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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Oct. 4, 1920)
THE 3IORXIXG ORCGONIAX, MONDAY, OCTOBER 4, J920
Interest Rate and Single Tax
DANGER TO STATE SEEN
Proposed Law Held to Fall to Pro
Tide Way to Compel loaning
of Money In Oregon.
Bankers of Oregron are beginning to
take an Interest In some of the Ques
tions to be voted upon at the Novem
ber election, whether or not it can be
said ihat they are evincing interest
In "politics." But as a matter of fact
good politics Is good business, and be
cause of the effect upon all commerce
nd industry every business ' man
should be enough interested in pon
tics to Bee to it that affairs be kept
on a sound basis, and that is the view
that leadingr financiers take at the
present time. Of specia"l Interest to
the banker is the constitutional
amendment fixing .legal rate of inter
est in Oreson. The ballot title is mis
leading, because it fails to make plain
what is meant by the amendment. The
citizen recently settled here from
fome other state may not be previous
ly advised of the provisions of the
law and when, in the voting booth,
he happens upon the line of his bal
lot, is very likely to vote for the
amendment on the theory that the
Ftates with which he is most familiar
have a legal rate of interest fixed by
Compulsory Lou Jfot Provided.
The measure is advanced as a means
ef reducing the interest rate on money
loaned in Oregon to 5 per cent. It
does not provide any way to compel
persons with money to loan to accept
that rate in Oregon when they can
find a strong demand for it in other
states at 8 per cent, or possibly higher
rates. The sponsors for the bill either
did not consider the fact that re
newals of existing loans would prob
ably not be made at lower rates when
they fall due, inasmuch as the lender
could divert the money elsewhere to
his own advantage. Where is the
money coming from to supply the
ager demand of the Oregon bor
rower? The bankers are giving this measure
erne attention, and even those most
disposed to eschew "mixing in poli
tics," are concerned with the danger
that lurks in the amendment for the
very reason that it has not received
much serious attention from business
men up to the present time.
Single Tax Cauaea Concern.
Another measure to which the
thought of business men is directed
and in which the owners of homes are
especially concerned is the single tax.
. It has been up before in various
forms, but this time is brought to the
voters as an absolute single tax
It is receiving the attention of or
ganizations that will acquaint the vot
ers with the danger that lurks in a
radical change of the sort proposed
in the basis for all taxation. It will
hiive among its advocates those who
do not own realty and never expect
to, but the far-reaching effect of
adopting the law might reach in a
disturbing way even to those who
own no lands. The bankers are not
taking any united action in reference
to this, but as progressive business
mer. they are studying the various
amendments to be voted on at the
eiection November 2, and will be in
fluential in helping many citizens to
understand better the effect of the
proposals if enacted into law.
m m m
The first meeting of the American
Institute of Banking for the new year
was held at the Multnomah hotel, with
the largest attendance in the history
of the local chapter, last Tuesday eve
ring. The new president, J. King
Kyron, of the Ladd & Tilton bank, in
his inaugural address paid especial
attention to the importance of all
members attending classes, which are
to begin next week. Christian Peter
on, vice-president and chairman of
the educational committee, gave de
tails of classes, which are to teach
elementary banking, standard bank
ing, commercial and banking law.
Ernest Stewart, editor of the Recap,
the house organ of the Portland chap
ter, outlined the many new features
to be given this year. Tom West,
vice-president of the Wasco County
tank at The Dalles, formerly assist
ant cashier of the Ladd & Tilton bank
and now a member of. the national
executive committee of the institute,
made an enthusiastic address. Ad
dresses were made by Koy Dobis and
P.obert E. Smith of the Title & Trust
company and A. H. Herndobler.
Exceptionally rapid movement of
the issue of city of Kdmonton, prov
ince of Alberta, Canada. 6-per cent
PO'.d notes, yielding 9 per cent, con
tinues to be the feature of the mar
ket, according to Morris Brothers.
