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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Oct. 24, 1907)
VOL. XLVI.-A'O 14,626. PORTLAND, OKLCxON", 'THURSDAY, OCTOBER 24, 1907. PRICE FIVE CENTS. FORCES UNITED TO AVERT PANIC ortelyou Joins Hands With Bankers. ROCKEFELLER POURS OUT CASH Trust Companies Unite for Their Own Defense. ONE WITHSTANDS A RUN 6ecretary of Treasury Pec-lares Banks Are Sound All Financial Magnates, Headed by Morgan, Are Standing Together. BAXRS Uf OTHER CITIES. CHICAGO No banks tied up with Wall street or nave loaned money on stocks which declined most. KANSAS CITY No alarm. Banking conditions normal. CINCINNATI New York situation has no effect. LOS ANGELES Banks fcave large surplus and mercantile business Is good. SALT LAKE Banks on solid basis, , ' having 20 to 30 per cent more than normal reeerve. SAN' FRANCISCO Banks not at- t take no new business, awaiting outcome In Kast. XEW YORK, Oct 23. The crisis In New York financial circles was safely passed tonight. After prolonged conferences at J. Plerpont Morgan's office, an organiza tion of the presidents of New York trust companies was effected, not different in principle from the Clearing House" Asso ciation. It is in the nature of a pro tective combination. All of the leading and admittedly conservative trust com panies participated. John A. Stewart, "chairman of - the board of the - United States iTrust Company, presided, and was elected chairman of a committee whose duties are to be analogous to those of the clearing house committee. A resolu tion was unanimously adopted providing for an examination of the various trust companies and a report of their findings to the association. Following this meeting a report was made by the committee tonight on the Investigation Into the affairs of the Trust Company of North America. As a result all of the trust companies of New York unanimously agreed to come to the aid of the Trust Company of America by providing such funds as it needs. Cortelyou Deposits Cash. At the same time and even more im portant, the Secretary of the Treasury, having satisfied himself as to the con dition of the New York banks, authorized . an announcement that he had directed that Government deposits be placed in the banks of this city to the extent of $35,000,000. These two measures are ad mittedly adequate for all needs of the banks and trust companies of New York In the present emergency. Mr. Cortelyou's official statement says: - "Wherever there Is a weakness, and It has been in but a comparatively few Instances, strong and able men are ren dering aid; and in benalf of the Treas ury Department. I may say that I be lieve that it is ray duty to do what I can, and I will do in the largest way possible what may be necessary to af ford relief. The Treasury Departrhent will continue its co-operation and, if the public on its part will reflect on the strength of our banking lnstltu tlone, there will be a fast return of confidence which this condition war rants. "As evidence of the Treasury's posi tion, I have directed deposits in this city to the extent of t25,000.O00." v Moneyed Men Join Forces. The failure of the Knickerbocker Trust Company, which suspended yesterday, to reopen today did not exercise such an ad verse Influence on the general situation as might have been expected and the early action of Aotlng Superintendent of Banks Skinner In taking possession of the Institution on the advice of the Attorney-General, gave rise to a feeling ? re lief, as it was felt that the state would make the most of the situation. The confrerees at the offices of J. P. Morgan & Co. made a thorough review of the affairs of the Trust Company of America. At the meeting were J. P. Morgan, E. H. Harriman, T. F. Ryan, H. C. Frlck. Paul Morton, George F. Baker, Hamilton Fish, Assistant United States Treasurer: Judge El H. Gray and Nor man B. Ream. Oaklelgh Thorn, presi dent of the Trust Company of America, was there for a time. When the meeting finally broke up toward 6 o'clock in the evening, it was felt that the most Influential and most powerful men in the financial world had assumed command and the confidence of the business community In its banks, se curities and money conditions generally was to be speedily restored. ROCKEFELLEK TO THE RESCUE OH King Fours Large Sums Into Banks to Check Distrust. NEW YORK, Oct. 23. John D. Rocke feller bas taken an active interest In the present financial situation and he has ar ranged to lend very large sums to a num ber of New York financial institutions. "I think," said Mr. . Rockefeller to a representative of the Associated Press this afternoon, "that the existing alarm among investors is .not warranted, and I hope the good common sense of the American people will control the situa tion; personally I have absolute faith in the future values of our securities and the- soundness of underlying