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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (May 29, 1921)
THE OREGON SUNDAY JOURNAL, PORTLAND. SUNDAY MORNING, MAY M, 1821. 11 iOAST STEAKISHIP AGENTS TO FORM HEW CONFERENCE i ,1eeting Called for Portland for June 2 to Deal With Matter of .All Trans-Pacific Rates. June 2 bu been set a the date for onvenins of coast steamship agents It Portland for the formation of a ew conference. The meeting: will e called by . K. D. Dawson of the olumbla. Paciflo Shipping company. k. F. Haines, vice president and g-en- ral manager of the Admiral line, n4 traffic managers of various op raiors will be in attendance. Th new . combination will be known is the Columbia River West Bound con- e re nee and will deal with matters per- aininsr to all rates trans-Pacific. Here of ore westbound rates have been effec tve in Portland from the conference at ither Seattle or San Francisco. It is lbs Intention la formulate a separate bae at Portland and men nave equal representation at the ooast meetings. It is the desire of all shipping1 inter sts to equalize all rates across ter- fninals and public docks In order that all xrts will be on an equal basis. The Tialn project before the ship operators uid shippers at the present time is to saualise on the transfer charges on ransconunental freight to and from, the Orient. .. ; SKIPPER HAS POPPDT y .TIME WITH BEER AND AUTO "X rode 210 miles overland ia an auto mobile yesterday," quoth Captain Enos Crawford, pilot of the steamer Georgi an a, as he slowly rubbed his ribs, "and if -1 ever do it again, or get 10 miles away . from water, they can keel-haul me. ' .Tou see, we atarted for Wilhelmlna at some place not on the chart. . It was the Idea to have lunch and a picnic at the end of the first half of the voyage. We loaded on the steward's supplies and In addition had a dosen quarts of home brew. 5 "Tou know rra no prohi. but hard lack jfotUowed that beer. We got a few miles out and the Jar of the machine and the heat got action on the malt and bop. ".'Pop, goes one. puncture,! says L We looked her over and no leaks. A little farther on, another pop. This time it was a puncture. Still farther on. an other pop, and all clear. Well, we had two punctures, two blowouts and' lost all the beer. I'm through with this pic nic stuff ashore in one of those eagle boat of Henry's." AXli AliONO THE WATERFRONT E. H, Lee of the Georare S. Bush com pany, customs brokers, has gone to Se attle. His intention is matrimony and the "duties", will be .filed later.. Like all shipping men. Lee. objects to pub licity, arid refused to dlvulare the name of tit bride-to-be. The steamship Spokane of the Admiral line sailed from Seattle Saturday for Alaska porta She has a full crew, a full passenger list and a full carro. She is toe second of the liners to leave for the north since the strike. The first was the admiral Watson. -i 10. E. Johnson, temoorsrilv in charre of the . local office of 'the Pacific Steami ahlp company and formerly traffio manv arer in the .Orient, states that WiUlaiA Tait. in the traffic department ot the rort or foruand in japan and .Nona. China, is doing wonderful work in ad vancing the Interests of Portland as a shipping center. Tait is Impartial as to lines and his one aim is to get the busi ness in and out of Portland. The steamships Liberator of the At lantic, Gulf and Pacific and the WiUfaro of the Williams line are due to arrive today at terminal No. 4. Both .have inbound cargo and will load out for the Atlantio side. The Liberator has about 2100. tons.- The Japanese steamship Hayo Maru, Oregon Pacific line, will discharge at terminal 4. She has a small amount of Oriental freight and will take part cargo out. . - News of the Port f , ; areivaJa May CS Ifontacne. American ataamer, from Hongkong and way ports, general. .- Te Arrive at Portland aaaala- From Time. Ubaiatot ,....... New York. . . June 1 raeMoo ......... .San Dieco .... .Jona NeonleTdUk ........ ttotterdam .....June 4 eat Hiaton ....... H.n Fran. ..... J una 4 ant Itolia cattla ..June 4 Wiliiaro. Kw Tork... . . .May 29 rta .........Han Pran. . . .June 7 'aat Kadioa ....... lu't Sound. . .June 8 Waat Kadar ...Rhaacbal Jobs 11 loBtoaan Mara...... Kotw .June 18 M.rnr LiKtnlMiik . vn,k Jiu.ii BobU Goodfeikv,,..New York . . .. .Jmne SI ian . . . ....... . T.-Boeton. .. .June !4 Jrania B. alone. N. T.