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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Nov. 22, 1907)
4 THE MORNING OREGONIAN, FRIDAY, NOVEMBER 22, 1907. BEGINS ALLOTTING NEW SECURITIES Cortelyou Will Distribute Cer tificates According to Local Needs. NO BONDS TILL DATE FIXED ketingr of farm products and collections f are below the normal. Buyers are more ; conservative, but there are few can cellations and jobbing trade holds up well. rrwanrj Balance So Ixm TUfct It Must Draw Part Cash In Pay ment Banks Required to Issue More Notes. WASHINGTON, D. C, Nov. 21. An nouncement was made by Secretary Cor telyou this afternoon that allotments had already begun of the new one-year treas ury certificates for which subscriptions were Invited in the circular of the Treas ury Department issued on Monday. Al lotments of the 2 per cent Panama bonds will not be made, according to the terms of the circular relative to them, until after all bids are submitted at the close of business on November 30. The Secretary intimated this afternoon that applications for both bonds and cer tificates are being received in satis factory amounts, but he was not pre pared as yet to disclose the volume of subscriptions and allotments. "One reason for this Is understood to be that thcra are so many Inquiries from persons wno do not submit definite subscription. An other reason is that allotments are being made with a certain degree of discrimi nation where it is believed they will have the best effect upon the money market. Mr. Cortelyou was shut up nearly all day studying the situation and condition of allotments. Difficult to Allot Bonds. The discretion reserved In his original offer of the 3 per cent certificates, that JfiO.000.000 will be allotted by the Secre tary in his discretion upon offers of sub scriptions addressed to him, haa brought a variety of orders and suggestions, among which It Is somewhat difficult to choose, as to those most advantageous tf the Government and the financial sit uation. It Is not expected that these of fers will embody a premium over the purchase price, because of the short term for which they are to run and the provision of the circular that they are offered at par. The most essential ele ments to be considered are the amount of cash required to be paid into the Treasury and if National banks taking the certificates will employ them to In crease circulation. The Secretary is almost compelled by the terms of the law under which the certificates are Issued to retain some part of the proceeds in the Treasury, since the law authorizes their Issue to meet extraordinary expenditures. The nominal cash balance stood today at only 1R,9"i2,412 after deducting the amount of public money on deposit In National banks. This Is obviously below the. work ing requirements of the Treasury and the Secretary, might find ample Justification against criticism In Congress In the fact that he need cash to recoup his balancer Bank-. Must Issue Currency. The matter of allotments Is proving somewhat delicate and care Is being taken to avoid any well founded charges of favoritism. It is felt at the Treasury', however, that no Just crltlclsnl will lie against the action of the Secretary If allotments are based chiefly upon defi nite and binding assurances by National banks that they will take out new cir culation to the full amount of the cer tificates' allotted to thetn. The proposal to threaten banks to take away their public deposits If they do not comply with the wishes of the Secretary of the Treas ury has not been considered at the De partment. The fact that circulation secured by the certificates can be retired within a year without regard to the limit of 19, 000.000 a month imposed upon retirement of notes based on other classes of bonds, will enable the banks to expand as much as tney desire to meet the present emer gency without' being loaded down with circulation, which they cannot retire or ' otherwise employ when the supply of money oecomes abundant. In this re spect the fact that the limit on retire ments does not apply to bonds which have been called for redemption gives a peculiar character to the one-year cer tificates