THE StTXPAT OREGOyiASV rORTXANP. NOVEMBER 9, 1913.
15
ARE WANTED HERE
Order Issued to Recruit Third
Infantry Regiment Up to
Militant Strength.
ACTIVE SERVICE INTIMATED
The Extraordinary Special Offer to Automobile Owners by the White Company
vEMBRYO WARRIORS
I Ontv J . ' . ' . 1 Onlf i
Here At Leist! ill
V
V
v
Warning Freely Given Applicants
That They Are Not Desirable Cn
less Prepared to Go to War
if It Should Be Xeccssary.
"Recruits Wanted." This is the sign
that will go up in many parts of the
rity during the week. The recruits
are wanted tor the Third Infantry Heel-
ment of the Oregon National Guard,
and they are wanted as a result of an
order to recruit the regiment up to a
war rootinsr.
Kecruitlna- is to he kept up in earnest
iiniu the several hundred men required
are added to the company rosters. Many
inducements are being put forward to
attract desirable young men, and it is
believed that the ranks will fill quickly.
The order to recruit to war strensrth
lately was Issued from National Guard
lieadquarters and Is the result of a de
sire to he prepared for eventualities
in case foreign service is required.
Artlve Service Thought Probable.
The present strained relations with
Mexico have convinced many Guards
men that active service is not far dis--
tant, for It is known that intervention
plans, as now on record at the War
liepartment. Include use of the organ
ized militia. With the Regular Army
kept at a mere handful and no other
organized force avilable. use of the Na
tional Guard In any extensive military
movement or demonstration is termed
inevitable by Army officers.
While Mexican service is not of
ficially being held out as an induce
ment at the Armory recruiting office,
nevertheless recruits are not wanted
who do not mean business. It is ex
plained that the training of the Na
tional Guard is largely paid for by the
tTnited States Government now. and
that It Is not the policy to waste time
training men who do not enlist with the
Idea of going to the front in event
of war.
Full Equipment Issued.
Full field and garrison equipment is
being Issued promptly to all recruits
received at the Armory. Each recruit
receives a United States magazine I
ririe, bayonet, first-aid pouch and
packet, canteen and strap, haversack,
mess outfit, shelter tent half, olive
drab blanket, rubber poncho, drab over
coat, olive-drab uniform, ollve-drab
shirt, blue uniform, hats, caps, instruc
tion books and rifle ammunition for
use at the rifle range.
For this expensive output the recruit
pays nothing.
In addition he receives free use of a
locker, of the gymnasium, reading
room and other Armory privileges.
Commissions as first lieutenants
await several doctors, who are wanted
at the recruiting office. The Third
Regiment has not its full complement
of surgeons, and an effort will be made
at once to get suitable material. Ap
plications will be received . by the re
cruiting officer at the Armory.
PERSONALMENTION.
J. H. Graham, of The Dalles, is at the
Cornelius.
W. Rldedale, of The Dalles, is at the
Washington.
B. W. Filer, of Twist, Wash., is at
the Perkins.
Mrs. G. H. Mllet, of Carlton, Or., is
at the Carlton.
Dr. and Mrs. Sinclair, of New Tork,
are at the Portland.
W. II. Bachmeyer is registered at the
Cornelius from Albany.
C. M. Sain, a business man of Paisley
Or., is at the Portland. '
J. D. Gordon is registered at the
Cornelius from Newberg.
D. F. Everett, a Roseburg business
man, is at the Cornelius.
H. V. Poindexter and A. L, French,
of Bend, are at the Oregon.
F. M. ' Burnside. a Seattle insurance
man. Is at the Multnomah.
E. C. Ward registered at the Wash
ington yesterday from Goldendale.
J. B. Bradshaw has returned from
Minneapolis and is at the Portland.
Will P. Fisher, of the Fisher Flour
ing Mill.s Seattle, is at the Portland.
W. la. Bronson registered at the Per
kins yesterday from CentralU. Wash.
F. E. Laurance, a merchant of The
Dalles, registered at the Cornelius yes
terday. Mr. and Mrs. J. C. Kubeas. of Red
landsv Cal., are registered at the Carl
ton. F. W. Boldrick, a Spokane business
man. registered at the Multnomah yes
terday. J. E. Murphy and J. R. Wallock, of
Kooskladda, Idaho, are at the Wash
ington. !. I Tracey and J. M. Hawthorn, of
Astoria, registered at the Oregon yes
terday. H. S. McGowan. of McGowan, Wash.,
where he operates a cannery, is at the
Imperial.
