TTTE MOItJiTNG OREGONIAX. MONDAY, AUGUST 2, 1915.
9
BANKING TO CHANGE
Federal Reserve Rules Are to
Alter Methods. -
SOME REGULATIONS CITED
H pres- I t
irrover. I I
classes I
Financial Statements From Borrow-
trloBt Required and One-Xiitw
Paper to Pass Portland
3Crn Indorse Plan.
With tfcs enforcement of ths rertila-
ttons Issued by ths Federal reserve
bank at San FTancUco. covering; ths
rediscount Ins of commercial paper and
defining- what commercial paper Is ac
ceptabls to the regional bank, which
became effective July IS. It is con
ceded there will com a gradual chang-a
la many accepted banking- and busl
Seas practices. Ths n rules will
produce radical differences In tn
at relations of banker and borro
There are aereral different
f borrowers. The national, the state
banks, and the trust companies are
ra-snlsed to accommodate each one
according- to his needs. The kinds of
borrowers range from ths man who
wants a little money with which to
paint his bouse or meet bis taxes to
the corporation or railroad which de
sires to borrow millions of dollars on
long time and to assure the payment
f which It executes a mortgage or
deed of trust core ring sll of its prop
arty of every description. The new
regulstions of the Federal reserve
bank, however, have to do only with
borrowing which Is dons on a -strictly
commercial basis, or as the law puts
It. for commercial, industrial and agrl
cultural purposes.
Ths Federal reserv bsnk Is seeking
to bring together ths different forms
of notes and securities which originate
from definite transactions in these
three lines of activity, and which by
the very nature of the transaction. In
das course, contemplates a turnover
of goods for money. Whenever this
exchange occurs. It Is expected thst
the money which has been borrowed
hall be paid back to the lender and
the slats wiped clean. Thus ths next
Similar transaction Is made possible.
It Is contemplated under the la
In the case of Industrial and
xnerclal transactions these processes
of borrowing and liquidation shall bs
computed In not more than to days.
and In the cas of agricultural opera
tlon. within six months. To th
about a Changs of the kind of notes
accepted by ths banks. Nowadays a
borrower, when his credit Is deemed
unquestlonsbly good, goes to the bank.
gets what he thinks he needs, and no
particular questions sre asked or him.
This nractlce will doubtless alwsys
continue. But In so far as bis strictly
business transactions aro concerned
there will bs a change. Ths banks will
hereafter more definitely Inquire Into
the purpose for which ths money Is to
be used. There will be a tendency to
differentiate between the money bor
rowed for financing an Immediate
shipment, purchase or manufacture
of goods, from ths money to be used
In plant extension or betterment or tor
purely personal needs la ths iirsi
instance, the debt can bs arranged to
extinguish Itself automatically. It
can be definitely ststed whence the
money la coming with which to pay
ths loan. Ths financial stsndlng of
ths concern will bs maintained In so
fsr as it complies with Its stated sr-
M.Min.nti Rut In th. r m Ml of lamni
to be paid out of the mors or less, unl
certain luiuro proms 01 tue concern,
covering a long period of time, the
bank can arrange for the borrower to
WEEKLY STATEMENT OF FED-
KRAL RESERVE BANK AT
SAM FRANCISCO.
SAN FRANCISCO. July 11.
(Special) Ths Federal Reeerva
Bank of San Francisco reports
conditions at the close of business
July -80. lilS. as follows:
Gold coin and gold certif
icates. In own vaults. .1 I.4S4.000
In gold settlement fund 1.150.000
In gold redemption fund 21.000
Legal tender notes, sll-,
ver. etc 11.000
Total reserves I 1.1U.000
Commercial paper, re
discounts Bank accsptsnces .....
United States bonds....
Municipal warrants ...
OUV. c ".-
neia
All other resources
1.T71.000
tOl.OOO
1.001,000
1.11S.000
l.m.ooo
114.000
TRADE HEARINGS SE
Federal Body to Conduct Con
ferences in Portland.
ALL INTERESTED INVITED
Commission la Divided Into Three
Departments and Three Boards.
