RRSHB
REGRETS
GERMANS DODGED
GOOD THRASHING
When You Start a Fight, Finish
' It, Advises Dr. McElveen, Who
. Says Armistice Was Mistake.
MINISTER POINTS MORAL
Free Plane Rides Offered
Air Trip for Ticket Holder
Portland Churches Feature Spe-j
cial Sermons Sunday; Indus-!
trial Problems Are Discussed. ;
NEWS OF THE FINANCE. INDUSTRY AND ENTERPRISE WORLD !?SM
VITAL PROBLEMS
STOCKS
L BE SETTLED
AFFECT NG
ffl.
This Week May See Peace Treaty
Disposed Of, Strike Situation
Quieted, Money Rate Normal.
eThat the armistice was both a mil
itary and political error wan the dec
laration of Dr. V. T. McKlveen, pas
tor of the. First Congregational
church. In his address Sunday eve
ning; 1)t. McKIveen's statement
came after Major John T. Hibbard
had appealed on behalf of the Amer
ican Legion for support of the Ited
Cross and the civilian resprv j t :;(i v. m. will float the Seagull, a
"Rumor is." ttaid thn pastor, "that i new airplane bnilt on the latest model
i when General Foch heard the armistice
The Seafliill, latest model plane, which will riy over Portland during Armis
tice day parade tomorrow.
! had been signed he burst into tears. Well
i might he tIo so. His splendid strategy,
t backed bv the Impetuosity of the Yank
'attack, had not only outmancuvered but ! -Irey. manager and assistant man
: struck fear In the German heart. The
;0rman generals knew they were licked,
' and BO the exhausted Knelish and French
peoples thouglii that an armlslUe was
tantamount to the surrender, but it was
not.
"If we had continued the ficlit for j
"."another .month, the German army would
have collapsed and tJie hundred and one. I
questions for which we are now seek-
' Ing an answer wouid have hern sails'
factorily answered.
"The German people are si ill 'fed up" (
on the idea that tney were not defeated
-Propping like the centle rain from the initial flight of the new plane which
heaven will come rive free airplane rides wil1 then be stationed at the livestock
Tuesday afternoon to the persons lucky j "ho 'or, U8f. ln carrying passengers.
J I Pilot ictor V ernon is one of the best
enough to find the tickets to be re- i known aviators in the country, having
deemed next week at the Pacific Inter- ; held the same position with the "urtis.s
national U vest or k show. 'company that he now holds with the
-Covering over the city Curing the ( Northwestern concern. While with the
hours of the arinistiee parade from 1 :30 , rurtiss people he managed the Buffalo-
Toronto rai es. He vas one of the first
five American instructors detailed by
the government to instruct Canadian
flyers in the start of the war.
In the flight Tuesday Jeffrey will take
photographs of 'the city and the parade
from the airplane, and Charlton will
drop the free ride tickets. The flight
will take place rain or shine, says Jeff-frey.
EXCHANGE PERFORMING WELL
Speculation Outside Exchange Is
Held Real Trouble With the
Nation; Products Are Stored.
and owned by the Oregon, Washington
& Idaho Airplays company, piloted by
Victor Vernon, who has been placed in
charge Of all flying operations of the
new firm; Howard Charlton and O. K.
ager respectively.
The Armistice day exhibition will be
vertisers dictated the policy of a paper
to the extent generally believed, though
Ihe owners of large newspapers tend to
be capitalistic in their viewpoint, be
cause of the large money outlay a news
paper plant represents.
I "Most of the blame for public lack of
j fonfldence in news-papers lies, however,
j with the public. The news columns of
a paper do not represent tne papers
interpretation of current problems, but
. The pan-Germans still cherish the aml.i- I simply contain facts or hits of evidence
-- ' ..... . . . I f-,-m. mMrli t l-i a l,tlKli. ciVlj-kllltl relict r lU't
tlon to dominate the world
man leaders think that they
Wltted their opponents. The
be learned Is a simple one.
Tin- 'icr-
have out
lesson to
When you
do anything, do It well : do it thorough
ly and then vrai won't have to do it all
4 over again.
