TITE MORNING OREGOXTAN. BIOXDAT, JULY 26, 1915.
9
FUNDS AMPLE FOR
BUSINESS REVIVAL
Controller's Report Shows Big
Resources and Reserves
in National Banks.
CONDITION IS HEALTHY
raciric Xort Invest Banks Have Re
serves Far in Excess of Amounts
Kequired by Law Possibil
ity for Expansion Great.
From the report of the Controller
of the Currency, which has Just come
to hand. Betting- forth the condition
of the National banks of the United
States for May 1, 1915, several Inter
esting facts which have a bearing- on
the financial situation and the banking
strength of the Pacific Northwest, are
gathered. This section is especially
Interested in the facts relating to
Oregon, Washington and Idaho. There
are 221 National banks in the territory,
of which 86 are in Oregon, 78 in Wash
ington, and 57 in Idaho.
The possibility of commercial expan
sion is seen in the fact that the Na
tional banks of these three states carry
reserves aggregating J42.500.000. while
but tl9.500.000 are required under the
law. This is an excess of $23,000,000
available for regular trade and busi
ness demands. That there is a ten
dency for these reserves to Increase Is
shown In the ratio of deposits to re
serves In the National banks. For these
three states on March A, 1915. the
reserves were 28.7 per cent of the de
posits, while on May 1 the ratio be
tween the two items was 29.5 per cent.
Bisr Excess Shown.
The detailed figures of the reserves
required and the actual reserves car
ried in the National banks May 1,
2915, were as follows:
May 1, 1915. Reserves Reserves
Required Held
Oregon
Portland 4.254,194
Country Banks . . a. 083,335
9.398.0HT
6.713.8SS
Total
Washington
Seattle
Spokane . . .
Tacoma
$ .7.337.29 16.311.983
8 4.2S6.S37 8 M.V0.1.44U
1.47n.!lOO-v 3.14H.37S
5..Sfi3 1.492,1152
8.0i)i.S&2 7,97,64
.8 9.720.042 8 21.145.415
2.242. H33 S.lZa.HlU
t 19.800.506 8 42.&M3.2K9
Country
Banks. . .
Total
Idaho
Orand total
Total excess 8 23.1'S.7ii
The total deposits in the National
banks of these three states on May 1
was $196,877,743. This was divided
into demand deposits subject to check,
8119,152,427; time deposits, including
etate. municipal and Federal funds and
certificates of deposit, 847.362,33; and
the strictly savings department de
posits, which are subject to 30 days'
notice of withdrawal, $30,363,283.
Loans and Discounts Large.
The total of loans and discounts for
these three states is $132,387,564, or
67.2 per cent of the deposits. There
is always an interesting relation be
tween the activity in loans and dis
counts and the deposits. Their rela
tion is definite for the New York finan
cial center and for the country at
large. The comparative showing for
the states under consideration is as
follows:
Loans and
Discounts
Orepon
Portland $ 24.618,008
Country Banks... 24.41S.776
Total
Deposits
8 40.9S1.340
31.4U8.807
Total 8 4U.036.844
"Washington -
Seattle .-....$ 23.SB4. 351
Spokane 12.1S0.35S
Tacoma 4.217.855
Country Banks... 25.227,225
8 72.450.147
$ S3.7P.1.652
20.S50.339
7.871,933
3S.813.U5V
Total 8 65.569.480
Idaho 17.791.231
f 101.331.581
23.OU0.O15
Grand total ......$132,387,564 8196.877.743
The active relations of the National
banks of this district under discussion
with their Federal reserve bank is
shown in the fact that there is due
them from the Federal reserve bank
at San Francisco a total of 83.834,534.
The banks on May 1 had total redis
counts of $487,866, divided between the
country banks of Oregon. $236,476;
the country banks of Washington, $29,
985; of Idaho. $181,405, and the banks
of Spokane, $40,000.
Changes Are Expected.
There will be doubtless notable
changes in these items when the re
sults of the call of June 23 are avail
able. These same banks held on May
1 a total of $36,560 of Federal reserve
notes.
The amounts due from the Federal
reserve banks and the Federal reserve
notes outstanding are as- follows
Due from
T. R. Notes
F. R. Bank
Outstanding
Oregon
Portland
Country . ,
Total J
W8sh!ngton-
Seattle ,..
