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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Jan. 5, 1920)
TITE MORNING CVRTCGONTAN. MONDAY. JANUARY 5, . 1920. 13 GREATER BUS NESS ACTIVITY FORECAST Outlook Bright in All Lines for the New Year. PUBLIC IS SPENDING FAST Demand for Goods Indicates That Conservation Is Secondary. Financial Condition Good. Openinsr of the new year is marked throughout the country with excep tional activity in all lines of in dustry. New business enterprises are being created, established lines are xpandingr to handle larger volume and generally satisfactory showings have been made in ail classes of pro duction and especially in trade. From all sections come the reports f demand for goods that indicate the general public is more intent upon spending than with the practices of conservation. Tne fact that 1920 is a presidential election year seems to hold no cause for alarm, although It is a proverbial belief that busi ness is slackened by the predomi nance of politics in national affairs every fourth year. Investors find bond values slightly depressed and therefore attractive for the use of their profits from income source that is distributed at this period. Farmers throughout the length and breadth of the land have passed through one of the greatest seasons of high prices for their products ever experienced, counteracted in part by high cost of labor, but the Immediate outlook is for continued high prices this, year that bespeaks a continua tion of the prosperity that has come to the- farmer and orchardist. Klnancial Condition Good, The federal reserve bank statement for the year reflects the financial condition of the country to be ex ceedingly healthy. Total resources of the 12 federal reserve banks are shown to have been $6,325,432,000 on December 26, 1919. as compared with $5,251. 990,000 on December 27, 1918. Total gold reserves held by the banks Is $2,078,432,000. a decrease of less than $12,000,000 as compared with the previous year. There is a de-i crease in the holding of government bonds to $28,834,000 from $28,869, 000' for the year, and a decrease in certificates of indebtedness to $273, 607.000 from $282,677,000. The capital stock paid in was in creased from $80,681,000 to $87,339. 000. and the surplus from $1,134,000 to $81,087,000. Federal reserve notes In circulation were increased from $2,685,244,000 to $3,057,646,000. It is the conclusion of financiers that expansion of business will con tinue during the first half of 1920, and perhaps throughout the year. The greatest immediate movement ts expected in the metal manu facturing trades, because for va rious reasons this has been held in check and the demand for products in iron, steel, copper and other metal manufacturing lines is very great. Greater Rxporti Expected. Great development in erport trade is expected with the return to regu-' lar lines of ships that have been held in emergency service on the Atlantic and to supply the pressing needs of parts of the world that were so de pleted in foodstuffs and goods of all kinds a year ago. and whic'i have only begun to get ready for produc ing some of the things necessary to their own maintenance. Lack of transportation is the only obstacle to the greatest lumber move ment from the Pacific northwest in the history of the industry, and the lumbermen are making strenuous ef forts to obtain allocation of cars that will enable them to resume operation on a normal basis of pro duction. Domestic trade is depend ent largely upon cars for rail ship ment, and the building trade of the Interior sections of the country is stagnant because of the lack of ma terials with which to build. On the other hand the lack of ships pre vents the dispatch of cargo ship ments for which the purchasers are as anxious as are the producers to clear their yards in order to con tinue production. The American National bank of x euuieion, a. year ago adopted a prom-snaring plan based upon an efficiency schedule. At the end of the year, it was found that the em ployes were entitled to a distribu tion equivalent to 22 per ce.it of their salaries for the year. . The Wilcox-Hayes company, im porters and exporters, with offices in the Wilcox building, which was established during the past year and has experienced a successful busi ness, have opened an office in Se attle. E. S. Yeaton is in charge of the new branch and is located