Morning Oregonian., February 21, 1921, Page 15, Image 15

THE - BIORXIXG OREGOXIAX, MONDAY, FEBRUARY 21, 1921
LOI CICELLAT1
OPPOSED BY BANKER
Emery Olmstead Says Allies
Should Pay Debts.
QUICK ACTION IS URGED
50-Year Xotes Sng-gested as One
3iethxJ by Which America Can
Stabilize World Credit.
WTiether or not the Unltc-d States
government should cancel the loana
made to the allies during: the war,
aggregating- approximately 110,000,
000,000. is one of the livest topics of
the day in financial circles all over
the country. It is a question that
presents many important phases and
undoubtedly will receive special at
tention as soon as the Hardin? fi-d
ministration goes into power. There
have been many rumors and state
ments as to what will transpire, but
to date there has been no official
declaration of policy on this score.
Emery Olmstead, president of the
Northwestern National bank of Port
land, is emphatically of the opinion
that to cancel the loans would be
snout unwise. It would, he contends,
prove a poor policy, viewed from
many ansles. but most of all from
the standpoint of the allies them
elves. leather than take such ac
tion, he ausrests the issuance of
long-time notes, backed by the United
(states government, to be Bold to the
people on proper terms.
"It does not seem to me possible
that any of our allies would care for
the United States government to can
cel the loans." said Mr. Olmstead.
"It would savor entirely too much of
charity and would injure their difr
tiity and standing, it seems to me.
"What 1 would like to see is for our
government to issue long-time notes
60 years, if necessary and sell them
to the people on a guarantee. That
would cive our allies ample time in
which to readjust their finances
without working a hardship.
"It seems to me that some such
plan as that would be a whole lot
better for our allies and every one
concerned than to cancel the loans.
International credit is a very impor
tant thing, and to treat such a subject
as charity would. I think, be a very
bed policy all around. Some solution
of the problem will have to be worked
' out as quickly as possible by the
Harding administration, for it is
necessary that there be prompt dis
position of the question before the
nations can arrive at a sound finan
cial basis.
hi;h Interest-bearing securities of de
sirable types is rapidly passing."
More than $500,000 of the $1,000,000
Issue of 8 per cent five - year gold
notes of the Portland Railway, Light
& Power company have been eold to
Oregon people, according to an
nouncement by Franklin T. Griffith,
president, yesterday.
"Within the first five days of the
sale we have disposed of more than
half of the issue," said Mr. Griffith.
"There Is keen Interest In the issue,
and so far the pople have shown that
they are willing, if afforded, an op
portunity, to put their money into
home investments, such as our cor
poration." .
The lobby of the Ladd & Tilton
bank was the scene of a big dance
last Thursday night, when members
of the Ladd Bank club carried out
the unique idea of having their
"party" right at home. Officers and
members refused admittance to dull
care. W. E. Ferguson, cartoonist,
created much amusement by his
clever caricatures. Refreshments were
served on the mezzanine floor.
AD CLUB TO BOOST
1
PROOUGTS
City-Wide Campaign Planned
for This Afternoon.
PUBLIC URGED TO HELP
A. L. Mills, president of the First
National bank of Portland, will be in
New York this week to assist in or
ganizing the foreign finance corpora
tion which is to extend large credits
to countries overseas, and thereby as
sist In building up the foreign trade
of the United States. He will return
to Portland about March 4.
Mark Skinner, vice-president of the
Northwestern National bank, has just
returned from a visit to his former
home in St. Paul. He learned from
conversations with leading financiers
of the middle west that there has
been but little change for the better
since last October. Crop movements
have been insignificant. It will re
quire time and patience on the part
of all concerned, he said, to bring a
return to normal conditions.
Merchants of Portland Will
Asked to Induce Patrons' to
Use Home-Made Goods.
Be
John Burke, formerly treasurer of
the United States, has joined the firm
of Kardos & Co., and it is now known
as Kardos & Burke, headquarters of
which are 32 Broadway, with branches
In Chicago. Pittsburg and Philadel
phia. Mr. Burke, who ia a brother of
Judge Thomas Carrick Burke, long a
resident of Portland, but now of New
Tork, is writing editorials for a fi
nancial bulletin issued by bio com
pany. Following is the "lead" editorial In
the latest issue of the bulletin, headed
Optimism Without Exuberance":
"Sanity Is the watchword. Sane
methods, sound thought, constructive
ideas, conscientious worir with a fair
return for a fair effort or risk, is the
keynote of the present and the foun
dation upon which the outlook for the
future is based. The necessary clip
ping of the ragged edges in the busi
ness structure is going on. Those In
dustries whose paralyzation was car
ried too far through the fear of a
general demoralisation are recovering
the over-deflated ground, and activi
ties are seeking a level commensu
rate with their real position.
