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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Aug. 8, 1921)
THE MOItXIXa OREGOXIAX, MONDAY, AUGUST 8, 1921 13 itSTORS QUICKLY FOUND FOR STOCK Northwestern Electric Has Gratifying Response. FAST PROGRESS IS MADE End or Campaign to Sell $1,000, 000 Issue Is Expected to Be Reached la 6 0 lajs. Talk of business depression fails to strike deeply upon the conscious ness of those in charge of the sale of preferred stock being offered by tha Northwestern Electric company, for this sales campaign, now a week Old, has proved that investors are always In the market for something: cood, and when it appears it is seized asrerly. This has teen the experience of the Northwestern so far and the first week's successful selling: seems to make it certain that the stock sale, which was expected to go several months, will be completed within 60 days. General Manager Merwin. dis cussed the company's stock sale cam paign as follows: "Response to our stock sale cam paign thus far has exceeded all ex pectations. From the time we opened tha special sales office under super vision of James G. Tavares last Mon day until we closed the week's busi ness Saturday a steady stream of in quiries has poured in and already tha sales of stock have reached' such proportions that we are certain to dispose of the $1,000,000 issue of 7 94 per cent shares of cumulative first preferred securities in. much less time than wo had planned originally. '"We had expected! it would' take at least three months to finish our ad vertising campaign, but have found that the public Is already well ad Vised of our operations during the last seven and a half years in Oregon and is eager to take advantage of the exceptional opportunity to affil iate themselves with our rapidly growing utility. Quick Sale Forecast. W feel assured from the wide spread interest - manifested that the entire issue will have been sold with in two months. "More than 80 per cent of our own employes have placed orders for stock and a particularly gratifying fact is that most of the sales made thus far have been to persons included on our list of 9000 consumers of heating end lighting service. "Had we so desired we could have sold the stock through brokers at lees expense and in a shorter time, but It Is the policy of the company to take the people in the various districts we aerve into partnership. We want the public to feel its interests are our own. For this reason we have ar ranged an easy payment plan that is attractive to small investors. "The par value of each share of Block sold is $100 .and the purchaser pets it for $95. An initial payment of $15 is made and the balance can be paid in monthly installments of $5. The buyer Is therefore allowed 16 months in which to pay for hia stock and during that time wo pay interest on all moneys paid in at the rate of 6 per cent. When the Etock is all paid for it nets the purchaser 7 per cent n his investment. Sales Offices Eatabllshed. "For the convenience of prospec tive purchasers of etock the com pany has established branch etock Bales offices af Hood River, Hillsboro and Eugene, end at Vancouver and Camas, Wash, " "The Northwestern Electric com-1 pany is perhaps the fastest-growing public service utility on the entire coast. Since it was established seven and a half years ago, when the com pany served its first consumer in Portland, our business has steadily grown until at the present time we era serving more than 80 per cent of the available consumers in the down-town district and more than 70 per cent of the available load in the outlying districts where our lines are extended. "From the beginning the company has made money for its stockhold er. On July 1 this year our 25th divi dend was paid to investors. Since its Incorporation the company has never missed a dividend on its preferred stock. "Today the demand for electricity Is greater than ever before and Port land is entering on an era of great Krowth and prosperity. This means Increased use of power. And the com pany controls on the Lewis, Klickitat and White Salmon rivers potential rower developments aggregating 102 000 horsepower. This means we can cope with the ever-increasing demand . for our product." Belief that revision of the income tax laws, as suggested' recently