"T-he great Issue between the entente
allies and Germany- was fundamentally
I from which the public phoulil construct
its own opinion. The opinions of the
newspaper are confined to the editorial
page. Most people attack newspapers
unfairly, and judge their policies by this
or that item of news appearing in .the
news columns." lie said
Tn closing, the speaker pleaded for a
fairer, more rational nttitude toward
a Struggle between the pierced hand and ! the newspapers on the part of the read-
the mailed fist ; a battle between unpre- 1 ing public.
pared democracy and efficient pagan-
Ism. The great war proved that unpre- I
pared liberty, if you give it a little time,
can defeat prepared anil efficient tyr
anny that Idealism can conquer well
equipped materialism."
By Broa'dan Wall
New York, Nov. 10. This week
promises to see final decisions in
three problems that have been wor
rying the stock market. The first is!
tti ,i 1 1 ii 'i cii tronli- thp vn-nnrl tHe labor !
situation, and the third the money
market. It is unfortunate that the
stock market has been forced to dis
count the unfavorable factors in all
three of these things at once. Any
one of them would have been enough
to test the backbone ot fhe strong
est bull market that ever was devel
oped. It is no wonder that the three
combined have made the bull cam
paigners .". bit sway'oacked.
The important thing is that the market
has not broken. It has yielded
has always come back with a
meant an unimpaired constitutiin. The j
j last week ended with the most severe j
Harold Smith. 8-year-old son of Mr. j nlow 0f Hi and owners of securities i
and Mrs. J. D. South, 771 fcast Eleventh I i00i anxiously to the opening of he
street, whose right leg was completely j mark)at for pvidence of continued vital-,
severed below the hip Saturday after- ! ,,v AlV wtatn(,ss exhibited todav will,
noon when he fell beneath a freight -invitG heavv liquidation and gratify the 1
train at the Portland Railway. Light & I nnriarent desire of the federal reserve;
industrial institutions are going to be in
jured. They are the same unfortunates
who are hit hardest by the high cost of
living. It was from their ranks that
most of the boys came who won the
war ln Europe. The big people will not
be hurt.
Wall street is suffering a gross injus
tice because most of the speculation In
the country is outside of the stock mar- j
ket. whereas all of the restrictive me&s- .
ures adopted by the federal reserve
bank seems to be aimed at the stock
market only.
In the South there are millions of bales
of cotton speculatively held away from
the market in the hope of higher prices.
There are millions of pounds of copper
so held. Cotton and woolen cloth have
been bought up by speculators in car
load lots. Shoes and manufactured
products of every kind and even food
have been withheld from a free market
by speculators.
WALL STREET DEFENDED
A Wall street banker the other day
pointed to more than one million dollars
thus tied up in speculation that had no
relation Whatever to Wall , street. All
of these commodity speculators can get
all the funds they want and are treated
as favored customers of the banks. But
let some innocent clerk or doctor hoard
five or ten shares of stock and he is
immediately denounced .as a speculator
and is robbed with a It) per cent money
club.
As a matter of fact, the stock market
is the- most conservative business enter-
REPORT OF RESERVE
BOARD ANALYZES THE
CONDITION OF CREDIT
New. York Clearing House Busi
ness Exceeds Former Rec
ord for Any Month.
expenses, and increases from 1914 ap
pear to be split evenly between 1919 and
the four preceding years. The concen
tration of the buying public on high
priced articles to the relative exclusion
of cheaper grades has accelerated th
rising cost of clothing and other per
sonal articles. Much buying has been
of the most extravagant nature."
pairer, was almost Instantly killed by
a street car early today. It ts believed
Morefield was .struck by an Inbound
car as he stepped across the tracks be
hind a car on the opposite track.
Car Repairer Instantly Killed
I Tacoma. Wash., Nov. 111. it". P.) J.
J S. Morefield. age 50. employed by the
. - . . .... . , 'ii' i ii 1 1 n a jtj. ,x ( .t r If
Dr. George Rebee Speaks
Ihe Woman's Missionary society of
the First Presbyterian church will meet
rat the church on Tuesday afternoon at
I 2 :30 o'clock. Pr. George Hebec will
speak on Christian Americanization.
! Mrs. Virginia Hutchinson will sing. The
i meeting will be preceded by a brief
1 prayer meeting.
The regular monthly report issued by
the New York Federal Reserve bank j
on business conditions for the month !
of October has been broadened to a
more comprehensive description of the
economic, commercial and financial
situation.