at 712 Arctic building. "Passage of the proposed constitu tional amendment limiting the legal rate of interest in Oregon to 4 per cent would be interpreted as an an nouncement to the world that public improvements in Oregon are to be halted until the rate of interest drops to 4 per cent," Bald John A. Keating, president of the Lurabermens Trust company, yesterday. "The time when money may be had for a 4 per cent interest return can not be foreseen now and it may not come within the course of this gener ation. Therefore, enactment of the suggested legislation would precipi tate serious consequences.. "The price of money here or else where is governed by the supply and demand of capital the world over. It is absurd to assume that the people of Oregon could, through an election. arbUrarily fix financial rates. A con tract between borrower and lender cannot be fixed solely by the bor rower, especially when the commodity - dealt In is being competed for by communities and persons In all parts of the world. "The proposed amendment would make it Impossible to finance further improvements except by subterfuge and seldom then and impossible to refund maturing bond Issues, which would have to go to default." The Goodeil-Akin company, finan cial brokerage and general insurance, effective January 1. made some im portant changes looking toward con siderable expansion during 1920. The business was established by David Goodell and Henry C. R. Akin and has enjoyed "an excellent volume of business from its beginning. An in terest has been acquired in the Fred erick N. Metzger agency, insurance brokers, at Seattle. The insurance department of. the Portland office located on the third floor of the Wil cox building, has been taken in charge by Captain G. I Goodeil, for eight years general agent for the ' London & Lancashire and Orient Fire Insurance companies, and one of the beat-known fire insurance men on the coast. Captain Goodell was one of the first Portland men to respond to the call of his country In 1917, at tended the first officers' training camp at the Presidio and won his commission. He went overseas and saw two years' service with the 12th field artillery. The Ralph Schneeloch company took delivery, the past week.bf $1,000. 000 state of Oregon highway bonds, which were purchased December 20 for the syndicate composed of them selves, the Anglo & London Paris Na tional bank of San Francisco, the First National bank of New Tork and Kean. Taylor & Co. The bonds are dated December 1, 1919, and mature $25,000 each six months from April 1, 1935, to October 1, 1944. A consider able part of the issue has already been disposed of and the balance will be offered at prices to net 4.55 per cent. . Newest among a large number of attractive municipal bond issues shown on the current offering list of the Lumbermens Trust company is a block of $60,000 Chelan county, Wash ington road and bridge bonds, due serially from October 1. 1925. to 1939. at prices to yield 5 per cent interest for all maturities. The high charac ter of these bonds is attested by the fact that they are eligible to secure postal savings deposits' and legal In vestment for savings bank funds in Oregon and Washington. The offer ing Is the first block of an $830,000 issue voted by residents of the county. The trust company is also offering a block of Maxwell Motor company 90-day notes on a discount basis to net the investor 6 per cent interest return. The Maxwell company's cur rent statement shows quick assets of 2.17 times current liabilities and there is an agreement stipulating that the quick assets cannot go below 1 times the current liabilities. The underwriters have reserved the right to supervise the disposition of the company's funds. The Maxwell com pany has no funded debt. Two high-grade issues of California school bonds also appear on the trust company's list this week for the first time. An issue of Bishop union high school district 5 per cent bonds, due serially from 1925 to 1949 is selling at prices to net 4.80 per cent for the first 15 maturities and 4.85 per cent for the last ten maturities. This dis trict is located in Owens river valley. Inyo county, California. An issue of Little Lake school district, Los Ange les county, California, 5H per cent bonds, due serially from 1921 to 1944. Is selling at prices to net 4.80 per cent for any maturity. Hreen & Rhodes Inc.. Railway Ex change