The Oregon daily journal., September 12, 1920, Page 32, Image 32

SHIPYARD STOCKS
WILL BE OFFERED :
IN LARGE BATCHES
Emergency Fleet department De
cide on Plaii for Cleaning-Up
ofrSlles oftMateriabon Hand.
stocks of equipment and material
throughout the .United States that
ar in possession of the division of
supply and sales, Emergency Fleet
corporation, are to ,be offered to the
public In large lota at once. An
amended policy governing sales la
aid to have gone .into effect through
Which it is hoped to close the selling
campaign in abort order. '
. On ths raeiflc coast the new arrange
ment will have a beating on stocks on
Puget Bound, at Portland and in San
Francisco and Bah redro. It was
brought out during a visit here today
of executive of the division that a
Considerable portion of the sales force
in the West has been curtailed and the
aim' now Is to concentrate on the dis
posal of property remaining ao as to
move It In quantity, rather than In any
slie lots as has been done in, the past.
During, the past year most stocks
that were taken over In shipyards have
been moved, either going Into concentra
tion warehouse or Hold, and It Ib said
all now unmoved will be offered to pur
chasers on the ground.
0 GKRMAN LINKRS OF LWIGE
TYPE OFFERED FOR SALE
By Robert J. Frew"
London, Sept. 11. Forty former Ger
man liners, totalling nearly 400.000 tons,
including the Imperator. the Kalserine
and the I'rlns Frledrlch "Wilhelm, have
been offered for sale by Lord Inchape In
behalf of the government.
Most of the vessels have been man
aged by British companies in behalf of
the icparatlons commission. They have
now been definitely alloted to British
ownership. The proceeds of the sale
will form a part of the German indemn
ity. Kxperts who expected low prices in
view of the present falling rates say
thaf the Germans are bound to complain
that' the Eritlnh ministry of shipping
threw these BhlpH on the market In a
stump period Instead of during a boom.
It Is considered most likely thin the
biggest liners will be bought by the
present operating companies, the Im
perator mid the Kalserine becomlpg
Cunarders. Lord Inchape declined to
auction the veanels. declaring that the
Invitation of bids would bring better
prices.
CADETS ARE BACK FROM j
LOXC1 CRUISE TO HAWAII
Parents of cadetn on board the U. 8.
Vlcksburg (school ship) will j be
pleased to learn of the return of that
vessel to her station in Lake Union at
the university campus, Seattle, Wash.
The vicksburg has jiiHt returned from
her annual cruise which took the cadets
to all ports on the Pacific Coast, the
Hawaiian Islands and British Columbia.
Hhe left Seattle on May 8 with a full
clans and has had an extensive cruise.
Cadets are now entitled to regular fall
vacation of two weeks' duration before
commencing the winter term. The pur
pose of the school la to educate and
train young men. during a two-year
course, as officers In the American mer-
chant marine. Admittance to the school
is had at one period of the year, being
In October, and anyone desiring Infor
mation should address the secretary,
Washington State Nautical school, Uni
versity Campus. Seattle, Wash.
FOURTKKN COASTWISE BOATS
IS PORTLAND TORT SUNDAY
, Fourteen coastwise vessels are In the
, harbor Sunday. Business between Cali-
fornla and Oregon porta is holding well
",UP both In freight and passenger serv
ice. The fleet In port Sunday Includes
the Ttone City. City of Topeka. Willam
ette, Multnomah. Klamath. Saginaw,
Chas. Nelson. F. S. Loop, Ryder Hanlfy,
Daisy Mathews, Trinidad. Daisy Put
nam, Santlam and W'apama.
(Jrnys Harbor Improvement
Aberdeen, Wash., Sept 11. (I. N. S.)
C. A. Htrong, Tacoma engineer, who
prepared plans for Grays Harbor port
improvement, has been engaged by the
port commission to supervise work at
the beginning of operations. Grays Har
bor county recently voted bonds for
1800.000 for harbor improvement. Among
the first Items to be considered Is build
ing or buying an Inner harbor dredge.
, Notice to Mariners
The fnllnwtnf affertu the tldi to nartcation
In the Serenteenth tig hthmiae diatrict, areordlnt
in Ilobert Werreck. Muptrtnteodtnt of Jisht
.liotiKm: Columbia Rirer Approach Columbia rim
light t-m1 withdrawn irnm elation September S.
eeplared bjr relief light eeaeel.
Juan d Vnrt strait Approach Bwiftrare
Bunk Hght Temtl repbeed en atatlnn September
2. end relief Hint Irml withdrawn.
Paget . Snsml Iae Waaatngtoa Canal
ShUahole Pay enter Hfht reported extinguished
Aunt. 81, wa NUa hi wl Bent ember a. Ha
ported not flaahlaf proparlr' September 7, will
Arrivalt September 11
Wapama. American eteemcr, from Sao Fraa
eieeo, panne naera and general.
Departure September 11
Ahereoa, American eteemer, for Knapptnn;
ttty nf Tipa. American ateareer. for San
VancWo Knreka and Cooe Bay. naaeencera and
saneral; than. Nelann. Ameriran barge, for Han
Tedm. lumber, in tow Haginaw; Ryder Ilanif
Ameriran steamer, frnm Wauna. for Han redro!
