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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Feb. 13, 1922)
TOT: 3IOKXIXG OKEGOXIAX, MONDAY, FEBRUARY 13, 1022 13 mm IL BANKER SEES LIGHT AHEAD Harvey D. Gibson Writes of Year's Economic Status. PERIOD OF 1921 BIG TEST Country laiiirtl hi lUie for Sta- hh Improtctl Iius.fics Cou- l it ions for 1922. In & letter just received in Tort land. Harvey L. Cibson, pre&ldent f the Niw York Trust company, has given his views on economic condi tions at th-beginning- of Like n:r.r other who are endeavoring to ffrd careful analysis of the Situa tion confronting the w ho.e world, Mr. (i.uson sees I.ght ahtd in the overcast financial fekUs. Anion? oiher thing. Mr. Gibson ays: -The year 1921 furnished a su preme test of banking, as well in the conduct of individual tank policy In th administration of national banking programmes. It has pro vid. d any evidence that might have be. i. U. kin to prove that the ad ministration of a. bank muatt be based on a deep appreciation of the eco nomic ic n i f nance of eveuta. White Jacking in the aspect a of Ceneral propc rity. the experience of th la-it year ha ben vital in it tontr.litirinn fn fi-nnomic und-rstjnd- and has avaia emphasized that xncre exiai in 100 woria iunuamcnif economic laws which no device of man rem9 adequate to controvert. "In this country we have alto come to realize that prosperity when it exist ts a world-wide condition. We oe more rU-axiy than before that the operation of economic laws cannot be confined within natfonal boundaries. Given a htnu,-o of weath and a xaniie of resources denied to mo.t na tions, we have come to know that we cinot iaoiate oursivt from the m ib Xortunes of others. "The beginning of the year wit eeicd the end of the critical period of readjust me nt jm mediately follow ing after-war inflation. The country tnen unit.-! In a hope for stable, im proved tuiineis cond it tons. Theae hopes have been realized to only a limited extent. At no time during the year has there existed a stability ot the structure as a whole that would permit the a-umption that we were bout to enter a period of early and abundant prosperity. "As we ltok forward to the year 19'2i we are hopeful that a better average of business will obtain. taeTaxFacYoitSIiould fiioT No. 1 of a Series. No. I-V. Sbe filed b the due date, application EAVY penalties are provided bjr my be made to the collector of inter- the revenue act of 1S21 for fail- f nal revenue or tne district in -wnicn ure or -willful refusal" to nB w lives or na nu princi- make a. required income tar return H' , A rynopsl-i of the reports of the condition of 290 state banks and seven trust companits in the state of Vah inxton at the close of business Le cernher 31. 1921. according1 to a state ment issued by the state supervisor of banking Johu P. Xuke, shows: Total mturcri IIHS STS.stl ljtit j:t.:itia.iH lAans ami tltjK-oun:s lJ,.:oy.4&3 V. bonds and l 8. certifi cates of indrbttMne ....... i:.1.m5 Other bon-is ami warrant.. .... lyo'.!.!.' Ca.n ou band and la banks ... 30.7a.l -As compared with the condition of IS7 state banks and six trust com panies on February 21, 121. which was the date ot the first published report for that year, deposits have decreased 23,2Sl.Ks from $lt0.624. 766. Loans have decreased I23.& 7 S. is from Jl lT.osa.i'sl. "Investments In Vnited States bonds and other federal indebtedness have decreased 12.733. 133 from 14 JM.97S. Iluldinss of other bonds and warrants have decreased $3.33S.S94 from I21.43ti.s20. During the same period cash assets have decreased JJ.C3vt.9t from I21.436.s20. During the same period cash assets have de creased only IS44.S92. On account of decreased deposit liability the per centage ot reserve Is now 22 per cent ot deposits as scamst 19 per cent ot February 21. 1921. "A remarkable feature Is the re duction of bills payable and redis counts which have fallen from $11. S7.S3 on February 21, 1921. to $1,541. 