THE MORXIXG OREGOXIAN, MONDAY. JANUARY 21. 1916.
11
HOP DEAL CLOSED
MR. HORST ADMITS
Sale of Oregon Product Is
Thought to Be 10,000
Bales for $231,500.
PRICE SAID TO BE "TOP"
Association Officers Reticent Re
tarding Transaction, bat Says
Rate Is "Satisfactory"; Hold
ings Said to 20,000 Bales.
In announcing- that a big deal had
been closed between the Oregron Hop
dealer' Association and individuals he
did not care to name. E. Clemens Horst,
hop buyer from San Francisco, who
has been negotiating- with the asso
ciation for number of days, yesterday
admitted that he had purchased a con
siderable quantity or hops himself,
paying- the top market price.
Thia admission substantiates Satur
day's rumor that a deal had been
closed between Mr. Horst and the
association. The rumor spread Satur
day waa to the effect that Mr. Horst
had' acquired 1.000 balea of hops, pay
ing for tha lot SZ31.600. ine iu.vvv
bales were aupposed to have been made
up equally of choice, prime, medium
and common grades.
A member of the association declared
that Jar. Horst bad offered tha associa
tion prices on the four grades or 13,
liVi. 11 and 9hi cents, respectively.
"I have bought a considerable quan
tity of hops myself." said Mr. Horst
last night, "and I have paid the top
market price." But Mr. Horst would
not elaborate upon that statement. He
had been approached as to the likeli
hood of a deal being closed, but flat
denials were all that were forthcom
ing before his announcement yester
day.
Tha deal that Mr. Horst spoke of
was not discussed explicitly by the
members of the association yesterday.
However, they admitted that the deal
was a bite one and the pricea satis
factory." Rumor haa the name ' of
Louis Lachmund. another extensive
buyer, linked with the deal that was
closed yesterday. Mr. Lachmund bought
a small consignment aurina- me lat
ter part of l-t week from the asso
ciation. Holdings of the Oregon Hopgrowers'
Association total 30.000 bales. 3000 of
which are choice.
IiACHMl'XD SALE CONFIRMED
Purchase for London Account Is
Thought to Be 500 Bales.
SALEM. Or, Jan. 53. (Special.) The
Oregon Hopgrowers" Association today
announced that it had sold a portion
of lis holdings to Louis Lachmund. ol
this citv. representing London dealers,
but neither J. L. Clark, vice-president
of the association, nor Mr. Lachmund
would tell what amount was disposed
of. The price paid was declared "sat
isfactory." Salem dealers In touch with
the situation, however, said they un
derstood the association sold Mr. Lach
mund 6u0 bales at 11 H cents.
"It is true that we disposed of a
arc block of our holdings to Mr.
Uchmund today." said Vice-President
Clark, "but. by mutual agreement, the
amount sold and the price paid will
not be given out. However, the price
was perfectly satisfactory."
DAIRYMEN AT SANDY MEET
Address Is Given on Increasing
Value of Butter Fat.
SANDT. Or Jan. 33. (Special.) At
a mass meeting of dairymen here Sat
urday in the Oddfellows' Hall in con
nection with the annual meeting of the
Mount Hood Creamery, it was reported
that the amount of butter made dur
ing the year was 134.334 pounds, and
that dairymen were paid 32S.703 for
109.5(3 pounds of butter fat. The amount
received for butter during the year was
33S.393.
In the afternoon B. E. Sykes gave
a talk or the care of cream. He said
that if patrons aending cream to the
plant would keep their stables clean,
feed all kale and root crops after
milking, and cool each skimming of
cream before mixing, the butter fat
would bring 2 cents mora per pound.
FRUIT CHARGE IS DENIED
C. If. Ravlln Says Only One Jar
Is Misplaced.
HOOD RIVER. Or.. Jan. 23. (Spe
cial.) According to C. N. Ravlin. of
this city, who was chief of horticul
ture for the Oregon commission at the
Panama-Pacific International Exposi
tion, the recent noise made by the Bust,
nesa Men's Association of The Dalles,
because of an alleged use made of
Wasco County fruit at the San Fran
cisco fair by the Willatnetto Valley,
arose over the erroneous labeling of a
single Jar of processed Blng cherries.
Mr. Kavlln says the cherries were
exhibited in the Oregon building. All
other exhibits from The Dalles, he de
clares, were properly labeled and
placed according to instructions from
borne.
LETTER-WHITING WEEK OBSERVED BT ENGLISH CLASS.
ill!!
ft $ . .
-. f 4 1
.
i. i I. f it
4 . fVfj"
V 3 f
a
. .-...-. aicu KrUAHI. KTITDKTH 1JKPOS1TIM. lKXTt-K.