by Secretary! Mellon, woulxi prove high ly) adrvantageoua to the country at largo and1 to industry in particular, was expressed" by a well-known Port land banker last week. It was said the proposal would" coax money from tax-iexempt securities into industry ana new enterprises. For example, it was said, taxes bite so heavily) that a mam fcavin,? an Income of $lt)0,000 a year would have to invest his capital in se curities that would earn him 10 per cent in order to have 4H per cent net return. A man with an in come of $500,000 annually would have to get 15 per cent return to compete -, with a man holding 4 per cent tax exempt municipal bond. It was pointed! out in tha discus e-ion that the Portland' Railway. Light & Power company, for instance, used to sell its bonds readily with an in terest rate of 4 per cent, but now it is necessary to sell on an 8 per cent basla Building projects and Improvements are held up because utilities cannot sell their securities nor borrow money on a reasonable basis. Swift & Co. were, accustomed to sell securities readily on a 4 and 4H Per cent basis, but now this big concern finds it heoewary to ring doorbells all over the United States in order to float its paper at 8 per cent. This banker expressed1 the opinion that while it Is thought the rich are keing taxed, merely the money of the rlci is being taxed, and 'it is In hiding, seeking out low rate, tax exempt bonds. Doubt that the recent cut in of ficial discount rates will result in liberating much credit, is the opinion of the united Business Service in it latest bulletin. The move was no doubt - intended. It is agreed, to make credit easier at a time of credit stringency. yThe federal reserve system," says the bulletin, "has been a shock ab sorber In this postiwar depression but It is to be oouDtea ir tnis sys tem is a Cure-all. No legislation and no governmental system of credit control can prevent business from over-reaching! In times of prosperity, nor can it but postpone the conse quent slump. "Several authorities are alarmed at the Imminence of a eecondiary infla tion period. With a more extensive supply of credit, business men may be able to hold goods off the market and keep prices up. , "Two things must be kept' In mind. One, that all attempts to hold goods off the market in expectation of higher prices have, so far as our knowledge goes, been a failure. Sec ond, that It is one thing to have avail able credit to lend and another thing to lend it." General improvement is looked for In financial conditions by A. L. Mills, president of the First National bank. He said products of the farms are be ginning to move and the demand is sufficient to bring a good deal of liquidation this fall throughout the northwest. Other things, he said, are rather well down to the bottom and the lack of supplies to any ex tent by retail dealers seems certain to bring lumber orders to this sec tion at the country. X Harold Baldwin, cashier of the First National bank of Prineville, passed Thursday and Friday in Port land. He reports, splendid crops in his territory. E. A. "Wyld, vice-president of the First National bank, is in England for a summer vacation. He will be away from Portland for three months. A. "W. Brookings, assistant cashier of the Ladd & Tilton bank, has re turned from the beach, where he passed his vacation with his family. Walter M. Cook, cashier, will leave for California by automobile next Sat urday and will return with Mrs. Cook, who is cow there. Lyman G. Rice, cashier of the First National bank, Pendleton, was in Portland " during the last week. He Is a member of the state bonus board and was here officially. Mr. Rice boasted about wonderful wheat crops in Umatilla county. J. T. Rummell, assistant cashier of the Pacific National bank, Boise, Idaho, drove with his family through Portland Friday en route to Seaside for a vacation. W. W. Calkins, president of the United States National bank of Eu gene, was in Portland Wednesday on business. C. W. Irvine, president of the Farm ers' State bank. Independence, was a Portland visitor last Friday. A new Brazilian 5 per cent exter nal issue is being offered this week by Carstens & Earles, Inc. Low ex change rates give the Investor around 8 per cent and the return of sterling to par would give the American pur chaser 11 per cent return. FEED FIRM OPENS OFFICE BUTTERaniiK TO BE MADE INTO DRY FORMS. Consolidated Products Company Reports Big' Saving- to Be Made to Public. Consolidated! Products company of Chicago has opened offices in Port land at 808 Lewis building, as a central point from, which to cover the entire territory of 11 states. Sherman T. Edward's, a pioneer etock feed expert who has livtd in Port land the last two years and who Is well known in Portland as the man who designed, and) built the Olympic feed an cereal mUl, is vice-president and: general manager of this company. 