THI2 OREGON . SUNDAY JOURNAL, PORTLAND, SUNDAY MORNING. DECEMBER 21. Iftl3.
r
11
CONFIDENCE RESTORED -BY
PASSAGE OF THE
S CURRENCY MEASURE
Leading Bankers and Business
' Men of the State Are Well
Satisfied.
(Continued From Pat Ob.)
and r tha important point la that the
change haa been htade. business abhor
doubt aa natur abhor a vacuum. Tha
doubt haa bten removed ahd business
ahould Jutnp ahead.
A. C. Abrams, capitalist, said: "I am
a Roosevelt mart, but I have approved
of the Wilson currency measure and am
. certain that Ua passage will bring good
reaults, The next thing J -want to see
la a granting of five per cent Increass
in railroad rates. We have been too
bard on the railroads. They were
guilty, but they have oeen punished.
Let them be treated Justly land I be
llevs a B per cent increase la a Just
demand, Money haa been ao stagnant of
lata that it has bed sores, with the
tariff settled, with the currency bill
a law, money can at least turn over
and get out of bed. I am most optlmlstio
as to the future. I can't see a. shadow
on the prosperity of 1914, and the elim
ination of the tariff and currency ques
tion from legislation la an important
factor in my opinion."
Will Help Farmers.
Hlllsboro, Or., Dee. SO. Commenting;
on the effect of the currency bill, Q. A.
Patterson, hardware dealer, ald: "I
think the passage of the currency bill
will be of benefit to the country. Farm
ers especially will be benefited by the
new law. The ability to get money at an
easy rate of Interest will cause more
extensive Improvements to be made by
the farmers, and they will add to their
livestock, farm machinery, and build
ings and will clear more land. The
business men of the towns will also
be benefited inasmuch aa they will be
able to borrow at short notice without
paying exorbitant - interest. I believe
the law wilt prove to be a good one.
R. H. Oreer, merchant, said: "At this
time, I do not care to express my opln
Ion as to the effect the new currency
law may hare on the business Interests
Of the cojjntry. There lias- been need of
a change and I believe congress hag the
interests of the common people at heart
In pasHlng the law. They alone will tell
the effect It may have on the country.
I hope It will be of benefit to everyone,
both business men and farmers."
will bef mora available to meet the e of the First National bank of Vale, said: attribute the stringency In business
velopment needs of the West," "The new currency bill will 'depreciate , during the past few mwtha-;to the un-
C. S. Hudson, caehlef nf tha First Na, the value of the country bantf tock.'V I? J&f Jff J il
Uowtl bank, said; "Passage f the cur- J, Ralph Weaver, ormer banker ! J"1 fflIP, Jil
rency. bill should restore and maintain county treasurer, said: "The email bank , d'8P ' r2!on busin.M
confidence. We have a working model must deplete Ua capital stock without "w, ,0' Oron y"?A- " "
which ahould eventually become a per- compensating advantagei ; u... ...: W
iuaj ui aMii.iv uuuei viuiribii a
feet financial machine. If the read- M. O. Hope, leading business man of
Justment resulting; be accomplished by Malheur county, aaid: "I am at this
sufficient revision downward of high time unable to criticise the Mil, but it
cost of living, ana our agricultural re doee-not please me." :
eourcea receive attention, permancu.
think the passage of the' currency' bill
Will have a tendency to instill confi
dence 111 the ftublla and Stimulate buel.
ness. I , think the uncertainty of It
haa caused a temporary stagnation In
business, and now that It la over with,
the people will know what to etpect
and basineaa will resume Its natural
level- - "
3. lvltt, clothier: "I am of the
opinion that the passage of the cum
rency bill will benefit business mate
rially. 1 cannot see why any sound
minded business man can have op
posed "its passage,! Normal business
bar beell very 'poor during the , last
few months, and I believe it was due
In part to the uncertainty of the dis
position of this measure. Z look for
business to open up now."
F. W. 8wlft, general manager and At
rector tlaokamas Boutnara, rallwayt "I
think the imaU business man and
tabllshed , enterprlsee will obtain ool
and Immediate' result from the pas
sage, of the currency legislation. New
enterprises may be retarded for a time,
but eventually these, too, will be bene
fited, I look for great good to come
from this new legislation." - ,
prosperity should be assured.'
