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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Aug. 9, 1915)
T1TE MORNING OKEGONIAN. MONDAY, AUGUST 9. 1915.
HEW POLIGY URGED
More Normal Movement
Cotton Crop Advocated.
GROWERS' LOANS PLANNED
XVdrral Reserve Board la Open
Letter to Brrtoaal Banks Set
Forth Method to Forestall
Hew tha mtmbtti of tho Federal
reserve system may aid Id financing the
muoq a crop la tho subject of an open
lattar addressed to tha It regional re-
rra bank a laat vtok by tha Federal
- Reserro Board at Washington.
Tha board's action waa taken, tha
- lattar nays, to foraatall any poaalbllity
of congestion of cropa this Fail or lack
- of financial accommodation to more
them and to avoid a recurrence of tha
trlngenoy which In tha past baa
narked this movement.
Although the board applies Its plan
to wheat, corn and all other cereals, it
devotes most attention to tha eottoa
crop, which. It says. Is peculiarly sen
sitive to abnormal conditions, such as
now exist la the export trade.
Usually the crop movement baa bean
taken eare of by Government deposits
la banks or the Issue of emergency
currency under the Aldrlch-Vreoland
act. which, aspired laat month. In place
ef theee agencies, the Board declarea
there la ample authority in the Federal
reserve act to meet the situation this
Xew Feller la Advocated.
Ia view of the large aurplus re
serves now held up by the Federal re
serve banks, by member Lanka aad by
other banks throughout the country.'
. says the Board's letter, "there should
bo no difficulty In affording the pro
ducers the asslatance neceaeary to en
able them to market their producta In
volume corresponding to the power of
the trade to absorb them. In order to
accomplish tola end It Is suggested that
Federal reaerve banka adopt a dlrier
ant policy with reference to redts
eountlns; paper secured by documenta
la aatlafactory form evidencing the
ownership of stored agricultural prod-
"Through such a policy, together
with proper methods of warehousing,
Federal reserve banka can be a potent
factor la assisting the normal move
saent of ataple agricultural products
from the field to the factory or to the
consumer. It Is remembered that reg
ulations governing the rediscount of
aot.a covering advancea on such prod
acts be laaued by auch of these Federal
banks whoa members are actively en
gaged la flaaaclnr the movement of
such crops to the market.
The Board calls special attention to
the marketing ef the eottoa crop be
cause it is "clearly to the common In
terest that credits based upon this crop
be protected as far as possible from
the danger of demoralisation."
It ehows thst no staple commodity
ts subject to greater variations la prices
thaa eottoa. ana quotes figures snow
Inn- an average annual fluctuation on
the New York Cotton Exchange of
Lit cents per pound.
Mere Xereaal Meveaaeat aonght.
"Sudden and violent fluctuations." it
continue, "are clearly to the advan
tage of neither the loaning banka. the
urodticer. the manufacturer, nor tha
consumer. They offer, on the other
hand, an Inviting field for the specu
lator, and should the Federal reaerve
system, in making possible the more
normal movement ef the crop, be a con
tributing factor in reducing theee fluc
tuations. It would have accomplished a
arrest publlo good.
-While there seems to be no reason
to believe that the world's present and
votentlal supply of cotton la out of pro
portion to requirements during the next
13 mouths. It la nevertneieaa imporia.ui
because of oar lack of adequate ahlp
ping facilities, as well as restrictions
brought about by the war upon free
.exports to all countries, that, ample
means be provided for tha proper haa
cling and effective marketing of cot
Similar meana may be takea to aid
la financing other agricultural prod
ucts, the letter says, wherever there
Is available a system of warehouses,
elevators or other approved means of
storing snd certifying.
The Board calla attention to Its re
cent regulation as to trade acceptances.
saving that auch acceptances, wnen
growing out of transactions Involving
the movement of staple cropa. are eli
gible for rediscount with reserve banks
snd their use should aid materially In
the marketing of cropa
VIEW IS OPTIMISTIC
Northwest Business Outlook
Reported Hopeful. .
to the report of George E. Henderson.
