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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (March 15, 1907)
TIIE MOKAIJNCi OREGOXIAJf, FRIDAY, MARCH 15, 1907. STOCK MARKET ON JEHCE OF PIC Wild Selling on Wall Street Caused by Crop of Rumors. NOT A FAILURE RESULTS High Money Rates and Rumored Troubles of Harriman Start Stam pedeDenials Have Little EI feet Saved by Foresight. ; NEW YORK, March 14. Under the ef fect of 25-per-cent money and the general pessimistic sentiment developed as a' re sult of the recent heavy decline, trading on the Stock Exchange today reached a stage Of demoralization bordering on actual panic. The worst period of the day was shortly before the close, although there was an extremely violent falling off in prices between 12 and 1 o'clock. New. low records .for the year and in some in stances for several' years,' 'were 'estab lished in the active speculative issues under precipitate selling, with the market "apparently without ' buying orders other Than thoso of the bears to cover their short, contracts and realise their profits. The closing quotations showed the fol-. lowing declines for the day In leading shares: " ; Extent of trie Declines. Amalgamated Copper 174, American Smelting 16W St. Paul 13VI. Consolidated Gas 7, Ielaware & Hudson 194. ' General Electric Shi, Great Northern 5, Minneapolis. St. Paul & Sault Ste Marie 6, Missouri Pacific .'Na tional Lead 5, New York Central 6, Nor folk & Western Thi. Northern Pacific 8, Pennsylvania 64. Reading- 20, Southern Pacific b. Twin City Rapid Transit 5, Union Pacific 20, United States Steel and United States Steel preferred 4. In most instances even these figures do not represent the extreme declines, as Reading closed 2 points above the lowest and Union Pacific 4V above the lowest of the day. The total sales were 2,719.906, tile largest total on any day of the recent trading. The announcement of Govern ment relief for the money situation was not received until after the close of the Stock Exchange. Afraid of Roosevelt. Other than higher money and the gen- eral bearish feeling, there was nothing to account for the market's weakness un less it was the nervousness of the stock market traders as to the attitude of the National administration toward the rail road corporations. Just before the mid day break a rumor was circulated and given credence to the effect that a banker who had just returned from Washington iad reported to his friends that the Presl dent had declared that his views as to the railroads had not changed and that he saw no reason to change them at this time. For several days Wall street had taken the view that the -heavy decline had not been without effect in- Washing ton and that a modification of the atti tude of the President and the Interstate Commerce Commission toward th great trunk lines might be looked for. Great disappointment was expressed at the news credited to the banker quoted as author ity for the statement that there will be no such change. The banker himself, when - approached on the subject by newspaper men, said he did not care to be quoted further than to say that he believed the administration thoroughly understood the financial situ .ntlon" and the conditions as they applied to railroads and industrial corporations. Relief Comes After Close. Rumors In circulation during the after noon that Government relief might be looked for, official confirmation of which was received after the close, were with out effect on -the stock market trading. jsone or the reports in circulation yester day as to foreisn financial difficulties re. reived confirmation today, and in fact the -.liomlon hiarket showed advances for American securities. This fact, however, whs without effect on the New York E -change except for a short time after the opening of trading. Business on the New York Kxchange started rather quietly, apparently influ enced by the better prices in London, but nerore n o clock a heavy selling move ment was 4n ' progress and prices lost from 1 to 4 points. Union Pacific led the early decline with a break of 3Vj points to, 142 and Amalgamated Copper followed with a decline