EUGENE Jan. 23. (Special.) Observance of Letter-Writing Week
was made a' part of the work of the English classes In the Eugene
High School. Students turned over 471 Invitations to visit Oregon to
S. Dike Hooper, secretary of the Eugene Commercial Club, who posted
them. These were addressed to residents of 14 states, the District of
Columbia. Canada and England. ....
The suggestion that the schools take part in the letter-writing
programme was made by the Commercial Club. City Superintendent
of Schools W. R. Rutherford received It with enthusiasm, declaring
that it would also create special Interest in the work of English
classes. Accordingly, a school period was set aside.
sre registered at the Nortonla from
Charleston. Wash.
W. E. Perkins and family, of Albany,
are at the Cornelius.
Mr. and Mrs. H. J. Fawkes. of Seattle,
are at the Cornelius.
Billy McDermott Is registered at the
Portland from Boston.
George McClain Is registered at the
Imperial from Ontario.
George Nixon is registered at the
Multnomah from Seattle.
Dr. L. Roberts is registered at ths
Oregon from WashougaL
Mr. and Mrs. R. A. Hudkins, of Al
bany, are at the Nortonla.
W. C. Washburn, of Junction City, Is
registered at the Imperial.
Sir. and Mrs. E. B. Packard, of
Seattle, are at the Seward.
L. S. Blackman. of San Francisco, is
registered at the Multnomah.
Mr. and Mrs. A. R. Pearson, of Valle
Vista. Or., are at the Eaton.
Judge William Darch. of Goldendala,
is registered at the Nortonla,
The Cor vail is basketball team regis'
tered at the Oregon yesterday.
Mr. and Mrs. F, Tuppen, of Medford,
are registered at the Portland.
Mr. and Mrs. K. L. Rich are regis
tered at the Cornelius from Salem.
A. E. Francis and Mrs. Francis are at
the Baton, registering from Seattle.
Carlotta Monterey, of New York:
Robert Morris, of Denver: Roberta Ar
nold, of Los Angeles: Robert Ryles, of
Yonkers, N. Y and Richard Gordon, of
Bengal. India, members of the "Bird of
Paradise" company, are at the Port
land. CHICAGO. Jan.23. (Special.) The
following Portland persons are regis
tered 'at Chicago hotels: Auditorium
F. Cling Potter: Majestic M. A. Bouse.
PERSONALMENTION.
H. W. Hern, of Seattle. Is at ths Ore
gon. Fred Baker, of Fossil, is at the Im
perial. A. C. Hubbard, of Medford, is at the
Oregon.
Floyd Dement, of Bend. Is at the
Seward.
Frank Gabel. of Wapinitia, is at the
Perkins.
F. D. Webb, of Bridal Veil, is at the
Perkins.
E. E. Gabriel, of Eugene, is at the
Seward.
11. L. Emmons, of Maupin. Is at ths
Imperial.
J. P. Smith, of Stayton. is at ths
Cornelius.
Mrs. C. A. Gray, of Salem, la at the
Multnomah.
J. C. Barnes, of Fairview. is at ths
Multnomah.
W. E. Batey, of Vancouver, B. C is
at the Eaton.
R. R. Biddle. of Eugene, is registered
at the Perkins.
Edward Lockband. of Dayton. Or, is
at the Perkins.
Mr. and Mrs. D. Whits, of Camas, are
at ths Nortonla.
Blanche Ay re Gale, of Los Angeles, Is
st ths Portland.
M. Seward, of Oregon City. Is regis
tered at the Eaton.
John Suthoff. of Metollus. is regis
tered at the Seward.
F. J. Miller and George E. Barton
TARIFF WANTED ON EGG
POILTRV ME REGARD CHINESE
PRODUCT AS OREGON DANGER.
RIVER ICE NOT BAD
Portland-to-Sea Trip Made in
Usual Time by Steamers. .
MOST OF ROUTE IS CLEAR
K J. MrClaaahau Declares Market Has
Declined Steadily Slaee Duty
Waa Reaaaved.
EUGENE, Or, Jan. 33. (Special.)
Realizing that something must be done
. - l nM . K mapliat fnr flrumn efirars
against the importation of Chinese
eggs, the Oregon x-ounry amuviaiiuu
is preparing to put forth an effort to
kA imnnriAtion dutv on egsra re
stored, according to E- J. McClanahan,
president of the state association, mi
Pacific Coast, especially, haa felt the
effect of the removal of the tariff on
eggs, he says.
"It is not mere taiK mai mo impor
tation of Chinese eggs is slowly ruin
ing the poultry Industry in this state."
vi. iri.nDhan jtnid- "The fall In the
market demand began after the tariff
was removed, and has assumea -inreai-ening
proportiona.