G. B. Johnson, general agent for the
North Bank at Astoria, is registered
at the Oregon.
W. N. Barrett, a Hillsboro attorney,
registered at the Imperial yesterday
with his family.
Mrs. M. McClure, L. C Boyatt and
W. C Miller are registered at the
Carlton from Camas. Wash.
Miles C. Moore, ex-governor of Wash
ington, is registered at the Multnomah
from Walla Walla, where he is a
banker.
C. A. Watson, of San Francisco, Pa
cific Coast manager for the Standard
Oil Company, registered at the Imperial
last night.
Mr. and Mrs. O. Wlngate are regis
tered at the Multnomah from Astoria,
ns are also James Finlayson and Mrs.
J. E. Gilbaugh.
H. W. Prlckett, general agent of the
trafflo department of the Chicago A
Alton, is registered at the Multnomah
from Salt Lake City.
L. W. Hill, J. M. Hannaford, Pierce
Butler. F.. W. Costello and J. F. Win
ecke. of St. Paul, and George T. Reld,
of Tacoma, members of the party of
prominent railroad men no wtouring
Oregon, were registered at the Portland
yesterday.
Among the Oregon people registered
at the Perkins yesterday were J. Mar
shall, of Astoria; George H. Bell, of
b'ublimlty; O. II. Fltzpatrlck. of New
berg; E. E. Jones, of Gervais: S. E.
Watkins. of Newberg; Reld Eldridge
and I-ester Morgan, of Banks, and R.
F. Rhigne, of Tillamook.
James J. Hill And the following mem
bers of his party are registered at
the Oregon: George F. Baker. St. Paul;
M. R. Brown, St. Paul; George B. Har
ris. Chicago; F. A. Chamberlain. Minne
apolis; R. A. Jackson, St. Paul; A. L.
Ordean. Duluth; Grenvllle Knne, Tux
edo. N. Y., and George W. Oala, Nevr
York.
A rule of our house is never to accept two
exchange (used) cars on the purchase of anew
one, nor to accept an exchanged (used) car on
another exchanged (used) car.
An exception will be made for 4 days. There
fore, from Monday, 'Nov. 1 0, to and including
Thursday, Nov. 14(4 days) we offer you the
unrestricted choice of $20,000 worth high-grade
R
econstructed
Car
Pleasure
At a Net Saving to You of Over 25
-with YOUR used car taken in exchange as part payment. Here's the list:
5-Pass. 40-H. P. Black Touring Car, fuJly equipped, has self-starter
Cost new. . .?3915.00 Cost us. . .?3402.48
6-Pass. 40-H. P. Brewster Green Touring Car
Cost new. . . $3890.00 Cost ns . . . $2750.00
5-Pass. 30-H. P. Black Touring Car, fully equipped
Cost new. . .$2865.00 Cost us. . .$2424.00
5-Pass. S0-H. P. Green Touring Car, fully equipped -Cost
new... $2840.00 Cost us. . .$2573.13
2-Pass. 30-H. P. Black Roadster, fully equipped
Cost new. ..$2530.00 Cost us. . .$2121.04
4-Pass. Blue Touring Car, fully equipped
Cost new. ..$3250.00 Cost ns. . .$1393.45
Sale price. . .$2000.00
Sale price... $2000.00
Sale price. . .$1800.00
Sale price. . .$1800.00
Sale price. . .$1500.00
Sale price. . .$1000.00
5-Pass. Black 40-H. P. Touring Car, fully equipped
Cost new. ..$3500.00 Cost us. . .$1793.66
7-Pass. Black Touring Car, 50-H. P., fully equipped
Cost new. . .$2500.00 Cost us. . .$1367.15
7-Pass. Black 40-H. P. Touring Car, full equipment
Cost new. . .$3650.00 Cost us. . .$1258.50
5-Pass. 60-H. P. Black Touring Car, full equipment
Cost new. . .$5000.00 Cpst us. . .$1902.21
$20,985.82
In other words, a reduction of approximately 29 per cent.
Sale price.. .$1500.00
Sale price. . .$1000.00
Sale price. . .$1000.00
Sale price. ..$1200.00
$14,800.00
4 Days j
I Only
Some of these cars have been
slightly used for demonstration
purposes and otherwise, and all
have been reconstructed as good as
new.
The White Company
Broadway, near Oak E. W. HILL, Manager
"In the Business District for Y our Convenience"
If you are dissatisfied in any way
with your car this is your oppor
tunity to dispose of it .at a great
advantage by turning it in for a
better car at a great saving.
j 4 Days
Only j
CURRENCY BILL VIEWS
OF BANKERS GIVEN OUT
National Banks Seek Law Which Will Prove Attractive to State Banking
Institutions as Well Objections to Measure Made Known.
