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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (May 3, 1915)
3 THE MOTtNING OREGONIAN. MONDAY, 3IAT..3, 1913. BUSINESS ill WEST GROWING BETTER Bank "Presidents Take View That Conditions Will Keep on Improving. CROP PROSPECTS ARE GOOD Attitude of President Wilson Makes l-'avorable Impression War's In fluence Said to Be on Wane. Money Demand Big. gTATEsrerfrr of- condition ok RB9EBVB BANK. AT SAN FKAA CIS CO. SAN FRANCISCO. May 2. (Spe cial.) The statement of condi tion of the Federal Reserve Bank of San Franclaco for the bank's 24th business week, ended April SO, as Issued yesterday, follows: Resources Gold coin and sold cer tificates 113,050,000 Iegal tender notes, silver certificates and aubsldlary coin 5,000 Bilks discounted and loons 2,443.000 Investments 1.211,000 JUl other resources. .. . 688,000 Total resources $17,897,000 Liabilities Capital paid in I 3,040.000 TX? posits, net 12.120,000 Due to other Federal reserve banks 2,237,000 Total liabilities $17,397,000 Gold deposited with Federal re serve agent to retire outstanding Federal reserve notes, $1,280,000. Presidents of leading banking in stitutions In the West are firm In the belief that business grenerally is im proving at a consistent pace. Their expressions last week were published Sn the New Tork Journal of Commerce. An epitome of their views is made by that publication as follows: ' "General business throughout the West seems to have turned the corner. Aside from specific industries that are responding to war supply orders from European belligerents, specific evi dence is not yet in sight of any thing approaching boom times. But there is in fact distinct evidence that improve ment has set in and that it will show a tendency to progress as the Spring proceeds. President's Attitude Encourages. "Home conditions have Improved ap preciably during the last nine months. This is a feature that may be regarded as among the very few compensations of the horrifying conflict abroad. President Wilson's attitude seems to have changed from one of antagonism toward large business affairs to one of earnest uplift. Minor political lead ers are following his lead. Railroads are to receive the greater considera tion that they need. "These. In brief, are some of the con siderations advanced by & representa tive number of Presidents of leading banks, especially those "in the West, who have responded to a telegraphic request of this journal for their views on the current business outlook based on the results of their own observa tions. "A measureable degree of optimism Is prevalent In respect to crop pros pects. Collections are fairly satisfac tory and a number of the bank of ficials refer specifically to the large supply of unemployed funds In the banks in all sections of the country. War's Influence la on the wane. Po litical conditions are improving." Commenting on the financial and trade situation of the country the past week the Pacific Banker says: "General trade conditions through out the country continue to improve. Reasonable weather has been a favor able factor. The dry goods business Is more active and better prices are prevailing. The situation In the cot ton belt Is rightlni? Itself rapidly and the feeling In that section Is growing optimistic. Bank clearings, which are an index of business activity, are Bteadlly increasing in the more im portant financial centers. Market for Ioam Better. "The demand for money for com mercial purposes is still far short of the supply and the surplus continues to grow. The New Tork Clearing House banks on Saturday reported ex cess reserves aggregating $171,034,870 against $158,057,820 for the previous week, or a gain of over 8.2 per cent. Commercial paper rates range from 34 to 4 per cent for the better names, with most paper moving at about 3 per cent. "The market for the larger corporate loans is getting better and several im portant issues were floated success fully during the week. Corporate bor rowers are learning, however, that they must adjust themselves to rates that are higher and more commensurate for money whose repayment Is subject to the vicissitudes of the more distant future." BUYING OF GOOD BONDS WITH SAVINGS ADVISED Systematically Laying Aside of Portion of Income for Investment Ad vocated as Insurance Against Hard Times and Step to Success. BT C. K. WILLI A MS, President of Morris Bros. Inc. THER1D are comparatively few indi viduals throughout this North western country who make a practice of steadily accumulating sav ings and Investing them in good bonds or other approved securities. This condition is possibly due to a number , of causes, 1. e., lack of actual knowledge among people of small means of the many advantages afford ed by good bonds; the mistaken idea that the purchase of bonds is something for those of great wealth only; or, to the greater fallacy that the rate of in terest on goods bonde Is so low that persons with a small amount of money cannot afford to make such invest ments. The greatest