-BaJUmore. July riondaa. . .New York. . , ... .June 24 Rotterdam June 24 WUlpolo N. York ....June 2(t YoHhida Men No. 1 ... Seattle ...July 10 H7t Mara gaa. Fran Kay 29 Menden Mn ITran. . . . . . June S aoereoa. j Orient Jane 28 Steel In Tn tor New York.. ....June 13 f to Depart From Portland for Date ..Hay 29 ..Kay 31 . .June 1 ..June 2 Bwirtacont. ....... . ronaoaa .. , 4auaiaa afaru . . . . New York . . . . Kurope , . . . . . .Orient. . . . Kurope . . . , aiamaar Court.. Bearport. SwitHcht ........ Orient ........Orient . ;.June 2 ...June S ...... . .KUmpe June s I!1"-- ..".. Australia ..Iir.JnnalS " uro New York ..Juna 2 K- V. Kruee Ban Vna.. . ; . .June 16 Hontacua Orient ....... .June 19 Harry l.nrkennaen . . . -.Maw York . Jnn. ' Pacifico ........ Weat Coast sorts May 81 Hayo afarn ...... Weet Coaat porta Jane S a Aee. .......... Knaland . .June 1 . . Jnne 7 ..Juna 8 ..June 8 . .June 18 .2!! Europe .... BnaJder. F.ampa I..., oorderdijk . Rotterdam . , etaet Inrtntor. ....... Emlaixl ... - y. - V aaaala tn.swt .. teaa Berth. aruae . f .......... . Knappton B1'ra . - ..4.............. Knappton raatern ataw r .. ,L ............. .DnlpUaa "et Brooks .PecMo laarbae . av v I Bwiftaeoat caiet ... TitiaUe . fui uiuaa . Swiftlisbt Swiftwind St. Helena North Bank ....... .Terminal No. 4 . . ... . ......... , , ... . Kastrrn-weetern North Bank Eaatera-Waatera .......... .24. W. Sndce A Iron ........ Alhina aiamaar Abomaaan afarn .. . Hrnith.ra Varific fn Columbia Bt-najder Peninsula Ler. Co. lfaro -. .'..... Terminal No. 1 8WI as .................. Terminal N& 1 Vinita Ternuual No. 1 Rajo Mars ... Terminal No. 4 Montasue . ..... . .. Terminal No. 4 Report from Month of Colambla Rlrer North Hei;d. May 2. 0!nndlinn nf tlw at ft p. m.. moderate: wfnd, northwest. 20 aailea. Tioea aa Axoria saonday 5 niith Water j .- Ixjw Water 6:40 a. m. .S ft 1:26 a. ra 3.1 ft 7:45 p. m. 7, ft. 1 :0 p. m. 2.0 ft , AT SKIGHBOBISG PORTS Astoria. ' May - 28. Arrived at ft:40 a. m , ateamer Montaerue. from Houckonf and way Peru. . Bailed at S a m.. Danish motorship Fi esta, for Pucet Bnnnd and Kurope. Bailed at 8 :1 0 a. m ateamer Richmond, foe San EYanciaoo. Ar rived at 8 a. m. LJahthinise tender Manzanita. 'rum aea. Left up at 10:30 a. bu. eteauter Aton tarne. r. Sen Franei. May, 28. Arrived at 11 a a-. tea mar W. tV Herrin. from Portland. Taetxna. May 28 Arrived, ateanier Aruonan, front- Purtiand. for Honolulu. ' ' FORECASTS ' - " " - Portland and Vicinity Sunday fair; nerth waatetly winoa... . ' Omeoo -BoMar onuettiad. probably with ahowent; modanU westerly wnada. Wahinrtoa Suadar fair; noderata westerly wiada, --J- 5 -. - :. OBSE&VATIOHS STATIONS & t 5 r$- J : J j I J II 151 1 1 1 is Baker ,.., 6 .... 0 I. . .'. NW ( M. rloudj. Boiaa ..... 6 .07 10 8W Cttrody Boum .... a ;0 .... fiW I Ft- dundy. CeJsary ... 0 .... BE Clear. Chieaco ..- 80 .OS KB Pt- clood. Dwer .... T8 0 14 V Clear. Iu Hoi net. 00 0 .... N Clear. Earcts . ... 62 ,13.... NW Hats. GalreatM .. S2 j 0 18 IE Pt cloudy. Helena .... 41 0 .. . . KB Rain. tJoMao ... JS4 .0 . .., W CUtoAr. Kansas City. 2 ,: SO IW Clear. lx Anxeioe. S2 0 .... RW Cloudy. Manhfleld . 0 II NW Clear. Hinneapolia 81 ,04.., 8W Clear. New.Orlesaa g .04 .... 3 Cloudr. New 'Tor.. 0 0 14 "W pt chmdy. North Baad. SO 0 29 NW Cher. ttmnix ... "J O BW pt. ekrady. Pooatailo .,74 ill M I R. stood Portland ... 7 0 12 "NW Cloudy. Boaatorf 74 0 .... N Pt. ekrodj. Sacramento 60 0 14 I 8 Cloudy. St. Lous... W 0 .... N Pt. eloody. Satt Lake.. t-0 0 14- S Cteody. Has Oieao.. 4 0 .... IW in. eluudy. Baa Paa.,. S8 .011 22 W Ckmdy. fceattte I O 1 22 M Clear. tBitka .... 162 .... ..,.1 Spokane ... 69 0 .... K3 Cloudy. Tacoraa . . . 4 . 0 20 UK Clear. Tatopafa Iai. 62 0 .... N Cleat. TValdea . , . t5 O .... BW Clear. Walta Walla 12 t) . ... 8K Pt. cloudy. Washington 82 ,04 . W PC cloudy. Winnipeg- .. 60 0 10 NW Clear. I Tatirea . . . I 74 0 W Clear. I ta. m. today, tp. m. report ot preccdias day'. I.OCaXt DATA Portland. Hay 28. Hirhaat temperature, T3 dfgiBoa; lowaat tern para tur. 51 , r!r great; river rdins. 8 a. a.. 33.6 feat: ebane ia laat 24 bean 0.4 loot plat; total rainfall (9 p. m. to 6 p. m- , 0 Inehm; total rainfall afnee Sept. 1, 1020. 44.60' tnchoi; normal minfall ainca Sept. 1. 1.98 tnehaa; axsaaa ot rainfall rlnaa Be PC 1, 1920, 2.61 inohca; aiwriaa. 