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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (March 27, 1922)
IT STRIES LEAD IN PORTLAND FIELD $450,000 We offer subject to prior sale the unreserved portion of: WESTINGHOUSE ELECTRIC BUILDING Wheat, Fruit, Stock and Lumber Are Vital. LOS ANGELES, CALIFORNIA THE MORNING OREGOMAN, MONDAY. MARCH 2T, 1923 4 111! 7 MORE ACREAGE READY Irrigation Opens Vp Arid Districts of State Increase in Wealth Predicted. The financial security of Portland de pends upon four industries wheat growing, fruit growing, livestock and lumber. With increased development of each there will bf- a consequent increase in the wealth of the citizens of the state. Throueh the development of bonded ir rigation districts in the arid sections of the state, thousands of acres of land are being turned into cultivation for wheat crowing. This increased acreage means In creased nroHiirtinn and sail must eventually find its way to the port of Portland, for" foreign and domestic distribution. No Industry of the- state has developed with greater rapidity than fruit growing. Oregon within a few years has advertised itself to a nation-wide extent through the distribution of Hood River and Rogue river apples. Upon the markets of the nation these fruits find a ready sale at prices satisfactory to the growers. The prices last season were good, with prospects for coming season equally as satisfactory. Prune growing is also developing rap idly. Not more than 20 years ago the to tl acreage in Polk county in prunes did not exceed 300. Now around the little town of Dallas alone there are thousands of acres of prunes and new ground rapidly being cleared for additional de velopment. Loganberries and other fruits are also finding a place among those products that are lending to the financial strength and stability of the state. Wool, which is considered a part of the livestock industry, is held by many bank ers and business men to be one of the best means for the development of the state. This port is shipping more wool than any other center of the nation except Boston. , A number of factories in the city and in the nearby country are daily manufactur ing the raw product into finished cloth, but efforts are being quietly made t bring about a more extensive development of the manufacturing end. The argument is made that woolen goods should not be hipped into Portland for sale when there is a great opportunity for manufacturers to locate their plants here. Boston, far re moved from the wool-growing districts of the country, is one of the leading cities in woolen goods manufacturing in the nation R. S. Howard, vice-president of the Ladd & . Tilton bank, is one of the strongest boosters for wool manufacturing that Port land has. He declared & few days ago that with, the water power available and with the great abundance of the raw product there is no reason why the-woolen goods manufacturing industry should not be one of the prime factors in the develop ment of not only Portland, but the state as well. The greatest industry in the state is lumber. During the last few months east ern lumber manufacturers have turned their eyes to Oregon's great undeveloped crests and have realized that before many years have passed this city would be the lumber center of the world. Large con cerns which have devoted their attention to the development of the pine forests of the south, are rapidly diminishing these reserves and must turn to Oregon for their future industry. Among those companies that have already purchased holdings here are the Long-Bell Lumber company and the Central Coal & Coke company, both of Kansas City. These two concerns plan on an output almost equal to what the combined mills of Portland now produce annually. With the four mainstays In the financial atructure of Portland expanding and tak Ing on new growth, bankers believe that this city will outdistance &eattie and "other competitive points along the Pacific coast within & period of a very few years. "It is a matter of some surprise in oan King circles, said vviius (Jiark, man ager of the bond department of Ladd & Tilton bank, yesterday, "that with the great increase in bond investments in the northwest during the war period and since, greater inroads have not been made in savings deposits. "When the government made its first announcement of the liberty loans, there was general consternation among bankers and a feeling that the savings deposits would be greatly diminished. Exactly the opposite happened ; the