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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Oct. 19, 1907)
THE MORXIXG OREGOXTAN, SATURDAY, OCTOBER 19, 1907. HUGE DECLINE IN COPPER STOCKS Market Value Reduced at Least $600,000,000 Since the Year Opened. GREED KILLS THE GOOSE Booming of Price Stops Consump tion Tight Money Checks' Enter prise When. Price Is Cut Out put Reduced OTer Half. CHICAGO. Oct. 18. (Special.) Cop per stocks, which arc Just now the cen ter of interest in the financial markets,, having caused the failure of the Hejnze crowd In New York, have dropped an segregate of more than $600,500,030 In market value since the first of the year. , Figuring early this year that the demand for copper metal was suoh that consumers would have to buy It at any cost, the principal producers ran up the price to an unprecedented level. They made It prohibitive for the consumer and killed their demand. Buying stopped and stocks of the metal began to accumulate till the market became glutted. Tight Money an Aggravation. Then price cutting began, but with out stimulating the demand, the money market having tightened up in the meantime in such a way as to inter fere with enterprises In which copper cuts an important figure. The price of copper metal has been cut In two since the first of the year, and copper stock; dividends that were on a rising scale In Jannary have since been reduced all along the line. Naturally this has been accompanied by a drop in stock values, and lu this case the break has been more severe than ever experienced be fore In the history of the copper In dustry. Shrinkage in Value $600,000,000. The total shrinkage In the value of cop per shares In the etock markets from the high point this year to the present aggregates $600,000,000 on 44 of the princi pal stocks. Including some of the minor issues, the total depreciation in market values would run considerably above that ' figure. According to the best Information, the rate of copper production In the United States Is now down to about 50 per cent of normal. The ' Government's figures" gave the production for 1906 aa about 9O7.O00.00O pounds. It Is estimated that the full production of the earlier months of 1907 and the reduced production of the later months will give a total of about 600,000,000 pou- ds for the entire year.' Output Reduced Over Half. ' The present output of the mines of the Amalgamated Copper Company is about 46 per cent of normal. The Phelps-Dodge mines will produce about 85,000,000 pounds for the year." Senator Clark s .ys the opt put of his mines has been reduced about 60 per cent, which would give a total of about 24,000,000 pounds for tr- year. Calu met and Hecla and the other copper min ing companies of Northern Michigan have not made the same drastic cuts in their production as have tlve Montana and Southwestern producers. ' was perfectly solvent and the one ma terial result of the investigation would be to divert business from the Mercan tile. At a special meeting of the clearing house committee held this morning to consider the general banking situation, theBolvency of the Merchantile National Bank, as reported .by President Nash, of the Corn Exchange Bank, last night was reaffirmed. It is understood- that the condition of certain other banks in this clty was dis cussed at the meeting, but so far as could be learned no definite action with regard to these institutions was taken. To (tuote a representative of the clearing-house. "The situation is now under control, and no untoward developments are looked for." Other Interest May Be Involved. In conservative circles the feeling pre vails that certain other interests will have to be eliminated before complete confi dence In the local banking situation can be restored. It is believed that the retirement of F. Augustus Heinse from the presidency of the Mercantile National Bank will be fol lowed by the retirement of other persons from other banks. The Supreme Court today granted an attachment for $108,075 against the State BETTER THAN' HE EXPECTED Bank Examiner Holds Out Hpe for State Savings Depositors. . HELENA, Mont., Oct. 18. According to a long-distance telephone