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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Nov. 8, 1914)
THE OREGON SUNDAY JOURNAL! PORTLAND, SUNDAY MORNING, NOVEMBER SrV 1914. 1 a ft REGIONAL BANKS. ARE EXPECTED tO RELEASE SECRETARY -M'ADOO AND MEMBERS OF THE FEDERAL RESERVE BOARD S10F!10.000,000 Reseryes ,of 25 Per Gent Re quired to Be Kept by Na tional Banks Cut to 15. REDIT BASIS' INCREASED Secretary of Treasury's View Tost tbe IXoney Sitaation "WU1 Be Consider ably Eased Snared, by Others. . Washington, Nov. 7. On November H, the 12 federal reserve banks lo cated by the organization In New York, Chicago, Philadelphia, Boston, Ht. Louis, Richmond, Ban Francisco, Cleve land. Kansas City, Minneapolis, Atlan ta and Dallas will Us established. At the same time tha new reserve; requirements for national banks, as prescribed by the law, will become ef fective, thus releasing, according to Secretary McAdoo, more than 40u, . 000,000 f reserve money and increas ing the credit facilities of the banks of the' United States by that amount. In the opinion of Mr. McAdoo, the early establishment of the new bank- ing system will ease up the money Situation in the United States, .' 'strengthen its credits and put tfie country In a better shape to cope with the problem InvolveJ in the Indebted ness of this country to Great Britain. This opinion Is shared by other offi cials of the administration and by leaders in congress. Will Bilease $400,000,000. In a statement issued announcing November IK as the date upon whicb the federal reserve act shall become effective, Mr, AcAdoo explained that be was persuaded to reach his de cision because of the conditions in the south brought on by the inability of that section to market its cotton. Th federal . reserve act imposes on the secretary of the treasury the duty of deciding when the new system shall become effective. After considering all the facts Sec retary ilcAdoo decided to make the day .November 16. m Officials here say that Secretary Mc Adoo probably In correct in his esti mate that the new reserve require ments will release $400,000,000 addi tional for use as credit. The reserve requirements of the the new law are much 16wr than those of the existing ' law. For example, the present law re quires banks in central reserve cities and reserve cities to keep 25 per cent 'Of their deposits in reserve, while the 'country banks are required to keep 15 per cent In reserve. In the case of ; country banks the new law reduces the reserve 'to 13 Per cent in the case of per cent cf demand deposits and 5 per cas of time deposits. The new law reduces the reserve Ac quirements imposed on banks In re serve cities to 16 per cent of their demand deposits and 6 per cent of ' tnelr time deposits. In the ease of banks in central rcWerve cities the requirements are for a reserve of II ' per cent of demand d posits and 5 per cent of the time deposits. Officials are confident -that the in crease to be made 'in the available credits incident to the reduction in reserve will have a far reaching effect jn the financial situation, nationally and internationally. Secretary MoAdoo's Statement. In his statement Secretary McAdoO said: "The federal reserve act Imposes up on the secretary of the treasury the duty of announcing' in such manner as - he may elect the establishment of a federal reserve bank In any district.' In the discharge of that duty I have determined to announce on the six teenth day of November. 1914, the es tablishment of the federal reserve banks In all the federal reserve dis tricts. On that date the new reserve requirements for national banks, as Oh! the Charm ) ot ueautv e Let Stuart's Calcium Wafers Restore the Color to Your Cheeks and Remove the Cause of Pimples, i Blackheads, Etc. v 11 II sr w i s'W'-"1 I v y " 111 - Iff , 4 ,r j IF- iT if p WOULD GIVE THE CITY COMMISSION FORM NTROL OF TAXES CO John 2, VVhite of Chicago Makes Announcement Be v fore. Oregon; Civic League. ARGUMENTS PRESENTED Tito Taxing rower Can Bo Used for Good or Evil, Declares Xxpert, la Address, John Z. Whits of Chicago, former candidate for United States senator against William Lorimer, announced before the Oregon Clvlo league that ft national movement has been Inaugu rated to vest commission governif ent cities with control . of their taxing powers.'