"Those industries extraordinarily
overextended have taken the worst of
their medicine and are beginning to
feel better already. A few that fought
against the tide are realising one by
one that they are no exception to th
general readjustment rule, and are
slowly but surely swinging into line
In short, the ship that pitched and
rolled on dangerous seas is slowly
gaining its equilibrium as calmer
w iters are being reached.
"Not that the good ship Business
has stopped its Bwaying altogether.
The sea is still choppy and in some
places actually rough, but the worst
of the storm seems over, and a safe
journey to Port Prosperity seems as
sured. Jolts and set-backs are natu
ral and are expected, and while we
do not expect to travel at the dan
gerous pace set during 1919 and the
early part of 1920. the tiaveling will
be slower but the destination reached
with less trouble and worry.
"General business conditions un
doubtedly show distinct improvement
in most lines, but the resumption of
activities is being undertaken cau
tiously. Buying consists of purchase
for current needs. Factoiy operations
are being undertaken to hold organl
sations together. This business may
not be profitable but It at least lays
the foundation for further construe
tive work,"
Dunns the last few weeks eco-
eomic conditions have so clarified
that it is possible to forecast condi
tions affecting bonds with fair ac
curacy. Reports received directly by
the Lumbermena Trust company from
hundreds of banks throughout the
country, as well as information com
piled by leading financial writers. In
alcate that there Is every liklihood of
an advance of high-price bonds and
an active market as well this year,
according to James Lynch, vice-president
of the bank.
Although the price advances will
probably not be great, students of the
market are practically a unit in de
claring that the trend will be up
ward and should continue for some
time to come.
"An active bond market and advancing-
prices can be expected as a
direct result of liquldition and de
flation in industrial and mercantile
lines," said Mr. Lynch. This defla
tion, while painful to many, is at the
same time relypsing considerable
capital for use outside these lines.
With costs cut aanywhere from 20 to
60 per cent, for example, a merchant
can carry his normal stock with just
that much less capital outlay. This
of course, has a direct effect upon the
credit demands and interest rates, in
response to the old rule of supply and
demand.
"Incidentally, It brings two factors
into play. Insofar aa affects bonds.
Ibe first is the natural desire of in
vestors to secure their money and a
good interest return; the second is
the tendency to Invest the low-priced
dollar in securities with a view of
enjoying the Increase in the purchase
power of such Investment income
later.
"In short, the Investor has begun
to look about for securities that will
steadily grow in buying power. In
this oonnection, there is a marked
tendency on the part of investors to
seek long-term, high-yielding bonds.
They are acting apparently on - the
well-founded belief that the period of j
CENTRALIAN IS HONORED
Klery H. Holesapple Rescues Sol
dier, Braving Bullet Storm.
CKNTRALIA, Wwh Feb. 20
(Special.) Elery H. Holesapple, who
is visiting at the nome of George
Wooton at Dryad, has Just received
a citation from tne war department
for "gallantry In action." On Octo
ber 5, 191S. during the Meuse-Argonne
offensive, the soldier and three com
rades volunteered to traverse a bul
let-swept field and rescue a wounded
doughboy. Holesapple's three com
rades were killed and he himself se
verely wounded, but the man they
rescued is alive today.
Holesapple went to France with the
161st infantry. He took part in four
major and two minor engagements,
and after the armistice was signed
went into Germany with the array
of occupation.
SHRINERS TO GIVE BALL
Members of Hood River Club Will
Entertain This Spring.
HOOD RIVER. Or., Feb. 20. (Spe
cial.) George H. McMullan, president
of the Hood River Shrine club, who
returned yesterday from a conference
with Potentate Grant of Al Kader
Temple of the Mystic Shrine in Port
land, stated that members of the
local club would be hosts at a ball
here the last week of March or the
first week of April. A meeting of the
local nobles will be held the middle
of the week to set a definite date.
Mr. Grant, accompanied by the Al
Kader chanters, and many members of
Al Kader temple and their wives will
be guests of the local Shrine club for
the party.
KALAMA SEEKS SCHOOLS
Business Men Also Desire Big Mu
nicipal Building.