' luvaoer; Haannaw. American ateaanar, from Wau
sa, for San I-edro, lumber; F. 8. Ixn, Amer
Iran Meaner , from V. etport. for San Franrbco.
liimber; Ik (..ebhart, American atearoer. for
Callao, lumbar.
MARINE ALMANAC
Tldea at Ariorta Monday
' Ilicll Vtr-T
I.OW Water.
!:00 a. m.. . S.S fe.l
l20 p. in. . .8.7 feet
7-5T a. m...(lt feet
7 05 p. m. . .0.1 feet
Report From Month of Columbia Hirer
' North Ilead. Waah., Stpt. 11. Condttlaa
i . - ,s.. "Oity or Townta 4
Sails B:t)O P, M September S3, "for Coot
Bay, Knreka and San Francisco, eeanectlna
with atcanwni to- Los Angvlea sad 4Baa IHrgo.
V ' '' TO sWSKa-frtom StATTtt
' S. S. "A DM lit Al. AVATSON." to KodUk.
Aiwhnrao and way porta, eJept. IS, . a.
'I'lTT UF SKATTIJC," to Skaway and
say Porto, Sept. 18.
Pacific Steamship Company
tick t orrict 101 thikb st.
milBHT Ornaa WUNIOtPAi, DOOR NO. f
: PHONE MAIN S2S1
News of the Port j
moderate; wind eroth.
i AT XE?GBB0BI9O FOttTS
Astoria. Sept, 11. Arrived flows st It 30
hut nitit Steamer Lake fVbhart Arrired '.
mtdnicht and Uft an S:t6 a, sa. ttteaoaer
Wapema, from Saa rrenciaco. . Armed at
1040 a, ai. Bant Ko. 83, from Han Pedro.
New York. Sept 10. Sailed Steamer
Steel Maker, for Baa Franciaco Portland and
Paget Mound, . :,
THE WBATHXB.
Portland and Vicinity Sunday, rain; soatta
erty wiada,
Orecon Sunday, rain ; moderate to freab
aootaerlr wlnda, -V
w ahinton Bundaj, raia; atodarata aoath
waMerly galea.
LOCAL DATA ,
Portluul. Sept. 11. Highest temperature TO
decreea. loweat tempera tare St derreea.-
Kirer readtnc, S a. n., '4.1 teet; Aane to
laet Vi boara 0.4 feet.
Toul rainfall (5 p. m. to 8 p. .). none;
total rainfall ainr Heptamber 1. 1020. .20
inch,; normal rainfall elite, September 1, .47
Inch: deficiency of rainfall alnca Septembar 1,
1020, .27 inrh.
. Snnriae 5:44 a. m.. aoaeet :S1 p. m. : total
annahitio 42 minatet; poeaible aaaiahine 12 boara
4T inlnntea. ,
Maowriae 4:01 a. m., moon set ff:49 p. m.
Barometer (reduced aea lerai), S p.
20.80 lncbea. .-
Helatire humidity, S a m , 81 per cent;
aeon S3 per ceat; 3 p. at., 00 per cent.
OBHKKTATIOJTS
f the) sea at S p.
S muea.
ei Wind.
e . '
STATIONS. .g 3, rXreeHon S
it $ Velocity. ' Sit
il l
JT.ker TO 9 I S Ft. Cloudy.
Roiae 7S (It 8K tar.
Hoatoa 7U O .... 8K t'lear.
t'aleary IS O N tloudy.
Chirago ss 0 14 HW Cloudy.
Ienrer 8 0 .... NK Itain.
! Moines . . 8S O .... SW Clear.
Kureka ..... S2 O .... NW flood;,
lialreaton ... HI 0 10 BK Clear.
Helena 11 0 (.... W Cloudy.
tjanean .... 541 .041 8 Cloudy.
Ixe Anrelea . 7 0 .... BW Clear.
Uanhfteld . . SS .00 10 SW Cloudy.
Medford 80 O N Cloudy.
Mlnneapolt . SS .861.... NW Pt. cloudy.
New Orleana 92 0 .... S -It. cloudy.
New York . . Til 0 18 'Iir.
North Head . 8 .40 8 ltain.
l'lioenil .... 90 O . . . . NW Clear.
I'uratello ... 74 0 .... 8 Clear.
Portland .... 70 0 10 SW Kain.
ltoaebunt ... 70 0 SW Cloudy.
Haramrnto .. SS O S Clear.
Ht. Louta . . . K2 O 12- 8 Pt. cloudy.
Salt Idike ..72 .04 NW Clear.
Ran IHego . . Ti 0 ..... W Clear.
Han Kraneiaeo 4 0 80 W Clear.
HeatUe 64 .21 29 H Rain.
tWtka :52 0 .... E Cloudy.
Hiwkana 70 0 18 SW Cloudy.
T aroma 06 . 1.... bW Rain.
Tatooah Ile. 54 2.14 22 S Kain.
tVaWel mi 0 N Cloudy.
Walli WaUa .80 0 W t'loudy.
Waahlngton ..02 .fie .... H Clear.
Winnipei ... 62 .56.... SW Cloudy.
