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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Aug. 23, 1915)
9 MORTONCr OTtEGOXTAy. MONDAY, AUGUST 23, 1915. TTTE STAPLES ARE SHORT Officer cf Cotusa Comments on Australian Conditions. WHEAT AND BUTTER TAKEN YWtor Hel.a Tell of Experience on Ontwaurd-Boood Trip, lo dadlnf TUnner With Lord Mayor of Sydney. Australia U suK.Hn. from rtoi t ae et tupU prod a . accord la to a Victor Hei.aa. third oincr of ' ...am.h.p Co.u... which was land tn Jun b-fore oln tao An- ! . .,- u.nu forwarded cup- ,7. from Sydney rat-m. wh.ch suo- nrnvad at Sdny Aoru.t " k .4 A . . rnRtlBUlBff A.d that mo ;;:it w the demand for 'he ?Bt lara. rwtaU ror. -aot-d Jo u.:has th enUre shipment at "c" .... ..., there of ch In derrick form, but "would, no douou seliere the pre.ent .b.rtace. V" ' . i.,,. consianment of wheal. There Which.' accord.n, to th. Sydney WIS " . .ha. srms Kluc.tem and Wall. Walla. Th. p-p-rs called tinUon to the waste caused by some of th fcure'n. tn a m.nn.r which su(...tl a real shorta. of that raln- The Colusa will load mineral, for Mobile. Ala. and wool for Boston. On fcer last to the tttalea. th. Co- fu carried th. l-rt '''n if wool sr.r dp.tcbed on einle "U.'l from Au.trulla to this country. Coins al.o had the (be am. t.y.t. of beln th first ste.m.h.p to 1- Austral; direct for the fsnam CanaL Mr. Helitas said ths Usl oy was fuu of e,p.rt.ne. l arrlm In ltdn.y the officer, of the -J'P Inrit.d to din with the Lord " Vhll croln th. equator th nnclent ...me Neoton Bd BIS , Tha rarr Burwva i.riTld. b..rd h. rh.p and In.tl.t. "i n.orhisticated sailors was r throo- was fitted up and Neptune .ppear-4 tn si' with mermaids and ...--j.... a lre lank had beea ....t f,!led with brtne. W.taa. and olhe, nnltl.tf salts were toe. shred wxh r"r '' '''' Ion, their bod ee wer. f10'"1 then they wer. thrown Into th. tank I, ?h. c'mmanl cf Kln Neptune t "not. th. paint. After they bad don. to the sati.factlon of bis majesty. Neptun. baJ. farew.ll and disappeared r.r the sMe of the ship am.d the ,.:, of all who had known biro on prerlous royaass. httohilh aiiAix n-rrr big TrsM-W of I . Ton Ajrrrcirate to Arrlre for Crjoc. K-rernl ress.ta chartered for Brain loa.n are eP:t-d to arrlre In Port land barter early la September tot.he .... .,e rerieus porta. Thos due at that tim tnrlud .rJ steamer and sallina e,..ls of an a.(r.ale tonnace of .. n. of th first resells v " -- - n.4..i. .rMmer Snowdoolan. or l.i tne. wfil-n is under charter to Kerr liifford I'nmpenr. for rraln loa unc is eepe.-ted to arrlre n Port land early in .-Ptem.r. T.i. British .. n.utDiL :si tons, for M. II l(ou,er. and Readme. : Ions, for sitraux A Comciar. ar du to arrlr v ' 4n inr.mrer. Anions" the eatlinc ressels due her. e ukine on arm n th. first half of k- ... , Nur, er lan bark Trt- i l iom. en rout, from Port ii. nri(i,h hark KUlamey, J 154 tone, out from M nterldo; and h. Vnrweelan ship Nordeee. lilJ tons. from Jantoe. The first lo ressels are ,.d.i charter to M. H. Houssr and the iip.,!im A Comrsnr. Tti. British steamer Hiabbury. tons. whl. h Is now o.lm raln at (-.mnoev dock for Ksrr. Gifford fompanr. probtr will set awar br th. mMdle of IMs week for ths fnlled Klnvdom er Australia w 1 . II ..vv bushel. . Tj frenrh barha Noeml nnd I Pt l'er ar both In ta harbor for rain smrmenta. bit ne ther r becun to load. 'otr are under charter to Bal four. Guthrie Company. Marino Note. b Msif ll". srTte-t la ' ... ...hdf ,.icril. frism see Frea ,, ,.' f.,r r.'ff-. end A.toria an4 la .i.ie .n.nrirenl f r tlie etesdard Aroer- V. i. .a k". i't the dredc. . asa.ee trom fas i" M:.i.e .f th- Celu-oM. Rler. f 'S : . . ..... i, wilt srobaMe ms a.iena IB.. Burn Is. TM l. . ta. enters I St As:.rl. Th. rm.Mr Ati.e ee e.. resorte 1 . . . .ff tie -e .I. ... no,e .f B. -r ra- etfi l.ne. m arrl.e here . ... . . . I. nn4er.itns ri. ... sreb.tilr will W asle te m.S. -r ct reefer trip sens rliert.r. ef s''la-err, Ins . . ...v..i were: e " ..... . . r.. jte te tin ,0l .its 'a t"'l t'ie e l0 . Tnis i. I. ef t'e! ea route raia tenesse far ieme dele last Tear. STAR LURES FROM KITCHEN Woman Tire of Hork, at Home and Heek Petertlr fine. rniVTPV. fa- Aue DecUrtnc that she was tired of the drudcery of th. klteSen. Mi taier l.eoe . Bow man. St years old. of Tanriile. made arpil.