In the report to the federal reserve
board the bank elaborates upon the
present credit situation as follows:
"The past 30 days comprise a period
of great expansion of bank credit. The
loans, discounts and investments of New
York clearing house banks twice ex
ceeded previous high records. At the
same time the banks' holdings of United
i states war spcunuro nu-j ivnn.- im .v--
New Issue
Eight-Year-Old Lad
Hit by Street Car
Dies From Injuries
prise in America today. Prices of stocks , ernment collateral heavily declined.
have advanced less than the prices or
I aiiyiiung eise in me luumiy. ii inoiiej
is to be let out to the public In propor
! tion to the conservation of Its use, the
stock market should be the one favored
customer of the banks. There have
been some wild movements on the stock
exchange, 6f course, but the great body
of securities have remained quiet. The
great activity of so-called specialties
so much talked about now would attract
but little attention in a real, bull market.
A 10 point advance in United States
Steel would amount to more than all
that had been done in 50 specialties in
the last six months.
It hat White Motors May
Authorize Increase
Of Capital Stock
Power company's carbarn in Sell wood.
j died at 9 o'clock Sunday morning at the
Sellwood hospital.
J The boy, who was a pupil in the Sell
I wood school, was playing around the
I carbarn when he lost his balance and
fell beneatli Ihe truck of one of the cars,
i just as the train was starting.
V;
"Pain in several forms exists in na
ture. It has two offices. One Is to
awaken the sense of self-preservation,
the other is to destroy the organism."
Much a belief was expressed on Sun
day morning by the Hev. George H. Pen
nett, pastor of the Patton Methodist
church, in the course of an address on
"The Steadfastness of God." Ir. Ben
nett said in part :
"After the Creator had established
the living kingdoms he pronounced his
work 'very good.' The immutable pur
pose of God was both wise and benefi
cent, ln the world the good would out
weigh the evil, thim proving the crea
tion worthy of Its Creator.
"The migratory instincts of the birds,
the hibernating Instincts of many ani
mals these, are unmistakable, tokens of
God's good intentions toward his crea
tures." "The agencies of nature have been so
nicely balanced that the world has been
peopled by a host of species in a real
march of progress. Progress has been
due to pain and in spit of it. Here
is wisdom and beneficence.
"When man appeared, coal and oil,
deposited years before, were ready for
his furnaces and Industries. The same
is true of the precious and baser metals
so needful in human life. God seemed
to consider in advance the capacities
and needs of man, and prepared for hia
successful career. It fs a law of paleon
tology. The first members of a species
were perfect representatives of the spe
cies. This is true of man. The first
men were not bestial. They were en
dowed with normal physical, mental and
moral powers. They were neither sav
age nor enlightened, but were capable
of both. All depended on their taking
. the way of progress, or of degradation.
History shows a fall of man occurred,
due to violating reason, instinct, con
science and law. In the beginning God
planned to do good and this is bis pur-
pose still. He Is not willing any should
perish, but that all should come to re
pentance.
. .
"The Public and the Preps" was the
subject of a lecture by Professor Colin
Dyment of the University of Oregon de-
partment of journalism, before the
Church of our "Father evening forum
Sunday.
Dyment said that In a democracy the.
protection of the source of public opin
ion Is a matter of the first Importance.
Whatever Influences public opinion will
ultimately determine the course of gov
ernment. "The chief molder of public opinion,
aside from prejudice, Is the newspaper.
Tet newspapers are to a large extent
distrusted by their readers. For this
mistrust the newspapers are partly to
blame. In the past they have been vlo
lently and unfairly partisan, and have
sought sensation at th expense of truth,
sometimes even printing stories entirely
faked."
' The speaker did not believe that sd-
I we nave plenty or laws capaoie oi
dealing with any crisis. We ought to
apply the laws we have, tempered with
reason, without creating a maze of new
laws difficult to understand."
Thus spoke 1 r. A. A. Morrison, rector
of Trinity Episcopal church, in his Sun
day morning address. Mle said:
"The eiizht hour workina- dav was en-
,..,i k ik, i., tr nni , hermen s Trust company's list are two
Lumbermens Trust
Puts New Canadian
Bonds on Sale Here
board for a good old fashioned smash
up. PLAIN MAN ; F.TN HIT
There has been heavy lirpiidHtion of
actual stock for the account of biT peo
ple and professional leaders have put
out lines of short contracts. The "right
people" in Wall street had advance in
formation and are "set'
Thus the slack created ny liquiaation
ofwar obligations has been more than
taken up by commercial and particu
larly stock exchange loans. Rising rates
for money coincided with the increas
ing loans and discounts Of the banks.
