8
THE MORNING OREGONIAN. MONDAY, JUNE 21, 1915.
CREDIT MEN ARE
GUESTS FOR DAY
Delegation From National Con
vention Given Royal Wel
come by Portland Body.
MEMBERS OF THE NATIONAL CREDIT MEN'S ASSOCIATION WHO WERE IN PORTLAND YESTERDAY.
J
WAY STREWN WITH ROSES
Special Party of 150 Hear Talks,
Are Entertained at Lnnelieon '
and Dinner, Hare Anto Trip
. and Go to Council Crest.
One hundred and fifty delegates from
the National convention of credit men.
which was held at Salt Lake, arrived In
. Portland yesterday by special train
with the returning delegations from the
Northwest, and were guests of the local
' organization and the Chamber of Com
merce throughout the day.
At The Dalles the credit men's spe
cial was met by J. J. Sayer, chairman
of the Portland committee on enter
tainment, and at Bonneville the rest of
the committee boarded the train and
showered the visitors with Portland
roses.
At The Dalles the Commercial Club
sent the delegation ail the cherries it
could eat.
Immediately after the arrival in Port-
statemest of" federal re.
serve: dank At sa.v
kra.ncisco.
SAN FRANCISCO, June 19.
(Special.) The statement of the
Federal Reserve Bank of San
Francisco for its 31st business
week, ended June 18, as issued
toda,y, follows:
Resources.
Gold coin and gold
certificates $10,290,000
Legal tender notes.
silver certifl c a t e s
and subsidiary coin. 3.000
Bills discounted and
loans 2.791.000
Investments 1.473,000
Due from other Federal
reserve banks 498,000
All other resources.... 1,417,000
Total resources (16,472,000
LlablUffea.
Capital paid in J, 3,934,000
Deposits, net 12,638,000
Total liabilities ? 16,472,000
Gold deposited with
Federal Reserve
Agent to retire out
standing Federal re
serve notes $ 2,040,000
land at noon began a day filled with
entertainment features. Luncheon was
served at the Portland Hotel, with a
great planked Chinook lalmon as the
central piece, and the visitors were
divided in their expressions of wonder
ment between the salmon and the Port
land roses that had been showered upon
them.
After luncheon they were taken
through the city in autos on a sight
seeing trip. Dinner at the Portland, at
which a short informal programme was
given, was followed by a trolley trip to
Council Crest, and at 11:30 the party
left for Seattle. They will return to
Portland Tuesday, but will pass on
through to San Francisco, where they
will visit the exposition.
Mayor Albee and C. C. Colt made
short addresses of welcome to the party
after its arrival, but for the most of the
day formal addresses were eliminated
from the programme.
Members of the reception committee
were J. J. Sayer, A. H. Allen. F. Bar
ringer, P. L, Bishop, E. T. Chase. Frank
Duester, S. L. Eddy, J. A. Jamieson. D.
L. McPhee, W. J. Mitchell. F. C. Moore.
J. M. Morrison, Dell O'Hanlon and D. J.
O'Neill.
The tour of the credit men's special
is under the New York Central, and A.
L. Miller is in personal charge of the
train. W. W. Orr, of New York, is head
of the party. He is assistant secretary
of the National organization.
LOCAL FIRM BUYS BONDS
Last $25,000 of Cowlitz Diking Is
sue Taken by Lumbermen's Trust Co
KELSO. "Wash., June 20. (Special.)
Carl S. Kelty, treasurer of the Lum
bermen's Trust Company, of Portland,
closed a. contract yesterday for his
lirm for the remaining $25,000 worth of
7 per cent bonds of Cowlitz County dik
ing district No. 1. known as the Mount
Solo project, several miles west of
Kelso. This sale makes $80,000 worth
of the bonds that have been disposed of.
Engineer G. J. Poysky, of the diking
district, estimates that the work is
one-third finished and that about eight
months' steady work will complete op
erations. L. B. Wickersham, consult
ing engineer for the trust company,
was here with Mr. Kelty, and both in
spected tKe diking plans and. are en
thusiastic over the fertility of the land
and the prospects for success of the
dike.