American Consul at Hongkong.
It is generally understood in polit
ical and banking circles in Eastern
porta." says the report, "thst one of
the moat immediate results of tha
granting of new conceaslona and
privileges to Japan In China, un
der the recent treaty . following
tha taking of Tstnatau. will be
the eatabllahmeat of a new Japanese
bank In China, with branches In all
the principal Cblneae porta, especially
la North China and the xangtse vai
"Newspaper reports indicate mat
discussion la Toklo contemplates en pasilf'MAIr'irCTPAnr CIIPVPY
.- i unnix mniLd ninui. ouiiiui
to I !.. 000 gold. Hongkong
authorities seem to be sgreed In a
aanernl war that Japan wlil be unable
to take full advantage of the provisions
of the new treaty without eome auch
an institution, but they disagree as to
the exsct nature of the proposed or
s-anlaatlon. There seems to be an
iithiuii here that there Is little If
anv Malta! in Japan now available for
I Investment in cnina. tne implication
being that any such institution as that
t proposed would have to have a power
ful Chinese Dacsing to oe a success.
It Is doubtful if any such support could
Heavy Crop Pointed Oat
Wbeat Prices Depend
Upon Ocean Freight
Travel Conditions. 1
WXEKLT aTATEMETT OF FED
FAIL RESERVE BANK AT
SAV FRANCISCO. Aug. .
(Special.) Tha statement of the
Federal Reaerve Bank, of San
Francisco for the bank's thirty
eighth bualneas week, ended Au
gust , follows:
FREDERICK DELANO COMING
Federal Reserve Board VIco Gover
nor to Tour Pacific Coast.
Frederick A. Delsno. Vlce-Oovemor
ef the Federal Reserve Board at Wash
ington. D. C Is on a tour of the Pacific
Coast and will visit Portland late n
August. He doubtjtsa will meet with
as many bankers as possible while
It Is the Intentton ef all the members
of the Reserve Bosrd to make a tour of
the country, one at a time. Chairman
Hamlin waa here a few months ago.
In this way each one will become
thoroughly acquainted with conditions.
It la pointed out.
air. Delano Is well known throughout
the country as a railroad executive,
lie wss president snd receiver of ?he
Wabash Railroad for several years and
resigned the presidency of the Monon
aystena to become a member ef the
Federal J' serve Board. He la a grad
uate of Harvard and one of the over
seers of that university.
BANK EXAMINER IS CHOSEN
J. M. Logan, New OfMclal of North
western National, la Office) Soon.
J. 1L Logan, of tancaster. Pa- has
been appointed National Bank Examin
er for Oregon to succeed L L. Mailt,
who recently became vice-president of
the Northwestern National Bank of
Portland. The new examiner expects to
take op his new duties la this territory
within a few days.
Mr. Logan la examiner la the Penn
sylvania district, of which Lancaster
la the center. His Jurisdiction will In
clude all Oregon with the exception of
the territory south of Roseburg and
the extreme northeastern part of the
state, and that part of Washington
south of Tacoma and as far east as
Walla Walla. His headqurters will be
JAPANESE PLAN NEW BANK
Institution la duns Bold Necessary
to Profit by Treaty.
A new Japanese bank probably will
be established In China and branchea
doubtless will be located in various
paru of tha Calaeee republic, according
Gold coin and gold
la . gold settlement
In gold redemption
Legal tender notes, sil
ver, etc. J. 000
Total reserves I . 7,000
Commercial paper, (re
discounts) Bank acceptances ....
United States bonds...
Municipal warrants ...
Federal reserve notes
All other resources....
Business conditions In the Pacific
Northwest present a hopeful outlook,
says the Merchants National Bank's
current report on trade conditions.'
This observation Is based largely
upon the crop situation. The wheat
crop. It Is pointed out. Is expected to
be much larger thaa laat year. In SDlte
of the report that It has deteriorated
16 per cent from the optimistic returns
of July 1. The present estimate is 70.
