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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (May 1, 1913)
alORNIKG OREGOXIA THURSDAY. 3IAT STATE BRYAN AT SACRAMENTO AMI INTEREST McAdoo Establishes Precedent by Exacting 2 Per Cent on ? Active Funds. AVERAGE BALANCE TAKEN I x 1K.ST PHOTOGRAPHS OT fcV sARY OF I I. ' - .tj-'giWIW 3 T....... - S-" $. r- r . Jf v. t- - v' v. feu v III i f i7JJitl I I ft" Secretary Declares If Any Bank. Is Disponed to Surrender It Ac count. There Are Plenty to i Take Its Place. N WASHINGTON, April SO. The fiscal ystem of the United States gOTernlng deposits of Federal funds in National banks was revolutionised today by Sec retary McAdoo of the Treasury Depart men with an announcement that all Government depositaries, whether ac tive or inactive, would be required to jay Interest at the rate of 2 per cent per annum beginning June 3 on de posits of the Government. ' Simultaneously with this action the ... Secretary authorized an Immediate in crease of J10, 000.000 in Government de posits in the National banks, making the total J32.649.9C4. from which the deral Treasury will earn under the new interest order tl.053,000 annually. Mre Snrplaa to Be Released. " There are indications that Secretary McAdoo intends to release still more: isiirpius money from the Treasury i vaults and place It In general circula tion through increased deposits with 'the National banks. ' In a statement tonight he said: "With the banks paying Interest on Government deposits the Secretary may be Justified in keeping larger balances In the National banks, thereby inrreas ing the volume of money in circula it ion. and to that extent reducing the "amount locked up in the Treasury.' l.wl Banks Acceptable. Mr. McAdoo also indicated a radical vhanae in the character of securities Vhlrh. the Treasury Department would crept for Government deposits. In stead of requiring that the National banks secure Treasury deposits ex clusively with United States or Pro vlncial Government bonds they will be allowed in future to secure 70 per -nt with Government bonds and the remaining 39 per cent with high-class state, city or county bonds, acceptable to the Secretary of the Treasury to be taken as security at 75 per cent of ttirir market value, but not to exceed par. This is the first time in history that (the Treasury Department lias called on 4iie banks to pay interest on what are known as active deposits, or accepted, except In periods of financial stress. security other than GOTeronent bonds, ArtiTe Depositaries Affeeted. Active depositaries are those which conduct a checking account for the Government, cashing checks of the dis bursing officers and replenishing their authorized Government deposits from customs and Internal revenue receipts poslted with them. There are 900 in active depositaries, each holding $1000 of Government funds. On these deposits, -which are not disturbed by checking accounts, the Government has drawn Z per cent interest for the last five years. These are the only Government ac counts which ever have earned Interest. No Trouble Expected. The House committee on expendi tures in the Treasury Department at the last session Investigated the ques tion and recommended that the Secre tary of the Treasury be required to charge Interest for the use of the Gov ernment's money. Secretary JIcAdoo declared tonight he did not expect any serious resistance on the part of the banks to the new policy. If any bank was disposed to surrender its account by reason of the order, he said, there were many others willing to take It up. The 2 per cent Interest charge will be based on the average monthly bal ances of the Government's account in each depositary, payable January 1 and July 1 of each year. The 110,000,000 to day ordered transferred from the treas ury vaults to the National banks will be distributed over the country. . Farther Deposits May Follow. The free balance in the general fund. Including money In the United States Treasury and in the National bank de positaries, smounted at the beginning of business today to 1141.025,263. Of this $72,"Jl,4i5, which will now be de creased by 10,000,000, constituted the working balance of the Government, or money lying Idle In the vaults of the treasury or sub-treasuries. Treasury experts estimate that the minimum on which the Government ran transact its dally business is $15, 000,000 and that a substantial portion of the working balance can with ease be deposited. "'Hi's -, W V DIVORCE SUIT IS DECIDED Heatrice Gadsby Granted Decree and 'Husband Gets Right to Visit Child. . 'VAliKH. Or.. April 80. Special.) Heatrice Gadsby is given a decree of divorce from Walter M. Gadsby and alimony of $35 a month, while Mr. Gadsby is given the privilege of visit ing the child of the union once a month, in an opinion handed down by the Su preme Court today, the opinion being written by Chief Justice ' McBrlde. The rase Is appealed from Mult nomah County. Walter Gadsby and Nellie Gadsby being the respondents, Nellie Gadsby being Walter Gadsby s mother, she having property Interests involved In the case. Fall-view Road Ordered Opened. FAIRVTEW. Or, April SO. (Special.) At least something will be done to open the Fairview road to the Colum bia River, even if It be not done imme diately. Notices have been served on Jack Luscher, manager of the Sun D'al farm, to move fences now in the right of way back to the lines of the road. It opens an important artery for East ern Multnomah, and may result In the establishment of a ferry across the Columbia River to the Washington side. The O.