Rah t Utah t ::. for Wilson.'
Corvallis, Or., Dec. 20. Speaking of
Brisk at Newberg.' -.NflWberg.
Or Peo, jO.o.ncernlng the
passage of the Currency bill. J. W.
Chambers said: "I believe that the pas-
Has Long Item Needed. ,
The Dalles, Or.. Dec. 20. Relative to
the passage of the currency bill, J. C
Hoatetler, caslilef of French & Co..
bankers, said: "The. currency bill Is a
Step in the right direction and business
dealings will necessarily have to be
made to conform to the new syatem." m
M. E. Crosby, druggist and chemist
"I am more than glad congress has
faVored the currency bill; It has oxg
been needed and ahould have been
passed twe menths ago. The tightness
Of the money market and consequent
dearth of business baa as Its cause the
heldlngtip of this bill. Business gen
erally wilt profit by the new regula
tion." Feff W- Witaoh, attorney at law and
former- district attorney "I have not
had n opportunity to examine the
amendments te the new currency bill
endfc especially in view of the many
amendments made no bne can predict in
advance how its provisions will work
out, but anything which will relieve the
present uncertainty In financial circles
Is a forerunner for good. It Its pro
visions do not prove the proper solution
they will have to be changed to suit
conditions, that's all. In the meantime
some progress will have been made ahd
the new bill will prove the entering
Wedge."
the currency bill. J. M. Nolan, of the sage of the currency bill -was for the
Nolan department atore, said: , best Interests of the country."
"1 am glad to Bee that the currency Mayor 3. D. Gordon eald: "The quick
bill has passed the sedate, as I believe r this currency Question la settled the
it will prove entirely satisfactory. It better for alt of us."
will surely help business. President b. b. Oorf, manager Newberf Tele
Wilson Jld not receive my vote at the phone company, said: "The passage
polls, but I believe he is ail to the good; ot tne WU produce a change for
and 1 don't like the way soma newspa. tn, better In business conditions."
pera attempt to pick flaws in everything N r By9ttt reai ,,tate: "This bill
the present administration dtes. we mll certalny brtng aboUt better flnan
need currency legislation, and I am iaa claI con(ntjon,.
tht,bll,rp;,"ed "w Triii' jit ' F. A. Morris: "The country generally
1i-.Ki,n6' J.Bf3.h0.SiI hf nM BO mueh confidence in the frame
partmeftt stort. said -The people have wU1 h confidence
been waiting for eurrency legislation, ,.-,,)
fhnadt ub1. VrimiS TwillVuHtBmo?e A R. Ruddeil. f.rmW: "I am pleased
SSaTta rtSSSSSL XWSS ?fecT that th. bullae passed. The result.
Will have on business Is a matter Of Win be good.
guesswork, and we will know only when ; Dr. John 6. Rankin: 'The uWcy
It haa been tried out" ' 1" right in the form in which It
Victor P. Moses, county juage ana i passea ne senaie. ...
merchant, ealdl "Currency! legislation
has been demanded by the three leading
Dolltical Dertles. ehowing that there was
national demand for such action. This
tn Grande Is in tine.
La Grande, Or., Dec 80. In an Inter-
belnr the case, I cannot but eee that the th. no-.inir of th nurranrv nuuun bv
passage of the currency bill will have a the Mnat ,eVeral men of business oat
tendency te create a general tone of perionoa expressed opiniona which are
confidence throughout the- business M tha a8gurjng and can be taken
worlds m in indication that the bill will have
a splendid effect.
Fred 3. Holmea, president of 'the L
Grande National bank, said: "I think'
Pratee the Administration.
Albany. Or.. Dec. 20. Agreed that the
currency, bill Is a decided Improvement the passage of the bill will be to bet
over legislation now on the statute ter conditione throughout the Interior
books covering the subject, leading busU ot tne gtata generally.- Such towns as
ness meh this afternoon paid tribute to annie, Pendleton, Baker and others
the administrate r the eama ,,M wlu be benefitted by
Ra McCune, of Chambers) A McCune, f th f t tn t rMerv, accounts
wrrS!isa S2SvS
financial conditions. The early passage tor Chamberlain "P"
or the tariff and currency bills, and the nionta the matter "ctly. These
settlement Of these ouestiohe has done regional banks will do away with the
much to clarify the financial situation, possible handling of western money.