'The business of the Consolidated Products company is to manufacture into semi-solid and dry forma the millions of pounds of buttermilk that heretofore have gone to waste," Mr. Edwards announced). "A fair esti mate of the amount of money lost to the dairy industry is safely put at $40,000,000. The plan of the Con solidated Products company will be o conserve this valuable food for he feeding of all kinds of domestic livestock. It means also a tremend ous saving to the buying public be cause a crearrtery making 1,600,000 pounds of butter can save annually $15,500 in the sale of its buttermilk which would mean cheaper butter for the public and more profit to the farmers producing it. Semi-solid buttermilk is fed to hogs and poultry ana experiments show that as a food for livestock it has no equal, because semi-solid' andi d'ry butter milk is i'00 per cent digestible, a record which no othe feed fcas. Mr. Edwards predict that using of buttermilk will revolutionize the feed industry of this country and will bring about the biggest saving ever accomplished for the feed men and will add millions of dollars to the profits of the dairy Industry. Mr. Edwards has used more than 9.000,000 pounds of dried buttermilk during his experience with manufac turing feeds and' has not had one reaction? in all his feeding experi ments, he says. Consolidated) Products company has 14 plants in operation and eight more under contract, all of which will handle more than 4, 000,000 pounds of buttermilk. At the present time much of the product 'has to be shipped to the coast from plants in the mid dle west, but preparations are being made for the Installation of ma chinery in. the large creameries of the west In order that this product might be procured at home. PIES SrifPiUSK TO DJXEHS Dehydrated Products of State Taste Like Fresh Fruit. A feature of the luncheon served Thursday at the Olympic cereal mills to the vlsitih'g buyers was the fact that it was of the "made-in-Oregon variety." arid thereby helped to intro duce the visitors to the excellence of the products of this state. The piea were made of Portland milled flour and Oregon loganberries and apples, the fruits being from the dehydration plants of the King's Food Products company. It was surprise to the guests when they were informed that the fruit mate rials in the pies were not fresh, but had been dehydrated months ago. The pies were made in the bakeries of the Haynes-Foster Baking com pany under the personal supervision of C E. Foster. As an indication of the increasing importance of dehydrated fruits and vegetables comes the announcement that the Klng"s Food Products com pany has Just booked a three-car order for dehydrated apples for de livery to a Chicago manufacture! whose 'bakeries turn but more than 100,000 pies a day. RTTCHEX CLVBIX'ETS ARE MADE Portland Pulley 0mpan j An nounces New Product. , iM. "W. Farellna of the Portland Pul y coaspany, aa old established con. eern, announced yesterday that that firm has begun the manufacture of what is to. be flailed the Western Maid kithen cabinet. He says this fills a needs In the local furniture mawu'faeturlng business, and he be lieves the new cabinet has improve ments of Importance, making it very convenient to th hoasewlfe. El HELD MAKING GOOD State Agricultural Commit tee Concludes Tour. HEAVY CROPS 'REPORTED -Increased Yields in. Slany Lines Declared Due Largely to Work of Station Scientists. CORVALLIS, Or.. Aug. 7. (Special.) Six of the seven Dranch experiment stations of Oregon were visited and inspected by members of the state agricultural committee in a tour Just completed. Unusually large crops, es pecially of wheat, hay and potatoes, were reported by the branch station