message to the Associated Press from Butte, re ceived tonight. State Bank Examiner Collins today assumed charge of the State Savings -Bank, and, after making a hurried inspection of the books, an nounced that, from the figures at hand, the bank is in a better condition than when it submitted Its last quarterly report to him. The whole question, however, is said to depend upon the value of the collateral which ' the in stitution holds on outstanding loans. , The depositors, who principally are worklnnrmen and women, were more cheerful today over the outlook. Mr.' Collins Is making a thorough examin ation of " the bank's books and will later make a statement to the depos itors. . The Silver Bow National Bank, which is also controlled by F. Augustus Helnze, is said to be safe and will not be involved in the copper magnate's financial difficulties. There was no sign of a run on that institution to day. ; The officers of the State Savings Bank tonight refused to make any statement, saying that the bank Is now in the hands of the State Examiner and that any official statement given out must come from him. ' It developed late this afternoon that on December 1 last the State Savings Bank recorded a mortgage for $1,500,000 In the office of the County Clerk of Silver Bow County. This mortgage was given by the Independent Telephone Company, a new system which Is being organized In the State of Montana by employes of the Amalgamated Copper Company, and has not been cancelled. . .. . ' Vice-President Chapin, late tonight said: "The statement made at the time the doors of the State Savings Bank were closed to the effect that the suspension wan temporary and occasioned by a short age of currency on hand, is now con firmed. A conference was held today and as a result the statement Is made that the officers feel confident that sufficient currency will be available within ten days to enable them again to open the bank." RIDGLEY WILL TAKE CONTROL Announces, Though, That He Wants to Have Full Charge. , NEW YORK. Oct. 18:-Charles W. Morse formally announced tonight that Controller Ridgley had agreed to accept the presidency tr the Mercantile Na tional Bank. From other sources It was learned that Mr. Ridgley also insisted as a condition of his acceptance that, a new board of directors be elected and that he be placed in a position where he would have free rein. This was -said to mean that Mr.-Ridgley and his friends had secured an option on a controlling interest in the bank and that the option would be exercised prob ably tomorrow. It was also made known that during the day the Mercantile was enabled to make good Its debit balance of Ji;4,000 with the clearinghouse. Holme Denies Selling Stock, F. Augustus Helhze tonight reiterated that he was still In control of the Mer cantile and had not sold a single share of his holdings. They amount to about $1,200,000. Mr. Helnse expressed himself aggrieved that the clearing-house committee had thought It necessary to Inquire into the bank's affairs. He said the institution VI- ' n 1 1 1 ? if & Archduke Frans Ferdinand. Heir Austrian Throne. Savings Bank, of Butte, Mont., in favor of the Mercantile National Bank, of this city, for a balance alleged to be due on a demand note of $150,000 made by the State Savings Bank on March 6. Call money advanced to 10 per cent shortly after 2 o'clock. Indicating that there had been some calling in of funds. After 2 o'clock the stock market became firmer, but the rally did not hold, and the market, closed weak and unsettled. An effort to settle the affairs of the brokerage firm of Otto Helnze & Co. will be made at a meeting of the creditors called for next Monday. A. Herschfleld, as a representative of the suspended firm, said today that a proposition would be made at that time to settle In full, claims against the firm aggregating about $2,000, 000. These claims he said, are all that the firm regards as "Just and legal," "No, we don't consider the claim of Gross & Kleeberg legal, and therefore, It is not recognized in the total." Another Failure at Hamburg. HAMBURG, Oct. 18. Representatives of all the banks of deposit Interested held a meeting here today to