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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (July 12, 1915)
TTTE MOTINTXG OREGOXTAX. MOOT AY, JULY 12. 1013.
FEELING IS HOPEFUL
Some Clouds, However, Are
Left on Financial Horizon.
HARVEST HOPES ARE HIGH
Merchants National Bank, In July
Abetter, Comments on Several En
conraging Features and Pre
dict Trade Improvement.
"With trade gradually Increasing, col
lections generally better and a great
harvest begun that will reach the roost
optimistic expectations, the feeling of
fcetterroent evident everywhere is fully
Justified, believes the Merchants' Na
tional Bank, and expresses the opinion
in Its general July letter on trade con
ditions that confidence In the future
Is not misplaced.
The psychology of the situation, says
the letter, has been aided during the
past month by the decision of the
United States Circuit Court, favorable
to the company, in the action of the
Government to dissolve the United
States Steel Corporation.
Three things seem to operate to
kinder the greater betterment of busi
ness. These are said to be the nego
tiations with Germany that are being
carried on by the United States, the
evident lengthening of the European
war, predicted as the result of the
severe Russian reverses, and the cam
paign of urging that is being carried
on for intervention in Mexico.
Tendency to Walt Xoted.
These. It is said, have caused a
tendency to wait on the part of busi
ness, and the Impression Is general
that a number of important matters
remain unsettled. This attitude of un
certainty i expected to remain until
these problems are solved in a satis
Items showing improvement are the
eteel trade, partly the Increase in the
eale of war munitions, busier ship
yards, which are said to have more
work than for a generation. Increase
In copper demand and production,
higher prices for this metal as well as
spelter, and better demand for skilled
labor and improvement in the unem
ployment situation because of the
exodus of aliens and the curtailment
There Is but slight demand for funds
with which to finance new operations.
There Is plenty of money In the banks
for investment in business. There has
been improvement in clearings during
the past month, and this extends to
the different geographical sections of
the country, although It la less marked
In the Pacific Coast cities than else
where. However, the adverse showing
Is being reduced here.
Harvest Holds Hope.
Building continues dull and railroad
conditions are at a low rade. A. bet
terment is disclosed In net earnings
and a loss in gross, showing econo
mies by the railroads. Business fail
ures for June are expected to be about
the same as for May. which made the
best showing of the year so far.
As regards the Pacific Northwest, the
redeeming feature is said to be the
fortunate agricultural outlook. Re
ports have been received of damage in
some sections, but this, it Is thought,
will not affect the total result ma
terially. The new-crop money Is ex
' pected to mean increased buying "and
btotter collections. Increased acreage
will mean a larger crop than last sea
son, and, although prices may not reach
laBt year's level. It Is believed the
average will be as good for the grower.
More tonnage is declared to be the
all-important factor in the lumber sit
uation. It Is said to be expensive and
almost Impossible to get. It Is be
lieved that it will be at least a year
after the war Is over before shipping
conditions will be restored to normal.
Plan to Market Lumber Sought.
Lumber is being contracted for at
a. low price, but the high ocean freights
bring the price up to normal times.
Lumbermen have been looking about
for a plan for a marketing organization
that will be within the law. It is said
they are hopeful that the court de
cision In the United States Steel case
may afford the relief needed.
Tinned salmon aa an Item In the ra
tions of the European armies is being
predicted. England is buying freely
of the better grades, and It is said
both the English and French armies
will adopt it as a staple food for their
fighting men. Prices are still lower
than last year's quotations, but it is
early in the season, and if an outlet
abroad is found for this West Coast
product, the market should stiffen con
siderably. Wool is moving slowly and most of
the clip is being held for higher prices.
The hop market is broadening, with
grower being consequently encour
aged. Business conditions In Portland are
eaid to be quiet, generally, with col
lections only fair. Bank clearings for
the month of June show an increase of
$630,000 over May. but a loss as com
pared with June. 1914.
