Morning Oregonian., April 24, 1917, Page 3, Image 3

THE 3IORXIXG OltEGOXIAN, TTHESDAT, APRIL 24, 1917.
BRITAIN WILL GET
FIRST GREAT LOAN
Size of Initial Issue of Bonds
to Depend on Immediate
Needsuf Allies.
INTEREST RATE TO BE LOW
Entire $5,000,000,000 Not to Be
Put on Market at One Time,
i Government Xot to Prof
It by Big Deal.
"WASHINGTON', April 23. The first
'American loan to the allied nations will
go to Great Britain.
The amount and other details prob
nbly will be made public by Secretary
JicAdoo within a few days.
Whatever the sum, the amount will
be available out of the proceeds of
the $3,000,000,000 bond jssue soon to
be offered to the public, of which
$3,000,000,000 will be lent to the allies.
Needs of Allies Considered.
Announcement to this effect was
made tonifrht at the Treasury Depart
ment after a day crowded with con
ferences between Secretary McAdoo and
Federal Reserve Board officials and
American bankers and bond dealers
end official representatives of Great
Britain and France.
Another development was the an
nouncement that the size of the first
issue of bonds authorized under the
$7,000,000,000 war finance measure will
depend largely upon the immediate
needs of the allies. Reports as to this
have yet to be received in detail.
The entire $5,000,000,000 of authorized
bonds will not be offered in one lump
sum, according to present tentative
plans, but probably will be called for
in several installments of issues. By
this course, it is believed that financial
disturbances, which might result were
the country called upon to -absorb the
.whole issue, will be averted.
Strain on Britain Heaviest.
In reaching the decision to make the
first loan to Great Britain, officials
have been influenced by the fact that
Great Britain as banker for the allies
prior to America's entrance into the
war, has met the heaviest financial
strain imposed upon any of the entente
governments.
In making the loan, the United States
will accept British bonds bearing 3V4
per cent interest as security. The in
terest payments upon them at a rate
considerably lower than that which
Great Britain has had to pay for re
cent borrowings will balance the pay
ments to holders of the American
bonds.
A similar course will be followed in
making loans to other allied nations.
Domestic phases of the forthcoming
Issue were discussed today by Secretary
McAdoo, with a delegation from the
Bankers' Investment Association, head
ed by Henry L. Stewart, of Chicago. Mr.
Stewart places his services at his dis
posal. Belated subscriptions to the
$200,000,000 issue of Treasury certifi
cates, the first issue under the war
finance measure, continue to swell the
already large over-subscription. It is
likely that the original $200,000,000 is
eue will be extended to cover the full
amount of subscriptions offered by the
banks.
Financiers in Conference.
As to the amount of the first issue,
its distribution among the allies, the
character and terms of the bonds,
methods of disposing of them, these and
other questions will engage Treasury
Department and Federal Reserve Board
officials during the next 10 days.
The conference began today with the
visit of Lord Cunliffe, Governor of the
Bank of England, upon Secretary Mc
Adoo and Governor Harding, of the
Reserve Board. The members of the
Board returned the call and have ar
ranged to entertain Lord Cunliffe at
luncheon Wednesday.
The French Ambassador called upon
6ecretary McAdoo later and spent more
than an hour discussing the bond issue
and the ieeds of the French Govern
ment. As soon as a definite Idea is obtained
of the needs of the entente govern
ments, the tentative programme will be
placed before President Wilson and the
Cabinet for approval, probably by
Tuesday of next week.
An approximate idea of the immedi
ate requirements of Great Britain,
France and Russia, it is understood, al
ready has been obtained from repre
sentatives of those governments prior
to the arrival of the British Commis
sion. Lord Cunliffe. it i3 believed, will
amplify details already in hand, and
possibly speak in an unofficial manner
for other countries than his own.
as rapidly as possible, so that the mo
ment the French arrive the negotia
tions may begin in earnest.
