THE 3IORMXG OREGONIAX, THURSDAY, JANUARY 29, 1920 STOCK VALUES ARE STEADY MARKET STJSTAINEI BY STEEL QUARTERLY STATEMENT. Foreign. Exchange Rates Fall Again and 'Money Tightens Reac tion. In Bond Liist. KW YORK. Jan. 28. The excellent Impression created by the quarterly state ment of the United States Steel corpora tion, published after the close of yester day's seftston, was thu sustaining 'tor of today's stock market, most other - velop ments being of less favorable char. ?r. Koreigrn exchange was again su Acted to drastio downward revision, the ;iund sterling falling to $.504 during the grad ing period. The money market also was more sensitive as Indicated by an advance from the early rate of 8 to 14 per cent in the later dealings. Oils were under a cloud en recurrent weakness In low grade issues of recent promotion, concerning which adverse divi dend rumors were current and several of the promine it miscellaneous specialties succumbed to pressure. The bond market continued its resctlon ary course, investment rails and indus trials tending lower with foreign Issues. Liberty first 4s fell to a new low record of ttl.30. Total sales, par value, aggre gated fll.2TS.000. Old United States bonds vers unchanged on call. CLOSING STOCK. QUOTATIONS. Last Sales. High. Low. Sale. 300 92 91 Itl 8.5O0 55 64 04 l.OOO 13'J 13S 133 soo 118 lie1 inv. 3K) 1:00 1,71(0 1.1O0 roo 8. 0O0 1.000 600 .Am Beet Su-. m Can m Cr & Fdry Jim H & L pfd m Loco .... Am Sm A Rfg Am fclugar Rfg Am Sum Tob. Am Tel si Tel. Am !4 L A Sm Anaconda Cop Atchison .... A 04WI8S Baldwin Loco 35,700 -Halt 6c u n I o . . 30U Beth Steel B. 35,200 is s Copper uOO l-alif Petrol .. 300 Canadian Pac. 1,700 cent Leather. C'hes & Ohio.. Chi M It St P. Chi & N TV . . Chl it I A Pac Chino Copper. Col F11 Iron 10.400 Corn Products 10,8f0 Orut:Jbl Steel ltt.HOO Cuba, Cane Sue t),.Ur0 J'.rie tirn Klectric finn Motors . c.t No Dfd. .. ;t No Ore clfs Insplr Copper Int M M pfd.. Inter Nickel,. Inter Paper . . K O Southern. Kennecott Cop Louis & Nash. Mexican Petrol U.1S0O Miami Copper TOO Midvale Steel. Missouri Pac. Nevada Cop... N Y Central.. N T N H A H Northern Pac Pacific Mall.. Pac Tel & Tel Pan-Am Petrol Pennsylvania.. T"itts & W Va. Pittsburg Coal Ttay Con Cop. Reading Hep Ir Steel 32.500 Fhat Aria Cop 1O0 Sin Oil & Rfg Southern Pac. Southern Kv., l.HK) studebaker Co SC.loo Texas Co . 2,200 Tobacco Prnde WOO Union Pacific 100 T'ntd Rtl Strs. 13,200 TJ B Ind Alco. 4.000 TJ S fiteel .... 44.O00 do pfd 2.100 Tjtah Copper.. 3.2O0 "Westing Klect 4.100 Wlllys-Overlnd ll.r.oo National Lead l..r00 Ohio Cits as S00 Royal Dutch.. ll.OOO l.ooo 100 Itno oo 600 800 ::oo 10.(K 1.WO0 3.SOO 700 g.400 1.700 8,000 jik 800 100 3.100 soo 400 000 1,400 l.r.oo 10c 111 n.000 1JJ00 -10 COO 400 200 High. 92Vi 55 13U 118 100 08 T 136 921.4 98 20 a 14 84 104 118 311, 9!1s 27 41 128 93 85 SVi 38 x 41 87 228 cm 12H 17014 304 "4 78 i, :io-)4 r.TH 16 31 107 201 14 241, r.0 2-Vi 1'4 eo '.4 2R 42 '4 92 ' 42'4 2!14 62 '4 21 '4 7.