5.4 THE ; OREGON SUNDAY JOURNAL, PORTLAND, SUNDAY MORNING, MAY 15, 1921. UNABLE TO OBTAIN CREW. LADEN BOAT IS TIED TO DOCK Eelbeck Loads 7351 Tons Whea ;for Italy After Leaving Puge t: t Sound With Makeshift Crew. - Laden with 7351 lone- tons of t' wheat (274,447 bushels) destined for ' Zeghoro, In Italy, the steamship Bel :beclc, a shipping board vessel, . cleared yesterday and for want of a "'crew will Join the fleet at the Vic -toria dolphins. The cargo was laden . by the Pacific Grain company and . Is valued at $360,000 The Eeltxck carae down from Fuget Sound with a makeshift crew. The port . engineer of the operating company act ed in the capacity of chief on the short run. out will not proceed to Italy witn 'the ship. The division of operations of -.the shipping board- is making every efr .fort to provide a .crew, and this may .bo' accomplish by Monday, f ' The; steamship Coaxet. operating for "trie Pacific Steamship company on the Oriental run, has completed repairs and w 111 be ready to take cargo : Monday, The Coaxet is booked full and will take lumber and general cargo. The steamship ! West Nlvarla, another "TJOrtn China liner, is taKing tumoer at ' tha . Supple & Balun dock. She win finish Monday night and will be ready , to clear Tuesday morning. Neither the Coaxet nor the West Nivarfa has a crew. - i--The steamship Art 1 gas of the North Atlantic St Western Steamship company . entered and cleared today. . She bad a -email amount of inbound cargo, which Twas discharged at terminal No. 2. She will load 140 tons of canned salmon at Astoria and finish with lumber at tqrays Harbor. The Artlgas is not af fected by local strike-conditions. sJAPANESE freighters are ' 5 PROFITING FROM STRIKE San Francisco, May 14. Japanese 'freight steamers are now entering Amer ican trad routes as a result of the tie up of American steamers In the marine workers strike and many valued cargoes "from north Pacific porta have been cap- tured by hte Orientals, according to in formation received in local shipping "circles. -The Japanese steamer Mltsukl Maru arrived Friday at Portland direct from a-Kobe and iimmediately obtained a char ter for wheat, while the nongosan .Maru at one of the northern ports. having: already een signed is reported a charter for a grain cargo to the United King. , com, n is un said. - It is understood In shipoincr circles i i that similar invasions have' been made ' Into American ocean trade routes by Japanese steamers, especially in the far i eastern field. : j. .Today continued quiet along the water i I front, with several steam schooners ar I irlvtng an4 Immediately tieing .up, while ; only a U. jS. naval destroyer and a fish ' Jing -schooner departed port. Union officials were considerably Jubl Jlant" over! -the signing up of the Los Angeles Si S. Co. on the old wage basis. JThe steamer Yale of this firm will de Dart from Los Angeles Monday after- moon, arriving - here . Tuesday morning and departing again that afternoon for tthe South. This schedule will continue luntil next month, when the Harvard will ! Join the service, permitting a sailing evory five days. Roy V. Crowder, gen ,e-cs,l passenger agent, today announced t resumption. GERMANY AND U. S. BOUND TO I - COOPERATE, SAYS DR. CCNO 1 New Tork. May 14. L N. S.) "Ger- ininv and the "United States are bound td. cooperate with each other in the fu ture." said Dr. Wilhelm Cuno, former director-general of the Hamburg-Ameri ?can line, on his arrival here today for .an extended visit. J . Dr. Cuno said he expects to discuss .With the Harrlman shipping interests the practical working out of far-reaching , business agreements signed between i those interests and the Hamburg-Ameri-;?can line on his last visit to this country. Genial Postmaster Of Joseph Married Half . Century Ago Joseph, Cr., May 14. TJncle BUly Wilson." genial and oiling postmaster of Joseph, is 75 years young. Mr. Wilson wijl cele brate bis fiftieth w e d d ing anniver sary in the near f it jf - ., future. When asked " concerning the ae- 1 tails of the wedding be assumed a bored f e x p r e s s i o n and y said: "Ob, don't ask ' I me that is women 77 1? 4' folk's stuff. I don't - - . -ji . 