and the circulation which may be based upon them makes such circula tion more elastic than would be the case on ordinary classes of bonds. DISCOUNT RATE UNCHANGED But American Drain or Gold From London Continues. LONDON, Nov. 21. The Bank of Eng land's discount rate remained the same today, at 7 per cent. This w"as regarded as indicating that the directors are still hopeful that the American Government's efforts to relieve the currency famine In the United States will prove successf jl. but It did not suffice to dispel the un easiness regarding the American situation prevailing In the money market here. Lombard street, like the other Europen money centers, intends to remain on the defensive until the conditions have clear ed up In America. Tbe Bank of England lost the greater part of 2,000,000 In gold during the tast week and American orders for the metal still are coming in. Very little gold is arriving here from the Continent to offset the drain, continental compe tition for sterling bills has ceased, a fact which Is accepted as the Indication of the unwillingness of Paris to part with nuirh more of the yellow metal. The reiteration of the American banks' Intention to utilize the new treasury cer tificates as means of attracting gold to New York, Is noted. FAR LAND WN S BY FIERCE BLOWS Herman No Match for Pugilist From Chicago Stockyards. GOVERNOR SENDS MILITIA BIG FAILURE IX GERMANY Fall of Hamburg Firm Involves Other Concerns. HAMBURG, Germany. Nov. 21. The firm of J. F. C. Mueller suspended today. The liabilities are reported to be from J1.7S0.000 to 12,000.000. The most Important Hamburg and other German banks, as well as a number of English firms, are involved In the fall. The assets are re ported to be 1500.000. It is supposed that speculation in stocks caused the failure. The Arm enjoyed a lilgb reputation and did a large business in shellac, ceraslne and carnauba v,-ax and manufactured candles on a large scale for use in churches, especially in Russia. BERLIN, Nov. 21. The Dresdener and Deutsche banks have sustained losses through the. failure of J. G. .C. Mueller. A dispatch to the Tageblatt from Ham burg states that the firm of Krohn & Relaolz has suspended. IRONWORKS TO REMAIN OPEN Run Unless Demand Falls 25 Per Cent Below Normal. NEW YORK, Nov. 21. At a meeting In this city today, the Eastern Bar Iron As sociation decided to keep all mills run ning so long as the demand for bar Iron does not fall below 25 per cent of the normal volume. The association em braces about 30 iron concerns'. Chicago Banks Gain Strength. CHICAOO, Nov. 21. Reports made by state banks in Chicago yesterday in re sponse to a call from the Auditor of Public Accounts showed that at the be ginning of business Tuesday morning t30.000.000 of deposit ' liabilities had been dropped since August 20; that loans had been reduced by nearly the same amount and that the banks had added tS.000.000 to their total cash re sources. In other words, while deposit liabilities were decreased about 8 per cent, the cash resources were swelled more than 3 per cent. The bankers of the city assert that there .would be no difficulty In resum ing cash payments In Chicago If banks In other cities were In a position to do the same. Grueling Fight Is Prevented From Reaching Knockout by Interfer ence of Cummins Herman Lacks His Famed Skill. DAVENPORT, Iowa, Nov. 21. "Packy" McFarland proved his superiority over "Kid" Herman tonight by easily beating Herman in a 15-round fight without a de cision. No decision was awarded be cause of Governor Cummins' order to the militia to prevent a fight. But in the last few rounds a knockout seemed probable any time and,' when the fight ended, Her man was hanging on to McFarland, who rained terrific blows at short range on Herman's neck, head and face. In the earlier rounds Herman showed some of the dash aand elusiveness that carried him to victory In his earlier fights, but he was no match for the rugged dockyards fighter. McFarland would probably have scored a knockout If it had not been for the peculiar conditions under which the fight was held. Herman was game to the last under hard gruelling. The pace was not of tha killing