Hpokane . .
Tacoma .
Country . .
SflO.625
595.SS0
4.1 BO
2.750
8 1.486.505 $ 6.910
8 812.317 8 19.835
310.46S 7.730
174.S20 Sou
612.713 8tiS
.8 1.916.318 8 28,'WO
431.711 72U
Total
Idaho
Grand total $ 3.834,534 8 S6.50O
Surplus Is S14.211.429.
The total capital stock of the Na
tional banks of these three states is
825,616.000; the surplus and undivided
profits aggregate $14,211,429. The to
tal resources are 8247,886,837. The
figures by country banks and reserve
citted are as follows
Total
Resources
Capital and
Surplus
Orag-on
Portland ...
Country ....
Total
'"Washington
Seattle Spokane ....
Tacoma ....
Country . . . .
Tnful
. ..$ 61.P55.912
..8 42.535.938
8.443,839
8.203,513
.8 94.091,850 8 10,647,354
..8 46.579.840
. . 23.5C7.579
9.830. R44
. . 42,883.907
5,995,274
3.1iu.2S
1.207.3.-.H
',245,b40
122.31.870 8 17.5t,4.7:
Idaho 31.433.117
Grand total $247,886,837 t 89.827,429
While the foregoing summary refers
only to the activities and resources of
the National banks, which in total re
sources represent 60 per cent of the
resources and banking capital of the
three states, yet the activities of Na
tional banks are perhaps the dominat
ing factor of the financial situation
In this territory. It will be seen that
there are ample resources and reserves
tor the activity that promises to re
vive with the ending of the war situa
tion, the revival of the lumber business,
and the general return to normal con
dition of tne domestic trade situation
throughout the country.
DRAFTS NOW IN DRACHMAS
National Bank of Greece Sends
Word to American Bankers.
The Irving National 7nk, of New
Tork. has advised Portland bankers
that it has been informed by cable that
all drafts from the United States to
Greece should be in drachmas. This
advice comes from the National Bank
of Greece, the fiscal agent of the Gxselt
government and by far the largest and
vost important bank. In Greece.
Arrangements which were already in
effect permit bankers and commercial
firms to send all drafts in drachmas.
Last March special connections were
formed between the Irving National
Bank and the National Bank of Greece
which made direct exchange in
drachmas possible at the option of the
sender. Today this facility enables
American business houses to comply
with the new ruling and send all drafts
in drachmas.
Violent fluctuations in London and
Paris Exchange made this ruling Im
perative. With Paris exchange 10 per
cent below par and rates fluctuating
as much as 2 per cent in a single day,
general uncertainty has prevailed over
all foreign business, and London and
Paris rates have been only nominal.
The prompt action of the National
FEDERAL RESERVE BANK
MAKES WEEKV REPORT.
SAN FRANCISCO, July 25.
(Special.) The statement of the
Federal Reserve Bank of San
Francisco for the bank's 36th
business week, ended July 23,
as announced yesterday follows:
Resources.
'Gold coin and gold cer
tificates in own vaults.? 8,897.000
In gold settlement fund 367.000
In gold redemp. fund.. 21,000
Legal tender notes, sil
ver, etc 21.000
Total resources $ 9,306.000
Commercial paper- (re
discounts) ? 1,936,000
Bank acceptances 414,000
United States bonds.... 1,001,000
Municipal warrants ... 1,036,000
Federal reserve notes
held 1,181,000
All other resources 1,388,000
Total resources. .... .116,257,000
Liabilities.
Capital paid In f 8.928.000
Deposits, net 12.f34.000
Total liabilities 816.257.000
Memorandum.
Federal reserve notes
received from Federal
reserve agent S 2,040,000
Federal reserve notes in
hands of bank 1,181.000
Net Federal reserve
notes outstanding ... 859,000
Gold deposited with Fed
eral reserve agent to
retire Federal reserve
notes 2,040,000
Net asset account Fed
eral reserve notes ...8 1.181,000
Bank of Greece making use of the spe
cial connection with the Irving National
Bank has relieved the situation.
