.4 14
THE 'OREGON. SUNDAY JOURNAL,, PORTLAND, SUNDAY MORNING, ? MARCH 21, 1820.
BIG WEEK AHEAD
0
Ten Million Feet of Lumber and
Thousands of Tons of General
. Merchandise to Be Exported.
,- Th next seven days will be the
; biggest week tot the exportation of
! Oregon product from Portland in
mmjty months, f rem all indications.
' CIoe to 10,000,000 feet of lum
. ber and over 10,000 tone of general
- mm appIi Aim a rt TnctJtd to t
loaded on outgoing vessels, although
:-. all. of the cteamera now being made
. ready for cargo will not sail within
' this period.
"" The stsamer Waban Of the Pacific
Steamship company's Portland-Oriental
line Is slated to sail March 26 for the
- Far Bast with lumber and general prod
uct aggregating close to 10,000 tons in
aUv,
BIO SOCK SHIPMENT
On of the War items in the Waban's
cargo will be, not from Oregon but from
,thr Northwest, 600 tons of phosphate
rock, consigned to Japan for use as
fertilizer, and the first shipment of many
thousands, of tons to follow through
Portland.
The steamer Ashland County is now
' loading 1,800,000 feet of lumber at the
milt of InmatvPoulsen A Co.; for Ajita-
f casta, Chile. The vessel arrived last
week and will complete its cargo before
Friday. The vessel is under the man-
- element of the Columbia-Pacific Ship
plmr company.
The European-Pacific line will be rep
resented in the port with two steamers
' titie week, the first of which, the Can-
- fcumset is expected Monday. The ves
sel will discharge some return cargo
from Europe, the first to come since the
war and aftewards will load 1.500,000
1 1 ect of lumber for Havana, Cuba, and
general cargo for Europe.
This vessel will be followed by- the
Steamer Eelbeck, which is to load a full
cargo of flour and wheat for the Medi
terranean. LUMBER FOB 8HA5GHAI
The Columbia-Pacific Shipping com-
fimvalM i-weivaue word Raturdav that
11)6 snipping poara steamer Angeieg is
to sail today from San Pedro, where she
'wasj built. The vessel Is expected In
: time) to begin by Friday loading a full
cargo of lumber for Takubar and Shang--:
kaL Inaugurating the new tervice of the
Columbia-Pacific from Portland to
i North China ports.
t" The steamer Boynton is to be checked
In for the same company this week and
' will probably be assigned as a flour
. carrier for the food administration.
- ' The food administration is said to
bavs flour available for export move
ment at a rate of 100,000 tons a month
, at. bmaa a fnna mnn t n nH
? efforts are being made to secure ton
nage. This necessity may force the
- pressing of the Boynton Into the cereal
service, although the governments pol
icy to date has been firmly against the
movement of grain or grain products in
wooden bottoms.
' 14 STEKIj STEAMERS OF "Bm
" v TYPE READY FOR PURCHASE
FOR SHIPPING
oraiiPRiucis
mi' t ' -
Shipbuilders and vessel operators nere
re being informed of the shipping
board's plan to dispose of 18 "B" type
steel stsamers. of the 8000-ton class, de-
' signed as freight and troopships, the
Irst of which have been turned out
at the Hog Island yard, where material
for the others, with full equipment, is
- now available for purchase.
The Emergency Fleet corporation has
-hit -on a sale program that provides
for'selllng the ships In "knocked down"
form, o they may be assembled in
', any part of the world. All of the steel
baa. been fabricated and complete bills
of equipment and machinery for the 18
: carriers is on the ground, so that it can
be transported readily.
It was first calculated there would be
85 . of the ships that could be sold to
private operators and builders, but the
- army authorities obtained 12 of them,
while seven others were successfully
sought for by the navy, leaving 16 that
" may : be negotiated for commercial pur-
i poses. .
The ships are of the same general de
sign as are operated by some well-known
British lines, such as the Commonwealth
aV Dominion, Dlbby. Brocklebank, the
TBAHSPOBTATIOlf
iMRALLINB
. , a. . "OITV OF TOPlK"
alii from PortlsBd 9 p. . March 28, for
Manhfleld, Enreka and San rnneiaea. eon
imtias with taain to Los Angelas and
Saa IMex
4 ; PROM ItATTLI TO ALASKA
at. "CiTT Or SEATTLE" to &kagwT sd
war porta. March 28.