General Study of Condi
tlons Is to Bo Made.
Total resources..
LiabUttle
Capital paid in .....
Deposits, net
..I16.1Z1.000
.. 1.J11.000
.. 12.191.000
..$10,321,000
ISS1DI. 1 .
iv that I
d com- I J
Total liabilities
MMwaadmn.
Federal reserve received
from Fedeal reserve
agent 2.040.000
Federal reserve notes In
hands of bank 1,171.000
Net Federsl ressrvs
notes outstanding ... 141.000
a Gold deposited with Fed-
:eral reserve agent to
retire Federal reserve
notes 2.040.000
Net asset account Fed-
0 erat reserve notes..
aaasooooeeeeeesooeessssss
originating bank It la to raesn that provide security for that part of the
It will constantly be occupied In the money advanced or otherwise take care
. . j j ... I or the transaction In ths manner most
1 J t, Ma .l,.aa HfUUIICVUI IV wiu kvut. .
.in ...i... -. .kk . , I the same time. It will keep as isrga
of so-called liquid obligations which P"Ssioie a pari ne jai..u.- .uou.
shall dlreetlv reflect the buainaas ae- I lu" " -"f"" "
i jt .1. .n . .ki. I The present general practice of mak-
rises of borrowing: when business Is n one-name paper tn.i ... iua -a
dull, ths ststs of the times will be ' tes signed by a single individual.
.... . t ,ki. ... . I which la the common practice In ths
-i- w K-nV I UnitSO Biaies IWIJ will wneij wv
v-- . i. . r. .4 ...... I ... . V. . . V. . 1. w Tl i awrjfQf g dj k"i buim vmmvv
mean thst the principal part of their """"a transactions in coramerco in.
business will be to Issus their bank .
notes In direct resporse to the business I ';le.r- , . . . .
a.ai. or th. district th.v a.rva and I Officials of the Portlsnd banks do
thst ths bsnk not. currency of the consider ths requirements of ths
...... a. ... aW.l, , K . a1 .4 I rCUn.l rVWrw vmum v, ....,..
..- o.-i I statements arbitrary or unnecessary.
exceptions, consider this the soundest It Is the general opinion that before
possible basis for the national cur- ,on Danaa win m.na
Banks win continue to do business irom inr ini "'""
along most lines as they have dons other cases the statements will have
In ths past. There Is no effort to lo 00 sworn 10 wi.r. . w"".
fnterfar. in tr.n..rtion. whioh .... It Is not thst business Integrity is less
heretofore ini .nrf unnd from I than formsrly. On ths contrsry. It Is
a ktiiinu, .i..j.ir r.. .i..nij I cenerally conceded that buslneaa mor
the bank desire to rediscount sny of allty Is gradually reaching a higher
. .... - I a .t -. 1k JswiaMila snaif SI TlW Vxlialaa
ine notea on which Its runds are
loaned. It must certify to rtia fact ne" methods for a larger proportion
that tha money thus advanced by It capital to volume of business the
kas been -used, or la to be used. In m"' margin on which a large volume
sroduetna-. nurcha-lne-. earrvlna- nr of business IS done at mis time, sna
marketing goods In on or more of the aeenne.s w m vuu.kwwu
at.n. of t.a omm.. ntin I meets the business man on every hand
manufacture and distribution." and In every form, are tne important
Practically every city bank requires I factors that make an exact knowledge
a financial statement from Its borrow- I oi tno iinanciai conoiuu. -
tnar mtaiun Than 4- hw. I rower necessarr. Ths governing fac
nnlfermltv In tha metnnrf f rat harinr I tor. however, is that with the growth
and recording the Information desired,! of banks and banking facilities. It Is
or requiring that complete Informa- only a small per cent or Business ion
tlon be furnished. Except In a few of Is not done or will not be dona on
the larger bsnks. Is thera any regu-1 credit. This win continue to oe mo
laritr In the periods for which this I case for all time to come.