-. ',4 117 12-4 8.9O0 - 43 i .:;oo 100 14 21 10014 203 14 91 122 9 10014 107 i lir. 7 S4 'A. 2914 85 4SU 110?, Low. 91 64 138 116 8814 68 V4 136 91 98 ia '4 6114 83 162 116H 31 Is 97 27 4114 127', 91 55 364 84 S 26 '4 37 41 85 V4 223 00 12V4 18 299 77V4 .18 60 96 '4 24 14 84 4 JS 30 'A 107 197 24 49 25 10i B14 2 Vh t)T 42 91 4 2 '4 29 61 i,i 21 4 11414 12'4 43 99 21 104 201 91 121 V 88?J 106 A loH 115 75 53 4 28 S 83 !4 48 108 BONDS. TJ 8 Ss reg . ,.100Penn con 414s. TT B 2s reg . ..'lOOy tl 8 2s cou ...10014 U 8 4s reg . ..105 TJ 8 cv 4s cou.10.r) Panama 3s reg 88 Panama 3s cou 88 Anglo-Fr 5s . . 96 Am Tel cv 6s. - 99 A ten gen 4s. . 77 1)4 RC, con 4h V-03 N T C deb 6s. 92 N Pac 4s 751 N Pac 3s 53? Pae T 4 T 63 87 6S- 136 92 98 19 61 83 162 117 31 '4 9S 27 4114 127 92 65 30 84 26 38 41 80 224 504 12 169 301 7714 38 56 97- 24 85 16 30 107 199 24 40 25 16 68 28 78 37 42 91 42 29 61 21 75 115 12 43 '4 99 21 104 203 i?-- 89 108 106 '4 115 76 54 29 83 48 109 91 Feeder lambs 12.0015.X Wethers 12.0013.00 Yearlings 13.00 13.50 Ewes 9.00 10.50 Chicago Livestock Market. CHICAGO, Jan. 28. Hogs Receipts, 19.000, 10c to 15c lower. Bulk, $15,209 15.50; top. $15.60; heavy, $1515.35; medium, 15.20 jf 15.4-5; light, $15.35 lit 15.60; light light, $14.75ig15.40; heavy packing sows, smooth. $14.25 14.65; packing sows rough. $1414.26; pigs. $13.75014.75. Cattle Receipts, 7000; firm. Beef steers, medium and heavyweight, choice and prime, $15.50317.50; medium and good. $11.5015.50; common. $9.5011.50; light weight, good and choice, $1316.20; com mon and medium. $U13: butcher cattle, heifers. $6.85 13.75: cows. S4.7n4tl2.fiO: canners and cutters, $5,6546.75; veal calves. $1819.50; feeder steers, $812.25; stocker steers, $7.25 10. 85. Sheep Receipts. 10.OOO; firm. Lambs. 84 pounds down. S19.5021.60: culls and common, $10919; ewes, medium, good and choice. $10.75913.50; culls and com mon, $710.50. Omaha Livestock Stark et. OMAHA. Jan. 28. (United States bureau of markets.) Hogs Receipts, 14,500; market 20c to 25c lower Top, $15: bulk, $14.7514.90; heavyweight, $14.8015; mediumweight, J14.K5&15; lightweight. $14.7514.90; light light, $14.5014.75; heavy packing sows, smooth. $14.70 14. 80; packing sows, rough, $14.5014.70; pigs, $12.5014.50. Cattle Receipts, 8800; killing grades steady to 15c lower. Stockers and feeders steady;. Beef steers, medium and heavy weight, choice and prime, $15.2517; medium and good. $1215.25; common, $9.50012; lightweight, good and choice, $1517; common and medium, $9 915; butcher cattle, heifers, $7.2513.25; cows, $7912.75; canners and cutters, $5.757: veal calves; light and handy 'weight, $14 15; feeder steers. $S914; stocker steers, $7.50911.73. Sheep Receipts, 12.500: strong to 2So higher. Lambs, 84 pounds down. $199 20.75; culls and common. $15918.50; year ling wethers. $15918.50; ewes, medium and choice, $10.50912.25; culls and com mon, $6910.50. Seattle Livestock Market. SEATTLE, Jan. 28. Hogs Receipts, 240: market steady. Prime. $15.23 16.23; medium to choice, $15915.50; rough heavy. $13.75 14.75; pigs, $12 9 13.50. Cattle Receipts, 75; market steady. Best steers. J12 4i 13.50; medium to choice, $10 91L50; common to good, $7.50'oj10: cows and heifers. $9.70 10.50: common to good, $6.5009.25; bulls, $798.25; calves. $7 9 13. Kansas City Livestock Market. KANSAS CITY, Mo., Jan. 28. (U. S. Bureau of Markets.) Sheep Receipts, 60O: market 75c higher. Umbs,' 17.75' 21: culls and common, $12.50i 17.50; yearl ing wethers, $15.43918; ewes, $10.65913: culls and common, $3.23910.33; breeding ewes, $8914.30; feeder lambs, $15,259 18.23. r S Pac cv 5s. . . . 