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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Feb. 7, 1915)
THE SUNDAY OKEGONIAN. PORTLAND. FEBRUARY 7, 1915. REGIONAL BANKS TO EXTEND CLEARINGS Definite Plan Developed" by Reserve Board.and Of ficials of Banks. CENTRAL FUND PROPOSED Actual Development of Clearing Sys tem to Be Gradual Each Bank 31ay Furnish Abont 10 Per f Cent of Its Reserves. WASHINGTON, Feb. 6. Conferences between members of the ieaerai re serve Board and officers of sev eral of the reserve banks have de veloped definite plans for the extension r ,i.nrinlr-hniit oDerations by the 12 regional reserve banks. One feature of the plan, it was. jeamcu r- vides for the creation of a central fund of possibly J L'5.000.000 to be held in Washington to the credit of the reserve banks to take care of clearing opera tions between them. The results of the deliberations, which lasted several days, will be laid before the entire Federal Reserve Board next Monday. Since the plans have the approval of W. P. G. Harding and Paul M. Warburg-, two members experienced in practical banking, it was believed tonight that they would be indorsed. Hasty Action Xot Intended. It was pointed out that no attempt Is to be made toward hasty action, but it was understood to have been unani mously agreed in the conferences that the time haa arrived when the clear ing functions of the 12 banks should be exercised as fully as possible. Actual development of the clearing sys tem through the reserve banks will be gradual, but members of the Reserve Board believe these banks will in time take the place contemplated in the reserve act and do practically all the clearing for member banks. According to information tonight the central fund in Washington is to be a sold fund made up of deposits from each of the 12 reserve banks. As now contemplated each bank might put up about 10 per cent of its reserve funds in the central fund. It was understood that the Secretary of the Treasury might place some of the Government money now on deposit with National banks in the fund to the credit of the Federal reserve banks. Such action would allow reserve banks to make smaller deposits in the central fund from their own resources. McAdoo Disapproves Minor Part. This part of the plan was said not to have met the approval of Mr. Mc Adoo as yet and it is possible that it will not be adopted. Its rejection will not affect the general proposal, how ever. It has been estimated tliat the han dling of the central fund here will not entail any great burden on the force of the Federal Reserve Board. It will be djvoted ixclu.-lvely to taking care of items between Federal reserve banks themselves and will have the practical result of setting up a clearing agency in Washington for the 12 banks. Bal ances probably will be adjusted only once a week or once a month and will be largely matters of book"keeping. In connection with clearings within a district the conference laid plans, which will not force member banks to clear through their reserve banks, but which, it is hoped, will prove attractive to bankers and show the advantages of general intra-riistrict clearing. United States, a neutral Nation, are aid ing the armed forces of a belligerent nation in waters foreign to the United States. The situation, it was said, was unique In international law.. The shoal on which the Asama is grounded is be lieved to be within the territorial waters of Mexico. , - Official opinion inclined to the view that the most the American vessels could do was to take the officers and crew off the ship. The dictates of hu manity. It was pointed out, as inter preted by international law, permit the rescue of belligerent personnel by neu trals, but would not allow the American craft to assist in refloating the vessel. From Admiral Howard's dispatch offi cials assume that the crew of the Asama is still aboard her. Should they have landed on Mexican soil, however, as unofficial reports Indicate, the situa tion would become more complicated. In that event the opinion was expressed that the sailors- scarcely could be brought away from Mexico. Should they be taken on American vessels, technically American soil. It Is taken for granted they will be brought to th United States for Internement during the war, and the Asama will be left to whatever fate may befall her. RETREAT IS EXPLAINED ALLIES AT FIRST LACKING IN AR TILLERY AMMUNITION. GOWNS TO BE SURPRISE CHICAGO TO REVEAL DRESS (RETS TOMORROW. One Feature of Fashion Show to Be Flashing; t Coatnmea Upon Model la Tight by Project incope. CHICAGO. Feb. 6. Special.) Chi cago will be the mecca for the well dressed next week. Designers have worked in secret studios and dressmakers have executed their ideas in guarded workrooms for weeks, but Monday all will be revealed jit the opening of the fashion show at the Kirst Regiment Armory, at Six teenth street and Michigan avenue. Officers of the Chicago Garment Man ufacturers Association, under whose auspices the show will be given, de