The British visitors had an organ
ization meeting at the Embassy today
and Mr. Balfour plans to spend tomor
row morning mapping out the division
of work and arranging for the proper
British and American officials to meet
for the tasks before them. Another
score of subordinate British officials
are expected shortly on a merchant ves
sel.
The British commission announced
that its purpose in--coming to this coun
try was purely one of co-operation,
service and gratitude, and that the
direction of the conferences would rest
largely with the American Government.
At the same time American officials
convinced the British that this country
appreciates England's courtesy in pend
ing such distinguished spokesmen and
is fully dedicated to every possible ef
fort against the common foe.
Public Statements Promised. '
Mr. Balfour, it was stated, will make
several public statements during his
stay as to the English point of view
and will attempt to remove any miscon
ceptions he may find existing. Vice
President Marshall invited him to ad
dress the Senate, but it Is improbable
he will appear before Congress unless
perhaps with French Minister of Justice
Vivianl. Arrangements are being made
for him to see members or the press
Wednesday. General Bridges will be
Interviewed tomorrow and Lord Cun
liffe Thursday.
Tonight's dinner at the White House
was the climax of an eventful day. Mr.
Balfour, British Ambassador Spring
Rice and all the ranking members of
the British commission were invited to
meet the President and Mrs. Wilson,
the members of the Cabinet, Chief Jus
tice White, the advisory committee of
the Council of National Defense, Secre
tary Tumulty and Miss Helen Woodrow
Bones, cousin of the President. At the
same time other members of the com
mission were being entertained at din
ner at the Sixteenth-street mansion oc
cupied by Mr. Balfour's immediate
party.
-PICTORIAL REVIEW
Boys
union
and xirls
suits. .
35
Summer union suits knee length of fine
ribbed white cotton. Boys' suits have high
necks and short sleeves. Girls' are low necked
and sleeveless.
They are very specially priced at 35c
' Main floor. Llpman, Wolfe A Co.
SxpTnaitwofc (So (So.
J" Merchandise ofc Merit Only
Doing things in a
different sort of a way!
Tou will find that the spirit of our store serv
ice makes for pleasanter shopping!
We strive at all times to do things Just right
but we may at times fail. If we do call our
attention to the error and It will be corrected
promptly and with a smile!
For today the 3d floor garment store offers
A mighty
sale o
BRITAIN'S HONOR GUESTS
(Continued From First Paire.)
the other's personality and viewpoint
and to have established an atmosphere
of confidence and concord between
them.
The official prediction was made that
rio formal conferences would be begun
until the arrival of the French com
missioners. Ground work will be laid
BUSINESS GIRLS
LIKE CUTICURA
Because it keeps
the hands soft
and white, the
complexion
fresh and clear
and the hair
live and glossy.
CUTICURA
SOAP .
cleanses, purines '
3 and beau
tifies, the
Ointment
soothes
and heals.
Sun, wind and dust all do their
best to- ruin the complexions of
those subjected to them. Busi
ness girls who must face all kinds
of weather find that Cuticura
does much to protect their skins
and keep them looking their best.
Sample each free. Address post
card: "Cuticura," Dept. 13F,
Boston. Sold everywhere.
v a
Y zi
WAR (HIKE PROPOSED
CHAMBER OF COMMERCE OF
UNITED STATES HAS PLAN.
Sngrsrestions for Raising; Revenue In
clude Higher Income Tax and
Excise Payments.
WASHINGTON, April 23. Sugges
tions for financing the war, drawn up )
by a committee of the Chamber of
Commerce of the United States, are
about to be submitted to a referendum
of the members.
The Commission supports taxation,
and Says the sentiment of the business
men throughout the country is that
a few should not be permitted to profit
greatly by the war at the expense of
the many. Retroactive taxes on in
comes and profits are opposed. Sug
gestions for raising revenues are:
Increasing individual income taxes
through super-taxes and lowering
exemptions, estimated to yield approx
imately 400,000,000; additions to the
present excise profits tax estimated to
raise approximately $200,000,000; an in
crease of 50 per cent in the first-class
postage rates estimated to produce ap
proximately J 250.000,000; stamp taxes
to bring in approximately $100,000,000;
excise taxes on a list of articles of
luxury in general use would produce
approximately 500,000,000; decrease
the amount of exemption of the capital
stock tax from $99,999 to $24,999.
