The Hood River glacier., September 17, 1914, Image 5

i
Gins brilliant glossy thine that
does not rub of! or dust oil that
anneals to (he Iron that lasts lour
timet aa Ion as any other.
Black Silk Stove Polish
It in cltui by Itwlf. It's muro
tate fully made and mtttlo
from PttUr materials.
Try It on yam parlor
or your sua rane.
ir youoon x nnu 11
th ttmt puliah you
tvir od. your 1
hardwtr or
authuriMtl to re
turn yur
ntN't
thiamin
Cvtvjr Orlt"
f.LJI .I.LJL' MIL
C.M.HURLBURT
SURVEYOR
TELEPHONE 568
BENNETT, S1NN0TT & GALLOWAY
Attorneys at Law
General Practice
TilE DALLES
Mnvc-zw
uur.uw.
Frederick & Arnold
Contractors and Builders
Estimate furnished on nil kinds of work
rilUIieo. Arnold; 31u2
.gtqtiahan & Slaven
Contractors & Builders
HOOP RIVER, OREGON.
Dr. Justin M. Waugh
EYE, EAR AND THROAT
GENERAL SURGERY
Office in Eliot BUig
9 A. M. to 3 P. M.
J. F. WATT, M. D.
PHYSICIAN AND SURGEON.
Telephone: Office, 1091; residence, 8671.
BURUEON O. K. A N. Co.
E. D. KANAGA
Physician and Surgeon
Phones: Office 4211
Office in Eliot
Building
Res. 1811
Dr. J. H. McVAY
Diagnosis, Consultation and
Surgical Diseases.
Hall building, Hood River, Oregon
PHONE 1782
H. L. DUMBLE,
PHYSICIAN AND SURGEON.
Calls promptly answer?d In town or country
Day or Night.
Telephones: Residence, l(i:il: Office, 1211.
Office In the Brosius BuHdlc?
E. 0. DUTRO, M. D.
Offlce Hall Bldg., Hood River. Phone 71.
Hours 1 to 4 p. m. and by appointment, Ilea
Irtence, Lewis House, Odell. I'hone txtell IR'I.
Calls promptly answered lu town or country
day or night.
DR. EDGINGTON
1121 Twelfth Street, The Heights
HOOD RIVER - - OREGON
Dr. M. H. hharp
Dr. Edna B. sharp
Osteopathic Physicians
Graduates -f the American School of
Osteopathy, Kirksville, Mo.
Office in Elliot Block.
Home Fhone 102 Ilea. 102-B
0. H. JENKINS, D. M.D.
DENTIST
Telephones: Office 1081; residence 3331
Offlce over Butler Bank
E. L. SCOBEE, D. D. S.
DENTIST
Telephones : Office 3161 ; residence 3421
Office in Brosius Building .
H. D.W. PINEO, D. D. S.
DENTIST
Rooms 4, 5 and 6 Telephone
Smith Building 2021
DERBY & STEARNS
Lawyers
HOOD RIVER, OREGON.
GEO. R. WILBUR
Lawyer
Rooms 14 and 15 Hall Building
Hood River ... Oregon
ERNEST C. SMITH
Lanryer
Rooms 1 and 2 Hall Building
Hood River, Ore.
LOUIS A REED ALBERT P. REED
L. A. HENDERSON
L. A. & A. P. REED
LAWYERS
Two Doors North of PoBtoffice
Phone 1331
JAMES H. HAZLETT
Lawyer
First National Bank Building
Hood River Oregon
L. A. HENDERSON
ATTORNEY AT LAW
SURVEYOR and CIVIL ENGINEER
Two Doors North of Postofflce
Phone 1331.
M. E. WELCH,
LICENSED TETERI5ARI SCRGE0X
Is prepared to do any work In the veterin
ary line. He can be tbnnd by calling at or
phoning to Clark a drug store.
mm
'BANKER TALKS OX
FINANCIAL SITUATION
of(l TT Ly V L- Mi. President
of the Portland Clearing House Asso
ciation and president r.f the Firt Na
tional tank of Portland.)
Certain fa. ts-an-i t cy.ud peradven
ture the most itr.i rtai.t ones in the
.."..uerai.on "! our tesent linai ciai
vo.iumui;.-. wnic'tl UlLI-t o
ir, I. ,1,1.1,.
..... . Uf.u ut. ,,,,,, ut evtry bus
ing man in tht.se 1'i.ittd States are:
I First-That financial cunditions in
, our country today ;,re n.urd, and at no
irrt sir.ee our tfoverr.rnent was estab
lished were th.y ever in a sounder con
j d'lion than tl.ey are at this moment.