consider the situa tion resulting from the failure yesterday of the firm of Haller, Soehle & Co. It was unanimously agreed to adopt certain precautions In order to prevent further trouble. Luetgen & Einstmann,. exporters - and importers In the Far Eastern trade, sus pended payment today as a result of the failure of the Haller, Soehle & Co. BATTLE BETWEEN 'TAKES OXE KILLED, TWO BADLY WOCXDED IX PHILADELPHIA. Fight Is Signal for AK Chinatown to Turn Out Police Disperse the Mob With Clubs. PHILADELPHIA, Pa., Oct. 18. A fight between two Chinamen in Chinatown this afternoon developed into a riot, the rival tong societies taking sides. Pistols and knives were freely used in the crowded quarters. The police reserves from the tenderloin districts were hastily sum moned and had great difficulty In quell ing the disturbance. Many arrests were made. One Chinaman was killed and sev eral wounded. There had "been considerable trouble among the Chinese In their Race-street colony. Before policemen on duty there today could separate the two men who were fighting in the streets, Chinamen poured from all the houses and a free fight ensued. , Pistols were fired from windows and doorways and knives were used by those fighting In the street. The policemen on duty were powerless to stop the melee and, when reserves arrived, they waded in with clubs and soon the fighting Chinese were on the run. One belligerent was killed and of the numerous, wounded, two had been injured seriously enough to be sent to a hospital. Wholesale arrests of - Chinese are being made. , . WRECKED AND CREW LOST Danish Steamer Goes to Pieces on Rocky Scotch Coast. - LONDON, Oct. 18. The Danish steamer Alfred Erlandsen has been wrecked on the rocks of Castle. Point, near St. Abb's Head, Scotland. She went ashore during a gale last night, and 20 of her crew were drowned. A lifeboat which spent the night looking for survivors had a narrow escape, being frequently swept by heavy seas. . The Erlandsen was driven on the rocks early yesterday evening. Her position prevented establishment of communica tion with her, and before a lifeboat from Dunbar . could reach ber, the steamer broke tip and apparently all her crew were drowned. Several bodies were washed ashore today. MAC ILLS GO FREE BY JUDGE'S ORDER Verdict of Not Guilty in Case of Banker and Second Wife. CROWD CHEERS ACQUITTAL I Tonight We Close at 6 itvincuy snop in tne morning, u pos sible, and bear in mind that our clerks cease work tonight at 6 o'clock. Help keep them busy during the day light hours and they '11 be tired enough then to appreciate the eve ning's rest. Show that you advocate early closing. CONDITION IS UNCHANGED Francis Joseph's Fever Abates, but Cough Keeps ITp. VIENNA, Ocfc 18. While the physical condition of Emperor Francis Joseph Im proved somewhat during the last 24 hours, his malady, a catarrhal affection, re mains practically the same. Court physicians declared this evening that last night was the best the patient had passed since the beginning of his ill ness. . This evening the patient was still without fever, but he was coughing vjo-lentiy. Suicide of First Mrs. Maglll Not Due to Their Encouragement Evi dence Shows She Long Con templated the Act. DECATUR, 111., Oct. 18. Acting under Instructions from Judge Cochran, the Jury tonight returned a verdict acquitting Frederick Maglll and his" wife. Fay Gra ham Maglll. of the charge of murdering Mrs. Pet Maglll. the first wife of Ma glll. In his Instructions the judge said the state had failed to prove the corpus delicti. The" verdict was greeted with cheers in spite of thegn'orte f the court to main tain order. The crowd in the court room hurried forward and offered con gratulations to the Magills. The Jury afterward filed by and each shook hands with the defendants.. Say She Was Driven to Suicide. When today's session was Opened, coun sel for the defense asked that the court Instruct the jury to return a verdict of not guilty. The counsel contended that the letters found after Mrs. MagiU's death had been proved to be In her handwrit ing and that no testimony had been ad duced to show that they were not. Coun sel argued that there was no proof to