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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Sept. 6, 1915)
POAKO SHOWS SPEED Lahaina Beaten in Race From Australia via Hawaii. RUN MADE IN 59 DAYS I-eavins Newcastle Five Days Iater Than Competitor Captain Peder eon First on Both legs or Course and Wins Wagr. ASTORIA, Or.. Sept. E. (Special.) Completing the last lap In a double race, both legs of which she won, the American barkentine Pnako, Captain A. C. Pedersen, crossed Into the Columbia River about 10 o'clock Saturday night, 17 days from Port Allen, Kauai Island, Hawaiia. The Puako and the barkentne Laha ina, Captain Carlsen, loaded coal at Newcastle. N. S. W., for Port Allen, and each was to proceed to the Colum bia River to load. Accordinsrly. the masters of the respective craft made a wager on the run to Port Allen and the run to Astoria. The Lahaina sailed from the Australian port on June 12 and the Puako got under way five days later. Captain Pedersen crowded all possible sail on his craft and taking advantage of the favorable winds, made a fast run, both vessels reaching Port Allen on July 30, the Puako dropping anchor Just a quarter of an hour ahead f her rival, having gained five days and 16 minutes on the trip. The Lahaina discharged 1500 tons of coal, while the Puako -discharged 1847 tons, and both weighed anchor and sailed for the Columbia River August 18. the latter reaching here last night, while the Lahaina has not yet arrived. The Puako was Just 59 sailing days on the run from Newcastle to the Co lumbia River via Hawaiia and made an average speed of 6.1 .miles an hour. The Puako has several former speed records to her credit, and her master has the reputation of losing no time when at sea. She will load lumber at Westport for Australia. HOAOKE FTXTSHES FAST TRIP Vessel Back In Portland Service After Being Overhauled. Making one of the fastest trips from Kan F rancieco which she has recordea in months, the steamer Roanoke, of the North Pacific Steamship Company, arrivod in Portland harbor yesterday at 5 o'clock. She is the first of a group of vessels due here this week. The Roanoke has just undergone a complete overhauling on the drydock at San Francisco, and that is considered to be the principal reason for her speedy trip. The engines and the en tire hull of the vessel were gone over. The Roanoke left San Francisco Fri day at 10:30 A. M. She brought 75 passengers and 300 tons of miscel laneous freight. Her light cargo and small passenger list ia thought to be due to the fact that she has been off the run for some time. The Roanoke reported good weather all the way up the coast. There was a strong northwest wind most of the way or she rrobably would have made better time. The Great Northern arrived at Flavel at noon yesterday. She carried 600 passengers and a consignment of lem ons and sugar. " The steamer Navajo, under charter to Grace & Co., and the steamer Mon tanan, of the American-Hawaiian line, each bringing cargo from New York City, should make Portland harbor to day. The Navajo got away from San rancisco for Portland at 3 o'clock Sat urday morning and the Montanan left the same port at 11 o'clock of the same day. The Montanan has a good cargo, and after discharging will take on freight for New York. Boston and Norfolk. After discharging her cargo here the Navajo will again be operated by her owners, the Arrow line. The steamer Willamette left San Francisco Saturday evening with a full CrE?Jt merchaniise for this port and should arrive here today or tomorrow. The J B. Stetson, with 750 tons of asphalt, got away from the same port mlddTedo? thedwhekUld a"iVe about the ih?V!er co"-tera en route here include the Daisy Putnam. John Poulsen. Daisy Helene. Daisy Gadsby. -Santa Monica and fcaginaw. ORAIX VESSELS ARE LOADING One Cargo of Wlwat, Value at $1 a Bushel, Sails Away. .rWs,r i'nlnf th0 Norwegian steam er Strinda? under charter to M IT ,V: Is "7 Prsress at Linnton iVie VJss.el wi" be Put o the Port, land drydock at St. Johns Tuesday Vs J?nt.SS.h Ca," be ov"ha.uled 'and bbVg-un wor of loadinS h" wi" i-Tre re everaI srain carriers now If..ile h"rb,or- Including the British r,r?r Sockenliam. the French bark me British hark Killarney The French bark Noerni left down Ivdnv 6r