Information Is asked. An approximate! Ths derlscountlng prU liege for mem-
a-tandardlsatlon In thess respects will I ber bsnks with the Federal reserve
undoubtedly be one of the results of I banks la not much In demand at the
ths regulations referred to. I present time. Nor doea It seem as If
The regional bank recommends that I It would be a factor of Importance In
wh bank keep on file a financial the Immediate future. But the banka
statement from each of Its borrowing understand that there Is no telling
customers. The Federsl bank offers when the demsnd may arise It msy be
to furnish a form of blank, which It over nightand ths better the times
Deueves win oest meet ine end sought I the greater ths demand win do.
vy me new- isw. ii mteo oilers to aa- I rT : i
slst anr bank In Installina- a nroDer
system of credit files. . DfVYPni I AT MINFS I ARRFR
The changes In credit methods Willi niiiva-a. n w
come about as tha practice of red Is- I
counting notes becomes mora common I Fine Properties Become iToanpers
wun tns osnxs wnicn are raemners or I . ,
the Federal reeerve system. In the Employes Increase.
Tlret place, as tha redlscounttng bank
nas to inaorse every note or its ens- I . . , . . ,j.v ..- t rni.i i
Samara vhl.k 1 , Hannalia with it. 1 Alii-i-, au.hu, u.. v" '
-.trioM.l raa.r.. k.k tt la .h.i,.-i. I Desplts the closing down of the Her
necessary that It be In nosaession of I cules mine, ths mammoth lead producer
accurate and op-to-date Information I of tha world. In May, tha payroll of
a con
im inpruu. Man v naw Drosoects
" oepemj on me estimates made oy na been reopened and nearly 600 men
the bank s cuatomsrs or their verbal .mnlnnil alne. Julv 1.
statements. It must have this Infor-1 F,v. pr0spects Joined tha ranks of
ik i "in ui .a- i.mallar nronue.ra last waeK. eacn HID.
ZT., "", the notes , from 1S, to ,o tons of ore per
?! .'. .."."vf " month to the smelters. Mine accidents
ik. . . 1 . . T rs fswer this year than ever bafore.
- . J '" I according to a semi-official report be-
An Important event In the commercial
and financial lite of Portland will be
the hearlnsa In Portland, begtnnin
Saturday. August 14. of the Federal
Trade Commission, which, as its rame
Implies, la charged with the duty of
studying trade conditions tnrougnou
the country.
The Commission Is composed of Jo
seph E. Davles. Wisconsin, chairman
Edward N. Hurley. Illinois. Vlce-cnair
man: Will H. Parry. Washington state
William J. Harris. Georgia, and George
Rubles. New Hampshire.
The organisation has been divided
Into three departments, each with Its
chief and each with clearly denned
functlona and responsibilities. These
departments are, first, the adminlstra
tive. of which the secretary to the Com
mission Is the chief; the economic, of
which tha chief economist Is tha head.
and tha legal, of which tha chief coun
sei Is in charge.
Three Beards Farmed. Tea.
In addition to these three depart'
ments there are three boards of re
view the econoraio board, the law
board and the Joint board of review.
The first two boards, obviously, are
concerned with the economic and law
departments, respectively, but the Joint
board of review Is a co-ordinating
body, composed of representatives of
the economic and law boards, and has
to do with matters Involving mixed
questions of law and fact.
The secretary Is tba chief ad minis
trative offlcsr and-Is provided for In
the Federal Trade Commission act. He
will have tha custody of the Journal
and seal of tha Commission and will be
In general charge of tha administrative
machinery of the office. No permanent
secretary baa been appointed by the
Commission. Frank D. Jones, who has
been acting secretary since the Com
mission was organised, will be con
tinued In charge of the secretary's office
temporarily.
The division of economic investlga
tlon will complete the various unfln
Ished Investigations which were being
conducted by the bureau of corpora
tlons when It was absorbed by the
Federal Trade Commission. It will have
charge of all economic Investigations
with respect to specific corporations,
branches of Industry or particular eco
nomic questions which are made by the
Commission pursuant to tha direction
of the President or Congress, applica
tions of the Attorney-General with re
spect sto the manner In which decrees
are carried out. or with reapect to rec
ommendations for the readjustment of
the business of a corporation alleged
to be violating the anti-trust act.
