Image provided by: University of Oregon Libraries; Eugene, OR
About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Aug. 21, 1921)
TlIC OREGON - SUNDAY; JOURNAL. PORTLAND. I SUNDAY : MORNING. AUGUST 21. 1E21. 11 STOCK OF NO PAR VALUE CONDEMNED BY COMMISSIONER Dissenting Opinion Points Out Grave Danger in New Manner of Issues Supervision Evaded. Washington. Anr. SO. fWASHIVft. TOX BUREAU OF THE JOURNAL) Issuo of ' stock, without par ' value, a. financing' method growing In vogue with railroads and public utility corporations. la condemned as step In the wrong direction , by commissioner Joseph B. Eastman of the Interstate commerce com mission in a dissenting opinion concern ing the application of the El Paso - Sk Southwestern issue of 7.0,000 shares of stock without par value. The commission granted the applica tton. Eastman in hla opinion gave vigor ous expression to his belief that it is a mistake to grant permission in such cases. He particularly objected to the confusing effect of no-par value stock issues upon public opinion and the ex ecution of laws for utility valuation. . "It is. I think, significant that this movement has coincided with the rapid growth. of public-, regulation of security issues, said . Commissioner Eastman. "Whether or not stock with no par value is desirable in the case of ordinary in dustrial enterprises I do not undertake to say, but I entertain little doubt that, so far as public service corporations are concerned, it Is the manifestation of an unsound tendency subversive of the pub lic interest. YALCE MISBEF&E6E5TED , - Those 1 who favor no par value are wont to say that par value is misleading, because par value seldom, if ever, rep resents correctly the actual value of the property, j- The theory of par value ts that it represents cash or its equivalent that has been Invested In the property. The trouble In the past has been that loos and pernicious corporation - laws have made this- true merely In theory, and not in practice. Now that these laws are beinr corrected, we have the move ment. In favor of stock with no par : value.".'.:!':. : "The reasons advanced for. the Issue of stock with no par value may briefly and fairly be summarised aa a fear that the outstanding; par value stock may op erate as restraint upon us in fixing the s value of the property, plus desire to be able to increase dividend payments in a laaa oananlnnouD wi than 1 noviui. Slble. ... i , "My conviction is that the doctrine of that the path to soundness and stability ' in public service' corporation finance un der private management lies instead in the recognition and protection of invest ment honestly and prudently made. . . 0LtED BY BEGtTLATIOX ' "' ': "Under- public regulation, investment is a Jhing definite, certain and easily as certained. So-called' value,' as the word Is now used m railroad and public utility Circles, Is a thing of uncertainties, con traductions,! articifiallties, metaphysical subtleties, absurdities and- opportunities for public plunder. ' 'I am fully -persuaded "that it is de sirable and In the public interest' that outstanding capitalisation should repre sent as nearly- as practicable legitimate 'Investment, and that the return upon the investment should clearly" appear with out disguise of any sort. We are-a long distance from that now, but can at least move In the right direction. 'Stock with out par value. In my opinion, is a step in the wrong direction and toward spec- ' ulatioh. instability and confusion of the public mind." , . " . TWO FAKT CARGOES Of GKAIX OFF FOfc PERU Two part cargoes of grain cleared Sat urday morning for Callao. in Peru. The steamship; Peptha, of the General Steam ship company, was the first to get away. She had on board 3100 tons (164,700 bushels) -of wheat valued at 1147.50, declaration. The Jeptha will proceed to , Grays Harbor and finish with lumber. J Second of to west: coast vessels was the Santa.' Crus of theW. R. Grace line. She had on board 37.S34 bushels valued at 445,921. The Santa Cms will proceed ' to Puget Sound for part cargo and will finish at San Francisco. Z With the Toyu Kishen Kalsba running a regular service between the -Orient and the west coast via .Portland, and the steamships of the General Steam ship corporation again on, regular sched ule, together with ,th additional char ter now "being made, gives the South American trade.' bright utlook'for' the future. For a time there was ad demand for either lumber or wheat, but ' both Peru and Chill are now in ih market for all .kind not wheat; flout and lum ' :::-v f - .;:.";.