-W. R. A N. Company will be asked to remove the- Fairview hill and permit the crops road to pass under or over the track and eliminate the constant menace at this crossing. Supervisor Christensen has commenced to gravel the Sandy road with crushed r"k from No. 3 schoolhouse to the city limits. - a IT' t T ' 'f? r " 1 Mi , t, - - m n5 V f i flit.. -JZM'f it ' H R8f I : 3 V'4l -4i v. Sit "v J "-T a ' Hi "Sf - . " '-JJ til. GALIFORNIAIS READY Proposed Law Most Rigid of Any Yet Proposed. EFFECTIVE CHECKS GIVEN Leasing- to Xon-EliglWe Aliens Ab solutely Prohibited, and Lands Now Held Cannot Be Be queathed to Aliens. (Continued From First Pegs) the citizen owner of the land. It la held that this section of the act will be absolutely prohibitory upon ail leases of agricultural lands, wnetner for gardening purposes or otherwise. Thompson Outlines Theory. Briefly, according to Senator Thomp son, who has made a morougn uuj of the bill, the theory is as follows: "Only citizens and those eligible to become citizens may be proprietors of land. They may employ Japanese and Chinese If they desire, but they cannot lease or otherwise give such aliens an Interest or share In their proprietor- hip. snch land as is now held by Japa nese and Chinese cannot be bequeathed to their alien heirs. It must he sold. "The practical result win be inai an further Rcoulsltlon win be preveniec. leasing colonies will be exterminated. and at the end ot the present genera tion, most of the land now held by Japanese and Chinese will ne ownen by cttisens. Thus tne wnoie prooiem is solved without hardship or indignity to anyone." Bryan to Visit Colonies. Secretary of State Bryan, who came all the way from Washington to pro test the passage of an alien land Jaw by the California Legislature, has read and listened to many arguments since he eame to Sacramento, but tne nest argument of all, in the belief of Gov ernor Johnson, is yet to be presented. Tomorrow morning, before the bprlng sun is too high, the Secretary will be taken for a spin In the Governor au tomobile to the towns of Florin and Walnut Grove, a doxen miles distant from the capital, where two typical colonies of Japanese farmers have been started. Governor Johnson and Assemblyman Bradford, who represents that district, will accompany him on the trip and point out the following concrete facts for his observation: There are more than EOOO Japanese subjects in Sacramento County, accord, tng to Assemblyman Bradford's com putation from the 1910 census. There are more than 1500 Japanese In the Florin colony, where scores of big farms are owned and hundreds of acres are leased. "Best Argument" Pnt Forth. There are 42 Japanese children out of a total enrollment of 67 pupils In the Florin public schools. In Walnut Grove, Isle ton and Sierra, neighboring towns in the same com munity, the number of Japanese chil dren in the public schools rangesvfrom 40 to 60 per cent. 1 Governor Johnson said tonlrftt he was pleased that Secretary Brysl had accepted the Invitation to see fo I him self California s best argument ror an antl-allen law." Governor Johnson gave out a brief statement tonight in which he com- ' U isns ySgfS , ':?,-i.v-j- e,?i jr ABOV R, SKCRKTARY OF STATU BR VAN PRESKXTED W ITH FLOWERS. GOVERNOR JOHNSON. OF CALIFORNIA, AT RIGHT. CENTER,' LEFT, BRYAN AND JOHNSON AT SPEAKER'S DESK IN LEGISLATCRE RIGHT. LEJISLATtRB IN fBSSION LISTENING TO BRYAN. BELOW, BRYAN. GOVERNOR JOHXSON AD LIEUTENANT - GOVERNOR A. J. WALLACE. mented on the Question that has been raised as to the possible eligibility of the Japanese to citizenship in the United States. "Substantially it is true that the in eligibility to citisenshlp of the Japa nese and Chinese is the keynote of the Webb bill." he said, "and if it is de termined by the courts of last resort that these aliens could become citi sena, then of course they would be af fected by these acts. "However, up to this time It never has been suggested that the Japanese were eligible to citlsenshlp and the language of the Federal statutes seem clear on this point. "I wish to make it plain, especially to the people in the East, that the terms of the proposed law are general in character. They do not single out the Japanese or any other nation, but relate to the races, not naming them, that are made by the laws of the Unit ed States not eligible to citizenship." bounded, hitting Shoop. The dead man was about 35 years old, with a family residing at Silverton, Or. Coroner Sher wood wlli hold an inquest. Henry Shoell Tries Suicide. Following several spells of despond ency, Henry Shoel. 