433. A reduction of TO per cent in these items during the lsst 10 months ;s notable and proves that the banks have recovered from the shock ot sudden deflation and . indicates that business over the state is movinir in an orderly manner toward a no.rmaI anu waie uai in its latest summary or me aen eral financial and business situation. :he Bach Heview of New York has he following to say concernine President Harding's address to the farm conference: In his address to the farm con ference, president Harding. while ie included the recommendations of "he inquiry commission, did not con- 'in himself to those, and In a friendly and sympathetic manner expressed he real Interest of the administra tion and of the country In the farm r" need, with suggestions for sup- lying them. Ths depressions and !lsoouragements of this period, he aid. are not peculiar to agriculture. mil he considered it fair to say that here could have been no avoidance if a great slump from war-time ex- tv.es to the hardships of readjust ment. "We can have no he'.pful un ierstanding by assuming that agri--ulture sniffers alone." Recognizing that the Federal 'arm Loan board was organised to isske available for the farmer .better uppliee of capital and moderate in- erest rates, this capital was for fixed ivestment in farm properties only. 'o provision has been made for work- ng capital 10 rmaiicc . urnover. and this machinery should e developed to insure the supply of uch capital as generously to the armer and on as reasonable terms as a other Industries." :ii.no.i noxns offered and pay at least one-fourth of the tax on time on or before March 13 if the return is filed on the calendar year basis. If a taxpayer makes his return on the basis of a fiscal year it should be filed on-or before the 13th day of the third month following the close of the fiscal year. For failure to file a return on time a taxpayer becomes liable to a penal ty of not more than liniiA oH s further penalty of 2i per cent of the amount of the tax. unless he later files a return and it is aatinfsK-tnt-iiv onuwn mat ine delinquency was due to a reasonable causa and nnl r. iiuul neglect. For willful re. tusal to make a return and pay the ix on lime a taxpayer becomes sub ject to a fine of not more than 110.- W00 or one year's imnrisnnment i ooin. together with the costs of prosecution, and a penalty' of Si per cent of the amount of the tax. If any Installment Is not paid when due the whole amount of the tax be comes due and payable upon notice and demand by the collector, and not paid within ten days after such demand a 5 per cent penalty accrues with Interest at the r;yte of 1 per cent a montn until paid.' "esi feaally AMarbra. When a return Is made in good faith and an understatement of the amount of the tax therein is due to no fault of the taxpayer, no penalty attaches, but Interest attaches to the amount of the deficiency at the rate of one-half of 1 per ONit per month. If the understatement IB. due to neg ligence or to intentional disregard of authorised rules and regulations with knowledge thereof, but without intent to defraud, there Is to be added 6 per cent of the total amount of the deficiency plus Interest at the rate of 1 per cent a month from the time the tax was due. If the under statement is false with intent to evade the tax the penalty is a fine of not more than $10,000 or one year's imprisonment, or both, together with the costs of prosecution, and 60 per cent of the total amount of the defi ciency which is added by assessment to the tax. It for any reason a return can not pal place of business, setting forth the facts as to the taxpayer s inabil I ity to file on time. Upon showing a reasonable excuse, such absence. l illness, etc., the collector may grant -an extension of time not to exceed 30 days in which to file the return. If ! 