TIIK IIKNI) IIUM.HTIN, DAri.Y KIHTION, IJEND, ORKOON, HATl llDAV, MAY M, 1022. PAGE B Long Skirts and High Necks On the 1922 Bathing Suits My IIKIiDA IIOVT (Written (or The tlnlu.1 lr.) NICW YORK, Mity 12. "Mollior, inuy I k out to hwIiii?" "Yiih, my (lurllug ilaiiKlitnr, Blip un unci of your Initial frocka llul don't ko miur Ilia wuliir." Whiillitir or not (hl l Hit) utlvlmi of llm mmliirii motliiir, It ouproaaiia tin) Idi'ii ol Ihu iiioiliiiii hiitliluK con tuiiiii. Tim lino lintwi'uii tho bulhiiiK Hull ami Ihu alruul kowii Hi In yimr Im no liitllatlnct that It mil u I run a nitiK nlfylnK Kl"" to una It ut till. Tho 1H2 ImtliliiK null cnrrlua all Ilia 'iiur-inurkM of tlm Binurt 1922 riorkloiiKur aklrla, hlKhur nocka, pulU'lH. low walat 1 1 null, iniitul KlrdliiH rviirytliliiK. H lookn ua IIioiikIi lh 1 1 mil hunlnunn mull ll nil bitltur aptmil hln lulmira lioura on Ilrnndway. Omi wonilur why UiIh bikIcIcii mmttiaty In bmich upnuriil. Im II bo miian of th atrliiKttut ri'KulullonN r quiruil at i ino uf tho ocnan ruaorlaT In It a mill ili' n ruvulaloii fiillowlim tlm aliort aklrl cruxnT Or In It woinnn'K wiir bi'liiR wimcd on mill burn T lliirottidiro. Ilin bimrli offrrnd tin Ilia only rimduivouH whnre wa coukl urn polo with tho luillua of thn clior im. II wuh our on chuuco of Kuttlnx Iwrk at thiim, but now, nlnn! KklrtH of moat of Ilia hlKh prlnid ImtliliiK nulla oxliind bulow thn knun. Nnrklliian am hlKh and nmdit with I'ntnr I'nn eollura, oinctly llkn thn roundliiK eollura worn with tlm allp nii awontora. In many motlla lliuro urn Ioiir nli'vviia. Tlm llttlit old Anni'ltd Ki'lliirmun'a nr un nenrco un hiin'a tut-lli. In fact, tbn nnu-pliM'i! Hiiita ttuit wnru initdc to cIIiik m I lin form nrc ilocldi'd ly "'out of form." With tho lmtlilnn milt, im with cvorythltiK vino tlila himihou. ttiiiicrlula play tho mont Important pint Of llm hnlhliiK miiliTliiln Scotch homv-npuiiH. rri'PL'-kriltH, chiffon vulvota. cniitou rriipnn, Bilk Jnrnoyn and KliiKhiunv nro til oiio incotliiK with thn Kroalvnt pop ularity Trimming of flu In A Ni'W York fatiihllnhniplit that npi'clnllzi'H in tut t h I n fc eoatumcia In nhowliix a null of orutlK" homnnpun, trim mod with blnck owl which nro appllquod on tho pockutn. blooniurn and upper portion of tho chomlao Hi I p. Tlinre In a pnrunol of oranKo homnnpiin to mutch, with two hum' owln porrhi'd upon an Irregular limb. OraiiKo tin till UK nllppi'rn rurry out I h color nrhi'ino mid an orniiKO homonpun bonch bliiukot Ink cm the place of thn Mlcnmi-r run. KtrulKlit ilii'inlHO nllpn of chiffon vi-lvi't worn over hlooini'rs will bo a fiivorltn iiiodi'l IhlM your. Thcno arc made with riitimllnK ni'din nnd aro COMING TO THE DALLES Dr. Mellenthin HI'KCl.U.IST In Inleriuil Medicine for the piiMt eleven yenra IX)i:S NOT Ol'KH.ATK Will be nt TIIK DAI.I.ICH IIOTKI. Wednesday, May 31st Ofllre Hour: 10 . m. to 4 p. m. OXK DAY ONLY No Charge for ConMiltntlon Dr. Mollnnthln in hi roKUlar grad u.tte in modlclna and Nurgory and In licoiiHod by tho nlnto of Orogon. Ho vlnltH profnHHlonally tho more Im portant townn nnd cltlaa and offoiH to all who call on thin trip rroo con Hultntlnn, eicopt the oxpounu of trontmeut whon (I oh I rod. According to hln mothod of treat ment ho doo not oporate for chronic appendicitis, gall atonoa, ulcora or Nlomacli, toitHllH or adenoids. Ho linn to his crodlt wondorfttl