conditions. "Instead of withdrawing any of my money from" the banks, I am co-operating with others in helping to meet that which I firmly believe to be only a tem porary crisis. Every one having the good of his country at heart should by word and deed lend a hand now to re-establish confidence, and I propose to do my part to the full extent of my resources." Trust Companies Give Aid. At 12:30 A. M. Frank Vanderllp, vice president of the National City Bank, made the following statement: "The situation has been met. The trust companies will come to the aid of the Trust Company of America. The exam ination by the committee appointed to look into the trust companies has found that the Trust Company of America has sufficient assets to warrant protective T fnm'i" Jfrannmi mssuy; j wn wennnirlionse, Jr., JSlectrlo Machinery Stagnate and Inventor of the Airbrake, Whose Big Indus tries Are In Receiver's Hands. aotion by the committee, and such action has been decided .upon.. Open for Business Today. President Oaklelgh Thorn, of the Trust Company of America, announced at mid night that his company would open for business at vhe usual hour tomorrow, with ample funds to meet all claims. TROUBLE AliL JN . XE1V YORK Rldgeley Says Banks Are Sound In Other Cities. , WASHINGTON.- Oct. 23. Comptroller of the Currency Rldgeley today gave out a statement saying that the general feel ing indicates an absolutely sound situ ation: that there was not the slightest need of apprehension about the banks and trust companies of the country; that the banks of the several cities have every disposition to leave their balances, in New York and other central : reserve cities, and attributes the trouble In New York to the condition of a very few co cerns discredited by' the operations of their officers and to the difference of prices of stocks and securities as be tween: New York City and country banks. Comptroller Ridgely's statement was as follows: "I have talked by telephone today with bankers in practically - every large city in reach of Washington by telephone, and also with a number -of examiners. I hear of no trouble what ever among the banks or trust com panies outside of'New York. The gen eral feeling Is that the situation Is ab solutely sound and there need be not the slightest . apprehension about the banks and the trust companies of the country." TRUST COMPANY STANDS RUN North American Pays Motley , AH Day Knickerbocker Bank Closed. NEW YORK, Oct. 23 The extent of the day in the financial situation was the run on the Trust Company of North America and the success with- which it was with stood. It developed last night that this company, with deposits of about $50,000, 000 and assets and liabilities exceeding $00,000,000, was In need of assistance. The company had $12,000,000 cash In Its vaults when the day opened and was pledged liberal assistance If needed, but this was not asked.. A committee of accountants began an examination of its securities at 8 A. M., and upon Its favorable report the other trust companies pledged aid. Presi dent Oaklelgh Thome was on hand early, ready . to meet any. emergency. When the doors opened three paying tellers were ready for duty and the cor ridors of the Trust Company of North America were jammed 'with GOO deposit ors. Notwithstanding the work of the tellers, the crowd grew to 700 before 12:30. A smaller crowd awaited the opening of the Colonial branch of the company In the St. Paul building on Broadway. Not withstanding the drain on its funds, which continued untl the closing hour, the company stood the run and an nounced that It would open for business tomorrow. Donble Line at Doors. A double line of depositors reached from the paying teller's window in serpentine fashion through the iounting-room. out through the main door to Wall street for oyer a block. There was no disorder. Investigation disclosed that the amounts called for were, as a rule, small, none of the large depositors withdrawing their fundB. All the directors declared that the company would meet all demands. , An investigation of a report that there was a run upon the Morton Trust Com pany showed it untrue. Announcement was made today that Concluded on Pa a COURT CABAL TO L- Von Moltke Libel Suit Brings Out Story. dark Vices of round table Harden's Witnesses Blacken , Count Zu Eulcnburg. HIS FRIENDSHIPS EROTIC Divorced "Wife of Von Moltke Tells of Suggestive Incident Count De nies Oon-splracy to Influence the Mind of the Kaiser. BERLIN. Oct. 23. The libel action brought by General Count Kuno von Moltke against Maximilian Harden, edi tor of die Zukunft, a free lance polemi cal weekly and long an organ of ex treme radical opinions, began here to day before Justice Kern. The pub lic awaited the trial with extraordi nary interest, because It was believed that many secrets of the Imperial court would be drawn from the distinguished persons summoned