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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Aug. 1, 1921)
TTTE MOltXIXG OREGONIAX. MONDAY, AUGUST 1, 1921 15 ELECTRIC COMPANY BEGINS SALE TGDAY Stock Worth $1,000,000 to Be Placed oruMarket. 7.37 PER CENT PROMISED to bring: the farmer actively Into the market. Non-Callable, Securities Offered to Investing- Public at 9 5 by Northwestern. Net earnings of the Northwestern Electric company for the first four months of 1921 exceeded by $26,800 the dividend requirements for the entire year on the present outstanding issue of its preferred stock. It is on this basis that eales of additional pre ferred stock to the value of Jl.000.000 will be made to the public, starting today. The forthcoming stock issue will be cumulative 7 per cent stock and will sell at 95, making an interest return per annum of $7.37 per share. ComJ bined soundness of. investment with ' higrh interest return were declared by Northwestern officials to make the offering highly desirable from every ' standpoint. Because the stock is not callable, it was said to be more ad vantageous to investors than securi ties subject to call after an elapsed period. Combined advantages of modern machinery, maximum efficiency and good management were said to ac count for the high financial rating of the company. The enterprise has always been a profitable one and, in the hands of Herbert Fleishhacker, president, and his associates, it was declared likely to remain so. Mr. Fleishhacker is better known in the California power field than in th-j northwest. He is rated as the fore most power magnate on the coast. Not only is he head of San Fran cisco's largest bank, but he is presi dent of an electric company that supplies San Francisco, Sacramento and central California cities and towns with a population of 1,500,000 people with light and power. The Fleishhacker interests in the northwest are being expanded. The Northwestern stock issue is to pro vide extensions and additions to the present properties and to develop more power in Portland's tributary territory. The Northwestern has har nessed one river, the White Salmon, but it will develop two others, the Lewis and Klickitat. with power plants. By the time the 1925 exposi tion arrives it is expected the con cern will hring in perhaps double its present output of electric energy to Portland. In addition to its electrical busi ness, the company operates two steam plants that furnish community heat ing and cooking service to downtown Portland. In the seven years the steam distribution service has been in operation there has not been the slightest interruption. Always, when heat was wanted, it was on tap, and engineers of downtown buildings had but to turn a valve to heat their buildings. Approximately 200 smokestacks and chimneys have been eliminated from the city as the result of Northwestern steam service. This has not only re sulted materially in the reduction of smoke, ashes and dirt in the down town district, but has lessened the fire ha lard to a great extent. By reason of the steam-heating service that has moved away a forest of former smoke stacks in the congested business dis trict, it is said approximately 60 per cent of the smoke nuisance that pre vails in general in cities of equal pop ulation throughout the country has been eliminated. Bankers are lending their aid to a thrift campaign that is nation-wide. Arguments for the people to practice thrift will be presented through the newspapers of the country more and more widely. S. W. Straus, president of the American Society for Thrift, issued the following letter last week: "Ask the average man the meaning of thrift today, and h will in aLl likeHhood answer: To be thrifty means to save money." "It is quite true that thrift consists of spending less money than one earns. But It means also the- con servation of one's health, one's time, one's resources of every description, and the application of one's self along the most efficient lines. Thrift is discipline, self-imposed; the cor rect solution of every problem of per sonal economics. Unfortunately the true 'meaning of thrift has been i greatly misunderstood. 