of 3V to 93. United States bteel offered more resistance than mos of the list and after selling at 38, It rallied to above 37, helping to steady ! the remainder of the list. As prices steadied, "there was a falling on in business and the market remained : relatively quiet until between 12 and o'clock, when the bears centered their ' efforts on t'nlon Pacific. Reading and Amalgamated Copper. The whole list was affected by the rapid falling oft In these shares and the scene on the Stock Kxchange became one of wild confusion There -seemed to be absolutely no sup port to the market, the trading becoming demoralized. Storks Recklessly Sacrificed. This ' downward movement seempd to spend its force in a short time, however. only to be succeeded toward 1:30 o'clock by the wildest trading that has been known on the Kxchange pincp the North rrn Pacilic panic of 1901. Reading fell rapidly to below par. getting down as low as while Union Pacific went to 1.11, .St. Paul to 130 and Amalgamated Copper to 9,. 1 At this time traders thought thev had seen the worst of the day, but still more i sensational declines, with the most ex cited trading scenes came Just before the close of the tnarket. Brokers who ' had called on their customers and who had not received satisfactory responses , threw over their stocks almost without regard for the prices they would bring : and it was in this slump that the extreme ; low prices were reached. Amalgamated i Copper selling at SO. Atchison at S2 5-S, ; R. & 0.at STi, Canadian Pacific at 167, i St. Paul at l-. Pennsylvania at 114. Read ! ing at 91. Southern Tactile at 69?i and Union Pacific at 120Vi. After the mos' , -urgent selling had been accomplished there were sharp rallies in a number of the shares, most of the leaders closing from 1 to 3 points above the lowest. Rumors Aggravate Scare. j Wall street was so excited during the t worst period of the afternoon that almas j any rumor received some belief. One i report that had considerable effect on ! the market, and on Luton Pacific par ' ticularly. was that a serious break had ! occurred in the friendly relations be- itween E. H. Harriman and the banking firm of Kuhn. Loeb & Co. According to , this report, Mr. Harriman had been re- l quested by the banking firm to take up (large amount of securities which the bank was' carrying for lilm. ' The atory I was almost instantly denied, but not I withstanding the denial continued to - have effect. Another reason put forth for the heavy break in Union Pacific and Reading, accompanied by the sharp falling off in Baltimore & Ohio, was that the union Pacific was having difficulties in financ ing its purchases of Baltimore & Ohio, Atchison and other stocks. In order to finance these operations, it was asserted, the road would be obliged to issue short- time notes and the issuing of those notes would be affected by the fact that the recent declines in Baltimore & Ohio and Atchison show tosses of many millions of dollars from the prices at which they were purchased by the Harriman inter- i ests. It was pointed out also that the-j decline in Reading shows a heavy loss to Baltimore & Ohio, which holds about 130,000,000 of Reading stock. - - Caution Prevents Failures. After the close of the market much re lief was expressed that there had been no failure during the day and that of all the rumors in the street there seemed to be none affecting the solvency o any bank ing or brokerage house of any importance. ne- banks reported that their demands for further collateral from brokers had met with prompt response and that, so far as they were concerned, their posi tion as to the stock market was satisfactory- A remarkable feature of the decline in Wall street values Is that it was fore seen several months ago and that warning was given, so that brokers generally had protected themselves by requiring ' their customers to deposit and maintain ample margins on their trades. In this respect the present situation differs widely from that of 1901, when the contest over ; the Northern Pacific brought about panic at time when the bull speculation was rampant and when the public, was car