The Oregon daily journal. (Portland, Or.) 1902-1972, August 01, 1920, Image 32

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The Oregon daily journal., August 01, 1920, Page 32, Image 32

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Newspaper Page Text12 THE OREGON SUNDAY JOURNAL,, -PORTLAND, SUNDAY MORNING, AUGUST 1,- 1920. PORMJD HlilTH ; IN MEtl SUPPLIED: fflCHAWTililE Enlistments Number 5257 for Year From This City? Lead - Goes to New York With 39,991 l Portland stands in ninth place out pf 21 porta In the United States for men. supplied to the merchant raa rfne. During the year. just closed the local office of the seaf service bureau under direction of Lieuten ant Harold C. Jones, sent 5257 men to sea on vessels of the shipping board, . . " 4 " ,. Out of a total of 160,86. men sent to i sea by the sea service . bureau during ths fiscal year, New York took the lead with 39,991. A sudden drop In the fig ures . and 'Norfolk, Va., stands second t with 17,336 enlistments. Philadelphia; ; Baltimore, . New Orleans and ' Boston 'tjom in the order named. -Puget1 Sound, Savannah and -Portland round out the Crst nine in the 21 ports ; recorded. - Portland has been handicapped- In the Official record to the " extent that,, sea students enlisted ; at the locat office are sent to the training school at West 6e at tie. The training 'ship carries ap' prentices front the Sound - to Honolulu and return and on getting their first clearance are first choice for the Sound supping companies. JIOQUIAM riiANS HARBOR, I WORK TO MEET DEMAND Uoquiam.. Wash.,' July 31. (Special.) In a letter addressed to: Alex Poison q; E. Darit of Dant & Russell Inc., of Portland, called, attention to the recent visit to the harbor of the firm's steam Miiip West Ntvarla to load half a cargo for China and expressed the company's willingness to send at least two of its vessels here . regularly if the water was deep enough r for the boats to take on . full: cargoes. Vm."- . - i . Xant urges the dredging -of the Inner channel and the channel ' across the Grays Harbor bar as soon as possible, lie writes: '"The Umber on Grays Harbor is vgell adapted to the trade in China, India and elsewhere and many other firms would send their 4 vessels there - If . the trip could be made safely, because this busl jjcss is more profitable than the coast vise or! California business." ; . .Following the receipt of this letter the port commission began their plans with renewed energy to get the work', started on the $800,000 port improvements which were recently voted for the harbor. ; OPENS CUSTOMS BROKER, i . ' ; - tV OFFICES TS PORTLAND -J. T.; Steeb of Seattle has embarked 1 business ' in Portland as a customs .broker. He has : opened : offices in the A. Wilcox building. ' , Heretofore the' busi ness of Portland 'has been handled ex clusively, by Bush &. CoJ, JUppincott being the sole representative. , The vol ume Of ; offshore business handled ' through Portland during the past ' sea , son has - attracted the attention of ' many outside shipping men, with the result that new offices are -being opened In ' all branches. ' SniPPEVG BOARD STEAMER HOLLYWOOD NEARLY READY ' San Francisco, -July 31. CL ty. S.) The steamer Hollywood, built at San Pedro for the shipping board. Is nearly completed. Ths Bteamer has been ; al lotted to the Matson Navigation- com pany for operation. in the triangle run (from San , Francisco - and- Seattle to 'Hawaiian island- ports. One hundred and fifty merchant marine cadets will be trained on the vessel while she: is izj the merchant service. I- News of the Port - arrivals, Juty t. ' TV. B, Herrui, American steamer, from Gavi ata, oil. Astoria, Jul" 81. 'Baflrf- at last nisht, taimcr Res. CUy. . tor San .Francisco. Arrived down at midnight and sailed at 10 - a. m., steamer ABtinooa, for Cnited Kinnlom via Pncet hound. Arrived at :05 and left up 8 a. m., steamer W. T. Herrin, from Gavrota. Sailed at 11:45 s. nu, ateamer Oleum, for Port Baa Luis, tailed at S last aisrit, steamar Shasta, for - 8aa Pedro.- Isan i Francisco. July St. Sailed at 0 last night, ateamer Multnomah,, for Portland. Ar. - msd at s-.ta., steamer Johaa Poulsea, from . Columbia river. Arrived at &ooa, ateamer Daisy, from Columbia rWsr. - TWae as Astoria? Monday. ' High WsteV. 1 Low Water. 1 :fi a. m 7.S feet f 8 :88 a. m. O.O feet tJ:4! P. m. 7.T feet ( :68 p. m 1.9 feet v sttoort From Mouth vr Oovumbla River. - North lfead. July SI. Condition of the sea . at 5 p, m., choppy, vnnd northwest. 