;day
i.tUmtLtU, j Uii lot 1 . .- 1
4. iiu
GGQ.i GUI. DAY JOUliiii
EIAL 110.1
TO BE SCENE OF
: GREAT ACTIVITY
More Than Half Dozen Vessels
to Work Both in and Out Car
lgo There During Coming Week
.Heavy business looms ahead for
terminal No. 1 for the next week In
handling- both In and out caxo in the
intercoastal business. Moore than
half a dozen vessels will work cargo
there duringr the week and as many
more will finish" out the month.
First: to arrive will be the Iowan of
the United American line.. She is due
to arrive Tuesday.. The Pomona of the
European-Pacific line is also doe to ar
rive on that date. The steamship Iris
of the Congress line is due. to reach
port Monday and will fill up all avail
able' space at the terminal. The. Steel
Inventor of the Isthmian line is sched
uled for June IS. ;
Before July 1, three of the Lucken
bach liners will call at Portland. The
I tarry Luckenbach is scheduled for the
fifteenth and she will be followed 10
days later by the steamship Lewis
Luckenbach. The Lewis Luckenbach is
Ah r largest and fastest of the company's
fleet in the intercoastal line, according;
to John G. Euaon, : local agent of the
General Steamship corporation. --
The Lewis Luckenbach is a twin screw
'vessel and measures 18,000 dead weight
tons. She is (84 feet lone and 60 feet
beam and is capable 'Of knocking out 18
miles an hour.
ADMIRAL- EVANS LEAVES
,.:, EUREKA FOR PORTLAND
The steamship Admiral Evans of the
Admiral line, which was forced to put
into Eureka on account of engine trou
ble - last Tuesday, succeeded in getting
away from, the California city at 6
o'clock Saturday morning. She will be
due at Astoria this afternoon, and at
Portland Monday morning.
On the return trip, the Admiral Evans
will sail at 9 o'clock Tuesday night from
terminal No. 2. On this trip southbound
she will proceed only as far a San"
Francisco. The 'steamship Senator is
slated - for the seventeenth, and will
make the through run. From that time
on, regular service will be maintained.
DECLARE MARINE STRIKE ON
. - SOUND HAS LOST ITS FORCE
Seattle, Wash., June 1L (TJ. P.V-The
marine strike does not exist as far as
the port of Seattle is concerned was
stated Saturday by local steamship op
erators. No difficulty is being experi
enced by the shipping board in getting
men to man their vessels, it was de
clared, in a wire to shipping board' offi
cials at Washington " Bent by R. M.
aSemmes, district manager for the ship
ping: board. , .-
.federal Judge. .Jeremiah Ke&rer still
has under advisement the government's
application for a permanent injunction
against the six marine unions Involved
la the strike.
Astoria Marine Notes
TAstoria, Or., June 11. The British
squadron, comprised of the cruiser Au
rora and destroyers Patrician and Pa
triot, sailed at noon today for San Pedro.
The barkentine 'George TJ. Hind, de
layed here by damage to a. windlass, will
not sail with her cargo of lumber for
Durban, South Africa, before Monday.
7 The schooner Oregon 'Pine, 89 days out
of Honolulu, reported off the river this
afternoon. - She is expected to be towed
in. tonight. .':
Six -American destroyers are sched
uled to sail tonight for San Pedro, on
arrival from Portland.
; Delayed Subchaser Arrived
job Angeles, June (I. N. S.) The
United States submarine chawr No. 308,
etverdtiA at Mare Inland for Six diva on
a voyage from San Pedro; arrived at
Mare island today, according to a wire
less to the signal bridge of the Pacific
fleet at San. Pedro late this afternoon,
It Is presumed that engine trouble
caused the delay in her arrival.
News of the Port
ArrtvaJa June If
Charlie TTatson, American motorship,
San Franciaco: oiL '
from
W. F. HetTin. American steamier, from lloa-
trey; oil.
eparUtrea Jane 11
Alkraaar, Swedish ateamer. for TTnlted King
dom : wheat. x
Patriot and. Patrician. Canadian . destroyers.
lor oan pearo.
t Sue -destroyefa, . American, for Saa. Francisco.
.AT. NEIGHBORING POBTS
Astoria. June 11. Sailed at 10:85. Cana
dian cruiser Aurora, ' for San Pedro: sailed at
11:40 a, ra.. Canadian destroyers Patriot and
' Patrician, for San Pedro; arrived at 5 p.
schooner Oregon Pire. from Honolulu.
Koreka, June 11: Sailed at 9 !. as., ateamer
Admiral erana.. from San franrlaco for Fort-
land.
, - Philadelphia, June 1 0.-7 Arrraed. steamer
T'aat Haven, from Portland; steamer Julia.