The Lumbermen's Trust Company
also handled the $60,000 bond issue of
diking district No. 2, adjoining Kelso
on the south, on which work is pro
gressing rapidly. A big diking district
on the west side, containing about 7000
acres, probably will be formed soon.
EXCHANGE IS AT DISCOUNT
Kan .Francisco Reserve Drafts Not
. Payable on SIglit In New York.
Due to a ruling by the New York
Federal Reserve Bank, notice of which
has just reached Portland, checks on
the San Francisco Federal Reserve
Bank will not be accepted in New York
for immediate credit at par. Portland
member banks must wait several days
for credit of checks on the San Fran
cisco bank sent to New York.
Accordingly, checks on the San Fran
cisco Reserve Bank will be subject to a
charge of one-twentieth of 1 per cent
for the transit of a remittance from
Coast to Coast.
The balance of trade, it is said by
local bankers, is against this Coast and
in favor of New York, and on this ac
count it is expected that New York ex
change will continue at a premium to
the extent of the cost of making re
mittances. The rate of exchange on
New Yorknnay be Increased as a result.
Seattle to Have Xew Bank.
A new bank is to be formed in Seat
tle, to be known as the Guardian Trust
& Savings Bank. A paid-in capital of
$100,000 is to be provided, and the new
concern will take over the investment
banking business of Joseph E. Thomas
& Co, Inc. Joseph E. Thomas will be
president of the Institution,
I hi- ;C
ill'- - 'J ;-f ;-ff--..K 1
: 'yS'Vs. . v" M.-J
j1' !? ' j 1
1. Left to Right, Mrsf J. S. Beery, Edward F. Sheffery, Miss Bertha Miller and J. II. Trigoe. - 2. Left to Right.
Frank S. Flagg, E. M. I ndf mood and W. W. Downrd. S. William 'Walfeer ' Orr, for a Moment Forgetting; the
Weighty Carea of a Credit Man.
EARNINGS STILL LOW
Financial Chronicle Says Rail
road Situation Not Good.
COST CUT TO SHOW PROFIT
General Misunderstanding of Con
ditions Declared to Exist and.
Danger Seen In Attitnde of
Poorly Informed Investors.
In its leading editorial of the current
issue the Financial Chronicle seeks to
correct what it calls the erroneous Im
pression that the position of the rail
roads of he country has changed for
the better. It is said that it is im
portant the error be corrected, for there
is no warrant for the opinion. That a
few of the ' roads have been showing
increased net earnings is taken as the
basis of the spreading belief, but-it is
asserted that in most cases this gain
in net has occurred in the face of a
diminution of gross revenues, and is due
wholly to the cutting down of expense
accounts.
Statistics are given that show lower
gross earnings on representative groups
of railways from May, 1914, and the
statement is made that:
"Untold mischief will result If the
idea is encouraged that the roads are
now definitely out of the woods and
have nothing but plain sailing ahead.
"Harm Done Already."
"Much harm has already been done
by the unwarranted inferences and de
ductions that have been drawn from
the slight increases registered in the
net results. No one takes the trouble
to go behind the figures and ascertain
how they are arrived at. Railroad com
missions and other public bodies are
accepting the net results as evidence
that the railroads are no longer in need
of relief, when the precise contrary is
true. Even banking and stock broker
age houses are being misled, and are
urging investments in railroad securi
ties on the strength of these deceptive
returns of net."
Continuing its review of the financial
outlook, the Chronicle quotes the Gov
ernment crop report to the effect that
a wheat crop. Winter and Spring va
rieties combined, of 50,000,000 bushels
in excess of the previous record eroi.
that of last year, may be expected. It
is said that again the United States will
have a large exportable surplus of the
worlds chief grain food. Production
close to 1,000,000,000 bushels Is forecast.