26 miles. Judge on Vacation . - For two 1 weeks, ! beginning Monday, Municipal .Judge George C. Rossman will care not a bit about the grinding of the mills or local justice. He Is to enjoy thoroughly, f he says a fort . night's rest .Meanwhile Richard Deich. deputy city attorney stationed at po- nee - neaaquarters. will sit In for the Come in and find -out about our. Budget Plan," It organises jour spend ing. Makes it easy for , too to 'rw-in2 a New Edisioru "We'Uliowyon howj" v ' (1 IIYATT TALKING rLCi::N'2 CO. 350 aider St., Portland. Or. PARR TERMINAL ON OAKLAND f , ' " " i , -n' - ' 4 Jj f t w-vtf?.JlLr:a i , !. ' -iirriiiinvtirimirrm niiniiMinni-n ffm J &M Tills structure, with a frontage of PARR TERMINAL TO OPEN AUGUST 10 j. -; !-!: " - -. ; 'I Oakland - Terminal Has Frontage k of 1000 ; Feet and Also, Many 1 ' Modern Features f , August 10 has been set as the date for the' formal opening- of the new Parr terminal at Oakland., John Q. Eusom,: local agent for the) Parr Steamship company and the jParr McCormick 'company, will leave for San Francisco early next week to attend the opening of the new term inal. S: -'i'"" S"- V, - ''' Thei Parr terminal 'will, be ah innova tion n ! the ; shipping circles ; of ' San Francisco bay; The dock has a front age ' of 1000 feet and will be In every way , what the- name terminal applies. It-is located Tat, the foot of Fourteenth street. : Oakland, . and will handle all foreign and domestic freight. Inbound - vessels from - foreign parts can discharge and the freight in transit can bo held there until ordered out. At the general docks on he San Francisco side the five day limit prevails. This limit will. be eliminated at the Parr terminal. T- . Foreign shipments for coastwise dis tribution wilt he discharged at the ter minal j and loaded-direct onto the coast ing vessels. - The steamer ' Daisy Free man was the' first- Portland bound craft to receive cargo at the new pier. She brought t 650 tons for thei Parr-McCor- mick company. , - i The - steamship ( Bearport, - which cleared from Portland July 5, discharged at the partially completed terminal. Clackamas ! Roads Principal ! Item of Expense to County Oregon City, July 31.The semi annual reportl of the county clerk shows total expenditures tor the past Six months of $313,269.5. Of this sum 250.6S7.G& was 'in the roads and highways department, and 362,582.40 from.1, the general fund. Principal among the items of expense, exclusive of the maintenance of the county of fices, were : 1 Registration, and election, $5171.19 5 widows' pensions, r $6512' ; care of poor. ,9001.37. , , Clackamas county has no poor1 farm. but considerable agitation has been beard - on the subject : and the opinion is ; prevalent among those interested in tax reduction that the expense of tak ing care of the poor- could be lessened by a properly equipped and maintained farm. . : i . ; :.- ',-!' . . .I-' The heads of departments of ths Oregon City Manufacturing company. with . their families, j will . make up a motoring party leaving- here- Sunday morning fori an all-day picnic on the Columbia river highway. Headquarters for ' the f party t will be at the Charles Legler hone..on the Sandy river. Albany Pleased at . Per: Capita Wealth ; . Gain in Ten Years Albany, . Or., July 81w Albany's dis appointment in the census returns, which indicated only a 14.2 per cent increase in 10 years, has been made less keen by rthe discovery ' that during the 10 year period ' the per capital wealth has in creased 55 per cent. According to reports of the four local banks each man, woman and child in-Albany, on the average, has 9824.42 to his credit on deposit la 1910 the per capita cash capital was $371.' At the end -of June, 1910, the total de posits of all banks-in Albany was $1,684, 984. when the population was 4275. Now, with an accredited population of ; 4842, the total of deposits m Albany banks Is $3.9(1.861, an increase of $2,296,877. The increase In deposits is more than SO per cent and that -of per capita wealth Is 55 per cent, i ' The ; resources of Albany's banks have also more than doubled . In the last 10 years. .. . ; ; r -.. Albany's-birth rate, figured upon the total number of births in 1919. is $.55 per cent, and the death rate is 2.74 per cent. Wa difference) of .81 per. cent in favor of births. ! However, the number of births was 172 and of deaths-133, a difference of 39. . - t ' i 1 . Many Inquiries Made On : Oregon'; Chamber Of Commerce : Work From , Maine, Oklahoma.