1 further extension of time must be made to the commissioner of internal ' revenue, the collector having author- ity to grant only an extension not to exceed 30 days. ' The commissioner may grant an I extension on a reasonable cause shown, not exceeding six months, j This six months' limitation, however, i is not applicable to taxpayers who i are abroad. Waen the payment of a quarterly Installment is postponed at the request of a taxpayer there is added as part of such installment, until paid, interest at the rate of one-haif of 1 per cent a month from the date the installment would have been due if no extension had been granted. Receipt Gives oa Iteqaest. Collectors, if request Is made, are required to give to taxpayers writ ten or printed receipts for income, excess-profits and war-profits taxes, stating the amount paid and the par ticular account for which such pay ment was made. Payments may be made either at the officer of col lectors of internal revenue or branch offices, either in cash or by money order or check. Checks and money orders should be made out to the collector of internal revenue in the city in which the collector's office located. For example: "Collector of Internal Revenue, Baltimore. Md." The bureau of internal revenue ad vises that payments be made either by check or money order, as this method saves a trip to the collect or's office and insures avoidance of congestion during the closing days of the tax filing period. If a check re ceived by the collector is not paid by the bank upon which it Is drawn, the person by whom It was tendered becomes liable for the payment of the tax and all legal penalties and assessments which apply if the check had not been tendered. (This article concludes the series.l placed at 84 S and Interest, yielding oout 4 j per cent. These latter bonds are the direct obligation of the Southern raciflo railroad and are secured by a mort gage on more than 3330 miles of main track, including terminals. Of this mileage, says the announcement of sale, the bonds are secured by a first mortgage on over 725 miles and are subject to underlying bonds averag ing xiii per mile on the remaining mileage. LIBERTY BO.MJS ARE FIRMER Retirement of Victory Notes Boocits First .3 )i Per Cent Issue. With the announcement of the sec retary of the treasury that the Per cent victory notes are to be called June 15, their optional date, added im petus is reported in the bond market within the past few days with the re sult that the first S , per cent liberty Donas nave Jumped forward mate rially. With this situation develop- ng and the fact that there are few Oregon municipals on the market, bond dealers anticipate, according to freeman. Smith & Camp company, continued Improvement in the market. 'The success of recent loans is uf- , ficiently convincing as to the situa tion." says Frank W. Camp of that company. "All new offerings have been absorbed very quickly and prices ad vanced upon the closing of the un derwriters" books. With the redemp tion of the 3 per cent victory rotes, there will be a considerable amount of money for re-investment purposes, though with the scarcity of tax-exempt securities it is obvious that prices are to advance again. It is said that one of the reasons for the sudden jump Is the fact that the first 3Vj per cent liberty 'bonds enjoy the same tax exemption as gihe 3 per cent victory notes. FIRE LOSS 510,335,288 j OREGO.V DAMAGE FOR FIVE YEARS COMPUTED. Service " in Bond Sellin: The salesman who fails to measure up to his subject does double harm in the bond investment field. Both the prospective buyer and the bond under discussion get less than a square deal. ; Yet the careful investor need not waste time nor a good security suffer from misrepresentation. Insurance against both attends intelligent sales manship. Qualities superior to mere selling ability are demanded of Blyth, Witter & Co. representatives. They are in-. vestment experts, trained in this insti tution. Consult with one today and be certain of expert advice. Our bond experts are at your service. Blyth. Witter. &ca Fourth and Stark Streets PORTLAND, OREGON ANGLO-FRENCH 5s rose from 8 1. 