WEDNESDAY, DECEMBER 29, 1920.
THE OREGON DAILY JOURNAL, PORTLAND, OREGON
9
STATE REGULATION
, OF INVESTMENT
BANKERS
FAVORED
Strict regulation of the investment
bankers and bond dealers by the
state of Oregon is not only desired
but will be sought by the dealers
themselves. This is the statement
of F. A.-Freeman of Freeman, Smith
& Camp company, following a meet
'lng of the investment bankers and
dealers Tuesday afternoon when
plans for safeguarding the interests
.' of the public and tho business were
. informally discussed.
An organization of Investment bank
ers and dealers is belnff formed at pres
ent, but owing to the fact that it is not
functioning as yet, it cannot speak offl-
- ctally. Freeman does nop speak offi
cially as representative of this organi
zation but does voice the opinions of
the dealers when he declares that the
business should be regulated by the
'state.
MUST GU Alt I) PUBLIC
. '"No 6nemore than ourselves realizes
the neceHsity for regulation which will
protect the public and ourselves," said
. Freeman. "The bond business is well
recognized as a necessary one and ow
ing tc the very character of tho busi
: liess should remain high n the public
confidence. The public de.nands special
ists In this business.' It is rot and can
not be a department store type of busi
ness that can be delegated to clerks and
. cheap help.
"The publid '".needs protection. Wo need
protection because happenings like those
being1 experienced now are detrimental
to- the interests of the public and to
legitimate businesses. The state should
be the force behind, to protect the public
and the unscrupulous dealers should be
prohibited from doing business.
COXDITIOXS CHANGED
"Morris Bros, did not come under the
supervision of the state bank examiner
or under the supervision of the state
- corporation commissioner, " for the rea
son that dealers in municipal bonds are
exempt from the provisions of the cor-
. poration law. - The corporation law was
passed before the bond business reached
; ihe proportions of today. It was adopt
ed when most investments were In mort
gages and' then regulation of the mort-
- gage business was obnoxious to those
handling mortgages. However, the time
. lifts now come for regulation, and the
; strictest kind of regulation, for the pro
tection to au.
"The. power of either the bank ex
aminer or the Corporation commissioner
. fixed by 'statute should have been suf
ficient to have begun . an investigation
as soon aB suspicion was directed to
ward the solvency of the concern, but
unfortunately the laws did not embrace
the particular bond house in question.
"Whether the bond houses should be
-" placed unde the supervision of the state
bank examiner or the corporation com
missioner is a Question which may be
debated at this time. However, the pow
ers of both are broad and with the busi
ness under the supervision of either the'
protection would be there. . .
IXTEEESTS ABE LINKED
:."The fiduciary relation e existing be
tween the- investment banker and the
investor exists also between Jhe dealer
in mortgages, stocks, commercial paper
and all other securities and for this rea
son amendments to the law shpuld be
broad enough to cover all branches of
the investment business.
"Perhaps the simplest way to get at
the situation and provide adequate pro
tection would be to amend the present
corporation law under which at present
the corporation commissioner has the
same powers to make examinations and
Investigations a has the state bank ex
aminer. ,-
"The present corporation law provides
that a security dealer shall file a state
ment once a year, or as many times as
required by the corporation commission
er setting forth his financial condition
and the amount of assets and liability.
With the investment dealers operating
under this law, they could, be required
to file statements five times. a year as Is
required of the banks. Ample capital
should be required of a chartered invest
ment dealer to ensure responsibility..
TO WIDE SCOPE
"Section 14 of the corporation law pro
vides for the filing of statements by
dealers. This could be amended to fix
the number of times that statements
should be filed. A provision could also
be inserted which would require the in
vestment dealersto publish in the news
papers a statement setting forth their
financial condition. .
"Section 16 of the same law gives the
corporation commissioner super vision
and control of all who deal in securities.
This would have to be amended so that
dealers in mortgages, commercial paper,
municipal, government and corporation
bonds, etc., would come under his Juris
diction. This same section gives him the
rights, powers and privileges of the bank
examiner regarding investigations and
examinations. With the investment deal
ers operating under this law, the deal
ers would be then under strict state su
pervision.
