12
THE OREGON v SUNDAY JOURNAL, PORTL AND, SUNDAY MORNING, AUGUST ; 15, 1920.
JIB PORTLAND IS l
PUT AT DISPOSAL
. OF RIVER PILOTS
Port of Portland to Pay Overhead
Expenses; Steamer Wirt Niva
f ria Hauled off Sandy Beach.
" t'To rellejve conditions at the mouthj
the Willamette the port of Port-i
land has j placed at the disposal of
the Columbia river pilots and eteam-j
ihip operators the tug Portland, alt
overhead charges to be assumed by
the port Of Portland!.- The tug will
assist all J deep draft; vessels in and
out through the narrow channel dur-j
; tng the. time that dredging opera-f
tions on the shoals are in progress,
Letters requesting th.e cooperation of
the pilots and steamship operators with
the port of Portland and the use of the
tag were sent out Saturday morning by
Captain Ptlhemus, engineer for the port.
Grounding of the steamship west M
aria at the mouth of the Willamette
en Thursday and from which position
she was released Saturday morning: at
1 :J0 prompted the action by the port of
Portland, The West; Nlvaria went
aground In an attempt to 1 clear the
dredge Tualatin, which! was. working on
the shoal on the lower side of the
Willamette river light. In lightering the
vessel most, of the fresh water and a
large ftartj of-the fuel loll was pumped
out. The I West Nivaria wss towed to
Portland and berthed at Municipal No. 1,
where she! will be surveyed. f
it Considerable delay was caused to the
Steamship Trellssick (British) on ac
count of ; the blocking ; of the channel.
She was ' forced to anchor twice before
entering the mouth of the Willamette.;:
TllItKK jOF SIIIPPIXO BOARD ;
. - FIXED TP TAKE ON GRAIN
" Three IjTnf ted States i shipping board
Steamers of 8S00 tons each have been
chartered to load grain at north Pacific
ports for the l?nHed Kingdom. The ves
sels have been chartered at the new rate
Of $20. It) was not announced who the
Were, or their loading dates. j
. .Private .pd vices received in local ship
ping circleis announced that Tokio cham
ber of! conimeroe and eljrnt other similar
bodlesl til 'Japan will hold a conference
for the purpose of taking counter meas
ures agaltist the Jones I act. It is said
that the commission will; be appointed to
formulate plans to prevent the-American
Shipping bill from interfering with Jap
snese shipping interesta j
PIKIt BITII.DKRS O.V STR1RK j
jVER FORI2MAN US JOB
'Astoria, Jor Aug. 14. As a result of
S labor qispute 125 . men employed in
construction work on pier 3 of the port
docks qultj work today. The trouble 'oc-'
curred oer the employment by the
Voundatioft company, which has the con
struction contract, of C!ecge Gelsendorfer
as foreman of the labor crew. Gelsen
dorfer ,1s not a union man, but when
anked to Join, presented; his application
for memb,ership in the laborer's union.
At the meeting of the union last evening,
the foreman's application was rejected
on the ground that he had refused to
Join a strike at the Astoria Marine Iron
works plant several months ago.
. ' This morning, the union demanded that
Gelsendorfer be discharged, but Maria-'
ger Marshall of the Foundation company
refused to grant the demand , and the
strike followed. i I
News of the Port
""j arHl Augurt 14
TrelUnlcfe llritirh steamer,; from Boston t:b
Ttntmi canal ; ballaat.
t Atlas. American ataamer, 1 from Ban Fran-
!: oil. . : ; - i
-Hnr S3, American barget from Saa Fran-
ciauo) in tonratMmer Atl: oil. i
; ' AT Ineighbo king ports
Aatorta, Kuj. 14. Haileit at midtiielit : Re
Hhh ateamer 1 Ihdua, for il'nitmi KinasiuiH.
Hailed at p s. ni.: Stea'urr Stanw1. (or
Cal'eOi PHi. ArriTwl at a. tn. : Kteara,"
Atlas and Barge 03, from San Krancixco. l.rft
UP at 10 a. m.; Barsa 031. 1-rft up-at 11
a. in.; StMnwr Atlaa. . i '
.. VJ - !. . t 1 A ' - -. A . .
Stramvr Vt Cayote, from Naur York fof
TMrtland. (Sailed at U a. ra. t Steaoier-Wilr
hiinetta, tot Portland. Arrirml at r . : m.j;
Strtner V. llemn, fmin Portiand.
North Hvaii. Waslu,. Ana. 14. KiElit P. tu.i
Adramtl Sealbror. Nan i'ratx-fcro for Vk-toria. lhS
Ktilva froin tVietoria; I.ym;in atawart, Seattle fot
OK'Uta. 639! nilva from Olrura.
na.ilitenaw.ifor rortlainl.
San Pedrb. Aus.' 13. ArriTed at R a. in.
Steamer i'omnna, from Portland and Puset
Bonnd. for l'ilon and Hall and Antwerp.
Hotiakous Ang. 1 1. -Arriied: Steamer Elk
ton. from Portland.