-' Nebraska and other Eastern and Middle. West ern states the Oregon . State Chamber of Commerce ia receiving, incmiries as to the method of organisation 'carried out by : the body in this state. Com munities in the Bast and Middle West are1 becoming interested , In' formation of state chambers, and word that Ore gon had a- particularly . effective -organisation was in nearly every case carried back by Shriners who' attended the convention-in Portland In June. . A . - O -- . - .. .. V 1000 feet, baa' all facilities! for rapidly CITY'S BUILDING . CODE IS UPHELD City's Right to Enact Ordinances Restricting Building' j Operations Won. - f f Salem, Jnly 31. The right, of the city of Portland to enact ordinances restricting building operations is up held in an opinion written by Justice Burnett dismissing ', the mandamus proceedings ' brought by the Berk shire ;company In an effort to compel the ' issuance of a building permit for the erection of an f apartment house in a restricted residential dis trict. The opinion .upholds Port land's building code. , f J v ! Other opinions handed down Saturday by the supreme court., which will re cess for its ' annual ' August vacation, were as follows : ' - v i - - ' . Felicite M. M. Manning' and V. A. Manning, respondents, versus Mary F. Gregoire, appellant ; . suit to establish title to land ; appeal from . Marion county. ; Opinion by Justice Burnett, Judg George G. Bingham affirmed. ; Redmond P. Marshall and Arthur Ep perly Marshall, appellants, .versus J. H. Middleton and - Bessie M. Marshall, ex ecutor and executrix of estate of Wil liam II. Marshall; appeal from Multno mah county ; suit to enforce- payment of liens. Opinion by Chief Justice Mc Bride. Judge Robert O. Morrow af firmed. i- ; --' Edgar Woodward, versus A. F. Coates Lumber company,. . appellant; appeal from Tillamook county ; . suit to recover damages for personal injury. Opinion by -Justice Burnett, Judge - George B Bagley reversed, . - v - , . John H. Seavey, appellant, -versus Clara Belle Williams et al. appeal from Lane county ; suit to quiet title. Opinion by Justice Johns, Judge G. H. Skip worth reversed, v--- The Berkshire Investment Co., an as sociation of capitalists, including C. V. Everett and Claude J. Starr of Portland, contemplated construction of an elabor ate apartment house at King and Main streets, when the city called a halt. The building was to have cost about $350,000. and would have occupied, a site -valued at about $35,000. Property owners ob jected to the erection of the structure in an exclusive residence - district and 'the city planning commission upheld the ob jectors by refusing to approve a permit for the building. Thereupon the com pany carried its case through the courts to the . decision handed down Saturday by the supreme court. . . . ,i I, - , . Burglar ' Suspects Are Held to Grand Jury; For . Hiring Surprised while said to have been robbing a grocery store at East Sixty-: ninth and Glisan streets, J early Satur day . morning, - Harry . Waterbury and Louis Eherlich were arrested by Motor cycles Patrolmen Abbott and C Wiles, and were bound over to the grand jury by Municipal Judge Rossman. : Water bury, is held on $500 bail and Eherlich, who admitted nothing in his examina tion and who Is thought to be the more responsible, had his bail fixed at $1000. Shortly - after the 'prisoners had been transferred to the county , jail Water bury's - father posted his I bail money, Eherlich is said to have a mother in McMinnville, whom he left -following the recent death - of his . father, taking the family automobile and coming to Port land, where he has been living -with a sister; until, lately. i.;'- --f f-,-,-.' i V; ' ', i n i i ' ' 'i ' i ' 'I f -., '. '-j Pacific Coast 'Is - in Lead ' m i? Matter ; of i MdtiplaLaunching . . v San Francisco, July 31. Owing to the failure to launch seven vessels on one tide at the Hog Island Shipbuilding plant last Saturday, , the record , multiple launching is retained by ; the Pacific coast; according- to' officials of the Moore Shipbuilding company, here, i The first Hog Island ship stuck on- the ways astd only six took the water. ; By virtue; of the fact that the six vessels, launched at Moore's on October 1 on one tide were of far 'greater tonnage, the . Moore yard still claims the record for the coast. ;i ' The . shipping board tanker ' Sa pulps has been sent - over the official trial course and will be ; delivered, by the Moore company to the government soon. The Sapulpa is a 10,000 barrel oil carrier. ' MKMMBVBWS1SMMMIBmakWsr -. .,. . J i '" Metal Plane Route From! Coast ? to Coast Chicago. July 81. (IT.' P.) The J-L, metal airplane, laying a course for the New York to San Francisco mail route, was being groomed tonight for" its flight to Omaha. The plane- arrived here last 1 night. , After 1 a thorough overhauling : plans were to start . the next leg tomorrow .morning.. WATERFRONT wto'fliiMifli;ww-tic-.a,;aifc-., I handling of freight and cargoes BRITISH WRITER. SEES FIGHT AHEAD 7. ;'- , ' sssssisMsawsisssaBswaasssBvaMaasaasaBssae - Contest .Between ; America and Britain, Is Just Begun, Is Opin ion of Telegraph Man. London,' July 31.