Morning Oregonian., October 25, 1915, Page 9, Image 9

THE MORNING OREGONIAN, 3IONDAT, OCTOBER 23. 1913.
SECRETARY HGTADOO
IS DUE HERE TODAY
Mrs. McAdoo and Other Mem
.bers of Party Will Be
Guests of Chamber.
LUNCHEON ONLY FUNCTION
As Collaborator In Framing Fed
eral Reserve Law, Bankers Are
Anxious to Hear Views on
Efficiency of System.
SCHEDULE FOR SECRETARY
M'AUOO'S VISIT TO PORT
LAND TODAY.
8:25 A. M. Arrive at Union Depot
8:45 Breakfast at Benaon Hotel.
9:30 to 11 Visit to local banks
and Federal buildings.
11 to 12 Informal reception at
Benson Hotel.
12 to 1:30 Luncheon at Cham
ber of Commerce.
1:30 to 3:30 Sightseeing trips.
4:10 Leave from Union Depot
for Seattle.
Portland bankers are looking for
ward with much interest to the visit
today of William G. McAdoo, Secretary
of the Treasury.
Mr. McAdoo, Mrs. McAdoo. who Is a
daughter of President Wilson, and
other members of their party will ar
rive over the Southern Pacific at 8:26
this morning and will remain until
4:10 P. M. They will be entertained
while here by the Chamber of Com
merce and by members of the Portland
Clearing-House Association.
As Secretary McAdoo was one of the
collaborators with President Wilson In
drafting the Federal reserve law and
Inasmuch as he is one of the ex-officio
governors of te Federal Reserve
Board, the local bankers will try to
obtain his views on the operations of
the system and the results of its opera
tion since it has been established.
The following committee of business
men and bankers will meet the McAdoo
party at the Union Depot this morning:
Joseph N. Teal. A. I. Mills. J. C. Ains
worth. Edgar B. Piper. E. L. Thompson,
C. C. Colt, Milton A. Miller. John F.
Carroll, C. S. Jackson and L. A. Lewis.
The visitors will be taken to the Ben
son Hotel for breakfast, after which
Secretary McAdoo will be afforded an
opportunity of visiting the Portland
banks and various Federal offices
under his Jurisdiction. Automobiles
will be placed at his disposal for those
visits. From 11 to 12 this morning
Secretary McAdoo will be tendered an
informal reception at the Benson.
At IS o'clock the Secretary will be
the guest of honor at the luncheon of
the Members' Council of the Chamber
of Commerce. On account of the de
mand for seats the luncheon will be
served in the main dining-room on the
eighth floor of the Chamber's building.
It Is expected that Mr. McAdoo will
discuss some phases of the Federal re
serve act and business conditions in
general.
It is probable that leading local
Democrats will get in touch with the
Secretary later in the day for brief
political conferences. Mr. McAdoo was
treasurer of the Democratic National
Committee in the campaign of 1913.
Meanwhile Mrs. McAdoo will be en
tertained quietly by the wives of mem
bers of the local reception committee.
She also has been invited to the
luncheon at the Chamber of Commerce.
The original plans of the party pro
vided for their departure for the north
at 2:10. but, on invitation of the local
committee, Mr. McAdoo arranged to re
main until 4:10. They will leave on
the Northern Pacific at that hour for
Seattle.
BANK REPORT DIRECT
NEW SYSTEM REQUIRES ALL TO
SEND DATA TO CLAI D GATCH.
Effort Reins Made to Standardize, a
Far as Possible, Methods of Fed
eral Reserve Examiners.
J. M. Logan, National bank examiner
for the Portland district, has returned
from the convention of examiners In
the Twelfth Federal Reserve Banking
district, held at San Francisco, October
11 to 15.
This meeting was held at the Instance
of Claud Catch, chief examiner for the
Twelfth Federal Reserve district, and
deputy agent of the Federal Reserve
Bank. Under the new system Mr.