clare that surprises await even the ex hibitors. In years past the styles were determined largely by what had been previously shown in Paris and other Kuropean centers. Consequently the j. horns were largely devoid of the ele ment of startling surprises. Kach day 250 gowns will be shown In the living-model display. One thou sand other garments will be shown on fig-urea. Moving pictures will play an Im portant part at the show. Films taken in all the leading dressmaking estab lishments of the world have been re ceived and will be shown at regular intervals. Another feature, of historic interest, will be produced with the aid of a pro Jectiscope. A beautiful model, clad in lights, will pose while "gowns" of dif lerent eras are flashed upon her. GROISER ASAMA IS SAFE AID BV AMKRICAN WARSHIP MAKES SITUATION UNIQIE. "Dictate of Humanity Permit Soccer of Crew, but Neutral Cannot Help Refloat Vessel. WASHINGTON", Feb. 6. The Japa nese iruser Asama. arrround in Turtle Bay, near Port an Bartolome, Lower California, "is in no immediate dan ter. according to a report to the Navr Oepartment today from Kear-Admiral Howard, commandins the racific fleet in Mexican waters. Admiral Howard is due to reach the Asama today on the cruiser San Dicpo. His report was based on a radiogram from the cruiser Raleish. which al ready has reached the stranded ship. The Navy Department summarized official reports in this statement: "Admiral Howard has wired from the T'nited States steamship San Diego that the Raleigh reports the Japanese cruiser Asama is acround on an un charted shoal. He says there is no im mediate danger. Admiral Howard should arrive on the scene on board the San Dieco today. Officials were reticent in discussing the international phase of the ease aris ing from the fact that warships of the Shells for "To" Guns at Ftrat Used Sparingly Then Joffre Decldea to Tarn Tide or Give Ip. LONDON", Jan. 20. (Correspondence of the Associated Press.) A new ex planation of the rapid retreat of the allies in France in the first weeks of the war Is related here by a French army officer, who says that.lt was due entirely to lack of artillery am munition. When the war broke, .France' had a comparatively small supply of shells for her famous "75" guns. Fearing: a complete exhaustion. General Joffre limited the shells to 100 rounds a day for each gun. These were consequently fired most snarlnelv. beinjr reserved for actual targets and to check a too rapid advance on the part of the Germans. The French fell back almost to -aris, when General Joffre said the time had come to stand or fall. The French were now on marked ranges and in this had an advantage over the Ger mans. In the determination that the French must either turn back the in vaders or give up the struggle. Joffre release.! the ammunition and told the gunners to fire to their heart s con tent. Five days of continuous fighting would have entirely exhausted the French supply. Three days sufficed to send the; Germans back. Since then, he said, tnere nas Deen no lack of "75" Bhells, for the British factories have been supplementing the French in their production. HIS EXCESS WEIGHT GONE Prominent Idaho Physician Says He Reduced r23 Pounds In 3 Months. - SALMON', Idaho. Feb. 6. Dr. W. C. Whitwell of this city, former candidate for Governor of this state, has let it become known that his remarkable ex perience in reducing 25 pounds in three months was due neither to dieting, medicine nor exercises. He says that a simple, invisible device weighing less than an ounce did it. This, when worn as directed, acts as an infallible flesh reducer and many prominent men and women have adopted this easy means of reducing superfluous flesh, and it is stated the inventor,. DJV. Burns, of No. 17 West Thirty-eighth street. New York, Is sending these outfits on free trial to all who write him. Adv. WHEAT PRICE IS DOUBLED (Continued From First Page.) wires and the principals have kept un der cover. Jesse Livermore has Deen one ot xne most active Eastern traders, and is un derstood to have turned his line of wheat into a iiDerai proui. Farmer Gain Moat of All. The farmers, however, seem to have been the big winners by the advance. Instead of selling wheat at little more than the cost of production, as some of them did before the war began. Kan sas and Oklahoma farmers have been setting $1.50 a bushel and more at the loading stations the last week, and many of them are holding for still higher prices. Many traders, and farmers, too, ex pect to see wheat up to $2 a bushel be fore another e6p is raised unless the .n,a nncn the Dardanelles and liberate the Russian wheat surplus. German Banks Reduce Dividends. BERLIN. Feb. 6, via London, Feb. 7. The Berliner Tageblatt says it learns that the Dresdner Bank will pay a 6 per cent dividend this year instead of 8V4 per cent as previously. It is also said that the National Bank of Deutschland has announced that it will pass its dividend. This bank paid 6 ppr cent last year. DO YOU SUFFER FROM BACKACHE? When