- i Mi. ' . . . SKEDGIKG At GRATS HARBOR r . TEBMlXAli TO BE'UESCMED Aberdeen Wash,. Aug. 2.--Drdging at the Grays . Harbor : port commission terminals i will, be resumed the coming week, after a closedown since August 10 due to a-shortage of power. Skilled - workmen who have been assisting' In &he operation of the dredge having been retained, the work of starting up will not be affected. The dredging has beeu going on largely near where the mu nicipal dock is being constructed. The dredging will be completed In four or five weeks, when the dredge will be shifted to the lower harbor. Construe tlon of a ! power line three miles long will be necessary when the lower harbor work Is planned. ' LITTER ARRIVES FROM ORrEjTT I HOURS AHEAD OF SCHEDULE From the Orient in the general serv Ire of the! Pacific- Steamship company, the steamship Coatxet sneaked in Satur day morning 24 hours ahead of expected arrival. The Ccaxet came from North China and Japan and brought only small Quantity of general cargo and curios. A large Inbound cargo was ex pected on the Coaxet, but the manifest did not show it. She will load for the return trip and will be ready - to sail early m September. " - - ALL ALOKO THE "WATKIIFKOST .- The steamship Wapama of the MeCor mlck line is northbound from San Pran ciaco for Portland with passengers and freight She will load here for the South ' and sail next -Thursday carrying passen gers and freight. - - ' Fred Alexander, night engineer on the Morrison street bridge. left Saturday morning on a motor trip to Rockaway beach. He will return the latter part of the week via Seaside, a : '..-, ,,,. The Putch steamship Tjisondsrl of the Javaa-Paclfio line Is being held up at Astoria for survey, aa aha touched on the sands at Westport an. the trip down the river. Sha went on at low water and Coated two hours later v With a full passenger list and capacity . list the steamship Admiral Evans sailed at 4 o'clock Saturday afternoon for 8an Francisco. San Pedro and San Diego. The steamship Senator, northbound, is due at terminal No. 1 next Thursday. .CHARTER XABKET 8TEA.DT v. .Kw 'Torav Augi 10. -tL :N S.) Mar ket steady and no Chans la freight LOADING OREGON BACON FOR EUROPE l-'-'-m ? -f '" :'"--: uujwmii. .mui'u.,3. i "im.tULj-mili'i mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmt . n i -l-,, 1 - - -,- V: : At I : -' - V-- , -J ' f I ! 1 v - - I - . ' i " I N - J i f - ' '..! ... . . - t , J 'I v - . - 1 . b : ! ', . ; : b, TOO MUCH PAROLE I i - - pv J j i- ' K if' r- x -a. . ;-,$ Batch steamship Moerdijk ot the Holland-American line carries IS 1 tons of Swift & Co.'s cured pieat in refrigerator space direct from Portland to London. ; Below- Bow View of Moerdijk. - . , rates.-' - Ocean (steam) grain,! steady ; United Kingdom. 5 shillings; Germany, 26 marks France 22H francs;! Holland, 224 kronen ; general cargo, steady. News of the 'Port - ArHvats Aufat M Tasbida Mara Na 1, JapaSaM staamer. frost Mnraran. baUatt. . i . . coaxsw Atttneaa tMuatr, irom onaiL to- arau , , ArrWal, Auat IS Ksnta Cna' aoMneaa iteamer. beu Sa rrmocisoo. aXiaC - ' ' . V . J , Desertsw Aueust 80 . ": ' ' " admiral ETana AtMriean Uaaiar, toe Baa Diecft, pwnntni and tanciaa , . . Fnnk.G. Dram. Annoaa eUaBMr, for Baa tnnciKo, mom. ' ' Deswtum AuftNt SO . Eastorn Kercnaflt, Ainric4o' steaiaeri tar Hub burs i Pucrt- Sottad aad Saa rasoiaco, wheat aad'flMr. MMrduk, Datch stcaiaar, lor London aad way aaerai. ... . ... . ,T, am otr ... . . : . .Am. 2 Las Tec. ; ....... .6tn PraB...J IiJ .Saa Pdro.t.. , .Au. 21 Wapaan .......... Fraa. ,.A(. 21 albe afi West Havaa ....... .Baltinora - . . . .Aaf. 2 J WUlfira ....,... loraw. . am. n RoM Ctty...........BB Fraa......Aas. 1 w. b, I'ontr , . . . , , .pan Chlfata atara San IVSi.. . .. . Aug. 33 Fran.,., I. .Ana. 34 Maw Tors. . . . .Aas. It U .Ass. 14 imrgina Boiph . . . . . San Fraa.. Wiuaole Sew Tork.. .Ana. 23 Senator ........ ,..S. D. and war.L.Anc. 25 Ukwrssol ......... iHaw- Tna..... .Ama. Cordova ...... i,. ,. Bonohila . . . . . .Ant. 2 VBava Blare, .... i . .Japan . ..K.aua. zt Katrraa Lak baaaw. . New Tork.. ... .Ana. 27 Cnraeas ..........,.S. I, and way. L . Aus. 2 Vinita '.i ..