Morning Oregonian., November 01, 1907, Page 4, Image 4

4
TIIE MORNING OREGONIAN, FRIDAY, NOVEMBER ' 1, 1907.
BOOM FOR ROOT '
BHOUGHTTO LIGHT
Roosevelt Ready to Support
Him or Cortelyou In-
stead of Taft.
SENATOR SCOTT EXHUMER
Pronounces Secretary of State For
midable Candidate May Mean
Free Fight for the New York
Delegation in Convention.
WASHINGTON. Oct. 31. (Special.)
Officialdom in Washington has ceased Its
concern over the financial situation suf
ficiently to get back to politics. A heap
of things in the Presidential succession
line is developing, which in the near fu
ture may lead to still more Interesting
conditions in the Republican camp.
A foretaste of possible eventualities was
afforded todav in the renaissance of the
Root boom. This la likely to be followed
bv something- more definite than has
heretofore developed in regard to Secre
tary Cortelyou as a contestant for Presi
dential honors. When Secretary Taft re
turns in December. If not before, the pub
lic may be led to believe that the Admin
istration Is not carrying all of Its eggs In
one basket.
Soott Springs Root Boom.
Senator Scott, of West Virginia, mem
ber of the Republican National com
mittee from his state. Is the sponsor for
the revived Root boom. He sprang It
after coming home from a visit to the
White House and on his way over to
the State Department. He had been talk
ing to the President about the great ser
vice for this Government which the Sec
retary of State had performed on his re
cent trip to Mexico. Mr. Scott also has
Just returned from the sister Republic.
The 'West Virginia politician did not say
a great deal, but it was regarded as sig
nificant. "If Secretary Root were to be pre
sented by his own state," he declared,
"he would be a formidable candidate for
nomination for President next year."
Others Besides Hughes.
The significance of this statement, in
conjunction -with the time and place of
Its delivery, lies in the Intimation that
Oovernor Hughes is not the only son of
New York to secure delegates to the Na
tional convention. Mr. Cortelyou is to
be considered as well as Mr. Root In
connection with plans speculative, pros
pective or tentative for a division of the
Empire State delegation or the captur
ing of It in its entirety by any one aside
from Mr. Hughes.
HAYWOOD TO STUMP COUNTRY
Will Result in Ills Nomination by
Socialists.
DTDNVER, Colo., Oct. 31. (Special.)
William D. Haywood, secretary of the
Western Federation of Miners, Is to leave
Denver on an extended lecture tour that
will take him to every state in the Union.
He will speak under the auspices of the
Socialist party and will address central
labor union bodies".
It Is considered a foregone conclusion
hy his friends that this lecture trip will
end In the nomination of Haywood for the
Presidency on the 1908 Socialist party
ticket. He will have three separate lec
tures in one of which he will deal with
the famous Boise trial and his acquittal
of the charge of complicity in the murder
of former Governor Frank Steunenburg
of Idaho.
ALL CALM AT GOLDEN GATE
State Handles Closed Bank Money
From Fast Will Ease Market.
SAN FRANCISCO, Oct 31.-San Fran
cisco passed quietly through the first day
of the series of public holidays proclaimed
by Governor Glllett for protection of the
banks and the depositing public In the
present financial stress.- A of the local
banks, excepting the Callfo'rnia Safe De
posit & Trust Company, which suspended
yesterday, opened thoir doors at the usual
hour this morning and throughout the
day received deposits and cashed checks.
There were no attempted runs, and the
general volume of business was reported
as not fat out of the ordinary. Over
state reports were similarly encouraging.
The Governor, following the plan an
nounced by him, has proclaimed tomorrow
a public holiday.
Money Sealed In Vaults. '
The Bank Commissioners spent the
entire day examining into the condition
of the California Safe Deposit & Trust
Company, but gave out no statement.
The money In the main institution at
California and Montgomery streets and in
the four branches was counted, and the
vaults were sealed. It is understood the
Commissioners will complete . their In
spection tomorrow and will shortly after
wards make public a statement.
The last annual report of the company,
filed with the Bank Commission, July 31,
showed Its resources to be $13,391,180, with
over J9,00,OUO due to depositors. The as
sets at the same time amounted to nearly
J12.000.000, Including stocks, bonds, real
estate and buildings.
The Clearing-House Association an
nounced that the bank clearances for the
week ending today were J40,3o5.n95 as
against $47,630,601 for the same week last
year, a falling off of I7.OSO.0O6. or 14 per
cent. The clearances for the present
month were $::1,241,6N8, for October, 190il,
Li!, Sn9,T!)3 a decrease of $5,748,106 or 2.9
per cent.