superintendents and county agents in all of these production districts. "Much of the big increase In yield of hay and wheat is due to the station findings as applied on farms through county agents and farm " bureau agencies," said C. J. Mcintosh, agri cultural writer for the college, who accompanied the board. "Heavier pro duction Is most marked in those counties that have been first to put the new science into practice. The great increase in wheat yields in Sherman, Union and Umatilla coun ties is lartrely traceable to the station fwork at Moro and Union and to the distribution of Turkey red and forty fold wheat. The hay crops of such counties as Lake, Klamath and Uma tilla have been increased by the use of sulphur and by economical Han dling of water." The wheat crop tnis year win m some 23.000.000 bushels, according to estimates of agriculturists and deal ers in various parts of the state. Uma tilla county will lead with b.uuu.uuu bushels. The Union county crop is es timated at 1,000,000 bushels by Fred Kiddle, buyer and manufacturer. The quality is reported as remarkably fine and running more than 60 pountts to the busheL Grimm Alfalfa Success. The wide planting of Grimm alfalfa to replace the Peruvian and other less hardy varieties and use of sulphur In Lake county have increased the yield 50 per cent on 64 farms of Goose val ley, it is said, and the doubling of the water duty without loss of yield by the Hermiston station investigation is held to mean bigger crops and low ered production cost of hay. Tield and quality of potatoes in Oregon have been favored by the seed improvement work of the Corvallis station, by better protection from in seots and diseases and by the seed certification work of the extension service. The growing of seed for the almost unlimited California market is a specialty in gastern Multnomah and other counties of western Oregon. Lowered cost of dairy production has resulted from cow-testing asso ciation work, community breeding op erations and by feeding and manage ment methods Introduced by Profes sor E. B. Fitts of the extension serv ice. Extension of this work has been asked for the Union district by dairy men there who want to be shown how they can make a profit from dairying on 250-an-acre land. The board of regents has promised to consider the matter and may put in a special herd at the Union station. Cost of meat production has been materially reduced in some districts by new feeding and management methods worked out at the Union and Corvallis stations. By substituting 1500 pounds of silage for that amount of alfalfa hay and using it with 1200 pounds of hay, the length of feeding time "to put on 1100 pounds of gain has been cut in two without increase of daily cost of feed. This cuts the cost and the time of feeding In two. Fruit Conditions Good. Fruit conditions are very good, es pecially in the Hood River. Douglas and Willamette valley counties where station protection . measures were closely followed. Help in solving the canning and drying, problems in the scores of centers having by-product factories is .extended by the Corvallis station laboratories. Soil surveys have been utilized in several counties. Chemical analyses have been worked out recently by the soils department for all leading soil types in Yamhill ana Washington countieB. The worst economic conditions went found in the districts where growers sold off livestock too close and now have insufficient animals to supply marker for their hay. Lake county is especially fortunate, the insDectors found, in having some 66,000 head of cattle and 200,000 sheep to eat their big hay crop. ' Better transportation is sadlv needd It was found, to help the Klamath growers send their big hay crops to market. Farmers and business men are still looking to Portland interests for help in getting, this means df send ing their produce down hill to Port land instead of over the mountains to calitornla. Greater diversification is the most needed change in farming practices In man V of the rfistrirtn vfnitoH n.i.v. ing, livestock and legumes are essen tial now to profit in farming and In dispensable to continued fertility, the ooara xouna. Rotation Plan Promoted. These rotation plans are being boosted by the club work in many counties. Klamath sent 27 science farmers to