69 years old, a wid ower, attempted to take his life Tues day night about 7 o'clock. He fired four shots into Ms head from a revolver, but none of the wounds are serious. Shoel lives at 42 Roselawn avenue with his son and daughter, neither of whom were present when the suicide attempt occurred. He is at Good Sa maritan Hospital. William J. Iuther Dies. SPRINGFIELD, Or., April SO. (Spe cial.) William J. Luther, a promi nent citizen' of this city, was buried In the Laurel Grove Cemetery today, hav ing died in a hospital at Eugene Sun day after an operation, peritonitis hav ing set in afterward. Mr. Luther was past 33 years old. He leaves a wife and several children. He was engaged in the shoe business and owned some business property on Main street. Stevenson City Hall Completed. STEVENSON. Wash.. April 30. (Spe cial.) The new City Hall has been completed and will be accepted by the Council this week. - The building Is two stories high and is located on First street. The lower floor will be used by the Fire Department and the upper floor for the Council and Police Court. Woodsman Killed at Scappoose. SCAPFOOSE, Or., April 30. (Special.) Samuel Shoap. a timber faller in the employment of the Nehalem Timber & Logging Company, at this place, was killed in camp today. A falling tree struck a dead tree and the latter re- Springfield Merchant Gets Decree. SPRINGFIELD, Or., April 30. (Spe cial.) Oliver W. Johnson, a hardware merchant of this city, has been granted a divorce from his wife, Mrs. Lottie M. Johnson, on the ground of cruel and In human treatment. Johnson is granted the care and custody of the minor child. Lebanon School Gives Play. LEBANON, Or., April 30.- One hundred dollars was -(Special.) netted by A You'UBeHealthierand Happier Erery Day in the Year If You Regu larly Drink n ' lioctt Water Vntmmmmr KcK. mi Bartu. wj mthT not J KsantUts -. that the U on nt the moat wUkcimnt mesa of aidiaj ilttti. rv rv rv T vv TV At all good dealers fOWNES KID FITTING SILK GLOVES 50c, 75c $1. $1.50 t .n't- jv x .r A S surely as the last few years have seen - .1 , t I Tk 1 1 11 irvmgton the spot cnosen ior roruana s fin pet. linmfis. so GLENEYRIE will be Portland's high-class close-in addition of the future. Standing on the cor ner of GLENEYELE at 24th and Knott streets, one cannot help being impressed with this fact. The streets are lined with pretty homes. The Irvington Club is but a few block s away. Every modern improve ment has been provided. You cannot afford to buy a homesite anywhere without first seeing GLENEYRIE. At its present -prices, 25 to 50 per cent less than adjoining property in Irvington, G LEX EYRIE is a golden opportunity for home-maker and investor. Thirteen hundred dollars buys a choice site now. Terms to suit. Our machine is taking dozens of interested people out to GLENEYRIE every day. Why not go out today, yourself T Just phone Marshall 284. Or take Broadway car anywhere on Second street. Only 15 minutes to GLENEYRIE. Investment Co. 1002-1003 Wilcox Building Phone Marshall 2S4 East Side Office: Tract Office: E. Broadway and 15th Phone E. 4986 24th and Knott Sts. Phone East 820 the high school students In the annual presentation Friday and Saturday evenings of "The Ulster," a comedy. In the name of Saint Publicity Come in! It's a pity you wouldn't accept one of these invita tions once in a while. We realize you have something else to do be sides visit Thompson, but one little visit will suffice and it will do you a world of good. It will give us an oppor tunity to show you the best equipped Optical Parlors in Oregon, and it will give you an opportu nity to determine in your own mind whether Thompson's Eyeglasses are all we claim for them. The fact is we are los ing business and you are losing a lot of satisfaction in Eyeglasses by your in expli cable, inexcusable absence. We simply have got to get together, and once we do, we shall be bound too closely in mutual interest for any man to put asun der. Once you are familiar with Thompson's Glasses you will not readily fore go the satisfaction which they afford. ft Thompson Glasses cost $2.00 or more. Optical Institute 2d Floor Corbett Bldg. Fifth and Morrison 4 Hotel Multnomah GREAT SUCCESS 1913 FOLLIES REVUE IN The Arcadian Garden The seating capacity of the Arcadian Gar den is for 450 guests. Owing to the fact the Garden is filled for Lunch, Dinner and Sup per, daily, alterations are in progress for the addition of one hundred more seats, which is necessary for the accommodation of our patrons. The Follies Eevuc begins at 7 P.M. and 11 P. M. and continues for nearly one hour. H. C. Bowers, Manager. Gainer Thigpen, Asst. Mgr. Eastbound Summer Excursion Tickets On Sale May 28 to September 30. Stopovers permitted. October 31, 1913, to return. TELL US WHERE YOU WOULD GO AND WHERE YOU WOULD STOP Full information will be given of fares and routings. Four Fine, Fast Through Trains East Each Day Two to CHICAGO V In just Three Days from the Pacific Coast. Three to II ne to Minneapolis and St. Paul 1 Kansas City and St. Louis Our Unexcelled Dining Service on each train. Ask us what some world travelers say of it and THOSE 'GREAT BIG BAKED POTATOES, and they know whereof they speak , l A. D. Charlton, Asst. Genl Pass. Agent, Portland, Or. 255 Morrison St., Corner 3d St. Phones, Main 244, A 1244 Northern Pacific Railway