re HUltH In (llHeanon of thn stomach liver, bowels, blood, skin, norven, heart, kldnny, hliuliler, bod wetting ratnrrh, wonk lungn, rhiiiiiiintiHin Mclntlcn log ulcers and roctal all' mcnts. If you have boon ailing for any length of time nnd do not got any hotter, do not fall to call, iih nil liropor measures ralher than dlHonae are ofton thn cniiHO or your long Htiuullng trnublo. Itoninmhoi' nbovo (Into, that con Hiiltatlon on thin trip will bo trou and that IiIh troatimmt 1h illfforent Mnrrlnd womun must Do accom fianlml by tbnlr htinhunds. Addrnns: 3.10 DOHton lllock, Mln hcapolis, Minn. mIiwvuIi'mh. Thvy urn coiinml ut I ho hlpn by ii nurrow celluloid linked belt In u vivid color. Chiffon velvet mIhuIm water well nnd ono looka Ilka a nloek, wet aeul when nlnpplliK out of the water III II. It In not, how ever, u nultiihle inutciliil to nit u bo ul thn beach In ufter a HwIiii, un It doen not dry quickly. (lliiKbumn will undoubtedly be very much worn by tho youiiKr net, for thuy connlltuta the only modeln which me cut on thn "Kiddle" IIiioh. They uru axact dupllcutea of thn llt tlu (IreMMon worn by tho nlx-yaur-oldn, with cunnluK llttla rufflea formliiK tho nklrt unil placed around thn buby neck linn. Their Iouk wulnt Una Im flulnhed with u wlda nunh which Ilea In a buna bow In tho reur. Hulln of thin typo uro mont ultructlva when mudu of rod and whlto checked KlnK liuin ii nd plpod In red. Half nockn would bo nultablu for thin linthlnK ooHtumn, providing tho plulu clot Into beach officer doonn't noo thorn. Nature', Supramt Wladom. If It were lint fur tho rheck thut win ter Intvrpuaoa, vi'Kiitutlon would climb nkywnrd until we hud tropical Jiinuli'i mid llnwera liliih In th bruni b en of the foreal, Innlead uf vlnletn and dutnlen and Imly'a-allpper ori'hlda. An It la, tho j en r a lender growlba decay In tho wot and ruld of winter, furiilnh ahelier to the aeoda of Ki-aaai-a nnd aiuull wooillund pluuta, and no fonter a new growl h for tho coming of Hprluif. Kmmi In demy there la a purpoae; In imiuro alwuya there la a now begin ning. Youth'n t'olnpunloii. One of World'a Oraat Rivera. The mouth u( the Ycnlaol la only nprn for a fow weeks In the year. One of thn InrgoHt rlvora In Hie world, the YciiImoI, which floua Into tie Arctic len at Yeulelk, la In Ita lower reach- ea four or llvo mllea wide. Rrni'PaU 1)1 Ihr Annnil Hlilnmrnt of Hi" FARMERS' FIRE RELIEF ASSOCIATION OF BUTTE VILLE, OREGON of H'iM llt. In lht Htftle of Oregon, on t)i Mil d4i' cf ! iniirr. 1 0 -1 . m'l lo tlit I nu rn ('omtniaatDncr of the Hnie of Ofruoii, intrmoint to U" Inroraa Nrt ircmlomi rxroiTvd tlur itit l yrr ... ft.Ml 71 r rr-fi'ivrfl rturliiC yrnT 31,40'J 10 tii(rrl. dlvllrnl ttit r-nt ir(tiTl durltif ilia yr . 1.717 30 Tout lorunn I DlBbttrMfliouti Nj lora bkI durltif Ihet yvr Infliidlng mljuiimrni eiMnr . L'niiiHile-iMnk n 'I larif't paid durhiK Iop ) iir Tax., licnira nnd lrr pftld duriuc 'Iip ysr Amount of 11 otwr -.-n- diturv 0.7H3 "1 11 00 1.7IM.43 ToUl fIirnilllurr .. . . 9 Valtic of rial rualr ownrd (market Viilui-) Valuw 'f to-ka and bondi uwiiid inarkp vhn- fatlt ID tail W a J VU IntTft and r.n!a duf accrued noo, oo (1(13 07 Total admlltrd a-tota 9 5.H.lfi 8H Bualnaaa in Oregon for th pMiiiiuroi rnreivrd dur- Ins 0.o ..r -.;2 I...r. pld durln Ih Vcar 10.