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About The Semi-weekly democrat. (Albany, Linn County, Or.) 1913-1926 | View Entire Issue (Dec. 23, 1913)
LOCAL BANKERS DISCUSS KEW BILL Act Shsuld Do Much to Pre vent Panics and Shortage of Money Is Claim. ADMINISTRATION COMMEND ED IY BUSINESS MEN Grtat Improvement Over Leg felatien Now en Statute Beek6 Ic Verdiet. Continued from Saturday, Lee. 20. Agreed in the statement that the new currency bill which passed the senate yesterday is a decided improve ment over legislation now on the statute hooks covering this subject, heads of the local hanking houses here this afternoon gave out inter views in which they pay tribute to the administration and in the main, ap proved of the provisions of the new law. The statements 01 the local bankers are printed below: Statement of A. C. Schmitt. "Replying to your inquiry as to what my views arc on the currency bill as it passed the senate yesterday, beg to state that I think the senate hill has been greatly improved over the house bill, ami I would particular ly mention the following points: "The way the bill stands now in stead of going into effect within nine ty days after its final passage it will go into effect as soon as convenient. We all know what a time the gov ernment has had with the income lax measure, it went into effect before all the details were arranged for, and it has been a very difficult thing to get the matter straightened out. In as important a measure as 1 lie cur rency bill is the details should all be arranged for and worked out before it becomes effective. "Under the senate hill there will b from eight to twelve regional banks instead of a definite number of twelve. "AH national banks are required to subscribe an amount equal to one filth of their capital stock to the cap ita! stock of the new regional banks which are to be established in Af ferent parts of the country, but the national banks w ill have the privilege of electing six out of the nine direc tors which govern these regional hanks, that is each regional hank has nine directors, an, I the national banks located in the district surrounding each regional hank are entitled to elect mx out of these nine directors. "Under the measure as passed by the house the national banks were to elect only three out of the nine direc tors. "There is to he a central federal hoard composed of seven members, which arc appointed by the president, an. I this board has control and su pervision over all the regional banks. Il is likely that there will he just one regional hank on the I'acitic Coast, anil that it will be located at San h'r.incisco. In that event the banks of Oregon will all be in the district of the regional bank located at San Francisco, "The senate bill also raised the amount of reserve required from re gional hanks from thirty-three and one-third per cent to forty per cent against the proposed paper currency that these regional banks are going to issue. "As the bill now stands the member banks of the reserve system will have the privilege of re-discounting com mercial paper that runs for six months, instead of ninety days as pro vided by the house bill. "National banks are also given the privilege of making farm loans to run for a period of five years. "The senate added a provision to tlie bill creating a fund to guarantee the deposits of failed banks that are meniheis of the newly created reserve association. "'o United States Senator, repre sentative in congress or officer or di rector in any member bank can be come a member of the central federal reserve board. This last provision prevents the Wall Street bankers from asserting too much influence in the management of the financial af fairs of the country. "There are still some things in the incisure that are objected to bv the financial interests at large. How ever, the measure as it now stands, and it is likely to be passed by congress, when put up for final passage, is so much of an improvement over the bill as originally drawn up that nearly all WILL SANTA CLAU5 VISIT EVERY ALBANY CHILD? The Democrat Wants a List of the Needy and a List of the "Good-Fellows." Arc you a "Good Fellow?" Would you like to make glad the heart of children whose life has been cursed by the blight of poverty? Would you like to bring Xmas cheer into the homes of those who are less for tunate than yourself? Would you like to show a little Chris tian charity to the little folks who may not receive a visit from Santa Claus? If you would, send in your name and address to the Democrat, stating in the letter the number of children you care to remember Xmas. Dc you know of any child in your neighborhood who may be neglected? Can you send in to the Democrat the name and ad dress of some poor child who would appreciate a visit from the "good fellows" of Albany? Every subscriber is asked to cooperate in this work. A list of the needy is as essential as a list of those who a-e willing to join the "Good Fellows'" club. The Democrat will simply fur nish the "good fellows" with the names of the children who are deserving. REV. DORIS'S DAUGHTER IS REPORTED BETTER More Die of Typhoid at Cm traliaMany More New Cases Reported. According to word received in Al bany today, the tlaiiKnter of Rev. Ployd Doris, of Central..