- The contest for sea power between Great- Britain and America is only just beginning, according to ' Archibald HUrd, who draws his conclusion in reviewing in the Telegraph, Lloyds register tables which have just been Issued. These tables : show that from a total of. 2,000,000 tons of , seagong merchant- men in 1914, the United States has in creased to a point where she now owns nearly 12,600,000 tons of shipping- as compared with, the 18,000,000 of the United Kingdom. "The returns justify the word of cau tion uttered last week in the Telegraph, when figures were published showing a marked increase in British shipbuilding activity and the decline of work . on hand in American shipyards and engine shops" today's . article declares. "The calling off of American construc tion did not mean that we j need not anticipate keen competition in ship building and operating on the part of the Americans. ; . - , "The figures - rather' suggested; that production was proceeding faster In .the United States than in this country, that an immense volume of shipping had been put afloat to compete with vessels and the British flag and other flags, and that American shipbuilders, - with few domestic, orders, would" . prove , keener competitors than in - any preceding period . for laying down foreign ships." Hurd confesses that the way in which the United States has leaped to a posi tion of the second naval power of the world 1 by - concentrated' : efforts must move j Englishmen to admiration. - - All that British shipowners can expect, or legitimately wish is that they shall have fair play and that the seas as well as the ports of the world remain free, so that the most efficient service may be rendered, whether by ship under the British, American or other flags. -';? -' Miracle of , Money j ' A moving picture lecture entitled, "The Miracle of , Mohey," will be given in the open air at the Portland Settlement Cen ter Sunday night, at 8 o'clock, by the Rev. F. M. Jasper, director of social work 1 at Wilbur Methodist church. The lecture portrays how money alone fails to produce happiness. The Columbia Stages in Port ' By -William Moore :. ; Collector of ths Port of Portland, written for " ' , Tha-Street-, I Tha . aoeompanrinK paraarrsphs are excerpts fron an article "The Columbia River Gstewsy and Port."' writtea by Wilham Moore, collector of the. Port of Portland, for Tha -Street, an il lustrated financial review. - . .. .- ' Portland, Or., Is one of the most flour ishing commercial centers of the Pacific coast. Its port and sea commerce Is de velepjfig with extraordinary rap'idity. The- settlement in Oregon was estab lished at an early period in our -history. The act of congress approved August 14, 1848. which - established the 'territory of Oregon, v , provided . that th is territory should -constitute a - collection district, the first United States customs district on the (Paclflc coast with the port of entry .at 'Astoria.: near the mouth of the Columbia 1 river. The president, in this act , was - authorized to " establish not more, than .two ports -of delivery in the district (one of which, should be located on Pwget sound).' This district included what now comprises the states - of Ore gm, Washington and Idaho. :-: - s President Polk appointed as; collector of the' new port, -Colonel .John Adair of Kentucky, and, gave , him his choice of either; the district of Oregon, or the v, one about to be formed In California. Col onel Adair's father. General John Adair, who. had , served under Jackson at Newi Orleans,' been governor r- of Kentucky, and had represented Kentucky in both branches of .the national congress, - had been a personal friend of . John Jacot Astor.. Recollections ; of the wonderful stories v whlch heH-rernermei'ecl hearing Mr. Astor tell his father ,: of the Oregon country, and of the trading post which he . had established in 4S11, influenced Colonel Adair to choose the Oregon dis trict, and. the Port ofj Astoria .was es tablished early in-1849. .. ; - . 4 ; : f ; IK .EAKL1EB, DATS ' ' ' ' Astoria for a number of years was the' principal port of the Northwest, B)Ut the masters of vessels soon found tbat, if they eould get over the bar at the mouth of the Columbia river, .they could go much farther, and that up the river waa a large and fast developing country. Mllwaukie, on the Willamette river, was made a port of ' delivery in 1850.. Port land,' a new: town just below Mirwaukie, waa made a port of delivery fat 1851. In 1856 the Puget sound district, including what, is now the state of Washington, Was established with Port Town send as the port of entry The district of the P.O. DEPARTMENT PUTS A STOP TO EXCHANGE GRAFT 1 ' N ew ' Conversion Rates on Orders From Foreign Countries Goes Into Effect August 15. ' , , : ' (By United News.) ' Washington, July- 31. New con version rates on money nald onv in ternational money orders were an nounced Friday by the ' postof f ice department to take effect August 15. The. new pates on approximate cur rent rates of exchange will cujt off a steady profit to the United States which hasaotalled 'approximately $6,000,000 shjee 1912. ? s The profit has come through the con