-aticn In tae places here recently .irk as a letetlTe. Weartn rurhber-eoleU canraa ahoes . n.4 . .malt -detect'ee"" kadse under i. nal mt her hite coat. M ee Bow- Brst r.:eJ oa F. H- -aoeffcL r-.'.ef tree ! aenl of the Lackawanna u. to arr r for work. Told tha ... Setev-ttee et.1 filled. M;e t.mm.tL next csl.ed oa the super in ter.dent of po'l--- t"" a f"'- ml asaia mt d.arpoir tmert. Th. years woman then announced that ah wou i call on orirat. asenciea tr ! meat. tne Australian aoYnromenL ta. butter, for a clippin elM Mr. Hoik too AUoroey-OonsraL ressot- . , hum bales was a cnnio"" h, Bay for th state orml. wbl ' ,..i.t and don op .nd ts lar.est of the ra n rieet Me tor earlr loa-Hn. U th Nor we.lan steamer S'rlf.1. now en rout, to this port from ilanil under charter BU'C0 MEN ARE TRICKED Ponor Lead -PhysW-lan" Into Trap Wbcrw Detertlso Captnrr. FHruLrrtpmA, i. tw we., dr.se eed Btea. U t - 11. vs. baro fllm-wmr many Gox meatown phystctara, woro arrested re cently Aftor sralkln Into a trap laid for there by two doctors. The extent of ttelr ailes.d operations will bo learned at a neaxtn before Maslatrote Pan nock ta in Oormantown pollc ta li on. Th. physicians who raptured the pari are tr. Joseph Flettas. Umu street, and Dr. J. Paul Austin. SlS Austin street. The prisoners ara Kobart Wilkinson. 1111 street, and Cbarlaa M. CollfcJay. Keyser iumL A few day aco. accordln to Dr. FleStaa. Coliday approached fclra. rep reseatln hlmaalf aa Dr. Omham. and tnliuat to a prominent physician, wnem b mentioned by nana. Ho also spoke of a series of medical lectures tn pamphlet form which th Americas Medical Society, he said. M publish In. Th Best day Wilkinson, repre sentee himself s an agent, sold Dr. Fleltaa some of the lectures without dellTerin the pamphlet. Word of a -flim-flam" asm reachln the physician, he consulted with Dr. Aiiatin. with the result that when "Dr nr.Ram- called on Dr. Austin later the latter telephoned to his friend and is, held th spurious physician until Detectire Cory arriTed. Wilkin son was captured later In ernonrar nearby, w here he was waiting". MRS. YOUNG IS BLAMED CHICAGO SCHOOt, EXECCT1TE HELD RKFO9IBLB rOR LAI1TT. Beornantsattoa of Syatea to Otr e- ratary Dtrectloa Ore All fW. chase I ri spaaed. CHICAGO. Auc 1. One red morocco kinnd com of th roles of th Board of Education was pulled from a drawer la th desk of President Mltcbael J. Cotlia recently. It w dusted oft and rather closely perused. Tliere also was on framed blue print chart. Indicating th Una of authority of the official of th Board, which was taken from Ita hook in th outer office of th president and deposited, together with a lara. amount of ancient dust, upon th president desk. Mr. Collins, iii.rn. Ansrua Hot bbannoa and aar. era! members of th. board irathered clos.lr around It and followed the mall whit line. Then eereral of th members ue elded that enforcement of present rules iwi not reorganisation 1 what the ll... r.l n(l. It I likely that aomeon will read th rule, which proeldea for exactly the same sort of reorganisation that Halph C. otla adrocated befor the eenatortal Inreatlkattnic commute and rhich ha has sine promised to being befor. th. Board. Th. rul. prortdea for a bu-lness .secutlra. who hall hare Jurisdiction and control orer all ex penditures except th laiarle of teach ers. ., ur mis wants one nan as the undis puted bu.inens head of the board. Lwls E. LartoD IS tais man. .cvvioini ,w rule, but th Board does not enforce the rule. tom of th. members bold Buperin i..,i.ni Ella Flssa Touna- aa the chief offender In th matter. Following la the rule tn part: "Section C A. power and duties The secretary of the Board shall have Ju risdiction, direction and control of all departments