----'." - It Is the most Important of all gov- i ernmental powers, he said. - While a commission city like Portland controls every other part of its govomment It has no control of the method of taxa tion. It Is true, ho added, that history shows people get control of every other part . of . government before-they get control of the taxing power, but this last is essential to administration of a elty In the best Interests of that city. He complained of an over-wflllngness en the part of the American cities, due to inertia and superstition, to admit ttfat outsiders are wiser than they In the matter of - taxation, but at the same time claiming rn every other re spect the right of local self govern ment and the wisdom to administer it better than any outsiders. Power Zs Considered. "The taxing power can do mere for good or Xor evil than any other "except the military, declared Mr. White. "It is time the commission cities were placed In control or this important power." In New York, said Mr. White, -there Is a tax of $1 on land for every 3 cents laid on personal property- In St. Louis there is a tax of 11-68 on per sonal property for every $1 on land. In St Louis there Is an occupancy tax to pay when one goes Into business snd a tax to pay on the. goods sold. Nsw York lays no such tax on Indus try. The result is that New York Top, left to right John Bkelton Williams, Paul M. Warburg, W. T. G. Harding. Center Secretary of the Treasury McAdoo. Bottom, left to right Charles S, Hamlin, Frederic A. Delano, A. C. Miller. Every one envies a beautiful skin. Just as every one envies a healthy person. Unsightly faces , filled with pimples. discoiorations. blackheads, tc. are nothing but unhealthy faces due to blood impurities. Cleanse the blood and the facial blemishes disappear. 3 Vinson 4 nevei'Xdf to nt now is a beauteous drawn. nave- ium aw prepaf v - i, two fan must rtot believe that drugs i like tardives will stop facial blemishes, i nay wuia is impure blood filled with 1 ihl.A V.A,nner of refuse matter. ' ' . A's Calcium Wafers cleanse j plaiatlf Is, r a- blood, driving out all 1 i nd - impurities. ' And you'll V e a rood complexion until i s clean. Me wafers may be used TXTii.!- A freedom. Science knows ' WlTiM iTtverful - blood cleanser. iiavu uyMy frM from harmful ' ". ,-.-. Your doctor pre- :WV Orange. fcdreda--o : tlmM reason for Thomas Wafers go right personal Interest In tL Their purifying, pean conflict became the blood Is felt was learned thi husbanlpot In a year or ten Malor Carl Oeser. lAlavs. You feel with the-German artiUeryJCoup Wod, the n the army Tor a numb,1 iu and Is In the ordnance 4 tvs- . n v. , .i.complexion of the Germany army, .- flrug- Several days ago Mr. Edison-... If you a lettftr from his daughter say first it er husband was at the TroLtsing F. Oeser is a daughter of the V Mar by his first wife, . V prescribed by the act. will become op erative. "As a result of the enactment of the war revenue measure the parity be tween receipts and disbursements of the treasury will be soon happily re stored. This will make It possible for the treasury to render still greater service than It has already rendered! in helping the financial situation in the south and in other parts of the country where the need has appeared. "The prompt opening of the federal reserve banks will make the assist ance of the treasury doubly powerful because the federal reserve act au thorizes the secretary of the treasury in his discretion to deposit a large amount of the moneys held in the gen eral fund in the federal reserve banks and to require such banks to act as fiscal agents of the United States; and also in his discretion to deposit the revenues of the government or any part thereof in the reserve banks and to make disbursements by checks drawn against such deposits. Advantages of Hew System. "Under the present system the sec retary of the treasury cannot with pru dence scatter the general fund of the treasury among the great number of Widely separated national banks