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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (July 19, 1920)
14 THE MORNING OREGOXIAX, MONDAY, JULY 19, 1920 CITY BONDS T YEAR'S LOW LEVEL Hundreds of Municipalities Fail to Float Issues. MARKET VALUE SAGGING Sujar First Mortgage Serial Seven Per Cent Gold Securities Re ported to Be Active. issue of Trade Tendencies in New York. At a convention oT the association representing: 90 per cent of the to bacco growers of the country, a com mittee was selected to take steps to combat the activities of anti-tobacco crusaders who are said to be active in a number of districts. A war fund is being collected for this purpose. In the cigar industry the labor dif ficulties which were such a hindrance to production last year have been overcome and business is said to be doing very well. The only obstacle in sight is the shortage of cigar boxes, which is part of the general shortage of lumber due to the delay in logging in the early part of the year caused by unfavorable weather conditions. Russia Offera Market. Cigarettes are becoming increasing ly popular in this country, and France has taken very well to the American type of cigarette. Americans who have smoked French cigarettes need scarcely be told why. A large poten tial market is also expected when Russia is reopened to foreign trade. The tobacco industry seems to be flourishing in all its branches, ex cept the manufacture of snuil. I. Municipal bond sales In June reached a slightly larger total than in May. but showed a marked reduc tion over the months of March and April of this year and June, 1919. During the last two months, says the Daily Bond Buyer, of New York, the demand for bonds has fallen off to such an extent that hundreds of coun ties, cities and towns have failed in their efforts, to float bonds aggregat ing many millions of dollars. Accompanying this contraction in the volume of successful financing, there has been a severe decline in market values which have carried mu nicipal bonds below the lowest price level reached in a generation. lMHue Scraping Bottom, State and city bonds are now sell ing at prices which offer an income return of from 5 per cent to more than 6 per cent, according to the char acter of the state or municipality, and, in the opinion of bond experts, they are now scraping bottom. The Lumbermens Trust company re ports an active demand for the first mortgage serial 7 per cent gold bonds of the Utah-Idaho Sugar company, this being due in part to the essential nature of the commodity manufac tured. The Utah-Idaho Sugar com pany has been in successful operation since 1891 and is today one of th largest producers of beet sugar in the United States. It owns and op erates 15 sugar factories In Utah Idaho and Washington, these facto ries having been appraised in June, 1920, at 20,642,000. The present production of the com ' pany is from 1,500,000 to 2,000,000 bags of sugar per annum, representing about 10 per cent of the total beet sugar production of the country. Prior to the war the greatest competitor in the production of sugar was Europe. The most eminent authorities on the subject, however, estimate that Eu rope will not be able to equal her pre-war figures until 1935. The man ufacturers in this country are, there fore, assured of a steady growth. The bonds of the Utah-Idaho sugar com pany are in demoninations of $500 and $1000 and mature serially from 1921 to 1930. They are offered at prices to yield 7.75 per cent. Road Bonds on Mart. Among other new securities, the trust company is offering $125,000 Yakima county, Washington, 6 per cent road bonds. These mature rially from 1921 to 1934 and are in denominations of $1000 and $500. They are offered at 100 and interest for any maturity to yield 6 per cent. Adams county, Washington, $25,000 6 per cent road bonds mature from 1921 to 1935 and are in denominations of $1000 and $250. They are offered at prices to yield the full 6 per cent. City, of Tillamook, Or., $120,000 6 per cent bonds are estimated to ma ture serially from 1921 to 1930 and are in denominations of $500. Issued under the Bancroft act, they const! tute the general obligation of the city These bonds are offered at 100 and interest to yield 6 per cent. Columbus Irrigation district, Still water county, Montana, $120,000 6 ' per cent bonds. These are offered at prices to yield 7 per cent, are in de nominations of $1000 and mature se rially from 1927 to 1936. There appears to be a general feel ing in the east that If nothing unfore seen occurs there will shortly be advance in the price of municipal bonds.