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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Jan. 3, 1902)
THE MOKNHJG OEEGONIAN, FEED'AT, . JANTJAHY, 3', 1902. SYNDICATE IN TROUBLE EVERETT - MOORE COMPANY, OP CLEVELAND, EMBARRASSED. Its Financial Affairs Placed la tke Hands of a Committee of Baa le ers Concern Is Solvent. CLEVELAND. O., Jan. 2. The finan cial affairs of the Everett-Moore syndi cate, owning or controlling a number of urban and lnterurban electric railways and an extensive system of local and long distance telephone lines In Ohio and Mich igan, passed into the control of a com mittee composed of seven prominent bank ers of this city today. This action was taken, It Is said, as the result of tempo rary financial embarrassment on the part of the syndicate, which has for some time competent buslne management at the hands of the committee chosen. Chairman Newcomb, of the committee of bankers, said tonight that the' syndi cate had secured heavy loans from, a number of Eastern banks and from banks In the Interior of Ohio, Pennsylvania and Michigan. The loaning Institutions re gard their securities as gilt-edged and actually worth 15 to 25 per cent more than the value of the loans. "MYRON T. KERRICK." As a result of the announcement of the financial embarrassment of the Dverett Moore syndicate, a run was started on the Dime Savings & Banking Company, of which Everett and Moore are directors, late today. All demands were promptly met, and President Watterson said the bank had ample funds on hand to pay all depositors who desired their money. The institution Is one of the city depositories. "When Its last report was Issued In Oc tober, the bank's total resources were placed at 55,782,007, including a surplus fund of $335,000. The officers and others Interested In the Dime Savings & Banking Company to night authorized the following statement: "There is no question as to the sound ness of the bank and that every depositor nast hppn nffw-ted bv the stringency In the money market. The committee chosen will be paid. The bank carries abundant has been at work investigating the affairs I securities for all deposits, and If unusual of the syndicate, and expresses the firm belief that the concern Is entirely soiveni, and that Its embarrassment will be only temporary. The Everett-Moore syndicate is accredit ed with controlling more than 1200 miles of urban and lnterurban. electric lines in Ohio and Michigan, with many extensions still in course of construction. Among the telephone properties owned outright or con-trolled by the syndicate are the Cuyahoga Telephone Company, of this city, with more than 10.000 subscrib ers; the United States Telephone Com pany (long distance); the Federal Tele phone Company; the Stark County (Ohio) Telephone Company; the Columbia County (Ohio) Telephone Company; the People's Telephone Company, of Detroit; the Wood County (Ohio) Telephone Company, and a number of others in which the Fed eral Telephone Company Is the controlling factor. Among the more important electric street railroad properties In which the syndicate is largely Interested are the Cleveland Electric Railway Company; the Detroit United Railway Company; the Toledo Railway & Light Company; the Northern Ohio Traction Company; the Cleveland, Painesville & Eastern Railway Company; the Detroit & Toledo Short Line Railroad Company, and the Lake Shore Electric Ra.lroad Company. All of these lines are declared by the committee to be. with scarcely an exception, in good physical condition, solvent and in no wise em barrassed. The aggregate capitalization of all the various properties owned or controlled by the syndicate is said to be about $130,000, 000. Expert accountants have been employed by the committee In charge to examine and report upon the condition of all the constituent companies. No statement has yet been given out. Indicating the liabil ities of the syndicate. Henry A. Everett and H. TV. Moore re fused to be Interviewed concerning their affairs, saying that the statement Issued by the committee covered the entire mat ter. The committee of bankers organized fcy electing Mr. Newcomb as chairman and E. B. Tillotson, secretary. The following statement was today given out by the committee: "It became apparent some time ago to some of the members of the Everett Moore syndicate, so called, that on ac count of the tight money situation in the different centers where they were financ ing some of their enterprises, although In their opinion they owned several million dollars' worth of property over and above their liabilities, they would be unable, without temporary assistance, to meet their obligations which were about to be come due and the obligations- of some of the corporations which were controlled by them. Many of these obligations arose from, the fact that the. syndicate was en gaged in the construction of -a n-umber-of enterprises which were not yet fully com pleted, requiring large amounts of money to pay for labor and materials In their construction. "The syndicate was also recently disap pointed In being unable to complete the negotiations for the raising of a large sum of money on certain bonds and stocks be longing to them, which would have fur nished them with ready money, and which negotiations they had reason to be lieve, until 10 days ago, would result fa vorably. "Some of, the members of the syndicate, when It became apparent to them that many of their liabilities, which were com ing due about January 1, could not be met, called together some of their per sonal advisers to advise them as to what was best to be done. These gentlemen examined very fully into all the affairs of those composing the syndicate, and were furnished with very full and com