of the board other than that of education. He shall hare sen oral chars direction and control of all expenditure of money (other than the payment of th salaries of the teach- ins: force!, me inresimenc oi an p ..!. r ftie Bublle school system and all other matters, exceptlnsr questions of leacblns;. courses of study or superrl elon of the teach Insr fore, as provided In section 7 of the rules irovernins: in. Juration droartment. and he shall make written recommendation to th Hoard and cootmilteee tnereol in reier ence to alt said matter. And be It f uethee -Kc.olred. That In the erent there I a conflict between this and other axial. in rules or tn ooaro. mi section euau control. Vo ir commute further recommends that the secretary of the Board hall be rstd at th rat of 110 0 per an num. Th rul was adopted Decemoer i Il. following the report of a specie committee on business administration. It aa. alaned by Modle J. t-pleseL Jo seph Iwwney and Frsnk L Bennett and was adopted unanimously. At present Mr. laraon doe not has "asneral chirr, direction and control of all expendllurca other than the pay ment of salaries on the teacnins; force. Mrs. Touna. It Is said, does not consul him If a piano or es store la seeded. fhe makes her report direct to the school manassment committee. Mver J. Klein, attorney for th Sen ate committee lnret!atln the Board learned that Ida L. Fursman. presldenl of the critcao Teachers" Federation. and Frances K. Harden, secretary. left town after the committee started to In resttaate the connection of the fcdera tlon with the School Board. bubpenaa had been Issued for them to appear before the committee, to gether with an order for all the boobs. records and rules or tn ieaerauon. WOMEN AID NAVY LEAGUE Auxiliary Section Form fo Aslt la Carrying- Ont Flajis- ST. LOUIS. Aur. 1. Albsrt Bond Ijimbert. who Is orcantsin th Mis souri dlrlelon of the new Nary L-eague, was notlflej from Washington that the lee cue Is to hare a women section. "Oreat thlnas will be Bccomplti"he by the women's section." said Lambert, lie said h had not been authorised to make anr aoootntmenta or call meetinc of the women who might b Interested In the work. That, he said. would be handled from Washington. It ts almoit certain, he said, that th wires of the' naval reserre nd for mar naral officers will b th first considered for membership. He thought also that some of t.'ie club and society women would take ud the work. lambert also was notified that th JefTerson City Commercial Club had Indorsed the Nary League and had adopted resolution for a bigger Narr, Among the founders of th women section of th. Nsvr League are: Mri Oeorge Dewey. Mrs. Medill MrCormlck. Christine and Mirlanne Btddle. Ml Mabel Boardman and Mrs. Molly SeawalL "PATRIOT" SELLS CHILD Italian Arretted for Trying- to Ral!e Funds to Return to Fight. TBTTVTON. Aug. 1$. Tony Sebano. of Whlttaker avenue, stirred by patriotism oxer bis country being at ar and wanting 10 becox a soldier, sod a womsa and child for 12 and threw la the household furnltur for .xxl measure. When Tny Beard his country needed men he talked th. mat ter orer with Augustln Arise. I. a boarder, and offered to sell him his housekeeper and ci.ild aad donate t.".e furniture, eo be could start hous.ke.p lag with but little expense. Augustine went to a trunk In hi room aad brought forth In the meantime th. pollc learned that th woman aad boarder wer liv ing ss man aad w.f. and placed Ibem under arrest. Judge Near fined the man and woman tie each. AuguMtae's experience haa so fsr cost him fit. but Be fees a furalshed hoa. la Start b.uae keep leg with. EXCHANGE IS PUZZLE Bankers Say Sterling May De cline to $4.50. FOREIGN SUPPORT LACKING Csoal Prop of Maturins rinanc) BUI Sot rtorthoornlnf Thla Sea son, Wille Draft Are Ont Against Fall Shipment. Ha th dcllB of sterling- rechd Its llmltT . . m.., i. the auataon that Banners d..,i.a well aa those in Pum f. .e ,h. .ounti-r are easing of th gradual drop experienced M English xcBng in i -From th way