VOL. XLVI.- NO "14,630.
PORTLAND, OREGON, TUESDAY. . OCTOBER 29, 1907.
PRICE FIVE CENTS.
h
Iff YORK PAST
WORSTOF CRISIS
Large Gold Imports
Promise Relref.
SUDDEN ADVANCE IN COPPER
"
All Conditions Point to Easing
of Stringency.
EUROPE BUYS SECURITIES
.Rapid Advance on Exchange, De
spite Dear Call Money Restric
tion on Large Currency With
drawals Causes No Protest.
NEW YORK, Oct. 28. The principal
events In the financial district today Indi
cated that the -worst of the crisis was
over and that conditions were settling
down to normal. There were no further
bank suspensions, and reports were fa
vorable for the resumption of most of the
banks which closed temporarily last
week. The engagement of H8.7tiO.O0O In
gold from Europe for importation to New
York was .followed by the sensational an
nouncement of sales of American copper
abroad which will further increase the
tide of foreign money to this country to
an aggregate of over 125,000,000. This, witlv
the rapid rise pf good . securities on the
stock exchange. In some cases as much
as four and five per cent, and the policy
of the trust companies not to pay out cur
rency for hoarding purposes, all contrib
uted to strengthen the feeling In banking
circles and among the public at large.
Sudden Advance In Copper.
Runs upon banks especially ceased,
partly because of recognition that they
were unnecessary and unjustifiable and
partly because of the policy adopted to
pay large checks only in certified checks
on depository banks. This sysfem of
payment worked no apparent hardship
and was the cause of very little protest.
Small checks were paid promptly In cur
rency, and larger amounts where It was
demonstrated currency was required for
, purposes other than hoarding. .
One of the sensational features of the
day was the remarkable development In
the copper trade. The United Metals Sell
ing Company reported a sharp advance In
the price. Copper which It would have
gladly sold ten days ago at 12V4 cents a
pound commanded to 12 cents a
pound today. During the month of Octo
ber the1 ' sales of this company had been
between 80.000,00 and 90.000,000 pounds of
copper. The bulk of sales had been for
export, so that up to tonight it is esti
mated that on the foreign deliveries dur
ing November and December there will be
a return exceeding $8,000,000 In gold. Sales
by the other copper Interests have been
proportionately large.
Trust Company Gains Deposits.
When the banking day was ended It was
announced at the Trust Company of
America that the deposits during the day
had exceeded the withdrawals by $296,000,
and that the company had been able to
collect $226,000 of outstanding loans, so
that the net results of the day's business
was an Increase m- -cash of $519,000.
There was a distinct diminution of the
run on the Lincoln Trust Company. Less
than 60 depositors we're in line all day.
The run on the Colonial branch of the
Trust Company of America, which is the
largest branch of the Institution, has
ended.
Reports from trust companies all over
the city late today state that normal
conditions obtain and that Incipient
runs on several miner companies had
failed to develop.
Import Millions in Gold.
The importation of $17,000,000 in gold,
which comes largely from - London, is
having a moral effect almost as Import
ant as Us direct Influence. - It means
that .credit can be sustained under the
25-per cent reserve law to tha amount of
$68,000,000 and hat the banks will be in
position to keep their cash reserves In
tact, even against considerable demands.
The fact that exchange rates return so
quickly in favor of this country and that
the gold was so readily obtained Is ac
cepted as an indication that solvency of
American financial Institutions Is not
questioned In Europe.
The news that American securities
opened considerably higher in London
than on Saturday proved an encourage
ment to the stock market In. New York.
Better Than In 1803.
The gold stock of the country is already
more than twice that which was avail
able In 1893, even according tto liberal es
timates of the amount in circulation at
that time. The gold Btock then dropped
below $00,000,000. It is now In excess of
$11,500,000,000.
There are considerable orders from
abroad for American securities, which
rriust be paid for In gold, and this will
augment the specie imported. Inves
tigation discloses an exceptionally
large number of . offers for stocks
' upon the books of 'the various cor
porations having headquarters In New
York, Indicating heavy Investment buy
ing. There are practically no margin
transactions on the Stock Exchange at
this timev.