"As proof, take a look at the Port
land market. Chinese eggs are selling
there for 15 cents a dosen. The fresh
Oregon eggs bring 38 to 30 cents."
x. Mriannhiin believes that the
Chinese eggs should be shut out of the
markets in this country, not atone Be
cause the home market is endangered,
.. . i , , u- thv r not as wholesome
for food as the product of ths Ameri
can hen.
ALLEGED GAMBLERS TAKEN
Cards and Marked Cofns Feature In
Roseburg Arrests.
ROSEBITRG. Or.. Jan. 33. (Special)
Seventy-five dollars in cash, a number
of chips, cards and other paraphernalia
was seised by Sheriff George. Quine
early today when he raided an apart
ment in a local rooming house.
Among those arrested were William
Perman, of Roseburg; Harold Smith, of
Eugene: Dick Ness, of Oakland, and a
traveling newspaper man giving his
name as Bird. The men are charged
with gambling and will be arraigned
In court tomorrow. In the hands of
the alleged gamblers the Sheriff found
several marked coins which he had
given to detectives who participated in
the arrests.
Insurance Agent Appointed.
SPOKANE. Wash., Jan. 23. (Special.)
W. M. McConnelU general manager of
the Western Union Life Insurance Com
pany of Spokane, announces the ap
pointment of R. von Shlpman, of
Marshfleld. president of the Coos Bay
Development Company. as general
agent for Coos. Curry. Lane, Douglas,
Jackson and Josephine counties, in
Oregon. Mr. von Shlpman is arranging
to make a tour of the six counties for
ths purpose of appointing special resi
dent agents in the various cities and
towns in his district.
Oregon City Sends 1000 Letters,
.crnv PITT rw Tan 23. (Sne-
claL) A thousand letters, addressed to
practically every state in the Union
west of the Rockies, wsre mailed at
one time yesterday as Oregon City's
psrt in the Letter Writing Week cam
paign. The local campaign waa con-
Wires of the Commercial Club, com
posed or c.. i. uroaie, l nomas a. ourae
and E. K. Brown.
AH Frozen Blocks Probably Will
Have Disappeared With One or
Two Ebb Tides, Is Opinion
of Captain A. L. Pease.
Vessels, both incoming and outgoing
irt nrartirallv no difficulty With ice
In the Willamette and Columbia Rivers
and are able to make the trip to ana
from Astoria In regular time. The
steamer Roanoke, of the North Pacific
Steamship Company, arrived last mgm
in Portland harbor from caiuornia
norts. making good time against the
current, and the steamer Bear, of the
"Big Three ' line, went aown w "
C,.,rf nlvht An J.hMlTlle time. iStl 6
got away from Astoria for San Fran
cisco and San rearo yesieraay
P. M.
T'l. Tr1-. h.rlr RuvO T-H which LOO K
on a load of grain here for M. H.
Homer, also maoe me inp uvu
Astoria Saturday nigm wimoui
ki. i .. ; - , lA'IB vestprriav.
Captain A. L. Pease, who piloted the
steamer near 10 Astoria, rcaviivu -land
yesterday again on the noon train.
He reported the river in good shape
now for navigation.
"There is not sufficient floating ice
to cause any hindrance 10 navigation,
wnnAn-,iiiie vessels." he said.
"On the way down the Bear struck a
few solid bits ot ice which wcio oun.-
cient to shake the steamer a im.10.
However, the majority of the ice cakes
are soft and small."
Captain Pease said that the river was
perfectly clear of ice now as tar down
pAfin Kelnw Rainier, which
is about half way to Astoria. There, he
said, there is a smau amoum. i
and after that no more is seen until
... . . ..hi oiH from there to
VYCBipun a i vl .... " "
Brookfield there is a quantity of it
along the snore, it is oit
up, however.
The captain expressed the belief that
one or two ebb tides would cause all
the Ice to go out.
The various aids to navigation, which
were taken out or misplaced by the ice
along the river and at Astoria, are be
ing replaced, as rapidly as possible
Captain Pease says.
five sIeIebTfixeo
SEATTLE FIRM TO SHIP CARGOES
IS SPRING TO VLADIVOSTOK.
WterkBM Casapaay Aaaaumcea Naases
of Twt Jaraaese and One Ameri
can Craft Otkera Withheld.