000.000 bushels with ths export of 60,
There are plenty of funds to finance
the wheat crop. The price cannot yet
be determined, but it will not equal last
year. The figure will be determined
by the up or down tendency of ocean
freight rates. The prophecies favor an
Increase. The local situation will
also be affected by the manner of mar
keting. If there Is a glut at export
simultaneously with a ahortsgs of ves
sels the price wliy be depressed. Ex
porters are urging the farmers to let go
out the farmer Is in no mood to sell at
present. Perhsps the best advice that
can be given him is not to hold on too
long snd to keep his eys on ths ocean
freight situation and the congestion at
In the Willamette Valley there Is
alight damage to hay on account of
rain. The clover crop is good this year.
potatoes, onions and vegetables gen
srauy promise a rood season.
Marketing and financing of the cot
ton crop is again sn acute problem.
but it will not prove so formidable as
lsst year. England refuaes to claaa it
aa a contrabrand. no matter what ac
tlon Germany takea Thle will permit
It to be handled on the seas with
minimum of loss snd delay. The
English are mutually Interested with
the United States. The suggestion has
been made that the neutral nations
agree to take month by month sufTl
dent for their needa and that British
war ships aee that they get no more.
There win be a smaller crop this yea
than last, although the decrease in
acreage Is not so large ss was antici
pated. The financing of the crop
home is being provided for by the
Federal Reserve bank.
Hop Market nislnff,
Growers are not freely contracting
their hops away at thla time, as the
market Is a rising one. The condition
of the vineyard Is generally good al
though the Oregon vines are much in
need of a spell of hot weather to kill
off the lice. The peat le said to be un
usually common this year. The con
tract price Is now around IS cents for
the n r kan. Th, urrv avaa la mill
The first masting of the commission nd English and other foreign demands
recently appointed by Secretary of the are good.
yield is likely to be 100.000.000 bushels
above last year's record crop.
"The Winter wheat crop is moving
slowly, partly because of bad weather
and partly because the drop la price la
not acceptable to the producers. The
outlook for high prices is not so good
as a year ago. Although the stocks in
the United States and Canada are prac
tically exhausted, there Is believed to
be more wheat available for the im
porting .countries than last year. Oer
many took large supplies in July last
year, but will not be a factor inthe
demand this year. Belgium, strange
as it may seem, promises to have an
unusually good crop this year, spe
cial efforts having been made to put
the country on a self-supporting basis
in this respect.
"Last year the Importing countries.
exclusive of Germany and Austria,
absorbed about S90.000.000 bushels, and
conditions in tha United States and
Canada indicate a aurplus of that much
with Argentina, Australia, India and
posalbly Ruaala yet to hear from. The
effect of this ahowing haa been to make
European buyers Indifferent and sales
for export have bean small as yet.
On the other hand, the American
former has bad a taste of good prices.
Is able to play In a waiting game, and
VOMAN TO LECTURE
Visiting Merchants to See
Mexico in Pictures.
EFFECT OF STRIFE SHOWN
Personal Experiences as Refugee
Menaced by Marauding Sands to
Be Recounted as First Enter
tainment of Buyers' week.
No flight of imagination will be re-
t is thought will not market his grain hulr,d bv v,"l.tln?. rehantf. to tret a
freely Below ii per bushel."
SAVING DECLARED DUTY
CAPITALIST THINKS MAN HAS
RIGHT TO WED WITHOUT FDSD.
Consistent Addlaar to Bank Aeeeaat ef
Investment la Good Paper Is
Advice to Kewlyvreds.
Total reeourcee fls.IfO.OOO
Capital paid In...,
Deposits net .....
be had at present. In a general way
bankers do not seem to expect much
action under the provisions of the re
cent tresty until after the close of
the war In Europe and some degree of
recovery of International finances.
EXTENSION BODY MEETS
PRELIMINARY SES9IOX REGARDING
LA TIN-AM ERICA HELD.