plete information. They found further from their Investigations that In theN tele phone situation, while among its different elements it had many companies that had fully completed their equipment and were on a paying basis, there were others that needed material assistance. They also found that so far as the personal affairs of the members of the syndicate were con cerned, their equities were, in their opin ion, largely in excess of their liabilities, and that in their judgment all of the personal creditors could be paid without doubt from the assets, and several hundred thousand dollars put into the completing of the properties. They found that there were In Cleveland upwards of 30 banks that were their creditors and that these banks held the choicest of the securities and the most equities. "Messrs. Everett and Moore stated that they were perfectly willing to turn all of their matters and properties over to a committee that should be appointed t handle them in connection with themselves to preserve the most equities, with the be lief that when their properties were developed and creditors paid there will be a substantial amount to return to them. The personnel of the committee Is as fol lows: R. R. Newcomb, Myron T. Her rick, J. J. Sullivan, Calvary Morris, Kauff man Hays, E. G. Tillotson and TV, C. Mather. These gentleipen were selected, not especially on account of any interest directly Involved, but because of their well-known ability and Integrity. "At the meeting held at which Messrs. Everett and Moore were present, more than five-sixths of all of the Cleveland indebtedness was represented. The parties attending the meeting expressed them selves unanimously In regard to their in stitutions, that they should extend the in debtedness of the Everett-Moore syndicate and its allied Interests for a period of not exceeding IS months, conditioned upon the committee named having entire charge of all affalis connected with the syndicate and their various Interests. Papers have been drawn looking toward such extension and the empowering of the committee to act, and they have been executed by the mem bers of the Everett-Moore syndicate, and are now being executed by the Cleveland banks as rapidly as possible. All other creditors are to be asked to unite with the Cleveland creditors In granting the extension." Colonel Myron T. Herrlck tonight gave the Associated Press the following signed statement relating to the affairs of the Everett-Moore syndicate: "Personally I have had no connection with and no knowledge of the operations of the Everett-Moore syndicate. Although I am named as one of the members of the committee for the reorganization of their affairs, 1 have now no actual knowledge of their condition, except as informed by an other committee of Cleveland bankers, which has spent more than a week in making an investigation. While I have taken no part in this Investigation, the hankers who conducted It axe among our safe and conservative men, and their re port should inspire confidence. The entire affairs of the syndicate are now undergo ing a thorough investigation with the as sistance of chartered accountants, and all persons concerned should, in my Judgment, feel assured that the Interests of all demand is made, the bank will enforce the rule requiring 60 days' notice. "M. G. WATTERSON, President." One of the Syndicate's Projects. CHICAGO, Jan. 2. One of the most ambitious of all the lnterurban projects in which the members of the Everett Moore Syndicate has been interested is the Aurora, Elgin & Chicago Railway, an electric line now under construction on plans designed to secure the swiftest form of transportation between the three cities, and to parallel the Chicago & Northwestern Railway. Trains running almost a mile a minute over a right of way devoid of crossings and fences on either side for Its entire length, are the chlcr features of the new electric line. Much work has been done on the Aurora line in the form of securing right of way. STOCK DEAL COMPLETED COMMON STOCK OF NORTHERN PA CIFIC 'NOW 9155,000,000. TARIFF MODIFICATIONS FOREIGN INDEBTEDNESS. We Owe Europe Yet, lat Europe Owes 17m Increasingly. New York Journal of Commerce. There is probably no disposition to deny the technical correctness of . the statement of the London Times that the United- States is still a debtor coun try. In the sense that more foreign capi tal Is Invested In the United States than American capital is invested abroad. But the comments of Secretary Gage are rather more important than this bare fact, and while the Times recognizes a re duction of the net foreign Investments In the United States its language is cal culated to give too small an Impression of the extent of this reduction. Mr. Gage denies the statement of the Times that there is an actual though unseen balance of trade against us In cur rent transactions. All the known facts and the probabilities support him In this. Not only the apparent but the real bal ance of trade on current transactions Is In our favor, and this balance is reducing the amount of our indebtedness to Europe, or of Europe's investment In this country, whichever way It be regarded. Our current Indebtedness to Europe is estimated by the Secretary at a figure not far from that reached by this paper after the most painstaking Investigation that the matter has ever received, and at a figure far below that commonly assumed by persons who have given the subject no Investigation. Six years ago this paper ascertained that freights, travelers' ex penses and all other Items making up our net annual debt to Europe amounted to 5145.000,000. Later, with a larger number of travelers, more Imports and higher freight rates, and larger profits on Amri can