, CriatobaJ. I Ane. 12. Railed: Steamer Kin-
Sits, from Portland for Urai-pooL
T v - lABlNK A I.MAS AO
Tides at Astoria Rflondar
HUrh Water . I low Water
1:T a. m L.S.5 twt j HtSS a. ni..-0.3 feet
$:3 p. m.(..8.0 fret ) 9:00 p. m...0.3 feet
j i , : ;
He port Frnm Month of .Columbia ItlTer
Nortb Hoid Ann. 14. Condition of tlie sea
at 6 l. m. ninoHJi : wind, north, 10 mile-.
LKORIXASTS
Piirtland and Vlrinlty-r-SuJulay fair, coutimird
trm; nortdirly wimK
Oeweon and Waliinston Sunday fair, con-
. tinned
moderate northerly wmdv
OBSKKVATiONS
Wind.
C 9
r; a
it
8
STATION &.
1-5
Chrectifm
It
VeiotityT"
Mi
a
Siker . . .
t4
o
ft
XWjtTise v
NW.I'tear i
8M U'Lwly
6Kl'rt Cli-udy
W Part Cloudy
SKK'loudy
WlfK-ar
XW'fkmdy r
NKiflear
SK Clmidy
Moia .
rVwton
Calory
t'hioaeo
II U0
Mil
.02
S
S2
0
O
o
o
o
0
0
lienrer : . .i
THM Muinea
7S
Rnreka . 4 !
A4
(aTr ton I
8
Helena . . i .
6
tjunuu .
Kansas City
l.oa Angfte
Mar-hfleid j
lledfonl . .
MinueaiiolM
.04
o
0
o
0
.02
NKIINrt Cloudy
s
w t iear
N W H I. r
7
104
m
s
t'lear
8
Ck-ar
New Orleans.
New Trk. .
North Head
4 R2
.101 10
0 1-0
.0G . .
0 li..
Sjtloudy
NiClear
NWflrar
Nt'k-ur
NWH'l.ar -NiOcar
Mit'lear
WiKain '
JfjI.tyss
W1or
SWIClnr
NWlt'leae '
NKKain
- M'H'lear
Wjfk-ar
' Sltlrar
fWlloudy
U'ifli-ar . i
8 n.n.t
SS
Jltio
Pocatello .1, .
Portland
Ro rbitre
(t
io
98
o
110
Sacramento -j.
10(i
St. Lxjim.
Salt iJkr.
San liesrv
84
l)0
O 1 12
RO
n
MO
0
ft
o
6a n Kranciaeo.
16
!mttle . .
tHilka... J..
Blh'kane ' -Tamms
.. .
Ti-too-h liL.
tVaWlea .'. . .
Walla Walia
.12!!
;1IHH
o
.0
o
.10
o
.02
0
ssl
as
I 48
102.
Wavhtnctott . L
9
Vlnntuec. I
i Yakima . i .
12
(Part dowdy
10
b it. icar
a. ja. Uxiay. t P. m. reiiort of prwednu duy.
I,OCAl JATA
Port land. Lte- 14 iHichet temiierature.
a S !S drnMH:iimret' trmtierature. 82. S dMTfM.
Kiwr rradiiia i S a. w., T-.S tett. Ouiiife, in lat
S4. hour. ! 0. 1 foot. Totl rainfall p. as. to
O p. m.1 ' w wicil. : loT.it rainiau ainci' oetHm
; atr 1. fcOl ),-- SS.St Inelie. Normal rainfall
aui'ro t nilwr . 1; 44.72 : ineSc. Jtrficirnrar :--'icf
riu fall autre iSeftembtr 1. Ifl9. S. 2 1 inches.
. fet-ariae. 6:08! a. a.i tun-tt, 1:21 p. m. ; lutal
,, -i f-: t-,l ::
BARKENTINE
IT
S 3
5 nVhl'
5 -f
' 5 f.
W i '
it f
Monterey passing from the Xnman-Ponlsen mill to the Supple-Ballln dock to complete a lumber j cargo for
Iter maden wind jamming trip to Durban and Port Elizabeth, South Africa. The barkentine-was form
erly In service on the coast as a tank barge and was recently refit ted at San Francisco. Balfour, Gutli-
! ' o & Co- f chartered the vessel. ; -:i ' "... i ( v .". ! '
Advert
ismg
J
I h
The
policy of iThe Journal In protect
ing its readers -from fraudulent adver
tising I and assisting the legitimate advertise-
In distribution was explained
to members of j the Oregon Statfe Edi
torial f association at the annua con
vention at Astoria Friday. J. F. Lang
ner of The Journal was the speaker,
j- ."The Oregon' Journal does not carry
any patent medicine advertising nor
any advertising which purports to
'cure ja diseasei" said Lanifner. "Ad
vertlsrfients of patent medicines fre
quently contain! statements which are
misleading and I untrue. We are un
able flo discriminate between the true
and the fslse. i k When we acept adver
tising we virtually give these advertis
ers a I card of infroduction to Journal j
readers and for; fear "we might give Mil
introduction tor something which miejht J
not 'tlo all that; is claimed for it and
to prdtect our readers, we have to de
lete all patent! medicines from our ad
vertising columns.! - "
"The ' same policy- applies to adver
tisements of ' wildcat and speculative
ventupes of one kind and another."
