Morning Oregonian., December 11, 1922, Page 21, Image 21

THE MORNING OREGONIAN, MONDAY, DECEMBER 11, 1923
21
OFFERINGS !iy BONDS
reach mm
Bankers Prepare for Janu
ary Demands.
BIGGER FLOOD LIKELY
$50,000,000 Worth of Paper
Is Expected in New York
Market Xext Week.
NEW YORK, Dec. 10. (By the Asso
ciated rir.s.) New bond offerings total
ing $.15,300,000 were put out by local
bankers last week as compared with
J19,o75,000 the week before, and indi
cations are that next week's total will
exceed $50,000,000. The sudden increase
may be explained by bankers prepara
tions to meet the January reinvestment
demand, the better tone of prices in
the high grade issues listed on the ex
change and the removal of the uncer
tainty concerning the government's short
term financing, which had had a re
straining effect on business.
Icai bankers believe that the govern
ment will have little difficulty in' dis
posing of Kb $700,000,000 short term is
sues, preliminary subscriptions having
come In largo volume. Public offerings
will be made today of a $15,886,000 issue
of first mortgage 7 per cent bonds of
the Dunlop Rubber company, one of the
largest manufacturers of automobile tires
In England.
Mortgages Hurt Market.
Selling of speculative railroad mort
gages for taxation purposes had a re
actionary effect on prices of listed bonds
during most of the week. St. Paul, Frisco
and Erie issues suffered the most, and
foreign bonds showed a better tone and
United States government securities were
conspicuously strong. A new record for
the number of issues was traded in dur
ing the week when more than 500 sepa
rate isues made their appearance on the
tape in one day.
State and municipal Issues of bonds
are expected to reach large proportions
in the next few months. Five soldier
bonus issues totaling $116,000,000 are
being considered at the present time
and Iowa and Kansas issues will prob
ably be offered in the near future.
Offerings of state and municipal bonds
totaled $50,000,000 in November, as
against $73,000,000 in October and $118,-
000,000 in September. The total the first
11 months of was $1,177,000,000.
Domestic Situation Changed.
Railroad, public utility and industrial
bonds called for payment this month
totaled $70,652,600, as compared with
$rv,2r.n.30O in December last year. The
change has been brought about by the
drop in the domestic money situation,
wiilrh has made it desirable to call high
interest-bearing securities and replace
them with lower rate long term Issues.
Public utilities lead in the total called.
The two largest issuee are the $14,5.000
of Ijouisvill Gas & Electric 7e, due in
3023, and the $lO.00O.000 of Kansas City
Power & Light 8s, due in 1040. Other
large issues are the $0,044,000 of Hershey
Chocolate 7s, due in 1030, and $7,000,
000 of Canadian Northern railway 5s, due
In J! 23.
Kond houses with International con
nections reported that Holland, Switzer
land and England have been heavy buy
ers of foreign, bonds in the market with
continental government issues and Bra
Illians most in favor.
Gas Bonds Offered.
The principal offering last week was
$6,000,000 issue of Ohio & Northern Gas
company three-year '7 per cent secured
Fold notes offered at par. Other large
offerings were $4,645,000 seven-year 5 per
cent consolidated mortgage bonds of the
Dominion Iron & Steel company, limited,
offered at S5 to yield 6.46 per cent;
$4,550,000 one to seven-year 6 per cent
equipment notes of the fruit growers'
express equipment trust offered at par;
$4,248,000 25-year 6 per cent first mort
gage gold bonds series A of the Central
Indiana Power company offered, at 95 to
yield 6.40 per cent; $3,000,000 4 per
cent 20-year state of North Dakota bonds
offered at 103 to yield 4-five per cent;
S2.yGl,0U0 4 to 5 per cent to 27-year
general obligations of the city of Mem
phis, Tenn., to yield 4.70 to 4.60 per cent,
and $2,000,000 64 per cent one to 10
year first mortgage serial bonds of the
new process gold company, offered at
par.
FINANCIAL WURKET GOOD
WEEK'S REPORTS SAID TO BE
SATISFACTORY.
before adjournment on March 4.
