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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Nov. 10, 1919)
THE MORNING OREGONIAN, MONDAY, NOVEMBER lO, 1910. 17 PAYM TS ON BONDS E LARGELY COMPLETED Bank Report on Victory Issue Favorable One. EXCHANGE NOTICE ISSUED Information Desk in Lobby ot Ladd & Tillou Bank, Just Installed, Proves Its "Worth. With final payment on victory lib erty bonds bought in the last ot the war securities campaigns due tomor row, the bond departments of Port land banks report payments largely completed by subscriptions. It is inter esting to recall that Oregon subscribed a total -of $28,409,350, with a quota of $26,798,400, making- the total sub scription 106.01 per cent of the quota. The total subscription for the 12th federal reserve district was $319,675, 150. and the district ranked ninth among the districts of the United States. Announcement that oversubscription was not desired was the reason why Oregron did not exceed its quota by a larger margin and tho . promptitude with which the drive was completed was cause for satisfaction and pride to every citizen of the state. e The Kederel reserve bank of San Francisco has announced -the dates on which permanent bonds of the various issues will be exchanged fur the temporary bonds with four or more coupons attached placed In the hands of purchasers at the time of the various liberty loan campaigns. The 4 per cent bonds of the first loan will be exchangeable for permanent bonds December 15; first and sec ond convertible 4Vi per cent, June 5, 1920; second loan, 4 per cent, March 13, 1920; second i'A per cent May 15, 1920; third, 4U per cent March 15, 1920; fourth, 4 Vi per cent, October 15, 1920. Victory loan bonds were origi nally issued In the permanent form. In order to answer the numerous and infinitely varied questions sub mitted to officers and tellers of Ladd & Tilton bank, the management of that institution has installed an in formation desk in the lobby of the bank. It is built of Italian marble to harmonize with the other furnish ings of the foyer and is located di rectly in front of the entrance, so as to attract the attention of the seek er for information. While this feature of banking service is to be found in some of the'larger banks in the east ern cities, the Ladd & Tilton bank is the first to introduce the idea here. The officers of the bank have received many compliments on the enterprising spirit which led to its adoption. Though primarily intended to look after the interests and eerve the convenience of the bank's custom ers, strangers in the city and the general public are cordially invited to avail themselves of its sources of in formation. The desk is in charge of Martin E. Fitzgerald. According to John L. Etheridge, president of Morris Brothers, Inc., there is a larger number of investors in government and municipal bonds In Portland than in Seattle and other Washington cities. "This condition," said Mr. Ethe ridge, "may be directly attributable to the fact that most of the offer ings in the Seattle territory, until we opened our quarters there, were bonds other than government and municipal bonds. "Several years ago, we decided to specialize in securities of this charac ter, and our reason for doing so Is based upon the fact that in over a quarter-century in the bond business, not a single issue of government or municipal bonds has ever defaulted in either Interest or principal. "Seattle investors seem sto appre ciate the facilities offered by our quarters there because business has been steadily increasing from the first day we opened. "If things keep moving along at the present rate, it will not be many months before Seattle investors will be as thoroughly convinced as Port land now is, that government and municipal bonds are the world's saf est Investment securities." An exceptional demand on the pare or investors for conservative munici pal bonds and corporation securities as well as attractive foreign issues is reported by the Lumbermens Trust company. The market has been- es- EXEMPT FROM ALL FEDERAL IN'COME TAXES Oregon Municipal Bonds These bonds from cities, districts and counties throughout Oregon are considered the highest form of investment securities. In all instances the net debt of the munici pality issuing the bonds is less than 10 of the assessed value of its taxable property; in many cases the outstanding indebtedness is considerable less, and in the case of the Wallowa County bonds there is $167 of taxable wealth behind every dollar of debt. Pick out one or more bonds from the following group, then come in or write and lefc us help you select the particular issue best suiting your requirements and circumstances. Price ?1 Yield Exempt from all Federal Income Taxes. 