S. a. "SPOKAKE" to Sitka and war porta,
2 Mtrch 2BtK .
f.8, "ADMIRAL WATSON" to KodUk and
-4 jry porta March Slat.
TtOKT OPPIOK 101 THIRD ST.
frehjhl Office .. Wunlolpet Dock No, I
X K Miami bSaIm aa
raoirioTiraiisMip oompsnv
San Francisco
S. S. ROSE CITY
l l SIHRTI 1S SOON
Thursday, March 25
- ;" Pstoai atwawowTM door
rarts; iMOLWoaa oaaTN and mials
cm TioKiT omoi. sb and waih.
pmoni main aaaa
-miMirr offics. ainswonth door
- . PNONI ROADWAY t(S
1- ! RAN rRANOISOO 4k PORTLAND
LIMBS
AUSTRALIA
-.RKW t B ALAND AND SOUTH SIA
wis TaftRI ana WfUnss. StaH an Fasts
aanlee frem a Pranelm (very tl Dan,
union aa. oo. or stw zsaland.
- e Oaitfw ma Dk, San franim.
Ueal suemshis an RsllrMS Assntlea
OOIHO TO ECSOPK THIS BUMMEBI
Hit seeare year reserrtltoa.
;. yi-:--:. KOW.
Oar Verseaallr Coadseted Exearstoa
S. S. NEW ' YORK
FROM SEW-TORI, If AT tS vc
, Traia reave Portlaad May W,
LIXTJELL CLABKE, Hi JWM U
Vat J&i ITTCAM.CHTO
im m IWJr ssTs, M AMTMsaVAUl
BIG LUMBER CARRIER I S LAUNCHED
A '
"
B SI A
If - I! 4tX ill
0 1 1 j-! ! - l ' " 1 vl m.lA .' 1 "m il
Tbe steam schooner Everett, lannc hed for tlx; Charles ft. McCorailck
company yard at St. Helens last Monday, will be tbe -largest vessel
of Its kind on the coast when co mpleted. The vessel was towed to
the Willamette Iron & Steel Works Saturday for fitting. Miss Cor
inne Hill (below) was sponsor.
British India line and others, and the
French government has adopted the
same design for the Indo-China mail,
Madagascar and other services.
Plans reaching the local office of the
supply and sales division show the ships
to have a length over all of 448 feet,
beam, moulded, of 58 feet and depth, to
shelterdeck, of 40 feet, with a designed
draft of 28 feet. To give the vessels a
speed of 15 knots turbine engines of 3140
horsepower were designed. The vessels
have seven cargo holds. Cargo handling
gear consists of eight king posts, each
fitted with a five-ton derrick. Men who
have looked over the plans regard them
as desirable for Pacific trade purposes.
NEW FACES TO BE SEEN
IN ST. JOHNS SUBSTATION
When "time" is called Monday morn
ing at the former Grant Smith-Porter
shipyard, at St. Johns, now officially
designated as the St. Johns concentration
warehouse of the supply and sales divi
sion Kmergency Fleet corporation, there
will be 83 new faces behind the desks,
attaches of the Oregon suboffice, whose
base of operations was shifted Saturday
from the Northwestern Bank building.
The Western district headquarters, from
which he directed affairs of the entire
section between the Pacific coast and
Denver, remain in the bank building.
The change simply places the Oregon
suboffice in the same posXion as the
California and Washington suboffices,
they being held responsible for materials
and equipment checked In from various
shipyards where the government war
program has ended, and. as well, for
their disposition later. The West coast
district will continue to function as
before, the various heads supervising the
general organiaation. which necessitates
them traveling much of the time be
tween the suboffices.
Data respecting surplus material for
saJe will continue to be given out at
the Northwestern National Bank build
in:, particularly as to wood hulls on
Lake Union, in North Portland harbor
and at Alameda. C. O. Yoakum, man
ager of the Western district ; . J. IL
Wood, assistant manager ; Jay S. Ham
ilton, In charge of sales; O. L Lefferts,
in charge of office details ; A. B. Was-
teir, executive assistant. Charles -F.
Rhode of the Inventory and certification
section, and C. W. Witherspoon, of the
appraisal section, will retain their offices
in the Northwestern building. G. M.
McBride will direct sales at St. Johns
and A. J. Bogan will be head of the
material section there.