your kidneys are weak and torpid they do not properly perform their functions; your back aches and you do not feel like doing much of anything. You are likely to be de spondent and to borrow trouble. Just as if you hadn't enough already. Don't be a victim any longer. The old reliable, medicine. Hood's Sarsaparilla, gives strength and tone to the kidneys and builds up the whole system. Hood's Sarsaparilla Is a peculiar combination of roots, barks and herbs. No other medicine acta like it, be cause no other medicine haa the same formula or Ingredients. Accept no sub stitute, but insist on having Hood's, and get it today. Adv. Overnight Relief For Constipation When the bowels become clogged with a mass of poisonous stomach waste, sick headache with all its attendant misery, belching of sour stomach gases, bloat and general discomfort are sure to follow. A mild, pleasant laxative-tonic that will carry off the congested mass without upsetting the stom ach or griping the bowels, is the combination of simple laxative herbs with pepsin sold in drug stores under the name of Dr. Caldwell's Syrup Pepsin. A dose taken just before retiring will afford grateful relief next morning, without unpleasant ness or discomfort. Dr. Caldwell's Syrup Pepsin is . the ideal family remedy, espe cially for the women and chil dren and old folks. A free trial bottle can be obtained by writ ing to Dr. W. B. Caldwell. 453 Washington St.. Monticello, 111. GOVERNOR GREETS VALLEY'S EDITORS Executive at Corvallis Says ."Economy, , Efficiency and Optimism" Watchwords. NEWSMEN . SEE COLLEGE J. B. Hurley,-of Forest Grove, Cho sen Head of Association Girls Cook and Serve Banquet Lec tures on Resources Heard. OREGON AGRICULTURAL COLLEGE, Corvallis. Feb. 6. (Special.) Governor Jamas Withvcombe. addressing the members of the Willamette Valley Edi torial Association at the Oregon Agri cultural College today,' after having been Introduced as the Oregon Gov ernor who has more enthusiastic Ore gon spirit than any newspaperman in the state, told the editors that he places all reliance in his watchwords of econ omy and efficiency. "To these watch words," said the Governor, "must be added the additional watchword 'op timism.' Only by reading Oregon's op portunities in this light are we able to appreciate fully her future possi bilities." At today's conference the members of the Willamette Valley Editorial Asso ciation and other newspapermen and women of the state hobnobbed with seedgrowers, stockmen and fruitgrow ers and attended the closing exercises of the Farmers' week. Although soma of the papers have had men here prac tically all week, the numDer appear ing on the campus since Friday noon has given It the appearance of the Ore gon seat of warfare against poor farm ing. The editorial programme began this morning with a tour of the town and the colleere campus, followed by a trip through the college buildings with cadet officers as guides. The tour ended In one of the poultry husbandry classrooms, where Professor James Dryden whetted the appetites of the visitors by one of his famous illustrat ed lectures on "More and Better Eggs From Oregon-bred Hens." Then came the 12 o'clock banquet at Waldo Hall, at which' the editors were joined by Governor Withycombe, Presi dent Kerr and members of the faculty. The feast was prepared by domestic science students, served by college girls and featured Oregon loganberry juice, which Professor I. C. Lewis in hia toast predicted may soon rival's Oregon's hens in the economic history of the state. President W. J. Kerr welcomed the editors to the college and W. H. Horn! brook, of the Albany Democrat, retir ing president of the Willamette Valley Editorial Association, responded. Officers elected for the ensuing year are: President. J. B. Hurley, of the Forest Grove -News-Times; secretary. Elbert Beede, of the Cottage Grove Sentinel. BANKERS HELD LIABLE DIRECTORS TO REPAY LOSSES IL LEGALLY SUSTAINED. Total Amount Involved Only Few Mil lion Dollars and Several Hav Acceded to Demand. WASHINGTON. Feb. 6. Active steps have been taken Dy Treasury officials to compel directors of at least six na tional banks in New York City per sonally to make good losses sustained by their institutions through what the Government holds were investments not authorized by law. Officials de clined tonight to give the names of the banks, but it was said that none of them was in the slightest danger and that the total amount involved was a few million dollars. The investments took the lorm. It is said, of underwriting operations and occurred several years ago. Many of the directors Of the banks at the time aire said not to be connected with these institutions now. but restitution nas been demanded nevertheless. Some of the directors concerned are said already to have agreed to make good, but negotiations with others are still in progress. Action was taken by the department at this time. It was understood, be cause the statute of limitations might operate to prevent stockholders or tn