103 Sou Ry 5s 84 Union Pac 4s . 82 V. V B Steel 5s . . 94 '4 U S Lib 3s... 98.80 V H Lib 1st 4s . .91.58 U S Lib 2d 4s . .90.60 U 8 Lib 1st 4s.91.90 U S Lib 2d 4V4S.91.06 U S Lib 3d 414s. 93.48 US Lib 4th 4s 91.18 Victory 3s ....98.24 Victory 4s ....98.26 Bid. Boston Mining Stocks. BOSTON, Jan. 28. Closing quotations: AMouez Arizona Com. Cal. & Ariz , Cal. & Hecla Centennial 3 . 1314 - 84 .390 15 Cop. R. Cn. Co 46 B. Butte Cp. M. 14 Isle Roy (cop.). 84 Lake Copper. . . 8 "W'ohawk 67 V- North Butte . . Old Dominion Osceola Superior ...... Shannon ...... Utah Con. .... Winona ...... "Wolverine .... Greene Can . . . 16 94 50 5 15 9 1 20 36 Money, Eichanse, Etc. fBW YORK, Jan. 28. Mercantile paper, unchanged. Sterling, demand, $3.51 cables. $3.51. Francs, demand. 13.32; cables, 13.30. Bel gian francs, demand, 13.97: cables, 13.95. Cullders, demand, 39; cables, 39. Lire, demand, 15.52: cables, 15.50. Marks, so man, 1.21; cables, 1.23. Tims loans strong; all dates, 7 per cent. Call money, strong. High. 14 per cent: low, 8 per cent; ruling rate, 8 per cent; closing bid, 13 per cent; offered at 14 per cent; last loan, 14 per cent. Bar silver, $1.35 per ounce. Mexican dollars, $1.03. Heavy selling later depressed sterling to $3.50t francs to 13.32 and lire -to X5.42. . LONDON, Jan. 28. Bar sliver, $4d per ounce. Money and discount unchanged. SIEEP MARKET IS STBONB XEARL,IG EWES EV GREAT DE3IAXD IN COUNTRY. SAN FRANCISCO PRODUCE MARKET Prices Current on Vegetables, Fresh Fruits, Etc., at liar City. BaN FRANCISCO. Jan. 23. Butter, 67c Eggs Fresh extras, 57c; extra pullets, 60 c. Cheese Old style California flats, fancy, 81 c: firsts, 29c; Young Americas, 36e. Vegetables Eggplant, southern, 810o per pound; Florida, 25930c; bell peppers, southern 10M17u; Florida. 20425c; chile, southern, 10(?i.l5c; pimentos, 19c; cream squash, 75c9$l; hubbard, $1.2591.75; sum mer squash, $1.75 9 2 per crate; tomatoes, southern, $2.5oU'4 a crate; second qualltv, $191.25; potatoes, rivers, $4.7595.25; sweet, 4(Si5c per pound; Oregon Bur banks, $5.5.25; onions, yellow and white, $4.50; Australian brown, $595.50; crystal white, 5c per pound; cucumbers, $2.5o4; garlic, 22 9 25c; Manchuria, 15916c; celery, $697.50 per cratea artichokes, $191.50; turnips. $1.50 9 1.75T beets. $1.75'o)2; car rots, x.otcpi.uu; caullllower, $1.25 per dozen; .lettuee, southern, $1.501.75; Sacra mento, 75c$2; peas, 109124c; sprouts, 7 9c; asparagus, early, 40 9 50c per pound; spinach, 697c; endive, 75c9$l per pound. Fruit Oranges, $495; lemons, $3 9 4.50: grapefruit, 2.2j3.7j; tangerines. $293 vvt nan. uoi ; Dananas. igac; pineapples, $3 9 4.50 per dozen; pears, cooking, $19 1.50; Winter Nellis, $2.7593.50; Oregon apples. $4: Rhode Island Orpflninvn i 92 for four-tier and $1.5091.65 for 4 tier; Newtown pippins, $1.7592.25; Oregon , u.. . , ........ .(j .1.0, oaiuwins, tn 2.25; Oregon Newtown niDDins. 