""V TTTE MORNTXCr OREGOXTAN, MONDAY, DECmrB'EIt 15, 1919. 15 K V K V GOLD WEATHER CUTS OF BUSK BANKS Clearings Last Week Some what Under 1918 Figures. BONDS CONTINUE ACTIVE Movement of Securities Early in Week Slow, but Local Dealers .Report Improvement Later. When Boreas sweeps down and below-zero temperatures prevail over the larger part of Oregon and Wash ington, upsetting train schedules and interrupting the orderly progress of things the effect is at once apparent in the volume of business. This is shown in the decline of clearings of Portland banks during the past week, when the total was 130,318,709, com pared with $33,381,709 for the corre sponding week of 1918 and $37,553,450 for the preceding week. This reflect in terms of bank business the effect of a snowfall of 17.5 inches n Kort land, combined with record cold weather for the month of December in this particular spot on the map. "Wtrtle the cold wave was sweeping across the country there was another sort of a wave rippling the surface of the financial sea in New York. Money rates in New York advanced to 10 per cent ou call loans and news of the settlement of the coal strike, in stead of causing a boom in stocks and bonds, was followed by a drop in prices, with slight reaction thereaf ter. Foreign exchange tumbled a few more points, though probably not to be attributed to local causes, and. the week closed with a rally. Sterling ex change was quoted Saturday at $3.68 to $3.tS9 Vi. German marks were down to 2.08 demand, and 2.10 cables. Bar silver was quoted at $1.31. Local bond houses reported a slump In buying during the early days of the week, but at the close it was re ported that sales were up to normal, with a strong demand for municipals. There is also a growing market for the better class of securities, with steadily Increasing numbers of in vestors as a result of the campaign of educational work carried forward by the dealers. Much of the growth in investments is attributed to the education in thrift accomplished by the promotion of government securi ties sales in the federal reserve bank organization. Bond dealers declare that the public is becoming more dis criminating in selection of invest ments and seeking the best possible returns on its money, consistent with the character of the investments of fered. In fact there is such close scrutiny of offerings by purchasers that the element of chance is practi cally eliminated. Realizing this, the person with capital to be placed at work is looking for the best return procurable for its use. Freeman Smith & Camp company announce the purchase of a large block of 7 per cent improvement bonds of the city of Bakersfieid, Cal. These bonds are to be delivered within a short time and will be put before Portland investors by this company. The :irm has also secured a block of municipal bonds of the city of Regina, province of Saskatchewan, Canada These are 5 per cent gold bonds and n the very attractive figure of 6.50 per cent. They are due July 1, i929, and are payable in gold coin in this country. The firm is also offering municipal improvement bonds of the city of Marshfield, Or., to net the in vestor 5 per cent. Two other Cana dian issues, the city of "Vancouver and the Calgary school district, are also offered. The firm reports a rapid sale of the $1,000,000 highway bonds re cently purchased. An exceptional investment oppor tunity, made possible only by the present rate of exchange, 'is offered by the Lumbermen's Trust company in the form of province of Ontario 54 per cent bonds, which constitute the general obligation of the entire prov ince. The bonds are due ten years from date and are payable in this country. The price is. 94.84, ta yield 6.20 per cent. Morris Brothers. Inc., have just pur chased several issues of Canadian municipal and provincial bonds, among which are issues of $27,252, city of Vancouver, B. C, 4 per cent gold bonds, due December 15, 1923, which will be sold to yield 7 per cent. These bonds are payable in gold in New York or at the quarters of Morris Brothers, Inc., at the fixed rate of exchange of 4.866 pounds sterling. These are especially desirable bonds on account of the fact that Vancouver Is one of Canada's most progressive and prosperous communities, with every indication for continued growth. There is also an issue of $35,000 Cana dian Northern Railway company 4 per cent bonds, guaranteed by the prov ince of Manitoba, maturing June 30, 1U30, which will be offered at 81.19 and interest, to yield 6.50 per cent; $55,000 Greater Winnipeg water dis trict 5 per cent gold bonds, due July 1. 