building, who have taken over the E. F. Hutton & Co. wire service and are dealing in New York stock market offerings, report that the out look is promising for a year of good business. F. .K. Easter, at present in charge of the Portland office, who is vice president of the company, an nounces that important improvements will be made in the local offices. Books may close today on the first offering of treasury certificates of indebtedness of 1920 announced by the Secretary of the Treasury. Dated January 2. maturing December 15. the interest yield is 4 per. cent, and in other respects it agrees with the for mer issues of this class of securities issued in anticipation of tax returns. Oregon banks bave maintained an en viable record in handling their full share of these securities. SERMON ON DELIVERANCE AROUSES GERMAN ANGER "In Spite of Subtle Qualifications, These Phrases Stick in Public Memory,' Says Lancken "Report Is Incorrect," Replies Cardinal. CARDINAL MF.RCIER'S STORY Including his correspondence with the German authorities in Belgium during the war, 1914 to 1918, edited by Professor Fernand Mayence of Louvaln university and translated by the Benedictine Monks of St. Augustine's, Ramsgate, England. SEATTLE MS FILIPINO CORXELIA MIRAXDA ARRESTED FOR XO-FCXD CHECKS. Tliree-Year . Suspended Sentence Stands Against Prisoner. . for Portland Offense' Cornelia Miranda, Filipino, who're celved a three-year suspended sen tence in this city recently, and who is wanted in Seattle on a charge of issuing worthless checks, was taken to Seattle yesterday by Charles J. Wechter, detective-sergeant of the Seattle police force. Miranda and two companions are said to have obtained about $800 on worthless checks issued in Seattle, hotels and other business houses be ing the losers. He is the last of the trio to be taken into custody, his arrest having been made Saturday by Detectives Goltz and Howell, who located him through a letter written to one of his companions, then in custody. It is said Miranda represented him self to be a Spanish professor, while one of his companions passed as a person of Spanish nobility and the third as their interpreter. It was on April 4, 1919, that Mi randa received the suspended sen tence in municipal court for opera tions in Portland. He was arrested at that time by Detectives Morak and Coleman after he Is said to have taken about $100 from a Hawaiian with whom he was staying at the Multnomah hotel. He and the Ha waiian were employed by the F. Johnson Music company at that time. Explanatory (omrarnt by Frofeesor Fer nand Mayence. It was not merely the boldness and fer vor of tha cardinal's sermon in St. Gudule on the Belgian national holiday which exasperated Von Blessing. It was the un comfortable truth which seemed to sup port the ringing wordn. "The hour of deliverance." declared the primate, "draws nigh, but It, has not struck." The qualifying; clause was plain ly added to softe-n the pangs of dlsap. pointxnent should fond hopes again be dashed. Nevertheless a note of optimism la sounded. It reflects the sentiment In the princi pal allied countries during a season bright with achievement and promise. Indeed the summer of 1916 appeared to forecast a series of steady victories for the cause of civilization. The siege of Verdun was raised in one of the many epic chapters in the history of France. Britain had be gun the great battle of the Somme, which by the end of July had already yielded most encouraging results. The Russian armies were still victorious. Under pres sure arising out of the Sussex case, the savagery of submarine warfare had been considerably modified. Only July 14 Paris celebrated Bastille day with the first gala procession organ ized since hostilities had begun. It waa regarded as a foretaste of a victory parade, now not long to be delayed. Even so late as the mid-course of the war the magnitude of Armageddon waa insufficiently realized. Not for another year would the tragedy of Neville's of fensive be recorded, while the terrific blow struck by Ludendorff in - his monu mental drive was still two years In the future. The summer of 1914 was the sur prise one of the war: 1915. the static sum mer, 1917, the dark summer, and 1918, the summer of contrasted despair and vic torious ecstasy. The summer of 1916 waa unlike any of these. It was the season o steady nerves and of faith in aystematic progress. That