""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