-.H.5H Ihiip UicurreU durlh lb- ,02Tfl!ia rulSnW'' KtHK ""ilKlilKK ASSOCIA TION O I IU'TTKV1I1K. OKKUON J.. 1. VVIliT, lrr-l.lrnt I, I. Hlopr, Brcrtary Rynot-ia of ihe Annual Biatrmont of tlie HOME LIPt INbUttANUc, COMPANY of Now York, tn tha Butf of Nrw York, on tho thirty firat dr of I -pom bur. l21, madn to the Iruuranro CommlailoniT f the Hlale of Uregon, iurauan to law: Income Total iirrmiuin income fr th. yr.r 6.000.S47 31 Inlerral, illridenda and rnta rrroivrd during ti year . Inromt from other aourrna rerelvp during the year 3, 118,301. M lH3.3O0.no Tolal Int'omrt . 9 9.-JU1.M17.04 Dliburnementi 1'atd for loaaoa, endow- me tit a, anmiitifa and aurrrmh'r valtiea 9 4.011.314.04 Dlrtdrnda paid to policy- hnldrra during thn year 720.020.77 Pivtilrnrin paid on rapitnl atork during the ) oar .... Nil Contmlaaiona and aalnriea paid during tlio yiar. 1.300,103.87 Tax-a, Ilieunfla and fees paid during the year 172,078.74 Amount of all other expen diture 95(1,703.77 Tolal expeuditurea 9 0,577,010.60 Aiaeti Value of rnl pit ate owned (market value) 9 1,500,000.00 VaJue of atock and bonda owned (market or amor 1 1 ted value) - 93,017.000.00 Ioana on mortgage and trilateral, etc B.330,743.00 Premium note and policy loan 7,070.037.00 Cosh In bank and on hand 1103,845. 00 Net uncollected and de ferred pr-mluma 040,010,53 Interval amN ronta due and accrued 872.354.00 Other aaaeli (net) 117,070.00 Total admitted nonet ... 943,33'i,8'47.GS Iiiaolllttai Net reai-rv.- $30,840,440.00 Omaa rlaima for loaac un paid 200.339.00 All other llaMlitie 3,135,054.07 Total lialtilUU'a, exrlu airo of capital atock of nil f49.941.8no.fi7 Bu sin etna In Oregon fnr the Yor Qrona pri'mtum roolvttd during Ihe year $5,337.04 Premium tid dividend re timed during the year 001.80 Ijflnaea paid during the venr 350 00 UOMK I.IKK INHiriUNtTK COMPANY Py W. H. (laylord, Hocretary. Stnliitnry realdenl atlornoy for aerrtce: Hon. A. 0. Jlarbr.. , Hoff's (Kililorlal in Kali-ill Ciipllnl Journal) Tlm cunillilatn'a olnntlnn pa in pli li-l rontainn tho following atati ininit In biibalf of Hluto Tronniirnr O. I'. Iloff, who in a cundlduln for I ii il in: 1 1 f n , an to why ho Hhiinld bo noiiiliiuli'ii und rii-nliictnd : "Hln im Hi of nfllm Ih IiIh only plwlKU, 1 1 Im rncord In your Kuaruntno. Hln ixpiirlmino In your protection." It In Ihnniforo liicuinbont upon tho votnr to Hiiiii thn rnrnril thut In your KiMrui."i-fi, and tho exporlnnco that la your protixrtlon. Thn hint report of tho Iiiduntrial Acnlilmit Commlnnlrin ahowa thut $100.1)00 bun hnnii miirknd off from tho vuluo of nocurillna In tho liidUHtrlul Accidnut fund for dnprofMiitloii un u renult of Invoat iniiiilH inudii with tho fundn by Htuto Trouniirer Iloff. Thnne Invnnl iiinnln III iiinntloiiublo ancurltlon of inonoy r'lHorvfd for wldown und orphunn ronultnd In u Krunil Jury InvontlKutloii of tho atuto trounuror'a olllco two yearn iiko, oxpoxliiK ua Krout u ncuudul un ovnr broke un ilnr thn il diii i of thn cupltol, hIiowIiik thut thn mulo Inventmontn wnru pruntlciilly turned over to a corrupt bond Iioukii, which wun k!vi:ii u virtual monopoly of IiivohUiik ntutn fuiiiln by thn Htuto trcunurer. Tho Krund Jury, of which (iidoon htcilu of Kulom wun foreman, round thut tlm atutn treuHuror oflon puld for honiln long before their Ihhuuuco or dnllviiry, and thut tho bond brokera were permitted to niiiko pxtortloiiuto prolltn at tho expunnu of the atute. Tbe Jury reported ; "Htnto Treunurer Iloff purchuned from Mr. Ktherldge of Morrin IIioh. Inc. from Junuury 0, 1919. to Murch 15, 1920, lionda of the par value of 1, 100, 021). 