sterling ha ben falling of late It I -,dnt- ,.' Wall Street Journal, "th titn has com which student of th Interna tional money nltuation ' dieting for months past. Th -lef'ln n sterling until receniij--- i. . A kerauaa th morement was gradual It occaaloned lltU mbar- " . k..w.i.. in their dealings with their customer. But within the paat few daya the market could scare- r .. . nna Pi rktlf ta an y l rliea upon - - oinor, wo in.. w . . chang became out of th wwlhan. In other word, th bottom haa dropped out of the exchange maraei. ae-T-re. I e Haijy Ptk gefT. .nag taw moralliid atato Just manifesting- Itself at thla time? Th recent goiu -- i. .kinm.nf from Enaland Is giren a th caua. on th ground that the amounts lnrolred wer uiierix "-- h.i, ,ha exchange situation But outside of the sentimental effect. j... . i4i..nnnlntment that th STOIC consignment did not amount to th. large proportions at nrei ii-wi.. .. ..e. ..... th. nrecipltate decline In exchange would have com about at this time Irrespective oi tno a.u , r r Mor.an A Co. Whatever may be said" about the purpose of the gold Import ano in wunur.,.i v. .-k-,n th. exchanae market, which the vi.. n firm Is credited with having e.m tin. ta time, the slgnlfl- ranee of the securltle sent orer by the British government cannot no un locked. Howerer small, this represent ed some measure of ultimate support to th market. For exchange w i i. ..n.,tinn.llr In the face of hi. transaction only goea to show that other Influences wer at worg. Xnr Order G Farward. -Vnr m. thins- th large orders for munitions, etc.. are now beginning to go forward. Heretofor they har only Mrurad to a small extern. , un, i. the forward movement or in crops. August generally marks the beginning of the croo moving period. It Is true th cotton crop doe not begin to move befor September, but contracts are now being entered Into for the delivery .e ,ut th. custom ha always been to contract for the sal of drafts several weeks ahead- Taking the grain movement and th export of cotton the offering of excheng on their account during th remainder of the year usual i, reaches enormous figures. "But In normal times th effect npon the exchange market la scarcely notice able Th. decline In rate. If any. Ii e-rarinal. There har. been times even when an upward movement of exchange has featured tn rail maraet. v takea place to cause this stabilising of exchange? It la dua to the running on oi nnance bill. Am.rlcan bankers wer in tne habit of drawing long bills, generally l days, with renewals, against London in th. lat. Spring and eariy Dummer. th proceeds of which they Invested here In th money market. In fleet ihua hills wer. short sales. Inasmuch a th American banker purposed to cover them with lower exchange rates during the export movement later on. Th, hill, aenerallr began to fall due at thla time and It was tneir running on that resulted tn stabilising the ex change market. The amount of nnance bills so drswn varied from su.uvu.uvv to I150.0n0.000. It Is estimated, depend. Ing npon financial and other conditions. Old Forma Changing. -Now. th finance bill 1 prectleally non-existing In the present exchang marker. London hastily eaneo in ne current loan at this time last year. which was largely responsible for th "debacle" In exchange, when th rate went to 17 for the pound sterling, ana sine then the course of events, either In this market or In Europe, has not warranted the application lor lempo r.rr loana br American banker. Th full effect of the export movement of our crop upon exchange Is therefor beginning to Be maniresieo now. Against the much restricted foreign de mand for our cotton this year may d set the Increased buying of grain. Th sunolr of exchange on account of tb crops may thus be about the same as In other years. Hot tn usual prop to mi exchange nisrket.ln tne snap or ma turlng nnance num. missing. "And this Is what bankers mean whan they said some months ago tbat ther would not be surprised to eee sterling s low s 14 Si." RAILROAD HOPES HIGHER GKAJX CROP ADJACENT TO STORTH ERV PACIFIC BEATS 114. officiate Ala Kxseet slower More. seat. Preventing; Loan, aad Leaser Haul Predicted. J. M. Hannaford. president of the Northern Pacific, who was In Portland on an Inspection trip last weea, wa more than pleased with the crop out i..nv in the Northwest and In all to territorr tributary to th Northern t.lfle- It Is estimated In some ources that the territory tributary to in. .