1922. These will be offered at 96.49 to net 6.50 per cent. The district comprises the city of Winnipeg proper with its more important suburbs, and has a total area of 91.79 square miles and represents in combined pop u la tlon approximately 220,000 people. All the foregoing bonds are direct tax obligations of the Issuing munici palities, all of the taxable property, wealth and resources of each respec tive community being pledged to pay Interest and principal as they become due. In addition, these bonds are all payable in gold coin of the United States at a fixed rate of exchange, which assures the investor of a def inite return upon his invested capital. Leslie M .Scott was elected a direc tor of the Lumbermen's Trust com pany at the last regular meeting of the company's directors. The other directors of the company are A. H. Averlll. P. S. Brumby, Charles H. Carev. F. J. Cobbs, K. S. Collins, James Danaher Jr., F. I. Fuller. John A. Keating. Charles F. Swigert and Charles F. Wright. Soon after the first of the new year Glrvin & Miller, for many years a well-known financial house of San Francisco, dealers in municipal and corporation bonds, will open an of fice in Portland. Arthur N. Earll, representative of this company, has recently been in the Pacific north west on a scout trip over the terri tory and will be in charge of the business in this district. He will di vide his time between Portland and Seattle, with branch houses in both cities. The first offering of the coin nany to investors in the northwest was the $3,500,000 first mortgage ma rine equipment sinking fund 7 per cent gold bonds of the Greeri Star Steamship corporation, priced to yield 7.20 per cent. The issue is a first mortgage on four modern steel screw steamers with a freight-carrying ca pacity in excess of 30.000 tons. As long as any of the bonds are out standing the company will deposit with the trustee $175,000 every three months, sufficient to retire the bonds at maturity. Two short-term corporation note is sues of high grade and two attractive blocks of municipal bonds appear this week for the first time on the offer ing list of the Lumbermens Trust company. Out of a, new issue of $3,000,000 Washinston Water Power company two year 7 per cent notes the trust company has purchased a block of $400,000 and is offering the unsold' remainder of its allotment at par, to yield the investor 7 per cent. For each $1000 of the new notes $1200 Washington Wajer Power company first refunding mortgage 5 per cent gold bonds are pledged as security. The Washington Water Power com pany is one of the pioneer public service corporations of the northwest and has a splendid business and fin ancial record. A responsive market greeted the offering of American Gas & Electric company one year and two year 6 per cent secured gold notes, which were offered by the trust company at prices to yield 7 and 7.10 per cent. These notes are followed by preferred and common stock having an approx imate market value of $19,756.04)0 and they are specifically secured by first and refunding 5 per cent bonds of the Ohio Power company pledged t.T represent at par 166 2-3 per cent of the amount of notes issued. The Amer ican Gas & Electric company is the second largest corporation of its type in the country. At prices to yield 5 per cent the trust company is offer ing an issue of Klickitat county, Wash., 6 per cent road bonds, pro ceeds from which are being used on the Goldendale-Maryhill road. Klicki tat county, which borders on the Co lumbia, river opposite Hood River, has an assessed valuation of over $14000,000 and an area of 1,168,000 acres. Bonds issued for the improve ment of a sewer system in Judith Gap, Wheatland county, Montana,-are offered at par to yield 6 per cent. These bonds are secured by assess ments which are liens against all the property in the improvement district. GRAVE DANGER IS SIGHTED MUCH DEPENDS OJT RESERVE; BOARD'S POLICY. 