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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Feb. 27, 1907)
THE 1 MORXiNCT OREfeOXlAN, WEDNESDAY, FEBRITARY 27, 1907. HARRIMANTURNS F (Continued From First Page.) k-ny stock after he knew that there was to be a dividend. John G. Mllburn quickly blocked the question with an objection. The witness created laughter when he declared he had bought Union Pacific at 25 in 1S98 in ex pectation of the dividend In 190S. The "objection was renewed throughout the day whenever Mr. Kellogg referred to the Ftock transactions of the witness in the railroads under inquiry, and so all examination along that line was blocked. No' steps have been taken yet for testing the question in courts, but Chairman Knapp has shown great care in laying the foundation in the record every time the proposition has occurred. Deal With W. G. Rockefeller. Mr. Kellogg then passed to the South ern Pacific and the operations by which the Union Pacific interest acquired its Iholdings. "Why did you buy just a little less than the-majority of that stock?" he asked. Mr. Harriman replied that that was all they needed. For their purpose it was as sufficient as a majority of the stock. His recollection was that this original purchase of Southern Pacific was not all 'acquired from the Huntington estate, but of this he was not absolutely sure. Kellogg traced the purchase of South ern Pacific stock by the Union Pacific and Oregon Short Line, carrying It down to the famous sale of 800.000 shares to Wil liam G. Rockefeller.' "The sale' was made on a reciprocal agreement, ' made with Mr. Rockefeller," paid the witness, "by which Mr. Rocke feller could. sell us the stock back on May 1, 1904, if he' desired, at the same price. Mr. Rockefeller paid 16,000,000 in 'cash and gave good collaterals. It was a condi tional sale. "The sale was a protective measure, pure and simple. There had been formed & pool to speculate in the Southern Pa cific istock. The pool had acquired 300.000 shares of stock, and appealed to the shareholders and courts and tried to get enough proxies to prevent us from con tinuing In the management of the prop erty. The pool planned to sell its own stock to advantage. We feared that they would get a temporary injunction to pre vent us from voting the stock. In order to prevent this we took this method to enable us, with other proxies, to protect ourselves against this speculative inter est." "Mr. Harriman frankly admitted that the transfer of the stock was to place it in the hands of nome one who would act against this pool. Mr. Kellogg endeavored to have the witness admit that the Rockefeller transfer was merely an evasion, but Mr. Harriman would not do so. The transaction was to protect the proper ty, ho Insisted, against a speculative raid that threatened the control. He admitted that Mr. Rockefeller was paid Sn per cent commission, or $167,500, on return of the stock. Story of Delayed Dividend. Harriman's account of last Augusfs famous delayed dividend announcement tame In answer to Mr. Kcllogg's questions about the failure of the Pacific roads to reduce rates. When he reached the mat ter of the delayed dividend announcement, Mr. Harriman broke In: "I will tell you about that." and with out further questioning he told the story of that episode. He said the question of earnings first came up at the July direc tors' meeting, and the estimate of earn ings was so surprising that he asked , .them to consider the question of a divi dend if the actual, figures came up to the promises. The Southern Pacific meeting was held in the morning and the Union Pacific meeting in the afternoon. The Southern Pacific first declared a dividend of per cent. 45 per cent of which went to the Union Pacific, the owner of that much stock. Then the Union Pacific divi dend of 6 per cent, 3 per cent from traffic earnings and 2 per cent from investment earnings, was declared, the directors de ciding to pass It to the executive com mittee for approval and announcement, which was customary. The meeting of the executive committee was scheduled for 10 o'clock the next morning, but Mr. Harriman said he could not be present on account of a funeral. It was late when the executive committee got together. By the time the committee had passed on the matter It was after 3 o'clock in the afternoon and the question then arose whether the announcement of the dividend should be made public at once, thus giving the London market the full advantage of