Up to cfate the engagements of gold
for lmport amount to $6,000,00 by the
National CI'lJN Bank, $2,000,000 by the
Chase National Bank, $1,500,000 by
Heldelbach, Ickelheimer & Co., $1,000,-
000 by the Hanover National Bank,
$2,000,000 by Lazard. Freres; Kuhn,
Loeb & Co., an additional $400,000; the
Russo-Chinese Bank, ;i, 000,000; Bank
of Montreal, $2,500,000.
One of the most Important questions
to be decided by the Clearing-house
today was whether or not to admit the
trust companies to membership in the
Clearing-house and to a share In the
privilege of issuing Clearing-house
certificates. . The only objection known
to have been made to this plan was
based on the fact that the trust com
panies -are required by law to main,
tain a reserve of only 15a per cent of
their - deposits, while the National
banks are required to hold a reserve
of 25 per cent Some of the bankers
contend that this disparity In legal
reserve requirements will give the
trust companies an advantage over the
banks If .they were admitted to the
Clearing-house and riven the full sup
port of the banks.
CHICAGO PAYS IN CHECKS
Banks Only Disburse Currency
When Necessary.
CHICAGO, Oct' 58. Very little trouble
was caused here today by the action of
the Clearlng-House Association In limit
ing the amounts of money to be paid out
by the banks. Business was almost en
tirely on a checking basis, and was ap
parently normal In all directions, the
banks adopting .the rule of not paying out
currency In amounts of more than $100 un
less the funds were required for payrolls.
If depositors desired money In excess of
$100, they were asked to take a cashier's
check for the amount.
In all savings -banks, the rule requiring
legal notice was enforced, if the deposi
tors wished to withdraw a'n . amount
greater than $100. The rule was elastic,
however, and the banks Imposed hardship
on no one. Money desired for payment
of rent, insurance policies, or for neces
sary traveling was paid out promptly. In
cases where notes were to be paid, the
banks usually asked that the notes be
presented to them for payment.
The only semblance of a run during the
day was at the Hibernian Savings Bank,
where many depositors gave notice dur
ing the day or their intention to with
draw. A detail of police was sent there
to keep order among the depositors in
line..
An hour after the opening of tn doors
fully 500 people were lined up at the
withdrawal window of the Illinois Trust
& Savings Bank, which baa' the largest
number of accounts in the city- ....
Depositors having checking accounts
did not appear to be worried in the le'ast
by the situation and business proceeded
upon normal lines in all the banks.-
"You can't get your money, but' If
safe," Is the way one banker put Jt. : . .
The '.jcal banks In the city declare they
were compelled to adopt these rules be
cause of the action taken by the banks
In the East, which would soon have
drained this city of its capital resources.
STOCKS ' ADVANCE . RAPIDLY
Recovery Gradually Extends to the
Whole List, but Money Still Dear. ;
NEW YORK, Oct. 28. The stock market
had a strong opening, all the principal
active stocks selling at sharp advances
over Saturday, but with very light trans
actions recorded, the greater advances
being in Sugar, Northern Pacific, Ameri
can Smelting, Westinghouse Electric,
Toledo, St. Louis' & Western preferred
and Amalgamated Copper. Business came
almost to a standstill after a few minutes,
but the market retained a steady tone.
Additions to the sharp advances were
made when more stocks came into the
quotations, but the general level of the
active list did not rise.
The bankers' pool, which, under the di
rection of J. P. Morgan, loaned over
$30,000,000 on the Stock Exchange last
Thursday and Friday, dissolved today.
and the loan accounts distributed to the
banks participating. The loans, It Is
learned, have not been called.
Call money opened today at 12 per cent
The First National Bank renewed Its
loans, made last week at 30 per cent and
several call loans were made at the latter
rate. Prices of stocks sagged somewhat
when It became understood that the banks
would deal directly with the Stock Ex
change. At 2:30, call money was quoted
at 75 per cent A few minutes beforethe
close, the ' Chase National Bank' and the
First National Bank each loaned $1,000,000
on call at 60 per cent. ,
FARM IS READ BAROMETER
Secretary Wilson Says Trouble Is
- -Confined to New York.