RAILROAD HAS DEFICIT
O-W. IU 3V. FINANCIAL STATE
MENT SHOWS TAX VALUES.
Operation for 1814 Left Net Sarplos of
SBO.343.S6, bat Adjustments
Were 2,641,33-55.
BOISE. Idaho. July 25. (Special.)
The net operating revenue of the
O.-W. R. & N. Company's properties
in Idaho during the year 1914, as shown
by the financial statement filed with
the State Auditor, amounted to 84.151,-
491.33. The surplus from the earnings
of this company for the year, however,
was but 890,343.86. Deducting the ad
justments made, which ran unusually
heavy, or $2,641,633. o5, there was a
deficit of 81.164.405.34.
This report was filed with the Audi
tor for the use of the State Board of
Hqualizatlon, on which to base the tax
assessment of the company's property.
The report shows that the company
has authorized common stock to the
amount of 500,000 shares at $100 a
share; that the bonded indebtedness of
the company is $199,600,000; amount of
outstanding bonds $89,921,300; the in
terest on the bonded indebtedness
amounted to $2 514.219.40; the Interest
of the unbonded dent $1,104,326.77, and
miscellaneous deductions $93.858.04.
The total operating expenses of the
road for 1914 ran up to $12,207,757.95,
but the operating revenue was $17,658,
066.69. The taxes amounted to $1,298,-
817.41. The total expenses of the road
were $13,506,575.36. A net operating
revenue of $4,151,491.33 is shown. The
non-operating revenue was $496,356.94
the gross Income $4,657,848.07. the sur-
nlua S90.343.86. deficiency at the be
ginning of the year $1,164,41)5.34, ad
justments $2,641,633.65. and deficiency
at the close of the year 81.386.884.35
The O.-W. R. & N. Company operates
a large amount of its property in this
stated but the greater portion of its
main line and most of its feeders are
in Oregon.
The report shows under bonded debt
a bond issue of $175,000,000 labeled the
O.-W. R. & N. Company first and re
funding mortgage, dated January 3
1911. to January 1, 1961, and another
under the O.-W. R. & N. Company
dated June 1. 1896, to June 1, 1946, for
$24,500,000.
DIVIDEND RATE MAY DROP
Fluctuations In Southern Pacific.
Stock. Quotations Cuuse Rumors.
Fluctuations in the quotations in the
Southern Pacific Company's stock on
the New York Stock Exchange have
given rise to the rumors that the next
dividend rate may be reduced to 6 per
cent or the next distribution omitted.
The next declaration will not be con
sidered for some time, lti per cent
having been paid July 1. and Interests
close to the management say that there
is not sufficient ground now for as
suming that the usual dividend wllj
not be earned. The May net earnings
were 897.428 below those of May. 1914,
and the net earnings for the 11 months
were 83.232,436 less than for the cor
responding period a year ago. The
June earnings will be announced on
July 24. One cause tor the unsettled
state of the stock, an official of the
company says, might He in the many
suits which the Government is press
ing against the company, in which final
decisions mav not be handed down bv
the higher courts for two or three
years.
Banking Personals.
George tV. Bates, president of the
Lumbermens National, was a week-end
visitor at the beach.
E. G. Crawford, vice-president of the
Lumbermens National, motored to Eu
gene last Friday and remained there
until after Sunday.
Emery Olmstead, vice-president of
the Northwestern National, has re
turned from a two weeks' vacation
trip in Seattle and the Puget Sound
territory.
A. L. Mills, president of the First
National, who has been touring Cen
tral Oregon by automobile. visited
Klamath Falls last week and grew in
terested in the plan of that community
to gain better railroad connection, with
J. H. Albert, president of the Capital
National Bank of Salem, was In Port
land last week after a trip through
Central Oregon as a member of the ad
visory board to the State Highway
Commission. Other members of the
board are Leslie Butler, well-known
banker of Hood River, and S. Benson,
of Portland.
, poxUaJid,
BANKS ACCUSED OF
DISCREDITING NOTES
John Burke, Federal Treas
urer, Says Redemption of
Quantities Demand.
OWN DEBTS PAID IN PAPER
Institutions Pay Others, bat Protest
When They Have to Take Issue
Themselves, He Reports; Less
Gold to Be Held In West.