- Northwest Issues Favored. Movement of municipal bonds o the northwest was the feature of the week, according to John L. Etheridge, president of Morris Bros. Inc., who says that buyers were numerous, tak ing advantage of the present market, wnicli offers the issues of many northwest cities, counties and dis tricts at remarkably low prices and unusually high yields. "Bond issues of the northwest are moving fast," said Mr. Etheridge. "We are experiencing a brisk .business now. The situation Is still in favor , of the investor, with yields such as had not been known since civil war days until the present condition de veloped. That this will not continue. indefinitely, is certain. S. W. Straus & Co., announce th establishment of a new policy with regard to industrial financing. Here' after, they will make loans In the form of first mortgage serial amor tized bond issues in amounts of $500 000 and upwards to industrial cor poratlons of established reliability en gaged in the production of essential commodities, the proceeds of the loan to be devoted to the construction of dwelling for employes. Others Urged to Lend. In a statement issued by them the opinion is expressed that large iend ing institutions of the country should develop this field of financing because of the enormous demand for housin facilities and the stabilizing influ ence which widespread ownership o homes by the working classes will have. The prediction also is made that, as a result of this co-operation between financial houses and indus trial corporations, the next few years will be a period of very extensive home-building activities. Blyth, Witter & Co. are offering their participation in the $8,000,000 Duquesne Light company 6 per cent bonds due 1949 at 85 and interest yielding 7.25 per cent. These bonds are listed on the New York stock and bond exchange and only last week were quoted at 87 bid, 87 asked. The Duquesne Light company is one of the best known of the eastern pub lic utilities, with headquarters at Pittsburg, Pa. Blyth, Witter & Co. have also un derwritten $1,000,000 first mortgage 8 per cent serial gold bonds of the China Mail Steamship corporation. These bonds are due serially June 1, 1921. to June 1. 1925. Thev are priced at 100, yielding 8 per cent. These are closed first mortgage on steam ships operating out of San Francisco to the orient. The average earnings for the last five years have been about seven times the required interest, it is stated. Tobacco Interests Arming. While not taking too seriously the talk that certain reformist interests were on the verge of promoting an anti-tobacco campaign on the lines of the anti-liquor campaign, tobacco in terests have decided not to take chances and have organized for a vig orous defense of their interests, ac cording to an article in the current LEAGUER DENIES CHARGE OX-PARTISAN' ORGANIZER. DE CLARES HE WAS MISQUOTED. E. R. Orrasbee, in Letter, Insists He Did Xot Justify Shooting by I. W. W. at Centralla. WALLA WALLA, Wash., July 18. (Special.) E. R. Ormcbee, Non-Parti- san league organizer, wnose aepar ure from Walla Walla was "suggest ed" by a delegation of ex-service men, in a letter written on stationery f a Spokane hotel, denies that he made the statement, that he believed the I. W. W. was right in shooting own American Legion men. The let ter, which was received by the Union today, says, in part: In response the questions in a pn- vote conversation I stated it as my be lief that the I. W. W-, as much as the most depraved criminals, are entitled, under the spirit of our law, to a fair trial; that I thought they did not get such fair trial at Centralia or at other places, and that in Centralia they shot in self-defense, as evi denced by the testimony of a man hostile to them. Dr. Frank Bickford. further stated that I believed the W. W. wrong in what they are striving for and wrong in the way they are striving, and that I do not believe in the use of force to effect political or industrial changes in our country." He also stated that he did not be eve the bolshevists are as black as they are painted. He said he believed n his own country and that it has the best government in the world today. Ex-service men said today they do not believe it advisable for Ormsbee to re turn here. LOCAL BUI BOOSTS POOTUND PRODUCTS Ladd & Tilton Inaugurating Advertising Campaign. OTHER BANKS ARE IN LINE Pamphlets Telling of Resources and Products Sent Broadcast Overt Entire Country. in April, $829.50; and in May, $914.68. At the Rock Island arsenal in Illinois in February there was laid aside $4532 in these small government securities: in March, $6224; in Ap'ril, $11,532; and in May, $12,712. The Yorkship News, the shop organ of the New York Shipbuilding com pany of Camden, N. J., in its May issue states that whereas to May 1, 1919, the ship workers there had pur chased $55,571 worth of stamps, in a similar period in 1920 they had pur chased $106,412. Twenty-two plants in the Phila delphia district where savings so cieties have recently been organized now have 17,742 savers who put aside war caving stamps from January 1 to March 31, 1920, aggregating $114. 