1 "The careful saving of money is I one or the manifestations of the thrift principle. But it is not all. Money saving is one of the good chil dren of the thrift family, but there are many other children in the fam ily equally as good. One of the most practical values of thrift lies in the fact that it gives to the individual the sense, of correct money valuation. Money is merely the symbol of wealth, and its true worth is to be measured only by the power it con tributes as a constructive force In human welfare. Its correct value ( can be judged by these standards alone. The possession of money, gained through thrift and rightful industry, gives the poise necessary to human happiness and success, but the acquisition of money merely for the sake of possession, without thought of the good and rightful uses to which itcan be applied, is not within the meaning of true thrift. "Another beneficial function of correct thrift practice is that it im parts the power of decision through which the individual is able to hold true to the course he knows to be for his best interests. Thrift is a char acter tonic, and for this reason many a man who began to save in the midst of great hardships has been surprised at the rapidity with which good for tune began to smile upon him. True thrift is not narrow in its concep tions or manifestations. It means saving money and vastly more." J. E.. Tappan, manager of the In vestors' Syndicate, a $3,000,000 Min neapolis concern, was in Portland last week on his third recent visit. This company opened a Portland of fice recently for the sale of its cer tificates, and has now perfected ar rangements for making loans on Portland real-estate through the Ed ward E. Goudey company. It is significant that in its 27 years of existence, the Investors' Syndicate has heretofore confined its loans to Minneapolis and St. Paul, and even now Portland is the only outside city in which its business is being extended. This expresses' con fidence in the future of the Rose City in a very striking way. The week just passed has been most unusual in the history of the bond market, according to Freeman, Smith & Camp Co., investment bank ers of Portland and San Francisco, because of the rapid increase ia price of high-grade securities. It was pointed out that a number of bonds have gone up as much as 6 points in price, as compared with their orig inal offering price, and now indica tions are strong that there are to be furtiier increases. WEEK BUYERS WILL OPEN TODAY Paris Fashion Show to Brilliant Feature. Be MANY VISITORS ARRIVE Contest in Which Merchants Will Tell Why They Prefer Portland Market Attracts Interest. GR0CERYMAN IS ROBBED Pro- Roger W. Babson, statistician who is able to foretell the future of finance and industry to some extent through study of the past, published some gloolny forecasts in his latest letter of July 26 in regard to wheat prices that may be expected during the re mainder of the year. He said wheat prices, already low, will fall still lower, and within the next 12 months, he predicted, wheat will sell below $1 per bushel. Mr. Babson said: "When wheat sold at $3 a bushel 1 aid it would sell at $1.50 in 1921. Al though I was fiercely criticised for this forecast, it has already sold down to $1.15 and is destined for still lower figures before 1921 is over. Yes, with In the next 13 months wheat will sell under $1 a bushel. No power under the heavens, except a terribl crop failure, can prevent it. The proposed tariff of 25 cents a bushel will only add to the farmers difficulty. Congress might as well legislate that water shall run up hill as that wheat shall go up in price when the world's production is sumption. K" "High-priced wheat Is over for some time to come. Wheat should sell for $1 instead of for $2 a bushel. Fur thermore, most up-to-date farmers Can make money on it at $1 a bushel when the prices of other things are adjusted accordingly. Also, we must remember that the farmers' ultimate good depends, not upon the price re ceived ' but on the bushels produced. Even the farmer and his family are better off in the end by stable, medi um-priced wheat yes, better off physically, mentally and spiritually. Better Conditions in the lumber market of prim importance V the Pacific northwest, were forecast by Lumber, St. Louis, an authoritative publication of the trade, and the edi torial opinion was that active buying will be noted, in all probability, be fore the end of August. Despite present dullness, the outlook Was de clared to be clearing. The writer said extremely limited sales had been the rule everywhere. There is greater quiet so far a or ders are concerned than has been noted for months. But at the same time It was said there has been a steady gain in building- permits issued and much of this work has gone forward, resulting in draining retail yards throughout the country of lumber in stock. The re tailer has ben playing safe, with his buying in smaller proportion than his sales. Interest rates are high, and he has worked his