Inc., the house which is handling
these securities in the local and coast
field. According to trustworthy re
ports, Alberta province is going to
reap one of the largest grain crops
in its history. The Toronto Globe re
cently sent a staff correspondent
through the province to make a close
study of conditions, and he wrote his
laper that in no place throusrh which
he passed was there more reason for
ecil-congratulation than in the Al
r.crta country, as the crops were
found to be splendid and prosperity
The kingdom of Norway has ar
ranged a new $20,000,000 g per cent
linking fund external a-old lru i
this country, and a syndicate to offer
these bonds is headed by the National
City company. J. P. Morgan & Co..
I'irst National bank. Guaranty Trust
company, Lee Higginson & Co., Will
lam A. Read & Co. of New York. Har
ris Trust & Savings bank. Continental
& Commercial Trust & Savings bank,
Illinois Trust & Savings bank, Kirst
Trust & Savings bank. Halsey Stuart
& Co. of Chicago. Mellon National
bank and the Union Trust company
of Pittsburg. Anglo & "London Paris
Nationwl b;ink. San Francisco, and the
First National, bank in St. Louis, the
National City company being the syn
As a sinking fund, kingdom of Nor
way agrees to set aside annually the
uni of $1,000,000 in quarterly install
mpnts. commencing January 1, 1921.
The National City bank of New Tork,
as fiscal apent. will apply all sums
received by it on account of the sink
ing fund prior to August 1, 19.10. to
ward the purchase of the bonds in
the open market if obtainable at-not
more than 110 and interest. Any bal
unw remaining unapplied on August
1. 1930. will be nnnlied on Orinher 1
1930, to the redemption of bonds by
Jot at no. commencing April 1, 1933
nil semi-annually thereafter, einkini
fund payments will be applied to re
deem bonds by lot at 107Vi.
The bonds are redeemable as a
whole on any Interest date at 110
from October 1, 1923, to October
fit , 7
1 hh A H
Pauline Frederick as she appeara in
career, me motner of "Jiaoime X,"
TODAY'S FILM KEATTJIUSS.
Peoples George Walsh, "Sink
Libert y Charles Kay, "The
Columbia Thomas Meighan,
Rivoli "The Law of the Yu
kon." Majestic Paulino Frederick,
Star Virginia Faire, "Under
Circle Mae Murray, "On With
Globe Norma Talmadge, "She
LoVes and--She Lies." '
MOTHER LOVE is again the
basis for an emotional drama
of intAnsjK anneal t ti rl prinninir
force in "Madame X," the famous
French masterpiece whi&h in its
screen adaptation is showing this
week at the Majestic theater.
Pauline Frederick has the stellar
role of Alexandre Bisson's drama.
She has thrown herself unreservedly
into the part, creating "Madame X,
wonderful, beautiful, haggard, ter
rible and tragic by turns. Her make
up is perhaps a bit heavier than she
needs for her facial expressions and
each attitude she strikes is so elo
quent that artificial aids are to a
great 'extent unnecessary. Critics
who have watched Miss Frederick's
career, much of which has been built
on roles conspicuous for their emo
tional qualities, say without hesitation-
that- in this production she has
reached new heights.
Casson Ferguson plays with con
vincing realism Raymond Floriot who
unknowingly is responsible for his
mother's deed and unknowingly saves
her from the death she desires, bring
ing her as a substitute a son full of
adoration and love. All players are
remarkably well cast, William Court-
leigh portraying the father. Hardee
Kirkland the physician and friend.
1930. both dates inclusive, and at
107 from April 1, 1931. to maturity.
This is the first loan placed in this
country by Norway since the United
States entered the war, and it is pre
dicted that the high credit of Norway
and the attractive rate will give the
issue a ready sale. It is estimated
that the entire national debt of Nor
way is about one-eleventh of the
wealth of that country, and while
other countries were expending their
wealth in war undertakings the funds
of Norway have been used largely in
making internal improvements.