12 rhubarb, bay, 8910c per pound; southern $2 92.25 per box. Receipts Flour. 49S6 quarters; wheat. centals; narley. 4347 centals; beans, 2398 sacks; potatoes, 3811 sacks; oniolns. satins: nay, x.u tons: eggs, 74,130 doze hides, 617; livestock, 300. Eastern Dairy Pndiiea NEW YORK, Jan. 28. Butter, easier; crenmerv hit.hnp than r-n , . creamery extras. 62c; creamery firsts. 58 a nw, c. Eggs, unsettled; fresh-gathered extra iji-HLa, mwiwc; xresn-gathered fiesta, 6 963c. Cheese, unsettled; state whole milk rials neid specials 31932c; ditto av erage run, 30931c. CHICAGO. Jan. 28. Butter, lower; creamery, ooijyowac. Eggs, lower. ReeeiDts. 5323 cases: firsts. S89 59c; ordinary firsts, 50950c; at mark. cases included, bo9usc Poultry, alive, higher. Springs, 32c; IOW1B, 36C. Coffee Futures Lower. NEW YORK, Jan. 28. The market for coffee futures was lower today under fur ther liquidation, part of which was be lieved to be for European account. The openftig was 10 to 13 points lower and ac tive months sold 15 to 20 points below last night's closing. Closing bids: Jan uary, $15. 25c; March, 15.57c; May. 15.80c: July. 13.99c; September, 15.74c; October, 15.67c; December. 15.53c. Spot coffee, quiet. Rio 7s, 16c; Santos, 4s, 25 926. Naval Stores. SAVANNAH, Ga., Jan. 28. Turpentine, firm, $1.88; sales, 112 barrels; receipts, 86 barrels; shipments, 1 barrel; stock, 10, 050 barrels. Rosin, firm; sales, 674 barrels; receipts. Buyers for Eastern Packers Oper ating in AH Sections Lambs I Higher at Yards. A strong demand for yearling ewes Is reported from all sections of the) sheep country. Buyers for numerous eastern . firms are working In the Interior and taking up everything offered. Prices are steadily rising. At the local stockyards sheep and lambs continue the strongest feature. Lambs from both sides of the Cascades were quot ed 60 cents higher yesterday. Hogs held firm at the $16 mark. Only a few cattle were available. Receipts were 67 hogs and 93 sheep. The day's sales were as follows: DAILY METEOROLOGICAL, REPORT. PORTLAND, Or., Jan.1 28. Maximum temperature. 57 degrees; minimum tem perature. 40 degrees. River reading, 8 A. M., 11.2 feet: change in last 24 hours, 0.8-t'oot rise. Total rainfall (5 P. M. to 5 P. M.), none; total rainfall since Sep tember 1, 1919, 21.57 inches; normal rain fall since September 1. 25.21 inches; defi ciency of rainfall since September 1, 1919, 3.64 inches. Sunrise, 7:38 A. M. : sunset, 5:10 P. M.; total sunshine, 9 hours: pos sible sunehine. 9 hours 32 minutes. Moon rise. 11:11 A. M.; moonaet, 12:45 A. M Barometer (reduced sea level). 5 P. MT, 30.04 inches. Relative humidity: .1 A. M 85 per cent; noon, 59 per cent; S P. M., 69 per cent. THE WEATHER. 1 1 1 1 1 3 3 1 9 4 1 1 10 6 17 1 15 1 eow... 990 cow. . .1070 cow... 970 cow... 950 cow. . .1190 cows. . cows. . calf. .. hogs. . hogs. . hog hog. . hogs. . hogs. . hogs. . hog. . . hogs.. hog. Wgt. Price. $ 8 SO 160 214 230 320 380 ISO 211 2S1 240 . 480 hogs., hogs., hogs. . nogs. . . hogs.. . hogs.. . hogs.. . 6 hogs.. . 2 hogs... 9 hogs... 56 hogs.. . 2 hogs. . . 63 lambs.. 8 lambs.. 5 lambs.. h94 Wgt. Price. 