78 in 1917 to 97 following the Armistice and before maturity were traded at a premium in the New York Stock Exchange. This, $500,000,000 joint obligation of France and England, the largest foreign' loan ever floated, was paid promptly when it fell due. Other foreign loans distributed in this country have, advanced greatly in market value by reason of the fall in interest rates and the improved understanding among the American people of financial conditions abroad. The following tables of values show subscription prices of these bonds at the time issued and what they cost today: tended by about 20 Boy Scouts of troop No. 1 of Ridgefield, under the command of Clifford Rowe, bugler. Transportation was furnished by Her man J. Potter, vice-president of the Ridgefield State bank and lumberman; Benjamin G. Brown, postmaster, and Robert W. Smith, secretary-treasurer of the Lewi9 River Boom & Logging company and councilman. ROAD TO BE REPAIRED jUcrimoml-Heod Stretch AVI II Be Put in ood Condition. , RED.MOXD, Or., Feb. 12. (Spe cial.) Redmond Commercial club has received a communication from Her bert .Nunn, state highway enRmeer, saying that as soon as the weather will permit all bad spots on the high way between Redmond and Bend will be repaired. Engineer Scott will have charge of this work. The highway Is a gravel road and fa in very good condition, but heavy trucks have cut the bed up some. The repair work will be done so that the road will be in first-class condi tion when tourist travel starts. Another preparation beit made for tourists is a modern andonventent camp ground at Kedmond. This is sponsored by the commercial clul. The Kedmond auto camp grounds will be one of the most complete and con venient in central Oregon. FAMILIES COMING WEST .-V. It. & X. Securities Priced to Yield X'p to 5.30 Per Cent. A block of Oregon-Washington t.iiiroa.1 Navfga'.ion company 4 er cent first and refunding mort ice bonds amountigg to Is.Hurt.U'io r.l coming du. in 11 Is being of ered at ;'i sr1 interest snd will 1,-ld up to i.Stl. per cent. The sale f bonus as opened in Chicago by he Harris Trust i SiTls-rs bank, the s'aiional City company, the Guaranty otnpany of New York. Kissel. Ktn-u-utt Co.. White, Weld & Co. and lark, liodpe Co. The bones are ecured by a direct mortssce on lst't) -i.its of road and are a first lien on 7 miles and a second lien on Uav e m a : n d e r. Almost simultaneous with this of enng VV.").i Southern I'acific iiirosd company first and refunding .orti;.iso 4 per cent bonds are rut a the market by the Harris Trust c Payings bank of Chicago, the Na lonal City company. Brown Bros. A o and V ood. Sirmhers Co. They all due January 1. liii. and are Many Declare Intention to Go to Pacific County. SOl'TII BEXP. Wash.. Feb. 12. (Special.) The South Bend Commer cial club, the two weekly papers here and Kenton Smith, postmaster, all re port the receipt of a large number of letters from settlers In other states who have declared their Intention of coming to Washington to live. As l-'acific county is listed as an agri cultural and dairying county, they direct their inquiries here. Three families In Biggs, Cal., are .inat ready to make the jump for Washington and another letter teils of fire families in Detroit who in tend to come here. State Placed Thirty-fifth in Rank , by Reason of Devastation Done by Flames. Oregon's annual loss by fire, com putei over a period of five years, 191 to 1920. inclusive, by the national board of fire underwriters, amounts to ,2.079.057, and the total for the five years was placed at J10.395.2S6. according to a statement just issued by that body. Oregon stands 35th among all the states in the amount of loss by fire, and the figures quoted should be in creased by about 25 per cent to cover losses not reported to the national board, said