Karl Hammond, teller for the North
western National Bank, is away on his
A. C. Keef haver, cashier of the First
National Bank. White Salmon. Wash.
was in Portland on business during the
A. M. Lara, cashier of the Deschutes
State Bank at Bend, made a recent trip
to Philadelphia, where he married Miss
a. ti. smith.
C J. Rupert, special officer for the
Northwestern National Bank, left Thurs
day for Newport, where he will spend
Charles C. Otto, ex-assistant to Na
tional Bank Examiner Mulit. is tern
porarily with the American National
P. C. Pratt, of Stockton, Cal., and
fc.. E. Hunter have plans ready for
starting a bank at Veneta. Or., and ex
pect to commence operations at once.
G. W. Upshaw, cashier of the Sheri
dan State Bank, was & Portland visitor
during the week. He said farming con
ditions around Sheridan are quite satis-
George W. Hoatetler, bookkeeper in
the French &. Co. Bank at The Dalles.
has left for a two weeks' visit with
bis parents and former friends
A. J. Selover. ex-cashlsr of the Union
National Bank at Union, has taken the
position of cashier of the First National
at Vale, and passed through Portland
curing the week.
W. S. Wharton, formerly of ths Bank
of Heppner, was visiting there last
week, having disposed of his banking
Interests at Newberg, and he will locate
at North Yakima.
William Burg has sold his interests
In the State Bank of Willaraina, and
will remove to his former home in Min
nesota. The change Is made for the
Denent of bis wife health.
T. W, Lamont, partner In the banking
house of J. P. Morgan & Co., who was
spending his vacation in the Klamath
country, was compelled to change hi
plana when news was received of the
recent attack upon Mr. Morgan, and ha
left hastily for home.
Secretary of State Olcott Is sending
out notices to the banks of the state
directing that they report on unclaimed
deposits that have lain In bank for
seven years. All such may be claimed
by the state. A fine Is provided for
failure of banka to report.
A. L. Mills, president of the First
National Bank, together with his aons.
Tom and Abbot, will leave today for a
motor trip over the Colombia River
Highway, then through Central Oregon,
fishing at several points en route to
Crater Lake and on to the Panama
Pacific Exposition. They will motor
back through Crescent City and Eureka
and along the Coast. Mr. Mills will be
away from the city for about three
T. G. Hendricks, of Eugene, is a use
ful member of his community. Not
only baa he given a park to the City
of Eugene, but he is now clearing off
half an island ha owns in the Mc
Kenzie River, 30 miles from Eugene,
near the Pujade fish hatchery, so that
visitors may use the Island and enjoy
its beauties. His plans Include abridge
that shall make the spot, which la ex
ceedingly attractive, accessible from the
CONFIDENCE SIGNS NOTED
Pacific Banket Points to Plentiful
Money and Trade Extensions.
What it calls the "Movable land
marks" on the financial horizon are
given as follows by the Pacific Banker:
Tha bank clearing for the country last
-week showed a 5 per cent Increase over a
year ago with a 3 per cent decrease for New
York overlooked. The war. or the new re
lations established with Bolivia through the
million-dollar loan to tba tin smelting com
panies of that country, has Increased the tin
Industry of this country. The McKeeaport Tin
Plate Company, near Pittsburg, has appro
priated two millions for additions to Its
plant. It Is said that the Government has
information that Greet Britain and France
have placed, or are about to place, orders for
lOO.ouo beef cattle and that their direct pur
chases are intended to circumvent the grip
which the beef trust has on the industry.
The Bank of England reserve Is not show,
lng up very well these days. Last week it
was 16.16 as against 18.47 for the week be
fore. It will probably be replenished, how
ever, by the new financing which the Brltlah
government Is preparing to do. The official
bank rate at London, Parts. Berlin. Vienna
and Amsterdam remains as It baa been for
some time, at 6 per cent. The commercial
rate In this country still shows an abundance
of money. In Chicago paper la sold fre
quently on a 3 per cent basis, although there
la a range from that level up to S per cent
for various classes of loans. New Tork has
14 to 2 per cent for call. 2U to 2 to for so
days. 2 hi to 24 for 90 days and 3 per cent
tor six months.