sh"15" vestday. bound for feydney. She carried 109,784 bushels ?I Snf1 at ' a bushel- -Tile L Filler loading: for the United King dom, probably will be the next wheat esscl to get away. IAMBER VESSEL ENTERS R1AER American Barkeutine Puako to Take Cargo to Australia. The American barkentine Puakol which is to load lumber for Hind. Rolph Co. for Australia, made Astoria har bor early yesterday, according- to in formation received here. The Puako made the trip from Port Allen, Ha waiian Islands, in 16 days. She was picked up outside of the mouth of the river by the Port of Portland tuE One onta Saturday night. The American barkentine Lahaina, which left Port Allen at the same time as the Puako. is expected. She will take on lumber for the American Trad ing Company. ws From Oregon Ports. ASTORIA. Or.. Sept. 5. (Special.) The frSNMhBvU"er 6nonomIsl "lied today The United State. cruiser Albany Killed today for Vancouver. Wssh. The United States cruiser South Dakota ailed today for San Francisco. The steam schoomr Daisy Gadsby arrlx-ed tod.y with freight for Astoria and Portland from San Francisco. bringing- freight and passengers for As toria and Portland, the steamer Roanoke Pedro today trom Sl" Francisco and San yltl a full complement of passengers end a fair list of freight, the steamer Great Northern arrived today from San Francisco' The gasoline schooner Delia arrived today with a cargo of cheese for Portland. The gasoline schooner M Irene sailed to day for Newport with general cargo from Portland. The cannery ship Rene arrived today from Chlgnllt Bay. Alaska, bringing the salmon pack of the Columbia River Pack era' Association's plant. Th cannery tender Oregon arrived today from Nushgak, Alaska, via Ketchikan. ATlar rimrhargint fuel oil at Portland, the tank steamer W. 3. Porter sailed today VIMUWllUO. MARINE INTELLIGENCE. Steamer Schedule. DCS TO ARRIVE. Nam. From Oat. Rose City . ....... Lot Angelea. ..... In port Roanoke San Diego In port Great Northern. ... San Francisco. .. -In port Breakwater. ...... Coos Bay bept. o Santa Clara Ean Francisco. .bept. a Northern Pacific. . .San Franciaco. . .Sept. 8 Bear ....Los Anselea. .. . . -Sept. to beo. w. Elder. .... San Diego Sept. 1; F. A. Kilt) urn. ... ..San Francisco. ...Sept. IS Beaver Aom A&sele Sept. J DUB TO DEPART, Name. For Date. Klamath. San Die so Sept. Yale S, F. to C A. Sept. Great Northern. ... San Francisco. ... Sept. Roanoke San Die bo Sept. narvara s. jr. to L. A. .... . bept. Northern Pacific. ..San Francisco. .. .Sept, Multnomah. ...... .San Diego Sept. Rose City Lob Angeles Sept. Santa Clara an Francisco. ... Sept. Breakwater. ...... Coot Bay Sept. Santa Barbara San D-ego Sept. Bear Los Angeles Sept. Y. A. Kllbum San Francisco. .. .Sept. Willamette Kan Diego Sept Geo. W. Elder San Diego Sept" Wapama ..San Diego Sept! Beaver Los Angeles Sept. Port Land-Atlantic Service. DUE TO ARRIVE. Name. From Date. Navajo..". .New York Sept. 7 Montanan ..New York. ... ... Sept. 7 Dakotan New York Sept. IV Honolulan. ... New Vnrk (lot t Santa Clara New York Oct. lowan .New Yorlt Oct. panta Cruz New York. ...... Oct. Pan a man New York Nov. 80 DUE TO DEPART. Name. For Date. Montanan. New York. ...... Sept. 10 Dakotan New York Sept as. Honolulan .New York. ...... Oct. 4 Santa Clara New York Oct. 22 Panamia New York. ...... .Oct. '22 Santa Cruz New York. .. . ... Nov. o lowau New lor': Nov. ! Movements of Vessels. PORTLAND. Sept. 5. Sailed French bark Isoeml. for Sydney. Arrived Steamers Daisy Gadsby. from San Francisco: Roanoke, trom San Diego and way ports; Norwegian steamer Strlnda. from Nagasaki; cruiser Al bany. . Astoria. Sept. 8. Sailed at 6 A. M. Steamer Snohomish, for Puget Sound. Left up at 8 A. M. Cruiser Albany. Arrived at a and left up at 10:20 A. U. steamer Roan. V. from aan Diego and way ports. Sailed at 9:40 A. M. Cruiser South Dakota, for Bremerton. Arrived at 11:30 A. M. Ship . from Chignik. Left up at 11:30 io ,vf-""8V;am;r Daisy Gadsby. Arrived at 3 -.30 P. M. Steamer Great Northern, from San Francisco. Sailed at 0:30 P. M Steamer W. S. Porter, for Monterey. San Francisco. Sept. 5. Arrived Steam ers Atlas and W. F. Herrin, from Portland. Sailed at 10 A M Steamer Santa Clara, for Portland via way ports; at 2 P M. Steamer J. B. Stetson, for Portland. Arrived at 3 p- M. Steamer Northern Pacific, from Fla vel. Sailed at 8 last night. Steamer 'Wil lamette, for Portland. Coos Bay, Sept. n. Arrived Steamer F. A. Kllbum, from Portland, for San Fran cisco. Sailed Steamer Breakwater, for Portland. San Pedro. Sept. 0. Sailed Steamer Bear, for Portland. ' 'Frt Townsend, Sept. 5. Arrived Schooner Mabel Gale., from Sydney. Tatoosh, Sept. 4. Passed out at 6 P. M Tug Oregon, for Columbia River. Astoria, tiept. 