As indicative of the feeling of entire
safety In local banking circles, neither
the State Banking Association nor the
clearing-house directors held a meeting
today.
Gold Coming From East.
The San Francisco sub-treasury today
put Into circulation SI, 230, 000. Of this
amount $750,000 was released on telegraph
transfer from New York banks In partial
settlement of balances due their San
Francisco correspondents, and $300,000 was
paid out in cashing certificates of deposit
held by local banks for the last 12
months. Thomas J. Burns, the cashier,
SHld that an additional $1,000,000 will be
put into circulation tomorrow by New
York transfers. One San Francisco bank
today succeeded In selling $1,000,000 of
Government bonds In New York, and the
price money is in transit by express.
Twenty thousand dollars, gold, rep
resented the day's receipts at the Custom
House. This amount was checked out
of local banks. Advices are that several
millions of dollars of the import gold
engaged by New York In Europe and
South America, now In course of ship
ment, will be at onco diverted to this
city In settlement of Eastern balances. .
Mr. Burns said today that he was in
formed that the Secretary of the Trea
sury has under consideration the question
of permitting the sub-treasury here to
make loans on United States bones held
by the various banks. Thirteen million
dollars worth of these bonds are held by
the Hibernia Bank alone. If the Govern
ment will accept such security for tem
porary loans, the situation here can be
promptly relieved.
No Sign of Run on Banks.
Deposits 'have fallen off to some ex
tent In the smaller institutions, but the
big banks report a normal inflow. The
commercial banks are making loans to
regular customers, and no disposition
on the part of the depositors to take
unusual advantage of credit at this
time Is reported. The savings banks
are generally exercising discretion In
honoring withdrawal applications. The
checking out of large amounts is dis
couraged alike by the rule of notifica
tion and the fact that the Governor has
Instituted legal holidays.
Inquiry developed that all of the com
mercial banks responded promptly today
to presentation of checks, and this was
pointed tp as one evidence of the com
paratively excellent conditions obtaining
here.
Leading members of the clearing-house
reaffirmed their statements of yesterday
that no genuine cause for alarm exists,
and predicted that the present stress will
have disappeared before the close of next
week, as the situation . in the East is
relieved and settlements due the banks
here are made.
Business at the San Francisco Stock
and Exchange Board opened this morning
with a majority of stocks strong. Gold
field Consolidated at the close of the
morning session was quoted at $3.92 bid.
Business was light.
ELECTRIC ROAD IN TROUBLE
Denver & Northwestern Unable to
ray OK Bonds.
NEW YORK, Oct. 31. Notices were
cent out by the Der.var & Northwest
ern Railway Company to the effect
that, because of the financial condition
In New York, the company has been
unable to obtain the funds necessary
for the payment of the $6,000,000 first
gold mortgage, 5 per cent, called for
retirement November 1.
The Denver & Nortwestern Railway
Company operates electric lines between
the terminus of the Denver City Tram
way lines at Berkeley and Leyden and
Golden, Col. It Is also the holding com
pany for the entire tramway system.
Under the recent reorganization this
holding company floated $20,000,000 of
bonds and planned to retire the former
debt of $6,000,000, the bonds mentioned in
the New York dispatch.
The Denver, Northwestern & Pacific
Ithe Moffatt railroad) is In no manner
connected with this matter.
RAISES RATE OF DISCOUNT
Bank of England Takes Step to
Guard Gold. 1
LONDON, Oct. 31. The rate of dis
count of the Bank of England was raised
from 4V4 to 6Va per cent. Since last Thurs
day the United States secured about 3,
230,000 in gold from the Bank of England
and In- the open market and the bank's
reserve has been reduced slightly below
21,500,000, which, however, was 2,500,
000 higher than at this time last year,
when the bank rate was 6 per cent.
Oklahoma Banks to Reopen.
GUTHRIE, Okla., Oct. 31. Four hun
dred bankers, representing the Oklaho
ma and Indian Territory Banking Asso
ciation, In convention In the assembly
rooms of the lone Hotel, here tonight,
agreed on a plan to reopen all banks
early next week.
Oklahoma and Indian Territory banks,
which have been closed since Monday
last under the legal holiday proclamation
of Acting Governor Charles Fllson, will
re-open for business under the limited
payment system not later than Monday.
