TTTE 3IORXIXG OTTEGOXIAN. MONDAY, JTJTT 5, 1015.
DIVIDENDS ROLL Hi
IN COEUPi D'ALEHES
Mining Companies Pay Out
$1,106,408 in First Half
of Current Year.
STEWART PAYMENT LATEST
Directors Anthorlze Extra Distribu
tion of 3 0 Cents a Share on
1,238,362 Shares Others
Add to Grand Total.
SPOKANE, Wash., July 4. (Special.)
Coeur d'AJene mining companies have
begnn the second six months of the cur
rent year wtih dividend declarations
aggregating- 1.10G,408. this figure hav
ing been reached when the Stewart
Mining- Company directors, at a special
meeting yesterday In New Tork, au
thorized an extra payment of 30 cents
a share on the outstanding capitaliza
tion of 1.238,362 shares, according to
information received here. This will
make Stewart payments 1743,017 to
date In 1915, and will Increase the
grand total to $1,919,590.
The Bunker 11111 Sc. Sullivan Company
also announced the payment of Its
regular monthly dividend or 25 cents a
share on the Issued capitalization of
327,000 shares, or $81,750. making the
payments for current year $572,250.
In addition, the Interstate-Callahan
Mining Company paid its regular quar
terly dividend of 25 cents.
The Caledonia Mining Company, cap
italized for 2,605,000 shares, the cap
italization having been doubled when
the company recently reorganized, fol
lowing a settlement of litigation with
the Bunker Hill & Sullivan Company,
pays its regular dividend of 2 cents a
share, or $52,000.
CITY CASH $1 ,71 2,773.52
Balances Shown In fonthly State
ment of Treasurer Adams.
Portland, has a total of $1,712,773.52
on hand in the various standing funds,
according to the monthly statement of
City Treasurer Adams, issued yesterday.
The statement shows the following
balances:
General 2 801.148.68
Water 48a,0.95
Bonded indebtedness interest.... 9s,lH5,79
Improvement bond sinking...... 173.tr77.48
t'ark and boulevard 3,314. 60
Broadway bridge 6,133.55
Kli eboat and fire, main ..... 108.03
Water bond sinking 42,610.87
"Water fund bond account....... 22.95
Bonded Indebtedness sinking... 734.74
Special bridge 15,276.67
Police and fire dept. relief 20.35
Kedemptlon 676.2
Public auditorium 14,847.42
Extension bond sinking......... 776.75
Extension bond interest. ...... ... 57 89
Sinking 17,175.43
Police relief ................... 4,305.36
lUlit tax &4S.U1
Street Improvement 1,971 89
Sewer 11,902.24
Street extension ................ 5,113. 27
Street and sewer Interest 3:11.64
Water main 4,7i2.08
Total $1.712,773.52
$405,000 IN TIMBER DEAL
Season County lagging "Firm Buys
IProm Rainier Investment.
ABERDEEN. "Wash., July .4. (Spe
cial.) The deal recorded yesterday by
which the Mason County Logging Com-,
pany purchased 2054.17 acres of timber
land from the Rainier Investment Com
pany is the largest made In this county
in years. The total valuation, judging
from the revenue stamps on the deed,
was about $405,000.
In a smaller transaction the Bame
company purchased 968.13 acres from
the Puget Mill Company at about
$73,000. The valuation given on the
assessor's rolls is $109,295. This is
supposed to be 60 per cent of the actual
value. The sale price must have been
nearly twice the assessor's value based
on the county cruise.
DRUG COMPANY PROSPERS
Trade Good First Half of 1915, Owl
Heads Say, Paying Dividends.
Business for the first six months of
1915 has been good, the heads of the
Owl Drug Company announce In sub
mitting a statement to stockholders on
July 1, together with the company's
17th semi-annual dividend to the hold
ers of 8 per cent preferred stock. Still
further Improvement In business during
the remainder of the year Is expected.
The Owl Drug Company was estab
lished in 1892, and since that time its
progress has been rapid. It recently
added its 21st store to the chain of
establishments It operates. The com
pany expects to extend its business still
further, and will probably widen the
territory In which it carries on busi
ness. Invading other Coast cities.
