Image provided by: University of Oregon Libraries; Eugene, OR
About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Oct. 18, 1915)
BAN FUNDS EASY Rediscounting Privilege bu Little Used in West. TOTAL $119,900 IN 3 STATES Volume of Acceptances, However, Representing Definite Trade Transactions, Is Growing From Week to Week. How few banks of the Pacific North est at the present time have need of the rediscounting privileges of the i"ederal Reserve Bank at San Fran Cisco is shown in the detailed report of the Federal Reserve Board lo October 1. Of the 86 member banks in Oregon In August only five took advantage of their ability to rediscount: of the 78 In Washington but six rediscounted of the 56 in Idaho but five rediscounted during the month. This is but 7.3 per cent of the member banks in the three states. On August 27 Oregon had re discounts to the value of Sd7.800 Washington, 129.000; Idaho, $33,100; a total of $119,900 for the three states, or nine-tenths of 1 per cent of the total rediscounts of all the mombet tanks of the United States. Notes for Large Amounts. The Twelfth district bank in August rediscounted 229 notes to the value ot M48.300. which is just 2.5 per cent ot the total notes rediscounted by the entire system and 3.7 per cent of the .mount. Only 43 out of the 626 banks In the district, or 8.2 per cent, redis counted during the same month. The Twelfth district bank, however, led In one respect. Of its rediscounts 18.6 per cent were for more than $10,000 each, wnich percentage is higher in this respect than for any other district lor this denomination of note. The Twelfth district bank at San Francisco on August 27 held redis counts valued at $1,462,400, or 6 per cent of the total- rediscounts held by all of the member banks of the coun try. This volume was reduced on Sep tember 27 to Jl.2oo.000. however, show ing that the demands on the member banks for funds for domestic purposes Had not Increased. The volume of bank acceptances Held by the faan Francisco bank on Beptember 27 totaled $605,000, and has been growing week by week during the month. These are notes held by the banks which represent a definite transfer of goods from seller to buyer or a trade transaction secured by warehouse receipts. It is the taking of this class of paper by the banks that the Federal Reserve Board is endeavoring to foster and for which the Board has from Lime to time made special discount rates. Rediscounts Are Smaller. The total amount of commercial paper rediscounted by all the Federal Reserve Banks in August was $12, 233,700, which was $1,004,500 less than in July and $1,170,300 less than ii June. Early in the Summer, in re eponse to the appeal made by the Fed eral Reserve Board and following the example of a great many of the larger banks of the country, considerable paper was rediscounted with the Fed eral Reserve Banks in order that they might get acquainted with the redis counting system. There has been no natural growth in the volume of this business, indicating that the banks are not in need of this service to any great extent at the present time. The greater volume of the rediscounts, anyway, are held by the Southern banks. ' Of the 7610 banks belonging to the system only bun, or 9.1 per cent, banks re discounted in August. Of the total volume $115,662,000 of Federal Reserve notes in circulation the San Francisco bank held $2,026,000, an increase of $750,000 in the four weeks from August 27. SPITZENBERGS BRING $2 I-'rult Exchange Manager Says Fancy Grades Are Scarce This Year. HOOD RIVER, Or., Oct. 17. (Special.) While deals in Hood River apples have not been extensive, enough busi ness has been transacted to establish a preliminary price on extra fancy Spiteenbergs. The Fruit Growers' Ex change has disposed of small blocks of the smaller size Spitzenbergs for $1.85 a box, and large sizes have been sold for $2 a box, both quotations, f. o. b. Mood River. Selling agency managers declare that the buyers believe an effort is being made to "bull" the market by the quo tations named on the extra fancy apples. "They don't seem to realize the scarcity of the apples." says Kenneth McKay, manager of the exchange. The movement of Newtowns is negli gible so far. Buyers refuse, according to Mr. McKay, to make any bids for this fruit until after theshort-lived fruit of the East and Middle West is disposed of. OYSTER GROWERS UNITE Dealers Join Association for Propa gation In