THE 3T0RXIXG OREGOXIAX, MONDAY, JANUARY 30. 1922
17
PORTLAND HOUSES
BUY FRENCH BONDS
Part of $25,000,000 Loan to
Be Taken Up Here.
PARIS ISSUE IS FLOATED
toeTaxFacfr YouSliould Miorl
Seven Per Cent Taper foes at 90 y ,
bo That Yield of 7.95 Will
Be Realized.
Local bond dealers participated last
week In a somewhat sensational loan
of :J5.000.000 to the, Department of
the Eelne. the district including all
of Paris. The Issue Is one of J25.000,
000 In 7 per cent gold bonds at 90,
which gives a yield of 7.95 per cent.
The term of the bonds is 20 years.
Ths syndicate which underwrite
the bonds In this country Is headed
by Kuhn, Loan A Co. of New York
City. Local houses which participat
ed la the sale of the bonds Include
National City company. Freeman.
Smith & Camp company. Lumbermen
' Trust company, Clark, Kendall ft Co.,
Blyth, Witter ft Co, E. L. Devereaux
ft Co. and the Ladd ft Tllton bank.
The Issue is the first one of a Eu
ropean nature which has been floated
In this country for some time. Quite
a feature of the issue is that the
yield rises to 8 per cent, according
to the date the bonds are called. They
are redeemable in 1932 at 1-05 and
each year thereafter there is one-half
of 1 per cent less premium.
The purpose of the bond Issue Is
to provide funds for capital expendi
ture on the betterment and extension
of the newly acquired transport sys
tems. The district of the Seine com
prises the city of rarls nd Its en
virons. The bonds are a direct obli
gation on the entire district.
'The bonds are selling very well In
Portland and In this territory," Fred
W. Camp of Freeman, Smith & Camp
company said. ."There are not many
foreign bonds on the market. This
Is the first direct European issue for
some time.
"At this time we are not getting
much from South America. The last
offering from there in which Port
land houses participated was the
3. 500. 000 bond Issue of the City of
Porto Alegre, the largest city in one
of the inland states of Brazil. They
were 8 per cent 40-year bonds sell
ing at 99. giving a yield of 8.10 per
cent. These bonds enjoyed a good
sale In this territory.
"The situation for the municipal
market Is holding steady. There are
practically no. Oregon bonds for sale
other than a limited amount of re
cent Issues of county road bonds.
These probably- will be absorbed
oon.
"The outlook for Oregon bonds to
supply the local demand during the
next few months Is anything but
bright. In other words, the natural
tendency of the public bodies, as re
flected by the attitude of taxpayers.
is to economize and curtail public
Improvements. The effect already Is
felt In the scarcity of local issues.
'What to look for in the matter
of bond financing Is largely a matter
of conjecture. It Is possible that dif
ferent railroads will be bringing out
considerable issues. Public utilities
are bound to come In for considera
ble financing. It appears that there
will not be much demand for indus
trial expansion so that any such
financing largely will be for fund
ing operations."
The annual meeting of the Pacific
northwest group of the Investment
Bankers' Association of America in
Seattle, from which Portland dele
gates returned last week, resulted in
the election of Willis Clark of Ladd
ft Tllton bank to the position of vice
chairman. It was decided to hold
the spring quarterly meeting .in
March In Portland.
Kesolutlons were passed at the
meeting Indorsing pending legisla
tion In congress relative to reclama
tion development In the west. Also
It was decided to take proper steps
to co-operate with the legislative
bodies In the northwest states In the
Interest of proper legislation in con
nection with Irrigation and reclama
tion work.
The following officers were elect
ed: F.. C. Payne, Union Trust com
pany, Spokane, chairman;, Willis
Clark, Ladd & Tilton, Portland, and
R. H. McMichael, Pexter-Hortori Na
tional bank, Seattle, vice-chairmen;
I. C. Alexander. Cyrus Pierce & Co..
Feattle. secretary. Other members of
the executive committee elected were
C. 8. Kelty. Lumbermen Trust com
pany, Portland: J. F. Ferris. Ferris
& Hargrove, Spokane; Andrew Price,
John K. Price & Co., Seattle.