order, however, until the last half of the contest, when the boxers let loose as If punches were to decide the bout In stead of points. CUMMINS TAKES STERN ACTION' Sends Militia and Orders Sheriff to Prevent l ight. DES MOINES, la., Nov. 21. Governor Cummins took a hand In Davenport's widely advertised Herman-McFarland prizefight this evening and with the aid of a company of the Iowa state mi litia ordered It to be stopped, even be fore it began. Four thousand or more sifjM had been sold for the occasion, a 'VTiousand people coming In special trains from Chicago and other cities. Today Governor Cummins satisfied himself that the fight at Davenport was not to be a mere "scientific sparring exhibition," as it had been oarefully advertised, and 'there was also the sus picion, that if left to local officers, there might be a liberal construction of the statute prohibiting prizefighting. Therefore, late this afternoon, the Gov ernor called out the militia at Daven port and ordered them to take posses sion of the Coliseum, where the fight was to be held. He also wired to the Sheriff at Davenport directing him to Title Guarantee & Tru&t Co. Savings accounts accepted, in trade half cash and half merchandise. Get into our good clothes game at once; we're on the winning side, and you'll look the part as soon as we get you inside one of our Hart, Schaffner & Marx overcoats or raincoats. They're $18.00 to $40.00 THANKSGIVING SPECIALS WHITE PLAITED SHIRTS $1.00 "ELGIN" SHIRTS (Union made) stiff bosom, in fancy patterns $1.00 WOOL UNDERWEAR, Winter weight, in gray and fawn, full fashioned, ribbed and flat, per gar- OC ment OOC Copyright 1907 by Hart Schaffner & Marx SAM'L ROSENBLATT & CO Cor. Third and Morrison Sts. co-operate in militia. every way with the O Ueary Still Holds Lead. CINCINNATI, O., Nov. 21. Dan O'Leary still leads Henry- Schmehl in Goldrield May Circulate Gold. GOLDFIELD, Nev.,Nov. 21. If apian now under consideration by W. E. Dow len, manager of the Nevada Goldfield Reduction Works, is consummated, Goldfield will soon have a circulating medium which will relieve the scarcity of real money. The plan is to take the bullion produced by the mills, make It into bars and Btamp thereon the value, which will be used as money. The question of legality Is now being Investigated. The reduction works are turning out about $5000 a day, but this amount could easily be quadrupled by running on ores of a higher grade. Savings Banks to Combine. NEW YORK, Nov. 21. A meeting -of the presidents of all the largest savings banks In New York and Brooklyn was held yesterday to take steps to formu late a plan whereby all the savings Institutions of the state may stand to gether in times of stress. By thus con solidating their enormous resources, whose total deposits amount to more than a billion dollars, It Is figured that each Individual Institution would be greatly strengthened. To draft a plan committees were appointed. TRADE CONDITIONS IMPROVE V Stringency Is Relaxing and Crops Are Moving in Northwest. NEW YOIIK, Nov. 21. Considerable improvement In financial, industrial, commercial and manufacturing condi tions in indicated In reports from vari ous centers In the United States which have been received by R. G. Dun & Co. Some of the cities where the financial stringency was most severe ly felt a week ago have a steadily in creasing supply of currency and, as a result, business In general Is In a more satisfactory state. The increase In currency supplies at Minneapolis has made it possible for the large elevator concerns to resume the purchase of grain and, as a result, trade Is assuming normal proportions. Collections are moving more freely, and the disturbance . in money matters apparently has passed. The restriction governing deposits in Cleveland sav- Ings banks Is to be lifted. At Boston commercial and Industrial conditions are hopeful. There Is a noticeable re trenchment in all directions, however, a tendency toward curtailment of pro duction and a slowing down of manu facturing plants. Boston, Cincinnati, Baltimore, Cleve land and softie other cities report good retail business. Although the currency supply Is much larger than a week ago in