2306 STliPy AT COLLEGE ENGINEERING HOLDS LEAD AT OREGON AGRICULTURAL. Portland Well Represented Among Students Instructors Added When Enrollment Grows. O RE G O N AGRICULTURAL COL LEGE, Corv-allis, Dec. 14. (Special.) Of the 2906 students registered in the college 461 aro from Portland, this mark establishing a new record for enrollment in the college and in the number of students from Portland. The great increase in the enroll ment in all schools and departments has been in proportion with the total increase, although engineering sub jects take first place, the position long held by the school of agri culture. The different branches of engineer ing have attracted 168 of the 461 Port land students, nearly even proportions being registered in civil, electrical, mining and mechanical engineering. A smaller number has enrolled in chemical engineering. There are 79 women students from the Rose City in the school of home economics. Commerce students from Portland number 112, while pharmacy claims the attention of 12. Forestry and logging engineering have 18 Port land men enrolled in their courses. Five students are taking music only and one is specializing- in vocational education. Most of the 2906 students are grad uates of high schools or have been transterred from other colleges or universities. The heavy enrollment has required an increase In the fac ulty In several departments. The freshman class alone numbers 1091 and the men are in the majority with a lead over the women of 2070 to 836, NEW CORPORATIONS FORM Perfection Milling Company Starts With 950 0,000 Capital. SALEM, Or., Dec. 14. (Special.) Dealing in grain products is the pur- I pose of the Perfection Grain & Mill ing company, of Portland, which filed articles of incorporation here today. The incorporators are R. M. Tottle, E. Rohlfing, J. M. Hodges, G. Lansing Hurd and J. D. Zurcher. The capital stock is $500,000. Alpha Epsllon chapter of Xi Psi Phi fraternity, with property valued at approximately $500, filed articles of ncorporation today. Headauarters will be maintained in Portland. The incorporators are L. J. Cain, presi dent; R. H. Sutor, vice-president; W. S. Cole, treasurer, and R. S. Howell, secretary. I. D. McCutchan, W. B. Peairs and E. P. Conroy, of Portland, have in corporated the Farmers' Produce com pany with a capital stock of $10,000. Phez Company Buys Tract. SALEM, Or., Dec. 14. (Special.) The Phez Farms company, which ope rates extensively in loganberry cul ture here, has acquired another tract of 80 acres In South Bottom from Jesse Huber. This property adjoins 160 acres recently purchased by the company from Charles B. Winkler. The Phez company management has a crew of men at work clearing the land of fences, and plowing will be started as soon as the weather permits. Federal Body Holds Business Sit uation In Its Hand, Says Alex ander Hamilton Institute. "The federal reserve board holds the business situation in the palm of its hand. Private banks are com pletely loaned up, and can increase loans only if funds are obtained from reserve banks." says tne Alexander Hamilton institute in i,ts monthly let ter on the question of "Business policy." "We have hitherto assumed that trade and financial conditions would be regulated by sound banking policy. According to this assumption it might be taken for granted that a tighten ing of credit in 1920 would cause heaviness in the stock market and gradual reaction in trade and the commodity markets. We are not at all sure, howeve, that sound bank ing policy is going to prevail. In case the tremendous resources of th reserve system are employed toward further inflation, it is easily possible that prices could rise in 1920. "In formulating a policy for lszo. the business man should be alert to the situation. The recent advance of prices and the continued rise in the cost of living generally is almost en tirely due to currency inflation. If this tendency continues there must be further increases in wages and an increase of 10 or 20 per cent in railroad freight rates. The business man, therefore, should have two working theories as to the trend of prices in 1920. First, if a policy of further inflation is adopted by the re serve board, there will be continued high prices and possibly an upward drift. Second, if a safe and sane pol icy is adopted, interest rates will be increased and credit restriction will force a gradual reaction in prices. "In this connection It should be pointed out that although the men who dictate the policy of the reserve board have the power to continue an inflation policy for a time, it cannot be many months before their mistak en policy will be self-corrective. It is a law of business that when prices rise because of inflation of loans, gold must be exported to pay for inflowing merchandise attracted by the high prices. "What will the reserve board do if the small margin of free gold now remaining must be exported to pay for raw materials during the next eight or ten months? Ultimately, owing to depletion of the gold re serve, they will be forced to increase discount rates whether they will or no. Then we 'shall have a severe crisis." The Washington Water Power Company is one of the oldest and best established public service corporations in the Pacific Northwest We own and