STANDIFER COMPANY SIGNS
FOR INCREASE IN WAGES
The agreement of the Portland Metal
Trades council with G. M. Standlfer
Shipbuilding corporation was renewed
last week, according to the announce
ment of H. A. Stuart, secretary of the
council, made Saturday. The new agree
ment lasts until April 1, 1921.
It provides for an 8 cents an hour
increase in wages over the Macey scale.
ana the 44 hour week, besides certain
other minor ccndltlons. This is the San
i-Tancisco wa?e scale, agreed upon last
August, the failure of the Emergency
fleet corporation to cnmniv .iik n
. . . A.. " . r., TV Mtl i, Ajts:
cipltatlng the general shipyards strike
-uiK me coast October 1.
K. V. Jones, vlca nrexld Ant Onil ffan
eral manager of the Standlfer corpora
tion, aigned for the company at a con
ference with labo.- officials Friday
NAVAIi COMPASS STATIONS
TO ASSIST IN NAVIGATION
San Francisco. MarK on n .
Naval compass stations enabling" mer
chant ships aafeiy to enter the harbor
mi omi P rancisco -in the densest fog
soon will be in operation at -li
ferent points outside the Golden Gate,
it was announced yesterday at the head
H"Ta?t the Tweitth naval district.
r.7 . yem a vessel would re
ceive her position by wireless from the
S?! station, at definite interval.
J-v-.v reports u win t possible
DREDGE CliEARS - CHAXYEIil1
FILLS IN PACIFIC HIGHWAY
ofKporTitdW!;hi March 20 The Port
or fortland dreda-a wi- w
f.Kth?'b'V"-h,pha
rt c.rniw fey d.
......... v, ,n, urecon.slde. rn, ihe
. : ., ' ' .J. . .. ; ?!f
- - - - yvyv.7yM-- "tr - urn
Washington side of the river. A year
a?o the new channel was dredged ilOO
feet wide to a depth of 25 feet. It is
now being cut to a depth of 30 feet and
600 feet wide.
The silt is being deposited upon the
low gTound in Kalama, to an average
depth of about 12 feet. The Pacific
highway through the north end of Ka
lama has been filled to grade, a depth
of 14 feet, and 80 feet wide, for a dis
tance of a quarter of a mile. The silt
is pouring into town at the rate of 800
cubic yards an hour.
News of the Port
MARINE AIM AS' AC
Arrivals. Maroh 20
A Talon. American steamer, from San Fran
Cisco, ballast
W. P. Herrin, American steamer, from
Mnntr7, oil.
SilTersdo, American steamer, from San Fran
cbco, ballast
Deeertiipea March 20
Klamath, American steamer, from St. Helens,
for Saa Pedro, lumber and passengen.
Johan Poulen. American steamer, for San
Francisco, lumber.
DAILY RITER READINGS
a. m.. Pacific Time.
-1 'S
I! fi JJJ
25 2.0 6.7
10 4.0 o
20 5.1 0.8
20 4.2 0.6
12 5.6 0.5
15 5.2 O
STATIONS.
If
0.00
O.00
0.01
0.00
0.00
Umatilla . . .
Eugene
Albany
Salem
Oregon City
Portland . . . .
( ) Falling.
RIVER -FORECASTS
The Willamette rlw at Portland will remain
"early stationary during the next two or three
days except as affected by the tide.
WEATHER
.Portland and ricinity: Sunday, rain; south
erly winds.
Oregon and WMhington: Sunday, rain:
moderate to fresh southerly (alas along the
coast.
storm warning fiout h west storm warning!
exianaea to ail stations except Astoria at 6
p. m. storm off VaneotiTer inland snoring
miuwwL moderate to rreh nonOi, shifting
to southwest, gales tonight and Bandar.
OB8F.BVATIOKS
STATIONS
a 8 i a
Baker
Boisa . . . . .
Boston . . .
Calgary . . .
Des Moines
Chicago . . .
renter . . .
Eureka . . .
Galveston,
Helena . . .
t Juneau
Kansas City
Los Angeles
Marihfield .
Medford . .
Minneapolis
New Orleans
New Tork .
North Head
I 56 0
I 841. S
V7- SB I Cloudy
I . . SE Pt. Cldy.