. L. Mills. Pertlsad Meanber at Sec
retary MeAdae'e ' Ceaaaslttee, Ket
Preeewt at Xew York Gathering.
Treasury MoAdoo to make plans for
trade extension to South America was
held la New York last week. A. L.
Mill, president of the Plrst National
Bank, of thla city, a member of the
commission, waa unable to attend. None
All of the railroads having terminals
In or operating wholly within the state
of Oregon ahow increases In earnings
over the preceding months. This is an
enoouraarlng factor of the local situa
tion. The earnings for June of SS.Ott
miles of railroads In the United States
of the other commissioners living on the and c,nad, ,now m loM of , M p.rcent
Coast was present, as the meeting was
merely a preliminary one.
James A. rarrell. president of the
United Slates Steel Corporation, who
has done much to extend American
trade Influences Into foreign countries.
from June, 1111; this on top of the fsct
that theae same roads had recorded a
loss In grosa earnings of T.1S per cent
for thst month as compared with the
corresponding period of 1113. How
ever. In many Instances there is a gain
la chairman of the commission. Other OTer the month immediately preceding
members are: John Barrett, director-
general of the Pan-American Union: P.
P. Black, prealdent of tha Chamber ef
Commerce at Pittsburg; Elliott H.
Goodwin, secretary of the Chamber of
Commerce of the United states; 3. T.
snd it Is on this fsct also that belief In
an Improved domestic business la based.
Idle cars July 1 were IS. 000 fewer then
for June L
Correspondents in the Middle West
ssy the lumber business has a better
Henry, vice-president of the llcGnwl tfp(cL The demand from rural die.
Publishing Company, of New iorlt; tricta la normal. There la little change
Robert H. Patchln. aecretary of the to record In this section. Spokane re-
Forelgn Trade Council, of New York ports the volume of business aoraewhat
City; W. 8. Klea, of New Tork; Jamea greater with prices low. Some mills
Shirley, of F. A. Gillespie & Co.. of are running full time, but etocka on
New York: Wlllard Straight, of Naw hand are not being increased. At
York City; Edward Warfteld. president Seattlo the market la considered weak
of the Fidelity Trust Company, of Bal- with no evidences of better prices. The
tlmore; John Claussen, of the Crocker I trade is a little more encouraged, how-
National Bank, of San rrencisco; .Dun-1 ever. Tacoma-reports that cargo bus!
can U. Fletcher. preataeni or me incus promises better. The trade com
Southern Commercial Congress, ot I mission Is to spend some days in the
Jacksonville, Fls.: S. M. Hastings, I Pacific Northwest this month to collect
president of the Illinois Manufacturing! testimony concerning the betterment of
Association; E. Y.Cooper, cotton menu-line lumber situation.
Building Operations Slow,
Building operations throughout the
country are on a low scsle. The June
ahowing wss a disappointing surprise.
Compared with last year, there was a
railing off in contract estimates of fi8
000.000 for 1S1 cities. The May re
port for ST cities waa $20,000,000
greater than for June. The figures
for six months of 1115 show a loss of
111.600.000 for 169 cities as com
pared with last yesr. Only two of
the principal points on the Pacific slope
recorded gains for the half year, the
sggregate loss being 118,000.000. The
four largest cities showed the largest
ratio of decrease.
The past season for the woolgrower
was a highly profitable one. Stocks
In the Northwest, including Montana,
are practically out of first bands.
There Is still a considerable volume In
warehouse on consignment. The total
clip of the season cannot be accurately
given at thla aearly data. Coarse wools
In the Willamette Valley sold as high
as 10 cents and In Eastern Oregon at
10 cents. There Is no doubt of a world
ahortage. and had domestic trade been
normal the price would have been much
Foreign and domestic Inquiry for
facturer. of Henderson, N. C; Walter
Parker, general manager of the New
Orleans Chamber of Commerce: Dan
Kelleher. chairman of the board of di
rectors of the Seattle National Bank;
C. C Moore, president of the Panama
Paclftc Expoaltlon; G. A. Davidson,
prealdent of the San Diego exposition.
and Mr. Mills, of Portland.