BASH IS eOXFlDEN'CK
"There Is anothet... factor to be con
sidered 'said Langner. Tf your reafl
ers hjaVe confidence in the truth of
every k advertisement which appears in
your paper It means that other ad
vertisers benefit, more people will ;i be
lieve in advertising, and the public, the
advertiser and ; the publisher Will j all
benefit. " I ' ' , .
NEW DUE ill
BASIS FOR FIGHT
: ; , t -Widow
of Divine Healer Plans to
Wrest Control of Zion City
From Wilbur Voliva.
Va)ukegan, 111.. Aug. 14. (U. P.)
-Arned
with
what she says is a
newly ; discovered will made by her
husband, Mrs, ! Jane Dowie, widow
of Jofhn Alexander Dowie, who re
turneil recently from Los Angeles,
plans to wrest qontrol of Zion lty
from Wilbur Glenn Voliva, present
overseer. j
Mrs. Lowie refused to disclose the
terms of the new will tonight, but said
"it is a wonderful document from a
literary standilnt," and that it does
not m me Voliva the ' successor of her
husbar d. founder of Zion City and self-stytt-d
"Elijah, the Second." :
' The return of j Mrs. Dowie from the
coast, where she! has been engaged In
"divine healing." j already has created a
stir inj the Zion colony. . She took- oc
casion tonight to) deny assertions made
by Voliva to the effect that she deserted
the citi after the (will that was officially
filed showed Voliva to be Dowie'S legal
successor.' " r " '.! :' . :-' "'
- "1 ws driven away ' from Zion . City
ly, grif. and not because I'no 'lonjrer
cared for its people after Voliva took
the leajleri;hip,"i she said. "I have been
true toi my son (Gladstone Dowie) and
some dky he will take his rightful place
in ; Zion.? . - ; .,, '' . .. . , .
She said her husband was "father of
Zion" a)nd that she wished .to be mother
of Zlonj. i v f t
. The iplU throusrh which Voliva came
Into power "was alleged by her to have
been made while her husband was not
mentally responsible. "
,1'. 1 i . . - . : '
Purdy Elected Head ;
Of Salemfs New Cox
For President Club
SalemL; Or.. Aug. 14. Will E. Purdy
was eleeted president of the Salem Cox
f or-President club (Organised at a meet
ing in ihe courthouse here this after
noon. : Other officers of the club wtll
be choaen at a meeting to be called
within the next two weeks: Purdy was
a member of the .Oregon delegation to
the Democratic national convention at
San Francisco. , - : --i.' -"
The cub will cooperate with the Dem
ocratic )central '.committee' In the enter
tainment of Franklin D. Roosevelt. Dem
ocratic candidate for vice-president, who
is scheduled to speak here next Satur
day. Headquarters will be opened im
medtatety and tlie club will enter into
an intensive campaign In the Interest
of the emocratic, ticket. -
.1 i.. 11' 1 .it" s , .
. " , Ju"-.i, p. m. rfcmmielrr (r-
leel) J p. ro . 29.84 inches. Kela
t;To linmiilitit 5 a. m., 73 per cunt; noon 40
oumal
Policy
lr ceni;3 p. m. 81 per cent. .. t
READY FOR! LONG VOYAGE
K-Alii : - ? ', : flH
''--. 'tBi Jl
That Pays
H t . " . " V M
Best
Is Outli
Langner spoke ' at lengthj on : the
value of cooperation between! the pub
lisher and advertiser. .
"When The JourmN acepts advertls
Ing," he explained. "It says to the ad
vertiser, Can a reader of The Oregon
Journal buy your advertised product
In almost any. store in '.the territory
covered by our : paper V If not, then
the advertiser loses many sales. Ills
distribution Is not efficient. Man is a
creature of Habit and deals with a par
ticu'ar merchant from force (of habit.
If he sees and advertisement in The
Oregon; Journal and. cannot buy that
product in the regular store j to which
he is in the habit of going he! frequent
ly gives up the idea of making a pur
chase at all or buys a substitute.
When this lack of proper distribution
is evident the whole purpose of the
advertising campaign has failed ; and
the cost of the advertising : represents
a loss to tlie advertiser and: incident
ally to the paper. : j - ?
BUREAU, MAIXTAI5ED j
"It is to help the manufacturer who
wants to enter the Oregon territory se
curei as nearly, one" hundred I per cent
distribution as possible . that The Jour
nal , has Installed its merchandising-
bureau and the services of ai staff of
skilled specialists are employed to help
the advertiser In , this respectj" : , ;
The Merchandising Bureau: of The
Oregon . Journal is the ' first organized
department of. tike character In the
Pacific Northwest.. , ili
STATE EDITORS TO
VISIT AT SEASIDE
- ' ' it'
Business Sessions at Astoria Are
Concluded With Election
of Officers.