Pending Bond Sales Announced.
South Bend, Wash. Up to July 20,
$5000 worth of bonds of school district
No. 27, Pacific County, denominations
from $100 to $1000, interest not to ex
ceed 6 per cent, payable and redeem
able in ten years from date. J. L.
Glazebrook. County Treasurer.
Pasco, Wash. E. D. Sheffield, Coun
ty Treasurer, Franklin County. Wash
ington, will receive bids until July 17.
for the purchase of bonds of district
No. 11, in the sum of $10,003, denomi
nations of isuo eacn. running d-zu
years, interest not to exceed 6 per cent
Certified check of 1 per cent to accom-
any each bid.
Conrad. Mont. Choteau County Com
missioners will receive bids August 4
for the purchase' of $100,000 bonds
bearing 6 per cent to cover warrant
Montpelier. Idaho. Bids will be re
ceived until July 26 for the purchase
of $4500, a per cent 20-year semi-an
nual bonda of school district 9. F. A.
Ulm. Mont. Bids will be received by
board of directors of district 86 up to
2 P. M., August 2. for the purchase of
1000 In bonds or said district, denomi
nations of $200 each, payable in ten
and redeemable in six years; Interest
at 6 per cent.
Big Timber, Mont. Bids will be re
ceived by Evelyn Rose, clerk of school
district No. 31. sweet Grass County,
Montana, up to July 15, for $1500 in
bonds of said district; interest not ex
ceeding 6 per cent; redeemable in five
years and payable in ten years.
Ivolin, Mont. Bids will be received
up to 2 P. M.. July 17, by R. L. Dickey,
clerk school district No. 120 for pur
chase of $1000 in bonds of said district
to draw interest at per cent.
Missoula, Mont. Trustees of school
district No. 25, Missoula County, will
receive bids up to July 21 for purchase
of $3000 in bonds of said district of
$1000 each, bearing interest not to
exceed 6 per cent, redeemable In three
years, payable in two.
Hoqulam. Wash. Sealed bids will be
received by Charles F. Hill. City Treas
urer, up to 2:30 P. M.. July 14. for pur
chase of all or a part of $157,000 gen
eral negotiable coupon bonds to be
ssued for the purpose of funding a
arge amount of current expense fund
FEDERAL. RESERVE BAXK
MAKES WEEKLY REPORT.
SAN FRANCISCO. July 10.
(Special.) The statement of the
Federal Reserve Bank of San
Francisco for the bank's 34th
business week, ended July 9,
Total reserves $ 9,729,000
Commercial paper (re
discounts) 1, 94s. 300
Bank acceptances .... 658.000
United States bonds... 1.001.000
Municipal warrants ... 976,000
Federal reserve notes
All other resources ... 685,000
Capital paid in. . .
Deposits (net) ..
Total liabilities 237,000
Federal reserve notes
received from Fed
eral reserve agent ..$ 2.040.000
Federal reserve notes
in hands of bank.... 1,322,000
Net Federal reserve
notea outstanding. $ 711,000
Gold deposited with Federal re
serve agent to retire Federal re
serve notes, $2, 040.0 JO.
Net asset account Federal re
servo notes, $1,322,000.
warrants. Bonds will be Issued In 20
annual series, $1000 each bearing date
of July 1, 1915, drawing not exceeding
per cent interest.
Goldendale. Wash. Bids will be re.
ceived up to July 17 at 1 P. M by
John A. Miller, County Treasurer, for
the purchase of $1450 In bonds of
school district No. 96. Interest not to
exceed s per cent.
GROWERS' BOARD ELECTED
M. J. Smith, of Albany, Chosen
Head of Co-operative Association.
