Image provided by: University of Oregon Libraries; Eugene, OR
About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Jan. 16, 1922)
TTTE 3I0RNIXG OKEGOXIAX. MONDAY, JANUARY 1G, 1922 17 HUM U STOCK AID IS EXPLAINED War Finance Official Writes to E. E. Faville. MARKETS CHIEF ISSUE Eugene Meyer Jr. Says Credits Are Not Sole Necessity for Agri cultural Districts. Eag-ene Meyer Jr., managing dlrec ton of the war finance corporation, the government agency which la giv ing financial aid to farmers and stockmen, has written E. E. Faville, chairman of the agriculture commit tee of the Portland Chamber of Com merce and editor of Western Farmer xplaining many of the details by 'which this agency is co-operating to stabilize market conditions through Its loans. He said In part: "To the farmer and the stockman the economic aspect of business is at most times mainly concerned with marketing. It has been peculiarly so to the last year and a half. Not only M It A matter of price high or low, though that is Important. It is even more a matter of finding buyers within the normal and customary period which puts him In a position where he is forced to adopt some ab normal expedient to meet his finan cial obligations and to get funds for carrying on his next operation. The expedient too often has to take the form of sacrificing his products. "At first blush it may seem that credit is all that he needs. But It is not merely credit. It is rather the ability to spread his marketing over a longer period. He has been accus tomed to selling his product within a few weeks or months during and Im mediately after the maturing of the crop, and he Is now suddenly con fronted with a market which Is buy ing on a hand-to-mouth basis and spreading its purchases over long periods, sometimes even a year or more. "There are several causes of this condition. One has to do with ex ports. In the years when the world's financial strength was centered In Kurope, European buyers were in the habit of arranging for their year's supply at the time when the harvest came on the market and themselves financing the stocks until needed. Iuring the war and immediately aft erwards the United States treasury, by direct loans to foreign govern ment., made possible the continuation of this short-time marketing of American agricultural products for export. . "In the last year and a half the situation has changed. Kuropean buyers are no longer in a position to buy their year's supply in a few months. Even if they could Ihey are unwilling to take the risks which the fluctuations in exchange necessarily involve. They are therefore buying only as the need arlBes, threading their purchases over the year. "Another cause which operates ulti mately In much the same manner Is the attitude of jobbers, wholesalers, retailers and manufacturers In this country In carrying short stocks," the letter continued. "Many buyers who will go ahead courageously and lay fn stocks in periods of hli?h prices become excessively timid when prices decline, and endeavor to get along ' filth the lowest possihle stocks ln sttend of carrying normal supplies on ho basis of the probable demands of consumers. These causes have com bined to throw hack on the pro ducers and their local bankers an ab normal share of the burden of carry ing the agricultural output, which would normally be distributed all along the line from the producer to the constimcr. "The backing up of stocks in the hands of producers led to an appear ance of large surplusses, which oper ated to Increase the timidity of buy rs who feared that the bottom would drop out of prices. This fear has now largely passed. I believe that as soon as our merchants begin to eel that they are safe In laying In stocks at present price levels, accu mulations now intho hands of pro ducers will begin to move in larger volume. "In Che meantlns the situation Is abnormal. The producer has his goods ready for kale In the usual way, but the market has not been absorbing them at the normal rate. The way cut Is to take the pressuro off the producer and thus enable