10 SW Cloody
NW Clear
N Clear
.. NE Hear
. . NW Clear
SE Cloudy
8 Clear
8 Clear
NE Cloudy
12 N Clear
. . SW Cloudy
8 Raining
24 SE Cloudy
. . W Clear
-. W Cloudy
24 NW .Cloudy
84 8 Raining
: . . SW Cloudy
. W Clear
10 8 Pt. Cldy.
N Cloudy
5 Raining
12 8 Cteady
18 NW CTear
. . NW Clear
. . W pt, cidy.
22 SW .Raining
.' Sw" Cloudy
. . ALMPt. CMy.
6 1 Cloudy
.. ''- N Clondj
12 8 Raining
JfK Clnr
SB Cloudy
14 NW Cloudy
18 BE Clear
6 O
42 0
44 0
S2 0
eoi.s8
ssi o
B8
401
8S
7
50!
58
2
eoi
0
0
0
0
08
0
o
- o
40
SS
6.04
North Yakimai
08
O
rnoemx . . . ,
Pocatello ...
Portland . . .
Roseburg . .
Sacramento .
St. Louta ...
Salt Lake . .
San Tiego .
San Francisco
Seattle ....
Sitka
Spokane ...
Tacoma ....
Tatoosh bland
tValdea
Walls Walls.
Washington .
Winnipeg . .
88
114
81
80
0
0
T
.02
0
. w
O o
.01
.01
.. o
esf
B4
58
64
4
62
44
64
o
eo.04
52
28
42
.14
o
.02
0
70
42
18
ta.
today, -p. m. report of preceding day.
LOCAL DATA
Portland. March 20 Highert temperature
i aegra: lowest temperature, as dee-res.
wjer reading 8 . m 6.2 ft; change in
aours, v ten.
1 Jstal rainfaD S p, a to t p.. as.), tra
J"? ratraau sues Septasaber 1, 1S1B. 24.48
'"'; . normal rainfall since September 1,
Inches; deficiency of rainfall atnee Sep-
a, sw.ai jnenea.
ouium. a. m.: sunset. :2S d. m.
Total saaahlne. S hoars minntei; possible
sunsiuna, ii noun p aninutes.
Moonrise. :4 - a.- am.; aaeonset. T.Jt p."
Barometer traduced sea level) S p. i
ZS.S4 inches.. Relative humidity: C a. as,.
' pr wa; noon, i per cent; s p. :
S4 per eant. ,,.-. ,--
COLUMBIA RITER BAR REPORT
. North - Head, Mareh 20. Oondilion of the
iea it p. .. smooth J' wind swath, 'S4 vnil.
a
yr y j 'J X
A , iV'ixl ""I' II
SCHOONER EVERETT
IMPORTANT ADJUNCT
AS LUMBER SEIR
Vessel, Launched at St. Helens
for McCormack Company,
Is Specially Designed
With much ceremony, the steam
schooner Everett was launched .for the
Charles It. McCormick company at the
St. Helens Shipbuilding company plant
last Monday. Miss Corinne Hill, daugh
ter of Carl Christensen, superintendent
of the yard, was the sponsor.
The hull was towed to Portland Satur
day afternoon for fitting at the Willam
ette Iron & Steel works and Is expected
to be ready for service by May 1. W. R.
He wltt, marine superintendent for the
McCormlcks, Is expected in Portland to
day to oversee the balance of the con
struction. The type In many ways is a new one,
and the construction has attracted much
attention among marine builders up and
down the coast. In regard to the Ever
ett, the San Francisco Chronicle recently
published the following :
"The Everett measures 250 feet long.
45 feet in width and has a 20-foot depth
of hold. A total of 1.600,000 feet of lum
ber may be stowed away in the holds
and on deck there will be three large
hatches, which ' will make possible the
handling of big pieces below decks.
"The vessel will have the machinery
installed on the Columbia river and the
engines will be twin of 700-horsepower
each of the shipping board type. They
will be triple expansion and all of the
housing and machinery will be situates
amidships. There will be three Bets of
fast winches and cargo gears. The fuel
capacity will be for 2000 barrels of oil
and the steaming radius will be not less
than 20 days. The company intends to
use the Everett for coastwise and off
shore work, and, as the craft is fitted
with the Hewitt steel longitudinal truss,
she will be stanch enough to permit the
loading of nitrates for the return trips
from the west coast Charles R, Mc
Cormick said that in his judgment the
Everett is about as big as the future
lumber steamer will be built The Ever
ett has been especially strengthened, so
she will be about the stoutest lumber
craft of wooden construction on the
coast"
Returned to Dry-dock
The river steamer Astorian of the
Northwestern Transportation company
was relifted on the drydock Saturday
for installation of the tail shaft and
propeller which were damaged about
two weeks ago In the lower river when
the .vessel hit a floating obstruction.