According to an analysis of the
situation by the National Merchant
Marine association, the bill will be
passed by the senate by a vote of
49 to 47, even if there! are 12 repub
licans against it and only two dem
ocrats for it. This association does
not se any possibility of more than
12 republican votes being- cast
against the bill and indicates that
ot the 12'' four are doubtful and may
vote for the bill. There also are
three additional democrats that the
association has some hope of en
listing among the supporters of the
measure. The association regards
the obstructionist tactics planned
by the opposition as an admission
that a majority of the. senate is for
the bilL The bill as reported to the
senate, while different in a number
of particulars from the house bill,
retains the essential features of the
original measure and the adminis
tration will he well satisfied if it
can be enacted into law in its pres
ent form.
SHERWOOD BAf'.'K
IS REHIZED
Ed Schulmer'rch of Hillsboro
" Elected President.
ONE BILLION DAY IS SET
VICTOR NOTE HOIiDERS GET
700 MILLION FRIDAY.
200 Million to Go to Owners of
Certificates; 100 Million for
Interest on Public Debt.
WASHINGTON, D. C, Dec. 10.
Friday will be a "billion-dollar-dayfr
at the treasury. The nation's
finance department ,on that day will
disburse in cash or securities $700,-:
000,000 to holders of victory notes
which have been calle-d for redemp
tion, $200,000,000 to holders of ma
turing treasury certificates of in
debtedness and $100,000,000 in inter
est on the public debt.
Th victory notes, called on which
interest will cease December 15,
bear the distinguishing letters A, B,
C, D, E and F before the serial
number.
In connection with the Friday
payments the treasury is offering
$300,000,000 of AY2 per cent notes
maturing in 2 years, and an issue
of $400,000,000 of treasury certifi
cates one series, maturing in three
months, bearing ZV per cent inter
est and the other bearing 4 per cent
interest and maturing in one year.
Holders of victory notes called for
redemption or of certificates matur
ing Friday may exchange them for
the new notes and certificates or
may purchase outstanding liberty or
treasury bonds or other treasury
notes at prevailing market prices.
Friday also will see the last quar
terly payment of income and profits
taxes -this year and- Secretary Mel
lon' estimates the payment will be
around $275,000,000.
Railroad Traffic Holding TJp at
Extraordinary Level. Con-
i
sidcring Season.
NEW YORK. Dec. 10. (By the Asso
ciated Press,) Reports concerning ihe
fundamental conditions underlying the
financial markets continued to be satis
factory the past week. Railroad traffic
is holding at an extraordinary levsl
considering the season. Thus carload
inga during the week ending November
-5 totalled 0."5.O0O cars, which represent
n increase of liSll.OOO cars over the cor
responding week a year ago.
Although the week's movement was
some 14,000 cars smaller than in the
preceding seven-day period, this decline
is more than accounted for by tlte Iocs
of traffic resulting from cessation of
navigation on the great lakes. Loadings
of merchandise and miscellaneous freight
were, In fact, greater.
It appears that the bituminous coal
output is continuing: at a daily rate cor
responding to 11. turn. 000 tons a week.
Final figures lor the earnings of class
1 roads aurmg October show that the
total net amounted to 83,000,000 whh'h,
while some $JO.0oO,Ki0 below the total
in the tamo month a year ago, when
earnings were unusually good, is still
$J7.000.000 better than the showing in
September.
A recession of About 2 per cent in the
ratio of reserve of the combined federal
systems brings the figure down to 74.3
per cent. This Is slightly lower than any
other figure recorded this year, but is
still high enough to demonstrate very
ample supplies of commercial credit.
The grain markets have been rather
quiet, partly because of uncertainty re
garding foreign developments, but prices
nave oeen iirm.
IT IS
SENATE TO SETTLE DOAVN TO
LONG BATTLE.
Opponents of Measure Plan to
Drag Out Discussion as
Long as Possible.
(By Chicago Tribune Leased Wire.)
WASHINGTON. D. C. Dec. 10.
With all the preliminaries disposed
of the senate will settle down th
week a long, drawn-out fight
over the ship subsidy bill.
Debate on the bill, which was re
ported yesterday from the commit
tee on commerce, is to start tomor
row. Opponents of the measure will
drag out the discussion as long as
possible and there is no prospect of
a vote before some time in January
and possibly not until February.
Latest polls indicate that whenever
the bill comes to a vote it will be
passed by a margin of probably not
more than half a dozen votes,
Whether the bill ever will become
law then will depend upon the suc
cess of the threatened filibuster
against the conference report dur
ing the closing days of the session
TRAFFIC FINES $4983.25
State Officers Make 534 Arrests
in Month of November.