rying . heavy lines of stock on compara tively slender margins. At that time brokers suffered heavy losses -through failure of their customers to respond to calls, for funds. .So far as known, no such state of affairs exists today. Some of the larger commission houses have re ported for. the last several weeks that their customers were out of the' market entirely. - . Secretary Cortelyou s announcement 1 of Government relief was received with much satisfaction -in financial circles, it being pointed out that it would aid the banks greatly in making payments due on the Pennsylvania railroad note issue and the Standard Oil dividend. ALLOW RAILROADS TO FORM TRUSTS SEES ENCOURAGING FEATURES Vanderlip Says Demoralization Is Confined to Stock Market. NEW ' YORK, March 14. 'The ' note worthy feature of the situation next to the .extent of- the - decline itself." said F. A. Vanderlip, head cf the National city bank today, "has been the resources shown by the holders of stock in promptly providing margins. The banking posi tlon tonight Is remarkable In the fact that the call for margins has been met with promptness by practically every bor rower. The decline, therefore, would not seem to be the result either of a string encv In money or an impossibility to obtain credit, because in spite of the great depreciation in prices, borrowers are able to keep margins good. De moralization has been confined to the stock market. We see no signs of its extending elsewhere. The action of the Secretary of the Treasury is admirable and conservative. Certainly no one can criticise it, and the measure of relief which it offers will be considerable, both in a sentimental and actual way." SENTIMENT AND A'AGUE FEAR Morawetz Says Speculators Take Ad vantage of Them. NEW - YORK, March 14. Victor Mora wetz. . chairman of the A. T. & S. K company' s board, had the lonowing to say as to the causes of the present de pression in financial circles: I am satisfied that the depression is caused almost entirely by sentiment and vague fears, most oi wnicn are uniouna ed. Speculators for a decline have taken advantage of this condition and have used every trick in order to depress values, with the result that many weaker. timid holders have been led to sell at sacrifice. Fears are entertained bv many that railway stocks and bonds have ceased to be sate investments Decause-oi me nos tile attitude of the public to the railroad companies and the danger that Legis latures and Railroad Commissions throughout the country will reduce rail way rates and diminish the net earnings of the railway companies. There is also a fear that a severe stringency in the money market may be impending. I think these Tears are greatly exaggerated. BAD BREAK IN COPPER STOCKS Panicky Conditions In Boston Close at Lowest Prices. BOSTON. March 14. Panicky conditions prevailed in the local market for copper stocks today. Brokers were flooded with orders to sell.- Prices broke sharply, closing at the lowest. Rates on money rose generally to 10 per cent. Declines of from 5 to 20 points were made in the leading coppers. Trinity was one of the features of the local market. It withstood the storm until about noon and then declined to 191-4, a loss of nearly 7 points, recovering frac tionally at the close. In many cases the selling was in default of a response to re margin calls sent out last night. The issues suffering most severely were Osceola, off 20 to 130; North Butte, off 15 to 78; Copper Range, off 9hi to 73; Utah, off 12 to 51: Quincy. oft 4H to 116; Tamarack, off 11 to 112; Butte Coalition, off 7 to 23. Harriman Wants Them Made Exception Under Anti Trust Law. NOT" INTENDED TO APPLY Ruler of Pacifies Proposes Railroad Combinations . Subject to Govern ment Control to Prevent Hos tile Legislation by - States. The Best Equipped Trust Company in the Northwest Established April 18, 1887. Many of the trust deeds securing corporate bond issues 'in Oregon run in tbe name of foreign trust com panies which have not complied witn the laws of this state permitting them to do business here. The Title Guarantee & Trust Co. is an Oregon corporation, and is author ized