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