CHICAGO, Oct. 28. A dispatch to the
Tribune from Washington says:
Secretary of ' Agriculture Wilson said
last night that the farmers will get more
money for their crops this year than they
got for those of last year. The total
value of all farm products In. 1906 was
$6,794,000,000. This enormous sum not only
will mean that there will be no hard
times for the country, but that the pros
perity wnicn has blessed it for a dozen
years will continue.
Mr. Wilson Is unable to see any
danger in the financial situation, believ
ing it is entirely confined to the specula
tive element In New York, and he Is con
fident that the next few weeks will show
that the farm and not Wall street is the
real barometer of our financial welfare.
Mr. Wilson's confidence that the
total wealth produced this year from
farm products will be greater than that
of last year is based partly upon the
fact that there Is a scarcity of wheat and
other crops abroad and this has con
tributed to the increase of prices. Crops
at home will not be as large probably
as those of 1906, except cotton. As
Mr. Wilson said, everybody knows the
price of meat has gone up, while the
output of the packinghouse products has
increased.
ACTION BY SPOKANE BANKS
Balances Will Be Paid. In Clearlng
House Certificates. '
' SPOKANE, Wash.; Oct 28. The Asso
ciated Banks .of Spokane tonight de
cided to take action similar to that taken
, by the banking Interests of New York.
Chicago and other cities to protect their
cash reserves. Balances between the
banks will be paid in clearing-house cer
tificates and checks by depositors will
be paid In checks on the Clearlng-House
Association.
The banks of this city are in excellent
condition, and there never was a time
when the country around Spokane was
so, prosperous and had so much wealth
(Concluded oa Page 3.)
KIDNAPERS TAKE
GIRL PRISONER
Bold Act of Russian
. Reds in London.
DAUGHTER OF HIGH OFFICIAL
Wounded and Held Captive in
Secret Dungeon.
SHE THREATENS SUICIDE
Taken From Sister and Governess at
, Theater Door and Spirited Away.
She Sends Notice of Her-Ter-rible
Pllsht to Them.
LONDON, Oct 28. Barbara Lapotkhin,
daughter of Alexander Lapotkhin, ex
Governor of Keval, whose mother is a
Russian Princess, has mysteriously disap
peared in London, and all the resources
of the Russian Embassy and Scotland
Yard are being employed to trace her. .
Miss Barbara, who is 18 years old, was
visiting London with her younger sister.
In charge of an English governess. Miss
Russell. The trio went to the Aldwlch
Theater, October 24, and on coming out
from her companions and has not since
been seen, although the case was immedi
ately reported to the police and the For
eign Office, acting at the urgent, request
of the Russian Government ordered that
no effort be spared In the search for the
missing girl.
Wounded and a Prisoner. .
Since Miss Lapotkhin disappeared the
governess has received a note in a hand
writing which she recognizes as Bar
bara's saying that she had been kid
naped outside of the theater and was now
a prisoner In the cellar of a house In the
northwest part of London, the address
of which she was unable to ascertain.
The girl added that she was wounded and
suffering so severely that she Intended
to poison herself.
Terrorists or Blackmailers.
M. Lapotkhin has been director of the
police department in Russia and Miss
Russell suggested that revolutionists
planned the kidnaping with the obpect of
bringing her father within their reach.
He is now on his way to London.'
The Russian officials here are inclined
to the belief that the girl was carried off
for the purpose of blackmail. The police
are nonplused. They say they are unable
to imagine how a woman 18 years- old
could be carried off against her will In
the crowded precincts of a theater.
King Menellk Names Cabinet.
AiDIS ABABA. Abyssinia, Oct 28.
King Menellk has taken an important
step In the direction of giving Abys-
WHO IS SAFE WHEN
1
slnla a constitutional form of govern
ment in issuing a decree today provid
ing for the formation of a Cabinet on
European lines. Simultaneously with
the publication of the decree His Maj
esty announced the appointment of five
Ministers, who will preside respective
ly over the Departments of Foreign
Affairs, Justice, Finance, Commerce
and War.