Oats Crop Heavy.
Oats, too, will outdo last year's pro
duction, it is expected, with a probable
crop of 1.288,000,000 bushels, as com
pared with 1.141,000,000 bushels last
year. Official figures on corn will not
be issued until July, but it is noted
that the crop prospects at this time are
good, and there has been increased
planting over last year.
The complete stoppage of export trade'
to Germany during April, given in the
foreign trade statement of the United
States, issued June 7, is commented
upon, and the decline in American trade
with Germany is said to be a conspicu
ous feature of these statements since
the war. Last December, for example,
the total value of American exports to
Germany .was but a "little more than
$2,000,000, as against $33,000,000 for the
same month of 1913. In March of this
year this trade had shrunk to $283.
816, a figure which shows a strong con
trast with $28,000,000 for March, 1914.
CHINESE BANK PROPOSED
Stock of $10,000,000 to Be Sub
scribed by Both Countries.
i
The Honorary Commercial Commis
sion of China, which is touring the
United States as guests of the As
sociated Chambers of Commerce of the
Pacific. Coast, visited New York last
week and1 a development of -the visit
was the announcement of a proposal
to form a Chinese-American Bank in
this country, the stock of which shall
be sold in equal parts here and in
China. The plans for the new bank
were announced by Cheng Hsun Chang,
chairman "of, the commission, at a din
ner given the visitors by the Chinese
Merchants' Association of New York.
Drafts of the proposed Institution
were distributed at the dinner. It is
understood leading capitalists of New
York and San Francisco are to be
Identified with the project, although it
is given out that J. P. Morgan. & Co.,
and the National City Bank, of New
York, have Indicated they are not going
into it.
Steamship facilities between the two
countries are to be established, it is
said, by the new institution and, ac
cording to the prospectus, the capital
of the bank will amount to $10,000,000,
Shanghai currency, which will be
divided into shares of $100 each. The
head office will be in Shanghai, with
a branch in San Francisco. The busi
ness of the bank is described as fol
lows: To negotiate all classes of foreign and
Chinese bills of exchange and to arrange
mortgage, thereof, to issue bank n tries, to
receive and accept deposits and savings,
to act as agents for the issue of Govern
ment loan bonds and to advance loans on
negotiable Shanes and other kinds of securi
ties, to make advances against delivery or
ders or goods or share certificates of Joint-
stock companies or banks which are paying
dividends, to negotiate with other banking
establishments, to do exchange business on
the various gold and silver currencies, and
to do other kinds of business in connection
with banks.
Hon. Hal Fu Shah, Chinese minister
to the United States, in developing the
subject of trade relations between the
United States and China at 'a luncheon
given the visitors by the members'
council of the Merchants' Association
of New York, said:
At one time in your National history you
had the lion's share of the Chinese foreign
trade. But today the United States has
only between $25,000,000 and $26,000,000 of
export and import trade with China out of
the total import and export trade of China
of some (700,000.000 annually. America
should have more of this. England, Ger
many and Japan have been able to get th
larger share by reason of their great invest
ments in China, that opened up to them
avenues of trade. Business men of America,
do you realize your great opportunity in
China? Your country stands in a pe
culiarly favored position in regard to China.
We have paid a great compliment to your
Nation by copying your form of govern
ment. We have shown you our affection
and esteem by sending thousands of, our
ueai young men ana young women to your
colleges and universities.
So 1st us get together in a spirit of
mutual neipiuineas and co-operation to pro
mote the common prosperity and peace of
these two great republics. Let us start on
the fundamental and . practical basis 'of
economic relations to understand each other
and tbua promote the common goal 'of
humanity, to the end that there will be uni
versal peace and brotherhood of this whole
world.
UNITED STATES IS FIRST
COCSTRrS WEALTH ESTIMATED AT
. 187,739,071,090.
Oregon, With S1,44S54,403, Well Ahead
of Montana, Wyoming and Other
Western States.