783, or something over $6 per capita. Brown & Sharpe in Providence, R. I., wjio have 200 small savings groups in their various departments, reported sale of stamps in April aggregating $15,545.' L VESTOCK EDITORS TO SEE SHOW HERE M. S. Prescott and Rcyer H. Brown to Attend. BIG . INTEREST INDICATED APPLE PROSPECTS BRIGHT EXPORTING FIRM PREDICTS FAVORABLE MARKET. Control Price In England Partially liifted and Market Likely to Be Clean by Shipping Time. HOOD RIVER, Or., July 11. (Spe clal.) Dan Wuille and company London apple merchants, whose northwestern headquarters are main tained here, have issued an optimistic statement through their northwest manager, A. E. Woolport, relative to the 1920 export deal. Because of. the Increased domestic crop and favor able developments in the export mar ket, the London concern predicts that export sales the coming season will be better than those on domestic markets. "We propose to export the greater portion of - our tonnage," eays Mr. Woolport. ' "Control price in England is partially lifted, and the market Drobably will be clear by shipping season. Sterling exchange Is strengthening, and probably will be better as summer advances. The Eng lish crop, abnormally heavy last sea son, is practically a failure this year, estimates placing the yield at about 25 per cent. The exporting concern announces that It will send abroad Newtowns of aU grades of 138s and smaller. Spitz enburgs of the extra fancy grade will be shipped in sizes of 163 and smaller. In the other two grades apples as large as 13Ss will be received for ex port. It is anticipated that all Jon athans delivered up to October will be exported. Stimulation of the "buy at home" movement by the Ladd & Tilton bank and the naming of Portland products in its advertisements inaugurates the second advertising campaign of this institution within six months. The Northwestern National bank and other local financial institutions are also in line in this move towards exploit ing the produqts of Portland. A few years ago banks were con sidered rather selfish institutions, concerning themselves mainly in building up their own resources. Their advertising was largely along the lines of itemized statements of their resources and the work of var ious departments. Today hundreds of banks are ad vertising the communities In which they are located, telling of the manu facturing interests, of the natural re sources or scenic beauties. "These banks have done to this community and to the entire state of Oregon a great service by their series of advertisements on "Know Port land and the Northwest," says a statement from the Associated In dustries. These appeared first in the Portland papers and were later re printed in pamphlet form. They have been sent broadcast over the entire country, hundreds being distributed at the time of the Shrine council. The methods used in the advertise ments are write-ups on various in dustrial firms making products and the exploitation of these products. The campaign will assume a wide range and will not only show the reasons why the trade should be kept at home but will bring other buyers to Portland. Many local concerns and individuals have written letters of commendation to the Institutions adopting this method of advertising. w Copies of the annual re--rt of the Equitable Saving & Loan association have been distributed to the share holders of the company. The report shows that on June 30 their assets were $4,818,179 or an increase of $6(8,135 since the end of June, 1919. Home loans made during the fiscal year amounted to $2,568,500. making tne total now in force $4,638,011 onarenoiaers nave oeen paid more than $7,600,000 since the organization of the company. Edward Cookingham is president of the association. At the luncheon of the Ad club held at the Benson hotel last Wednes day a package of Oregon products was given each guest present through ine courtesy or the Associated In dustries of Oregon. The following firms were represented: Portland flouring Mills, Acme Flavoring com pany, Russell & Gilbert, Conner & Co., Pacific Coast Biscuit company. Nikk-Marr Laboratories. Closset & Devers. Knight Packing company, Vo- gan Lanay company, Lusterol Manu facturing company, Tru-BIue Biscuit company, Esbencott Chemical com pany and Dwight Edwards Co. m m m The Vaughn motor works is now doing the foundry work on the Sant vaporizing manifold on Ford cars. which are sold by the Sant Manifold Sales corporation, with offices in the Chamber of Commerce building. J.nis new accessory to Ford cars is the invention of a Portland man, is manufactured here and distributed from Portland. The purpose of the invention is to permit Fords to utilize either gaso line, u'lsiwiaLe or Kerosen as a fuel. A mixture of two or three of these products may also be used.. It also prevents the forming of carbon in the motor, according to claims made by the company. DEAX OF FORESTRY URGES REPLENISHING SUPPLY. MILK PLANT UNDER WAY Construction Started on Factory at Chehalis, Wash. CHEHALIS, Wash.. July 18.