ALBANT. Or.. July 1L (SpeclaL)-
U. G. Smith, of Albany, was elected
president of the Linn-Benton Co-opera
tlve Growers' Association when the
association completed permanent . or
ganization at a meeting held In this
Eight directors wers chosen as fol
lows: Orln Stratum, f Brownsville
H. A. Lewis, of Albany: E. C Roberts,
of Lebanon: Edward Kolloway, of
Brownsville; W. J. Turnldaje. of Crab-
tree; Otis Taylor, of Brownsville
Hiram Parker, of North Albany. Ben
ton County, and J. Q. twins, of Lab
WAR'S EFFECT TOLD
A. L Mills Says Whole World
Will Pay for Waste.
HOPEFUL SIGNS ARE NOTED
Banker Fears Grain Trade Will Not
Be as Satisfactory "as Hereto
fore, bat Prnlt Prospect Bet
ter Lumber Trade Index.
That peace will have its problems.
no less than war, when the world
struggle now going on shall have
been brought to a clone, la the belief
of A. L. Mills, president of the First
National Bank. He believes the great
waste of resources that baa marked
the war will be reflected throughout
L. L. Mills, Presides of First
A'atlaaal Baak, Who Says Waste
of Ksrepesa War Will l-ar Bar
seat tpa Whole World.
the world and. In a sense, all will pay
for It, Including the United States.
The war will also affect our ex
ports adversely, he says, and It will
be harder to export the coming wheat
crop tnan lor many seasons. Diffi
culty in financing the grain move
ment Is expected, due to the unfav
orable exchange conditions.
"Should the war end In the next few
months." said Mr. Mills, "there should
be a large demand for our lumber on
ins part or Europe, although pay
ment for the lumber In any other
manner than on time and In paper
promises to pay will be difficult for
countries that have been spending
$5,000,000 or more daily for powder
Whole World Mast Par,
Although we may have apparent
prosperity In this country when the
war first closes, nevertheless there
has been such a terrific economic
waste abroad that the whole world
will pay for it later in one way or
"In other words, after we at first
experience a slight wave of prosper
ity. I believe w shall experience
world-wide commercial depression, and
in a measure the United States will
feel It also.
"Should the war continue any con
slderable time longer, it will have
a detrimental effect on our exports
on account of the Inability of the n
Hons to pay cash. Today foreign ex
change Is far below normal, and It Is
serious question this Fall how our
grain exporters will be able to finance
their 63-day wheat bills. England and
the other European nations will not
part with gold they have on hand if
they can possibly avoid It, and
America, on the other hand, cannot
afford to pile up large balances in
'This will make It difficult to
finance wheat of the Northwest and
cotton of the South at figures pro
ducers will be willing to accept.
Added to th unfavorable exchange
conditions, the difficulty of getting
grain carriers will make ths export
business this season more complicated
Tonnage sad Exchange Trlaadlraas.
"With tonnage from Portland to
England at 80 shillings and over and
60-day bills at $4.73. the price to the
farmer will be much lower than he
will expect to get ainder prevailing war
conditions. All this will cause grain
to go forward slowly and the market
will be a heavy and dragging one.
'Conditions here at home are much
the same as for the past six months
spotted. The greatest Industry of the
Northwest, lumber. Is still depressed
and until It gets on Its feet, all bu.l-
ness. practically, in the Pacifle North
west will be more or less in a comatose
'On the other hand, we bid fair to
have a bumper crop and good prices,
which should aid the general situs-
tlon. Our stock men have done well.
wool, sheep and cattle are all selling
t satisfactory figures and It looks
as if our fruit men will have a better
season than for several years past.
'However, the European war and
ths possibilities of being compelled to
Intervene in Mexico make for uncer
tainty, and cause hesitation on the
part of our business men throughout
the country. Aside from the lumber
Industry there la no Intrinsic reason
why conditions In the Pacific North
west this Fall should not Improve. The
financial condition of the country
sound and there are ample funds for
all legitimate purposes.