throughout the country. Up to the present time I have gone as far In that direction as I have felt that it was wise to go, but with the larger powers conferred by the federal re serve act . and the use which -1 may be able, to make of the federal reserve banks as fiscal agents of the govern ment it will be prudent and wise to deposit a large amount of the general fund of the treasury In the federal reserve banks. , "As soon, therefore, as the reserve banks are In operation X shall trans fer to them as large an amount of government funds as possible; this will in turn enable them to extend enlarged credits to national banks and state banks which may become mem bers of the federal reserve board. which they In turn may extend to their customers. By this means and through the agency of the federal reserve banks I hope to give additional aid to that already given by the treasury department to the cotton producer, the cotton industry and the business men of the south. "The new reserve requirements which wil become operative on the si teenth day of November upon the opening of the federal reserve banks will release more than $400,000,000 of reserve money and largely Increase ths credit facilities of the banks of th country." v 3ffay Aid Trade Balance Situation. The opinion is quite general that the action of Secretary McAdoo , Will have a favorable Influence on nego tiations now progressing between Sir George Paish and Basil Blackett, rep lesentlng the British treasury, and thd federal reserve board looking; to the adoption of a plan that will avert heavy withdrawals of gold by Eng land from the United States. . ' With the respective Increase in cred it's available for the south and thi cotton pool of $135,000,000 indorsed by the federal reserve board yester day the authorities are hopeful that mean will be devised to tide over the southern cotton planters until there is a resumption of export shipments of that product. - Treasury officials now feel more hopeful-over the cotton situation : than at any , time since the outbreak of the .war, v v The conferences, between Sir George Paish and Mr. Blackett and the fed eral reserve board relative to the for eign exchange situation will .be . i ro- suraed early . this week, - - . MOOSE OFFICIAL TO SPEAK HERE f . Our Sapient Servants. ' CallerIs yout "mistress in?.: Maid -Did you see her at the win dow as you came up the walk, ma'am? Caller No. - " v 5 - Maid-Well. she said if you hadn't seen hero say that she was out. x x ,," 3k. y y 5- r- "T in , ivy. i ir-ti- ; I ber of the Chicago lodge ef Moose, a prominent Mason and president of the Cook County Public Safety i commis sion. These two men are making a tour throughout the northwest Inquir ing Into the condition of the Moose lodges and meeting with the member ship whenever possible. Their stay here will be short, but a number of Moose lodges Within reach of Port land will be visited as the pressure on their time permits. Fair Building Made Of Oregon Fir Logs Oregon Structure at San Commanding Xfuch Attention Crowds la the City. The Oregon building at the ama-Padflo exposition Is made of logs of Oregon fir and the s ur round Ings are to be as distinctively Oregon, says Howard Everett Weed, landscape architect, who has returned from 10 days visit In Ean Francisco, where he placed the plants that are to deco rate the grounds. Included in the scheme, said Mr, Weed, yesterday, are the Oregon grape, Oregon ' maple, ejr- press, salmonberry. huckleberry, snow berry, azalia, crimson and golden cur rant. Douglas splrea, nlnebark splrea and upright honeysuckle. i ne Oregon Duuawg now com mands more attention than any other structure on -the grounds," said Mr. Weed. It is the most distinctive. It is the only one of the state buildings that Is open. No admission' signs bar visitors at all the other buildings. I believe that Oregon has at San Francisco the best opportunity to ad vertise Oregon resources that Oregon ever had or ever will nave, and I also believe the Oregon exposition plan is very wisely and emelently taking ad vantage of that opportunity." H. L. Reploglo, supreme dictator. Next Wednesday evening the Port land lodge. Loyal Order