Yakima 08 0 14 SW Cloudy.
IRRIGATION BRINGS
GREATRESULTS
Canals at Grants Pass and Rogue
River Valley Gurgling With'
Water, Though Incomplete.
By E. E. Stanard
Grants Pass, Sept. 11. The year
1920 will be memorable in the an
nals of Grants Pass and the Rogue
River valley because of thi glorious
results of Irrigation in the Southern
Oregon garden spot.
Although work is still In progress upon
the great dam about three miles east of
Grant Pass, ivhich will supply water tor
the whole valley, the canals are now
a-urg-ling and babbling with water which
Is being; pumped from the Rogue until
such tme as thevgravity system becomes
operative.
The conversion dam was finished this
week and by means pf it the river Is
being turned into the north channel, thus
leaving the south part of the river dry
for pouring cement on the dam proper.
It is planned by Superintendent Carrlllo
to bepin this w6rk September 15, and the
gravity system will be in operation next
year.
DESTINED AS OAUDE Jf SPOT
People often think of the Grants Pass
country as a sear, bumed-up region of
barren, high hills, but I have wandered
through It from end to end and side to
side, and know that, under irrigation. It
is destined to become known as the gar
den spot of Oregon. From . the city all
the way to Tokay Heights on the high
slopes of the eastern hills, the high-built
canals distribute the precious water, and
tha country, on A street for example,
blossoms as the rose.
As this A street is typical of what
water will do for the country, I will
describe it and It will be noticed that
In the Rogue river district not only such
fine fruits and grains are grown as
Willamette valley boasts of, but also
grapes comparable with California's
best,, peaches, almonds, walnuts, necta
rines, strawberries, watermelons in
abundance.
COItX IX THRIFTY rftOr
Up 4he gradual grade of this street
leading out of the city I wended slowly,
passing cornfields in which the corn
was Invariably from 12 to 14 feet in
height, with great full ears a foot long
In the large apple and pear orchards on
the gentle slopes alfalfa crops could be
wen everywhere. Along this avenue
down which tbe water comes leaping
through the ditches thf residents boast
green lawns, luxuriant gardens and
laden orchards. Strawberries' bear far
Into September. I saw four petit ptune
trees bv the side of the road so tnick
with ripening , fruit that the sturdy
branches were- bending earthward. In
several orchards on this street pear pick
ing Is In progress and we were Informed
by orchardists that Grants i Pass will
ship IS carloads of this fruit this season.
At a pleasant ranch ' known as "The
Cedars," we stopped, chatting concern
ing the fruit prospect, and learned that
the apple crop of Rome Beauties,' Dell
Clous and Bananas will be picked in
October. After drinking ice cold water
nere on tna nm we climbed up the side
ot a veritable mountain known as "To
kay Heights," where the orchardists told
me that 17 acres are -under fruit. The
J"u ' Pach C"P. he. said, was about
vvv ana proaigious, quantities of
apples, pears and grapes are also raised
nere.
PEACHES ABE RIPE
VWt arrived lust In timei to , ....
Mr. Wardrlp. the enterprising "it
farmer, He took us out on a slrht .
lnf trip through tha big orchard Tnd
from., the heights showed u. mllr
many another orchard and vineyard an
the kith hills and In the valley iow"
- The canal runs Just above this farm
and .now, carries several feet of water,
driven up the hillsides by numrv.
the orchardlst assured ua that next year
when the gravity system of irrigation la
under way. the same canal will carry
w-ater In far greater abundanr. t.
for left he assured ua that A street
will be only one of the paradla avenues
of tha Rogue River city when the canals
are flooded with the water which the
Dig aam now building will make avail
able. - -
ill
FALL FAR
S. ' El mors & Co. . Estimate of
Season' Output and Carryover
Put at 6,475,000 Cases.
' j Astoria, Sept. Elmore & Co.
Saturday issued a review of the
canned salmon situation on the Pa
cific coast, ' giving the estimates to
date on the; 1920 pack.
The statement, considered the most
important Issued on die salmon situa
tion, follows::
"Columbia river, 700,000 cases: Puget
Sound, 200,000 cases; coast streams,
75.000 cases; British Columbia. L 000,000
eases ; Alaska, J, 500,000 cases ; total
6,475.000 casess, plus carry over 1,000,000
caaea, available 1820,- M76.0O0 caaaa ;
packing 1918, t,8l.lt cases ; short 1918.
1.211,193 cases.
"Packing 1918, 8,021.481 casea. Appar
ent shortage fully covered by sales of
United States government to canners
and foreign governments, and carried
from 1918. 1.S67.707. cases. Total pack
1918. 9,691 193 cases.
PACK TO, BE IESS v
"The Columbia river pack includes a
large quantity of halves, four dozen,
which should be reduced to full cases,
two for one, reducing materially the
output in full cases.
"In view f of prices announced by
Alaska Packers'-association, season of
1920, including exceedingly low prices
for pink 'and; cboma, .and announcement
by other packers of 82.26 per dosen for
medium red talis,- 60 cents per dosen
leas than Alaska Packers' association
price for the! same grade, -we are of the
opinion that practically all the canneries
that have been operated for many years,
from berdefen. Wash., to tthe Umpqua
river, coast; of Oregon,' will remain
closed during tha fall seaison, and aa
near as we jean determine, jot exceed
ing two or three canneries will be oper
ated on the Columbia river during the
fall season, ' opening on the 10th Inst.