POSTAL SAVINGS SHOWN
Net Loss of $1113 in Portland De
posits In Week Indicated.
A small falling off in deposits Is
shown by the weekly report of the
Portland Postal Savings Bank for the
period from June 21 to June 26 The
figures are as follows:
. Dc- 'With- Bal-
Deposltary posits, drawals. ance
Main office $14,436 J18.244 $ 902,461
Station A 313 255 :7 littl
Stations US 451 8 519
ttonC is 35 1 600
Station D 167 162 9 541
Station B 1,075 215 42'2f,A
Station F 1S3 61
Stat on O 10 110 3 lu3
Station H 43 55 1 1M
tit. J. branch 37 133 9,36
t-fcss-for Vefll18
BANKING PERSONALS.
A. L. Mills, president of the First
Kational Bank, was out of town three
Says last week on a fishing trip.
Lansing Stout, cashier, and C. B.
fewall. assistant cashier, of the Hiber
nia Savings Bank, are at Meadow Lake
fishing over the Fourth.
E. L Thompson, president of Hart
man & Thompson, returned during the
week from an extended motor trip to
the California expositions.
George H. Kelly, director of the
Korthwestern National Bank, has left
for his farm on the Upper Willamette,
where he will spend several weeks.
Carl S. Kelty, treasurer of the Lum
bermen's Trust Company, has -been
visiting Puge-i Sound and British Co
lumbia cities on business the past two
weeks.
Emery Olmstead, vice-president ind
manager of the Northwestern National
Bank, is making a three-weeks vaca
tion trip through Washington and
British Columbia.
L. M. Meeker, ex-vice-president of
tne First National Bank of Canby, has
sold out his interests there and was
in Portland the past week looking for
a new location. He Is still part owner
of a Hubbard bank.
George H. Burr, of George II Burr A
Co.. New York City, commercial paper
brokers, was in Portland the past
week on business. He said rates are
low on commercial paper. Indicating
that the supply of money in plentiful.
Harry E. Albert. National Bank Ex
aminer, with headquarters at Mil
waukee, 'Wis., was In Portland the past
weeK. following a visit to his father.
J. H. Albert, of the Capital National
Bank of Salem. It Is considered likely
that Mr. Albert may be appointed Bank
Examiner In this district to succeed
Lloyd L. Mulit. who lately resigned
to become vice-president of the North
western National Bank.
INDUSTRY SEES CHANGE
LUMBER DEPRESSION IS NORTH.
WEST BRINGS DIVERSIFICATION.
Federal Reserve Board Notes laereaa
lns; Prosperity la Llveatormr Load
Traaaportatloa Keeeaaary.
OREGONIAN NEWS BUREAU. "Wash
ington, July S. Reviewing business
conditions In the Northwest the Fed
eral Reserve Board. In Its monthly
bulletin, sys:
"The lumber industry i depressed
and lack of bottoms hampers exports,
although the report comes from Port
land of several million feet of clear
spruce taken at advancing prices for
European account. It is asserted that
business conditions in the Northwest
cannot be good until lumber and
shingles, on which the principal pay
rolls there depend, can be marketed at
a protit. As elsewhere, chief attention
to the major industry results in a
feast or a famine. Famine Impels di
versification and one element of this
has been the recent rapid develop
ment of hog-ralslng. Formerly the
pork consumed was almost wholly
shipped in. This and other meats are
now almost entirely local.
"The livestock Industry Is prosper
ous. Wool is being contracted for at
high prices. Large numbers of range
horses have been sold to Europe at
fancy priced. Barley is reported in
excellent condition. Apparently for
lack of ships, the barley taken for
Europe must go by rail to the At
lantic seaboard. Wheat acreage has
been importantly Increased. The un
usual May rains made the hay crop
probably the heaviest In 10 years and
most favorable to livestock and dairy
ing. Large amounts of butter are be
ing shipped to Australia."
Gold reserves of the 12 Federal Re
serve banks increased during the last
week more than $9,000,000. according
to a statement of their condition July
2 issued today by the Board. It shows:
Resources.
Gold coin and certificates July 2.
Settlement fund, credit balances. .$ 31
1915:
.MO. WO
.44S.0O0
.2SS.0OO
aii otners
Total g-old reserves 264!