Uatch becomes practically, bo far a.
his work is concerned. Assistant Comp
troller of the Currency as, instead ot
reporting direct to Washington, now
the National banks of this district will
report direct to Mr. Gatch.
The meeting was attended by seven
examiners and three assistant ex
aminers, as follows: Fred Brown,
Boise, Idaho; Martin McLean, Seattle,
Wash.; J. M. Logan, Portland, Or.; W.
E. Wilcox. Oakland, Cal.: J. A. H. Kerr.
Los Angeles, Cal., and Claud Gatch, San
Francisco, examiners, and Fred L. Har
ford. Seattle; W. M. Gray, and C. C.
Otter, San Francisco, assistants.
All the sessions were taken up In
discussing the various problems of the
districts and with the propositions of
trying to standardize, as far as possible,
the methods of the examiners. An im
portant action was taken by the ex
aminers in deciding to recommend to
the Comptroller of the Currency a
change in the nature of the report made
to the Comptroller by dividing it into
two parts, the first part to contain the
confidential advice and the second list
ing the criticisms to be delivered to
the banker, and also forwarded to the
chief examiner and the Comptroller.
The forms of reports and methods of
examination of National banks acting
as registrars of banks, executors, etc.,
under the terms of the new Federal
Reserve act, were also decided upon.
The question of credit files was dis
cussed, and it was deemed advisable
that the chief examiner have a com
plete record of the larger borrowers of
the district. Consultations were held
with the chairman of the board and the
governor of the Federal Reserve Board
regarding the eligibility for rediscount
ot various classifications of paper.
Road Bonds Are Proposed.
SANDY. Or.. Oct. 14. (Special.)
Several important road meetings have
been called in the districts in this vi
cinity for November to vote special
taxes, more than $30,000 in special
taxes to be passed on.
At Bull Run the meeting will be
held November 13.
At Kelson District No. ( the meeting
will be in the schoolhouse Novem
ber 13.
At Sandy, November 11, in the City
Hall, the taxpayers will vote on several
appropriations.
SECRETARY OF THE TREASURY AND HIS WIFE CF RES I DENT WIL
SON'S DAUGHTER). WHO WILL BE GUESTS OF
PORTLAND TODAY.
"' i
,Jt CV"?1 S
HELP IS PROMISED "(
New Industries May Be Pro
tected After War Is Over.
CHEMICALS ARE EXAMPLE
Highly Organized German Competi
tors Heretofore. Able to Hold
Field; Check to Be Put on
Unfair Methods.
NEW YORK, Oct 24. The policy to
be pursued by the Administration In
preventing the extermination of new
industries by foreign competition aft
er the war was indicated in a state
ment of Dr. E. E. Pratt, chief of the
Bureau or F oreign ana Domestic i
Commerce. before the Rncletv of '
Chemical Industry. He said that the
Department of Commerce and the Fed
eral Trade Commission were agreed
that unfair competition shall not be
permitted any more to foreign con
cerns and that any new industry which
aims to place this country in an in
dependent position industrially shall
have a fair chance.
This statement was made in the
course of an address on the coal tar In
dustry. Dr. Pratt said that one se
rious obstacle to the development of
this industry in the United States was
the certainty that after the war Eu
ropean manufacturers would endeavor,
by boycott, underselling and other
methods to win back this market and
put the American industry out of bus
iness. German Indnstry Highly Organised.
He said that the German coal tar
industry was the most highly and com
pletely organized industry in the world.
It comprises -22 dyestuff factories, but
commercially it is a unit, for "prices,
terms, conditions of sale, market con
dition, export policies are determined
and fixed by the industry as a whole."
Hitherto it has had no serious compe
tition. Any attempt seriously to dis
pute Its dominance is prevented by un
derselling and boycotts. Germany, pro
duces three-fourths of the world's sup
ply of coal tar dyes and has more than
88 per cent of the world's export
trade.