. Luckenbach. from Portland
Crietobal. Jane 9. Sailed, steamer Texan,
STEAMER GREYHOUND LOADING CATTLE
f 'y" wwWwSsTStaWamms-amaiSSS .BBS SaBy v. yfy?? JSaVeaWy W.-11mvl-ws.tt.y
h - , :y , S..: - Yal tit f, . y ;
?L 1.H v, . 1f--a-f iJ : t
A,,:, S o "&A V :ZT
li I as I IS as ishi a-ilawiii 1 1 W aiasvaahai w-iaaawSBeweaaM rt 1 1 if Of -. LkJJuLSj. v jTrJlJiL, J. rlSjil-JJP V JtMa 'yEwaWt j." 'Pfi 1111 III . -y!yy!?a ' ' yV-S-. ,
oanweaiV' m nee acMavi. V f ' -- --- n - -n n-irn-- ir'" fTniiilwsigstfsfi swMgatirss
5 r ! 1 - yniWt 8iHirA-, r--.w.-w-xJ -"'-i n.n 11 11 11 n ,
Method of handling cattle from the stockyards on North Portland harbor. The steamer Greyhound has been
engaged to transport cattle from the Union Stockyards to points on the Cowlits, river.. The method of
handling Is simple. The animals are run through a chute into the forward gangways of the boat. When
, the craft is loaded she is gated off and ready to sail. The steamer Relief Is engaged handling cattle to
np river points. t
for ftoatoa; ataanwr" Artieaa, for Fortland, Me.
Baiboa, loam . Am red, steamer Iuh.
flora Portland, for Bocbnu
BeaUia. June 11. To tail t mMnlght,
toamer Eastern Sailor, for PvrUaid. .-.
TMaa at Attoria MtndJf v
Kich Water ? low Water.
S:B1 A. M.... . ft I 1:1 A. ML. .2.0 ft
7 :88P.M..... 7.8 ft. 1:15P. M.....1.2 ft.
Te Aivtre, at Portland '
Tarnela from- Time
Port Said Maya. . . .. .Yokohama , . . . .Jnna IS
Panama ........... Ban Fran . , , . . . June 1 2
Admiral Kvana , . . . . Han Fran, j . .,.Jim 1 X
Orecoa Pin. ..... ..Hooolaltt ..... -Jub IS
tatro Sailor. .... . .Pucat Bound. . . .Jane 13
Paciflco ... . .... .4 .Rotterdam . . . . .Jane 14
Steel Inrantor. New Tork. . . .Jane IS
Iowaa ............ X. T.-Boatoa . . .June 1
Senator ........... .San Fran .... ...June IS
Georgina Rolpb. , . . . .Ran Fran . . . . . June 1 7
Waat Kedroaj ........ J nret Boo ad. . . . Jane 17
Floridao- ....... ... .New fork. . ... .Jnne 17
Robin Ooodf allow..... Ne Tork. .. .Jane IS
Iris .....Ran. Fran. . ... .Jane 18
Meridee .... . , . ,8an Fran. ,, . ..Jane 18
KoncoMB Mara. .... . Kobe ........ .June 1 9
Harry Luckenbach. ...New Tork . .... .June 1 1
Bender ......... .Yokohama . . . . .Jane 20
Wnt UixtdO. ...... . New Tork Jane 20
A barm ........... .Orient ...June 24
Brmth ............ .Philadelphia ... . .June 28
WUIpolo ......... ..New Tork. : ... .June 26
C. C. Mora. ...... .N. T -Baltimore. June 80
twia Lnckanbaeh -. ..New Tork ..... .June 30
Jennie R. Uora . . . . . N. Y.-Raltf nor. July 8
Alaakan . . . . . ... . Bortrn-N. T. . , .July - 8
Ermrtijk .......... .Rotterdam .... .Joly 8
ToaakU Kara No. X.. Seattle ....... .July 10
Te Depart Prom Pertiane j'. --
Veeoala-- For Date.
Ylnatl ........North China, .'.". Jnne 1 2
Koorderdifk . . . . ..... Rotterdam ... . .June 12
Charbe Wataon. .... .Ran Fran. . . , . .June 13
W. r. Herrin. ..... . .San Fran.. . . . . .June 12
Orion ..... ....... Europe ....... . June la
BaH . ... Orient . . . . . . . . June 13
Swiftllaht . ........ .Europe . . . . . . . .Sane IS
Admiral Erana. ..... .8. F.-L A. .... . June 1 4
Thistle v . , Australia . , , . , . June 1 7
a- v. n.ruae. ...... .nan Fran
Swiftaeout ......... .New Tork.
Eaatera Prioce. ..... .Europe ...
Senator ........... .Ban Fran.
Natal ............. Bump .. .
Steel Inventor ....... England . .
Montague ..........Orient ...
.June IS
. . . .Jnne 15
. . ..June IS
. .June 17
. . . .Jane 17
, . . .June 14
.Jane 10
Pacifies . ., ...West Coast ports June
Roae City .........Ran frao June 21
Eloridan .......... .Honolulu ..... .June 23
Harry Laekeabaca . . . . New York ....June IS
Weat Kadar ....... .North China.. . .June 27
Veaeela is Pert ,
- .