him to feed till products Into the market gradu ally, in accordance with the dimin ished rate of absorption. We must strengthen the hands of the local tanks and other Institutions that finance the farmer and the stock man and, through them, strengthen the hands of the pro'ducer himself. j "It Is for this reason that the agricultural credits act, under which the war finance corporation Is making domestic loans, was passed August 24, 1021. Hy this act the corporation is authorised to make advances to financial Institutions and co-operative associations of producers which have made advances for agricultural purposes, thus putting these institu tions in position to take care of the needs of the farmers and stockmen in the surrounding territory to ths xtent that the individual credit of each may warrant. "The millions of dollars In loans which have been made to date, whilo he!rinET the situation dlrertlv on the producers' side, are also helping It ! Indirectly on the buyers' side. The psychological effect Is to restore to a , noticeable degree the confidence of merchants and manufacturers, and to help bring about more normal mar keting conditions. The fact that thre is in existence and functioning an organization with large resources and broad powers ready to meet ail ' reasonable demands that may be made upon It is a powerful factor In stabil- 1 zlng the flow of business. j "The operations of the war finance ! corporation not only help the fanner. bnt tend to stabilize the market and : assist in this general resumption of the flow of business. The effects of its activities are now being felt j throughout the financial channels I from which the farmer draws his j funds for carrying on farm opera- i ti-riS. Every day they are strength- enlng ths hands of more and morel Individual farmers and stockmen. Every day they are Increasing In volume and effectiveness. The cor poration now Is daily making loans for agricultural and livestock pur poses of from a million to several million dollars. "The war f Lnanoe corporation has not been content to wait for applica tions for loans, but through its agri cultural loan agency it has studied local conditions and has encouraged the banks to go ahead with their regular business. When I was in the west last fall one of the best things I experienced was the readiness of the bankers there to co-operate In i this endeavor and to take up the ! problems of their own territory as a matter of general interest to the business men, farmers, merchants and the community as a whole. "The great leeson that we are all belilg foroed to learn in t'hese diffi cult times Ls the necessity and the ad vantage of working together for a common end. A realisation by mer chants and manufacturers that the farmer ls not going to be compelled to adopt a policy of dumping that will knock the bottom out of the market, and the consequent encouragement to lay in more normal stocks, will tend not only to put the farmer In better condition to carry on his farm oper ations, but also to restore his buying power. "The work of the war finance cor poration fits into the situation rrght at this point in that it ls intended not only to remove the necessity of forc ing agricultural products on the mar ket regardless of the consuming de mand, but to make clear to business men generally chat the necessity ls removed. The influence of the cor poration is continually being exerted to bring about a better understanding and a greater willingness to pull to gether, to 'live and let live' in ail the various elements of the business world all along the line from the producer to the consumer. There is every reason to believe that this influence, with the conse quent stabilization of the market, will steadily lnorease and play an impor tant part In hastening the return of normal conditions In both agricul ture and Industry." Dividends) on the established basis of 8 per cent a year were declared by the directors of the Union Savings & Loan association in a meeting held last week. . The dividend declared was 4 per cwnt to cover the final fis