to the trial, some of whom. are members of the imperial entourage. Von Moltke is an mtlmate friend of Prince Philip zu Eulenberg, the ex German ambassador to Vienna, and a kinsman of tire present chief of the general staff. Count Von Moltke, and of the Governor of the Province of East Prussia, Frederick von Moltke. These three von Moltkes are nephews of the late great Field Marshal von Moltke. Charges Against .Round Table. Harden began last November-to assert that Count zu Eulenberg was the head of a group at court that sought to Influence the Emperor's political action by subtle,. Indirect suggestions. Count iu Eulen berg, Count-Kuno von Moltke and Lieu-tenant-General Count William von Hohe nau, one of the Emperor's adjutants, were mentioned by Harden as members of the so-called camarilla, or "round table," and he further alleged that they were spiritualists and of abnormal tempera ment and habits. According to report, the Crown Prince Frederick William made an inquiry into the charges in May and went to his father with the result of his investigation, which caused Count Uzu Eulenberg, Count von Moltke and Lieutenant-General Hohenau to resign. Few of the 10.000 applicants for cards of admission to the courtroom were able to get them, and these largely were law yers, "Witnesses and reporters. After the Clerk of the Court had read all of Herr Harden's articles on the subject, the de fendant rose and said: "I have followed political alms alone In my articles, and in so doing have been C T ER 'ss.si..sss. ...... . . . . ...... ....... ........ .......... "VERE ISH DOT TAM TOG ? " . a....................................... ........................................ $ ,THE ROOSEVELT POLICIES, t From the Address of the President at Nashville. Tenn. Oct. 22, 10OT. My policies can be summed up in one brief sentence: They represent the . effort to punish successful dishonesty. I doubt if these policies have had any material effect In bringing about the present trouble, but. If they have, it will not alter in the slightest degree my determination that for the remaining IS months of my term they shall be per severed in unswervingly. All I did was to turn on the light. I am responsible for turning on the light, but I am . not responsible for what the light showed. , I will permit neither the demagogue on one side nor the reactionary on the other to drive me away from the policy which I regard as most vital for the well-being of this Na tion. v I will protect the honest ' man of wealth to the extent of my ability, and in no way can I ultimately protect the honest man of wealth so effectively as by doing everything in my . power to bring to Justice his dishonest brother of wealth." T ! compelled to mention Count von Moltke's name. I did not say he had practiced disgraceful' vices, but said that he was abnormal In temperament." Harden said he had never written a word more than was necessary. x,k Count von Maltke said that Buch a circle as the "round table," which the defendant alleged had sought to influ ence Emperor William's political actions and often his constitutional adylBers, had never existed and could not exist in the entourage of the Emperor. The Count added that his old friendship with Prince zu Eulenberg was. wholly without ulterior significance. ' Herr Harden's counsel, Herr Bernstein, asked- Von Moltke if he had not heard disgraceful reports about M. Le Comte, the First Secretary ;of the French Em bassy, who was transferred in June, and the plaintiff replied: "I did hear them, but I did not believe them, I met Le Comte many years ago at Starnburger, a watering-place in upper Bavaria, and I saw him once or twice with Prince zu Eulenberg." Called Zu Eulenberg "My Soul." ' Herr Harden asked the. plaintf about the cause of his divorce from his wife, Frau von E3be, and said he had heard thinga about the plaintiff five years ago, which, if he had told of them, would have caused the Count's uniform to be torn from him, but he had kept silent. Continuing, Herr Harden declined to withdraw anything he had written, but admitted frankly that be had twice been imprisoned for Insults to the sovereign, each time fox six months, . and that he also had been fined several times for the same offense. Ex-Wife Confirms Story. ' ' Frau von Elbe, the divorced wife of Count von. Moltke. testified to the gross epithets that her former husband had ap plied to married life. She then de scribed the handkerchief Incident, which (Concluded on Page 5.) VERE ISH DOT TAM TOG?" L0NEH1GHWAYMAN SHOOTS ENGINEER Harry M. Logan, Victim of Footpad, FOURTH-STREET BRIDGE SCENE Ordered to Hold Up Hands, He Resists and Is Shot Twice. GOING TOWARD HIS HOME As Soon as He Steps on Bridge Thug Accosta Him Patrolman Ander son Sees Shooting, but Can not Catch the Assailant. Harry M. Logan, a railroad engineer, re siding with his. family at t-6 Third street, was shot