-,orin ern I'acifio and ita branches may ha vest lie ner cent of the grain crop or lust vear. This Is (be time of yea when even a few days make a great difference In the stand 01 grain, auu a week or 10 days of perfect ripening weather, such as tne last iew oar i. .ue. to result in a wonderful gm onn.r. this FalL according to the road's officials. It la expected that the movemen of grain to market will be later aa w aa Blower than usuaL The farmer received too prices for their last year' crcp, squared their current obligation!, and are under no pressure to sell grain th.s year. If the big yield of grain softens prices, as many b.aeve It will, tbe farmers will hold their crops in anticipation of better prices later. Railroad men say that they are full of notions ss to whst ihey ebould receive, and will show no disposition to dump grain on the market except at excel lent prices. This will tend to retard the move ment f grain from th Nortbweat territory, and also protract th ship ping period, which all means in the long run less expense to the railroads, the avotdanc of congestion and bigger oraflt on the grain tonnage. 11 la not surprising to raliroad men thaiunderwrliers. Adv. July and August ar dull months this yer from a traffic standpoint. Ordi narily in th Northwest ther 1 ome grain and livastocg irom i" Ing year still going out of th country ' ..w. v, this rear hlpment were practically all cleaned . Tk.i thia dullness will be fully made up later la confidently "Inother factor that may help the road on eastbound traffic la th ab- aormal ocean tonnage wiwi, 'aclflc Northwest tout. " - -t a premium. Rates are high, and the reason Is the rush of war munitions to Russia. Ordinarily a great portion of the grain grown west of the Rockies goes from the Pacific Northwest by i.tA of rs.lL This year, with the supply of vessels apparently far under the demand, in. i obtain a larger proportion of th ton nag than usual. - r-a.A.iA v-js Tne rsautuaa j .uxa vi m- ,. so-s-if to m-ntiement Is confident ITiTCWT OF FEDERAL RE StuRVK BANK AT SAX FRANCISCO. -SAN FRANCISCO. Aug. 21. (Special.) For ita fortieth busi ness week, ended August ti. the Federal Reserve Bank of San Francisco report as follows: Gold coin and gold cer- tificates In vaults... 7.150.000 In gold settlement fund 9S,000 In gold redempt'n fund 21.000 Legal tender notes, sil ver, eto 6.000 Total reserve f I.ITJ.OOO Commercial paper, re discounts 1,671,000 Bank acceptance .... 851.000 United State bonds.. 1.001.000 Municipal warrants ... 1.131,000 Federal reserre notea. 1.91S.000 All other resources. ... 2,096,00) Total resources ..... ,11.441,000 Liabilities. Capital paid In.... 1 1.931.000 Deposits, net 13,611,000 Total liabilities ....,16.442.000 of a substantia, betterment in net as well as gross business tnis rail, m for the last fiscal year. Northern pa cific earned a surplus above dividends of approximately ll.auu.vvu or somo ihinr better than TA per cent on the 1248 000.000 stock outstanding. In the year ended June 10, 1914. the surplus after dividends was ei.sia.uux. REDISCOUNT RULE IS MADE Reserve Board Opposed to Non-Mem ber Banks Benefiting-. An Informal ruling by th Federal Reserve Board on the question of the redlacounting with a Federal Reserve bank of notes held by a bank not a member of th system Is given in tne August number of the Federal Reserve Bulletin. The Boara noma mm. Assuming that the psper offered By a . 