the situation, or wheth er It should be deferred until the follow ing morning and the New Tork market be given the advantage. It was decided to adopt the latter course and the com- !,t,".d"2 not make tne announcement until, the following morning. Mr. Harriman proceeded In his narration without Interruption until this point. He spoke deliberately and without hesitation. -Mr. Kellogg questioned him closely In an apparent effort to elicit some admission of w ", 'V' ?c,ay in tn announcement, but Mr. Harrlman s replies were direct. He admitted that the delav In the an nouncement was unusual, but said that the occasion was unusual. "It was staggering." said Mr. Harri man. "It marked an epoch, but. If I could have been present at the hour for which the executive committee meeting was scheduled, the announcement of the dividend would have been made in the usual way the morning after the directors' meeting." Commissioner Lane asked what Mr Harriman knew about the buving or T. nlon Pacific and Southern Pacific stock on the market between the time the directors decided on the dividend and the time it was announced. Mr. Harriman declared he did not know of any unusual buying of Union Pacific stock, but. when the question was ap plied with direct reference to himself. Mr. Mllburn. his counsel, objected and Mr! .mi iinuii reiuseu to answer. Always Bought I'nlon Pacific. I tid you or your associates buv any stock then in anticipation of this divi dend ?" persisted Mr. Kellogg. "I have always bought Union Pacific more or less," replied Mr. Harriman .Then suddenly he wheeled around and said: "I bought Union Pacific stock In 1898 for $25 a share in anticipation of that dividend. I bought out at the time of the panic when one of my associates de clared T had more nerve than any speculator he ever knew, deeming it speculation. T bought it then in antici pation of that very dividend. I bought it on the decline all around after the San Francisco fire, in anticipation of that very dividend." Commissioner Clement then asked Mr. Harriman why he objected to telling whether he had or had not bought the stock. "On a matter of principle, simply." replied Mr. Harriman. "What is the principle involved, the reason?" Commissioner Clements per severed. Mr. Milburn again put in his objection, and Mr. Harriman remarked aside: "I haven't any reason. I am In the hands of my counsel." Mr. Kellogg devoted much time during the day to an effort to establish the proposition that rates on the Union and the Southern Pacific had remained fixed, if they had not Increased, over a period of several years, during which time rates generally In the country had been re duced; that competition had been de stroyed In the territory covered by the Union Paclfio system; that the purchase HIS GUNS ON of stock in the Santa Fe was a move toward the neutralization of competition by that line and that the vast sums devoted to betterments and dividends by the Union Pacific had been taken from unfair rates. The witness was not will ing to make any concessions or any ma terial admissions to those contentions, and most of the testimony was discussed between lawyer and witness as to the facts and conditions involved. Mr. Harriman declared Union .Pacific rates had been reduced 17 per cent since he became president, and fell back on the assertion that the expenditures for improvements had developed the coun try and placed the system In condition to handle the great traffic that has come In later -years, and that he and his stock holders were entitled to the benefits their enterprise had won. Entitled to All They Can Get. There was an Interesting discussion of the per-ton per-mlle computation of rates. Mr. Harriman said the calcula tion was faulty because from the stand point of a low rate It was adversely af fected by high-class freight. Mr. Harri- THE HARRIMAN SYSTEM Road. fnjon Pacific Southern Pacific Alton Illinois Central Kanssas City Southern Totals '. - . The above are the roads controlled by Mr. Harriman and his associates. In addition, they or the companies controlled by them have larje holdings of stock In the following lines, but not the majority: Bonds and Road Miles. Stock. other debts. Rock Island .- 7.t8 ll-JS.ouO.oni f 75.00O.OO0 Santa Fe 7.W 216.000.000 22.