version, of foreign money- when inter national money orders were sold on the same basis that Charles Ponzl of Boston is reputed to have made his millions by dealing In international . postal cou pctns. ' .".,' ; ' v HO CHANCE JTAS MADE ', - . The custom regulated by international postal - agreements . is for transfers : of money made necessary byv the sale of money orders, to be mafe through the purchase, of money at current -rates of international! exchange. The approved rates for the conversion of foreign; money have not been changed since before- the war. The advantage has been in favor of the United States during almost the entire period because money in foreign countries has depreciated in : value ' in comparison to this country. ' ' ' The official report of the postoffice'de partment for; the fiscal year ending June 30, 1919, reported the bills of exchange as the result of money orders sold and cashed had been $307.71,330 In seven years with a profit because of exchange of $5,052,636. r .- , - - . Of this $585,665 was made in 1919. No report has been received for the past fiscal year, but, the amount will bring fthe total profit to about - $6,000,000. 4 Ponzi's system was to take advantage of the difference na exchange rates by buying international postal coupons, which are, in reality, international postal stamps. 1 HUGE i PBOFIT8 MADE Huge private profits were reported in the dealing in International money orders during the . early stages of the international exchange fluctuations, but foreign governments have put a stop to this by charging excess' fees for money orders to - make dpany difference In exchange rates. , The result has heen that the volume of money rorders has been cut down and the profits have been principally to the United States. Under , thee new conversion rates- an nounced an international money? order for one pound sterling will be; worth $4 in American ; money. Under the old rate it was worth $4.87. The new, rates ap plied to moneys of other countries make : One florin of the Netherlands equal to 38-cents; one krona of Sweden worth 24 cents : one krona of Ienmark or Norway, 20 ; cents, and 10.30 francs of France, Belgium and Italy, are equal to $1. Under old conversion rtes a little more than five francs were equal to a dollar and other rates were cor respondingly to the advantage of tHi country. Its was stated at the postof f ice de partment that other changes might be made in rates of exchange if justified,. Accused Fined ' $100 Joe. Pucci, an Italian, pleaded guilty Saturday to a charge of having intoxi cating liquor in his possession on June V2 and was fined $100 by Federal Judge R. S. Bean. Joe Viale, an alleged boot legger, appeared - before United States Commissioner Drake Saturday, . waived his rights to a hearing and wastbound over to the federal grand -Jury under $500 bail. The grand Jury will not meet until October. . ' , - " " " ' - a " " River Gateway Develbpment Willamette waa formed ' in 1870 with Portland as the port of entry. Presi dent Grant appointed as the f Irstxjollec tor of the port, Harvey. W,' Scott, who . in labor y.ars became widely known: as an able editor of the , Portland Ore gonian. The presidential order of March, 1913. consolidate all the districts of Oregon into the ' twenty-ninth collection district, with Portland as the head port. CHAN5EL IMPEOTEMEXT Portland, located ' on the ' Willamette river, 10 miles above its Junction with the Columbia, and 10 miles from ; the oceaA, seemed the ideal place where' the commerce of the , sea might meet,and mingle with that of the great, new and undeveloped country lying In the val leys, of, and tributary to. these two great rivers, both of Which were navi gable for many miles. The work of Im proving the channel of the river, .which had been started In 1866, was going for ward. - When work was begun at the mouth of the Columbia In 1884, in an ef fort to remove the bar, which was a menace to navigation, it was anticipated by many people that Portland was des tined to become the great port of: the Pacific coast.; - f . ..' "'1- , Portland rapidly prospered. ' Foreign commerce increased, and a; number of steamship: lines were operating regu larly .between . Portland rand the Far East. Tea. alias, matting,- burlap; and other Oriental goods came in large quan tities. Some, of course, was" forwarded to its final destination in bond, but much was held here for distribution through out the Middle West and South. Lum ber, flour., wheat, steel, machinery and cotton y ere the principal articles of ex port. iThe - first ootton to go from ; the United States) to the Orient was shipped through the Port of Portland. MIEXIOKS IK TESTED ' , . ' The .work .on. the river continued until jetties were' constructed, at .a cost of ii3ooo,oou. ana the bar at the mouth ot the Oolumbia, : which