TRADE RELATION URGED
KLAMATH FALLS LOOKS TO PORT
LAND, SAYS MR. BIXXOTT.
Representative Resorts Dlsaaaolaraaea
at Irrla-atloa Prelect Actios.
Rail Facilities Sosvght.
"Klamath Falls Is clamoring for
closer relations with Portland, and its
cltisena look to ths peopls of Portland
for relief." says N. J. Stnnott. Repre
sentatlve from the Second Oregon dls
trlct. who returned Saturday from
visit to the Klamath region.
"Ths peopls down there want to
trade with Portland," declared Mr. Sin
nott. "but they are prevented by th
lack of rail facilities. As evaryon
knows, their business now goes largely
to San Francisco.
"The Southern Pacifle apparently I
not la a hurry to complete its Natron
Klamath line, which would give dlrec
rail connections, so the peopls down
that way have begun to look for relle
through ths Deschutes Valley road
Construction of the connecting link be
tweers Bend and Klamath Falls would
present no difficult engineering prob
isms, ana ths liuamaia peopls ars alts
the railroads for action.
"Recently they began to communicate
with the Portland Chamber of Com
merce for assistance, but without defi
nite results. They believe that here
is an avenue for the profitable ex
penditure of a large share of Port
land's surplus activity."
Early in the year, it seems, the Klam
ath people were Informed that the
reclamation department would have
available $317,000 for development work
on the .K la math irrigation project with
in the present year. In April they
were advised that on account of the
shortage of repayments Into the recla
mation fund from settlers and from
sales of public lands, this sum would
have to be cut to $238,000.
"But they determined to proceed with
the money available," said Mr. Stnnott.
"The enmneera recommended that this
money be expended on what Is called
the Horse Fly or Sandy Hollow dis
trict, which is capable of large pro
duction if supplied with water.
"But Imagine tbelr further dismay
when they were Informed a few weeks
ago that only $1(4.700 can be spent at
Klamath this year, and that this allow
ance is "subject to modification.""
When advised of this state of af
fairs Mr cilnnott promptly telegraphed
to department officials at Washington,
asking If their latrst order cannot be
reconsidered. Mr. Stnnott proposes to
make every effort to obtain assistance
for the neglected acres of Klamath
Representative Rinnott went to Klajn-
th Falls primarily to deliver the
ourth of July oration.
UNIFORM LAWS ADVISED
CDCE GATEXI MAKES ARGCsTEXT
IX TALK TO LEMT5 CIUSGK.
Vaaesafrr Marrtaa-ca rite as Reealt sf
Dtffrrlas; Ststatea flamllar La ad
Title Acts Held Seeded.
National uniformity of divorce and
marriage laws and those relating to
land UUes was urged by Judge listens
n his address before Lents Grange Sat-
rday afternoon. He pointed out the
laalmllarlty of the divorce laws of the
United States, and said that nearly
every state had a law of Its own and
practically out of harmony with the
aws of other states.
Oregon and Washington, be said, have
liferent marriage and divorce laws, so
that when a couple can't marry In Ore
gon they simply taka a short trip to
ancouver and are married there. Judge
listens referred to tha medical exatnl-
tlon required In this state before
marriage as a good thing, but not re
quired In Washington, and said that
hundreds of couples in Oregon who did
not want to undergo such examination
went to 'Washington. Land titles, be
said, should be uniform In all ths states.
and pointed out that this uniformity In
marriage, divorce and land titles can
only be secured through National legls
J. J. Johnson, master of Pomona
Grange and chairman of farmers field
ay committee, said that the programme
which will he given at Greaharn July 24
is nearly completed. State Master C. B.
Siwnce will deliver the principal ad
dress. George W. Stapleton. Mayor of
uresham, will deliver the opening re
marks. The programme, he said, will
open at 10:30 A. M. The afternoon will
be given over to a reunion.
'Our general plan Is a reunion and
get-together for the farmers." said Mr.