213 $16.00 201 816 202 235 233 198 230 190 250 205 115 81 113 14.60 15.75 IS. 75 15.83 16.00 15.75 15.50 15.75 15.75 13.75 16.50 16.00 16.75 13.00 8.50 6.00 8.00 7.50 B.B0 7.0O 7.75! 7.00 5.H0 lo.OOi 15.75 15.75 13.751 13.50 16 00 15.85 15.75 14.751 2 lambs. 15.50 4 bucks.. 187 13.00 1 buck... 230 Livestock prices at local yard follow Cattle Price. Best steers $11.50912.50 Uood to choice steere 11.00911.50 .Meaium to goon steer. .... Fair to good steers Common to fair steer Choice cows and heifers...... Ciood to choice sows, heifers.. jVTr-dlum to good cows, heifers Fair to medium cows, heifers. Canners Bulls 8.001) 8.00 Prime light calves 15. 0011 17.00 Heavy calves 7.00 9 12.50 Storkers and feeders 8.O09 9.50 Hogs Prima mixed Medium snd mixed.. Hough .heavie ..... s Pigs sheep P?iistrn lambs I.iaht valley ismhs. . Heavy valley lame. STATIONS. 3 Wind Weather. 9.50 a 10.2.1 8.5O0 9.50 7.50 9 8.30 9.50 'it 10.30 8.50 9.50 7.594H 8.50 8.509 7.50 3.59 13.50 IS1 lfi.OO 15 0H-H 1 5.50 12. 00 inr 13.00 12.23914.50 16 50!Tl7.5fl 151HC.il 16 50 14.50 9 14.50 Baker . . . . Bolre ..... Boston ... Calgary Chicago Denver . . . Dcs Molnes.1 hureRa Galveston .. Helena t Juneau . . Kansas City Los Angelea. Marshfield Mediord Minnea polls. . New Orleans New i ork. . North Head No. Yakima. Phoenix Pocateilo ... Portland ... Roseburg .. Sacramento . St. Louis -. . Salt Lake . San Diego . S. Francisco. Seattle .. Sitka ... Spokane . Tacoma . . Tatoosh Isld. tValdez . . -Walla Wall: Washington. Winnipeg .. 34 SO! 30 41 461 441 26l IS 101 461 441 401 -10J 36 48 28 44 281 40 44 48! IS) 86 48 5o! 461 101 2N 4S 42! 20: 28 84 1 50!0 48 0 300. . .10 240 5810 26 0. 5810 54iO 411 0 1180 3410 68!0. 66i0 480 16i0 52 0 40 0 58:0 36i0 76 0 460 5710 54 0 52-0 30 0 48. 0 6-i'n 340 64i0 34;o 440 64 0 56 1 10O 30!0 4411 6 0 001. .ISE 00L . w 0I12NW .0O . . NE .00!. . SB ,0l! . -.IN O0I10ISW 0OI. .JNTS 00il4;N 0OI . .ISW .0O'12iNE ,oo. .Is OoilOjSW ,0O(. , 9W .001 . .N .OOilOSE .241. . IN .00 30INW .16 IS SE .001 .001 .00 .001 00 ool 001 .00 .00 .00 38, 00! 01 .541 76 0O 00 .001 00il0!E . . NE . . W . . SW . . NW . . N .. S . . NE . . N W . . N W . . K ..SE ::Ine . . SW . . I K . . NE . . W . .IN bolls w sol A 1 7 V 1 W A Story in Chapters CHAPTER SIX Interim Certificates. "HAT is an interim certificate? This question addressed to an average group of persons would probably not receive unanimous response. Many of the securities handled by invest ment institutions are offered for sale to investors before the actual bonds or notes are printed, though their issuance has been authorized and all legal proceedings passed upon by recognized authorities. Some bonds are delivered in New York, and their ship ment to the Pacific Coast is often delayed for one incidental reason or another. In the case of European securities, it is necessary to ship the executed bonds across the Atlantic Ocean, involving a risk of loss that is usually avoided or to send representatives of the foreign treasury department to this country for the purpose of signing the bonds. For the convenience of investors, who desire to earn interest on their available funds without delay, interim certificates are, in such cases, issued by the