-...., . .Orient , . . ; . L ,Ac 2 Frad Lttrkvabaeh. . . .New Orlaana. . , .Aac. SO Caaadiaa Sowa-. . . , . . 1, erm t . , .Aat. 11 Cap OHetal... SorfoUt ...,J. Sept 1 Ordose Mara ....... Japan ....... .Sap, f Wfllpoto ...... .....Maw Tors,...H.Sapt. t ...... " ' i ovpa. j v MICfMwVi - - . Nofftslst ...... ...( tl .Sept. IS JJooraaMUk ........ Potrtrdam Want Tows.........llwTark....i sac. J a 31 : . T Dapsft rraaa HortlaUd T.xaa . . j ,"t ... . .. .Saw. Tot. - - V. . . . .ana. an ..BiMia. auq ...... finwi'. .... Stockton ,....... ..Jian Padro.. -Ana tl J.Aua. 22 naanaea ........... cirracw Ac. 14 iHiiTT Frrmn. . .... .Saa Fraa .Ana. JS TmhMla Mara Ho. 1..0rMt ...... Weat Haven ........ nlttaor Senator ........... .S. F. and way. Kaaha Kara. ...... .Rnroao ..... . Kofnkw Marn. ...... Enrop ...... . Aar. 25 .An. ZT .Ana. ST .Aus. ST Aoa. ST .Aac ST .Aas- SO .Ana- St .Aac. SI CSt .....". 4 . .San Fran ai tatjrtna Inr'kaobaA..,:r Tart. auantie Mara ...... Euror Laa Vaaaa. . . - nriaa oatst ...... v-. ...Orteot Sept. S a.! vamorma. . .it.waaa kaaaa,.... pattaia klarhant.. ............ J...,DlpMna Wawalana ...................... ,Dalpaina Aaaom S Braoka......... FacifV Uariaa vnaaaawa ................. rantaanla Oraava Wna ......... .Ttwmaia Onerw Tir ............... faatn la LAr. Sffinfaani ................. . . . . t Drrdack &aana Mara . .............. Tamuaa TnnaHa Mara ............... Naabaaa .................. ... .... AIbi jeaua-.. ...-.., ......... . . ,..lMm Caahn atara. , ....... ...... .Tenainal . 4 Kofnkm Mare .,.........&... Nwth Bank Tataa V.-ii. ........... Tnnial So. 1 ,get Cras .. ...w ............ GWn Stonktoa . . . t. ............. ... .Shell Oil losoma atara a. 1. ..... , ..Terminal No. 4 Coaka .Terminal Hn. 4 AUaotee alara .. .. .Temuaal Na. . AT WOUIVS FOBTS I ' Seattla. Wash.. An. ,20. (J. 8.) Ar riradt Jalia Xacaatacn, - trona Tart-na rortlaad. U a Sailed: xzsr of fieauia, for r .y - '.'II I 1 t J ' - -. . i :. - " i t -r Tst Sontheastera Alaska. 10 L n. " Arrled Ana. IS Hawkeya State, from San Franriwxfc nudnisht Henry T. Soott, from San Fnancfacot 10.35 p. av t aohoooaT C. 8.- Hoimos, from Callao. in tow m Keainsnni nenry t. oook. iu so p. C. 9, S. New Mexico, from Sea Craua, T.41 p. .ra. ; DotstKorar Ueada, tram sea cruica,.. 8:10 p. m. ; -1 ocusouaat a&ara.-. ifqob xaeoana, ; z p. m. . . ' uneaa. Au lt. aua: pn&eeaa Alica. anatbboand. S a. nw PetenlHUa. Ana. IS. Sailed: Jefferson. soutBooond. 1 p. m. ; Spoaaaa, nortaooand. :0 n. tn. - - Uonckont Anc -is. Sanaa: Entpraa of Bnmia, for TanconTtr. Yokohama. Aus. 1 Balled: Protaailaaa. Tor Seattle. - ArrtTcd 18 r Sawa Mara, from Manila: Halaler. from Ran rrancweo: Sailed 18 (.'Ulna, lor Saa rraneiaco: Totobaalii Mara, lor New Tork via Honolulu and San l"ranccx - Honolnla. Ana. 1. ArriTed: - Seboonar A He Cook, from Mukilta taenea. July S3 Sailed lTi. Wubalmina. for Saa raBotoro. AKBDria In ft. JWllrf r Raaten Mf. chant, for Seattle. a. .: Moordijk. far So- aule. 8 a. m. Arrired IS: ' Toahida Hare No. 1 Irom Kobe: Atlantic Mara, from Kooe Karaood. Anc l.SaUed: CaUlo. for Baa Pedro. 10 a. Sa. Aberdeen. Ada 10. Arrived: Clamnont, from Saa Pedra, S a. bl; Orecoa, from Saa Pedro. 10 a. an. Balled: Hornet, for Sa Franaiaeo: Bxrtonhlp William Donovan, for Saa rearo: rrnwaa, tor Baa ram, a n sat vui' kilo, for New York. Ian Victoria. Ana. 1. Pawd: Waihemo. from Sydney for aaeoaver. 2:90 p. m. Arrived Tjadaraoa, imrn Seattle, I :ae a. av.'and aaucd for Manna, ioio a. nv Chentaltras. Ana. - IB. Am tad: Proaaaetar. from Vaneoavar. - Vaneonrer. Anc IS. Arrived: 8ilverado. from Callao. 2 a. m.: Weak Jama, from Manila Canadian Highlander, from C-ebo. Port Tnwnsand. Aus. SO. Pawed out Motorthip Balbao. for Oothenbart. S:40 Arrived: Scbooner Mary K. Voatar, from Hono lnla thence, inly 28. hi tow tut Pioneer, dnrlns the nliht- Paawd la IS: Two dWttrervn from eruiae for Poset Sound naval tuooo. 3 :i m. Faned oat: Captain A. F. LMeaa. for Dutch Harkor. 11 a. as. i . Xorba Linda, for San Pedro, 8 :10 p. a. Taeoma. Aus. 3. Arrived: ' Queen, from Saattle, 8 a. an.; alannkai, from Hooolola, 10 a. m. Arrived' 18: Kaeninm Mara, from Seattla, 2 p. m-j Santa tan. from Saa Pedro, 4:80 n. m.; Steal Mariner, from SeatUa, T p. m. Bailed: NorthwmUrn, for Seattla, 4 a. m, - . THIS AT ASTORIA TTEEK CXDiaO AUGUST SS '" ; Hin Water' v s ' " Sunday 21 Monday ..........22 Tuesday ...Sa WadneKday . , 24 Thursday ........28 TiST 8:05 8:88 FT77 i 7.4 2:40 T.l 8:20 8.7 S.2 8.8 8.4 8,4 8.7 7.8 1.8 45 4:151 80 801 7.7 Friday ...zo Saturday 2T Sunday ........ ..27 :1J 8:68 T.S 7.S 7.8 7:8" 8 : 7:11 8:27 aVaaar Sunday 77 Monday ., Ttfnday -.' Wadneaday Thnnday . oTT 1.8 S.8 l.S T7o 9:40 TT5 1.2 1.1 1.1 1.1 22 23 . , . .24 9:04 9:2ft 1S422 9: 8 11:12 . . ... ....2 10:87 0:17 rrvuj ... Friday. . Satnraay ...... ,2 11 J0 2.8 S.8 ....271 li29 12:47 8.1 8.2 SUMay .88 242 rS. 8:28 Seaside Hish water 9 minutes earlier. Seaside Ijow water 21 minutes earlier. Telepliorie 0 ollectof Finds Wom .Mrs. May Anderson, (5 years old, was found dead in her room at J3J First street , when J. Xa Shaw called to collect a delinquent telephone bill. JEx amlnation by the coroner developed that she had been dead for probably two weeks. -Empty bottles scattered about the-, floor and the condition of the body convinced. Aha . authorities -that death was aue to alcoholic poiaonm. - i JUROR TELLS JUDGE The Multnomah county , grand Jury clashed with Presiding - Circuit - Judge Morrow Saturday when the Jurors ap peared. In court to -return Indictments against Jess Boydston. charged with assault with intent to kilL and John Harding, charged with assault, with la tent to rob, being armed with a danger ous -weapon. Judgs Morrow began flaying ihe dU-1 trlct attorney's of floe for the Slowness with which indictments against alleged criminals . are returned. Well, your bonor" broke Mn M.7J. Gray, grand juror, "I don't see that it does-much good to Indict these men when you Judges parole Ihem right away." ; ., -' .. - SO FAITH tS PAK0I.K Judge Morrow told : the grand lurV that he didn't believe in the parole, sys tem himself, .but that; .ha didn't know how to get around It, The grand Jury appeared In court with Deputy District Attorney-George Howry. who has made a specialty ot handling the district attorney's business before the- grand Jury for several years. When the. Judge . began . criticising. Mowry replied that the district attor ney's off ice' was not worried aa to his criticisms t that It made every effort to hurry the cases of criminals through. Judge Morrow Intimated that, the dis trict attorney's office - dominated the grana jury. is that so Mowry . asked of the Jurors. xo; ws judge the. cases for our selves," . several pf the Jurors, replied. TWO IXDICTF.D Two Indictments were returned today against both Boydston and Harding. The former is alleged to have shot Mr. and Mrs. John Baker April la. when Jealousy over the young wife drove him to aesperauon. After the shooting he made hla escape by hiding on the rafters of the Apostolic. Faith temple on the east side until the officers had given up the search., Ha then fled to Vancouver, Wash.- He was finally captured In Boxe- man. Mont. Harding shot-H. "W. Collins.- resident of . Bell Station, when Colli na and his wife returned to their home tn the eva-r nlng and found him robbing the house. Collins was shot twice., once in the hand, and a second time In the lea after he had fallen to the floor. Harding picked up la Dunsmulr, CaL, where Jewelry taken from the. Collins home was found in his possession. He has gone Under the names of Jack Thompson and Manuel Dial. - . First New Members Of Reed College Faculty Arrive Here The first. Influx of new faculty mem bers) at Keed college waa reported at the college offices during the past -week. wnen two of tne 10 new additions to the teaching staff arrived in Portland. ' Dr. William Dallum Wallia, formerly of th University of California, reached the col lege early in the week and assumed his duties as professor of political and social sciences. : - - Dr. Wallis Is an educator well known on the Pacific coast, and Is an authority on anthropology. After graduating from Dickinson college. Pennsylvania, be went to Oxford as a Rhodes scholar from the state of Maryland. While abroad he made an intensive study in his Chosen Held. Dr. Wallia received his doctor's degree at the University of Pennsylvania and was later a member of the faculty there. His subsequent teaching has all been on the Pacific coast, being a mem ber of the University of . California fac ulty for eome time. - Dr. Barry Cerf, newly appointed pro fessor of comparative literature, arrived in Portland Friday and waa the guest of President Richard F. Schols during the day. Dr.