Johnson, "with a mixed programme, and
It Its affairs proves a success we will
make It an annual occurrence.
W. L. Llghtner. County Commissioner.
gave an Interesting account of the re
cent trip and dedication of the Columbia
Klver Highway. Wilson Benfleld made
short talk on road construction In
this county, and congratulated th
farmers on ths fart that tHVy soon can
travel on hard-surface highways.
MR. MILLS IS NOTIFIED
Banker, However, Can Only Accept
National Honor Conditionally.
A. L. Mills, 'president of the First
National Bank, hsj been advised by
Secretary of the Treasury McAdoo that
has been named on the committee
to make arrangements for the visit of
business men and bankers of the United
States to the chief countries of South
America. President FarrelL of the U. S.
Steel Corporation, la chairman of the
Mr. Mills replied that he ancreclatrd
the honor, but If it wars necessary for
mm to make the trio In person, he
would be unable to do so because of
lack of time. However. If his duties
wers to make arrangements only, he
would accept the appointment. It la
expected by Mr. Mills that ha will be
asked to advise thoae Interested of the
trip and arrange for as many represen
tatives from the Pacific Northwest as
possible. It Is bis opinion that many
proaucts or tne .Northwest will find
markets in South America, lumber par
ticularly. It la thought, being likely to
ds mucn in demand.
FATHER LOSES WILL CASE
11 hi for KMate Won Second Time
by Bon at Corrallis.
CORVALLI8. Or.. July 11 (Special.)
For the second time Ned Smith Satur
day lost a legal fight to wrest from his
son. Lester, about 1&00 acres of land,
comprising a part of his father's Les
ter's grandfather estate, and left to
Lester Smith In a will which Judge
In a will mads In 102 John Smith
named his wife and children among the
heirs, but a short time later one of
the heirs died, and another will was
made, giving his son. Ned. and daugh
ter about loOO acres each, and to his
wife and other son. Joe Smith, of this
city, about .300 acres of land.
In IrOS, however. John Smith changed
the will and substituted Lester Smith's
name for that of Ned Smith.
Ned fimlth filed a suit for ths prop
erty later, which bs lost. Then ho at
tacked ths will.
Marble for Hank Building Ordered.
Contracts have been let for furnish
ing th marble to ba used on the ex
terior or tne nrt .-National tuna
building, sava th Pacific Banker, to
F. T. Crowe 4c Co.. representing the
Colorado Yul marble. Th entire ex
terior of the building, which la being
erected at Fifth and lark streets, will
be of marble with large columns, more
than five feet In diameter, supporting
the Fifth-street side.
Our Facilities for Handling
Your Account Are the Best
You Vtl) Find the Service
Rendered Is Unex celled
EXCHANGE IS FACTOR
Tide of Trade Now Heavily
Against Great Britain.
GOLD STOCK DIMINISHING
Proposal for Credit Extension la
America, Is by Pledge of Secur
ities Held Abroad Estimat
ed at $2.5741, 000,000.
Foreign exchangs la th most notable
featurs of the financial situation, ac
cording to th current trad letter of
th National City Bank, of New York.
It Is said to bs la an abnormal slate,
with th trad of this country decid
edly one-sided and means of payment
by foreign countries becoming Increas
ingly difficult. $
It la said merchandise ba.ances In
favor of th United states bav aver
aged approximately flto.OuO.JOO a month
for seven months. Tb current in
debtedness of American business In
London, Urge la ordinary ttrnea. be
cause of tb facilities of that money
market, haa been wiped out.
Speculative holdings of American se
curities have been mainly liquidated,
and there has been constant selling of
these holdlnca abroad for Investment
purposes. Notwithstanding thae off-
seta, about $130,000,000 in gold nas
com to the United States since ths
Erst of ths year.
Foreign purchases continue actively.
But without means of payment It Is
aaJd there will be no market for Ameri
can grain and cotton this Fall, not to
apeak of other supplies and of lbs big
contracts now being executed on for
Orllt IMaat "aaeste.