Astoria, Or, Aug. 14. Election of
officers and choosing of Bend as tha
next meeting place were the princi
pal business features of Saturday
afternoon's session of the! Oregoni
State Editorial association. The elec
tion of officers other than President
C. E. Ingalls of the Cprvallis Gazette
Times, who holds over, was held.
Bend was the only ' city" making an
effort to land the next, convention, anl
while the executive committee will
make the decision f it." is practically as
sured ; the' choice will be- Bend. 'FYed;
C. Baker! publisher Of the Tillamook
Headlight, of Tillamook, was elected:
vice-president, Lloyd Riches j of Port-t
land was - elected secretarv-troaaurer for I
the fourth consecutive time, t j .!: : '" i'
Wj C. Depews of .Lebanon, publisher t
of the Astoria Budget, was elected a ;
member of the state executive! commit- i
.ee for a; term of four years,! succeed-1
ing E-' B." Aldrich, editor of the Pendle-1
ton East Oregonian,". whose ;term ti.l
pired. . John E. Gratke. former publl.sh- i
er of the k Astoria Budget, who- has 're- i
tired - from the - newspaper - publishing
bbsiness. : resigned ; as executive , com- i
mltteeman. . ; -; ' , ' ,
S. I C Morton," ' publisher - thi -' &t.
Helens Mist, 'was elected to ferve the ',
unexpired, portion of Mr. Gratke's term,
aniountlng to three years. '. The repoi t "
of Secretary Riches showing Che activ
ities ;of the state association since the
last convention,; was . read. , . t
a Danquet : tor' tne. visitors was neia
at .the Wcin hard hotel in "the'i evening.
The visiting delesates alid- their ladies
will be taken to Seaside Sunday, whert)
tlieyi will be entertained. j .
Toledo Plans; to ' f
Develop Power on :
The Siletz River
Salem, Aug.- 14. The : expenditure ! of
approximately 8220,000. in the; develop
ment of power and the - extension - of
Its municipal water-supply system is
contemplated by the the city of Toledo
which, Friday, filed with the state en
gineer's office here an application for
the appropriation of 800 second feet of
water from the ,Sllets . river. It is
planned to divert the water from the
river through a pipeline 19.5 miles long.
4 R. J. Hendricks of.. Salem has made
application for - the storage of - water
on the Trask riTer in Tillamook coun
ty and .for the appropriation of water
for th development of - power. near
Tillamook. -
An application filed by W. I Mont
gomery and A. J. Waters covers the
appropriation of water from ; Althouse
creek for placer: mining purposes In
Josephine county. -: . . , - ; . ; ;
ned
HEAT WAVE YIELDS
TO COOLIN G B REEZE
Temperature Drops Seyeral De
grees From Torrid Conditions
of Two Preceding Days.
The heat wave is subsiding.
, A cool breeze Saturdayj moderated
the temperature which at B o'clock
was only 88,' as compared with 95
and 98 of j the two preceding days
at 3 o'clock.
' While the weather forecast for Sunday
Is for fair and continued warm, indica
tions are that the temperature will show
a stil further decline and Fortlanders
who were planning to spend the day with
electric fanri and ices will find picnics
and outing trips not unenjoyable.
The most I popular placesj near Port
land Sunday will undoubtedly : be the
rivers and lakes where swimming will
be In order! aa a relief from the heat
that has been sweltering for! a few days.
But cooler! weather is here, : The maxi
mum temperature for Saturday of 88,
degrees,, which Was-reached!. at 4 o'clock
and continued for an houK' had" " fallen
to 7J degrees at 7 o'clock, j :
Hourly temperatures Saturday were
as follows
:00 a. :m.. .
7:00 a. m...
s a. m...
!:io m...
H: a. mi..
1 1 :() h. m.. .
IZ -.Ov id. . . .
63 l :0O p.! ...
n.) z:0 n.i m.
BSf S:0rt p.i m.
C8 4 :0O p.i m.
74f SrOO p.! m.
771 fi.P PJ n-
S0 7:00 p. I m.
Pendleton, i Aug. 14. Njneteen twen
ty's heat record was broken ' here Satur
day with . 1 03 degrees. The previous
high mark,. J2. set in. July, was tied
Friday. Nineteen nineteen s maximum
was 110.
The Dalles, Aug. 1 4. Old j Sol w as on
another rampage here today. As a re
sult,' the sweltering populace has turned
to the Columbia river,; bath tubs and
other ; cool stots . for relief.j ' The tem
perature went to 103 degrees early Sat
urday morning, and stayeA there all day.
A cooi .breese, with a lowered tempera
ture made the evening fairly comfort
able. I ;
Corvallis, Aug. 14. On Thursday and
Friday Corvallis experienced a tempera
ture of 100 and the folks longed in vain
for the cool sea breeze that so often has
brought relief, -i .
1-
TUBERCUL0SIS SURVEY
IS BEING CONDUCTED
With the vie to determining the need
.. ,v mmm
ai aaaat.!.xil mmrnA ti
:' Robert W; Osborn ; ;
' - i - r ' I -' ,
for a district county . tuberculosis hos
pital fof Umatilla, Union. Wallowa "and
Baker counties.1 a Survey Is being con
ducted In .those counties by Robert W.