K. V. Kroae. ............... .....Knappton
EaatarB Mariner .................. Dolphins
Anaon S. Brooke. v . Pacific Marine
Swift court ...... . . .............. DoIdMds
Thistle ......... f. . . . . -. . .Peninsula Lumber
Swiftlight ....................North Bank
Swif rwind ...................... Dolphins
Caylon Columbia
Vinita .................... Terminal No. 1
MonUane . . ..................... Drydock
Eaatera Prince ............. ... Montaomery
BaU . . ..Eaatera cV Vlestera
Vet Kad.r ............... .Terminal No. 1
Noorderdi jk .......... j . , . . . . . : Montgomery
W. F. Herrin.................... I.innton
Charlie Watson Willb ridge
s FOBECASTS -Portland
and vicinity Sunday, fair and
warmer: northwesterly winds.
Oregon ' and Washington Sunday, fair and
moderate weateny winas.
OBSERTATIOXS
I
is
II
Wind. ,
h
i
5
STATIONS
:4
Baker, Or..-. v
70 0 10
8? . 0 10
I 82 6 IS'
72 - 0 10 j
84 0
s ;o 12
82 0
62 0; 12
84 0; 10
74 0 14
158 .02 ..
88 0 ...
72. O ..
as .04 10
82 - 0 10
84 ! 0
86 O ..
82 .06 26
60 0 20
108 0 2
86 0 ..
70 0
78 0 . .
04 0 12
88 .28 ...
84 0 ;.,
66 0 . .
78 0 24
64 0
t60 .. .4
72 .12 14 !
70 .04 ! 1
68 .18 . .
158 0 j.. I
78 ; 0 I
88 .08
78 .01 10
80 0
nn"e, icmno . 1
Boston, Mass, .
Calgary, Alia. .
Cnieago, 11L . .
NWPt. Cloudy
NKSClear
SEtC'lear
SW (Clear
NtClear
SE Pt. Cloudy
, WICTear
S Cloudy
N (Clear '
WICloudy
NWfClear
NWiClear '
uenrer, Colo. . 1
Des Moines, la.
Eureka, Oal. . .
Galveston. Tex.
Helena, Mont..
'Juneau. Alka
Los Angeles..
Manhfieid. Or.
Medford, Or. . .
Uinneapolis . .
New Orleans. .
New Tork. . . .
WCIear
SK
8W
: -Ni
Cloudy
itain
North Head. .
Phoenix. Aril..
Clear
E
Cloudy
PocateUo. Idaho
NWClear
N'WICIear
- NlClear
SlClear
SiPt Cloudy
WIRaining
WICloudy
SWIClear
NWCleax
Portland, Or. .
Ronebure. Or. .
Sacramento .
St. Louis, Mo..
Salt Lake ... I
San Diego, CaL
aan r ranriaco
Seattle. Wash
Sitka, Alaska.
spoicane, wash.
SW
Pt. Cloudy
Teeoms. Wash.
NW
Tatooah Island
Jiear
(Clear
W
SW
w
w
' K
fc"
Valdex, Alaska
Clear
Clear
CToudy
Cloudy
Clear
Walla .Walla
Washington
Winnipeg, Can.
Yakima, Wash.
A. M. today. tP. M. report of preceding day.
LOCAL DATA
Portland. Juno 11. Highest temperature. 78
degrees.- Lowest temperature, 56 degree. River
reading. 8 a. m.. 24.2 ft. Change in last 24
hours, -I- 0.2 ft. Total rainfall (5 p. m. to
5 P. m. . trace. Total rainfall since September
1,- 1920, 44.77 inches. 1 Normal rainfall since
September 1. 42.82 inches. Excess of rainfall
since September 1, 1920, 1.95 inches. Sunrise,
4:20 a. m. Sunset, 8:01 p. m. Total sun
shine, 10 hours 7 minutes. Possible sunshine. ITS
hours. 4 1 minutes. Moonrise. Sunday. 12:07
p. ra. Moonset Monday, 12:29 a. m. Barometer
treaucea sea level). p., m.. 30.0S inches.
Relative humidity: 5 a. m., 86 per cent; noon,
.59 per cent; 5 p. m., 44 per cent.
: Colsmbla Biver Bar
North Head, June 11. Condition Of the 1
at 5 p. m., moderate; wind north, 20 miles.
75 Poultry Raisers
Tour Chicken Yards
Corvallls, June ll.-J-Seventy-five poul
try raisers, including residents of Cor
vallis. Philomath, Alsea, Kings Valley
and other parts of Benton county, went
on an Inspection tour Thursday to chick
en ' ranches in this vicinity. The trip
was arranged by George Kable, county
agent; O. B. Coon, poultry project
leader for this county, and Professor II.
K. : Cosby. Poultry farms visited were
those of Archie Stone, north of the
city ; 3. M. Akers near Mountain View,
Charles Armstrong, G. B. - Coon, .J. M.
Ash, the college farm, A. G. Lunn, J. A.