Puget Sound. OLTMPIA, Wash., Oct. 17. (Special.) The "Olympia-oyster" will be the of ficial name hereafter of the diminutive but highly succulent and nutritious bi valve which has its habitate in the up per waters of Puget Sound. This is the edict of the Olympia oyster Growers and Dealers' Associa tion, organized here this week by all growers in the waters contiguous to Olympia and Shelton. Officers of the association include Ir. G. W. Ingham, president: Thomas O'Neill, vice-president; E. N. Steele, secretary -attorney; Earl Brenner, treasurer. RATE TO PORTLAND IS CUT Lewis County Mines Expect to Ship Much Coal to City. CENTR ALIA. Wash.. Oct. 17. (Spe cial.) After a long fight on the part of the coal shippers of Lewis County, as sisted by the local Commercial Club and the Citixens' Club of Chehalis. the railroads have granted a reduction of 25 cents a ton in freight rates to Port land points, the new rate to go into ef fect November 20. At the present time the rate to Seattle is $1 and to Port land $1.25. practically cutting the shippers off from the Portland markets. It is expected that the new rate will mean Increased activities at the coal xntnes in thia vicinity thie Winter. FINANCIAL TALKS ARE SET I ro feasor Hastings, of Heed, to Speak at Multnomah Club. & series of lectures on investment and financing- before the members of the Multnomah Amateur Athletic Club thi Winter. Many Portland bank clerks are arranging to attend. The lectures will be held each Tues day evening at 8 o'clock. The dates and subjects are as follows: October 19 "Types of Securities." October 20 "Fundamentals of Sound Financing." November 2 "Government and Municipal .Bonds." November 9 "Methods of Analysing- Rail road Renorts." November 16 "Methods of Analysing itaiiroact Keports." November 23 "Analysis of Reports of Se lected Railroads." November 30 "Analyses of Reports of Selected Railroads." December 7 "Analyses of Reports of Se iccieu naiiroaas. December 14 "Public Service Corpora tions." Januar 4 "Analyses of Reports of Se lected Public Service Corporations." January 11 "Industrial Companies." January 3 8 "Analyses of Reports of Se jectea industrial tompanies." STAMP TAX ADVOCATED HENRY .CLEWS DISCUSSES NEED 'FOR INCREASED REVENUE. High Tariff Under Present Conditions Not Considered Desirable ns Lack ' ins Stimulant. If the farmers o tJfe United States now turn in and sell their products at profitable prices the effect of the allies' loan will be as beneficial to this coun try as to England and France, says Henry Clews, the well-known New York banker, in his current letter on trade conditions. Indeed," says Mr. Clews, '"we must sell, for if our farmers do not find a. good market for . their surplus crops me result nere win De disaster and discontent. "Our exports are also being it init iated, as every one knows, by heavy snipments 01 war materials; sq that, in view of continued small imports. the outlook is for a continued huge excess or exports running at the rate of about $100,000,000 to $150,000,000 a montn. borne experts already calculate that if the war continues, the surplus when the fiscal year ends will have reached anywhere from SI. 300.000.000 to $1,500,000,000. Continued small im ports due to Europe's limited ability to sen; are a pro Diem that time alone win solve. "Our customs revenue is being share ly reduced, and the treasury deficit is growing, with increasing: expenditures xui- preirareunesB aneaa. Home new rorm or taxation will be Inevitable. Very little additional can ba rained from the tariff, for the reason that an advance in duties would still further restrict imports, and tend to diminish rather than increase customs revenue ine sugar duties, which now provide ou,uuu,uuu oi revenue, ought to be re tained, because if cut off the consumer would probably not receive anv of rhn aavanuge. hmau duties on tea and coffee would bring; considerable revenue ana would also be but slightly felt by the consumer, if at all. Very consid erable revenue could be derived from stamp taxes, one of the most efficient and least objectionable forms of taxa tion. Present war stamp taxes will possibly be retained. "The war has been largely, if not entirely, aiscountea. we are now dlS' counting the approach of peace." BANK CLEARINGS GROW GAIN ATTRIBUTED TO NATURAL IN CREASE IN BUSINESS. bxenangea Between Institutions in Three Weeks of October $4,000,000 Better Than in 1914. Portland bank clearings for the last few weeks have been mounting steadily upward, reflecting the expanding nature of the general business situation in tnis city. While part of the increase is due to deposit of money from the Tall tax collections, only a small part is ac counted for In this manner Ly clearin nouse officials. They declare the ad vance due to natural growth of trade. (Jiearings In Portland f oritur, Inst three weeks and those of the corre sponding weeks last year are as fol lows: Week ended October 16 October October 2 1915. 