- Cerf comes to Reed from the University of Wisconsin, where be held a prominent position in the depart ment of literature. , Other new members of th 1921-22 faculty who are expected lo report In the near future include Dr. Edward O. Sisson, formerly president of the Univer sity of Montana; Dr. ESacard Chlttick. professor of English at th .University of .Washington ; Philip Pop, formerly connected with the department of biol ogy at the University of Pittsburg, and A. Anton Friedrick. who comes from th department of economics at th-University of Chicago.- The entire faculty will be on band for th opening of college on September 12. .. Wallet Containing . Valuables Is Lost A wallet containing floO In currency. $1800 la postal savmT cartiflcates. $200 in War Saving Stamps, a check for $14 aad Valuable personal papers waa lost by H. Marks ot 1427 Walt street, who re ported to the police th wallet slipped from hla Docket whlla t waa marine his personal affects to bis new address, TAX EXEMPT DOUDS DliAl1 FIRE FROM NATIONAL LEADERS Refuge From; Super Taxes Now Sought by Men of Big Income by Investment in . Municipals. "Exemption of municipal boods from federal income tax Is not likely to cos- tin oe Tor many years,' said Robert E. Smith. preeMent of Lumbermen Trust company yesterday. "Evidences are multiplying that a serious attempt will soon be mad to amend the constitution of the United States so as to permit the taxation of municipals, ' - "AH revenue . legislation . In .Washing' ton Is obliged to take Into consideration the large amount of tax free securities of various kinds to which the owners of large . Incomes can resort to escape the super taxes. The amount that is lost to the public 'is very large Indeed. TLAX HAS SrFFO&T "Of course. It will take time to amend th constitution and any resolution to this end that might' be passed by con. gresa sow would not M reflected tn federal revenues for two or three years at least. The various elements In Wash Ingtoa seem in accord on this question. Senator Smcot, representing the old tine Republicans, has a bill to amend the constitution, and Senator Ken yon, rep resenting those who were formerly the Progressives, has a similar bill sup ported by the senate agricultural bloc The Idea has strong supporters among the investment Bankers' Association vf America and the American Farm Bureau Federation has made It a part ox lis .program. ai -is supporxea oy Representative - MeFadden of a Pennsyl vaala. a banker who 1s chairman of the house committee on banking and cur rency. - - ;, ACTIOX 13T FTJTU&K . "Such an amendment to the constUu tlon probably would not be retroactive amd' municipal bonds Issued previous! to Its .taking effect would enjoy full ex ernptloa privileges to maturity. It might s that this - exemption would be re stricted to bonds in the hands of original porchasers. because the sxemptlon ptivl-1 lege would give such .bonds a wide differential In , value over . those not exempt. - '- "In anticipation of the probabilities Of withdrawal Of the exemption privi lege from, tax free' bonds, many wealthy Investors are - putting - their funds ' la municipals and. are buying bonds-with as long maturity, as they can get. The municipal bond is still the prime Invest ment -in the -United-States and enjoys a big advantage because of its security. convertibility and" 'tax tree- Income. THT CHANGE SOUGHT "Here is a table showing what per centage a person would have to obtain from his business or from investing In taxable securities in order to bring him on bis income, subject to -the maximum tax. the same return which he can get by simply : investing la fax exempt bonds. Buch bonds caa now be bought to bring an interest yield of 54 per cent to per cent. , Jq order to- equal that. Interest yield, a' person would have to make in-Ms. business: or front his ordinary investments approximately the following percentages th scale rising or course, - uiai is, me aovanxage oi tax exempt - Investments Increasing, as the super-iax increases. . . The table follows: Income Pet. I 20,000 would have to make 7.0 - 80,000 would have - to make 40.000 would have to make 60,000 would have to make 60.000 ; would have to make - 70,000 would have to make 80.000 ' would ' have to make SO. 000 would have to - make 1 0.000 would - have to make 200.000 .would have to make 300.000 