Hanson and Rusch & Grove. A crops
tour is being planned by the farm bu
reau for June 22, when a trip will be
made to inspect crops raised for the first
time in this valley.
SAWMILL; co mm
WOULD NOT HALT
PROJECT
Booming Permit in Columbia
Slough Held Essential; Mr.
Ayer Hopes lor Adjustment.
. The .Eastern & Western Lumber
company has no desire through Its
log L booming .permit on Columbia
slough to retard the Improvement of
fjorth Portland, harbor., said W, 13.
Ayer, president of the company, Sat
urday. i1"'-'. I )';. '" . '
"Without notice to us application I was
filed by the North Portland interests
wfth Major Park of the United States
engineer corps asking revocation o oar
permit to boom logs adjacent to our own
property at the foot of Hayden Island,
said Mr. Ayer.
"We have held our permit for 25 years.
Our - use of the slough represents in
value several times the 'commerce pro
posed. The milling industry is vital to
the prosperity of Portland and deserves
consideration.: Without log booming area
the sawmills eoald not operate.
BOOM HELD KECESSABT
"On account of current and other con
ditions we cannot boom our logs in the
Willamette.;: Yet, since we do not oper
ate our logging camps in the winter in
this country, it is necessary for us to
have such storage in order to continue
operating. : - -:
"Revocation of our permit is entirely
unnecessary, . Some years ago when the
first channel project in Oregon slough
was adopted we induced the authorities
to locate the channel at a distance from
Hayden island - and ourselves paid the
additional cost incident to this location.
If the former channel is not now feasible
we will not oppose locating it where the
engineers think it ought to go, nor do we
want to quarrel about locating wing'
dams on our property, but; we do believe
that we merit consideration and that
the matter' should be adjusted with as
little loss as possible : to all concerned.
Channel improvement and, our booming
operations can get along side by Bide.
If we ever obstructed the; channel with
our logs it would take about 16 minutes
to notify us to get .out of the road. ?
MAT SETTLE ISSUE
-,Th is matter can be settled peaceably,
if the others desire it. But if we are
forced into a fight we are ready for it."
James Polhemus, superintendent of the
Port of Portland, stated yesterday-there
is good prospect of an amicable adjust
ment.- Until the question of booming per
mits naa been disposed of the Port of
Portland was - reluctant to proceed with
its plans for North Portland improve
ment. Major Park notified the East Side
Business Men's club, in answer to that
organisation's request for revocation of
booming permits, that no such revoca
tions could occur until - navigation de
manded it and that the navigation In
Oregon slough (North Portland harbor)
is now inconsequential. Resentment was
aroused by the' apparent: ignoring of the
harbor improvement which must be pre
cedent to any considerable navigation in
North Portland harbor. It is understood.
however, that government engineers favor
me narDor plans for North Portland as
outlined by the Post of Portland com
mission and that government permit will
be issued to permit the work to proceed.
Oregon Boy sT and
Girls Will Attend
0. A. G. Junior Class
Oregon Agricultural College. Corval
lis. June lL Nearly 200 boys and girls
from all parts of the state will attend
junior summer session for two weeks.
beginning : Monday. Twenty-nine come
as the result of winning state cham
pionships in their projects. Portland
business men and the office of J. A.
Churchill, state superintendent of pub
lic instruction, are financing the trip of
the winners.
The list of those who will attend
is headed - by . Klamath county, which
will send 1 boys and girls. ? Tilla
mook county is second "with 19, -while
Multnomah county, outside of Portland,
will be next with 16. ; Twelve are com
Ing from Portland. Douglas, Sherman,
Clackamas, Washington, and Linn will
be represented. Six are being sent by
county : fair boards, others : will take
advantage - of : the Intensive training
through ,: money raised by standard
clubs by entertainments.
Among prominent men scheduled for
addresses are President W. J. Kerr of
Os A. C; C I Hawley, state dairy
and food commissioner ; Paul V. Maris,
director of extension service; O. M.
Plummer, secretary of the Pacific In
ternational Livestock exposition, t and
Superintendent Churchill and Assistant
Walter M. Smith of the office of pub
lic instruction.
: '.. A Surprised on Anniversary 5
Turner, ; June 1L Mr. and Mrs.
Charles A. Bear, residents of Turner
vicinity for 19 years, were surprised by
nearly SO friends on their silver wedding
anniversary, June . 8. . Miss Hasel Bear,
a daughter, was hostess.
HARBOR
BUSINESS BAROMETER ASCENDING SLOWLY BUT STEADILY -i-
BUSINESS THERE, .
GO ARER IT, IS
EXPERT'S ADVICE
Manufacturers Studying Economy
Question; Plants Speeded Up;
Labor Issues Being Settled.
' - By Byron Seller (
1 Special Correspondent of The Journal
New ,Tork, June 1 1. Business
skies are clearing .and the barome
ter of trade conditions is rising
slowly but steadily. Statistical re
ports received here and business dis
patches from various sections of the
country within the last 24 hours, re
flect that conclusion.