1914. .$14,140.23 $12.5T3.0e8 . l-t.770,6 13,588,487 Totals .$40,701,039 $36,748,334 Thrift Savings System Adopted. The Northwestern National Bank of Minneapolis has Inaugurated a thrift department as an addition to its regu- ar savings department. The system of thrift savings which the bank has established provides for saving a defi nite sum within a certain time through small weekly payments. The plan of fers an opportunity to the bank's cli ents to provide a sinking fund for spe cific purposes, such as the payment of life insurance premiums, taxes, etc. When the required amount of money has been saved interest is paid thereon at the rate of 3 Per cent per annum ior tne time on deposit. However. merest is not paid on thrift savings for a period less than 13 weeks or on those that are withdrawn before the amount sought has been saved. Cards are issued to depositors in the thrift department instead of passbooks, and the amounts paid each week are punched on the cards. - Clearins-IIouse Election Held. At the annual meeting of the New York Clearing House Association, Oc tober 5, Frank A. Vanderlip, president of the National City. Bank, was elected president to succeed Francis L. Hine, president of the First National Bank. Mr. Hine has been president of the as sociation since the 1912 meeting. James S. Alexander, president of the National Bank of Commerce, was chosen chair man of the clearing-house committee in place of Albert H. Wiggin. The other officers selected were: Secretary, Jo seph Byrne, vice-president of the Mer chants" National Bank; manager, Will iam Sherer. and assistant manager. William J. Gilpin. Northern Pacific Liand Sales Higher. The annual report of the Northern Pacific shows that the company still owns between $.000,000 and 9,000,000 acres of land and that it sold 1.200.000 acres during the last 'fiscal year, an mount double the acreage sold in 1914. While the proceeds from land sales can be used only for improvements and Det erments, yet by virtue of this, lust so much more of the earnings from operation can be applied to the pay ment of dividends, and by Just so much s tne margin of safety for the stock increased. Seattle Bank lias Xew Official. Edgar Ames has been made vice- president of the State Bank of Seattle. Mr. Ames recently was elected a di rector of the institution to succeed Will H. Parry, who resigned to be come a member of the Federal Trade Commission. Professor Hudson B. Hastings, of .Reed College, has arranged to deliver lodges. Woodland Entertains Oddfellows. WOOPUAND. Wash.. Oct. 17. SDe- ial. Woodland tonight is host for more than 300 Oddfellows and Rebek- ahs of Clarke County at one of the best ttenaea jubilees in the history of the $500,000,000 Anglo-French Five-Year External Loan The joint and several obliga tion of the governments of the United Kingdom of Great . Britain and Ireland and the ' French Republic dated October 15, 1915, due October 15, 1920, interest payable April 15 and October 15, both principal and interest payable in New York City, in United States gold coin without deduction for any present or future British or French taxes. Coupon bonds in denominations of $100, $500 and $1000, which may be registered as to principal. Registered bonds in denominations of $1000, $10,000 and $50,000 and authorized multiples. Coupon and registered bonds interchangeable. Convertible at the option of the holder, on any date not later than April 15, 1920, or (provided that notice be given not later than April 15, 1920). At maturity, par for par, into 15-25-year joint and several 4y2 per cent bonds of the governments of the United Kingdom of Great Britain and Ireland and the French Republic, such 4y2 per cent bonds will be pay able, principal and interest, in United States gold coin, in New York City, free from deduction for any present or future British or French taxes, will mature October 15, 1940, but will be redeemable, at