Mercier should Imbibe something of the flavor of the times -waa inevitable, and naturally his discourse echoed his con victions. What Von Hissing knew of the aituation must, of course, have depressed him. When fearful ot Oerman success, ha waa quick to exert the force of German tyranny. Hence his indignation at the cardinal'a address and the new fine im posed upon the city of Brussels. In a lengthy letter from Baron von' del Lancken. that official as a spokesman from Von Bisslng reasserted that the ser mon of the cardinal at St. Gudule was Inflammatory in Its effect and contained passages which, whether intended to or not, were liable to excite the public mind. In any case." he wrote, "the governor general earnestly entreats your eminence to be on your guard for the future and to avoid all misunderstandings, and for this purpose to refrain from uttering In public statements liable to mislead the people." ARCHBISHOP'S HOUSE. Malines, July 20. 1918. To His Excel lency, Baron von Bissing, Governor-General. Brussels: I have the honor of acknowledging the receipt of your excellency's letter No. 6827. which you commisisoned Baron von der Laucken to write in your name. In its general purport it recog nizes and 1 am glad of it that nay discourse of July 21 had been wrong ly denounced. The report made to your excellency was incorrect, and thus the fundamental misunderstand ing is removed. v Yet, on two points of detail, the author of the letter declares that he is not satisfied. He finds that I have assumed the role of prophet because I have said, "The hour of deliverance draws nigh." Next, that 1 falsely boast of knowing the temper of tho j Belgian people; the demonstration oi the 21st proves me lacking in fore sight. But I did not say. "The hour of de liverance draws nigh," but. "The hour of deliverance draws nigh, but has not struck- Let us persevere In pa tience. Do not let our courage fal ter. Let us commit to divine provi dence the care of perfecting our na tional education." The first clause taken by itself is as vague as its meaning is clear when read joined to its context. This proves once more that any two lines taken from an author are enough to hang him. Imagine you have before you a prisoner sentenced to a year's im prisonment. After eight months of durance you say to him, "Courage, my friend, the hour of deliverance draws nigh." Do you think he does not un derstand? The prisoner is Belgium she. too, understands. But, you say, if Bhe understands, how is it that she revolts despite your discourse, which you pretend to be soothing and comforting words? Either your words are not soothing or you do nt understand the Belgian mentality. First of all, I reply: Is this real or apparent . agitation the direct effect of my sermon?" Did you not ac knowledge that on the 20th that is before my sermon of the 21st was preached signs of this agitation were already visible? If instead of threatening with six months' im prisonment or a fine of 20,000 marks anyone laying a flower at the foot of a national monument, or being so bold as to close their cafe or snop on Independence day, you had shown deference, even only by silence, to our national feelings, the people would not have been driven to de fiance. This ts what I hinted at when I concluded my letter on the 25th with these words, which, out of respect for my correspondent. I left some what vague: "I did but utter words of charity and comfort; provocation must be sought elsewhere." What is the gravest in the eyes of the occupying power, in the demon stration of the 21st. is evidently the incident that took place. "In the even ing when the cardinal passed through the streets in his motor car," it being understood that this demonstration brought about the sentence of con demnation pronounced by the gover nor of Brussels and Brabant: "There fore I have suggested to the governor-general that he should inflict a fine on the entire population of Brus sels. Tho governor-general has agreed to my suggestion and inflicted a fine of a million marks." What was the 6xtent of the demon stration, of which I can speak with knowledge, having myself been a wit ness of the event? The drive, which the German governor of Brussels and Brabant describes me as making In a motor car through the streets of the city was one of a good hundred yards, namely, from St. Louis Institute to the point on the boulevard immedi ately opposite