Those who attended the meeting
from Portland were: Carl R. Kelty,
James II. Lynch and Robert E. Smith.
Lumbermen Trust company: II. A.
Itemphlll, National- City company;
t illis A. Clark. Ladd ft Tllton: Henry
Hughes. Ralph Sohneeloch company;
Fred W. Camp, Freemen, Smith &
Camp company; Harry Kendall, Clark,
Kendall & Co., Arthur Olson, E. L.
Devereaux ft Co.
Morris Brothers corporation has
completed the retirement of 300.000
shares of preferred stock in the com
pany, according to J. L. Ktherldge.
tceneral manager. Announcement was
made recently that the $1,025,000 of
preferred stock was to be reduced by
this amount. The shares were re
tired at 1.06H. The extra 64 per cent
consisted of S per cent premium. 1
I er cent dividend July I -to December
SI, 1921, and Vs o.f 1 per'cent for the
January dividend.
'Practically all of the money was
'mmtAiiately reinvested In bonds," Mr.
Kiheridge said. "Our business In mu
nicipal bonds now amouu practically
to, tl.OOO.OOO a month."
Notwithstanding the fact that lib
erty bonds have advanced to a point
that the yield at the present market
price returns the Investor a much
lower rate of Interest than early last
fall more liberty bonds are being sold
to the private Investor In Portland
territory than when prices were
lower.
"Every day Investors ask us what
they shall do with their liberty
bonds," John 8. Manley, bond officer
of the Portland Trust company of
Oregon, said. "Our Invariable an--swor
Is to keep them If they possibly i
can do so. However, we buy these
bonds at the New York market quo-
tatlons when they are offered. !
-There never was and in all prob- !
ability there never will be again such1
an opportunity for the everyday man
to buv govejrunent securities at such
a yield. . j
"The man or woman who wishes to
save and get ahead for saving is the
only certain way for any but the very
rare exception has the pln clearly
laid out and set before htm.
"Liberty and victory bonds are being
bought and sold on the New York ex
( hange In great volume. During the
f rst week In December 175.000.000 In
IXCOHE TAX IJT A NUTSHELL.
WHO? . Single persons who had
net income of $1000 or more,
or gross, income of 95000 or
more. Married couples who
had net Income of 12000 or
more, or gross income of
$5000 or more.
WHEN? March 15. 192S. Is final
date for filing returns and
making first payments.
WHERE? Collector of internal
revenue for the district In
which the person lives, or has
his principal pis.ee of business.
HOW? Full directions on Form
1040A and Form. 1040; also
the law and regulations.
WHAT? Four per cent normal
tax on taxable Income up to
$4000 in excess of exemption.
Eight per cent normal tax on
balance of taxable Income.
Surtax from 1 per cent to 65
per cent on net Incomes over
$5000 for the year 1921.
' No. 1.
Income Tax Facts.
THOUSANDS of letters have
reached the bureau of internal
revenue relative to changes In
revenue legislation. Taxpayers de
sire to know the benefits ,to which
they are entitled under the revenue
act of 1921 by way of Increased ex
emptions, lowered surtaxes, and al
lowances for deductions for business
expenses, losses, contributions, and
bad debts. '
The purpose of the bureau of In
ternal revenue is to answer the ques
tions presented In a series of news
paper statements, of which this Is the
first Taxpayers are advised to pre
serve the articles as they appear. In
order that when they bagin prepara
tion, of their Income tax returns, for
the year 1921 they may have before
them a comprehensive summary of
the requirements of the new revenue
act.
To the person of moderate Income,
probably the most Important change
Is in the exemptions, or credits.
Under the revenue act of 1921 a mar
ried person or head of a family whose
net income for 1921 was $5000 or less
is allowed a personal exemption of
$2500. If the net income is more
than $5000, the personal exemption is
$2000. The exemption allowed a mar
ried person or head of a family under
the revenue act of 1918 was $2000, re
gardless of the amount of net income.
