Image provided by: University of Oregon Libraries; Eugene, OR
About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (May 17, 1915)
TOE MORNING OREGONIAN". MONDAY, -MAY 17, 1915.
EFFECT OF RESERVE
BANKS IS EXPLAINED
A. L. Mills Declares System
Satisfactory, Though Not
Equal to Aldrich Plan.
GAIN IN CONFIDENCE NOTED
President of Portia Q1 Institution
, Tells Rankers Convened at New
burg How Flexibility of Cur-
4 rency Has Stayed Panic.
"Reserve Banks In Operation1' was
the subject of the address of A. Ij.
Mills, president of the First National
Bank, of this city, before Group 1 of the
State Association of Bankers at the
meeting at Newberg last Wednesday.
That the reserve banks have, added the
flexibility to the National currency
iystem that was demanded to. avoid
panics was the conclusion reached by
Mr. Mills. His address. In part, fol
lows: "When the European war broke out,
July 29, 1914. the crops in this country
were in e;ood condition and the finan
cial situation was easy. In the twinkling
of an eye came the announcement
of the brutal invasion of Belgium and
our financial system became disorgan
ized and broke down.
"Had it not been for the extension
of the provisions of the Aldrich-Vree-land
act, passed in 1908, and renewed
by the party now in power, our country
would have seen a worse panic than
that of 1907 or 1893: worse, because
then we were able, to call upon Encland
for gold with which to break the panic,
put last July there was no country
upon which we could lean for a gold
Aldrleh-Vreeland Hill Trained.
"Therefore. the Aldrich-Vreeland
bill was a financial life-saver, since,
under its provisions, currency associa
tions were formed throughout the
United States, and by use of this
method, there was created an emer
gency currency, similar in form and
appearance to our National bank cur
rency, that relieved the stringency and
fended off the panic.
"Without actually remembering the
fijrures, my impression is that $385,
000.000 of tbis currency was put into
circulation.-- In Portland a currency
association was formed by the National
banks of the city and two or three out
side institutions. This association took
emergency currency to the amount of
fa,050.000. It was not all put Into cir
culation by any means, but It was on
hand should the necessity arise. This
emergency currency has been retired
save $100,000, and by June, when the
act expires, all will have been retired.
Portland Men Honored.
"Notwithstanding the Aldrlch-Vree-land
bill provisions and the closing of
the Stock Exchange, financial con
ditions were tense and September 1
Secretary of the Treasury McAdoo
called a meeting of two representata
lves each from the 12 reserve cities and
representatives from six other cities
of the country. Portland was one of
the six cities called upon to send rep-,
resentatives to this meeting and was
the only Pacific Coast city so honored,
not counting San Francisco, which Is.
of course, one of the 12 reserve cities.
"J. C. Ainsworth and myself were
the Portland representatives to attend,
at which assembly some 30 represen
tative bankers from the business
centers of the country gathered. One
of the vital questions first brought up
was when the Federal Reserve Sys
tef should be put into effect and Port
land was called on first by Secretary
McAdoo to present the opinion that
prevailed on the Coast. We stated em
phatically that the bankers of the Pa
cific Coast wisbed the Federal Reserve
Bank opened at the first possible
moment, as we believed the eentl
mental effect on the public would be
good and the actual cost to the banks
paying In the capital would be small.
Mr. Decker, president of the First
National. Minneanolis. followed and
took the same ground.
"Wentern Advice TKe.
"As the Inquiry continued, however,
and as representatives of the East
were questioned, sentiment was shown
to be less strong. Indeed, some rep
resentatives who had heard the pre
vious argument said personally they
flavored the opening of the banks at
an early date, but the clearing-houses
wished it postponed until the Spring
"As the result of the expression of
opinion, the Federal banks were put In
oneration. as you know, on November 16
and have now been in existence almost
six months. It is proper, therefore, at
this time to consider what the reserve
banks have accomplished.