Rue de Brabant. I took my place as quietly as pos sible in a closed car, the windows of which were hermetically shut. A few persons accompanied me on 'this short journey and cheered but with out uttering a single sound that could give offense to the German authori ties. The police, who had allowed the people to assemble freely near St. Louis' institute, then ordered quite unnecessarily a bayonet charge while my car was taking the most direct route toward Malines that is Rue de Brabant. Once the hundred yards of the' boulevard were passed nobody at all followed my car. These are the facts in all their simplicity. Frankly, is there here matter for a fine of a million two hundred and fifty thousand francs? Moreover, since your excellency is quite willing today that my sermon at St. Gudule was not seditious, would it not be consistent and just to remit a pun ishment which was justified in the eyes of the occupying power only by this alleged act of sedition-? Receive, sir, the assurance of my sincere esteem. (Signed) D. J. CARDINAL MERCIER. Archbishop of Malines. For his part, the pro-burgomaster of. Brussels, M. Lemonnier, In the name of the communal administration of the whole of Brussels, addressed a request to the g.overnor-general to re vise his decision. Baron von Bisslng remained inflexible and the penalty was exacted. CHAPTER XXVII. Again and again complained to the governor-general of the harsh measures taken against the clergy by the occupying power. He had made it clear that besides many other drawbacks that had re sulted from the arrest of priests and religious the exercise of divine wor ship and the maintenance of classes in the colleges had been seriously in terfered with. The only remedy that Baron von Bisslng could find to meet I this inconvenience was to order that for the future each bishop should be notified as early as possible of the re pressive measures taken against any of the priests of his diocese. But this decision was carnea into erceci oniy during the months of A gust and Sep tember, 1916. Brussels, August 8. 191. Political Department of the Govern ment General of Belgium. In the organisation of divine wor ship, with a view to prevent disturb ances arising from breaches of order by priests and the penalties Inevitably resulting from them, the governor general has decided to bring each case as early as possible to the cogniz ance of their lordships the bishops. Agreeably to this decision I have the honor to inform your eminence of the following cases: An inquiry has been set on foot against Canon Alfred Kips, director of St. Mary's Institute at Brussels, for having retained and propagated for bidden publications. The Abbe Ber naerts. parish priest of St. Charles' at Antwerp, has likewise been arrested for breaking the regulations of the censorship. Brother Viaene. of Ma lines, also has been put under arrest. He is found to have taken & part in clandestine correspondence. I offer to your eminence the ex pression of my sincere esteem, ad interim. (Signed) GRAF HAttRACK. P. S. The Rev. Doumont, an as sistant prieBt .of Brussels, has been sentenced for varions misdemeanors to one year and six months' impris onment. (Copyright by Public ledger. Published by Arrangement.) (TQ BE CONTINUED) BURGLARS' PLANS FOILED Charters Embracing Robberies of German Structures Found. (Copyright by the New Tork World. Pub lished by Arrangement.) BERLIN, Dec 30. (Special Cable.) Detectives who raided an apartment here today discovered the headquar ters of a burglars' "general staff. Among the papers seised' are many elaborate plans for burglaries all over Germany, with municipal buildings, postof flees, banks, business, houses and villas as objectives. The plans were worked out to the minutest detail, including memoranda of the best train connections for go ing and making a getaway, the most favorable time for the burglary, exact detailed descriptions of the premises, what obstacles must be overcome and the best means of doing so, and finally careful estimates of the prob able loot to be obtained. The headquarters contained a depot of burglars" tools and other nefari ous supplies and equipment, includ ing hand grenades resembling eggs. MILK BUSINESS PROBED Investigation at . Seattle Under Lever Act Is Begun. SEATTLE, Wash.. Jan. 4. (Spe cial.) Seattle's milk supply is being investigated by the federal g-overn-ment for possible violations of the