show that murder had been committed as charged" against the defendants. Judge Cochran refused to instruct the Jury for acquittal and arguments on Tie testimony began before the jury. - W. E. Redmond made the opening argu ments for the state. He read a decision of the Supreme Court of Illinois to the effect that, if a person knows another In tends to commit suicide and if he aids, abets or encourages such person lit that act, he is guilty of murder. He argued that Fred Maglll knew his wife was con templating suicide and that he encouraged her, adding to her despondency by his attentions to Fay Graham. On May 31 last Mrs. Pet Maglll was found dead in her home at Clinton," 111., and a post-mortem examination held six weeks after her death showed that she had been suffocated by chlo roform. On July 5 in Denver, Colo., Fred K. Maglll, her husband, and Miss Fay Graham, a young woman who. had been a close friend of the family, were married. Four days later. In San Die go, Cal., Maglll and his second wife were arrested on a charge of murder ing the first Mrs. Maglll. They were- brought back to Clinton and secured a change of venue to this city. Was Suicide Voluntary? In the trial the statement that Ma glll and Miss Graham by their con duct had driven Mrs. Maglll to suicide and were therefore guilty of murder was made. The defense Introduced let ters written by Mrs. Maglll shortly be fore her death, in which she com plained of "unbearable headaches," and constant "nagging" of her husband's relatives. Witnesses also testified that Mrs. Maglll had often talked of com mitting suicide. In a letter to her husband written the day before her death, Mrs. Maglll asked him to marry Fay Graham in case anything should happen to her. Maglll was employed in a bank at Clinton, 111., the chief owner of which Is Vespasian Warner, United States Commissioner of Pensions. BUILD HOUSE IN HALF DAY Edison Solves the Problem of Quick Construction. NEW YORK, Oct. 18. (Special. -To build' a three-story house In one solid piece at a cost of only $1000, and to finish the Job In 13 hours that Is the problem which .Thomas A. Edison to day told the members of the Ameri can Electro-Chemical Society he had solved, and he showed them the model to prove it. According to Mr. Edison, the house of the future will be cast in concrete from Iron molds from one solid piece, including stairs and bathtub. It will be fireproof and Indestructible, and from one set of molds an indefinite number of exactly identical houses can be made. For protection against poor construction, he intends to restrict the use of his patents to contractors of rei gponslbillty, who will agree to follow his formula for making concrete. Some of the best architects In. New York -have contributed their ideas to the model which Mr. Edison showed. It is of a house that, In full size, will be three stories high, 25 feet frontage, and 45 feet from front to rear. The style Is a combination of colonial and Queen Anne, -and it does not look at all like any concrete house that any one ever saw. KILtED; POCKETS RIFLED Charles E. Logan, of Hlllman City, Victlni of Highwaymen. SEATTLE. . Wash.. Oct. 18. (Spe cial.) At about 10 o'clock last" night Charles E. Logan, a resident of Hlll man City, was shot, and killed on a lonely road between Hlllman and Gra ham Station, by unknown highway men. When Logan's body was found a shorty- time , later his pockets . were rifledyind not a cent of money nor the watch he carried could be found. ; That he fought with the highway men who attacked him before they had recourse to shooting him was shown by the ground where the body was found and by the condition of the body. Two men, one a tall fellow wearing a long coat, seen late at night on the streets of Hlllman during the past few Anyf. and a companion, short and with a sandy mustache, are sought by the police,, suspected of the crime. THEY SLAP, AT FAIRBANKS Missouri Presbyterians Cannot For give Cocktail Episode. KANSAS CITY, Mo., Oct. 18. The Pres byterian Synod of Missouri,' now in ses sion here, adopted a report last night commending the Indiana Methodist Con ference for refusing to send Vice-President Fairbanks as a