Therefore, through the closing of the
coast canneries and on the Columbia
river, the average output will be mate
rially decreased as- compared with
former years, probably to the ' extent
of 150.000 to 200.000 cases.
ADVANCE IS EXPECTED
"The maximum prices for all grades of
salmon are 'controlled by the British
ministry' of Jjbod. who have recently sold
their enttrt i holdings of pink halves,
eight dozen each, and pink tails, four
dozen ' each, j aggregating about 400,000
cases of the two sizes, at prices far
below the cost f.o.b. British Columbia
or Puget Bound during 1917 and 1918.
and also recently sold their holdings of
Alaskan red at prices materially less
thail the present coast values, plus
freight and insurance, and we call par
ticular attention to prices on the other
side. In comparison with the present
rate of exchange, about 43.55.
"Since thei British ministry unloaded
their holdings of Alaskan red, about 50,
000 cases, the market has advanced ma
terially, and( we are of the opinion, will
advance in the i.ear future to a point,
enabling distributors to Import on the
basis of S3. 35 f. o. b. Pacific coast.
COSTROL 5JfD SOUGHT
"We understand that tha boards of
tfade Of Liverpool and London are en
deavoring to secure the passage of an
act ttiroughi parliament, removing' the
control of salmon from the British min
istry of food, and if so. the market will
assume normal conditions, and trading,
we trust, will result, Inasmuch as stocks
are at an exceedingly low ebb in both
London and Liverpool, particularly of
No. 1 grade, sockeye, fancy Chinook,
Siberian red, Alaskan red, and the No.
2 grade, medium red.
"Packing of pink has ceased, in South
eastern Alaiska and canneries closed,
owing to low prices of chums named by
Alaska Packers' association, 1. e., $1.15,
and, Inasmuch as this Is the off year on
Puget sound, pink have not been pro
duced in that section.
CHANGE IS INDICATED
"Following the trend of consumers'
views for the past three years, the pur
chase and distribution from British Co
lumbia of 300.000 cases of halves, sock
eye, eight dozen each, for shipment to
Eastern Canada, Great Britain and Aus
tralia, 75,000 cases of sockye halves,
produced on Puget sound, and the entire
product Of the No. 1 or fancy grade of
the Columbia river in halves and flats,
at $4 for flats and $2.50 for halves, and
from $2.75 (to $3 per dozen for Puget
soUnd sockeye halves and $19 to $21
per case of eight .dozen for British Co
lumbia sockeye halves indicates that the
consumer has neglected all other gradea,
but we are; of the "opinion that, owing
to possible change in general conditions,
the consumer, who formerly purchased,
for Instance the medium red grade, will,
through force of circumstance, resume
the consumption of this and grades lower
than sockeye and fancy Columbia river
Chinook: i
New Hotel Opens
At Cottage drove;
Baiiquet Is Enjoyed
Cottage Grove, Sept. 11. Friday eve-
ining more than 105 guests from Cot
tage grove, iuugene, AiDany, saiem and
Rpseburg enjoyed the banquet at the
formal opening' of the new Hotel Bar
lelt j
Toastmaster Elbert Besde was in
charg ,of the program. Martin Ander
son. George O. Knowlea, c. J. Kern,
Andrew Brand, Worth Harvey, N. E.
Glass, W. B. Cooper and Edward Mil
ler of Cottage Grove, William C. Cul
bertson f Portland, W. Jt Weaver of
RoeeburfY R. & Bv Westtorook of Al
bany.' a Salem hotel .man, and 8. W.
Beach of the Northwest Hotel News
spoke, praising C. A. Bartdll as a hotel
man and the splendid new hotel. Bar
tell responded.
FineExhibits Are
Shown at Fair of
Caiiy(ila School
f - . - e -
4anfonvUls. Sept li The school fair
heldWednesday waa weU attended. The
end, of the Unbelt school auditorium had
been maderiin to, kitchen. whr th.
gtrla of the CanyanvMe Canning dub
demonstrate! canning1. ; - ' :
Fine exhibits: by, tha C& dub, Ola
Sewing club, which scored 100 per cent,
and; th Pig club, which displayed four
rins sows, were anown., wjjounty School
Superintendent and Mrs. . O. C Brown
vera in charge,2 assisted by Stats Club
Leader and; Mrs. Seymour of Salem and
A. E. Street, local club leader. Alonev
Is being raised to send a team to conu
pete at in state fair," t i : '
ffl 0F.11 ; fi
Varieties of v
Cereals and Grains
Displayed at Show
Pendleton, Sept. 11.- Under the aus
pices of the Umatilla county farm bu
reau,- a cereal and' grain show -was held
In - Pendleton Friday. Demonstrations
and discussions "occurred Thursday and
Professor G. R. Hyslop lectured on
"Farm Crops" Friday.
Every variety of grain known In the
United States was shown. A collection
on .llsplay of great interest was that
made by IV, EL Stephens, head of the
Moro experiment station, containing 241
varieties. . Notable was a collection of
Turkey Red seed reproduced from seed
secured from Wasco county a year ago.