cal six months' period ending Jan uary 16. The association Is a strictly mutual association owned and con trolled by its members. The officers are Conrad P. Olson, president; R. J. Kilrkwood, vice-president and general manager; I C. Sttdd, second vice president; R. F. Manke, secretary; Opal E. Bowmi, assistant secretary, and Anthony pickern, treasurer. City of Portland, Oregon 6 Gen'l Obligation Imp. Bondis Dated October 1, 1921 Due October 1, 1931 Optional After October 1, 1924 Denomination $1000 Income Tax Exempt Price 104.76 Yield 5 of - of tli Mligi WE ADVOCATE what we believe and practice what we advocate. The bonds we offer for sale are bonds in which we have our own funds invested. We buy only what we believe are desirable for you to own. We do not deal in securities that we have under option or hope to obtain. If they are not good enough for us to buy they are not good enough for us to sell and we don't believe them good .enough for you to own. Whether our judgment is worthy of confidence is evidenced by the appended partial list of well-known issues of which we distributed large amounts to our clientele. Municipals Government Provincials Yields to 6. 75 Port of Kalama, Wash., 6s 1924-31 Morrow County, Or., 5Vs. . . . 1929 Wallowa County, Or., 5i29... 1932-34 Dutch East Indies (King dom of Netherlands) 63 1947 Opt. '32 Prov. of Ontario, Can., 5Vfcs. . . 1937 Prov. of Ontario, Can., Bya . . . , 1925 , Penn. R. R. Equip. 6s '1928-35 ' 5.75 5 5.00 6.75 5.55 6.25 5.80 Make Reservations by Phone, Wire or Letter LUMBEEMENS TRUStMPAKT-BANK BROADWAY and OAK The educational committee of the Portland chapter. American institute of Banking. h-aa ope-ned classes in po litical economy under the direction of Rlph Thorn. Profe-ssor Crockett, I'm JX, of tihe University of OreRon, has been obtained as an Instructor. Profejwor Crockett hi considered an authority on the subject. A clase of 60 ha been enrolled. DAIRYMEN POOL STOCK Tillamook Growers to Place Calves in Good Herds if Possible. TILLAMOOK, Or., Jan. 5. (Special.) On account of the demand for calves from high producing dams, the Tillamook Cow Testing association has decided to pool interests and fix a price on young stock. Inquiries have been received by W. D. Pine, county agricultural agent, who will act in behalf of the association. The aver age of the association cows is 450 pounds of butteT fat, and the calves are from purebred sires. Accompany ing each calf sold will be a guarantee of the production of the dam and the name and registry number of the purebred aire. Four thousand young calvea are shipped out of the county every year, a large number of them going to Montana, Washington and Idaho. Walla Walla Church to Walt. WAjLLA WALLA. Wash., Jan. 15. (.Special.) Members of the Congre gational church at service this morn ing decided to investigate further the question of a now building, following the reports or committees on repair ing and rebuilding. The church was destroyed by fire last Sunday night during services. Estimated cost of repairing is S9000 and of erecting a new church of the type of the pioneer Methodist fcipiscopal church is f 60.0U0. The committee on repairing was "dis missed but the other continued its ett'orts. However, it is planned not to build for some time, but the financing plan will be developed. HERRIN& RHODES, Inc. Established lSDS STOCKS, BONDS. COTTON, GRAIN Correspondent E. F. BUTTON A CO, N. T. Member all leading exebanrvf Babson's Service on Kile. Mnln tM.l '.Mil Httilwtiv V:ehnnr- Wdr Yamhill County Morrow County 5y2 s Road Bonds Road Bonds Dated Due Dated Due Aug. 1, 1920 Aug. 1, 1930-33 Nov. 1, 1919 Nov. 1. 