-,, and grand (.aughtcr of Mr. and Mrs. Tfeiffer, of this chy, is considerably better. Re cently she was taken ill with typhoid 'ever. Il is said that two more deaths as the result of Lhe epidemic and several more cases of the disease were report ed in Ceutralia this morning. Korty new cases were reported yesterday. Mrs. llattie Zarkham and J. II. Campbell died during the night. Campbell was a barber, and the local barbers' union has taken charge of the body. The funeral of Mrs. McFarland, who died Wednesday night, was held this afternoon under the auspices of the Royal Neighbors and Ladies of Maccabees, The report has been circulated through the stale that Ceutralia is plague-infested, and as a result trav elers are shying clear of the city. There is no danger of contagion from the disease, it is said, and every pre caution is being taken and every de tail supplied for the care of those stricken vit.h the disease. hanks throughout (lie country will find it to their interests to support it, and will wait for future legislative eu-.K-tuivnts to correct the defects in the hill. "Kvcrything considered it is a re markably good measure, and every patriotic citien of this country should Mippmi it, and thus help to maintain public confidence in our government and in financial affairs generally This bill is the result of an honest effort on the part of the administration, and if it will accomplish what it was in tended for, we can not have another financial panic, such as the one of Statement of E. D. Cusick "The bankers of this country have long wanted a currency measure and have been the main force back of the moveim-nt. A great majority of them favored the Aldrioh bill, believing it to be the result of expert opinion, based upon economic law, applied to present conditions. We believe the lilass-Oweu bill, now being adopted, is instead a political measure, ami lias some objectionable features. , I low ever, I think there are many good feature's in the law and that the results will be an improvement over pi oent conditions. 1 f part of the law arc unworkable, it can be amend ed and I hcliee that we shall be more free from panics and shortage of money in the future. The redis count feature of the law will allow bank to realize money in times of stringency and thus help to avert a panic." Statement of Wm. Bain. "The passage of the new currency httl is a step in the right direction. When propei ly adjusted it honht mean a great advancement in the fi nancial condition of the United , S:atvs." I CHRISTMAS RUSH TO BE COPED WITH Albany Postoffice Will Handle Volunin of Parcels in Plenty of Time. EXTRA CLERKS, MESSEN GERS, SUB STATIONS, AUTO Never Before in World's History Were Holiday Counters So Tempting. WHth the help of two extra clerks, several messengers, clerks working overtime, an auto delivery, two sub delivery stations and a Christmas morning delivery, every effort pos sible will be made to handle the Christmas rush at the Albany post of fice in time and the authorities are tonfident that they will accomplish this. Two extra clerks have been em ployed for the rush, several messen gers are engaged and kept busy as bees, clerks of the regular force are working ovetime and Jud Ross' au aulomobilc mail transfer car will be pressed into service to deliver the packages in the main sections of the city. Sub stations will be established at Gcrdes store at Ninth and Elm streets in the West end and at Metts and Calavans drug store at Main and Third streets in the East end. Par cels will be delivered at these places in 'the bulk and distributed by messen gers. Although it is customary that the carriers have a whole day holiday on Christmas, arrangements have been made for a morning delivery. With Uncle Sam taking the bulk of the business by means of the par cels post, and express companies mak ing sturdy bids to the public for pat ronage, Christmas gifts by the thous ands arc being shipped from Albany to all parts of the country, and to many foreign lands. From present indications, it appears as if the local post office will collect a revenue of about $1200 through Chris'tmas busi ness of the parcel post. Yesterday, the parcel post clerks took in ahout $200 and those who know the whims of the Christmas shopper agree that tc real rush has not begun. The daily receipts have varied from day to d.iy during the past week. The tore part of the week the business was. estimated to be over $100 a day bu now the .iternge is considerably high er Kxpress c-nnjianles, while admitting ;: the parcel p st i.hs cct into their buiiness, report a t-nsk business, nev ertheless. Managers of the Wclls Kargo, Great Northern and Adams companies all say that the business is exceptionally good considering the, cir cumstances. This Christmas 'season has been marked as one in many. Crowds have been everywhere. Merchants generally report business as splendid. As far as can be learned everything is reported as