to carry on its business in any state in the .Northwest. We can be your trustee for bond issues and sink ing funds, and agent for the payment of interest ; we will gladly give yon expert counsel respecting the details of a proposed bond issue, .with a view to' acting as trustee or' financing the proposition. CHICAGO, March 14. "We want the Sherman anti-trust law repealed so far as it relates to the railroads," said E. H. Harriman. in an interview with the New York correspondent of the Chicago Tri bune yesterday. "I believe it was .not intended that its provisions should em brace the railroads. It was so asserted at the time the measure, was under dis cussion prior to its enactment. In the trans-Missouri case -tried under the Sherman'anti-trust law it was finally held that all agreements between railroads were In restraint of trade. What the rail roads desire Is that they be allowed to make agreements . under the regulation and supervision of the Government. This would allow the railroads to do an In terstate commerce business. 'If reasonable rates and agreements, approved under the proper authorities of the National Government, could be in augurated, then legislation by states so far as it related to interstate traffic might become null ana void. We believe that If the National Government should ap prove our rates as being reasonable, the action would be reflected in the state Legislatures." Save Money by Stopping Work. Referring to certain features of the rail road situation, Mr. Harriman said that two kinds of courage are needed in de veloping and directing the affairs of great railroad system. One is to make large expenditures when times are dull and the business outlook poor. - and thus secure labor, money and materials at low cost. The other kind of courage, he said, is to be able to discontinue the expenditure of funds and the making of improvements when business is good, money dear and labor high. This kind of courage, he said, would' enable the railroad, by wait ing two or three years, to make Improve ments at a reduction of 20 per cent in the cost of labor, money and materials. He considered such a saving a good profit for shareholders. When Mr. Harriman was subsequently asked what would be the effect on gen eral business of the withdrawal of the railroads from the iron and steel markets he replied: "I do not wish to answer that question. I have been asked it before." Slowing Up Jfot Unmixed Evil. "Would a check to business be the worst thing that could happen?" "It ought not to be an unmixed evil,' Mr. Harriman said. "The railroads now have more business than they can handle. A slowing up would mean the curtail ment of expenditures, an increase in the surplus of the road. It would mean also a lessened demand for labor and a duced demand for money. These in con- seuqence would become cheaper. "There are three things entering into railroad expenditures the hire of money. the cost of material, which is largely the hire of labor, for it is labor that pro duces the materials, and the hire of labor. If more must be paid for the hire of money, then there must be a reduction in the amount paid for the cost of the material or the hire of labor. There is so much money to be spent and the in creased cost of one item means a de crease in the other two. The railroads must hold net earnings, and, as I have tried to ' make plain, the total costs are bound to be distributed. "A check to business is, of course, bet ter than a full stop, Mr. Harriman said, "but what would be applicable to a full stop would be measurably true of Blowup." TheTitle Guarantee & Trust Co. 240-244 Washington Street, Cor. Second Portland, Oregon ownership might prove to be the remedy. I did not say immediate ownership. - TRAINMEN VOTE ON STRIKE Railway Brotherhood West of Den- " vcr Casting Their Ballots. OAKLAND, Cal., March 14. Forty seven thousand men, the membership of the Brotherhood of Railway Trainmen west of- Denver, are voting whether to go on strike to enforce demands for an increased scale of wages. The poll, the most extensive movement toward a gen eral-strike since the American Railway Union tie-up of 