stock down to what he holds is the limit 6f safety. All this indicates that demands upon the wholesale market are ready to bounce Upward and the retailer will want h's purchases in a hurry because he has delayed buying until It wVs forced upon'him. The outlook for cpnstruction on an Increasing scale was declared good. More -houses are needed to meet the demand and the accumulated short age. it was said, will compel con struction above normal for a consid erable period. The excellent conditions of crops penerally throughout the country also was declared to be highly favor able to the lumber situation. Little lumber has been sold recently in the etrictly agricultural sections, it is said, and the favorable crop outlook will, it is believed, have a tendency Two Armed Men Hold Vp prietor and Customer. Two armed men . held up and robbed M. T. Rosine in his grocery store at 295 North Nineteenth street at 9:30 Saturday night. They ob tained approximately $100 from Rosine. including 100 pennies, and $23 from I, w. Fields of 286 North Eighteenth street, a customer in the store at the time. The robbers carried email nickel- plated revolvers. One man was about 3o years old. 5 feet 11 inches in height, weighed about 165 pounds, had a large nose and wore dark clothes. The other was about the same age, 5 feet 9 inches tall, light complected, large nose and wore a blue suit and soft hat. Cowlitz Shingle Mill to Start. KELSO, Wash., July 31. (Special.) The Cowlitz Shingle company's shingle mill at Castle Rock will com mence operations within the next two weeks. Bolts are now being brought down the Toutle and Cowlitz rivers to the mill. H. N. Peabody is presi dent of the company. About 25 men are employed. Visiting merchants who come to Portland to participate in the activi ties of buyers' week, which opens today, will be impressed at the faeh- Jon show on Wednesday night that it is not necessary to go to Paris, or even New York, to obtain the latest fashion whimsies 'of the gay French capital. For at the fashion pageant to be given at the Lyric theater Wednes day night, there will be given the first showing in the United States, of the very latest Paris decrees of mod ish dress. New York will not have been given a showing of these dress models and the accessories that will complement them. It will be proof positive that Portland is indeed the center for the Pacific northwest of the wearing apparel trade when Paris regards this' city of sufficient impor tance to send her latest designs here for a premier showing. Fashion Shop to Be Shown. Karl Thunemann of Lipman, Wolfe & Co. will supervise the exhibit Of Paris models, showing them on 20 mannequins. This is a feature the manufacturing trade has been seek ing for some time and its accomplish ment marks a diBtinct step forward in Pacific coast merchandising, it- is declared. J. A. Stark of H. Liebes & Co. will have charge of a big scene at the fashion show, in which will be shown the creation of fashions. The scene will present a French fashion shop in all its details and professional. models will display the creations OI the modiste's art. A feature of this scene will be ths fashioning of costly furs, the entire process being shown from the time the raw pelt is tanned until the fin ished product is revealed as a frame for milady's charms. Many Bayers in City. Many buyers are already at the city hotels, ready to register when the lists are opened -this morning at 8 o'clock at room 104 in the Oregon building, close beside the state tour ist bureau and the exhibit of the State Chamber of Commerce. Many of the buyers have made the journey to Portland by automobile and are encamped at the tourist camp grounds on the east side. Oreatly increased numbers will arrive today. The first buyer to arrive and make his presence known came to head quarters early Saturday. He was Tom Marshall, proprietor of a general merchandise stcfre at Los Angeles. He reported that many more are en route from that section of California. Conteat Dram Interest. Many buyers have made known through the mail their intention of entering the contest at the Ad club luncheon in Washington park Wednes day noon, when competitive talks will be made on why outside merchants prefer Portland as their market. Judges of the state circuit court will nit' en banc in the band stand and decide the winners in this contest, with Judge Morrow presiding. Firms which will give prizes to the merchants making the winning talks are: Adrian Neckwear com pany, Fleischner, Mayer & Co.. Car man Manufacturing company, the Vinton company, Neustadter Bros., Closset & Devers. Dwight