"Before the Federal Reserve Banks
went into operation, the friends of the
measure declared the advantages that
would accrue to the country were:
First a. mobilization of reserves that
had been scattered in 27.000 , banks;
second, the right to issue emergency
currency in times of stress and fi
nancial panic; third, a market for dis
counts and acceptances would be pro
vided: fourth, a regulation and gen
eral lowering of interest rates.
tiold Servee Double Purpose.
"Let us see if these things have been
accomplished. Today the Federal re
serve banks have In their vaults a very
large proportion of the gold that has
heretofore been hidden in Individual
National banks of the country. This
gold is not only available directly, but
Is a basis for issuing emergency cur
rency. Take our reserve bank of San
Francisco, which today has something
like $13,000,000 in gold on hand, on
which could be based about $30,000,000
of reserve currency. As the deposits
of that bank are about $12,000,000. we
ran see at once how solvent that bank
Is. its loans being only about $2,500,000.
"When it is seen that the San Fran
cisco bank is only one-twelfth of our
Federal reserve system, you can mul
tiply the figures I have given you by
12 and you will see how well equipped
it is with cash. and emergency currency
to protect the business of the united
States. It makes panics aDsoiuteiy lm
possible, as was stated by the friends
of the measure before it went into
effect, and it is now plain to every
one who studies finance.
Rediscount Feature Cited.
"One great defect of our old system
was that the banks had no place to
;o to rediscount their paper, nor where
they could make acceptances, t ne new
law offers to every National bank
with the right kind f paper an oppor
tunity for rediscounting. and, although
tots advantage has not as yet been
very generally used, as time goes on it
will prove one of the most valuable
"The limits on acceptances In the
bill, confining them to transactions in
Imports and exports, militates agains
the banks of our section of the coun
try making use much of this provision.
confidently believe, however, that Con
cress will extend this to cover trans
actions based on domestic shipping
in other words, if a bank may accept
drafts drawn upon it for payment of
bags shipped from India to Portland
there is no reason why It should not
accept drafts for praln shipped from
the Palouse country to Portland for ex
port "When you think of the wool we ship
to Boston and Philadelphia, as well as
froit. hops and lumber to various
points, there is no good reason why
these shipments, if made by rail, should
not be subject to the right of accept
ances. I believe the act will be amend
ed to cover this point.
Money Kate Lower,
"It is not necessary to speak of the
rates that were the effect of the Fed
eral reserve system, because he who bor
rows or lends knows what the rates
were last -August and today. Then the
best kind of commercial paper brought
J-i per cent. This very morning I was
offered acceptances of the Bankers'
Trust Company or the New York Guar
antee Trust Company at 2 per cent.
Why have rates so declined?
"We have no greater amount of
money in the country now than then,
and the prospects for the crops were
as good then as they are today. But
then we had fear and panlo in every
heart, whereas today we have courage
CONDITION OF FEDERAL I1E
SEH.VK BANK OK SAN
SAN FVRANCISCO, May 15
(Special.) The statement of the
Federal Reserve Bank of San
Francisco for the bank's 26th
business week, ended May 14.
shows that all capital stock of
member banks in District No. 12
has been paid in. The statement
Gold coin and gold cer-
tidcates $ 8,715,000
Legal tender notes, sil
ver certificates and
subsidiary coin 19,000
Bills discounted and
loans i. 2,817.000
Due from other Fed
eral reserve banks. . . 1,099,000
All other resources.... 1,456,000
Capital paid in....
Deposits, net. . .. . .
. .$ S.916,000 t
. . 12,236.000 t
Total liabilities. $16,151,000.
Deposited with Federal
reserve agent to re
tire outstanding Fed
eral reserve notes... $ 2,040,000
and confidence in our financial system.
To sum up, the federal reserve sys
tem has been in operation for six
months. It may not prove of direct
profit to stockholders, but that ia the
least reason for its existence. It has
maie good and does what its admirers
claim for it.