LE CONTE DENIES CHARGES
French Diplomat Says He Took No
Part In German Orgies. '
PARIS, Oct 28. Raymond Le " Comte,
ex-Charge d'Affalres of the French Em
bassy in Berlin, in an Interview in the
Matin this morning, in regard to the
Harden-von- Moltke criminal libel trial in
Berlin, expressed the grief with which
he saw his name trailed into the mud
after an honorable career of 26 years, but
says professlonalrules preclude his taking
action, as he had received no subpena
from either side.
With the exception of the conversation
with Emperor William on French art, he
says all the allegations made against him
at the trial are untrue. M. Le Comte de
clares he has never seen Major Lynar
(orgies in whose house one witness testi
fied he took part) and others mentioned
at the trial, except a few times in society.
The story -of the political role he is al
leged to have played M. Le Comte says
is equally false. .
STEAMER FINLAND COLLIDES
Firing Rockets for Aid Off Coast
" of Dover.
DOVER, England, Oct. 28. The Re'd
Star Line's steamer Finland, from New
York, Octover 19, for Dover and Antwerp,
collided this evening with the southern
breakwater off this port and is supposed
to be badly damaged, as she is firing
rockets for life boats to come to her as
sistance, v "
SUSPEND WORK AT TACOMA
Operation. Interrupted on Big Plant
of Dupont Powder Company.
TACOMA, "Wash., Oct 28. prders were
posted thisa morning on the ' grounds of
the Dupont Powder Works, south of Ta
coma, that all men would be laid off, in
dicating a suspension of the huge opera
tions the concern has under way toward
building a large powder plant here.
About 100 men are affected. No reason is
given for the action.
DUE TO TIGHT MONEY-MARKET
Operations Cease on Tacoma Plant
Until Situation Clears In East.
WILMINGTON, Del., Oct 28. It was
learned here today that the construction
work on the new dynamite mill of the
Dupont Powder Company at Tacoma,
Wash., has been stopped because of . the
present condition of the money market.
W. E. Ramsey, head of the engineering
department who has charge of all the
new works of the company, said:
"The construction work, of the Tacoma
plant, which is a new mill we are build
ing there, was stopped because of the
financial condition of the country at this
time. When the financial world is shak
en by disturbances such as prevailed last
week, it Is the part of prudence to cease
all construction work, and it is done all
over the country by builders. We, as
Iuiucia, naui. iu dcc wuai iuiu I lie uumi
cial situation is going to take and what
I results are going to follow the recent
upncavai oexore continuing wun our new
plant In Tacoma." -
Heney Makes Speech.
SAN FRANCISCO, Oct. 28. Francis 3.
Heney made his first political speech to
night, of the present city and county
campaign, addressing about 3,000 men and
women in behalf of the candidacy of Dis
trict Attorney William H. Langdon for
re-election.
ANYONE MAY CARRY
FILL ELECTIONS
: IN MANY STATES
Twelve Will Choose
Men for Offices.
CONTESTS IN SOME SPIRITED
r .
Party Lines in Some Cases
Dropped, in Others Strong.
MANY COMBINES EXIST
Fusion In New York Between Hearst
Forces and Republicans Attracts
' Attention San Francisco and
Cincinnati Have Fight.
NEW YORK, Oct. 28. There will be
elections in 12 states one week from tomor
row. . In Massachusetts. Rhode Island,
Maryland, Mississippi and Kentucky a
Governor and .other state officers are to be
chosen; in New Jersey, a Governor only;
in Js'ew York, two Associate Justices of
the Court of Appeals; In Pennsylvania, a
State Treasurer, and in Nebraska, a Rail
road Commissioner and two Regents of
the State University. In Ohio, Utah and
California municipal officers are to be se
lected, while In New York County a num
ber of judges and a Sheriff are to be voted
or.
The Prohibitionists have a state ticket
in all the states except Maryland arid Mis
sissippi, and city tickets in Cleveland,
Cincinnati, San Francisco and Salt Lake.