-,om,000 Northern Pacific Orrt 1S5.IHI0.O0O 178.OiiO.000 (ireat Northern 8.4M 123.000.000 rt,OW,ono New York CVntral 3.3HO ano.nou.cwo 187.000.000 Baltimore & Ohio 4.IWS 1U4.OO0.UO0 223.000,000 Chicago. Milwaukee St. Paul 6.74 10U.O0O.0oO 256.000,000 Wisconsin Central (controlled by Chicago, Milwaukee & St. Paul) - 1.047 30,000,000 29.000,000 Totals 40.775 ll.065.0O0.O0O SI. 266,000,000 The great bulk of the railroad mileage of the country is included in nine great systems, in each of which the linea are under common ownership or control, as follows: Ronds and Road. Miles. Stock. other debts. Harriman 22.276 $600,000,000 $625,270,000 Vanderbilt 2i.4!:t 575.000.000 652.000,000 Pennsylvania 20.188 7M.ouO.o0O K9o.000.000 Hill .' 10.4O7 4M.yK0.noi 2H0. 000.000 Morgan 18.879 2W7.OO0.OOO 279. OOO.OOO (Jould .' J:,7SB 204.000,000 ;i:t;t,(M 10,000 Moores 13.02S 422.000.000- 180,000.000 Rockefeller lo.2:t ls8.0to.0nn 372.0O0.0O( Santa Ke 7.808 2ie.000,00) 225,000,000 Totals 146, 0S2 $3,827,000,000 $.1,625,000,000 man at first remarked that he did not think it would necessarily be wrong for a road to earn 15 per cent on its capi talization. "Where would you fix the limit?" asked the Commissioner. "At 100 per cent If you like," replied Mr. Harriman quickly, and then outlined his views. He, said that, as long as a road was properly conducted and gave proper facilities and at no higher rate than was charged by any other road, it was entitled to its earnings, no matter what they were. There was no reason why the stockholders should not receive the benefits resulting from good man agement. m "Vvnat are you going to do with it?" he asked. "Are you going to donate it to the Uovernment. or what?" "There, are several ways by which you could return It to the shippers," re marked Mr. Clements, to the amusement of the room. Mr. Harriman then made a plea for some form of legislation which would permit railways to arrange for traffic handling under supervision of some such Federal body as the Interstate Commerce Commission, with proper regulation and limitations which would enable them to handle their business lawfully and in telligently. He thought such a law per mitting a combination of roads would possibly result In lower rates. What $100,000,000 Did. Mr. Lane then began a sketch of the foremost acquirements of the Union Pa cific under Mr. Harriman. He began with the issuance of the $100,000,000 in bonds and traced its purchases out to Portland on the Coast, to the Orient by steamship lines, back to San Francisco, to Ogden, to New Orleans, to New York by steam ship, into the Northern Pacific and out again, into the Alton, the Illinois Cen tral, the Santa Fe. the Baltimore &. Ohio, the New York Central. His face paled and his voice grew more impressive as he continued the wonderful recital. He faced the witness and, pausing for a mo ment said:" "Where is that thing going to stop?" The master operator smiled and then somewhat nervously said: . "I don't I think it has stopped. I don't think we have any more I would go on If I thought we could realize something more than we have got from those securities. I would go on and buy some more things." Why Not Keep Growing? Mr. Lane: "Supposing you concen trated two or three more. You might take some other line and go right into New York?" Mr. Milburn: "Why not?" Mr. Harriman: "Suppose we had a line from New York to San Francisco. 1 sup pose that is what you mean; would it not be a good thing not that we have any idea of doing it but would it not be a good thing?" Mr. Lane: "Supposing - you got the Santa Fe?" Mr. Harriman: "You would not let me get it." Mr. Lane: "How could we help it?" Mr. Harriman: "How could you help it? I think you would bring out your power to enforce the conditions of the Sherman anti-trust act pretty quick. It you will let us. T will go and take the Santa Fe tomorrow." Law Is Only Obstacle. Mr. Lane: "You would take it to morrow?" Mr. Harriman: "Why certainly I would. I would not have any hesitancy. It is a pretty good property." Mr. Lane: "Then it is only the restric tion of the law that keeps you from tak ing it?" Mr. Harriman: "I would go on as long as I lived." Mr. Lane: "Then after you had gotten the Santa Fe and had taken it. you would also take the Northern Pacific and the Great Northern if you could get them?" Mr. Harriman: "If you would let me." Mr. Lane: "And your power would gradually increase as you took one road after another, 'so that you might spread not only over the Pacific Coast, but spread out over the Atlantic Coast?" Mr. Harriman: "Yes. but hasn't your organization increased its power?" Mr. Lane: "It undoubtedly has. That Is what I am coming to. Do you think the law Itself should Intervene and