DD1H-P1V Wash. JATV ?S. (Special.)
prank Waterhouse. president of the
shipping firm of Frank Waterhouse
Co., has announced that he has char
tered five steamers to loaa in Deamo
for Vladivostok early In the Spring.
n. i- flA include the big 10.-
1UB CtlO " -
000-ton Japanese steamer Kenkoku
Maru. The nentcoau miu
.1 D.i.tv. ....mc. Inrirn. and for
a time the British steamer Indra. The
vessel is 430 feet In length, 61.3 feet
beam with a depth or su.s ieeu
-nr.. v. Blan annnuncsd that
jar. " "
he had chartered ths American steamer
Rio Paslg formerly the United States
collier Alexandria, and for a time the
British steamer Ataja.
t- i r.t 1 . .nt a Ktransrer to
thia port. She was last here In Decem
ber, 1S15. sailing for Vladivostok in the
service of the Robert Dollar Company.
Tha eraft la 320 feet long. 43 feet beam,
and 18.4 feet depth of hold.
Waterhouse A Jo. nave aiso cuariereu
. i n . mtir- T.mlv, M aril t A
load in Seattle in the Spring for Vla
ji .ir T" h Temlva Marn waa form
erly the British steamer Saint Jerome.
She is owned by tne noaasiuo iiniu
Klseen Kaisha. and is 314 feet long. 40.5
feet beam, and 31.3 feet in depth.
Two other steamers which Water
i. ..... - . rn have chartered will also
load in Seattle during the Spring for
Siberia. Mr. v Burnouse saia louay
that he was not ready to make public
the names of ths vessels.
YAQCIXA DATA ARE COMPILED
Case for Bar Improvement to Be
Argued by F. X. Pendleton.
vrwpftPT Or. Jan. 23. (SnaclaL )
Ths citizens' committee, to which wis
allotted the task of compiling data
showing the importance of the im
provement ot i equina oar. uas just
completed Its work in the publication
of a 16-page pamphlet, which is to be
forwarded to the United States Board
of Engineers at Washington. This re
port contains a detailed description of
the resources of the section that is
tributary to Taquina Bay and that
would be benefited by the improvement
asked.
Arguments are presented also by
prominent citizens of the state, urging
that the importance of the interests af
fected demand prompt recognition.
The book contains a map of Taquina
Bay, extended to take in the central
Willamette Valley, and giving figures
showing the volume of trade that
would find Its way to market should
this project be allowed and completed.
F. K. Pendleton,' a prominent timber
man, of Everett, Wash., will appear be
fore the engineers and represent the
committee.
HARINE INTEXLIGENCR.
Bteai
DUE
Name.
Roanoke..
Northern Pacific.
F. A. Kllburn
Fearer. ..........
Bear
DUE
Name.
Tale
T. A. Kllburn
Northern Pacific..
Multnomah. .
Roanoke.
Harvard. ...
Beaver. . ..
Willametta..
Olilo ;
Bear
Portland.
DUE-
Nine
Kentucklan
Honolulan. .......
DUB
' Kama
Kentucklan
Honolulan
aer Schedule.
TO ARRIVE.
From
. San Diego
. .Sin Francisco.
.San Francisco.
.Los Angeles. ..
.Los Angeles. . .
TO DEPART.
For
.8. F. for S. D. .
.San Franclsooi
.San Francisco.
.San Diego. ...
. .Han riego
.a. F. for S. D..
. .Los Angeles.
.San Diego. ......
.San Diego
.Los Angeles.
-Atlantic. Service.
TO ARRIVE.
From
JN'ew York.'
.New York. ......
TO DEPART.
For
Jlonolnlu........
.Honolulu ........
Dau.
.In port
. In port
. Jan. 24
. Jan. 26
.Feb.
Date.
Jan. 24
. Jan. 25
. Jan. 25
.Jan.
Jan. 26
.Jan.
. Jan.
Jan.
Feb.
.Feb.
STABILITY FIRST AIM
Bankers Rebuked for Suggest
ing Federal Change.
OLD WORLD METHODS CITED
John Perrin, Chairman of San Fran
Cisco Reserve Board, Declares
, Acceptance of Collateral
Opposes First Principal.
Date.
Feb. 13
Mar. lit
Data.
Teb. 16
Mar. 6
NORTHERN PACIFIC IS LATE
Heavy Freight Movement Reported
From Flavel.
Because of rough weather en route
the steamer Northern Pacific, of the
Great Northern Pacific Steamship line.
arrived at Flavel yesteroay about an
hour late. She brought 68 passengers
and 1100 tons of freight.
Officials of the. line report that the
vessel is now doing a heavy freight
business, particularly between Flavel
and San Francisco. They say there is
now sufficient freight on the docks at
Flavel to load the steamer for the next
three sailings.
The steamer train coming from Fla
vel was delayed by a small slide west
of Inglis so that it did not reach Fort-
land until 6 o'clock.
News From Oregon Ports.
COOS BAY. Or.. Jan. 28. (Special.)
The steamship F. A. Kllburn arrlvea torn
morning from San Francisco and .ureaa.
at B o'clock.
The steam schooner Hardy arrived in port
this forenoon, after lying off shore a portion
of the night.