The Socialists also have tickets In all
the states except Mississippi and Mary
land, and city tickets in Cincinnati, Cleve
land and Salt Lake, but not in San Fran
cisco. The Socialist-Labor party has tickets
in Kentucky, Massachusetts and New Jer
sey, while union labor made nomina
tions for city officers in San Francisco.
Mississippi Not In Doubt. .
Theres only one ticket the Democratic
in Mississippi, and the result, of course.
Is not doubtful. In Massach:setts ; there
are ten tickets, Ave being divided among
Eemocrats, who - are engaged in a fac
tional fight with the state delegation to
the , National Democratic Convention
next year' In prospective. The Ballot Law
Commission decided that Henry M. Whit
ney was tha nominee for governor. In
Nebraska the Democrats and Populists
fused on the officiate to be voted for
throughout the state. , ,
In Maryland there will be a straight
contest between the Democrats and the
Republicans, only the two parties having
made nominations for state officers. In
addition to these, a House of Delegates
and one-half of the State Senate are to
be elected." The next Legislature will
choose two United States Senators one
to fill the unexpired term of the late
Arthur T. Gorman, and the other to take
the place of Senator Rayner. The Repub
licans adhere to the old plan of Sen
atorial election, but the Democrats are
to put into effect a new Senatorial pri
mary plan, which requires every member
of the Legislature to vote for the candi
date receiving the highest vote in his
district. The Senatorial primaries, so
AND USE A PISTOL ?
. ? .
far, at least, as the Democrats are con
cerned, will hereafter be a part of the
regular elections in Maryland. Three
aspirants for the long term will be voted
for November 5, the candidate for the
short term having no opposition.
Local Elections Warm.
The local elections, particularly in New
York County, Cleveland, Cincinnati, Salt
Lake and San Francisco, are of particular
interest this year. In New York County
the Republicans and the Independence
League (Hearst) forces have fused on
the county ticket, which Is made up of a
number of court Justices and a sheriff.
This gives unusual interest to the con
test, although the Republicans named the
head of the ticket, M. Linn Bruce, for
Justice of the Supreme Court, the most
Important office, that of Sheriff, went to
the Independence League, whose nominee,
Maximilian P. Ihmsen, has been William
R. Hearst's campaign manager In sev
eral campaigns. Of the 10 Judges nomi
nated, the Republicans named five and
the Independence League the others. Op
posed to Ihmsen on the Democratic ticket
Is Thomas F. Foley, Democratic leader
of the Second Assembly district and a
well-known figure In East Side politics,
while James W. Gerard heads the Dem
ocratic ticket for Justice of the Supreme
Court Soon after the nominations were
made, Mayor McClellan, who had been
opposed to the present Tammany ma
chine, announced that he would support
the Democratic ticket against the Republican-Hearst
combine.
Triangular Fight in Cincinnati.
. In Cincinnati there is a triangular
contest, Dempsey, Democrat, being op
posed by Frank Pfaff, elected vice
Mayor two years ago, on the same
ticket with Dempsey, and by Colonel
Leopold Markbrelt, the veteran Ger
man editor. Pfaff heads the city party
ticket, which includes several Demo
cratic nominees, and Markbrelt is the
Republican candidate. -
In Cleveland Congressman Theodore
E. Burton is contesting the Mayoralty
with Tom L. Johnson, the Democratic
nominee, who is understood to be the
representative of William J. Bryan In
Ohio, and to indorse Bryan's views on
the subject of public utilities.
There are four tickets in Salt Lake
City the American, or Anti-Mormon
party, having made nominations for lo
cal offices, as have the Republicans,
Democrats and Socialists.
In San Francisco the Democrats and
the Good Government forces have com?
blned and nominated the present
Mayor, who is opposed by a Repub.
llcan. as well as Union Labor and So
cldedly lively,
cidledly lively.