Samples of certified Turkey Red grown
in Sherman. Morrow and Umatilla coun
ties, certified Forty-Fold from Union
county and certified Jenkins Club from
Idaho were shown. Among the new va
rieties were Burbank's Quantity and
Burbank's Quality and Triple wheat, a
variety due to creasing Little Club and
Turkey Red. An Australian wheat
known as Hard Federation was shown.
Sheaves of all the varieties grown in
Umatilla county, and ( bundles of hay
showing mixtures fronir.many county
fields were exhibited. Lectures and
demonstrations on grain grading, mar
keting, selecting and cleaning eed, seed
treatment for amut and cultural meth
ods were given by Stephens, Professor
Hyslop and Fred Bennion. Bread was
made Br L E Jeffers of the Pacific
Grain company from samples of Ursa-
tilla county wheat.
FOR BIG MEETING
Clackamas County Farm Bureau
to Be in Charge of Gathering;
Problems Are to Be Discussed.
Oregon City, Sept. 11. Aft im
portant meeting of the dairymen of
the county tvfll be held at the Com
mercial club rootyis here Thursday,
under the auspices of the Clackamas
County Farm Bureau, with Richard
G. Scott, county agent, presiding.
Officers of the state bureau of mar
kets and the dairy and food commission
will be present. Cooperativecollection
of cream, standardization of methods of
production, and ways ' and means to
eliminate waste in marketing Hairy
pioducts will be 'among the topics dis
cussed. A new abed for the livestock exhibits
at the county fair has been erected, and
by the time the fair opens everything
will be in readiness, according to David
E. Long, secretary, of Hazelia, who was
in Oregon City, Saturday. Long expects
to have a new machinery, shed put up
also, as the demand for tspagee from
exhibitors of tractors and farming
equipment la unprecedented. The fair,
which is the fourteenth annual event.
wiH be held at Canby for four days,
opening Monday, September 20.
A debate to enliven the political move
ment In Clackamas is being arranged
between Oscar D. Eby. Democrat, and
William M. Stone, Republican, on the
League of Nations issue and the peace
treaty. Eby was nominated as state
senator, but declined, and Stone, is Re
publican candidate for state representa-
rtlve. Both are attorneys. The debate
will be held some day next week, ac
cording to present arrangements.
County Clerk Fred A. Miller Is mak
ing arrangements to attend the annual
convention of the Oregon Association of
County Clerks, to be held at Pendleton
during the first two days of the Round
Up. A number of the officials from
Western Oregon are planning on going
up with The Journal Round-Up special,
which leaves Portland on the night of
September 22. Heretofore the conven
tions have always been held at Portland.
Clatsop Valuations
Show $27,758,072;
Reduction Shown
Astoria, Sept 11. Figures compiled
by Assessor Leinenweber show that the
total value of the taxable property, in
Clatsop county, as fixed by him on
the 1920 assessment roll, la $27,758,072,
or $483,831 leas than the amount of last
year's roll. These figures do not in
clude the valuation of the holdings of
the public service corporations, which
are fixed by the state.
While the valuation of personal prop
erty shows considerable increase on this
year's roll, the reduction in the total
Is the result of taking off automobiles,
valued last year at $283,325, but which
under the state law cannot be taxed
next year, and a reduction of approxi
mately $400,000 for timber which has
either been logged off or burned,
Lewis County State
Land Up at Auction
Chehalis, Wash., Sept 11. Beginning
at 10 o'clock Tuesday, October 5; at the
office of the Lewis county auditor there
will be an auction sale of some parcels.
Of land and timber belonging to the
state. The tracts for sale are : One
hundred and twenty acres of timber a
mile ' northeast of Morton, In eastern
Lewis county, appraised at $10,000. The
Til ton river runs through a section of
the &nd. Eighty acres of . timber 12
miles north of Morton . and four miles
southwest of Kibe, appraised at $695C.0.
Mineral lake Is six miles south. Forty
acres of agricultural land, with some
timber, appraised at $800, ZS miles
southeast of Chehalis and 15 miles from
Morton. Agricultural and grazing land,
about 180 acres, two miles southeast of
Centralis; , and appraised at $1377.50.
Improvements consist of house and barn,
woodshed, fencing and clearing. ,
19 Holsteins Bring
- $15,800 at Auction
' Marshf leld. Sept 11. Nineteen head of
blooded Holsteln cattle, secured . from
tha Hugh -Nlsbltt herd ot Chlmacum.
Waah-. were aold here at auction Satur
day to members of the local Holsteln
Msoclatioa. The bids aggregated $15.
800. 'bote there will be some rebate, as
nerd was secured tor a t lesser
n"ur- I J. Simpson bid $2360 for a
cow. and Herbert Haynes paid 12000 for
a show cow. A herd of l Jerseys sold
at Cpqullle, the total of bids being $9895.
DAIRYMEN ARE TO
GATHER THURSDAY
PROPOSED INTElffiSTREGULA
ARGUMENTS GIVEN
T
E
Investment Banker Scores Lower
Interest Idea; Says It Will
Retard Development
- "The state of Oregon will face dis
aster if the people adopt tha pro
posed initiative measure reducing
the legal , interest rate on money.