investments, these figures were raised to $175,000,000; a considerable Increase might again be allowed, without carrying the sum above $200,1)00.000, and Mr-.Gage takes 4800,000,000. as the very outside 'fig ure of ail these Item! of current indebted ness to Europe during four years, and this is only about half the apparent bal ance in our favor during the period. The London Times takes too short a view when it speaks of the trade of the past three or four years. Our exports of merchandise and precious metals have exceeded our Imports in every year fom J889. For the first four or five years the excess was not very heavy except In one year; for every one of the past eight years this excess has ranged from large to enor mous. For the eight years it has aggre gated 53.1S6.W4.S40. For these eight years our payments for freight. Insur ance, travelers' expenses and all other Items of that class cannot have reached one-half of this total, for we know that in the earlier years they did not reach $150,000,000. If the average for their eight years was $175,000,000, the amount for the whole period would be $1,400,000,000, leaving about $LS00.O00,O00 to be ac counted for bj a credit balance now due us in Europe, and the reduction of foreign investments In the United States by American purchases of American securi ties. Mr. Gage says of the past four years: "The presumption is that with this $SO0. 000,000 we have been buying back Ameri can securities previously he'd in Eng land. The presumption applies to the whole eight years. It is well known that Immediately after the National election of 1S9C foreign owners of American securi ties seized the opportunity of rising prices here to sell. This operation has been re peated at every upward movement of the Amrlcan market. "The average of seven estimates from bankers, engaged In trans actions of thlB sort of the foreign securi ties returned to this country in 1S98, and less than half of 1S99, was $375,000,000. Pennsylvania Railway stock Is the sort of thing a European investor would be like ly to hold on to, but the portion of it held abroad declined from 52 per cent in 1S90 to 29 per cent a year ago. This paper ob tained Information from the officers of a considerable number of railway com panies showing very general decreases in the amount of their securities held abroad. A writer in the "Contemporary Review," of last May, said of the foreign securities formerly held In England In "Immense quantities": "There has been a steady outflow of these securities from England, and there are now hardly any in this country." Early last Summer the London correspondent of the Times of this cltj' said: "We have already sold far too many of our American railroad bond? and shares, I was told last week by a financial luminary." In another dispatch he said: "I am told that not only do rail road bonds continue to leave us for New York, but that comparatively few shares are now really held here outside those of lines like the Pennsylvania and the New York Central and Illinois Central." About the same time he spoke of large sales of American securities by German holders on account of the need of money created by the commercial crisis and the bad wheat crop. While European capital has been bor rowed for some recent transactions In this country, the evidence is strong that the amount of European Investments in the United States has been very greatly reduced within a few years, and as the amount of foreign capital Invested here decreases, the sum that has to be re mitted for profit and Interest declines. But buying and selling are both going on according to the conditions of the time and place. As the Secretary says: "While one portion of our people have a large balance of trade coming to them, another class Is borrowing money abroad to carry on large business enterprises at home." Northern Securities to Otto aad Ad minister the Trro Northern Transcontinental Railroads. NEW YORK, Jan. 2. Formal notice was issued today that in exercise of the power conferred upon it, the Northern Pacific Railway Company retired Its preferred stock In whole veaterfiav. Each and every holder of a certificate of Dreferred stock not heretofore surrendered will, upon presentation and surrender of his certificate at the office of the company, No. 49 Wall street, receive payment in cash at par. Except as to this claim, all rights and claims of the preferred stock holders have ceased to exist. Notice was also given by the Northern Pacific Railway Company that It had elected to require the holder of every 4 per cent convertible certificate of the com pany to convert the same Into common stock of the company at the rate of one share of $100 for each $100 on the unpaid principal of the certificate, and upon pres-. entatlon and surrender of such certificate at the company's office, the holder will be entitled to receive therefor common stock of the company at the rate afore said. No interest will accrue or be pay able upon any such certificate from and after January 1, 1902. These notices showed that from and af ter today the capital stock of the com pany would consist of 5455.000,000, entirely In common stock, and that the bond cer tificates used to provide for the retire ment of the preferred stock would be re tired Immediately. The effect of this was to put what was formerly preferred stock on the same basis as the old common. All of the Northern Pacific stock Is to be taken over by the Northern Securities Company, which will also acquire all of the stock of the Great Northern. The Northern Securities Company will thus hold the stock certificates of two great companies in the Northwestern field, and under the settlement agreed upon between the contending Interests for control in