PROSECUTIONS PHOVIDED
"Section 17 of the same law gives the
attorney general and the district attor
ney having jurisdiction the power to
prosecute, and to take necessary action
to protect the interests of bond pur
chasers, holders, creditors and investors.
"While the foregoing are merely sug
gestions, it is probable that the invest
ment bankers and dealers will appoint a
legislative committee to work out amend
ments which will protect the public and
prevent repetition of such occurrences.
"Regulation is necessary and no one
desires it more than ourselves."
Scalp Bounty Law
Of County Supreme
Salem, Dec 29. The provisions of the
county scalp bounty law, recently en
acted by the people of Harney county
under.the county initiative act, take pre
cedence over similar provisions in the
general state law, according to an opin
ion written by Attorney General Van
Winkle, for the information of George
S. Sizemore of Burns, district atorney
for the county.
BWMMttitn.'' - JM"i.!W
1 "'
LV1TW1
h - t? V
JT ) A)
Hats Off to Bread!
It's the Answer to the
High Cost of Living
Here's to the big fine well-baked loaf -made of
good flour, good yeast, good shortening, good
milk all good food value. It takes the place of
more expensive things at every meal.
It's good with butter, with jelly, with jam.
It's good as sandwiches, toast, puddings.
Its. good, wholesome food any way you take it
and it's the most economical.
Alter your, diet to include a more generous use.
of bread.
IT IS YOUR VERY BEST FOOD!
Master Bakers' Ass'n
of Oregon
SMITH BROTHERS'
COUGH DROPS
i
ALL CHARGE PURCHASES MADE TOMORROW AND REMAINDER OF MONTH GO ON JANUARY ACCOUNTS, PAYABLE FEB. 1
Pay Your Bill and Get
Double StaAps
Charge customers will receive DOUBLE
TRADING STAMPS on January 1st bills if
paid in full on or before January 10. Don't
fail to take advantage of this cash saving.
v , The Standard Store f the Northwest t '
01ds9Wortlian&King
Entire Block Morrison, Tenth,
Park and Alder Streets
Corsets 14 Off
Our entire stock of Corsets with the excep
tion of a contract line in the Annual Clearance
Sale at off regular prices. rSecond Floor.
ANNUAL
EAMANC
E
EVERY
ARTICLE
REDUCED
Except Groceries and a Very Few Contract Lines
-IN ADDITION to Phenomenal Underprice Offerings in Broken Lines, Small Lots and Odds and Ends throughout the Store--EVERY ARTICLE with the exception of
Groceries and a few Contract Lines now on sale at Reduced Prices. Thousands of Dollars worth of High-Grade, Dependable Merchandise to select from. Extraordinary
Bargains in All Departments of the Store COME AND SHARE IN THE SAVINGS! S. & H. Green Trading Stamps given with purchases amounting to 10c or more.
Women's Plaid Skirts
2 Great Sales!
Second Floor Thursday we shall feature a remark
able Clean-Up 35ale of Women's and Misses1- Plaid
Skirts at greatly reduced prices. Smart, up-to-date
models very latest patterns. Ask to see these.
$22.50 Skirts
$14.98
Beautiful Skirts of high-grade wool plaid materials
in assorted patterns and colors. Various combinations
of browns, blues, greens, tans, etc. Accordion plaited,
knife plaited and box plaited stylesT A QO
Values up to $22.50 priced special at JJ-C
$25.00 Skirts
$17.95
Women's and Misses' Wool Plaid Skirts in a splen
did range of the season's best stylesr Box, knife
and accordion plaited effects, also gathered models.
All the very newest color combinations. Qt Tl QC
Values up to $25:00 priced special at DJ. I VO
Bath Robes
$5.98
Center Circle, lit Floor Women's
Blanket Bath Robes specially priced for
the Clean-Up Sale. Attractive styles with
roll collars and long sleeves. Floral. In
dian and conventional designs. Light
and dark colors. Full range (PC QO
of sizes. Priced very special Dtli0
House Dresses
$3.98
Second Floor Women's Slip-On Dresses
and . House Aprons in several smart
styles. Made up in jjinnhams and per
cales. Long or short sleeves, round, V
or square necks. Stripes, checks, plaids
and plain colors. Light and QO
dark. Priced -very special at DOsI70
Garment Salons, Second Floor
Women's
CrepeWaists
$4.49
Second Floor This is a special
group of high-class Waists selected
from our regular stock and greatly
reduced on account of lines being
broken. Beautiful models in em
broidered, beaded, braided and lace
trimmed effects. High or low necks,
long or short sleeves.