With a purchase of an additional
lot of bonds of the City of Astoria,
and warrants of the Sacramento and
San Joaquin Drainage district, Free-
an Smith & Camp company, bona
dealers of Portland and San Fran
cisco, feel that they are offering local
investors securities that will greatly
enhance in value within the next year
or upon a return to normal times.
The warrants are being sold to net
investors in excess of 8 per cent, and
the bonds of the City of Astoria are
being sold to net investors at as much
as 6.82 per cent and with no Income
tax to pay on either of these issues
both make a most attractive invest
ment. The bonds of the City of Astoria
are in three different series, the first
series maturing from one to five
years, the second series maturing
from one to ten years and the third
series' maturing from one to 20 years.
The Issue is 6 per cent bonds, selling
at a price of 99 for any maturities.
They are In $500 and $1000 denomina
tions. Astoria is the third largest
city ,jn the state and second in com
mercial Importance. The salmon in
dustry has its center in Astoria and
the citiy occupies a prominent posi
tion in the lumber industry. Bank
deposits alone aggregate $8,000,000.
The warrants of the Sacramento
and San Joaquin Drainage district
were issued to finance the work as it
progresses. They are signed by the
state treasurer of California and call
able by him about July. 1921. The
California board of control has pur
chased $300,000. These warrants bear
7 per cent and are sold at a price to
yield fnvestors more "than 8 per cent.
Among the new offerings of the
Ralph Schneeloch company, with of
fices in the Lumbermens building, are
$2,000,000 state of Oregon 4V4 per cent
highway bonds, dated October 1. 1920,
maturing serially October 1, 1925 to
1945, offered at prioes to yield 5.50
per cent on 1925 to 1929 maturities;
5.25 per cent on 1920 to 134 maturi
ties; 5.15 per cent on 1935 to, 1945 ma
turities; city ot Knterprise S per cent
bonds, dated April 1, 1920. maturing
1922 to 1926, which are being offered
at prices to yield 6.25 per cent; Mal
heur county, school district No. 26.
maturing September 1, 1940, optional
September 1, 1930, which are offered
at par and interest yielding 6 per
cent; province of Saskatchewan 4 per
cent sterling loan bonds, maturing
July 1, 1923, at prices to yield 7.75
per cent. This company reports a
brisk sale on Argentina government
5 per cent external sterling loan
bonds, which are being offered at
prices to yield from 7.20 per cent to
16.25 per cent, at current rates of ex
change, dependent upon date of re
demption. Any improvement in the;
price of sterling exchange will in
crease the yield of these bonds pro-1
Morris Brothers Inc. have been
authorized by the county commission-1
era of Multnomah county to purchase
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lit, IS f.V
the moat emotional role of her ncrees
snowing mis vreeK at Majestic.
and other equally prominent persons
in important and smaller roles.
Cecil Teague has found wonder
fully expressive selections for the
musical background to "Madame X."
During the climax scenes in the court
room he played the Meditation from
"Thais" in such a way that it greatly
resembled a violin solo replete with
vibrant sympathy. Following this
during the scenes in which the mother
is vindicated and Raymond learns her
identity he played "Als die Alte Mut
ter," an equally happy and satisfying
Carmel Myers is now busy with
the filming of the Universal feature,
"The Orcnid," which is based on a
magazine story by Margaret C. Storrs.
Frank Elliott, English actor, writer
and traveler, who spent several years
at Monte Carlo, called on Erich Von
Stroheim the other day and was
shown several reels of "rushes" from
Von's current production "Foolish
Wives." He declared the Monte Carlo
atmosphere to be perfect irt every de
tail' and that anyone" who did not
know the picture was made in Cali
fornia would be under the impression
that the scenes and locations were
filmed at the famous resort on the
Nell Shlpman is busy filming "The
Girl from God's Country," which will
be sent to the screen by W. H. Clune,
producer of "Ramona."
Marshall Neilan's next picture, based
on Ben Ames Williams' story, "Not
a Drum Was Heard," will go to the
silver sheet as "Pards." James Kirk
wood and Pat O'Mally will portray
the principal roles.