developer of thrift, economy and saving among any people is the acquired habit of investing in bonds. The failure of every person, young or old, to systematically set aside at leas a small part of their running for a given period of years, yielding all the way from 4 per. cent to 5 per cent or even better. The in come from this source (bonds) is sure and. -steady, is .paid at fixed periods and can be relied, upon in good as well as bad times. In many ways an investment in bonds could well take the place of life insurance. The head of a family, can, during his lifetime, carefully select each bond purchased and In this way accumulate a fund which after his death will continue to draw interest and at the same time afford safety of principal. In many instances the pro ceeds of life insurance payments Is not carefully invested for the benefit of the wife and children whom It is in tended to protect, or what is worse, is frequently squandered and dissipated at the time of payment. This can be avoided, as suggested, by the purchase of good bonds which are likely to run for a period of years after the death of the head of the family occurs. It is always possible, of course, to BOX GARS ORDERED Buying by Railroads Promises Stimulus to Lumber Ttrade. TIES ALSO ARE WANTED Steel Manufacturers In Kast Already Itei Impetus of Renewed Pur chasing Ability of Roads. Orders for Rails Large. With the plating of orders by some of the chief ailroad systems of the country for equipment during the past ten days, there has been considerable interest displayed by the lumber manu facturers and already inquiries have been received for lumber for the manu facture of boxcars. Some of the rail- THREE PROMINENT BANKERS ARE MEMBERS OF THE DIRECTORATE OF NEW CHAMBER OF COMMERCE. ' 1 .A St X V i 5fc fit . i , : -"--,..s. . "V " s t - vi '' ' J 1 ' " i s 5s if : . v -1 ' r . - f J i NV 1 J. C. Atnaworik, President of the Vnlted States National Bank. Emery Olmstead, Vice-President of Northwestern National Bank. 13. Jj. Thompson, of Hartman A Thompson, Bankers. earnings for a rainy day, or for old age. Is primarily the cause of want, suffering .and hard times generally. Comparatively speaking, we would have no periods of "hard times" if the people as a whole saved and invested a reasonable portion of their earnings during prosperous times. Take, for example, such countries as Holland, France and Belgium, the peasant, the mechanic, the clerk and the small business man all to a greater or less extent save consistently and just as consistently Invest their savings in Government, state and municipal bonds, or some other form of good se curities, most of which yield what we call low Tates of Interest. This habit of thrift for generations has made these nations world bankers. Bonds issued by well-established, prosperous communities are well re garded as the safest and in the long run the most satisfactory form of in vestment obtainable to the average individual. Such bonds can now be purchased In denominations of $100, $500 or $1000, and are within the reach of every small investor. It is comparatively easy to open a savings account where one's funds will draw interest for the time being and when a sufficient amount has accumu lated a good bond can be purchased realize on well-selected bonds or to borrow Teadily on them In case of an emergency. The average business man should set aside a certain amount from the earnings of his business each year to be invested, in bonds as a reserve in case of emergency or sudden death. This form of business insurance is fol lowed by many shrewd, -successful men of affairs. Everyone who saves a sufficient amount to invest even in a small way immediately becomes a better citizen and in every way more independent. The knowledge that one has a certain amount of savings safely set aside which can be depended upon to earn a given rate of Interest and could be used as to principal if necessary, goes a long way toward independence and ultimate success which In the end means hap piness. Every man or woman, the sooner the better, should start a savings account and should just as surely become an investor in good bonds. As suggested, it is now possible for 'even the small Investor to purchase safe bonds In amounts well within the reach of everyone. The great factor in making such investments should be one of safety of principal, rathef than high rate of interest. roads also are in the market for ties and structural material. The fact that large orders have been placed for railu and boxcars indicates to lumbermen of the Columbia River district that the railroads are succeed ing In obtaining sufficient finances to purchase much needed equipment and before long will be in position to use large quantities of heavy timbers. Steel manufacturers in the East already have felt the impetus of the renewed pur chasing ability of the railroads. Between 100,000 and 125,000 tons of steel will be required to fill the re quirement of the Pennsylvania Railroad Who Is "Thrifty Alexander?" He is just a normal person