Division Sabjcet to Can.
This division will be subject to tha
call of the Commission for Investlga
tlons Instituted on Its own motion, and
will have charge of the preparation
of reports thereon. It Is contemplated
that all matters respecting the exercise
of the quasi-Judicial powers' of the
Commission, such as where tha consld
eration or Investigation of economic
questions ara involved, will be referred
to this division for investigation aa to
the facts.
The hearings In Portland will be held
on the fifth floor of the Chamber of
Commerce building from 10 to 12 and
front 2 to a o clock.
The following quotation la from
letter by Commissioner Parry, whose
home is at Seattle:
The Commission extends a general
invitation not only to the members of
the Portland Chamber of Commerce.
but to all business men and others in'
terested in the problems with which
the Commission will have to deal, to
attend the conferences in Portland.
RATE CAUSES PROTEST
SEATTLE SAYS PORTLAND HAS BEST
' OP EXCURSION FARES.
concerning tha financial affairs of Its I the Coeur d'Aienes is showing
borrowers. It will not ba sufficient , .ant Increase. Many new pr
For th. preUnt the regional bank , pr'eib 'ToTnleiT
will not be sweeping or autocratle In .T?TEl P.r dAl.n.
Its demands along this line. It has l"J.?ln?' ".Vli v. bf.t
decided that the bank need not fur- 7! VL i, ii JoltX
nl.h a statsment with notes for re- "mated at 17.000.000.
discount from those who borrow less
thsn 15000 at any one time or mors
than 10 per cent of their capital.
Neither will It be necessary to furnish
statements where the notes have the
signature of both purchaser and seller.
or ara backed by warehouse receipts.
Lumbermen's Trust Bays Bonds.
The Lumbermen's Trust Company of
Portland recently purchased from
Santa Clara County, California. 1100.000
State of California highway t per cent
bonds. This Is the first big purchsse
bark,rd'.r;.d-h,?h.,.h, 'fZ "ZVo ' "mb.Ur.n"
to":pw."s wT;it p p tv? ct,T " terrltonf in
in .
The Federal reserve bank drawa a
distinction between a note that la
both good and. also "eligible" for
rediscount. It may be good without
being eligible, tha latter being de
pendent upon Its conforming to the
requirements of paysnt aa outlined
above. It la good, so far as ultimata
payment Is concerned. If It Is backed
br character and assets sufficient to
redeem It, but the assets msy bo of
such nature that they arc net readily
convert.! Into cash. Thts would deny
Its eligibility.
There will be. according to the rules.
o hard and fast decisions against ths
renewal of notes, when necessary.
Tha renewal of a note will not bring
'It under the classifies tlon of Ineligi
bility for rediscount. Ths Federal Re
servo Board will, however, be on the
watch that this same note Is not re
newed until tha obligation takes the
form of a permanent or capital in
vestment loan. This is the point It will
be most particular about. And tba
member banks will follow vsry closely
tha desires of tha rsgtonal bsnk. as
their own standing will be affected
fey the class of notea they offer, v
- There will also ba gradually brought
Railroads Hay Remove Option of Travel
Tkroagh Soaad City aa Betan
Frasa Callforala.
Complaint has been made recently to
the Interstate Commerce Commission
by ths transportation bureau of the
new Seattle Chamber of Commerce that
the excursion rates of tha Great North
ern and other transcontinental carriers
from Seattle to Portland to Eastern
points via San Francisco are unjustly
discriminatory in favor of Portland.
While Seattle. It seems, cannot be
blamed for complaining, the condition
against which the complaint Is made
has prevailed for yeara. It Is more
pronounced this year, however, because
of the California fatra, when Seattle
people, returning from Eastern trips,
are likely to atop in California. 1
The situation Is this: A person liv
ing In Portland can buy a round-trip
Summer tourist ticket to Chicago and
return for $72.60. If he wants to travel
one way through California ho pays
117.50 additional.