"It is something like a life-preserver
r a. boat; you may not need it during
fair weather when the sailing is easy..
but when the storms come you thank
God that a life-preserver is under the
seat. So I repeat, we may not need the
Federal reserve system in good weather.
It may not be and is not so good a
system as proposed by Senator
Aldrich. but it is the one in operation,
and I believe every banker can say
from the bottom of his heart.' 'Thank
God we have the Federal reserve
banks.' " ,
BANKERS' MEET PLANNED
CALIFORNIA, OREGON, IDAHO. NE
VADA DELEGATES TO CONVENE.
Portland to Send Large Contingent to
San Francisco for Gathering
May 27 to 29.
Portland bankers will be well rep
resented at the Joint convention of the
California, Oregon, Idaho and Nevada
State Bankers' associations, to be held
at San Francisco, May 27. 28 and 29
All state bodies of bankers situated
within 'the 12th Federal Reserve Dis
trict were asked to meet at that (I me
by the Californians, but it so happened
that Washington, Utah and Arizona had
made other arrangements for separate
Among Portland financiers who wil
ttend the San Francisco gathering are
W. H. Dunckley, Ladd & Tllton: E. O.
Crawford, Lumbermens National; R. H.
Schmeer, United States National; J. L,
Hartman, Hartman & Thompson; Ed
gar H. Sensenich, Northwestern Na
tional; E. A. Wyld, First National, and
W. P. Jones, Merchants National. There
will be a number of others in various
parts of the state who will be present
at the convention. Mr. Sensenich has
been selected to deliver an address, his
subject not having been announced.
The convention, it is said, will be
the most important gathering of bank
ers of the year, with the single excep
tion of the convention of the Ameri
can Bankers' Association. Among the
speakers will be Carter Glass, chairman
of the banking and currency commit
tee of the House of Representatives;
John Perrin, Federal Reserve agent of
the 12th Federal Reserve District: Dr.
E. E. Pratt, chief of the Bureau of
Foreign and Domestic Commerce. Unit'
ed States Department of Commerce, and
Professor H. Morse Stevens, of the Unt
versity of California.
Various attractive features of enter
tainment, including receptions and
visits to the Panama-Pacific Exposition.
have been arranged for the visiting
bankers. May 29 haa been made Bank
ers' day at the fair.
NOflCES SENT OFFICIALS
Transfer of Tax Rolls From Treas
urer to Sheriff Ordered.
SALEM, Or., May 16. (Special.) The
State Tax Commission has sent cir
cular letters to various county offi
cials calling their attention to an act
passed by the recent Legislature,
which makes the Sheriffs, instead of
the County Treasurers, tax collectors,
The letter says in part:
"This act does not specify any par
ticular method to be followed in mak
ing transfer of the tax roll from the
Treasurer to the Sheriff. It is evident.
however, that the Treasurer must make
a return to the County Court, verified
by proper certificate, as required by
law, showing clearly the state of the
tax roll on the conclusion of his duties
as tax collector."
PUYALLUP HAS SHOW ROAD
"Million .Dollar Way" Is Title Resi
dents Give to Highway.
PUYALLUP. Wash.. May 16. (Spe
cial.) "The Million Dollar Way" is the
name given by the Puyallup Valley resi
dents to the paved road encircling their
valley, because from the district It
traverses, two miles wide and seven
miles long, more than $1,000,000 was
made in berries last season.
The growers of the valley invite vis
itors to make this trip by automobile
through one of the best agricultural
sections of the Northwest. - Leaving
Tacoma by the Pacific Highway the
tourist goes through the Puyallup In
dian Reservation, through North Puyal
lup and Sumner, past th Pierce County
charity farm to Alderton, and over the
"Pioneer Way" back to Tacoma.
POSTAL BANKS GROW
Age Limit to Be Dropped to
10 Years July 1.
MAIL FEATURE PROPOSED
In Extending Service Department
Points Out That 50 Per Cent, of
Deposits Are by Foreign
Born, Who Welcome Safety.