the kind you see all around you. He was born of sensible, frugal parents, who recognized a parent's duty and taught him to save. His life is a happy, successful one. He managed his little-boy affairs as a sensible boy should, and year by year as his income grew he continued to manage his affairs wisely. At 52 he found himself on "Easy Street." He was neither a miser nor a spendthrift. He was not a genius. He did everything that normal people do. He had no "pull," but plenty of "push." He worked his way through school and college. The story of -"Thrifty Alexander" will be told in a series of beau tiful poster stamps designed by Mr. F. G. Cooper, the famous New York poster artist. The colors and designs are in true poster style. Parents are invited to interest themselves and their children in this wonderful story of thrift. ; Not only our own depositors, but everyone applying will be given an album and the entire collection of poster stamps free. There being 52 stamps in the collection, we will release one each week, so that at the end of a year the entire collection will have been acquired. Next Friday evening we will announce the date of the release of first stamp. Watch for the announcement. Northwestern Naiiona 1 Bank SIXTH AND MORRISON Company for 16.000 freight cars, locomotives, and 181 steel passerffcer coaches. Inquiries have been mr.de for 20,000 tons of plates for delivery at the Altoona shops for the building of 2000 freight cars, which is exclusive of the more recent order of 16,000. Of this number 7000 will be contracted for at outside car plants. In addition to the Pennsylvania or der the Chicago & Northwestern is in the market for 2000 freight cars, 60 cabooses, and 60 passenger cars; the International & Great Northern is ask ing bids on 1000 box cars, and the Mis souri, Kansas & Texas, 1000 freight cars. ' BIKERS LOOK SOUTH DISTRICT CONVENTION LOOKED FORWARD TO WITH INTEREST. BANKERS ARE DIRECTORS Tlvree Financiers on Board of New OuimlxT of Commerce. Portland bankers represented in the directorate, of the new Chamber of Commerce are J. C. Ainsworth, presi dent of the I'nited States National Bank, and Emery Olmstead, vice-pres-Ment of the Northwestern National Hank, and E. L. Thompson, of Hart man &. Thompson. Mr. Ainsworth is n director of the publicity and conven tions bureau," Mr. Olmstead is a direc tor of the Oregon Development League bureau and Mr. Thompson Is a director of the membership council. "The newly-organized Chamber of Commerce undoubtedly will become a powerful factor in the upbuilding of Portland and the entire state," said Edward Cookingham, vice-president of the Lrfidd & Tilton Bank. "The insti tutlon now will be on a businesslike basis and. with its various departments in charge of competent men. there is no question that great results will be accomplished. I am sure Portland bankers are united In the belief that the new Chamber will do more con tructive work for the entire state than has ever been done by any organization The bankers of Portland can be count ed on to lend all possible support to the new Chamber of Commerce." V. TV'. Morse to Be Cashier. MORTON. Wash.. May ' 2 W. W. Morse, of Randle, Wash., for many years an employe of the Ladd & Tilton Bank of Portland, will assume the cash lershlp of the State Bank of Morton Monday, succeeding L. D. Howe, who lias banking Interests and who owns a large drug store at Sumner, which he Financier of National Reputation Coming From East Programme to Be Announced In Few Days. Oregon bankers are looking forward with Interest to the twelfth district convention, to bo held in San Francis co, May 27-29. Committees of the San Francisco Clearing House Association and the California Bankers' Associa tion have been making extensive preparaton for the entertainment of bankers from the seven Pacific States represented in the Twelfth Federal Reserve District. The programme now being prepared will include many in teresting features. Financiers of a National reputation are expected to make addresses. Definite details of the programme will be announced, probably this week. In addition to the mam convention, state bankers' associations of Oregon, California, Idaho and Nevada also will hold their annual meetings. Utah, Arizona and Washington are expected to send large delegations to thevdls trlct convention. More than 1600 bankers are expected to attend. According to F. w. Wolfe, assistant cashier of the Bank of California, all fears of excessive hotel rates may be dismissed. Hotel rates in general have not been increased except in iso lated instances in San Francisco, un der the pledge of the San Francisco Hotel Men's Association and exposi tion authorities. .. Mr. Wolfe is chair man of hotel accommodations and bankers contemplating attending the convention are requested to communi cate with him for hotel reservations as soon as possible. Finance and Industry GEORGE F. EHEPARD, a banker of Bethel. Conn., was a visitor in Portland last week. Mr. Shepard vis ited both expositions in California and is returning