100.000 Raker Countv, Oregon, Road 24,000 Helix, City of. Oregon 34.000 Klamath County, Oretton, Road Bonds 34,000 Klamath County, Oregon, Koad Bonds...... 34,000 Klamath County, Oregon, Road Bonds 34,000 Klamath County, Oregon, Road Bonds 84,000 Klamath County, Oregon, Koad Bonds 34.000 Klamath County, Orejjon, Road Bonds! 34.O0O Klamath County, Oregon, Road Bonds 34.000 Klamath County, Orexon, Road Bonds 34,000 Klamath County, Oregon, Road Bonds 41,000 Klamath Countv, Oregon, Road Bonds 500 Marion and Clackamas Cos., J S D No. 142.310 500 Marion and Clackamas Cos., JSD No. 142,310 500 Marion and Clackamas Cos.. JSD No. 142.310 500 Marion and Clackamas Cos., JSD No. 142.310 500 Marion and Clackamas Cos., J S O No. 142.310 500 Marion and Clackamas Cos., J S D No. 142,310 500 Marion and Clackamas Cos., J S D No. 142.310 500 Marion and Clackamas Cos., JSD No. 142.310 1,500 Marion and Clackamas Cos., JSD No. 142.310 500 City of Ontario, Oregon, Paving 500 City of Ontario, Oregon, Paving 1,000 City of Ontario, Oregon, Paving 500 City of Ontario, Oregon, Paving 1.000 City of Ontario, Oregon, Paving 1.000 City of Ontario, Orenon, Pavinsr 1.000 City of Ontario, Oregon, Paving 1 500 City of Ontario, Oregon, Paving 500 Oregon City, City of. Oregon, Improv 152.000 T'ortland, Oregon, Improvement 5,000 Wallowa County. Oregon, Road 10.000 Wallowa County, Oregon, Road 20,000 Wallowa County, Oregon, Road 20,000 Wallowa County, Oregon, Road 20,000 Wallowa County, Oregon. Koad Rate Maturity 5 M&N 1929-39 101.57 4.80 6 F&A 1930-39 To net 6.25 5 J&J 1929 101.97 4.75 5 J&J 1930 102.18 4.75 5 JocJ 1931 102.27 4.75 5 J&J 19S2 102.40 4.75 5 J&J 1933 102.54 4.75 5 J&J 1834 102.66 4.75 5 J&J 1935 102.78 4.75 5 J&J 1936 102.89 4.75 5 J&J 1937 103.00 4.75 5 J&J 1938 103.11 4.75 6 F&A 1931 108.94 B.00 6 F&A 1932 109.48 5.00 6 F&A 1933 109.98 5.00 6 F&A 1934 110.47 5.00 6 F&A 1935 110.92 5.00 6 F&A 193S 111.36 6.00 6 F&A 1937 111.78 5.00 6 F&A 1938 112.27 5.00 6 F&A 1939 112.55 6.00 6 J&D 1922-9 102.15 6.10 6 J&D 1923-9 102.91 6.10 6 J&D 1924-9 103.64 6.10 6 J&D 1925-9 104.33 5.10 6 J&D 1926-9 104.98 5.10 6 J&D 1927-9 105.60 6.10 6 J&D 1928-9 106.20 6.10 6 J&D 1929 106.76 6.10 5 J&D 1925 101.50 5.35 6 A&O 1922-29 106.20 4.876 5 M&S 1924 101.32 4.70 5 M&S 1925 101.55 4.70 5 ' M&S 1926 101.77 4.70 5 M&S 1927 101.98 4.70 5 M&S 1928 102.18 4.70 Boxes for Rent MORRIS BROTHERS, Inc. The Premier Municipal Bond House Capital One Million Dollars . MORRIS BUILDING 309-11 STARK STREET BETWEEN FIFTH AND SIXTH Telephone: Broadway 2131 Established Over a Quarter Century pecially active in Goodyear Tire & Rubber Co. 7 per cent preferred stock. United Kingdom of Great Britain and Ireland three-year notes and ten-year bonds, and the new issue of Republic of China two-year 6 per cent .treas ury notes, which are selling on a basis to net the investor 7 per cent. Two attractive blocks of Canadian bonds have just been purchased by the trust company, both being obli gations of the government of the province of Alberta. One of the is sues, 4 per cent bonds guarantee ing the University of Alberta, is pay able in United States gold coin in New York, while a block of general obligation 4 per cent bonds is pay able in Toronto in Canadian funds. The former issue is being sold at 93.89 to yield 6.25 per cent, and the latter at 92.64 to yield 6.75 per cent. The same company is offering an issue of $20,000 city of Emmett. Idaho, 6 per cent general obligation park bonds on a basis to net the investor 5.40 per cent, and two blocks of Douglas county. Wash. 5 per cent road bonds, which are priced to yield 5 per cent. Douglas county is one of the great agricultural districts of Washington, beingr located in