SALEM, Or., Dec. 10. (Special.)
Fines collected during the month of
November as the result of the activ
ities of the state traffic officers ag
gregated $4983.25, according to a
report prepared here by T. A. Kai
fety, in charge of the law-enforce
ment bureau of the state motor ve
hicle department. There were a to
tal of 534 arrests.
The traffic officers traveled 18.
786 miles and visited a total of 388
towns and cities. Stolen cars re
covered by the officers aggregated
a value of $2120. Three drivers were
arrested for operating cars while
intoxicated, 41 drivers were arrested
for speeding and four drivers were
found to be operating ears without
licenses.
Multnomah county reported 275
arrests by state traffic officers with
fines aggregating $1912. Washing
ton county was second with 47 ar
rests and fines totalling $884 while
Clackamas county was third with
5S arrests and fines aggregating
$665,75.
EGG INDUSTRY BOOMS
Wlnlock Expects to Sell About
$2,000,000 Worth in Year.
CHEHALIS, Wash., Dec. 10.
(Special.) A total of 397,800 eggs,
representing 1105 cases, or 33,150
dozen, worth on a basis of 50 cents
a dozen the sum of $16,575, went out
of Wlnlock one night last week. To
produce these eggs 200,000 hens
of Winlock district had to work two
days. The shipment went to New
York city, there being almost three
full carloads.
This year the egg industry fit
Winlock will hit the $2,000,000
mark. Ten years ago it had its
inception when a few Finnish
farmers, on small logged off tracts
near Winlock, were induced to enter
the business through the t encour
agement of J.. H. Marcotte of that
place, the latter being then station
agent at Winlock.
BIG DEPOSIT PLEDGED
85 Per Cent to Be Paid on Sav
ings Accounts, 45 Per Cent
on Checking Deposits.
HILLSBORO, Or., Dec. 10. (Special.)
Complete reorganization of the defunct
Sherwood. bank has been effected
through the efforts of President Ed
Schulmerich of Hillsboro and State Bank
Examiner B ram well, with the assistance
of Senator W. G. Hare, acting as at
torney. The new bank will open its doors
Wednesday mornine. December 20, with
a capital of $25,000 and a surplus of $5000
and In addition a depost of $100,000 is
already awaiting the Initial date.
That Hillsboro bankers should take an
active part in the reorganization Is a
very natural turn of events. They were
approached before the old bank failed
but the appeal came too late to stem
the tide and It was deemed wise, under
the circumstances, to let the Sherwood
bank close its doora temporarily.-
The disposition of a bad crash, worked
Into a programme whereby both stock
holders and depositors can get out with
a minimum loss, is due largely to the
manner in which Mr. Schulmerich stim
ulated the situation. He pledged his fi
nancial standing a.t a time when it
meant the turning of the tide. A meet
ing of creditors was called soon after
the bank closed its doors and Mr. Schul
merich presided at the meeting. He
said he would subscribe any amount up
to $25,000 that was left unsold. Mr
Schulmerich was permitted to retain a
large block of stock. The business men
and farmers of Sherwood who have
known him many years felt that his
connection with the concern would be a
factor in reorganizing.
The result wan that at the stockhold
er meeting Friday night, in Sherwood,
Mr. Schulmerich was made president;
J. E. Morebeck, first vice-president; J.
C. Leedy, second vice-president, and
V. C. Christensen, deputy state bank ex
aminer, cashier. The good assets of the
bank will be sold at once and .the pro
ceeds used to pay creditors of the old
bank and according to a conservative es
timate will pay out about S3 per cent on
savings accounts and 45 per cent on
checking accounts.
A trustee will be appointed to handle
the less liquid assets and the proceeds
therefrom will be applied as they be
come available.
IT U LEVEL
PRICES REACH BEST MARK
DURING SEASOX.
We offer the .unsold portion of
JORDAN VALLEY CATTLE CO.
First Mortgage V2 Serial Bonds
Dated July 1, 1922, due serially 1924-32. Redeem
able at 102 on or after July, 1923, interest pay
able Jan. 1 and July 1.
EXEMPT FROM NORMAL FEDERAL
INCOME TAX
SECURITY
Land, Improvements and Chattels..... ..$320,000
Sheep 32,000
, - $352,000
Bonded debt less than 30 of the value of the
security.