National . bankers themselves have
done more to discredit the National
bank notes than has been done by
any other agency, says John Burke,
treasurer of the United States, who left
Portland last night for his old home
in North Dakota, after a few days'
visit with his brother. Judge Thomas
C. Burke, Collector of t Customs in
Portland. V
Mr. Burke pointed out the startling
practice of the National bankers in
sending National bank notes in great
quantities to the United States Treas
ury for redemption in currency and
declared that this practice has been
harmful to the banks themselves.
"If the business men. or one of their
regular customers would refuse to ac
cept National bank notes, the bankers
would rise up in great alarm," said
Mr. Burke, "and It would be a sad
day for the country, too, for people
to discredit the currency Issued by
the National banks. But I was sur
prised when I assumed charge of the
Treasury at the prevalent disposition
among bankers to refuse their own
bank notes.
Bank: Pretests at Note Pay-meat.
Mr. Burke haa addressed several
communications to the National banks
of the country, pointing out the dan
gers of this attitude, and it is said
that the practice has been partially
cured.
He recalled, while in Portland, that
one of the biggest National banks in
New York protested severely a few
months ago when the Treasury paid
its balance of about V-00,000 In bank
notes.
"We cannot use them." complained
the bank, yet its records showed to
the Treasury officials that it had
used them on the very day that they
were received in paying off balances
of their own.
Confidence Meld With Bankers.
Mr. Burke met many Portland bank
ers while here and discussed financial
affairs with them. He expressed the
belief that the use of emergency cur
rency provided for under the new
r ederal reserve act will prove success
ful. During the stringency a few
months ago an aggregate of $384,000.-
000 in this kind of currency was Issued,
be said, based on commercial paper,
but most of this now has been retired.
Mr. Burke passed several days at
oan Francisco before coming to Port
land, checking over the money in the
sub-treasury there. The sub-treasury
recently moved into new quarters, and
a careful check is required after every
such transfer. A crew of experts sent
to San Francisco .by Mr. Burke from
Washington will count all the money
In the new sub-treasury. The Gov
ernment carries approximately $300.
000.000 in gold and silver coins in the
San Francisco office. Large quantities
also are carried in the mint in that
city.
Opposition to Paper Fading.
It is probable. Mr. Burke thinks, that
it will be unnecessary In the future to
carry so much coin - in the Western
offices. The West, he believes, is over
coming some of its .prejudice against
paper money. This applies particularly
to the bills of larger denomination.
Men who formerly refused to carry
anything but gold coins In their
pockets now are content to accept $20.
$10 and $5 bills, whether they are gold
certificates, silver certificates or Na
tional bank notes.
Tho prejudice that still exists In the
West against the $1 bills, he believes,
soon will be outgrown. It will not be
necessary, then, for the Government to
carry so much of its coin In the West.
The use of emergency money issued
by the new reserve banks, too. will
preclude the necessity of having so
much other cash on hand.
Mr. Burke reported that business
conditions in the country generally are
improving as indicated by the trade
balance of $2,500,000 a week that is
coming Into the United States regu
larly from Europe. This is due to war
orders being filled In this country
and to the falling off of European
imports on account of the war.
RECEIVER TO PAY DIVIDEND
Depositors in tefunct Bank Will
Receive Interest on lost Punas.
Depositors in the defunct Oregon
Trust & Savings Bank holding bonds
of the Omaha Home Telephone Com
pany. or certificates Issued by Receiver
Devlin to cover such bonds, will re
ceive a further and final dividend be
ginning today from the Bank of Call
fornla. acting as agent for Frank Kler
nan, who is winding up the affair of
the bank.
It Is estimated that approximately
8500.000 of Omaha Home Telephone
bonds was held by the bank for their
depositors. Since the failure of the
bank eight years ago no interest has
been paid. The dividends on these
bonds, including those to be paid to
day, will cover, approximately, the in
terest. No return will be forthcoming
on the principal, it i said.
CLOSE B0NDBID WINS
Lumbermens Trust Company Takes
Issue Over Eastern Houses.
By close figuring the Lumbermens
Trust Company of Portland was able
to obtain the entire issue of 8210.000
worth of Skamania County, Washing
ton, road bonds sold last week. A
premium of 81750 was paid.