the statement. If the amount lost through fire in five years, it continued, had been used in building it would have provided 2079 houses at 13000 a piece, or sufficient to bouse the entire population of Eugene, or it would have built more than 10.000 miles of good macadam roads at 10.000 a mile. The causes were classified - under headings, of which 12 are designated as strictly preventable." with a total of $2,834,556 or 27.2 per cent of the whole; nine were designated as "part ly preventable." the aggregate beins $4,112,983, or 39.6 per cent of the com plete loss, and, in addition, there were ! those listed in the "unknown" column, which total $3,447,747 or 33.2 tier cent. 1 The "unknown" losses may be consid- j ered as largely preventable since, if i determined, they would have been distributed among the other causes. In analyzing the figures it was found that, while "exposure." which means the effect of communicated fires, was responsible for the heaviest loss, $1,547,105, the principal specific cause of fire was "electricity," with a toll of $652,822. Next in importance as causes of fire were "sparks from machinery," $638,049; then . "stoves, furnaces, boilers and their pipes," $636,429. and then "defective chim ney and flues." $588,725. BUSINESS MEN ARE HOSTS Open House Held at Kalama; Pro gramme Provided. KALAMA. Wash.. Feb. 12 (Spe cial.) Last Friday Kalama s Busi ness Men' club kept open house at the Knights of Pythias hall with a programme in the morning contain ing the following numbers:- Opening remarks by A. H. Imus. address of welcome. Rev. L. D. Cook; musio by Warren Cross. Vocal number by Mar tin Lienwebber, address by Dr. Xalder of Washington State college. At noon the business men served the annual "salmon feed" in which more than 330 guests participated. In the afternoon Mr. Kllington of the Associated Press gave a short talk, introducing Professor F. W. Kennedy, field secretary of the Washington State Press association, followed by a vocal solo by Claud Wright. T. Y. Blanton, Covrlita county farm bureau agent, then gave a talk on dairy herds, and Leonard Hegnaner talked on "Soils and Crops," followed by uiusic by Warren Cross. The Choicest List Selected for Every Need We own and offer: Rate 'Lincoln County, Or. 6 Lincoln County, Or. 6 Wallowa County, Or... 5!4 Wallowa County, Or 5', 'Tillamook County, Or 5'j Tillamook County, Or 5'2 Tillamook County, Or 5'i Tillamook County, Or......... 5'i Tillamook County, Or. 5' Pierce County, Wash "5'i Silver Lake Irri. Dis, Or 6 tSlide Irri. Dis., Or 6 Enterprise, Or. 5 Portland, Or., Imp. 6 tHuntington, Or. 6 Huntington, Or. $ t Jacksonville, Or 5'i ' Province of B. C Province of Alberta 6 Edmonton, Alberta 5Vi St. Boniface, Man 5 iKingdom of Norway ZVt Kingdom of Norway... tDept. of Seine, France .7 Sou. Pac. S. F. Terminal...... 4 B. B. & R. Knight, Inc. 7 t'Shelton Looms 7 Wilson & Co.. 7'i tXew England Oil Ref. Co. 8 1000 t500 5100. We Are Always Prepared to Bay or Sell These or Other High-Grade Honda. Name Belgium 7s 1945 Belgium Ss 1941 Belgium 6s - ......1925 Brazil 8s 1941 Canada 5s 1926 Canada 6 lis 1929 Chile 8s ...'. 1926 Chile Ss 1941 Chile 8s 194S City of Bergen 8s 1945 City of Berne 8s 1945 City of Christiania 8s 1945 City of Rio de Janeiro Ss. .1946 City of Zurich Ss 1945 ranieh Municipal 8s 1946 Denmark 6s 1943 Denmark 8s 1945 Dutch East Indies 6s 1947 French' Republic 7M.S. ...1941 French Republic 8s......l945 Norway 8s 1940 Queensland 7s .- ...1941 Rio Orande-do-Sul Ss 194S Sao Paulo- 8s 1936 Switzerland. 8s ...1945 U. K. of a. B. & I. 5HS...1922 U. K. of G. B & I. 5&S...1929 Uruguay 8s 1946 Snbserlptlon' Price No commission to pay. 97.25 100 95.75 97.50 97.1S 97 99 99 99.50 98 . 99 99 97.75 99.50 98 94.60 100 ' 94.E0 95 100 100 99 99.50 97.50 100 98 96.25 98.50 Market now Inrluding a eom miiudon. 107.60 106.75 99.75 103.50 -98.25 99.125 101 102.125 101.75 108TT5 110.25 10S.7S 101 109.25 108.25 94.875 109 94.75 96.50 102.25 110.25 307 100 ' 101.75 115. 