savings of the banks in the Pacific northwest steadily increased during the war in spite of the fact that several, of the states oversub scribed their quotas. "Because of the war Impetus, wages in creased and although we saw an orgy of pending and extravagance not equaled in our time, there was, nevertheless, a suf ficient amount of inflation and increase in wages of the working classes so that they had a surplus to put in savings banks, in addition to their investments in liberty bonds. Finally, inflation and accompany ing high prices reached such a point that the public refused to buy any more and the 'buyers strike' commenced. Wages and other income then was diverted into sav ings banks and conservative investments and natural thrift asserted itself so that even with a lowering of wages and de pressed business there was relatively lit tie decrease in savings deposits. "Unquestionably much good has been ac complished by the government thrift cam paigns and the -advertising which has been done -by most of the banks in encourage Ing savings. The investment bankers alBO have encouraged thia by constructive pub licity of the ame character; saving and conservative investment of any kind en courages saving in another line; the ihdi vidual who learns the value of savins? t part of his income and making a conserva tive investment is very apt to put part of his surplus into a savings account. Banks with bond departments have found that many savings accounts are opened and funds are allowed to accumulate until such time as the depositor ixstn sufficient money to purchase a bond and then the caving starts again. This is a part of the logical process of Investment education. The danger to banks and to the stability of the community In general is from invest ment in insecure stocks, wildcat promo tions and uncertain ventures which drain the resources of a community. "Investment conserves; speculation de pletes. I predict that bankers generally will pay more and more attention to the matter of conservative investments for their clients. The American people are yet many years behind Kuropeana in knowledge of investments, but with true American adaptability they are learning rapidly. It is the duty of the progressive modem banker to acquaint himself thor oughly with the principles of bond In vestment or in any event see that within his organization there are men competent to analyze investment securities and give sound advice to .bank customers. "Investment' in bonds in the United States has only just started, and the thoughtful banker will not deplore this situation, but adapt his organization to Business conditions In the Coca Bay country are Improving rapidly, according to Robert K. Smith, president of the Lum bermen's Trust company, who is spending a few days in that section of the state. "Conditions in Marsh field are dlstinctlv good," wrote Mr. Smith. "All five ml lie are running and prospects for future oper ations are good. The monthly lumber pay roll is a quarter of a million dollars, in spite of a one-third reducation in wages Common labor is $3 a day. A large" per centage of the lumber production is go ing to the export trade. "The dairy buslnesa, which Is the second largest industry on the bay, is going through a period of reconstruction on ac count of the dissolution of the' Oregon Dairymen's league, but is in fair shape and is improving rapidly. Farmers and merchants have few loan at the banks, hut a good many farmers are In debt to the merchants. Merchandise stocks are unusually low. On account of the hard winter it has been necessary to ahlp In a considerable amount of hay. which makes dairying expensive, and the rough weather has seriously interfered with log ging, the camps being closed a fourth of the time during the last three months on account of enow." Investors tn the United States as a whole can profit by the example of eastern states and England, according to Wildes Veasie, sales manager of G. E. Miller & FIRST (CLOSED) MORTGAGE AND COLLATERAL TRUST SERIAL GOLD BONDS Dated March 1, 1922 Due Serially as Below Principal and semi-annual interest, March 1 and September 1, payable at the Los Angeles Trust & Savings Bank, Los Angeles, or through our offices. Coupon Bonds, denominations $1000 and $500. Redeemable in whole or in part on or after, but not before, January 1, 1933, on any interest date on sixty days notice to the trustee, at 105 and interest, and) at 1 less for each succeeding year or portion thereof until 1938J and! thereafter at 100. The borrower agrees to pay the normal Federal income tax up to 2. EXEMPT FROM PERSONAL PROPERTY TAX IN CALIFORNIA Los Angeles Trust & Savings Bank, Los Angeles, Trustee WE SUMMARIZE OUR RE COMMENDATION OF THE PURCHASE OF THESE BONDS AS FOLLOWS: ' 1. The bonds' will be directly secured by a (Closed) First Mortgage on land) and a modern class "A" fireproof, steel and concrete building erected thereon, appraised for us by the American- Appraisal Company at $770,000. The building- will be ideally located in the heart of the wholesale and manufacturing section of Los Angeles, California. 