i Men's and Young Men's Blue Serge Suits , Reduced!!! No wardrobe is complete without a Blue Serge Suit. Tbis week we're selling our $20.00 Schloss make Blue Serge Suits for only Every suit is guaranteed to be all wool, hand tailored, to retain its shape, and give satisfac tory wear or your money refunded. Furnishing Goods at the Usual Clearance Prices. Pheerlev Sl Cavender and Alder Sts. banks in Question from recovering the amounts lost through legal proceedings. Such proceedings probably would not be discouraged by department officials if the directors refuse to comply with requests for settlement. St. Paul Woman Dies. illness. Mrs. Brentano was born In Paris, France, coming to St. Paul when a child, where she has resided since. She is survived by her husband and eight children, also two brothers, a sister and her father and mother. Alsatian Condemned by Germans. ST. PAUL. Or.. Feb. 6. (Special.) , - nf xd ., r T)ir,,r Brpnlmn. I AJlM-MtUAM, via U)nog, x- eu. died here Wednesday after a lingering The Berlin I-okal Anaeiger says that a court-martial has condemned to death on a charge of high treason an Als tlan soldier by the name of Kropclle. who fought for Franco In an Infantry regiment and fell Into German hunili as a prisoner. Only One "BROMO QITSIXE" Whenever you reel a colli coming on. thlnK of the full name. Laxntlve Itromo quinine. Look for .luniiture K. W. crnv. on bo. :i.Ve. I operate to (irciii wnn iii.,, o ..t. j We're Not Quitting We're Growing ' V L 2J Uf TO FIFTH AND OAK STREETS Zi- HH Get This Firmly in Your Mind !!! RfwfPfn Now and the First Dav of Mav Furniture Prices Will Be Cut to the Bone Throughout the Whole of This Big Store 9x 1 2 Reversible Rugs $4.75 Here's a big regular value at $9.00. At the price we are making $4.73 it is unmatch able. Beautiful patterns suited to dining-room and bedroom. Spring Is Coming and You Can't Stop It! Get ready for it! Take advantage vof the Removal Prices. When Spring comes it will find you with all those necessary and wanted things of housecleaning time, and you will have made immense sav ings on your purchases. ill assive Brass Bed , n An Unsurpassed Value . Here is the greatest Brass Bed value ever offered in Portland. Elegant satin finish. Guaran- jffijjjn tepH lacmier. Two-inch cotltin- Jl IP uous post. Five fillers Head ana foot. Ball-bearing castors. You regularly pay $18.00 to $20.00 for this. rfrmTl j til ilk irsfz ei i !i. i i f vi I'll j dm ir iin i i j 'I j 1. 1 t i i i The Removal Makes Prices One-Half Lower on Dressers $32.50 C i r cassian Walnut Dresser $35.00 Birds eye Dresser, now $32.50 Birds eye Chiffonier, now.... $33.50 Bird seye Dresser, now $27.50 Birds eye Princess firesser... $28.50 Mahogany Princess Dresser... $52.50 .Solid Ma hogany Dresser. . . . $37.50 Birds eye Dresser now $16.25 $17.50 $16.25 $16.75 $13.75 $14.25 $26.25 $18.75 THREE ROOMS OF ELEGANT FURNITURE $ 1 S CASH and Small Monthly Payments Our Big Range Value $29.25 Electrically welded, ' non-rusting steel body. Has large flues. .Asbestos lined, Has large firebox with duplex grate. Top is jointed, with loose plates. Nickeled parts highly finished and easy to keep clean. $1 Per Week Buys It! TABLE 42-in., solid oak, six-foot extension. Ex- At!y.a.s..sh.T".$15.00 CHAIRS Four, of heavy oak, built to exactly match the table. Now BUFFET Large and handsomely designed. In mirror or heavy ff-O Af plate. Now $lW RUG Genuine Brussels. You may choose from the many patterns. CI ,4 flfl 9x10-6 now at.l'-',-' Cash $1.25 Weekly. DINING SET pK - rvCHANGE L J. Department You'll find splendid Furniture in thin Department at Half and less its value. $33.50 BirdscycCI; 7C Napoleon Bed plU.IJ $25.00 Oak Napol-0 f( eon Bed .fl.UU SS37.50 M a h ogany 1 O 7 C Napoleon Bed f 1 0. 1 J $45.00 Brass B6d22 50 $22.50 Iron Bed now fJ QQ w.$3.75 $10.00 $8.50 Iron Beds now at.. $20.00 F 1 a t-Top Office Desks THIS KITCHEN $23.00 Gas Range, New Process. Four burners, broiler and ovens. This price includes connections .$16.50 Chairs Two "Craft" styles, of fine hardwood. The two for - $3.00 Table "Kitchen Treasure," with bins, drawer and mold ing boards. - Strength and quality $3.50 $2.50 Cash $1.00 Each Week. $56.60 BED ROOM Hed Iron, handsome and masHlve. full size, well sale l...n.$ 10.00 Drrmrr Of Colonial oak. just art shown. (17 l.arffp. roomy i 1 JJ Stand Of Mission design. Nicety made and f0 1 f) finished &,XJ ( hair Of small bedroom design. On sale gQ SprluK All steel. Link fabric. I.ife-tlme djC tin puarsntee PJ.JV Mattrefia Combination felt. Art eoverinK. Well tuft ed :aV."X.c!,.e.,l...?$6.50 Hie Craftsman. s:3xlu:6, in popular browns, blues or raeatn"-....On$H.50 Jto Canta 1.23 Weekly. PLACE TO TRADE ESS isssssssa a good - - .tt.i a -- Exactly I ' ' . Like v 1DHf $1.98 CHILDS' MISSION ROCKER Here is comfort and pride for any little one up to 12 years. 'It is built on straight, strong, purely mission lines. It will outlast the toughest young ster. The rocker is exactly as we have it pictured. Olher Child's 6 0C Rockers as low as