The adoption of this measure will
automatically check all business, re
tard community growth. And prohibit
much needed development In the
state." These are' the statements
made by F. X. Freeman, president of
Freeman, Smith & Camp company,
investment bankers of Portland and
San Francisco.
"The legal rate In Oregon new Is
per cent," says Freeman, "and even
with this limitation municipalities and
other communities are having difficulty
to finance work, because they are un
able to pay more for their money on
the market where It costs from 8 . to
10 per cent If this measure Is adopt
ed, school districts, municipalities, irri
gation and drainage districts and other
districts will be physically unable to
finance proposed projects, and this, of
course, means an end to development
There are several millions of dollars in
vested yearly in bonds of tcommunitles
in Oregon, and. if the interest rates are
lowered no one will buy Oregon bonds.
To get his money to work, necessarily.
the investor will place it In securities
of other states. This means that the
money wiH go away from borne, be
cause no one will pe satisfied with a 4
per cent interest rate here if he can
get a or 7 per cent investment else
where. v-
e ' n
"Several counties in Oregon have been
unable to do any road work and can
celed ' their plans because the people of
those counties voted 5 per cent
bonds, and, being unable to sell them
below par, hive been unable to secure
funds on a high money market The
road program of the state and of the
various counties has "had to be revised
materially because of this situation.
The city pf Portland has bond Issues
aggregating $1,000,000, the money to be
used for improvements and develop
ments, -but because of the fact that
these bonds could not be sold at less
than par, the plans have temporarily
been abandoned. It has only been
within the last few weeks that the city
has been able to sell Its Improvement
bonds. They bear 6 per cent Interest
If the city could iot sell 6 per cent
bonds, what is It going to do should
a 4 per cent interest rate become ef
fective? "As a bit of propaganda in favor of
this measure, the proponents have
stated it is to curb bankers and other
financial Interests As a matter of fact,
the public is the one most seriously
affected. There la considerable money
being placed outside tha state by bank
ers and financial Interests now, and it
will only be increased with the measure
as a law. because money can be loaned
In the East at good rates of interest.
Money Is a commodity, and its price is
regulated wholly by the law of supply
and demand. It goes wtvere It gets the
best price."
Thrift Course to Be
Tatight Kiddies in
Bank Department
A banking department exclusively for
boys and girls was opened Friday In
Portland, when the Peoples bank at
Fourth and Stark streets formally
ushered in its juvenile department with
a big reception to the boys and girls of
the city.
The new department is under the direc
tion of Samuel Slocum, former news
paper man, and will be devoted exclu
sively to the younger' generation.
"I feel proud of the fact that I have
been chosen as the man to head such a
department" said Slocum, "because the
field offers, I firmly believe, a big op
portunity for cooperation with parents
in assisting their younger folks to learn
the value of thrift
"Thrift is merely, a matter of educa
tion and of habit, and the bank offi
cials believe that a juvenile department
will go very far toward forming habits
that will make for virile and substan
tial citizens."
Canadian Bonds Are
Featured on Market
By Morris Brothers
Canadian bonds, bearing exceptional
yields, are the feature of the present
market according to John L. Ktheridge,
president of Morris Brothers, Inc., and
there Is a very brisk demand for these
securities, he states.
A new issue of Calgary, Alberta, school
district pe cent gold notes, with a
yield of 9 per cent was offered by Mor
ris Brothers. Inc., last week, the allot
ment being $2i0.000.
General prosperity of the people ot the
province wf Alberta is exemplified by the
fact that they have already paid Into
the federal treasury, as luxury taxes, ap
proximately $280,000 and, on that basis,
will contribute in this manner for one
year about $1,000,000.
A large issue of the province of Mani
toba, yielding 74 per cent, J" also among
the offerings Of Morris Brothers, Inc., In
addition to American municipals of the
Northwest - . H
Liberty Bond Prices
Are Made Public bjf
Reserve - Institution
San Francisco, Sept 11. (U. P.) Thej
Federal Reserve bank today made pub-
lie the following table' of Liberty bond
quotations: . '
Apprcxj
Per- -to-na,
eentase.- Matnritr.
Fir ,-'.... .1J82-47
Market imate
Price.
TkW.
.4 14r
B.flt
6.25
8.28
S.40
ton
6 57
- .6a
$.5
Fir:
.SSH
.85
4
.854
.Of H
,811 Ml
.65.
.t3
Fin ,
4Seeoad
Second
Third
fourth
Victory
Victory
4 1882-47
4 - 1957-42
4 1927-43
4 a 1 2
4 H 1S38-SS
4 4 1S32-23
8. 182-2
An electric storage battery locorno-t
tive, almost automatic, in operation, is
giving: excellent results In a coal mine
AGANS
MEASUR
In Europe. j. . ' ' .
DEMANDDEP0S1TS
SHOW
INCREASE
Gain Js $24,260,000; Surplus
! Decrease Is $1,863,620; Loan
I VOecrease Is $18,514,000.
By Broadan Wall
New York, Kept. 11. The actual
bank statement today showed sur-!
plus decreased $1,863,620. loans de
creased $18,514,000 and net demand
deposits increased $24,2(0,000.