The Astorian will be ready to resume
the Fortl&nd-Astoria. run by Tuesday,
according to the operators. .
E. W. Wright Returns
E. W. Wright, vice president and
manager of the McEachern shipyard
at Astoria and one of the owners of
the Merchants' Exchange, has Just re
turned from Washington, D. C, where
he transacted business with the Emer
gency Fleet corporation in closing up
the affairs of his yrd with the gov
ernment Cannery Ship Overhauled
The salmon cannery ship St Nich
olas, after hibernating with the others
of the Alaskan fleet at Astoria all
winter, was brought up to the dry
dock last week, lifted, cleaned, pamted
and otherwise overhauled, and was
refloated again Friday. Outfitting will
be erlrt In a few days. Five more of the
fishing ships are to be drydocked
within a few weeks and made ready
Tor the summer's voyage to the North.
Battered Schooner Arrives
Aberdeen. Wash.. March 20. The'
schooner Robert Hines arrived from
Honolulu after being buffeted off the
bar entrance 10 days. She lost part of
her rigging and is leaking some.
Notice to Mariners
he following bulletin was issued Sat
urday from th United States navy dy
drographic office :
Information from the governor pf4the
Panama canal, dated February 16, states
that all southbound range lights in the
Panama canal were lighted on February
16. 1920, characteristics being Identical
with those of the northbound ranges. The
range effects are 3-4, 7-8, 12-13, 16-17
and 21-22.
This office has also been notified
that a large number, of heavy logs, up
to 50 feet in length and probably 50 In
number, were seen adrift about 10 miles
off Destruction Island light in latitude
47 degrees 37 seconds north, longitude
124 degrees 44 seconds west
AT HEIGHBOKIHfi PORTS
Astoria, March 20. Arrived at midnight and
left up at 2 a. m.. steamer V. V. Berrin. from
Monterey. Arrived st 3 and left np at 4 a. m,
steamer Avakm, from Ban Francises. Arrived
at 8-4.1 a. m., steamer Silverado, from San
Franelfco.
San Francisco, March 2r Arrived at 1 p. as..
steamer Oleum, from Portland. Sailed at 1
p. m., steamer Rose City,- for Portland. Arrived
at 2 p. m.. steamer Multnomah, from Port
land, for San Pedro,
San Pedro. March IS. Arrived, steamer
Tiverton, from Columbia river. Sailed, steamer
Trinidad, for Columbia river.
North Head. March 20. 10 s. m. SoathesM
storm warnings posted at Marsh field for Northern
California and BoutUem Oregon, for tonight and
Sunday.
- Tides at Astoria Mender
High water. 1:82 a. m.. .l feet; 2:82 p. m..
T.S feet- Low water, 8:89 a. m., 0.3 feet;
8:38 p. m.. 1.4 feet.
General Insurance
BONDS
McCwgar;Batcs& lively
GENERAL MOTORS LEADING WALL
AUTO STOCKS GRIP
MONEY INTEREST
IN WALL STREET
General Motors Takes Lead in
' Activities; Much Demand in
Copper Shown; Rails Quiet.
By Broadan Wall
New York, March 20. Automobile
stocks monopolized Wall street's at
tention today with General Motors
in leadership and Stuts almost equal
ly active. Other stocks were quiet
but considerable interest was taken
in the copper shares because of the
plans to finance In America the sales
to Europe. Rails were all quiet.
The movement in General Motors was
popularly supposed to be at the expense
of a short interest. This, however, is a
mistaken notion, as the shorts were
broken out of this stock far below the
present level.
HE ATT DE3IAD FORESEES-
Right or wrong, the Duponts believe
that they have in General Mqtors a prop
erty of sensational value. They are
planning to extend its business to every
civilized country in the world. They
believe the demand for autos is Just
well begun. They have bought and
taken out of the market nearly half of
the stock of the company and other in
terests hold so much that the market
supply is limited in spite of its great
capitalization.