Exemptions for dependents, also, are
increased from $200 to $400. Thus, a
married man with three children,
whose net Income for 1921 was $4000.
will pay this year an Income tax of
$12. On the same Income for 1920 he
paid a tax of $56.
Husband and wife living together
receive but one personal exemption
($2600 or $2000 as the case may be).
If they make separate returns, the
exemption may be taken by either or
divided between them. .
- , Normal Tax.
To overcome the disparity in the
normal tax In the case of two tax
payers, one of whom Is Just within
the lower exemption of $2000 (apply
ing to lncome-of more than $5000) and
the other Just within the higher ex
emption of $2600 (applying to in
comes of $5000 or less), the law pro
vides that the reduction of the per
sonal exemption for married persona
and heads of families from $2500 to
$2000 in such cases shall not operate
to Increase the tax which would be
payable If the exemption were $2500
by more than the amount of net in
come in excess of $5000. For example,
a married man had a net income for
1921 of $5006. Without the benefit of
the above provision, his tax, assum
ing he had no dependents, would be
$120.24 ($500ej less $2000 equaling
$3006 at 4 per cent). His actual tax
Is $106.24 ($5006 less $2500 equaling
$2606 at 4 per cent, or $100.24, plus
$6, the amount by which his net in
come exceeds $5000).
There is no change In the exemp
tion of $1000 granted a single person
or a married person not living with
husband or wife. NoiL-resident aliens
are allowed a specific exemption of
$1000, regardless of their marital
status, and are allowed no exemption
for dependents.
The normal tax of 4 per ceht on the
first $4000 of net income above the
exemptions and 8 per cent on the re
maining net income remains un
changed. This applies to citizens and
residents of the United States. Alien
nonresidents receiving income from
sources within the United States are
taiad to the full 8 per cent on income
from such sources.
Surtax Rate.
Taxpayers are reminded that the
surtax rates, which apply only to net
Incomes in excess of $5000, also are
unchanged for the year 1921. Letters
received by the bureau indicate the
impression In the minds of the writers
that the lowered surtax rates are ap
plicable to net income for the calen
dar year 1921. Under the revenue act
of 1921, the surtax rates for that year
range from 1 per cent on the amount
of net income between $5000 and
$6000 to 65 per'cent on the amount of
net income in excess of $1,000,000.
For the calendar year 1922, the sur
tax rates range from 1 per cent on
the amount .of net income between
$6000 and $10,000, to 60 per cent by
which the net Income exceeds
$200,000.
The period for filing returns (if the
taxpayer makes return on the calen
dar year basis) Is from January 1 to
March 15, 1922. This year, as last, the
tax may be paid in full at the time of
filing the return, or in four Install
ments, due on or before March 15,
June 16, September 15 and Decem
ber 15. Forms 1040A for incomes of
$5000 and less, and 1040 for Incomes
in excess of $6000, will he sent to per
sons who last year filed returns of
1920 income. Failure to receive a
form, however, does not relieve the
taxpayer of bis obligation to file a
return and pay the te.x within the
time prescribed. Copies of these
forms may be obtained at the of
fices of collectors of iaternal revenue,
branch offices and banks.
The return, sworn to before a no
tary or other person authorized to ad
minister an oath, must be filed with
the collector of Internal revenue 'for
the district in which the taxpayer
lives, or has his principal place of
business.
Revenue officers will visit every
county In the United States to aid
taxpayers in making out their re
turns. Announcement of their arrival
and the location of their offices will
be made by pollectors through the
press. The services heretofore offered
city residents will be continued.
DRAINAGE EXPERT PICKED
GEORGE W. KABLE TO HEAD
EXTENSION WORK.
Aid Will Be Offered to District Op
erations and Individual Farm
Projects In Installing Tile.
OREGON, AGRICULTURAL COL
LEGE. Corvalus, Jan. 29. (Special.)
Extension-aid in drainage of Ore
gon wet lands, financed by the fed
eraf government and state college,
has been arranged by Paul V. Maris,
director of the extension service.