The United States has the raw mate
rials, the markets, the technical skill
and the capital to develop this indus
try, but it has been throttled hitherto
by unfair foreign competition. A com
pany was no sooner organised to en
gage in this industry with a capital
of about one-tenth of the United States
consumption than the European con
vention .announced the intention of
putting it out of business by under
selling, regardless of cost. This com
bination began by cutting the price to
this country from 10.9c to 9.9c and by
making large sales at far lower prices
in the face of a world-wide advance in
the price of material and labor. Con
tinued manufacture of a number of
colors in this' country was rendered
impossible by prolonged underselling
on the part of Europe at prices far
below the market.
War Stimnlates Rome Industry.
Cutting off of the German supply by
the war has caused a great increase in
production in, this country. Five con
cerns have doubled their output, a
branch of a large German concern has
made a large increase and another has
quadrupled its production. Nine new
plants are now making aniline and in
termediates, another will be ready for
operation about November 1 and anoth
er company, capitalized at $15,000,000,
has started plans for extensive work
in different parts of the country. Our
production has trebled since July.
1914. and the percentage of coke by
products saved has doubled.
Dr. Pratt recommended that the
United States should foster this new
industry by legislation against unfair
competition, rather than by tariff leg
islation, and he Instanced the exper
ience of Canada. Australia and South
Africa.
BIG SUM IS ASKED FOR
Federal Reserve Bank at San Fran
cisco Calls Millions.
Call for a further deposit of their
legal reserves with the Federal Reserve
Bank at San Francisco was made on
the member banks this week. The
transfer must be completed on Novem
ber IS, and the order means that the
member banks of District No. 12 will
place in the keeping ot the principal
bank approximately $5,000,000 more of
their funds.
Of this total, the banks of Portland
will contribute about $275,000, the
banks of Oregon about $250,000. mak
ing the total transfer for the National
banks of the state about $525,000. The
San Francisco bank now holds between
$9,000,000 and $10,000,000 of the reserve
money of its member banks, and the
new assessment will bring the total up
to within $14,000,000 and $15,000,000.
The call Is in pursuance of the pro
vision of the Federal reserve act re
quiring member banks in reserve cities,
such as Pbrtland, to carry with their
district bank, for the first year after
its organization, one-fifth of their legal
reserve funds. This is an equivalent
of IE per cent of the aggregate of their
time and demand deposits.
At the beginning of the second year
the member banks are required to carry
an additional one-fifteenth of their re
serves with the Federal Reserve Bank,
and to pay an additional one-fifteenth
of their reserve funds each six months
thereafter, until the total of two-fifths
has been contributed.
After three years the reserve re
quired for banks in reserve cities will
be reduced to one-third of their time
and demand deposits. The member
banks in Oregon outside of Portland
for the past year have been carrying
one-sixth of their legal reserve funds
with the San Francisco bank. They
are now required to add one-half more
to the sum already carried. Their
ultimate reserve requirement Is five
twelfths of their total time and demand
deposits.
Payments by member banks must be
made in gold coin or gold certificates,
according to the circular. While $5,
000,000 is a large sura to be transferred
all at once, the call contains sugges
tions for advertising a congestion
of funds or payments on the day
on which the payments are due. The
circular recommends that the member
banks plan as fast as possible to ac
cumulate gold certificates or gold coin
and to remit in advance as fast as
possible.
KNIFE SPARES SERVICE
UNION PACIFIC MAINTAINS STAND.
ARD IN SPITES OF ECONOMY.
Judge Lovett Calls Attention to la
crease Is Surplus While Prop
erty Has Been Kept V p.
When Judge Robert S. Lovett, chair
man of the board of directors of the
Union Pacific, was in Portland last
week he pointed with proverbial pride
to the fact that the Union Pacifie has
maintained its high standard of ser
vice, roadbed and equipment despite the
curtailed revenues.
An analysis of the Union's annual
report will show how this remarkable
achievement has been accomplished
while other roads have been forced to
permit their property to suffer. Mean
while the Union Pacific also added
substantially last year to its surplus.