company selling the securities, pending receipt of the definitive bonds. These certificates carry a description of the securities purchased, and earn interest at the same rate. Interim certificates are not negotiable. In the eventthe bonds are not delivered the interim certificate would be redeemed together with such interest as would have accrued on the bonds, had they been delivered. At the time the bonds arrive they are delivered to the respective purchasers upon surrender of the interim certificates, properly indorsed. An interim certificate issued by the Lumbermens Trust Company constitutes the obligation of a responsible company, possessing six hundred thousand dollars in paid-up capital and surplus. This company is, furthermore, under the supervision of the banking department of the Slate of Oregon. (To be continued.) umbermerxs Tr Scvrv Fra.rcisco Borvds-Truss-Acceptances Capital etc Surplus 600.000 lumbermens Bldq. Porlard. Oreqorx. rusr o. JOHN A. KEATING, C F. WRIGHT, CARL, S. KELTY, President Vice-President Vice-President BOARD OF DIRECTORS A. H. AVERILL. P. S. BRUMBY CHAS. H. CAREY F. J. COBBS E. S. COLLINS JAS. DANAHER, JR. F. L FULLER JOHN A. KEATING CHARLES F. SWIGERT LESLIE M. SCOTT . CHARLES F. WRIGHT Under Supervision Banking Department State of Oregon Clear Clear Cloudy Clear Clear Clear Pt. cloudl Cloudy ft. cloudl fciear Clear Clear kCloudy Cloudy Cloudy kClear Rain Clear Cloudy Cloudy Cloudy Pt. cloudl Cloudy ft. cloudl Cloudy clear Cloudy ft. .cioua? Cloudy Clear Clear Pt. cloud; Cloudy Cloudy iear Cloudy clear Clear 545 barrels; shipments, 75 barrels: stock. 38.127 barrels. Quote: B. D. B, $18; F, 18 18.10: G, 18.0518.15; H. $18,10418.23-. I. $18.10(&18.55: K. $19.23&'10.40; M, $20; N, $20.25; WG. $10.75; WW, $21. Seattle Feed and May. SEATTLE, Jan. 28. City delivery: Feed Mill, $50 ton; scratch feed, $84; feed wheat. $89; all grain chop, $76: oats, $690 0; sprouting oats, $16; rolled oats, $74: whole corn, $74; cracked corn. $76; rolled barley, $80; clipped barley. $85. Hay Eastern Washington timothy mixed. $3830 per ton; double compressed, $42; alfalfa, $35; straw, $17018; Puget sound. $33. Dulath Unseed Market. I Phone- your want ads to The Ore go M'T.DTH, Jan. 28. l.lnseed. $5 20f5 36. r,.ia.n. Main 7070. A 6095. Metal Market. NEW TORK, Jan. 28. Copper and Iron unchanged. Antimony. ll.BOe, Lead steady; spot and February offered at 9.23c . Spelter steady, unchanged. Dried Fruit at New Tork. NEW TORK, Jan. 28. Evaporated apples, dull. Prunes, quiet Peaches, better export Inquiry, Cotton Market. TORK, Jan. 28. Spot cotton Middling 39.50c. N"EW steady. Sew Tork Sngar Market, NEW TORK, .Tan. 28. Sugar unchsnged. tA. M. today. Ing day. P. M. report of preced- FORECASTS. Portland and vicinity Probably rain; southeasterly winds. Oregon- Cloudy : gentle southeasterly Klnrift. Washington Probably rain In the west portion, cloudy in tne east portion; mod erste southeasterly ainds, Idaho Fair. SCIENTIFIC MANAGEMENT OF PROPERTIES STUDY these problems, from which Strong & MacNaughton can relieve you: 1 Shall I lease or rent from month to month? 2 Is this the time for long or short leases? 