The use of the postal savings bank
will be extended to all the people of the
United States above the age of 10 years
after July 1 by an order just issued
by Postmaster-General Burleson. At
present only, those living in districts
accessible to postoftices that have been
designated as regular postal savings
banks may enjoy its advantages, but
after July- 1 deposits will be received
by mail, a practice not heretofore per
This new and important extension of
the service will increase vastly the use
fulness of . the postal savings banks of
the country. Persons living in sparsely
settled regions where local postoftices
are not of sufficient importance to be
designated as regular postal banks may
apply to their local postmaster for the
preparation of data for identification,
which will be forwarded to a nearby
postofTlce authorized to accept deposits.
The intending depositor will then re
ceive permission to forward deposits by
money order or by registered mail di
rect to the banking point and receipts
or certificates of deposit will be issued
to him. He may also withdraw either
all er any part of his postal savings
by mail and on demand, together with
any interest that may be due him.
Great Demand Noted.
Governor Dockery, Third Assistant
Postmaster-General, who has direct su
pervision of postal savings, has been so
impressed by appeals from all parts of
the country that the opportunity be
afforded to bank with the Government
by medium of the mails, that he started
some weeks ago to work out a feasible
and safe method for complying with the
The leaflet to be issued, calling atten
tion to the extension of the postal sav
ings system, points out that any per
son 10 years old or over may open an
account. In his or her own name; that
an account may be opened by a married,
woman free from any control or Inter
ference from her husband; that post
office officials are forbidden to disclose
to any person, save the depositor, the
amount of any deposits: that with
drawals may be made without previous
notice, and that the Government guar
antees to repay all deposits on demand
with accrued interest.
The leaflet will soon' be printed in 22
foreign languages for distribution
through local postoftices. The foreign
born citizen has taken kindly to postal
savings, and literature In his own
language will be of great assistance tc
Every Nationality Represented.
In a recent article. Postmaster-Gen
eral Burleson commented on the foreign-born
depositor as follows:
"Upwards of 500.000 depositors now
have accounts in the postal savings
system and they represent every na-
tiuiinL- on xne eartn. xney also
represent almost every known occupa
tion professional men. theatrical ceo.
Pie. mechanics, laborers, fishermen,
pack peddlers, etc. But the majority
are wage-earners, and of this class the
toreign-born largely predominate. A
census of depositors taken by the Post
office Department shows that approxi
mately 4i per cent (200,000) cf the de
positors are foreign-born citizens and
they own more than 50 per cent of the
deposits splendid evidence of the con
fidence of our newly acquired citizens
in the ability and good faith of- their
adopted country to fulfill its obliga
"There is another reason 'which led
iiuiiiin aiuB, untamiiiar with our
language and business methods, to turn
to the Government to safeguard their
humble savings, and that reason is the
disastrous experiences many of them
nave Had by the failures of bogus
'private banks' officered by swindlers
oi ineir own tongue who have preyed
mercilessly upon their loneliness and
Postal savings receipts have broken
all records the past year. Durlne- th
eight months prior to April 1 there was
a net gain in deposits of $19,000,000, as
a gain or JS.000,000 for th
same months the year before. Thou
sands or new accounts - have been
opened and the millions made up large,
ly of hidden savings have been turned
back into the channels of trade just at
a. iime wnen mere - was pressing e'e
mand for every dollar.
Bond elections and ProDO-ats.
Sandpoint, Idaho. Special election May
15 in school district No. 54. Bonner County
for the purpose of voting- on the proposition
of Issuing- $1200 worth of building bonds
k An!"".' -r. school bond election tor
Tonasket. Wash. School bonds were de
i?at.t:u me recent election. Another elec
tion has been called for May 22.
Centralia. Wash. A inini uxtinn ;m
be held in school district No. 11, of Lewis
-uiy, way 33 ior voting- on a bond is
sue of $12,504.53.
foruana, ur, The question of issuing
$500,000. 15-year, 4 per cent " water bonds
win uw vuieu on at ine June election.