The system, for the year ended June
$0, had operating revenues of $86,958,
295, a falling off from the previous
year of $4,887,009. The total operating
income was $30,180,106, a decrease of
$1,446,108. With the Income from other
sources the net railway revenue, above
charges, amounted to $28,404,359. This
made a decrease in the sum available
for dividends of $4,701,557, compared
with the previous year.
The surplus for the year amounted
to 10.98 per cent for the $222,291,600
common stock outstanding, against
.13.10 per cent earned in 1914. The
usual 4 per cent was paid on the pre
ferred, and the common received 8 per
cent, compared with 9 per cent in 1914.
After meeting the dividends and the
betterment cots, $5,544,032 was trans
ferred to the profit account
In 1914. despite the payment of an
additional 1 per cent on the common,
the surplus laid aside was $9,331,425.
The total surplus of the Union Pacific
system, as of June 30, was $96,962,242.
Chairman Lovett in the report said the
loss was practically offset by a reduc
i tion ot expenses by 5.4 per cent.
TRADE INCREASE BIG
American Exports Ten Times
What They Were in 1851.
BRITISH HEAVY BUYERS
Germany in Normal Times Has Been
Second In Importance as Custo
mer, With France Third; Sail
ins Ships Diminishing.
WASHINGTON, Oct. 23. (Special.)
Heavy as has been the increase in for
eign trade of agricultural products
from 'the United States during the past
50 years, the increase has not kept
pace- with the growth of foreign trade
in other lines -of production and in
dustry. It is said by the Department of AgrU
culture that the foreign trade of this
country for the year ended June . 30
last was more than ten times what it
was in 1851. In the latter year the im
ports and exports were valued at 4400,
000,001. In 1914 they were $4,259,000,
000; in 1851 there were exported $147,
000,000 worth of agricultural products
and in 1914 $1,114,000,000. During the
same period the exports of forest
products increased from $4,000,000 to
almost $107,000,000.
Cotton heads the list of farm prod
nets exported, with an average annual
value for five years of $550,000,'000.
Packing-house products are second,
with an average of $155,000,000, grain
and grain products following with
$150,000,000. Forest products are
fourth, with $100,000,000, Some dis
tance behind are tobacco, fruits. Vege
table oils, live animals, and vegetables.
Britain as Leading; Market.
Figures shdW that Great Britain has
been the chief market for the farm and
forest products of the United States.
During the five years ended with 1914
ah average of 39 per cent of these ex
ports have gone to England. During
the last five years nearly one-half of
the cotton exported has been taken by
this market, three-quarters of the hops,
one-half of the glucose and grape
sugar, live animals, sugar and starch
and one-third of the packing-house
products, (of the grain, the tobacco and
the dairy' products.
Germany during the same period was
the second market for farm and forest
exports from, the United States. Dur
ing the last ten years about 18 per cent
of these exports have gone to this mar
ket. The leading articles are cotton,
packing-house products, grain and
grain products, forest products, oil
cake and oil-cake meal, fruits and al
coholic liquors.
Germany Bayer of Cotton.
During the five-year period from
1910 to 1914, inclusive, Germany took
28 per cent of the cotton exports, or
approximately twice as much as
France, which holds the third place in
the export trade of the United States.
The sailing ship of all nationalities
has steadily diminished in importance
as a carrier. In 1903, 2.8 per cent of
the total imports arrived in foreign
sailing vessels; in 1914 only one-tenth
of even this small percentage came in
the same way, while American sailing
ships brought only 0.3 per cent of the
total imports in 1914. Littls more than
1 per cent of .the exports was carried
away in sailing vessels in 1914.
RANK ELECTION GALLED
PORTLAND INSTITliTIONS TO VOTE
FOR RESERVE! DIRECTORS.
Nominations Must Be Made Before End
of Month and Ballot to Be
Taken en November 16.
Portland banks that are members of
the Federal reserve system are in. re
ceipt of a circular from John Perrin,
chairman of the board of directors,
calling their attention to the fact that
on December 31, 1915, the term of two
directors will' expire and issuing in
structions as to the holding ot an elec
tion to fill those places.