Good colors. Special
easi $4.49
EVERY ARTICLE
REDUCED!
EXCEPT GROCERIES AND A
VERY FEW CONTRACT LINES.
All Footwear Reduced!
Extraordinary Savings
Every pair of Men's, Women's and Children's Shoes in
the house reduced in price for the Clean-Up Sale. Abso
lutely no reserve! Here is. an opportunity to buy Foot
wear of standard makes in the latest styles and leathers
at worth-while savings. Note the following quotations.
Men's, Women's ' Shoes '
At 20 Per Cent Off
ALL $ 9.50 SHOES IN THE SALE AT ONLY $ 7.60
ALL $10.50 SHOES IN THE SALE AT ONLY $ 8.40
ALL $11.50 SHOES IN THE SALE AT ONLY $ 9.20
ALL $12.00 SHOES IN - THE SALE AT ONLY
ALL $13.50 SHOES IN THE SALE AT ONLY
ALL $15.00 SHOES IN THE SALE AT ONY $12.00
Children's
Shoes
Every pair of Misses' and
Children's Shoes , including
Bhster Brown at special low
Tjfices for the Clearance Sale.
9.60
in ftft '
vr
Choice of Our Entire Stock of
Art Needle Package Goods
At HALF PRICE
Bargain Circle, Main Floor The most important Sale of its kind we have ever
announced as it takes in the entire stock of Package Goods. Hundreds of different
articles Gowns, Chemise, Pajamas, Aprons, Scarfs, Pillows. Center Pieces, Caps,
Bibs, Children's Apparel, Lunch Cloths, Collar Bags, etc,, etc. Fresh, clean stock,
nnt ndA and ends. We are offerine these Package Goods at these special prices:
rvcguidl fl.j.3 rkBtC5 nuw i DOC
Regular $1.75 Packages now 88c
Regular $2.50 Packages now $1.25
Regular $3.25 Packages now $1.63
Regular 75c Packages now at 38c
Regular 85c Packages now at 43c
Regular 90c Packages now at 45c
Regular $1.00 Packages now at 50c
OWKCoffee
39c Lb.
No delivery except with other
grocery purchases. OWK Imperial
Roast Coffee priced spe- QQ
clal at 3 lbs. $1.15 a lb. Q&K,
60c TEA Ceylon or English
Breakfast on Sale Thurs- AQg
day special at, the pound TtlC
Royal Baking Powder, 45c OP
size, priced special at onlyOtlC
Model Grocery,
Fourth Floor
Sale of Men's Clothing
Every Man's Suit and Overcoat Reduced
There are Clothing Sales and Clothing Sales, but here is one that MEANS SOMETHING.
Not a lot of undesirable styles and broken sizes, but high-grade clothing in the very( smart
styles and fabrics. Step into the Men's Store and select any Suit or Overcoat in ouf stock
at. a substantial saving. And the best of it is you get Clothing of DEPENDABLE QUALITY.
$30.00 Suits at $19.75
$85.00 Suits at $56.50
MEN'S ' REGULAR $35.00
SUITS PRICED SPECIAL AT
MEN'S REGULAR $45.00
SUITS PRICED SPECIAL AT
MEN'S REGULAR $55.00
SUITS PRICED SPECIAL AT
MEN'S REGULAR $60.00
SUITS PRICED SPECIAL AT
$23.25
$29.75
$36.50
$39.95
MEN'S REGULAR $65.00
SUITS PRICED SPECIAL AT
MEN'S REGULAR $70.00
SUITS PRICED SPECIAL AT
MEN'S REGULAR $75.00
SUITS PRICED SPECIAL AT
MEN'S REGULAR $80.00
SUITS PRICED SPECIAL AT
$43.25
$46.25
$49.75
$53.25
$35.00 Overcoats $23.25
$95 Grades $63
Men's regular $40 fl0 Cf
Overcoats special at DJ0J
Men's regular $45 J9Q 7
Overcoats special at DdUtO
Men's regular $55 flQ!