that field will administer the properties in Its charge to the end that harmony may prevail. The belief In Wall street was general today that the rapid retirement of the Northern Pacific preferred stock followed by the redemption of the bonds Issued for Its retirement had removed the obstacles in the way of carrying out the plan -for the adjustment of. the difficulties which grew out of the contest for control of Northern Pacific last May. It was this contest and a sensational rise of Northern Pacific common to $1000 a "share which brought about the sensational decline in the prices of other securities on May 9. went to New York as chief clerk la the office of General Passenger Agent T. W. j Xice, or. me Aacuivjimm. jir. jee was also formerly In Portland as general pas senger agent of the O. R. & N. Surveyors are in the field locating a route for a trolley line between Shoshone, Idaho, and Contact, Nevada, by way of the Shoshone Falls, where the power to operate the line will be generated. The line will be about 85 miles long, and the j Disapproves the Action Taicen by NEW YORK CHAMBER OF COM MERCE.TUTS ITSELF ON RECORD. only railway connection with the Oregon Short Line at Shoshone. Contact is on th-a Salmon River about 25 miles south of the Nevada-Idaho boundary. News Abont Battle of Cressy. Paris Letter to the London News. The five academies forming the Insti tute held their annual sitting in October. One of the Interesting papers was an ac count of the battle of Cressy from Bo hemian documents, which have not yet been published in France .or England. It the Reciprocity Convention at Washington. NEW YORK, Jan. 2. A meeting of the Chamber of Commerce was held here to day. Addresses were made by M. L. Welller, a representative of French In terests, and by Ludwlg Max Goldberger, of Berlin, both of whom are in this coun try to investigate American commercial methods. The committee on foreign com- FOREIGN TRADE OF PORTLAND. BAKER CITY TO SEVEN DEVILS. Agitation for Starting: a Railroad' by Local Capital. BAKER CITY, Or., Jan. 2. The Cham ber of Commerce Is considering the advis ability of building a local railroad from here to the -Seven Devils country. It Is urged by members of the Chamber of Commerce that a sufficient amount of money be subscribed locally to make the survey, prepare the estimates and start the work of grading, which will require a comparatively small amount. When the right of way shall have been secured It will be an easy matter it Is said to In duce capital to take hold of the project and buy the bonds of the corporation. Aside from the opening up of the Seven Devils country the new road would traverse fruitful territory between here and the copper fields. It Is said that people high In the coun cils of the Harrlman syndicate have inti mated that with a proper spirit shown on the part of the people of Baker City every encouragement In favor of the-new road will be shown. An option to sell- the road to the O. R. & N. at a fixed price, it is said, would be all that the Harrlman interests will require. Exports for the Fiscal Year Ended June 30, 1901, Were $10,381,732; Imports, $1,526,806. Portland's exports for the fiscal year ended Juno 30, 1901, amounted to $10.3S1,732. Imports were $1,526,506, making the total of the foreign trade $11,90S,53S. Wheat is the principal export commodity, with flour second. In Imports, cement leads in volume and jute manufactures In value. The following statement of the foreign trade of Portland for the fiscal year was prepared by Hon. L L. Pajtterson, Collector of Customs for the Port of Portland: Principal Exports, by Commodities, for the Fiscal Year Jane 30, 1001. Quantity. Barley, bushels 690.090 Beef, salt, pounds 1.200,200 Cotton, pounds 1 1.510,001 Cycles, scientific apparatus-and i tools Fruit, canned and dried ....-. .: Hay, tons .... 1.SS6 Lumber, sawed, feet .17,946,000 Lumber, other Malt liquor, dozen, quarts .". 21,678 Meat, other , t Oats, bushels 11,130 Paper, printing, pounds .'. 2,157,163 Rye, bushels. 7.374 Salmon, canned, pounds 43,318 Salt, pounds ,.. 1,200,000 Sole leatherpounds .' 58,834. Wheat, bushels ., 13.O44.00S Wheat, flour, barrels 692,573 And smaller quantities of fruits, '.provisions, furniture, etc, to make total exports for the fiscal year STRATTON BACK FROM HELENA. Donhtfal Abont Salt to Prevent Great Railway Consolidation. SEATTLE, Jan. 2, Attorney-General W. B. Stratum has returned from the Gov ernors' conference at Helena. He says that whether suit will be brought to pre vent the consolidation of the Northern Pa cific, Great Northern and Burlington Rail road systems In this state is doubtful, de pending on future contingencies which he cannot now discuss. The conference, which decided that the consolidation was unconstitutional in five states, Washing ton, Idaho, South Dakota, Montana and Minnesota, Mr. Stratton says was harmonious. Spokane Rnilrond Business for 1001. According to the Spokesman-Review conservative estimates place the Spokane railroad earnings for the year 1901, as follows: Northern Pacific, freight earn ings, $1,200,000; passenger earnings, $240,000, or a total of $1,440,000; Great Northern, In cluding the Spokane Falls & Northern, freight earnings, $1,050,000, passenger earn ings. $155,000. or a total of $1,265,000; O. R. & N. freight earnings, $720,000; passenger earnings, 41SO.O00, or a total of $900,000. The grand total aggregates $3,605,000. In comparison with the total amount of business done by each road the O. R. & N. shows the largest per cent of passen ger business of any line entering Spokane. Ended Value. $ 2S1.999 94.S33 149.205 12.361 8.8SO 37,744 188.242 , 6,476 33.020 1.753 4.900 44.566 4.129 3.517 4.950 15.569 7,572.732 1.905,226 J10.3S1.732 Exports, by Countries, for Fiscal Year Ended Jane 30, 1001. Africa, British South .'