4:28 . nv; muuet, 7 .60 p. m. ; total auealune, 16 hoera, 24 mia ttta; poaaibia sunahioe. 16 boon. 24 minutea; moomet Bunday. 11:61 a. m. ; moonrtaa Mon day, 12:49 a. m. ; baiometar treduoed aaa level) S p. nv, Z8.83 iacnaa; ralatire noaidlW. 6 SO par eant, aoaa- 30 pat; east. S . i par eant, -. , 2 Continued Improvement Is Shown in St. Paul District; Back to Normal Basis. By X. S. McKenna : . Bpaeial Correspondent of The JeoraaC St. Paul. Minn.,1 May 18.- The con tinued improvement in the condition of the Northwest crops and increased buying on the part of country mer chants are the two factors that are bringing cheer to business men and bankers of this ' section. : While the buying1 by the country merchants Is far below normal It is increasing slowly., and Is evidence that things are looking better. - Traveling salesmen from the St. Paul and Minneapolis houses report that there is a better feeling : prevailing in the rural districts. ' The eron conditions are .r.It '. further .advanced ithaa ..they . ever ' havf been at this period in a numberr,.of years. .-The federal farm land bank for the Northwest, in a' statement issued to- Ulay, asserts that 1 10 days' more of w earner use we nave naa tne past few days will advance wheat to a condition of growth which will assure its maturity about July 1 and before the period when drought, blight and rust are likely to occujrr f , C T. Jaffrmy, president of the First National- bank of Minneapolis and a member of the advisory- committee of the federal reserve bank board, asserts that continuance of the excellent crop con ditions brings nearer the time when busi ness for the Northwest will again reach normal basis. Mr. Jeffrey said the present situation eventually would prove a good thing because the farmers and business men generally are not contract ing debts on. the prospect of a crop as i wa uujiq m y tsvj i hub time. ia. lack or a good harvest failed to pay last year's debts, and this year's crop, if it comes, will have to do that He added:, "If the crop comes it will pay the debt, and if there Is no crop there will be no new debts contracted to fail to pay. t - " Napavloe Builds High School Napavine. Wash., May 2s. Prepara tions are being made to start the- new high school ' building here. The con tract for clearing the site was awarded to Joe Braden.. j ; To Build Big Bridge I Ietrolt. May 28. (L N. S. Work on this 130.000.000 international hriHo-. t tween Windsor and Detroit will begin in the fall, Charles Evans Fowler, engineer in charge, says. . PREPARING SSSps irnrnwumiUtmhtj ' ;'iumnfi'?n.'mim' fHiiiriiaW,,u.,.,Hi1iiiiiJiisHiBiiiMiitiiuiBiu.tiiiHunwiiMiil,tijiiii a I 1 ! rV,l , ' - ' ' I , ' Si ; r-pk' ' ' fin " - - ; , f i . fjfy n if ' '- J e-, ' , ;.-:-Z.?m - -"if. .' i. J i " " m 1 lv " ' V'cii -j t ".j" I Port s rtlanu dredger scooping, up riverbed south of. steel bridge to make Saioais deep enough for safe floating of historic battleship, anticipating: success of efforts to bring epoch-making war craft to Colum bia river as training ship. fvlANV CONDITIONS : AFFECT BUSINESS Future Crops and Foreign Devel . opments Are Factors in Re opening of Trade. i By A. J. . Welton Bpaeial Corraniondent of The Journal Chicago, May 28. Future crops, foreign political developments, ex port and import trade, money and credit and labor conditions are the continuing elements ; of interest to students of business. The feeling in the farming sections is better, even if business is not, , Promis ing crops, cheaper labor and lack of time to inventory gloom have had an effect. In Chicago Itself the building strike is unsettled, more labor agents have been indicted for extortion and a group of professional bomb planters is in jail. The last is only another step in business re adjustment. Bomb planting; was appar ently a process of coercing Independent tradesmen to join organizations which controlled prices. Even the undertakers were not immune. " Irregularities In business are the rule without any notable progress in recov ery. The far sighted merchants are con tent Half the trouble, said one of these, was caused by indiscriminate buying and long commitments. These produced ex cessive stocks, cancellations and liquida tion at a loss. The latter product is small orders and fear of Commitments. This is at least a plausive explanation of the variations . found - in different branches of Identical industries. It does not