and fatally wounded about 1 o'clock this morning on the Fourth-street bridge, by a lone highwayman. The thug had" ordered Logan to throw up his hands, end the engineer" in reply made a swing at him. The hold-up man then turned and shot Logan, one bullet striking him above the heart and the other in the elbow. Logan, barely able to walk, tottered to a near-by saloon, and, falling through tho door, muttered: "I'm shot." Patrolman Anderson, who was about a hundred feet south of the bridge, saw the flash of the revolver, and ran to the aid of the Injured man. Seeing that Logan was badly wounded, he gave up the idea of pursuing the ban dit, and turned his attention to -the victim. The patrol wagon . was called and Logan was removed to the Good Sa maritan Hospital, where his wounds were dressed. Was on His Way Home. -..Logan, had just,, left, the Bridge sa loon at 643 First street, and was on his way home at the time of the as saultt He had traveled no more than 100 feet when approached by the thug. In a dying statement made to an Oregonlan representative-- last night, Logan said: "I had Just stepped out on the bridge, when a masked man stepped up to me and said: v Throw up your hands'.' "I hit at him with my right hand, and then he fired. All that I know is that I ran to Ragnol'B saloon, and called for help. I could not describe the man." - Patrolman Anderson was an eye witness to the whole occurrence. He was traveling his beat, and noticed Logan start across the bridge. Then of a sudden the two shots rang out, and' the policeman saw the victim Btaggerlng toward him. Ander son ran after the thug, but It is supposed that he dropped over the rail, about twenty feet, to soft ground below. Once in the gulch, escape was easy. Anderson then turned his attention to the victim, telephoned for the patrol wagon, and did whatever was possible to relieve the poor man's sufferings. Search by Police Begins. John DeMarko, who was in the saloon at the time of the murder, saw Logan totter and fall In the doorway. He ran to his assistance, but was able to do nothing to relieve hlro. Patrol Sergeant John Wendorf . went out in the wagon, and immediately began a search of tne neighborhood for the mur derer. Up to an early 'hour this morn ing he was unable to discover any trace of the criminal. All the officers of tho second relief were notified of the crime and a systematic, search was begun. It Is the opinion of police officials that the perpetrator of this murder is the same lone highwayman who for so long has had the city at his mercy. Extent of the Injuries. Logan's Injuries are considered nec essarily fatal, both of the shots fired f AO v - f ttufcw sllfiiniy inn mining i visr'Miwrrirtfr" r flii imjK George B. Cortelyou. Secretary of the Treasury,- Who Haa Come to the Belief of Distressed New York Banks. by the highwayman taking effect. One bullet entered the left breast Just above the heart and Is beli,eved to have severed the large arteries, for the in jured man bled freely. , , The other bullet passed through the left elbow, badly splintering and man gling the bones and ligaments of "the arm. - The supposition - is that this wound was received first when Logan resisted the commands of the robber Further resistance was overcome with the deadly wound in 'the breast. As soon as he reaohed the hospital, Logan was placed on tho operating table, and Dr. L. G. Ross began work in the at tempt to save his life. Leaves Wife and Children. Logan was a member of the Masonic fraternity and was 40 years old. He came to Portland from Pocatello. Idaho, and had letters from the trainmaster of the Oregon Short Line at that place in which his efficiency and faithfulness as a rail road man were mentioned: He lived at 666 Third street with his family. He leaves a wife and two children. Bridge a Lonely Place. The spot where the highwayman at tempted to rob Logan is. a lonely foot bridge that spans Marquam Gulch on Fourth street. The footpath follows the railroad trestle there that carries the Southern Pacific's West Side division across the gulch. The walk is narrow, with railings' on each side, and Is very dark, there being no lights, on the bridge. After firing the two shots, which were heard by people living near the spot, tho footpad had an excellent opportunity to make hlB escape in the darkness. Offi cers searched the locality and beat the brush under the bridge, ijulded by the light oi lanterns, but no trace of the as sailant was found WILL BE POUNDED TO BITS STEAMER CHRISTINA CANXOT ' BE SAVED. Will Go to Pieces In First Storm. Heavy Cargo Total Loss, as Position Is Inaccessible. CRESCENT CITY, Cal.. Oct. 23. The stranded British steamer Queen Chris tina lies in the same position she took when she ran aground last week. The Bea continues running smooth and the upper deck has been dry ever since the accident. It Is the 'opinion of local seafaring men that