1929 Denom. $500, $1000 Denom. $500, $1000 Price to Yield Price to Yield 4.00 5'8 Income Tax Exempt Income Tax Exempt WIRE 6RDEES COLLECT Ralph Schneeloch Company MUNICIPAL AND COrUORATIQNTINANCE tUMBCPMCNS BUILDING PORTJANO, OhEQQN. WE SLAfEjmfflL SET JAMES SLAGLE TO BE TRIED OX FIRST DEGREE CHARGE. Pica Will Be Made That Killer Was Insane and Later Recovered Reason; Jury List Long. CHEHALJS. Wash., Jan. 15. (Spe cial.) The trial of James Slagle. who ls charged with first-degree murder, will begin February S at Chehalis be fore Judge A. K. Griffith of Seattle. Slagle shot and killed his wife, Bclma Slagle, at Centralia the afternoon of December 31 last. His attorney, G. L. Thaeker, filed a motion of prejudice against W. A. Reynolds, judge of the Lewis county superior court, so the place was assigned to Judge Griffith. tUagln is reported to have signed a written confession a few minutes after the crime was committed, stat ing that !e did the killing deliber ately. Ht.i attorney will set up a defense of Insanity, an affidavit hav ing been filed asserting that Blagle was insane when the woman' was killed; also that he has since recov ered his reason. To oijTiin a Jury to try the case a large panel was drawn yesterday to bo in attendance when court opens. The list includes some of the best known citizens of Lewis county. It follows: I. W. Allred, Harry Brooks, John Boyer. Roy Campbell. W. B. Cook, J. R. Caton, E. C. Capps, John Ecker son, J. -E. Gates. J. P. Knopka, Sam Mssley, Mrs. Emma Toung. John Renedlct Jr.. Mrs. Kred Buchanan, Mrs. W. E. Baker, C. M. Fuson. Mrs. Myrte- A. Hopkins, Mrs. I. G. Laflin. Mrs. M. N. Mason. V. C.' Peck, S. E Porter, E. J. Prather, W. P. Rlblett. J. P. Steel, W. A. Carlisle, J. E. Crouch, Mrs S. C. Davis, Charles E Dopp, Mrs. Minnie M. Jones, Mrs Mary Kaylor, H. Mooring, Tony Nel son, F. Poore, D. S. Tredenberg, Rob ert Wilson, N. Walter, Josis Adams. John Ben a, Henry L. Brooks, J. H. Kaker, T. M. Donahoe. C. N. Forst. Thomas L. Fishback, Mrs. J. W. Hil born, M. E. Lowry, Wyral Mitchell, S. J. Max, Otis F. Webster, H. A Blumstrom, R. N. Bicknell, George L. I Kvans. J. A. Embody. J H. England, G. W. Henson, Gus A. Lehto. Mrs. Lizzie S. Lehman. H. C. Nolan, Evaline Porter, George Raupp. E. L. Warne, Louis Belcher, James Collins, Estella Edlund, S. C. Fischer, Iver S. Floe, G. Ghosn, Fred J. Hall, O. G. Halverson. G. R. Isbell, J. H. Justice, W. B. Stine, George E. Workman. ROAD WORK IS MAPPED Tillamook County Expected to Start Big Programme. TILLAMOOK, Or., Jan. 5. (Special.) W. D. Clarke, division engineer of the state highway commission, with ths county court, surveyor and coun ty road master, are going over dif ferent sections of the county, map ping out road work for the coming year In which the state highway com mission will take part, on a 50-60 basis with the county. Notwithstand ing that there was considerable loss on account of the- recent storm and flood, Tillamook county will expend a large amount on road improvements. There Is available 425,0O0 from the following sources: County road tax, $207,000; market roads, $30,000: spe cial road tax in road district No. 1, $38,000; sale of bonds: $150,000. In addition to this the state highway commission will duplicate tho money for market roads and several other road projects, and it ls hoped that the commission will do more hard surfac ing in rthis county this year. The county officials are getting the road work well lined up and as soon ss weather conditions permit, the work will commence. , . Tillamook Bank Prospers. TILLAMOOK, Or., Jan. 15. (Spe cial.) At the annual meeting of the First National bank of Tillamook, the report showed that the bank had had a very successful year. The regular semi-annual dividend of 8 per cent was ordered paid. The officers elect ed were: B. C. Lamb, president; C..J. Edwards and W. J. Riechers, vice presidents; C. A. McGhee, cashier; L E. Keldeon and H. Heisel, assistant cashiers. Albany Soft Drink Prices Cut. ALBANY, Or., Jan. 15. (Special.) Ordinary soft drinks may be pro cured In Albany now for 5 cents for the fir5t time since the early' days V Preaent Iaa-QS) Market Price About American Agri. Chemical Co. T2t. 1941 97.50 00 Armour & Co. 7i. 1930 ''. 94.84 10234 Bell Telephone Co. of Pa. 7s. 1945 95 10834 Belgium, Kingdom of. 7V2s. 1945 97.25 106 Belgium. Kingdom of. 8s 1941 . 100 105 Brazil. U. S. of. 8s. 1941 97.50 104!4 British Government 5'i. 1922 .98 100'4 British Government 52s. 1929 96.25 99J4 Canadian Northern Ry. 5'2s. 1922 96.64 99 Canadian Northern Ry. 5'2. 