2. The bonds will be further secured collaterally by an irrevocable twenty-year lease of the ground and building, granted by the owner, Mr. H. D. Bowman, to the Westinghouse Electric and Manufacturing Company of Pittsburgh and assigned without reservation to the Trustee for the bondholders. 3. In the opinion of Counsel, the monthly rentals to be paid by the Westinghouse Electric and Man ufacturing Company of Pittsburgh to the Trustee under this lease, will constitute a charge prior to interest payments on the entire funded deft of the company, thus making the bonds substantially the indirect obligation of the Westinghouse Electric and Manufacturing Company of Pittsburgh. 4. The assured) income of the building, derived from monthly rentals to be paid! for the next twenty years by the West inghouse Electric and Manufacturing Company of Pittsburgh, will be $74,500 per annum, or over twice the maxi mum interest charges on these bonds after the payment of insurance and taxes by the lessors, and is sufficient to meet all .interest and principal requirements. All other expenses of the building, including management, main- . tenance, repair and operation costs, are the obligation of the lessee Corporation, in addition to the payment of the annual rental of $74,500. , 6. The monthly- rentals due from the Westinghouse Electric and Manufacturing Company will be paid direct to the Trustee for the bondholders. The Trustee will reserve from the rentals all sums necessary for the payment of insurance and taxes, and for the payment of interest and principal of these bonds aB they mature. $16,000 Maturing MarchTl, 1927 SERIAL MATURITIES" $21,000 Maturing March 1, 1932 17,000 18,000 19,000 20,000 1, 1928 1, 1929 1, 1930 1, 1931 27,000 33,000 35,000 37,000 1, 1933 1, 1934 1, 1935 1, 1936 $39,000 Maturing March 1, 1937 41,000 43,000 46,000 38,000 1, 1938 X, 1939 1, 1940 1, 1941 Seattle Price: 100 and Accrued Interest, Yielding: 7 J Carstens & Earles. Incorporated GOVERNMENT, MUNICIPAL AND CORPORATION BONDS Established 1891 LOWMAN BUILDING, SEATTLE, U. S. A. i PHONE MAIN 5820 Los Angeles San Francisco Spokane $300,000 Tlie J. K. Gil! Company First Mortgage 7 Serial Gold Bonds FEDERAL INCOME TAX PAID DATED : March 1, 1922 DUE: Serially, 312 to 10 Years Principal and semi-annual interest, March 1 and September 1, payable without deduc tion for Federal Income Tax except in excess of 4 at LADD & TILTON BANK and office of FREEMAN, SMITH & CAMP CO., Portland Oregon. Callable at 105 the first year, 104 the &econd year, 103 the third year andl thereafter at 102. "The question as to what extent th e purchase of outside securities will affect the financial condition of Portland and the state is frequently raised," said Mr. Veaaie Saturday. "The answer might be evident in theoretical illustration, but the facts become clear when we consider the practical solutions evidenced in older com munities. New York, Pennsylvania and New Jersey have been large holders of eastern, southern and western securities for many years. It is a matter of common knowledge that these states are today the great bond buying centers of the union. The banks, national and state, trust companies and savings banks hold enormous deposits and funds are readily available for any large local or outside undertakings of real merit. Investment has enriched the citizens and the banks have profited accordingly. "England's financial strength was se verely tested during the war. Her great resources of investment, gathered from all parts of the world, saved the day. The United States is now absorbing millions of dollars in securities formerly held in Eng land. This liquidation is strengthening the financial condition of England and tne fo reign exchange markets. "Just as the investments held by our eastern states and likewise by ngiana have enriched their citizens and provided resources available in time of need, so will Portland and the state profit by judicious