moving along tine. Ad ditional clerks have been added to nearly every store and then it has been a rush in many cases to handle the crowds. Never have there been such fasci nating toys on the market toys to fit every purse, dolls from a penny to $50, mechanical toys from 10 cents to $T, the latter being the price of the fine new battleship, which with colors flying looks ready to embark for a trip around the world. Subma rines may be had for from $1 to $3. though it is probable the United States navy isn't aware of this and will keep on spending millions. All others toys ami Christmas goods can be stated comparatively and it would take a good sized volume to tell of all that comes to one's imagination, when filled with the happy Vulctide spirit. Joe Ralston returned today from a , business trip to Portland. I Chris Myhre. of Junction City, j transacted business here this niorn j ing. I Elmer Churchill arrived this morn ing from Portland where he is attend j ing Hill Military Academy to spend the holidays at home. l'l N'. CS1" a:ul orv-i'i. cood con- lition. For .i!c ciic.uv I'.ivmcnts if desired R II Kalt?. l.V Wt.i .'i'.l Si . All.anv. Orcg., Phone 51-K w lVc t '-:.!-..'(, W. K Shinn. M D., nl.ei... of t tnd r specialty. Fim tutad and apctcla guarantied a ptrfeet fit Any trl of Itone or frame. Of lara ovtr Cuik bank. wk tf ALBANY VIRTUALLY WINS BONO COLLECTING CASE Judge Kelly Today Sustained Demurrer Interposed Against MeColderick. Through a decision rendered today by Judge Kelly, in the suit of the city of Albany against W. II. .MeColderick and the Title S Guaranty & Surety Company, a Pennsylvania corporation, jthe plaintiff corporation virtually wins the suit. It grew out of the granting of a gas franchise to the defendant some time ago. In turn a bond of $1000 was giren to insure op- erations on the plant within a $ specified time. When the defen- dant failed to comply with the provisions of the franchise the city instituted the suit to collect the bond. The case has been pending for some time in court. Sometime 8 age the plaintiff municipal cor- poration entered a demurrer to the first and second further and separate answers of the defend- ants. This morning this demur- rer was sustained by Judge Kel- Iy in his decision and the case 9 is virtually ended. It is under- stood that both parties will rely on the demurrer and that the case is settled. 02G9S NEWS FLASHES F FAYETTEVILLE VICINITY Fayetteville, Or., Dec. 20. (Special to Democrat.) Wylie Lamar of Pe oria left Fayetteville on the noon train Monday for an extended visit with his mother in Tennessee. He will also visit old friends in Missouri, his old home. Mrs. Lawson and Mrs. Saxon made a business trip to Shedd Monday. There were several Russians ar rived in Fayctteville Monday night to join the Russian colony that are settled two miles southwest of here. Mr. and Mrs. Gordon returned from their eastern trip Tuesday, and report a very enjoyable time. John and Glen Curtis visited at Cartney between trains Thursday, be ing the first to take advantage of the Christmas rates. The Greenback Social Imnrovement club met with Mrs. Stella Painter Thursday and spent the day in sew ing. A grand dinner was served. There were twenty-four present. Wednesday, the following named took the train for Albany: Mr. War ner, Wilbur Acheson, Roy Myers, Claire Higby, also Mr. and Mrs. Tas. Johnson, who went to Albany to at tend the sixtieth wedding anniversary of Mr. and Mrs. W. H. Hiatt. Sheridan Smith and Leighton Bayne returned from their trip to Lak county. Miss Meda lirown took the noon train for 'Albany Thursday. Claire and Betha McCormick are having a rest from high school duties the latter part of this week. PECIAL PRICE Handkerchief Two lots of ladies' dainty designs, special Ladies' 35c Handkerchiefs an extra good value at the regular price, now 25c each Special Prices on all ladies' and children's sweaters. The best line in town to choose from. Agents for Standard Patterns AGAIN; GARRISON CUT OFF Will Dynamite Entrances to City Federals at Mercy If They Succeed. t Hy United Press Association) Mexico City, Dec. 2U. Rebels are advancing in earnest upon Tampico today bent on capturing it. Reports have it that fighting has already be gun, but this has not been authenti cally received at the war office as yet. Indications are that .the pending bat tle will be much fiercer than the pre vious one. The rebels are strength tntd in their determination to liter ally wipe Tampico and the federals bivouaced' there off the map of Mex ico. They are planning to dynamite every avenue of escape from the city, and doubtless the next few hours will transform the battle-site into a veri table sea of carnage. If tbey suc ceed in gaining entrance to the city, the federal garrison will be at their mercy if mercy they show. The fed erals cannot now ,evacuate their de fenses and as the rebels are strongly reinforced it seems highly probable the outcome will record the defeat of the state forces. s4 0 a SOCIETY NOTES Mrs. Bachmeyer of Sixth and Mont gomery streets was hotsess to the young ladies of her Sunday