That . there are still clouds in the
business firmament is equally evident.
but the silver lining- over those dark
spots . is plainly revealed in the light
of general conditions. , " . - .:
Perhaps nothing is more Indicative
of those conditions or more promising
for Improvement than the - attitude of
both wholesalers r and retailers. This
attitude ' s indicated : in the words of
one 4 big merchandiser to his subordi
nates: - .
The business is there. : Go . and 1
get it."
METHODS ECONOMICAL
In nearly every section of the coun
try there has been evidenced' a disposi
tion to make up in .volume of business
any decrease' in.. prices that has oc
curred. - The manufacturers are study-
ing more economical methods of pro
duction and marketing, increasing speed
in : turnovfer - and cutting expenses to
meet the decrease in cash received for
their individual products.
This policy, it is reported, a has. been
specially marked In the automobile
industry. The effect, of widespread
cutting of motor car prices in the first
10 days : of , this month is reported to
have convinced members of that indus
try that the reductions are going to
work out to the eventual good of. all.
Immediate stimulation of sales has been
reported , in various sections.. .
LOANS ABE LIQUIDATED
Banks in many, sections j note -the
steady liquidation : of commercial loans
and in some sections the absorption of
sound securities is cited as an excellent
sign of financial conditions.
v While building operations, from late
reports, are confined generally to wsmall
dwellings, the resumption of construction
has been widespread, with consequent
improvement in lumber demand. ,
With Ihe clipping season In full. swing
In the 'West, wool prices have stabilized
themselves to a large extent. Trade in
furniture and office fixtures is reported
active in some sections, while jewelers
indicate In many cases that, while buyers
are selecting lower priced articles, the
volume and cash - value of their sales
nearly . approaches those of 1920.
TRADE IS EXPANDING
Trade - with Central America is ex
panding, with much of the money paid
for tropical fruit shipments flowing back
into , the hands of American exporters.
The cotton situation is increasingly satis
factory to planters aad business men
with foreign demand making itself felt
and stocks at low ebb. - Larger grain
crops in the West and Mid-West are ex
pected to aid merchandising and furnish
additional employment to many workers.
Among the most encouraging develops
merits have been the settlement of' cer
tain labor disputes, the return to work
of thousands who have : been, . idle and
the apparent disposition of ' workers in
several industries to accept certain wage
reductiona - - : ' ---. --':
Among the bright ' spots of the week
have been the dry goods and department
store trade, the textiles, the shoe in
dustry and developments In the hide mar
ket. -:
The public has been hunting bargains.
and dry - goods merchants, department
stores, drug Stores and groceries have
been providing them. With these bar
gains as an aid they have secured in
crease in volume of sales with cash re
ceipts little below those of a year ago.
FIRMS CONVALESCENT
Liquidation practically has been com'
pleted by firms manufacturing woolen
goods and shoes and those industries
among the first attacked by depression
now are well ' out of the convalescent
stage. Among the dark spots of the situ
ation this week have been the fuels coal
and oil and iron and steel. Even in
these Industries the situation has a
brighter, side. ' .
While unfilled orders in steel have de
creased : and many mills are closed or
working on part time, buying for repairs
by the railroads is expected to increase
demand materially before July L ,
Increase of production over consump
tion In the mid-continent oil . fields has
brought . a price reduction ' of crude oil,
but this is of f set somewhat by the pos
sibility that -the new taxes decreed by
President Obregon . will curtail produc
tion in the Mexican fields. Coal products
are seeking new trade channels and ex
port trade ' to South America and Italy
has been heavy , this month.
COLIiAPSE OF STERLING
FEATURE OF PAST WEEK
By Walter B. Brows : 1
Editor New York Commercial. . Written for the
United News.
New Tork, June 11. Sensational de
velopments have not been lacking during
the past week, some of them having been
awarded more significance than they ee
serve. The stock market appears to
have been in a peculiarly vulnerable
position and organized bear raids have
been unusually . effective. ;'t
. The passing of dividends by industrial
concerns has continued apace, but does
not reflect anything not already known.
On the contrary, industrial concerns that?
have been able v to declare their usual
dividends have . proved a surprise. .
By far the most sismificent develop
ment of the week, however, was the col
lapse In the exchanges and In sterling in
particular. From a high point of $4.004
for demand sterling, reached on May
18, there has been a collapse of more
than 32 cents. This could hardly have
been the outcome of speculative develop
ments, as was declared to be the case at
first, and, in fact, it has been difficult
to trace the underlying causes. : For
Range in Prices of Liberty Bonds and
Victory Notes During the Past Week
OFFICIAL. CLOSING PRICES
Liberty is. 1932-47
Liberty first 4s. 1932-47.............
Liberty second 4s, 1927-42. ....... .......
Liberty first 4 s. 1932-47 ............
Liberty second 4s, 1927-42
Liberty third 4tts. 1928........
Liberty fourth 4B. 1933-38 ...