....I $ 245.4S2 Africa, Portuguese 3S0.429 Australasia, British . 6.602 Belgium 166,786 Chile : 110,167 China, Russian '....'. 450 Chinese Empire '. .' 203,028 East Indies, British . ; 2,526 England ....'. 199,100 Germany 96 693 Hong Kong 1.163.130 Ireland .- .' 6,729,276 Japan 439.039 Corea 30 Peru 181.814 Philippine Islands 73,144 Russia, Asiatic 375,036 Total $10,3S1,732 Principal Imports, by Commodities, for the Fiscnl Year Ended June 30, 1001. Quantity. Cement, pounds 30.173,792 Cigars and tobacco Coal, tons 8,046 Coal-tar preparation Coffee, pounds 192.4S2 Earthenware Iron, bar, charcoal and pig Jute, manufactures Liquor, malt, gallons 8,066 Manila, tons 906 Matting, square yards 1,278,739 markets for our products; and be It fur ther "Resolved, That the chamber views with apprehension the policy advocated by the reciprocity convention as likely to Invite hostile legislation on the part of other nations against this country, to the great detriment of Its commercial Inter ests." Gustave H. Schwab, chairman of the committee on foreign commerce, support ed the resolutions, saying he thought the Injury that would be done to certain In dustries by reciprocity was so small com pared to the great good which would re sult to the country at large as to be not worth considering. Charles A. Schleren, ex-Mayor of Brook lyn, who was a delegate of the Chamber of Commerce to the reciprocity conven tion at Washington, said he objected to any reflection being cast upon that con vention and its actions. "The men who composed that convention," said he, "were the very men who were responsible for the great prosperity of the country. Ve cannot compete with foreign countries be cause of the quality of goods we manu facture. So long as we have the system of protection, we can employ skilled la bor which makes our goods what they are. If the duty is taken off, we will have to cease employing the skilled mechan ic and employ the ordinary laborer and when that Is done, the present high stand ard of our manufactures will be gone. You cannot adopt this report without casting a reflection on that convention and on the country at large." The following substitute for the report of the committee was offered, but re jected: "Resolved, That this body recommends reciprocity in our trade with foreign coun tries until it can be done without in juring any of our own products and man ufactures." The committee report and resolutions were then adopted. his duty by himself and his generation. "But here are orchards that are cov ered with moss and with dead limbs, and that look like the picture of destruction. And yet, as one of the leading fruitrais ers remarked to me, it Is easy to kill off all of the pests that are known here, with the exception, perhaps, of the grub worm that girdles the trees and actually klll3 them. And In the treatment of this pest the Agricultural College at Corvallls Is now engaged In experimentation that will probably solve the problem. This worm, hurts the prune trees especially. There 13 no San Jose scale, net much green aphis, and, in fact, the proper handling of or chards here Is not difficult. The chief de sideratum Just now In this part of the state is the needed energy to go at the task properly, and the question will bo solved. "Incidentally, the State Fruit Commis sioners might have a hand In compelling the eradication of the pests. It is tho general impression that these officials are for some purpose, but down here people seem not to have discovered any particu lar excuse for their existence. If they would exhibit the energy that has been shown by Judd Geer, of the Fifth Dis trict, in which Is Umatilla County, there would be better feeling toward the stato government." HOSTILE TO PORTLAND. Yaqulna Bay Has ; Region Imagines It i Grievance. Oil. nut. gallons Oil, olive, gallons Paper, waste, pounds. Rice, pounds Salt, pounds Seeds, pounds Silk, raw, pounds SDlces 1..... Spirits, gallons .. 16.855 1.157 ... 446.4S0 ... 6,650.324 ... 1,411,196 '.'.'. '" 1,050 Value. $ 112.2S6 14.64S 28,086 1.631 17.235 47.682 6,425 28S.7S2 8.512 159.163 96,043 8.520 2.3SI 2,011 135.054 4,7.2 3.982 6,266 2.S49 9.046 24.770 40.515 85.067 22.305 10.707 Sugar, pounds 1 SS2.496 Sulphur, pounds 2.087 Tea, pounds 5S5,469 Tin in pigs, pounds S9.6SS And smaller quantities of cottons, metal, silk manufac tures, wool manufactures, toys, etc, to make total Imports for the fiscal year .$1,526,S06 Imports, by Countries, for the Fiscal Year Ended June 30, 1001. Australasia, British $ 62 Austria-Hungary 3 014 Belgium 3s'oio British Columbia - 3873S Chinese Empire 19303 Cuba i.riTR Denmark 20 East Indies, British...; : 49S 829 046 T East Indies, Dutch. England France Germany Hong Kong Ireland Italy Japan Mexico Netherlands Philippine Islands ..... Quebec Ontario, etc.. Russia. Asiatic Scotland Sweden and Norway . Switzerland 1.135 8S.8SX 5.433 123.4S4 207.112 95 407 305.855 5.090 614 156.532 279 130 17.157 6.3S1 40 Total ' $1.526.b06 Entered and Cleared During? Fiscal Year Ended June Governor Van Sant at Home. MINNEAPOLIS, Jan. 2.