of Moose, will have the opportunity of listening to two distinguished guests from Chi cago. H- L. Replogle, supreme dicta tor of the L. O. O. M., is the man who put Oregon, Washington and British Columbia- on the Moose map. Manjr of the members know him personally. Dr. W. E. Buehler is an active mem- Ruptured persons suffer more from Inexperienced truss fitting than from hernia. Wy not buy your trusses from experts? Try Laue-Davls Drug Co, at 8d and Yam hill, who are experts and know how. EE TOBACCO MR. SMOKER: Present this coupon at your, dealer's store and , you will receive one FIVE-CENT TIN QF Patterson Broo. Famous t f'WMIP" TOBACCO ; FREE OF CHARGE , MR. DEALER : V. ' Please fill, out this coupon with your name and, . . address and redeem same at your jobber for cash. Dealer's name , ',,.,..,.., Street .........!..,,.'......!...'.,.'.,..,.,...,.,.. v v : ; . "City ; , during the last census period grew Just twioe as fast, proportionately, as St. LouU did. . V.f "Pittsburg lays no tax on personal property and exempts one-half ef the tax en buildings, and there has been no disaster, but rather a stimulus ef business," said Mr. White. "There Is no good reason te tax a person because he la alive and Indus trious. : ' Questions la Case. ."Suppose that a merchant la consid ering; the use of one of two lots side by side in a city. He is told that if be builds on one he will have to pay no tax on the building, no tax to buy and ell; that if he uses the Other be will have to pay tax en the building and on the business. Which do you think he would take? V "An 11-year-old child could answer that question and the only ones that find difficulty in answering it are United States senators and learned pro fessors of venerable educational insti tution s , , "No student ef taxation today de fends the general property tax, and if the tax were on land rather on busi ness, business would benefit, and the land would increase in value because the rental value of property whose im provements are exempt from taxation would be greater." William H. Daly, commissioner of publio utilities, was ' chairman of the day and called upon 'W. S. tTRea Introduce. Mr. White. vvV Advance. Xa'afade. V:: --:, Commissioner Daly .said that gr advance has been madi oinder com it sion government fntho budgeting ; city finance. Under councUm&nic t eminent the nems 'f ; expense which, tax would have to be lev were announced after, the council ! decided on them, Under .eomrol:; government previous announcement made to the public V through medium of newspaper space.- .All c mates are placed before the city c mission. Each estimate must give . costs, together with the costs of 1 year and the. first ulna months of t present year. In this way, be 8ai3, Is no longer necessary to-increasa i city budget in propprtion to the crease in the asses'-ed valuation, t while the tax rate is held lower t it was, greater efficiency In sdrr.1 tration Is obtained,: . . ,. .. Fatar Words, i "Ever hear, from that college cf. of yours who wejit to Colorado?" "Oh. he's dead, poor chap. -He v. be said to have talked hln?elf death." " . s "What do ycru mejm?" ' "HefaUed soTne Alkali Ike out th a liar." 1 Journal Want Ada- brine results JIL J. G. MACK & CO. FIFTH AND STARK Every Woman i is proud of her home, "be it ever to humble." The very hijgl est grade of furniture and furnishing in keeping with the familifi nances is her ideal, as to what her home surroundaigs should consist of. The artistic, the servi ce able, the dependable, best express her proper pride, and her Judgment is intuitive to these ends. ixr i.' ... a splendid field for choice selection of the best and medium grades of Furniture, Floor d jiv eruigs, Drapery, Upholstery and Decorative Materials. No woman who needs the smallest itetrijto complete her home beautiful can afford to carelessly overlook this exceptional opportunity." To close out business quickly we have made drastic reductions in price on our entire stock. Look to This Sale if You Buying Your Carpets, Rugs Wish to Save lih Rugs, dosing J0 Q out for...... Vs-O Seamless ffifrlr': $15X0 Wool and v Fiber Rags, clos- Of pf A ing out for.... OleOU The 