Leital tender notes, silver, etc.. ?4.
Total reserves , 2S9.
,841.000
129,000
322.000
73.1.OO0
O97.0O0
33,0n
,187.000
,:(2.0oo
,390. OUC
,2.W10
.Oul.bOQ
tkio.Ouo
mils discounted aim bought ma
turities within 30 days
Maturities within CO days
Maturities within 90 days
Maturities over 90 days
Total Investments .............
United States bonds
Municipal warrants
Jjue from other Federal Reserve
13.
9.
S,
V
86.
7,
12,
banks, net 9
Federal Ileserve Botes, net 7.
All other resources ............ 8.
Total resources .S366.4S1.000
Liabilities.
Capital paid in $ 54.128.O00
Reserve deposits, net 27.f nri.OOO
Federal Reserve notes, net 12 797 Xx)
All other liabilities 1.673!ooo
Total liabilities $360.411 0
Gold reserve aganst net liabilities 87.9
Cash reserve against net liabilities. . .90.1
Cash reserve against liabilities after
settnr aside 40 gold reserve notes
in circulation 9S.6
LUMBER IS BAROMETER
JOHN W. BLODGETT FINDS PROS
PECT FOR TRADE GLOOMY.
Eastern Director of Lsmbrrmri'i a
tlonal Bank Declares Repeal of
Same Laws Necessary.
John "W. Blodgett. of Grand Rapids,
Mich, a director of ths Lumbermen's
National Bank and one of the largest
timber owners and operators in the
Pacific Northwest, baa been a Portland
visitor during the past week and he
pointed out the need that something be
done to restore prosperity to the lum
ber business.
He declared it is In a bad condition
and that the Pacific Northwest cannot
return to prosperous times until this,
its chief Industry. Is again on Its feet.
He advocates first of all a policy
toward the railroads that will admit
of their resuming business on a larger
scale, so that they may aid In making
business good again.
"The purchasing power of the rail
roads as regards lumber has been prac
tically destroyed." said Mr. Blodgett.
Construction of rail lines that marked
the period of rivalry between the Har
rlman and Hill interests was the great
est In the history of this section of
the country and Is now a thing of the
past. There has been little construc
tion sines that rivalry ceased. The
railroads and the car-building com
panies are the biggest users of lumber
and since they have had their credit
undermined by attacks, legislative and
otherwise, they are hard put to It -to
maintain themselves, so that exten
sions are out of the question.
"Correct the tariff that makes lum
ber and other products free and repeal
the La Follette seaman's bill. Repeal
all laws that retard prosperity and
check the country's development. At
least give American capital and energy
a chance to win their way to safety
and prosperity. Apply these remedies
to the depressed condition of business
generally and times will be good
again."
BANK DEPOSITS INCREASE
rive Portland Institutions Owe Pub
lic $41,225,122.
The third call on National banks by
the Controller of the Currency for the
present year asked for statements as
to business on June 23. Compared
with the last call, on May 1. the state
ments of the five National banks of
the city make the following showing:
toans and discounts. June 23. $2o.
495.585; May 1, $24,666,934; Increase.
1828.651.
Cash on hand and In banks. June 23
$15,515,528; May 1. $16.35.$63; decrease,
$119,835.
Deposits. June 23. $41,225,122; May 1.
$40,549,202; increase $675,920.
The total amount of standing timber In ths
rnlted States la nsarly 279OO.O0u.OOO 0O
board feet. Of this amount, about 76 'pr
cent Is privately owned, approximated 21
Ser cent la In the National forests, and about
per cent In some other form or public
ownership.. Federal, state or municipal.
BANK PLAN DOUBTED
Status of State Institutions
Under New Rule Discussed.
PORTLAND MAN GIVES VIEW
Edward Cooklngham FalIs to See
Advantage of Membership in
Federal Reserve System or
Practicability at Present.
Whether state banks will Join with
National institutions in the Federal
reserve system Is a problem to which
financiers, as well as officials of the
currency, are giving much thought.
Up to the present National banks alone
, '
Ji i ...