offer, subject to prior cale $400,000 Washington Water .Power Company Two Year 7 Notes Dated: January 2, 1920. Due: February 2, 1922. These new notes will be secured by $1200 of first refund ing 5 bonds for each $1000 of notes. The collateral will be protected by a trust indenture executed with the Central Union Trust Company of New York. The indenture will limit the issue to $3,500,000. It is now proposed to issue $3,000,000. Price Par and Accrued Interest to Yield 7 Full Particulars on Application mbermersj D J . at Borvds -Truss- Acceptances -Pti m. surplus eeo.eoa Sr fharciseo lumberman Bid. Porlrd. Orqorv KttU GOAT FARM IS PLANNED Washington Man Buys Glen Echo Ranch in Douglas. KOSEBURG, Or., Dec. 14. (Special.) A new industry is to be started in Douglas county by James A. Will iams, a recent arr.val from Washing ton, who yesterday purchased Glen Echo farm, the country home of For est Supervisor Bartrum. It is the in tention of Mr. Williams to stock the place with pure-bred Swiss niiich goats and make a specialty of breed ing this class of animals. - The place purchased is admirably adapted for this industry. Mr. Williams has returned to Washington to make arrangements for bringing his goats to this city. APPLE SHIPMENT HALTED Freeze Stops Movement of Fruit From Hood River. HOOD RIVER, Or.. Dec. 14. (Spe cial.) No apples were shipped from Hood River last week. As a result of the storm the O.-W. R. & N. has placed an embargo on shipments of fruit, and this will not be raised, it is said, until the cold wave breaks. The Mt. Hood Railroad company has been unable to break its line fur ther than Dee. The continuing low temperature makes it impossible to maintain a schedule over the valley line. BIG RESERVE PLANNED IDAHO IS NEGOTIATING FOB GAME PRESERVE. Project for Antelope, Caribou and Other Animals From Ameri can Wilds Is Proposed. BOISE. Idaho, Dec. 14. (Special.) If the present negotiations between the federal and state governments go through Idaho is likely to have one of the biggest and finest game pre serves In the United States, if not the world, it was announced here last night. It will cover an extensive area. It will be fenced to keep off prowling wolves and coyotes and stocked with the big game of the continent ante lope, caribou, buffalo, elk, deer, moose and other animals, and become the breedinc grounds for them. Upon it may be located a lodge for the Elks' order of this state and that lodge may become the central distributing point for elks for lodges in other states. This is part of the plan of the Idaho Game Breeders' associa tion, recently organized. The asso ciation expects to have a large farm located at Thousand springs as a gereral headquarters and source of fool supplies for the game animals. DESCHUTES SELLS BONDS $125,000 Road Improvement Issue Purchased Above Par. BEND, Or., Dec. 14. (Special.) Deschutes county's first bond issue of $125,000, to draw interest at' the rate of 5 per cent, was purchased today by the Ralph. Schneeloch com pany for 1126,750. The bid, which was considered he best of six. allows accrued interest from the date of is sue, and pledges the buyers to deposit the purchase price and to pay 4 per cent Interest on balances, the county checking against the amount for sums not less than $50,000. The bond issue was voted last June for road improvement purposes, but none of the money raised by the sale of the securities is expected to be used for four months at least, on account of the heavy snows covering Deschutes county roads. APPLES'ARE ENDANGERED Gold H1U Has 10 Carloads Packed , and In Storage. GOLD HILL. Or., Dec. 14. (Spe cial.) The car shortage and freezing weather at Gold Hill is endangering about ten carloads of apples, already packed for shipment, which are stored In the warehouses and sheds. The wrappers and paper linings of the boxes are the only insurance of safe ty In some cases. The late storm has not interrupted the repairs going on at the cement plant to any extent. About sixty men are employed, mostly mechanics, who are working under shelter. Your Hard-Earned Dollars The money you've earned and saved belong to you. It has come to f you through the use of brawn and brain, and is material evidence of your ability, your work and your thrift. It deserves to be invested where it will remain safe during the life of such investment, and, where it will bring a fixed and certain interest return. To gamble with it by putting it into speculative investment securities . would be a reflection upon the very things which created it for you. What you have won by devotion to your work your ideas and