should restrict you .in power to use money raised for railroad purposes and raised on rail road securities to the actual Improvement of that railroad, or should you be allowed to use it for the acquisition "of other railroads?" Pooling Instead of Consolidation. Mr. Harriman: "I think we should be allowed to use it for the acquisition of other railroads under proper regulation." Mr. Lane: "Now. what " Mr. Harriman: "One minute. What I mean is this: As the law exists, rail roads are prevented from consolidating or combining. Take the instance of the Bur lington. Great Northern and Northern Pa- ciflc. It was not a good thing for the Northern Pacific and the Great Northern and Burlington, or for the Northern Pa cific and Great Northern, to buy all the stock and eliminate from the situation 15.000 or lff.000 small stockholders; that Is what they did. They turned those 15,000 or 16.000 small stockholders from stock holders into creditors, so that they were eliminated from the development of the business on the lines of railroad. They did not care anything about it as long as they got the interest on the bonds. Now, if we had some legal method where by the Burlington and Northern Pacific and Great Northern, under some legal re striction, had been permitted to make con tracts by which they could approximately have accomplished the same thing, it would not have been necessary to Issue the $200,000,000 of bonds to acquire the Burlington stock, and the ownership of these securities would have been in the hands of the people, where, I believe, It is better it should be. "We have never gone to the extent of eliminating, as far as' we could pos sibly avoid it, ownership by small peo ple in our property. We have been T Miles. T.ooo 9,01 920 ' 840 22,276 Bonds and Other debts. f 4.il .270.O00 loo.ono.ooo 20.000,000 ir.6. ooo.ooo 18,000.000 $B25.270,000 Stock. $2ft4,O(K).0O0 2ir0.ono.oon HO.000,000 7H.00O.0OO 8,000.000 tsoo.ooo.ouo partners of theirs and have tried to be partners of the public. Mr. Lane And you want the powers of the Commission still further in creased? Mr. Harriman I cannot say that I do, unless we have our own powers Increased. Mr. Lane You want your powers in creased so that you can combine, and you want us given power in the first place to insure the rate? Mr. Harriman Yes, to regulate and go hand in hand with us. There is no other country in the, world where the business interests are .so antagonized by the Government as this one. Mr. Lane Where is there another government in the world which has given so much land and money to the railroads as this? ' Mr. Harriman But there is no other country in which railroads have im proved the country as in this country. Mr: Lane Is It not a fact that every regulative act on the railroad is the result of some policy pursued by the railroads ' themselves? Mr. Harriman I believe you are right. I think the railroads themselves are more to blame than any one factor for the condition that exists today, the antagonisms between the people and the Legislatures and the railroads themselves. Forgot He Owned Stock. Mr. Harriman had testified that he did not know whether he had an interest in the Laclede Construction Company, which had built the St. Louis, Peoria & North ern Railway, and when he took the stand this morning Mr. Kellogg produced a con tract relating to the Chicago Terminal Transfer, showing that Harriman, George J. Gould, James Stillman and Jacob Schiff were the owners of the company. The witness said the document was no doubt correct and that possibly he had acted in fixing the price of the road when it was sold to the Alton. Mr. Kellogg also produced two original checks to shpw that Kuhn, Loeb & Co. had been managers of the Alton syndicate and the witness, who had been unable to remem ber yesterday, said that Kuhn, Loeb & Co. undoubtedly had been the syndicate managers. After citing a statement of the Alton Railroad showing the interest charges, Mr. Kellogg asked the witness if he thought it was right to put upon the public a large Issue of common stock which would never pay a. dividend. "Did we ever tell the public It would pay a dividend?" asked Mr. Harriman quietly. He continued: Says Public Got Benefit. "No dividend was ever promised and In addition the public got the services of the Alton at 30 per cent less in 1906 than they paid In 1898. The road en abled the commercial concerns located on its line to increase their business threefold." "Then the Alton ro'aof' reduced Its