9xl2-foot size jn these in expensive yet sightly and serviceable ruga, now offered at half price. Five rags only in the lot. ' ' ' $12.50 Wool and .Fiber Rugs, clos- Of op ing out for tPUesSiU The 9x1 2-foot aixe. Two only of this grade. and Linoleuui Choice of 17 patterns in these 9xl2-foot, high grade Rugs. Plain centers with figured and band borders and with the small patters centers. Extra Special $3 Axminster Rag - In one of the most pop ular of the small sizes 17 Inch by 60 Inch, and In good assortment of desir able patterns. Extra spe cial at 9188 $60 Fine Wilton Rugs,' closing out for (JM KA f 45 to Vtl-still High' grade productions of the Jacqnard loom and re fined in their beauty of de sign and coloring. Size, 9x 12 feet. Forty patterns to choose from. $30.00 Axminster 5fi& $19.75 Twenty patterns in these, every .one a desirable com bination of design and color ing. Size 9x1 feet, $43.50 Wilton . Rugs, closing OOA out for 4Oqte I O . Productions also of the Jac juard looms, in designs and colorings that distinguish them from the ordinary. In the 9xl2-foot size. $33 Body Brus sels Rugs. OOfi KA closing out for tPsyUetV For living room, bedroom and dining room. Twenty patterns for selection. Size 9x12 feet. $20.00 Brussels $14.75 Seamless, -woven entirely in one piece. Size 9x12 feet. Sharp Reductions Mark Closing Out of All Carpets The $1.80 yard grada of Ax minster Carpet with or with out borders. Clos- ? VO ing out for, yard.. P-Le .The $1.80 yard grade of Wil ton Velvet Carpet, with or vithout b o r d e rs. Q-l A f Closing out, yard.. t4Xel;U The $2.00 yard grade of Wil ton Velvet Carpet, with or without borders, J- in Closing out, yard.. vl.J The $2.50 yard gTsdevof WUT ton Carpet, with or without Closing 4 Out Prices on linoleums jre Strc, ig ly Suggestive c Economy y The $l.tSO per sq. yd. tjlaid grade, closing out TC tor, yard.... . tJ5XpU The $1.50 per, sq. yd. laid grade, closing out forjj The $15 per sq. yd! inlaid grade, closing out for, C CIs yard .......'.......CUC The 80c per sq. yard pr "pted grade, closing out, A yard . ............... ( Cocoa Door Mat' at Timely . Saving-1 ; The heavyweight kind in the most wanted sizes,' ' The $125 size now. . . . The $10 size now... f;.5. The $1.65 size now... 91.25 The $2.75 size' now. . .f (.05 The $3-50 sjze now. . ,f jf.TS Prices Are Lowered oi' Car pet Sweepers the' ; - Best Makes. 3.7S .Cpt SweeTT- CQ;1K ers. closintfbut for ' $5.25 Cpt. Sweepr OA STA ersrelosing out lor v-j jy Handmade Window Shades Regular 85c Ones f dr 60c 38 inches wide aud 7 feet long, of best quality oil opaque cloth and mounted on guarantees tvis. Special$3.75 Two Patterns "in Arm Rock ers, One With Chair to Match Both , of solid oak, regular prices $9.50 and $11. The one pictured here, of solid oak, in the fumed finish, has uphol stered seat covered in gen uine Spanish leather. Arm chair to1 match at same erica. The other pattern, of solid oak, in fumed or goldep finish, has solid seat All are splendid bargains at the very low price, for; quick dosing out ?375. CS3 Cowan Made Colonial Poster Beds All Are Entered in' the Closing Out Sale at Interesting Reductions $77.50 solid Cuban Mahog any Poster Colonial Bed, full size, cow $49 $44 for the three-quarter or twin size; regular price $72.50. $78 Solid Cuban Mahogany Acorn Foster Colonial Bed, full size, rrenar $55 $49 for the three-quarter or twin size ; regular price $72.50. $85 Solid Cuban Maho my Pineapple Poster- Ca bnf iar Bed, f full size, 59 " $53 for the three-qui ker ' r vor twin size; regfjiar ' 'I- ;price $76,001 $85 Solid Cuban Maho' tny T Ball-Top Poster Col lial Bed, full size, now 9 $54 for the three-qua fter twin ? size ; regular f Hce $78.00. j - t f Readrdina Inferior Decoration. Draveru and Unholsteru Won .. t mTM .rw - slt . m . . esw i i : Homefurnishers are "reminded of the continuance In operation of our rarious department workshops, and the fact thpT we -continue to employ our force of skilled workmen for the performance of all special work. You'll find it to yo;$ ? aavantage to get our prices, "wnicn are consiueraoiy lower man wmt suowo, - - ' . ti . - - - Fifth . TT . and Stark QjJ i So 1VMC r id jrrr