"The liquidation of government secur
ities and paper which Is taking place
in the banks of every section of the
country has released much credit, but
this credit has not been used to reduce
borrowings at the Federal Reserve
banks ; it has been promptly absorbed
by the demands of production and dis
tribution or by the speculation in se
curities, commodities and real estate,
which is proceeding actively in nearly
every part pf the country. The de
mands for credit which have lately been
Imposed upon the federal reserve sys
tem have reduced its reserves to less
than 49 per cent, the lowest in its his
tory, despite the recent introduction into
these reserves of about J107.aoo.ono of
gold received from Germany in payment
I for foodstuffs, a wholly exceptional
Cleveland. Ohio. Nov. 10. Directors i transaction."
of the White Motor company have j, jln discussing general conditions the
passed a resolution calling a special j report says:
meeting of stockholders for December ' ""The total of September imports for
12 for the purpose of- passing upon the (he country rose JIOO.OOO.OOO above the
recommendation of increasing the capl- : highest figures reached heretofore and
Foreign Municipal
and l-'ou-ign ;o ei mucin loans now m pi epa i at ion for
issue offer remarkable investment opportunity. - Advance in
formation will enable you to participate to the fullest extent
in the investment profit that may not otherwise be had for
reason of (puck oversubscription when the suhscrtvlioii books
are opened to the public. We participate in all national syn
dicate loans Hint in our judgment hi e worthy of the invest
ment of our funds, and subscribe in advance for our own
account for ample amounts to coer the investment require
ments of our clients. If you have funds in hand or in an
ticipation with which you desire to take advantage of these
after-the-war-pcriod investment opportunities, notify us and
we will put you on our mailing list for advance Information.
Write or phone
Freeman Smith & Camp Co,
yrTHITrX
tal stock of the company from $20,000,-
000 to $20,000,000. Should this be ap-
exports declined. The effect of the low
foreign exchange market in encourag
rAaoiee
SECOND FLOOR
HO RTH WESTERN BANK BUILDrWI
Main 64S
for anything j
that may happen. Only the plain Amer- . $4,000,000 boosjt of a few months ago is
I ican citizens who .believe in their j necessary, it was said, because of the
country, and in the stability of its ' rapid expansion of the company.
proved the new stock will be issued on! ing imports and in setting up an auto-j
a basis of one share of new stock fir j matic tariff against our goods abroad is
inereDy mannesiea.
"A study of the cost of living indi-
cates that food prices have not increased j
materially, if at all, from a year ago. I
Rents lagged behind other rising living '
every four of old at par.
The increase in the capital after the
Among the new offerings on the l.um- i H
r.lntra holoo- worUoH In ?ath Thp ! "l iruMiive ui fliwiw. iuaui.
time has come when both sides' should ' bonds- fc issue payable in Canada, is
nu. . Q,t n.icnnl i.reoer- I being sold on a basis to yield 6..o per
,.n!r.,, it.,! r.a Ishnr hofnro ! Cdlt
worse conditions are met with.
' There is no doubt that world up
heaval is going on and that we are
having or shall have our share of it.
Old ruthless business methods are ob
solete and are being swept away. A
new order is arriving.
"Let us face the new social issues
without egotism, without setting class
against class. Let us face it with new
Americanism, like men who love our
fellows and who try humbly to walk
with God. If we don't there is a yawn
ing: ditch in the distance."
New Portland Firm
Filed Incorporation
Articles at Salem
in Canadian funds. The other i
issue is payable in United States gold
coin ln New York city. It is being mar
keted on a 6.2.1 per cent basis.
A responsive market is reported by
the trust company for the new- issue of
Republic of China 6 per cent treasury
notes. priced to yield 7 per cent, and
also for the Goodyear Tire & Rubber
company 7 per cent preferred stock and
the two issues of the United Kingdom
of Great Britain and Ireland three year
notes and 10 year bonds.
Athena Residents
Petition for Bank
Salem. Nov. 10. The C.arford Oregon
Motor Sales company of Portland, cap
italized at $20,000, filed articles of in
corporation with the corporation de
partment here Saturday. The incorpora
tors are William Cornfoot, T. M. Geor
ghegan, J. A. Haley and E. N. Wheeler.
Other corporations and associations
filing articles Saturday were as follows:
First Church of Christ of Astoria,
$400 : J. K. Beezley. Mrs. T. Nelson.