Wallace Beery will enact the part
of Lieutenant-Colonel von Richtofen,
the villainous German commander in
Vincente Blasco Ibanez's famous
story, "The Four Horsemen of the
Apocalypse," which is being filmed at
the Metro studio In Hollywood, Cal.
on account of the county not to exceed
$50,000 of the bridge bonds issued
for construction of the interstate span.
Sucn maturities as the firm may be
able to obtain at a price that will yield
the county not less than 5.25 per cent
interest will govern the transaction.
Under this arrangement the county
will be saved a considerable sum of
The State Bank of Hubbard has re
cently made some changes in its
counting room to better serve its
patrons, installing a new burcrlar-
proof safe and adapting one of its
vaults to safety deposit boxes, re
cently installed. A modern heating
piant nas also Been installed.
Washington Fair Gets $53,000.
TAKIMA, Wash., Oct. 3. Total re
ceipts of the 1920 Washington state
fair were $53,000, of which $10,000
was from concessions and $43,000
from gate receipts, according to a re
port today by G. C. Findley, secretary
of the fair. This is $10,000 more than
the 1919 receipts.
' Develop An
Asset Out of a
IDLE property is ex
A pensive to have and
But if put to work by
erecting- a proper type
of building the prop
erty is turned into a
vestment and begins
working- at a profit
able rate of interest.
We manage and de
Strong 6 MacNaughtonl
POTloj LOOBtTT BUH.OIMC U oetoox
Which do you value more
principal or interest? Our
methods assure SAFETY
to purchasers of our First Mort
gages. Our service assures
prompt payment in full at ma
turity. , . '
Available in denominations of $100
Western Bond & Mortgage Co.,
Main 113 80 Fourth St.
0 HARBORS MEET
200 Expected for Opening of
MANY SPEAKERS SLATED
Purpose of Meeting to Promote In
terest and Co-operation in
Numerous delegates to the north
west rivers and harbors convention,
which opens its two-day session in
Portland this morning, arrived last
night and were registered from
scores of points in Oregon and Wash
ington. Many others are expected
early today, and it is believed that
noteless than 200 will register before
the convention is called to order.
The purpose uf the convention is
to promote interest and co-operation
in port development and the commer
cial use of inland waterways, in or
der to supplement inadequate rail
facilities. Both congestion of traffic
and increased freight rates, of equal
and alarming moment to shippers, are
assigned as reasons for the considera
tion of a broadened rivers and har
bors programme. Many speakers who
are widely known as port enthusiasts
and authorities will address the con
vention, which intends to unify the
interests of the northwest and obtain
co-operative action on the part of
Meeting; Opens This Morning.
The meeting was called by the Ore
gon state chamber of commerce and
will be opened at 10 o clock this morn
ing by Charles Hall of Marshfield,
president of the state chamber. It
will plunge at once into discussion
of the problems before it.
Delegates will be in attendance,
from- Seattle, Tacoma. Aberdeen,
Everett, Astoria. Marshfield, North
Bend, Tillamook, Newport, Bandon,
Port Orford, Eugene. Corvallis. Al
bany, Salem, The Dalles, Wallula,
Pasco, Le.wiston, and many other
points of the Columbia river basin.
Programme Is Announced.
The programme for today is as fol
lows: Monday Moraine session, 10. Opening,
Churles Hall, president, Oregon State
Chamber ot Commerce; election of tem
porary president and secretary, appoint
ment of commltee on permanent organiza
tion: address o welcome. Mayor Baker of
Portland; response for Washington, Mayor
Clay, Everett, Wash.; response for Idaho;
response for Oregon, Earl Kilpatrick, Uni
versity of Oregon; "Waterway Develop
ment," Senator McNary; "Oregon Coast
Ports," "B. K. ytoile. chairman Port of As
toria commission, Astoria: discussion. -
Noon Luncheon, Portland Chamber of
Commerce; Charles Berg, president mem
bers' forum, presiding; "The Port." H. B.
Van Duzer, president Portland Chamber
of Commerce; 'Our Inland Waterways."