Second (and let this sink deep into
jj'our under.-tardir-ul-there is also
, lutely no daiiKer today of a tinaneial
panic situn aero.s this country
: suc h as all of us have feen in times
i K"e ''J'. indeed, shall you or 1
lever ayair, w:tr,e.- in this country fuch
: lliinif i-.,r ,i,t,. . , . - , . ...
mnruu.1 . .
"" w i rcvaiitu in lyui or
; '"., or, tna. e.i, in cither panic years
1 these are cold, hard facts ami nut th.
j rosy dreams of si.me visionary student
I of political economy; facts that are
j estanlishtd truths in tl.e minds of
financiers ol eslaldished reputation,
nnu lacta mill should and must be
equally well established in your mind
j ?,Kj the mind of every business man
in inese united Mat
Let me repeat them, for they cannot
be
leutrHieu too olten : hirst, these
United
Mates were never in a sounder
hnancia
condition tnan they are today
second, there is no darner of f'nian
-.mi puiui: iiuiay nor shall we ever
again ste such panics as we have seen
: in tne past.
first-Hecause in these United
i Mates there are Sl.ri.i0.iinii (Kill of unld
a sul'llJ'. roughly two and a half times
; greater than t hut of uv it,..
try; an umuunt mure than sufficient
to transact the business of this coun
try ; when treated scici.tiliically as a
reserve against currency issues it is
...... u. , j Vint. IIIUII
sullicient to carry a burden of currency
50 times greater than we now have,
without endangering our maintenance
of a gold standard. Take for example
the panic of 11)07, when England had
nut wtlU.llllU.llUU 0f Ku(j; anrj j,et so
perfect was England's financial system
that it parted with one half of this
supply to this country without shaking
the financial fabric of Great Britain.
Our supply of gold today is nearly four
times larger than that of Great Britain
in 1907, and should with ease carry all
the burdens of commerce that may be
put upon it.
Second The strength of our finan
cial system today is shown by the ease
with which we parted with $100,000,
0(10 of gold in the first months of this
year and $18,000,000 more during the
month of July, without disturbing one
iota our linances. At no previous date
in the history of our country have we
exported a like amount of gold in so
short a time ; to have done so in years
gone by would have rucked every fi
nancial institution in the country to
its foundations and probably brought
ruin to many. Today not one has been
disturbed by such a heavy exportation
of the precious metal; nay more, finan
cial leaders say so good and sound is
our condition that another $100,000,000
could have gone abroad without percep
tibly affecting conditions.
Third Because the New York Stock
Exchange, against which so many of
our people exclaim, was kept open for
days after every organized stock ex
change in the world had closed; yet by
so doing was able to absorb, without
panic ot disaster, the immense flood of
securities poured upon us by the panic
stricken peoples of Europe. Such sta
bility of our financil institutions, for in
the end the burden was cast upon them,
makes it but a question of a few years
before New York becomes the recog
nized financial center of the world.
Fourth Because today we have es
tablished in this country, and soon to
be in full operation, a scientific finan
cial system that is capable of with
standing any strain or stress that may
be brought upon it.
After what has just been said do you
ask further why there is no danger of
a financial panic today, and why we
shall never again have such a one aa
we have experienced in the past?
It needs out a word in answer: Due
in the first place to the work done by
the Aldrich Currency Commission and
later, to the crystalization of that
work in the Federal Reserve Act, we
have now a sound economic system
that makes any serious financial panic
an utter impossibility. Tight money
we may have in future, commercial
depressions we must and shall have
whenever speculation exceeds the
bounds of prudence, but financial
panics never again.
So much for the financial conditions
of the present and the future. Were
time, I should like full well to go into
the details of the Federal Reserve Act
by which sound financial conditions
are assured us, but 1 must omit doing
so as, before closing, I wish to say a
word or two concerning our local con
ditions and how I believe the Euro
pean war will effect business interests
in the northwest.
We are now harvesting one of the
most bountiful crops with which the
northwest was ever blessed; a crop
that Europe, and especially England,
must have in order that their people
shall not starve. This crop they must
pay for no matter what the cost may
be. England appreciates this fact and
is bending every effort to compass its
safe transportation. The British gov
ernment itself has announced that it
will insure the shipper and owner
against any loss occasioned by the
European war, and it but remains for
our international bankers to perfect
arrangements for negotiating the bills
of exchange drawn against these car
goes so that they may be converted
into cash in New York. This 1 firmly
believe will be consummated within
the next two or three weeks. When
accomplished, the question of export
ing our grain is solved, and with the
solution will come a flow of English
gold to our country in greater volume
than we have ever witnessed before
a volume so great as to materially
stimulate every business enterprise
within this country.