4. Arrived at 8 P. M Barkentine Puako. from Port Allen. Arrived at 11 :rfo P M. Steamer Daisy Gadsby. from San Francisco. Tides at Astoria Monday. High. Low I-liS & S3!.;1,. &:;;g NATION'S CROPS GIGANTIC Ten Billion Dollars Is Valuation Placed lor 1015. Fundamental conditions, in the main, in this country are pronounced sound or at least are regarded as satisfactory by the correspondents of the Conti nental and Commercial National Bank of Chicago. With an agrcultural yield probably the greatest in history and having a valuation not rar from $10. 000,009,000. with the domestic credit sit uation improving and with labor bet ter employed than it has been at anyl time since the outbreak of the Euro-1 pean war, there Is sufficient basis for the hope for better things. The one deterring factor apparently is the un certainty as to the length of the war and the immediate and ultimate effect on the world's business of tht tremen dous destruction of capital and life in wits European conflict. There is a preponderance of evidence of the soundness of fundamental condi tions In our domestic situation, running all through the 6500 letters and ad vices received by President George M. Reynolds, preparatory to the ansual resume of crop and business conditions. Collections are far more satisfactory, taking business as a whole, than they were a few months ago. The disposi tion on the part of everyone seems to be to liquidate his indebtedness and to proceed on a more rational basis. This is the natural outcome of a long period of restricted activity, but it makes for a fundamentally sounder position when the time is ripe for a gradual expan sion in business activity. The enormous volume of war orders, covering munitions and supplies of va rious kinds required by the belligerent nations of Europe, has stimulated activ ity among certain lines of manufac turing to the extent that many plants are operating a percentage of capacity that a year ago seemed practically im possible'. Naturally this has given fresh im petus to the steel Industry and in time should this activity continue, must find its reflection in Increased railway traf fic. These tw0 may Justly be con sidered the basic Industry of the coun try, and while It might be presuming too much to regard this Increased ac tivity based on war orders as Indicative of a great wave of prosperity yet it is contributing much in strengthening our international financial position by piling up credits abroad and fortifying this country, in a measure at least, against the disturbin effects of the economic readjustment that ultimately must be experienced as a result of the enormous destruction of property and life abroad, and the consequent credit contraction. BANKERS DUE THIS WEEK Schedules for Itinerary to San Fran cisco Allows for Stop. Man! special-train parties will pass through Portland on Friday and Satur day of this week on their wav from the bankers', convention at Seattle to San Francisco. All of them will re main in the city for periods varyinsr from eight to 12 hours. Portland bankers are preparing to entertain them. The following trains alreadv have been contracted for by the Southern Pa cific between Portland and San Fran cisco: Ohio bankers Special train. 12 cars en route from Cleveland. O.; arriving Portland. Northern Pacific. 9AM leavlng via Southern Pacific 5 P M September 10. American Bankers' Association Spe cial. 12 cars, en route from New Tork City; arrive Portland via Southern Pa cific 6:30 A. M.; leave special via Southern Pacific 7 A. M.. Smtpmh.r n Oklahoma Bankers Seven cars, enj num uaih nuiua iity; arrive Fort land via Great Northern 6 A. M. ; leave via Southern Pacific, special, S:50 P. M. September 11. New York bankers Red special, seven cars; first section, white, 11 cars second section, white. 