A person living In Seattle pays the
same round-trip rate to Chicago and
tba aame 117.60 additional to travel one
way through California, but the return
trip will take blm only to Portland.
Then he must pay an additional 16.60
to get back to Seattle. That la where
the Portland man has the beat of It.
and that Is where the alleged discrimi
nation comes In.
The situation arises from the fact
that the Northern Pacific, before the
North Bank road was built, was re
quired to route Its Portland passengers
through Seattle to carry them East.
Now that tha North Bank route is in
SUCCESS OF NEW BRITISH WAR LOAN AS SHOWN BY LARGE
SUBSCRIPTIONS.
Tha feature of the success of Great Britain's recent war loan was
ths number of large single investments made, particularly by soma of
the great Joint stock banks, aa shown In tha following table:
London City and Midland Bank $105,000,000
Lloyds Bank 106.000.000
J
use tha Northern Pacific still offers the
option of traveling through Seattle.
The Great Northern and tha O.-W. R.
& N. Company offer the same privileges.
There Is an arbitrary rate of 15.60
on ths haul between Portland and Se
attle the same aa there Is aa arbitrary
rate of 117.10 between San Francisco
and Portland. The railroads Infer that
if Seattle oerslsts In lta protests It will
remove Portland's option of traveling
through Seattle without paying the
15.60 arbitrary. Thus, tbe alleged dis
crimination will be removed, but Seat
tie will be deprived of whatever benefit
accrues from Portland travelers jour
neying through that city.
LONG CREDIT PROPOSED
Bankers Say South American Trade
Requires New Method.
That American manufacturers will
have to extend liberal credits if they
Intend to compete successfully with
the Germane In the South American
trade, is the conclusion reached by in
vestlgators for the National City Bank
of New York.
"Whether or not tha long credits
that have been a feature of the foouth
American trade in the past will ever be
considerably shortened, so that' they
may meet tha convenience of united
States manufacturers is a question that
will take tlma for an answer and ap
pears ' to be more and more doubt
fuL" says tbe National City Bank's
current report on this subject.
"Europe has used credit slong with
price In competition heretofore, and it
s almost a lair prooi oi real neces
sity of long credits in South American
trade that the merchants who bought
have paid the cost of the long credits
without an attempt to change tbe sys
tem. For the long credits have In
creased tha real price of merchandise.
The German exporters, who have been
credited with using credit roost suc
cessfully tn extending their trade, have
always charged a stiff Interest rat
aa a matter of fa-U the privilege that
merchants In this country obtatd from
wholesalers. Jobbers and manuractur
era, of a certain period of credit at the
end of which they pay only the net
price or even take a discount (lor
"cash 10 days," say), is not anywhere
so freely and extensively accorded in
trade In South America.'
DORR E. FELT VISITOR
Financial Adviser of President Stud-
lee Conditions Here.
An Interesting -visitor among Port
land, bankera recently was Dorr E.
Felt, multi-millionaire manufacturer
and financier of Chicago, and a close
friend of President Wilson. h nas
been one of the President's advisers.
it is understood. In the formation of
the "Federal Trades Commission.
Ha la resident of the Felt Tar
rant Manufacturing Company, of Chi
cago, manufacturers of the Comptom
eter adding and calculating machine
and president of the Northwest Side
Commercial Association, or L.-nicaaro.
Mr. Felt Invented bis first aaaing
machine while employed as a planer
operator In a Chicago macnine snop in
th. earlv 'lOs. With the growth of
his business and wealth he has become
world traveler and student ana
gained the knowledge of Industrial and
international problems which gives him
a high standing In the financial world
and which led President vviison to cau
him Into consultation several times on
pending legislative plana affecting the
business world.
BANKERS TO ATTEND MEET
W. J. Burns to Speak at Convention
In Seattle September -7.
Concurrently with tha forthcoming
convention of the American Bankers'
Association In Seattle, the Washington
Bankers' Association will hold Its an
nual meeting at the same place. The
dates for the Washington convention
are September S and 7.