had. so long been dreaded ' by mariners,' was gone. In its place' , there Is now a clear channel 3000 feet wide, with.a. minimum depth of 42 feet'at all times, and which extends, up the river to Astoria. Its depth is 36 feet, for a width of 7000 feet. Work has been continued on the channel of the river, the Port, of Portland contributing dollar for dollar- for the amounts appropriated by. the government, until . a minimum depth of 30 feet has been secured all the way to ' Portias' would: grant more MART EDITOR-SAYS , AMERICA SHOULD t. . - ' --v (ENJOY PROSPERITY W. Barron Forempsf Financial Editor:' of . World,- Sees Good Times Ahead for U. S. A. There Is not a single reason why this great continent should not en joy , a continuance ; of vigorous, healthy booming 'business," says' C. W. Barron, editor of the Wall Street Journal, In an interview In the Aug ust American magazine. ."The fore most flnanciaV editor in the world.' as 3. C. Forbes the Interviewer, terms Barron, sajs4n part:-, i i "We produce SO per cent of the world's cotton, 62 per pent of its copper, 88 per cent of its oil, 50 per cent of its pig iron andr steel. 85 per cent of its automobiles. 45 per cent of its grain. 75 per cent; of its agricultural machinery, , 70 per cent of Its telephone apparatus, 85 per cent of its typewriters, 50 per; cent, of I He Ships and 75 per cent of its v packing products. " .-- tACK'OXE THIXO". ' We bxck only one thing. Intelligent direction '.of the country's capital, and Supplies of gold, , money and credit ;by tne autnoriues at Washington. - I "We have locked up in the 12 Federal -tteserve banks throned out ths country a greater amount' of gofd than' any other' country has ever possessed, an amount sufficient to warrant the Issuance of a great deal more credit, to legitimate business borrowers than the federal . re iserve board has been in favor of. t I "Some $2,000,000,000 more credit. could be granted by bur financlat institutions. Without bringing the percentage of ow gold reserves down to anywhere near the percentage of gold -held by Britain, jor France or any other leading country.! j "Both our exports and our. imports must be larger, not smaller. We must buy - more from other countries.- The more . we work, the more .we can buy. And the mqre. we buy. the more we can sell to the people of whom we buy. W can send steel and copper to the Orient, and take silks and bronses in return, j GOOD RET?R3f 8V ? -f. ' f'U ' f,-.; j ""We can sfell otton, grain, oil and coal to the whole! world, and bring in return the fruits off the world's labor. We have tnly to furiiish the necessaries of life, which we possess in superabundance,, to the rest of mankind in order to receive into our own life the wealth, the luxury, the comforts, , the things 'artistic, which can make the American working man : a prince and capitalist though he- must Still work with both brain and hand. j "To advocate' rigid" deflation that Is, the calling in of loans on a very severe Scale, and refusal, to grant ' reasonable applications for new., .loans by the right kind of - borrowers would be a crime Under the conditions existing in the United States and in the world today; j "The world needs production today;. It needs the credit behind it; and it will Continue to need , them - for five years following the war quite as keenly as it needed them durinsB the five, years of the war." f Prosperity Foreseen For Northwest by JohnL. Etheridge "Bonds , of the . great , 'northwestern states - are particularly' attractive now jfor the , reason . that prosperity and progress are going hand ' In hand, mak ing for the general i welfare of the people," says "3ohh Etheridge, presi dent of., Mfltris- Brothers, Inc. ; While 'during the. past great develop ment has been- recorded in all these states, the future is 'certain ' to . see far greater achievements.! The developed wealth of the northwest, vast' as it is. does not compare with . the. potential .possibilities, as - will be fully disclosed as progress is made. I ' '. - "Every dollar added ' to the improver, rnent and 'development! of- the northwtet places just ' that much morer -value on and security' back of the bonds issued by communities within them, making them - of still greater - investment -attractiveness." i , :.)