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
'" !