OPEIVTION AVOIDED ChaaKe of Food Inn trad of Resort to the Knife. Starch indigestion Is a common trouble' with many persons who eat food contain ing starch-white bread, potatoes, pies cakes, etc. y ' This results frequently in accumula tions of undigested material in the intes tines that cause swellings and formations of gas attended by discomfort and even great suffering. Unless the matter is corrected by changing the manner of eating -and the composition of the food, a person may be l? J'6 an Peration performed which might have been avoided. "Ten years ago," writes an Iowa wom an. my stomach began to bother me. After suffering a few months I went to our family physician and he told me it was indigestion and I kept getting worse until about six months later the doctor told me I had a growth in my stomach and an operation would be nec essary. I was unwilling as to that, how ever, and so was left almost a wreck, too miserable at times, to live. "Shortly after that I happened to see a testimonial about Grape-Nuts food In our paper and decided to try it and I have kept at It. It may seem wonderful but today I can eat almost anything with a relish and no bad after effects." Name given by Postum Co., Battle Creek Mich. ' Grape-Nuts, as a regular food, builds up the body by reason of its easy diges tion and absorption, and because it con tains all there is in fine whole wheat and barley, so thoroughly prepared as to meet the demands of Nature for a tissue-repairing and energy-making food. Many a case of appendicitis has its beginning In starch indigestion. and many a case of Indigestion has been cured by the regular daily use of Grape Nuts. "There's a Reason." Read the little book, "The Road to Wellville " in pkgs. T O IN KNIGHTS OF SUBJECT: "THE PROPER USE OF ARTIFICIAL LIGHTS" fff The Portland Railway, Light & Power Company has, after considerable effort, been enabled to secure the services of Mr. Marshall, a noted expert in Illumination, of New York City, to describe, in an entertaining manner, the best methods of illuminating residences, stores, office buildings, etc., by artificial means, this being in keeping with the needs of a greater Portland and the demand for up-to-date methods of distributing light. gTt Business men of Portland and its suburbs, who desire the most effective method of practical and decorative lighting, 'and who realize what it means, from an advertising point of view, to nave an enectiveiy lighted store, win oe greatly benefited by attending this lecture, and cordially invited to hear Mr. Marshall. . Portland Railway Light & Power Company rates much faster than the Union Pa cific?" asked Mr. Kellogg. "The Union Pacific has nothing to do with this. We are now considering the Chicago & Alton," was Mr. Harriman's response. Mr. Kellogg asked what the total fixed charges of the Alton were. Mr. Harri man scanned some, papers and read the amounts. His totals did not agree with those of Mr. Kellogg and this led to sev eral brief colloquies. Mr. Kellogg was endeavoring to show the difference In the charges between the old companies and the reorganization, and having done this, he passed to the mat ter of the Chicago & Alton Railroad Com pany's bond issue of 1899. Mr. Kellogg asked Mr. Harriman If there was anything to show that the syndicate was in any way obligated to take the bonds of the Alton before Sep tember, 1899. . . . . . "Does any record of such obligation exist anywhere?" he asked. The witness knew of no such record, but was certain the syndicate members were bound to take the bonds at 65. "You'll have to seek that information elsewhere," he said to Mr. Kellogg. Will Not Be Drawn Out. Mr. Kellogg continued the attack upon the issue and sale of the Alton bonds, but the witness declined to be drawn very far. He was absent from the country during the Summer of 1S99' and did not arrange. any of the details. He was sure the market conditions had all to do with the sale of the bonds at a high figure. In reply to a question, Mr. Harriman de nied that he was the front and head of the readjustment or reorganization of the Alton Railroad Company. "I was only one of several," he said. As chairman of the commtttee he pre sumed that he might be regarded as the head, but his responsibility was no great er than that of his associates. As Mr. Kellogg paused at this point, Mr. Harriman suddenly asked: "Are you through with the Chicago & Alton?" Mr. Kellogg said he was, and the wit ness said: "Now 1 want to make a statement. Now, our