-Governor Van Sant and Attorney-General Douglass reached home this afternoon. Both drove straight to the Capitol and went to work on the railway merger case. The Attorney-General will leave tomorrow night for Washington and will Institute the state's suit Monday In the Federal Supreme Court. His appearance Monday will be a formality. The court will set a date for the hearing, and Mr. Douglass will re turn to Minnesota. When he next goes to Washington he will be accompanied by George P. Wilson and L. D. Munn, his associates in the case. Then the great battle will be on in earnest. Pacific Express Company Election. OMAHA, Jan. 2. The annual meeting of the stockholders and directors of the Pa cific Express Company was held In this city today. The principal business trans acted was elecfion of officers and direct ors for the coming year. They are as follows: President, James Eggleston; vice-president, Horace G. Burt; secretary and treasurer, W. R. Carter; assistant treasurer, H. B. Hanson; directors, H. G. Burt, C. C. Warder, J. Ramsey. Jr., E. B. Pryor, S. B. Schuyler, Erastus Young and James Eggleston. Entered. Cleared. American 2 3 British 9 100 Danish 1 French 1 11 German 5 3S Italian 2 Netherlands 2 Norwegian 4 16 Total 21 173 Entered Tonnage Sail. 918 3.539 i.719 6.099 12.273 Steam. 1.695 14,800 3.777 .6.522 26,803 Sail. 1.502 109.613 1.CC0 1S.314 65.454 2.618 1,451 3.178 203.7SO 30, 1001. Cleared Steam. 1.693 81,7.2) 5.3CO "i'.Vsi 24,039 116,114 Vessels Entered and Cleared Coastwise. Tonnage iiuiqBer. sail. Entered 257 202,118 Cleared 123 1,713 Steam. 187.450 133.491 Total 392 203.S31 Documents Outstanding. Registers Enrollments Number. .... 4 SI Licenses under 20 tons u Total 96 320,941 Tons. 2.0SU 30.471 191 32,751 Linemen's Long- Walk. ANACONDA, Mont., Jan. 2. A crew of 15 linemen of the Western Union Company today arrived In Anaconda, having walked all the way from St. Paul and strung a new wire from that city to this place. The new circuit will be complete when the wire has been run into Stuart The start from St. Paul was made early In Septem- Sold Under Foreclosure. DULUTH, Minn., Jan. 2. The Duluth Transfer Railway was sold today under foreclosure of bonds amounting to $1,180, 000, and was bought In by the bondhold ers. The sale was under an order of the United States Court. The road consists of valuable terminals in Duluth running from the heart of the city up to Fond Du Lac, and reaching all the manufactur ing districts, and Includes practically all terminal facilities not now owned by the Northern Pacific, Great Northern or Omaha roads. ber. and an averace of nlna mlles.nf -im classes of creditors -will be conserved by -was strung daily. Railroad Notes. Alexander Gavin, tlcketv auditor of the O. R. & N., is In San Francisco, where he went to check up the ticket business of the company for the year. George W. Hayler, who was formerly chief clerk of the general passenger de partment of the O. R. & N., has Just been appointed assistant general passen ger agent of the Delaware, Lackawanna & Western Railroad, In New York City. After leaving Portland In 1895. he was district passenger agent of the Cincinnati, Hamilton & Dayton Railroad, at Indian apolis, and from there two years ago he will be remembered that among those who perished on the French side was King John, of Bohemia, whose plume of feath ers and motto, "Ich DIen." were given by Edward III to the Prince of Wales. In the whoje course of the history of France, as Mr. Leger, the author, pointed out. the King of Bohemia is the only foreign sovereign who voluntarily laid down his life for this country. When h!s noblemen entreated him to save his own life and those of his followers by flight, he re plied, according to the Latin chronicles of Bohemia: "Heaven forbid that a King of Bohemia should run away. But lead me into the thickest of the fight. God help us; let us fear nothing. But only watch over my son." Bohemian chronicler Benes continues: "He was led Into the middle of the battle, and was shot down with arrows, along with many Bohemian noblemen. The other noblemen, seeing him dead, fearing they might lose both their Princes, carried away, notwith standing his resistance, his son, who was already wounded, having been engaged some distance from his father, and led him to a place of safety." Further details of the battle of Cressy are found In a Czech chronicle in verse. It is a history of Charles IV by Lupac. printed at Prague In 15S4. and republished in 1848. Even the reprint Is very rare. Lupac estimated the companions of King John at 500 In number. M. Lquls Leger, visiting the Bite of the battle recently, came upon a very old stone cross called the Cross of Bohemia. It probably marks the spot where the King of Bohemia fell between the Erfgllsh and the French lines. The part of the cross facing the west is much more weather-beaten than the east ward side, a fact which proves it to be of very ancient date. merce and revenue laws presented a re port and resolutions disapproving the ac tion taken 'by the reciprocity convention held In Washington. This report and the resolutions were adopted after consider able debate. The resolution was as fol lows: "Whereas, This chamber has consist ently favored the establishment, through reciprocal concessions In tariff rates, of closer trade relations between the United States and the commercial countries of the world; and "Whereas, The National Reciprocity Convention In Its recent session In Wash ington, D. C, adopted a resolution rec ommending reciprocity through tariff modifications where it can be done with out Injury to any of our home Interests of manufacturing, commerce or farming, thereby rendering any application of re ciprocal tariff concessions Impracticable; and, "Whereas, The National Reciprocity Convention In a second resolution recom mended the establishment of a new com mittee to which shall be referred the con sideration of all reciprocal trade agree ments, thereby nullifying and disregard ing the valuable and beneficial work suc cessfully accomplished by the present Commissioner Plenipotentiary in the ne gotiation of important treaties whereby a great part of the trade of these coun tries would be thrown open to us; there fore, be it "Resolved, That this chamber hereby expresses its disapproval of the action taken by the National Reciprocity