George W. Kable, agricultural agent
of Benton county, Oregon, has been
transferred to head the new line of
work as state drainage specialist.
The work was established to offer
farmers such assistance as they need
in locating, laying out and construct
ing drainage systems in an econom
ical and profitable manner. This aid
will be offered both for district
drainage operations and Individual
farm projects in installing tile drain-"
age.
Before drainage operations are
undertaken on any project the pro
moters first find whether the project
is feasible from an engineering
standpoint whether the water can
actually be removed on an economical
basis and from an agricultural
standpoint whether the drained
lands would pay a profit on the op
eration if rightly farmed. Mr. Kable
was selected for the new position
because he is qualified by training
and experience to determine both of
these preliminary conditions.
"Mr. Kable is admirably f'tted for
this work," says Mr. Maris. "He has
training and experience in engineer
ing, drainage, irrigation, soils man
agement and general agrculture. He
knows Oregon conditions and many
leading agriculturalists of the state,
including the county agents, college
and station specialists and leaders of
the various farm organizations. He
is a competent writer and speaker
on reclamation matters."
Mr. Kable will take up his new
duties early next month.
Kidgefield, Kalama to Debate,
RIDGEFIELD, Wash.. Jan. 29.
(Special.) The Ridgefield high school
debating team, Erma McConnell, Elsie
Tetz and Clifford Rowe. will go to
Kalama Friday night, February 3, to
argue the state high school question,
"Resolved, That the sales tax prin
ciple should be added to the federal
:uvenue system," against the high
pehooi debaters of Kalama In the
third discussion of the season. Ridge
field will uphold the negative. It
lost to Castle Rock, but won from
Vancouver.
all Issues changed ownership. Many
irvestors are selling their victory
notes and are buying various Issues
ot longer maturities.
"The victory 4s cannot now be
called In June, as the call must be
made six months before the callable
date, and it is doubtful In the minds
of many authorities if the govern
ment will exercise the optlen. It can-
cot now be exercised before December
15. 1922. It Is stated that all sinking
fund purchases by the United States
treasury department are now chiefly
confined to the acquirement of vic
tory notes. Victory bonds during
January sold on the New York stock
exchange as high as 100.30 on the
12th, 13th and 26th.
"During May, 1920, these notes were
sold aa low as 94.70, at which figure
the net yield to the investor was ap
proximately 7.63 per cent at maturity.
"During 1921 the thirds advanced
from 8H in January to 98.20 in De
cember. All issues showed unusual
gains. The first and second fours
showed an advance of more than $12
a hundred and all the fourth 4148
from $10.30 to $12.50 a hundred.
"No one. however, experienced In
the bond business, knows when lib
erty bonds will reach par. There are
factors in the situation which no one
can gauge or estimate. It Is a ques
tion often asked here and the best
authorities continually elude It. No
market was ever harder to analyze.
The. various Issues have brought a
security into the market which for
many years to come will act as a bal
ance, a barometer and the basis from
which to measure the real value of
all securities."
Thursday evening the Hibernla
Commercial & Savings bank enter
tained the officers and employes wnn
its annual banquet. The dinner was
held at the Benson hotel. About 40
members of the banking staff were
present. C. B. SewalU cashier, was
toastmaster, and talks were made by
John F. Daly, president, and C v.
Galloway, assistant cashier.
IKS
I 1
Union County
5 j Road Bonds
Dated ' Due
Jan. 15, 1922 . Jan. 15, 1927-36
Denomination $1000
Price to Yield
5.00
EFFORT MADE TO. SAVE KLAM
ATH FALLS INSTITUTION.
PURE BREEDERS GATHER
Lewis County Organization Holds
Seventh Annual Session.
CHEHALIS. Wash.. Jan. 29. (Spe
cial.) The Lewis County Pure Breed
ers' club held Its seventh annual mia
v lnter meeting yesterday In this city.
The gathering was the largest in the
history of the organization. Memoers
were present from ail portions or
Lewis county and some from Cowllti.