KALAMA. Wash.. Feb. 20. (Spe
cial.) The Business Men's club took
up the matter of obtaining better
schoolhouses at their meeting Monday
night. Plans to build a new high
school building and to remodel the
old building were discusse-.
Speakers said that a large munici
pal building was needed.
A committee was appointed to con
fer with the Northern Pacific railway
officials about a new statu -..
The club will assist at banquet
for the American Legion members
who will gather here Saturday, Feb
ruary 26, from all over the southwest
to attend a conference.
10-CENT FARE HELD LOSS
Tacoma Company, However, Says
It Contemplates Xo Lift.
TACOMA, Wash.. Feb. 10 (Spe
cial.) Although statistics compiled
by the Tacoma Railway & Power
company at the end of six months
under the present 10-cent cash, 8-
cent ticket street-car fare system
showed that the company was riot
making enough above operating ex
penses to pay interest on Its indebt
edness. Manager Sullivan stated that
the company did not contemplate
asking for an increase in fares.
An effort will be made by the com
pany to get more persons to ride in
the street cars.
The sale of Oregon products and
manufactured goods In Portland will
be boosted as the result of a city'
wide canvass to be put over this
afternoon by the Portland Ad club
as a feature of which every merchant
in the city will be visited by teams
representing that organization, and
urged to co-operate in encouraging
the general public in patronizing the
home manufacturer, and thus keeping
Oregon smokestacks smoking.
The campaign, it is predicted, will
mean that any business depression
and unemployment from which this
city may be suffering will be effect
ually done away with, and Portland
put on the map as the most prosper
ous city in the country.
Portland, it is admitted, has suf
fered less from the lull in business
and the unemployment than any
other city of the west, but the Port
land Ad club and Portland business
men are not satisfied with that. They
hope to get the general public behind
the local manufacturer in such a
manner that not only will the pros
perity of Portland be advertised all
over the world, but that the name of
this city will go out as the most de
sirable for the establishment of sew
factories.
Manufacturing to Be Developed.
"Portland is now starting on
period of manufacturing develop
ment of an unusual character," sa'd
E. A. Clark, head of the Ad club com
mittce. "With the proper co-opera
tion of the general public we can
make this development continue
until this city will be supreme as the
Industrial center of the Pacific north
west."
The campaign today will begin
after the meeting of the members'
forum of the Chamber of Commerce.
The Portland Ad club members will
lunch en masse at that time with the
Chamber of Commerce and following
the lunch will be distributed in teams
throughout the city for the intensive
canvass. Members of the Chamber of
Commerce and of the Associated In
dustries of Oregon have also been
invited to participate in the cam
paife-n.
City Divided Into Precinct.
The committee in charge has dis
tricted the city according to pre
cincts. and a team will be sent to
operate in each of - these districts.
Every merchant will be called upon
and asked to encourage among his
customers the use of Oregon manu
factured goods, quality and price
being equal. No merchant will be
asked to boost the sale of an Oregon
product which he considers inferior
in quality, or which is higher in price
than articles of other manufacture.
The benefit to be derived from sup
porting the consumption of Oregon
products and thereby keeping Oregon
payrolls at a maximum, will be point
ed out to the merchant. The fact
that the prosperity of the industrial
and working classes goes hand in
hand with the general business pros
perity of the city and state will be
put up to him, and he will be asked
to sign a communication agreeing to
co-operate in the big plan of selling
Oregon products throughout the city
and to the state at large.
Talk Declared Insufficient.
In addition each merchant will be
questioned with reference to the vol
ume of home made goods he is al
ready handling and the varieties of
products, the plan being to use the
Information with a view to'putting
on the market as never before the
Oregon-manufactured articles.
"We talk a lot about supporting
the home manufacturer and stimulat
ing prosperity, but that is not
enough," said Mr. Clark. "Now Is the
time to act. If we can get every
merchant in the city solidly behind
the movement for the sale of Oregon
goods, and have the co-operation of
the general public to such an extent
that they will ask for the Oregon
product when they make their pur
chsses, we need no longer wait for
a return of prosperity and employ
ment We will have it.' It is up to
us as residents of Portland and Ore
gon whether we want good business
conditions or mediocre business con
ditions, and whether we want all our
men employed or only part of them."
Committee Heads Move.
It Is estimated that it will require
but two or three hours today to make
the complete canvass of the city and
put the matter definitely up to every
Portland merchant. The success of
the campaign will depend largely on
the manner in which the merchants
and the general public co-operate in
the movement
Today's campaign is in tne hands
of an Ad dub committee consisting
of E. A. Clark, R. A. Volheim, E. C.