TRADE SURVEY LIKELY
CHAMBER ASKS TO PRESENT ALL
rLAISTS TO COMMISSION.
Pert Charges aad Problem ef Disposi
tion ef 'Wheat Crap May Be
Heard Sa tarda y.
The conference of the buslneaa men
of Portland with the Industrial Tradea
Commission of the United States here
Saturday, August 14, Is expected to
take the form of a general survey or
.. . Z ,D" " "i salmon ts said to be good, but not
this district by the representatives of mucn of ,he tock , Unt nands wU,
the Chamber of Commerce.
The Chamber has sent out informa
tion of the coming meeting to business
men throughout the district request
ing them to file at once any com
plaints that they wish Investigated by
the Commission when It reaches Port
land, but none yet have been forth
It Is the opinion that there now are
few points of cardinal Importance to
be brought to the attention of the
Commission- It la possible that some
discussion of the stevedoring snd port
charges matter which has Interested
hlppers for some time may be
brought up in an Informal way. The
problem of handling the Ills wheat
crop may also be presented.
The Commission will hold hearings
In Spokane aoj Seattle thle week be
fore coming to Portland.
Lumbermen, fruit growers, shippers
and other business men of Portland
and this district who are Interested in
the hearing and who iray have eome
thing to preaent before the Coramla-
slon are urged by the Chamber to ar
range to attend the meeting and to
file, if possible with the Chamber be
fore it Is held, any points thst they
wish considered by the visiting offi
be moving until the else of the present
catch is determined. Stocks are not
large at any point In the United States
snd England la expected to be a profit
able customer. The world-price for
salmon Is considered too low for profit
able operation, and It Is not clear why
this Is so, as more salmon Is being eaten
today than ever before. This sesson's
Alaska pack opened at slightly lower
prices, but sn early Increase in price
Is anticipated. The inability to reach
the German demand for smoked and
pickled fish will Increase the volume
and affect the price of the canned
RICH WHEAT CROP IS SEEN
Last Tear's Tleld to Be Exceeded
by 100,000,000 Bushels.
This year's whest crop will be of
Immense value and benefit to the
American farmers, ssys the National
City Bank of New York In a recent
trade letter. The yield Is estlmsted at
100,000.003 bushels more than last
"The crops are Hearing maturity."
aaya the report, "and for the moat of
them the promise is exceptionally good.
Wallowa ThreatUns; Season On
WALLOWA. Or- luc' t. (Special.) I Although there has been damage to
Threahlng haa begun In the farming I inter wneai oy oau weatner in
latrlcta around Wallowa. Several Harvest, tnere la an important Increase
hreahlnr machines commenced laat I in the acreage, and the Spring wheat
week, and It la 'expected that all ma-1 crop la unusually promising. If present
chines will be la operation this week. I conditions are maintained, the total
glimpse of Old Mexico at. the recep
tion tonight of Buyers' Week, the
event .being scheduled for the Chamber
of Commerce, where Miss Fannie Har
ley is to lecture on the wonderful coun
try' across the Rio Grande. ' Miss Har
ley brings a stereoptlcon set of pic
i lures to illustrate tier Biury wi uci
wonaenui trips tnrougn tne war-nu-
dea republic to the south. Her lecture
begins at 8 o'clock.
Coming Just at the time when la
tervention in Mexioo to bring peace Is
being: discussed, the lecture is expected
to prove an unusually entertaining- and
instructive feature. Miss Harley has
in business men of Minneapolis, tells -rfc On0 mM. who today is a com-
thls inspiring- story of his success mandlng general, was a wood hauler
through saving: I when Miss Harley met him. With her
'I left borne shortly after 16 years) party ehe was compelled to take refuge
of age. Before reaching; St years I ruln or ancient cnurcnes ana
had accumulated ISOOO ($2000 of wbjch B
am Been given or lataer in lieu 01 ihu once she waa compelled to nur-
coueze course), and felt then It waJ chaae new outfits after marauding
safe to marry. At that time I was re-1 bands had visited the camp.