ASTORIA, Or., Jan. 23. (8peclal.)
French bark Bayard, wheat laden, rrora
Portland to the United Kingdom, arrived
here today
Th Rusilan baric Port Coledonta Is still
In the lower harbor, grain laden for Eng
land. Her anchors fouled during the storm
Saturday; which prevented here from going
to sea today. , ,
The steamer Northern Pacific arrived
from San Francisco today at noon.
The steamer Roanoke arrlvea at w A. at.
today. ...
The steam schooner Santa Ramon, wltn
lumber for San Pedro, left out today at
noon.
nhA AnMntL am In this afternoon
and reported no vessels off the mouth of
the Columbia Kiver.
The Bar tug Wallula left at 2 o'clock for
Portland to be Inspected.
Movements of Vessels.
ruu TJjAlv Li, Jan. A"tvcu '
Roanokr, from San Diego amd way ports.
Astoria, Jan. 23. Arrived at 9 A. M. and
lelt up at iz:v r.
from San Diego and way porta Arrived
down at iu:io a. at., r renew
Sailed at 12:80 P. M.. steamer Bear, for
san r rancisco ana dbu o.iu. : -
12:40 P. K., steamer Northern Pacific, from
San Francisco.
San Francisco, Jan. su. Amvea, iwui
Beaver, from San Pedro. Sailed last night,
steamer Tamalpals, for Portland.
Seattle. Jan. 23. Sailed at midnight,
Japanese steamer Yesan Maru, for Vladi-
voswa. . .,.,
san rrancisco, jan. " , -ers
L.a Habra (Norwegian), from Iquique, i
Chile; Asuncion, from Powell River, B. C
Sailed Steamers Westerner, for Coos Bay:
. . 1 1 ti ill,, fnr
Avaion. lor w iii n,i, -
Eureka; Walheno (British), for Syndej ,
iierauies iflprwuBiiuu, .v. ,
verlc (British), for Avonmouth; Panama
Maru (Japanese), for Koba. .
New York. Jan. 23. Arrived Steamer
Asplnet. from San Francisco.
Seattle, jaii. -. ....... ...
Yokohama Maru (Japanese), from Hong
Kong- Admiral Dewey, from San Francisco.
Sailed Steamers Yeaan Maru (Japanese),
rn, vi.Hivn.tou - Dredae Mexico (British).
for Sallna Cruz. "
Tides at Astoria, Monday.
rAiHMhltk iMcrsns Hap Kmnnrt-
...Aaa..- i . -. a x-a tjiw. 4 4" An (twins nt rti
Tvr at I. P. m. moaermie, wiuu, uui iucoi,
miies.
Marconi Wireless Reports.
ah m.iIm at it "! M Jan. 23.
Ll . J I.naw1 i
-txr a TnAc Tnin t Tirhmoni for Beat1
tie, 871 ml lea from Richmond.
n a-l. a3laas fnr Ran HVaTl.
taan ttarnon, voiumvia -
. ... i. .su a efeaa rnlnmh i K vpr
Cisco, oo nriirtj auui.i l - -.
.. .. n v . I 4n. Gart a Sift
iiiea i rum wtiuu.
Psraisn Rpnttle for San Francisco. 50
i i w Pana nianrvi
U O ManJ fnr Ran PVnriCO. 102
. . , .a. a rlmnKIs Plvar
J. A: Chanslor, isvereii xor mouibic, .
miles south-ot Cape Flattery.
c xx T3..r-ir Point Orient for Seattle. 5i5
miles norm a
El SeRunao, Kicnrawnu w "
Snokane. Seattle for Alaakan porta, at
Treadwell.
Yosemtte, Seattle ror ean inmciaw, ""u
miles west of Cape Blanco.
uiiik. Kan Pedro for Seattle, &50 miles
from Seattle. ,
Cnulm-c. l Sun uieKO ior can rtiuiw.
miles north'of San Dlero
Geo. W. Elder. Ban rearo iur
ities soutn Ol on
Imcas. with barge 93, ISO miles south of
San Francisco.
Moffett. tsnanrnai xor mb
miles from Sa Francisco, January Zs.
vr.Aaa Wat n DTtnc ico iur nuuuiuiu, a
miles from San Francisco. January TA
Lurline. iionoiuiu iwi ou 1 Xk
Honolulu. fiS3 miles
from Cape Flattery, January 22
Wllbelmina, left IU t 5 P. M- for Hon
Olulu, January. w .
Topeka, Ban t rancisco iui iuie, -..
luth of anoint Arena,
clsco 168 miles north of San Francisco.
Willamette, ou ,
65 miles south of San Francisco.
Wapama, San pearo ior an rrawMtw,
10 miles south oi riKrwn runu.