14 cars (three trains); arrive Portland via Great Northern 7 A. M.; leave via Southern Pacific :15 P. M.. September 11. Among the Aztec treasures pt Mexico were found many fine emeraida. Tey were ex quisitely cut, and It Is from this source that the magnificent emeralds now rormir. r.rt i ia. royit collection ot epain were sup posed, to come. TTTE MORXTyG ORHGOXIAy. 3IOXPAT. SEPTE3IBER 6, 1915. - MORTGAGE BANK AID Joliet Institution Suggests Idea for Rural Credits. CONGRESS MAY CONSIDER Portland Financiers Asked to Study Plan Along Lines of European Systems Serial Ixng-Tlmc loans Prove Big Help. Rural credits is ' a subject that is receiving a large share of attention from bankers in Oregon and other parts of the Northwest. It Is certain that Congress will give some attention to this issue at the forthcoming session, although it is hard to tell whether any legislation will result before a year a two. The question is such a tremendous one, and, as it involves every part of the country, It Is probable that Congress will seek to give it the fullest possible bankers recently have been asked to study the plan now success fully in effect at Joliet. 111., where a farm mortgage bank, organised on the lines of the European mortgage banks, was established a few years ago. American System Sunrarested. The experience of the Mortracre Bank at Joliet suggests the idea that it might be advantageous to the farm ers, the investors and the dealers to work out a typical American system based in the main on European prac tice, but adapting Itself to American customs and present conditions. This could perhaps be brought about by authorizing the organization of a sys tem of independent. Joint stock, com munity owned, Government supervised mortgage banks from which the farm ers might make serial loans instead of amortization loans, these loans to run for long periods of years and to be paid back to the banks by making small annual or semi-annual payments. Under this arrangement, a loan would never have to be renewed and the farmer would have exactly the same advantages as under .the amortization Plan. In the case of an amortization loan, the farmer signs but one note and the amortization payments are in dorsed on the back of this note. Under the serial plan, he would sign a sepa rate note for' each payment and he would be given the privilege of taking up any of all of these notes on any Interest paying date. A 6 per cent 20 year serial loan of $1000 is illustrated by the following serial table: (These figures apply proportionately to a loan of any amount whatever.) Total Amu Semi- Prin Semi-annual annua! Interest Paid on still periods payment. 6 Pet. Prin. unpaid G.UO t 3.00 &1.25 63.50 S3. 75 52.00 51.23 r.0.50 49.75 4'J.OO 4S.2S 47.00 46.75 46.00 4 5.25 41.50 43.75 43 00 42.25 41. GO 40.75 40.00 S9.25 38.50 37.75 37.00 36.25 33.50 31.75 34.00 3 3.25 32.50 31.75 S1.00 30.25 29. SO 2S.75 2S.O0 27.25 26.50 9 5U 8 4 E 6 7 S s 10 11 13 13 It 15 ia 2S.50 27.75 27. oa 26.25 25.50 24.75 2 4.00 23.25 23.5" 21.75 21.00 20.25 19.50 1S.75 18.00 3 7.2.-. 16.5f 15.75 15.00 14.25 13. CO 12.75 12.00 11.25 10.50 9.75 S.0O S.25 7.50 6.75 6.00 5.25 4.50 3.75 3.00 2.26 1.50 .75 25 92 900 S75 S50 825 S00 773 750 725 700 675 650 625 600 5 75 55U 625 500 475 450 4 25 400 ?.75 3 50 300 275 250 225 200 175 150 125 100 17 IS 19 20 21 23 25 35 J ;J 25 95 25 25 25 25 25 75 I 25 Total $1615.00 $615.00 S1000 Payments Become Less. The Interest charged to the farmer la at the rate of 6 per cent per annum. s.nd the only difference between this- form and tne amortization lorm is xnai in the case of a serial loan the annual or semi-annual payments are fairly large on the start and are constantly less until the loan is paid off. while in the case of an amortization loan these payments are always equal in amount. Furthermore, under the serial plan, the amount applied on the prin cipal at the time of each payment is always the same, while under the amortization plan the amount con stantly grows larger. If the farmer reels that the first serial payments are for larger amounts than he can pay. a eduction In the amount of each pay ment can be brought about by adopting a 30-year plan instead of a 20-year plan, and as amortization loans in Europe are frequently made for as long as 70 years, a 30-year period