In the meantime, however, for the
next two or three weeks there will be
unrest and fear and excitement. It
therefore devolves upon us to practice
patience and maintain our courage, for
there is nothing to fear in the future.
What is true of our wheat crop is true
in like measure to our meat, hops and
other products.
In 1907, 1 should not have dared to
have spoken so confidently concerning
the situation, as at that time we were
laboring under an antiquated and ar
chaic system of finance that was utter
ly incapable of expanding with the
needs of commerce. Thanks, however,
to the Aldrich-Vreelar.d currency bill
that was passed in 1908 and extended
by the present congress, it becomes
possible for the banks of the country
to join together in currency association
and obtain issues of currency for which
"Uncle Sam" acts as the redemption
agent. The limit of this currency was
first put at five hundred millions, but
within the past few daysthis limit has
been taken oft and the Secretary of
the Treasury, Mr. McAdoo, ia permit
ted in his discretion to allow thil isue
to be put out in an unlimited amount.
Sueh currency associations have been
formed in New York and Chicago, tnd
I believe, in other large centers. A I
ready the strain upon the financial in
stitutions of those centers hat been so
materially lessened that our recent tel
cgiams from those points state that
business again is proceeding normally.
It is not believed by the bankers of
1 ortland that it will be necessary to
issue any Vreeland currency in the
Northwest since our corespondents in
the East assure us they can forward us
an ample supply of currency from their
associations without difficulty. Never
theless, the Portland Cleaning House
it nevta ii io oe ine oetter pari oi wis
uom to peitect such an organization in
Oregon. To that end the national
banks of Portland, associating with
themselves a few of the banks of the
neighboring cities, have taken the nec
essary steps for such an organization
by passing, in their different boards of
directors, the proper resolutions. The
preliminary steps have all been taken
and we now but await receipt from the
Comptroller of the Currency, of the
necessary forms to be filled out before
finally completing the organization and
making available an amply adequate
allotment of what, perhaps, 1 may call
Vreeland currency.
Incidentally, it may be of interest to
you to know that such currency associ
ation must have in it at least ten na
tional banks, with a combined capital
and surplus of at least five million dol
lars. The proposed Portland Associa
tion as a combined capital and surplus
of eignt million, eight hundred thou
sand dollars, by reason of which we are
permitted to receive over eleven mil
lion dollars of Vreeland currency for
which "Uncle Sam" becomes the re
sponsible payer. This sounds like an
immense amount of easy money, but
nevertheless there are restrictions
placed about its issuance that prevent
an unhealthy inflation. The banks of
the association applying for any of this
curvrency must hypothecate bonds or
commercial paper maturing within
ninety days or four months, such se
curity to be approved by the executive
committee of the currency association
and finally by the Treasurer of the
United States. For the currency issued
to any bank in the association, each
and every bank in such association be
comes responsible in proportion to its
capital and surplus. In addition, there
is placed upon the issuance of the cur
rency a tax at the rate of three per
cent per annum if the enrrency is out
standing three months, four per cent
per annum for four months, and so on
up to six per cent per annum if the
currency remaiiiB unredeemed six
months. Necessarily this will limit
the unwise and reckless circulation of
such a currency.
It is needless to tell you that, should
the necessities of our commerce demand
it, the Portland banks and their associ
ates will not hesitate to take out all
the enrrency needed for the purpose of
facilitating the commerce of this sec
tion of the country. Nevertheless such
circulation will not be taken out unless
the pressure for its use becomes in
very great measure more sever" than it
is today. It places a liability upon each
and every bank in the association that
bankers do not care to undertake un
necesrily, and is issued at a cost that
must eventually become a severe bur
den on the community.
One moving cause for the belief of
the Portland bankers that we should
go slow in issuing the Vreeland cur
rency is the fact that the F'ederal Re
serve Act will shortly be put in opera
tion. The Federal Reserve Board has
now been organized, and they are
pushing forward rapidly the organiza
tion of the twelve District Reserve
Banks. It is stated that by October 1
these banks will be in operation. If so,
it will easily solve any existing finan
cial troubles and be far less expensive
to the borrower. As you know, the
Reserve Bank of this district will be
located in San Francisco, but we are
using every eitort to nave a brancn
astablished in Portland at as early a
moment as the parent institution in
San Francisco will permit. Should,
however, the establishment of the
branch sank be delayed more than iB
expected, nevertheless we shall be able,
possibly at some inconvenience, to
transact our business directly with the
San Francisco bank.