plans is too much "a product of yourself to be lost, primarily to finance the other fellow's idea with your money; to feather his own nest with a neat promo-, tion bonus in the way of cash and stock in the enterprise. Glowing promises and apparently convincing arguments are not easy to withstand, but, when such a proposition is offered you be certain that it has the merit claimed for it. Government and Municipal bonds give you every assurance of safety and profitable interest yield. Behind them there are taxable resources, property and wealth, many times the amount of the bonded indebtedness. They are the very kind of securities which form the basis of credit throughout the world. Better and safe investments are not obtainable. Below we show a few of our many offerings to yield from 6.25 to 7. Exempt From All Dominion Government Taxes Amt. Rate. Maturitv. 8,000 Alberta, Province of 6 M&N 1925 7,500 Calgary. City of, Alta t 5 J&D1935 6.000 Edmonton. City of. School.......................... 5 A&-01953 2.000 Edmonton. City of & .IAD 1 ?r,4 24.333 Fort William, City of 6 KA 1934 11.000 Medicine Hat, City of 5 J&n 1943 13,000 Medicine Hat, City of 5 JiU 1944 .34,062 Manitoba, Province of. Guarantee Canadian North- 2vrn V"L 4 JAD1930 260,000 Ontario, Province of U J&D l'S 60.500 North Vancouver. City of. Prov. of B. C 6' JD1922 1,000 Regina, City of. Prov. of Sask JJ 192S 30,000 Regina. City of, Prov. of Sask MarS 1923 275,000 Saskatchewan. Prov. of 4 J&J19'3 Vancouver City of, B. C 4H J&D 1923 2.000 Victoria, City of. B. C 5UA0 19J3 53,000 Greater Winnipeg Water District 6 -J.vj 1922 50,000 Greater Winnipeg Water District..... 6 J&J 1924 5.100 Greater Winnipeg Water District 6 F&A1923 1,000 Greater Winnipeg Water District................... 6 F&A 1923 To Yield. SVa to 7 Burglar ana Fireproof Sate Deposit Boxes for Rent. MORRIS BROTHERS, Inc. The Premier Municipal Bond Home. Capital One Million Dollars. Morris Bolldin-, 300-11 Stark Street Between Kifta and sixth Telrpho.ei Broadwar 3151. K.t.bll.aed Over . Quarter Century. Price. Tield. 94.34 6.25 87.70 6.25 82.59 6.25 S2.39 6.25 86.25 6.50 84.57 6.25 84.29 6.25 81.19 6.50 94.84 6.20 97.34 7.00 100.00 6.50 98.56 6.50 92.87 6.25 91.41 7.00 93.45 6.25 9t.49 6.50 98.05 6.50 95.18 6.50 98.39 6.50 Commercial Club Officers Named. COTTAGE GROVE, Or., Dec. 14. (Special.) The following officers have been elected by the Cottage Grove Commercial club: President, K. K. Mills; first vice-president, George Knowlee; second vice-president. George Marksbury; treasurer, George Hall; secretary, Cory A. Bartell; trustees, W. V. Johnson, M. H. Ander son, Andrew Brunei and A. W. Swan-son. Phone your want ads to the Orego nian. Main 7070. A 6095. FOR SALE Two new wooden ocean-going, up-to-date tug-boats. 129x29, com pound, 18x38x26: s I n g 1 e-e n d e d Scotch boiler, 16x12; 180 pounds steam, 750 h. p. Also one new wooden steam lighter, 133x23: com pound. 16x30x22; Scotch boiler, 12x 10. 150 pounds steam; 450 h. p. Wm. B. Baker IB Whitehall St. New York City. Packing Plant Expands. SALEM, Or., Dec. 14. (Special.) The Hunt Bros. Packing company an nounced today that they had com pleted all plans for doubling the ca pacity of their plant. New machinery will be installed and every facility will be provided for handling next year's crop. Oddfellows Hold Meeting. ABERDEEN. Wash., Dec. 14. (Spe cial.) The semi-annual district meet ing of the I. O. O. F. was held at Cosmopolls last night. W. A. Jack a, a grand lodge representative, ad dressed the meeting. Aberdeen and Hoqulam lodges both sent large delegations. -TWO DOZEN- Blanctoard Evaporate! FRESH EGGS $1.15 Aafc Tour Grocer Haxelwood ComfkU7 Dlatribvtora Portland. Qresoa The Bank of California NATIONAL ASSOCIATION Founded 1864 Head Office, San Francisco Capital, Surplus and Undivided Profits $17,000,000 Under authority of the Federal Reserve Act this bank is now empowered to perform all kinds of fiduciary service and transact any Trust business authorized by law. By appoint ment or agreement it will act in the following capacities: Trustee Administrator or Executor Fiscal Agent oEscrow Agent Receiver or Assignee Registrar or Transfer Agent We shall be glad to discuss or correspond with those inter ested in business of the above character, as well as banking in all its phases. PORTLAND BRANCH Third and Stark Streets W. A. MACRAE, Mgr. J. T. BURTCHAELL, Asst. Mgr. New Issue $10,000,000 CITIES SERVICE COMPANY Series D 7 Convertible Gold Debentures Dated December 1, 1919 Due January 1, 1966 Convertible after January 1, 1922, at option of holder into either Cities Service