the first heavy storm will ound the vessel to pieces. There is no chance to salvage the heavy ar ticles aboard from seaward, as It Is too late in the season and because there are too many sunken rocks around the steamer. A cable may be run to the shore and by this means thousands of dollars' worth of goods saved. JAPANESE . SHIP WRECKED Loss of $7 00,000 on Kokwo Mara, Stranded by Storm. . TOKIO, Oct. 23. A dispatch from Mojl reports that the Japanese freight steamer Kokwo Maru, from Hongkong to Yokohama, went ashore In a storm off Rishma and Is a complete wreck. The crew was rescued In a lifeboat. The loss on the ship and cargo la 1700,000. EMPRESS OF CHINA SINKS AT HER DOCK Sea Cocks Opened, She Rapidly Fills. RESTING ON A MUD BOTTOM No Reason Can Be Assigned for the Accident. CREW LEAVES HER IN TIME Water In Hold Discovered by Stew ard All Hands Man Pumps, but Too Late Problem of Right- Jng Het Is a Serious One. VANCOUVER, B. C. Oct. -(Special.) The Canadian Pacific Railway Company's crack Oriental liner. Empress of China, sank this evening alongside her dock In this port. Her seacocks must have been opened, but how, no one can explain. Her main deck on the port side la awash with several feat of water. She sank and keelea over on her port side, so that the main deck Is now at an an gle of about 45 degrees. Her engines and dynamos are entirely under water. She Is resting on a mud bottom, but the problem in saving her will be that of righting the vessel and preventing her from completely turning turtle. Water Noticed at 6 o'clock. Just after G o'clock this evening th steward noticed that the water was com ing in over, a lower deck. All day the liner had been loading flour. 500 or 600 tons of which Is now being slowly turned into paste in the watery hold. Instantly the steward gave the alarm. Officers at dinner hurried to their stations as the big vessel began to list. All hands man ned the pumps, but It was too late to save her from sinking, and soon every person was ordered ashore. She continued to list and ' sink,' and by g o'clock her port stern was restihg on the bottom of the harbor. The tops of her masts, leaning over the wharf, extend to the gables of the big' freight sheds. Just before 8 o'clock the engineers In charge of the dynamos left their posts and came ashore. All lights were turned off and the fog was very thick. The only light aboard at 9 was a lantern hanging over her stern. She sank at nearly high tide, and the starboard side of the main deck is still about 10 feet above tha water. Booked to Sail on Thursday. The steamer Is valued approximately (Concluded on Page 3.) CONTENTS TODAY'S PAPER The Weather. TESTERDAT'S Maximum temperature, 03 degrees; minimum, 30. TODAY'S Probably fair; northerly winds. Foreign Sensational evidence at Von Moltke libel suit In Berlin. Tare 1 Iomcfitlc. " Cortelyou. Rockefeller and Morgan come to defense of New Tork banka and "tock market. Page 1. Trust Company of North America stands run all day. Pane 1 Westlng-noune Company's and Trust Com pany at Pittsburg; In receiver's hands. Page 2. - State Bank A Trust Company of Nevada closes because of Sullivan Trust Com pany loans. Page 2. Civic Federation discusses trusts. Pace 4. Nasty scandal In New York. Page 4. Horrible story of sickness and poverty. Page 4. Pacific Const. Shoot In ; affray among- Austrian In Beattla saloon results fatally. Page 5. Southern Pacific says no car shortage, but statement disproved. Page 6. Alaska cannerymen want Chinese labor ad mitted under heavy bond. Page 12. Steamer Empress of China sinks at dock in Vancouver. Page 1. Steamer Queen Christina and cargo hope less loss. Page 1. Notional. Senator Ileyburn's plans for Congress, Page 6. Only Roosevelt can prevent Vancouver troops from going to San Francisco. Page 4. Law about states inducing Immigration. Page Sport. German balloon Pommern wins balloon, race; Isle de France second. Page 8. Portland defeats Oakland. Page 7- East side High and Columbia play another tie game. Page 7. Commercial and Marine. Oregon onion market is booming. Page IT. Bulls la control of Chicago wheat market. Page 17. Feverish day In stock market ends with rally In prices, page 17. Csar may prohibit export of grain from Russia. Page 16. Portland and Vicinity. Harry W. Logan, engineer, shot by hold-up man on Fourth-street bridge. Pago X. James D. Frainey. retired contractor, killed by streetcar. Page 9. Police force contribute to Rose Festival. Page 10. Senator Borah to speak on river Improve ment. Page 13. Over 100 property-owners aMc .Equalization Board to lower assessment. Vage 10. Council petitioned to stop the building of . high billboards. Page 10. Inman-Poulsen Lumber Company offer land to oly in exchange for streets Illegally held. Page 11. Virknown interests seek option op United Railways property. Page 11. River steamer Teal burna with loss of two Uvea. Page 10.