INCOME ,
It is conservatively estimated that after deduc
tion for normal operating expenses the annual net
income from the sale of hay, wool and livestock
and from contracts and rentals will be more than
three times the average annual-interest charges.
Call, write or phone Main 4195
for farther information. t
G'E'MILLER 9 COMPANY
IWFPWTIOftSan Francisco
Portland
Seattle
2dFIr.N.W.BankBIdg. PORTLAND
Los Angeles
Phone Main 4195
$100,000
First Mortgage 7 Serial Gold Boitds
Sun Dial Ranch
The
Yield
7
MATURITIES
1925 .....$5,000
1926 .....$ 5,000
1927 $ 5,000
1928 .....$15,000
1929; $15,000
1930 $15,000
1931 .....$20fl00
1932 $20,000
PRICE 100 YIELD 7
Pierced by The Highway.
This famous ranch is only 13 miles from
Portland. The Columbia River Paved High
way runs through it for more than 2 miles.
It is bounded by the main line of the Oj-W.
R. & N. on the south, the Columbia river
on the north and Sandy river on the east.
Loan Is Doubly Secured.
All told it contains 1866 acres of excellent
soif, most of which is under cultivation. Its
value is estimated in excess of $450,000.
This issue is secured first by the property
itself and secondly payment of principal and
interest are GUARANTEED by Messrs. H.
C. Campbell, Charles F. Swigert and E. G.
McGaw, principal owners.
Lumbermens Is the Trustee,
The Lumbermens Trust Company is trustee,
and owners guarantee no less tlian $20J000
income annually and in addition will deposit
all moneys received with this bank.. Funds
from property sales can be used only to re
tire bonds.
' In oar opinion these bonds are
legal investment for SAVINGS
BANKS and Trust Funds in Oregon
LUMBERMENS
Tkrrs xMBAinr -BANK
" BROADWAY and OAK
Bond
Data
Dated Dec. 1922
Due Ser. 1925-32
Dens. $1000, $500,
$100
Semi-annual
interest
Callable only at
103
Bonds personally
guara nteed by
principal owners,
H. C. Campbell,
C. F. SwigerU E.
G. McGaw
Nobel peace prize for hi9 work as
league of nations commissioner in
relieving the starving populations
of Russia and Asia Minor and for
his endeavors to promote the broth
erhood of nations.
APPLE PESTS FEARED
WILDER ESTATE $294,333
Application for Settlement of Hu
morist's Estate Is Made.
NEW YORK. Dec. 10. Marshall
P. Wilder, the humorist, left an es
tate valued at J294.333, It was re
vealed when an application for the
settlement was filed in surrogate's
court yesterday, seven years after
his death.
Wilder, a dwarf of peculiarly mo
bile countenance and agile humor,
was one of the country's best known
vaudeville artists in the '90s. His
first public performances were
made at a salary of 50 cents a
night. The estate will go chiefly
to a son, Marshall P. Wilder, and
a daughter. Grace.
Safety
7 Cumulative
First Preferred Stock
NORTHWESTERN
Electric Company
"A Public Utility" ,
Price 100
per share.
i. G. Tavares. 21S Pittock Block,
l'ortland.
I Sir: Pleas send me additional in- I
1 formation regarding your investment. 1
Lf
Address (O)
Favorable Legislation for Farm
and Foreign Credits May
Keep Values Up,
BY CHARLES D. MICHAELS.
fBy Chicaeo Tribune Leased "Wire.
CHICAGO, Dec. 10. Grain prices are
practically at the highest of the season
and with the help of favorable legislation
for an extension of farm and foreign
credits, the latter through the opera
tions of the war finance corporation,
values of agricultural products should
attain and hold a higher level. Indica-:
tions are that there will be a demand for
all the wheat in the world before another 1
harvest and that the carryover will be
light.
North American supplies of wheat are
expected to be drawn upon more ex
tensively to supply European require
ments and good, values should be se
cured. Argentine conditions are un
certain. Estimates on its exftortable
surplus range from 125,000.000 to 15,-000,-000
bushels, the latest being 163.000,
000 bushels. They change so frequently
that the trade is losing faith in them.
Argentine sellers were reported on Sat
urday as having withdrawn offerings to
English markets.
Conditions confronting the trade are re
garded as favorable for good prices,
there being sufficient basis to warrant
expectations of better values so that the
agricultural interests can be placed on
a more remunerative basis as compared
with other industries.