The directors whose terms expire are
Alden Anderson, Class A director, and
John A. MacGregor, Class B director.
There is a general expression - of
opinion that both of these will be re
elected. The nomination will take place No
vember 16 and ach member bank may
now name one candidate for Class A
and one for Class B directors.
The Federal Reserve Bank is send
ing blanks to all member banks and
asks them to nominate candidates for
the two directors. The banks of group
2 shall nominate a director for elector
and the banks of group 3 shall also
nominate a director for elector. This
action shall be taken previous to No
vember 1. The electors whoBO names
are received after October 30 will not
be listed.
The First National Bank of St. Johns
and the Peninsula National Bank of
Portland are the only banks in this
city that are entitled to vote at these
elections. They are members of the
group 2 banks, who are to choose Mr.
MacGregor's successor. Mr. MacGregor
lives in San Francisco.
Portland has no group 3 banks, in
which division Mr. Anderson's suc
cessor is to be named. Mr. Anderson
lives in Sacramento.
117 SCALES ARE IN ERROR
Deputy Sealer Reports on Balances
Condemned.
Many lines of business In the state
have come in contact with the State
Sealer of Weights and Measures, who,
under the new law, acts as a deputy in
the office of the State Treasurer.
Following is a partial report of Fred
G. Bucbtel, Deputy State Sealer, for the
first quarter under the new law:
Scales inspected and tested' 2958
Scales sealed 2465
Scales adjusted, corrected and
sealed 24
Scales condemned and use not al
lowed 493
Scales incorrect at time of inspec
tion 1117
THE BANK OF CALIFORNIA
NATIONAL ASSOCIATION
of San Francisco. Founded 1 864
Capital paid in gold coin $8,500,000.00
Surplus and undivided profits 8,232,962.26
Commercial Banking.
Interest paid on Time and Saving's Deposits.
PORTLAND BRANCH, Corner Third and Stark Sts.
Wm. A. MacRae J. T. Burtchaell
Manager. Assistant Manager..
Scales, errors in balance, otherwise
correct 560
Weights inspected and tested ....1958
Weights found accurate 2375
Weights Inaccurate and condemned 223
Liquid measures Inspected and
tested 3
Liquid measures accurate and
sealed $99
Liquid measures inaccurate and
condemned 49
Gasoline and oil pumps inspected
and tested Ill
Gasoline and Oil pumps sealed .... 95
Gasoline and oil pumps condemned
for repairs IT
Linear measures inspected and
found accurate 250
Wood measured upon specific re
questcords 885
It will be noticed that $24 scales had
to be adjusted and corrected, before
sealing; that 493 scales could not be
adjusted, needing repairs, and were
condemned, or. in other words, out of
a total number of 2958 scales tested,
1117 of them were weighing incorrect
ly and had to be either adjusted, cor
rected or condemned. '
In addition, many scales of the com
putlng type, having charts of obso
lete construction, were required to be
recharted correctly, or have the com
putations covered, leaving in use only
the pounds and ounces for weighing
purposes. The type of scale commonly
known as the "family scale," owing to
its inferior construction and consequent
Inaccuracy, is not legal for usa in
trade, and the state office has issued
instructions that it be condemned and
its further use prohibited.
CREDIT REPORT GIVEN
MEMBERSHIP IN ASSOCIATION
WAVERS DURING YEAR.
Business Daring First Year of Organi
sation Gained Slowly Tabula
tion Is Recorded.
B. K. Knapp, manager of the adjust
ment bureau, of the Portland Assocla
tion of Credit Men, has Just issued the
first nrinted renort of the bureau,
showing the work it has accomplished
since it began business November i,
1913. This is the organisation which
adjusts claims growing out of Insolv
encies, makes collections of past due
accounts, acts as trustee in bankruptcy
and makes friendly adjustments for the
claimant members of the Portland As
sociation of Credit Men.
The report shows that the bureau
was organized November 1, 1918. with
60 members, and that during the first
fiscal year this membership was in
creased rapidly to 120.