Victory 44 a, 1922-23 ....
Victory 34b, 1922-2i ....................
soma time the theory was. advanced that
the premium to. which. American dollars
had advanced was the outcome of buy
ing of American dollars by the- repara
tions commission. It waa suggested that
reparation payments were to be made In
terms of American - dollars and - there
were strong hints In -consequence of
manipulation of, the foreign exchange
market.
Foreign investors realize that Amer
ican stocks and bonds are on the bar
gain counter and there is undoubtedly a
strong desire on their part to transfer
aa much of their wealth - to this country.
I as they possibly can. So far, buying of
stocks has not reflected any 'great de
mand; from abroad, although there are
evidences of a demand for bonds. -
Gold has been flowing to our Shores
In unprecedented volume, until -we find
we have almost reached , the point where
there is a gold dollar behind every dol
lar of note circulation.
The last 30 days have shown the won
derful : absorbing power of the bond
market in this , country. The largest
issues which have been absorbed were
the $230,000,000 Northern Pacific-Great
Northern joint M per cent loan 5 25,
000,000 Republic: of Brazil : S per cent
bonds .at 97 H and interest ; $10,000,000
Libby, McNeill & Libby first mortgage
7 per cent' bonds at 95 54 and interest ;
$20,000,000 Standard Oil of New Tork
tk per cent debentures at 100 and inter
est ; 35,000,000 E. I. Dupont de Nemours
per cent bonds at 100 and interest;
$10,000,000 Kelly-Springfield Tire com
pany 8 per cent notes at 99 4 and inter
est and the $100,000,000 . Republic of
France 7 per cent bonds at 85 and in
terest, to yield 8 per cent.
The firm 'of Merrillj Cox & Corey,
dealers in commercial paper, has been
formed by an amalgamation of the old
firm of Holbrook, Corey St Co. with
Merrill, Cox & Co. " Clarence T. Corey
has been elected president of Merrill,
Cox & Corey. The New Tor k, Ph ila
delphia and Boston offices of Holbrook
& Corey and the New, Tork office of
Merrill, Cox & Co. have been taken over
by the new firm. These offices will act
as correspondents for the .western of
fices of Merrill, Cox A Co. William K.
Andrus is the local manager of Merrill,
Cox & Co. . ,,
Hi L. Edmunds, for many j years
cashier of the First National bank of
Gardiner, is now connected with French
Sc Co. of The Dalles. W. H. Hobson of
The Dalles has succeeded Edmunds as
cashier of the Gardiner bank. " i
J. Allen Haines has resigned as West
ern representative of Hallgarten & Co.
to become associated with the recently
organized firm of Parsons, Carbaugh &
Co., Chicago bond dealers. 1
Since '1899 the annual production of
automobiles in this 'country rose from
sero to over 2.000,000 cars in 1920, worth
over $2,000,000,000. In ; 1912 there was
one machine for every! 94 persons. In
1920 there was one machine to every 11.
Investors are again turning with favor
to the - public utilty type of security.
The $4,500,000 Portland , Railway, Light
Sc. Power ?Va - per cent bonds to yield
7.85, occupy an important position in
the Eastern investment market.
Amoner "Portland hankers who attended
the 'Washington Bankers' r association :
annual convention, held In Tacoma, Juneu
10 and lL were; Charles F. Stewart, E.
C. Sammons, : R. W. Schmeer and R. L.
Howard. - Representatives of Portland
banks will also visit the Idaho Bankers'
association annual convention, which
will be held in Boise, June 14 and 15.
The principal speaker of the Boise con
vention will be W. W. Woods, vice presi
dent of the First National bank of Los
Angeles. -. ,1
Maynard ' Redmond, cashier of the
State Bank of Portland. . left Saturday
for a two weeks outing in California. '
William G. Tait, president of the First
National bank of Medford, recently elect
ed president of the Oregon Bankers' as
sociation, was a Portland visitor Satur
day. ; . ' ; ,' ,.;-:. .,::-:- ; ;
According to Dun's report, there were
300 failures in the United States last
week, compared with 264 the week pre
vious and 178 for the same week a year
ago. j
Government Plan. !