1924 94.50 98J2 Canadian Northern Ry. 7s. 1 940 1 00 10934 Central Steel Co. 8s, 1941 98.50 99'2 Chile. Republic of. 8s, 1926 99 99 Chile. Republic of. 8s. 1941 99 101 4 Chile. Republic of. 8s. 1946 99.50 100y8 Copper Export Assn.. Inc. 8s, 1922 100 10014 Copper Export Assn.. Inc.. 8s. 1923 .99.75 101 38 Copper Export Assn.. Inc. 8s. 1924 99.25 103'2 Copper Export Assn.. Inc.. 8s. 1925 99 10434 Cuban-American Sugar Co. 8s. 1 93 1 1 00 10214 Davies Box & Lumber Co. 8s. 1922 99.46 100 Davies Box & Lumber Co. 8s. 1923 99.03 100 Danish Municipal 8s. 1946 98 10634 Diamond Match Co. 72s. 1935 100 100 E. I. du Pont de Nemours & Co. 7V2s, 1931 .. 100 1 04 East Bay Water Co. 72s, 1 936 1 00 1 05 Edmonton. Alta.. 5!2s. 1929 86.58 8730 Fisk Rubber Co. 8s. 1941 99 10014 French Government 7!2s. 1941 95 94 French Government 8s, 1945 100 100 Galena-Signal Oil Co. 7s. 1930 93.50 I01J4 General Petroleum Corp. 7s. 1931 99.25 102 Goodrich. B. F.. Company 7s. 1925 -. . 98.25 98y8 Goodyear Tire & Rubber Co. 8s. 1931 99.50 99 Goodyear Tire & Rubber Co. 8s. 1941 99 1 1234 Grand Trunk Ry. Co. 6s. 1936 , 95.25 100 Grand Trunk Ry. 7s. 1 940 . . 1 00 1 08'2 Humble Oil & Refining Co. 7s. 1 923 99 101 14 International Paper Co. 5s, 1947 87 87 Kansas City Power & Li.?ht Co. 8s. 1 940 100 1 06 Dutch East Indies 6s. 1947 94.50 94.50 Laclede Gas Light Co. 7s. 1929 100 96 Massey-Harris Co. 8s. 1930.... 1 00 1 00'2 Minn.. St. P. & S. Ry. Co. 6J2s. 1931 99.50 101 J2 TMtt . Ft ice Morris & Co. 7!2s. 1930...'. 98.25 Nevada-California Dec Corp. 6s. 1926 90.50 New York Telephone Co, 6s. 1941 97 Northern Pac-Gr. Nor. 62. 1936 96.50 Northwestern Bell Tel. Co. 7s. 1941 96.50 Northwestern Elec Co. 6s, 1935. . 97 Norway. Kingdom of, 8s, 1 940 ... . 1 00 Ohio Power Co. 7s. 1951 95.25 Otis Steel Co. 8s. 1941 99 Pacific Gas & Elec. Co. 7s. 1940 . 99 Pacific Power & Light Co. 8s. 1930. ....... 98.25 Portland Gas & Coke Co. 7s. 1 940... 95 Rio de Janeiro 8s, 1946. . . . . . 97.75 Rio Grande do Sul 8s, 1946. ...... 99.50 San Joaquin L. & P. 7s, 1951 97.50 Sears. Roebuck & Co. 7s. 1922 . 98.72 Sears Roebuck & Co. 7s. 1923 98.41 Sinclair Con. Oil Corp. 715. 1925.. 98 Southwestern Bell Tel. 7s. 1 925 .......;. . 97.50 Standard Oil Co. (Cal.) 7s. 1931... 100 Standard Oil Co. (N. Y.) 7s. 1925 100 Standard Oil Co. (N. Y.) 7s. 1926 100 Standard Oil Co. (N. Y.) 7s. 1927 100 Standard Oil Co. (N. Y.) 7s. 1 928 100 Standard Oil Co. (N. Y.) 7s. 1929 100 Standard Oil Co. (N. Y.) 7s. 1930 100 Standard Oil Co. (N. Y.) 7s. 1 93 1 100 Standard Oil Co. (N. Y.) 6!2s. 1933 100 Steel & Tube Co. 7s. 1951 95.25 Swedish Government 6s. 1939 99.50 Swift & Co. 7s. 1925 97.50 Swift & Co. 7s. 1931 97.50 Switzerland. Government of. . 5'$. 1929 96.25 Switzerland, Government of, 8s, 1940 .'100 Tide Water Oil Co. 6'2s. 1931 98.15 United Drug Co. 8s. 1941 100 U. S. Rubber Co. 7!2s. 1930 98.25 Vacuum Oil Co. 7s. 1936 100 Van Camp Packing Co. 8s. 1941 99 Warner Sugar Ref. Co. 7s. 1941 96.50 Western States G. & E. Co. 6s. 1927 90 Western Union Tel. Co. 6'2s. 1936 99 Wisconsin Elec Pow. Co. 7'2s. 1945 99 Zurich. Switzerland. 8s. 1945 99.50 Premnt Market About 1023, 93.50 10238 - 108 107 9734 10934 102 982 105 101 101 99.50 103 9914 97'2 100 102 106 10414 104 I05J4 106 10534 107'2 110 IO6I2 97 9534 100 102'2 962 11414 101 105 105 1073g 101 962 94!2 10734 106 107J2 npiHESE FIGURES represent cash values, not trading propositions. The fact that someone I may be willing to offer two or three per cent more "on a trade" does not mean anything as to market value. Perhaps that which appears to offer large profit through a "trade" is in fact disguising the sale of overpriced or questionable "securities." This is the time of all times to convert your short-term investments into long-term bonds, but it is good principle to sell for cash and then buy what you want what you know is safe and that you can sell promptly and satisfactorily if you need cash. You may be able to trade advantageously, but you should know what you obtain has all the elements of safety and marketability