Philadelphia, the financial strin gency restrains activity in the wool market. "Cloak and suit manufactur ers and Jobbers of woolen and whole sale dry-goods houses note a decrease Jn demand. In some of the lighter lines conditions are nearer normal. At Portland, Or., the reaction In wholesale and retail trade as a result of the financial fluwy, which caused the suspension of two Portland banks, was not so great as was feared. The atrlngency in the money market, how ever, stopped business In grain and hops and has checked real estate buy ing and Important building operations. But wheat baying Is now resumed on a moderate scale and Is expected to attain large proportions as soon as more cash Is available, as a heavy ton nage has been engaged, for which car foe3 must be provided. Oats are go ing Into consumption rapidly, and only a trifling proportion of the barley crop remains unsold. Inability to supply currency needs at St. Paul still interferes with the mar- Westlnghouse Business Booms. PITTSBURG, Nov. 21. Nearly 12,000, 000 worth of new business has been placed on the books of the Westing house. Machine and the Westlnghouse Electric & Manufacturing Company during the last week by concerns west of Chicago. It Is rumored that plans for the early retirement of the receivers are In progress. Billings on Cash Basis Again. BILLINGS, Mont., Nov. 21. The banks have retired the clearing-house certifi cates, ample cash being available for the conduct of all business. Billings was the only city in Montana where recourse was had to clearing-house script. Kirby Lumber Mills Close. HOUSTON, Tex., Nov. 21. The Bron son and KIrbyvlIle lumber mills of the Kirby Lumber Company shut down to day, alleging unwillingness to sell lumber below cost, six hundred men are Idle. LAND CLAIMANT MISSING Contest Over Coal Land Causes Charge of Kidnaping. SHEiRIDAN, Wyo.. Nov. 21. Benjamin B. Chase, the defendant in the Herman Chase homestead contest, which is being heard here before Special Commissioner Glawflcke, has mysteriously disappeared and It is believed that he has been kid napped. Chase had homesteaded ISO acres of land near Monarch and A. H. Herman, of Laurel, Mont., Is contesting his home stead, having made a coal land filing on the property. Chase declares that he filed on the land under an agreement with the coal company for 1200 and finally re ceived MOO. He has not been seen since yesterday and all attempts to produce him In court have proved futile. Chicago. An ald.rmanlc band, under the direction of an aldermanlc leader, will be th chief feature t the ball to be given In January by the Chicago aldermanic base ball team to the athletic Councilmen of Milwaukee and Philadelphia. 25 per cent off on watches at Metsger's. the six-day walking match at Music Hall here. On account of the bad condition of both men's feet, the management has arranged to soften the track by cover ing It with sawdust. The score at I o'clock this morning was: O'Leary 144 miles and 1 lap; Schmehl, 117 miles and 7 laps. 7 STORES AND STILL GROWING SAN FRANCISCO, PORTLAND, SEATTLE 7 ennons BsssBBassass-s.. Thanksgiving Sale GLOVES AND UMBRELLAS This Lennon Store has much to be thankful for. Six months in Portland and we are as far advanced here as we were after two years in business in our other cities. Portland people say we have "made good." If carrying the largest and most complete stock of Gloves and Umbrellas west of Chicago, retailing the most dependable, newest and fash ionable merchandise, making every effort to Berve our patrons and to please them in every detail,gtanding behind every article sold by as if these things mean "making good," we must acknowledge the soft impeachment and say "Thank you," and be thankful. To demonstrate our thankfulness, we inaugurate today a GLOVE and UMBRELLA SALE that for values will eclipse any similar sale ever held in the Pacific Northwest. At 12 o'clock tonight O'Leary was still in the lead by 17 miles. The score at that hour was: O'Leary, 164 miles, 3 laps; Schmehl, 147 mllew, Z laiis. ft Ladies' Gl oves M.nO AND M.00 LONG GLOVES FOR S2.K.