Marshall Shackelford,' field secretary; na
tional rivers and harbors congress; ad
dress, Representative Hadley, Bellinghaxn,
Afternoon session "The Rate Question
From a Commissioner's Viewpoint," Fred
A. Williams, Oregon public service com
mission: discussion; "The Vital Import
ance of Foreign Trade," Ansel R. Clark,
bureau of foreign and domestic commerce.
United States department of commerce.
New York; discussion; "Our Merchant Ma
rine," Senator Jones, Washington; general
discussion of Jones bill; "Needs of .Minor
Ports of Oregon." L.. E. Bean. Eugene;
discussion; "The Uses of the Columbia' and
Its Tributaries," Marshall 14. Dana of the
Oregon Journal, Portland; addresses by
Evening session 8 o'clock. Address, J.
B. Campbell, secretary Spokane Merchants
association: discussion: "How We Can Be
of H-eip to the National Rivers and Harbors
Congress." C. W. Hodson. Portland. Ore-
"Empress of Canada
22.00O Teas, Crass Register
ITINERARY AND FARES FROM
65 Third St..
b. s. "cm of topeka-
Sails 9:00 p. M., October 4. for Coos
Hay. Kurekut and ban i'ranclsco, con
necting with steamers to Aos Angeles
and ban Uiego. ,
PASSENGKR AND 'FREIGHT SER
TK'E TO MJSXH'O A.M KJiTKAI.
AMERICAN PORTS, FROM SAN
l-'KAKCISCO. VIA. 1SV S. "ttKACAO,"
Parifie ' Steamship Compui.r,
Ticket Offire 101 Third St.
Freight Offica Municipal Dock Na. t.
Phone Main 8381.
F'd'k VIU i
United St.' Oct. 21
IHi-ar 1 1... Not.
Hellig Olav Nov. It,
R.t.. The fhllher Agency. 702 24
Ava.. Seattle. Wash., or iocal Agent.
Astoria and. Way Points
Round trip dally (excrot Friday) I raves
Portland 7:10 A. M.v Aider-street dock,
uito Astoria 2 P. M., Havel dock. Fare
ft.vO each way. Special a la carte dining
service. Direct connection for soutb
beaches. Night boat daily. 8 P. M .. daily
except Sunday. The Harkin Transporta
tion Co. Main 1432. 541-22.
NEW ZEALAND AND SOUTH SEAS
via Taiilti and Karetongo. Mail and pas
senger service truna us Francisco, every
e days. -
cnion t. m. co. or mew Zealand.
S30 California St.. ban Francises),
r local steamsliiu and railroad ascadeat,
gon vice-president national rivers and har
bors congress: addresses by delegates.
DR. L0VEJ0Y FILLS PULPIT
Laurel wood Methodist Congrega
tion Hears Dry Talk.
Dr. Esther Pohl Lovejoy, candidate
for congress, laat night addressed a
community meeting: under the aus
pices of the Epworth league of
Laurelwood Methodist Episcopal
church, on the subject of prohibition
enforcement. She spoke at a union
service of dry workers in Lents Bap
tist church at S o'clock yesterday
Dr. Lovejoy has a large schedule
of meetings for this week, leadingr
up to a mass meeting; of organized
labor and the general public in the
main auditorium of the central library
building next Friday, night at 8
o'clock. At 10 o'clock this morning
she will speak to railroad workers in
their hall at Union avenue and Rod
ney streets; at 2:45 she will speak
to the members of the Mayflower
club in the Hotel Portland and at 9
o'clock tonight she will speak at the
East Side library.
TREK WESTWARD IN AUTO
Illinois Man Said to Be First of Col
ony Coming to Oregon.
J. E. Barto of North Chicago, 111.,
arrived in Portland Saturday with
his wife and three small children,
making the trip in a small truck.
