THE MORNING OREGONIAN. TUESDAY. OCTOBER 29, 1907. FAILS KAWSAS CITY Trouble Was Expected, and Does Not Affect General Situation. NO RUN ON OTHER BANKS feeling Throughout Southwest gen erally Good Oklahoma Banks Close, but Those Closed In Ne vada Are Again Open. KANSAS CITY. Oct 28. Outside of the failure of the Bankers Trust Company, with deposits of JSOO.OOO there was no real trouble here today. This bank was considered the weakest Institution of Its kind here and its failure neither caused much surprise nor had any apparent ef fect on the general situation. The Bankers' Trust Company closed at 10:16 this morning. Cashier J. C. Hughes said that they had decided to close temporarily because the Clearing House Association had refused to extend to them the privileges granted the 90 other leading banks here of Issuing clearing-house certificates. The Bankers' Trust Company was or ganized last year, and had a capital of 500.000 and a surplus of J14.000. It took over the business of the City National Bank, which failed In July, 1905. The Bankers' Trust Company was not a mem ber of the clearing-house, and while no run was experienced at this bank at the opening of business this morning, it was decided that a temporary suspension was necessary to protect depositors and stockholders. Cashier Hughes said that the bank had ample assets to meet all liabilities. Its foreign correspondents are the Oriental Bank of New York and the Prairie National Bank of Chicago. There was no appearance of anything like a, run at any of the other local banks. ' Members of the Clearing-House' Asso ciation today advised their correspond ents in the Southwest by telephone to restrict payments to depositors to a small amount, until' the financial flurry had passed and the indications were that this advice was generally being accepted. The Bankers' Trust Company had asked aid of the clearing- house, but It was declined because of the class of collateral offered. James F. Downing, of the Clearlng House Association, said that no other banking Institution here had requested aid. and he believes them in a safe con dition. The Bankers' Trust Company was taken in charge by W. C. Irwin, who had' been sent here by Secretary of State Bwanger. The bank closed upon the ad vice of Mr. Irwin and it will liquidate. He said the concern had been planning for several weeks to liquidate and under ordinary conditions would have been able to do so. BANKS OP OKLAHOMA CLOSE Governor Proclaims Holiday to Pro tect Them Against Run. OKLAHOMA CITY, Okla., Oct. 28. On demand of the bankers of the territory, Acting Governor Fllson Issued a proclama tion closing the banks of the territory for a week. The action was taken be cause the banks of Kansas City and St. Louis refused to forward cash to the banks of the Southwest. It is said that a consultation of the bankers of Okla homa, Indian Territory, Arkansas and Northern Texas by means of telephone took place during the early hours this morning, and all have taken a similar action. There had been no uneasiness In this city, and the bankers say the de posits last week were greater than any previous week in the month. The closing is for the purpose of pro tecting the banks In case of a run. Since the banks here could not get cash from Kansas City in case of a run, they con sidered the risk too great. The banks of this city are carrying many of the small banks over this terri tory. They have arranged to Issue clearing house certificates to carry them until conditions have improved. The banks of the Southwest are fur ther embarrassed because of the de mand for cash to move the cotton crop. It was necessary to get cash from the Eaet to meet the demands. The refusal of these banks to forward cash caused the banks to take radical steps to protect themselves. The proclamation declares that as all of the leading cities of the United States, through the Clearing-House Associations, have entered Into an agreement to pro tect themselves by refusing to ship cur rency to country banks which have de posits with them or to honor the bills of lading drawn upon such banks. It is Impossible for the banks of Oklahoma to meet the demands upon them for cur rency to pay for the cotton and other products of the territory. As the banks appear to be in a solvent condition, a legal holiday, extending from October 2S six days to November 2, Is proclaimed. NEVADA IS BECOMING QUIET Deposits Amount to More Than the Withdrawals Banks Will Open. TOOPAH, Nev.. Oct. 28. There Is no excitement in Tonopah today. The Tonopah Banking