A sale of
SHEETS
for today I
Size 72x90 inches at
79c
Size 81x90 inches at
89c
These are splendid heavy sheets;
made without filling or dressing of any
sort the kind that will stand all sorts
of laundering!
Because of the extreme lowness of
the prices we will accept no phone
orders, and we will limit the sale to
six to a customer!
Remember, these prices are for to
day only!
Second floor Lipman, Wolfe & Co.
RTS at $5.00
Skirts of black taffeta!
Skirts of fancy striped
novelty silks.
taffeta and
Two of the styles are pictured below I
Then there are several other styles that you'll like quite
as well some models are for street wear, others are for
dressier wear!
We couldn't begin to sell these skirts at
$5.00 if good fortune hadn't taken our
buyer to the skirtmaker just when it did!
We got about fifty of them 'way underprice. and today we
are passing our good fortune on to you.
It wouldn't surprise us to see women buy two and even
three of these skirts!
Third floor Llpman, Wolfe 6r Co.
For today only!
CURTAIN STRETCHERS
Very specially priced
98c
Now that Spring has really and truly come to tarry a
while, housedeaning will be in order, and curtain
stretchers will come in wonderfully handy.
These at 98c are splendidly made, and are large
enough to hold any curtain.
Fifth floor Liptnan, Wolfe & Co.
RUSSIA'S VIGOR HEW
Real Zeal for Defensive War
Aroused, Says Minister.
PEACE REPORTS EXPLAINED
COMMITTEE CREATED B1 COUNCIL
OP NATIONAL. DEFENSE.
Object Is to Get Advice on Best Means
of Increasing; Bottoms for
Supplying Allies.
WASHINGTON, April 23. The Coun
cil of National Defense today created
a committee on chipping to advise with
the Federal Shipping Hoard ..d report
to the Council on the best meant of
ncreasing to; nago for shipt to the
allies.
Chairman Denman, of the Shipping
Board, will be chairman of the new
committee, which will include P. A. S.
Franklin, president of the International
Mercantile Marine; H. H. Raymond,
president of the Coastwise Shipping
Association; Eugene T. Chamberlain,
Commissioner Bureau of Navigation,
Department of Commerce; D. T. War
den, manager of the foreign shipping
department. Standard Oil Company; L.
H. Shearman, vice-president of W. R.
Grace & Co.; A. H. Bull, of A. H. Bull
& Co., and Frank C. Munson, of the
Munson steamship line.
ENLISTMENTS FULL OFF
PAST TWO DAYS , SHOW CO PER
CENT DECREASE.
Illinois Retains Lead Among: States
In Komber of Recruits and
Mlchigran Is Second.
WASHINGTON, April " 23. Despite
the fact that men enlisted for the
Tegular Army are now being assured
that they will be held only for the
duration of the ,war with Germany,
recruiting figures continue to show a
6teady decline.
Figures made public today for April
Zl and 22 show 1913 men accepted for
the service, while a few days ago more
than 2000 men a day were being en
rolled. ,
Illinois retained her lead among the
states in the number of men furnished
for the service, having provided 150
for the two-day period as against 147
recruited in Michigan, 133 in New York,
128 in a ennsylvania and 16 In Indiana.
A. F. Kerensky Says Agitation Is No
Greater, but Appears to Bo
Through New Right of
Freedom of Speech.
LONDON, April' 23. The Dally Ex
press Petrograd correspondent reports
an interview with A. F. Kerensky, Min
ister of Justice in the new Russian
government, whom he calls the Lloyd
George of Russia.
While insisting Russia would only
wage a defensive war and countenance
no annexations M. Kerensky emphasized
that greater enthusiasm existed in
Russia today than ever before for a
defensive war.