take the college short course this summer, although they had to travel 325 miles to reach Cor vallis. Douglas sent 19. Sherman Umatilla 6 and lalheur 22, showing now ciud worK is going. The home-making work of the dem Onstration agents and the nutrition work with children are helping utilise the Increased gains from farming to better advantage. Indications of returning prosperity were found in the distribution of -dollars for bushels of wheat Heavy reclamation work and extensive high- EXPERM T FARM $19,000 City of Sheridan OREGON General Obligation 6 Funding Bonds Dated August 1, 1921 Denomination $500 Due serially without option of prior payment 1932-40. A bond backed by the full faith, ' credit and taxing power of one of the old substantial cities of the state. Price to Yield 6 Income Tax Exempt Atkinson, Starkey & Zilka INVESTMENT BONDS Wilcox Building Portland, Oregon Phone Main 700 way construction all over the state are also putting money to work. "Oregon Is truly a great state and by patlerce, science and Industry her agriculture will reach its rightful place in development, said J. K. I Weatherford, president of the board of regents, Linn County Cattle Healthy. ALBANY, Or., Aug. 7. (Special.) Only six of 1640 cattle In Linn county I tested for tuberaulosis have been ' found affected. The record Is re- i markable. Dr. G. D. Loder of the gov- I eminent service, who is making the test, has inspected tne cattle on s&y farms thus far in the .vicinity of Har risburg. . Halsey. Brownsville, Shedd, Flainvlew and Tangent. The Inspec- will V. nn J naw, 1 rt I . vl. clnlty of this city and then in the ! neighborhood of Lebanon. Later the remaining sections of the county will be visited. PEAR OUTLOOK IS GOOD GROWERS AT HOOD RIVEH ARE HOPINKJ FOR RECORD CROP. Vield Expected to Amount to From 110 to 12 0 Cars, Beating Output of 1920. HOOD RIVER. Or., Aug. 7. (Special.) While the pear tonnage of tha Hood River valley has shrunk at least 100 cars from estimates made at the blossoming period, when trees were loaded with' the heaviest blossom in the history of the district, all growers have reported that the quality of this species of fruit of all varieties will be the best the com munity has ever harvested. . The heavy blooms led growers to estimate the year's yield at more than 200 carloads. Borne even went so far as to place the crop, provided the blooms set, at 300 cars. Estimates now place tha yield at from 110 to 120 cars, about a 25 per cent increase over that of 1920. Growers will begin harvesting Bartletts here between August 16 and 20. Picking of D'AnJous will follow. Both varieties will be hauled immediately from the fields and packed In cold storage rooms. J. R. Nunamaker, director of the Apple Growers' association, and own er of large pear tracts, said he has never seen Bartlett pears sising morerapidly or showing better qual ity than at present. He expects the fruit to bring top prices on the east ern markets. SMITH RIVER CLTO LIVELY Boys Paring for Jerseys Vith Bnt- terfat (Returns. The Jersey Calf clulb at Smith River, Douglas county, is declared to be one of the livest in the state, though it has only U members. Each purchased a bred Jersey heifer 15 months ago. Production and feed cost records have beer. kept. With money from butterfat the boys are payin-g off notes assumed for the pur chase of th'e animals. Some of the members have paid for their cows in I full by means of profits from other projects, together with their butter fat checks. This cluib furnished the champion stock-judiging team of Douglas coun. ty last year, and hopes to duplicate the performance this year. The county champions get a trip to the state fair for competition, there. L. J. Allen, state livestock clu leadier, and A. E. Street, Douglas county club leader, recently visited the club AXGORA GOAT CLUB STARTED Boys and Girls of Linn County Form iXew Organisation. ALBANY, Or., Aug. 7. (Special. Linn county now boasts the first goat club in Oregon, and, so far as club leaders here know, in the entire coun try. A goat club is a new departure in boys and girls industrial club work. It will be conducted on the same plan as the boys'' and girls' calf clubs, sheep clubs and pig clubs. The new organization is an Angora goat club and will be known as the Sclo Goat club, as it