Mrs. Adda Howie, well known Wis
consin breeder of purebred stock, was
the orincipal speaker and for nearly
an hour discussed the various phases
of farm life and pointed out the valu-
ble features of breeding pureprea
stock. She was followed by U. M.
Piummer of Tortland. the executive
secretary and manager of the Pa
cific International Livestock exposi
tion. Negro Selzea and Shot to Death.
POXTOCTOCK. Miss- Jan. 29 Will
Bell, 20. a negro, charged with hav
ing attacked a young white wraan
last night, was taken from officers
todav by unidentified men as he was
being transfered to Jackson. Miss.. I
for ftsfe keepimr and shot to death
Among Other Attempts State De
partment Proposed That Sure
ty Companies Advance Cash.
That the State Bank of Klamath
Falls, which closed yesterday, was in
difficulty, became known to Bank Ex
aminer Bramwell several weeks ago
ana ne immediately dispatched Dep
uty Examiner Adair to investigate.
His report, reaching Mr. Bramwell
several days ago, made clear that the
situation was serious, so Mr. Bram
well sent Mr. Wales down to take
charge in an eftort to save the bank.
Mr. Wales was formerly associated
with the Inland Empire bank of
Pendleton and it was by agreement
with alLof the banks concerned In the
endeavor to keep the endangered In
stitution going that he took over its
c If a Irs.
Within the last few days efforts
had been made to obtain a loan ot
$115,000 from the war finance corpora
t.on, but some difficulty arose over
ueitiiia una mac casn was not forth- (
coming to neip keep up the reserve.
Deposits dropped from $1,260,000, reg
istered shortly after the reopening of
the bank about one year ago, follow
ing Its closing the first time, to $600,
000. Total assets were $1,400,000 yes
terday when the doors were ordered
kept closed.
Efforts on the part of . the state
banking department to help the bank
included proposals to the six surety
companies on bonds of the county
treasurer to advance $50,000 cash, by
doing which they would only be pro
tecting their own Interests, in a
measure,- Mr. Bramwell said. Four
of these concerns agreed, but two de
murred and no help was forthcoming
from them.
The bank closed the first time Jan
uary 12, 1921. It reopened later, after
the entire community had expressed :
its faith In Captain Siemens, and re
organization caw it started on its new
career with a capital of $250,000 and
posits. The bank experienced a fairly
good summer's business, but when it
looked like it would succeed, the
slump came.
Morrow County
5i Road Bonds
Dated Due '
Nov. 1, 1919 Nov. 1, 1929
Denomination $1000, $500
Price to Yield
5.125
Gilliam County
5 Road Bonds
Dated Due
Jan. t, 1922 Jan. 1, 1942
Denomination $1000
Price to Yield
5.125
Federal Income Tax Exempt
Wire orders collect.
Ralph Schneeloch Co.
MUNICWU. AMD CORPORATION rOUNCS
UJMBCBMCNS BUILOINS
PoiroANa QwrnfM
Women Name Committees.
CENTRALIA. Wash., Jan. 29. (Spe
cial.) Committees for 1922 were an
nounced by Mrs. William Scales,
president, at the regular meeting
Friday night of the Women's auxil
iary of the Grant Hodge post, Ameri
can Legion. Committee chairmen are:
Mrs. E. C. Roberts, ways and means:
Mrs. W. F. Kellogg, welfare; Miss
Mary Grimm, publicity; Mrs. Felix
Genge, membership; Mrs. Frances
Moses, Americanization, and Mrs.
Peter Madsen, flowers.
An Obligation
of the
Dominion of
Canada
Grand Trunk Pacific Railroad
4 Gold Bonds payable in U. S.
gold in New York at the fixed
rate of exchange of $486.65 per
1100.
Due April 1. lOSS.
PRICE
$335.79 PER 100
Yield About
6.25
A. F. Bernstein & Co.
KM Northwestern Bank Bid.,
Main 2GT2. Pol-timid.
