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HOOD IUYKK, OREGON, THURSDAY, XOVKMRER 20, 1914
No. 20
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fussing TTrif
eternally'
whispers it's
e warning to;
fuw fTVI IVIai
Save time-Make moneys
3eeksafety?
11 Confidence is the basis of credit and the
finances of the world revolve upon an axis
annealed from the combined confidence of
Depositor and Banker.
? We have confidence in our customers,
they have confidence in us or they would
not be our customers. This Bank is char-
tered and supervised by the Government
to give better protection to its patrons and
we cordially solicit your account.
4 Interest Paid on Savings
FIRST NATIONAL
Capita! $100,000 BA-NK Surplus $35,000
Bank Advertisement No. 33
Reed (Si Henderson
Incorporated
Real Estate and Insurance-Money to Loan
Arriving at the scene of the fire, the first ques
tion you ask is "have you any insurance?" The usu
al answer is "very little" or "none at all." You owe
it to yourself and family to carry some fire insurance.
The cost is small. It may be your turn today.
Nethcrby
T H R
'iiSTATEO:
I :C R. CAM ! i. S E PARATOHj I III
Odell
Geo. French in introducing his excellent work,
The Art and Science of Advertising, says: "Ad
vertising is the only business which yields a rev
enue simply for the asking, for, resolved to its
simplest elements, advertising is asking that
many people do specific things."
You will probably have this thought in mind
hereafter and even though some of our copy is
put in .quite general terms, you will remember
that through it all we are really "asking many
people to do specific things," to-wit:
We would have you avail yourself of all the
different facilities of a well managed bank. The
junior officers, whom you most frequently meet
in the daily course of business, are thoroughly
imbued with the idea that their first care is the
welfare of our customers. On a busy day they
may not have time to visit you, but they have all
the time that is necessary to do just what you
want done in as nearly the way you would be
served as it is possible for us to serve you.
Do not hestitate to make known your wants to
any of us, and especially do not hesitate to tell
us of anything that displeases you, for there is
nothing from an advertising standpoint that can
compare with a long line of satisfied customers.
BUTLER BANKING COMPANY
FOR SALE
Hogs for Fattening
We have a number of shoats, sows and barrows for
the man who wants to reduce the high cost of living
this Winter by having his own meat. Ready to fatten
for Christmas. Reasonable prices.
We Want Alfalfa or Clover Hay
Telephone Odell 345
T. J. KINNAIRD
Groceries
Fresh Vegetables and Fruit in Season
Flour and Feed
Phone 2121
Hood River, Oregon
Satisfactory Titles
are demanded by the wise buyer. Our work is unquestioned
and guarantees protection.
JSatisfactory Insurance
in deemed necessity by the wiee property owner. We represent
10 strong companies and have Diillions of insurance in the Valley
Satisfactory Bonds
may sometime be required of yo"u, contract, court or security.
When in need of such service inquire of us.
Hood River Abstract Company
A Pointer
Some people can see the point more quickly than others.
Here Is a pointer that may help you see the point.
If you haven't reached the point In life where you feel
the need of a bank account it does not follow that you never
will.' You can't keep from growing old. You will not always
be young and care free. As age creeps on, you will see the
point of the saving habit even If you don't see It, now. Our
bank will help you to see the point before it is too late. Start
with us now,
Hood River State Bank
FORD
and DODGE
BROTHERS
MOTOR CARS
Columbia Auto & Machine Co.
Victrola
and
Graphonola
Talking Machines
Complete Stock of Records
Kresse Drug Company
TE REXALL STORE
QN THIS DAY OF THANKS we
feel grateful to our many cus
tomers for the orders given us in
the past and we will endeavor at all
times to merit a liberal share of
your future business.