Osborn for the j Oregon Tuberculoses as
sociation. The survey includes facts and
figures t of deaths for the i past three
years from tuberculosis and on active
and incipient casea. In Baker, county last
year there were 40 deaths and inV. Union
county ; 11 deaths. Representative citi
zens, physicians and nurses are all fa
vorably to the establishment of a hos
pital which seems specially needed for
the sick poor; who' have neither the fa
cilities ttr t'- knf" ledee fir caring for
their, sick ones. -lThe public conscience
la -regard to better public health stand
ards has been awake ft el in Union county
through the work; of -the county public
health nurse. Miss Louise. Zorn, and in
Baker county y iliss tnizabeth Bar-
T"- " I -1. - -
SURPLUS AND LOAN
DECREASES SHOWN
Decline Figured From Actual Bank
Statement; Price Reductions
li Are Predicted.
1 By Broadan Wall
New York," Aug. .14. The actual
Dank statemeirt today showed sur
plus increased $3,404,610, loams in
creased 110,365,000 and.net demand
deposits decreased $40,937,000. The
average statement . showed , surplus
decreased $3,946,080, loans decreased
$7,061,000 and net demand deposits
decreased $5,168,000. 4
The local federal reserve, bank showed
38.8 per cent compared with 39.8 per
cent the previous week of reserves to net
deposits and federal reserve notes out
standing. It showed 37.3 per cent com
pared with 39.5 per cent the previous
week, against deposits after deducting
40 per cent for federal reserve notes
outstanding.
Stocks opened Btrong hut " Immedia
tely showed the effect of profit taking.
The bankers who - bought several days
ago to support the market when it
seemed in danger of breaking severely
are now selling that stock, believing the
Polish crisis is past-i They expect an
nouncement of peace by Monday, as the
opposing sides were in conference at
Mlsnk today. The professionals expect
a cheerful opening on Monday and will
take profits on it. Some of them sold
today. " I '
Material reduction in retail prices is
expected soon. - ' ,
Although the company, was silent, re
ports in the b tree t were to the effect that
the American International iad taken
its loss In Simms Petroleum and that
the Simms company would be reorgan
ized. ' . ;
General Motors, for the six months
ending June 30, 1920, earned $1.66 per
share on Its outstanding capital stock-
The high class petroleum stocks were
strong today, and others quiet and
steady.
Howard Kinsey Is
Washington Tennis
I Champion of 1920
Seattle, Aug. 14. Phil Neer and Wal
lace Scott, the "northwestern team km the
men's "double," took Abut one Bet from
Howard Kinsey and Irving Welnstein
this afternoon in the state champion
ship. The Californlans coordinated their
plays perfectly, 'showing some of the
best teamwork -that has been seen on
a Northwest court this, season. The play
was even in the first set until Neer lost
his serve on a double fault. From that
time on. except in the third set, the
Californlans had things pretty much
their own way. Hard driving in the
third set gave, the northerners a brief
respite from defeat. ;
Summary:
Men's singles Kinsey beat Welnstein,
California, beat Phil Neer, Portland
6-3. 6-3, 4-6. 6-1. '
Women's singles Miss Mayme Mc
Donald, Seattle, beat Mrs. J. C, dish
ing, Oakland. 6-1, 7-5.
Juniors' singles Armand Marlon. Se
attle, beat J. Brown, Seattle, 7-5. 2-6, 6-2.
Men's doubles Kinsey and Welnstein,
and Wallace Scott, Tacoma, 6-8, 6-2,
5-7. 6-3.
Women's doubles Mrs. Cushlng and
Miss MacDonald beat Mrs. Bragdon and
Miss Sara Livingstone, 4-6, 9-7, 6-1.
Mixed doubles Mrs. Cushlng and Kln
Sey beat Miss McDonald ana Clarence
Griffin. 6-1, 6-3. i
Mrs. Booth Ross
Denied Custody of
12 -Year -Old Son
Sheridan. Aug. 14. On the ground that
she was, not considered a proper person
to care" for the child, Mrs. Anna Booth
Ross, recently paroled from the state
Iienitentiary, has been denied the custody
of her son, Krmel Booth, 12 years old.
Judge Asa Robinson of the circuit court
at Dallas denied her application, ;
Mrs. Ross was serving sentence for
the slaying of her husband. William
Booth, near Willamlna, October 8 1315.
She was convicted Jointly with William
Branson. Last January Mrs. Booth was
married to Ross. .
' The boy, when Ills mother was sen
tenced, was placed in the . custody of
Mrs. Cal Harrington, 'who lives at BuelL
Two Riding Tandem
Hurt in Collision
, With Automobile
An automobile, driven by R. B. Smith,
1124 Kast Twenty-fourth street north,
collided with a motorcycle, injuring Mike
Uorris, 29, and Aleck Petrozoff, 23,. rid
ing: tandem at the intersection of Klll
ingsworth. avenue and Kirby street at
4 :30 p. rn. Saturday. Smith took both !
men to the emergency hospital where
their injuries were treated. Dorris, who
lives at the Malton hotel, First and
? Madison streets, sustained a. bruised
thigh and knee and possible fractured
leg, Petrozoff suffers only slight bruises
of -.the ik-gf. He lives' at 223 First
street. Both were' taken home.