During the present fiscal year the
membership has increased and de
creased, according to new members
Joining and some going out of bus!
ness, until it now haa 143 regular eon
tributing members, including banks.
Jobbing houses and manufacturing con
cerns.
For the first year the members asked
for credit reports on a total of 6583
concerns in Oregon, Washington and
Idaho, in the territory tributary . to
Portland. During the present year, the
bureau has supplied reports on 11,627
concerns. The average amount of in
debtedness reported month by month
Is now more than $500,000, and the
average number of reports Is consid
erably more than 1000 a month.
These reports show not only bow
much is owing by the concern at the
date on which the report is made, but
also the amount past due, and whether
in notes or open book accounts.
The experience of the Jobbing houses
reporting, as to whether the concern
is unusually prompt or slow in maklnt,
settlements, and whether the conoen.
Is using its credit legitimately or not.
is a part of the record.
During the first year, the renort an
nounces, adjustment and collection
business came slowly, owing to tn
fact that the value of the bureau had
not been demonstrated. In 1915, how
ever, the business has increased 700
per cent over 1914. Collections and ad
justments now average $1000 a day.
The bureau, which is the headquar
ters ot the Portland Association of
Credit .Men, occupies eight rooms on
the sixth floor of the Commercial
block, has a corps of 20 employes.
and two attorneys and an equipment
valued at $2000.
The officers and directors of the bu
reau are the same as the Credit Men's
Association: W. W. Downard. presi
dent. Union Meat Company; Bert M.
Denieon, vice-president, Albert Bros.
Milling Company: E. G. Leihy, secre
tary-treasurer; Bleumauer-Frank Drug
company; F. C. Wasserman. Blake
McFall Company; Edward Drake, J. K.
uui company: w. J. Henderson, Clos
set Devers: E. M. Underwood. Fall
Ing-McCalman Company, and B. K.
iv-napp, manager.
BOND ELECTION IS CALLED
Wenatcuee Reclamation District to
Pass on $350,000 Issue.
WENATCHEH, Wash.. Oct. 24. (Spe
cial.) At a meeting of the directors of
the wenatchee reclamation district held
last night, a bond election was called
for November 20. to authorize an issue
of $350,000 for the purpose of caring
for the indebtedness Incurred upon the
Hlghline canal and to make permanent
improvements on the canal after it is
formally turned' over to the district.
The directors have assurance that
the entire issue can be sold.
Marvin Chase, one of the Original
builders of the canal, was elected as
The
Canadian Bank
of Commerce
HEAD OFFICE
Toronto,Canada,
Established 1867.
A genera! banking business
transacted.
Interest paid on time depoaif.
Commercial Letters of Credit
Exchange on London. Bnclaad.
BoKKht mm Sold.
PORTLAND BRANCH.
Corner Second and Stark Sts.
F. C MALPAS. Manager.
You Are Entitled
to the best possible protection for your
By reason of
a
Federal
And Under
National Banking Laws
Tour money is in the. safest place possible when de
posited in this strong National bank.
The United States National Bank
Third and Oak Streets Portland, Or.
Liberal Rate of Interest Paid on Savings.
NORTHWESTERN
NATIONAL BANK
Sixth and Morrison.
With which is included by purchase The Merchants
National Bank, transacts a general banking business.
Interest Paid on Time Deposits.
Safe Deposit Vaults
Resources Over $9,000,000
The First National Bant
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 -
THE CITIZENS BANK
25 Years Old
East Portland Bank for East Portland People
4
Interest on
Interest on'
district engineer and will have charge
of the improvement work.
More than 2000 members of the London
Btock Exchange are either on active service
or directly employed by the government on
war work.
First-class residence loans
at 7
Without Commissions
Eastern Money
Commerce Safe
Dep. and
Mortgage Co.
91 Third SU
Chamber of Commerce BIdg.
TRATELEBS' GUIDE.
San Francisco
Los Angeles
OVltbOBt Chance Em Romte)
m Bla;.