would have to make 600.000 would have to make 1.000,000 would have to ' make T.to 7.SS 8.71 9 4i 10.27 11.27 12.60 14.03 17.42 19.81 22.11 Opening of Deer Season Draws Many To Western Oregon 'opening of th der season In the western section of Oregon yesterday drew, a larger number of nlmrods to th wilds than th opening ot any previous season in a decade, according to advice received at the headquarters of the state gam commission today from deputy gam wardens in the Willamette val ley and coast districts. Th passenger trains of the Southern Pacific company wera virtual caravans of .hunters Thursday. Friday and -this morning. , A -. large proportion - of th crowd was composed of i prof essional men, wno are lajung advantage ot ut earlier opening date for the season this year. The sale ot hunting licenses has Increased greatly over the state. Indicat ing that a large number f hunters are planning to go into the woods later In th season. ; Youth. Tells, of . . Murder 'Plot' to sf . . i if e l r ree iticie Kansas City. Mo. Aug. 20. L M- &) While police today blivd they; were nearer th truth in regard ta the sensa tional statements of "Sam Harris" -that he was on of four men who were to get $23,000 for killing -Mrs. FIT! Potter Stlllman tn New Tork, th youth was still in Jail undergoing further ques tioning, i , . Last Bight, after insisting time and again under "third degree" quixslng that bis confession was true, he finally told detectives that h had ookd up" bis statement in th bop that It would mean bis return to New Tork city. He said bis trus nam was Julian Mersky and that h lived at 122$ Greene avenue. Brooklyn. . ., Shop Move of Erie ' LiheKeeiily. Noted Kw Tork.,Ang. 20. The move of the Erie railroad la leasing Its repair shops at Maroa, Ohio, and HornelL N. T to private corporations which will take over the railroad work at these points Is being closely watched both by railroad execu tives and labor leaders, to determine a-hethef if will hav the effect of re moving th work from Jurisdiction of the railway labor board and barring members ot the shop crafts from bene fits of the Eoch-Currtmlns act. Other roads, it ia understood. - have similar plans under consideration. 15 HUNDRED MILLIONS IN GOLD S . . " ' - -j - , - i , - .- . ';- S J X. - . " - ' ? . - . . . .' , v- - j , - " t v r ; . I.:-.. 'v. ' r . t L - p ,'; Ear. . ' '.'.',, ' I - ' " ' tt : H ' - - e ' - 1 - - "ill "-,,,., a. mj ti i- Tr" ' ,i iiM.v,iiv,Yi Tin-. .- "V,---rti-jrMy ta..-. Sv-. aw w " mmmmmf United States assay office, 'adjoining; York, in wbicH 81,500,000 000 In : world's gold supply,-13 stured. . Kew Tork, Aug. SO. There Is fifteen 1 hundred million dollars' worth of gold lo a building In .Wall street. S . ; The building Is the TJnlted States assay office, and there are approximately 250 tons of pare gold; piled ln bars- and ranged -la sacks of coin la the vaults. The gold la this -one federal buUdins Is about one-fifth of the '.world's supply of the precious metal and is by far the greatest amount of gold ever gathered in one place or one city. . The' flood of yellow. metal that has gushed Into the- building since; the' war Salem. Aug. 20. The American Tele phone Ac Telegraph company la la busi ness to give the most satisfactory serv ice at tne lowest possible cost to the greatest number of people. This Is the policy of the parent 'com pany of the great telephone system of this country as summarised this morn' Ing by C O. Blckelhaupt, telephone en si hear for the company, who was on the stand as a witness in the telephone rate rehearing before the public service com mission. I, The Pacific company was. a 'real fac tor in the progress and development of this state, he Insisted, and the state could not get along without it. . v If the condition was really as bad as Cousin, intimated, popular sentiment would soon force a correction, be in sisted. Girl-Runs Out From Behind Truck: Oar vFractures Her eg -Darting out from a party of other Children who were playing about parked bakery truck Just beyond the business- district " of ZJnnten Satur day, 7-year-old Mary Harago ran dl rectly Into the automobile driver by Dr. Alan Welch Smith of Portland, who was On his way to Seaside. Her left leg was fractured and her back was Injured. Dr. Smith attended the child at Good Sa maritan hospital, later reporting to the police. Dr. Smith, investigation