MUST GO TO SAN FRANCISCO
President Refuses to Have Four
teenth Embark at Portland. . '
OREGONIAN NEWS BUREAU, Wash
ington, Oct 23. President Roosevelt aas
declined to order the .transport Sherman
to Portland to scarry the Fourteenth In
fantry to the Philippines. 'He maintains
that the management of the transport
service should be left in the hands of the
War Department. When the War De
partment declined to amend its order
directing that this regiment Bail from San
Francisco, Senator .Bourne appealed to
the President
. The President looked Into the facts and,
while he expressed regret that he could
not render this - service to Portland, he
felt that to interfere would be to estab
lish a precedent that would open the way
to unlimited strife in the future. This
ends the incident.
ADMIT OKLAHOMA NOV. 16
President Receives Constitution and
Fixes Date of Action.
WASHINGTON, Oct. 28. President
Roosevelt will issue the proclamation
admitting the new State of Oklahoma
on Saturday, November 16 next The
constitution was formally placed in his
hands .by Governor .Frantz and a large
delegation from Oklahoma, at 11 o'clock
this morning.
CONTENTS TODAY'S PAPER
The Weather.
YESTERDAY Maximum, 82 degrees;
minimum. 63 degrees.
TODAY Bain: southerly wind.
Financial Situation.
Bank falls in Kansas City. Page 5.
Public holiday In Oklahoma to prevent run
on banks. Page 5.
Kansas banks remain open, but pay In
checks. Pago S.
Chicago banks restrict currency payments
to small sums and savings-banks require
notice. Page 1.
Nevada banks reopen and do large business.
Page S.
Conditions greatly improved in New York,
owing to large gold Imports, copper sales
and rise in stocks. Page 1.
Foreign.
Chief official of Russian prisons assassin
ated. Page 4.
Daughter of high Russian official kidnaped
In London, wounded and held prisoner.
Page L
Polities.
Elections to be 'held next week. Pare 1.
Roosevelt. displeased at third-term agitation.
Page 2. ,
"W. C. T. 17. president predicts whole South
will go dry. Page 4.
Paddo Coast.
Wholesale counterfeiting of patent medicine
wrappers and labels at San Francisco.
Page -
Riveters at Mars Island Navy-yard strike.
Page 5.
Howes confesses forgeries in every Western
city. Page 5.
Governor Chamberlain gives Oregon banks
five legal holidays in which to protect
cash reserve. Page 1.
Plague situation In Seattle arouses political
complications. Page 6.
Commercial and Marina.
Reasons for weakness of bop market Page
IT.
Slump in wheat at Chicago. Page IT.
Trading light on Stock Exchange. Page IT.
X E. Peller clears with grain and the Tola
with lumber. Page 18.
Business of the month. Page 18.
Portland and Vicinity.
Portland's growth this year greatest in his
tory. Page 12. ,
Vigorous opposition raised to ordinance In
cluding waterfront in the fire limits.
Page 11.
Police think Carl Anderson, now under ar
rest is murderer of Harry Logan. Page
12.
Board of Education will -recommend ereo
tlon of another High 8chooL . Page 13.
Dr. Ford reads sensational paper at meeting
of Methodist Episcopal Ministerial As
sociation. Page 11.
Noted Japanese educator says his country
does not want the Philippines. Page 10.
Wife says her husband was two generous
with his affections. Page 10.
Hallowe'en, the world-old holiday, will be
observed next Thursday night. Page 10.
Government Agent Townsend completes in
vestigation of railroad land monopoly in
Oregon. Page T.
ORE
BANKS
CLOSED FIVE DAYS
Time to Get Money Due
From the East.
PROCLAMATION BY GOYERNOB
Holidays Will Tide Over Any ,
Danger of Distress.
PROTECT CASH RESERVES
Action of Portland Clearlng-Uouse
Necessitated' by Refusal of Fast'
ern Banks to Honor Credit
Balances Xo Fear of Panic
PROCLAMATION BY GOVERNOR
CHAMBERLAIN. "
STATE OP OREGON EXECUTIVE
DEPARTMENT, Salem, Or.. Oct. 28.