explain why retail trade is better in city taan in country districts. City shops .have a larger turnover and can absorb losses oftener. . City retail prices are being lowered to tempt buyers with some degree of success. There ia a plain de termination to keep goods moving what-' ever the obstacles and in the face ot the customers disposition to wait. . ... ' . i i . i , COMPANY PROPOSES TO m I , AU LUMBER INDUSTRY Stabilization of the lumber market through extension of financial assistance to mill operators . is proposed by '. the Lumbermen's Warehouse & Storage company, recently organized with a capitalisation of $250,000. Warehouse receipts, similar to those used in han dling wool, wheat and other commodi ties, will be issued to the manufacturers, according-to . the company's plan-j , The concern has opened offices in the Teon .building. Its officers are : O. B. Harriman, president; D. W. Briggs, vice president ; E. T. Sturgeon, secretary and treasurer ; Hart W. 7 Palmer. , general manager. ; "Lumber in storage or piled' in the yards of the mills will be ' taken as security for the ; warehouse ; receipts, against which loans may be made by banks and other financial agencies. It is claimed for the plan that it will make it unnecessary for the lumber manufacturer to dump his product on i the market during dull periods, and also will - enable mill owners to continue operations during temporary slumps in the market, " , ' : . According to the company's plan, the maximum advance- on lumber warehouse 'reoelpts by banks or loan. agents would . .Jk.AJL. ,v.w j. vr tn. lumber at the time the load was made. Promoters of the scheme also stated that through holding lumber, until it is thoroughly -dry the manufacturer would be enabled to save freight charges on an average of 600 pounds to the 1000 feet., or approximately $2.60 per. 1000 on shipments to eastern markets. . , GOLD STOCK On May 1. the date of the last official government report, the total gold stock in this country was reported at J 3,098. 479.782, which is only $32,207,661 behind the high figures of May 1, 1917. During April holdings increased at the rate of about $2,940,000 per day. If in the mean time the inflow has kept up. we should now have a record stock of gold. The following tables show the total stock of gold at various periods : . ' r y 1921 t. May 1 . .$3,089,679,783 April 1 3,001.487.916 March 1 . . 2.916.884.770 February 1 ... 2.853.480.649 January 1 . 2.784.834.427 in Prices of Victory Notes During the Past Week OFFICIAL CLOSING PRICES i Men. .. 87.30 87.00 .87.46 .87.08 . M i Liberty 3 s. 1932-47 T.lKertv first 4s: 1932-47 Liberty second 4s, 1S27-42.. 'Liberty rirst 414s, 193Z-47.. . L-'Oerty secorin B. 1927-42. Liberty third 4s, 1928. Liberty fourth 44s. 1933-38 victory 4s, izz-Z3 Victory 3s, 1922-23 BERTH FOR OLD OREGON DEFLATION HARDING, HOOVER. MELLON WORK TO FIND SOLUTION Officials Ready to Aid Business as far as Possible to Meet Many Difficulties Facing It By Byron Seller Special Correspondent of The Journal Washington, May 28. Probably the most encouraging phase of the business outlook in the United States is th fact that President Harding. Secretary Mellon and Secretary of Commerce Hoover are earnestly at work trying to find some solution for the present day difficulties. - They realize and appreciate the fact that no mere act of legislation, no execu tive order, no stroke of political leger demain can bring about the desired re sults over night, but they are determined that in so far as government can help business, that assistance shall be ex tended. President Harding was annoyed at the widespread reports early in the week that he would take occasion on his New York visit to belabor the retail dealer for an alleged maintenance . of high prices. r - DEPIU.TIOK GOKE PJLB ESOtGH . The president had no such intention, it seems, and is 'Convinced that the re cent conferences of Secretary Hoover with the leading retail interests of the country brought about a feeling that all ot the better retailers were making or had made sacrifices in proportion to the wholesalers in order to bring about a level of prices at which business can be moved. There is a .feeling in admin istration circles that deflation has been forced as far as is necessary and that it would be dangerous to go further in that direction. -This view coincides with the conten tion of , manufacturers and .merchants that present prices on the more stable commodities have reached a point below which they cannot go except In infini tesimal fractions. Luxuries, novelties and the like still are commanding high prices, but the markets should . not be judged by, these. BTJTE&S ? 