103.50 103.875 104.25 Gain 10.25 6.75 4.00 6.00 1.13., 2.12a 2.00 125 2.25 10.75 11.25 9.75 8.25 9.76 10.25 .375 9.00 .25 1.50 2.25 10.25 8.00 .50 4.25 15.00 5.60 7.625 5.75 The above- figures will make plain to you why the Department of the Seine 20-year 7s at 90J-and accrued interest to yield 7.95 to 8.75 offer you an exceptional character of investment. Principal and interest are payable in United States gold coin in New York., The Department of the Seine consists of the City of Paris, the third largest city in size in theorld, and its suburbs, comprising 1 85 square miles. you do not have fundi mlh which to complete payment, use our Partial ' Payment Plan. These bonds are in $500 and $1000 denominations. Wire or telephone orders "collect." SAVE THIS LIST FREEMAN, SMITH & These bonds are quoted CAMP CO. . lumbermens Bldo.. Portland daily in newspapers and llW'Vfffi'mrT -??:7?:vv you can keep in touch' fifth Sffi I PH0Nl with their market. stark jps e74 I ' G. E. MILLER & COMPANY PORTLAND SEATTLE, 'ORTHWESTER! BAXK SECOXD FLOOR. (H sis s ; Iff FFi ' I is sir rr in iff ii r is in is t -t- A Prairie Trail that has grown to be one of the greatest Commercial Highways in America in less than 50 years. Ridgefield Scouts Attend. RIDGEFIELD, Wash., Feb. II.. (Special.) The 12th anniversary cele bration of the Boy Scout organization held Friday night in the Lincoln high school auditorium at Portland was at- 2634 CARS APPLES SENT Irice or High-Quallty Xewtomns Stiffens Materially. HOOD RIVER. Or.. Feb. 12. (Spe cial. Total apple shipments from the Hood River valley, according to re port of the O.-w. R. & N. company. have reached ISJ4 cars. It is est!- mated that the total remaining hold- i ings will not reach 200 cars. The I Apple Growers association, the total ; receipts of which have reached ; 1.295.015 boxes, has shipped out 1.195.4'J boxes. All shippers report a keener de mand for high quality Newtowna. and the price on this variety is showing a material stiffening. Albany Kegulates Dairy Business. ALBANY, Or, Feb. 1 . (Special.) Albany now has a city law regu lating dairies and milk deliveries within the city. It rrovldes for an inspection ot dairies supplying milk to local cittxens and contains regu lations similar to ordinances adopted tveently by some other Oregon cities. For Large Returns PARTICIPATE WHERE LARGE RETURNS ARE BEING MADE We are sending- carjro to the Arctic for fur trading purposes. Some space available for addi tional cargo. We will buy, insure, transport and trade for you on a fifty-fifty basis. Arctic Trading Co., Inc. 1219 Yeon Building HERRIN & RHODES, Inc. Established 1R9S STOCKS, BONDS, COTTON, GRAIN Csrrron1.nt EL r HTTTTOM CO.. N. T. Hatnbtn all leading zchaBaa ttabsoe-'s Mf-rtre o. Vile, Bdwjr. i'U SU1 iuulsax tirluuft Bid. ii i til h' -fi 18, 1 1 aH-liEfP1 . ..'Hi- HI BDI Mat. Yield H 1930 5.10 if 1931, 5.10 - 1933 5.00 ZZ 1934 5.00 j. 1 . .lgV 1933' 5.00 ' n-W""" " Vllsl 1934 5.00 I- (0T 1935 5.00 l I - II 1936 5.00 j j ' r lo.ia- i'ln I ; - A Conservative Custodian Ml 1941 4a o.ou 1 . i - JI 1 1933-57 6.50 f ) 1935 5.75 I jf H) m -1 Your Savings 1 SS; lit . 1 ' 4 Account At the 192S 6.00 II i : Hibernia 1! 1941 5.55 H ' v . . ,i ! 1929 6 30 ' Pj x. ou can s art a savm8 account at the j '1943 6.50 I j" i iiuciiiia aiiy tiuic uuiuig iguiai uauuiig .11 M I hours. j j 1964 6.00 1 Or Saturday evening from 6 to 8. ! i 1962 6.00 j ' B I J 1942 7.95 ; Or indorse your check "for deposit . 