Edwards o.omnanv. M. Seller. Lipschuetz & Katz. Tru-Blu Biscuit company ana Vogan Candy company. The first event of the week's en tertaihment will be a reception and dance tonight at the Multnomah hotel ballroom, when merchants will be welcomed by an address by Mayor Baker and dancing and refreshments will follow. Vernon Scott is chair man of the committee in charge. gomery of the University of Oregon school of education, is printed in the last issue of the University Exten sion Monitor as part of the summary of the state wide social survey con ducted last year by Dr. Chester L. Carlisle of the United States public health service. "The outstanding precipitating cause of total dependency, as found in Oregon poor houses, is old age," says Miss Montgomery. "The physio logical decay, however, "is often seen combined with economic inefficiency during early life." The 18 counties maintaining poor farms are Baker, Coos, Clatsop. Doug las. Grant, Harney. Josephine, Jack eon, Klamath, Lane, Linn, Marion, Multnomah, Polk, Umatilla, Union, Wasco, Yamhill. The population of Jtbese farms at the time of the sur vey totalled 451, of whom $9 were women. Number of inmates varied from two each in Harney and Yam hill to 278 in Multnomah. Of these 451, it is stated that 175 showed mental defect, disease or disorder. The four main groups among the Inmates of the poor farms are those dependent because of old age, those suffering from mental defect or in sanity or epilepsy, those dependent because of physical disability, and those who are victims of alcoholism. TRACTOR EXHIBIT LAUDED OPERATION OF IMPLEMENTS EXPLAINED TO CROWDS. Cowlitz Masons to Picnic. Demonstrations of Threshing, Hay Baling, Potato Digging to Be Features This Week. i Those in attendance at the first week of the Fordson tractor educa tional demonstration being held on the C. A. Bliss farm, one-half mile south of Llnneman station on the Powell Valley road, have only the highest praise of the work being carried on there by the Ford Motor company and the Oregon ana south ern Washington dealers. The demon stration is under the direct supervi sion of T. A. Stellwagon, manager' of the Ford Motor company's Port land branch. From 9 in the morning until 5 In the afternoon is taken up with the complete demonstration of tractor im plements or attachments. Short ad dresses are also given explaining the different machines. Following is the programme for this week, which will complete the demonstration: Monday, AuRrost 1, and Tntiraday, Anirnst 4 9:00- 9:30 No. 7 two-bottom plow. 9-.-20- :40 D-72 diak. 9:4O-J0:OO No. 3 ulkey plow. "10:00-10:1' No. 14 two-way plow. " 10:0-10:30 Orchard plow. 30:30-10:43 Drag harrow. 10:4.1-ll:o: Disk harrow. 11:05-11:20 Cultipacker. 11 : 20-11 :.'!0 Drill. 11:30-12:00 Address on power farmins. Address on tractor governor. 12:00-12:30 Lunch. 12:30- 1:00 Address on plowing. 1 :00- 1 :30 - Address on Casey attachment 1:30- 2:00 Moro pump. 2:00- 2:XO Orchard sprayer. 2 ::!(- 8:00 Alllton holat. 3:00- 3:15 Mower. 3:15- 8:30 Wood saw. 3:S0- 3:50 Feed cutter. S:.0- 4:10 Ensilage cutter. 4:10- 6:00 Wood separator. TuHdar, Anarutit 2, and Friday, August 6 0:OO- 9:10 Potsto planting. 9:15- 9:30 Potato digging. 9:30-10:00 Manure spreader. 10:00-11 :30 Threshing. 11:30-12:00 Hay balms. 12:00-12:30 Lunch. r2:30- 1:00 Address on road machinery. l:0O- 1:30 Road plow. 1:30- 2:00 Fresno scraper. 2: CVO- 2:30 Road scrapr. 2:XO- 2:4a Lrai-man loader. 2:45- 3:00 Klde-dump trailer. 3:O0- 3:30 Martin ditcher. 3:30- 4:00 Road leveler. 4:00- D:00 wheel scraper. Wednesday, August 8; Saturday. August 8. 9:00- 9:30 Address on setting up and adjusting plow. 9:30-10:30 Binder. . 10:30-11 :30 Berry cultivator. 11 :30-12:0O:omblne. 12:0O-ll:30 Lunch. 12-.Z0- 1:00 Address on harrows and mower. 1:0ft- 1 :.V Pawmill. KELSO, Wash., July 81. (Special.) Members of the- Masonic and East ern Star lodges of Cowlitz county and their families will hold a, big picnic -' - - J - '-" - u., u.i, b-v.i uuiiiq, i nil . o if wuiiLica v ' I iinj piait;. a . a. itiainu miles west of Kelso on the Coal 1920 .of $564303.42. This Survey, creek road, next Sunday, August 7. which was made by Miss Ruth Mont- 453 ARE ON POOR FARMS Many Cases Laid to Economic In efficiency in Early Life. TJXrVERSITY OF OREGOX, Eugene, July 31. (Special.) In a survey of poor relief in Oregon it is brought out that poor farms of-one kind of another are maintained in 18 of the 36 counties Of the state, at a cost .in Why it is possible To MORE THAN DOUBLE Your Invested Principal This opportunity to secure high yields and handsome profits in addition is due to the fact that the American dollar commands a big premium in Europe. Normally pound sterling; is $4.86. Now it is ?3.60. As exchange equalizes, the value of these bonds in dollars will increase and yields at the same time advance. Call on or write us and we will explain the situation fully. 