V'
Edward Cooklaakasa. Vlee-Preal-eat
of Lsdd at Tlltoa. ho
ixrasta If state Biiki Would
Kin Mock Advaatasre ia Join
ing Federal lie serve System.
have availed themselves of the ad
vantages offered them by the new
system. Whether It offers equal ben
efits to state banks is still a moot
question.
That state banks function differently
from National institutions, with differ
ent Individuality and interests, making
membership In the Federal reserve sys
tem. In Its present form, not wholly
practicable for state banks. Is the be
lief, briefly, of Edward Cookingham,
vice-president of Ladd & Tilton Bank.
As this Is probably the blggetft state
bank in the Pacific Northwest, his
ideas on the subject are of much In
terest. In discussing the subject, he
said:
"For some time past the Federal Re
serve Board has been engaged in for
mulating and has recently made pub
lic a set of rules and regulations gov
erning the entry of state banks into
the Federal system. The great Impor
tance of this question, both to the Fed
eral system and the state banks them
selves, has made it one of absorbing
interest ever since the passage of the
Federal reserve act.
' State Hank Members Desired.
"It is quite certain that the mem
bers of the Federal Reserve Board are
fully aware of the importance and de
sirability of constructing a strong, co
hesive and unified banking system,
which shall include not only the 7500
National banks of the country, but also
a large majority of the 17.000 bank
ing Institutions operating under state
charters. The board Is sincere and
even enthusiastic In Its desire to de
vise a practicable plan by means of
which membership In the new system
may be made attractive to these state
banks.
"Examination of the regulations just
Issued Indicates that the board has
sought to make the acquirement of
membership by state banks practica
ble. One of the factors which has op
erated heretofore to a serious extent
against entry of the state banks has
been the fact that, under the law. there
seemed to be no method by which state
banks could retire from the system,
sfter becoming members, in the event
of their finding it Impracticable to
operate successfully under the provi
sions of the act and such regulations
as might be made in future by the
Federal board.
"This objection the board has sought
to remove by making a provision en
abling state banks, which desire to
do so, to relinquish their membership.
However. In spite of this. It Is my view,
broadly stated, that the ' regulations
which the board has Issued will not
result in an extensive influx of state
bank a
Difficulty Held FwadameataL
"The difficulty is a fundamental one
and lies in the radically different
methods which have characterized the
operations of the state and National
Institutions, respectively, for yeara
The old National bank act and the laws
of the various states have differed
widely as to tho character of business
which the two classes of Institutions
are permitted to handle. This differ
ence having extended back over many
years, naturally the divergence has
become general, and it is practically
Impossible, especially with such con
ditions as now exist, for the state In
stitutions to change the character of
their business to conform to the provi
sions of the law and to resrulatlons
to which they have never heretofore
been subjected. The business of the
stats banks having been built up on
different lines. It cannot easily be re
constructed In a summary manner to
conform to new requirements.
"Of course, the state institutions
cannot expect that the Federal board
The
Canadian Bank
of Commerce
HEAD OFFICE
Toronto, Canada.
Established 1867.
A general banking business
transacted.
Interest paid on time deposits.
Cos
arclal Letters of Credit
laaaesL
Eicktsts ota London. KaAlaad.
Boas at eed Kola.
PORTLAND BRANCH.
Corner Second and Stark Sts.
F. C MA LP AS. Manager.
RufiTGAGE 6 titiHi
will promulgate regulations which
would give them an advantage over
the National banks, but It has been
my view that unless and until the
Federal board deals with the state In
stitutions as a class, separate and dis
tinct from the National' banks, com
paratively few of the state banks will
enter the system.
Recearlllag Clasaea Ssigcslsd.
"The reconcilement of the business
of the two classes of banks can per
haps only be accomplished by broad
ening somewhat the operations of the
National Institutions and curtailing
slightly those of the state banks, thus
putting both classes of institutions
more nearly upon a uniform basis.
"Under tha new regulations the Fed
eral Reserve Board reserves the right
to make such amendments and adopt
and Issue from time to time such fur
ther regulations authorised by the act
as the board may deem necessary. This
regulation somewhat clouds with un
certainty what the exact status of the
state banks will be after they shall
have become members of tha system.