01) ut u cont to the Ktuto of OrcKnn of $1,172, 223.12, which llondn cont Morrin Itron. $1,088,147.03, KivInK the enormoua pro lit to Morrin Itroa. Inc. of $84,076.09. The recorda further reveul thut bondH which were not in exiatence hud been sold by Mr. KthnrldKo to tjluio Treanuror Huff at an exorbitant prolit, und puymnnin In full mude thereon by the Ktuto Treunurer." Inatend of purcbanliiK bondH on the open market or buying di rectly from municipalities und auvlng the atute exceaalve commianlona, Treunurer Iloff mude practically all of bin purchaaen throuKh one bond 1iiiui.ii. permittiux them to make excenalve profits. About thin, tho gruud Jury aald: "Tho moat fluKiunt example of oxccimlve profits Is the sale of $100,000.00 water bonda of Ileedaport to the Stute Treunurer ul tho enormoiin prolit to Morrin Ilron. of $18, 01S. 90. On June 19, 1919, Iteednport wan Incorporated; AugiiHt 25th name ycur Morrin Ilron. Co. entered Into contract with Itn city ofllclala to take $100,000.00 of Ita bonda when laaued for $92,320.00. Mr. KtberlilKe Hold them on October 28, mime year, to Hluto Treunurer iloff for $108,399.90, and Iloff puld him that duy thut amount. Thirteen duyB luter tho City voted to laauo tho suld bonda und forty-four days luter did issue and deliver them to Morrin llros." Tlfo Krund Jury severely criticised the "rluht apparently given by Klnto Treasurer Iloff whereby Morrla Ilroa. Inc., were authorized to withdraw aecurities aold to tho stute, some of which were offered for sule by Morris llros., whllo they were yet held by the state treas urer." Tho bond house has authority to sell any first class security held by the stute and substitute other security for it, leading the grand Jury to remurk, "there should bo no strings upon any of the bonds purchuned by the Stute of Oregon." Further, the grund Jury reported: "We condemn tho policy of Stute Treusuror Holt In Investment of Htu-h lnrgo auins In ono investment: also condemn his pructlce of buying bonds thut puy a high rule of Interest regurdlcsB of the prop erly that must redeem tho principal. Safety first should apply to In vestment of public funds. Why should not the Stale of Oregon use n much Intelligence In Ihe Investment of Its funds us It does in buy ing supplies." Attiichcd to tho grand Jury's report and made a part of It. was the auditor's report of tho Investigation mado of tho hooks of treas urer nnd bond house, which reveuled tho fact thut during the first month of Mr. Holt's administration. L. G. Hulln, who filled the office of deputy stute treasurer as appointee of Mr. Iloff, was paid a com mission by MorrlB llros. Inc., for bonds purchased by the state. To ciuolo this report: "On January 21, 191!), a payment of $362.60 was made by with drawing Hint amount from the bank by means of a check mnde out to the order of cash. The stub of this check contains the following information: "Cash for account of State Industrial Accident Com mission of 1 per cent on $75,000.00. Astoria 5'b dated October 1, 1918." We were Informed by Mr. John I,. Ktherldgo of Morris Bros. Inc.. Hint this was a commission paid to Mr. L. G. Hulin, at that time Deputv State Treasurer, on a buIo of those bonds to the State Jan uary 24. 