The bonds will bear interest at the
rate of 6V4 P'r cent and will mature
serially in from 11 to 23 years. Al
though a large number of Eastern bond
buyers competed for the issue the Port
land house was successful.
The proceeds from the bond sale will
be used in building a road along the
Columbia River from Prindle, about
10 miles east of the Clarke County line
in Skamania County, to the White
Salmon. River, which marks the Klicki
tat County line.
OLD SCRIP IS PRESENTED
Pendleton Treasurer Refuses Pay
ment oh Issue of 188 8.
PENDLETON, Or.. July 25. (Special.)
Three pieces of scrip currency. Issued
by the city in 1898 and only recently
discovered In a deposit box at the First
National bank, have been presented to
the City Council by the bank on behalf
of Its customer for redemption. City
Treasurer Bradley refused to honor the
scrip when it was presented to him.
as all of the emergency currency of
this issue was recalled by the city In
1899 when bonds were issued to redeem
the scrip then outstanding.
The scrip. Issued 17 years ago to pay
rental for the old fire house, calls for
$75 on its face but was registered to
draw interest. It was made out to C
B. Wade, former cashier of the bank,
but does not belong to him now. Tba
bank-has not made public the name of
the present claimant. Some county
scrip of the same date, discovered . in
the deposit box at the same time the
city scrip was found, has been honored
and redeemed at face value. The bank
has offered to waive accumulated in
terest on the scrip, if prompt payment
is made, and the matter has been re
ferred to the city attorney and finance
committee. i
TO BE FETED
SEATTLE PREPARES FOR AMERI
CAN ASSOCIATION CONVENTION.
Many Social Feature nasi Slght-Seelnc
- Trips to Mark Gatherla In Paget
Sound Ctry.
Plans for the entertainment of the
members of the American Bankers
Association at their annual meeting
In Seattle in September have been com
pleted by the Seattle bankers and the
Seattle Clearing House Association.
Representative of the Seattle banks,
easily distinguishable, will meet the
incoming trains and. steamships and
take care of the guests for prompt
conveyance to their respective hotels.
The programme will be begun by
special services In the larger churches.
bunday evening, September 5.
Monday the convention will be
opened with entertainment for the vis.
lllng women at the Seattle Golf Club.
There will be a smoker for the men
at night at the Hippodrome.
The official programme for Monday
will be committee meetings held dur
ing the day at headquarters hotel, the
committees being currency, agricultur
al. Insurance law. Federal legislative,
finance, executive council meeting in
the ballroom of the New Washington
Hotel in the afternoon.
Tuesday the programme wlli con
sist of an auto trip for the visitors
through the city and over the boule
vards and a yacht trip on Puget Sound
under aupptces of the Seattle Yacht
Club. In the evening st 8:20 there will
be a concert In the Moore Theater.
The official programme for Tuesday
will be section meetings of the clear
ing house savings banks and trust
companies and the states secretaries
In headquarters hotel, tho New Wash
ington, as follows: Opening of clearing
house session, opening of the savings
bank session, opening of trust com
pany session, opening of state seer
tarles' session.
Wednesday the programme begins
with entertainment and luncheon for
women at the Sunset Club. At S P. M.
there will be a grand ball and rccep
tion at the Armory.
The official programme for Wednee
day will be general convention open
ins: In the Moore Theater at A. M.
Ernest Lister, Governor of -the etate
of Washington, and Hiram C Gill. Ma
yor of Seattle, will deliver short ad
dresses.
Formal address of welcome will be
given by M. F. Backus, president of
Seattle Clearing House Association and
president of the National Bank of
Commerce; response by William A.
Law, president of the American Bank
ers' Association.
Thursday there will be auto rides
for tne guests in and about the city
and over boulevards, golf tournament
for the men at the Seattle Golf Club.
beginning at 10 A. M-, and a general
session at the Moore Theater. The ex
ecutive council will meet In the ball
room at headquarters hotel at 7:30
P. M.
Friday win be riven up to a trip
on Puget Sound. Two steamships will
leave Coleman dock at 9 A. Pro
reed first to Bremerton, United States
Navyyard, pause thero without dls
embarking, to allow the guests to view
the Navyyard and drydocks; then
proceed to Tacoma. where they will be
met by the entertainment committee
of the Tacoma bankers, who have ar
ranged for them an Interesting pro
gramme. Including luncheon. T.ie
guests will return to Seattle about
6:30 P. M.