3e r . . . . t y ' want to near any ' more about gulden -weddings for a hun- l ; dred years if I get a through this one.' Mr. Wilson, is ?- ilife long Democrat, and was an ardent supporter of x res ident Wilson all durlag his admin istration. He has served as postmas ter of Joseph for about seven years. No Slackers on Argonne Post List; Has 60 Members 4S Sherwood, Or., May 14. This section of .Washington was without representa tion in the slacker list read at a meet ing of Argonne post. American Legion. The local , post numbers , about 60 members. ' i ' The Ellison-White s Chautauaua opens at Sherwood May 29, continuing to June 2. The big tent will be pitched on the local school grounds. ,m " The Sherwood Business Men's club has inaugurated a "paint-up" campaign. Ef forts will be made to induce owners of residences in the city to repaint their Domes. s ' T,evs of the Port ArriJi May 44 t - ArtifM, " American (teamer, fron ' Portland. It'-, and war porta, general. - - CoL E. Iraka. Americas steamer, from 6aa Franc faco. oil. WATER I ....8.6 ft ....7.0 ft. 1 Aitorte Monohy lAJVf WATSB 2:51 p. m 1.2 ft. 2:46a. m....2.0 ft. THta at HIGH WATER :05 ft. m. . S:26 i . AT XEJGHBORIKG POBTS , Astoria, May 14. Arrived at 5 and left np f v m steamer CoL E. L. Drake, from ean rranciscok Lett up at midnisht steamer Articaa. , , Saa Franobeo. May 14. Arrived at 10 a. m. Steamer Effincham. from Antwerp for Portland. :-, Balboa, May 12. Arrired, ateamer Baaley, I com Columbia rirer, for Naples. 'vOuristobal. May 12. ArriTed. iteamer Orani, f ram Portland, for United Kingdom. Sailed, ateamer Statesman, for tavarpool, from Port land. : ..t. Helens. May 14. Paaaed at 7:20 a. m.. 'atoamer Artigaa. . v? Ts Aitif m Poruwts , iedrepool. ......... W. O. 8. A. ...May IS Bantu ............New Tork.....My 16 ronaoaa Port Said May IT 1 ko.fuku Maru. . . , , , Bbanchai ......May 18 J" ...New York ..May IS Sueel Voyager ..New York. , . .May 19 Vet -Hlxton ....... 8an Fran. .....May 20 JVeat, Kedron ....... Puget Sound. ...May 20 Baarport .North China. . . .May 20 Senator. ........... Saa Fran..... Mar 20 WilLwlo 4 .....New Xork....Y.MTw Xina . ............ HuU . . VI.. si .May 22 ..May 24 ...May 24 . .May 24 ..May 24 ..May 24 ..May -4i .Mar St l..naley City ..... London laatern Sailor. ...... Europe .... Veait ............. .Loe Angeles. Anna & Mots. ..... New Tork . . , liberator ...New Tork .. iNaordardlik ........ Bottardaa .. H JO Mara ....... ..Orient . . . . Montagu ........... China. Japan, BarrT Lockeabse. . . .New tork '.V.V.Maf 10 ""w ........... xoaonama ..... .May 38 ft?" ..-...Philadelphia ....JS 1 A ii,tre N Tork ...... Juna 7 Ananjian. .......... New Tork ....Juna 1 fV- Te Pag art Frem Pwrttana ; H Dak...... 8. . F .....M17 U Abcia ...Wert Coast .....May 18 tJ,1ri N. China ports. . May 19 ' 125? ... Orient ...... i .May 19 ...... ..lwirope t. ...... .May 1 . 'ttacout. ......... Europe .......My 20 , pool- ....Europe ....i..May 25 ' Toyasay ....... N. T.-Boaton.. ..May 22 ; V Kew lork, . ...Mai 22 - 7: iW ....... ...... .Terminal No, S ............ .Clark A Wilaon ..... a, .--- - altera Mariner i... Tv,i, Vest Niraria .................. .Supples nson S. Breaks ...... Terminal NoT 4 t Wi - Dolphins U Hind .... St. Belena anlcdi Montgomery nta Alicia ....... Tonsue point ' astern-Western luuki Maru ........... a . .....Columbia "'fI-VVtlf .".Termuial No, 2 A B. L. Drake... v . . Willbridge Positions of Vessels -"Radio report from KTorth Head give e position of the following vessels at . p. m." Hay 14 : - steamer yoseoiitc, Port Gamble for V" rndero v iUametta Indorsement Given Marion Booze War Salem. May .14. Unqualified Indorse ment of County Judr;e Bushey and the law enforcement campaign against boot leggers and other liquor law violators, recently conducted in this county through the medium of the Anti-Saloon league, is expressed in resolutions adooted by the Moral Improvement league of this city. The league pledged its support to the court and to the officers of the county and city in any attempts it might make toward the suppression of the liquor traffic and lawlessness generally. Take Trip to Settle Koad Bond Dispute Roseburg, Or.. May 14. Countv Jndc-e Quine, County Commissioner R. W. Long, A. C. Marsters, ; Joseph Mlcelli and E. 1 Parrott left this afternoon by. automobile for Scottsburs. where they took the boat t for Reeds do rt to meet with the residents of that citx In iuo interest or. me proposea road bond issue. A misunderstanding has result ed in that community over the proposed ISSUe. , ;; ; ",. 