- -! Nightmare Campaign Is Thing; of the Past; No Election Worry New York, July 3L-In commenting upon the ' presidential 'campaign, the Mechanics and Metals , National bank says: "Election day is only 12 weeks off, yet, the presidential campaign is not oc cupying as large a place in the minds of business men as' t was a month ago n fact 4 it is? ' not giving .them as great jcon?ern as in most campaigns of the past... It is still 'felt, that Ihe admintstra jilon of Ahe next four years will exert a powerful, effect upon business, but neither , parties have nominated , a man with radical tendencies. Both parties have : adopted conservative platforms and .there is no disturbing issue. no greenback agitation, no free silver con troversy, no active proposal for a radical change in the tariff, no trust busting -or railroad baiting utterances. - These- are the things that have made presidential Campaigns the nightmares' of business in the past. These are the issues that have brought, the- proverbial hesitation in business during the months before eleo Mons., In the present campaign such issues are prominent; by their absence. As business is under no fear of a radical administration it should ; be under no fear . of the pre-election ' unsettlement characteristic of, many campaigns In the past." - Z j'' ', 1 1 -US ail el ! msnsniiSsnaa iwiaji' in si ' -fx.-; -;; , ' , , - , ,',-. Bank Is Teaching V PeopleVto 5av The Peoples bank has just opened a juvenile department The new depart rnyit. will be-in. charge, of 8. Slocum. a former newspaper man. who,-as aaaist jaht circulation manager of one of the Portland dailies, has had much expert jence with young folks. - President Gru fwcU. stated that the Juvenile department has been established for the exclusive benefit of boys and. girls and they will be given the same attention that their ("friendly service" policy gives to grown tips. The apartment waa opened.' to aasiet parents to teach s-the younger generation the habit of saving systemat ically and bank officers will cooperate with parents to this end. -. . . j , Range, in Prices of Liberty Bonds and Victory Not's; During, the Past Week OFFICIAL CLOS1NO PRICES I Liberty li lf32-4T ... IJhrrty I t 4'1 . . Liberty 3d 4s 1S2T-4 2 ... Liberty 1st 4U 1032-47 liberty Ud 4 4l laT-42 Liberty ad 4 Ha 12H ... I.itv.r 4th alia 1 BAA.Sft .,..e..t" .11. ...... . ............... f Victory 4 He 122.2S-,'. , victory ss JSZ2-23 , .. CERTAIN BONDS FREE FROM TAXES, SAY BOND EXPERTS Municipal Bond Exemption Is Now V a Dead Issue, Since! June J, ' Decision of Supreme Court. i Congress is without power to tax the. Income from the bonds of states, counties, municipalities j'knd other' political subdivisions cf j the state, according to a recent &ectoion of the United States suprema ciirt.. This Information has " lust been! received by freema Smith & damp com pany, bond dealers of Portland and San Francisco, f torn Rov iCk Osgood. chairman of the tatat'on jcomrnltteo of the Investment Bankers' Asaocla- ; I - S . I .... iljn of America :'..r. - I J . ,.; n,A wo i,un In! raaa Cvans vs. Gore and settles for all time, according to legal experts, the question of whither t or , not . congress has the power, under the , cnnstltutlon,' ;to tax bonds of states and their political sub divisions. This decision is of vital Interest- to investors because many' have been jf earful that congress yould try to impose a tax upon the bonds lor Interest of 'bonds held by . them ortto be pur chased Jn the future. j r . ' ' case . decided; JC3fE 1 ' I v ,f.:..:V; ' The case was decided June 1 this year,! but copies of the opinion were .not received until now. While the case deals! directly, with the question of the income of United States district Judges being exempt from the Income tax the issuer of municipal bond exemption is definitely settled. . i t . There had been no question until the passage of the , sixteenth I amendment that congress .had no power to . levy a tax i upon municipal bondai The slxT teenth amendment provides that con gress shall have the . powers to lay and collect taxes on incomes from whatever source derived.' ' without apportionment among the several states, and without regard ., to any census or enumeration. Owing to ' the wording . pf this amend ment some - lawyers f thought! that con gress was given the power to tax muni cipal bonds, while others held that It did not. Many Investors, subsequent to the i Passage of the sixteenth ; amend ment, were reluctant to place "their money in bonds because of ; the open ness of the taxing questlonJ I ' In the new decision the United States supreme court says : 2De taxing power of the government Is comprehensive and acknowledges few exceptions. There are exceptions, however, and these cases are well settled. -,. . ... ; ij CONGRESS LACKED (PO WEB Pollock vs, Farmers' Loan: and Trust - company . it was . heldthe: full court agreeing on -this points that con gress waa without power to impose such a tax In respect of Interest received from: bonds Issued by a state il or any of its counties or municipatltlea" -. "This decision is of vital moment to every person considering . Investments," says Frank W. Camp of the local office, "andi removes all,' fear of congress SU tempting to tax .municipal bonds.. . As a matter :of fact congress, in passing the income tax law of 1919, re fused to- treat interest received from