Incidentally, I wish to call the atten
tion of the business men of the corn
unity to one change that will ensue in
our methods or doing business atter
this bank is established : Commercial
paper proper for discount at the Re
serve Bank must have a fixed date of
maturity, and interest must be taken
out in advance. It is within the possi
bilities that when the Reserve Bank is
in operation a member bank will be
able to liquidate every dollar of Hi
commercial paper, provided such paper
is of the proper character. That means
that a properly conducted member
bank cannot suspend or fail.
Now. for the future! A man is a
fool who attempts the role of a prophet
but were I to venture such foolhard-
ness, I should say that the next year
or two win see in uregon ana tne
United States generally, due to the
misfortunes of others, such prosperous
conditions as never before prevailed.
In the end, however, we cannot have
such an enormous economic waste as
this great European war seems likely
to cause, without materially affecting
the ability of those nations to purchase
our exports, it is as u you had a
country customer whose stock of goods
was .destroyed by nre and who wired
you to replace the same at any price.
You might make a handsome proht on
the first shipment but thereafter the
country storekeeper would be so crip
pled that his purchases lor some time
to come would be materially lessened.
So it seems to me will be the case with
the nations of the world. The great
nations of Europe, by the destruction
of 'life and property, will be reduced
to such poverty that they will not be
able to buy the goods we bave to sell.
1 he result necessarily will be stagna
tion and depression in business.
On the other hand, as an onset to
this forecast of the distant future, is
the fact that by the war loss that
comes to European nations there will
be open to our enterprise the vast
commerce of south Amercia that now
ia tributary to Europe. This should
and will be diverted to our ports pro
vided our merchants are alive to their
opportunities. This commerce may.
in great measure, onset the loss oi
European business.
then, again may come to our country
another great and valuable gain in the
re-establishment of our merchant ma
rine. Prior to 1861, the American ma
rine was the equal, if not the superior,
of any marine service in the world, but
the civil war destroyed it. By the re
peal of our antiquated shipping laws
that have stunted the growth of our
merchant marine, an opportunity comes
to us that will be of untold value if
properly availed of. When an Ameri
can tan buy ships where he pleases and
sail them under our flag, and man and
officer them with whom he pleases, we
shall be on a parity with the other na
tions of the world, and, indeed, with
our enterprise, should surpass all other
rations. 1
In conclusion, let me beg of you to be
of good cheer. Financial eunditiort
are aaund and will remain so. The
prospects tot period of prcs j rity in
the near future are bright, and it but!
remain for you business ir.en to make '
the best of the opportunities that will i
present themselves to you in the icr '
future, in order to reap a bountiful i
harvest for our efforts.
Catholic Church
Next Sunday the first holy nes will
be at 8 a. m. During th - mass the
young men and ladies of the parish will
receive holy communion in a tody. The
pastor will speak on "The States of
Life." At 9 a. m. Christian IV trine.
At 10.30 a. m. high mass and st-rmor.
On this occasion the pastor wih speak
on "The Oath." At 7.30 p. m. n rmon
and devotions. The sermon v. 11 Icon
"Confession," or, "Does lie Priest
Have the Power to Forgive S: :.? " Ev
erybody is cordially invited.
A Lecture on Christian St if nee
First Church of Christ, Scientist, of!
Hood River, announces a fre lecture
on Christian Science, to be ,;iven in
Heilbronner hall, Tuesday evening,
September 28, at 8 o'clock, t v Dr.
Francis J. Fluno, C. S. D., n en her of
the board of lectureship of the Mother
church, the Frist Church of Christ,
Scientists, of Boston, Mass. All are
cordially invited.
Marble Pudding
Steamed puddings will not be heavy If
made with KC Baking Powder and cooked
slowly to give the pudding time to rise be
fore the dough is cooked through. Have a
low blaze under the water for at least the
first fifteen minutes.
K C Marble Pudding
By Mrs. Janet McKerutie Hi I, 1'ditor
of die Boston Cooking School Magazine.
f evpi sifted pastry flour; t lev I tea
spoonfuls K C Baking Powder; J tea.
spoonful cinnamon; J teaspoonj'ul salt;
yolks ofteggs, beaten light; cup sugar;
i tablespoonfuls melted butter; cup
cold water; whites of t eggs, beaten dry;
H ounces melted chocolate.
Sift together, three times, the flour, bak
ing powder, salt and cinnamon. To the
yolki add the sugar, butter and jtrr, and
itir into the dry ingredients. Add the white,
of the eggs. Divide the mixture into two
parts and add the
chocolate to one part.
Dispose the two parts
in a buttered mold
to give a marbled
appearance. Steam
forty -five minutes.