That there has been an unusually
heavy movement, wide distribution and
disappearance of grains, particularly of
wheat, corn and oats in the past two
months, also lighter accumulations than
the trade ever haa known, is shown by
the actual shipments from the interior
and reports of stocks at visible supply
points.
The six leading railroads that cover
the largest agricultural districts of the
middle weft, west, southwest and parts
of the northwest moved 61,095 cars of
grain In November, an increase of 21.721
cars, or 56 per cent over last year. At
the same time visible supply stocks of
all grains increased only li.200,000 bushels
this year, compared with a pain of 10.
Gl.OOO bushels in the same time last
year.
T)r. Xansen Gets Xobel Prize.
CHRTSTI A NI A, Norway, Dec. 10.
(By th Associated Press.) Dr.
Frirttjof Nansen today received the
Hood River Experiment Station
Chief Warns Growers.
HOOD RIVER, On, Dec. 10.
(Special.) Leroy Childs, superin
tendent of the Hood River experi
ment station, who has just re
turned from a tour of the middle
west, says that the low price for
apples this season will have the
natural effect of causing growers
in various parts of the nation to
grow lax in the fight against dis
ease and insect pests. As a result,
he says, it will mean the elimina
tion of many acres of orchards as
a commercial factor.
Mr. Childs went" to the middle
west primarily to attend the annual
convention of the American Porno
logical society at Council Bluffs,
la., where he delivered an address
on spray equipment and the appli
cation of spray materials in the
control of pests and diseases. He
said that northwestern apple grow
ers are far ahead of growers of
the middle west in using up-to-date
machinery.
U MILES DF ROAD BUILT
MARION COUNTY OFFICIAL
MAKES REPORT.
BANK ACCOUNTS POPULAR
Most of Economic Students at
f CorvalHs Have Deposits.
OREGON AGRICULTURAL COL
LEGE, Corvallis. Dee. 10. (Special.)
Only 19 out of 120 students in a
section in economics do not have a
bank account, reports Dr. W. H.
i)reesen, assistant professor in eco
nomics and sociology at the Oregon
Agricultural college.
Printed forms were distributed to
the members of the various classes
in money and banking. The students
were asked to keep an accurate ac
count of their cash on hand, their
cash in the bank, their total daily
cash payments and their total daily
check payments lor a period of 30
days.
"This study was not undertaken
to determine the expenditures of
students, but for the purpose of as
certaining the average amount of
money carried by students, the ra
pidity of circulation of this money
and the average bank balance and
velocity of circulation of such de
posit currency," says Dr. Dreesen.
Three-Tear Market Highway Pro
gramme Is Completed by
Public Paring Plants.
SALEM, Or., Dec. 10 (Special.)
Marion county, at the close of its
three-year building programme on
Saturday night, had constructed 64
miles of paved market roads, with
31 of the 34 officially designated
market roads in the county repre
sented in the improvements. This
was announced by W. J. Culver, t
county road master, in his annual
report filed with the county court i
three years ago Marion county
adopted a five-year market road
programme and authorized the is
suance of bonds in the amount of
$850,000 to carry on the work. From
this money and funds raised through
regular taxation, it was- estimated
that 150 miles of market road would
be constructed, in addition to keep
ing the other roads in good repair.
Paved market roads in Marion
county have cost on an average of
$15,000 a mile, which officials said
probably had established a new low
record in the west, if not in the
entire United States. Of the total
paved mileage 24 miles was paved
this year, from the four county
owned plants located at Salem, Stay-
ton, Mount Angel and Scollard.
In Marion county no market roads
are improved by contract. The
county owns its own paving plants
and labor is assembled from its citizens.
Highway Department Moves.
SALEM, Or., Dec. 10. (Special,)
The state highway department to
day started to move its equipment
from the statehouse to a downtown
business structure where the busi
ness of the commission will be con
ducted until after the legislature.
The rooms now occupied by the
ptate highway department will be
used by the various legislative com
mittees dnrine: the session.
The best method of saving
is our
Partial Payment Plan
1. It furnishes a definite programme
for accumulation. No resolution to
save is effective without a plan.
2. It creates a. greater incentive to earn.
3. It provides a safe, convenient and
easy way to save regularly.
4. It assures a steady income from
money saved over a period of years.
5. It makes certain the return of your
savings at maturity.