Stutz stock acted as if it were settled
that General Motors would absorb that
company in the near future. There are
rumors also that Vanadium Steel may
be Included, although Vanadium may be
advancing in sympathy with Stutz, for
the two companies have a common own
ership.
Vanadium has also been selling low for
its earnings and for its present dividend
basis. The reason for expecting it to be
taken over by the General Motors -is that
it Is impossible to build an automobile
without vanadium and this company con
trols 95 per cent of the world's output.
GREAT FUTURE PREDICTED
Vanadium is looked upon by Wall
street as tha greatest unappreciated
speculative possibility of the automobile
area. Just as Bethlehem Steel was the
one best selection for the war period.
Although no official statement could
be obtained regarding the financing of
Europe's purchases of copper in this
country, it was said in authoritative
quarters that the report Is well founded.
Thei-e has been a short interest of im
portance In the copper stocks for months.
This has begun to cover and can cover
at good profits, even after the recent
advance. The entire copper group was
up and closed strong.
Consolidated Gas and Brooklyn Union
Gas advanced sharply in expectation of
getting authority soon to Increase -the
price of their product. As both com
panies are paying dividends and there
will be no increase in expenses, any In
crease of price to the public will be
added to net earnings.
POLITICAL SLANT FACTOR
Tractions have been accumulated by
Interests that claim to know what they
are doing. There is a political atmo
sphere about the buying that Is impres
sive. The pool that put Reading up last
week is ready to make it active again
Monday, if the supreme court decision
Is in favor of the company, or-if It or
ders a segregation of the property. Any
settlement of the case will be bullish.
The insiders expect the court to tell the
company to retain its present owner
ship of railroad, coal and Iron prop
erties. The actual bank statement today
showed surplus decreased $37,015,420,
loans decreased J39.25.000 and net de
mand deposits increased $18,294,000.
SURPLUS INCREASE SHOWN
The average statement showed surplus
increase in the $4,680,220 loans increased
$188,000 and net demand deposits in
creased S1O7.720, COO.
The federal reserve bank of New York
showed reserves of 38,8 per cent against
deposits and federal reserve note liabili
ties combined, compared with 38.05 a
week ago and 61.8 a year ago.
This bank statement marks the turn
ing point In the demand for money for
tax purposes and it was regarded In
Wall street as unexpectedly good.
11
City of Edmonton
Gold Bonds
DATED OctoW 1, 1919
Tix exempt in Canada. Principal and semi-annual In
terest April I and October 1 payable in Unite! States
Gold Coin in New York: City or through our office at
Portland. These bonds are the direct tax obligation of
the City of Edmonton, capital off the great agricultural
province of Alberta.
5y2 gold bonds at 86.58
to yield 7l2
Wire order.
request.
'collect'
Freeman
iriTsfe
ssastass saa ressrssss
About Banking
BT MARTIN FITZGEROLD
Of Ladd Tilton Bank
(Copyrilit.l20)
Ttut Is the weond of a nerle of srUeia dis
etnsins bsnkinc (ram k popnlsr viewpoint, pre
pared by Mr. Pitaccrahi axpceiaUr (or Tha Jour
nL This treat ol Ui fftux-tiona of th clear-
inc houM and the method of opefung s bsnk
aeeounU
Here) tn Portland, avs in every larare
financial center throughout the country,
we have what Is. known as a cearing
houae association. This Is an association
formed by the larger banks of the city
for their own convenience tn exchanging
checks and bills drawn on each other
In other words, a central headquarters
Ia which member banks may send all
checks drawn on other member banks,
except their own. and receive from the
representatives of such other member
banks who are gathered there cash or
from the clearing house manager an or
der for cash In exchange forJl such
checks presented.
In this way they are spared the time
and trouble of presenting checks for pay
ment at each of the various banks of
the "clty. For example; the Portland
Clearing House association is composed
of the eight largest banks in the city
the 15 smaller banks clearing through
some one of these making 21 banks in
all, whose checks are dally being depos
ited in each of the banks in Portland,
Twice each day at 8 :30 and 11 :30 In
the morning each of the clearing house
banks exchange checks with the others.
