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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Nov. 20, 1907)
3 to be raised by debt certificates, I do not approve of the plan at all. First, because the money Is worth 5 to 6 per cent inter est, and no one Is going to buy a Gov ernment note that draws but 3 per cent Interest. "Second, because the purpose of the 3 per cent note is to raise money from the sale of these certificates, the money aris ing from the sales to be deposited in the National banks. What does it mean? It means. If I understand it correctly, that the people are to borrow $100,000,000 and pay 3 per cent on it and hand it over to the National banks, to be by them loaned without a dollar's cost to them, to the people at the rate of o to 10 per cent, according to the date and where the banks are located." Mr. Prince also said he disapproved as set currency, unless it was proposed to deposit In the Treasury assets securing the issue. Portland Headquarters "Diabolo" and "Mefisto," the Great New Games, the Rage in Europe and America p" December Butterick Patterns Sole Portland Agents for C. B. a la Spirite Corsets NEW BONO ISSUE The Pure Food Lair of the United Mates Govt. Guarantee the Purity of All Drugs Sold by the Established 1850-FIFTY-S EVEN YEARS IN BUSINESS-Established 1850 THE VICTOR Talking Machine, $1 Down, $1 a Week Come In and Hear the New Records at Our Victor Hall. Treasury Department Is San guine of Drawing Money From Hiding. Cipmati, eUciie $ Co, Good Merchandise Only Quality Considered Our Prices Are Always the Lowest OWL" DRUGSTORE Lowcat Prices In Oregon on Drugs, Toilet Articles, Stan dard Remedies. THE MORNING OREGONIAN, WEDNESDAY, NOVEMBER 20, 1907. 0 SUBSCRIBE gf CRITICS ALREADY HEARD Certificates Not Available for Re serves Prince Condemns Issues and May Voice Outcry From Opposition in Congress. WASHINGTON, Nov. 19.-Tlio com munications which came to the Treasury department today approving the finan cial policy adopted by the President and Secretary t.'ortelyou and the subscript tions vrhlch were received for the Pan ama bonds and one-year certificates were the subject of discussion at the meeting of the Cabinet and afforded gen eral gratification. Willi details regard ing subscriptions ar-, not yet being made public. It seems to be the. feeling at the Treasury Department that both loans Will be over-subscribed, as was the case with the popular loan of JW0.O0n.000 Is sued by the Cleveland administration in ISUS. The decline in the stock market to day is 'regarded as only a symptom of hesitation until the effect of the falluro or success of the nieasure is proved by the opening of the bids. Several important questions are being raised in communications addressed to the Treasury, hut the Treasury officials are exercising much care In defining their position. One of these questions Is whether the new one-year certificates will be available for bank reserves. The law on the subject seems to be suffi ciently clear that they are not available for this purpose, but It is possible that the presence of a few of them In reserves under present critical conditions would be winked at, just as In the case of clearing-house certificates. The possibility that the Ibsuc of the one-year certificates will be criticised In Congress in much the same manner as the. sale of bonds to the Morgan syndi cate to protect the gold reserve In 1895 is attracting some attention. The fact that a Republican member of the House committee on banking. Mr. Prince, of Illinois, was quoted today as declaring the Issue "not Justifiable tinder existing conditions." is considered a symptom of the attitude which may be taken by a few members of Congress. The criticism of President Cleveland's measure In 1S95 went so far that a committee was ap pointed to Investigate the contract with J. P. Morgan & Co. A certain part of the criticism at that time was directed against the exclusive nature of the contract, and this criti cism will not lie agarnst the pfesent of fer of securities to the public unless something occurs In making the awards which may afford an opportunity to the critics of the Administration. lCTORIES CURTAJX OUTPUT .Tailing Off in Demand for Cottons, Woolens and Shoes. BOSTON Nov. 19. Dispatches from New Knglatid Industrial centers show a further curtailment of working liours. due to the scarcity of currency and to a fallng off in the demand for goods. The industres affected are the woolen, rubber and shoe trades. A few of the cotton mills are curtailing pro duction, but as yet the amount of ma chinery idle is inconsequential. Dry goods houses In New York and else where are urging the mills to restrict