1 l- m.rilarnunt 1. elicible U9- j . .. . H.!.tlnn. r.rrlbd hv tbe Board, it would be necessary In each case for tUe officer ot the Federal Reserve Bank to determine wnetner or not tne pm,i, b . i ...... , ... i. k. used fur the nur- nn,. of mtklOf a loan to a nun-is.w.. bank. If the money thue borrowed U to i i ,. . finn.yn.mb.r Dinx. re-oi.- count .hould not be accepted without the permission of tbe Federal Kesere. ". w .v.. mh.r hind, a member bank haa In' good fallh scqulied from a non-member bank by re-Olscount notes which are eligible under tne rejuiaiion. i , d-.i, .. . . ,h. ir.der.1 Reserve Bank, end such notes were held a pan ef the eneta of the member bank, there would ,n k. Tin oblectlon to the Federal Ro- rve Bulk's accepting, such re-dlecount provided the orncers are .wih:ii tra-iucilon Is a bona fide transection and :... mw bank did not extend ac commodation to the non-member bank with Vl. r of re-Glcouniin noii -'" " Ith the Tederal Reserve Bank Thla is one of the cases which must be 1.....1. In tbe uflrnttni ana cretlon of the Federal Reserve Bank offi cers: and a determination must be reached by them on tne i.cw n ....... BANK CLERKS DUE SOON Delegates to Banking Institute Will Be Kntertained. Hundreds of bank clerks and bank officials from various parts oi me will he In Portland this week on their way home from the annual convention of the American Institute of Banking at San rrancisco. Portland members of the organiza tion are preparing to entertain them v. .tomohll. trios and at social .ff.lra It is probable that one or two eyc- l.l train, will IBOTS tnrOUgn rori- laad. stopping here long enougu w permit the occupant to view the city to best advantage. Portland Is wen repreeenieu u T II west, oi in laoo w ti. Rank and una of th National -i..-nr..irients is on of the local ,ti. eates. Others in attendance re L. W. Decker, of the Northwestern v.tun.i- k i. uraman. oi t"e National; Helmer Pierce, or tne rirst National; Floyd Warren, of the First National: J- Kins uryon, oi i. Tn.n.. rharies k. treason, oi tne m- bernia 6avings Bang; a. . oawicii, .fc. n.nk of California: Percy Caul- field, of Oregon City, and others. DINER EMPLOYES HEALTHY Pennsylvania Koad Rigid Regard Ins Servants Who Handle Food. eh. .ffnrta of the Pennsylvania Railroad to Insure that no person with even a tendency toward a commun icable disease shall have anything to do with serving food on Its trains and i. it. re.tauranta nave naa restinc A quarterly report Just made to the company of an examination made of all tho Pullman employes who serve 4 a in buffet broiler Pullman cars on th. PennEVlvanla Railroad, shows that not a single one of the 5 employes was found to have any trace of a com municable disease. The Pennsylvania Railroad, In Janu- ary. r, 1911, established a ruie to uvj physical examination mad of all dining car and restaurant empiuyc. every three months. Later it was or dered that these examinations should be held every 10 days. Now th rule Is to examine every one pt these em ployes at least every 30 day. TIMBER VALUATION LOWER revr Changes Likely In Assessment Roll of Shoshone County. WALLACE. Idaho, Aug. 22. 8pe- caL) The only changes yet made In the valuations of property and real es tate In Ehoshon County, as certified to the State Board of Equalization by th County Commissioners and Assessor Herrtck, is a cut of S per cent in the .... ...... menta of the county. The reduction makes a difference of $123 9$2.25. This leaves the timber val uation for the present year for Sho shone County at I2.450.JS2.7S. or 1410. J1J better than last year. LIFE INSURANCE MEN. The announcement on page S of this laaue Is of Interest to ambitious life BANK LETTER BRIGHT Definite Growth of Optimistc Sentiment Asserted. REVIVAL IN STEEL IS CITED Ability of United Stales to Meet Foreign Obligation and De cline of Sterling Exchange Begarded as Factors. strain of cynical optimism per. vadea the current trade letter of the -Wella-Fargo Nevada National Bank of e. t.. ..i.n which lees an era of continued and expanding prosperity aa a result of European war oroera, cou pled with th bountiful crops that now ar being harvested In America. "There