Overcoats special at OOUUU
Men's regular $65 IQ OK
Overcoats special at tDOatl
Men's regular $75 flJQ rrr
Overcoats special at DlxU I O
Men's regular $85 QCC KA
Overcoats special at Dc)UJvJ
Boys' Clothing
Reduced!
All Boys' Overcoats Reduced All Boys' Suits Reduced All Boys'
Sweaters Reduced AI! Boys' Underwear and Hosiery Reduced All
Boys Waists Reduced Buy Now at 'the Lowest Prices of the Year!
Boys' Suits at $9.35
Boys' Mackinaws at $12.45
BOYS' Corduroy Suits in good
dark colors. Regular PQ OK
$13.50 values now at iDU00
2-PANT SUITS in the latest
belted models. Ages O A r
8 to 14. Clearance iDL&ttO
BOYS' Mackinaws. Ot O A C
Norfolks with
straight pants. Full lined and taped.
Values to $20, now
-BOYS' Junior Norfolks
Mostly blue
Ages 4 to 10.
serges. fl or
Special tDO.Otl
Boys' $1.50 and $1.75 Blouses at 98c
o
Sheets, Sheeting, Pillow. Cases
At Reduced Prices
BLEACHED SHEETS of good heavy
quality. One of the very best stand
ard makes. 3 yards long. QfT
Priced very special at only DX7tl
PILLOW TUBING in 42 and 45-inch
widths., Splerrdid firm quality )'7-i
and weight. Clearance Sale at O I 21
BLEACHED SHEETING 72 In. wide.
Not mote than 10 yards to a cus- AQA
tomer. ' Clearance Sale at.' yard "IOC
PILLOW CASES of excellent quality
bleached sheeting. Size 45x36 inches.
Only 100 dozens in this lot. OPp
Special for Clearance Sale, each wtlC
Bathrobe Patterns Clearance $3.95
Sale of Novelty Ribbons
Values to $1.95 at $1.00 a Yard
Values to $10.00 at $3.95 a Yard
Min Floor Hundreds of yards of high-grade Novelty Ribbons priced for quiclc
clearance at an average of less than half price. Ribbons suitable for Bags, Cami
soles, Sashes, Girdles and Vests. Latest designs and colors. Note these prices:
LOT 1 Ribbons formerly Art
price'd to $1.95 Clearance DJ-VU
LOT 2 Ribbons formerly QK
priced to $3.00 Clearance DVO
LOT 3 Ribbons formerly ! Op?
priced to $3.95 Clearance DftO
LOT 4 Ribbons. formerly 1Q QK
priced to $10.00 Clearance dOUO
We Give S. Si H. Green Trading Stamps
Basement Underprice Store
Annual Clearance Sale
EVERY ARTICLE REDUCED with the exception of a few contract lines.
The Basement Clearance brings extraordinary values in Women's, and
Children's Apparel, Men's furnishings. Household Needs, Shoes, etc.
Pillow Cases
17c
Basement Bleached Pillow Cases made
from, good heavy quality muslin. Size
36x36 inches. It will pay you to lay in
a gooM supply of these, for they "1 fjp
are wonderful values. Special at A I V
Large Comfort Batts at 95c
e 200 in This Very Special Offering
Basement Fine quality Batts 72x90 inches, sufficient for making of a large size
comforter. Weight 2 'A pounds each. No telephone orders accepted on QKjr
o.tmtttw Kpjnw ifmitcd Pr5ci snecial for Clearance Sale at.vtl
27-In. Percales
16c
Basement 12Q0 yards of standard qual
ity Percale in a special Clearance offering
in the Basement. Large selection of light
patterns for house dresses, 1 n
aprons, etc. Special at, ayani XUI
L
; ; : : ; ; ; ; ; -J
, ' itii
Put one in your mouth at bedtime . "