Inasmuch as they have no means of
knowing whether such future regula
tions as the board might Issue would
affect the business of the state Insti
tutions unfavorably. However, Inas
much as the National Institutions are
subject to such regulations as the
board may make. I think the stats In
Uutlons would ba safe In relying upon
the integrity and fairness of the Fed
eral Reserve Board, the members of
which are both able and high-minded.
"Although It is my opinion that the
Federal reserve act has some defects,
I recognise Its great value and Its
vsst Importance over our old National
bank act. I sincerely hope the efforts
of the Federal board to unify the
banks of the country under one pow
erful system may be J-e warded by suc
cess, but I fear that tha new regula
tions Issued will not result In this de
sideratum, at least for the present. I
have not yet been able to discover any
Indications of a general movement on
the part of the state Institutions of
the country to enter the system.
"I have not endeavored to give In de
tail the various reasons which actuate
the officials of state Institutions In
hesitating to avail themselves of the
opportunity to enter the Federal sys
tem, for the reason that It would In
volve lengthy explanations, some more
or less technical In character, which
It would take considerable space and
time to enumerate.
FINANCIAL SKY CLOUDY
BAJT FRANCISCO BANK'S LETTER IN
DICATES PROBLEMS IX FlTl'RE,
Inability to Obtala Settlement for Com.
anodltlea Betas; Exsorttd Con
sidered Kmbarrasslag.
"Lopsided Is the word applied to
the financial situation by the American
National Bank of an Francisco In Its
latest monthly letter. Despite Immense
trade balances In favor of this country
that are rapidly piling up because of
the great war demand abroad, great
stores of money In the banks, bumper
crops In sight, with an actual scarcity
of skilled Isbor at some points. It might
be predicted. It Is said, that a period
of great prosperity Is in. sight, were It
not for the fact that these usual In
dications of prosperous conditions fall
In war times.
The large trade balance may easily
be viewed as an embarrassment Instead
of a great asset. It Is declared, by rea
son of the fact of Inability to obtain
settlement In either gold or securities,
and the menace to the exchange market
that the situation holds.
"Our bumper crops, while gratifying
from any point of view." says the let
ter, "are assuring only as fsr as home
consumption goes, as the export situa
tion la unsatisfactory from various
angles, such as excessive freight rates,
scarcity of tonnage and the uncertainty
of exchange.
"Money Is plentiful and cheap, but
only In financial centers, which has a
tendency to Increase stock market
speculations and curtail dividends of
those banks which are customarily
large buyers of commercial paper or
loaners of money on call.
"The approach of the export fruit
shipping season presents a problem to
packers and brokers quite apart from
the ordinary. Their profits or losses
this year will, to a greater extent than
at any time In the history of the trade
depend upon their ability to cope with
an exchange market which, from day
to day. Is giving evidence of having
no bottom."
MR. MILLS J0 PLAN TRIP
Banker Named by Mr. 3Ic.doo to
Arrange Sooth American Visit.
A. L. Mills, president of the First
National Bank, has been appointed by
Secretary MeAdoo, of the Treasury De
partment, to make arrangements for a
visit of American bsnkers and business
men to South America, although Air
illlla said last week he had as yet re
ceived no official notice of this honor.
The news dispatches, however, carried
the Information,
The Invitation to make the trip Is
extended on behalf of the Oovernment
and Is to supplement the work or the
Pan-American conference, recently held
In Washington.
Nearly J.OoO.ono willow cutttnes have boon
distributed by the Korsot orrvtrs among,
state experiment stations, forest schools. and
Individual irn.rn. Now that the European
supply of willow for furniture and baskets
has been cut off. this American material Is
In irfai.r demand.
Our Facilities for Handling
Your Account Are the Best
You Will Find the Service
Rendered Is Unexcelled
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 1SS6. Washington and Fourth Sts.
HEW BOflDS LISTED
Securities of Recent Issue Of
fered by Kean, Taylor & Co.
GENERAL TREND SHOWN
Quotation Indicate Prevailing
Tendencies of City, State. In
dustrial and Other Of
ferings on Market.
Kean. Taylor A Co.. financial agents
of New Tork and Chicago, have listed
several bond and note Issues Just put
out that Include state, city, county, rail
road and Industrial securities. The sta
tistics of the various Issues Indicate
prevailing tendencies In financial Issues.