Ulenada. Or. City Council haa nrdomri
special election to authorize an issue of $10 -0W
Weiscr. Idaho Oirectora of Crane Creek
Irigaiion district have called a special elec
tion for May 26 for the purpose of sub
mitt ing- the proposition of issuing- $46,080
worth of bonds to pay interest on an issue
of $56,000 coupon bonds, series One of
Suunyside. Wash. The board of directors
of the Sunnyside Irrigation district have
called a special election providing for issuing
bonds in the sum of $97,404) to pay install
ment of interest due on a " bond Issue of
Lewiston, Idaho Election June 14 to vote
on the question of Issuing $40,000 in bonds
to Improve grades from the business to the
Lapwai, Idaho A mass meeting' was held
on May 8 to discuss a proposition to laaue
bonds to the amount of $u00.O0i) for the
permanent improvement of roads.
Oregon City, Or. Petitions are being1 cir
culated in Gladstone, Clackamas and Park
place for a special election for May 17 to
vote $10,000- bonds for the erection of a
union high school.
Sheridan, Or. The recent election to vote
bonds for a new high school here car
Inside Business Property
Commerce Sate Deposit
and Mortgage Co.
91 Third St.
Chamber of Com. BIdg.
r'cd, electors going on record in favor of a
Colfax, Wash. May 24 a special election
wiil be held to vote a $60,000 bond issue for
the construction of a new water pipe line.
Mack ay, Idaho Bonds in the amount of
$3000 voted to pay for Improvementa and
furnishings recently installed in school.
Mountain Home, Idaho Board of County
Commissioners have called election for May
22 to submit question of issuing negotiable
coupon bonds in sum of $50,000 for ejection
and furnishing of new courthouse.
Roberts Idaho Bonds have been voted
for Installation of modern system of water
Wibaux, Mont. Council has called elec
tion for July 1 to vote on the Issuance of
bonds for Installation of system of water
FrultJand, - Idaho Bonds in amount of
$15,000 for erection of a echoolhouse have
been voted, but $-000 issue for heating plant
Pending Bond Sales.
Myrtle Point. Or. Un to 4 P. M. May 24.
$528.70 worth of street improvement bonds.
denominations of ysvv and izib.iv, interest
6 per cent, l-lo years, certified check for
5 per cent of bid required. E, A. podge.
Twin Falls. Idaho Up to S T M. May 29.
$20o0 .worth of bonds of school district No.
21. Poplar Grove, denomination of luuu each.
interest 6 per cent, 5-20 years.
Dayton. Or. Up te 6 P. M., May 31, $4000
worth of Improvement bonds and $3000
worth of 10-year water bonds, denomina
tions of $500 each, interest 6 er cent. W.
T. H. Tucker, City Recorder.
Aioitiessaao, wain. oeaifa omi win oe
received at the office of Jerry A. McGllll
cudy, Jr., until May 32 for tif purchase of
bonds of school district No. 109, Chehallis
County, in the sura of $4000, running 5 years,
denominations of $500 each, interest per
Oakvllle. wash. The Garrard Creek val
ley district is advertising $4000 worth of
bonds for sa'le, to be used in the construc
tion of a community school house,
Boise, Idaho Trustees of school district
No. 7, Ada County. Idaho, will receive bids
at the off Ice of James S. Bogart, 41 Over
land block, Boise. Idaho, until June 1, for
the purchase of ten coupon bonds, denomi
nations of $500 each, running 6-10 years, in
terest 6 per cent. Bids to be addressed to
William Schneider, Boise, Idaho, K. F. IX
EuKene. Or. Bids .will be received oy tt- s.
Bryson, City Recorder, up to 7:30 P. M. May
24. for purchase of $40,000 worth of city
hall bonds, denominations of $500 or S10O0
each as may be convenient. Interest not to
exceed 5 per cent per anum, payable semi
Lavina. Mont. Bids will be received by A.