their production, and It Is said a defi nite plan of curtailment Is under con sideration. The Rochester, N. H., woolen mills have shut down entirely, and several shoo factories In fhat town and Dover, N. H-, are either jMosed or running on reduced time. Kltchburg reports that the Boston ft Maine Railroad has de cided to lay off lOflO men. ST. LOIIS IS READY TO BVV Subscribes for $t 1.000,000 Certifi cates, $2,000,000 Canal Bonds. ST. IXUIS, Nov. 19. Subscriptions in Bt. 1,.;,., aggregating approximately $11, 000.000 were announced today for the 3 per cent Treasury certificates of InSebted ness. Three brokerage houses signified their Intention of submitting proposals for $3,000,000 or more of the notes, and T. J. Akins, Assistant Treasurer of the United States, said that the ultimate total will exceed $15,000,000. Mr. Akins was Informed that he might expect a b.a for $2,000,000 of Panama Canal bonds. The offers for certificates received by Mr. Akins up to closing time tonight amounted to $4,000,000. Assurances were given that offers ajliregating $7,000,000 will be tendered tomorrow. The present total is about $11,000,000. ONE CLOSED BANK REOPENS Premium on Currency Declines Un der Oortolyou'i Influence. NEW YORK, Nov. 19. The Twelfth Ward Bank, one of the institutions which suspended payment v durng the early days of the financial crisis, will reopen tomorrow. The premium on currency, which has been maintained at anout 3 per cent Blnce the hoarding of money began a few weeks ago, has begun to diminish. Loans of currency w.ere made today at rates ranging- as low as 1 4 per cent. Bankers report that the premium In a number of Interior cities was either much reduced or had disap peared. The action was attributed chiefly to the arrangement for lasting Treasury certificates and canal bonds. DISAPPROVES RELIEF PLANS Congressman Says Cortclyou In creases Debt to Aid Banks. GALESEU'RG, 111.. Nov. 19. -Congressman GeorKe Prince, a member of the House committee on banking and cur rency. In speaking yesterday of the Issu ance of Panama bonds and debt certifi cates, said : "We owe $900,000,000 of Interest-bearing debt. We have today In the hands of National banks, and drawing no interest for the Government, $240,000,000. "The present policy of the Secretary of the Treasury Is to all Intents In time of peace to add to the interest-bearing debt of the people $150,000,000. It Is not justi fiable under existing conditions. I think that the $50,000,000 needed for the con struction of the Panama Canal should be taken out of the $240,000,000 in the banks and not be raised by bond issue. As to other $100,000,000 which it is proposed TURN LIGHT ON THE BANKS Gillctt Recommends Inquiry and Tells Cause of Stringency. SACRAMENTO,, Cal., Nov. 19. The special session of. the Legislature called by Governor Gillett convened today. The Governor's message, which was read in both houses, says the ses sion has been convened to enact legis lation believed to be imperative be cause of unusual financial stringency brought about by conditions existing in the East. The country is prosperous and legitimate business was never in better condition. Th present state of affairs Is attributed to extravagant liv ing, wild speculation, the frenzied finance of the stock and bond manip ulators of Wall street. The message adds in substance: The banking laws need to be amend ed so as to afford better protection to depositors. Trust companies and cor porations doing an Interstate business should be placed under Federal laws, and if necessary the constitution should be so amended. A committee should be appointed to investigate the methods of doing bank ing business in California. Owing to conditions in the East, Cali fornia banks are unable to secure the balances due them. This, with the withdrawal of money from the banks and the hoarding of it, has depleted the cash reserve. A bill will be pre sented extending the time for the pay ment of taxes; also provisions for per mitting courts to proceed on legal hol idays, to ratify recent amendments to the charter of San Francisco and to oust A. M. Wilson, a self-confessed ac ceptor of i. rili. s, from the office of State Railroad Commissioner. The res ignation of Wilson, however, was ten dered and accepted this morning, which will render unnecessary any action in his case. Wilson was a member of the notorious "boodling" Board of Supervisors of San Francisco and confessed several times under oath that he had accepted bribes for his vote from the United Railroads and other corporations. He could not be ousted directly by the Governor and until the calling of the special session of the Legislature one of the objects was his