1 . ; ji I with the Hibernia Bank," pin a memo to h ' 1950 5.33 ; i j saying you want to' open a savings I III J 1930 7.15 ; I account, and mail it to us. . I ' 1936 7.39 V j j 1931 8.00 I J IjJ A savings account should be the first ji j j 1931 8.00 ! i II' Invesiment everv man make. - ill! i H i J The Hibernia specializes in savings if j j service. H II; CP'toesAL stsasv5 jji H ' j HaSVSTSMMsl 1 i ll " - I II. HI I I El I 1 4th & Washington JJ ' ' U """a"-. i ir : nil a rs p 4 'H t III Wi-tJ III i in NOTICR OF REDEMPTION TO HOLnrens ok victor JN'OTF.S AVilt OTHERS CONCERNED. . Notice Is Hereby Given as Fllllosll 1. Call, for redemption of 3 per cent Victory Notes. All of these i per cent series of United States of America con vertible gold notes of 1922-1923, otherwise known as 3 percent Victory Notes, are hereby called for redemption on June 15th, 1922, pursuant to the provision for redemption contained in the notes and ths treasury depart mert circular, No. 138, dated April 21st, 1919, under whicii the notes were originally issued. Interest on all Victory Notes of the 3 per cent series will cease on said redemption date, June 15th, 1922. 2. Suspension and termina tion of Victory Note conversion privilege, in view of the call for the redemption of all 894 per cent Victory Notes on June 16th, 1922, and pursuant to the provi sions of said treasury depart ment circular, No. 138, the privi lege of conversion of Victory Notes of either series into Vic tory Notes of the other series is hereby suspended from Febru ary 9th, 1922, to June 15th, 1922, both inclusive, and on June 15th, 1922, will terminate. Victory Notes, accordingly, cease to be Interconvertible, effective Feb ruary 9th. 1922, and on and after that date no conversions of the notes may be made. 3. Detailed information as to the presentation and surrender of 3 per cent Victory Notes for redemption is given in treasury department circular. No 277, dated February 9th, 1922. two copies of which are available at the treasury and the federal reserve bank. A. W. MELLON, Secretary of the Treasury. ' : s The Center of Greater Winnipeg Here is an investment which combines safety and high yield to the maximum degree. It is the first and only Issue of a prosperous municipality adjoining and part of greater Winnipeg 20-Year B General Obligation Gold Bonds Municipality of St. James Dated January 1, 10-2 Due January .1, 1942. Denominations 100, $5O0, V1O0O Legal opinion E. G. Long, Esq., Toronto. Principal and semi-annual interest payable In V. S. Gold Coin in X. Y. City, or at' the office of Morris Brothers' Corporation, Port land,. Oregon. 94.45 and Interest to Yield 6V2 FI.VAXCIAIi STATEMENT. Assessed valuation for taxation, ts. 537.174: general debt (this is the only issue), 5400,000, Population, fcatlinated, 15,000. Note that this exceptional investment is backed by tax-assessable property of more than 21 times the amount of this email issue. FkSne r Telegraph Order at Out Eiu, Morris Brothers Corporation Morris Building, Broadway 2151. Portland, Oregoni 309-311 Stark Street, Safe Deposit Boxes. City of Rio de Janeiro, Brazil Dated May 1, 1919. 6 Gold Bonds Denomination $1000 Due Mayl, 1929. Payable, Principal and Interest, in New- York City in tf. S. Gold Free From All Brazilian Taxes. These Bond are a general obligation 'of the Capital of Brazil, a modem city of 1,250,000 population, with a perfect financial history. The high, character of this issue is indicated by the "A" rating1 given it by Jno. Moody, the financial authority. Price 92.62 Yielding 7.50 Wire orders collect. Ralph Schneeloch Company MUNICIPAL Jfli33RPORAn0RriNANCE . ItJMBfflMOsiS BUILDING -PORTPwia Oregon. Developing the West As the purchaser and dis tributor of millions of dol lars' worth of Good Bonds, each year the Lumbermens is playing an important part in our western de velopment. Build the West by Buying Its GOOD BONDS From a Responsible Ban!; Paid-Hp Capital $500,000. Lumbermens Trust Co. BANK Broadway and Oak. TOaili'TiiiT-iilM'iMalalliiWfliiiiMlTT iPiHrHlli il,aaii J anking 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. A.W. NORINS & CO. INVESTMENT BAMiim. 1j Est. 1889. S COMJMBtTS CIRCIE, EW YORK, ST. Y. WE WU.Y, BUY Alaska Stenmnblp Co. Baker Steam Motor Car &. Mfir. Co. Pugret gonad Power A Llfciat. HIGHEST PRICES PAID. Phone Your Want Ads to THE OREGONIAN Main 7070 Automatic 560-95 1 1