0 - Bill Aims to Check High Price of Coal Washington, May 14. CL N. K.1 A bill sponsored by Senator Frellngbuysen N. J.), providing for encouragement of seasonal production, shipment and marketing of coal as a means of pre venting high prices and shortages, was favorable reported to the senate todav by the senate Interstate commerce com mittee. . . ! END OF LIQUIDATION PERIOD APPROACHING, -SAYS BANKER Edited by Will F. Hessian FINANCIER SAYS DANGER IS OVER WiaKSaMBSsSSjBaBSSwsa. - . Local Reserve Bank Manager Says Worst of Readjust- ment Has Passed. ; BROUGHT FROM BAY CITY j TO ROSE CITY OFFICE The announcement that several Eastern federal reserve banks had reduced their rediscount rates Is but a very indefinite indication that the most drastic: part of the period of readjustment is over and that busi ness conditions should from now on show steady Improvement, accord ing to Frederick Greenwood, man ager.of the local branch of the fed' eral reserve bank. - i "At the close of last month," stated Greenwood, "money rates were consid erably easier and rates on commercial paper were lower than at any time since last May. BESEBTES INCREASE The bankinir position has shown steadr improvement due in about equal measureto the liquidation of loans and consequent reduction of borrowings at the federal reserve banks, and the large increase in our gold reserves due to heavy, gold imports. I . ' ; "Since the first-of the year the gold reserves of the federal reserve oanas increased about $250,000,000, while there was a corresponding decrease in demand liabilities over the same period of about $600,000,000. 4 i ! "As an indication that the period of liquidation through which we have been passing is approaching an end, these signs are very encouraging. It would be a mistake, however, to interpret them as meaning that ourj problems are solved or that credit from this time forward would be available in unlimited amounts.' BA56EK goite "Just as there is a temptation for the convalescent to venture out too soon after a long protracted illness, bo there to a temptation at the j present time to feel that the need for care and conserv atism is past and to venture on a new period of expansion and; inflation which would lead inevitably to more serious consequences later on. The danger of any financial trouble in this country is definitely over, but there are still many adjustments to be made. "It must not be forgotten that In those districts which have announced a reduc tion in rediscount rates the prevailing rates have been higher than in other districts. We have received no informa tion as to whether there will be any change in the rediscount rate in the San Francisco district." . Bankers Obligated To Cooperate m Program of Thrift San Francisco, 215 miles south of Cape Flattery. j Steamer El Lobo j Victoria for San trancisco, 125 miles north of Cape Blanco. 1 Steamer Henrr S. Rrnm -tv... San Francisco, 4T miles west northwest Report From Month of Colombia River North Head. Mar 14 nnrvl.Hr-. t v at S p. au. smooth: wind north wm in nil.. FORECASTS Portland and Vicinity Sunday, partly cfandy cooler; winds moatly westerly. 4 vnion snnaar, I air south portion, doody Bnd threatening north portion; cooler In the in- saiu, wt inraiui moosraxa wasteri? winds. Waahiuxtoa. Sunday, showers; cooler ezoept alone tha coast. i OBSTRVATIOyS STATIONS Baker ..... Boise ..... Cluoaco . . . Denrer ... Iea Moumb.. Eureka . . . t Juneau . .. Kansas City. Los Ancelea. Marahfleld... Medford Minneapolis. North Head. Phoenix ... PocateUo . . . Portland ... Roaeburc . . Sacramento. . St. Louis. . Salt Lake... San Diego.. . San Fran... Seattle .... Spokane . . . Tacoma .... Titooab hi.. Walla Walla. c I 5 a a. H 74 80 54 62 SO S J58 58 72 S6 -78 48 88 100 7 75 78 84 2 7 4 64 70 7 y74 54 80 0 - o 0 o 0 .01 o o o o .04 o 0 o o 0 0 0 o o o 0 .02 0 Baia loudy Pt. cloody Cloudy Clear Clear Bain Cloudy CleaTV Clear Clear Clear Cloudy Clear Pt clstidy Pt. cloudy Clear Clear Clear Clear, Clear Clear (.Clear Cloudy Clear Cloudy Cloudy . today. .tF.M. report precediqa dTT local Data. aeJZSf?.1 Ht temneratnre.. 