HE following discussion of the cur
rency bill prepared by the Na
tional City Bank of Chicago is
printed by request as fairly refleotlne
the opinions of the banking- interests
of the country in respect to the meas
ure: j
"The attitude of the bankers to the cur
rency bill is not' clearly understood by
the people, nor accurately represented
In the press. Some leaders among them
are quoted as indorsing the measure
"in principle" and others as objecting
to it in some detail. Consequently they
are regarded as divided on the question.
The fact is, however, that they are as
unanimous as any oody of men can
ever be regarding an Important meas
ure. Their attitude was set forth def
initely in the resolutions adopted unan
imously at the Chicago cenference in
August and since indorsed with prac
tical unanimity by bankers' conven
tions in every part of the country.
"The bankers recognize the necessity
for improvement in the currency and
banking system. They have not met
reform with opposition. They, and
only they, have advocated It for many
years. Moreover, they believe that the
administration is sincerely seeking to
give a wise law to the country. But
they think they understand the matter
from a practical, standpoint better than
anyone else, and they wish to contribute
the knowledge, acquired in the hard
school of daily experience, towards the
solution of the problem. They know that
the modern credit system, which is
their dally life, is a. matter of such
delicacy that to change its operation
as radically as even they themselves
advocate will require time, skill and
the hearty co-operation of all con
cerned. They, therefore, ask for a
measure that not only National banks
will gladly accept, but that will attract
large numbers of state oanks, and they
believe that nothing 6hort of such uni
fication will settle the problem.
Mala Principle Indorsed.
"They indorse the main priclple of
the bill, which Is the centralization of
reserves as a basis for an elastic cur
rency and credit system. They believe
that such elasticity is the only cure for
the periodical panics from which this
country alone, among great nations,
suffers. They aiso favor many of the
minor provisions. But they strongly
object to certain features of the plan
as being unfair to the banks unsound
in principle or unworkable In prac
tice. The amendments which they sug
gest are clear and definite.
"First The bankers object to the
coercive method of the proposed change.
They believe the new Federal reserve
banks should be given a charter and
be permitted to prove their right to live
by demonstrating their usefulness.
Subscriptions to their stock and busi
ness relations with them should be vol
untary not compulsory on the part of
the existing banks. If they are a good
thing they -will live and grow, and
gradually take their proper place in
the financial system. The new order of
things should be brought about by evo
lution, rather than revolution.
"Second As they are to contribute
all of the capital to the Federal reserve
banks, and all of the deposits (except
those of the Government), the bankers
believe that they are entitled to repre
sentation on the Federal Reserve
Board. They believe in the old doctrine
from the inspiration of which this
country was born "No taxation with
out representation.' "They do not ask
control, although an effort has been
make to make it appear that they do.
"The bill as originally written by
the Glass committee gave them a rep
resentation of three on a board of nine,
which was satisfactory. The change to
a political board of seven, with no
representation of the stockholders was
an after-thought. The bankers resent
the Implied want of confidence which
shows between the lines in this and
other features of the bill.
What BUI Sponsors Say.
"The sponsors or this bill state
publicly that they are seeking by It
to break up the connection between
the banks and speculation on the New
York Stock Exchange. They claim, too,
that 'the credits of the country are not
upon equal terms to everybody,' and
the banking business is held up to the
people as practicing abuses requiring
the taking of its control entirely out
of the discredited hands of the bankers.
"The bankers resent these insinua
tions. They find nothing in the bill
warranting the belief that It will se
riously affect stock speculation. It
might result in narrowing the fluctua
tions in the stock market by rendering
the money market more steady; but
New York will remain the financial
center of the country, and the stock ex
change wll continue whether this bill
be enacted, modified or defeated.
"The truth is that there are two dis
tinct kinds of banking, and separate
movements for their reform have be
come merged into one. On the one
hand there is Investment banking. Tnis
is the banking that supplies large
amounts of capital to corporations by
the sale of stocks, or makes long-time
loans to corporations or municipalities
in the form of bonds. It is very, profit
able, and it is largely in the hands of
private banking firms, the greatest of
them being in New York. They are
not under Government supervision or
control.
"On the other hand, there is commer
cial banking, which does not supply
capital, but which augments capital by
short-time loans to individuals, firms
or corporations usually without secur
ity, the credits being largely based on
tho borrower's own statements regard
ing their financial condition. This busi
ness is done on a narrow margin of
profit, and it is transacted by about
25,000 National and state banks in
every city, town and village in the
country. They are all under close Gov
ernmental supervision.