The average statement showed sur
plus decreased 8759.710, loans decreased
$24,586,000 and net demand deposits de
creased )30.022.0O0.
i The federal reserve bank of New York
showed 39.5 per cent compared with
38.8 per cent a week ago, of reserves to
combined deposits and federal reserve
bank notes outstanding. It showed 35.5
per cent compared with 36.8 per cent
reserve to net deposits, after deducting
40 per cent agatnst federal reserve bank
notes outstanding.
? This la a remarkably good bank atate
snent compared wi'h what the street ex
pected. The net demand deposits usual
ly Increase with an Increase of loans,
when there is much Speculation, because
the brokers immediately deposit the
money they borrow. .
Wall street traders have apparently
been going short of the market on .the
advances of the laat few days and . to
day they were working hard to bring
about a reaction. Their' success was
slight. All the , steels were a trifle
heavy, but ldsses. were small. In Mexi
can Petroleum a decline of about 3 points
was caused, but brought out only a little
stock. Even the coal shares were heavy,
although reports of the , coal strike
planned for England have caused Amer
ican coal producers to look forward to
a boom. The market closed at about
the low prices. ,
Liberty Bond Sale
Declines; Question
As to Future Price
"Small transactions in Liberty bonds
indicate that the urgent selling has. to
a large degree, passed," states the Wall
Street Journal. "The volume of monthly
Bales of Liberty bonds declined from the
December record ot $504,100,000 to ap
proximately $135,000,000 for August.
August sales were the smallest with the
exception of one month, since the signing
of the armistice.
' "It is believed in banking circles' that
the decline In sales indicates that the big
selling ' by corporations, which was a
striking feature early in the year, has
about run Its course, for the time being
at least The Liberty bonds now com
ing on the market represent for the
most part selling by small holders.
'There Is some difference of opinion
as to whether Liberty bond prices have
touched bottom. Many shrewd observ
ers think they have. Other judges sav
that in view of the strain that the fall
crop demands may put on the money
market there may be some further de
cline in prices. However, it would ap
pear that there Is little prospect of any
material slump in. prices of these bonds,
according to many bankers."
Library Tables
At Big Reductions
DCZlO
y if u
Ouarter-Sawed Oak. 26x4 2. special. . . .$19.50
Solid Oak, 26x42, special... $16.50
Ouarter-Sawed Oak, 28x48. special. .. $32.50
EXTRA SPECIAL ASH LIBRARY TABLES
v-5 $11.50
Visit Our Rug and
, Linoleum Dept
On the Second Floor.
Some Rare Bargains in
highest jrade Rujs this
week. A lance assort
ment from which to make
selection.
No.
No.
aMsastTOi-'.'
PAPER HOLDINGS
SHOV
Gold Reserves Decrease and Gov
ernment Deposits Gain,
Is federal Report.
Aggregate 'increases of 77 . mil
lions In discounted bills on barfd, ac
companied : by an Increase of 17. S
millions in net deposits and a further
expansion of 30. millions of federal
reserve note circulation are Indicated
in the federal reserve board's con
solidated weekly bank statement. Is
sued as at close Of business oh Sep
tember 3, It 10. , As against . these
increases in deposit and note liabili
ties, cash' reserves show a reduction
of nearly 10 millions, with the con
sequence that the banks' reserve ra
tion shows a decline for the week
from 43.8 to 48.5 per cent,
f APEB H0LDIKC8 IKCKEABE
Holdings of paper secured by United
States war obligations' Increased by 18.1
millions, those f other discounted piper
by S9.7 millions' while 'acceptances
bought in open market ahoW' a reduc-i
Hon of- 8.6 millions. Treasury certifi
cates, on hand went up by, a.9 millions.
While total earning assets show an 1 in
crease for the week of 7S.8 millions.
Of the total of 1332.1 millions of paper
secured by government war obligations,
681.5 millions, or 49.S per -cent were se
cured by Liberty bonds, 117.2 millions,
or 23.1 per cent, by Victory notes, and
354.2 millions, or 26.8 per cent by treas
ury certificates as against, 60.8, 23.4 and
26.4 per cent of a corresponding total
of 1314.8 millions shown the week be
fore. Discounted paper held by the
Boston and Cleveland banks Includes
over 212 millions of paper discounted for
the New Tork bank and six other re
serve banks In the South and Middle
West while acceptance holdings of the
Philadelphia, Cleveland and Ban Fran
cisco bank are Inclusive of 83.6 millions
of bankers' 'bitia purchased from the
New York and Chicago banks, compared
with 48.9 millions reported the week be
fore. GOLD RESEBTK BOWK
Government deposits show an increase
of 21.1 millions, members' reserve de
posits an increase of 11.3 millions.
other deposits, including largely foreign
government credits and non-members'
clearing accounts, declined by 4.1 mil
lions while the "float" carried by the
reserve banks and treated aa a deduc
tion from gross deposits shows - an in
crease of 11.9 million. .As a conse
quence, calculated net deposits are 17.2
Range in Prices of Liberty Bonds and
Victory Notes During the Past Week
OFFICIAL CLOSINO PRICES
If on.