6. It teaches habits of thrift and pru
dence and a sound knowledge of
economic facts.
A circular fully explaining
our Partial Payment Plan
wSl gladly be sent on request.
Call, phone or write
Do It Now
Partial ,
Plan
Use our
Payment
Freeman, Smith
a Camp Co.
LlMMWWI BlOO.. PoHTUMB
mn WjLJ
nunc stMfeP' n
HIGH SCHOOLS SEEK AID
Bill to Get More Money for Rural
Institutions to Be Framed.
EUGENE, Or., Dec. 10. (Special.)
A bill to provide rural high
schools in the state with more
money will be introduced in the
next session of the state legislature
by the Lane county delegation, it
was announced after a meeting yes
terday afternoon at the courthouse.
The meet'ng was attended by the
Lane county delegation in the legis
lature and a number of representa-
We own and offer subject i to prior sale the following carefully
selected bonds:
Due Yield
City of The Dalles, Or., Gen. Oljl. 6s. . 1933 5.00
City of Hood River, Or, Imp. 6s 1932 4.90
Sherman Co., Or, Road 5s 1939 4.80
Malheur Co., Or, Road 5 Jis -..1931 4.80
Port of Umpqua 6s... 1932-35 5.40
Coast Power Co. 6s 1942 6.15
Northwestern Jilectric Co. 6s 1935 5.95
Pacific Power & Light Co. 5s 1930 6.10
Carman Manufacturing Co. 6'2s 1925-27 6.50
Republic of Chile 7s .-. 1942 7.33
Kingdom of Norway 6s .' 1931 6.00
Although most investors buy bonds primarily as a means of keeping their money pro
ductively employed, nevertheless a dependable channel for converting the bonds back
into cash is desirable. Our connections with the leading financial institutions through- .
out the world affords a wide market for all securities which we sell. It is always
our aim to be ina position to repurchase, at prevailing market prices, any bonds that
we have placed with our customers,
i
Complete details of any issue on request.
i
Telephone or Telegraph Collect
Bond Department Open 8:30 to 5 Saturdays 8:30 to 2
LM)B B TELTON
BANK
TiDmiRESERVf
Oldast in tin Northwest
WASHINGTON
THIRD
tives of different rural high school
districts of the county.
A committee consisting of F. E.
Taylor of Thurston, E. R, Schwering
of Walterville, and Walter Holland
of Crew was appointed to confer
with E. J. Moore, county superin
tendent, to formuate a bill provid
ing for the relief of the rural
schools. The members of the Lane
county delegation in the legislature
promised their support.
Do you forget
when your interest is - '
due, the date your
bonds mature, the price
you paid for them? Is it
necessary to look up the
securities themselves?
We have a little in'
vestment record book
with interest table that
many investors have
found of great value. If
it will serve you, we V
shall be pleased to send
it without cost or obli
gation upon receipt of
your
Build Up.
Your Income
By investing in a few
shares of our
7 Prior Preference
Stock
Which will net you
.14
ON YOUR MONEY
$10.00 Down and $10.00
a Month
It's a Safe and Sound In--..
vestment.
Portland
Railway,
Light &
Power Co.
Room 605
Electric Building
Portland, Oregon.
Address-
1
CYRUS FEIRCECOMPANY
1002 Wilcox Bldg.
SAN FRANCISCO
SPOKANE
-PORTLAND- Tel. Broadway 5915
SEATTLE LOS ANGELES
CHICAGO NEW YORK
PORT OF UMPQUA -
BONDS
Yielding 5.49
are an ad valorem tax
obligation on property as
sessed at $4,683,970.
Ask for circular.
(MBiKENMl'Cft
INCORPORATED
I
Satisfaction in
Dealing at
Headquarters
N making mortgage loans,
we do our own appraising
and, if approved, make the
loan at once without delay or
indefinite promises.
We loan up to $10,000 on resi
dence properties.
Portland Trust
Company of Oregon
SIXTH AND MORRISON
r Northwestern Afe
ii
FIFTH AND STARK STS.
PORTLANTREGONJ
FOUNDED 1876
Federal Income
Taxes for
1922
We have available for dis
tribution a brief, popular
review of the new law and
a simple illustrated an
alysis of the changes af
.fecting income for 1922.
Write for a copy.
Name
Address
City
E.H.ROLUNS &SOXS
jmtttmmi 'Bomb
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