4 and 5 Sterling Bonds REPUBLIC OF BRAZIL Den. 100, 200, 500. Possible Yields From 8 to 10.50 Possible Profits on Principal Invested ' From 56 to MORE THAN DOUBLE LUMBERMENS Broadway and Oak JUJLiLJL-I JL.!,l'.i .'aJLJaJULJL JJLLJLiLJM Essentials 'HE good name of this bank with its enviable rec ord of more than three-score years of continuous activity is of importance to the man or woman with funds to invest. The bonds which we offer are those which have been purchased by us only ( after careful in vestigation of their merits. BOND DEPT. LADD & TlLTON Bank Oldest la the Northwest, WASHIXGTOS AT THIRD ins service Your banking requirements may be entrusted -to this Bank with every confidence that care ful and efficient service will be rendered. The Canadian Bank of Commerce Portland Branch. Fourth and Stark Streets. on $2,04)0.000 1 State of Oregon 5Vz Highway Bonds Due $50,000 each April and October 1st. 1926 to 1916, Inclusive, as follows: yield "S.BOH, yield 5.55 1036 1927 123 - 1VM i:o .-Mi.it li:2 - l:4 1 !:.- - in:iT 104O . 1B48 yield yield yield yield yield yield 5.5 5.4.-. 5.40 7o S.85 C.3() 5.25 These Bonds are General Obligations of the State of Oregon. E.H.ROLLINS &SOSS Investment ''Bonds BOSTOWNFW YORK-CHICAGO SAN FRANCISCO LOS ANGELES QVortlnvest Ttepresehtntive 404 tUUtH BUILDIrVU Cptephone eVarshali 2tfS PORTLAND Investment Suggestions Province of Alberta- 6s. 1 923 Province of Manitoba- 6s, 1925 Kingdom of Belgium 6. 1925 Broadway-Yamhill 8s, 1926 Stillwater County, Montana, 6s, 1930 ' General Petroleum 7s, 1931 . Libby. McNeil & Libby 7s. 1931 Los Angeles Gas & Electric 7s, 1931 Standard Oil of New York 6'2 1933 Great Western Power 8s, 1936 Government of Newfoundland 62 1936 State of California Highways 5J4s, 1936 United Railway of Havana 72s. 1936 Detroit United Railway 8s. 1922 to 1941 Cleveland Electric Illuminating 7s, 1941 Port of Grays Harbor 6s. 1941 State of Washington 6s. 1926 to 1940 , Canadian Northern Railway 6'2S. 1946 San Joaquin Light & Power 7s. J 951 Southern California Gas. 7s, 1951 t Inquiries Invited You may phone, jirc or call Broadway 3171 Bond & Goodwin sTucker INCOR PotATI D UNITED STATES NATIONAL BANK BUILD MC PORTLAND LOS ANCELII JIATtlt United States of Brazil External Sterling Bonds 5 Issue of 1895, 1903, 1913 4 Issue of 1889, 1900, 1910 A Direct General External Obligation Free from all Brazilian Taxation Denominations : 100, -500, 1000 A 200 bond, issue of 1895, costs now $475 flat. At current rate of exchange the annual income amounts to $35.70 or 7.51c. At par of exchange the income will amount to $48.66 or 10.23. In addition to the interest income the holder will receive at maturity 200 which, converted at current rate of exchange, amounts to $714, or a profit of $239 on an invest ment of $475, equal to 50. At par of exchange this amount will be $973, a profit of $498, equal to 105. Sterling- Ex change would have to decline to $2.37 before return, at ma turity would be reduced to present cost. DEBT Brazil, with a per capita dbt of S33. with an annual interest charge, of $1.S5, compares with other nations as follows: Denmark $ 83.65 Canada $275.08 Switzerland 92.71 Australia $324.59 Argentine $111.90 Great Britain. .. .$827.29 United States... .$227.83 France $1107.95 A large proportion of Brazil's debt was Incurred for the construc tion of railways, steamships and other revenue-producing' enter prises, and it has practically no war debt. All Prices and Complete Details Upon Request Ralph Schneelqch Company MUNICIPAL AND CORPORATION FINANCE LUMBERMENS BUILDING Portland, Oregon. BROADWAY 329S. 1:30- 1"!45 Lumber tractor. 1:45- 2:13 Sod breaking. 2:15- 2:43 Ground leveler. 2:45- 8:13 Afldresa on land clearing and itump pulling'. 3:15- 4:4S-M21aarln land; stump puller. STILLS ARE NEIGHBORLY Moonshine Plants Are Seized in Adjoining Houses. SPOKANE, Wash., July 81. A neighborly moonshine plant was dis covered yesterday when authorities found stills in two adjoining homes. Each still was capable of turning out about 20 gallons a day. It was said, and several gallons -xf the product were seized as evidence. 