-r-(Spe-ciaL) Active construction has begun on the big new milk factory which the Lewis-Pacific Dairymen s associa tion will build on south Chehalis avenue, at Alfred and Lewis. Pat Manning, a Chehalis contractor, ha the contract for construction and when the plant is completed and equipped It will represent an- invest ment of approximately $200,000. J. C. Bush, who formerly was sec retary of the dairymen's organization, will assist in looking after the con struction, representing the board directors. The site has direct rail connection with all the transcontinen tal lines operating on the double track and is also available to the Mil waukee by reason of the crossover in the north end of town. TIMBER PLANTING URGED Pacific International Exposition Premium List Being Prepared Says 3Ir. Plummer'. Lands of Western Oregon Capable of Producing Douglas Fir in Sixty Years. OREGON AGRICULTURAL COL LEGE, Corvallis, July 18. (Special.) Planting 1,000,000 acres of timber which will be ready for harvest in 60 years is a problem of great economic importance, according to G. W. Peavy, dean of the school of forestry at the college. TThe state s greatest source of wealth and the prosperity of many growing industries depends upon the timber supply, he said. 'The need for a reforestation policy to insure a steady supply of timber indefinitely s a pertinent fact necessary for the protection of one of the state s great est assets. "Just what lands are valuable for forestry and agriculture should be de termined. It is certain that Oregon has several million acres of land not under federal ownership that is suit able only for the production of tim ber crops. The federal forestry serv ice through its investigations proved that lands of western Oregon and Washington can produce merhantable Douglas fir in a period of 60 years." PRUNE CROP LOOMS BIG More Dryers Will Be Needed to Take Care of Lane County Fruit. EUGENE. Or., July 11. (Special.) The largest crop of prunes in the his tory of the fruit industry in Lane county is predicted by J. O. Holt, manager of the Eugene Fruit Grow era' association for this year. Mr. Holt is urging everyone who has a dryer to place it in readiness to oper ate at full capacity. He predicts that every dryer will be overtaxed this year and he doubts if the entire crop can be handled by the plants now In existence. The evaporator at the local plant of the fruit association is being enlarged and when the Improvements are com pleted the capacity will be one third larger than at present, but even with this addition, the manager says, it now appears that the association will be unable to care for all, the prunes that come in. weather has been especially welcome to the corn, which is very late this year. Field peas are blooming and give promise oi a. line yieiu. i Sugar beets are making uniformly ' good progress. The potato crop seems to be doing very well, and in the districts where the frost nipped the fields th3 potatoes have about recovered. ., Range is reported in good condition in this locality. Timely rains have left the pasture lands with a good growth of grass and livestock is thrivii.g. Early lambs will not be driven to the higher ranges this year, accord ing to the report, but will be cut out and marketed early. FRUIT POOL NETS MILLION NEWTOWN APPLE GROWERS RECEIVE LAST RETURNS. FIRE BLIGHT DISCOVERED Apple Orchards Near Thurston East of Eugene, Infested. EUGENE, Or.. July 18. (Special.) Fire blight in malignant form has been discovered in two apple orchards near Thurston, ten miles east of Eu gene, according to C. E. Stewart, county fruit Inspector, who will take steps immediately to "eradicate the disease. This is the first blight dis covered in Lane county in two years. While the disease has not spread to any great extent in the Thurston or chards, it is of a malignant type. Two or three years ago the blight spread over a larger territory in the northern part of Lane county and In Benton county but by hard and per sistent work the inspector was able after a long time to eradicate it. Indian