Whereas, the banks of Oregon and
of the West have large balances due
them from banks In New York. Bos
ton, Philadelphia, Baltimore, Chi
cago, St. Louts, St. Paul. Minneap
olis. Omaha and other Eastern cities,
and because of the strained financial
situation throughout the East the
banks in said cities have refused to
make shipments of coin or currency
In payment of said balances due the
banks of Oregon and other Western
banks, and
Whereas, as a result of the action
of said Eastern banks It Is impossible
for the banks of Orcg6n to continue
in the exercise of their functions
without great injury to the indus
tries, of the state, ,and
Whereas, for the common good of
the people of the whole state. It Is
necessary that a holiday be pro
claimed In order that an opportunity
may be afforded to the financial in
sltutlons of the state to procure from
Eastern banks the balances now due
thera as hereinbefore stated.
Therefore. I. George E. Chamber
lain, Governor of the State of Ore
gon, by virtue of the authority In me
vested, do hereby proclaim the 2ftth
30th and 31st days of October, and
the first and second days of November,
1907, legal holidays, to the end that
time and opportunity may be glvea
the banking Institutions of this state
to arrange for shipments of money
now due them from the banks in the
Eastern cities hereinbefore named,
without which every Industry in the
state must suffer and the growth and
development thereof be greatly re
tarded. In witness ; whereof I have here
unto signed my name and caused the
great seal of the state to be afflxeil
at the capitol In the City of Salem
this 2Sth day of October. A. D.. 190T.
GEORGE E. . CHAMBERLAIN.
(L. S.) Governor.
By the Governor,
F. W. BENSON, Secretary of State.
SALEM, Or., Oct. 28. (Special.) By or
der of a proclamation issued late to
night by Governor Chamberlain, Oregon
banks will enjoy five bus.nesi holidays,
in which interim it la expected that th
situation In the East win become mora
clarified and the Coast banks will be en
abled to secure tha cash balances dua
them from New Tort.
This action was taken at the instance
of the Portland Clearlng-House commit
tee, which met this evening to talk over
the situation with Governor Chamberlain.
The bankers arrived in the city by spe
cial car, and bore the following petition
from Portland:
Hon. George E. chamberlain. Governor of
Oregon: In view of the strained financial
situation throughout the United States
which has resulted In concerted action by
the leading clearing-houses of the country,
suspending the shipment of coin, thus ren
dering it lmoosslble for the banks of the
State of Oregon to continue in the exercise
of their functions, the associated banks of
the City of' Portland respectfully request
your Excellency to declare a legal holiday
throughout the State of Oregon during the
28th, 30th and 31st of October. 190T. and
during the 1st and 2d of November. 190T,
deeming such action absolutely necessary to
preserve the credit and good name of the
State of Oregon. Respectfully submitted,
FIRST NATIONAL, BANK.
By A. L. Mills, President.
LADD & TILTON.
By W. M. Ladd.
UNITED STATES NATIONAL, BANK.
By R. Lea Barnes, Vice-President, i
MERCHANTS' NATIONAL BANK. '
By I. Frank Watson. President.
BANK OF CALIFORNIA.
By Wllilnm Mac Rae, Manager.
BANKERS' & LUMBERMEN'S BANK.
By J. A. Keating, Vice-President.
SECURITY SAVINGS & TRUST CO.,
By C. F. Adams. President.
CANADIAN BANK OF COMMERCE,
By E. A. Wylde. Manager.
PORTLAND TRUST CO. OF OREGON,
By B. I. Cohen. President.
Heavy Deposits in East.
Briefly stated, tho situation as de
scribed to the Governor Is that Oregon
banks have heavy deposits of cash In
the EaBt and the Eastern banks re
fuse upon any conditions, to send
money West in payment of demands.
ihere has been no run or indication of
a run by depositors upon Portland
banks. .
Believing that in one week they
can effect a satisfactory arrangement
with county banks and also arrange
for the shipment of money due them
from the East, the banks asked that
the remainder of this week be made a
legal holiday. November 2, the last
day mentioned In the proclamation, is
Saturday. Monday will therefore be
the next banking day.
Tonight the Portland bankers ald
they were confident that they can ar-
( Concluded on Page 2.)