Johnson, A. V. Wells, Vernon C. Scott,
Tom Gerber, C. A. Houghtaling, A. G.
Clark and Ira Wight.
CHEESE OUTPUT CLIMBS
TILLAMOOK PRODUCES 6,434,.
600 POCXDS DURIXG 1920..
Gain Over 1919 345,341 Pounds;
Improving Quality Is Urged
for Year's Goal. "
The total output of cheese manu
factured In Tillamook county last
year was 6.434,600 pounds, according
to the report of D. R. Tinnerstet,
deputy dairy and food commissioner
for Tillamook county. This output
represents a gain over the 1919 out
put of 345,341 pounds, according to
Mr. Tinnerstet.
In discussing the advancement of
the dairy industry Mr. Tinnerstet said
in his report:
"The advancement of the dairy In
dustry depends not only upon Im
proving the dairy herds so as to get
the highest producing cows, but also
upon improvement of the methods
employed in caring for the cows,
barns, utensils and milk. A success
ful dairyman not only alms at in
creased production, but at all times
strives to improve the quality of the
product.
"The most effective and at the same
time instructive test to the dairy
man is the sediment test which shows
to the patron without argument the
exact amount of sediment or dirt in
each pint of milk he is delivering to
the factory and is in dearly every
instance a fair sample or proof of the
cleanliness and sanitary condition of
the. dairy from which it came."
Mr. Tinnerstet reports that there
are now 29 oheese factories in the
Tillamook country of which 25 are
operated under the supervision of thi
Tillamook County Creamery associa
tion. There are 698 dairies in th
county and 13.590 dairy cows.
XEW RUST REMOVER FOCXD
Boad Department
Chile's debt is one
of the world's smallest.
Unlike most governments, Chile has been decreasing; her
. national debt instead of increasing; it. With a population
of over 4,000,000 people, her debt averages about $40
per capita one of the lowest of any nation. America's
debt is veri $200 per capita.
For an Exceptional Strong Security
and High Yield We Recommend
s these x
20-Year 8 Gold Bonds
REPUBLIC OF CHILE
Payable in U. S. Gold Coin
Due February, 1941.
Are retirable at 110 up to 1931, and at 105 thereafter.
PRICE 99
TO YIELD OVER
8
tkust Company
BROADWAY AND OAK
IS
Newport Doctor Seeks Bucking lor
Product.
Dr. W. M. Berry of Newport, Or
is in Portland in the effort to in
terest some industrial establishments
in a new rust remover which he has
perfected as the result of experiments
at his laboratory.
Pieces of rusted Iron treated with
hLs remover show that the rust is
eaten cleanly away without damage
to the iron. He says that the solu
tion necessary for the removal ol
rust can be manufactured so cheap
that it could be used in large quan
titles.
He is registered at the Oregon.
We Orrm aad Offer
OREGON COUNTY BONDS
GENERAL OBLIGATIONS.
Serial Maturities Ranging From ISttS to 1835.
' PRICK: PAR TO NET e7. .
laanlrles Invited.
Carstens & Earles, Incorporated
San Franrlseo
Loa Ans;ele
Entabllataed 1891.
Ctrtramrat, Municipal and Corporation Bonds,
u. B. naiionai uanK mac
Portland, Orea-nn.
Broadway 4108.
Seattle
Spokane
CITY OF ENTERPRISE, OR.
6 General Obligation Imp. Bonds
PRICE 99.00 uETLD 6.14 T0 7.
Fish Plant in State Proposed.
A fish dehydration plant for Ore-
eon is proposed by A. F. Spawn of
Vancouver, B. C, who is In the city
conferring with officials of the Kiag's
Food Products company and other
business men of the city. He hopes
to be able to interest Oregon men in
the proposition. Mr. Spawn started
food dehydration experiments many
years ago and has worked out-a sys
tem of his own. He is 80 years old.
but ia planning for his fourth trip
around the world in the interesU
of food dehydration.
Taxes Paid in Wheat, Plea.
MADRID, Feb. 20. Farmers have
sent a petition to the government re
questing permission to pay their In
come tax in produce instead of money,
which they declare they lack. Liberal
newspapers protest against such an
arrangement, which, they say, would
allow the farmers to reckon wheat at
the prevailing high prices when pay
ing their taxes, at the same time as
sisting them to maintain on the Pub
lic markets the extravagant war-time
prices.