investment of her citizens in good secu rities, saleable in the large financial cen tera. England's holdings were carefully chosen and gradually acquired over a pe riod of many years. Care must be exer cised in the selection of investments. A full knowledge of the facts is essential. Reliable Investment dealers should be con sulted for facts.' VETERANS TO Ef IN 1'EXDliETOX CAMP , OUTLINES THREE-DAY PROGRAMME. OIL STATION TO BE BUILT $20,000 to Be Expended in Equip ping Plant at Estacada. EST AC ADA. Or., March 26. (Spe cial.) At a special meeting of the city council last night, an ordinance was passed giving permission, to the Standard Oil company to- erect a dis tributing station in the southwest part of town near the railroad spur. Estacada and the surrounding com munity have "been served from the sub-station at Park Place, but the in crease of business and the demands for service in the country tributary to this city has caused the company to erect this new station. It will con sist of the necessary large etoraga tanks and warehouse facilities. Sup plies handled In tankage will be transported' from the company's main station to Estacada by tank car. It la proposed to expend at least $20,000 in equipping this station, and to have It open for business within 60 days. MOTOR TRADES ELECT Grays Harbor Chapter Organizes Permanent Body. HOQUIAM, Wash., March 26. (Spe cial.) Grays Harbor chapter of the Washington Automotive Trade asso ciation last night elected permanent officers and adopted by-laws of the organization. H. C. Weber of Aber deen was chosen president: James Riley. Aberdeen, vice-president; Bud Wilson, Montesano, vice-president; C. E. Armatrout, Aberdeen, secretary treasurer. There were 25 members of dealers' organizations and mechanical forces present from over the county. William Simmonds of Seattle, state secretary, and L,. E. Titus of Hoquiam, state president, were speakers who outlined the objects of the associa tion. Every large city has one newsDaner which, by universal consent, is the Want-Ad medium of the community. Co.. Investment bankers and bond dealers.! In Portland It's The Oregonian. More Than 200 Delegates Expected for Spanish War State En campment in June. ' PENDLETON. Or., March 26. (Spe cial.) Plans for a big three-day pro gramme to be held here by the state encampment of the Spanish War Vet erans, June 15, 16 and 17, were made last night by the Pendleton camp. Commander D. C. Bowman announced that more than 200 delegates from the state camps of the veterans and from the ladies' auxiliary, were ex pected to attend for the three days. Regular committees will have charge of the work with the addi tional committee on finance and pro gramme composed of Dr. M. S. Kern, J. E. Pinson, G. A. Hartman and Allen Carden. The skeleton programme calls for business sessions each morning with a joint session with the ladies auxil iary Saturday morning, the last day or the encampment. Thursday and Friday afternoons there will be ad dresses and business will be trans acted. Both veterans and members of the ladies' auxiliary will attend a ban quet as guests of the local camp on the first night "of the encampment. un tne second night there will be a meeting of the Militant Order of Ser nftnts. the fun nrfljf nt th, vctpra n a followed by an ihformal ball for the entire encampment. The Serpents plan a big street pa rade for dusk Saturday night and Camp Malabon No. 1 .Militant Order of Serpents from Portland, will hold an initiation ceremony when a char ter will be granted to locaL members of the order. BANK WARNS OF CRISIS German Industry Is Coming to Standstill, Say Financiers. BERLIN, March 26. (Special.) board of directors of the disconte gesellschaft, one of the biggest banks in Berlin, has sent a confidential let ter to its large customers warning them against heavy investments. It announces the limiting of credits be cause the directors believe industrial life is coming to a standstill. The statement warns customers to be prepared for the closing of factor ies when the inflation of prices makes it impossible for the public to buy. Three reasons are given: First The average income is not keeping pace with rising prices, so the laboring classes are no' longer able to b'uy. Second The middle classes already have cleaned out the shops. Third As prices rise toward the world market level, exports must de crease. - "Bank capital is unwilling to extend credits because of the approach of a financial crisis," the letter says. GUR GETS ROBBERIES OF SCORES HOMES CONFESSED. OF DAILY METEOROLOGICAL REPORT. PORTLAND, March 26. Maximum tem perature, &5 degrees; minimum, 3o degrees. River reading: at 8 A. M., 7 feet; change in last 24 hours, 0.4 foot rise. Total rainfall (5 P. M. to 5 P. M.) none: total rainfall since September 1, 1921. 