After gold shipments have been ex
hauated and th return of American
securities has been accomplished, says
the letter, th alternative is tb plac
ing of loans In this country, and ths
must promising scheme la this reirard
Is the suggestion for borrowing Ameri
can securities owned In Great Britain
and France and pledging them as ths
baala for an Issue of notes.
It Is said this Is being don in Franc,
and th aratem Is capabl of large ex
tension. Loans of thla sort can be
placed In the Cnlted States. It Is pointed
out. and ths proceeds exchanged for
American products. Bo much ldi
money exists In tb country that It I
considered not Improbable that credits
to th amount of $ l.OuO.000.000 might
b established if high-grade railway
and municipal bonds of American issue
are available for this use.
"An illuminating report," saya th
letter, "furnishing at least a part of
the information which has been keenly
desired by financiers or this country,
has lust been Issued by L. F. Lore, ths
chairman of the commute which was
asked to report on th holdings In
American railroads abroad. This report
shows the foreign holdings to b I - .6 7 4.
JOO.OoO. and la based upon the Investi
gation of the registers of 100 com
panies, and also, as far aa the bearer
bonda are concerned, on th Incom
tax certificates ft lad with th respect
ive companies: henc It Is within Its
bold Gives I ltrlaetaBllr.
"Aaldo from th difficulties of trans
portation, the allied countries are nat
urally reluctant to reduce their stocks
of gold, which are tha basis of their
currency systems, but It Is not likely
that th governments will discontinue
the purchase of war supplies, or of such
necessaries as food. In order to retain
gold. The need for these things Is Im
perative, and the gold was accumu
lated largely for Juat auch an emer
gency. It Is moreover, a mistake to sup
pose that th domestic currency sys
tems will collapse unless there Is a
iriven percentage of gold behind them.
An Irredeemsbl paper, currency will
fluctuate In value, and hamper trans
actions with other countries according
to the degree of the fluctuations.
"It Is a mlsfortuno for any country
In thla age of International trad to
be off th gold baala. but when a coun
try is engased In war smaller mlefor
tunea do not count. Ths fact Is that a
currency fixed upon a gold basis Is a
luxury that only a few countries have
been able to afford until comparatively
n-rsnt tlrn. Russia and Austria
Hungary established gold pavmenta In
17 and Italy since then. Few coun
tries have gone through a great war
without suspending sped parmenta
The Bank of Kngland was off th gold
barla throughout all of Napoleon's lime
snd our own Civil War experience Is
familiar. It Is saf to say that none of
th countries will hesitate to use their
gold aa long aa It lasts, for govern
mental purposes, although they are
likely to disregard th fluctuations of
exchange In ordinary commercial trans
actions." Ix-banon Chautauqua Kuoresful;
LKUANON. Or. July 1L .Special
A successful Chautauqua la being held
In Lebanon thla week. The big tent
la spread on th High flrhool campus,
and the people of Lebanon and vicinity
are greatly pleased with th pro
grammea offered by the Elllson-Whlt
Company. Amour the notable speakers
hsve been Dr. Newell Dwlght Hulls
and Mrs. A. C. Zehner. of Dallas. Tex.
The Kchuman quintet was much appreciate-!,
and Nels Darling raptured
I he people with his talk on "The Home
Town." Friday an audlene of 1100
persons heard ""II Trovator. Th
Chautauqua will close Monday even
Inside Business Property
Commerce Safe Deposit
and Mortgage Co.
91 Third St.
Chamber of Com. Bids.
Experience Insures Safety
The United States National Bank
Third and Oak Sts. Portland, Oregon
Capital and Surplus, J2,000,000.00
Liberal Rate of Interest on Savings
THE BANK OF CALIFORNIA
of Sevn Frsvri cisco. Founded 1834
Capital Paid in $8,500,000.00
Surplus and Undivided Profits $S,256,73 1.33
Commercial Banking. Savings Department
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.