ha been a aeiinne srowm of optlmisUo sentiment within the past month," says the letter, "and the whole country Is feeling more cheerful than It did concerning the crop ouUook. gen eral trad conditions and th relations of th United States toward the rest of the world. The improvement in the steel in dustry has been quita remarkable, be ing based, first, on direct foreign buy ing and the Increase of war orders, and, thnroueheoing Improvement In the domestio inquiry, in, consequence of the Increased orders from the rail roads and other large users of steet products. In certain branches of the Industry tn p.emanu tho supply,, so that large buyers are ffering a premium ior quica "- Thla betterment Pf conditions in basic Industry has senuuiBiimii.7 helped other branches oi iraae. al though there nas not oocu w k.--nounced change in general business conditions. This country la ami play ing a prominent role as tne winer jur th rest of the world. " Exchang Rate Cited. hi. .nit. (if the enormous liquidation of American securities by foreign Hold ers, the foreign exchanges are moving continuously in favor or. in. umieu States. The low record or several weeks ago has been successively oro ken, until now the current quotations for exchange on - Europe. .have fallen far below any precedent. The situation is quite extraordinary and offers striking contest with the conditions existing one year ago. when the European conflict had Just started and the banking community was a good deal disturbed about, the ability of our municipalities to take up their current indebtedness in foreign mar- keti as It matured, me cnanges ol the year have given the United States the largest gold holdings in the world more than $3.000,000.000 in addition to enhancing the position or mis coun try as the great merchant nation to which most of the belligerent govern ments and neutral countries must con tinue to resort for many months to come. The suggestive broadening of the speculative Inquiry at jxew lorn, therefore whatever Its excesses may be .. reirarda the furious advances In the price of the so-called "war shares." mav be taken as indicative of under lying confidence in this country's com mercial position. Extravagance Thought Curbed. This belief haa Its basts, among other things. In the fact that intrinsic conditions are sound; that another year of bountiful harvests may be counted upon; that people are living on a less extravagant scale than formerly ana that they are Increasing tneir surplus funds. Within th last few months there has been a well-directed movement by both comorations and Individuals to ward reducing expenses and cutting operating costs. The average industrial corporation would probably show today the cleanest and most intelligent man agement that has ever been conducted for the benefit of shareholders. There is also a well-grounded belief that the attitude of the public toward the rail roads and toward business Interests In general ts less antagonistic than It has been at any time for many years. This has relieved the tension, and although nubllo sentiment cannot always be ac curately gauged, there can be no doubt that the hardships ef the European wah period have Impressed the public with the necessities of dealing rainy witn the railroads, with the Industrial cor porations and with the other great business enterprises oi tne country. - Miners to Hold Big Jollification. KELLOGG, Idaho, Aug. 22. (Spe cial.) Yesterday was the first day of the great annual miners' picnic, when the large producing properties of this region close for a general joiiincation and get-together party. It Is estimated tbat fully 1S09 miners are taking part. The young thing who goes on parade should consider the elrous, which aaves most of the display tor tne regular iieriurmamjo. The Canadian Bank of Commerce HEAD OFFICE Toronto, Canada. Established 1867. A general banking business transacted. Interest paid on time deposits. Commercial Letter of Credit Issued. Exchange? . London. England, Bought and Sw. PORTLAND BRANCH, Corner Second and Stark Sts. F. C MALPAS, Manager. Commerce Safe Deposit and Mortgage Co. has for sale a small amount of First Mortgage Bonds, netting investors 6V2 Phone or call for details regarding these high-class securities before they're all sold. Main 3067. 