Company Prefer ence B stock or Preference BB stock and Cities Service Company Common stock, together with the accumulated cash and stock dividends after December 1, 1919, on the amount of Common stock -into which the Debentures are convertible. Interest payable without deduction for Normal Federal Income Tax not exceeding 2. Principal and Interest payable In United States Gold Coin at offices of Henry L. Doherty Sc Company, New York, or offices Cities Service Company, Liondon, England. Coupon Debentures; denominations $1000 and $600, registerable as to principal; Interest pay able semi-annually December 1 and June 1. Debentures, registered principal and interest; denominations $5000, $1000, $500. $100, $10. and multiples of $10; interest payable by check monthly: except that on Debentures of less than $100 principal amount Interest la payable annually only on the first day of December. THE NEW YORK TRUST COMPANY, TRUSTEE Cities Service Company, through subsidiaries not only is a vital factor in the oil producing, .transporting, refining and distributing industries, but also is one of the largest public utility operating organizations in the country, supplying service in twenty-three states. Crude oil production of subsidiaries in 1918, was in excess of 17,000,000 barrels. Series D 7 Debentures are direct obligations of Cities Service Company and with $26,923,732 total principal amount Series A, B and C Debentures now out standing with the public make up the funded obligations of Cities Service Com pany, the Debentures being senior to ttocks having a present market value of approximately $200,000,000. . Net earnings of Cities Service Company for the 12 months ended October 31, 1919, available for payment of interest were more than seven times the require ments for payment of interest on all Debentures outstanding in the hands of the public, including those now offered. Each $1000 principal amount Series D Debentures convertible after January 1, 1922, at option of holder, into $925 par value either Cities Service Company 6 Cumulative Preference B stock or Cities Service Company 6 Cumulative Prefer ence B B Stock and $75 par value Cities Service Company Common stock, together with all accumulated cash and stock dividends on $75 par value Cities Service Com pany Common Stock after December 1, 1919, up to time of conversion. Through operation of an investment fund there will be available after January 1, 1920, for purchase, in the open market, of Series D J Debentures at a price not exceeding 105 and interest for account and benefit of holders of Series D Debentures, a sum each month equivalent to the cash' dividends paid on the amount of Cities Service Company Common stock into which the Series D Debentures are convertible. Price 100 and Interest HENRY L. DOHERTY & COMPANY 60 Wall Street, New York LIBERTY and VICTORY BONDS . i. mm sen ,our Liberty or Victory bonds, sell to ns. IJ yMKWS price, for IV 2A .2,"? 3 h Victory Viciorr 8H .$ 9!.3-J 1.75 4s J93.S6 2.00 4s 91.00 .33 4Vl $'J3.84 J 13 va SB 4B B2A)2 3.t 81.K4 $ 98.90 98 84 .85 1.06 .71 2.14 2.71 $101.59 We sail Market . Interest .wT,01"'-1.0107 95S8 883 5-7T 9S.S7 05.02 1P2.5S 101.04 W ntu buying we deduct 37o. on a 0 bond and 2.50 on a JIOOO bond. at te New York market price t.ms the accrued interest. - - . iscpoHit uoxi for Kent Open until t P, u. on Saturdays. MORRIS BROTHERS, Inc. TKI.EF1IO.NE: BRUADU AY S15L ttabliebed Over a Quarter Century City School Dist. Province Canadian Bonds to Yield 6', to 6'2 Principal and interest payable in New York City " without deduction for any Canadian taxes. Province of Saskatchewan 4s, Due July 1, 1923 Price 92.87, to yield 6.25. Denomination I486. Calgary School District 6s, Due May 1, 1923-1928 Price according to maturity 98.87 to 98.39, to yield 6.25. Denominations $500, $1000. City of Vancouver 4is, Due December 15, 1923 Price 93.90, to yield 6.25. Denomination $486. . City of Regina 5s, Due July 1, 1929 Price 89.49, to yield 6.50. Denomination $1000. gSjn Freeman Smith & Camp Co. VoaTUa Sa rsmciice SECOND FLOOR NORTHWESTERN BANK BUILDING Main 646 CORPORATION FINANCING M AK E O. W. T. "THE INCOME PRODUCERS" WILL SHOW YOU HOW Suite 407-40f XJ. S. Kat'l Bank Bids. Tel. Broadway 3S3M. MORE MONEY! MUELLHAUPT & CO. GOVERN5D3NT, CORPORATION AND MUNICIPAL BONDS TO NET FROM 5 TO 7 PREFERRED STOCKS LOCAL SECURITIES ROBERTSON & EWING 207-8 NORTHWESTERN BANK BLDG. MUNICIPAL BONDS From the State of OREGON WASHINGTON IDAHO To Net 4.90 to' 6.50 Exempt From Present Income Tax fJ.nevereauxR(5mpany 87 Sixth Street Broadway 1042 Ground Floor Wells-Fargo Building . i