Corporation. or TVlngfleld and Nixon Bank, has de posits exceeding four times the with drawals at 11 A. M. The Nevada First National Bank has $20,000 deposits in excess of the withdrawals. Frank Golden, head of the Nye and Ormsby County Bank, is expected here tonight; when the matter of resump tion of that Institution will be taken up. Cashier Cuahman, of the State Bank and Trust Company says that advices from the headquarters of that bank in Carson City led him to be lieve that the bank will resume in a short time. The people seem satisfied with existing conditions. HAS MILLION IN GOLD COIN Depositors Reassured by This Sight; and There Is No Run. GOLDFIELD, Nev., Oct. 28. John S. Cook & Co.'s bank reopened for busi ness at 9 o'clock this morning with $1,000,000 in gold coin stacked in three piles on its counters. The great heaps of gold attracted a throng of people, but there was no semblance of a run on the bank. The depositors were there In force, however, four tellers being kept busy receiving deposits, wfille bne teller at tended to the demands of those who came to withdraw deposits or check against them, and lie was not very busy. The State Bank & Trust Company E R A 1-J K remains closed, as also does the Nye and Ormsby County Bank, the latter Institution taking advantage of the Governor's proclamation extending the bank holiday until and including No vember 4. The application for a re ceiver for the State Bank & Trust Company is being heard by Judge Lan- gan. KANSAS BANKS DO NOT PAX Decline to Give Depositors Cash, but Remain Open. ARKANSAS CITY, Kan., Oct. 28. All Arkansas City banks and many banks m other neighboring towns in Southern Kan sas declined to pay out currency to their had closed this morning. After a brief period of excitement, the depositors gen erally accepted the explanation that the action was for mutual protection and would only be temporary. Reno Banks Pay All Calls. RENO, Nev., Oct. 28. Every bank in Reno opened for business this morning, During the last 48 hours confidence had returned to the people, and the beilel that there would be nothing which could be called a run proved to be correct this morning. A few depositors gathered at each institution, and all were paid their demands promptly. Uq usually heavy deposits were made to day. Denver Banks on Good Basis. DENVER, Oct. 28 John C. Mitchell, secretary of the Clearinghouse Associa tion, said today that all the trust com pacles and banks of Denver were on a conservative basis, and he anticipated no hardship would result from the new order.- NEW YORK PAST WORST (Continued From Page 1.) of natural products, but the bankers, after long and careful deliberation, de cided that the prudent course would be to adopt the plan which is so widely adopted in other states. - Stocks Rising in London. LONDON, Oct 28. The confidence felt here in the general soundness" of the financial situation In the United States was further evidenced at the opening of the Stock Exchange this morning, when American railroads were pushed up two to three points over parity, a fair amount of business being transacted. The cer tainty of a drain of gold from here to New York, however, affected the con sols and other gilt-edge securities. Dis counts remained firm and the fears of dear money prompted the selling of con sols, which early in the day declined 6-16. In some quarters it was thought that the Bank of England's rate of dis count might be raised today, but the ab sence of an advance at noon caused a recovery of H. New York buying in the afternoon caused a recovery from an early easing of prices, and the market closed firm at the best quotations of the day. Copper shares ruled strong on a sudden increase of over $15 per ton in the price of the metal. San Francisco Protects Her Banks. SAN FRANCISCO, Oct. 28. At a meeting of the San Francisco Clearing house Association tonight It was de cided to issue Clearing-house certifi cates, following the methods adopted In many Eastern business centers. Lo cal banking conditions were reported sound and satisfactory The Clearing house certificate plan, it was declared, was adopted mainly to prevent hoard ing and to protect the credit struc. tures of the West, on account of the demands growing out of Eastern con ditions. ' . ' V - ' Pittsburg Exchange Still Closed. PITTSBURG, Oct. 28. It was decided not to open the stock exchange at a meeting of the board of directors this morning. Just when the exchange will resume transactions Is not known. An other meeting of the directors will be held tomorrow