Maurice Hemphill, A. C. Carle, S. W.
Blue.
Workingmen's Hall association. As
toria, $1500 ; C. Kruse. J. L. Burgess, Dan
Allen.
Saddle Mountain Lumber company,
Klamath Falls, $50,000 ' J- w- Siemens,
H. II. Edmonds, Lucinda Siemens.
Berlin Is Quiet on
Anniversary Date
Of Hun Revolution
Berlin. Nov. 9 ( Delayed.) The first
anniversary of Germany's revolution was
marked by a Sabbath-like quiet, ac
cording to early reports received here.
Snowstorms and a biting wind, with
extreme cold, kept most of Berlin In
doors, i
Athena. Nov. 10. Incorporation of a
new bank at Athena has been petitioned
for at Salem. A dozen prominent farm
ers of the Athena section are among
the petitfBners. John F. Ilerr. formerly
cashier and manager of the Eagle Valley
State bank at Richmond, in Eastern
Oregon, is organizing the bank. While
the name of the new institution is not
yet decided upon, the capitalization will
be set at $25,000 as a start. The or
ganizers have announced that they will
erect a home in Athena for their insti
tution. Lou Hodgen. A. L. Swaggart, Arthur
Ooppock. Robert Coppock. George Ger
king. Arthur Shiek, H. H. Hill, and O.
H. Reeder are among the well known
farmers who are to be stockholders in
the new bank.
FINANCIAL,
BREVITIES
C. J. Espy, cashier of the First State
bank of Donald, reports his bank going
past the $100,000 deposit mark, which
is a remarkable showing for so young
a bank and speaks well for the con
servative and able management.
Soldiet
ister of
ister or Defense Noske plodded through
the snow filled streets.
Wire entanglements which they erected
in Wllhelmstrassc and other streets
were soon removed.
ROOSEVELT MEMORIAL
FUND
T the Roosevelt Memorial Afloc!atlb
Jacob Kansler, County Chairman,
Care Press Club, Elk Building,
Portland, Oregon.
I herewith subscribe the turn o f
t the Roouvxlt Mmotxu. Fuva.
PT-m-'
J
ddren
The above amount U inclosed herewith.
Aeeordlnf to the plans of the Koowrett Memorial AtsoeUtlon tfc
Memorial fund of $3.0.a.M to to be attllied to erect NUonl lKnn2S!f?i
Washington. D. C; to acquire and maintain . public prk at iter B ? r
Wd uttWelr to include Sat amore Hill, the Roo-erelt homi therJtn V I
reserred like Mount Vernon and Lincoln'! borne at Sprintneld ni ?,!!
a National Society to perpetuate tae principle, end IdeeU ToTTneodo?? &oSS
Each contributor to the fond will receive a eertiacaU of k,w. , w
KooMTclt Memorial Association. A ecrtiaeato will u be rjrntff fn
ec-ool contributing to the fund. presented to every
The name of every contributor will be placed on the list of ,
IB the National Mono-teat to bo erected at Washington, D. C.
An election will be held In Reedsport
today for the purpose of adopting a
charter and bonding the town for $100,
000 forwater purposes.
Since the beginning of the year in
dustrial companies have floated $60,000.
000 new preferred stock. Figures are
now available showing that these com
panies during the same period also
Issued $514,000,000 common stock, mak
ing a total ot i,l2'.t.iwu.oim. in tne!
meantime, the railroads have issued vir-j
tually no stock. 1
Gorham Manufacturing company has j
declared the regular quarterly dividend I
of 2 per cent on the common stock,
payable November 10 to stock of rec- I
ord November 10. j
. Opening of 18.000 acres of Indian res-
ervation in Arizona by the government !
brings a rush of 5000 prospectors in j
search of gold and copper.
About 24,000.000 pounds of raw wool
of various grades , will be offered by
government at series of auctions in
Boston beginning today.
PACIFIC COAST BANK STATEMENT
Portland Sankt
Clearingi. This Week. Tear Ago.
Monday t6, 874.968.50 Holiday
Spokane Bank
Clearings Monday t 2. 833. 900. 00
Balances Monday 1.053,284.00
Tacoma Banks
Clearings Monday t 740.882.88
Balances Monday - 205.026.21
eattla Banks
Clearings Monday t 7.061.402.00
Balance Monday 2.0C3.D6S.OO
San Francisco Banks
Clearings Monday $21,6T6.493.00
Lot Angela Bank
Clearings Monda S 9,041,685.00
Potassium salts have been found in
the brine of certain Chinese salt wells,
of which there are more than 1000 In
cne locality.'
