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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (May 17, 1915)
1 s 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 supply. 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 of 1915. "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 features. "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 FBANtlSCO. 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 follows: Resources 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 Investments 2,045.000 Due from other Fed eral reserve banks. . . 1,099,000 All other resources.... 1,456,000 Total resources. Liabilities Capital paid in.... Deposits, net. . .. . . ..$16,151,000 ; . .$ 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 conventions. 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." 1 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 mitted. 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 demand. 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 him. 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 tions. ' "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 creaumy." 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 roadway bonds. 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 Crane Creek. 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 $t5,00 0. Lewiston, Idaho Election June 14 to vote on the question of Issuing $40,000 in bonds to Improve grades from the business to the residence section. 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 Improved Farms Inside Business Property Residences Commerce Sate Deposit and Mortgage Co. 91 Third St. Chamber of Com. BIdg. r'cd, electors going on record in favor of a $39,000 Issue. 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 works. Wibaux, Mont. Council has called elec tion for July 1 to vote on the Issuance of bonds for Installation of system of water works. FrultJand, - Idaho Bonds in amount of $15,000 for erection of a echoolhouse have been voted, but $-000 issue for heating plant was defeated. 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. City Recorder. 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 cent. 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 No. 2. 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 annually. - 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 school building. 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 strict grading. 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 to Sacramento. 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. Control is the keynote to all success and achievement. Little is accomplished without it. 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 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 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 Founded 1886 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 appreciate. 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 Two Conventions. 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 chosen. 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 LADIES Open a savings account, your banking by mail. LUMBERMENS National Bank Fifth and Stark THE BANK OF CALIFORNIA NATIONAL ASSOCIATION of San Francisco. Founded 1864 Capital Paid in $8,500,000.00 Surplus and, Undivided Profits $3,131,242.14 Commercial Banking. Savings Department. PORTLAND BRANCH 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. FRENCH LINE Compatcnie Generals Tranrallanttqu. POSTAL SEKVICK. 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 Seward, Alaska Sails Tues., 8 P. M., May 18 Direct S. S. SAN RAM UN. Make Reservations Immediately. KKANK BOLLAM, Acrnt. (With Denver & Rio Grande K. R.) 134 Third St. Mala 2, A 45U. COOS BAY - AND EUREKA. SS. Santa Clara SAILS WEDNE8DAV, MAY 1. P. M. NORTH PACIFIC STEAMSHIP CO. Ticket Office 121 Jl. 3d St. Mala UK. A 1314 Freight Office Foot Northrup St. Main A Hi! North Bank Rail 26 Hours' Ocean Sail o-Deck. Triple screw. 2I-Knit Palatini r. H. "NORT.HJt.Ki PACIFIC." SAN FRANCISCO 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. FREIGHT SERVICE. Pert lead New lork C. D. KENNEDY, Agent. S7S Stark at.. Portlaaa. Or. AUSTRALIA 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, Frequent y"lN Bailing;. f?0M Kates. CTXr 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 yours. You can do The Canadian Bank of Commerce HEAD OFFICE Toronto. Canada. Established 1867. A general banking business transacted. Interest paid on time deposits. Commercial Ltirra of Credit Iftaued. Eicbain on London. England. nought and Sold. PORTLAND BRANCII. Corner Second and Stark Sts. F. C MA LP AS. Alanat-er. IRAVKI.KM' I IDK. San Francisco Los Angeles (Without Chanae Ea Itou(e) 1'be HI a. Clean. t Comfortable, Kleaantlr Appointed, BeaBOlnif Bteamalilp THE BEAR , Salla front Alan-worth 1oi& 8 A. M.. MAY IT. 1AO Golden Mllea oa Columbia Klver. All Hates Include Berth and Meala. Tablea and fcervlc Unexcelled. 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. San Francisco SANTA BATIBARA. LOrt ANGELES AN V KAN UllXiO. SS. ROANOKE 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 STEAMSHIP 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 Steamer Breakwater 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. DALLES-COLCMBIA LINE. 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.