delegate, to the Gen ' ' ""Wri LU. QUiLTTY CCUUS" WIID FKKaAAM ?AiS v Sole Agents for Royal Worcester Corsets They're the only corsets good enough for us to sell, and we have the exclusive agency. Only one make, but we have them in nearly 100 different styles. We can fit any normal fig ure. Priced from 50c to $25.00. Paris Pattern Hats Exactly Half Price ON opening week we displayed more imported models than could be found in any other three houses in this city, and this sale is on the same generous lines. No reserves. Come now and select the hat that charmed you at first glance, knowing that you will only pay one-half the price you saw. it marked before, reasonable though it was then. This sale is of prime impor tance to every lover of beautiful millinery an opportunity that will not be- duplicated in many months. See to it that you profit. 1 ODAY will be the end of this phenomenal sale. Come before the assortment gets low and choose from hundreds of brilliant beautiful and exclusive hats. Select a becoming hat for the Horse Show select a couple. You can have two for the price one should cost, and 'twere a pity not to benefit amply by this unusual sale. Styles and shades to suit every taste and match any gown. Choice of Any Imported Pattern Hat 3r Regular The Right chiiSren sFootwear It's worth while to shop in a Btore where you can always be sure of getting just what you want at just the right price; especially la thia true of children's footwear. In addi tion to the largest stock of children's shoes carried by any store in Portland, we have a corps of the most competent shoe fitters possible to find. We give special attention to children's trade and carry special lines for them. Read about it. OUR FAMOUS "FRIEND MAKER" line of school shoes are the same OUR FEEL EASY" CHILDREN'S SHOES are the most desirable prices in all grades, according to size. Come in lace or button pattern, made for children's feet. They're an improvement on and have replaced kid or calf leathers, with light or heavy soles. The counters in these shoes are of the best oak sole leather, and they're made throughout of prime selected stock, for boys or girls, priced as follows: $1,49 Sizes 5 to 8, price, per pair, Sizes liy2 to 2, (fO 1 Q price, per pair. V $1.79 Sizes 8yz to 11, price, per parr. Sizes 2i2 to 7, O price, py pair.V'""' "The Scuffer," which were sold for so long. Made in nat ural last for growing feet, with foot-form toe and uppers sewed direct onto sole. Extension soles, which are very flex ible. SEE CUT. Priced as follows: ' $1.79 r o on 12, price, pair.Y- Sizes 3 to 8, price,' per pair Sizes IIV2 and Sizes BY2 to 11, p JQ price, per pair. P. f Patent leathers, 10c per pair extra on all sizes. Knit jack ets in very Infants' Coats . close mesh. Nicely made with fancy border at neck, down front and round bottom; trimmed with pink or blue silk floss. The regular price is 75c ; they 're good enough value for anybody at .that sum; spe- IZ'7 g cial for tolay ,.x School Hose A lot of sturdy wear ing stock ings for school wear. Made up of odds and ends, 20c and 25c values; light, medium or heavy weight; fast black, seamless. Among the various styles every size can be found, al though there are not all sizes in any one style. Save 10c to 15c a 1 flf pair by paying us only AJ Union Suits For rls pr misses, line grade, ribbed garments, well fleeced, regularly 65c to 75c, according to size; "also a fine fleece-lined union suit in cream color ; excellent A JJ 75c value; choice of either. . t rfto -x'r r.-'-vv r,- yjv Au-r- . v;ssf 1 mm tiW 'jr. n Galvanized Waahtubs, regular Q O price $1.10; special, each... OOC Galvanized Beards, regular- OQ ly worth 40c, special UsC Clothes Wringers, regular $2 values, special for today, fj 1 Jo each , pl. Clot he 8 Lines, regularly J p worth 15c. SDecial.i each. . . . C Clothes Pins, special price for wash-day needs, 5 dozen tor...C Ironing Boards, regular 50c tff? values, special, each tJC Sleeve Boards, regularly worth 40c, special, O O each OOC Folding Clothes Bars, regular price f f $1.25, special pl.UJ Wire Soap Holders, regularly worth 5c, spe- 0 cial, each ; JC Anti-Rust Wash Boilers, guaranteed; fp !f) regular $3.00 values, special, each... VOl Galvanized Water Palls, regular 30c values, special, o" each OC Mop Handles, regularly worth 15o, special for today, IQq Clothes Baskets, regular CTQ 75a values, special, each..C Covered Clothes Hampers, regu lar price $3.00; spe- fp AC cial, each p(S.r0 Wash Boilers, copper bottom, regularly Q Q worth $1.25; special price iriC Patent Wringing Mops, regular price $1.00 ; '7Ce special, each , OC Suction Scrub Brush, regularly - worth (ft or $L50; special wash-day sale P Suction Scrub Brushes, regular $1.75 Cfi values, special, each P 0 1 Men Should Share in Following Good Savings : Men's Underwear ' Derby ribbed Worsted Shirts and Drawers in flesh, blue, natural and n i i ity : i . 1 j: j dl -ri i . : i tan; Sizes & to o mcues, upiouuiu -x.uu vaiuc, special, Vr J I II I the garment. Handkerchiefs Men's fine linen Hejnstitehed Handkerchiefs, soft finish, our own importation, full size, all width hems; regular 35c quality, special price for today, six )() New Neck Chains Genuine Austrian Neck Beads, in graduated cut-glass effects, very pretty colors, amber and pink only; exceptionally good values at 50c; special price for today, each .-.,.C Men's Fancy Hose , Cotton or Lisle Thread Hose, in plain black, solid colors, fancy stripes and silk embroidered effects; sizes 92 to 11 regularly worth 35c Q ? to 50c; special, the pair ' aOC Men's New Gloves Street Gloves, in assorted browns, splendid qual ity leathers; every pair warranted; sizes 7 to 10; exceptionally good values for $1.50; spe cial price for one day only, the d1 J C y JL m pair. Flannel Shirts Boys' French Flannel Negligee Shirts, made with nonshrinkable collars, felled seams, pearl but tons; the well-known "Eagle" make; regular price $1.50; special for to- f.f fxri day's sale .'. pl.UU $1.50 Handbags $1.00 Women's solid leather Handbags, in imitation seal or walrus effects; made with hand-riveted frames, leather-lined, extra coin purse, 1 ff assorted colors; splendid $1.50 value, special &1.UU eral Conference at Baltimore, "for the reason that he had allowed cocktails to be served at a public dinner to President Roosevelt.' The report was debated with animation, and Mr. Fairbanks' name was eliminated, reference instead being made to a "high official In the council 8f church and Na tion." . SIX ARE HELD FOR FRAUD Prominent Milwaukee Men Charged - With Obtaining Coal Lands. MILWAUKEE, Wis.. Oct. IS Six Brominent Milwaukee men charged wit conspiracy to defraud the Government out of valuable coal lands In Colorado were today held for trial at Denver,. Unit ed States Commissioner Bloodgood having held that the Government .had made out a prima facie case. The men thus implicated are: Guy D. Goflt. Charles F. Hunter, T. J. Pereles and J. M. Pereles, of the Wisconsin Coal Mining Company, and Chauncey Jones and Elias Arnold, of the Federal Coal & Iron Company. The Commissioner dis charged C. S. Carter, C. E. Canright, W. S. Johnson and H. D. Wehr, against whom.jndlctments also had been returned. Aged Man Hit by Streetcar. SEATTLE. Wash.. Oct. 18 (Special.) Damon Dolge, aged 81, a pioneer resident of Redmond, near Lake Washington, wa struck and posBlbly fatally Injured by a James-etreet cable car today. Both his ankles were dislocated and the bones In .both legs broken. Dodge fried to cross In front of a slowly moving car. He was struck by the fender, but caught the chains to prevent himself being dragged under, and his feet caught between the fender and track In some manner. BRIBERY IN MISSOURI Delegates Arrested Charged " W ith Accepting $500 Bribes. ST. LOUIS, Mo., oct. 18. Delegates Warner were arrested tonight on the floor of the House of Delegates on Indictments for bribery. The Indictments charged that the two delegates received" J300. to be divided between them, for the passage of a bill. They deny the charge. ' Victoria. B. C. At the nxt Bswion of th Dominion Parliament application will be mad for Incorporation of a company to conmruol a railroad from Victoria to Edmonton via f.ymoiir Xprrnwp. TEA was a ro3al indulgence two hundred years ago. Tis yet. Tour grocer returns your money If yea don't Ilk SchllUnr's Beat; w pay him.