75 Tmiiiig a a. nv, 13 4 ft. Chans in last 9 S4"! 0 6 I1 rainfall (5 p. m. to 5 iE S i, Z lnch- Normal, rainfatt rfnei Sept. 1, 41.02 inches. Vx At Zi-Jlr, ncm Sonaet. 7:85 p. a. Total aunahtoa is r fT"' P- -. 30.01 inches. Relmiii. cent; 9 p. m., tx per cent. . . New Tork, May 14. Euarene Merer, Jr managing director of the War Finance corporation, speaking atj a recent meet ing of the Bankers club of Brooklyn, ald: . - - ' . .; . i, "There has been a decline without par allel, in the prices of all kinds of goods and commodities. Bank loans have steadily declined since the' beginning of this year and reserves in some parts of the country are now building up to satis factory figures, but, even with this im provement in the banking situation, there is still a most serious condition in Industry. ' j r -it is the obligation I of the banker today to determine in what direction he can properly and conservatively stimu late business by giving encouragement and confidence to the i producers ' and merchants who depend upon him for ad vice and for funds. If i It is true, as I believe, that stocks are abnormally low. that merchants, manufacturers, rwhole salers and retailers, who a year ago coufd not obtain enough goods at high prices, are now unwilling to carry their usual stocks at low prices, it is the obligation of the banker to endeavor to, remedy this situation. I deem it to be a real obligation of the bankers of this country to cooperate with the government in working out a pro gram by which the meaning of thrift may be brought home j to every man, woman and child; and; his should be done, in part, through the savings sys tem of the United States government and, in great part, through the stock and mutual savings banks. ; y.,r,Wr'yy.w,. -i '4 j qawoo vwvooaao6oOfloasa iWiWff' . w : W? WiWMio;?) torJSWsyA.a. ViAetMvM Revival Is Coming Gradually, Without w Boom, Says Banker "I do not look for a boom but 'for a far-reaching improvement in general business conditions by next faH," says a leading New Tork banker, whose views are held in highest regard all over the country. The fact la we are improving right now, but is through a rather unpleasant process of settling down on a ' solid foundation on which to build later. Cheaper money may be expected In the near future. ; r "Before the summer is over war-time wages will have been pretty thoroughly readjusted, and building activity will soon be resumed. In the fall: the new crops, which now - show excellent promise and are being produced at comparatively low cost, will begin to come in. and the buy ing power of the farmers will be restored. Labor will be plentiful, ; liquidation will have been completed, jfrosen credits thawed out, railway rates and wages re adjusted, and, with the banking situation perfectly sound, the country should move steadily forward to a, new era of prosperity.: .,!, t Peninsula Haa New Residence Plot A tract comnrisinr? 126 residence : lots in the Kenton district was d Laced on the market last week fcv the World's Fair Addition oomnany. 4ncornorated with a capital of. J 48,000 by D. W. Sears and his associates. The orooertr has Just been platted and Improvements are under way. The company has opened offices on Sixth, street j between Stark and Oak. - , Range in Prices of Liberty Bonds arid Victory Notes During the Past Week OFFICIAL CLOSING PRima" Liberty ss. 1932-4?.... Liberty first 4s, 1932-47... Liberty second 4a. 1077-49 Liberty first 4s, m2-47.;i:HI":"" Silf Liberty 2d 4 Vi 3. 1927-42 ....... . b ( .6 T iKorf,. .),! i , .?, ' 87.82 v,,v 15i9 Liberty fourth 48, 1933-31 Mon. Tues. Wed. Thurs. 89.00 87.54 87.22. 87.82 90.70 87.38 Victory 4Ks, 1923-23 8f.38 Victory 3s. 1923-23.... I."";;;- fjo 88.60 87.S6 87.24 87.66 87.30 90.64 87.38 87.78 97.78 88.60 87.60 87.20 87.70 87.88 90.62 87.34 97.76 97.76 88.60 87.62 87.30 87.72 87.38 90.66 87.46 97.76 97.76 "88753 87.54 87.34 87.64 87.40 90.70 87.46 . 