Lever food control act. Attorney-General A. Mitchell Palmer has directed that prosecutions for the violation of the food control act re ceive preference over all others. These announcements were made today by District Attorney Robert C Saunders, following orders from the attorney-general for a vigorous in vestigation. One section of the Lever the cardinal had act holds It Is "unlawful" to Impose EXEMPT FROM ALL TAXES OF THE GOVERNMENT UNDER WHOSE AUTHORITY THE RESPECTIVE BONDS ARE ISSUED Mves fluent Opp orftieities The following; group of American, Canadian and Foreign Bonds , have been selected from our list of over three hundred offerings and repre sent investment securities of the safest and most desirable kind. Back of these bonds there are taxable resources many times the bonded indebtedness. The payment of both interest and principal is as certain as the rising of the sun. WE OWN THE BONDS WE OFFER: ' Rate. Maturity. Price. Yield. 13I,8o7 f Astoria, City of, Oregon. 6 M&N 1920-39 Net 5-5.25 24.000 "Helix, City of, Oregon, Imp 6 F&A 1930-39 To Net 5.25 82,000 'Heppner, City of, Oregon Water 5'i M&N 192S-39 To Net 5.10 322,000 Klamath. County, Oregon, Road 5 J&J 1929-38 To Net 4.90 2,600ttBellingham, City of, L. I. D 7 Dec. 1920-26 To Net 6.00 3,000ttBellingham City of, L. I. D 7 Dec 1920-26 To Net 6.00 13,000 "Clark Co., Wash., Koad (Donohue) 5'i F&A 1922-27 To Net 5.00 97,000 'Clark Co, Wash, Koad (Donohue) .5'2 A&O 1932-39 To Net 5.00 6,046 Wapato, City of, Wash, Water 6 M&S 1929 106.46 5.15 20,000 'Seattle. City of. Wash, Light and Power 5 A&O 1931-36 To Net 5.00 42,000 "Arco, City of, Idaho, Light 6 J&J 1931-39 To Net 5.40 11.000 "Buhl, City of, Idaho, S. D, No. 4 7 F& A 1924-29 To Net 6.00 13,500 fGrace, City of, Idaho, Light 6 J&J 1931-39 To Net 5.40 91.500 Jerome Co, Ida, Hillsdale H. D 6 J&J- 1930-38 To Net 5.20 11,000 'Jerome, City of, Ida.. Gen. ObU 6 . J&J 1933-39 To Net 5.23 14,000 Nez Perce Co, Ida, Cir. H. D 6 J&J 1929-34 105.55 5.25 30.000 'Paul. City of. Idaho Water 6 J&J 1930-39 To Net 5.50 21,000 Power Co, Ida, Crystal Highway 6 J&J 1930-38 To Net 5.23 90.000 'Rupert. City of. Ida 7 F&A 1921-29 To Net 6.00 27,000 'Soda Springs, City of, Ida 7 F&A 1921-29 To Net 6.00 CANADIAN BONDS 5,000 Alberta, Province of 5 F&A 1922 96.26 6.60 48,000 'Alberta, Province of, Guaranteed 4',i J&J 1924 91.41 7.00 65,000 'Alberta, Province of 5y2 J&D 1929 92 04 6 60 23,000 'Calgary, City of 5 J&J 1933 8Z.ll 7.00 33,700"Edmonton, City of, Prov. of Alta 6 M&S 1939 97.17 6.23 24.333 tFort William, City of 5 F&A 1934 86.25 6.50 4,379 Manitoba. Prov. of. Guaranteed 4 J&D 1930 81.19 6.50 95,000 'Ontario, Province of 5YZ J&D 1929 94.84 6.20 25,000 'Regina, City of, Prov. of Sask. 5 A&O 1920 89.07 6.73 299,000 Saskatchewan, Prov. of.... 4 J&J 1923 92 87 6 25 2,433 Vancouver, City of, Prov. of B. C 4i J&D 1923 9U41 7.00 46,000 'Greater Winnipeg W'ater Dist 5 J&J 1922 96.59 6.50 9,000 'Greater Winnipeg Water Dist. 5 F&A 1923 95.97 6.50 FOREIGN GOVERNMENT BONDS. 70,600"United Kingdom of Great Britain and Ireland 5 Vi F&A 1922 96.21 7 00 49.000"Bordeaux, City of, France. 6 M&N 1934 92.50 6.80 38,000" Lyons, City of, France.... 6 M&N 1934 92 50 6 80 45,000 'Marseilles, City of, France 6 M&N 1934 92.50 6.80 ttDenotes $100 denomination. tDenotes bonds of $n10 denomination. Denotes bonds of J5oi and '$1000 denominations. 'Denotes bonds of $1000 denomination. "Denotes bonds of $100, $500 and $1000 denomina tions. ttDenotes bonds of $4(.6tf and $973.33 denominations. -Denotes bonds of $486.66, $973.33. $4866.66 and $9733.33 denominations. tDenotes bonds of $486.66 denomination. Denotes fractional bonds. BURGLAR AND FIRE-PROOF SAFE DEPOSIT 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 2151 Established Over a Quarter Century "unjust or unreasonable rates or charges in dealing with necessities." Flip of Coin Decides OHioe. CENTRALIA. Wash.. Jan. 4. (Spe cial.) T. R. Jurin will be one of the new councilmen to take office in W nT.lr n Tnmiofw 7 At tha v-J- cent municipal election Mr. Jurin and ! R. L. Tarleton tied for the office with 33 votes each. Tuesday the two men flipped a coin. .Turin winnintr. II. W. Palmer Former Tacoman. TACOMA, Wash.. Jan. 4. (Special.) Hartwell W. Palmer, who is re ported to be the purchaser of the Monarch mill in North Portland, on the condition that deep water woull be provided, was formerly general superintendent for the