removal, as he had refused to resign. A supplementary message containing the resignation of Wilson and the rec ommendation that no further proceedings were necessary, followed. In the Assem bly Grove L. Johnson introduced five bills, four of them amending the civil and political code authorizing courts of justice to sit and transact business on special holidays proclaimed by the Gov ernor, and a fifth measure extending the time for the payment of taxes not more than 30 days at any one time nor more than 90 days In one fiscal year. In the Senate similar bills were Introduced. LONDON PAPERS ARE CAUTIOUS Too Early to Predict Result of Cor- tclyou's Measures. LONDON. Nov. 20. The measures taken by Secretary Cortelyou to deal with the financial crisis In the United States were discussed at length in the editorial ar.d financial columns of the London news papers today, and various opinions are ventured on their probable efficacy. Al most all the writers consider it too early to predict success and caution the British public against believing that the crisis is over. The Daily Mall says that, even If the financial crisis is passed, it has left com mercial depression In its wake. The Telegraph declares that in the present plight of America It is no slight success to create a favorable impression, and this Mr. Cortelyou certainly has done. The Times says It thinks the measures taken by the Government should Induce boarders to renewed confidence In the stability of the banks, and that the tan gle into which affairs have been allowed to drift may be straightened out if there Is a general determination on the part of banks and the people to work unanimous ly to that end. ItEDUCE RECEIVERS' EXPENSES !S'ev York Commission to Save Money to Wrecked Banks. NEW YORK, Nov. 19. Information was forthcoming today that the Commission of Bankers appointed by Governor Hughes to suggest changes in the bank ing lawB of the state, will make a strung recommendation limintins the receiver ship expenses of suspended banking in stitutions. The commission hopes to work out a plan which will make it im possible for receivers and counsel, In winding up the affairs of a collapsed in stitution, to charge enormous fees as has been frequently done in the past. A. Barton Hepburn, president of the Chase National Bank and chairman of the commission, has sent a financial ex pert to Attorney-General Jackson to ob tain from his department all figures rel ative to the expenditures of receivers of financial concerns for a period of sev eral years. GOLD IMPORTS $72,900,000 New Engagements Will Soon Raise Total to $75,000,000. NSW YORK. Nov. 19. Engagements of gold for importation to relieve the finan cial stringency in the United States have almost reached a total of t75.0O0.O0O. Heid clback, Elchelheimer & Co. and the Guar anty Trust Company, both of whom al ready have made large engagements since the present movement began, announced today they had concluded negotiations, the former for an additional Jl.00ft.000 and the latter for KOO.OOO. This brings the to tal engagements to date to 400,000. LONDON, Nov. 19. The United States to day bought f371.000 In bar gold and fjt.000 in American eagles from the Bank of Eng land. SMELTER TRUST IS HELPING Expedites Refining of Precious Met als, Says Guggenheim. NEW-YORK, Nov. 19. Daniel Gug genheim, president of the American Smelting & Refining Company, in a statement Issued hero said that his company is co-operating with the Gov ernment to meet the usual demands for currency He said that the plants of the company were being operated day and night to expedite the refining of gold and silver. Regarding the general attitude of the smelting company toward the money market, Mr. Guggen heim said: "The value of the gold and silver produced by the American "Refining & A Message to Every Woman Lipman-Wolfe To Every Portland Woman: Annual November Cloak Department Sale continues All Tailor Suits Reduced All Waists Reduced All Street and Evening Coats Reduced All Furs Reduced All Skirts Reduced All Petticoats Reduced All Knit Garments and Children's Wear Reduced All Odd Garments at about HALF Every Garment Reduced Some Special Values Today nx 1 i n i oicrung Oliver igoicwarc Vals. to $2 on Sale at 98c Every piece guaranteed 925-1000 fine. Pretty pieces of Sterling Silver for your own table or for holiday gifts. A limited quantity on sale for Wednesday only. '$1.75 Sugar Spoons, each $2.00 Sugar Sifters, each $2.00 Whipped Cream Ladles $2.00 Chocolate Muddlers $2.00 Sugar Tongs, each $1.75 Olive Sppons, each $1.75 Pickle Spoons, each $1.50 Mustard Spoons, each $1.50 Salt Spoons, each $2.00 Lettuce Forks, each $1.75 Berry Forks, each 