They Include:
Elate of Tennessee refunding loan
4 and 4 per rent serial bonds, run
ning from July 1. 11&. to 117-65. The
price Is to yield 4.20 per cent.
City cf l'aassle. N. J.. 4 S per cent
refunding bonds, dated May 1. 1911. due
May 1. 145: price 104 U nd Interest,
yielding about 4 IS per cent
Borough of Garfield. Bergen County.
N. J.. 5 per cent funding bonds, dated
June 1. 11S, due June 1. 134S: price
IOCS and Interest, yielding about 4. CO
per cent.
Lexington A Kastern Railway Com
pany, first mortgage S per cent gold
bonds, dated April 1. 116. due April 1.
1S; price and Interest, yielding
about 5.05 per cent.
Atlantic Coast Line Railroad Com
pany, general unified mortgage 4V per
rent gold bonds, dated June 1. 1914. due
June 1, 194: price tihi and Interest,
yielding about t.10 per cent.
Central of Georgia Railway Com
pany, collateral trust morlctgs h per
rant gold bonds: dated May I. 1187,
due May 1. Ii37: price 92 H and interest,
yielding about S.&9 per cent.
Krle Railroad Company, first mort
gage 6 per cent sinking fund gold
bonds: dated July 1. 1907. due July 1.
1961; pr-.ee 103V and Interest, yielding
about 5.75 per cent.
Swift A Co.. first mortgsge t per
rent sinking fund cold bonds: dated
July 1. 1914. due July 1. 1944; price v
and interest, yielding about 6.27 per
cent.
Lackawanna Steel Company. per
cent two-year go HI notes: dated March
1. 1915. due March 1. 1917: price 94
and Interest, yielding about 7.10 per
cent.
Recent Bond &a!cs.
North Bend. Or. The IS8.000 rail
way bond iue was sold to James N.
Wright Sc. Co.. Denver, at par and a
premium of 1237.60. The bonds draw
H per cent Inteeret and run for 20
years. The bonding company agreed
to pay for printing the bonds. In addi
tion to giving the premium.
Coqullle. Or. Funding bonds In sum
of 30.000 sold to Bwect. Csusey. Fos
ter Co. at par and accrued Interest
and premium of (31. Other bidders
were Keller Bros., of Denver. J30.000
and premium of 165: Lumbermens
Trust Company. Portland, par. accrued
Interest and, premium of $331.
McMlnnvllIe, Or. The 14000 equip
ment bonds for the purpose of buying
street flushing apparatus sold to Henry
Teal, of Portland, at par. accrued In
ter and $41 premium. There were five
other bidders, all under Mr. Teal from
130 to tsl. Mr. Teal also will furnish
the stork for tha bonds.
Marshflcld. Or James N. Wright
Co.. of Denver, secured the 136.000 bond
lsue. at par' and a premium of (237.CO.
The bonds are for paying outstanding
Indebtedness. They draw SVi per cent
Interest and run 20 yeara
Portland City took over 170.373 city
Improvement bonds, for which bids
were opened June 22. Highest bid sub
mitted was S.12 per cent premium.
Pendleton Postal Receipts Cain.
PENDLETON. Or.. July 4. (Special.)
An Increase of more than 10 per cent
In tha receipts of the local postofflce
In the past quarter la announced by
postmaster Tweedy. April. May and
June each showed substantial Increases
In revenue this year over tha same
months of last year, tha net Increase
for the quarter lust ended being
1741. 05 over the receipts of tha second
qusrter of 1914.
By greater economy In tha uo of wood,
tho rr capita eonsuinptlon could oaaily r.
rfurel from tho prvrnt r.iur of 3 no
tuMfl feet to 1 M Or evn Jot) cubic feel j
without hardihln. At ntM.nl . tim only'
fto Dor ent of tho total volume of toe ires !
strt !se T.o rr eenl to be wasted.
LOANS
Improved Farms
Inside Business Property
Residences
Commerce Safe Deposit
and Mortgage Co.
91 Third St
Chamber of Com. Bldg.