Atlas. Kichmona ior Eurem, ore
Governor. Victoria for San Francisco, off
Cape Menaocino.
Mills. Pan Pedro for Seattle, 550 miles
from seatue.
EUGENE TO FETE COOS MEN
Celebration of Willamette-Pacific
Train Service to Be Planned.
EUGENE, Or Jan. 23. (Special.)
deiCsatlOll Ul 40 uuoim ucu uviu
r. r, t.t-l will altMiH lh.
me 1.0VB -
banquet of the Eugene Commercial
Club nursaay ms11 a.x 1 auo a
joint celebration of the Inauguration
raliroaa umnBiPuniuwu wcvwcw ...
ie Sml Mirenuviu, jmiuam lie.
111 U II 1 11. '- W ...
Pacific Company in Oregon will also
lnvitea.
1 A l..VA .nMtntii In
IS ie IJiauuou iv " ...
which residents of both cities will take
the
of
(ten
roon
part.
"Shocked Into speech" was the word at
an, K.nnnet of electrical engineers at
San Francisco, the toastraaster bavins; at
tached to the chairs ot speakers a little de
vice which caused them, when he pushed
the button, to arise -promptly and with
great enthusiasm."
It Is not the prime purpose of the
Federal reserve system to seek profit-
able employment for its funds, says
John Perrin, chairman of the board of
the San Francisco reserve . bank, in
a reply to the resolutions recently
adopted by the Orange County, Cali
fornia, bankers, asking for a change
in the law that will permit them to
borrow money on collateral security
Instead of offering their paper to the
Federal reserve bank for rediscount.
Mr. Perrin has sent copies of his
communication to the Orange County
bankers to member banks in Portland.
He declares that the viewpoint of the
Orange County bankers seems based
upon a complete misconception "or Both
the character and the purpose of
Federal reserve bank."
"If a' Federal reserve bank were an
aggregation of new capital, seeking
only profitable employment," says Mr.
Perrin, "the plan suggested by the
Orange County bankers. . would be
proper.
Bank Pravldes Jle New Capital.
"But a Federal reserve bank is not
an aggregation of new capital. Its es
tabllshment has not added a dollar of
new capital. Its money is simply that
part of the reserves previously in the
custody of member banks, which, for
common protection and support, they
have pooled, according to the provi
sions of the Federal reserve act, in the
Federal reserve as a co-operative
agency.
"Bank reserves under the require
ments of the old system were at times
found Inadequate and financial panie
resulted.
"The resolutions of the Orange
County bankers seems to us to advo
cate not only a continuance of the
evils of the old system, but. in ad
vocating loans of indifferent. liquidity
out of diminished reserves, urges a
further weakening. It would seem to
us that no policy could be more sui
cldal and none more certain to Involve
both the banks and their customers in
disaster.
Stability Prime Concern.
"As we understand tt the primary
.OT,r.a. nt tha CfHirfll mprve act is
to stabilize commerce, eliminating the
hazards of such panics as had de
veloped in spite of a reserve strength
which the course pointea oy mn r-
Mittnn wnnia weiKtiii. i u uiiuumic.
are those ascertained to be the founda
tion of the banking system wnicn in
other countries have their excellence
i fhai, Btpanirih Rvstema based
..n tkM, nrinrinlpR tiAVe not broken
down even under the extreme stresses
of the present war situation, rio in
stance can be cited of a successful
system based on other principles.
"THa davolnnmpnl n f llnuifi commer
cial paper is a fundamental essential
of hanking progress, in towering -.-.rA
Mnniromontii the Federal re-
..-., ... .nnt.mnifliM that a bank's
..,.,. .llB-lhl. fnr rediscount With Fed-
1 OAv. hnnlr will constitute an
important part of Its real reserve, unis
sweep aside, though it should be clear
that while the Federal reserve oann
may convert shortly maturing liquid
paper into means 01 payment, iv una
tn ,nnvrt a nnn-llnuid loan
into one which will speedily convert
itself into money reserve.
FOREIGNERS MOST THRIFTY
Of Postal Savings Bank Deposits
Natives Own Only 28 Per Cent.
c i.....,,!.!, Htntlatlra rp&rarding
postal savings deposits are provided
Oy O. W. Straus, piBHiucui ui mo niuc'-
ican Society for Thrift, who points out
.1 . v. fnn,!(.n.lwirii rpaidAnt of the
Lliai iud o. ' "
United States is the most consistent
user of the postal savings service.
sir. ctraus reiers to tins miwiu, v.
x Thind Assistant Pnst-
J- - ... VJV... .. . J I
master-General, to show that 59 per
cent ot an tne aeuuHuuis lh o ..
v. i,a, e.oal vn were bora out-
VI LU U A . " .... J v. ..
side of the United States and owned
72 per cent of. all the money on deposit.