O. Englet. chairman board of trustees,
school district No. 41. until May 31, for pur
chase of 32 coupon bonds of district, each
of par value of $500 payable in IS years, re
deemable 10 years, bearing interest at rate
of 9 per cent per annum. Bonds will pro
vide for construction and equipment of
South Bend, Wash. County Treasurer will
offer for sale on May 25 at 4 o'clock P. M.
the negotiable coupon bonds of school dis
trict No. 35 in the sum of $27,000 for the
purpose of construction of a achoolhouse,
equipment, etc., interest not to exceed 6 per
cent, redeemable In 10 years.
Sheridan, or. aids win oe received uniu
9 r Xf Mv IS. for rjuroha.se of Sls.OOO
bonds of school district, issued In $500 de
nominations, to run 10-20 years and Dear
Interest at 5 per cant
KLAMATH SHIPPING CATTLE
Three Carloads First "to Go to Port
land for Some Time.
KLAMATH FALLS. Or.. May 16
(Special.) t Three carloads ot cattle
yesterday were shipped to the Portland
markets. These are the first Klamath
Falls cattle to go to the Portland
Union Stockyards for some time, and
the grading and prices they receive is
being- awaited with Interest by Klamath
Falls shippers. It Is thought dv some
shippers that the Portland market,
while it offers in some instances more
attractive prices for stock, cut the
profits from shipments there by too
If the prices and gradlngs at .Fort
land are what Klamath Falls men be
lieve they should be, there is reason to
exnect thit some of the several car
loads of stock that are sent away from
Klamath Falls very Thursday will be
delivered to Portland instead of going
Xorth Bend Haa Morning Dally.
MAESHF1ELD, Or., May 1. (Spe
cial.) The Oregon Coast Daily Tide
made its initial appearance this morn
ing in the City of North Bend and con
tained 33 panes. The paper is owned
by B. B. "Weldy, formerly of Montana.
The editorial announcement made no
reference to politics, but stated that
publicity for Coos Bay will be one of
the editor's chief alms.
The Crimean "War, or the war of 18.9. the
Austro-Prusslan war of 1 SBC. tne Kranco
Prunslan war of 1S70, and the Russo-Turkish
ur of 1877-1RTR coat t,1(lrt.S00.(XH.
is the keynote to all success and
achievement. Little is accomplished
Control yourself so that your in
come may exceed your expenses.
Then put your savings to work for
you through a savings account ,witn
this strong bank.
Liberal Rate of Interest Paid
The United States National Bank
THIRD AND OAK STREETS, PORTLAND, OR.
Capital and Surplus $2,000,000
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
SAFETY DEPOSIT VAULTS
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 granting us an opportunity to demon
strate this to you. Our Savings Department pays 4
per cent interest.
. Merchants National Bank
BONDS BRING FORTUNES
SPECULATIVE PEATCBE BROUGHT
OUT IX BANKER'S ARTICLE.
"Bnmcb Llae" Securities Exchanged
for Stocks la Reorganisation
Shown Most Profitable.
Not a few of the great American
fortunes - have been made in bonds
more than In stocks. The word "bbnd"
indicates guaranty, security, stability
of value. Stock, on the other hand,
has more the suggestion of speculation.
A striking article by F. J. Lisman,
the New York banker, published In
Commerce and Finance, shows that in
periods of readjustment and reorgani
zation, there is at times a- speculative
attendant to undefaulted and defaulted
bonds such as few persons know or
Apparently Mr. Lisman sees In the
present time an analogy or parallel
with that of the middle '90s, when
many great railroads, including the
Atchison, Union Pacific, etc.. were In
distress. Today more miles of railroad
are in receivers' hands than ever be
fore in American history and bonds
of a score or more steam railways are
at a great discount.