Many Portland bankers will attend
the national convention and on account
of their close relations with tffe Wash
ington state banks doubtless will try
to be present at some of the state con
vention, too.
One of the Interesting features of this
meeting will be an address by William
. Burns, head of the detective agency
that bears his name, on "Modern Meth
ods of Protecting Banks." Mr. Burns'
agency has the contract for safeguard-
ng tha banks connected witn the na
tional association. It Is presumed that
he will visit Portland on his trip to the
coast.
London County and Westminster Bank.
Union of London and Smiths Bsnk
Manchester and Liverpool District Banking Company..
Bank of Liverpool
Hongkong and Shanghai Banking Corporation
National Bank of India
Chartered Bank of India, Australia and China.
100.000.000
42.600.000
25.000.000
24.000.000
(.250.000
(.000.000
6.000.000
t417.760.000
Total
Other large subscribers were:
Guinness Co S26.OO0.00O
IS. 000.000
6,760.000
5.460.000
6.600.000
6.000.000
4.000.0 00
Prudential Assurance Company
Lord Mlchalham. ..................................
London County Council
North British and Mercantile Insurance Company
Imperial Tobacco Company....
London Underground Railways.
SUNDAY SCHOOLS TO MEET
Clarke County Association to Con
vene at la Center This Month.
LA CENTER. Wash., Aug. 1. (Spe
cial.) The Clarke County Sunday
School Association will hold Its annual
convention at La Center August 17 and
11. Jt will be a mass meeting, as all
Sunday school scholars and workers
present will be allowed to vote. A
splendid programme has been arranged
and the following Sunday school spe
cialists will take part: W. C Moore,
general secretary of the Western Wash
ington Sunday School Association; Miss
Olive Clark, elementary superintendent.
Oregon Sunday School Association. S.
H. Matthews, educational superlntend-
nt Congregational Church of Pacific
Northwest.
The officers of tbe association are
President, W. Furman; secretary. Miss
Ruth Whipple: vice-president. . R. t .
Moesley; treasurer. C E. Abel.
BANK'S MOVE WATCHED
Portland Xon-Xationals interested
In Broadway Trust's Test,
Portland bankers have been much
interested in the recent decision of the
Broadway Trust Company of New York
to enter the Federal reserve system.
This company Is the first of the larger
trust companies of the country to en
ter the system. Its example, therefore.
Is being watched closely, as its expe
rience as a member may induce other
large banks other than National banks
to affiliate.
The Broadway Trust Company has
offices In the Woolworth building. 'and
five branches In various parts of tbe
city. It baa a capital of 21.500,000 and
eposlts of about 120.000.000.
SALMON MOVES EAST
Reduced Railroad Rates In
duce Much Activity.
CUT DOUBTFUL FOR TIME
Protest of Jackson, Miss.. Men
Causes Suspension, but Chamber
of Commerce Intervenes and
Order Is Quickly Vacated.
Canned aalmon Is going out of the
Portland territory to points in the East
and Middle West at greatly reduced
railroad rates and this situation. It Is
believed, will do much to stimulate the
market.
Many heavy shipments of salmon be
gan to move on the day that the new
rats was put In, but for a time it was
feared among the packers that they
would be reaulred to pay the old rates.
This was due to the protest luea
against the new rate by tha Commer
cial Club at Jackson. Miss., which al
leged violation of the fourth section
of the Interstate Commerce code gov.
eming the long and short haul situation.
As a matter of fact, the Commission
actually suspended all the rates when
the protest was filed, but when the
transportation bureau 'of the Portland
Chamber of Commerce learned of- this
It got busy.
Telegram la Dispatched.
The following telegram was sent to
the secretary of the Commission a
Washington, D. C: .
"Columbia River packers and ship
pers have been withholding shipments
several weeks for these reduced rates
and will be seriously injured by suspen
sion. Some shipments already moving.