Couple Married. CHEHALIS, Wash.. July 18. (Spe cial.) Marriage licenses were grant ed here yesterday by the Lewis county auditor as follows: Hartsell Arring- ton. Mccormick, Wash., and Gertrude Sage, Pe Ell; Josiah L. Harden and Melvln T. Heaslett, both of Centralia; Robert Choke, Oakville, and Agnes Henry, also of Oakville. The first and last-named couples were married by Justice Beaufort. Mr. Choke is an Indian as, is also his bride, being members of the colony living at Oakville. Excerpts from' an industrial report in Washington now in preparation for a congressional committee, re ceived here indicate an economically healthy increase in the number of American industries in many lines of manufacture in widely separated sec tions of the country- and a surpris ing growth in some of the similar lines of production. Moderate capital seems to take an optimistic view of possible tariff revisions and to- hold little fear of serious European trade rivalry. Toys are particularly men tioned In the report and dolls and play novelties will come into their own in the United States again. American toy manufacturers will soon have a toy export such as they" . 1 rjijuyeu, tiepena- ent only upon their ability to produce enough toys to supply the home mar ket and leave a' surplus for export. At present it Is reported that do mestic manufacturers are oversold. Land in the centers of great cities sold at fabulous prices, running up to thousands of dollars a foot, but there is only one strip -of property reaching in a line over prairie and swamp, land and desert for thousands of miles, which has cost $30 for every 12 inches. This is the .property ac quired by those who have bought war saving stamps. Statistics are generally tiresome but these figures will show the hold which the war saving stamps have taken in the Wea of the American people and will indicate to those who thought otherwise that the people are still saving by means of these small government securities. The employes of the American Screw company invested $2793 in stamps in January, 1920; in February. $2974; in March, $2874; in April, $3407. The workers in the Boston Manu facturing company of Waltham, Mass purchased in January. $314.83; in February. $486.59; in March. $750.01; Auto Club Provides conds. WALLA WALLA, Wash., July 18. (Special.) Members of the Tri-State Auto club who are arrested for traf fic violations can obtain bonds through the club, it was announced Friday following a meeting of the directors. The step was taken not to encourage violations, it was stated, but to help out any members who may be arrested and who are lacking ready money to put up bonds. Centralia to Have New Garage. CENTRALIA. Wash., July 18. (Special.) Work will start the com ing week on an addition to the ga rage of L. A. Skillings on West Main street. The structure will be 50 by 100 feet and two stories In height. The ground floor will be devoted to accessories and storage, and the upper story will be a modern apartment. . Investment Opportunities and Oar Twenty Payment Plan These publications tall of rood inreat aint stocks, which cs.n be purchased on small payments, extending- over a period of twenty months. This plan was originated tar as is 1908. Ton oan secure bota free. Write for J7-. TO Investment Securities 40 Exchange Place, New York Walla Walla Candidates File. WALLA WALLA, Wash.. July 18. (Special.) Candidates who filed Fri day . for various county offices were as follows: Guy Allen Turner, audi tor; E. J. Brunton, clerk; Mary Gil liam, school superintendent; E. S. Buffum, treasurer; David Yates, S. P. Hussey, Earl K. Mclnroe (democrat), sheriff; C. C. Calloway, Joseph Cham berlain, coroner; A. H. Johnson, as sessor; Edward C. Mills, superior court judge; L. O. Kennedy, engineer; C. M. Wilbur, justice of the peace. With one exception all were republicans. Two visitors to the Pacific Inter national Livestock Exposition Novem ber 13-20, will be M. S. Prescott, of Syracuse, N. Y.. editor of the Hol- steln-Friesian World, one of the lead ing breeders' publications of th world, and Royer H. Brown, of In dianapolis, editor and publisher of the Jersey Bulletin, official publica tion of the American Jersev Breeders' Association. Both of these journals are recog nized internationally as authorities in their respective fields, and the fact that they will be represented by their editors personally at the 1920 stock show in Portland, is an indication of the wide interest being taken In the Pacific International and of the high rank it has won among the important livestock events of the country. "Both of these editors have written that they will be here, and have men tioned the keen interest taken in the Pacific International