par and accrued interest, in whole or in part, on any interest date not earlier than October 15, 1930, upon three months' notice. A large amount of these bonds having already been withdrawn for investment, we, whose names appear fbelow, offer, on behalf of a country-wide group of institutions and bankers, the unsold balance, subject to prior sale and change in price. PRICE 98, AND INTEREST YIELDING NEARLY 5 PER CENT Payment may be made either in full on October 29th, or, at the option of the pur chaser, 50 per cent on October 29th and the balance on December 3d. Application will be made to list these bonds on the New York Stock Exchange; temporary bonds will be ready for delivery on or about October 29th, exchangeable for the definitive bonds when prepared. J. P. MORGAN AND COMPANY, New York. HALL AND LEWIS, Portland. The Canadian Bank of Commerce HEAD OFFICE Toronto. Canada, Established 1867. A general banking business transacted. Interest paid on time deposit. Commercial Letters of Credit S Iasoed. Cxcaaaa-e London. Ens-land. Boosat and Sold. PORTLAND BRANCH. Corner Second and Stark Sts. F. C. MA LP AS, Manager. First-class residence loans ' at 7 Without Commissions. Eastern Money. i Commerce Safe Dep. and Mortgage Co. ' 91 Third St, Chamber of Commerce Bids-. TRATtmB1 OCTDM. San Francisco Los Angeles (Wllboat Chaaa-e En Roitt) 1 The Big-, Clean. Comfortable, Klrit-nily Appointed. S. S. BEAVER . Salla From Alnsworta Dck 3 P. M., OCTOBER 18. 100 Golden Miles on Colambla River. All Kates Include Bertha and Me a in. Table and Service .excelled. Tbe Kan Praaclaeo Portland 8. S. o.. Third and Waahlaston Streete with O.-W. It. Jt K. Co.) Tel. Broad way 4&O0. A 6121. TOUR IS PROPOSED nspection of Willamete Valley Line Urged. DUAL PURPOSE INTENDED Cementing Friendly Relations Be- tiveen City and Country as Well as Advertising Land Show Is Object of Junket. Formal Invitation to the business men of Portland to make an inspec tion trip over the VV Ulamette Valley Southern line, which has just extend ed its through service into Portland, will be given at the weekly meeting of the members' council of the Cham ber of Commerce at noon today bv Judge Grant B. Dimick, president of the "newly arrived" lnterurban system. Plans are already on foot for con ducting: a Portland business men's ex cursion out over the new line next Sat urday, not only for the purpose of officially welcoming the new electric road into Portland, but also for the purpose of attending the second an nual Poultry, Fruit, Cera and Educa tional Fair, which will be held at Mount Angel Friday and Saturday. According to these plans, this par ticular Junketing trip will serve sev- ral purposes. In addition to cele brating the coming of the new trolley line and attending the Mount Angel fair, the Portland business men will have an opportunity of extending a personal Invitation to all the various communities and towns along the Wil lamette valley Southern to return this visit on some special day set aside for that purpose during the coming Man- raeturers and Land Products Show. This proposition, it is figured, will fit into the excursion programme, because the territory served by the Dimick road is largely devoted to agricultural pursuits. Chamber Asked to Act. President-Dimick. in his invitation, will request the Portland Chamber of Commerce to stand sponsor for this excursion for another important rea son, namely, that the business men of this city have never, as a "body or in any large numbers, paid a visit to the country through which this electric line passes. Among the several pro gressive communities which are eager to act as hosts for the Portlanders are Beaver Creek. Mulino. Molalla. Monitor and Mount Angel, the present southern terminus of the line. The plans for the reception and en-tertain-nent of the Portland visitors who desire to take advantage of this get-acquainted" excursion next Sat urday are being looked after by J. W. Ebner, president, and Joseph J. Keber. cashier, respectively, of the Bank of Mount Angel, who were in Portland yesterday attending to some of the preliminary arrangements. Both these bankers announce that the Mount Angel Commercial Club and the Mount Angel Poultry Association. which are Jointly in charge of the fair this week, as well as the citizens of tne town, will welcome the Portland ers and show them a good town. Band "Will Be Out. "We have a fine band there, and we will get the boys