3 H a v e I enough Insur ance? 4 Should I sell now or hold longer? 5 Will the zone ordinance hurt me? . Property management is more than merely collect ing rents. Strongs MacNaughton POBTIANOSJCORBITT BuitDINOOOBtOON We Offer and Recommend ZELLERBACH PAPER CO. 7 CUMULATIVE PREFERRED STOCK You will be interested in this investment because: 1. This issue is a preferred lien on net assets worth over 3 times amount of issue. The Company cannot mortgage its property. 2. Net. earnings have been over AM times dividend re quirements during past 5 years. 3. This issue will be retired within 15 years at 105 and accrued dividends. Call or write for circular. Only small amount of 6tock still available. Price, 100 and accrued dividend Free from Normal Income Tax BLYTH, WITTER & CO. United States Government, Municipal and Corporation Bonds YEON BLDG PORTLAND Main 3304 Seattle San Francisco New York Los Angeles INSURANCE WE WRITE ALL LINES C. De Young & Co. Main 7351 810 Spald'mjr Bid jr. MARWICK, MITCHELL & CO. Accountants and Auditors 1426 NORTHWESTERN BANK BUILDING , announce the opening of an Office in Los Angeles at the H. W. Hellman Building, Fourth and Spring Streets, under the joint management of Mr. Walter C. Wright, C. P. A, and Mr. Willis H. Brown, C. P. A. New York Boston Philadelphia New Orleans Pittsburgh Detroit Milwaukee Dallas Chicago St. Louis Kansas City Minneapolis Salt Lake City Portland San Francisco Los Angeles Montreal Toronto Winnipeg Moose Jaw Calgary Vancouver London Paris ' A GENERAL COUNTY OBLIGATION Free From lecome Tax Teton Coooty, Idatio 5V2 Road and Bridge Bonds DENOMINATIONS: $1000 Due: Serially on July 1, 1929 to 193S Teton County, Idaho, is located in the southeastern part of the state and embraces approximately 500 square miles. It has -within its borders over 100,000 acres of Idaho's most prolific agricultural land under cultivation. Over half of this acreage is irrigated, and the section is particularly noted as a banner wheat growing area. The county has experienced remarkable growth and development during the past few years. The assessed value of its taxable resources is $3,132,282.00, and its total . net debt is only $215,000. Official population is estimated at nearly 5000. These bonds are a direct tax obligation of the entire county and were authorized for the purpose of building roads and bridges in connection with a highway under construction by the state. These bonds are as safe as money de posited in any bank in the United States. PRICES: TO NET 5 BURGLAR AND FIREPROOF 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 21.YI. Established Over a Quarter Century. &2)SS;S "Securities of Proved Worth" 0S The Time for Investment Careful saving is always a big step toward content ment. Investment in sound securities puts you even nearer that goal. NOW IS THE TIME. Take ad vantage of this reconstruction period. Why not profit by the discount in Canadian exchange and invest in Provincial general obligation bonds that combine safety with high yield? WE OWN AND OFFER Province of Saskatchewan 6 Bonds Dated January 15, 1920 Due January 15, 1925 ! DENOMINATION $1000 i At Price to Yield 6 Principal and