school class, the Deborah class, at a seven o'clock dinner on Wednesday. The rooms were prettily decorated with holly and mistletoe and the dining ta ble looked attractive wfth Oregon grape, place cards and candles. After dinner the evening was ipleasantly passed in contests and music. Cov ers were laid for Misses Dorris Mc Clain, Loma Chambers, Sadie Smith, Nora Ashton, Ella Meade, Emma Rice, Lulu Heist, Lillian Bowles, Ed na Smith and Mesdames D. H. Leech and Bachmeyer. a c tt Misses Hutchinson and Blackwell were hostesses to the members of the Monday club this week at Tremont Hall. Professor Hans Flo presided and Judge Hewitt read an interest ing paper on "The World's Peace," which was followed by a discussion lead by Dr. Sharp and Professor White. At the close of the evening, a dainty collation was served. S 9 The "500" Club met with Mr. and Mrs. Grant Pirtle of Ferry street on Tuesday. Cards was the diversion of the evening, the prizes, being won bv Mrs. T. V. S. Ballantync and Dr. 11. J. Kavanaugh. The hostess served choice refreshments at the close of the ercning's games. see The ILadies' Aid Society of the Christian church gave a tea at the Wednesday, at her home on West Fourth street. Sewing was the diver sion of the afternoon, followed by refreshments. 0 e The T. K. club members met with Mrs. William Prohl on Oak street on Thursday. The ladies passed the af ternoon in sewing and a social hour. Piano selections were rendered by Misses McFcnan and Coc and en joytd by all. Mesdames Truman Babb and Charles Scott were elected new members. Mrs. Howe was an honored guest. At the close of the On Christmas Merchandise Special handkerchiefs, . .8e and 12'2e FLOOD'S STORE 334 WEST FIRST STREET afternoon, the hostess served a dainty collation. The next meeting of '.he club will take place on January Sill at the heme of Mrs. W. H. Sharp and all members are urged to be present. 2 The Shakespeare club met in its regular session wiih Mrs. Franklin on Thursday. Mrs. Bodine spoke on "The handling of dialogue in The Comedy of Errors, the suspense, in terest and Shakespeare's art." A very interesting paper on "The comic ele ment in the play and comparison to Much Adoo About Nothing," was read by Mrs. L. E. Hamilton. A very good and able discussion of "Woman hood in the play" was given by Mrs. C. W. Tebault. Mrs. Alton Coats of Seventh and Broadalbiu streets was hostess to the members of the Wednesday Book club this week. Each lady brought a Christmas present to put on a tree, and at the close of the afternoon, the gifts were exchanged, which was fol lowed by dainty refreshments. The hostess complimented on this occa sion Mesdames B. R. Wallace, Fran ces Coats, LcRoy Wood and Miss Becker. , Miss Lucile Snyder entertained the members of her sewing club on Thursday, at her home on Washing ton street. The young ladies passed an enjoyable evening in sewing, after which the hostess served a dainty re past. e e e Miss Willctta Wright left this noon for Payette, Idaho, for a two weeks' visit with her sister, Mrs. Nelson Wlilber. 9 9 The Tri Sigmas, a club composed of students o f the Albany High school met with Mr. Lee Hulbert of Elm street on Wednesday . The young people passed the evening in playing games, after which refresh ments were served. The Ladies of the Baptist church met on Thursday with Mrs. J. S. Mor gan on Jefferson street for a "silver tea." 'A short musical program was given by Mrs. Paul Beugiman, Mrs. Frank Powell and Mrs. H. Logan, alter which a dainty collation was served. Mesdames B. R. Wallace and Le Roy Wtood were hostesses to the ladies of the Tuesday club at a one o'clock luncheon at the Wallace home on Seventh street on Tuesdav. "j The H. D. W. club met with Mrj. F. K. Churchill on Thursday. A pleasant afternoon was passed in sewing, followed by refreshments. ! Invitations were issued this week for the Alpha Omega dance to be given New Year's night in the Arm ory. Hcndcrshott's orchestra (Eug ene) will play and many out-of-tow.i folks will be in the city for the affair. Mr. and Mrs. George Prichard of Loma, Montana are receiving con gratulations upon the arrival of a baby girl, born Friday morning in Great Falls, Montana. Mrs. Prich ard was formerly Miss Rhoda Stal naker of this city. The Twilight club met with Mrs. Frank Caldwell on Tuesday for a five o'clock supper. The young ladies passed the evening in sewing and a social hour. The Baracas and Busy Bee classes of the Baptist church gave a social in the church on Friday. Games and music was the diversion of the even ing and refreshments serevd. Invitations were issued this week by the Albany Military club, for a dance 'to be given in the Armory next Monday evening, following the Concert. This week the Elks issued invita tions for a dance to be given Monday evening, December tv, ctv-ninth in the Elks' hnl . Men's Ant. Bands supporters and suspenders, in fancy urnt wood boxes 25c to 65c box Ladies' Breakfast Caps in dimity or lace 75c each Ladies' Silk Hose extra values 50c to $2.00 pair Hand Bap :-i ti e very latest styles 25c to $6.00 ea. Agents for Kabo Reducing Corsta e.