Suspension will unquestionably injuri
ously affect larger volume of business
and greater number of shippers than
will be affected if rates become ef
fective. We urgently request Commis
sion to permit entire tariff to become
effective, carriers to rectify fourth sec
tion violations, or permit rates to go
In to points not so affected-
Order Is Vacated.
Within a few hours after this mes
sage waa received in Washington, the
following reply was received In Port'
land:
'Tour wire received: Commission will
vacate today suspension order referred
to so far as It Involves rates to groups
D to J inclusive and will vacate aa to
group C as soon as those rates are
properly aligned, which we will permit
on snort notice.
"(Signed) McGINTT, Secretary."
This permitted the packers to con
tinue their shipments as they had
started them, and as a result thev have
added largely to v their sales in the
eastern territory.
The Chamber of Commerce waa in
formed a few days ago that the new
rates will be permitted to go into effect
permanently In those districts where no
violation of the fourth section la
charged and that new adjustments will
do made In that territory where viola'
tions are found.
TIMBER TRACT IS SOLD
Crown-Willamette Paper Company
Buys Upper Youngs Klver Land
ASTORIA. Or, Aug. 1. (Special.)
The Bremner Logging Company has
sold a tract of about 3000 acres of tim
ber land in the Upper Young's River
district to the Crown Willamette Paper
Company. The property Is what Is
known as the McClure holdings and
contains a vast amount of first-class
spruce and fir timber.
The consideration in the deed is
nominal, but the revenue stamps indl
cats the price paid was In the neighbor
hood of 1130.000.
The
Canadian Bank
of Commerce
HEADOFFJCB
Toronto, Canada.
Established 1867.
A general banking business
transacted.
Interest paid on time deposits.
Ctesasacrctal Letters of Credit
Issued.
Bxchaaga Loadoa, Eaglaad,
Baaght aad Said.
PORTLAND BRANCH.
Corner Second and Stark Sts.
, P. C M ALP AS. Manager.
Travelers' Checks
Should be used by you when
you go to the SAN FRAN
CISCO EXPOSITION, or
travel elsewhere. No other
means of carrying money is so
satisfactory.
Paid Everywhere
WITHOUT IDENTIFICATION
Sold by
The, United States National Bank
V
Third and Oak Sts Portland, Or.
The First National Bank
OF PORTLAND, OREGON
offers you excellent facilities, uniform
courtesy, careful, attentive service and
safety for your funds.
We cordially invite your business.
Capital and Surplus
$3,500,000
THE BEST EVIDENCE OF OUR CONTIN
UAL AND RAPID GROWTH IS THE GREAT
NUMBER OF SATISFIED CUSTOMERS
WHO ARE DOING BUSINESS WITH US.
THE
NORTH WESTERN
NATIONAL BANK
We Would Appreciate
an opportunity to prove the many ways in which your
banking interests could be better served by us.
A Commercial and Savings Department under Gov
ernment Supervision.
Merchants National Bank
The Bank of Personal Service
Founded 1886 Washington and Fourth Streets
BONDS
Netting 6
Small amount on hand
Commerce Safe Deposit
and Mortgage Co.
91 Third St.
Chamber of Com. Bldg.
TBATXXEB' GtTDDB.
TO THE HOLDERS OF
BOISE-PAYETTE RIVER
ELECTRIC POWER CO.
1st Mortgage 6 Bonds
Due 1921
A default In thi conditions of the
trust deed securing these bonds has
been created which seems to eliminate
the sinking- fund provided for the re
demptlon of the bonds. Unless com
bined prompt action is taken the bonds
will be worthless. I advise all holders
to communicate with me immediately.
giving- amount and numbers of bonds.
so that arrangements may do made to
organize a bondholders' protective com
mittee .before it is too late to save the
principal of our Investment.
Frederic Burnham
111 West Moaro St, Chleaao.
act AMoumtfojnwT acts fl 1. ? ! 1 ti ft 2
inHVMiAtUII Mmvmw-mw w
THE BANK OF CALIFORNIA
NATIONAL ASSOCIATION
of San Francis: ex 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
San Francisco
Los Angeles
(Wltheut Chans Km Route)
The Big,
Clean.