morning. It Is the belief in some quarters that the exchange will remain closed throughout the week. Aside from the suspension of the ex change, there is nothing worthy of men tion In the local financial situation. Detroit to Issue Certificates. DETROIT, Mich., Oct. 28. The Detroit Clearing-House Association today decided upon the issue of clearing-house certifi cates beginning tomorrow. This action was followed tonight by a meeting of representatives of 12 savings banks of the city at whleh It was decided to take advantage of the legal 90 days' notice that can be required before the withdrawal of deposits. Boston to Issue Certificates. BOSTON, Oct. 28. The Boston Clearing- House Association today decided to Issue clearing-house loan certificates bearing interest at 7.3 per cent. The high rate of interest is for the purpose of retiring,the certificates at the earliest possible date. The New York rate is 8 per cent. The loan committee of the clearing-house will pas upon collateral and approve the Issue of the certificates at 75 per cent of the market value of- the securities. Duluth Stops Grain Trading. DULUTH, Minn., Oct. 28. Trading in grain was suspended on the Duluth Board of Trade this morning owing the money conditions. No sales were made in either cash grain or the options this morning, although the trading-room was open and the members on the floor. Busi ness will not be resumed until conditions Improve, and the country elevators are being advised not to buy grain. Buys Bar Gold in London. LONDON, Oct. 28. The United States secured all the bar gold offered today in the market, totaling nearly $5,000,000. The price paid was $19.60. This is 314 cents higher than previous quotations, in dicating the keenness of the competition. Both Paris and London bid against the United States. Normal Condition at Providence. PROVIDENCE, R. I.. Oct. 28. The banking conditions had a normal appear ance today. At the beginning of business there was no evidence that any of the savings institutions would be subjected to an unusual number of withdrawals. Confidence Being Restored. WASHINGTON. Oct. 28. Secretary Cortelyou stated today that he had re ceived very reassuring reports from New York, Chicago and other points that con fidence was being restored. Certificates for Baltimore. BALTIMORE. Oct 28. The Balti- more Clearing-House Association today decided to issue clearing-house certifi cates. Chicago Opens Branch Offices. CHICAGO, Oct' 28. The Western Union Telegraph Company today for the first time since the strike of telegraph opera tors reopened a number of branch offices In this city. Within the last two days 2 Soperators have returned to work In this city and 26 in St Louis. Fll styles Hanan snoea at Rosenthal's. Seventh and Washington Red Cross shoes for women. Rosenthal's, II IIS CLOSE' FIVE DAYS (Continued From Pass 1.) range affairs this week so that they will be ready for business next Monday. The men who came to Salem on the special train tonight were W. M. Ladd, of Ladd & Tilton; Ralph W. Hoyt, cashier of the Merchants National Bank; A. L. Mills, president of the First National; J. C. Ainsworth, president of the United States National; W. M. Mac Rae, manager of the Bank of Cali fornia; John A. Keating, vlce-preeldent and cashier of the Bankers & Lumber men's Bank; and C. F. Adams, presi dent of the Security Savings & Trust Company. The only outside banker present was John H. Albert president of the Capital National Bank, of Salem, he having been called in by the Portland bankers. Governor Chamberlain tried to oom- municate with A. Bush, of Ladd & Bush but owing to the lateness of the hour, was unable to do so. Salem Banks May Open. v Mr. Albert said that so far as Salem banks are concerned there is absolutely no occasion for proclaiming a holiday. He added that so far as his own Interests are concerned his bank will open as usual to morrow and if he closes It will be because the closing of Portland banks makes it inconvenient to transact business. He will confer with Mr. Bush early In the morning, and then It will be determined whether Salem banks will close during the week. It is understood that the Portland bankers this evening sent telegrams to all banks In the state notifying them of the Issuance of the proclamation. The pur pose Is to prevent calls for money from country banks. Induce them to close for the week and bring them together In an arrangement that will satisfy demands before next Monday. That Portland banks are solvent and in fact were never In better condition than they are