that are contained in what you already own. Bring your investment problems to us. We will endeavor to assist you in an unbiased manner. Ask us for list of high-grade bonds that WE OWN and recommend. il in Before you invest Investigate Freeman, Smith & Camp Co. Lumbermen Bldo.. Portland fIFTH fitK PHONE iUltlZ3 B'WAT STARK Qllr 8740 Our Partial Payment Plan Makes Investing Easy of the war. Other drinks, while they have been reduced, are not back to the pre-war level yet. Bank Re-elects SenatorCnsick. ATiB.VNT, Or.. Jan. 1 5. (Special. )- Senator Cuslck has been re-elected president of the bank of J. W. Cuslck & Co. of this city. All of the other officers also were re-elected. They are: Charles H. Cuslck, vice-president: Harry B. Cuslck. cannier, and Stanley A. Starr, assistant cashier. Harry B. Ouslck compose the board E. TV Cimlck, Charles H. Cuslck and of d.lreotors. A. Conservative Custodian Banking Saturday Evenings Have you ever wanted to cash a check so as to have funds over Sunday? Have you ever wanted to deposit currency to as not to risk carrying it over the week-end? Have you wanted to talk to a' bank officer, buy or sell a liberty bond, leave an item for col lection and not been able to go to the bank be tween 10 and 3. To serve its customers the Hibemia Bank is open in all departments Saturday evening from 6 to 8. PCMSAL RISDIVS HIBMIKSDMIIf 4th & Washington We own and offer: Issue Rate Mat. Price Yield Tillamook County, Or, Road.... 5'2 1932-36 Various 5.00 Washoe County, Nevada 6 1932 105.97 5.30 Wallowa County, Or, Road 5'i 3-1-33 104.24 5.00 Wallowa County, Or, Road 5'2 . 3-1-34 104.52 5.00 Whatcom Co, Wash, Road 6 , 5-1-24 101.75 5.25 Whatcom Co, Wash, Road 6 . 3-1-28 103.95 5.25 Whatcom Co, Wash, Road 5', 1924 100.47 5.25 Peninsula Drainage Dist. No. 1. . 6 1922 Par 6.00 Silver Lake, Irri. Dist, Or 6 1926-46 Various 6.50 Slide, Irri. Dist, Or 6 1933-39 Various 6.50 Summer Lake Irri. Dist, Or. 6 1931-45 Various 6.50 Portland, Or, Gen. ObR. .5i 1930 103.07 4.85 Enterprise, Or, Gen. Obli ... 5 1935 , 93.20 5.75 Portland, Or, Improvement 6 1931 104.76 5.00 Lincoln County 6 1930 106.55 5.10 . 1 CANADIAN BONDS Prov. of Alberta ... 6 1941 102.95 5.75 Prov. of Alberta 6 1931 100.74 5.90 Prov. of Alberta 6 1923 99.62 6.30 Prov. of British CoL 5 1928 94.36 6.10 Prov. of British Col 6 1926 99.10 6.25 Prov. of British Col....- 5 1925 96.50 .6.30 Prov. of British Col 6 1926 99.00 6.25 Prov. of Manitoba 6 10-1-46 104.00 5.70 Prov. of Ontario 5'i 1937 99.75 5.55 Prov. of Saskatchewan 6 5-1-24 99.50 6.25 Govt of Newfoundland 6Ki 6-30-28 102.00 6.10 Greater Winnipeg, Water Dist. . 5 7-1-23 97.20 7.00 FOREIGN GOVERNMENT BONDS Republic of Argentina 5 1949 690.00 5.94 Kingdom of Norway 3'i 1964 480.00 6.00 Kingdom of Norway 3'j 1962 480.00 6.00 United Kingdom of Grt. B. & Ire. 5'j 1922 100.50 4.95 Dutch East Indies 6 1947 94.50 6.50 Swift & Co. 7 1931 102.50 6.70 Godchaux Sugar, Inc. 7'i 1941 98.50 7.65 Robert Gair Company... 7 1937 97.00 7.35 Shelton Looms 7 1936 96.50 7.39 New England Oil Ref. Co. 8 1931 Par 8.00 G. E. MILLER & COMPANY PORTLANDS-SEATTLE Northwestern Bank Bldg. 2d Floor Main 4195 We Own and Offer $100,000 Lane County, Oregon 5 ROAD BONDS Dated May 1, 1921 Due Serially 1931-44 Denominations $100, $500, $1000 FINANCIAL STATEMENT Assessed Valuation, 1920 134,873,272.97 Bonded Debt, including this issue 650,000.00 Population, 1920 census 36,116. PRICE TO YIELD 4.875 TO 5 $100,000 Sherman County, Oregon 5 ROAD BONDS Dated July 1, 1919 Due July 1, 1939 Denomination $1000 FINANCIAL STATEMENT ' Assessed Valuation, 1921 $17,181,226.63 Actual Value, Approximately 35,000,000.00 Total Bonded Debt, this issue only 300,000.00 Ratio of Debt to Assessed Value less than " Population, 1920 census 3826. PRICE ON APPLICATION The above issues are direct general obligations and will be paid by ad valorem taxes levied against all the taxable property therein. EXEMPT FROM FEDERAL INCOME TAX WESTERN BOND & MORTGAGE CO. 80 Fourth Street Portland, Oregon Telephone Broadway 6464 Telephone or Telegraph Orders at our Expense