98c 78c Sterling Silver with Mt. Hood and salmon han dles; gilt bowls engraved with Mt. Hood, Portland, Rose City or Webfoot. Regular $1.25 and $1.35 values Special prices on "1847" Rogers' Silverware, including our com plete assortment of "1847 Rogers" Tableware. Smelting Company has been running in excess of $100,000,000 for a year. For some time the refineries of the com pany have been running night and day to increase this production of gold and silver for the benefit of the Govern ment and the business of the country. "The smelting company regularly de posits Its gold product with the Govern ment daily and has not sought to or tain any premium on this product. In this matter we have pursued the same policy that we did in 1893. Then, too. there was a premium on currency, but we turned our Government checks over to the banks and allowed them to collect the cash without trying to profit ourselves by the premium. It is right to so act, and the banks appreciate it. Smoot for Elastic Currency. SALT LAKE3 CITY. Nov. 19. In an In terview with the Tribune correspondent at Provo yesterday, United States Senator Reed Smoot said: "I think Congress ought immediately to pass an elastic treasury bill which would relieve the situation at once. The bill should be a broad one, and should pro tect the Government and at the same time provide the money necessary to canTy on the business in the United States. Such currency would be used only in emergency and would be with drawn from circulation when need for It was past. All other civilized countries have such a law. "It seems to me absurd that there is need for such an action at the present time. The country is more prosperous now than at any time in its history. There are tens of millions more money in the United States than a year ago. At the close of the year ending March 1 the balance of trade will be In favor of America by one billion dollars." Says Protection Is the Cause. GLASGOW, Nov. 19. Walter B. Runci man, financial secretary to the treasury, delivered an address here last night In which he said that amid the financial turmoil in America free trade in Great Britain rode on, anxiously but financially triumphant. Great Britain was the only safe spot, he continued, because finan cial and fiscal hereby did not find a home within her shores. At the same time financial disaster In America must bear fruit on this side, for Great Britain's in ternational trade was nervous and closely connected with that of the United States. "When that depression comes," said the speaker, in conclusion, "we will have nothing to blame but the financial heresy and Improprieties of the American peo ple." Two Michigan Banks Close. GRAND RAPIDS. Mich., Nov. 19. In the United States Court here today the Union Bank of Richland, Mich., and the Bowman Bank of Kalamazoo, both pri vate concern.", were declare., bankrupt and the Kalamazoo Trust Company was appointed receiver in each case. No state ment of assets or liabilities was filed, but it is stated that the deposits In the Union Bank amount to about J130.000 and those in the Bowman Bank to $75,000. More Owners of B. & O. Stock. NEW YORK. Nov. 19. The. count of the) Baltimore & Ohio stockholders, taken in connection with the annual meeting of the shareholders Just held here, shows Press-Telegraph Commercial Cable TELEGRAM LIPMAN, n t.vi...... i 98c 78c Souvenir Spoons that since a year ago the number has Increased by 3500. The heavy buying of stocks of all classes of standard securi ties by small investors since the lower prices were reached accounts for the increase. When the books closed on No vember 2. there were 6627 holders of com mon stock and 3640 holders of preferred stock. Since the road's transfer books were reopened a week ago there has been a sub-addition to the number of share holders. Lack of Money Ckises Mills. DURANGO, Colo.. Nov. 19. All the sawmills in Southwestern Colorado will shut down on Saturday because of the money stringency. These mills furnish lumber for Colorado. New Mexico and Utah planing mills and are being paid at present In cashiers' checks and clearing-house certificates. They are unable to meet their payrolls with this medium and therefore have decided to cease op erations. St. Louis Takes Over $2,000,000. ST. LOUIS, Nov. 19. United States Sub-Treasurer Akins announced today t.iat St. Louis subscriptions to the new $100,000,000 Issue of Jjvernment loan certificates had passed the $2,000, 000 mark. Will Not Close Brickworks. CHICAGO, Nov. 19. E. C. Kimball, manager of the Hydraulic Pressed Brick Company, today said that re ports of the closing down of 34 plants of the company were untrue. EXTENDS HAND TO TAFT Russia Ready to Unite With Amer ica in Controlling Pacific. ST. PBTKRSBURG, Nov. 19. The Novoe Vrcmya publishes an editorial article to day and It declares that Secretary of War Taft. like ail Americans, Is 6urc of a Hood's Pills The best Laxative v .v.iianic After-dinner pill; pnrely vegetable; jfrompt and pleasant; easy to take and easy to operate. 