The Bank of Personal Service
Courteous, competent Service in every depart
ment is our specialty. We invite your pa
tronage. Aco Interest Paid on Savings Deposits.
Merchants National Bank
Founded 18S6. Washington and Fourth Sts.
Tot-on ta, Csasdav
A fencral banking business
Interest paid on tisae deposits.
Corner Second and Stark Sts.
P. C MA LP AS. Mans err.
TRA Kl-l-MS I.I in st
Sains From NEW YORK to BORDEAUX
ROCHAMBEAU July 17. 3 P. M.
NIAGARA July 24. S P. M.
CUICAGO July 31. 3 P. M.
for ixronn ation ati-ly
r. tlBse. SO Si b st. ; A. V. rtaafitaa.
IU MrTi-s sc.: si. M. lsilw. .'. M. M M.
I. R.l lunr) B. Smith. IIS S4 -! A. 1.
MtW.Ua. ls 4 H i II. lUkasa. Wash.
Inalaa at. I f-lh llaak. K-srt. olh aad Mlarfc
Nil r. K. Mrlanasd, 4 mmd HaHilafl
sa.t - H- ''?. 1 4 t l-snlasd.
North Bank: Rail
28 Hour' Ocean Sail
t.Dork. Tnpta-rrr. I.Knol
K.H. -C.ttlT Oil TM .
04k. "NVRTUFHS l-ACIHC
Ever? Taiaasj. Tbaraear aa Baiarsajr.
itsmsr train :utfs North Bar.li station
t-SO A. f ; lanci aa-oara ahlp; b. auuiaa
8aa rraac-aco I il f. M. Baal .
CXrttAS SERVICE AT IKEKiHT KATE.
NORTH DINK TICKKT OfriCE.
USr. Sra. A tn lh aa4 niark.
k(W ZKA1!AU AMU SOUTH SKAS.
Kxular. tnrausa aalllaa fr l)lsir via
Tattiu aad V. ulnilos fro .a tv. a rrasclsr
Jair tU Aoausi la KpumKr IS aa s sr
SS ears. Sa4 for Munpslst
lnla asBaiL a Zmtfaaa. 1-14.
ofr a.s Marks aarrx. haa rraacsaca,
as saraJ a- M. ass u. M. I
COOS BAY LINE
alia rresa Alaswenk Dark. rsrttaa4.
rrr Th h rs 4 a 7 at a A. M. Krelsht aa4
Ticket Office, Alaavarth rWHrla. 1'haara
Mala Sdou. A SOO. tlljr T !- Office.
he Sfk St. Pheaea Marshall 4.VMI. A Sill.
rOHfULXD 41 IOVI MAT a. A.
Cessssstclsl letters ( Crrsll
Btcksssa aa Lssaialvsw Ksatsss.
The six officers of this bank
each have had over Twenty
Years continuous banking ex
perience. Therefore a safe place for
your money is
Th Cost It L
ALL THE WAY BY WATER
salla at S P. M Wrssrsts;,
Ural t las
San Francisco. $12.00
Santa Barbara, $20.00
Ixis Angeles... $20.35
San Diego $22700
( Fa Rsal ir Vs-a
THE THRU LINK."
i:i rkka Ar sax rRA7rteo
F. A. K I LB URN
Ticket Offi cViri" A Third St.
Phone Main 1311. A 1311.
YTItJ.st Cases lis HsMMes
S. S. BEAR
Sella s-'rasa Atatavsert Dark
S A. M-. J I LV IS.
All Malta larlaas
Hcrlkl ssl Meals.
Tahla aa4 sanlaa
Tha haa Krasrlsra 4t Part I a a4 S. S,
Ca. T a I r 4 a a 4 Waaalastss Sla.
.lth U..W. R, a J. Can 1 ai. atraaa
aij &, A LXU
American-Hawaiian Steam. hip Co.
E.i pi rsa
V""'"" Jj tar
C D. Kmmmtr Aa-U. A tark Bi.