St. Paul & Tacoma Lumber company. He left that concern In 1916 when the na tional guard was mobilized for duty on the Mexican border. He went overseas as a major of cavalry and returned last summer. Mr. Palmer has had wide experience in the lum ber business. John Y. "Richardson & Co. Certified Public Accountants INCOME TAX CONSULTANTS Concord Building, Portland, Or. Telephone Main 8231 MEMBER AMERICAN INSTITUTE OF ACCOUNTANTS 20 SELECTED MUNICIPALS FOR 1920 INVESTMENT From our diversified list of high-grade municipal, corpora f tion and foreign government bonds we have chosen the following income-tax-exempt municipal bonds for the special consideration of investors at this time. We unhesitatingly recommend these bonds as safe invest ments affording exceptional interest yield for securities of their character. Name of Issue MUNICIPAL BONDS Big Horn County, Wyo., School Dist. No. 41 6s. Columbia Irrigation Dist., Benton Co., Wash., 6s. Hot Spring County, Wyo., School Dist. No. 7, 6s. B. C $66,665 Vancouver, Short Term Bonds to yield 7 DATED March 2. 1914 DUE December 15. 1923 Principal and Interest coupons (June IS and December 15) payable in New York 'without any deduction for Canadian taxes. These are old seasoned bonds the direct general tax lien upon all the taxable prop.erty of the City of Vancouver. 4V2 bonds at 91.41 to yield 7 ' i hi Hum Freeman $mith & camp Co SECOND TUCK) SOUTHWESTERN BANK BUU-DM9 Maim 4S Minidoka County, Idaho (Paul), S. D. No. 13, 5s. Preston, Idaho, General 5'2S Snake River Irrigation Dist. (Ada Co., Idaho) 6s. Interest Price Maturity Months to Yield 1944(Opt.l934) Jan. and July 5.1257 1939 May and Nov. 5.00-5.30 1926-1938 Jan.andJuly 6.007o 1928- 1939 Mar.andSept. 6.C0 1936- 1939 m Jan.andJuly 6.00 1924-1939 " January 1 6.00 1930-1939 Jan. and July 5.13 1924-1936 Jan. and July 5.23 1939(Opt.l929) Jan. and July 5.25 1949(Opt.l934) Feb. and Aug. 5.35 1929- 1939 July 5.125, 1937- 1939 Jan. and July 5.45 1920-1929 June and Dec 5.123-5.25 1939 Jan. and July 5.00 1944 April and Oct. 5.20 1932-1943 Jan. and July 5.20 1939(Opt.l929) Jan. and July 5.25 1930- 1939 Jan.andJuly 6.00 1930-1939 Jan. and July 5.20 1944(Opt.l934) Feb. and Aug. 5.00 On application we will gladly furnish detailed information describing any of the many offerings on our current list. umber me rs rusf Sarv Frarvcisco B o rd s -Tr u ss - A cce p ta rc e s Capital & Surplus 56oo.ooo Lumbermens Bld. Por-Harvd. -Oreqorv. Seattle JOHN A. KEATING, President. A. H. AVERILL P. S. BRUMBY CHARLES H. CAREY C. F. WRIGHT, Vice-President. BOARD OF DIRECTORS F. J. COBBS. E. S. COLLJNS JAMES DANAHER, JR. CARL S. KELTY. Vice-President. F. I. FULLER JOHN A. KEATING LESLIE M. SCOTT CHARLES F. SWIGERT CHARLES F. WRIGHT Under Supervision Banking Department State of Oregon LIBER 1 Y AND VICTORY BONDS If you must ell' your liberty or victory bonds, sell to u. If you ran Ouy mora liberty or victory bonds, buy from us. . n January 3. 1020. the closing N ew York market prices were as given oelow. They are the governing prices for liberty Bird victory bonds all over the world, and the highest. We advertise these prices dally in order that you may always know the New York market and the exact value of your liberty 2d 1st 2d 3d 4th . Vlctorv 4e 4'.l 4Via. 4V.S. 4s Sn. 4m. 19.0 $a.t.so tu'.fo j4.so s).7S tuy.od ua.04 -5 .24 .59 1.30 .94 .21 2C 1st 1st 3 'is 4s. Market. . .$100. (Mi J93.40 Interest.. .19 22 ".Total lO0.19 J03 62 92.75 $94.04 $93. 2 $91110 $93.72 99 27 $99 30 When buying we deduct :) on a $:,0 bond and $2..".0 on a SIOOO bond. Vi sell at the New York market, plus the accrued Interent. Burglar and Kire-pronf S:ife Kefmsit Boxes for Kent Open until 8 P. M. on .SaturdHys. MORRIS BROTHERS, Inc. The Premier Municipal Bond Hum t'apital One Million I Miliar. r, . Morri-.lSuil.linc. 309-11 SUu-k .-treet. Bet. Kirth and .xixth. TFI.EPIIONK: BROADWAY 8151. allihed Over a Quarter Century. It 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 or Escrow 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. ra'jj;-.'iiuiaMajiijij MUNICIPAL BONDS From the Stages of OREGON WASHINGTON IDAHO To Net 4.90 to 6.50 Exempt From Present Income Tax L Devereaux (5mpany MUNICIPAL BONDS 87 Sixth Street Broadway 1012 Ground Floor Wells-Fargo Building GOVERNMENT, MUNICIPAL AND CORPORATION BONDS TO -NET FROM 5 TO 7 PREFERRED STOCKS LOCAL SECURITIES ROBERTSON & EWING 207-8 NORTHWESTERN BANK BLDG. i