semi-annual interest payable in United Slates coin in New York City. ) Saskatchewan ranks FIRST among Canadian Prov- inces in production of grain crops, SECOND in railway ) . mileage and THIRD in population. The net debt of the Province per capita ($19.21) is the . lowest of any Province in Western Canada. The total ( assets of the Province amount to over seventy million dollars. The population, approximately 833,000, is re- ' ported now to be nearly double that of 1911 census. BOND DEPARTMENT LADD ? TILTON BANK , iiiunnini iiiiinrnniuiiiiui tu iitiiuiiiauntl!l.uiii iirm OTPF.ST TNT THE NORTHWEST. WASHIXCTON AND THIRD. frftrMi nrcrnfrV " SY STEM -"1 E. H. ROLLINS & SONS 411 U. S..Bank Bldg. Broadway 1274 Portland, Oregon We offer subject to prior eale Yield $50,000 Pierce Co., Wash., Army Supply 5 Bonds ...59 Due Nov. 1, 1935. $150,000 Pocateilo, Idaho, Water Extension 5 Bonds 5.10 Optional April 1, 1927. Due April 1, 1937. $75,000 Pocateilo, Idaho, Sewer 5 Bonds 5.10, Optional Jan. 1. 1921. Due Jan. 1. 1931. $50,000 Pocateilo, Idaho, Water 5Cc Bonds 5.10 fo Optional Nov. 1. 1925. Due Nov. 1, 1935. $47,000 Baker City, Oregon, Waterworks 5 Bonds 5T Due. July 1. 1931. $60,000 City of Everett, Wash, 59e Bonds 5C Due July 15, 1931. $62,000 Cheyenne, Wyoming, Waterworks Extens'n 5"jc Bonds a Optional April 1, 1925. Due April 1, 1940. We own and offer subject to prior sale $23,123.69 CITY OF MARSHFIELD, OREGON, 6 IMPROVEMENT BONDS Optional 1921 Due 1930 Estimated Maturity July 1, 1925 PRICE 104.27. TO YIELD 5.10 "The House Builfc Square" Qarstens & Jarles, Incorporated Third Floor U. S. Nat'l Bank Bldg. Bdwy. 4108 Arthur Berridge & Company Certified Public Accountants and Auditors Income Tax Specialists and Advisers 619 Worcester Block Main 8621 DO you know that much of your Income Tax trouble comes from poor Accounting Systems and Records ? Let us prepare your Tax Reports and revise your Business System. CONSULTATION FREE Good Morning, Miss School Teacher! PERHAPS you have heard of me. I'm Mr. Partial Pay ment Bond (the baby of the In vestment family) and I want to tell you how you can invest those savings of yours little by little but with the same return as the big investor. CLARK- J Prrmlt ym to start with ftIO nm flrnt fiyinr i on mny icood municipal bond yon may aelect. " ou pay- $10 ca.-h month unltl me f lOO bond In paidrfor. And all the time t he money you are patting: ia In effcrnfnip the nme rate aa the bond from 5 to TTc M'rlte for our Booklet ex plaining thia uplendid eopy rlrbted Investment - savings plan. CLARK.KENDALL &C0 tOVDWMEKT MUNKVAl. W9 COWOUim rriM BONDS "akm ttiwuamtuiuuiuuiuBUiniuinnDtinniBii G.E.MILLER St COMPANY BONDS ANDN!!;4s?INVESTT1EKrr3 SELECTED MUNICIPAL BONDS FOR INVESTMENT PURPOSES Yielding CITY OF CHICAGO Funding 6's 4.75 KING CO., WASM. Road 5's 4.75r PIERCE CO., WASH. Road 5's ...4.75? STATE OF LA. Port Com. 5's ......... 5.00 7. BURLEY, IDAHO Highway Dist. oi's. .5.255 CLIFTON, ARIZ. Sew. and Brdg. 6's. .. .5.23 TEEL DISTRICT Irrigation 6's 6.007a DETAILED INFORMATION WILL BE SENT UPON REQUEST G.E.MILLER ck COMPANY COPPOBATION UVyll LJJ TELEPHONE MAIN 2.04 5 6Northwcst?rnrank Building 3