celvlnjr a salary of SS00 per year, pay-1" The lecturer goes back into the an
able weekly. Wife and I decided that lent history of the country and shows
we would not open charge aoaounts futures of the most ancient clvillza-
anywhere. would pay cash for wfat we "oa 03.. this continent, a wonderland
bought and would go without things of scenic views that is marvelous, and
w. could not nav for until w. . could relates many of the legends of a coun-
h.m r.,.ii,.n.. I try thst to the understanding of tha
elded that each Saturday we would a?era.8 -mar,caa mo8t foreign
lay aside 15 for a permanent Invest- "
m.nt .na nnthitwr w.. r,rmitt.rt to Aside from the Harley lecture the
emt . from that hahlt while air a reception tonight is to be the first
salary. I roruana wnoie-souiea greet.
When . w went n inii.v..iinr ings to the merchants and their fami
only a part of the house was furnished ?. who "L oe. .ner- rrom Montana,
eome rooms were kept closed until laano ana Washington, informality
will be the key note, and it will be
perfectly proper for every person pres
ent to speak to any stranger In the
room. They will all be labeled any
way, badges with the name and city
of the wearer being furnished to each
we could buy carpets -and . needed fur
nlture. Many young couples think
they must establish themselves in well
furnished apartments in order to get
into society, but we were welcomed
into the same refined. Intelligent cir
cles in which our parents had always
moved, and this without any pretense
,f k.tiln, map, t n n. nn....,a
"When about $200 or so had accu- PASCO GETS NEW CHIEF
maisicQ s xnurtsKo wss oougni xor i
$400 or $500. the balance being paid as w ,r Kt-wna T.t.l.
quickly as possible. The interest on I
each mortgage swelled the income man Leonard Take PIsm.
mil mucn ana tne salary increased
am a until In 11B1 wn n.nv. r Uu.
nesota and Invested all in land. PASCO, Wash.. Aug. 8. (Special.)
"A young man has no right to marry w- Stevens resigned yesterday as
until ha has? saved something- a Tonni chief of police of Pasco. As soon as the
couple have no right to live up to all resignation wae reported to Mayor
their income. Every man owes It to "i". mppomieu w. xi. jueonaro, a
society to save somethlnr for his patrolman, to succeed fatevens. Mr.
family. Men on aalarlee can do this otevene is entering tne automoDiie Dual
if they wilL but it requires on the neB and 'w'11 devote his entire time
part of both husband and wife will
power sufficient to be content and
happy while living Inside the income.
whatever that is.
NEW BANK PLANS READY
EAST SIDE BUSINESS MEN'S CLUB
TO HAVE FIVE QUARTERS.
Mr. Stevens was first appotnted by
Mayor Johnson in 1914. and was reap
pointed by Mayor Zent in January, 1815.
During the past few months he has
wsged a campaign to enforce the abate
CHEHALIS CANNERY BUSY
Unusually Large Amount of Prod
uct Is Being- Handled.
Two BulIeMaars to Be Pat Up Adjoining
at Eaat Alder aad Grand Avenue.
Bids te Be Invited Sooa,
Plans and specif ications'for the new
CHEHALIS. Wash., Aug. 8. (Spe
cial.) The cannery hero is receiving
an unusually heavy supply of beana.
beets, blackberries and other products
for processing-. The plant has been
running only a short time, but orders
ac-B-rearatlna several thousand dollars
Eaat 61de Bank building and tor the have been booked for early delivery.
East Side Business Men's Club build- No trouble is expected in moving the
ins; will be ready for publication and entire output in a comparatively short
bids will be Invited within two weeks, time. Enthusiasm is high and Fall
according to L. M. Lepper, president of will see a heavy acreage of berries of
the tast side Business Men's Club. The various kinds, planted for future han
Dank building win occupy a site at Idling- at the plant.
cast Aiaer ana urand avenue and the
club building will adjoin it. Both build
ings, will be modern.