"The Store of Quality"
The Star Grocery, Perigo& Son
"Good Things to Eat"
Henderson & McKay
LOCAL BANKERS;
HOSTS J5ATURDAY
LINCHEOi GIVEN FOR VISITORS
Group
One of State Bankers Association
,lleld Session at Rooms of Com
mercial Club
Our Rubber Stamps Always Print
Group No. 1 of the State Bankers
Association, composed of Columbia
Clatsop, Clackamas, Tillamook. Yam
hill, Washington, Multnomah and Hood
Kiver counties, held a successful con'
vention Lere Saturday. The group con
ventiona are held semi-annually
number of the delegated from the coun
ties in the northwestern part of the
state arrived Saturday on the Pendle
ton express of the O.-W. R. & N. (Jo,
while others came up on the noon train,
the early morning arrivals were im
mediately taken on a tour of inspection
oi local apple industry plants, lhe
visitors who came on the noon train
visited these plmts in the late after
noon, just before returning to Portland
on the U.-W. K. & N. train Mo. 17.
The visiting bankers were entertained
at a luncheon at the Commercial club.
A long table was laid in the men's
reading reading room and the ladies
rest room. Greens and chrysanthe
mums formed handsome decorations
The luncheon was made entertaining by
songs from Otto I. Wedemeyer and J
A. fcpping, while Arthur Clarke and
Clarence F. Gilbert produced laughter
wun tneir uutcn stunts.
Toasts were responded to by Mayor
Raed. Lydell Baker, of Portland, and
N. J. Sinnott, ot the Dalles, re pre
sentative in congress from the second
Oregon Diet. Lesile Butler was chair
man of the local committee in charge
or the convention, raul S. Dick, of the
United States National bank of Port
land, is secretary of Group No. 1. The
sessions were presided over by W. S,
Wharton, of Newberg.
lhe two chief addresses of tho con'
vention were delivered by State Bank
Superintendent Sargent, who talked on
legislation pertaining to state banks
now pending, and 11. W. Hawkins, ol
the Portland Savings & Trust Co., who
read a paper on the federal reserve act,
A great part of the discussions of
the bankers was taken up with the re-
discounting of commercial paper. It
was the opinion of most of the country
bankers that their institutions would
not benefit from the act by rediscount
ing, since their paper was not in a
form to be so handled. As was stated
by the bankers, hereafter it will be
necessary to collect interest on noted
at the time of making. The custom in
the Pacific coast states, especially in
the small towns, has been to collect in
terest only at maturity of notes.
lhe bankers and local citizens pres
ent at the luncheon were: .,
W. M. Boss, of St. Helens; W. O.
Galloway, Banks. ; LeKoy U. Walker.
Canby; N. J. Sinnott, 'lhe Dalles; W.
S. Wharton, Newberg; A. C. Shute and
C. Jack, Jr., Hillsioro; L. M. Meeker,
Canby; C. K. Higgins, Astoria; J. N.
Edlefsen, St. Johns; Lydell Uaker, 11.
W. Hawkins, E. S. Sammons, J. E.
Stephenson, Geo. W. Bates, N. U. Car
penter, W. H. Beard, Wilfrid Jones,
vV. M. Cook, raul s. Dick, f. s. Hunt
ington, P. 3. Stanley, State Bank Su
perintendent Sargent and C.B. Sewace,
jf Portland; Kaymond P. Caufield, .Or
egon City; ana u. i. wedemeyer, j.
A. ripping, A. U. Moe, K. rt. ttennelt,
A. P. Heed, Leslie Butler, Truman
Butler, S. A. Mitchell, E. C. Smith,
W. B. Young, C. H. Vaughan. V. C.
Brock, A. J. Derby, M. M. Hill, and
Geo. K. Wilbur, Hood River.
The visitors thanked the Hood River
bankers and citizens for the hospitality
shown them. Leslie Butler and E. O.
Blanchar both made short talks telling
of local conditions and expressing their
pleasure at having the privilege of en
tertaining the visiting men. Mr. But
ler urged that the semi-annual conven
tion of next May be held in Hood
River, that the local people might be
able to show the beauties of the valley
at that season.
Touching on the federal reserve act,
which has just gone into effect, the
paper of Mr. Hawkins is particularly
interesting at the present time. Ex
tracts from the paper are given below:
The law is indeed a milestone in the
financial legislation of the country, and
promises to be a monument to Presi
dent Wilson and his advisers; and while
parts of the law can be justly criticised
from economic or practical business
standpoints,! do not wish to be accused
of casting political aspersions upon its
spongers because I might happen, say
as a t'rohiDiuoniBi, to airier irom them
in politics.