8T&MXE HELAXKCO . The support the administration ap parently is prepared to give to busi ness of the country through its moral influence may go far to restore mucn needed nubile conriaence tnis orinr - ing to an end the buyers strike which began more than a year ago and which onljr recently has snown signs breaking. - .,. Reports of the last 24 hours indi cate that a lack of confidence in au tomobile prloes is affecting the trade in that industry. Retailers are com plaining that the manufacturers are not giving them the necessary assur ances and guarantees which would justify them in placing large orders. . This condition may soon be remedied, however, and if ' it is, . the temporarily Interrupted - return of this vast busi ness to normal may proceed. Prices are stiffening in - manyffcnes of goods, the reports from various centers indi cate, and this is particularly true of cotton goods like muslins, nainsooks, etc. ' New prices of these goods show In- NEAR RECORD 1920 October 1 Sy i :::::: May 1. 1917 ...$2,704,672,504 ... 2.687.S12.882 ... 2.646.615.760 ...3.121.887,443 Peak. - The largest excess imports that ever occurred in this country for one year was in 1916, $529,952,000. The low point in gold holdings since the record of 1917 was $2,646,615,750. reported on May 1. 1920.' The gain in the last 12 months Is $443,064,032. v i . . . . Bankers do not know how long the yellow flood will continue to pour into this country, but there is no sign that it will cease very soon. Liberty Bonds and Tues. 886 87.20 86.90 87.30 86.98 90.60 87.14 97.72 97.72 Wed. Thurs. "88700 . 88.00"- Frl. -aat. i7.7iis.oo 87.30 86.94 87.40 87.04 90.54 87.10 97.84 97.84 87.42 87.00 87.64 87.10 80.64 87.18 97.92 97.92 87.44 87.20 87.14 87.64 87.16 90.68 87.22 98.00 98.00 87.13 87.48 87.08 90.68 87.24 97.68 V7.66 87.22 97.66 . 97.66 GONE FAR AS creases over those last announced on January t, ' Knitted goods s-lso show a' gratifying stability. In men's lo th ing; the new fall prices announced by the leadingr manufacturers in the Chi cago districts show slightly - Increased figures over those asked for spring suits, but both suit and overcoat prices are down from $10 to $15 a suit from the prices ' for last " fall. CLOTHIBO PKICES STABLE The belief exists that the fall prices in men's clothing are stable. Itenorts from the agricultural districts are. very encouraging. There is to be an early wheat crop - In the Southwest. It is believed that the cotton acreage to be reported by the government June 1 will show a much desired decrease from last year. In the Northwest the grain crops are booming ahead : under the , most favorable ; circumstances in years. Government? aid tn moving: the held over stocks from last year and in finan cing the export of a large share of this year's crop is expected aa a result of financial conferences held here1 the last week. .- -" Western bankers soon are to be called into conference with Secretaries Mellon and Hoover, and further, plana will be discussed for aiding the corporations recently ; formed. . There has .been, unusual inquiry re cently by investors, of small means con cerning bonds issued in denominations of $140, according to . local investment bankers. Y -. This indicates an Improvement In thrift of persons who work for moder ate wages and is a radical change In the attitude of the working class which a year ago was spending money for lux uries at high prices. . In banking circles this change of front on . the part of the wage earner is attributed to the present-industrial depression which puts many persons on the unemployed list and caused those still enjoying good wages to make some provision for the future. The outstanding security offered dur lna- the, past week was that ot the $100,000,000 French 20-year 7ft Per cent gold bonds which were Offered on a basis to yield better than 8 per cent. Local dealers . report that the - bonds are being taken up by investors in a satisfactory manner. .The following in vestment - banking houses participated in the issue : Ladd oV Tilton bond de partment, Lumbermens Trust