He is bound for Lane county where
he has procured 160 acres of the Oregon-California
'Mr. Barto informed Secretary
Quayle of the Chamber of Commerce
that there are a considerable number
of North Chieago persons who are
contemplating locating in Oregon in
the near future and that he is really
the advance guard of a considerable
O. R. Lee Goes to Dairy Show.
O. H. Lee, president of the Colum
bia Dairy Products company of Van
couver, Wash., left last night to at
tend the National Dairy show in Chi
cago, October 7 to 16 inclusive. Air.
Lee expects to be gone about two
weeks during which time he will
study the most up-to-date methods of
manufacturing and marketing dairy
products in the central west. He will
also make a survey of financial and
4 EXTERNAL STERLING LOANS
Coupon bonds in denominations of 1000, 500, 200, 100, 20
Principal and Interest payable in -sterling in London, or may
be collected through our office.
Redeemable not later than 1956 by a Cumulative Sinking
Fund Direct general external obligation of the
Argentine, next to Brazil, is the largest country in South
America and from the standpoint of climate and soil is said
to present the most nearly perfect area that the world con
tains for the production of wheat, oats, corn and meat
products. Evidence of this is seen in the rapid growth in the
Cultivated area of the country which has increased in twenty
years from about 13,700,000 acres to 57,000,000 acres, and
in the last eight years the national wealth has increased from
9,820,000,000 to 13,865,000,000 United States dollars. Popu
lation in 1904 was 5,190,000, which has since increased to
9,300,000, or about 809. Its per capita wealth is estimated
at about $1500; its per capita debt about $83.
, Price and Complete Details on Application
At Current Rate of Exchange Is
7.20 to 16.25
Dependent Upon Date of Redemption
Increase in Sterling Exchange Will Increase Yield
(Ralph Schneeloch Company
'XUNTCIPAL AND CORPORATION FINANCE
. tUMBEfiMCHS SUlLOMS
and the future uncertain, the advan
tage of buying sound bonds becomes
0 Bonds can now be purchased to
yield a larger return than stocks. The
return is not only larger but much
The principal, likewise, is insured
against loss by the fact that the
equities are owned by stockholders
who must maintain the integrity and
take advantage of present investment
Send for list S-27 of sound, bonds
yielding 7 to 8 per cent.
Blyth. Witter. & Co.
UNITED STATES GCNERHMEBT KUNIOPAI. AHD CORPORATOR BONDS
YEON BUILDING, PORTLAND, ORE.
Telephone Main 8183
San Francisco Seattle New York Los Angeles
Trade With the Orient
With correspondents of the highest standing in China, Japan,
India, and other countries of the Orient, and branches in all the
principal ports on the Pacific Coast of North America, this
branch is excellently equipped to serve the interests of the grow
ing trade with the Orient.
The Canadian Bank of Commerce
Fourth and Stark Streets, Portland, Oregon
Four hundred and eighty-fiTe Branches in Canada, also Branches
in London, England; Mexico City, Mexico; Havana, Cuba; Kings
ton, Jamaicaother Branches will be opened shortly in Central
and South America and British West Indies.
RODENT PEST DRAWS FIRE'
GOVERNMENT IS EXPECTED TO
SEXD EXPERT TO OREOOX.
Vernon Bailey, Federal Biologist,
Makes Report on Damage
Done In This State.
An expert from the United States
department of biology at Washington,
D. C. is expected to be sent to Ore
gon to direct a campaign for the ex
termination of gray diggers, pocket
gophers and other destructive ro
dents, it was announced yesterday, as
the result of an investigation of these
rodentn which has been made in Ore
gon by Vernon Bailey, biologist of the
U. S. department of biology.
Mr. Bailey announced that he had
found these rodents oarticularly nu
merous and .destructive in the Wil
lamette valley and there was great
need for a campaign to curb their ac
tivities. He is forwarding a report
on the situation to his headquarters
at Washington, D. C. .