showed, was traveling IS miles an hour and had slowed up when he saw the children. driving oft the roadway on the side walk In aa effort to avoid striking the Ctrl. Beavers Win First Game With Bees at ,! Salt Lake Today Salt Lake City. Utah.' Aug. 20. After suffering three straight defeats, the Beavers finally came to life and pounded out a Is to t victory over th Salt Lk Bees in the first game of today's double- header. The former teammates ot the Beavers, Harold Poison and Ruddy Kal I M. war ireaiea very rougn. tney being ,ucked for 11 ud wu- Rom- wn - but he kepi them scattered. Home runs by Brown and Strand were features. ? Score by innings: R. H, E. Portland........... 012 S20 000 1 4 js Salt Lake 003, 200 00 ( 12 Robber Is Folite to Butcher on Crutches . ' ."V: La Grande. Ana. 20 T wouldn't take money from a cripple,' a masked robber said to Robert Lodwig, proprietor of a meat market her, at 7 :30 o'clock this morning, after asking Ludwig. who is en crutches because of ' recent injuries to his leg. to turn all his cash over. . The thug, answering th description of one of the- men who held up 15 railroad men at Hlllrard Thursday night, securing $900 In cash and five gold watches, entered th store" while Ludwlg was alone and thrust a heavy revolver tn bis face. Senate Confirms ; Johns' Nomination Washington. Aug: 20, U, P.) The. senate late today confirmed th nomi-' nation of Charles Ai Johns of Oregon to b associate Justice of the supreme court, of the Philippines. . Charles Brill, a red It. is dead at La Grande from Injuries received when b COMPANY PRAISED BY PHOKE EXPERT sua u a sum-, oi nay. the anb-treaaror in Wall street New gold, which Js about one fifth of the , - , '." , !- '' hArcome from every corner of 4he earth and every week this horde of gold is in creased by many millions. ; Almost every trans-Atlantic liner brings more of It and n9 one Knows when the flood wm'rsoedet All forelrn coins received ara - malted fata bars and .hese braare a umbered taggeo ana taruiate and ready tor aoip-. ment should um cau come. It is estimated that the United States has one-fourth .of all the a-old In the world, there-belnavsota half blHloo-ln the penver and Saa Ftancisco mints, the treasury and the various banks of the country, r Washington. Aug. 20. (U. P.) Th Republican : tax revision bill providing for eventual federal tax reductions of ap proximately $800,000,000 was passed by. the house today.- It now goes-to. the senate. - - , ; The eventual reduction will not oomo until 182$. The cut for 1922 will be about za,uw,rou. , - Body of. Minister's V j r.'V " Wife to BeExhumed j Suspicion' Afoiised ' , i.' i Lakeport, CaL Aur. " 20. U. P.) Inveatigstion of th supposed drowning of Mrs. Emma Theresa Spencer, wife of the Rev. J. 8pencer. retired minister ot Vallejo. promised to become sensa tional today when th body was ordered exhumed for a second autopsy i by the coroner on the Instructions of .District Attorney Churchill. . j . Police said they were unable to locate the Rev. Mr. Spencer, according to whose story his wife wss drowned on the night of July 21 when the 'boat in wmwr-they were rowing a arose- Clear lake upset. ----- - - The body was buried 2$ boors rafter the drowning, and on Monday; lt was exhumed for autopsy, when the autopsy aeons declared they War !!uhcrtatn of the result." ' " ' i Tom O'Keefe. Taken For Alleged Assault ; On Clyde B. Smith Tom O'Keefe, who is alleged to hav assaulted and badly beaten Clyde B. Smith, . 1& Kaott street. March S. In Lower sAlblna. ;Was arrested early this morning on a warrant Issued Just arter the "alleged attack.: Patrolman t Cham berlain saw O'Keefe Jump from a freight train at - Killina-s worth avenue ' and Greely street . Chamberlain recognised O'Keefe aad chased him, calling: to -him to stop. Two revolver shots fired Into the ground brought th fugitive to halt, O'Keefe Is charged -with attacking Smith, who wss walking bom with sev eral other people from a party. . No cause for the attack has been divulged. .... . 