The club building- will have three
ZO-foot stores on the ground floor and
beside the clubrooms . on the second
floor will have three business offices
that will be rented. The club Quar
ters will consist of a billiard room that
will accommodate four tables, a recep
tion and reading room, a lobby, check
room, kitchenette, an assembly hall
15x46 with a stage, women's reception
room and a men's smoking room. It is
the Intention of the club members to
rent the assembly room for lodge meet
ings so that the building will be self-
supporting so far as maintenance is
concerned. The assembly hall will hold
between 200 and 300 persona, according
to Air. juepper.
Above the bank, offices will be fitted
out and rented. It is the intention of
Postal Savings Deposits Increase.
It Is said that the annual report of
the Postmaster-General will show an
increase of over $22,000,000 in postal
savings deposits over last year; the
postal savings deposits now amount to
about $66,000,000. Last year there were
38S.551 depositors; at the present time
there are upwards of- 670,000. Approx
imately 40 per cent of the depositors
are foreign-born citizens, and they own
more than 80 per cent of the deposits.
The Issue of lh per cent postal savings
bonds in January, -1915, amounted to
$933,000; on July 1 the amount was
Insurance Men Go to Meeting.
Louis Sondheim left yesterday for
c. n vn v,,! a, t offend r Notlnnnl
the owners to make this building the conVentlon of the Life Underwriters-
Association. He will be the delegate
headquarters so tar as Is possible for
the physicians of the East Side and the
offices in the new bulldlrsg will be
planned to accommodate them.
BANKS. TO CHANGE NAMES
St, Johns and Llnnton Annexation
Likely to Affect Three.
It is probable that the First National
Bank of St. Johns, the First National
Bank of Linnton and the Peninsula I
National Bank of St.. Johns will be
forced to change their names, now that
those suburbs have been annexed
The Peninsula National Bank) al
ready haa received notice from the
Treasury Department at Washington to
drop the "St. Johns" In Its title or to
change it to "Portland."
The First National Bank of Linnton
snd the First National Bank of St.
Johns will be required to adopt new
names entirely, so that they will not
conflict with the name of the First
National Bank in Portland.
It la understood, however, that the
apltal stock of the three banks will
not be affected by the annexation, un
til they should decide to move into
the district that formerly comprised
the municipality of Portland; and none
of the three institutions has any notion
of moving, it is said.
representing the Oregon Life Under
writers. Edgar W. Smith, general
agent for the Equitable Life, also has
gone to the convention. A number of
other Portland Insurance men will
Join them In San Francisco.
HEAD OFFICE "
A general banking business
Interest paid on time deposits.
Coaaxeerelal Letters ef Credit
Exckasxs Lemdea. Baglaad.
BoasrM aad SelaV
Corner Second and Stark Sts.
F. C MA LP AS, Manager.
A Business Start
Our savings department offers an
opportunity to you ' to establish
business friendships with a large
commercial bank friendships that
may help you when you start in
business or desire to make per
LIBERAL RATE OF INTEREST PAID ON
The United States National Bank
. Third and Oak Sts., Portland, Or.
Capital and Surplus - - - - $2,000,000.00
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
THE BEST EVIDENCE OF OUR CONTIN
UAL AND RAPID GROWTH IS THE GREAT
NUMBER OF SATISFIED CUSTOMERS
WHO ARE DOING BUSINESS WITH US.
The Bank of Personal Service
Practicing economy is of no benefit unless the amounts
so gained are deposited in a savings account where they
can accumulate and earn interest for you.
4 Per Cent Interest Paid on Savings Deposits
Merchants National Bank
Founded in 1886 Washington and Fourth Streets
THE BANK OF CALIFORNIA
of San Francisco, Founded 1864
Capital Paid in 1 $8,500,000.00
Surplus and Undivided Profits. $8,256,734.33
Commercial, Banking. Savings Department
Third and Stark Streets
Without Chans Ea Route)
S. S. ROSE CITY
galls From Alnsworth Dock
9 A. M. AUGUST 10.
100 Golden Miles en
AU Rates Include
Bertha aad Meala.