6. L. Murphy and A. J. Gendreau are in the city Jail in default of J1000 bojada each, and charged with manu facturing liquor and liquor in pos session. Wheat Arrives in Condon. CONDON, Or., July 31. (Special.) Wheat has begun to come into the Condon warehouses at the rate of several hundred sacks a day, although harvesting is not vet In full R-in It is thought that the wheat will ?JSS move rapidly this year and the farm ers will probably sell It as soon as possible. Slide Irrigation District MALHEUR COUNTY, OR. 6 GOLD BONDS Denominations $1000. $500. $100 Due Serially 1932-1939. A Municipal Bond Federal Income Tax Exempt These Bonds are certified by the Sec retary of State of the State of Ore gon after a complete examination of the District bv the Irrigation Securi ties Commission composed of the State Superintendent of Banks, State En gineer and Attorney-General. Such certification makes this issue a legal investment for savings banks, com mercial banks, trust companies, trust funds insurance comnanies and state school funds, and legally accept able to secure deposits of state. County and city funds in Oregon banks. With the state of Oregon giv ing its official approval and making legal the holding of thia issue by the trusted care takers of our public and our individual funds, we feel no further recommendation necessary to the private in vestor. Legality approved by the Attorney-General and Messrs. Teal, Minor & Winfree of Portland. Prices to Yield 7 g:e.mille.r & COMPANY GOVERNMENT MUNICIPAL CORPORATION BONDS TELEPHONE rAAl r4 4-195 104 5 6 NorthwesternftanK Building PORTUANO.OHEGON We Offer OREGON General Obligation Municipal Bonds TO KET 6 to 6V2 Phone or Call for Detail. MtlSlCIPAlj BOND DEP.4RTMKXT Commerce ,Mortg;age Securities Company Chamber o CommnM Bids MQttr-Oiie Third Street.. Phone Main 3067. 7V2 Cleveland Electric -Illuminating Co. 7 20-Year GOLD BONDS at 93 This is an exceptional In vestment In industrial se curities. Electric light and power are supplied by this company to the City of Cleveland and its suburbs, servinit a population of more than 1.200,000. Dur intr the last five years the business has more than doubled. Net income has averaged nearly four times the averatre annual Inter est ciiarges for last five calendar years. i Other 7 Honda of This Company Celling; at Premium. CLARIv-KENDALL & CO.. INC. firth and Stark Streets C0VERMMEMT-MUH1CIPAL- CORP0RAH0N- BONDS Municipal and Provincial BONDS We offer for Investment Of your June and July funds a select list of foreign and domestic bonds yielding 6 to 8K - Descriptive circulars upon request. WESTERN BOND & MORTGAGE COMPANY Gronna Floor. Bnard of Trade Buildlns Main 113. 80 4TH ST, PORTLAND, OR.. PORTLAND GAS & COKE CO. First Lien and General Mortgage Gold Bonds Due 1940 7 Price 95 Yield 70 ? : g -?flf iUf 13 vim f mum Write, phone or call for Descriptive Circular Blyth, Witter. &. Co 4 fTLOOR YE.ON. BUILDING In Portland Other Offices in: San .Francisco Los Anjgeles Sea tile New York Farm Mortgages Netting 7 Secured by improved farms in central Oregon Pacific Coast" Mortgage Co. 319 Railway Exchange Bldg. Main 6751 Dry Goods and Depart ment Store executive, f ortytwo years of age, twenty-three years' ex perience, open for en gagement. Best of references. K 841, Oregronian. United States of Brazil 4 Sterling Loan of 1889 Coupon Bonds in Denominations of 100, 500 and 1000 Interest payable April 1st and October 1st In London. Arrangements have been made for cashing coupons in New York at current rate of exchange. Price: $195.00 per 100 Bond (Par Value $486.67) SECURITY A direct obligation of the United States of Brazil, whose full faith and credit are behind this loan. The Government reserves the right to call this entire issue at any time, at par, or to buy in any amount on any interest date in the open market at or below par. All the bonds of this issue must be retired on or before October 1, 1945. Possibilities of profit on basis of purchase at $195 per 100 Bond With exchange at Annual Income Profit if called at par S4.00 8.20 S205.00 4.50 9.23 255.00 4.88 D.9G7o 291.67 Call, phone or write for full details. Quotations subject to change. Freeman, Smith & Camp Co. OROUNO FLOOH Lumbermen Buildino fifth and stark wat B740 PORTLAND AM FRANCISCO KJSSSKliE Northwestern Eledtric Company Offers Its Cumulative - FirSl Preferred Stock at $95 a Share on a. special Savings Plan of interest-bearing partial payments, and yielding 78- Le. us send you full particulars and free illustrated booklet, ' Hydro Electric Dividends and How to Get This offering is limited to 10,000 shares Them." Address Northwestern Electric Company J. G. TavareS, Stock Sale) Manager 10th and Washington Streets, Portland Telephones: Broadway 580 Automatic 567-47 Thin in No. It of a Srivt. of Afertiementa . P