Con vention In Washington on November 20 as subversive of all attempts to bring about closer trade relations with our sls- I ter nations, and to open new and wider The following correspondence was writ ten from Philomath, Or., to the Pendleton East Oregonlan by J. E. Lathrop. It draws Interesting conclusions on condi tions in the Willamette Valley from an Eastern Oregon viewpoint. The alleged grievance of the Yaqulna Bay district in the matter of transportation Is portrayed: "In this part of Oregon one hears ad vanced the same arguments, finds the same condition of quasl-hostlllty to Port land, that has for all past years worked to the detriment of Oregon's advance ment. People appear to regard the busi ness and commercial Interests of the me tropolis as antagonistic to the remain der of the state. For Instance, they al lego that It was through the Influence of Portland that the Southern Pacific people caused the virtual abandonment of the Corvallls & Eastern, the road bought by A. B. Hammond supposedly for the South ern Pacific system. "The Corvallls & Eastern road formerly hauled from the seacoast large quantities of freight that came from San Francisco, and claimed they could lay down goods here, shipped by water from there to Yaqulna Bay, and thenc over the Corvalllls & Eastern, at the same prices charged for the same goods in Portland. It Is the impression here that the Port land people went to the Southern Pa cific people and insisted upon the kill ing off of the water and rail transpor tation scheme, so as to leave Portland In undisputed possession of this country as to wholesaling. However that may be. It Is true that no one here can now buy In San Francisco profitably, and Port land has the field, while also the South ern Pacific has a monopoly of the carry ing, for all the territory that Is not on the Willamette River Itself, where the boats charge a difference of considerably less per 100 for all freights. "Here is entertained a strong hope that Portland will effect arrangements for the construction of the projected road from Astoria to Yaqulna Bay, which so they think will place this region In a position to obtain the competition they have lost. It cannot be denied that this part of the state Is not In an enviable situation as regards railroads and freight-carrying, and that some relief should come to them. And because they believe that Portland is responsible for the newer order of things, since the Corvallls & Eastern Company became virtually an adjunct of the Southern Pacific Company, they feel hardly toward Portland. "This Is something of which Portland can afford to take account and do what ever is necessary to remove this feeling of hostility. This virus of antagonism of one section to the other Is what has done more to retard Oregon's growth than all other causes. And one cannot gainsay this Oregon has Its full share of retarding growth. The time has come when everybody who lives In the state and has Interests here should unite upon terms of mutual helpfulness and see to It that the most .resourceful state on the Pacific Coast forges to the front, where it belongs. "Portland must be the leader In this forward movement, and Portland must be strong and commercially virile If the rest of the state grow and develop Its stores of natural wealth. Run Down at the Heel. "There are reasons why the Willamette Valley looks run down at the heel. One reason Is that the people on the farms and orchards do not exhibit the energy they should. It will surprise Eastern Oregon farmers to learn that their fellow-agriculturists hereabouts are quite generally In debt. Many farms are cov ered with mortgages. Men who have lived here for 40 years are paying In terest upon debts that represent, not speculation, but the pure and simple run ning behind from year to year, until ther have in many cases lost spirit and do not care very much. "One reason is that the farmer here clings to wheatralslng as the ne plus ultra and refuses to attempt anything else, while all the time here are boundless re sources for the most magnificent system of diversified farming In the world. There is not one reason why the Willamette Valley farmer cannot diversify. He has all varieties of soli, all sorts of grasses, all kinds of crops are produced that grow In the temperate zone, anything animate flourishes here as In few places on the globe. Fruits, vegetables, grasses, grains, timber, livestock, dairying everything here Is possible. One cannot avoid re garding It as a paradise In many respects, and. Indeed, It Is In variety a paradise. And for the breeding of. livestock there Is not a region superior to It under the blue skies of heaven. Orchards Are Neglected. "Willamette Valley orchards are as badly affected with fruit pests as they were five years ago. There has been practically no effort no consistent effort to eradicate them. Occasionally one finds an orchardlst who has attempted to do THACKERAY IN AMERICA. Reminiscence Aronied and Great Change.1 Brought to mind. . Minneapolis Tribune. The Christmas Century's chronicle o Thackeray's American visit of six motthsJ in 1S51, 1S52 and 1S33 is peculiarly Interest ing from, its reminiscences of the great intellectual lights of that period the gold en period of the Victorian" age of English literature, both In our own and the moth er country those days In comparison with whose brilliant effulgence our own time seems but a dim. misty twilight. Thackeray's lectures on the English humorists of the eighteenth century had already been given In London before dis tinguished audiences. Including Carlyle, Macaulay, Dickens, Ruskln and othec celebrities of British art and literature, professional and official life. On arriving at Boston In the latter