CORPORATIONS FEEL HURT
Guy W. Talbot Says Decision Means
Consumer Must Par In End.
Public utility corporations in Port
land were badly disappointed last week
when the State Supreme Court decided
that the gross earnings tax imposed
against them by tho city la legal.
The affected corporations have not
determined what action they will pur
sue, now that the case has been decided
against them.
"I am sorely disappointed in the de
cision." said Guy W. Talbot, president
of the Portland Gas & Coke Company.
"However, If the tax should be col
lected It must ultimately be a burden
upon both Jhe company and the con
sumer. The public cannot benefit both
from Increased taxes and lower rates
for gas. When undue taxes are as
sessed the consumer must in the end
stand the charge.
"We have not received a copy of the
text of the opinion, but as it was de
cided on a demurrer we probably will
be compelled to answer and try the
case on Its merits. If w do this, and
it probably will be done, we are doing
It because wo believe our position Is
correct.
Bend Bank Elect Assistant Cashier.
BEND. Or.. July 25. (Special.)
Byron A. Stover, of this city, was
elected assistant cashier of the First
National Bank - of Bend at a meeting
of the directors held yesterday. Mr.
Stover is a young man who has been
in Bend for only a year. His connec
tion with the bank dates back to last
Fall. At the same meeting the directors
voted to request permission from the
Controller of the Currency to Increase
the bank'a capital stock and surplus.
- a
For many years past the papulation of
Germanv haa been Increasing- at tha rate or
about SOO.OOO a year. In 1871 the popula
tion was 41.OOO.oO0 and by 1910 It bad risen
to almost O3.ooo.ooo.
THE BANK OF CALIFORNIA
NATIONAL ASSOCIATION
of Satn Francisco. Founded 1864
Capital Paid in $8,500,000.00
Surplus and Undivided Profits $8,256,734.33
Commercial Banking. Savings Department.
PORTLAND BRANCH
Third and Stark Streets
BANK CLERKS MEET
American Institute Delegates
en Route to San Francisco.
ALL INVITED TO VISIT HERE
Portland, Spokane and Seattle "Cnlto
in Asking All Delegates to Con
vention to See Pacific North
west Before Return to East.
Many delegate to the forthcoming
convention of the American Institute
of Banking, which will be held In 6an
Francisco August 17 to 21. will pass
through and visit Portland on their
way to or from the meetings.
The Institute is composed of tho bank
clerks and minor officials of the banks.
and in recent years has devoted much
effort to the education of the bank em
ploye In the work that will fit him
for official positions. The American
Bankers' Association haa officially en
dorsed the body and gives it valuable
assistance.
Invitation la Kxteaoed.
R. M. Doblo. president of the Port
land chapter of the Institute, has Joined
with the presidents of the other chap
ters in the Northwest in the following
invitation to prospective attendants at
the ban Francisco convention:
"Portland, tfpokane and Seattl chap
ters desire to extend to you a most cor
dial invitation to visit our cities while
on your convention trip. W wish the
pleasure of having you call upon ns
and the privilege of showing you our
great Northwest. Your trip will not
be complete if you return horn with
out having spent part of your vaca
tion In tne Taclfic Northwest and the
great Inland Empire. There ar big
things here for you to see. This coun
try is different. It awaits you. and
you should see It. W earnestly urge
you to visit us either on your way to
or from' tho convention, and we Invite
you to come because we really desire
to entertain wou.
Thomas H. West, clerk In Ladd
ok Tllton Bank, of Portland, is first
vice-president of the National organi
sation, and is ex-offlclo a member of
the executive committee.
Programme la for Fire Daya.
The complete programme for tho San
Francisco meetings follows:
Tuesday. August 17 "Meeting of
East and West," a smoker at Native
Sons Hall.
Wednesday Convention called to
order by President William S. Evans.
Addresses of welcome From f.ie city.