97.86 97.86 sat 88750 87.54 87.30 87.64 87.40 80.70 87.42 97.88 97.88 Marshall fc. Wrlgbt Marshall S. Wright has been trans ferred from the San Francisco offices or- the Lumbermens Trust company to Portland to fill the position! of assist ant jto James Lynch, vide president of ine company, wrignt is a ' tormer .fort- lander and' has been ith the trust company s for some time. He succeeds E. V. Pratt, recently promoted to the bond-buying department, p - ' Wright has . been in . the bond busi ness i ror several years ana is well known in investment banking circles both In Oregon and California. He is a native of Illinois and & graduate of yregon Agricultural college. TOPICS' I DIMNESS r7 Bankers and brokers of long experi ence - are of one opinion- that the strength of the market is simply a sign of returning prosperity. Since the early part of the . year certain ' stocks have been climbing slowly upward with the inevitable reactions. Some stocks are up 20, 30 and 40 points jfrom the low levels; of December. Otheir stocks have made .gains but not in proportion to the shares of companies that. have been able to report a distinct increase in business. The automobile and rubber tire business began to revive early In the spring and some stocks in this class are up 20 to 40 points or more. Some 'classes of busi ness show no pronounced sains as yet- but when these lines begin ito display signs iof revival their securities will re spond; with advances similar to the shares of automobile, tire, woolen and Other companies. - : The! business outlook is somewhat brightened by the improvement in the financial situation, the rlke jn the fed eral reserve ratio and the lower rites for can money. The reduction la prices by the U. S. Steel , corporation is inter preted; us a forerunner of others still to come. L The revival in the automobile in dustry is encouraging chiefly as a dis closure of the reserve buying power of the public. it Carstens Ar-Tla-rlM fairrinar their participation In the $10,000,000 Libby, McNeill Libby 7 per cent mortgage bonds.; The bonds are dated May 1, 1921, and mature May 1. 193L The is sue represents a closed first mortgage on assets totaling: $75,000, 000. I The bonds are priced at 95.75 to net 7.60 per cent. . A. L. Mills, president I of ! the First National bank, is in Washington, where he will attend the quarterly meeting of the federal advisory council as the rep resentative of the Twelfth federal re-r serve district. W. L. Thompson, vice president of the bank, who has been in the East for the past two pected to return the first t weeks, is ex- of next week. J The TRalph Schneeloch I company last week purchased the 8100.000 issue of Clatsop county. 6 per cent 10 year bonds. The company is now offering the issue to investors at par to yield 6 per cent. The bonds were issued to provide funds for highway construction and are a gen. eral obligation of the county. The se curity is issued in 81000 denominations. - 1 ' - A. C i jKeefhaver, f ormetly cashier of the Columbia State bank at White salmon,; nas accepted the position as cashier of the State Bank of Ooldendale. Fred AJ Smith, who resigned : the office of prosecuting attorney two years ago to become i. cashier of the State Bank -of Goldendale, recently resigned j the latter position and will retire from the banking business. Keefhaver's plate at the Columbia State bank at White Salmon will be i filled by Harry Claterbo3, for merly the bookkeeper in the State Bank of Goldendale. . : ' j . , f ? The Washington-Idaho Water, Light & Powef company 8 per cent first mort gage five-year gold notes Is a. new pub- sc utility security ' now being offered. Iherrin & RHODES, be OSstabllsbed 1896) t BROKERS UEJ1BEBS CHICAGO BOARD Of ,-; .j" y ISASE. - - CorrespOBkeats, E. F. HTJTTOIT ft CO. Members Hew Terk Stock Exchange. Private Leased Wires Dlrset to AU . becsrlty aad Commodity Markets. LIBERTY AND VICTORY BONDS i J BOUGHT ASD SOLD I MAIN 288 and tSi. " : -COl'i HALLWAY EXCH. BLDO.' Overbeck' Cooke Go. I, Stocks, Bonds ' Cotton, Grain Etc. DIRECT PRIVATE WIRES TO ALL EXCHANGES of Trade. Members Chicago Board Correspondents "of Logan & Bryan Chicago New York 216-217 Board of Trade Building 100-Year Growth in Exports Shown The bureau of foreign and domestic commerce has recently some very eigmif leant liirures concerning- our rorelgn trade, tlcularly pertinent at- this time because with 1920 there came first century of published American trade statistics. Comparing conditions existing in 1820 and 1920; . h ... yj- '-! 