31.00 inches; nor mal rainfall since September 1. 35.05 inches; deficiency of rainfall since Septem ber 1, 1921, 4.95 inches. Sunrise, 6:02 A. M. ; sunset, 6:31 P. M. Possible sunshine March 26. 12 hours 20 minutes. Moonrise, 5:12 A. M. ; moonset, 5:03 P. M. Barom eter (reduced to sea level) at 5 P. M.. 29.93 Inches. Relative humidity at 6 A. M., 72 per cent; at noon, 46 per cent; at 5 P. M 36 per cent. THB WJ&ATHBR. STATIONS. Baker Boise Boston Calgary Chicago . Denver . . . Des Moines.. Eureka . . Galveston Helena ... Juneaut . Kansas City. .L.08 Angeles Marshfield . Medford . . Minneapolis New Orleans New York North Head. Phoenix Pocatello . . Fortland . . , Roseburg . . Sacramento St. Louis.... Salt Lake... San Diego. . . S. Francisco. Seattle Sitkat Spokane .... Tacoma Tatoosh Isd, Valdezt Walla "Wallaj vvashington Winnipeg; . , x aKima . . . Wind WHtbH. 420.OOjlOiNV, 48 0.001.. W 7810.001. .SW 120. 00'. .ISB 86 0. 00114 N 66:0.00 . . 4810.00 . . 6410.00 10 6610.00 . . 3-NO.00 . . 38IO.OO . . 46:0.00 12 I 60iO.OOI14'SW 321 54S0.00I10INW 301 60!0.0I12JW 4ZtU.OUI. .IS 7410. 0 . . SW 72 0.00 26 SW 44iO.OOI12iXW SO O.O0I12 SW W B NW, W w KB 36 34 84 42'0.00 6.-. 0.O0 B8I0.00 58'0.12 4210.10 680.02 600.00 6810. 00 48 0.00 4!0.00 4610.00 4S'0.OO! 48!O.O0 3610.00 62 0.00 78'O.OOi ielo.-oi BBiO.OOi SB ..IB ..N ..IS 12, NB W W NW "NW NT W w"! SW "Scientific" Outlaw Made It Rule to Work Alone and Never Bother With "Small Stuff." CHICAGO, March 26. Robberies of scores ot Homes, the loot from which totaled more than $500,000, were at tributed by the police today to Ed ward "Eddie" Collins, known as the "scientific burglar' and from whom they said they had obtained a detailed confession. Collins, according- to the police, al ways made it a rule to "work alone," never to bother with what he called "small stuff" and to specialise in a profitable territory which he knew thoroughly. Most of his alleged rob beries were committed during the ab sence of owners from their homes. After he had picked up everything worth while in a house or apartment, it was said, he would uo th ia. phone to call a taxicab in which to, make his escape. All of his ill-gotten gains, he was quoted as saying, had been spent on drugs. Pt. cloudy Clear Clear Pt. cloudy Clear NB teloudy SB iciear tA. M. today. F. M. report of preceding day. westerly FORECASTS. Portland and vicinitv Fair; winds. Oregon and Washington Generally fatrv moderate westerly winds. Phone your want ads to the Ore- ponlan. Main 7070. Automatic 660-95. 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. Mrs. Ethel Goodwin Goes Free. PHILADELPHIA, March 26. Mrs. Ethel Goodwin, said' to be the di-vorced-wife of Abe Attell, the boxer, was discharged yesterday when ar raigned with four men in connection $ 7,500. 7,500. 7,500. 10,000. 10,000. Denominations $100-$500-$1000 MATURITIES Sept. 1, 1925 $12,000.. March 1, 1928 March 1, 1926 12,000. .Sept. 1,1928 14,000.. March 1, 1929 14,000.. Sept. 1, 1929 15,000.. March 1, 1930 .Sept. 1, 1926 .March 1, 1927 .Sept. 1, 1927 $15,000.. Sept. 1, 1930 16,000.. March 1, 1931 16,000.. Sept. 1, 1931 143,500.. March 1, 1932 SECURITY: Closed first mortgage on quarter block, 100x100, Fifth and Stark streets, Portland, and eight-story reinforced concrete store building to be erected thereon. GUARANTEED UNCONDITION ALLY: by J. K. Gill, John Gill, Susie M. Gill and W. A. Mont gomery, as to both principal and interest, owners of the entire capi tal stock of the company. DIRECT LIEN' ON GENERAL ASSETS. The total capital stock of the company, by a deposit and pledge with the trustees by. the stockholders and guarantors, places directly behind these bonds all the general assets of the J. K. Gill Company. INSURANCE to full insurable value deposited with the trustee for security of bondholders. LEGALITY: Trust deed and form of bond prepared by Wood, Mon tague & Matthiessen, Portland, Oregon. TITLES : Approved by Piatt & Piatt and Montgomery & Fales, Portland, Oregon. TRUSTEE: The Title & Trust Co., Portland. AUDITORS: Alex Rae, C. P. A., Portland. 