Even the Lithuanians, Poles, Little
Russians and Finns, who had no war
zeal under the autocratic regime, are
now prepared to defend their country to
the utmost, said the Minister.
Exactions Are Opposed.
"If President "Wilson was expressing
the will of his people and not merely
making a diplomatic move," said M.
Kerensky, "I am In complete sympathy
with -the war aims he suggested as
being most compatible with an endur
ing peace."
While not objecting to the principle
of compensation, especially in its appli
cation to Poland and Belgium, M. Ke
rensky declared he was directly op
posed to exactions for any purpose
whatever.
The correspondent remarks on this
question of reparation that M. Keren
sky is not in agreement with some of
his colleagues. Asked about the Rus
sian attitude toward the British peo
ple, M. Kerensky said the entry of the
United States into the war after the
overthrow of the autocracy had given
the United States a popularity such as
the British had rarely enjoyed.
Defeat Warded Off Is Belief.
The Minister of Justice painted a pic
ture of the state of affairs under the
autocracy. He said a German Spring
offensive under the old regime would
have meant defeat.. The soldiers were
starving and deserting.
In January there were only two days'
food supplies for the army and the
supplies of fuel had been greatly re
duced. But the new' organization, he
added, is remedying this. Asked about
the insistent call of the Socialists for
peace, M. Kerensky said:
"Foreign observers fall to under
stand that the call for peace was
greater under the old regime, but ow
ing to the policy of darkness, it never
appeared on the surface. Now, with
freedom of speech, it appears in the full
light of day to attract attention, but
to receive little strength."
M. Kerensky said he had no hope
that the Germans would overthrow
their autocratic rulers.
COOS RECRUIT QUOTH BIG
ENLISTMENTS EXPECTED TO REACH
600 BY END OF MOTH.
SEA RAIDER IS ABROAD
A IERICJLN STEAMSHIP CHASED
OFF COAST OF BRAZIL.
Captain of Craft Says German Boat Had
Norwegian Flags Painted on Her
Sides Tito Guns Mounted.
NEW YORK, April 23. An American
steamship was chased for five miles by
the German sea raider Seeadler, off
the coast of Brazil, on April 12, accord
ing to the captain of the vessel which
reached this port today.
The Seeadler, previously reported by
the victims of her raids on their ar
rival at Rio Janeiro, was formerly the
American bark Pass of Balmaha, into
which the Germans had fitted gasoline
motors.
The captain of the steamship said
the raider had Norwegian flags painted
on her sides and mounted two guns ap
parently of eight-inch caliber.
This is the first report of the op
erations of the Seeadler since crews
from ships she sank reached Rio
Janeiro March 31.
NEW MEXICO IS LAUNCHED
Dreadnought Christened by Miss De
Baca Without Formalities.
NEW YORK. April 23. Another
dreadnought entered American waters
as a unit of United States sea power
today when the battleship New Mexico,
comparing favorably offensively and
defensively with any other fighting
vessel afloat, was launched at the New
York Navy-yard.
With no untoward incident marring
a ceremony which, usually made an
occasion of public festivity, was today
of private character because the Nation
is at war, the New Mexico was chris
tened by Miss Margaret C. ' De Baca,
daughter of an ex-Governor of New
Mexico.
i
Moose-Prohl Merger Forecast.
HELENA, Mont.. April 23. O. H. P.
Shelley, National committeeman of the
Progressive party, who has Just re
turned from the National conference of
the Bull Moose at St. Louis, predicted,
in an interview today, that the Pro
gressives and the Prohibitionists will
combine forces Nationally in 1918.
North Bend, Myrtle Point, Coquille
and Marsh field Continue to Give
Men to Service.
MARSHFIELD, Or.. April 23. (Spe
cial.) If other sections of the United
States had proportionately as many
enlistments as Coos County has given
Uncle Sam's Navy would be filled and
there would be an army of 1,250,0.00 in
training. If other counties had met the
call for soldiers in numbers propor
tionate to the answer here, the Army
would be twice over-enlisted while the
Government is considering conscrip
tion. The Defense Board, Senator Cham
berlain and advocates of conscription
would be effectually and properly an
swered. Coos County, with her artil
lery corps, enlistments in aviation, sig
nal, naval and other branches of serv
ice has furnished and has ready be
tween 250 and 300 men, and 100 men
would be the county's allotment in or
der to raise an Army of 500,000.