1820 Nnmber ' of Statas ................................. 27 Population ot tha United States.. ..................... i. .8S.4S3 Population of 1820 ana .... .W. ..................... 0.638,4 SS Area of United States ia square miles.,... ..,... 1.792.22S made available They are par to a close the 1920 48 105.68S.10S . 76.8.632 a.t26.78i Talus of Exports ..... ..... ............ ........ S4S.871.894 SS.080.8L8.4SS The stupendous export trade of 1920 .reached every corner of the globe. Below are given only a few of the countries which absorbed large amounts' of our export trade: . -; "- ' ? " .. ... .. S J920 EXPORTS TO: ' . Belgium . . . . France ...... Germany ., . . . Italy Netherlands . . N orway ...... Spain ....... Sweden ...... ..8278.688.237! .. eai.645.719i .. 805.418.85S . . 868,010.978 . . 280.580.744 . . , ,04.003,779 i45.787.120 .. 11S.S87.622I Mexico . . Cuba Argentina Arrentina Chile Columbia China . . . Japan . . , .8200.T86.976TJnited Kingdom 503.199.808 219,981.271 21O.041.271 155.268.086 64.016.663i 144.942.677 874.140.0L9 Hi reel Brit- ain) 81,80140,224 Canada 933.S09.U4 Britieh Africa. , British East I - Indiea ...... .... 12l.48l.695 Australia. .... 118.888,820 The notes are a general obligation of the company. This issiie Is the only funded debt against the distributing systems of Lewlston, Idaho, and Clarkston, Wash. The notes, issues in denominations of J100 and $500, are callable at 105 on any interest date. They are being offered at par and accrued interest. . i - i , 'Conservative bankers will not commit themselves to a very definite prophecy at the present time. They, however, ber lieve, that the crisis has passed, that the worst is over, and that recovery," al though slow, has begun and will be sure. They believe that if the newi administra tion disposed of v its chief problems wisely that the present year iwlll witness a return, to fairly normal business. Freeman, Smith & Camp company re port an active sale on the city of Dixonf CaL, 8 per cent improvement bonds which they have been featuring the past week. . i I . The bonds are issued in serial form and are priced to yield 7 per cent. The funds from the sale of the issue will be used to cover cost of street im 'provement in the munlclpallfyj The bonds are a direct lien on all the property in the city. Dixon is situated in a rich farming section of the. Sacramento valley. . "v. )' ... ; That there Is an Improvement In the security market is strongly reflected In the quick absorption by local investotrs of the Wallowa valley improvement dis trict 6 per cent bonds which were offered last ' week ' by the Lumbermens i Trust company. ThJonds were offered for public subscription - last Monday and within four days' time the entire issue was disposed of. The bonds are dated May L. 1921, and mature serially from May 1. 1928. to May 1, 194L They were sold at, prices to yield 7 per cent- Retailer Obstacle in Price Reduction, Say Financial Men Bankers, commercial bodies and busi ness corporations throughout the country continue to indicate that the retailer is stm the biggest single obstacle In the path of the return of normal conditions. It is contended that prices are inordin ately high in practically all lines, and in order to keep them high the retail mer chant persists in maintaining relatively smaU stocks. He does this to hold his inventories down and his prices up. "It acts as a two edge sword," states a prominent financial Institution, "when It comes to slashing the prosperity of the country at large. For one thing, it keeps the cost of living high and denies large masses of people the necessities and comforts to. which their income entitles them. In the second place, it prevents normal productive activities, thus