ONE DAILY CLEARING
The first exchange is made by messen
ger and comprises all the checks de
posited between 11 :30 in the morning
and closing time of the previous day
these checks having been sorted into
bundles and totaled on the adding ma
chine after the closing of the bank on
the previous evening. The second ex
Change, consisting of checks received up
to 11 o'clock, is made at the clearing
house rooms at 11 :S0 o'clock each morn
ing at which time settlement is made
for both clearings. It will be noted that
while technically there Is but one clear
ing each day at 11:30 in the morning
In reality, for the greater convenience of
the banks themselves, there are two.
Each of the large banks has a clear
ing house department, through which
every check that enters must pass. In
this department the signatures and in
dorsements on the checks are carefully
examined, the bank's bwn checks being
distributed among the bookkeepers for
posting-i checks drawn'on local banks
are prepared for presentation to the
clearing house association for settlement ;
checks drawn on out-of-town banks are
segregated for transmittal to their
proper place of payment and all are of
course properly listed and totaled so
that a balance may be struck at the
close of the day's business.
OPENING AN ACCOUNT
Surprising as it may seem to the out
sider, the careful banker exercises a
good deal of discrimination in opening
up new accounts. Like all truly progres
sive business men he is anxious to ex
pand his business: but, unlike most, he
deals largely in actual cash and there
fore must use greater caution in ac
cepting new accounts. When a bank
accepts your deposit it not only agrees
to honor checks drawn within the limit
of such deposit, but In a manner it
shares with you the prestige of its name
and reputation. It is the bank's con
cern to see that its confidence is not
misused. A deposit whether large or
small, to the credit of an unscrupulous
depositor, may easily become a source
of annoyance .as well aa loss to the
banker. He likes to feel assured that
his new customer Is trustworthy.
He would much prefer that the new
client be Introduced . by some one ac
quainted in the bank; and where this Is
practicable it also would be greatly to
the advantage of the client. It frequent
ly happens, however, in a growing com
munity like ours, that this is not possi
ble and the banker must satisfy him
self as to the desirabitty of an account
by his ability to read character nd by
asking questions. And the prospective
customer, If he (or she) be an Intelli
gent person, will recognize the justice of
tiit.-. proceeding, and welcome rather theui
resent the inquiries.
IMPORTANCE OF SIGNATURE
In opening a checking account you
will be asked to state your name, occu
pation, business or residence address,
where you formerly banked, whether or
not you have any other account, the
names of one "or more persons as refer
ences, etc. All questions of an imper
sonal kind intended merely to estab
lish one's good faith and justify the
bank's confidence. For it must be re
membered that each new customer is a
potential borrower.
Tou will next be asked to give your
rignature and you should be careful to
sign your name exactly aa yon have
been in the habit of signing It. The' pay
We own and offer
$200,000
DUE October 1, 1929
Descriptive circular sent on
Smith & Camp Co.
NOtTn4WaTSTEfl BANK KJILDtNO
Maim aU
ing? JSle, to memorise the peculiar
ities or every signature, because if he
pays on a forced signature the bank
must stand tha loss. Hence, the more
careful customers are to keep their sig
ture uniform, the less liability of a for
gery slipping through. - For example: if
you open your account under the name
of C. J. Jones, it will not do to aend in
checks signed Charles J. or C. Jerfery
Jones. Nor should a woman who opens
an account under the name- of Mary
Elizabeth Dee ring: aigrn her checks Mary
E. t coring, or, if she is a married
woman, Mrs. John H. Deerlng. There
must be no variation from the original
form of signature left with the bank.
That would be asking the bank to take
too great a risk, since It would be liable
for any loss that might result
FOREIGN EXCHANGE RATES
Corrected daily by foreign department of the
United States National bank.
Opening nominal rates for bank transactions:
Drafts Cable Par
Cheque. Transfers. ' Rates
London Pounds
aterling . . S.S0U 3.81 t 4.86.R5
Parle Francs 18.72 13.70 8.18.28
Hamburg Berlin
Marks ... 1-28 1.80 28 82
Genoa Lira. 18.77 18.75 5.18.0
Copenhagen
Kroner . . 17.65 18.00 28.80
Christiania
Kroner .. 18.80 18.45 26.85
Stockholm
Kroner .. 20.90 21.03 2680
Hongkong Local
currency . 84.00 94.80
Yokohama
Ten 46.75 46.90 48.34
DKPOSIT8 ON INCREASE.