The statistics snow mat ine xvunoiaue
outstrip other foreign-born depositors,
with 20.7 per cent of all the deposits
to their credit. The Italians are next
with 14.2 per cent. Natives of Great
Britain and her colonies rank third,
with 8.8 per cent. Austrians come next
with 8.7 per cent. These are followed
by Hungarians with 4.3 per cent; Ger
mans, with 4.1 per cent; Swedes, with
2.J per cent, and Greeks with 1.8 per
cent. There are a number of other na
tionalities that own 7 per cent of the
deposits. New York leads all the other
states with a deposit account of 21.
186 Sl; Illinois, $5,098,146; Pennsylva
nia, $4,700,112; Ohio, $4,546,699; Cali
fornia, $3,772,053; Massachusetts, $3,188,-284-
Michigan, New Jersey and Wash-
, . -u hnv. mnr. than 12.(100.000
lUSiuu "
each, and Minnesota and Missouri have
nearly that amount; uregon, Wisconsin
and Colorado have reached the $1,500,
000 mark.
E. H.' Sensenlch Is Chosen.
t?An- XT fionaetllch Cashier Of the
Northwestern National Bank, haa been
appointed Oregon vice-president for the
newly formed national Dana, bccuuu w
.I,- Am.pinn R n k or' Association. The
function of this new committee is to
consider the various pnases oi tne leo-
Value of
Investment
Recommend ations
INVESTMENT recom
mendations by houses of
recognized standing, rep
resent the honest opinion
of experts. They are made
only after a careful anaylsis
for the protection of in
vestors, whose interest is
vital to the house making
such recommendations.
Upon request, we shall
be pleased to send to you
a booklet describing se
curities which we are now
recommending for invest
ment. BANKERS
MORTGAGE CORPORATIOST.
Capital 5O0.0O0.
Title aaa Trust Bids;
Portlsusd, Or.
The Greatest Inspiration
Which this country ever had for
Thrift was Benjamin Franklin. The
anniversary of his birth occurs this
wppIt TTnnnr that wnnrJprfnl man
and aid your own prosperity by opening an
account with this strong National bank.
The United States National Bank
Interest
Paid on
Savings
Third
and Oak
Sts.
FIRST NATIONAL BANK
Of Portland, Oregon
Capital and Surplus $3,500,000
You may never need a loan from the bank,
but when you keep an account in an institu
tion like this you have the use of all its
facilities, the benefit of the advice and the
suggestions of its officers.
eral reserve act that are subject to
amendment, taxation, legislation and
other activities that affect the National
banks.
NEW DIRECTORS ARE CIIOSEX
O. J. Hawkinson, Conrad P. Olson
on Scandinavian-American Board.
At the annual election of the Scandi
navian-American Bank last week the
following directors were chosen: Henry
Harksbn, M. G. Thorsen, C. F. Hen
dricksen, Will T. Wright, Anthon Eck
ern. O. J. Hawkinson and Conrad P.
Olson. The last two named are new
members of the board.
The officers are: President. C. 1.
Hendricksen; vice-president. Will T.
Wria-ht: cashier. Anthon Eckern: as
sistant cashiers, O. C. Bortzmeyer, O. J.
Hawkinson and A. L. Morland.
V. T. Wright Heads Bank.
Will T. Wright was elected president
of the Multnomah State Bank at the
annual election last week. Mr. Wright
is vice-president of the Scandinavian
American Bank, which controls the
Multnomah State Bank. Other officers
chosen were Bert Wilberg, vice-president,
and H. E. Bloyd, cashier. Mr.
Wright, Mr. Wilberg. Mr. Bloyd, Henry
Harkaon and F. A. Foster compose the
board of directors.
New Kalama Bank Organized.
xrAT.A-vra Wnah .Tan 23. (Snecial.)
A..nni..tiAn rtf th. Knlama State
Bank has been completed. Those taking
out the charter were u. i. nucmos,
Gore and George N. uampnen. 01
Kalama; G. L. Buland, of the Castle
u tv an l T (' Dunham, of Kel
so, former treasurer of Cowlitz County.
C. C. Ruckles was elected presiqeni. n.
C. Dunham,- vice-president and assist
ant cashier, and George N. Campbell,
cashier. G. L. Buland, H. C. Dunham,
C. C. Ruckles, George N. Campbell, M.
J. Gore and J. S. Cloninger compose the
board The old building and site of
the defunct Cowlitx County Bank were
purchased, and the building will be
torn down, and a modern, fireproof
building erected. The bank has a capi
tal stoclt of J15.000. It will open for
business in temporary quarters Febru
ary 1.