company, Freeman-Smith & Camp, E. i. pever eaux & Co., Robertson & Swing, Blytb & Witter. Clark-Kendall company, Car- stens & Karles, Bond-Goodwin Jjfc Tuck er. Security Savings & Trust company, and Q. 12. juiuer company. A J enrnVrff nf mit-of -towm bankers i waited Portland during the past week. Among the visitors were A. K. Parker, vice president of the Enterprise State bank ; Tbomaa H. West, vice president of the Wasco County bank of The KDalles : Z. B. Beals. cashier of the Bid die State bank; M. S. Woodcock. presi dent of the First. National bank of Corvallis, : and Charles E. Horton.. director- of the Dexter Horton National bank, of Seattle. - John F. Daly, president of the Hi bernia Commercial - and Savings bank. is again at his fdesk. In the bank after an absence of two weeks .on account of Illness. x ;v- In commemoration of Decoration day, the financial institutions of. the city will be closed Monday, , May 30. An Eastern banking syndicate is re ported to be arranging preliminary de tails of a $10,000,000 loan to Uruguay. It is understood that the issue, when offered, will be a 20-year t or per cent bond. Its terms will be similar to thos offered in the $25,000,000 issue of the United States of BrasiL In normal pre-war' years favorable crop conditions have always proven to be the sreatest fundamental factor unon which future business commit' tnents were based. The outlook this year is most promising in this diret tion. The railroad situation Is un doubtedly a very material obstacle to the revival of business tnrougnout tne country. Ixwer freight rates will un auestionably stimulate many lines of industry. ; ... - ? : , i. The steel trade is at the lowest ebb this year ' The mills are operating be tween SO and 40 per cent of their ca- nacitv. Steel trade Journals do ' not bold out hope for a marked improve ment in orders until fall. Consumers are apparently holding out for lower prices.... ; j . There are now 32 national banks in the country with gross deposits of $50,000,000 or more, against 28 a year ago. In ' this number are listed three Pacific Coast banks, Anglo, London and Paris, Bank of California and the Wells Farro Nevada National, all of San Francisco. Under a ruling by ' the federal re serve board, the federal reserve banks will now set aside each weeK out or net earnings a reserve for government franchise tax. Small Investors Prove Easiest Prey In Crooked Schemes One of the most amazing discoveries msde from the study of the methods and successes --"-"of the promoters of fraudulent or ill advised stock schemes is the small saver's willingness to swing from one extreme of investment thought to a directly opposite and illogical ex treme, according; to a financial writer of the New Tork Evening Post. "Men will accumulate a comfortable nest egg in a saving bank as the result of a painstaking system of saving. Or they will make a judicious commitment in some well managed, bunding and loan society. The return from funds put away in these media of saving is email. The saver is really Investing, although purposely ignoring opportunities for pur chasing sound bonds that would give a higher yield. He admits his ignorance of t investment matters and feels com pelled to accept a lower income return as the price of safety and freedom from worry. Tet , many such investors will yield to temptation when some dassling get-rich-quick proposition is made to them. "In all such cases the investor should ask himself a few questions. Let him ask; Why am I being singled out by unknown promoters for this exceptional opportunity? If the proposition is as good as claimed, why do the big. shrewd capitalists hold aloof from ItT If the risk is too great for biff investors who are in a position to know more of the venture than I, can I afford to take the risk? The answers to these questions will In most cases serve to dismiss the proposition.' BUSINESS PRACTICABLE, SAY OBSERVERS w,fS. WHEAT OUTPUT TO EMEO LAST YEAR BY TENPER CENT Washington Yield Leads; Build ing Permits Gain j Lumber in De mand, Says U. S. Reserve Board Ban Francisco, May 2f. Outstand ing ' developments , In tha - Twelfth federal reserve ' district during-', the f past v month was ; the government forecast of the largest winter crop In the history of the district, according to the monthly report of the federal reserve board on conditions In this district by John Ferrin, federal re serve agent, made public today.'