tho central part of the state. The final half of a total issue of $440,000 Columbia Municipal Irriga tion district. Benton county. Wash., general obligation 6 per cent bonds is about to be taken up also by the trust company. Due to the unusual security behind this irrigation issue. which constitutes the debt of 11,500 acres, including: the city of Kenne wick and 7000 acres under irrigation, there was- a quick sale for the fir-.t hall of the bonds. Vladivostok to Get Steel. SEATTLE, Wash., Nov. 9. Six thou sand tons of steel, railway and Red Cross supplies will be taken to Vladl vostok by. the steamer Osaqumslck, leavfnir Seattle November b. R D U Li II! Information for Investors NTIMATE knowl edge of the invest ment market is part of our "stock in trade." Whether you select your Government, Municipal and Corporation securities from our unequaled lists or not you are welcome to our advisory services. Write or call for our lists of "Better Bonds. ARK KFUnAl ! fVm . GOVERNMENT MUN1C PAl ANl CORKIUTinN LIBERTY AND VICTORY BONDS If You Mut SKI.I. Your Liberty or Vlrtory KondaT Sell I K. If You Mutt Bl Y Morn T.lbnrty or Victory Hondst. Buy 1 roin IS. On Saturday, November 8, 3ll. tlis c!oinir market prices wre an rivrn he low. They ara tho governing prioee for liberty and Victory bondi all over the world, and the highest. We advertise these prices daily in order tr.at you may always know the New Tork market and the exact value of your Llibcrty and Victory bond. 1st 2.1 let 2d 1 4th Victory Victory 3"-et 4s 4s 4, 4M 4 Van 4 , S4,' 4 Market ..10o.2 $95.00 $9:1.80 JO.VtiO Jll.i.nrt $04 US $03. US $ 80.42 $ K42 Interest.. 1.41 1.81 1.U4 1.71 2.07 .S .30 1.7T 2.U4 Total. $102. OlS 9t!.81 $04.74 $98.71 $9.V1S 0.VH;! $9a 3 $101.19 J101.H8 When buying, we deduct 87 cenu on a $50 bond and 42. oO on a $10OO bond. We aell at the New York market plus the accrued interest. Burglar and Vlrrproof Safe lepoit Rosea for Kent. Oiea Id til S V. M. on baturduya. MORRIS BROTHERS, Inc. The Premier Maalcipnl Itnnd Home Capltwl line Million Ttnllara) Morris HulldlitK. :tol-ll Stark Street. Hrt. Ktrth anil Mvth. TELEPHOXKi HHOADWA Y 21.11, Katahli.erd Over a Quarter Century ROBERTSON & EWING GOVERNMENT CORPORATION MUNICIPAL BONDS LOCAL SECURITIES 207-S NORTHWESTERN BANK BLDG. PORTLAND, OREGON. New Issue Foreign Municipal and Foreign. Government loans now in preparation for issue offer remarkable investment opportunity. Advance information will enable you to participate to the fullest extent in the investment profit that may not otherwise be had for reason of quick oversubscription when the subscription books are opened to the public We partici pte in all national syndicate loans that in our Judgment are worthy of the investment of our funds, and subscribe in advance for our own account for ample amounts to cover the investment requirements of our clients. If you have funds In haVid or In anticipation with which you desire to take advantage of these after-the-war-period investment opportunities, notify us and w will put you on our mailing list for advance information. Write or Phone Freeman Smith & Camp Co. second floor northwestern bank building Main 646 rORTU.HO fAH FftANClSC foreign Government Bonds To Net 5y2 to 7.90 Government and Municipal Bonds Bought and Sold k Qevereaux R Company 87 Sixth Street Broadway 1042 Ground Floor Wqlls-Fargo Building CORPORATION SAFETY first FINANCING TELL YOUR FINANCIAL PROBLEMS TO O. W. T. MUELLHAUPT & CO. "The Income Producers" They Will Solve Them and Increase Your Earnings Suite 407-409 U. S. Natl Bank Bld. Tel. Bdwy. SS38 A Cardinal Principle- Diversify Your Investments A plan for diversifying investments implies a careful selection of con servative securities varying in general description (government or munici pal bonds, corporation bonds, notes pr preferred stocks), varying in loca tion (local, national or foreign), in maturity (short-term notes or long-term bonds) and in rate of interest, in yield and in the time of year when interest or dividend payments are made. We submit the following list as diversified investment suggestions: Name of Issue Maturity United Kingdom of Great Britain and 1922 or Ireland 5V2S N 1929 (Direct obligation of government; conversion