WILLAMETTE GLEE TOURS
Varsity Quartet and Manager n
Vislt Columbia River Towns.
WILLAMETTE UXrVERSITY. Sa.
lem. Or., Jan. 23. (Special.) Th
Willamette quartet, comprising Qua
Anderson, of Haysvilie, first tenor:
Harry Mills, of Salem, second tenor;
Ray Medcalf, of alem, first bass;
Harry Bowers, of Brownsville, second
bass, and Burgess F. Ford, manager.
started mis morninK iur . wccao- mi'
down the Columbia.
Numerous trips have been made to
towns close to Salem, and good crowds
have been present each time.
Besides the songs from the quartet,
Anderson gives humorous readings,
with Bowers giving the more serious
ones, and Mills some fine piano selec
tions.
So far one of the TOOBt popular quar
tet selections in the "Ode to Willam
ette." The cities to be visited on the Co
lumbia trip are: Rainier, January 24:
Clatskanie, January 25; Warrenton,
January 26; Seaside. January 27; tit.
Helens, January 2S; Troutdale, Janu
ary 29- 1
THE BANK OF CALIFORNIA
NATIONAL ASSOCIATION
ot San Francisco. , Founded 186
Capital paid in gold coin
Surplus and undivided profits.
...$8;500,000.00
... 8,398,962.90
Commercial Banking.
Interest paid on Time and Savings Deposits.
PORTLAND BRANCH, Corner Third and Stark Sts.
Wm. A. MacRae ; J. T. Burtehaell
Manager. Assistant Manager.
TBAVEIE As' GUIDE.
San Francisco
Los .Angeles
(Without Chance Ea Rets
The Bis.
Clean.
Comfortable,
Elcsaatly Appelate
ScagolBK
S. S. BEAVER
Calls Bra Alaaworth Daek,
IF.1L, January SB.
100 Celden Miles
Colambia River.
All Rates Inelada
Bert ana Heals.
Table and Scrvlcsi
Uaexcelled.
The Sam FraaeUeo Pertlaa 8. S.
Cev, Third and WaahlnRlan Streets
wlta O.-W. H.H. C. Tel. BraasV
way 45U0, A 12a.
FRENCH LINE
Cemparnle Oenerale Traasatlaatlque
(iKKVlCH.
Sailings From NEW YORK to BORDEAUX
ROCHAMBEAU Jan. 29, 3 P. M.
CHICAGO l....Feb. 5,3P.M.
LA TOURAINE..... Feb. 12,3P.M.
ESPAGNE Feb. 19, 3 P. M.
l'Ott U FORMATION AFFL
f w tstuiser. se ata a.; a, u. luaritea.
C&S Morrison .; wa"i, V S
l",i.l oi ; "o-' . emltli. 11 Sd St.; K. w.
.Ilrd ii d St.; H- Uickaon. MS IVasa.
?i ,UJ NortL Bank Boad. Sth aaa btarS
ii Me ariand. Id and Wasfalaia
aiT? B." Uulli. : d at- 1-ortlaad.
American-Hawaiian Steamship Co.
FREIGHT
BEBVICB
VIA
STRAITS
MAGEII-VN'
C. I. Keuaedj , Alft-,
NEW YORK
TO
PORTLAND
TO
110OLCLC
MAR. 8
i Stark at, rortlao,
TRAVKMR-S' riDK.
S. S. "NORTHEHS PACIFIC"
S. . URIiA,T NORTHERS" '
"Northern Pacific" sails for San Fran
cisco EVEH1 TUESDAY. From
San Francisco for Portland EVERY
SATURDAY. After southbound sailing
B'ebruary 8, service to San Francisco
suspended until about March 4. North
ern Parifie from San Francisco for
Honolulu February IS. Great Northern
from San Francisco tor Honolulu Jan
uary 25. February It, March , 24.
TICKET OFFICE, FIFTH AND STARK
Station Tenth and Hoyt.
Phones Broadway A 6671.
a NORTH PACIFIC STEAMSHIP CO. '
1 San Francisco B
J SANTA BARBARA. LOS ANOELB3
AND SAN DIEOO.
S.S. ROANOKE
I Sails Wednesday, January 2t, P. M.
4 rnnc o A "V
EUREKA AND SAN FRANCISCO.
aa aa a a - - -
Sails Tuesday. January SS. P. M.
Ticket Office. 133.4 Third St.
1'Uones Main 1314, A XZli.
J lTlsWJaaaata.Ai ' "
u.u,,v t'-jUt v. M.. Jan. SA.
Saa Fraoeiaco. Portland A Ios An re
lea Bteamablp Co. iwu Bouam. Act.
Ul aaua Bt, A 4SM Jaais
re. B
1st.
xa. B