The principal difference between the
rise and fall of the bond market and
the same phenomena in the stock mar
ket Is that stocks sometimes decline
to nothing, or become subject to as
sessment, whereas bonds that are se
cured by an enforceable lien on any
property that serves an essential need
of society have seldom remained en
tirely valueless, if the rights of the
holder under the mortgage were In
telligently insisted upon. To this ex
tent bonds seem to be the safer spec
ulation. One of the eccentricities disclosed
by this table is that the "branch line"
bonds, which sold at the greatest dis
counts, and were exchanged for stocks
in the reorganixed companies, show
the greatest percentage of profit, for
those stocks subsequently advanced to
prices that were impossible in the case
of a bond the interest of which was
limited and the ownership of which
gave the holder no voice in the man
agement of the property.
BANKERS ELECT DIRECTORS
Institute Also Picks Delegates to
A spirited election was held by the
Portland chapter of the American In
stitute of Banking at the Multnomah
Hotel Tuesday nipht, when five mem
bers of the board of directors, nine
delegates to the National convention
of the parent organization at San
Francisco and one delegate to the
American Bankers' Association gath
ering at Seattle.next September were
The directors selected were G. C.
Blohm and Sam Mullen, Ladd & Til
ton; E. C. gammons, Lumbermens Na
tional; Edward R. Morris. First Na
tional: Ben Nordling, United States Na
tional. These with tht five holdover
directors will meet next Tuesday
night at the same place and select of
ficers for the ensuing year.
The delegates chosen to go to San
Francisco include J. King- Bryotv and
Sam Stanton. Ladd & Tilton; Percy
Caufield, Bank of Oregon City; L. W.
Decker. Northwestern National;
Charles F. Gleason, Hlbernia Savings;
E. L. Orderman. Helraer Pierce and
Floyd C. Warren, First National; A.
R. Sawtell. Bank of California.
S. L. Eddy, of Ladd & Tilton Bank.ll
was chosen to represent tne cnaptec
at the American Bankers' Association
meeting at Seattle.
Bankers Will Be Guests.
At least four special trains, carry
ing bankers to and from the National
convention of the American Bankers'
Association convention at Seattle in
September are to pass through. Port
land and local banks are planning en
tertainment for the visitors while
they are within the city's gates. It is
hoped to arrange for the delegates to
Washington and Fourth Streets
Open a savings account,
your banking by mail.
Fifth and Stark
THE BANK OF CALIFORNIA
of San Francisco. Founded 1864
Capital Paid in $8,500,000.00
Surplus and, Undivided Profits $3,131,242.14
Commercial Banking. Savings Department.
Third and Stark Streets
The First National Bank
Fifth and Morrison Streets I
Capital and Surplus - - $3,500,000
Security and service are the qualities j
we offer for consideration in choosing j
your bank. ' '
t , i
spend some time In and around Port
land. Bank Stock Purchased.
ROSEBUHG. Or.. May 16. (Special.)
B. J. Bovlngton, for many years
president of the Commercial Bank, of
Oakland, has disposed of his stock in
the institution to W. C. Davis, a re
cent arrival in Oakland. Mr. Davis has
been elected president of the bank to
succeed Mr. Bovlnirton.
TR.1VKI.KR8' M 1DK.
Compatcnie Generals Tranrallanttqu.
Sailings from NEW YORK to BORDEAUX
NIAGARA May 22. 3 P. M.
CHICAGO May 29. 3 P. M.
ESPAGNE June 5.3 P.M.
KOCHAMBEAU June 12. 3 P. M.
FOR INFORMATION APPLY
C. W. btinger. 80 ath St.": A. l. Charlton.
t&i Mjrrlvon ml.; K. M. 'lajlur. C. M. M.
P. By.) IXirry b. Smith. IIS d st.i A C
6beldsD, lOO sd t. 11. Dirkaon, S4S Waah.
lgtTi t-i North Hack Road, 6th and btarK
M.t F. I. MrKarlaoal, ud and VVa.hinglua
at a. K. H. Duff)'. 124 d at.. Portland.