figures show that the whole charge for the year 1906 for in terest and dividends upon the Alton Consolidated Company was $3,228,864. In 1898 it was $2,383,460, or an increase of 845,404, after $22,327,000 had been expended in improvements and better ments upon the property." "The syndicate does not hold any of that issue of $20,000,000 of common stock of the Alton upon which no dividends were paid. They unloaded it, didn't they?" asked Mr. Kellogg. "You ask the Rock Island people about this, I can't tell you," answered Mr. Har riman, amid laughter.. Investment in Santa Fe. Mr. Harriman testified that thepur chase of $10,000,00) in Santa FeJtock was made as an investment. It was in a competing line "yes, a competing line, I am sorry to say." The witness said he had discussed tho matter with Mr. Morewltz, of the Santa Fe, who had said that the rail roads should not destroy one another, but establish closer and better rela tions. The witness told of the election of Messrs. Rogers and Frlck to the Santa Fe as representing certain friends of Mr. Harriman. The witness averred the Santa Fe people said they were the best directors they had ever chosen, and as an evidence of their good faith, the wit ness said, they had concealed from him the fact that the Santa Fe was to Issue $98,000,000 in bonds. He learned it from the newspapers. "Mr. Harriman, are you the author of the term, "community of interests?' " asked Mr. Kellogg. "No, I am not. I prefer common in terest." said the witness. s Mr. Kellogg then tork up the purchase of the $10,000,000 of Atchison stock by the Union Pacific interests. He en deavored to ascertain what part of that stock was owned by either Mr. Harri man, Mr. Frlck or Mr. Rogers. Mr. Mil burn objected. The witness was questioned as to the relations between the Union Pacific and Santa Fe and as to the joint management of the California & Northwestern. He denied that there was any question of competition as to the San Pedro line. The Union Pacific had Joined with Sen ator Clark in building the line. Mr. Lane wanted to know if 1000 miles of railway in the country was truly com petitive. The witness declared that prac tically all the roads were competitive. He said that every mile of the Union Pacific and Santa Fe was competitive. At this Juncture Mr. Clements asked if, in view of his statement regarding Mr. Fish, he did not think he had better withdraw' his objection to answering a certain line of questions. Mr. Milburn FREE ILLUSTRATED LECTURE MERCHANTS THURSDAY EVENING AT 8 O'CLOCK By ALBERT J. MARSHALL ILLUMINATING ENGINEER OF THE HOLOPHANE GLASS COMPANY PYTHIAS HALL was on his feet instantly, but Mr. Harri man said: Xo Parallel to Fish's Action. "I do not; it is not a similar case. No funds of the Union Pacific were ever used by any official for his private better ment." The Commissioner ruled that the wit ness must answer about the pool, and under advice of counsel he declined. Four other questions about the Illinois Central stock were also refused upon the ground of privacy. Mr. Kellogg questioned Mr. Harriman about his remarks that the Northern Pa cific would have been ten years ahead of its present condition if the Union Pacific had obtained control. Mr. Harri man Bald he believed this to be so, as there would have been a vast improve ment in its equipment and the develop ment of the great country' which it reaches. He contended that the com modities handled by the Union Pacific were of a higher class than those handled by the Northern Pacific and this should be taken into consideration when the relative rates were under consideration. As a matter of fact, he said, the Union Pacific rates had been reduced about 17 per cent In the last ten years. Explains About Rates. The witness was examined at length as to the rates upon the Union Pacific, Southern Pacific and Northern Pacific. Mr. Kellogg seeking to show that, while other roads throughout the country were reducing rates, the rates upon the Union Pacific and Southern Pacific remained POOR SHOW FOR THE DYSPEPTIC Poisoned Stomach, Clogged Brain, Wavering Ambition, Failure Un less He Seizes His Opportunity. There's no good reason for any man's remaining a dyspeptic a burden to him self and family, when he should be a producer. There's only one reason why he has been a dyspeptic and that is because he has overworked his stomach so that it cannot secrete the Juices and work the muscles necessary to digest the food. Failure Staring Him In the Face. What the