by big livestock breeders throughout the east," saia General Manager Plummer. "We are receiving many inquiries from all over the country, and Indications are that this year we will have heavy entries from all over the middle west and eastern points. Entries from Pacific coast and Rocky Mountain states, and from British Columbia, will also be heavier than last year. There Is no doubt but that our November show will be even larger and better than last year. Premiums Being- Prepared. The Pacific International's prelim inary classification and premium list is now being prepared, and five thous and of these will be sent out, within the next few weeks, to breeders throughout this country and Canada Upward of $75,000 in cash premiums, and an attractive array of silver cups and trophies are to be awarded. More than $50,000 in cash premiums will be hung up by the Pacific International, and $25,000 has already been offered by the various national breeders' as sociations, together with appropria tions by British Columbia and the state of Washington. To house the thousands of fancy pure-bred cattle, horses, sheep and swine that will come to Portland to compete for honors and premium money, the exposition management will extend the show-barns of the big stockshow building at North Portland To take care of the extensive exhibit of farm machinery and of industries allied with the livestock industry, front extension will be built from the portals of the present building. This structure will be 500 feet long and 150 feet wide, and will have the appear ance of an ornamental pergola. Wide Corridor Planned. A wide corridor will be left through the center, leading to the entrance of the main building, and on either side of the corridor will be the exhibit halls, with extensive mezzanine gal leries which will be utilized for restaurant purposes to accomodate the stockshow crowds. The stockshow offices will also be moved into this , annex, and a more spacious promenade will be provided in the main building by clearing the space given over last year to exhibits The night horse shows, which were a brilliant feature of the 1919 stock- show, will be repeated again this year. General Manager Plummer says this feature will be an even greater drawing-card with crack en tries from the United States cavalry and a number of famous eastern show horses, in addition to the Mc Cleave stables of Victoria. B.C.. the English stables of Pasadena and other attractions shown last year. Agency Makes $2,686,986 on All Product Handled; Ilighcst Price $2.33, Lowest $1.43, HOOD RIVER. Or., July 18. (Spe cial.) The Apple Growers' associa tion has closed its pools on Newtown apples, and final statements and checks aggregating $250,000, are be ing mailed to members. The Newtown crop, a total of 543, 820 boxes, netted the association $1. 109,734, while the total returns to the co-operative agency for all apples handled reached $2,686,986.88. The highest price received on a Newtown pool was $2.33; the lowest $1.43, and the average price per box $2.04. In making returns to growers, a maximum charge of 27 cents. Includ ing handling charges, storage and assessments for advertising and build ing fund, was made. The total gross receipts of the association for the past year's business reached $3,738.-788.08. The closing of the pools and the final statement was delayed this year because of freight embargoes and the car shortage. The valley s Newtown crop showed remarkable keeping qualities, and the final sales of a heavy percentage of the crop In New York city and other eastern distributing points were grat ifying according to the sales depart ment. The Newtown variety, before the great war limited exports, was largely sold in England. Phone your want ads to The Orego- nian. Main 7070. Automatic 560-95. WHEAT BEGINS TO RIPEIM Reports From Lewiston Indicate Good Crop Year. LEWISTON. Idaho, July 11. (Spe clal.) A summary of weather and ciop conditions for the state, re ceived here today, indicate that for the most part the weather has been exceptionally favorable for rapid crop growth, and staple crops are making excellent progress. In the country surrounding Lewiston wheat is be ginning to ripen and the warm ave You $35,000 to L oan L STRAWBERRY CROP LIGHT Hood River Clark Seedlings Run 60 Per Cent of Last Season. HOOD RIVER, Or., July 11. (Spe cial.) The Hood River Clark seedling strawberry crop, car lot shipments of which have ceased with 59 car loads, reached only about 60 per cent of last year. Dee flat and Upper valley districts, where the berrey acreage is now heavier than other sections of the valley, were aisap pointing, the long continued late cold weather of the spring having seriously affected