James H. Rolph. Mayor of San
Francisco; from the banks, C. K. Mc
intosh, vice-president Bank of Cali
fornia N. A.: from San Francisco Chap
ter, William A. Marcus, president San
Francisco Chapter A. 1. B.; from Amer
ican Bankers' Association. CoL Fred E.
Farnsworth. secretary American Bank
ers' Association; annus) address by the
president. William S. Evans; report of
executive council by the chairman.
Robert H. Bean; appointment of com
mittees; address. "The Shortsightedness
of Bankers." James K. Lynch, vice
president American Bankers' Associa
tion and vice-president First National
Bank of San Francisco.
Thursday- Address. "Branch Bank
ing and Trade Relations In South
America. H. R. Eldrldge. vice-president
National City Bank, Nw York;
address, "Succes Under the Federal
Reserve System," F. A. Delano, vice
president Federal reserve board; sym
posium. "New American Banking Prac.
tlce." by members of the institute; con
ference of chapter presidents. In charge
of Frank W. Bryant, of Boston.
Friday Address. Professor Samuel
Williston; Inter-chapter debate: unfin
ished business, reports of committees,
election of officers, selection of 1918
convention city.
Saturday American Institute of
Banking day at exposition; luncheon
dansant at Inside Inn.
Entertainment features Include per
sonally conducted tours for the ladies
through San Francisco shops, auto
rldea, ball, tennis and golf.
COUNCIL RESTRICTS FERRY
Kalama Objects to Diversion of
Traffic to Oregon Side.
VANCOUVER. Wash.. July !S. (Spe
cial.) Tho diversion of traffic from the
Pacific Hig. way, as It passes through
Kalama to the Oregon side of the Co
lumbia River, by the two ferrymen at
that point, probably will diminish since
the Kalama City Council haa tken a
hand in the matter and haa passed an
ordinance licensing the soliciting of
trade In the city limits. The annual
license is 825.
As neither of the ferrymen seems
willing to pay this re, attempts to
Induce motorists to cross the river
probably will stop.
Inspection of tha old walls of tha palace
of tha Iurr dtsclosad that ralnforoad con
cilia was known and usad in Tarts In lb
sltnth c-nlury.
The
Canadian Bank
of Commerce
HEAD OFFICE
- Toronto, Canada.
Established 1867.
A reneral banking besiness
transacted.
Interest paid on time deposits.
Commercial Letter of Crosllt
irs mm Lsslsa, Cuius,
us(t nod IV
PORTLAND BRANCH.
Corner Second and Stark St.
P. C M ALP AS. Manarer.
I amy umami Ba.nr3a acii H W St. 1 L 3.
UCRQHAtl
Years of Persistence
Liberal Rate of
The United States
Capital and Surplus
$2,1000,000
THE BEST EVIDENCE OF OUR CONTIN
UAL AND RAPID GRCAYTH IS THE GREAT
NUMBER OF SATISFIED CUSTOMERS
who are; doing BUSINESS with us.
THE
NORTHWESTERN
NATIONAL BANK
The Bank of Personal Service
One general plan or system will not fill the needs of all customers.
This bank offers a personal service, an individual attention that is
bound to meet your requirements and make your banking: relations
profitable and pleasant.
We Pay 4 Per Cent Interest on Savings Deposit.
MERCHANTS NATIONAL BANK
Founded 1886.
The First National Bank
OF PORTLAND, OREGON
FIFTH AND MORRISON STREETS
Capital and Surplus ------ $3,500,000
This Bank is authorized under the National Bank
Act and the Federal Reserve Act to accept interest-bearing
Time Deposits and Savings Accounts-
LOANS
Improved Farms
Inside Business Property
Residences
Commerce Safe Deposit
and Mortgage Co.
91 Third St.
Chamber of Com. Bldg.
TSATKI.FR5' GCTDK.
San Francisco
Los Angeles
(UllsMi Chaase Ka Roslt)
Ts. Bis. t
(Irss,
sa fortah-lv-.
Klraaatly Assls(H,
srssslsg 9teaaaahlt
S. S. BEAR
Sails Fraaa Alasworth Dark.
A. M-. Jl'LY 81
ie Oaldea Mile
C lanbla KUrr.
All Hslra Urlsa
Hrrlka ad Moala.
labia aad irlf
I afcscellral.
