504
ft5 HH5 8M50
8642 8420 8520
95H6 9576 95g
9684 9376 9578
Victory; 3 Vs.... 0582
MonTTTiIes f Wed. Thura. IrVL gaT7
"S0T52 91.10 91.00 91.04 0.4 0.h8
86.40 88. 00 86.20 86.10 86.00 85.50
85.50 85.30 85.40 85.30 85.00 84. m)
86.42 86.24 86.38 88.40 86.00 85.72
85.60 86.62 85 64 85.40 85.04 85.04
89.30 89.14 89.00 88.82 88.64 88,60
85.82 85.74 85.74 85.66 , 85.31 85.20
95.96 95,94 95.92 95 92 95.86 95.78
95.96 95.94 95.94 95.92 95.89' 95.84