the crop. Ship- ments to canners. It is stated by the Apple Growers' association, will be ended about next Tuesday. While no announcements of definite prices have been made, shippers state that the sales of this season will set a record for high figures, and the total returns on strawberries, de spite the small yield, will be larger than for any former year, with the possible exception of 1919. ANY AMOUNT FROM $1,000 TO $35,000 If so, answer this ad. Loan one year. Interest 8 on face, discount 4, netting 12, secured by first mortgage on all real estate, buildings, machinery, tools, patterns, drawings, stock and stores, and "product" manufactured or being manufactured. . - Factory going manufacturing concern. Good management and a market too big for us. Ex cellent executive position for the right party. 0 927, Oregonian. Trade With the Orient With correspondents of the highest standing in China, Japan, India, and other countries of the Orient, and branches in all the principal ports on the Pacific Coast of North America, this branch is excellently equipped to serve the interests of the grow ing trade with, the Orient. . ; The Canadian Bank of Commerce Fourth and Stark Streets, Portland, Oregon Four hundred and eighty-five Branches in Canada, also Branches in London. England; Mexico City, Mexico; Havana, Cuba; Kings ton, Jamaica other Branches will be opened shortly in Central and South America and British West Indies. Toppenish Washington 1 to 10-year 7 Serial Improvement Bonds Denomination $200. Ma ture serially May 15, 1921,. to May 15, 1930. Toppenish is the second city in Yakima county. It is the trade center for an immensely productive ag ricultural section. Three great sugar refineries are at and near Toppenish. The refinery of Utah Idaho Sugar Co., at Top penish cost $1,250,000. New agricultural lands to the amount of 80,000 acres adjacent to -Toppenish have been made available for irrigating by the recently completed g o v e r nment irrigation canal. Price 100 to yield 7 Income Tax Exempt. Call or write. Maim 64 NOtrrwwESTtRM BANK BLD6. Fire Insurance WE are ab mail ou third ir rE are about to it our instruc tive bulletin. This letter contains a very important message for every property owner on the subject of protection against fire. May we place your name on our mailing list? Strong 6 MacJau4hten pomxAMoy CotTT Building O 00 t-&ON $73,000 COUNTY OF TWIN FALLS, IDAHO Buhl Highway District. Yielding Tax Eicmpt 6 Per Cent General Obligation -I Dated January 21, 191$. Dire Serially 1934-37. Denomination SIOOO. Price 100 to Yield Principal and Semi-Annual Interest Payable in New York City. ASIDE from the improvements, town property and personal tax able values, all pledged to secure these bonds, the district's in debtedness is but 2 per cent of its actual valuation. It la Called -The Garden Spot of Idaho." BANNER WHEAT, oats. hay. grrain and fruit crops are harvested from the 95.000 acres embraced in the district. THE STOCK-RAISING INDUSTRY is conducted on a large scale. Telephone or Telegraph Orders at Our Expense. OmMtuiOM Morris Brothers ihs 7Ao ePremercMuTuctpa JondHouse Bids. SOS-11 Stark St.. Bet. Flftk and SlxtM leMpboM ilmdu 3141 OvcaQuMrraJ Four Selected Income Tax Exempt Municipals to Yield 6 and 7 Net These Bonds Mature 1921-30 City of Tillamook, Or. 6 Sewer and Street Improvement Bonds Price to yield 6 NET. City of Jerome, Idaho 79o Local Improvement Bonds Price to yield 7o Yakima County, Washington 6To Road Bonds Price to yield 69o Lincoln County, Washington 6 Road Bonds Price to yield 69 Utah-Idaho Sugar Co. First Mortgage Serial 79i Gold Bonds Due . 1921-30. Price to yield about 7.75 "pi Under- Snporvtsion, Oregon. State DaakirgDopafliaonX. BONDS TRUSTS ACCEPTANCES Lumbermens Bldg. Order by Wire, Phone, Letter or Call Province of British Columbia 5-Year, 6 Gold Bonds Denominations $1000 and $500 Dated June 30, 1920 Due June 30, 1923 Principal and semi-annual interest payable in Gold in New York City or Canada at the option of the holder. $1-000 certificates of the Province now ready for delivery. These Bonds are a direct obligation of the Province of British Columbia which has an area of 355,855 square miles and is the third in size of the Canadian Provinces. Write or call for our circular descriptive of this Bond. Price: 92.85, Yielding 7.75 Blyth. Witter. & Co. UNITED STAIES GOVERKMEUT KCNIOPAL AHD CORPORATION BONDS YEON BUILDING PORTLAND, OREGON Telephone Main 3304 San Francisco Seattle New York Los Angeles- Oregon Municipal General Obligation BONDS Income Tax Exempt Prices to Yield: 5. SO to 7.00 Detail Information Upon Request Ralph Schneeloch Company tUNtCmAt;ANI CORPORATION FINANCE . UJ MBtMEN3 BUrt-OUfO Pqhtiand.Ohegqh