The United States is the wealthiest
Nation in the world, says the Pacific
Banker, which quotes the census figures
to show that the Nation's wealth
amounts to $187,739,071,090. It is said
that, apparently, the National wealth
has more than doubled in a decade.
The huge sum given above is divided
as follows:
Real property and improve
ments tajted. - .$ 8 . 3 JSlS.SSt
The
Canadian Bank
of Commerce
HEAD OFFICE
Toronto, Canada.
Established 1867.
A general banking business
transacted.
Interest paid on time deposits.
Cos
aerclal Letters of Credit
' Iused.
Eickun on- London. Knfjtand.
Beoght and Sold.
PORTLAND BRANCH.
Corner Second and Stark Sts.
F. C MA LP AS. Manager.
MORTGAGE
in
AM
Real property and Improve
ments exempt 13.31S.519.602
Livestock e,238,3S8.9S5
farm Implements and ma
chinery 1, 368.224, 54S
Manufacturing machinery,
tools, etc (,091.451,274
Gold and silver coin and bul
lion - 2,616, 642,734
Railroads and equipment 16.14S.S32.602
Street railways, etc 4.596,563,292
Telegraph systems 223,252,516
Telephone systems 1,081.433.227
Cars not owned by railroads.. 123.362.701
Shipping and canals 1.491,117,193
Irrigation enterprises 360,865,270
Privately owned water works 290,000, 000
Privately owned central elec-
trlo light and power stations 2.098,613,122
Agricultural products 6,240,019,651
Manufactured products 14,693.861,489
Imported merchandise 826,632,467
Mining- products . . 815,552,233
Clothing- and personal adorn
ments 4,295,008,593
Furniture, carriages and kin
dred property 8,463,216.223
Among individual states. New York
leads all others, being credited with
wealth amounting to $25,011,105,223.
Pennsylvania and Illinois are the only
other states with wealth that runs into
11 figures.
Oregon stands well ahead of Mon
tana, Idaho, Wyoming, New Mexico,
Arizona, Utah and Nevada, although
behind California and Washington. Fig
ures of the three Coast states are as
follows:
Washington $ 3.218.360,623
Oregon 1.944,354,463
California 8.464,20-4,277
Total ' ....$13,626,919,363
Woodland Grange to Celebrate.
RIDGEFIELD, Wash.. June 20.
(Special.) Information has reached
Ridgefield that Woodland Grange No.
178 will have a big Fourth of July cele
bration at that place on Saturday July
3. The exercises and the various
amusements will be held in the City
Park. The exercises will be preceded
by a parade through the principal
streets of Woodland and at the grounds
there will be speaking, athletic sports,
games and other forms of amusements,
and a big basket dinner for all visitors.
The turkey, as far as records are known,
was introduced into England in 1524,
brought probably from the port of Cadis,
where ships trading with tne Orient were
accustomed to call. In nearly all European
countries, and even Turkey, itself, this bird
Is called the "Indian fowl."
BANKERS TO BE GAY
Lavish Entertainment Planned
for Seattle Visitors.
MEET OPENS SEPTEMBER 6
American Association Convention to
Be in Session Five Days, During
Which Trips by Jjand and ,'"
" Water Will Be Provided.
Lavish entertainment is to be pro
vided for the visiting bankers at the
coming convention of tne American
Bankers" Association in Seattle In Sep
tember. The general entertainment
committee has worked out a round of
gayeties that promises to assure those
who attend the gathering a most
pleasant stay in Seattle.
The convention' opens formally on
the morning of September 6, the pro
gramme starting at 10 o'clock with
auto rides about the city for the
guests. In the afternoon at 2:30 tea
will be served at one of the down
town clubs to the visiting women. Of
ficial business of the day will be com
mittee meetings and a session of the
executive council, details of which
will be arranged by Secretary Farns
worth. The Seattle Tacht Club will take the
bankers for ja. trip on Puget Sound
Tuesday morning. The jaunt will in
clude a stop at one of the big. lumber
mills, thus giving a glimpse to the
visitors- of one of the chief industries
of the Pacific Northwest. At night a
musicale will be given in the Seattle
auditorium. Business of the day con
sists of committee meetings.