To fully appreciate and understand
the law, and all its possibilities and all
its consequences, a thoroughly critical
analysis of it must be made. However
interesting that is, 1 am permitted time
only to discuss two or three features of
it. first, 1 shall recall to your mind
criticism passed upon the bill before
its passage, that as in contradistinction
to the control of the banking system of
the country by a eoterie of influential
financers, there might also be possible
control of the system by a coterie of
politicians, and this through the extra
ordinary powers and privileges granted
to the secretary of the treasury by the
law.
I thoroughly believe that it is advisa
ble and necessary to provide a single,
strong, responsible governing authority
for the management or so great and so
important an institution as the bank
ing system of the country, but I also
Deueve wini mo ovcr-weaning solicita
tion of a political administration in '
shaping and controlling, politically,
that institution for all times might
better have been restrained and the ad
ministration of the system placed In a
commission or a board of directors
moved only by economic or expedient
financial motive untainted by political
influence, and reponslble only to con
gress or to a judiciary.
The whole plan of the law I believe
to be admirable; for ita constructors
appear to have considered adequately
the fundamentals .of financial legisla
tion ; but at to many of the minor pro
visions of the law, it could have been
improved and made a finished piece of
work, bad the advice of bankers been
sought and the technical aide of the
subject been given greater considera
tion. Alongside the assembling of the re
serves of the national banks, the redis
count function of the federal reserve
banks la one of the system's most im
portant features, and regarding this I
will quote a part of Section 13 which 1
think is probably the most vital section
in it.
"Upon the endorsement of any of its
memoer nanus, wito a waiver of de
mand, notice, and protest by such
bank, any federal reserve bank may
j: . . ..... . -
uiacuum ooies, araus, ana Dills of ex
change arising out of actual eommer
cial transactions; that is, notes, drafts
and bills of exchange issued or drawn
for agricultural, industrial or commer
cial purposes, or the proceeds of which
have been used, or are to be used, for
such purposes, the federal reserve
board to have the right to determine or
define the character of the paper thus
eligible for discount within the mean
ing of this act.
Nothing in this act contained shall
be construed to prohibit such notes.
drafts and bills of exchange secured by
staple agriculural products, or other
goods, wares or merchandise, but such
definition shall not include notes, drafts
or Dins of exchange covering merely
mvestmens or issued or drawn for the
purpose of carrying or trading in
stocks, bonds or other investment se-
curites, except bonds and notes of the
Government of the United States."
ine law provides that such paper
must nave a maturity of not more than
90 daya except it be for agricultural
purposes, or based on live stock, when
it may have a maturity not exceeding
six monms.
To quote furher:
"Any federal reserve bank may die
count acceptancea which are based on
the importation or exportation of goods
ana wnicn cave a maturity at time of
discount of not more than three months
and endorsed by at least one member
bank.
Quoting again:
Any member bank may accept
drafts or bills of exchange drawn upon
it ana growing out or transactions in
volving the importation or exportation
or goodK, naving not more than six
months sight to run."
Regarding these rediscount privilea
ea accorded federal reserve or mem
ber bank, 1 believe practical bankers
would have given other matters eons id
eration. At least questions of interpre
tation arise, and it is only by exceed
ingly bread interpretation in some in
stances and exact rulings in others that
the federal reserve board can fully ad
vise and instruct member banks as to
these functions, tot instance, the law
provides that rediscounts must bear a
waiver of demand, notice and protest
by the discounting bank. The question
arises, Does this waiver apply to the
rediscounting member bank only, or to
other indorsera or guarantors on the
paper? A cursory opinion would lead
one to believe that the waiver applied
to the endorsement of the discounting
bank only, and if so. the discountino
bank should have the protection of pro
test as against any otner endorser and
guarantor.