The outlook rer 114 is encouraging to , Business is very good."
business Interests." Thoaoas J. Scroggin, cashier of the
William Bain, president of the Albany ' United States National bank, said: 'I
State bank, said: "The passage of the don't think the passing of the bill will
currency bill is a step in the right 31- have eny effect on business, which Is
rection. When properly adjusted, it exceptionally good. It will cause a re
ehould mean great advancement in the adjustment, of course, but the attempt
financial condition of the United tft the bill has not had any bad
States."
"A comment that placed about 76 per
cent valuation on the currency bill
seems about right," said'P, A. Young, of
effects so far In this city, and I don't
think its passage will make things
worse." . . .
Mac Wood, head of the ooiaen Kuie
S. E. Young & Son. "Tne prohibition!. "ZZny and president of the city of
nJiMnimiinit nn th, , h Mnm company, una I" . .
w f -- .-- . Grande, sala: "j!MSi.ern wnuiwmw
than 90 days to run will probably work p?" "8a a great deal of call
satisfactorily 'to the eastern manufac- PeoPo ,, ,, similar itter to
muiiey uvrv j
turer, but loans short of six months are
of small value In western farming com
munlties."
use our Influence to secure the paasage
of the bill."
&aket Is Optimistic.
Baker. Or., Dec. 20. Commenting to
day on the passage of the administra
tion currency bill by the senate, Fred P.
Bodinson, president of the Cltlxens' Na
tional bank, commended the measurers
one that will be of great Denerit to me
Fine for Hood Ttlver.
Hood River, Or.,' Dec. 20. Hood River
business Interests expect Immediate ben
eficial results in the passage of the
currency bill.
n. B. Bennett, editor Hood River
News, said: "If paasage of currency bill
haa tendency, which I believe It will,
toward removing the present financial
stringency, its effect upon business con
ditions Is sure to be prompt and sal
utary. Because It Is framed along safe
and conservative llnee, it promises to
be one of the most beneficial acts of
the present admmlatratlon. Provisions
for loans Upon farm properties should
be particularly welcomed by the agri
cultural communities of the country, of
Which HOOd River is one."
3. A. Moldefi, manager of Bragg Mer
cantile Company, said: 'The business
interests of the country will undoubted
ly feel a new Impetus as the result of
the settlement or the currency ques
tion. Confidence will Ve restored and
the money market will ease up, which
will undoubtedly put new llf Into every
business enterprise and assure the
handling of a much larger volume. of
business by the manufacturing, whole
sale and retail trade throughout the
country." ,,
K. O. Blanchard, maybr, and cashier
First National bank, said: "Properly ad
ministered, the new currency law should
be a great benefit to all liftes of busi
ness and added protection against fi
nancial flurries. The test Of actual op
eration may develop needed changes now
Impossible to enforce and tha bank
should be given some time to make the
readjustments that will be required.'
Will Benefit West.
Bend, Or., Deo. JO. Relative to the
passage of the currency bill, E. M. Lara,
cashier of DesChntes Banking and Trust
company, saldi "In general the passage
of the currency, bill cannot rail to belie
fit tha general business f the country,
especially in the West, By correcting
the two worst features of our present
system, th centralisation of reserves in
New York, and the inelasticity of the
' currency, confidence In the soundness
tit our banking Institution Will be firm,
y established, ahd the fear of panics
averted, money will be easier and there
Readjustment Will Follow.
Ashland, Or., Dec. 20. Localfexpres-
slons on the effect of the currency bill
follow: J. W. McCoy, cashier or the
United States National bank, and presi
dent of the Ashland Commercial club:
"The effect of the bill is larcelv BDec-
itatti.A in.nhtDJti. mill no . . ATI Hr A OlintTV.
more or less of a contraction of credits "I have studied it closely, he earn.