Tho Haa Fraarlsra At Fartlaad S. S.
C Third aa Waahlatloa fti-raMa
tavltk .-W. It. N. IXht. Tel. Mr a
aar 4SOO. A tUik
FRENCH LINE
Cwptwl- 0- rml Trma
POSTAL SEKY1CK.
SailiBiis From NEW YORK to BORDEAUX
CHICAGO July 31. 3 P. M.
ESPAGXE Aug. 7. S P. M.
KOCHAMBEAU ...Aug:. II. 3 P. M.
FOR INFORMATION APPLY
C. '. tMInc. b act A. U. rharttoa.
;ii asrrtMs act K. si. 1 a; lur. c A sL
P. Ri i B. braUti. II 3 -1 A. C
fbrldoa. 1UO M at. H. Dlrkaon -In
a to aUt North Bank H ad. th and tlar
sta.t F. ti. Mrtaxlaad. Sd and a-tikact-a
ta. K. II. Putty. tx d au. forUantt.
American-Hawaiian Steamship Co.
AUSTRALIA
MEW ZEALAND AND aOL'TII bEAa.
Kacular. through aallln for Syoaay vis
Tabui aoil Weniuaioa from baa Kraaciaca
Aucust la, 8ptcmlir 15. October 14. aal
vry das. 6cod tor ".mlil.L.
Colon temabL mt Smm aalad. 144.
Offlra II liars, rt atraa. baa .fcraaclaca,
sc Weal a. a. aad JU M, aa-raf.
0 Bet war
fartlaad
B l.au
C P. Branfy Art- . iKSf - farllaaa
1
in the saving of money have
been the basic reasons for the
success of men of world
power. It becomes a habit as
strong as will itself. Try it.
Interest Paid by
National Bank
Third and Oak
Portland, Oregon
Under Government Supervision.
Washington and Fourth Streets
TRArrt.r.ns- crme.
Tks Cost .
All the Way by Water
tfcaaa r.m Haslr it Yaa
"THE THRU LINE."
STEAMSHIP ROANOKE
fall, at 1. !. Wrdaradaj.
ja I r a.
I trt law.
lartadlaa Mrala aad B-rth.
San Francisco, $12.00
Santa Barbara, $2000
Los Angeles, - $20L35
San Diego, - $22.00
COOSBAY.EUREKA
and Fan Francisco
S. S. SANTA CLARA
Sails Thura, July 29, 6 P. M.
Ticket Office 122 A Third SU
Phones Main 1314. A 1314.
North Bank Rail
26 Hours' Ocean Sail
I.IMCS. Tnpla-e 14-Knot.
1HtE.IT SOMTIIKR.N
aa. "NOK1 liFKN 1MUWC"
SAN FRANCISCO
Erarr Tasaday. Thursdays' aad aaturdaf.
Piwatf trala !v North Bank station
I lO A. M : lunrh aboard sbip: ai. arrKaa
aaa fraaciaoa s i P. M. Daat oar.
EXrKCSs BFRV1CB AT HEIGHT BATS.
SOUTH BAN It TICKET UfllCI.
-hnaaai Bda. X. A Il Mk aad (Mark.
TTVIcht and Passenger
fTEAMKB" TO Tllf: DALLES
and Wajr laaillaia.
"BAILEY GATZERT"
Lmvm Cori.and dally mt T A- M. votpt
us day and Moad. Sunday ticurticai
to CateaO Lochs lfat 9 A- M.
"DALLES CITY"
taraa Portland Tuesday. 1 hu radar and
bunday at b:.itl A. M.
nniay Caaradn lOcka Kacutalo 1.
lam In lb lall- aad KMnrn (S.
ALKKR-.-T. IKIfK. I'OKT LAN IX
I'baara Mala Bit. A Sill.
COOS BAYLINE
Steamer Breakwater
Sail Frsa Alaawarth Dock. Portlaad.
rtrrj TTsaradar at M A. M. Fralaht aad
l'lrkrt Office, Alaaworth lo-h.. Phaaaa
Mala 00. A 233. Cits' Ticket Offlrv.
t th rC. l'aaara Marshall tkVuu, A 131.
rUUlLAAU COO J1A.V A, ft. UJtK.