The island of Guadeloupe is to
have an electric railway 118 miles
long, two waterfalls being harnessed
to provide the power.
as
'J
9
Dated
Jan. 1, 1921
DENOM. $500
Due
Jan. 1, 1921 to 1931.
Ralph Schneelqch Co.
MUHraWaAOT CORPORATION rWANIX
LUMBEBMENB BUILDING
POKTUIND, OREOW.
5
s
I
SI
Protect the
Business You Have!
In a buyer's market, manufacturers and
wholesalers should concentrate their effort
on selling activities.
Credits to those buyers whose financial and
paying ability warrant it, can be made
with greater confidence if the manufacturer
or wholesaler has the Unlimited Policy of
The American Company, which guaran
tees to prevent, else pay, bad debt losses
beyond the normal.
There's no obligation in investigating, and
you'll find our representatives courteous and
to the point. May we have an interview?
Please write or phone today.
Paymtnts U PtbctixUdtrt rutr $10,000,000.00
X AMERICAN CREDIT-INDEMNITY CO.
of NEW YORK E.M. TREAT, president
ISSUES STANDARD UNUNITED POLICIES
H. T. MacRILL, General Agent
Board of Trade Bid?. Phone: Main 1179
Portland, Oregon
RELIEF BANQUET PLATES ARE
SOLD AT 100 EACH.
American Committee to Aid Erin
Gives Dinner in Chicago.
Problems Are Discussed.
CHICAGO. Feb. 20. Five hundred
persons last night raised S50,0O0,for
relief work In Ireland by paying $100
each for a dinner given by the Amer
ican committee for relief in Ireland.
Senator Walsh of Massachusetts, in
an address, said that while no Amer
ican held any Ill-feeling against the
English people or desired to create
d'.ssentlon between England and the
Lnited States, this country could not
maintain a hands-off policy &b to
Ireland.
'The Deoole of Ireland are passing
through the valley of death," he said.
More than 100 towns nave oeen
burned and destroyed. Nearly a
quarter of a billion dollars' worth of
property has been confiscated. More
than 200.000 men, women and child
ren are in need. Industry has been
destroyed.
No American aares to tmmt or
bringing about any Incident in re
la (i o n b hlmitlHitwmildleiidtoserloiis
Safes Save Treasure in Fire.
ABERDEEN, Wash., Feb. 20. (Spe
cial.) Two safes, their contents in
tact, have been taken from the ruins
of Thursday's fire at Elma. Mike
Karazanas of the Tavern cafe, and
Ford Bros., owners of a pool room.
left the safes exposed to allow the
contents to cool. Karazanas had sev
eral thousand dollars in bonds in his
safe. v
Kelso Port Election March 19.
KELSO, Wash., Feb. 20. (Special.)
The board of county commissioners
of Cowlitz county has set the date
for the election to organize the Port
of Kelso for Saturday, March 19. The
voters of the district cast an over
whelming majority for organization
of the district in 1920, but because of
technical errors the election was void.
6to8H
MUNICIPAL BONDS
CITY AND FARM
MORTGAGES
SHORT TERM
COMMERCIAL PAPER
We buy and sell
Liberty Bonds.
Western Bond &
Mortgage Co.
Gronnd Floor.
Board of Trade Bids;.
Main 113 80 Fonrtk St.
misunderstanding between England
and the United States. It is because
we desire friendship between our na
tion and Great Britain that we seek
to impress on England the necessity
of ending the unhappy state of Ire
land. "But neither America or any other
civilized nation can stand idly by
and allow the conflagration to sweep
through Ireland. The policy of
'hands off Is a policy of stagnation
and death.
"America cannot but feel a real
concern and cannot complacently
watch a situation in part of the world
when millions of Americans of Irish
blood will know no contentment or
happiness until peace is restored and
suffering ended among their kindred."
There are about 40.000 square miles
of virgin forest and about 20.000
square miles of second growth tim
ber In the Philippines.
We own and offer for immediate delivery:
ADAMS COUNTY
IDAHO
GENERAL OBLIGATION
6 BONDS
Due July 1, 1934-39
Income Tax Exempt
PAR TO NET 6.00
A general obligation of a productive county which
has a small debt and a wealth of natural resources.
Call for Circular. Phone Broadway 5800.
Portland KEELER BROTHERS Denver
Investment Securities
UNITED STATES NATIONAL BANK BUILDING
We own and offer for immediate delivery the fol-
Sound Advice
"High-grade, long-term railroad, industrial, public utility and government issues, which
carry the best investment ratings, will, duringl92I, undergo a steady advance in
price, and such advance will, disregarding temporary fluctuations, continue Well be
yond the close of the present year." JOHN Moody's 1921 FORECAST.