In lareer- centers during the earlier "and believe that its paasage and sign-
statres of the enforcement of It, owing ing by the president win do a great
to tne readjustment or nank balances, boost for an tines oi dubuibb.
providing the national banks of the visions include many changes neeaei
country are required to furnish the for years, and .personally 1 leei tnat ua
monev for the caDitaliz&tlrm and tn car- a-nnA offsets will soon be evidenced
ry a Dart of ,thelr reserves with the new throughout the country at large, in the
erganlsation. The general effect of the northwest and our own state."
passage of the bill in most any rormi Ex-District Attorney W. S. Levens ex
submitted Would probably cau at least pressed the belief that the change ir.
temporary benefits from the mere set- conditions to be wrought by the new
tlement of the question. The subscrip- bill will result in a better general Con
tlons to etock the transfer of balances dltion of the country's finances. "Its
should cover a considerable period, so as passage 111. he said, "at least do away
to disturb conditions in the reserve clt- with the uncertainty of conditions, since
ies as little as possible. There should tne bill has been pending. With the
be no apparent effect n the country iBSUe Bettled ahd the bill sfn to be
banks on this account, owing to the fact come a law,' all doubt as to action of
a?rntVa'. aS Lea.dlJy -2,ade congress has been dona away with, and
by drafts on one of the new federal ro- ,f administered within the meaning of
fhJVJ1!, here of?ro on banks u the measure, general conditions, espe-
such -loans.- Time should be at lelst r hot the bi l would pas. Our bust
three years, and if so made, would beof neBS "howed it. but as matter of fact,
great assistance to rural communities banlt Pa18 ct eastern Oregon, now
with proper safeguards for limit of lnat the measuro wln become a law, feel
amount to be Invested in thla character much as they did over the wool tarirr.
Of loans." I That measure was heralded as a 'bug.
Bert R. Oreer, editor Ashland Tidings-' bear" "nl1 'business destroyer,' when act-
"A-ltation, rather than the provisions' usually in force had no such result. The
of the new currency measure has general effect should stimulate business
brought about unsettled conditions In generally, to what extent only trial of
business lately. With the Paws ire of , h experiment will sKw."
th hill. Ih i JTj ..." i , .
---- - . v .a . i.u, nnu uusiness
will speedily adjust itself to the new
conditions, and become normal. Expan
sion will set in only after readjustment
is complete."
Forest Grove Elated,
Forest Grove, Or., Dec. 20. Local
bankers, business men and farmers are
elated at the passage of the currency
-' I Dill. negaruuiB iu nnn u wt "-
ASlOna IS 1 IOT fill. ,ntrv. tn- fnllnwIAff (T.
Astoria, Or- Dec 26 " R l) M 1 il Ahm tvlsbft . laABlnna warn tr1vstl!
and bankers of Astoria say they expect George Huntington. Currey, secretary
an lmprovemeht within a short time of the Commercial club: "Business condi.
because of the passage of the currency i tiOhs 4iave not been much below normal
bill. this fail. DeDosits are above the aver
age and the farmers generally have
realised good prices on unusually high
yields. Financial conditions are uner
ringly sound. No one is dissatisfied
with the tariff bill and the passage of
the currency bill means still greater
ihA law t ,. lo.i ,, -V. . ""- confidence in the financial situation,
... w- ... .in. inai men oi j -.,ir
ttnslness Will Follbw.
Grants pass, Or t)ec. 20. On the pas
sage of the currency bill, E. T. McKin
try, mayor-elect, eald: "The fact that
the currency bill has been enacted into
finance now have a definite policy be
fore them, will settle business condi
tions. I am most hopeful of the future."
Marshall Hooper, banker, eald:
need a more stable currency organUa-
and assures a record year for develop
ment in 1914, and especially so in Wash
ington county.
W. W. McEldowney, cashier of the
Forest Grove National bank: "The DaS-
W gage of the bill Will help conditions gen.
erally. The present banking system has
tion and I believe the bill Just passed been outgrown by development. I cen
by the senate is a step in the right dl- elder the most Important feature of the
rection. While I do not consider It an bill the re-dlscounting of commercial
ideal bill, as a result of Us passage I paper by the regional banks, from tha
am sure We Will see better tlmes.V
fact that tha local banks will be so
C. U. Demaray. president of the Com. closely allied with them, that It should
merclal lub, aaid: "Business Interests give the public perfect confidence In
suffered througlf the uncertainty of fl- the new bill."
nanclal legislation. With the bill E w. Haines, president of the First
through .congress "buslnesa conditions National bank, and former president or
should Immediately respond."