in Amer ica would not be unsafe. When a serial loan had- been nego tiated by the Mortgage Bank, the notes signed by the farmer would be indorsed with the guarantee of the Mortgage Bank and they would then be sold to investors. The guarantee would pro vide that in case a note was not paid, the Mortgage .Bank would reimburse the holder within 18 months after the default of the farmer, interest pay ments being maintained in the mean time at the rate provided in the mort gage. This arrangement would give absolute security to the Investor and would give time to the Mortgage Bank to foreclose the mortgage before mak ing payment on its guarantee. Strong Point Approved. Under the serial plan, where a loan to a farmer was for a limited amount, the serial payments would be small and consequently the denomination of the notes would make them desirable in vestments for the smallest class of savers. This plan of issuing the se curities in small denominations has proved one of the strongest points in the operation of Mortgage Banks in Europe. The profits to the Mortgage Bank would be represented by a cash com mission, or by "split interest" coupons, or by second-mortgage commission notes, all three of which systems are now In use generally in the United States. Financial Gossip. Arrangements for entertaining visit ing banker: who pass through Portland on their way from the Seattle conven tion this week are complete. The cour tesies of the Waverley Country Club, the Multnomah Athletic Club and the Chamber of Commerce will be extended to all visitors. The arrangements are in charge of R. W. Schmeer. A. O. Jones. E. D. Crawford. Emery Olmstead and J. L- Hartman. James K. Lynch, vice-president of the First National Bank of San Francisco and a director in the San Francisco Reserve Bank, visited Portland last week and called on local bankers. He was accompanied by Mrs. Lynch. He went from Portland to Glacier National Park to address the Montana bankers at their annual convention. He will at tend the American bankers' convention at Seattle this week. R. Lea Barnes, vice-president of the United States National Bank, left last Friday on vacation trip to California. The Exchange National Bank, of Ens. kane, now is established in its new home, which is said to be one of the best equipped banking-houses in the Northwest. Portland bankers who have visited It say that it is a credit to the Exchange National and to the City of Spokane. Boyd Hamilton, Northwestern repre sentative for the Mosler Safe A Lock Company in Portland, supplied the coin vaults and the safety deposit vaults for the new bank. C. M. Bergstresser, founder of the Wall Street Journal, was an Interest ing and Interested visitor in Portland last week. Mr. Bergstresser has a wide acquaintance among bankers, brokers and financial men throughout the country. He has retired now. but still keeps in close touch with finan cial affairs. Frederick A. Delano, vice-governor of the Federal reserve board, was a visitor In Portland last week. - Mr. Delano was not here on official busi ness, however. He is on a vacation trip and passed most of his time in seeing the sights. 'While here he took opportunity to call on his friend, A. L. Mills, president of the First Na tional Bank. They were schoolmates ............. .............. FEDERAL, RESERVE BANK RE PORT SHOWS GAIN IV AC CEPTANCES BOUGHT. SAN FRANCISCO. Sept. 6. (Special.) The report of the Fed eral Reserve Bank of San Fran cisco for Its forty-second busi ness week, ended September 3, shows a slight gain In accept ances bought. The statement fol lows: Resources. Total reserves $ 7,743,000 Commercial paper (re discounts) 1,438,000 Bank acceptances 606,000 United States bonds... 1.001,000 Municipal warrants 1.568,000 Federal reserve notes held 1,665.000 All other resources. .. . 