Again, a federal reserve bank can
discount (note that it may discount.
not purchase) notes, drafts and bills
ot exchange. The query arises, Why
are drafts mentioned, when the defini
tion of "bill of exchange" under the
negotiable instruments law prevailing
n nearly all of the states of the Union
covers drafts and bills of exchange as
well.
lhe law givea the federal reserve
board the right to determine or define
the character of the paper thus eligible
for discount, and in a ruling the board
has proclaimed in a circular of instruc
tions that paper offered for rediscount
under Section 13 of the law must con
form with the following requirements
in additon to those prescrbed in the law
itself:
Until January 15. 1915. the directors
of a federal reserve bank may accept
as evidence that the paper offered for
rediscount was uttered tor agricultural.
industrial or commercial purposea a
written statement from an otlicer of
the applying bank that of his own
knowledge and beilef the original loan
was made for one of the purposes men
tioned, and that the provisions of the
act and regulations issued by the board
have been complied with. From and
ftex that date, however, all paper
offered for rediscount shall show on its
face or by endorsement a statement
substaninally to the following effect:
"Eligible for rediscount with federal
reserve banks under regulations of fed
eral reserve board, Circular 13. Credit
Pile No. , DiBtnct No. (Name
of Bank)."
Thia certictiate must be signed in
person by an oincer of tne applying
bank. The credit file number reauircd
in the certificate ia for convenience in
referring to hies in the office of the
applying bank, from which must be
ascertainable complete credit informa
tion regarding the makers of the paper
and evidence of tho -character of the
transaction out of which it arose. These
tiles shall at all timea be open to in
spection by examiners of the federal
reserve . bank or the federal reserve
board, or examiners of the comptroller
of the currency, and must be produced
upon demand. These credit files should
contain information giving the financial
esponsibility of the borrower. Includi
ng bis paiance sheet, pront and loss
account, etc.
The credit statement should further
more fcshow the maximum .aggregate
mount to which the concern supplung
this paper expects to borrow on short
credit or sale of ita paper, and the in
dividual, firm, or corporation giving the
statement obligates himself or itself to
explain the member bank a consent be
fore exceeding the agreed limit. ' The
affixing of the endorsement atamp men
tioned stating such psper to be eligible
for rediscounting will be considered a
solemn and binding declaration by the
member bank that the statement has
been examined from this point of view
and that the paper discounted complies
wun an tne requirements of the law
and the regulations imposed.
Whenever-paper ottered for redis
count has a maturity ot more than
three but less than aix months, and the
federal reserve bank has been satisfied
that the proceeds of the loans were
used, or were to be used, for agricul
tural purposes, or based upon livestock,
such paper, until further regulation ia
prescribed by the federal reserve board,
may be -rediscounted in an aggregate
amount not exetding 25 per cent of the
paid in capital oi the federal reserve
bank accepting the same.
Also, whenever bank acceptances are
offered for rediscount, it must appear
on the face of such acceptancea that
the proceeds thereof are used, er are to
be used, in connection with the trans
action involving the importation or ex
portation of goods; that ia to say, it
must appear that there has been an ac
tual bona fide sale which invovles the
transportation of goods from some for
eign country to the Uinted States or
from the United States to some foreign
country.
HIGHWAY WILL
BRINGTOURISTS
PUBLICITY CAMPAIGN IS PLANNED
Oregon World's Fair Commission Selects
Ravlin for Horticultural Display at
. pan Francisco
Those who a" In touch with the ef
forts made by Hood River In the way
of an exhibit at the San Francisco ex
position next year are enthusiastic in
their expressions as to the benefit that
will be derived by the local community.
The report of State Highway Engineer
Bowlby, which ia now being prepared
fur the state legislature, atatea that
the Columbia Highway will be opened
from Seaside to Pendleton by June 1,
1915. Between Hood River and Port
land a large portion of the great scenic
boulevard will be bard aurfaeed. A
movement ia on foot already to adver
tise broadly the attractions that tbia
scenic road will afford the motoring
tourist.
Hood River in its representation of
ita chief assets, applea and scenery,
was a leader at the recent Portland
Land and Manufacturers' show.- - With
its display in the Osegon building and
an excellent location in the Palace of
Horticulture at the San Francisco fair,
it will attract a great deal of attention
at San Francisco. It is estimated that
at least half of those who travel from
the east to San Francico next year will
make the journey through Portland.