Clean.
Comfortable.
Klrenntly Appointed.
Seaclac
S. S. BEAR
alia From Afnaworth Dock
S P. X. OCTOBER Z8.
lOO Golden Miles on
Colnmbla River.
All Kates Inelndo
Bertha and Meals.
Table and Service
Unexcelled.
The San Franeiae A Portland 8. S.
Co.. Third and Waabtnarton Streets
wltn O.-W. It. Jt flf. Co.) TeL Broad
way 4500. A 6121.
FRENCH LINE
Com p men to tnerle TrsaiMtlmatlqae
POSTAL 6KV1C.
Sailing From KEW YORK to BORDEAUX
HOCHAMBEAH
.Not. 6, S A. M.
.Not. 20, 1 1'. JL
The Hew Onadrnple Screw
6, S. L.AKAYETTE.
Maiden Trip from X. Y. Nor. IS.
FOR INFORMATION APPLY
C. W. Stlaaer, 8A th at., A. I. Charlton,
tit Morrion at.; . K. Garrlwn. C. M. St.
P. Ry.J Doreer B. Umlth. ll Sd t.i K. F.
Baird. 1M Sd M.i H. Dlckaon, MS YVaab.
Ineton at.j North Bank Bead, oth and fctara
ta.; F. S. MeFarland. 3d and Wafh!na-toa
sta.i E. B. Dully. 124 Sd at. Portland.
Todmr. October ii. i:.Ut 1'. M.
Francifteo. Portland & Xoa Anceles
Steamship Co Frank Bollatn, Agt
14 Tn
xmtrm
fit.
A 4a. Alain to.
aT -3 -T w
money.
the fact that this bank is
member of the
Reserve System
- - - - - $3,500,000
Savings
Certificates
4
TRAVELERS crin!
Twln'Palaeea-Ot t nor Vacate."
GREAT NORTHERN
-NOIIIHKKN FACIF1C"
Tuesday r Q r '
imzj rorbanrrancisco
13 est of trip in daucht 30 round
trip. Oii way, 8. 15, $20. Inoludlns
meata and berth, b team or expres
I (steal parlor cars and coaches)
leaves North Bank Station 9 :3U A.
JrL. arrives 4:25 P. M. Sunday.
Wednesday. Friday.
SOKTH BANE TICKET TJFF1CB
FU1U AKU b TAJIK
Phone Broadway 20. A 671.
Tickets also at Third and Vorriaon.
10U Third St. and 843 Washington ac
NORTH PACIFIC STEAMSHIP CO.
San Francisco
SANTA BARBARA. LOS ANGELES
ANO SAN D1EOO.
S. S. ELDER
Ball. Wednesday. October 11, P. M.
COOS BAY
El'HEIU AND SAN FRANCISCO.
S. S. SANTA CLARA
Balls Friday. October 29, P. M.
Ticket Office 12 A Third St.
Phone Main 1314. A 1314.
American-Hawaiian Steamship Co.
Freight
Servteo
Between
Portland
G. O. Kennedy. Act- i
AUSTRALIA
NEW ZEALAND AND SOUTH fcsvAS.
Via Tahiti and Rax tonga to TV-sllinftan,
connecting at Wellington for Sydney and
Australian porta. Regular sailings from Pan
Francisco November 10, December . Jan
uary 6 and every 28 days. Send for pamphlet.
Union Hteamship Co., of New Steal and. Jt.
Office 679 Market street, San -tranciaco,
or local S. g. and R. K. Agent.
STEAMER
-DALLES CITY"
Leaves Portland Sunday. Tnesdaj
and Thursday at 1 A. M.
Leaves The Dalles Monday. Wednes
day and Friday at 1 A. 3d.
Fare. Portland to The Dalles, a 1.00.
ALOER-ST. DOCK. PORTLAND.
Phono Main SI 4. A 611a.
V
', . 7-n -----, - I
a New York
Boatoa
Charleston
Norfolk
stark St. romans,