1919. TIiIb a in on nt was charged to the commission account on the hooks of Morris llros. Inc. "In the same account we find that amounts totaling $315.33 woro charged as commission paid to L. G. Hiilin February 5. 1919, by menus of check mndo to the order of L. O. Hulln which plus the commission of $562.50 on the Astoria bonds, Mr. Hulln received a total commission of $877.83, for Bale of bonds from Morris Bros, to tho Stato of Orogon." After tho adjournment of the legislature, Representative J. G. Richardson Biiccocdod Mr. Hulin as deputy treasurer and practically nil of tho stato trensuror's bond business was turned over to John L. F.thorldgo of Morris llros. Inc., who Invested the Btnte funds In what ever security nt whutovor prlco ho desired nnd reaped a fabulous prolit, the state treasurer apparently not caring about the security ns long as tho Interest "was nt a high rate. As a result of the expose, the grand Jury rocommonded tho tak ing uway from tho stuto treasurer the right of investing state moneys unil placing It with the Btato board of control a recommendation onncted into law nt the next bcssIou of the legislature. Mr. Hoff was not nnd 1b not accused of dishonesty but his competency was chal lenged. The conduct of Ills ofllce has demonstrated his luck of busi ness ucuinen. . In the argument for his ro-electlon. Mr. Hon praises himsolf for Incroaslng Interest earnings of the funds In his charge. For this, of course, he Is to be commendod, but the saving thereby resultant doeB not bogln to offset the loss to the state due to depreciation of poor Investments. Mr. Hoff has handlod more money thnn his predecessor, due to Increased revenues from taxation, from highway and bonus bond aalos. but this cnlallod relatively little more work. On the other hand part of the work formorly done by the treasurer, tho stato land loatiB, have boon taken away from hlB department altogether, despite which ho has npont over double tho amount of money thut his pre docosBor spent. The last legislature appropriated $50,000 for tho state troaaurer for two years. During tho drat year he spent $26,227.44. In addition lo $14,643 out of the Inheritance tax fund. So that Ills total cost por year Is ovor $40,000. ns against $19,550 for tho lust year of his prodocossor. Neither bb Investor, nor as guardian of public funds, nor as economist nor as ndmlnlBtrntor has Mr. Hoff earned ro-electlon. His opponent. Thomas F. Ryan of Orogon City, was for eight years as sistant Btnte treasurer and his qualifications for the office seem su perior to thoso of Mr. Hoff'B nt least thoy could uot he pooror. Mr. Huff's record is certainly no guarantee and' his cxporteuco no pro tection to tho people. (Tnld Adr. by Ryan-for-Treasurer Club, Hal K. Hoss, Sec'y Troas., Orogon City, Orogon.) Record HON. WILL H. HAYS EXCIIAIKMAN, KKI'Ulll.K AN NATIONAL COMMITTKK RALPH K. WILLIAMS Vice Chairman Republican National Committee VOTEX 13 EDITORIAL from the MR. WILLIAMS FOB COMMITTEEMAN Will H. !Uri. who but UWljr retired u chairman of th republican national ommlttw, pari tribute tn a Uirjrrmra to th aerriec performed to the republican party by the committneman for Oron, Ralph E. Wil llama. Mr. Hajra hould know. HU testimony may be accepted as aomethinjjr more than a mere polite and formal expreaalon of approval, to be expected from