8.350,000 Total resources U6.376.000 Liabilities. Capital paid in S 3,931.000 Deposits, net 12,445.000 Total liabilities $16,376,000 at Harvard. Mr. Delano says the Fed eral reserve system is more than meet ing requirements. , J. G. Edwards, formerly one of the principal owners in the Baldwin Sheep & Land Company, has Just bought a large block of stock In the Bank of Kenton and will be elected a member of the board of directors at the next stockholders meeting. Mr. Edwards' former connection with the livestock business induced him to In vest in the Kenton bank, which han dles nearly all the business of the North Portlan'd stockyards. Myron T. Herrick, ex-Governor of Ohio and president of the Society for Savings in Cleveland, will visit Port land September 28 and deliver an ad dress at the Chamber. of Commerce on the subject of rural credits, to which he has given much study In the last few years. Until a few months ago Mr. Herrick was the American Am bassador to Franco and while there made additional study of rural credits. He is an accepted . authority on mat ters of finance, credits and banking. ROADS DAY IS PLANNED JULITJS I MEIER TO BE CHAIRMAN OF" SPECIAL. FAIR FEATURE. Great Attendance of Autos and HlEh way Builders Is Expected jit Salem September 28. FAIR GROUNDS, Salem. Or., Sept. E (Special.) Julius L. Meier, of Portland, will be chairman of the day at the Ore gon State Fair Tuesday, September 28, on the occasion of Good Roads day. H' has made out a programme that wil assemble expert roadmakers, paving contractors, dealers In automobiles. County Commissioners, County Judges, agents for road-building machines and earnest workers for the betterment of all public highways. Two thousand automobiles are expected on the fair grounds that day and the occupant of every car. will be a talking advertise ment in behalf of bettering the con dition of all roads. Mr. Meier is urg ing personal friends to attend on that day and aid in making it a memorable one in Marlon County history. The Southern Pacific will run a Good Roads Special from all points in Ore gon. John M. Scott, general passen ger agent of the lines in Oregon, has given the day special recognition and will call attention to Good Roads day. The Southern Pacific Railway 'Com pany, the O.-W. R. & N. Company, the Oregon Electric Railway Company, the United Railways Company and the As toria railroad win carry exhibits In tended for the industrial department of the Oregon boys and girls, free to and from the Oregon State Fair. Mr. Paulliaruus to Speak at Fair. CENTRALIA, Wash.. Sept. 5. (Spe cial.) An address by W. H. Paul hamus, president of the Puyallup & Sumner Fruit Growers' Association, will be a feature of the 1915 Oakville Fair. He will speak October 9, on "The Advisability of the Farmers' Or ganizations." A cold ware seldom cornea along In August, when It la needed, and nature edge. into the error column In several other -'a ya. The Bank of Personal Service The account of every customer of this bank has the attention of a perfectly organized force of competent men and the personal supervision of its officers. Let us serve you. Four per cent interest paid on savings accounts. Merchants National Bank Founded 1886 Washington and Fourth Streets THE BANK OF CALIFORNIA NATIONAL ASSOCIATION of San Francisco. Founded 1864 Capital Paid in $8,500,000.00 Surplus and Undivided Profits $8,256,734.33 Commercial Banking. Savings Department. PORTLAND BRANCH Third and Stark Streets EXPORTS MAKE GAIN Portland Custom-Hcuse Re ceipts Increase.' POSTAL BUSINESS BIGGER Letter on Trade Conditions Issued by Merchants National Bank Indicates Healthy Condi tions in Northwest. "Conditions in Portland have im proved materially in the past 30 days." says the current letter on trade con ditions issued by the Merchants" Na tional Bank. "Exports of wheat and flour for Au gust show heavy Increase over July and corresponding month of last year. Exports from Custom-House were dou ble the value of August, 1914. and $100. 000 better than July. Imports were $114,000 over August. 1914, and $75, 000 over a month ago. "Domestio lumber shipments for July were twice the volume for June, but by the same comparison the foreign shipments were 600,000 feet less. Do mestic shipments of lumber from the Columbia River in July were 8.000,000 feet greater than in June of this year and 4.000,000 feet greater than July or a year ago. "Real estate transactions, as shown by the number of deeds recorded In August, were same as for July Post- office receipts for August were $26C0 heavier than for July and $200 more than in August a year ago, Meat Basinesa Improve. "Business at the North Portland stockyards shows a good Improvement. The receipts of cattle for August were 2000 