leading to increasing unemployment and reduced aggregate buying power. i "The retailer is standing irf his own light by his attempt to maintain prices at current levels. The endeavor t get such a large profit on individual saes drives customers away and reduces the amount, of turnover .to an incalculable extent." VL ft. Oearv. vice nresldent iof the Se curity Savings & Trust company, has left for a two weeks business trip to rew tors. Edward M. Cooklngtiam, president of the : Ladd & Tilton bank, now In the East, is expected to return to the city the early part of June. "David R. Forgan, president of the National City. Bank of Chicago, was a Portland visitor Friday and Saturday. He was shown the sights of the city by B. G. Crawford, vice "president of the j United States National bank. On account of the press of time the Co lumbia river highway trip had to be canceled. . . . I Frohman Blaiiager Died In New Tork New York. May 14. (J. N. &) Al fred Hay-man, general manager of Charles -Frohman. Inc., and , director of that organization since the death of Charles Frohman .on the Lusitania, died today from a complication oft ail ments. He was 67. Hayman produced many notable Broadway successes. ; BONDS IMPROVEMENT i , 1 PROVINCIAL I i SCHOOL ! I WATER i J to yield 6 to 8.50 1 :r ": l ' :-. ' -!-- Western Bond & Mortgage Co. Mala 118 86 Fourth St, : Board of Trade Bldg. I . ; Ground Floor . I i Odd igh-Class Bonds Portland." Or- limroewnent 6'i Maturity EsL Sept. 1,. 1927, at 101, yield about 5.80. Yakima Co. Wash., Road S's Maturity June 1, 1922, at 100. yield 6. Astoria, Or., Improvement 6't Maturity Est. 1935 to 99, yield about 6.07 to 1940, '. at 6.09. Astoria, Ot, 6s Maturity Est. Nor. L 1930, at 89.90, yield about 6.50.;! Port of Bsy City, Or, 'a " J Maturity May 1. 1928 to 1930, at 96.63 to S7.22, yield 6.50. Caspar, Wye., ImsroTemeiit 6' Maturity Est. 1926 and 1927, at 97.50, yield about 6.46 and ' .6.54. ; , ,, Marshlanfi D. Columbia Oat, Of., ' ' Maturity June 1, 1925 to 1927, . at 96.23 to 97.27, yield 6.75. ... i- ..... t . 4- Vemai City, Utah, Waterworks, BVi's Maturity June i, 1937, at 87.88, yield 6.75. ' VmorMnrer. -B. C, 4s' Maturity Feb. 1, 1923, at 93.65, yield 8.55. Northern Paclflo Orast northern SV.'S Maturity July 1, 1936, at 96.50. . yield about 6.875, Great Northern Railway Co., Bar. A 7's Maturity July 1, 1936. at 96.50, yield about 7.40. j C. I. Dapont D enamours a Co. Ooid 7't ' i Maturity May 1, 1931, at 100, yield 7. j ! Call or 'phone for details. ' asfeoajNO fiost I Usui Bui Lama Fifth and Srraasi ' ) S740 Freeman, Smith Camf You Need Three Booklets 1. Investment Record Book It is complete, embodying a full description of your holdings and a record pf your transactions. It is convenient. Its loose-leaf pages enable you to file away your record after disposing of your holdings. It is compact, a cloth covered book 4x8 inches in size. j:- -',- .''::"7;v V :" I'' . Z' ' ' - 2. Elementary Principles of Safe Investment It defines in non-technical language the ele mentary principles ; underlying safe investment and shows wherein an "investment" differs from a "speculation In the appendix will be found an alphabetical list of financial terms and phrases wfth concise definitions. 3. Investment Opportunities of Today A six-page folder describing high grade readily marketable municipal, public utility and corpora- ", tion bonds, yielding a return of from per cent to 8 per cent. ., - Write, phone or call for these booklets. We have published them for your use Blyth. Witter. &. Co. Ycon Bldg.. PORTLAND SEATTLE - SAJI FRANCISCO -103 AXCLLES-NEW Y0IUC Policemen, Firemen Newspaper Men Are Last in "Savings I Married nnen save more, than slnarle men. ; i More bank accounts are opened in June, the month ot marriage, than any other month in the year. r The American people, particularly the workintr people, are doing well in tne way of thrift .1 1920 was the banner year in total savings. V ! Deposits of 619 mutual savings In stltutiohs asg-regated 85,635,389,907 151.70 per capita. i The foregoing are tacts which were brought .out at the recent conference of savings bank men held in Phila delphia. ; - - - . . a