"Investment banking has been the
subject of the politicians' attack on
"Wall street" culminating in the Pujo
committee investigation.
Panic Prevention Sona-fct.
"Commercial banking is conducted on
a high plane of integrity, and' effici
ency, and its only fault Is the lack of
a system which will prevent panics.
To that end the commercial bankers
themselves have urged reform for many
years.
"Many unwarrantable conclusions
were drawn from the "revelations' of
the Pujo investigation, but whatever
there is in the minds of the people
about credit circles of inclusion and ex
clusion, or the 'money trust,' or huge
unwarranted profits on flotations of
stock, has to do with Investment and
not with commercial banking. So the
politicians make speeches about invest
ment banking, and vote for a Mil that
changes commercial banking and leaves
what they have In mind absolutely un
touched. "The commercial credits of the coun
try are today not only open to every
one entitled to them, but there is the
keenest competition to supply them.
We wonder if those who talk other
wise ever heard of the ubiquitous note
broker. AVlthln the last score of years
the business of supplying the credit
of the banks to deserving borrowers
for a small commission has grown to
enormous proportions. These com
mercial paper houses have men travel
ing all over the country offering to sell
credit as persistently as the traveling
salesman of wholesale houses offer to
sell dry goods or groceries. Tha busi
ness they do runs into billions.
"It is quite true that a few of the
largest National banks participate in
the large Issues of bonds brought out
by the private bankers but there is
nothing in the new bill to stop them
doing so, and it would be a calamity to
the country if there were. They are
forbidden now from participating in
flotations of stock. But the great mass
of commercial banks have no connec-
SOTJTH POBTLAKD FACTORY REMODELED.
-5
mm
-fer JJrf 'sf fa i
it
'
I!
KMARtKD FLAM OK RK1EHSOX MACHINERY COMPANY.
The Reierson Machinery Company, has just completed remodeling its plant in South Portland. The ca
pacity of the factory has been increased to meet the demands of the firm's business. The company also
maintains a large sales department on Morrison street, at the approach of ths Morrison bridge.
tlon whatever either with Stock Ex
change speculation, or - the flotations
of stocks and bonds. Commercial
bankers, therefore, do not see why an
unfair bill should be imposed upon the
entire chain of banks, covering the
country, because a few links of the
chain have connections in New York
which the sponsors for the bill do not
approve.
"Sad Day," Prediction Out.
"It will be a sad day for this coun
try when there exist no banking houses
big enough to float the requirements
of the great railroad and other corpor
ations, or of the great cities; and what
we have said is not intended as a re
flection on the private bankers' of New
York. Our point Is that it is their
business which gives any color to the
speeches of the framers of the bill, and
that the bill itself will not touch them
or their business.
"Third State banks outnumber Na
tional banks by more than two to one.
In the Chicago clearing-house there are
44 state and only 13 National banks.
This is because state charters are, as
a rule, freer and more profitable than
the National charter. There are oniy
three advantages in a National char
ter. These are the possibility of be
coming; a United States depository, the
Issuance of currency, and the holding
of the reserves of other banks. The
bankers are willing to surrender the
first two of these to the Federal re
serve banks "pro bono publico.' The
third, however, forms a most impor
tant part of the business of city banks.
In Chicago about 60 per cent of Na
tional bank deposits is composed of
these balances due to other banks. It
Is impossible to state in advance what
proportion of these deposits would be
transferred to the Federal reserve
banks, but the bill contemplates trans
ferring the whole of them, the trans
fer to be spread over a period of three
years.
"Now bankers are as patriotic as
other men, but they have built up this
business amid keen competition, and at
great expense. This bank, for example,
in 1910 bought $4,000,000 of such de
posits from the Hamilton National
Bank, and raid a cash consideration
of $120,000 for them. Moreover, the
number of the employes, the size of the
office, the extent of the loans, and the
size of the salaries of the officers of
National banks in the cities have all
been predicated on the possession of
that business. So the bankers are in
clined to squirm when it is proposed
to take it away from them, and they
modestly ask to be allowed to retain
half of it, conceding the other half to
the Federal reserve banks for the gen
eral good. In other words, they ask
that country banks be permitted to
carry reserves of 12 per cent 4 per
cent in their own vaults. 4 per cent in
the Federal reserve banks, and 4 per
cent with their reserve city correspond
ents: whereas, the bill proposes that
all the reserves, except those in their
own vaults, be deposited with the Fed
eral reserve banks.