Comfortable.
Elegantly Appointed,
beaa.ing Steamship
S. S. BEAVER
Sails From Alnswerth Deck
A. M. AUGUST 5
100 Golden Miles aa
Colombia River.
All Rates Include
Berths and Meals.
Table and Service
Uaexcelled.
The Baa Fraaelsc A Portland S. S.
Co., Third aad Wasblngtoa streets
(with O.-W. H. N. Co.). Tel. Broad
war 4&0, A 12L.
TRAVEl.ERS GUIDE.
The Cost Is Less
AH the Way by Water
IVo Change En Ronte If Ton
Travel Via
"THE THRU LINE"
STEAMSHIP ELDER
Sails at 8 P. M. Wednesdsy,
August 4.
First Class.
Including Meals and Berth.
FRENCH LINE
Compagaie Generals TraasaUantlqBa,
POSTAL SERVICE.
SaHines From NEW YORK to BORDEAUX
ESPAGNE Aug. 7. 3 P. iL
ROCHAMBEAU ...Au;. 14. 3 P. M.
FOR INFORMATION. APPLY
C. W. Stinger. SO Sib st.l A. D. Charlton.
tba MurrUoa sts JC M. Taylor, C. II It.
P Ry.l loraey B. Smith.-1 IS Xd at. A. C.
Ington St.; Mortb Bsnk Road, ftth and Stark
sta.i F. 8. Mciarlsnd, Sd and Washington
1... K. P. Puliy. U 8d st Portland.
American-Hawaiian Steamship Co.
Freight
a Between
Portland
New Xerk
Uka)'
C. O. Kennedy A St- I JO Stark St FortlaaO.
San Francisco, $12.00
Santa Barbara, $20.00
Los Angeles. . .$20.35
San Diegp $22.00
COOSBAY.EUREKA
i and San Francisco 1
E S. S. SANTA CLARA -Sails
Tuesday Aug. 3, 6 P. M. I
Ticket Office 122 A Third St. I
Phones Main 1314, A 1314. J
North Bank Rail
26 Hours Ocean Sail
-Deck. Triple-Screw 14-Koot.
BS, "GREAT NORTHERN"
SS. "NORTHERN PACUIU"
SOB
SAN FRANCISCO
Every Tuesday, Thursday and Saturday.
Steamer train leaves North Bank station
I: to A. at.; lunch aboard ship; S3, arrival
San Francisco f:X0 P. U. next day.
EXPRESS SRRVICJB AT FREIGHT RATE
NORTH RANK TICKET OFF1CK.
Phoneat Hdwy. SZU. A 6J1 sth and Stark.
AUSTRALIA
MEW ZEALAND AND SOUTH SEAS,
Raaular. throurh eallins for Sydney vis
Tahiti and Wellington from Ban Francisco.
Ausust 18. September 16. October 13, and
every 8 days. Scad for pamhlet.
Union oteamamp Co., er .ew eaiana, Ltd.
Office SIS Market sine. San Fmuussca.
er tesai g, 8. aad R, S, taceats, -
Freiicht and Passenger
STEAMERS TO THE DAIXES
and Way Landings.
"BAILEY GATZERT"
Leaves Portland dally it 7 A. It. except
Sunday and Monday. Sunday excursions
to Cascade Locke leave 9 A. M.
"DALLES CITY"
Leaves Portland Tuesday, Thursday and
Sunday at 8:30 A. M.
Sunday Cascade Lochs Excursion fl.
Fare to The Dalles and Return ft.
ALDER-6T. DOCK, PORTLAND.
Phones Main 814. A 6112.
COOS BAY LINE
Steamer Breakwater
Sella From Alaswerth Dock, Portland,
every Thursday at S A. M. Frelxht and
Ticket Office. Atusiverth Dock. Phones
Mala 8 BOO. A 2332. City Ticket Office.
SO eth St. Phones Marshall 4300, A 8181.
AUHUA'D COO BAX ft $ UDi