home by one of the north ern routes. . Worrall Wilson, president of the Washington Title Insurance Company, of Seattle, was a visitor in Portland last week. Mr. Wilson believes that business conditions generally through- out the country will make steady im provement from this time on and that there will be a period of great pros perity following the close of the Euro pean war. Immediate construction of an addi tional unit to the newly built electric driven sawmill of the Weyerhaeuser Timber Company at Everett was au thorized last week. When the addi tion is completed the mill will have a total dally capacity of 450,000 feet. This will be the largest and most modern sawmill plant in the world. The new building of the First Na tional Bank of Roseberg has been com pleted and will be occupied probably this week. The building is equipped with modern bank fixtures. The bank was organized January 2, 1916. At the weekly luncheon of the Port land Association of Credit Men last Wednesday Alex. C. Rae discussed "The Relation of the Certified Public Ac countant to-the Federal Reserve Law." A. Lester Andrus spoke on "Business Integrity," Arthur Berridge discussed "The Certified Public Accountant and His Work," and II. A. Moser spoke of "The Relation of the Accountant to Commercial Credit." Edward Drake was chairman of the meeting. The O.-W. R. & N. has let the con tract to Moore Bros., of Portland, for the construction of a brick round house -at Walla Walla. The building will oost about $35,000 and work will be started at once. Southern Pacific in March showed a gain in net earnings in the face of a falling off in gross net. The increase for the month was 10 per cent. Net in February, the only other month this year to show an increase, gained $362, 088, or slightly more than 19 per cent. Gross earnings of Southern Pacific each month this fiscal year have shown a loss. For the first nine months of the current year, the road , has shown a decrease of 8.1 per cent, in gross, and of 8.3 per cent, in net earnings. The International Banking Corpora tion has en rout from Yokohama an other consignment of 2,000,000 yen in gold $1, 000,000). This makes total shipments of gold from Japan since the start of the war approximately $17, 250.000. J. P. Morgan & Co., the Bank of Montreal and Brown Bros. & Co. have bought the $6,000,000 province of Que bec five-year, 6 per cent, bonds for which Tucker, Anthony & Co. of Bos ton were the successful bidders at the ssle a week ago. THE FIRST NATIONAL BANK Fifth, and Morrison Street Capital and Surplus - - - $3,500,000 A general banking business transacted on the safest and most accommodating lines consistent with sound banking. The Business Man and the Bank Good service is what we are steadily working for and we try to work with our customers in the development of their business in every way consistent with safe and sound banking. We want to serve those business men of Portland who are earnest in their work of building their institutions and their credit. To them we freely offer the ac commodations of a progressive and cour teous bank. lUMDERMENS National, bank Fifth and Stark n Profit and Convenience Open a Checking account for your convenience, therefore, prom; Or a Savings Account for your profit, therefore, con venience. Liberal Rate of Interest Paid by The United States National Bank Third and Oak Portland, Oregon Capital and Surplus, $2,000,000.00 lI'flBnll'lfBI? THE BANK OF CALIFORNIA NATIONAL ASSOCIATION of San Francisco. Founded 1864 Capital Paid in $8,500,000.00 Surplus and Undivided Profits $8,219,494.90 Commercial Banking. Savings Department. PORTLAND BRANCH ' Third and Stark Streets Bond Investments We are offering a very attractive list of Municipal Bonds yielding from 45 to"G which will be accepted by the Treasurer of the United States as security for Postal Savings Deposits. We will be pleased to furnish detailed information, together with prices and special list of bonds of this character upon request. ' Morris Brothers Inc. Railway Exchange Building Portland, Oregon The Bank of Personal Service We would like you to know of our complete equipment and competent service in every department, and will appreciate your grant ing us an opportunity to demonstrate this to you. Our Savings Department pays 4 per cent interest. MERCHANTS NATIONAL BANK Founded 1886 Washington and Fourth Sts. THE Northwestern National Bank Sixth and Morrison Sts. CONDUCTS A GENERAL BANKING BUSINESS. PAYS FOUR PER CENT INTEREST ON SAVINGS DEPOSITS. CAPITAL $500,000 SURPLUS $100,000 Total Resources Over Fire Million Dollars Improved Farms Inside Business Property Residences Commerce Safe Deposit and Mortgage Co. 91 Third St. Chamber of Com. Bldg. The Canadian Bank of Commerce HEAD OFFICE Toronto. Canada. Established 1867. A general banking business transacted. Interest paid on time deposits. Cnnunerclal letters Credit Issued. BxckiBir on London, Enarland. Bought and fcoid. PORTLAND BRANCH, Corner Second and Stark Sts. F. C MA LP AS. Manager. Will look after personally.