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
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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