1S94, has not been fin ished. Indications are that the last bal lots will reach the National headquar ters at Cleveland, O., about March 25. The issue seems to depend mainly on the position taken by the Switchmen's Union, which as an organization is not recognized, it is said, by either the rail road managers, or the Brotherhood of Railway Trainmen. Tlje master of the local Switchmen's Union, No. 158, last night said: "My opinion is that a strike will not be called without the co-operation of the switchmen. The brotherhood has asked us to vote as Individuals." BURTON TO STAY IN JAIL Serve Another Month Because Can't Pay $2500 Fine. He ABILENE, Kan., March 14. Tn a letter received here today from ex-United States Senator Burton, now serving a six months' sentence in the jail at Ironton, Mo., he says- he considers reliable a re port from Washington that he must stay in jail another month unless he pays his fine of $2500. He says that, as he has no money and does not want to borrow tt, he probably- will remain in Ironton until April 21. His six months sentence would have ended March ZL AT THE HOTELS. Keflex Action on London. TiONTXX. March 14. In the absence of any extensive American demand for gold, the directors of the Bank of England at their meeting this morning decided that no increase in Its rate of discount was called for and it was left unchanged, at 5 per cent. Consols at the opening fell to S4 5-16 for cash and again touched fc43 for the ac count, the latter being: the low-water mark of 1SS6, but by noon consols had re covered to S3 for account. By noon Americans had recovered to a point above parity. The bankers here say they know of no serious trouble impend ing. American bankers here attribute the present situation almost entirely to the fact that the demand for gold to meet the booming trade interests every where exceeds the available supply of the metal. The quotations cabled from New York caused another setback in Americans, Union Pacific fell 4, and a few others a point. The general' settlement was con cluded without disclosing any difficul ties beyond two minor failures. Berlin Also Feels Kffect. BERLIN. March 14. Prices In an de partments of the Bourse here were de pressed today upon New Tork advices. Various mining stocks declined from 3 to 6 points. Ed Feldnian Bead. Frank Nau yesterday received a tele gram from San Francisco announcing the death of Ed Feldman, who several years ago was in business in Portland. News of the death of Mr. Feldman will shock those who knew him here. Mr. Feldman was a member of the firm of Feldman & Co., in the wood en ware business on First street. While in Portland Mr. Feldman was extremely popular and was a member of the Multnomah Club. He left here several years ago and went to San Fran cisco, where his firm conducted a simi lar business. TENDS TO STRICT CONTROL Bryan Says That Means No Evil for Investor. BOSTON, March 14. William J. Bryan a rri ved in Boston this afternoon for a visit which will include many receptions and speeches. The chief object of his visit was the delivery of an address to night at Tremont Temple. Mr. Bryan later spoke to Harvard students at the Harvard Union. After paying his respects to Governor Guild today Mr. Bryan visited the Legis lature, addressing both branches. He spoke at some length of rate legislation and declared the tardiness in producing the final rate bill with its amendments was a good indication of the influence corporate wealth exerts over legislation. He believed that the tendency today is toward a more strict control of corpora tions, but he did not think that this meant evil for the investors. "It means," declared Mr. Bryan, "that the natural man whom God made shall not always be trampled upon by the man-made giant that legislation has created." "It is no wonder said he. "that Presi dent Roosevelt has cried out against the swollen fortunes and against the idea of their descending from generation to generation. Those against whom the President inveighed are those who are not giving a service that is at all meas cred by the money they receive." PREFER TO DEAL WITH NATION Bryan Explains Appeal to President. Still Favors Ownership. NEW- YORK. March 14.