The General convention will open
Wednesday in the Moore Theater.
Governor Lister, of Washington, and
Mayor Gill, of Seattle, will give short
addresses of welcome, and M. F
Backus, president of the Seattle Clear-ing-House
Association, will welcome
the visitors formally. William A. Law,
president of the association, will re
spond. Wednesday morning an auto
ride will be given the women to one
of the country clubs and on Wednes
day night at 9 o'clock a ball and re
ception will be given at the Armory.
The second day's business session of
the convention will take place on
Thursday. In the evening the execu
tive council will hold a meeting in the
Moore Theater. Auto rides will be
given the guests during the day and
a golf tournament has been arranged
at one of the country clubs. Golf priv
ileges have been arranged for the
guests at all the clubs.
Outdoor entertainment will charac
terize Friday, the closing day. when
no business session is scheduled. A
trip about the Sound has been ar
ranged on the steamers Tacoma and
Indianapolis. These "boats have a
combined capacity of 2500 passengers.
They will go first to Bremerton to al
low a view of the United States Navy
yard and will then continue to Ta
coma, arriving there in time for lunch
eon. The associated banks of Tacoma
are preparing a reception and other
entertainment features during the
bankers' visit to that city.
Recent Bond Sales Reported.
PrescottT Wash. City . water bonds
were sold to Morris Bros., of Portland,
at par and accrued interest and $125
premium.
Montpeller, Idaho. School bonds sold
. n Rrns nnvftr for ner
cent with premium of commission of
$465.
Deer Lodge, Mont. The $50,000 5 per
cent road bonds or ueer xvoage, .Daunt.,
rohixh vrA Bold bv the County Commis
sioners, were purchased by the firm of
Ferris & tlaragrove, investment. Mann
ers, of Spokane. Ten bids were-submitted.
The local firm offered a pre
mium of $252.
Olympla. Wash. Local assessment
LOANS
Improved Farms
Inside Business Property
Residences
Commerce Safe Deposit
and Mortgage Co.
91 Third St.
Chamber of Com. Bldg.
Our Facilities for Handling
Your Account A.re the Best
You Will Find the Service
Rendered Is Unex celled'
THE
Northwestern National . Bank
SIXTH AND MORRSON
The Bank of Personal Service
Courteous, competent Service in every depart
ment is our specialty. We invite your pa
tronage. 4 Interest Paid on Savings Deposits'. .
Merchants National Bank
Founded 1886. Washington and Fourth Sts.
Semi-Annual Interest
ON
TO
6
Municipal Bonds
INCOME TAX EXEMPT
DENOMINATION
$100. $200. $500, $1000
Lumbermens Trust Company
Fifth and Stark Streets
Your
Credit
Such a small beginning as a well-kept
checking account has led to many a
man's business success, or it has been
the means of establishing credit with
his banker. We seek accounts of young
men meiv. who will need credit and
advice from time to time, and who will
regard this bank's service as a factor
in their success. '
Open your account with us and
let us grow together.
Lumbermens
National Bank
. Fifth and Stark
eady
For the many opportunities
which are sure to present them
selves as we emerge from the
passing dull times.
Save and Have Money on Hand.
Liberal Rate of Interest Paid on Savings by
- The United States National Bank
Third and Oak Sts. Portland, Oregon
Capital and Surplus, $2,000,000.00
bonds covering South Seventh street
paving sold to G. K. Browning, banker.
of Zaneavllle, P., through Dexter Horton
Bank, of Seattle. Bonds sold at par,
premium $150; $57,780 received by the
city.
THE BANK OF CALIFORNIA
NATIONAL ASSOCIATION
of San Francisco. Founded 1864
Capital Paid in. $8,500,000.00
Surplus and Undivided Profits $8,131,242.14
Commercial Banking. Savings Department.