one member of the organ ization for another ; for It U upported by the entire committee, which, not many month aro. by nnanimooa vote of the representatives of forty-elxht lUtes elected Mr, William vice chairman. He la the oldest member in point of service, and it hi obvious it is not denied by anyone that his standinjr, with the heads of the republican party is very high. The national committeemanship is a party job. It pays nothing in salary but It carries VOTE X 13 (Paid Adv. by CommitUx of Republicans. C. L. SurT. Scc'r. " Board of Trade Bldjr.. Portland. Oregon. I Before Printing. Itefore the art of printing all educa tion wiib of neresalty nainly oral; the scholar hnd to hanj on the lips of hi niastera for whatever knowledge he ex pected to acqnlre In the college, acad emy or parish school ; his only hope bealdes thla was the rare privilege of looking at a manuscript In some col legiate or monastic library. Srnarltu. SrnopiU of the Annuel Statement of the PACIFIC STATES FIRE INSURANCE COMPANY of Portland, in h State of Oreeon. on the 3Ut dsjr of Dfcttrber, 1921, mad to the Insurance Commissioner of the State of Oregon, parsuant to law: Capital Amount of capital stock paid up . 809.2SO.00 Income t premiums received dor inn the year $ 202,659.49 Interest, dividends and rnts received during the year.. 48,311.38 Income from other sources received during- the year.. 57.307.49 Total income ..$ 3S8.278.86 Disbursements Net Iosrps paid during the year including adjustment expenses $ 153,880.45 Dividends paid on capital lock during the year . 20,782.85 Commissions and satarics paid during the year 100,203.07 Tmis. liienaes and fers paid during tha your 15,585.26 Amount of all othor expen ditures 73.458.31 Totsl expenditures 9 363,909.74 Assets Value of real estate owned (market value) including Inc. $ 295.001.79 Value of stocks and bonds owned (market value 536,620.53 Lonns on mortgages and col laterals, etc 76.467.77 fSih In banks and on hand 28,899.93 Premiums in course of col lection written since Sep- 0, 1921 104,583.86 Interest and rents due and accrued . - .. 13.270.55 Total admitted assets . 1,054.394.43 Liabilities Gross claims for louses un paid and adjusted expense Amount of unearned premi ums on nil outstanding risks Dae Uinsurnnce Co. 'a S.73o 39 129.246 64 80,453.00 S9.10.V0tt All other hatuiitK's Mortgages on real estate 110.0W.CO Total liabilities, exclusive of capital stock of 309.230 42P.5-t0.il Business in Oregon for tho Year Net premiums received dur ing the yar $ 140.018.02 Losses paid during the ytwr 76,002.94 Losses incurred during the vcar 71.970 65 PACIFIC STATES PIKE INSURANCE CO. T. H. Williams. President Statutory resident attorney for sen-ice; V. V. Mueller. Ast. Secretary Think twice before acting, and practice "Safety First." By thus do ing you may avoid a serious accident. The Sheylin-HixoQ Company TELEGRAPHS RALPH . WILLIAMS WESTERN UNION TELEGRAM .U52NV 9:j lilue Fl .New York NY 120.11' May !i IH'-M lUlph K. Wllllum, Republican National Committeeman, Portland, Oregon, Mutual friends have (old me that you aro a rundidnin for re-elertion an Republican National Committee man this year, and I am constrained to Kend Jut this word of apprecia tion for your splendid service on thn committee all tlm time that I wan chairman. Your election aa vice chairman of the natlonul committee wun