An examination of the class of de positors showed that policemen, fire men and newspaper men are at the tail of the procession of savers. The explanation as to policemen aftd fire men is that they have their pension and disability funds to fall back upon. There is no explanation as to news paper men. They seem to be hopeless. Linen Shortage ' Is Threatened; ' Acreage Small Kew Tork, May 14. The dire predic tion that a linen famine Is threatened for 1922 Is made by W. H. Webb, president of the Irish Linen society, now in this country. Deflation carried the price of flax to such a low point, he says, that growers In France, Belgium and Holland have shown only about one-third the usual acreage this year. An abnormally small crop in Ireland Is expected, the sale of flax seed having been the smallest In years. Russian flax will not be pro- together Mr. "JVebb feels that an, scute shortage of linens next year is inescapable. Wearing Apparel Demand Growing; I Collections Good New Tork, N. T., May 14. Steady im provement in the consumer demand for dry goods and wearing apparel is re ported by leading local stores and collec tions, are said to be good. Delinquent accounts are being followed more closely for settlement and considerable stress Is being laid upon prompt payments. On the other hand the disposition of credit men for wholesale houses is at present to .make certain allowances in selling terms which will enable custom ers to operate more freely. This usually takes the shape of extending the time for payment beyond the customary peri ods. During the readjustment period considerable leniency had to be shown. The same tendency is now noted in the acceptance of orders on longer dating. TEXT BOOK OF WALL STREET A 4o-page book (copyrighted) discussing clearly, and unmis takably rules governing stock market transactions: Methods of Trading. Commission Rates. . How to 'Open , an Account. Augmenting One's Income. Deposit Requirements for Carrying Stocks on Ac count. Dictionary of Wall Street. History of the New York Stock Exchange. History of the New York Curb Market. Foreign Exchange. And many other subjects of interest to investors and stock traders. Copy Free Upon Request McCALL & RILEY CO., INC. 20 Broad Street New York 8' FIRST MORTGAGE FIVE-YEAR GOLD NOTES Washington-Idaho Water, Light & Power Company , TRUSTEE: GUARANTY BANK & TRUST COMPANY. Seattle, Washington Character Authorized ......... Amount to be sold... Date of Notes. . . . .7.;. , Date of maturity ...... Denominations ....... .....First Mortgage ........ 1300,000 .1200,000. April i, 1921 ......April l, 1926 ....100 and 500 i Subject to Registration. Interest 8. . Payable semi-annually, April l and October 1 Callable, 105 Any Interest Date. " Price 100 and Accrued Interest - . LEGALITY OF ISSUE Bausman, Oldham, Bullett & Eggerman, Seattle,' Washington. - - , - i : - . . SECURITIES: Electrical distributing system In Lewiston, Idaho, ston, Wash. and Clark- These notes represent a general obligation of the company and is the only funded debt - against the above property and .constitute a first mortgage thereon. ; T INQUIRY COUPON 192.. WASHINGTON-IDAHO WATER, LIGHT & POWER COMPANY Securities Department 636 Northwestern Bank Building, Portland, Oregon Please send me further Infor mation about your First Mort gage & Gold Notes: Name ................. . . . Street ........ . . ......... . City or Town. .j Phone Subject to Allotment of Our Participation, We Offer E. I. Du Pont De Nemours & Co. , 10-Year 7 Gold Bonds Dated May 1, 1921 Due May 1, 1931 Denominations $1000, $500 and 9100 At 100 and Interest, to Yield 7 This corporation represents development of business I : . successfully operated for 119 Years. I Total Assets $280000,000.00 i Details Furnished Upon Request g.nevepaaux &(5mpany Investment Bonds 87 SixthxSt. Portland, Orea-oa Phone Broadway 1042 IU1 nrs- IV OUR BOND DEPARTMENT is equipped to give the same, reliable, effi cient and courteous service in investment mat ters, which characterizes the service of every department of this bank. ? Our offerings include the highest type of gov ernment, municipal and corporation securities. IMTMX V '" !