Saving Is
Common Sense
No matter zvho you are, what you
do, what you earn, how much you
viay know or what your age, the
one thing essential to a successful
career is to spend less than you
earn. An account in our savings
department offers the best way to
save. We pay 4 To interest and are
under Government Supervision.
Let us open an account for you.
humbermeng
National Bank
Fifth and Stark '
Capital and Surplus
$1,200,000
A Check
The United States National Bank
Third and Oak Sts. Portland, Oregon
Capital and Surplus, $2,000,000.00
THE BANK OF CALIFORNIA
NATIONAL ASSOCIATION
of Sau-s FrsncUco. Founded 1864
Capital Paid in $S,500,000.00
Surplus and Undivided Profits $8,256,731.33
Commercial Banking. Savings Department
PORTLAND BRANCH '
Third and Stark Streets
The First National Bank
OF PORTLAND, OREGON
FIFTH AND MORRISON STREETS
Capital and Surplus $3,300,000
This Bank is authorized under the National Bank
Act and the Federal Reserve Act to accept interest-bearing
Time Deposits and Savings Accounts.
tk vr:ir.K.v r.r inr.
San Francisco
Los Angeles
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S. S. BEAVER
Sails rr'raas alaawarta !),
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Calasabla Hiver.
Ail Kslfa Isrlsss
Berths aaa Mrala.
Table aaa servtca
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FRENCH LINE
CasBBasal Osasrala TraaaaLlaaOqoa,
rUDIAL sr.. Vila,
Sailuigs rcm KEW YORK to BORDEAUX
Et.iVA.CNE July 10. 3 P. M.
KOCH AM BEAU July 17. 3 P. M-
NIAGAKA July 24, 3 P. M.
CUICAGO July 31. 3 P. 3L
FOB INFORMATION
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r. sir.s irw, Eft. ssuis, k im sa si. a. v.
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las SC arta ttaaJt its so. SU Bad stars
sta a. Mrsariaaa. SS aad aauis
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COOS BAY LINE
Steamer Breakwater
aaila tr'rsat Alaao.rts Usck. fortXaaa,
avers TssrssSF at Is A. at. rela;bt as4
TIcmi Office. Alsiwsrts Deck, fsssis
Mala Moo, A till City Ticket OSIre.
o sta at. Faaaee Marshall 3wo. A aist.
POHTUkD A COOS BAY B. a. last.
AUSTRALIA
MEW XEAIJLXD AM. OOL'TU bCAs.
Rscular. ibrougb aallrae for Hycnmy via
Tahiti u U.lllcitoa from baa Kra&clsco
July 21. Aosust la. pimtr 13 aad svsry
. dsn. sDd for pamphlet,
taloa Meamaaiit Cav. mi n Kralaad. I4d.
ss rfi airs. i. Baa 1
sr sscai a. a. aad Ji. H, as sale.
Account
Is a convenience which you
cannot afford to be without.
Open such an account with
this bank and note the satis
faction which it will give you.
Tnuri.r.K c.rnr.
TJ Cost It L,t
ALL THE WAY BY WATER
STEAMSHIP
CEO. W. ELDER
Sails at 6 P. M, Wednesday. July 7
First Oast
San Francisco. $12.00
Santa Barbara, $20.00
Los Angeles.. $20.35
San Diego $22.00
cfcuiirr mi rem f trel i
THK Tit til' liIt.-
Ticket Office 122 A Third SL
Phones Main 13H. A 13H
North Bank Rail
26 Hours' Ocean Sail If
wtk. 1 r.pl-bcr.w. -Kaot
-;Kr:T NOKTNKKS
!. "NUK1HIK.N IAUIIC
SAN FRANCISCO
tnr Tuesday. Thursday aad Sauarday.
S iU'Vi 5!" '",! K"! Barm statlea
so A. M. : lunch aboard ship, 8s. arnvaa
bo -sacsca :i0 K u. asat day.
EXrRF.HS SERVICE AT mtlGIIT RATE.
NORTH BANK TICKET OinCE,
rTseseai ttdwy. S-'a. A . 1 Sta aad stark.
American-Hawaiian Steamship Co.
Express
S'reisbl
5
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C. D. K.eaaed AsU. A s etaxh t rarUaao.
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