tho fullest possible evidence of the committee's gratitude to yon and their confidence In your great future usefulness to the committee and to the party. In this I join moat heartily. Kindest regard and best wishes always, WILL It. HAYB. MORNING OREGONIAN many responsibilities, and calls for work. Its rewards are. of course, recognition of leader ship, and the prestice and influence that wo with it Mr. Williams has been the commit teeman for Orejjron for fourteen years, and is a candidate for re-election. There Is no rood reason why be should not be re-elected ; there are good reason why he should be, the most obvious and unanswerable of which is that he has a hlxh place with the committee, is on terms of intimacy and confidence with the national leaders of the republican party, is in line for the national chairmanship, and can, and doubtless will, perform service which no new man, whatever his qualities, can possibly perform. The Oresronlan is reluctant to interfere in the contest for national committeeman; but the ad v entases to the republican party in Oregon of Mr. Williams' election are so plain that it feels that It should point them out. Origin of Moon-Eyed. The expression "moon-eyed" as pop ularly used to describe an advanced stage of Intoxication, had Its origin In India, where a certain variety of drink: taken In excess renders Its victims blind from sunset to sunrise, or dur ing the period that the moon Is shin ing. The condition tn extreme case lasts as long as IS or 10 days. Synopsis of tbe Annual Statement of THE PENNSYLVANIA FIRE INSURANCE COMPANY of Philadelphia, in the State of Pennayl vanis. on the 31 it day of December, 1921. made to the Insurance Commisaioner of the State of Ort-jton. pursuant to law: Capital Amount of capital stock paid up 9 750.00000 Income Net premiums received dur ing the year 4,904.889.95 Ii teres t, dividends and rents received during the year.. 484,705 29 Income from other sources received during tbe year.. 14,192.27 Total income $5,403,347.51 Disbursements Net tosses paid during the year including adjustment expenses $2,966,383.44 Dividends paid on capital stock during the year 150,000.00 Commissions nnd salaries paid during the year 1,613,589.03 Taxes, licenses and feet paid during the year 258,743.66 Amount of all other expen ditures 699,079.78 Total expenditures $5,692,795.90 Assets Value of real estate owned (market value) $ 150.000.M Value of stocks and bonda owned (market value) 8,845,268.20 Loans on mortgages and col Utersl, etc ...... Cash in banka and on hand Premiums in course of col lection written since Sep tember 30, 1921 Interest snd rents due and accrued ....-........... 1,897 66 540,759.70 819,765.13 116,864 45 Total admitted sBsets....$10,474.S55.05 Liabilities Gross claims for losses un paid - $ 622,810.00 Amount of unearned premi ums on all outstanding risks 5.015.919.32 Due for commission and brokerage 20.051.26 All other liabilities 1,142.796.89 Total liabilities, exclusive of capital - stock of $750,000 $6,801,586 9 Business In Oregon for the Toar Net premiums received dur ing the year 9 71.3Pl.8fi Lotises paid during the year 48,087.50 Lose Incurred daring the ynr 43,310.50 THE PENNSYLVANIA FIRE INSUR ANCE COMPANY Cecil P. Shaflerots, President H. J, Thompson, Secretary Statutory resident attorney for sorvioa; H. V.. Smith. Portland. Oregon.