Coast Prices Given
In Table on Liberty
I And Victory Bonds
San Francisco, Aug. 14. The Federal
Reserve bank for this' district today
compiled 1- the " following . table giving
Liberty and Victory loan prices on this
coast:. - i
Apprrwl-
Per
.Cent
..SK
..4
..
. .4
'ILitor- '.3Jret
m i f
t l-u.
Fir I.lre-rty. . .
Kir-t I .b".rrjr. . .
Fit t T.ib-rty. . .
Kfconrt l.ibt tr .
Hrfond Liberty-
lt-.
PrirvL
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4.13
R.OS
"
B.2T
5.R4
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5.2
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l3-47
1932-4 7
1927-42
1S27-42
1 -8
1033-SS
0
sH
S3
S4 '4
SS
ItlH
4
Fourth Uhrrtj . . . 4
Victory Mwrty . . . 4 ,
Tictoiy Ubcrtjr. ..
123-2S !H
1922-23 54
Range in Prices of Liberty .Bonds and
Victory Notes During the Past Week
OFFICIAL. CLOSING PRICES
Liberty 3 34 a 1932-47 ........... .
Liberty lt 4a 1 932-4 7 i . . . .
Liberty 2d 4a 1927-42
Liberty lt 4 34 1 982-47 . i . .
Liberty 2d 434s 1927-42 ,......
Liberty 3d 4 34 1 928 . . . . . , . .
Victory 3 4 a ' 1 022-23 ; 1! ' '.
MEASURE DECLARED RUINOUS
4 PER CENT RATE
. LAW IS OPPOSED
N. U. Carpenter, President of the
Citizens Bank. Scores Idea
and Predicts; Failure.
By Will F. Hessian .
A strong united effort will be
made throughout the' state, by busi
ness men, home owners, farmers and
bankers to defeat the proposed
measure at the gen efal election in
November to fix the legal rate of
interest on all money thereafter to
become due at 4 per cent and 5 per
cent on contract loans.
Should the measure become a law it
will work havoc among those who will
find It necessary to seek new capital,
from the home owner seeking a renewal
of a mortgage to the manufacturer seek-,
ing -more working capital. . Its passage
will mean the suppression of the Indus
tries now established and a stumbling
block to new industries and capital which
the state needs so badly. ' With 4 per
ent fixed as the legal rate of interest
within the state outside capital will be
withdrawn and 'local capital will . seek
outside channels for Investment.
The opponents of the measure have
called for meetings in a number of lo
calities between now, and September 1.
It is. intended to cover every section of
the state so that the "voters may be in
formed of the ruinous results of such a
law. .. '-
In commenting tpom the -measure N. U.
Carpenter, president : ef the Cltlslns
bank, also president of the Oregon Bank
ers' association, says: "The people that
would be seriously affected, would be
the merchant, the manufacturer, the
farmer and the laboring man ; particu
larly the laboring man who Is paying for
his home, as he would be unable to re
new his mortgage. County road bonds,
federal farm loans, bank bonds, munici
pal and state bonds could not be sold In
Oregon. Only last month there were
several counties in Oregon who had
voted to sell their road bonds, but they
did not receive a. bid and these bonds
bore 54 per cent Interest. We must alsp
remember that 75 per cent of the money
that is louned on farms, office buildings
and factories comes from the Eastern in
vestor, which source of supply would be
cut off should this law pass. Money is a
commodity the same as hay or grain.. It
is a question of supply and demand and
it goes where It gets the best market. ; It
seems that the. measure is aimed at the
banker when in reality it is a blow to
the borrower. The banks have less to
fear from this measure than anyone else,
as they can loan- their money at a good
rate of -interest In the East. I do not be
lieve there Is a possibility of this . law.
passing. The people of Oregon are too
Intelligent to be deceived by the propa
ganda the proponents of the amendment
are Spreading about." :
Billions in Bonds
Are Bought Back
By U. S. Government
There have been many suggestions
for raising the prices of Liberty bonds,
but few of them would be of practical
value In view of the high rates which
money is commanding - at present. Lib
erty ' bonds have - declined . chiefly for
two reasons ; first, because they were
floated 'on a basis of patriotism, with
out due regard to the cost of money.
In the second place, millions of small
holders sold, partly . because they want
ed cash and parUy because they saw
the securities continually declining.
"According to the secretary Of the
treasury, the United States government
has bought back about $2,000,000,000
worthj of these bonds," states W. J.
Woolman & Co., in its recent financial
review. This migb'be considered good
business on the part of a corporation,
which had outstanding a large issue of
depreciated securities which some day
it would have to redeem at par. It" would
be a good thing for the stockholders if
there were plenty of idle funds for con
ducting the operation. We do not be
lieve that the United States government
should attempt to make money but-of
its citizens. If it wants to sustain the
price of its obligations there are other
means of doing it."