They will be as much interested In the
sights that are to be offered in the
great Northwestern eournty aa in the
fair itself. And. with the favorable
advertising it has rceived the world
over on account ot ita scenery and ita
appies, a great percentage of tourist
traveler will leave thlr homes with a
view to seeing the Mid-Columbia district.
An honor has come to Hood River
county in the choice by the Oregon
World Fair Commission of C. N.; Rav
lin, secretary of the Hood River Com
mercial Club, to have charaa of tha
horticultural exhibit'of the state of
Uregon. Mr. Ravlin waa chosen, it is
Btated, out of more than a hundred
applicants. He. with E. A. Preitav.
of Uregon City, who has been hosen
to superintend the agricultural exhib
its, will leave next Sunday for San
Francisco, where he will attend a week
in order to thoroughly inform himself
as to the possibilities of the exhibita
and to make preparations for the de
signs, which have been left entirely
with him. The Oregon Commission has
been recently watching Mr. Ravlin'a
work, and he and Mr. Freitag will be
taken to San Francisco at the expense
of the Commission.
That Hood River eountv mav benefit
from the great world's fair and secure
the publicity that is needed for the ad
vancement or the community, -to real
ize on ita great scenic assets and to
make the most of the scenic Columbia
River Uighway, a committee has been
appointed lo present to the eounty
court items of expense necessary for
the work, to be included in the budget,
which will be made out by the court at
the December meeting.
Secretary Ravlin waa in Portland
Saturday evening to see the new pano
rama picture of the valley, taken from
Van Horn butte which has been colored
in oils. He says that all who have seen
the picture declare it the Jttest pano
rama ever put on exhibition; Thia
wonderful picture will be put on dis
play in the Oregon building. It is 40
inches high and 21 feet long.
LOCAL MEN ATTEND
SPOKANE APPLE SHOW
The following local men, interested
in the fruit industry were in Spokane
lst week to attend the National apple
show: A. W. Stone, W. B. Dickerson,
J. C. Porter, J. F. Batchelder and E.
H. Shepard. Mr. Stone waa present
while in Spokane at a meeting of the
board of trustees of the North Pacific
Fruit Distributors, he representing the
Apple Growers Association in the ab
sence of H. Ft Davidson,' who will
spend the winter In New York.
One of the chief features of tha big
show was the conference on by-prod
ucts.
Mr. Sbepard delivered si strong ad
dress on the necessity of reducing the
cost of production ot applea. He praised
the movement for establishing by-products
plants, but declared that this alone
would not be the salvation of .the apple
industry. He cited the necessity of
working out a change in the conidtion
of marketing 'apples by which the re
tailer's price for the fruit would not
be enormously increased ovei that of
the price received by the grower aa at
present.
VAL. NEHRBAUER
REPORTED DEAD
(Continued on Last Page.)
From letters returned from Beaver
ton, where the old man has been living
for the past four years, it has bean
learned that Valentine Nehrbauer, for
merly a resident of the Summit dis
trict, where he owned property, ia dead.
Mr. Nehrbauer, who for many years
was a subscriber to the Glacier, having
as he said, learned the 'English lan
guage from the paper, lived as her
mit on his Summit place.. He sold his
land for a fairly handsome figure and
had sufficient money to keep him in
comfort. Week before last bis psper
was returned unclaimed. A letter waa
written him. The missive waa returned
with the word "deceased" .marked on
the envelope.
Valentine Nehrbauer will be remem
bered by all of the resident of the
Summit district, as well as by the
merchants and business - men f the
city.
Past Week's Apple Exports
The apple exports from all American
potts for the past week ending last
Saturday were 73,149 barrels against
66,347 for the same period a year ago.
Of this number New York Shipped
19,046, Boston 13,202, Montreal 23,632,
Portland, Me.. 6,012 and Halifax
11,239. In addition to the above, ship
ments for last week, there were ex
ported 27,453 boxes of apples.
Rubber Stamps at the Glacier office.