THERE IS ONLY ONE
WAY TO INSURE HIGH
YIELDS THROUGH FU
TURE YEARS. THAT
WAY IS TO BUY NOW BE
FORE BONDS ADVANCE
FURTHER,
Interest rates on good bonds are
getting lower and the prices of
bonds are increasing. In short the
period of low priced bonds is rap
idly passing. Far seeing investors
are now purchasing bonds heavily
and are thereby assuring high yields
through future years and extra
profits through price advances.
Income Tax Exempt Municipals
. n il ' ; -i rimf-w r en. 1040 ciocojl
Gilliam County, Or. 5s 1943 5.125
Port of Kalama, Wash 6s . 1930-35 5.75
Morrow County, Or 5s 1929 6.1-25
Pacific County, Wash. 5s 1924-40 5.10
City of Portland 6s 1931 &.00
Wallowa County, Or 5s 1932-34 S-OO
POSSIBLE YIELt) T.O 8.75
Dept. of Seine, France, 7 Bonds
Due 1942. Optional after 1932
Price 90.50. Yield 7.95 at maturity '
or 8.75 to Optional date.
XiUMJBBRlMELN'S
BROADWAY AND OAK
Phone your want ads to The Ore
gonian. Main 7070. Automatic F.PO-95.
JULIUS R. BLACK
Public Accountant, Auditor
Income Tax Service
Concord Building, Second and Stark St. '
. t Broadway 7443
Among our
BONDS
are the following.
British Columbia
' Alberta'
Manitoba
Saskatchewan
and City and County of
San Francisco
BROADWAY BANK
Broadway and Stark.
HERRIN & RHODES, Inc.
Established ISOs
STOCKS, BONDS,
COTTON, GRAIN
Corfefpondenta E. F HtTTOS A CO.. N. T.
Members all teadloc exchanges
Rabtton' Herrice on File.
Bdwy. Ml JUUwj Kxcliaoge Bid.
The Choicest List
We Own and Offer:
Issue Rate. Maturity Yield
Tillamook County, Or 5'2 1932-36 5.00
Wallowa County, Or -. 5'2 1933 5.00
Lincoln County. Or 6 1930 5.10
Portland, Or, Imp 6 1931 5.00
Pierce County, Wash 5'j 1931 4.90
Washoe County, Nevada 6 1932 5.30
t'Whatcom County, Wash 6 1924 5.25
Enterprise, Or, G. 0 5 1933 5.75
t'Slide Irri. Dist, 6 1933-38 6.50
Silver Lake Irri. Dist 6 1926-44 6.50
Prov. of Ontario 5't 1937 5.55
Prov. of B. a 5'j 1939 5.70
Prov. of B. C , 6 1926 . 6.10
t'Prov. of B. C 5' 1925 6.10
ProV. of B. C 5 1928 6.00
Prov. of B. C 6 1926 6.10
Prov. of Alberta : 6 1931 5.90
Prov. of Alberta 6 1941 5.55
Prov. of Alberta 4'2 1924 6.25
Prov. of Saskatchewan 4 1923 6.30
St. Boniface, Man. 5 1943 6.50
Greater Winnipeg, W. D 6' 1923 6.75
Vancouver, R C 4'i 1923 6.73
Gov't of Newfoundland 6A 1928 6.00
t Dept. of Seine, France '.....'. 7 1942 7.95
tCity of Zurich 8 1945 7.25
Argentina t 5 1949 5.92
N'orway 3't 1962 6.00
INorway 3'i 1964 6.00
Goodyear "Tire & Rubber 8 1931- 8.15
B. B. & R. Knight Inc. 7 1930 7.15
Van Camp Packing Co. 8 1941 7.90
t'Charcoal Iron Co.. 8 1931 8.00
tShelton Looms 7 1936 7.39
Swift & Co 7 1931 6.65
t'Wilson & Co 7'j 1931 8.00
1000 toOO 5100
We Are Alwaya Prepared to Bay or Sell These or Other High
Grade Bond.
G. E. MILLER & COMPANY
POHTUliD SEATTLE.
NORTHWESTERN DANK BLDG.
SECO.VD FLOOR.
MAIN 4103.
7.95 to 8-75
according to date of redemption
is offered by the 20-year 7 gold bonds at 962 nl
interest issued by the Department of the Seine, France.