today, was asserted by the bankers who waited upon the Governor tonight. Governor Chamberlain at first doubt ed the wisdom of the action requested by the Portland bankers, but when the situation regarding the locking up of funds in the East was explained and the necessity of checking any strin gency which might arise as a result of this in the West, Mr. Chamberlain read ily complied.. STRAIN WILL NOT LAST LONG Bankers Expect Return of Normal Conditions in SO or 40 Days. ' Two meetings of the Portland Clearing- House Association were held yesterday, the first at the lunch hour, when advices received from Eastern correspondents that currency will not be shipped on credit balances honored except in clear- mg-nouse certincates were discussed, Each bank had been sent telegrams of which the following Is a fair sample: Bt. Louis. Oct. 28 In harmony wltb action of New York and Chicago, the St. Louis - clearing-house will, commencing Mon day, October 28, Issue clearing-house certifi cates. All 'checks on St. Louis banks and trust companies will - be payable . only through clearing-house. We therefore beg to advise that shipments of currency will be aiacontinnea for the present. UliKCANTlLE TRUST COMPANY. Run on. Banks "Was Feared. This cut off the Portland banks from realizing on their funds in Eastern depos itories, together with all other Coast In stitutions, for the same action Is being taken all over the country. With the conditions of unrest prevailing in the East, it was considered likely that runs would be started on the local banks,- while at the same time a very large part of their assets, usually the most easily realized, would be tied up In the East How best to avoid this unpleasant condi tion was the problem that confronted the bankers. A. L. Mills, president of the First Na tional Bank; J. C. Ainsworth, president of the United States - National, and W. M. Ladd, president of the Ladd & Tilton Bank, were appointed a committee on resolutions to devise some action to pro pose at a later meeting of the bank ers. The' second meeting was at 4 o'clock yesterday afternoon. Meanwhile tele grams were received from Seattle and Spokane, asking what action the Port land Clearing-House proposed to take in view of the locking up of Eastern de posits. This session was an extended one, the bankers talking the situation ver for two hours. The proposition of a legal holiday until Monday, when It Is believed conditions will be much im proved, was submitted in a resolution by the committee named earlier In the day. Go to Salem by Special Train. . The bankers telephoned to Governor Chamberlain, at Salem, asking him to declare a legal holiday for five days.- The Governor replied he would like to talk the situation over with the bankers personally and they agreed to come to Salem and hold a conference with him. The committee then called on General Manager O'Brien ofthe Harrlman lines In this territory, who placed his private ear. "Oregon," at the disposal of the bankers, furnishing them with a locomo tive and the following clearing-house committee left for Salem on the. special train thus supplied: A. L. Mills, presi dent of the First National Bank; J. C. Ainsworth, president of the United States National Bank; W.M. Ladd. senior member of Ladd & Tilton, J. A. Keating, vice-president and cashier of the Bankers' & Lum bermen's Bank; Ralph W. Hoyt cashier of the Merchants' National Bank; C. F. Adams, president of the Security Savings & Trust Company, and William A. Mac- Rae, manager of the Bank of California. The special left Portland about 8 o'clock last night, returning to Portland, shortly after midnight Although the Portland Trust Company is not a member of the Catarrh Is a constitutional disease originating in impure blood and requiring constitutional treatment acting through and purifying the blood for its radical and permanent cure. Be sure to take Hood's Sarsaparilla Nasal and other local forms of catarrh re quickly relieved by Catarrlets, which allay inflammation and deodorize discharge. Hood's Sarsaparilla, all druggists, $1. Catarrlets, mail order only, 50 cts. For testimonials of remarkable cures end for our Book on Catarrh, No. 4. C L Hood Co., Lowell, Mass. clearing-house. It stood firmly with the ! other banks and signed the petition to the Governor that the committee on the spe- i cial train carried. Portland bankers were j advised by- telephone last night about 10 i o clock that Governor Chamberlain had granted the petition and would issue a proclamation declaring the next five days a bank holiday