SPECIAL RATE TO
Sails Tues., 8 P. M., May 18
S. S. SAN RAM UN.
Make Reservations Immediately.
KKANK BOLLAM, Acrnt.
(With Denver & Rio Grande K. R.)
134 Third St. Mala 2, A 45U.
- AND EUREKA.
SS. Santa Clara
SAILS WEDNE8DAV, MAY 1. P. M.
NORTH PACIFIC STEAMSHIP CO.
121 Jl. 3d St.
Mala UK. A 1314
Foot Northrup St.
Main A Hi!
North Bank Rail
26 Hours' Ocean Sail
o-Deck. Triple screw. 2I-Knit
Palatini r. H.
May 19. tS. 17, SI, June 4. 8. 12, IS.
Steamer train leaves North Hank atatlon
0 A. M.. arrives Flavel ia:30; luuch aboard
ship; SS. arrives baa Francisco 1:30 P. M.
EXPRESS SERVICE AT FREMHT RATE.
NORTH BANK TICK ET OFFICE
Fhonrts: Mar. 920. A M71 6th and Mark
American-Hawauan Steamship Co.
C. D. KENNEDY, Agent.
S7S Stark at.. Portlaaa. Or.
NEW ZEALAND AND BOV'TH 8 It A ft.
Kcfular, through bmIIiqs tvr tiydnay via
Tahiti and Wei ling ton (rum ban bra nclsco.
My 26, June ?3. Ju!y -M. a. id uvury dM.
Send for pam nti let
tnion feteamfchlp Co., of New Zealand, Ltd.
Office Market tret, Kaa Aranclftca.
r local 0. 6. ftnd li. K agenta,
The management of household finances
should be -a business matter. The
member of the family who looks after
the expenses and pays the bills should
have a bank account. Paying bills by
check gives one an accurate record of
where the money goes, and canceled
checks, which the bank returns, are
indisputable receipts for all money
paid. We have a large number of
household accounts and would welcome
You can do
A general banking business
Interest paid on time deposits.
Commercial Ltirra of Credit
Eicbain on London. England.
nought and Sold.
Corner Second and Stark Sts.
F. C MA LP AS. Alanat-er.
IRAVKI.KM' I IDK.
(Without Chanae Ea Itou(e)
1'be HI a.
, Salla front Alan-worth 1oi&
8 A. M.. MAY IT.
1AO Golden Mllea oa
All Hates Include
Berth and Meala.
Tablea and fcervlc
The San Fraarlaea A Portland S. H.
Co., 'third and taisln(ta Eta.
lth U.-W. It. at . Ce.J ieU Hit.
ahall -4500, A tU2I.
SANTA BATIBARA. LOrt ANGELES
AN V KAN UllXiO.
HAILS WEDNESDAY, MAY 19, 1'. M
NOKT1I PACIFIC bTKAMSIIIP CO.
Ticket Office a Freight ufflee,
1X2A U M. 0 Foot Nurturup Ht.
Mala 114, A 1314 tlain 62u. A 422
Sail. Direct for Hmn Ianctwro, Lot Ansalea
and (Situ Die-so.
Today, 2:30 P.M. May 17
AN FKANflMCO, PORTLAND ft
LOS ANOELEH ftTKAMfeltIP CO.
FRANK BOLLAM. Agent.
134 Third bt. A 45US, Main 2.
COOS BAY LINE
Sails Prom Ainsworth Dock. Port la ad.
every Thuradi? at at A. M. Krelaht aad
Ticket Of fire. Ainsworth Dock. I'hoaee
Mala auou. A 2332. City Ticket Office,
t tttn at. Phonea Marshall 40U0. A I31.
POKTLA.N'D dc tOOS BAY S. . LINK.
Steamer State of Washington
Leaves Taylor-t- dock dally except buDdty,
11 f. M. for Th Dalle and way land ink,
carrying freight and pasa-sncer. Return lug.
leaves The lallc dally, 12 noon, except
Monday. TU Mala 618, fare $1. bertha fruo.