Of Managing War J
? Debt Wins Praise
San Francisco, June 11. Financial ex
perts of the country are agreed that the
government's offer of three-year 5 per
cent ' United States treasury gold notes
June 15 in combination with an issue
of: treasury, certificates of - indebtedness
for an aggregate of $500,000,000 consti
tute the. new administration's "first im
portant original financial operation" and
that Secretary Mellon s plan offers the
only substantial hope of avoiding a spec
tacular refunding Operation which would
weigh heavily- upon security markets and
industrial financing. The' success of
these latest issues ef new government
securities is held vital to the secretary's
plan which is part of President Harding's
financial program to make the war debt
manageable without any convulsive op
erations. ,
Secretary ' Mellon in a letter to the
country stated that he was counting
confidently on their full-hearted support
in the absorption of the Issues. Full
consideration was given to the temper
of financial markets and every effort was
made to make the new offerings as at
tractive as possible to private Investors,
to whom i a special in vi tation was ,- ex-j
tended to participate. The treasury is
anxious to gain as wide a distribution
of the new .securities as possible among
the public at large. Efforts of the fed-j
eral reserve banks to market -the com-i
bined issues of $500,000,000 will be sup-j
plemented, according', to well authentic
eated reports, by- a special circular to
500,000: large investors and taxpayers
throughout the country. The government
expects the , support of not only the
banks but investment dealers In general
to - guarantee-, success.' i;..'.-.,.-"'-..E . j
,-. These treasury gold notes ; are a flew
security. They run for three - years atj
5 per cent interest. They, are non -callable
and are receivable for federal estate
taxes and for federal income and ex-j
cess profits taxes payable at or within
six months of maturity. j
Tues. Wed. Tours.- -Krt.
Bat.
U.Z6"
87.43
86.60
87.52
86.60
90.70
88.70
88.10
98.10
88.02
88.20 '
88.80
88 30
87.00
92.00
87.10 .
98.70
98.70 :
88.1T
' 87.80
8.83
87.90
86.9S
91.50
87.16
98.3S
98.38
8170
87.80
86.80
87.90
86.94
91.50 ,
87.10
98.40
98.40
88.78,
87.80
86.78
87.90
86.92
91.60
87.10
98.38
' 98.38
87.90
88.80
88.00
87.00
91.50
87.10
98.40
98.40
CHICAGO TRADE
. IS
May Transactions Are 'Better
Than April, but Still Below
Those of a Year Ago.
' By A. D. Welton
- Special Correspondent of The Journal --
Chicago, June 11. There is tnuch
testimony and ;; some evidence that
business Is better ; than : it , was in
this section. The business for May
wts better than for April, but In
comparison r with : last ; year, many
lines show a decline in both volume
and value.
But the fact Is conditions; are better.
money is easier, and pressure on the
banks has been relieved, although there
is nothing to Indicate lower money rates
in this district.
Bargain hunters of all kinds are plen-
' uftlL They are shopping for flats to
rent and many pow are vacant. Bar-;
gains are in demand in the jobbing
trade. Men are even shopping for busi-f
ness, seeking opportunity to' get' the
business of some hard pressed merchant
at an easy price, , The steel industry
Is running along on a 40 per cent basis,
and despite rosy reports of motor car
production, steel men report . modest
buying. -. , . v : .-' - ." "
Building in Chicago is stagnant. Ef
forts are being made to end the dead
lock between contractors and workers
Settlement would send 40,000 men to
work and adjustment of wages .and
union rules would lift the restriction
from thousands of building plana Noth
ing in the business world is so marked
as the demand for lower prices.
Borrowing -Pressure
Relaxes; Investors
I Reap Rich Harvest
i .." ;, .1, . . .--v.:.-.-'--i
i "The rressure for borrowing is abatt
ing, - most of the foreign governments
and larger corporations having satisfied
their requirements, and because of lower
prices less money is needed to handle the
nation's business," states Blyth-Witter
com can v In its June financial letter,
i ' Where there are a great may - bor
rowers in the market, competing with
each other, the Investor is offered ,in
vestments surrounded by many unusual
and decidedly attractive provisions such
as high call prices, long term bonds at
high rates, conversion privileges, heavy
sinking funds and non-cauaDie ieaiures,
the letter ears. ?
"There will continue to be attractive
investments, but . we Question if for
great many years to come investors
will haye opportunities to invest .their
money under as generally favorable
conditions as prevail at this time."
Auction Sale at Kelso Banks
Kelso, Wash., June 11j The Kelso
State Bank building and all bank prop-
ertles and equipment will be-sold, at
public auction to the highest and best
hidder - Tuesday morning. June 14, at
10 o'clock, by T. H. Adams, special dep
uty supervisor of banking, in charge of
the liquidation of the Kelso State bank.
Two bids of $27,000 have already been
placed with Mr. Adams by the two
groups of Kelso people who have applied
for charters for a new bank. . J
i a . 11 "' - ' .
olnce the South African government
began reforestation work, it nas planted
70,731 acres of trees, most pf them la the
last 15 years.,-----V-; 1
Republic of Uruguay
- External Gold 5s
of 1919
COUPON BONDS 20 ONLY
Interest payable quarterly,
Jan., Apr., July and Oct., in
U. S. gold coin in Nw York
at $4.85 per sterling.
Exempt from all present
and future taxes and impo
sitions in the Republic of
Uruguay.
, REDEMPTION:
Principal payable ia gold by the
operation ef a slaking fsnd of 1
Ser ansem from April 1st, 1929;
y pnrehase if under par, or by
drawings at par. ;
PRICE: $61 PER 20 BOND
OIRCULARS ON RKQy EST.
H. E. WILLS COMPANY
: FOREIGN BONDS -
Sl TJ. S. Bask Bldg. Bdwy. ltll
OverbecktS?