-W. J. Bryan, who was in town for a short time today on his way to Boston, said that the rail roads prefer Federal to state legislation, and that is why the presidents of the trunk lines are appealing to the Presi dent. He attributed the timidity of -investors to what he called the attempts of the railway people to terrorize the state Legislatures. The tremendous shrinkage in the market value of stocks he attributed to the squeezing out of the water. , "It has been the policy of railroad of ficials to avoid state legislation and seek their relief from the Federal Govern ment." said Mr. Bryan. "These big cor porations prefer to deal with Congress for the reason that state Legislatures are too near the people. I have said that the sooner the railroads are put on an honest basis the sooner the Investing public will feel more secure in doing business with them' "Dp you still adhere to the position you took with reference to Government own ership of railroads?" "I do, most emphatically, but I said at Madlson-Su.uare Garden that ultimate The Portland O. A. Poole. Tokahama; R. K. Walter and wife. New York; J. A. Orr, New York; C. L. Lawrence. Buffalo; J. W. Morton, San Frantisco; E. W. Linforth, Berkley, Cal. ; W. H. Day, Dubuque, la. ; Mrs. W. H. Day and maid, Dubuque, la. ; G. Matigan, Seattle; W. E. Hall, Denver; F. N, Graham, San Francisco; M. Relss, San Francisco; A. M. Pontins, San Francisco; J. C. Knight and wife, Seattle; Mrs. A. Bail lie, Tacoma; W. G. Drum, San- Francisco; D. McPhail, New York; R. L. Roas and wife. Seattle; W. C. Sivyer. Spokane; H. D. Feary, city; J. S. Hamilton, Fairmont, W. Va. ; E. C. Smith. St. Joe; M, A. Mayer. New York; W. Blndger and wife, Seattle; G. A. Heidlncer and wife, Seattle; TV. T. Cary, San Francisco; C. Clarke, Philadelphia; F. J. Raster. San Francisco; J. G. Mcllugh, Minneapolis; Mrs. J. V. McHugh. Minne apolis; D. D. Seerie, Denver; G. Kraus, Denver; P. Seeri. Denver; J. I Schrench, South Bend ; R. Fernandez. New York ; M. Newhouse, Vhlcago; G. A. Sisk. New York; H. J. Mitchell, Pittsburg; S. S. Bernstein. San Francisco;, G. E. Mevlil, Salt Lake; E. G. Chandler, Seattle; J. H. Budshee, New York; J. Dickie. Chicago; D. G. Klinefelter. Spokane ; M. Cohen, Seattle ; J. G. K ldd. New York ; P. Yemansky, San Francisco ; L. E. Hirsche, New York; D. E. Dresser, Sacramento; G. W. Williams, Seattle; J. H. Wright and wife. St. Louis; A. S. Collins, Chicago ; M. H. Abbott, Van, Wash. ; Mrs. Plunkett, Van. "Wash. ; C. Adler and wife, Baker City; T. McLelland, New York; A. Baillte, Lemar: Mrs. J. G. Thompson. Se attle; A. B. Hurtgen, Millville; r. A. Laurie. Chicago; J. L. Lawrence, New York; E. F. McGrosy and wife, Seattle ; W. H. Kinney, Luna ; H. O. Koeppen, Boise ; O. N. Koep- pen, totse. The Hotel Oregon C. S. Moody, St. Paul; F. L. Mary, Chehails; William Neville. Che- nans; k i. Mardonald. Seattle; M. M. Taylor and wife, Idaho; C. E. Hawver, Salt Lake; NeJlie B. Perkins, Drain; Leon a Per kins, Drain; Louis Westeshofx, Germantown, Neb- A. T. CoWiwell, San Francisco; D. Campbell, Belllngham: H. B. Barber, Seat tle; J. C. Cecil, city; E. E. Whitine. Chi cago; J. H. Abrahams, Chicago; G. W. Set- tlemelr. Woodburn; Robert McKinley, Phil adelphia; Jeff Berg, Philadelphia; F. C, Marguardson, Heppner; H. G. Stoeltlng, Dimmlck and wife, Tacoma; Charfes An- d re wa and wife, Tacoma ; H. A. Grandy , t:mcago; Alvas Brown, Walla walla; w. Rosenblatt, San Francisco; C. Gerber, Free mont. Mich.; R. M. Moon, Holland, Mich.; M. Mcuonaia,. saiem; L. M. Goodstadt, Baltimore; Ada Glfioro. Baltimore: W . Doyle. Manitoba; T. N. Heffran and wife. -New xorn : a. .. HraeiaicK. Seattle : w. Hailey. city; G. E. Whitney, Tacoma; Ohas. Rogers; Astoria; W. H- Swayne, San Fran cisco; W. H. Eccles and wife. Hood River; C. Lansing and wife, city: Louis Wester- hoff. Germantown. Neb.: H. Simmons, Lewis- ton idatio: A. Ebei. iewiston. Idaho; w. H. Leach. Tacoma; Edwin Harrison, Ta coma; V. A. Billion and wife. Mohler, Idaho W. F. McKee. Chlcaeo: Karl Olsen. Seat tie; Robert H. F"arrlnirtan. Minneapolis ; W. A. Murchil. Masco : J. D. Bice and wife. Chehaiis; E. C. Bunce. Chicago; Ben Green- hood. New York; S. F. Kildall, Belllngham O. C. Thayer. Omaha: L. Sargent and wife. Stillwater. Minn.