Deposits in the 25 banks and trust
companies In the city of Portland
increased $28,709,907.51 between the
call of March 4. 1919, and the last
call, February 28, 1920. according to
a summary of the reports compiled
by Will IL Bennett, state superin
tendent of banks. A total of $149,
029.944.69 was on deposit in the
banks of Portland at the time of
the last report, this amount being
$20,205,974.25 less than the deposits
of November 17, last'
Additional offering
$25,000
Franklin County, Washington
Irrigation
Municipal Bonds
Exempt from all Federal Taxea
11,000 Acres in the District
Lien per acre, $33, is preferred to any present or future
mortgage. Pasco is located in the center of (lie dis
trict; no lands more than five miles from the city.
Water supply, Columbia River, inexhaustible.
Maturity of Bonds 1930-1939
Price, Par and Interest
Robertson & Ewing
207-8 Northwestern Bank BIdg.
CITY OF VANCOUVER
(Proviso of arltlsb Ooumbla
DIRECT OBLIGATION BONDS TO YIELD
"Firf
Choose
Your
Bond
Hotlie
and
Then
Your
Bond"
DUE DECEMBER, 1923. DENOMINATION 100 ($486.66)
Principal and semi-annual interest payable ia Gold in New Tork. London and ia Canada.
PRICE 90.54 and Interest "X.ZZZZ
CLARK, KENDALL -Sc CO., Inc.
GOTEENMENT, MfNICIPAL AND CORPORATION BONDS
riFTH AMD STARK STW ITS PORTLAND, ORKOON
Arthur Berridge & Company
. Certified Public Accountants and Auditors
619 Woreaaler Block. Mala 8621
CAN YOU ANSWER THESE:
Am I fbslnt money In any department?
How many cetnts net profit do I make on every dollar of salel
Is my overhead flRured accurately in my costs?
What does it cost me to do business?
How much income tax will 1 have to pay?
We specialize on Monthly Audita
HERRIN & RHODES, Inc., BROKERS
Portland Keattio Taveeaia
SIrset PrlTSts Wires to An Ezckasf rt
Members of Ctalraro Board ef Trad
STOCKS
B01TDS
Corrasposdsat.
r.. F. Hattoa A Co Rove Tork
. Clssaaat, Cartla Ce Cartas
Jfaydes, Htos k Ch Bwatos -'
R. P. EPriKOKK, Maaarer 1
STREET -
EflteA by
ill F. tleaslan
STATE BANK EMPLOYES
ENJOY VENISON DINNER
FOLLOWED BY DANCING
Automobile Club House Is Scene
on Wednesday Evening of
Elaborate Social Gathering.
The State bank employes enjoyed a
venison dinner, followed by a dancing
party at the Automobile clubhouse Wed
nesday evening. About 90 persons were
present and during the dinner listened
to singing by Mrs. Arthur H. Olson,
wife of the State bank's popular clear
ing teller, and Miss Lorraine Le, niece
of Director W. H. Blair of Canby. Or.,
and talks by Charles E. Walters on
"Cooperation," and S. J. Graham on
"Lioyaity to Your Bank."
All the bank officers and several of
the directors wore preuent : also Mr. and
Mrs. H. B. Kvana of the First National
bank. Canby; Mr. and Mrs. H. C.
Stephens of the Estacada State bank,
F.stacada; and Mr. and Mrs. A. L. Lass
well of the State bank of Battle Ground,
Battle Oround. Wash.
Maynard Redmond acted as toast
master. The employes' committee hav
ing the party in charge were Mtsses
Jennie Parellus, Pansy Oswald, Pearl
Westberg and Messrs. Maynard Red
mond. Waldemar Spllld and A. H. Hern-
dobler.
Liberty Tlond Hales
Furniahed by Overb-ck
Open.
Mbertr. -3Hs 9878
liberty. 1st 4 9046
Liberty. l!d 4a. .. .8010
Liberty, tt 44..078
Liberty, 2d 4 Vis. . 90
Liberty, 3d 4 Vis. .9256
I Ih-rtr 4th 4 'a. . 70
ictory. 44s 9736
Victory,, 8 s . . . .9762
a Cooke company.
High. T.ow in.
97X0 9670 l700
9046 9040 9040
K!i;il KHIO H1MMI
UiiTA OOHO B0 7 0
HftHO SO. lU H9.1S
9256 9230 9244
NtlTII kflftlt Villi t
07ftS 9T46 B74S
V7A2 9748 9750
DUt. No. 1
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