25c Peptiron Pills Ironize the blood, feed the nerves and brain, tone the stomach, and cive restful sleep. 50c. or $1. Dnunli or mall. C. I. Hooil Co., Lowell. Mass. 1ll b Honfl T Orwxl. -Arrow CLUPCCO SHRUNK Collar Quarter Siaes, 15c each, 2 for 35c. CLUETT, PCABODV a CO.. Utter, of Clnaf. nrl Monarch Shim. WOLFE & CO. J Perfume, $iOz. This exquisite new perfume was until recently sold only in thrt metropolitan cities of Europe and America. Introduced to Portland by Lipman, Wolfe & Co., it has sprung into in stant favor. Regular 11 $1.50 ounce, special FREE SAMPLES 10,000 "Djer-Kiss" Sachet samples given away free to visitors at our famous ' ' Owl ' ' Cut-Rate Drugstore, toilet goods department now near Third-street entrance. XMAS NEEDS Headquarters for Art Needle work largest and best display in the Northwest. Exclusive showing of the fa mous "Holbein" Art Embroid ery something new. Why not have something different f Full showing of Pyrography Wood and Supplies 5000 orig . inal designs. Crepe Paper and Xmas Dec orations. . most cordial welcome throughout Russia. The traditional friendship of Russia for the grandest of modern democracies, the paper continues, does not waver. In spite of the attitude taken by the 1'nited States during the Russo-Japanese war. By misplacing her sympathies at this time America hurt mainly herself and cre ated a most redoubtable rival. The na tional Impulse of Russia would be to meet America half-way In the matter of combinations affecting the Pacific, under the condition that each country share coUally in the profit. Taft Starts Across Siberia. VLADIVOSTOK, Nov. 19. Secretary WEDDING INVITATIONS VISITING CARDS. AND MONOGRAM STATIONERY. W. G. SMITH & GO. Washington Building, Fourth and Washington Streets. Our stock of Cravenette Raincoats is now at the high water mark of perfection. All cut in the new shape. Cut in and try one on your shape. Prices from $10 to $30. i LION Clothing Co GusKuhnProp' 166 and 168 Third Street, Mohawk Building. jM WEDNESDAY SPECIAL M MWnWB Every Trimmed Hat in the Store fiu TCni Wm Reduced Ww Every "Robinson & Wells" Hat yjjP J Reduced 1t1& (MM) Every Trimmed "Knox" Hat MjM $2:25Black Umbrellas, $1.35 1000 Fast Black Silk Gloria Umbrellas, tape edge, best frames, case and tassels, up-to-date handles, regular Q $2.25 values, on sale today Wednesday Sale Guaranteed American movement Nickel Clock, Wednesday sale price d. OC Small Alarm Clock, with loud bell, guaranteed, our sale p price O L C Intermittent Tattoo Alarm, rings 10 times in 10 min- fl f AfT utes, with shut-off f 1 "Seth Thomas,' the old reliable alarm clock, with Q "fl " FT loud bell tpl.D Small plain Time Clock, no alarm, nice size for dressing Q ra table ?4l)C Every clock absolutely guaranteed by us. They're a good thing, these dark mornings. Taft and party left at 3 o'clock this af ternoon. They were escorted to their train by a large party of naval and mili tary officers and rigid precautions for the Secretary's safety were taken by order of the Government. Batonyl Sues Relatives. NEW YORK. Nov. 19. Aurel Batonyl, who, a little more than two years ugn. married Mrs. Burke-Roche. daughter of Frank Work, and who was separated from her last Summer, was in Newport. R. I., yesterday, and endeavored to get an Interview with his wife, but failed. M. Batonyl is quoted as saying that he has brought alienation suits against Mr. Special Umbrella Sale at Lennon s WEDNESDAY AND THURSDAY SPECIAL NO. 1. $5, $6, $7 Value Umbrellas for $2.85 Men's and Women's Union Taffetta Umbrallas with hand somest assortment of new, stylish up-to-date handles, comprising gold, silver, gunmetal, cape horn, buck horn, fine naturals, made up on best Columbia frames with new bulb runners. Worth oc from $5.00 to $7.00 ipA.OD SPECIAL NO. 2. Men's and Women's Piece-dyed Taffeta Umbrellas with beautiful assortment of fancy and fljl PA natural wood handles $2.50 value pl.DU Select your Christmas Umbrellas now, while the assort ment is complete. We will hold them for you. Umbrellas Repaired and recovered. of Alarm Clocks Work and other relatives of his wife, ag gregating $1,500,000. EXHIBIT OF J Ml FHOTOS, Klser's new store. 248 Alder street TEA Every pound Schilling's Best is a free sample if you don't like it. Tour grocer returns your money If yo don't like Schilling's Bast: we par hltn. ennons