part of 152, his first caller was the historian Prescott, Bancroft was the first to welcome him to New York. He had just completed his masterpiece. "Henry Esmond." As ho was taking the three volumes to Mr. Prescott he said to a friend whom ho met on Beacon street: "Here is the very best I can do. I am carrying it to Pres cott. I stand by this book and am willing to leave It where I go as my card." Inheriting at the age of 21 a patrlmony of 500 a year, Thackeray had lost his money In disastrous Investments, and came to this country hoping to secure by his lectures a provision for his In valid wife and daughters In the event of his death. The lectures proved both a literary and pecuniary success. In Bos- l ton he numbered among his most enthu siastic listeners Emerson, Longfellow, Holmes, the two" Danas, Whlttler. Pres cott, George Ticknor and all the other celebrities of those palmy days of the modern Athens. In New York the profes sional and literary magnates flocked to hear him. Though not at that time rival ing Boston as a literary center, New York could boast the great names of Irv ing, Halleck, Bryant, Curtis and others of about equal note, while some of the most famous preachers of modern times occupied Its pulpits, and Its bar pos sessed Jurists of world wide fame. In Washington every person of note from courtly President Fillmore down to the humbler ranks of representatives and diplomatists gave him a right royal wel come. Wherever he went, in Boston, New York, Washington Baltimore, Rich mond, Charleston, S. C. and Albany, ova tions attended him. The dinners given In his honor were "many. At these din ners brilliant conversation and sparkling wit took the place of more formal elo quence. In whatever social function he took part Thackeray, with his original songs and humorous anecdotes, was the bright particular star. He stayed a month In New York, passing a longer period in Boston, which he visited several times and found especially congenial. He de scribed Its society as grave, decorous and well read, and much like that of a rich English cathedral town. Three yeara after his first American visit. Thackeray came to us again with h's "Four Georges. which, delivered from various lecture plat forms, proved a great success. The bril liant social life of the first sojourn was repeated, and he left behind him hosts of friends and admirers. He died the day before Christmas, 1S63, and commemorated by a bust in Westminster Abbey. In this brief period of but little more than a generation of men, since Thack eray left the world, changes have taken place unequaled by those of any similar period In human history. The gxeat statesmen, authors, artists and men of tfie learned professions, who flocked to hear his lectures, have passed over to the ma jority. Dr. Holmes was the last survivor of the Boston literati who bade him we. come, George William Curtis of those in. New York. Judge Daly and William H. Appleton. the publisher, both of whom died In 1S99. were the last of the brilliant circle who gathered around him In New York. His great Engli.sh contemporaries, too, are gone, and a new generation of lesser men have taken their place. Thack eray died in the prime of his prowess and In the midst of his laurels. But In his 52 years of life it was given him to rear an enduring monument and to achieve the surest earthly immortality, that of the great author. The ShenrinK GnnT. Longman's Magazine. All of a sudden came the shearing gang on ponies all Mexicans. 15 of them, some In rags, one or two assuredly In Jags. If "jag" has acquired the meaning In the o!d country it has out here a "jag" here Is a drinking bout. None In velvet gown that I remember, though a Mexican' is a very child In his love for display. They were as brlgandish-looklng a lot of rascals a? one would wish to see; swarthy skins, flashing black eyes, black-bearded and mustachioed, sombreros, ragged and. dirty Jose. Juan, Sanchez, Pedro, and tho rest of them: and perhaps the most com mon name of all. and coming with a shock to unaccustomed ears. Jesus, pro nounced In full The'hus. but nearly al ways abbreviated to Sus. Two big dogs were barking their loud est, and had halted the whole gang In a row. The "carrambos" and "carajos" were going freely when we went out to interview them. A bargain was soon struck: wages were either 4 or 5 cents a fleece I think 5 and their grub the raw material, that It flour, baking powder, green coffee, rice, the savory Mexican bean, or frljole than which no better bean grows on the earth's surface salt pork and mutton. They had their own camp, of course, and an old "dobe" cabin to sleep In if they wanted it. Their sad dle blankets were all the bedding they required. aeaaaai SPECIALISTS FOR MEN DR. TALCOTT & CO. STRICTLY RELIABLE. Largest Practice on the Pacific Coast By far the most frequent cause of nervous disorders of the male Is A DAMAGED PROSTATE GLAND. The Prostate Gland (so-called neck of blad der) Is a structure very rich in nerves. When the terminations of these nerves are kept In a constant stats of excitement by chronic Inflam matory processc, it appears very clear that by transmission of this irritation to other nered the patlei.t may be subject to nervous phenom ena of the most varied character. Premature nrss. etc.. are not weaknesses, but symptoms of this inflammation. We have prepared a col ored chart, which we will send free on applica tion, oy wnicn any one interested can readily understand why, if he has been treated for a weakness, he has not been cured. We par- tlcularly solicit this clans of cases, and can a promise a speedy cure without stomach drug- Kin?. fl PORTLAND OFFICE, 250 ALDER STREET, CORNER THIiD San Francisco Office, 097 Market, Corner Sixth. J e 9