Although so many already have en
listed the war-bent youth is still com
ing forward and offering himself, and
it is quite certain the county will fur
nish 500 men unless the Government
closes the call for volunteers within
the next month. North Bend sent 17
men away in one day this week. Myr
tle Point, Coquille and othr Valley
towns have been forwarding men to
Vancouver In large numbers.
JIIIIII1I1!I1IIIIIII!IIII11III!II!I!1IIIIM1II1TIIIIIII1IH IIIIIMHIlllllllllMHIIIIIIinillllMIIIIIL:
GRILLING GIVEN. BLANCETT
Mother of Alleged Murderer Put on
Stand by Defense.
SANTA FE, N. M.. April 23. Argu
ment began late today in the trial of
Elbert W. Blancett for the murder of
Clyde D. Armour, of Sioux City, la.
The defense placed Blancett's mother,
Mrs. Charles Baker, of Friday Harbor.
Wash., on the stand, for the purpose of
showing that Blancett was too ill to
have written the Eddleman letter from
Seattle to the Governor of New Mexico
declaring the innocence of Blancett.
Blancett was subjected to a severe
grilling by the District Attorney on
his story of the alleged accidental kill
ing and following events. Blancett's
answers purported to show only a hazy
recollection. . ,"
British to Increase Wheat.
LONDON, April 23. The board of
agriculture has decided that 3,000,000
acres of pasture land in England and
Wales must be plowed for wheat-grow-Insr
the coming Autumn.
Special Today
O. A. C. Quartette
Twice afternoon and twice evening.
Also .
SESSUE HAYAKAWA
in
"THE BOTTLE IMP"
A Photoplay Marvel of the Hawaiian Islands
and
FATTY ARBUCKLE
in
"THE BUTCHER BOY"
His First New Paramount Comedy
COLUMBIA
Sixth at Washington
vim h
riiiiiuiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiuuiiiiiiiiiiiiiiitiiiiuiiiiniiiiiiiiiiiuiiiiiiiiiiiuiiiiii"
-J a a r. m -r-L-v r m-m
as I ri V "
When Spring
Comes Dancing Over
The Little Hills
then my thoughts run away from indoor things and
I want to make pictures of friends, flowers and fields.
There's a joyous recreation in gathering "snap shots'
from Nature's great garden for my albums of treas
ured pictures, that you and I may look at for many
years to come.
Kodaks Films
Developing and Printing
We carry the complete line of Eastman Kodaks,
Brownies and Premos, including the following:
Vest Pocket Autograph
ic Pictures 1x24.
THE BROWNIE
FAMILY
Very complete$6.00 No. 0 lx24 $1.25
Vest Pocket AutopraTiri- L - X4X4
. o x
vjilgiilltl
ic Special The last
word in compactness
910.00
No. 2C Autographic Ko
dak Jr. A new mod
el. Pictures slightly
smaller than a post
card $12.00
No. 3A Autographic Ko
dak The most popu-
(3 stops) S2.O0
No. 2A 2x44 $3.00
No. 3 3V3:4$4.00
No. 2 Folding Auto
graphic Brownie, a
high-class camera,
equipment right up-to-the-minute
$6.00
THE PREMO
Cartridge Premo 1 x
1H . 75
lar of all Kodaks. Post Cartridge Premo No. 2
card size S20.00 VaY ?1.80
THE BEST RESULTS FROM YOUR FILMS
Our developing and printing service includes the special treatment
of each individual film. Expert operators.
Leave your films before 7:30 o'clock P. M. and your prints will be
ready at 12 noon next day.
FILMS you are always sure to get films that are fresh and new
when you buy at The Owl.
I !
I
E. Struplere, Manager.
Broadway and Washington Sts.
r-