is composed of boys and girls residing near that city on the road between Albany and bclo. Orville Gilkey has been chosen leader. Arnold Zysett is president, John Scott vice-president and Leona Zysett sec retary. Other members are Lucille Sommer, Marian Gilkey and Roy Scott. - Walla "Walla Ships Onions. WHITMAN COLLEGE. Walla Walla, Wash., Aug. 7. (Special.) Ship ment of onions out of Walla Walla reached a high-water mark last week, when 17 carloads were sent out of the city by a single firm, the Walla Walla Gardeners' association, a co operative organization of Italian growers. This is three times as many carloads ss were sent out by other Western Bond & Mortgage Co. Bay Ml Sell Investment Securities United States Liberty Bond issues. State. County. City, School and Foreign bonds, also First Mortgages on improved city and farm property. List of Current Offerings Upon Western Bond & Mortgage Co. O round F1. JMAI.V 113. Board Trade Bids'. no roi'HTH sr. v. if m n J r 1 I Public Utilities Into their una. are coming One of the best la Cleveland Electric Illuminating Co. JO-TEA It Tf. GOLD BO.IDJ Dated Aug. 1. 1921. Due Aug. 1, 1941 Coupon bonds of 11000; Interest payable Feb. 1st and Aug. 1st. Price 95 and Interest to Yield About 712 Cleveland Electric Illumltiat Ing Co. operates in Cleveland, Ohio, and adjacent territory, aervinr estimated population of over 1,200,000. Business of company more than doubled In last flv years, and still increasing. Company baa paid reg-uiar dividends on preferred stock, and 8 on com mon itocK since iUu4. Thesa bond isnued to pay for .additional generating capacity, and transmission and distribut ing system. Call, -write or phone ior dcriptlv circular. CLARK-KENDALL & CO., INC. Fifth nnd Shirk Streets GOVERIinEMT- MUNICIPAL' CORPORATION' BONDS organizations. Fifty-one thousand sacks of onions made up the 17 cars, most of them being sent to the east, The height of the season is expected next week. It is estimated that from S00 to 600 carloads will be shipped from walla Walla and the surround ing country. OAXiAHY, CRASS FOC.VD DEST Excellcnt Results Obtained on Low Lands In Coos County. MARSHP1ELD, Or., Aug. 7. (Spa cial.) An investigation of grasses in Coos county has shown to the satis faction of rancher committees and the county ' agent. C. C. Farr, that canary grass is by far the . most profitable to grow on the low lands of the county. This grass was ob- talned from the Oregon experiment station about 20 years ago, and the Coquille valley, is now pretty thor oughly seeded with canary, where the lands are low. It took a number of years to de velop the grass, for the supply of seed was limited. "William Strong who introduced It. obtained Seed by hand-shelling for a number of years The original seeding Strong put on Port of Newport : Lincoln County, Or. 6 BONDS Dated Due July 1, 1-921 Jan. 1, 1923 Denomination: $1000 Assessed Valuation. .. .$4,504,526 Net Bonded Debt 402,000 Price 98.60 Yielding: Income Tax Exempt "Wire orders collect. Ralph Schneeloch Co. KUJICIrAL AND CORPORATION FINANCE LUMBERMCNS BUILDING Portland. Ortooh. General Fund Warrants Astoria, Oregon At 96 and interest. To neb about 8. Estimated maturity 18 months. Denomination $500. FRED GLENN & CO. Financial Accent. 3(K- Yeon Balldlns. TelephoneMala 6000. Portland, Oregon. We Offer OREGON General Obligation Municipal Bonds TO NET s. to sy2 Phone, or Call for Details. MUNICIPAL BOXD DEPARTME.VT Commerce Mortgage Securities Company Chamber of Commerce Bldg. Ninety-One Third Street. Paona Main 80417. 1 y2 I United States o 5 External .Sterling In the past Brazil has been financed in Europe. Her tremendous resources at tracted the European investor and at the outbreak of the World War her 5 bonds sold at a premium in London. Owing to the present depreciation of Sterling Exchange it is possible for the American investor to buy these issues on a most attractive basis. The present low price of Pound Sterling is. caused by the readjustment following The advisability of purchasing bonds payable in Pounds Sterling is shown by the following table. The purchaser benefits by any increase in Sterling Exchange and receives a varying yield, according to Exchange Rates, plus a possibility of profits of over 100. With Sterling at $3.60 4.00 4.50 4.8665 . Ask for a copy