PORTLAND BRANCH
Third and Stark Streets
The First National Bank
Fifth and Morrison Streets
Capital and Surplus
$3,500,000
A. Savings Account is the wisest way to get
something ahead. A Savings Account may
be opened in this bank with a deposit of
One Dollar.
TRAVELERS' GUIDE,
FRENCH LINE
Compagnie General Transatlantlqua.
POSTAL. tjKKVICK.
Sailings from NEW YORK to BORDEAUX
NIAGARA June 26, 3 P. M.
CHICAGO :July 3,3 P.M.
ESPAGNE July 10. 3 P. M.
LA TOURAINE July 17, 3 P. M.
FOR INFORMATION APPLI
C, W. Stlnaer. 80 6tto mt.t A. IK Charlton.
Z5S Morrison .: It. M. 'laj'lor, C. M.
Bt.s Durxrj B. Smith, 116 3d t.; A. O.
bheldon, 100 ad t-; H. Uickm. S48 VVmo.
Instou North Bank Koad. 5th i nd b
..r , i Mcrartantl, ad and tv akhiiistoa
ll7.l h B. Putly. ii 8d tt- f ortland.
COOS BAY LINE
Steamer Breakwater
Sail From Aiiunortk Dock. Portland,
-i-r. Tkarada; at S A. M. Freight aad
Ticket Office. Alnaworth Doefc. fhonea
Main 360O, A 2332. tlty licaiet uoin,
SO 6th St. Phonea Harahall 4SO0, A 6131.
PORTLAND A COOS BAY 8. S. USE.
SanFrancisco
SANTA BARBARA, LOS ANGELES
AND SAN DIEGO.
S. S. GEO. W. ELDER
SAILS WED., JUNE 23, 6 F. M.
COOS BAY .
AND ECBEKA
S. S. KILBURN
BAILS THURSDAY, JOE 24, 6 P. M.
- NORTH PACIFIC STEAMSHIP CO.
Tlekat Offlca
123A d St.
Mali? 13I. A 1314
Freight Office
Foot N'orthrup St.
B'dwy 6203. A S422
AUSTRALIA
NEW ZEALAND AND SOUTH SEAS.
R..niar throaah aallinK for Sydney via
Tahiti and Wellington from San Franciico.
Juno 23. July XI. Auguat IS and every 2
daya Send for pamphlet.
Union Steamship Co., of New Zealand, Ltd.
Office 6.9 Market street. San i'raiiciaco,
or. local e. b. wd. AU At. aseata.
TRAVELERS' GUIDE.
San Francisco
Los Angeles
(Without Change Un Route)
The Bis,
Clean.
Comfortable,
ElrKantlr Appointed,
SeagaliiG Steamahlp
S. S. BEAVER '
Sails From Aloaworth Dock
9 A. M.. JISE 21.
lOO Golden Miles on
Columbia River.
All Kates Include
Berths and Steals.
Table and Service
Unexcelled.
The San Kranclaco Portland S. S.
Co, Third and Washington Sts.
(with O.-W. n. A N. Co. Tel. Broad
way 4500, A 612L.
Era
North Bank Rail
26 Hours' Ocean Sail
o-Leclt, Triple-Screw. 24-Knot
SS. "GREAT NORTHERN"
1'OK
SAN FRANCISCO
June 24, 28, July 1. 3.
Special Sailing "Northern Pacific," June 25.
Steamer train leaves North Bank ata.tlon
9:30 A. M. ; lunch aboard ahip; Hd. arrives
San F:-anclsco 3:30 P. M. next day.
EXPRESS SERVICE AT FREIGHT RATE.
NORTH BANK TICKET OFFICE.
Pbonea: Bdwj. 920, A 6671 5th and Stark.
American-Hawaiian Steamship Co.
e Between
Portland
New York
Express
Freight
Service.
C. D, Kennedy A(tu 270 Stark bt Portland,