heavier than for 'July, and some what heavier than for August, 1914. Two thousand fewer hogs were mar keted in August than in July of this year, but the increase over August, 1914, was 4500 head. Nearly 10,000 more sheep were marketed here In August than in July, but 1500 fewer than for August, 1914. "Bank clearings for August were practically the same as for the month Just preceding, but show an Increase of $200,000 over 1914. Retail trade, is favored by seasonable Fall weather. Collections are improving. "The Southern Pacific Railroad re ports an increase in passenger earn In a-s for July of this year, compared with 1914, of $1,157,627, or S4 per cent. This is largely accounted for by travel to the two-expositions. A decrease is shown in freight earnings, however. Idle cars August 1 were 265.131, an increase compared with 1914 of 66.000 cars, but a decrease from July 1 of 11.000 cars. Six feeder roads of Oregon show a loss of 6 per cent in gross rev enue for June. June reports on 453 railroads show increase In mileage l.fce per cent; increase in gross revenues, 2 per cent; decrease in operating ex penses, 6.09 per cent. Lumber Dealers Hopeful, "While conditions are not anywhere near normal in the lumber business, there is a feeling of hopefulness among the manufacturers. Their viewpoint is affected by the heavy crops through out the country, by increased ship ments 'by rail, by the orders received from the East, and because Eastern lumber manufacturers report increased inquiries. "There was an increase of 15 per cent In the catch of salmon on the Co lumbia River this season, and a corre sponding increase at Rogue River. Quality is 'high and the price of the canned product will be quotations same as last year. Price quotations at other points will not be determined until September 10. It Is expected the market will be firm. If general busi ness conditions improve the price should be an improvement over last year. The Puget Sound pack will be 700,000 cases or 75 per cent short and the entire Alaska pack 500,000 cases short. The pack -for 1915 is placed at 6.200,000 cases as against 8.000,000 in 1914. A new element in the situation is inability of Germany to take the cus tomary large purchase of smoked salmon, a profitable factor under or dinary circumstances. "While the Pacific Coast yield of hops will be short this year, the fac tors in price making are said to be favorable. England has but half a crop. It cannot purchase elsewhere, and as New Tork Btate crop is deficient the Pacific Coast must benefit. Oregon hops will be below average ,ln yield, due to blight, and of poor quality. Washington yield is less than last year, because of abandonment of hop fields, but qunlity is good. The California crop will be about the same as last year, according to reports. "Fruit conditions are not satisfac tory. Pears are returning small profits to growers. The peach situation is even less promising. One cause of the de pression was the heavy National peach crop. A still more important factor is declared to be lack of co-operation in marketing. The loss to this section on this account is placed at $100,000. Heavy prune crops in Oregon and in Clarke County, Washington, forecast moderate values. The apple season has not yet fairly opened. With a short Northwest yield fair values are an ticipated for best qualities." . Post-office to Transport Money. The Treasury Department, acting In concert with the Postofflce Department, has decided that all public moneys Who Is Most the Money YOU ARE If you save it. Be true to a small The United States National Bank Third and Oak Streets Federal Reserve Member The First National Bank OF PORTLAND, OREGON Small accounts, as well as large ones, are welcome here. Our patrons, re gardless of the amount of business done, receive every courtesy in all mat ters entrusted to us. 