Bank. Employes Are ,
Given Special Aid
The State Bank of Portland" believes
thoroughly in the American Institute of
Banking, which gives every bank em
ploye a chance to Improve his or her
qualifications, for higher banking re
sponsibilities by attending classes of in
struction. Last year. largely ; through
the efforts of Auditor A. IL Herndob
ler, every employe -of the State bahk
was a member of the A. I. B. This
year Herndobler. has been made chair
man of the membership committee and
will conduct a drive in September to
make every bank in Portland 100 per
cent A. I. B. .
SHORT-TERM TfOTF.S
OnotaHorw Fnrnished by
rLABK, KENDALL, it CO.. INC
Security -
Maturity,
Hid.
A.ked.
Am. Cot'n Oil ft.
Am. T. & T. ..
Am. T. It T. ..
Am. Thread 6s. .
. . . 6, 2.1!)24
.-.10, 1.1922
... 2. 1.1924'
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93
98
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974
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99
93
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KM
97
974
874
Am. Tob. 7s ...
Am. Tob. 1 .....
Am. Tub. 7a .....
Am. Tob. 7s . . . . .
Anclo. Am. Oil 7 H
Armonr ConT. 7. .
Belcian (ior. 7 34 .
.11. 1.1020
11, 1,1921 99
11, 1.1922 99 ,
11. 1.1923 99 4
4. 1.102.1 - 9MH
7.15.19HH 9S
, 1.1945 97 M.
Beteian io. 6. . ; . 1, 1,1921
Itrlirian finw. H .1. 1.192.1
Bethl m Stl 1. . . . 7.15.1K22
Rrthl'h Steel 7a...'. 7.1S.1923
rltlh o. 6 Ha... 11, 1,J21
Kritih Gov. SHi.,11,- 1.1923
Canadian r. a hit. 8. 1.T921
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1
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97
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97 ,
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97 '
t anadian t,o. S V4 .
t'ucUhy Park's 7a . .
Inter. B. T. 7s. . .
JapaneM Got. .4 H . .
Kennerott Con. 7s . .
8. 1,1929
7,15.1923
9. 1.1921
7.10,1923
1.1930
1,1921
1.1920
1.1021
1.1923
Uss. Uei Tob. 6a. 12
Muline Plow 7s
9,
Mollne Flow 7s ... .
Moline Plow 7a. . . . .
Molin Plow? 7s. . . . .
Moline Plow 7s. ...
X. Eozh Tr. 7s ..
Oaa fclec 7a. . .
9;
. 1.1823
9. 1.1924
S. 15. 1 922 10
S. 1.192S 93
Swift
S.1A.1921 97 K
tV 8. Rubber 7s. . . . 12, 1.1023 97 Vs
Mon. Tue 3' ' . Thu ny Fri. gat.
. , 90S2, - 9070 ...- t BOSS 90SO ; ftOlO
8520 - S10 - K - ' H44 8470 i ? 84WA
i S4-10 S440 r -II HS1MI 8412 8414
. 853! 8.1 111 K." 2 8442" 8474 S 8460
. 84.10 84" 8 (0 SS.l'l 8430 8432
. 8 88.10 MS to v 84 SU 8800 : 87HO
, 8RW2' : 84(16 84S4 . 84 S 4 - 84 74 84 74
.'t52 9.17H H .-, U.-.-IO 9.1.14 , . .-,.1
. 9SOO 4. 7957S r' v 9iS SfiHa 9iS4 ' lilt
NAMED VICE PRESIDENT
LOCAL" SECURITY
"': ':j , - .. ' Frwdl- Glenn- .
To KHsint in handling the expanding
business of Morris Brothers, Inc., Fred
Glenn, who has been in the bond busi
ness Bim,-e 1907, has . been named as a
3rlce-president.; of sthat house and has
entered upon his new duties. - -
Glenn has' specialized fori many years
in the purchase of. government and mu
nicipal bonds and is an expert In that
particular field. Morris Brothers.' Inc.,
feature north-went municipals, hence Mr.
Glenn's extensive. , knowledge . will , be
brought into full requisition in hts new
connection.- ' ) . .
DISCOUNTS ON THE
DECREASE, REPORT
;,-.'h: -' - ! i -Federal
Reserve Report Shows
Gain in Cash Reserves: Gold
Gains 2.9 Millions.
Increases in dtscountj operations
and ln federal reserve note circula
tion, j as. against a email grain in
cash ! reserves, are - indicated In , the
federa.1 reserve board's. weekly bank
statement, issued as at close of busi
ness on August. i, 1920. j The bank's
reserve - ratio shows a decline from
44.2 to slightly over 44 percent.