4 FEDERAL INCOME TAX paid by borrower. The business of The J. K. Gill Company -was established in 1871, grow ing from a nominal capital to a capitalization out of earnings of $300,000. It conducts a very large wholesale and retail business in office furniture, architects' and engineers' supplies, photographic supplies, leather goods, commercial stationery, fine stationery, books, etc. Business for fiscal year ending April 1, 1921, amounted to $1,972,287; net earnings before deduct ing rent, $103,270. Earnings of the company at the present rate are greatly in excess of re quirements for bond interest and bond principal. The greatly improved location in the center of the retail district of the City of Portland and the greatly improved economical methods of handling both its retail and whole sale business should very materially increase the net earnings of the company. Price: Par and accrued interest .to yield 7 Without deduction for Federal Income Tax except in excess of 4. Prior to offering of these bonds we have received voluntary advance sub scriptions for more than three-fourths of the total Issue of 1300.000. and offer the balance strictly subject to prior eale and reserving the privilege to advance price without notice. We will furnish circular giving; full details of issue upon request. Wire or telephone orders "collect." Ladd & Tilton Bank Freeman, Smith & Camp Co. Third and Washington Sts. Broadway 7191 Lumbermens Bldg., Fifth and Stark Sts. Broadway 5740 with an attempted robbery of a fur store last Sunday. Cattle Worth $730,000 Shipped. KLAMATH FALLS. Or., March 26. (Special.) A total of 12,216 beef cat tle, valued at 17 3 0,000, have been shipped from Midland, near here, this season. The shipping so far this sea son equals about half that of last year. Eight carload d of fine beef steers were shipped to San Francisco this week. When Harvey discovered the circu lation of the blood, most physicians lauerhed at him. AS WE HAVE SAID owin7li8tPordiscrlmI. nating investors, rapid turnover, and the consequent ability to operate upon small margins enables us to offer choice municipal and govern ment bonds at yields which are alwayn "the top o the market- 5.75 and INCOME TAX EXEMPT Clearwater Highway Dist. 6s Nm Perce County, Idaho. Dated Marca i, 1919. Due March 1, 1937-S3. West Point Highway Dist. 6s Gooding County, Idaho. Dated Nov.l, 1919. , Due Nov. 1, 1937-'39. Evergreen Highway Dist. 6s Lewis County, Idaho. Dated July 1. 1919. Due July 1, 1932-36. LUMBERMENE Broadway and Onk. City of ASTORIA - Oregon 6 Gen. Obligation Bonds Price to Yield Tax Exempt Dec. 1.1921 U n Mr w Dated .. Due ... Optional ..Dec. 1, 1941 ..Dec 1, 1922 FINANCIAL STATEMENT Assessed Valuation (1920). $11,651,080 Real Valuation (est.).. 17,000,000 Bonded Debt: '.. For General City...... 285,000 Water 625,000 Improvements .1.368.000 Population, 1920 Census, 14,027. Denomination S5O0. City of LAVA HOT SPRINGS Idaho 6 General Obligation Waterworks Bonds Price to Yield Tax Exempt Dated. .. .July 1. 1921 Due July 1, 1941 Optional. .July 1,1931 FINANCIAL STATEMENT Assessed Valuation Tax able Property, 1920 425,761 Actual Valuation. Eoti- mated 750.000 Total Bonded Debt, in- eluding this Issue 60.000 Less Water Bonda 63,000 Net Bonded Debt.. $ Population, 1500. Denomination SIOOO. 7,000 City of Forest Grove 6 Bonds Due Feb. 1, 1933-42. Denom. $500. PRICE TO YIELD 5.50 INCOME TAX EXEMPT Ralph SchneelochCq MUNICIPAL AND CORPORATION FINANCE CUMBl BMCNS BUILDING City of BOZEMAN, Montana 6 Improvement Bonds Price to Yield . Tax Exempt 1941, but optional M J any interest date. St Est.MaturitiestZ3-3 1 FINANCIAL STATEMENT Assessed Valuation....? 3.050,000 Real Valuation 10,165,000 Net Debt (excluding water) 243,500 Population, estimated. 9000. Denomination SIOO. EES" City of COSMOPOLIS Washington 1rU Improvement Bonds Price to Yield jgg Tax Exempt M j Dated. . .Dec-28, 1 921 M CZ Hue Dec. 28. 192 1 J Est. Maturities 1922-2H V FINANCIAL STATEMENT Assessed Valuation This District I 82,140 Real Valuation This Dis trict. 210.000 Population, pstimated. 2500. Denomination KMI. Telephone or Telegraph Orders at Our Kxpense Morris Brothers Corporation Broadway 2151 MORRIS BUILDING, 309-11 STARK STHKKT, Portland, Orr(ron. Male Deposit Boxen Oregon and Washington Tax Exempt Municipal Bonds YIELDING FROM 4,90 to 5.75 Canadian Municipal Bonds YIELDING FROM 5.75 to 7 FI LL DETAILS VVOS IlEQl EST Western Bond and Mortgage Company 80 FOI H I II KT. rOKTLAIM), Oil. Ground Floor Board C Trad Hldtf. Tr Ir phone Ildnj. 04414. HERRIN & RHODES, Inc. Established ISM. STOCKS, BONDS, COTTON, GRAIN Corrtupondrnti E. F. HCTTON CO.. N. T. Members all ladfnv nchftn-a , Hitbftana Service on Fit. Bdvjr. iVii. lJ HaUna JUalukO- K14&