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 . . " ' -
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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 - ' '
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