out and give Port land a regular old-time serenade at the depot when the party arrives," said Mr. Keber. "We will also show the excursionists through our big fine education il institution. the Mount Angel College, one of the finest of Its kind in the Northwest. We will arrange for a luncheon and meeting at which we can explain to the business men of Portland just what our resources, in dustries and opportunities for trade extension are. as well as to show them that we have a fine country which .is naturally looking to Portland as its marketing center." It is planned to have the special excursion train leave First and Alder streets at 9 o'clock Saturday morning and to make brief stops at Important points along the line. The fare for the round trip will be $1.50. Luncheon will be served at Mount Angel, followed by a visit to the fair and a trip through the college build ings. Oregon City business men will Join the Portland party for the trip upon the arrival of the special at that city. This Strong National Bank has facilities!: or the check ing accounts of corpora tions, firms and individ Pay your bills by check and note the safety and convenience. The United States National Bank Third and Oak Streets ' Portland, Or. THE BANK OF CALIFORNIA NATIONAL ASSOCIATION Founded 1364 or ban Francisco. Capital paid in gold coin , Surplus and undivided profits .$8,500,000.00 . 8,232,962.26 Commercial Banking. Interest paid on Time and Savings Deposits. PORTLAND BRANCH, Corner Third and Stark Sts. Wm. A. MacRae ' - J. T. Burtchaell Manager. Assistant Manager. The First National Bank OF PORTLAND, OREGON Offers to the public all the advantages of an old, reliable and well connected institution. It seeks to characterize every transaction with integrity, promptness and courtesy. Capital and Surplus - - - $3,500,000 THE BEST EVIDENCE OF OUE CONTIN UAL AND RAPID GROWTH IS THE GREAT NUMBER OF SATISFIED CUSTOMERS WHO ARE DOING BUSINESS WITH US. THE NORTHWESTERN NATIONAL BANK FVFRY C ITTI 7FN of East Portland la benefited by patroiw advantages by having- an account with the Citizens Bank and transacting- his or her banking: business with this able and obliging institution. 1 our account, subject to check or In our savings department. Is cor dially Invited. Foar Per Oat Paid oa Savlaga Aceoaats. 23 cara la East .TwtiOlaraea- f tft-MM, aarausnajcaus OTagiiHinariHinagB -GRKAT NORTHERN "SOBIHERN PAC1F1C" Taesday f"1 p fi . z?&? rorbanrrancisco ilea: ot trip In daylight. 30 round trip. Olio wy. S8. 15, $2U. including meals and berth, steamer expre&s tlstcel parlor cara and coaches leavda North Banlc Station 9:30 A. M.. arrives 4:25 P. M. Sunday. Wednesday, Friday. KUKTH BANK TICKET OFFICE FUTH AJiU UTAXtH. Phonea Broadway 820, A 66TL Tickets also at Third and Morrison. 100 Third St. and S4s Washing-ton St. FRENCH LINE Compafnle Generals TransaUaatlqua POSTAX, 8ERVICU. Sailings From MEW YOitK lo BORDEAUX ..Oct. SS. S P. M. ...Oct. sv. S P. M. ..Nov. . P. M. ..Nov. SO. S P. M. LA TOURAIKI KOTHA MBEAD CHICAGO The New Quadruple Screw S. 8. LAKAfcXTK Maiden Trip from N. . Nov. 13. FOR INFORMATION APPLY C. IV. IStuia-er. 80 6th at.. A. II Charlton. MorriKoa tit.; K. K. Garrison. C. M.ft tit. r. itT. ; uorsey u. Binun. 116 3d st.t E. J. inslon at. ; North itanlt Koad, 5th and eitara at.; F. S. Mc Far land. 8d and Waahinatoa sts.; K. B. Hulls , 124 Sd St.. Portland. San Francisco SANTA BARBARA, LOS ANGELES AND SAN DIBGO. S. S. ROANOKE Sails Wednesday, October 20. P. M. COOS BAY KlKhKA AND SAN FRANCISCO. S. S. SANTA CLARA Sails Tuesday. October 19. P. M. Ticket Office 1Z2 A Third St. Phones Main 1314. A 1S14. 1 Mli.eftd..y, October SO. 2 :0 P. M. 8an Krmnctftco, Portlmnd fc Ioa Anffeles hteaniHb.o Cow Jbranit Bollm, AfU 124 Third tit. A Main 26. AUSTRALIA NEW ZEALAND AND SOUTH SEAS. Rerular. through salllnr for Sydney via Tahiti and Wellington from San Francisco. November 10. December 8, January 5 and every 2s days. Send for pamphlet. Cnloa Steamship Co., of New Zealand. Ltl. Office 61 Market street. Saa Francisco. or local 8. 8. and K. K. Asents. American-Hawaiian Steamship Co. ffi ' Betwaom Express rn'rii m ffW U, 1 r.H' U Pcrtlaad ejrrtht jgr New Kara C. D. Banaadr. Ast- Hi atark Partlaaa STEAMER "DALLES CITY" Leaves Portland Sunday. Tuesday and Thursday at 7 A. M. Leaves The Dalles Monday, Wednes day and Friday at 7 A. M. Fare. Portland The Dallea, SI. 00. ALUKH-SI'. DOCK, PORTLAND. 1'aone Mala U14, A S1U, i