Cooke Co.
Stocks, Bonds
Cotton, Grain, Etc.
DIRECT PRIVATE
WIRES TO ALL
EXCHANGES
Members Chicago Board of Trade
Correspondents of Logan & Bryan
Chicago New York
21 6-217 Board of Trade Budding
HERRIN & RHODES, Inc
fEstabUabed 180
BROKERS
HEXBESS CHICAGO BOAJBD 01
TAAJ.
Correfponuenta, E. F. HTJTTOJT ft CO.
Members aw Terk Stock Cxehaaire.
Privet Leased Wires Direct te AU
beesrity and Cosaaaodity Markets.
LIBERTY AND VICTORY BONDS
- BOUGHT i-SD SOLS
--MA1JI 88 aad r8. "
Slf RAILWAY JBXCU. BLDG.
ON UPGRADE
Insurance Savings
;Glub Is Indorsed by j
Life Underwriters
The new Insurance Savings Club of
the Lumbermens Trust company which
was announced last week Is proving very
successful, according to I H. Seagrave,
cashier. ...
The plan is new and designed to make
the payment of life insurance premiums
easy by distributing the amount Into
weekly or monthly payments. The club
is intended to provide a way to pay
the premium on existing insurance and
to clear the way for depositors to : take
on additional pollclea .
The i new club ' Is an effort at co
operation between the bank and its de
positors who wish life insurance.. In
working outxthe details of the plan
the . bank cooperates closely : with the
insurance men. of Portland, and it is
expected that the plan will prove of
practical benefit to the insurance buying
public
The plan has been approved and in
dorsed by the' executive committee of
the . Life Underwriters Association of
Oregon. .
Market Development
Indorsed by Bankers
Practical support to the plan of the
organizers of the Foreigrn Trade Financing-
corporation to create adequate
financial machinery, under the federal
reserve act, ior the extension of long
time credits in the furtherance of Amer
ica's foreign trade, has been given by
the Oregon Bankers association. -'At its
annual convention held at Seaside, the
association adopted a resolution setting
forth" the imperative need for the con
struction of financial -machinery through
which existing foreign markets for
American: goods and products -may be
sustained and stabilized, new markets
developed and Old markets for American
goods and products revived.
New Issue
We offer
City of Warsaw
(Poland) ,,'''; ';'
5' MUNICIPAL BONDS
$198.50 Per 100,000 Marks
Redeemabi at par
Data 1921 Dua 1981
These coupon bonds with Interest payable annually in New York
and Warsaw are redeemable at par. Issued in denominations of
10,000, 50,000 and 100,000 Polish marks. Each bond printed in
Polish and English-language. . ! ; W
The unusual speculative possibilities of these bonds, aside from
their Investment value, are easily apparent. For the sake of illus
tration, we will saw that one of these bonds of 100,000 marks
denomination is bought for i$ 198.50. This bond with exchange at
normal would have an equivalent par value In American dollars of
J123.S00, and would bear interest at the rate of 1,190 annually
while the million mark bond costing 1,985 dollars would be worth
238,000 dollars and would bear interest at the rate of 11,900
annually;
Warsaw is one of the finest cities in Europe, is the hub of a solendid
railway system, and gateway to a vast mining, forestry and agri
cultural section. ..- ' i
The Jssue Is secured by Warsaw city property of a total pre-war
value of 47,691,223 dollars against which there a total indebtedness,
exclusive of the present loan, of only one million seven hundred
thousand, which is approximately 4.
Write for descriptive circular No. P-l
H. E. WILLS COMPANY
FOREIGN BONDS
316 U. S. Bank Bldg., Portfand, Oregon
Phone Bdwy. 1011 i
A high-grade Oregon Municipal Bond
McMinnville, Oregon
. General Obligation
6 Gold Bonds
Dated June 1, 1921.
Due June 1,' 1941
Denomination $500
At 100 and Interest, to Net 6
Details
E . nevereauxSifimpanv
Investment Bonds
Portland, Oregon.
87 Sixth St
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.
(III
II II
youocsrr
rHTxr
$10,000 Province of
. Due May 1, 1923. Denomination SI 000
To Yield 8
WESTERN BOND & MORTGAGE CO.
Ground Floor, Board of Trade Buildinar
MAIN 113 t
EJltedty
$35, Is About
Limit 'of Suit
Price in Boston
- Boston, Jane 11. Befall merchants
tkrosghost New Eoglssd have
reached the conclusion that $ii It
about the average which men v will
pay for a salt of rlotbea. Almost
without exception these dealers da
dare that few salts are sold at tiO
and hardly asy abort that price.-
City of
10-year Bonds
At 101 to yield about 5.80
We specialize in
Liberty and Victory Bonds
See us before you buy or sell.
FnCSMAN.
CMITH
Camp
aaouNO njoom
wnmwna Bui
FaTTN SNO
Optional after 1931
upon request
Phone Bdwy. 104!z
Alberta 6 Gold Bond
80 FOURTH ST.