throughout the state. . Think Week Will End Trouble. Portland bankers do not anticipate that the difficulty will last- longer than the week out. As Eastern banks which owe the Portland banks will not pay, except In clearing-house certificates, which are of no use here, Portland and other banks which have large deposits In the Eastern banks were bound to be affected. Clearing-house certificates are emergency money, which never go outside their own city. This money never travels and Its substitution In place of real money cuts the Pacific Coast off from a very large source" of cash supply. Benjamin L Cohen,' president of the Portland Trust Company, thinks the crisis will soon he passed. He said: "I think the present condition will be very short and sharp. In --SO or 35 days the strain will be practically over and possibly in the next 10 days there will be a marked amelioration. There Is between $40,000,000 and 150,000,000 in new money from the outside that will come to the people of Oregon, Washington and Idaho from timber and the year's crops within the next few months. This means that this huge amount of money will be dis tributed among a smaller population than In the city of New York. Gold Coming From Abroad. "The first gold shipments from Eng land, of which $15,000,000 has been engaged already, will reach New York In five days. The opinion in the East Is that money will ease up considerably by the first of the year. Knowing the whole of the country Is prosperous. In my opinion we are going through a temporary finan cial desert but we shall emerge in better condition very soon." J. Frank Watson, president of the Merchants' National Bank, holds the same hopeful view. He said last night: "Had it not been for the locking up of our funds in the East there would have been no trouble at all. Our banks are safeguarded on all sides and are in very good shape. I think in five days the atmosphere will be cleared and we can go ahead. The storm came quick; I think It will pass Just as quickly. We have plenty of wealth all over the coun try but not enough circulating medium to handle the business. PRESIDENT IS DISPLEASED NOTIFIES BOURNE TO STOP HIS PROPAGANDA. Says He Will Be Better Pleased With His Friendship if He Stops Boom ing the Third-Term Idea. WASHINGTON, Oct 28. (Special.) An Interesting development of the day at the White House will make third-term boom ers a little cautious. - There is excellent authority for the statement that the President has In formed Senator Bourne that his persis tent third term propaganda is not receiv ing hearty Indorsement at the White House. Senator Bourne has been a frequent caller at the White House and on leav ing has always given out an Interview reiterating In one form or another his opinion that the President must be nomi nated whether he gives his consent or not. The President has gone so far as to in form Senatqr Bourne that he will be bet ter pleased with his friendship if he will discontinue his propaganda. THE DAY'S DEATH RECORD Nate Roff, Nevada State Auditor. RENO, Nev.. Oct 28. Nate Roff, State Auditor of Nevada, supreme representa tive of the Knights of Pythias and a prominent man in Nevada, died last night at his home as the result of internal In juries received in a runaway accident ten days ago. Lucius T. Noyes, Texas Templar. HOUSTON, Tex.. Oct 28. Lucius T. Noyes, aged 26, past grand commander of the Knights Templars of Texas, and eminent commander of Ruthven Com mandery. In this city, died last night He was born In Connecticut John Barrett, Newspaperman. SAN FRANCISCO, Oct 28. John Barrett, news editor of the Examiner, died of apoplexy this afternoon. He was walking on Van Ness avenue when stricken. Byes fitted to glasses, tU at Metzgefs. Metzer suves you money on watch bk TEA Moneyback means that the tea is good and well worth the money. - "' Can't mean anything else. Your rrocer returns your money If too don't like SchllUng'a Buti we par him. Arrow A SIZE COLLAR m Made of Clupeco Shrunk Fabrics I L ? ise eacnt a lor zsc S.3 OLOrTT, PrjtBODT OO.. MKfM IkdiffDsBBSBBBHBOBBHHflBflBIBHnttSIB New Umbrellas Just Received And they are entirely different from other lines, in style and in work manship, representing the very highest skill. The shapes of handles are stunning and will please the most particular. Prices are also inviting. Corner Third and Washington Streets H Manufacturing Jswelers Opticians Diamond Importers The Sale of Silks Has Set the TOWN-A-TALKING Reduced prices prevail. This tremendous sale comprises the best sorts of choicest