-,. Three of the most desirable styles of gloves now being worn 16-button-length Pique Cape Gloves in russet, tan and brown shades. Regular 4.50 value. co oe Pair P&iOu 16-Button-Length Pique Kid Gloves the medium heavy weight for street or evening wear. These gloves made by one of the world's most famous manufac- J? o oe2 turers. Regular $4.50 value. Pair. PS00 16-Button-Length- French Kid Gloves black, white, tans, browns, green, navy, mode, champagne, etc. Regular 14.00 (to QeS value. Pair J&.00 93.50 LONG GLOVES FOR 1.!S Elbow Length Real Kid Gloves A broken line comprising black, sizes 6 to 6Vi; white, H to 6H; creme and champagne, 5H to 6 ; gray, all sizes. A few brown si QC and navy. Regular ts.60 value .. P "fO Children's Gloves Misses' and Boys' Genuine Mocha Gloves in gray, tan and reindeer. Regu far $1.25 value. Fair Misses' and Boys' Pique Dogskin Gloves In tan and brown. Regular $1.35 re value. Pair WOC Children's Full-Fashloned Wool . Gloves. Pair Children's Kid Fleece-Lined Fur Top Gloves. Pair Boys' and Girls' Cowboy Gauntlets Star and fringe on these for little tots as well as the older children. We are headquarters. Fleece-lined and unllned. Pair, Ladies' Walking Gl oves 95c 95c LADIF.S- WALKING GLOVE! 1-Clasp Pique Kid Gloves black, white, tan hmwn red gieen aiiu navy. fieguiar $1.50 value Ladles' 1-Clasp Mocha Gloves unequaled for strength soft and velvety warm and fash ionable black, tan, reindeer, brown and gr.-iy. negr.i.ir 1.60 value. Pair ; Ladles' 1-Clasp Stylish Gunmetal Cape Gloves very durable and dressy. C 1 1 SS Regular $1.75 value. Pair p X . X O "Fluffy Ruffles" the new cape glove. Flared top trimmed in milltaiv stvle. A verv aesiraDie ana novel glove Pair Full line of Ladles' Fleece-Lined Kid and Mocha Gloves, Ladles' Wool Gloves and all styles of Winter Gloves. $3.50 25c SOc a 1.2.', 85c, 75c and. Men's Gl oves We c"arry every conceivable style of Men's Gloves, from the finest Dress Glove to the Heavy Working Glove. Note the following special bargains for our Thanksgiving Sale: Men's Pique Kid Gloves In tan and gunmetal. Pearl Castors In pique and outseam; 911k Llned Castor Gloves, Tan Cape Gloves. Regular $1.V5 values. C 1 t e2 Pair P 1.13 Men's Genuine Kassan Cape Gloves In the new russet tans Genuine Mocha Gloves 4n gray. Regular $2.00 values. C 1 1Q Pair P X ,OJ7 Men's Wool Gloves, Fleece-Lined Kid and Mocha Gloves, Fur-Lined Gloves, Gauntlet Motoring and Working- Gloves in every style and In great variety. Men's and Women's American Taffeta Um brellas, 26 and 28-lnch; $1.50 ffi - fn and 11.75 values qX.WV Men's and Women's Tape Edge Union Taf feta Umbrellas, with 100 styles!! - 3Q new handles; $3.00 values P1'' Umbrellas Repaired and Re-Covered. Umbrella Specials Men's and Women's Union Taffeta Umbrellas, beautiful handles of gold, silver, pearl, ivory, gunmetal. buckhorn, capehorn. fin OCSJ Values up to $7.00. Sale price ... J0- Lennon's Glove Orders, Good at Any of Our Stores, Now on Sale. Mail Orders Receive Prompt Attention ennons Morrison Street Opposite Postoffice plw1'' i'!11'!1 WjCffl iHSffifi'liy' PRBiHMMSBBBKaMkHnSBHMMr illlllilflllmlilllllMllffl THE NEW POLICIES of the COLUMBIA LIFE 6 TRUST CO. Are Ideal Life Insurance Contracts Issued by a Home Company LOW NON-PARTICIPATING RATES HIGH CASH VALUES Superior inducements offered to reliable active Agents Apply to JESSE R. SHARP, Manager of Agents 214 Lumber Exchange Bldg. W. M. LADD, President THEO. B. WILCOX, Vice-Pres GlowingHeai From Every Ounce of Fuel. When the mercury drops out of sight, and you just cant keep the house warm, you'll find it wonderfully convenient to use a PERFECTION Oil Heater lti..J!V$P (Equipped with Smokeless Device) It' very light carry it about heat any cold room. Turn the wick high or low no danger no smoke no smell. Easily cared ior and gives nine hours ol cozy comfort at one filling oi brass lont. Finished in nickel and japan. Every heater warranted. ThejRLampjl -nth its flood ol study. nuiam ugni is meal ;or raid or sew by it won't tire your eyes. Litest improved centrsl drift burner. Made ol brass, nickel plated. Every lamp warranted. It your dealer cannot supply the Rayo Lamp or Perfection Oil Hester, write our nearest agency for a descriptive circular. STANDARD OIL, COMPANY (Incorporated) l