A Cardinal Principle
Diversify Your Investments
A plan tor diversifying investments implies a careful selection of conserva
tive securities varying: in general description (government or municipal bonds,
corporation bonds, notes or preferred stocks), varying in location (local, na
tional or foreign), in maturity (short-term notes or long-term bonds) and h
rate of interest, in yield and in the time of year when interest or dividend pay
ments are made.
We submit the following list as diversified investment suggestions:
Maturity
Price
to Yield
6.25
6.00
5.00
6.25
T ft
iName or issue
United Kingdom of Great Britain and 1922 or
Ireland 5s 1929
(Direct obligation of government; conversion privi
lege of great value.)
Deschutes Valley Water District 6s 1924-34
(Direct general tax obligation of over 19,000 acres of
excellent farm land and towns of Culver and
Metolius, Oregon.)
Goodyear Tire & Rubber Co. 7 Pfd. Stock 7.00
(Largest manufacturer of' automobile tires in world;
exempt from normal income tax.)
Columbia (Municipal) Irrigation District 6s 1930-39 6.00.
(Debt of 1 1,500 acres of fertile land, including city of
Kennewick, Washington, and 7000 acres under
irrigation.)
Government of Province of Alberta 4Js 1924
(Guaranteeing University of Alberta; debt uncondi
tionally guaranteed by province having area of
161,872,000 acres and 550,000 population.)
Skagit County, Washington, Road 5s 1 920-29
(Assessed valuation of county, $18, 164,605; total
debt $713,900.)
Colter (Municipal) Drainage District 6s 1924-38
(District of 8500 acres infertile Big Horn Basin, Wy
oming; state law provides especial safeguards.)
A. G. Spalding & Bros. 7 Preferred Stock
(Business established in 1876; total net assets $270
per share; no. funded debt.)
Ask for Our Complete List
We sell bonds on the installment payment plan
jumbermersrp'usf (fa
5.00
6.00 r
7.00,
Sai FrPsCisco
Bords -Trusts-Acceptances
Cprt.i Ec Surplus feoo.ooo
Lumbermen 5' Bid if.
Porlard, Oreqorx.
I
Seav-H-le
The Psychological
Effect
of saving is that you are enabled
to give your whole attention and
best efforts to your work, for the
fact that you have money in the
bank relieves you from worry
over loss of job or sickness.
In other words, when you save
regularly and systematically, and
feel that you are getting some
where, you can do more work,
and a better grade of it.
That is one reason why all em-
ployers encourage ,the opening of
bank accounts by their employes.
They know it has a steadying ef
fect; that the man who is saving
is the one who has an incentive
to do the best work possible.
If ni have never .-;ivr'l. begin today. If nu
ba.ve h.il an increase in salary, save that.
No matter how much, hut save something
from each paj envelope.
HAVE AN INV.O.MK BRYONU YOI'P SALARY
CONSULT THE BOND jLPAF'TMKNT
MBEB
FEDERAL
.SYSTEM
RESEBVfS
L ADD &TI LTON BANK
Oldest in the Northwest
Washington and Third
J
Oregon Municipal
Bonds to Net
4.70 to 5.35
Government and .Municipal Bonds Bought and Sold
j. pevereaux Company
87 Sixth Street Broadway 1042
Ground Floor Wells-Fargo Building .
ROBERTSON & EWING
LIBERTY BONDS FEDERAL TAX EXEMPT
Nw York Quotation,
Iatcreat Included. C
Vi Jioj.ej S
" 49 BONDS
Second 4 4.J4 !!
Hrl 4V4 , . 9.7I Local Wtiriti
Third iVt i.6J ...
Fourth 9SJ 207-8 Northwestern Bank
Victory 4. m. Building
W Buy and hell Any
Amount POR TLAND. OR.
HALL & COMPANY
Buy and Sell U, S. Government, Foreign Government
Railroad, Public Utility, Industrial, Municipal
BONDS
Quotation Upon Reque
Lewis Bid., Portland, Or. Telephcfie Marshall 655
equest I
Telephqlte Marshal
4MM1
-lii
T
u
k ... i