A complimentary copy of the Moody Fore
cast, valuable and interesting to every investor.
' may be had upon application at our office.
ATTRACTIVE LONG-TERM BONDS
Public Utility ' Price
Ohio Power Company 1st and Refunding
7s, due. January 1. 1951 95.25
Foreign Government
Republic of Chile 8s, due February 1 . 1 94 1 99 . 00
Industrial
Portland Flouring Mills Company 1 st Mort
gage 8s. due February 1. 1936 100.00
Yield
7,4Q?o
8.10!
8.00
The Portland Flouring Mills issue of 15-year First-Mortgage 8s is particularly at
tractive to investors seeking a local investment. The company is sound, long estab
lished and the largest producer of flour in the Northwest It is a producer of es
sentials, supplying food for millions. Ask today for additional information.
h We offer the unsold portion I
. .. of our allotment of i
Republic
of Chile j
IZU-Ir. Sicking fund S s
at GQ to yield a mini- I
)J mum of 8.13 up g
to a possible 20 F
to accord with the I
operation of the E
sinking fund. a
There will be retired annually B
$1,200,000 by sinking fund pur- H
chase or by lot at 110 the first H
ten years and 105 the next ten H
year a. SI
SMJTH -HOUND
FLOOH CAMP f
Firm and tis GO. n
-war B74 jjj
I w I
III
lowing bonds:
Rate Maturity Yield
Adams County, Wash., Roads.... Gs 1925 6.00
Douglas County, Wash., Roads... 6s 1923 6.00
Crook County, Oregon, Roads. ... 6s 1928 6.00
Multnomah Co. Drainage Dist.
No. 1 5 Vis 1938 6.00
British Columbia, Province of . 6s 1925 7.30
Manitoba, Province of 6s 1925 7.30
Greater Winnipeg Water Dist.... 5s 1923 8.00
Municipal Bond Department
Commerce Mortgage Securities Company
Chamber of Commerce Bldg., 91 Third Street
Phone: Main 3067
7 $14,000
Farm Mortgage Notes
NETTING 7 NETTING
Secured by 300 Aerea Agricultural Land, All Tillable, in the Famoua
WHITE NALMOX VALLEY.
Valuation of Ranch 40.000
Mortgage Debt $14,000
Denomination J300 and $1000. Interest Payable Semi-Annually. Full
Information C'pon Request.
Pacific Coast Mortgage Co.
810 RV. UXCH. UUIMJ. MAIN 7S.
Blvth, Witter, &. Co.
Telephone Main 8183
Ycon BIdg.. PORTLAND
SEATTLE - SAM FRANCISCO -US ANGELES- NEW YDR.IC
in-
by
TIE pleas
ures of
travel are
creased
placing the
care of invest
ments and
property with
those worthy
of such trust
Strong 6 Mac Nausto
CORBETT BUILOING
PORTLAND OREGON
Travelers Checks
We would direct the attention of Travelers and Tourists to our
facilities for equipping them with our Travelers' Checks which
are payable at all our branches, and correspondents throughout
the world. We can provide these cheques payable at Canadian,
New York or London, England, exchange, ia denominations of
?20, $50 and $100.
The Canadian Bank of Commerce
Portland Branch
Fourth and Stark Sts.
i ?i
Good Bulbars J
ftlwnys look. I
in the riovo drsil
Your valuable j
papers and j
, jowplry an?
n U.S. -Wo
i ssSA)' stool etna
concrete,
he United States
UllUIICU I XII IK
HERRIN & RHODES, INC.
Railway Exchange nidi. llala ISJ. j
Seattle, Portland, Taroma.
Fast rrlvat duplex wlr ccaitt to
roaAt. BtockH. Bouda, Grain, Cotton.
KoriBn Ib&chanfe.
ALL WABKETABI.B K KTl B ITI F.S.
Membars Chicago Doard of Trade.
Corraapondenta K. P. liuttoa aV Co.
M rmhrra
Kaw Tork Stnek Kxrhanara.
New Tork Coltcn Kxehanr.
Now Orlaana Cation kmianf a.
LIBERTY AMU TICTOEY BONUH.
Headquarter, for buying and aelllnc
all laauea. Lara or email tola.
Phone your want ads to Th Or.
Ionian, Mala 7070, Automatic (00-13.