privi lege of great value.) Deschutes Valley Water District 6s 1924-34 (Direct general tax obligation of over 19,000 acres of excellent farm land and towns of Culver and Metolius, Oregon.) Goodyear Tire & Rubber Co. 7 Pf d. Stock (Largest manufacturer of automobile tires in world; - exempt from normal income tax.) Columbia (Municipal) Irrigation District 6s 1930-39 (Debt of 11,500 acres of fertile land, including city of Kennewick, Washington, and 7000 acres under irrigation.) Government of Province of Alberta 4Vis 1924 (Guaranteeing University of Alberta; debt uncondi tionally guaranteed by province having area of 161,872,000 acres and 550,000 population.) Skagit County, Washington, Road 5y4s 1920-29 (Assessed valuation of county, $18,164,605; total debt $713,900.) ' y Colter (Municipal) Drainage District 6s 1924-38 (District of 8500 acres in fertile Big Horn Basin, Wyoming; state law provides especial safe guards.) A. G. Spalding & Bros. 7 Preferred Stock (Business established in 1876; total net assets $270 per share; no funded debt.) Ask for Our Complete List We sell bonds on the installment payment plan Price to Yield 6.25 6.00 5.00 7.00 6.00 6.25 5.00 6.00 7.00 umbermcrxs Sar Frarscisco B ord s -Trusts - Acceptances Capital & Surplus 600.000 lumbermens Bld. Porlard, Oreqor. rust o. Seattle W e offer for subscription, subject to allotment NEW ISSUE 00,000 Fisher Flouring Mills Company 7 Cumulative Preferred Stock Authorized $3,000,000 To Be Presently Outstanding $1,500,000 Par value $100 per share; dividends quarterly, January 1, April. 1, July 1 and October 1; redeemable as a whole or in part at the option of the company at $107 per share and accrued dividends on 60 days' notice. Dividends exempt from Normal Federal Income Tax under the present law. Non-Assessable CAPITALIZATION Authorized Preferred Stock, 7 Cumulative $3,000,000 $1,300,000 to be outstanding Common Stock 1,200,000 1,200,000 now outstanding We summarize as follows from the letter of Mr. O. D. Fisher, Vice-President and General Manager of the Fisher Flouring Mills. TOTAL NET ASSETS, exclusive of the value of good will and trade names, amount to $3,830,298.23 or $255 per share of $1,500,000 Preferred Stock. Net quick assets alone amount to $164 per share. NET EARNINGS before deducting Federal Taxes, average for the past three years between four and five times the amount required for dividends on the Preferred to be issued at this time. SALES FOR YEAR ENDDED JULY 31, 1919, anionuted to between $13,000,000 and $14,000, 000. Sales this fiscal year show a substantial increase over last year's sales. The Company's plants, of the most modern type, are located oi Harbor Island, Seattle Harbor, and have a capacity of 6000 bbls. of flour and 500 tons of feed per day, with storage capacity of 1,000,000 bushels of wheat in concrete elevators. NO BONDED OR MORTGAGE INDEBTEDNESS is outstanding on the properties of the corporation and provision is made in articles of incorporation that none can be created (except purchase money mortgages on property hereafter acquired) while any Preferred Stock is out standing except with the assent of two-thirds of the Preferred Stock then outstanding. NO DIVIDENDS ON COMMON STOCK may be paid unless after paying such dividends the net quick assets are equal to at least 100 of the outstanding Preferred Stock and the total net assets are equal to at least 150 of the outstanding Preferred Stock. The corporation must at all times maintain against each outstanding share -of the now authorized Preferred Stock net assets of at least $150 per share, of which at least $100 per share shali be in quick assets. Price $100 Per Share Flat DEFERRED PAYMENT PLAN AVAILABLE IF DESIRED A large amount of this issue having been retained b) interests identified xoith the management of die Com pany, ne offtr the balance strictly subject to allotment; reserving the right to reject any and all subscriptions and to allot a smaller number of shares than subscribed for. Subscriptions may be wired or telephoned at our expense. Bond & Goodwin GOVERNMENT-CORPORATION AND MUNICIPAL BONDS 215 U. S. National Bank Building, Portland, Oregon' Boston Chicago Minneapolis. Portland New York San Francisco Los Angeles