of 'The Investor's Catechism of Foreign Government Bond's" which contains a complete description of the above loan, together with other useful dnforma tion that will enable the discriminating investor-to determine the suitability of these bonds for his or her particular purpose. Orders or inquiries may be wired or telephoned at our expense. ' , f.ARSTENs & Earles, Incorporated Government, Municipal and Corporation Bonds Established 1891 Lowman Building, SEATTLE, U. S. A. SAN FRANCISCO his land is still doinfr well and la I Rives a new crop every .30 days, so producing seed and -grasB. Cutting J that several crops can be taken dur c.inary hay for the winter months' intr the fea.on. We offer and Kingdom of Norway 3 Sterling Loan of 1888 Interest Payable Semi-Annually February 1 and August 1 These bond's are ( redeemable by a Cumulative Sinking Fund, which will retire the entire issue not later than 1963. Denominations 1000, 500 and 100 These bonds are the direct general external obligation of the Kingdom of Norway, whose full faith and credit are pledged against the loan. In purchasing these bonds you may realize an annual yield of 8 aa English Pounds Sterling approach par value. Besides this annual yield your principal will increase from 95 to 160 depending upon the exchange rate at maturity date. In our opinion, these bonds afford a high-class con servative investment and we recommend that advan tage be taken of this opportunity. Write, phone or call for details. 5 L Devepeaux &(ompany INVESTMENT BONDS 87 SIXTH STREET PORTLAND. OREGON BROADWAY 1042 GROUND FLOOR WELLS-FARGO BUILDING $20,000 6 Park Bonds of BEND one of Oregon's fastest grow ing and richest cities Bonds due serially 1922-41. Den. $500 Facts Regarding Bend There is more than $7,500, 000 -worth of taxable prop erty in the city. Its total bonded debt, this issue included, i3 only $213,839.00. Its population in 1915 was 1500. Now it is more than 5500. LUM JBE laiyTFSTS 1JUxfS x (3mpAnt -BANK BROADWAY AND OAK- Banking 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. the war. For over 30 years preceding the world conflict the extreme variation of Sterling did nob exceed 6 cents from normal. We have selected one out of the many issues listed on the London Stock Ex change as being worthy of special con sideration. In addition to being a gen eral obligation of Brazil, and backed by its entire resources, they are secured by import duties and revenues derived1 at the port oi Rio de Janeiro. ASSUMING A PRICE OF $450 PER Annual Income $36.00, or 8.00 ' 40.00, or 8.88 45.00, or 10.00 48.66, or 10.81 Maturity Value $720.00 800.00 900.00 973.30 LOS ANGELES recommend ass 6.25 Prices to Yield Income Tax Exempt Legal for Oregon Savings Banks Also, ask us about the opportunity for large profits in Brazil's bonds. Fourth and Stark Streets. Brazil Bonds 200 Profit $270.00 350.00 450.00 523.30 SPOKANE Militia Odd Lots DoneliM Co., Wojah., Road 6a Maturity May 1. 1922 to 1924, at 1U0. yield 6. Dinolia, Cnl.. Imp. 7a Maturity July 2, 1923. at 100.92. yield 6 ',4. Dixon. Cal., Imp. 7 Maturity July 2. 1923, at 100.50. yield 6. Pullman, AVanh., Imp. 7a Maturity Est. July 18, 1924 to 1927, at 100, yield 7 7. TnfTpenifth, Wanh., Imp. 7a Maturity Kst. 1922 to 1930, at 100. yield 7. Cnper, Wyo.. Imp. 6j Maturity Kst. Jan. 2, 1922, at 99. uO. yield over 7. Cnpfr, Wyo., Imp. 6m Maturity Kst. Jan. 8. 1922, at 99.50, yield over 7. Swift A Co. 7 Maturity Aur. 15, 1931. at 97.50, yield 7'.t. Prov. of Alberta 4Vit Maturity lec. 1, 1923, at 92.69, yield h. Van Camp Parking; Co. fa Maturity April 1, 1941. at 99, yield over 8.10. V. S. of Brnsil Sterling 4 of 1&S9. at $390 flat per 200. V. S. of Brazil S-rllnc 4'Aa of 1S&3, at 425 flat per 200. L. S. of Braxll Sterling Sa of 1895, at $475 flat Per 200. Call or phone for details. Freeman Smith round pi eon (,AMr Fifth and Sraaa CO m Ba 3! Factors of Safety A thorough, expert analysis of each is Bue precedes our pur chase and offering of bonds. This, together with the stability and experience reflected in the sixty-two years con tinuous standing of the Ladd & Tilton Bank, fur nishes the maximum of safety to those with funds to invest. BOND DEPT. Ladd & Tilton Bank Oldrat in tha Norllmut WASHINGTON AT THIRD Phone Your Want Ad to THE OREGONIAN Main 7070 Automatic 560-93