. . The ' forecast on the wheat crop of $8,000,000 bushels exceeds last year's bumper crop by 10 per cent. The In crease is due, the reporf states.' chiefly to the excellent condition of the crop In. the state of-Washington. . ,, BTJILDIKG PERMITS GAIN "In the district generally the' number of building permits was 4$.t per , cent larger than in April, 1920. and their value was 27.4 per cent greater, the report declares. ; ; f v. . "The smaller Increase tn value of per mits is doubtless due to decreased build ing costs, which are estimated to be from 8 to 50 per cent (according to the kind of material) less than they were a year ago. V "Bank clearings and debits to Indi vidual accounts during April "were ap proximately. 15 : per cent less than in April, 1920, Indicating, after making al lowance for wholesale ana retail price declines during the year, that the vol ume of. business now being done greater than it was a year. ago. - , LUMBER I3T DEMAND : : ' "More than a seasonal Improvement of activities is reported from the lum ber industry of the district, and 75 per cent of the mills are now operating. compared with 40 to E0 per cent earlier in the year.' Demand for nearly all grades of lumber is reported to be in creasing. s'.;v:"!:'V;;.''.'-. . "It now appears that the frosts which occurred during the first two weeks of April did appreciable damage to the deciduous fruit crops everywhere throughout the district. However, the largest apple crop in its history is fore casted at this time for the Pacific North west. Deciduous fruits ia California will probably yield from 45 per cent of last year's product, in the ease of apri cots, to 79 per cent.- in the case of apples, with prunes, pears, peaches, plums, cherries and grapes falling be tween these limits. "Farm labor la everywhere reported to be abundant. Wages of farm labor are reported to be between $35 and $50 with board, : compared with $65 to $90 last year. . "Unemployment decreased everywhere throughout the district during April. Part-time operation' of plants la ex ten sively in effect Raw Materials Are First to Decline in Price, Says Report Washington, May 28. L N. S.) More rapid decline tn prices of raw materials than of manufactured goods Is shown by the latest review of the commodity situation by the .federal reserve board. Although wholesale prices have been showing gradual declines each passing month, the indexes show they are still about 50 per cent above pre-war level. This is regarded as very conservative, compared with the estimates of other governmental agencies. The bureau of labor statistics, in a review based on about S2S commodities, estimated that wholesale prices, are 62 per cent higher than the pre-war level. Unusual stability ia noted by the board in prices of goods imported. This com modity group Is nearer the pre-war level than any other, showing a (4 per cent fall from the peak price of last May. Export prices are around 25 per cent higher than before the war, STRIKE HAS NO EFFECT ON LUMBER COMPANY STEAMER Marshfleld, May 2$. Strike conditions have not Interfered with the operation of the C A. Smith mills, as the company steamer has been operating- with the same crew. The steamer is operated under the, receivership by order of the court and was not affected by the marine strike. The Smith company last week opened the Eastside f ill in ad dition to the big mill which has been running for several weeks. Work will be given to an additional 130 men, making a total of about 500 who will be worklntr for the Smith company in this city and who a few weeas ago oia not have employment. Overbeck6? Cooke Co. Stocks, Bonds Cotton, Grain. Etc. DIRECT PRIVATE WIRES TO ALL EXCHANGES ... Members' Chicago Board of .Trade Correaporadente of Logan Ac Bryan Chicago New York 216-217 Board of Trsdo Building HERROi & RHODES, Ioe , ' (Eatabllaked 18D BROKERS ; MXXBKKS CHICAGO XOABD OP TBAIaC CorrespeSbSats. . P. HUTTO J CO. Meaakera Hew York Stock Exchange, Privat Leased Wires Direct t AU hoesiity aad Coaiaaedity Markets. USERTY AND VICTORY EONDS BOUGHT AlTD SOLO MAIJf ZSS asd t9i, !