bonds issued by a state, as in.' the taxing power.. The new decision makes it plain that i under the constitution ' congress is devoid of all power to tax municipal bori8s.y. . - , k ji -1". . . ' t s i i i i. i Missionary's -Wife Called by Death - Centralia, Wash.," Jnly 3lJ Mrs. Jlay nor Smith, 34 years old, formerly Mlaa Abble Johnson of Centralia, died several days ago in India from diphtheria, ac cording to a telegram received, here by, her mother and father. . The Rev. and Mrs.l.fclmlth have for three years been conducting a missionary school In Mora-: dabad, interior India, sent by the mis sionary department of the Methodist church. , '. '; - ' - Moonlight arid Dance : pswainni si'inniioasxws iiiiiii -niiTinvirir- r ,MKmMmMtmf 1 S- : -rr,: ' : I ' V.-; TONIGHT The New Palatial Pleasure Boat leaves Tonight East Morrison Dock at 8 P. M. That Famous New Orleans Jazz Orchestra ' COME ON, EVERYBODY ENJOY THE EVENING ON THE BLUEBIRD . t Boat Now Open for Inspection and Charter. ' MONTROSE RINGLER, Mgr. credit Edited bjr Will F. Cciiias rue. Vri. "o 'w if" 450 RSHO R4H0 fso - MHO 057O 70 .SL nrn 84A0 M370 ""100 asao 84SO otoo eons - - HftM 4 40 8400 'K670 a7'J 4T0 84711. ' SH7 , ftftOS 8,M4 .t4 BA7-J 9502 0372 "jir.pis H4 TO Kf. TO 4Sd tMa PUTS l..7f ssTe S51S 3-70 H.M) 7 J . 0570 T SURPLUS RESERVE Trading in Stock Professional; Leading' in Market Mostly Rails Are Demand. By Broadun ! Wall New York. 'July 3. The' actual bank statement todair showed sur plusreserves decreased $1,810,000, loans decreased $20,5 99,000. and net demand deposits increased $9,856, 000.. The average bank statement showed " surplus reserve " increased $709,640, loans decreased $12,976. 000, . and net demand deposits de creased $33593, 000. j ' , - The local federal reserve bank showed ia ratio of 40.4 per cent, Compared nvlth tkie of 40.2 per cent a week ago, iof re serves ; to federal reserve notes com bined. V-Y" INCREASE T. SHOWN i - - It showed a ratio! of 40.9 per cent, compared with 40.5 per cent a week ago of reserves to net deposits after de ducting , 40 per cent gold reserves against." federal reserve . notes outstand ing. The holdings of gold show an In crease of $6,024,000. I ., - - ' Trading in the stock market was al most entirely ' professional and the fluctuations represented only the even ing up , forces of small traders. Business was of light volume and was confined largely to ths rails in expecta tion Of rate increases. L - Industrials were neglected because of further reports of curtailment in the steel . industry! and because of the out look , for securing coal. For this very a ratloi of reason, however, thei buying, of petrol- eum stocks was good large scale. -BKADISO GAIN'S although not on a There was 1 good Buying or tne low priced rails, i Heading showed consid- erable activity and strength, v Managers of the leading steel mills say that production j has not been cur tailed much and may! not be if sufficient fuel comes to hand. It is Chiefly a questlon of coal. There Is still time to save - the situation u railroads can get the freight congestion cleared up. The petroleum companies,; find that hundreds of factories are anxious toichange from coal to liquid fuel. ataaasaB iikwmiisiini I i ss Gold JNote Issue Is Offered at Prices To Give 8 Per Cent Considerable local Interest is 'betntf manifested in a $600,000 issue of Hen nlngsen Produce company 7 per cent gold notes, offered at prices to yield S per cent to the investor. The Title Trust company of Portland is fiamcd as trustee ana me -issue is oemg ijuaieu vj O. E. Miller & Co. I i The Henningsen Prjoduce company was established 80 years ago at Butte. Mont., and has shown a substantial profit every year, ' The business! consists of large cold storage, jcreamej-y, ice making. Ice cream manufacturing, cheese manufac turing, milk condensing and earg freez ing and evaporating) plants. The rom pany pperates plant at Butte, Mont., Tacoma, Wash. ; Scid and Newbcrg. Or., and Shanghai; ChinaJ The " Henningsen Produce company owns two thirds or more of the capital stock of the I-Iazelwood company of Portland, the Northern Produce" com pany of St. 'Paul. Minn. ; Commercial Creamery company of Spokane, Western Creamery company of Miles City. Mont. ; Yellowstone Creamery company. Bill ings .Mont. ; J Beauclalre Packing com pany, Alaska, and to per cent of the stock In a number of smaller corpora tiona engaged in the same line of busi ness: t. " -1 ! ; . - ?-?V,:.:.- ! 1 " . 42 v To Release Pheasant ' State Came Warden A. K. Burghduff has filed 400 China pheasants for future reference. When the weather is more suitable for the protection of the" young birds, he will take Ihem to the green fields of Southern Oregon and release them to the future mercies of hunters of their delectable meatj ' r Excursion. SHOWS INCREASE ' - -i ' i : ; - :