Vanilla Sauce)
Boil I cups of sugar and a cup of
water six minutes; add I tablespoonfuls
of butter and a teaspoovjul of vanilla
extract.
The K C Cook's Book containing thil
and 90 other delicious, successful, recipei
sent free upon receipt of the colored certifi
cate packed in 25-cent cans of K C Hiking
Powder. Write your name and iJJicti
plainly. Jaquci Mfg. Co., Chicago. 41
Sugar Corn
Special Sale
10c per can
$1.00 per dozen
$1.90 per case
These prices for this week
to clean up our stock and make
room for the new stock.
Corn ia high this year and
and you can save at least 50c
per case by buying this week.
The Star Grocery
"Good Things to Eat"
Perigo & Son
Apple Insurance
Complete protection for your
apples and supplies during the
packing season. Special form,
special rate; covers everything
at all times and places on your
ranch or while on way to ware
house. Permission to work day
and night Telephone 3112 and
policy will be mailed at this
special rate.
SCOTT & PIFER
Hotel Oregon Building
A Five
If you could devise some means of turning a five pound lard
bucket fast enough, do you know you could separator milk with it?
Of course there would be the small detail of taking care of the
cream and milk after they were separated so they would not mix
again but it could be done.
The separation depends on Centrifugal Force. That's the prin
ciple upon which all separators are built But think of the tre
mendous speed at which the lard bucket or bowl of a separator
must travel! A cream separator is the highest speed piece of ma
chinery made. High speed means wear and lots of it.
We used to handle a separator in which the bowl traveled at
the rate of 18,000 revolutions per minute and we often wondered
why we sold so many repairs for it. Now we are handling a machine
the De Laval -in which the bowl travels at the rate of 700 revo
lutions per minute. See the reduction in wear? And yet the bear
ings, and all other wearing parts are built better than those in the
machine which had to travel at the much higher speed.
If you will call at our store, we will be delighted to show you how
this reduction in speed, and consequent reduction in "muscle
power" required, is attained, to the advantage of the De Laval
Separator over all other makes. Or invite us to call and tell you
about it in your own home.
Gilbert Implement Go.
"T-S-W-A-C"
ft er tL1 j.1.'' j,;s!!sm fl e?n 1 1 m ; ati?.iymyj;pi i
0 ,
OUR DRUGS
Are the purest and best we can obtain. We buy of the most re. ialu
houses in the country and always get their best chemicals a t! d u.,v
Our Sundry Line
Is on the standard with our drugs. We are constantly looking for
the newest and best things at most reasonable prices. We pay cash,
get lowest price with all the discounts, and give you the benefit
of a good article at a low price. See our line of cloth, hair and tooth
v brushes, combs (guaranteed neverbreak) razors, knives, purses, soaps,
perfumes, stationery, inks, etc. We have something you need.
Come and see. v
Smith Block
Perfect Printing Rubber Stamps
Manufactured by a Workman of Several Years Experi
ence in the Largest Rubber Stamp Factory on the Pa
cific Coast. Our Stamps carry our Guarantee.
Vetch, Rye, Wheat, Oats, Clover
Seed for Fall Planting
LIME, Bluestone
Kelly Bros. Railroad Ave.,Phone 1401
Anderson Undertaking Co.
LICENSED EMBALMER AND
FUNERAL DIRECTOR
312 Cascade Ave.
COTTAGE
HOSPITAL
Hood River's Medical
Institution
Open to the public for treat
ment of Medical and Surgi
cal cases.
RATES ON APPLICATION
Address
Cottage llosp'tal Assn.
HOOD RIVER, OREGON.
MURRAY KAY
Civil Engineer and Surveyor
Brosius Building
Pound Lard
Reliable Druggists
Phone 1394
ALL KINDS of repairs
quickly executed in
the optical line soldering
adjusting the springs in
the finger piece, mountings
as wellas as examinations
and fitting lenses.
, , j
H.L.Hasbrouck,optometri$t
Kubber Stamp Ink at this office.
Bucket
WOOD ai d COAL
Slabs-Fir-Oak
Agcmy for Genuine
Rock Springs COAL
A. C. Lofts
PHONE 8464
I have a nice line of Har
ness, Astride Saddles; also
some nice English Riding
Bridles, Summer Dusters
and Hammocks.
WILLIAM WEBER
Bell Building, Oak Street
Mount Hood Lodge
In Upper Hood River Valley
Horseback rid in. over beautiful U. S. For
est Hang, trails.
Mountaineering and exploration of glaclata
of Mount Hood.
Chicken dinner and dance Saturday even
ings In August and September.
Address Parkdale, Ore.
Telephone Odell 314