plaids, stripes and figured or dotted effects. Detailed descriptions follow: Fancy Silks In novelty designs and checks, with Persian stripes; shadow effects; Iri descent plaids and Tartan Clan stripes, in taffeta or lonisine weaves; regular $1.00 grades, sale 7Qr price 'Splendid novelties in Crepe de Chines, which come in Dresden designs with overplaid or stripe effects, etc., for gowns, waists and , DuBarry 6carf s, $1.50 01 yf values, sale price P Carving Sets Very Low Priced Just the season when these useful articles are so much in demand. Prepare now for Thanksgiving by supplying yourself with a first-class carving set. Nothing, moreover, could make a better or more appropriate gift. Three-piece sets, with pearl handles, at greatly reduced prices; Sets regularly worth $9.50, special price for today .$7.65 Sets regular price $12.00; very pretty styles; special ... . $9.75 Sets, regular $15.00 values; good quality; special $12.25 CARVING SETS Stag Handles, Three Pieces. Kegular $3.00 values, special. ........$2.39 .Regular $4.00 values, special $3.35 Regular $5.00 values, special ..$3.95 Regular $7.00 values, special. ....... .$5.65 Regular $8.00 values, special $6.50 HANDSOME IMPORTED HATS $37.50 THIS INCLUDES THE ELABORATE CREATIONS WORTH TO $125.00 EACH. HATS WORTH TO $67.50 NOW ONLY $22.50 Buy Curtains and Bedding Now Many a housekeeper is renewing her Curtains before the holidays. Let us show you how to do this in an econom ical way. We are closing out the small lots of all odd lines; everything reduced to five pairs or less is in this sale. Not tingham Curtains of the newest patterns, also Cable Net, imitation Irish Point, Brussels Net and many others. We quote a few examples. $4.50 grades re duced .to $3.35 $4.00 grades re duced to j2. OS $3.50 grades re duced to $2.65 $3.00 grades re duced to ..$2.25 Buy Supplies the Hallowe'en Party Make this store your shopping place for the many novelties so essential to Hal lowe'en night. We have them all, the useful and the ' ornamental; favors, score, tally and place cards; Jack o 'Lanterns, masks, pumpkins, candles, etc. WEDDING AND VISITING CARDS W.G.SMITH 6 CO. WASHINGTON BUILD INQ. FOURTH AND WASHINGTON New Silks in combination checks and plaids ; two-tone Pekin stripes and many other new patterns; regular $1.25 values, sale Silks in stylish Tartan plaids, Roman stripes, etc., in mes- saline or taffeta weaves $1.25 values, sale price S8c Silks in choice plaids, Pekin stripes and Dresden effects, in the best and latest colorings; worth $1.50 a yard ; sale , $1 1 9 CARVING SETS. White Handles, Three Pieces. Regular $2.75 values, special $2.25 Regular $3.90 values, special $3.15 Regular $4.75 values, special $3.85 Regular $6.00 values, special $4.25 Regular $7.50 values, special $6.15 $2.75 grades re duced to $2.10 $2.50 grades re duced to $1.90 $1.75 grades re duced to $1.30 $1.50 grades . re duced to $1.10 White Wool Blankets, with striped borders. $3.50 to $20.00 Gray Wool Blank ets, $3.25 to $10.00 Plaid and Fancy Wool Blankets, $6.00 to $37.00 G. P. RUMMELIN & SONS 126 Second Street, Between Wash ington and Alder We are showing new effects in E Stol rmme es Ermine Neckwear Ermine Muff s Russian Sable Scarfs, Mink Stoles, White Fox Scarfs, Etc. Alaska Sealskin Goats made in the newest designs Russian Pony Goats, Per sian Lamb Goats, Etc. Send for Oar New Fall Catalogue Bend, Or. A telephone line will be built In the Blue Mountain National Foreat from Big Summit Prairie . to Davilla, a distance of 100 mllw. French novelty Dresden lonls lnes, in soft, lustrous pastel shades; a material and color combination that makes this particularly adapted for af ternoon and reception gowns; regularly worth j on $1.75; sale price. px.Oi Novelties of .the highest grades in a variety of weaves ; choicest fab rics for this season's wear; all the regular $2.00 values, d 1 ? Q sale price pl.J& It's the season for increasing your bed covering. Before doing this, see the un usual reductions we are showing on the 4th floor. A vast assortment of Blan kets, Pillows, Comforters, etc., marked at exceptionally low prices. Blankets of the largest size, all strictly pure wool and heavy weight. Notice this list for three points, high quality, large size and a small cost. Feather Pillows, 5 and 6 pound weights, at, the pair, $1.25 to.. $9.50 Warm Comforters, $1.25 to $2.25 Downaline Comfort ers $3.75 Established 1870. Bend, Or. It hai been found Impractic able to operate the traction freight train over duaty roads. Another) trial will be made after the rain et lai