$ BAJXWAY SXCU. BXDO, Claims of Sections Show Pacific ' Coast Meeting Depression The Credit Clearing House of New Tork. has Just issued a report of the claims recoMed by the association from the - different sections of the" United States during the last 11 months and for the month of April. Of the total num ber of claims, the percentage coming from each section Is shown, in compari son with th total population in that sec tion, according to the census of 1920, and also with the section's percentage of all merchants in the United States. In the Pacific coast section, compris ing' the states of California, Oregon and Washington, there was recorded . during the past 11 months- 3.4 per cent of the total number of claims nd 3.5 per cent of the amount, while thia section has 5.4 per cent of the population of the country and t.t per cent of the number of merchants. : This would show, " according to the clearing house, , that many of the mer chants of this section prepared for the present depression during the last three years of prosperous merchandising and were consequently able to meet many of their obligations at maturity.' Comparing April with March in this section, the percentage of the - number of claims declined . per cent, but in amount the percentage increased .2 per cent. . ; -: r:: This would indicate that the smaller buyers wore holding their own, but the larger houses were finding; it a little harder to keep up with their maturities. x Yoia ' Need Tfiiree iBboklefco 1. Investment t Record Book IT IS COM PLETE,, embodying a full description of your holdings and a. record of 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 cov ered book 4x8 inches in size. V 2. -Elementary Principle of Safe Invest ment It defines in non-technical language the elementary 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 arid phrases with concise definitions. 3. Investment Opportunities of Today A six page folder describing high-grade readily marketable municipals, public utility, and xor poration bonds, yielding a return of from 5yi to 8. - . - Write, Phone or Call for These Booklets We Have Published Them for Your Use BlytiIoWitteRo &, COo Ycon Bldg.s PORTLAND SEATTLE- SAN FRANCISCO -ICS AX SILLS- HtV YCfUC Ml...M,,,M ..,..,,,.,.,; We Offer and Recommend Republic of Chile 5 Sterling Loan of 1911 Due On or Before 1948 These bonds are the direct general obligation of the Republic of Chile. Chile has borrowed on government bonds for 95 years-and has never defaulted on any of its loans. : ' Chile has the greatest nitrate deposits in 'the world and the value of this resource alone is enough to pay itsv total external debt several times oyer. PRICE $540 per 200 (Par Value 5974) The current yield at the present; low price of exchange is 7.41, which will increase up td 9.02 when exchange is at par. In addition to this yield, your principal will increase from 44, if the bonds are paid at the present price of exchange, up to 80 if exchange is at par at date of payment.. Free From AH Chilean Taxes We recommend these bonds for conservative invest ment. . . . .Wire or write for full details F 1. flevopaaux &(5mpanv INVESTMENT BONDS 87 Sixth Street Broadway 1042 Wells Fargo Building, Portland, Oregon M """ ' ' OUR BOND DEPARTMENT is equipped to give the same reliable, efC 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. 111 JoLDCST 1111 MM tr-; i New, Bond House Opens Offices in City of Portland A new- nam has been added to the list Of Investment banking houses In the city, that of Atkinson. Starkey 4fc Zllka. The new firm is capitalized at $75,000 and will handle a general class of se curities, making a specially in North western municipal bonds. " The members of the firm are well . known in local Investment bank I rip cir cles as they have been connected with different security dealers In the city for some time in the past Henry J. Zllka Is president of the company ; Robert It. At kinson and Warren Ia. Btarkey, vice presidents, and Miss J. It- White, secretary-treasurer. V The company has selected temporary offices in the' Wilcox building, : McMinnviUe Armory WiU Cost $70,000 Salem, May 28.. John Ilunslker of Eugene has been employed as archi tect to prepare the plans for the new armory at McMinnviUe, which it is estimated will cost approximately $75. 000. The state. Yamhill county and! the city of McMinnviUe will shi sh In the coat of the baildlng. Construction work will start as soon as the plans and specifications have been approved,' by the proper officials. Adjutant Gen eral White stated Friday. .v . " nrftt asm Wfn.. ii .ii. mm. ' j0 J