91 3d St. IS SCARCE! Will Ps- A1! Yo" c"- lOS STARK STREET. POKTLA.VD. OR. " J. J. SUiUtXER, MS. LeHEN A JOINT ACCOUNT Is a splendid convenience for hus band and wife, or for any two mem bers of a family. . Either may draw checks and in case of the death of one the sur the account without the expense and delay of having an administrator appointed. Call at this bank regarding such an account The United States National Bank Third and Oak Sts., Portland, Or. , Capital and Surplus - - - - 52,000,000.00 The First National Bank OF PORTLAND, OREGON of fere you excellent facilities, uniform 'f -courtesy, careful, attentive service and r. 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 NORTHWESTERN NATIONAL BANK The Bank of Personal Service The convenience, comfort, safety and welfare of our cus tomers being of first consideration, we do not hesitate to solicit your account, knowing the above service is bound to result in pleasant and profitable banking relations. We Pay 4 Per Cent on Savings Accounts Merchants National Bank Under Government Supervision Founded 1886 Washington and Fourth Streets THE BANK OF CALIFORNIA NATIONAL ASSOCIATION of San Francisco. Founded 1864 v ' 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 TBAYELEKg.' GUIDE. Fast. Luxurious. Twin Snips, Great Northern Northern Pacific vi-t Tuesday. Thursday, Saturday for SAN FRANCISCO Only 2 hours at sea Farea luolud. m.ala and bertha Make early reservations, stroj. train from North Bank depot 9:30 A. H. Arrives Wed.. FrL. Sua. :W f. H. NOBT11 BANK TICKET OFFICII 6th and HtarU Phones Bdwy. tip. A S671. COOS BAY ECKEKA AND BAN FBA CISCO S. S. KILBORN SAILS TUESDAY, AUG. U, F. M. NORTH PACIFIC STEAMSHIP CO. Ticket Office. 112A 8(1 St. Uain 1814. A 181 Freight onlc. Foot N'orihrup SL B dwy 6208. A b2 Freight and Paaaenr STEAM tits TO THE DALLES and Way Landless. "BAILEY GATZERT" Leave furuauu dail at J A- M. except Bundayaud Monday. Sunday excuralon tu Cascade Locks leave 9 A- M. "DALLES CITY" Leaves roriiauu luesoaj, tnurxday aad Sunday at s:3U A. la. fcunday Cascade Locks Exenr-sioa $L are to The Llalles and Return 93. ALDLR-oT. OUtK, PORTLAND. Vboaea Main !, A alii. AUSTRALIA NEW ZEALAND AND SOUTH SEAS. Regular, through Bailing for Jiydney vis Tahiti and Wellington fnro San Franfilsco. September 16. October 1J. November 10 and every 28 daya Send for pamphlet. Union Steamship Co., of New Zeidand. Ltd. 0ffireS79 Market afreet. San Francisco, or local B. 8. aad K. B. agents. COOS BAY LINE Steamer Breakwater Salla Prosn AIniiTvortB Dock. Portland, every Thursday at 8 A. M. Freleht nnd Ticket Oifioc, Alnsworth Dock. Phones Main O0. A 23a. City Ticket Office, u. ith - Phunea Marshall 4A00, A 613L POftiLAAD COOS BAY , S. 11AJ, $3,500,000 TKAVKI.ERT GPIDH. San Francisco Los Angeles Without Chans Ea nnt Tke BlaT. Clean. Comfortable). Elegantly- Appointed. Seaisolntr Steamship ,.S. S. ROSE CITY Sails from Alnsworth Dock 9 A. ML, AUGUST ZS. 100 Golden Mllea aa Columbia River. All Rates Include Berths and Meals. Table and Service Unexcelled. The San fr'raaclae. at Portland 9. S. Co.. Third and Wsihlagtsa Streets (Tilth 0.-W. R. N. Co.). TeL Broad nay 45U0, s.sllt FRENCH LINE Compasnie General Trancatlantlque. FOSTAL. SEJ1V1CK. Sailings From NEW YORK to BORDEAUX ESPAGNE Sept. 4. 3 P. M. CHICAGO Sept, 11, 3 P. M. ROCHAMBEAU Sept, 18, 3 P. M. LA TOUBA1NE Sept. 25, 3 P. M. FOR INFORMATION APPLT C. W. buns". ) a M.I . D. Charlton, tiS Morrison .t.; K. (iarrisoa, C. M BC F. By.; loney B. fcuuth. 11 d M E. F. Ualrd 100 d st.i R. irickson. VVash Slton St j North Bank Boad. SU .and Stark .it, F. & M. Far land. ld and a.hlatoo American-Hawaiian Steamsliip Co. Bets rvrttaad JTew Seek . Bo tea C P. Kennedy, Act. iti btaxJi 6t Portlamd, 1