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 transported between 'the treasury, the sub-treasuries and the banks shall be carried by registered mall. Instead of by. express. The express companies have hitherto earned about $500,000 yearly by the performance of this serv ice, and approximately half of this sum. or J250.00O annually, was paid by them to the railroad companies for the facili ties of transportation. Bank Enlarges Quarters. -The Northwestern National Bank of Minneapolis Is building a mezzanine lloor in the rear of its main banklnc- room over the paying tellers' cages and around three sides of the vault- This step has been taken In order to fur nish more room for the clerical staff. The mezzanine floor is 12 feet above the floor and extends the full width of the building, about 90 feet, affording an additional 2500 square feet of floor space and accommodating: about 50 clerks. Oak-rlUe Mill Prepares to Operate. CENTRALIA. Wash.. Sent, K f so cial.) Preparatory to starting, opera tions, Frank Pearson has purchased two donkey engines for the old Smith & Prosser mill, located east of Oak ville. Mr. Pearson bought the mill a year ago, but owing- to the condition TRAVELERS OODPt San Francisco t.os Angeles (Without Change fcn Itontel Tbs Bis. Clean. Comfortable, Elegantly Appointed. Seagoing Steamship S. S. ROSE CITY . Sail from Alnawortb Dock 9 A. M. SEPTEMBER . 100 Golden IHilea on Columbia River. Ail Hates Include Bertha and Meals. Table and Service Uneaoelled. The San Kranelsco A Portland S. 8. Co.. Third and Watihlngtoa Streets (with O.-W. H. St. M. Co.). Tel. Broad way 430O. A 6121, I SAN FRANCISCO I h r -K.T t. a. r a tfie new way i "GREAT JJORTITERN" I R " I1RTH KK V P .H'l n r't 1 " Every' Tuesday, Thursday, Saturday for SAN FRANCISCO Fares Include meals and berths. Only 2 hours at i. Delightful scenic ride alonr Coiumbta River on steamer train trom North Bank Station, 9:30 A. SI. NORTH BANK. TICKET OFFICE, 5th and Stark Fhones Bdtvy. ;o. A 6671. American-Hawaiian Steamship Co. Between Portland New York Boston C. P. Kennedy. Art.. stark st Portland. AUSTRALIA NEW ZEALAND AND SOCTll SEAS. Regular, through sailing for Hydney rt Tkhitl and Wellington in m San Francisco. September 15. October 13. November 10 and eve-y US days. ; Send for pamphlet. L'nlon Steamsbin Co.. at New Zetiland. Ltd Office 679 Market street, baa f raaiasco, ai local b, , aaU M S. aaeata. lam SSJy Express ftut i svX Freiaht &Kiah,H Service. 9 Benefited by You Earn? i OTHERS ARE If you spend it. yourself and deposit amount regularly with Interest on Savings $3,500,000 of the lumber market, never operated it. The plant employs a force of about 00 men and its reopening will mean a substantial addition to Oakviile's pay roll. The Canadian Bank of Commerce HEAD OFFICE Toronto, Canada. Established 1867. A general banking business transacted. Interest paid on time deposits. Commercial Letters of Credit Isaned. Eirkiige an London, England. Bought and Sold. PORTLAND BRANCH, Corner Second and Stark Sts. F. C. MALPAS, Manager. TRAVELERS' CITOE. NORTH PACIFIC STEAMSHIP CO. San Francisco SANTA BARBARA, LOS ANGELES AND SAN D1EOO S. S. ROANOKE Sails Wednesday. (September 8, 8 F. M. COOSBAY CREKA AND SAN FRANCISCO SS. SANTA CLARA Sails Thursday. Sept. 9. 6 P.M. Ticket Office 122 A Third St. Phones Main 1314, A 1314 FRENCH LINE Comparnle Generals Transatlantiqua. J POSTAL SERVICE. Sailings From NEW YORK to BORDEAUX CHICAGO Sept. 18, 3 P. M. ROCHAJ1BEAU ...Sept. 11, 3 P. M. LA TOUItALNE ...Sept. 25, 3 P. M. ESPAGNE Oct. 2, 3 P. M. FOR INFORMATION iPPLI C. W. Mincer. W lk at! A I). Charlton, Hi Murruui t.t t. Is. tiarriaen. C U. c 81. P. Rj.; lorey li. Muitn. 110 ad St.: K. M. BUU. lou ail St.; U. llickwn. 34H Wash ing too St.: North Bank Road. &tn and btaxk sts.; F. b. Mt:Farland, 3d and Vtahiaatoa tl.: fe. U. f ullj. li Sd ParuatuL Freljtbt and Passenfftr STEAMKlUj TO THK DALLES and Ya Landings. "BAILEY GATZERT" Lavet ."uruuuij aaiij ml I jl. m. except Sunday and Monday. Sunday cx.cuta.oaj lu cascade Lockn ieava V A. M. . "DALLES CITY" Letvet l-wftiMviia iuc.ua,. muruitv anA burd.v t :0 A. 1st. bunun CiMade Lucks Exruiloa ftX. Care to The liallea and Return ta AXDKR-bT. DOCK, fOKii-ANIX fnoae Main UJt. A 112. COOS BAY LINE Steamer Breakwater Satin t-'rom AltiMwortli lYn.-k. l'nri l nf vry Thursday at H A. M. Krelcbt and 'llcket Utllec, Alnsirurth Dock. I'tiones oow, VII 1 Irkrt Olllee, bo ttn St. Plionea Marshall 4.UU. A M131. fOKILAM) Jt COOS UAV S. S. 1.IM, STEAMSHIP bails direct For SAN FRANCISCO. LOS ANGELES AND feAN DliCO Today, 2:30 P. M., Sept. 6 SAN FKANCINCO. PORTLAND , LOS ANCKI.E9 Tr-Jlllll- tU. FRAN fa, UULLAM. Agent. 124 Third hi. A. sSO, Alain 88, i