Non-callable for the1 first ten years. Callable in 1932
at 105 and at Yl less each year' following.
Payable from direct general taxes on all property in the
third largest city in the world and. a large ' territory
adjacent thereto, comprising an area of 1 85 square miles
with a population exceeding 4,400,000, including the
entire city of Paris.
Denominations $500, $1000. We offer our confirmed
allotment at original subscription price, 90z. to yield
7.95 to 8.75 to accord with date redeemed.
FREEMAN, SMITH A CAMP CO.,
Lumbermen Bldg., Portland.
Please send me details of the Department
of the Seine T's to yield 7.95 to
Name
Address.
Oregon County Bonds
We Own and Offer:
Maturity
1925-28-29
1934-39
1924
1931-32-35-38-41-42
1939
1930-34
1936
Yield
5.00
5.25
5.10 .
4.875-5.00
5.09
5.00
5.00
Rate
Benton County (Or.) Road 5
Crook County (Or.) Road 6
Douglas County (Or.) Rd 4
Lane County (Or.) Road.. 5
Sherman County (Or.) Rd. 5
Union County (Or.) Road 5H
Wallowa County (Or.) Rd. 5
- EXEMPT FROM FEDERAL INCOME TAX
Western Bond & Mortgage
Company
80 Fourth Street Portland, Oregon
Ground Floor Board of Trade Bldg. Telephone Bdwy. 6464
Telephone or Telegraph Orders Collect
A Conservative Custodian
Newcomers to
Portland
At Fourth and Washington, in the center
of the downtown district, is the Hibemia
Commercial and Savings Bank.
You are invited to call and obtain free a
map of the city. The map has a special
dial which quickly locates any street,' shows
street car lines, office buildings and points
of interest
The Hibernia Bank was established in
1892. is a member of the Federal Reserve
and the Portland Clearing House, and of a
size which permits easy access to the officers
and personal . acquaintanceship.
and personal . acquaintanceship. ij
I ij
jli tm'mtutaiim jj
In "Dt IMJVlJ
HIBMIfEilir j
- 4th& Washington Jj
New Issue Only Issue
MUNICIPALITY
ST. JAMES
Adjoining Winnipeg
Province of Manitoba
In the heart of the largest gTain market in the world.
6 GOLD BONDS
Dated January 1, 1922 . Due January 1, 1912
Legal opinion of E. G. Long, Esq., Torcnto, Canada.
Denominations $100, $500, $1000
Principal and semi-annual interest payable in U. S. Gold Coin in
New York City, or at the office of Morris Brothers Corporation,
Portland, Oregon.
Price 94.45 and Interest to Yield 6'i
FINANCIAL STATEMENT
Assessed valuation for taxation 58,537474
General debt (this is the only issue) 400,000
Population, estimated, 15,000.
The Municipality of St. James ndjolns Winnipeg, having been
one of the important suburbs of that srreat city, where more wheat
is handled than in any other port on the continent, and a network
of rail lines have caused it to become known as the Chicago of
Canada. This U the first bond issue put out by St. James, and
it will be seen by the statement -above what splendid rurce
are behind this loan. The district of St. James has an area of
4830 acres, In which all the taxable property suaranteeg this Issue,
It being a general obligation in every respect.
Telephone or Telegraph Orders at Our Expense
Morris Brothers Corporation
Morris Building PORTLAND, OREGON
Broadway 2151
309-311 Stark St
Safe Deposit Boxes
7 Cumulative
San Joaquin Light &
Power Corporation
Prion Preferred Stock
1. Quarterly dividends.
2. Income exempt from normal tax.
3. Company's earnings, 1920 and 1921, equal
FOUR times dividend requirements.
4. Assets equal- $252 per share.
5. Company serves rich agricultural section
in California covering some 15,000
square miles.
6. Stock is non-callable.
Price 98.50; Yield 7.10
Blyth, Witter, & Co.
. Fourth and Stark Streets
Seattle San Francisco Los Angeles New York
r -
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. Fourth and Stark Streets.
1
0