Bnalnna Men'n Side Been.
"If any business men among our
readers are Inclined to agree with the
sponsors for the bill, and call this
'selfish,' let them ask themselves how
they would feel if the Government pro
posed to reform their business by com
pelling them to transfer about 50 per
cent of it to another institution en
gaged in the same line, and a possible
competitor. We say 'possible competi
tor' because it is a matter of dispute
whether section 15 of the bill gives the
Federal reserve banks power to com
pete with other banks in 'open-market
operations.' We think it does. But
there is another side to this.
"How is the contraction of National
bank loans, which the loss of their
bank deposits would entail, to be ac
complished? This is a serious question
for the Interests of general business.
Commercial banking Is woven into the
texture of all business, and the severe
initial contraction of bank loans which
is proposed could not fall to have a
disastrous effect. Even with the re
discounting facilities afforded by the
Federal reserve banks, and the hearty
co-operation of the bankers, the prob
lem would be a difficult one. If forced
upon the banks against their will we.
frankly, do not see how it could be ac
complished. "There are other features of less Im
portance in the bill which the prac
tical experience of the bankers leads
them to wish to see modified. But the
provisions here discussed are vital. The
bill, as passed by the House would, in
our opinion, fail to settle, and in fact,
only irritate the currency problem. But
the worst never happens in this coun
try, and we have faith that the earnest
efforts of the Administration, and tho
practical view of the bankers, will he
harmonized In the bill which will be
finally signed by the President."
Ballot Officials Not Laborers.
Election officials are not prevented
by law from working more than eight
hours a day according to an opinion
rendered by Attorney-General Craw
ford In reply to a query from Auditor
Martin as to whether he should pay
overtime to officials who served at
last Tuesday's election. The length of
day, from 8 A. M. until 8 P. M. is
prescribed by statute, which also pro
vides that they shall receive $3 for
the day's work. Electrion officials are
public officers, Mr. Crawford says, and
do not come under the classification of
laborers.
Holland buy many mouse traps and rat
trnpa for export to Its colonies.
est Signal Service
III il
Frtitola
Sjasa Ckuar
Stoaact TiwNt
111 the World
v"J
TRAXO
uTDkuotrrt
AM KM.
n . ti wrr, t
us
Her are the pictures of our two
sovereign California Remedies fru it
ofa and Traxo. This is just the way
they will look when you see them on
the druggist's shelf or counter. We
put these pictures here lor your pro
tectum because our remedies are so
ffood and efficient that we have imita
tors. We want you to get the original
find genuine preparations, and when
the medicine you buy is put up like
the above pictures, you wilt know that
you have the genuine article Take
no imitation or substitute.
EVERYBODY is not in
need of, or able to ap
preciate for that reason,
the splendid signal service
advance warning given to
the country by Uncle Sam.
But everybody is in need of,
should fully appreciate and
instantly heed this best signal
service in the world
' These warning signals of
approaching danger and ca
lamity will come to you in the
form of exaggerated head
aches,. acute indigestion, bil
ious condition, constipation,
etc., etc.
These are not diseases in
and of themselves. They are
but the danger signals of
such diseases and troubles as
chronic indigestion, liver com
plaint, gall stones, appendi
citis, and others which might
be named.
It is not really a very diffi
cult thing to be well and strong
and to keep so. But one must
heed the warnings the sig
nals which nature throws out
for one's protection. One lit
tle cup of water wilt put out
' the fire at just the moment of
starting and save the danger
ous conflagration. One little
treatment with the renowned
twin remedies, FRUITOLA
and TRAXO, will show such
marked results that you
will always remember in
gratitude our having brought
them to your attention.
These sovereign California
remedies are just Nature's
remedies, the juices of rich,
ripe fruits and essential oils
brought together in just the
right proportion to produce
the desired results. They not
only clear up the alimentary
tract from end to end, but they
build up and strengthen the
mucous lining and muscular
system of both stomach and
intestines, giving them great
ly increased digestive and as
similative power.
That means that you are
cured. That's all. Our little
book, sent free upon request,
tells all about this, and gives
the evidence of hundreds and
hundreds who have escaped
operations for gall stones and
appendicitis by the use of
FRUITOLA
and
TRAXO
These preparations are sold
by nearly all druggists. If
you do not find them at your
drug store, write ns direct
and we will see that you are
supplied.
PINUS MEDICINE CO. LOS ANGELES, CAL.
For Sale by The Owl Drug Co., Portland, Or.
i