1-f Murderer, at'BayA - Commits Suicide ' " - ""'WaBBBBaBaaa . - j Lea Asgelet, CaU, Aag. ts-CU. F.) Sheriff XeVartla f Testers died a the way t th reeelTlsg feospltai here this aneraooa. -. . . t . ;- Los Angeles, CaU Aug. 21 U. F.V Juan Durano, Mexican killer, who a few hours earlier murdered Constable Kelly of Oxnard and fatally wounded Shorlft MeMartin of Ventura, gave up th battle and committed suicide when surrounded by posses near Owsnsmouth at 1:20 p. m. Durano. saa been naaiea wia Dui- lets after a vicious battle. - .m i HandrMade Woolen j r Shawls to.Be Among : ; .prizes s; at UHphic . . . . . V-.. " I ' ' ... " One of the features f th annual pic nic of the Portland firefighters at Crys tal Lake park today will be th award of twos haad mad woolen shawls knit by the firemen. Special car service wm be run lo-th park and th program will Include a tug o war across a creek. ladder and wall scaling contests, 12 rac ing events and two sw hunting events. baa ball gams between - Woodlawn and Parkway nines, and dancing, with music by Fleming's Broadway orchestra. Prises win be awarded for all th games REVISED TAX BILL PASSED BY HOUSE RAILROADS HAVE IRIIEfl COSHER' Chairman of Executives s Hopes " Roads Mil Earn Half Bi!- : lion This Year. . By Harels D. Jaebs ' - tTaitad Praaa staff Corrwaxjadawt TCew Tork. Aur. 20 Th railroads have 'turned the corner" in their financial condition, acoordlng to Thomas DeWltt Cuyier. chalrmaa of the As sociation ot Railway Executives. ' Cuyier In a -statement to the United Press today said It -was hoped the car riers would show net earnings of at least half a billion dollars tor this year. - Farther "drastic reductions" in operat ing expenses are necessary, however, be fore the railroads caa make any general redaction ia raxes, be said. - "As a ream It of th war and of the period of federal control, the earning . power of th American railways waa practically destroyed." Cuyier declared.. Net earnings declined from approxi mately $214,000,000 in HIT to approxi mately $2.0O0,0OS in 1820. -"Development of American railroads has been at a standstill for at least flv years. Naturally no industry can grow when it cannot surely pay dividends or interest to those who invest their money in It- . . "Mr belief Is that the railroads now hav turned the corner. It Is hoped that they will In th aggregate make net earnings of at least $500,000,000 for the year of 1221." Cuyier explained that such an income would be less than a 8 per cent return but would cover the total of their fixed . charges. -It will, however, na said, "require further -drastic reductions In operating expenses to enable th railroads to earn a per cent return and to permit any. general redaction in rates." awaawaBMaBwrfhawawaaaBwaBBBaawaMaBBShMS - - ElkRock'Tunriel . May Be Ready Nov.; 1 Tunnel work Is being shoved ahead so rapidly at Elk Rock that Southern Pa cific Railway- company officials anticl-. pat completion of the bore by Nove n ber t. according Xo' announcement Sat urday. .'With the tunnel work done new rails win be laid through the tunnel-and traffic over th weat side electric llne will abandon th hazardous trestle around the face of tile rock. Trains ore expected to ' b placed .la " operation through th tunnel by the first of next -year. - Seven Seek Postal v, ; , Job at Vale, Or. .-.f.-..1 , i Wash tnrtoa. Aug. 20. WASHIXO TON BURBAU OF THE JOURNAL) Th following Bayoes have filed as can didates for postmaster at Vale. Or'. : FJma A.' Raymond, A. Ranaon Orma, Irwin 8. Moady, U R. Schrorder. Arthur S. Hint, Thomas Q. McESroy.' Isaac B. Qulsenberry. " .' I feftyBonds At present! prlce$,.sn Jn veitncnt opportunity that we- iniy not $ee tttln. . We buy and self all -issues of Liberty and Vic tory bonds it prlcer ' based on - quotations re ceived twice dally from' New York, . . " We keep on band rlsrce -stock of these sc- -curities' which enables lis1 to make immediate dc - livery 1 of - any issne in . amounts to suit the indi vidual purchaser. BOND DEPT. v & TlLTON Bank Oldest ta tk XerUwast WAAHWOTOH AT THUtO I V V 1 T 1 'I' 1 T I 'I' 1 V 1 V 1 TTiTl Western Bond & '.T Mortgage Co. Bay ad Sen Investment Securities; United States , Liberty - Bond Issues, State. - County, City. School and Foreign ' bonds, also First Mortgages en Improved!-' -city and farm property. ... 4 List of' Carrest Offeria gs Uyoa - Western Bond & Mortgage Co. - Graaad Fl. Bdard Trad Bldg. Mill tit. ' $ FOVKTH 8T GdokeCo. : Stocks, Bonds Cotton, Grain, Etc. DIRECT-PRIVATE V WIRES TO ALL EXCHANGES Ha sabers Cbicaga Board of Trad Corrasp otidants of Logan ate Bryan Chicago New York 218-217 Board of '-Trado -fuOJlsx Overbecke? J and auuetic cvc&ia. ... V - ' ' r-