Holdings of- paper secured by United
States ; war' obligations . increased by
44.4' millions, and other discounts on
hand by 13.8 millions, while holdings of
acceptances . purchased In I open market
show a decline of B.S mlllivna. - A-de-.
crease of 27 millions in treasury cer
tificates is accounted for largely by the
redemption of all the special temporary
certificates held -by four banks on thq
previous Friday. ; Total earning assets
of the reserve banks stood at 8187.6
millions, or 25.3 millions In i excess of Vhe
previous week's total. - ; ' I
. Of the total of 1285.4 millions ef loans
secured by United States! War obliga
tions held, 618.4 millions.) or 48.1 per
cent, were secured- by . Liberty bonds,
322.3 millions, or 25.1 per icent. by Vic
tory, notes, and 344.7 millions, or 26.8
per' cent, by treasury Serif icates, as
against 47.2,. 24 9 and 27.9 per cent of a
corresponding total of about . 1241 mil
lions i reported the week Sefore.- , Dis
counted paper held by the j Boston, New
York and Cleveland reserve banks Is In
clusive of 150.9 millions of paper "dis
counted for six reserve banks in the
Southland Middle. West, i compared with
138.7 millions the week before, while ac
ceptance holdings of the Bioston, Phila
delphia, t Cleveland and I San Francisjco
banks include 38.5 millions! of bank ac-
HOUSE
w.-:-:-:-:--vX-.v-:.:. '-. '4. - ' " 1
fig - -v i,cizi2a
GREAT
'.-'- -i -. . . . i
August Furniture t
; Sale !
..." . - i i i . i. . , i '
The Feldsteln Furniture Co. bought a i large .quantity, of -Davenports,
Upholstered Couches and other, furniture from
the Furniture Exhibition building. We will plape them on
sale, beginnlnjrrnext Tuesday, August 17, at 9 a. ni., at a
price that will defy! any competition In the city.
Iff
.
Every Davenport and other piece of furniture is marked with
Plain figures, and by giving us 1 call you'll be sure of getting
on of. these grand bargains. ' .
-This furniture is of oak and mahogany finish, covered with
Tapestry, Leatherette and Genuine Leather.
! Ikllted by
Will 1 Ucssian
R. R. EFFICIENCY
TO BE INCREASED
:-'".,:' By Walter B. Broim
Editor the Nir Tor Commercial,
'.v Written tor tha United Newa.
New Yo-k, Aug. 10. One of the
most i fmportant developments In
connection with the railroads is the
agreement among railway executives
to Increase the standard o, effi
ciency in management and opera
tion. At a recent meeting standards
were set In advance bt anything evtr
before known and cooperation of all
of them pledged to i exert every ef
fort to attain these standards. An
effort Is to be made, for Instance,
to move freight at the- rite of 30
miles a day against the previous
i3.1 miles and the highest average
record of 26.9 made In 1916. It
might have been figured, for in
stance, that if 23.1 miles was tho
average. It would have been useless
to have set even 26.9 as a goal, and
yet this was accomplished.
The situation; now calls for' another
similar effort to get up to 30 miles. The
average loading: is to be brought up to
30 tons per car as against 25.1 tons, the
best previous record. The number of
cars in had order is not to be allowed to
exceed 4 per cent of the total cars owned,
although at present it is greatly in ex
cess of that and it is estimated that this
program will, "If carried out. be the
equivalent to adding not lees than 530.
000 and perhaps as many as 655,000
freight care in available equipment aa
against the present shortage of 362.000
cars. In other words higher efficiency
of management can overcome tlie present
car shortage without building rew raw.
The automobile Industry is also feel
ing the most conservative tendency on
the part of the buying public and the
classified advertisements in the dally
papers are beginning to show evidences
of a desire on 'the part of the persons
who 'have pledged themselves to buy, to
escape deliveries. While prices of some
new cars have advanced, it Is a notable
fact that some makes of cars are resort
ing to subterfuges to cover up price cut
ting. It all gets down to the point that
those who cannot afford either the buy
ing of fine clothes or automobiles are
gradually being made to realize that fact
and are having their activities curtailed.
Move - to i NcW Maco
As they were somewhat cramped In
their former offices, the Ralph Schnee
lock company is now occupying larger
uarters on the second floor of the
umbermens building. Ilalph Schnee
lock, president of the company, .states
that July was the banner month since
they have been In business. The com
pany deals largely In Irrigation securi
ties and has taken no small part In
financing the largest irrigation projects
in tne state.
ceptanreaf" purchased from the New York
and Chicago banks, -compared with 42.6
millions reported, at j the close of tho
previous week. I
Government deposits show an lncreaH
of 8.1 millions, members reserve de
posits an Increase of 8.6 millions, other
deposits, including foreign government
credits and non-members' clearing ac
counts, declined 6.5 millions, while the
"float" carried by the reserve banks and
treated as a deduction from gross de
posits shows an Increase, of 9.5 millions.
As a consequence, calculated net de
posits, about 1698 millions, are 0.7 mil
lion larger than the week before. In
creases in federal reserve note circula
tion are reported by all federal-reserve
banks, except those ; of Cleveland and
Minneapolis, the total Increase for the
week being 21.7 millions. In addition an
increaes of 2.7 millions in federal re
serve bank note circulation is. shown.
Gold reserves show a gain of 2.9 mil
lions and other cash reserves a gain of
0.2 million. Of the total increase of
ill6,O0O In paid-in capital, nearly one
half represents the Increase or the paia
in capital of the Chicago bank, smaller
increases being shown by nearly all tho
other reserve banks.
'REDUCTION
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