dyspeptic must do is to help the stomach out. It is full of a poison ous pile of fermenting, nauseating food. Instead of being assimilated and carried by the blood to make nerve and muscle and rebuild the waste tissues, it lies there, inactive. First, take an unirritating cathartic and get rid of this food. Second, get a 60-cent package of Stu art's Dyspepsia Tablets from any drug gist and take one at each meal and at bed time. The tablet will do' the digest ing while the stomach is regaining , its forces. Before the box is gone, your stomach will be vastly relieved If not cured. Why? Because Stuart's Dyspep sia Tablets contain the very elements which your stomach possessed when it was healthy pepsin, diastaae, golden seal and others. It was because your stomach kept losing its supply of these digestive ferments that you became dyspeptic. Stuart's Dyspepsia Tablets do the work simply, surely, and without injury. They are not a medicine, but the working out of a scientific principle upon the food you eat. Hundreds of sufferers in far worse con dition than you have been positively cured of dyspepsia by these wonderful little tablets. Forty thousand physicians in the United States and Canada recom mend them. If you are uncertain and wish further proof, send us your name and address today for a free trial package, which we will gladly mail you 'at once. F. A. Stuart Co., 74 Stuart building, Marshall, Mich. - For sale at all druggists. 407 1-2 ALDER STREET substantially the same for years, if in deed they had not been advanced. The wit ness explained that the figures were an nounced by the character of commodities and the addition of branch lines. Union and Southern Pacific carried a light and high grade of freight, whereas the North ern Pacific and Great Northern were par ticularly heavy carriers of lumber and minerals. "Why cannot you get some of that Puget Sound lumber?" asked Mr. Lane. "We have no line and have always been refused an arrangement," answered the witness. IhinkTranos tv I . "IT. 1 fk . Ihmk. rveed Trench Every time a piano goes out of a Reed-French store somebody has saved a hundred dollars. The reason? Reed-French make their own pianos and they give the cus tomer the profit that usually goes to the retailer. . A lady bought a piano of us yesterday; she paid .$20 down and $6 a month. She says she priced pianos t-n both Washing ton and Morrison streets, and they wanted three hundred and seventy-five dollars for a piano we are perfectly satisfied to sell for $275. If this statement be true, it's a pretty good argument. You can have the lady's name for the asking. We have her permission to use it. We would like for you to see this Alder-street piano stock before it is gone. $245 buys a fine piano. jgfllli. ifiink.Pianos H IhmK need Trench SIXTH AND The NewYorK Denial Parlors We are makinsr a. specialty of OI,D CROWN and BRIDGE work the most BEAIjTIF-iji., PAIM.kss and DURABLE of all dental' Work known to the profession. Our name alone will be a guarantee that vour work will be of the best. We have a specialist in each department. Best operators, best gold workmen and extractors of teeth- In fart nil the staff are INVENTORS OF MODERN DEXTISTRY. llf) plQ Modem Dentistry Is Painless Dentistry iin niiii IIU UflO Teeth Extracted Positively Without Pain llU lAIH We have concentrated our entire force of World Renowned Special ists at our Main Office, wnere the General Manager will hereafter devote I ' S "I4"- h wJ,far? f the patients of this offlcS it Fourth same as I " """ rm nana, cr. uur prices are ttist th n all Eastern cities for legitimate work, with a protective guar" ten ycH.rs. antee for Everything modern and elaborately arranged for the comfort of our patrons. Teeth Without Plates $5.00 NO PLATES NEW YORK DENTAL PARLORS Fourth and Morrison Streets Portland, Oregon Do not mistake the place. We have been in these same ofn. rnr over seven years. "Over Sealey Mason s Grocery.- offices for are There is power in the Commission to compel an arrangement and fix a rate," "I wish the Commission would take the matter tip and settle it," said Mr. Harri man. Mr. Harriman maintained that, when class of freight is considered, the Union Pacific rates were as fair and low as on any other system, although the rate per ton per mile was. on Its face, higher. Mr. Harriman denied that the steam ships Mongolia and Manchuria belonged personally to him. They were taken In (Concluded on Pags .) 1 TT BURNSIDE. Gold Crown and Bridge Work $5.00 jj" i