"!the Rift in the Lute."
Volat aTi TtkJ 9A.JThtartf1aTVal ..
, MffXi ,h. o.ao.r J. X. ... the bill as pasaed is a better measure
tne errect or tne passage or cn$' cur- " - , . .
km n n vrli- . .u- than I expected at this time. It makes
the state senate: "I feel sure that the
new bill will be beneficial to the country
at large, Most of the objectionable feat
ures of the bill have been removed, and
rency bill, CO. Nelson, cashier of the
First National bank of Vale, said; Th
bill appears to be one which will prove
a detriment to the country bankers."
7
Interest semi-annually. The cleanest .safest, up-to-date way to
Invest your money. Issued in $100 and, $500 and multiples thereof.
Hartman & Thompson ..-
Main 203 ., BANKERS ' Ask for "
A-2050 Fourth and Stark . , Mr. Hartog
the currency system more elastic, and
places the money reserves where needed.
Its passage relievea the uncertainty and
l will mall, th AUhlif fMl mnW amura In
James a Lawrence, assistant caghler future agalnat possible panics. The bill
t 11 i TMMJJJI 'J '. gives the banka wider opportunities to
- i j assist the agricultural industry, and
' at the same time safeguards the public.
I F. W, Hinman, leading farmer: "The
j effect of the passage of the currency
bill will be a beneficial one to the coun-
! try at large and to the farming com
munities in particular. The bill allows
the local banks to get money on com
mercial paper, . allowing loans to farm
ers on terms which the United States
banks prohibited, and at the same time
gives all the inspection and supervision
provided by the old law, and raora.ee
ourlty to Its depositors,
C MORTGAGE
GOLD
BONDS
.Oregon City la Happy, v , ,
'i Oregon City. Dee. 20. Business men
generally in Oregon - City are . greatly
relieved at the final passage of the
currency bill. The majority, of them
6
A
.Mini Sftatemeiniil: to
the Clfeemig of Poirtlsumd.'
During the next THREE DAYS I shall place on
sale every Diamond, Watch and every a rticle of
Gold, Platinum and Sterling Silver, in short every
article in my entire establishment, AT ABSO
LUTE COST. There will be no exceptions, no
reservations, no 10, 15 or 25 per cent reductions
my entire $250,000 stock is to be sacrificed, at
its actual cost to me.
Continuing Monday, Tuesday and Wednesday I shall
be prepared to deliver every article in the establish
ment with the guarantee of this well known house
established over forty-three years ago.
I tRank the good people of Portland for Saturday's
wonderful response. For the remaining three days of
this sale there will be an augmented sales force; we
will endeavor to serve all who come.
Signed)
IF
Lit
ir !neou&lm(lel,
Established 1870
310 Washington, Bet. 5th and 6th
Final
Removal Juieanup
Store Open Evenings
(111 I)
i jHBi
Violins
$ 3.50 Ones for. $1.65
$ 7.00 Ones for.. $3.75
$10.00 Ones for 154.75
$12.50 Ones for... $0.25
$15.00 Ones for k $7.85
Music Rolls and Bags
75c Ones for........... 45
$1.25 Ones for 75
$1.50 Ones for 03
$1.75 Ones for $1.15
$2.60 Ones for $1.65
$7.00 Ones for $5.40
Guitars
$ 8.25 Ones for $4.25
$10.00 Ones for $5.75
$20.00 Ones for $14.50
Mandolins All Reduced
- -
3
111
Drums
$10.00 Ones to go at...... $0.50
$12.00 Ones to go at .$7.25
$15.00 Ones to go at $0.50
Cornets
Latest Long-Model Cornets, quick change to A. Regular
price $22.50. For $10.75
Buy It for Him Now.
Bugles
Same as used in U. S. Army. Regular $5.00 ones for $3.45
Graves Music Co.
Ill Fourth Street, Just Off Washington Street.
Banjos
$ 7.50 Ones for .......$4.85
$11.50 Ones! for. $0.95
$20.00 Ones for $13.85
Autoharps
$3.50 Ones for. . . .
$8.00 Ones for.
$2.45
..$5.85
-3
A