-. W. G. Smith. Oregon City ; M rs. Mars ery Brown. Astnrla : (flenn Natural Flavors itfFHIC menus Flavoring Extracts Vantna Lemon Orangrs Rose.tt(k are natural flavors, obtained by a new process, which gives the most delicate and grateful taste. Dr. Price's Favorings can be conscientiously commended as being just as represented, per fection m every possible respect. One trial proves their excel lence. You'll find in our Hart, Schaffner & Marx Clothes a distinction which noth ing but correct style ideas, care ful tailoring and honest all-wool fabrics can give. This model illus trates what we mean. Spring- Suits or Tpp Coats $15 to $35 WW Copyright 1 906 by Hart Schaffner if Marx The Multnomah $3 Hat For Style and Quality, Leads Them All We have a most complete line of the latest Spring Styles in botb soft and derby bats. SAM L ROSENBLATT S CO. Hallett, city: F. H. Teaton, Ilwaco; F. M. Simlngton. Astoria. The Prrkln Mrs. Bush. Saln: -O. J. Beck, Lexington; I. Donohue, Jefferson; K. .K Brown ana wire, jenerson; j. Warren and wife Spokane; George W. Gun ners. North Yakima; T. W. Brlst. Nortn Yakima: A. R. White. Buford Springs; F. Shively. Buford Springs; J. T. Howell. Buford Springs; E. Westeman. Spokane; D. H. Welch, Astoria; J. E. Graham, Cascade Lake; 8. J. Ballard, Cascade Lake; Delia Warren, Astoria; M. McDonald, Astoria; B. Briton, Astoria; Mrs. K. JJavmson, Astoria- Frank Gable. The Ialles; Ben Peck, The Dalles; J. p. Keating. The Dalles: A. F. Buckman, Brekelton, Wash.; C. A. Blc- hetter, Brekleton, Wash.; A. u. uecK, j elton. Wash.; George M. Wedge and wife. Cleveland, O.; M. Kelly, Crookston, Minn.; Mrs. M. Rowell. Scholls; Mrs. C. Ratcllff. Scholls; M. Britter and wife. . St. Paui. Minn.; E. N". Jones, Spokane; G. A. Brown and wife, Emett. Wash.; H. W. Wilson and wife. Mountain Home, Idaho; M. M. van Horn, Astoria; G. P. Morden, Astoria; Wil liam Lyons, Juneau, Alaska; J. F. Hlatt, Seattle: Mrs. D. A. Gove, Seattle; Miss L. X. v iranu. semiie; v . xv. iiuuou.., . Veil: R. R. Hamilton and wife. Salem; R. I M Tllbert. Eugene; C. Jones. Goldfleld; O. I Axtell. Monro ;Camp Smith, Pdlnevllle; A. n Ijinr Knnknne: Andrew Smith. Oor- 1 vallls; George Williams, Bay City; Andrew Williams, Bay City; J. A. Rowell. Schaller: T. E. Rowell, Schaller; R. D. Riley. Ta coma; J. A. Burke, Tacoma; L. E. Wtlks, Tacoma; J. A; Johnston. Astoria; Jane Har rington. Astoria; T. Ennis, Astoria; A. E. Bell. Salem: John Bell. Salem. The Imperial Frank Davenport. Hood River; A. Susheimer. Portland; F. O. Miller, Portland; Phil S. Bates, city: J. L. Plant, city; H. G. Van Dusen, Astoria; C H. Car ter. Pendleton; A. Weston and wife, Pen dleton; J. F. Westenhouse, Oil City. Pa.: Mrs. J. F. Westlnghouse. Oil City, Pa.: Miss Florence Westlnghouse, Oil City, Pa,; Miss Laura Westlnghouse. Oil City. Pa.; Al W. Elburn, Oil City. Pa.: E. L. Payne, Gates, Or.; F. W. Genott, Belllngham; H. Tuller, Seattle; Andy Cox, Seattle; Mrs. John Clerf, Ellensburg; Dr. J. C. McCauley. Ellensburg; J. S. McLeod. Pendleton; James Johns. Pendleton: James W. Dunlop. Chicago; D. S. O. Callaghan. Chicago; J. S. Plant, Chi cago; C L. Robertson, Winchester: J. S. Call. Trouldall; A. G. Henderson, Walla Walla: C. A. Davis, Denver; H. W. Butler, city; W. M. Glbles. Prairie City: Mrs. E. D. Stelnramp. Granite; Mrs. E. C. Lindsay. Island Cltv: H. W. Ireland. Portland; E. Muriset, Victoria; Mrs. A. J. Ahole, Gold endale; J. W. Hyde, Philomath: C. Elliott. Detroit: W. A, Teutsch. Portland; C. G. ButtB, Duluth; B. N. Horner, Duluth: E. E. Wright. Walla Walla: B. C. Dunbar. Seattle: Martin Foard, Astoria; W. E. Gunn and wife, MeMlnnville; D. M. Miller, LaMoine. Cal.; G. W. Waterbury, city. The Kt. Charles J. P. Nampln, J. W. Gana, South Bend; M. F. Ross and wife, Chinook; Mrs. Matthews, Houlton: J. Tep pery and wife, Castle Rock: C. Keyes; A. Dickerson. Salem; W. H. Patton, Dufur; J. Weeks, Kalama; J. W. Ross, Latourell; F. M. Foster and wife, city: H. Austin. S. Beebe, R. Helmken. C. Fisher, Woodburn; J. H. Dorsey, Alsea; W. D. Stillwcll, Tilla mook; J. M. McKenna, J. C. McKenna, Falls City; B. Wellwood, Falls City; E. P. Peck. Kelso: A. S. Patton. Frances; L. Culbertson. SUets; C. P. Danielson. Medford; G. Stev ens: C. S. Wells, E. P. Wells, Tillamook; C. Hartzoll. Kelso; J. Plater. P. J. Corn stock, Dundee; H. Johnson; R. G. McKay, Falls City; D. Stayes, Dundee: N. O. Mitch ell, ctty: J. C. Brown; J. G. Preble and wife. Altoona; F. O'Connor, Drain; Hugh Worley. city; J. Orrlnger, Holly; G. Sher rlck. The Dalles; Mrs. A. Parcher, Rainier: F. Griffith, C. Griffith. Cora Griffith. Long Beach; T. M. Welsh. Manor; J. Conklln, Sa lem: T. F. Ferguson. Salem; O. O. Smith, Larayette: W. I. Barnes and wife; W. M. Powell. Salem: C. R. Wells. E. P. Wells, Tillamook; A. O. Jackson, Goble; C. Peter-B. Street, Woodburn; C. W. Hardy, Mo son. Jf. McKenzie, J. Johnson. H. Wooley.la.lla; J. H. Dorsey, Alsea. J. Smith, city; Margaret Griffiths; Carrie Smith. Elgin; W. M. Murphy, city; D. E. Hotel Donnelly, Tacoma. Wash. Brooks. Goldendale; G. Gervls, Gaston; E. European plan. Rates, 1i cents to t2.50 West. Astoria: C. H. Keyes. Centralla; A.per day. Free 'bus. Ia the joy of the household, for without . it no happiness can be complete. How sweet the picture of mother and babe, angels smile at and commend the thoughts and aspirations of the mother bending oyer the cradle. The ordeal through which the expectant mother must pass, how ever, is so fall pf danger and suffering that she looks forward to the hour when she shall feel the exquisite thrill of motherhood with indescribable dread and fear. Every woman should know that the danger, pain and horror of child-birth can be entirely avoided by the use of Mother's Friend, a scientific liniment for external use only, which toughens and renders pliable all tbe parts, ana assists nature in its sublime work. By its aid thousands of women have passed this great crisis in perfect safety and without pain. Sold at $1.00 per bottle by druetrists. Our book of priceless value to all women sent free. Address Wt3 ifl Iff3 ' mRADFIBLD REGULATOR OO. Atlanfm. Urn. m El fcaSMfci DO IT IN O W ! Take advantage of the COLONIST RATES TO OREGON And the Pacific Northwest over the Union Pacific, Oregon Short Line, Oregon Railroad & Navigation Co., and Southern Pacific, from all Darts of the East. DAILY during March and April. YOU CAN PREPAY For tickets, if yougdesire to bring friends, relatives, employes or others from the East, by depositing the cost with any agent of the 0. R. & N. or S. P. Co., with name and address, and ticket wiil be promptly furnished in the East. A Rare Opportunity to Promote the Industrial Growth of the Northwest RATES FROM PRINCIPAL EASTERN CITIES. A B . A . B Chieatro at.10.KO 9.13.O0 Buffalo 4!.W S42.K4I St. 1-oo.f 27.R0 SO.OO New York 47JM CO.OO Kansas City 22.."0 35.O0 Boston 47.40 . 4B.90 Omaha 23..-.0 2S.0O Philadelphia 47.2S 49.7S St. Paul 22.50 25.00 1 Wnshinston 47.25 48.25 A Rates aDDlv to a.11 main nnrl limni-ii lino rjoints. HuntinKton to Spokane, Inclusive. B Rates applv to Portland, Astoria and Puget Sound points; also Southern Faclfio main and branch lino points north of and Including: Ashland. Oregon. For complete Information, inquire of WM. McMlKRAV, General Passenser Accent, Oirea-nn Railroad & Navigation Co. C. W. Sting-er, City Ticket Agt., 3d and Wasnington. 'THE HOUSE OF TONE" Portland's Newest Cloak and Suit House - SB!! IE have these distinctive tailored jackets that set off the iigure so superbly in tan coverts as well as black broadcloth. They are exquisitely finished, and give the wearer a chic, r renchy appearance not at tained by any other fitted jacket, ft. 1 A A rare opportunity at our price $20 down to ty J If you prefer one of the jaunty little box coats that are so becoming and so convenient in light colors checks, plaids, stripes ; some with contrasting velvet collars we can fit you out beautifully prices $6 to $16 CJ We also have a splendid line of silk coats in both Etons and J-lengths; in short, fpr Spring jackets that are the supreme expression of style and perfect tailoring. 392 WASHINGTON STREET A