Mtmrtr IHi 1AK3-47 ...
Liberty let 4a la-4 7 ..
LihrrtT 2d 4i 127I2 , . .
Uhrrty 1st 4t 1082 47
Liberty Id 4 H a 11)27-42 .
Uberty 84 4 s 162S . . .
Uherty 4U 4 V. 1933-88
Victory 41 1922-23
Victory S a 1822-23 . . . .
Big Special on
Dining Room
Tables
ALL THIS WEEK we offer some extra special
birfiitn In Dininf poom Tsbles. These "sre 111
beautiful designs of various sizes and finishes.
A FEW OF OUR SPECIALS!
Qusrter-Sswed Osk Dining Room Tsble, COQ Fft
flush or plank top. 45 inches fJJe&ietllJ
Quarter-Sawed Oak Dininf Room Table, flQr7 CA
flush or plank top, 48 Inches OUI etJU
Same in 54-Inch size ......$55-00
Overstuffed Rockers
We offer a I are; selection
of overstuffed rockers in
many styles, finished tn '
genuine leather, Imitation'
leather, muieakln or leath- .
erette, at prices lower than
those of any competitors,
We' iirce compar
ison In price and
quality.'-
Winter Is coming
and you will be
home many a
cold, '..wet ' eve
n I n tV A soft,
roomy rocker will
add much to the
pleasure of stay
ins; at home in
the evenings.
Especially
This WsV
priced
HOUSEHOLD SPECIALS
Copper-Bottom Boilers
8 Galvanised Boilers
12-quart Galvanised. Buckets . ....
BREAKFAST TABLES
Extra Special Sqvarc or round - Breakfast Tables,
natural finish, the best table- made: SJO QC
worth fully 88.50-
Out-of-Town Buyers!
Mail orders 'riven prompt attention.
Freurht prepaid on orders of $S0 or
more within the radlas of fifty miles.
Money refunded if roods are not ex
actly as represerrted.'v '-'-
ft iD AtlM
VUI VT11
Llesalan
FRENCH
IS
it
RAPIDLY TAKEN
Foreign Issue Finds Ready Mar
ket Among American
Investors.
"Of great interest was the an
nouncement that within one hour
after the books had been opened
the new French loan for 3100,000,
000 had been oversubscribed," nays
Walter Brown, editor of the New
York Commercial.
"After the closing of the books, trad
ing on the new notes started on ths
curb at a premium of per ctnit but
as these notes had not yet gof Into the
hands of the Investing public the actual
price cannot be accurately determined.
They hold a high intrinsic value, how
ever, and should maintain a premium
from the outset Incidentally, Aujrlo
Frencn fives again touched, par. which
Is not at aU ' surprising, in view of ths
faOt that they will soon be redeemed
at their face value;
'fit la said that there la no sentiment
In .business, particularly when it cotnes
to'SMbScrlblog to a bond Isuue. and vet
there, were many expressions heard in
financial quarters today .that America
would: be a prelty poor country if u
did -not turn to and. help France with
its loan, in other words, the Ides was
brought out that as long as Its intrin
sic rvalue- was secure that Is to
thaf the business end of the drat w
sound the American people ought not
t6 hold back- in helping France all It
could. ' These " bonds have not yet gwt
to the people themselves, but when they
do there should be no hesitation about
taking them. c
' Incorporations
Supplemental articles of Incorporation
were filed with the Multnomah county
clerk Saturday, changing the name of
the- R. S. Hughson-HolllngBworJh com
pany to the R. 8. Hughson company.
Its purpose Is to do a general automo
bile business.
millions larger than the week before.
AU the banks, except Cleveland, report
substantial additions to their outstand
ing note circulation, the total Including
besides 39.6 millions of federal reserve
notes also 4.6 millions of federal reserve
bank notes.
Gold reserves, because of further ex
port withdrawals for shipment to Japan
and South Americav declined by 9.5 mil
lions, while other cash reserves show a
reduction of 0.4 million. Tlio banka
capital account shows an. increase Of
978,000 In consequence ot moderate fed
eral reserve stock Issue by nine reserve
banka
LOAN
Tuea. ul Twi M rCT"
SO. 04 KO.OO 0O.O3 SO.QO SM.0S
MB. SO SB. AO SB. 40 SB SO SB. BO
83.00 84. 0 MRS 94 90 94.84
95.84 8.VA0 85.70 MM 85.70
KS.04 SB 04 ,B.02 SB 00 SB. 00
Rk.SS 8S.B2 M.B6 SS.4S 8 40
88 83 85 26 S6 22 85.20 85.23
95.80 98.82 95 88 9IT40 95 42
65. SO 95.34 95.38 9840 U5.4Z
$18.50 to $55.00
HEATERS
At Cut Prices
When you need them
most, 'we - offer our full
line of Heaters at a big
reduction in price,
A sise and style to meat
the requirement of every
home. .
8J3.50
3)2.75
...ftOe?
Davenport Specials
We have a iarg-e stock of Davenports
in many styles, sizes and finishes. Uat -our
prices before buying elsewhere.
UriM17 Stores rilled Wit
nViTa Fsrelt.r. Baraalas
f 4".rsv f