Mr. Bailey has been accompanied on
his investigation trip here by his
wife, Mrs. Florence Merriam Bailey,
author of a number of books on birds,
including "Handbook of Western
Birds," which is used as a textbook
in numerous colleges. Mrs. Bailey has
been studying birds in the regions
covered. The two have made investi
gations in the Malheur lake region
and the Willamette valley and visited
Three Arch rocks near Tillamook,
which was set aside in 1908 as a bird
reservation by President KooseveU.
The two lectured at the central li
brary Saturday night in the lecture
course of the Oregon Audubon so
ciety. From here they will go to Cal
ifornia where they will continue their
-. Mr. and Mrs. Bailey were accom
panied during a portion of their in
vestigations here by H. F. Stone, in
charge of national bird reservations
in the United States; Dr. IS. W. Nel
son, chairman of the biological sur
vey, who has been on a trip to Alaska,
and Stanley Jewett. head of the north
west predatory animal bureau, which
has as its mission the extermination
of predatory animals, and Mrs.
Exempt From Canadian Government Tax
$105,500 General Obligation Gold Notes
CITY of EDMONTON
In addition to brina; General Obligation Kotm, Ihm nre aernrrd by
lone-time debenture totaling S2,594,420.0U.
Xet debenture debt 9 44$ 9.(7 ou
Revenue from public utilities (above cost ot operation") TH7;773 00
Net local improvement debt 3 0-46 TtKj OO
THE CITT OF
2. 70 ? Population; municipally-owned and operated Lishtln.
I IL"!t'ays' Telephone System and Waterworks; Great
larminB lanos In Canada surrounding it; the trade of a vast asrlcul-
Dated September 1, 1920.
Maturities as fo'.lows:
. 94. S2
M7.1K due Sept. 1, 12
td.OiO due Sept 1. 1".'";!
11,400 due Sept. 1. lu-4. .
Telephone or Telegraph Orders at Our Expense
MORRIS BROTHERS, Inc.
"The -Premier M
3nu-l'i Stark St.
Estublbtlied Over a Miturter Century
Capital Over Million Dollar
Merchant National Hank liiilg
au Jt'ranuco, Cal.
Dated February 1, 1920
Principal and seml-anninl interest (Feb. 1 anrl u li r,;. v-jl.io , ,hi
office of the City Treasurer, Astoria, Or., or through the offices of
rieeman, mun or lamp to.
Population, 1910 census 9,599
These bonds are a general obligation of the city.
Legality approved by Teal, Minor & Winfree, Portland, Oregon.
Exempt from all Federal income taxes. Legal investment for Savings
Banks and Trust funds and legal security for public funds in Oregon.
Price teret Yo5'anyd m;:.C.05 to
llvw J J tunty. to yield about f IV il al.ove
Income Tax Exempt. Wire orders "collect."
Cash or Partial Payment Plan.
Second FloorJKs Main 64-6
NORTHWESTERN BANK BLDG.
County lo Diking
Due Nov., 1922-36
Price to Yield lr0
INCOME TAX EXEMPT
1 8 Eligible to secure public funds
j I in Washington. Legal for Ore-
" I B : fron and Washington Savings
0 Bank Funds.
H Order by Phone, Wire, Letter, or Call F
I BOND DEPT. j
, SSSj lirlaf-Snpprvi&lon.rHn5aarkjnfgar(iTtP t .
S Bonds- Commercial and Savings Accounts Trusts S
I BROADWAY, AND OAK 3
vuariDK 10 ana larouga its limits.
Denominations f 100, foOO, $1000.
Principal and semi-annual Interest
t March 1 and September 1 pay
able In Uoid Coin or the United
States in New York and at the oi
Xice of Morris 13rothera, Inc.
un i itu I ,t..n H 11
Main 7 '.'7.
1. 1929 6.16'o
Meld Alio lit
1, 1935 6.10',
193 6 6.09
6 0 00
Population, 1920 censuss 14,027
Subject to Allotment
Solvay & Co.
7-Yr. 8 Secured
Price to Yield 8
This company is the world's
largest manufacturer of soda
Issue $10,000,000. Secured by
collateral valued at $21,000,
000. Net assets, $70,000,000.