Table and Service
The San Francisco ft Portland 9. fl.
Co.. Third and Washington Streeta
(with O.-W. It. A ft. Ce.l. Tel. Broad
war 4SU0. A autx.
Federal Deposits Are Recalled. '
The Secretary of the Treasury on
July 17 announced that he would wlth-
w 13.079,600 of government deposits
from National banks between August
10 and Ausrust 16. It is understood this
policy will be gradually continued un
til all government deposits, which now
amount to I50.1S4.0S9.17. have been re
moved from National banks. Moneys
withdrawn will be. transferred to the
subtreasuries and ultimately will find
their way Into .Federal reserve banks,
which will become the fiscal agents
of the government In practically all
matters in which National banka here
tofore have served.
Small amount on hand
Commerce Safe Deposit
and Mortgage Co.
91 Third St
Chamber of Com. Bldg.
EUREKA AND SAN FRANCISCO
SS. SANTA CLARA
SAILS MONDAY. AUG. , 6 P. M.
NORTH PACIFIC STEAMSHIP CO.
112A 3d St.
Mala 1314. A 1314
Foot Northrup St.
B'dwy &2U3. A 6422
MEW ZEALAND AND SOUTU SEAS.
Regular, through sailing lor Sydney via
Tahiti and Wellington from Baa Francisco.
August 18, September 15, October 13. and
every 8 day. Send tor pamhlet.
Union Steamshiu Ce, at Sum Zealand. Ltd,
Office 6t Market street. Ban Jiraaelsco,
or local . i. and B. B. agenta
COOS BAY LINE
Halls From Alnsworth Dock. Portland,
every Thursday at 8 A. M. Freight and
Ticket Office. Alnsworth Dock. Phones
Mala S600. A 23X2. City Ticket Office,
80 tttb St. Phones Marshall 4300, A 6131.
POHTLAAD COOS BAY S, B, UftB,
Compagnle General Transatlsntlqaa
Sailings From NEW YORK to BORDEAUX
ROCHAMBEAU ...Aug. 14, 3 P. M.
LA TOURAINE ...Aug. 21. 3 P. M.
CHICAGO Aug. 28, 3 P.M.
ESPAGNE Sept, 4. 3 P. M.
FOR INFORMATION APPLY
C. W. Stinger, 80 Oth St.; A. t. Charlton,
253 MoriiMin t.t K. K. Garrison, C. M. fet.
P. R;.; Uonfi B. Smith, lie id St.; K. V.
Balrd, 100 8(1 St. 11. Dickson. S48 Wash
Ingtoo st.j North Dank Road. Oth and Btark
mlm. i F. S. Mri'arland, 3d and Washington
st..; E. B. Duffy. 124 3d st I'ortlami.
SAN FRANCISCO the New Way
On aocount ot heavy bookings,
due to grest popularity ot the
. SS GREAT NORTHERN
83 NORTHERN PACIFIC.
Only 26 hours at sea between
San Francisco snd Portland
. EARLY RESERVATIONS
Are Imperative to avoid disappointment. '
Railings every Tuesday, Thnrnday, Baturday.
titmr. train from North Bank depot 0:30 A. SL
FREIGHT SKKV1CK ON EXPRESS TIME.
NORTH BANK TICKET OFFICE.
Oth and Btark Phones lid. 020, A 6671.
Freight and Passenger '
STEAMERS TO THE DALLE9
and Way Landings.
Leavoa Portland dally it T A.M except
Sunday and Monday. Sunday excursion
to Cascade Locks leave tf A. M.
Leaves Portland Tuesdajr. 'ihursday and
6unday at S:iO A. kL
Sunday Cascade Locks Excursion fl.
Fare to The Dalles and Return (X.
AXUER-aT. DOCK, PORTLAND.
Phones Main 814, A ails.
American-Hawaiian Steamship Co.
0 Pet ween
O. D. Kennedy Agt XI stark H. Peruana,