This Is the sense of the resolutions
adopted tonight by the Oklahoma and
Indian Territory Bankers' Association.
The resolutions In part follow:
"First, that the banks of Oklahoma
and Indian Territory open for business
as usual not later than Monday, Novem
ber 4.
"Second, that' they do not pay in cash
on any account on demand to exceed $5
In any one day or $15 In any one week,
until the shipment of money Is resumed
from the money centers."
Los Angeles Banks Stay Open.
LOS ANGELES, Oct. 31. The declara
tion of a legal holiday today by Gov
ernor Glllett was received without ef
fect, so far as the financial institutions
of Los Angeles . were concerned. All
banks and trust companies opened and
transacted business as usual, and there
were no evidences of any change what
ever from yesterday. Some slight
change was necessary in minor mat
ters to conform to the legal require
ments of a holiday, but these had no
important effect.
Local bankers were united in eaylng
that the situation here was In such
good order that the declaration of
legal holidays was not required.
Butte Banks Do Cash Business.
BUTTE, Mont., Oct. 31. With the sin
gle exception of the State Savings Bank,
which probably will be reopened shortly,
Butte banks are transacting business as
usual. They are cashing checks as pre
sented and have not curtailed depositors
in any way. The banks are In excellent
financial shape and their managers say
they will not be compelled to resort to
methods now being employed elsewhere
because of currency shortage. Deposits
are Increasing and there are no unusual
demands on the banks here.
State Examiner T. FJ. Collins, who Is In
charge of the State Savings Bank, said
today:
Postofflce Sends Out Currency.
CHICAGO, Oct. 33. The Chicago post
office went to the rescue of postofflces In
the West In a material way yesterday
as a result of the financial stringency.
Postmasters In many towns were serious
ly handicapped by the lack of currency
with which to pay money orders, and a
hurry call was sent to Chicago for aid.
The appeal will probably result In this
city sending out a considerable amount
of currency, as at Postmaster Campbell's
office It was said there was plenty of
money on hand.
Missoula Has Ample Cash.
MISSOULA, Mont., Oct. 31. There has
at no time been any alarm concerning
financial matters in Western Montana.
The banks in Missoula, on account of
heavy railway building operations In this
section, have for a. year been carrying
unusually large amounts of cash. There
has not been a withdrawal of deposits
here. The banks at Hamilton, Ptvlns,
Stevensville and Drummond make similar
reports. Crops are large here and prices
are good.
Salt Lake Feels No Pinch.
SALT LAKE CITY, Oct 31. On this, the
second day since the adoption of the
clearing-house certificate plan by the
banks of Salt Lake and the restriction of
withdrawals of cash to $100 at a time and
$200 per week, business is progressing in
all lines as smoothly as ever. President
Burton, of the clearing-house, says the
banks will be fully able to finance any
deal that any of their customers may wish
to make, whether it be here or in China.
Helena Banks Still Pay Cash.
HELENA, Mont., Oct. 3L There is no
TheTitle Guarantee
& Trust Co.
The Best Equipped Trust Company
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Established April 18, 1887
MORTGAGE LOAN DEPARTMENT
Has ample funds to loan on improved
real estate and approved collateral at
reasonable rates without delay.
Buys and sells mortgages, notes,
etc., rand furnishes expert appraisals
of real estate.
240-244 Waihington Street, Cor. Second
Portland, Oregon
change In the local financial institutions.
No restrictions have been placed on with
drawals, nor have there been any unusual
demands upon the banks. Local bankers
feel that the strained situation Is rapidly
drawing to a close and they anticipate no
excitement In this state. They are pre
pared, however, for any emergency. It
Is improbable that either certificates, no
tices or holidays will be utilized.
Stanford Men Feel Stringency.
STANFORD UNIVERSITY, Cal., Oct.
SI. Students of the university have felt
the effects of the' financial stringency
and have been notified by the local banks
that checks will not be cashed for more
than $5. Heretofore the students receiv
ing money from home have been accom
modated by the bank on the campus and
a bank at Palo Alto; now they will have
to depend Upon the good graces of local
tradesmen or leave their board and laun
dry bills unpaid, unless they can get the
folks at home to send currency Instead of
checks. With the big football game only
a week away, this is especially hard on
the collegians, whose sporting proclivities
and college spirit prompt them to back
their faiths on the Stanford team with
large bets.
San Diego Ignores Holiday.
IAN DIEGO, Cal., Oct. 31. All the
banks here are open today, as usual,- re
gardless of the holiday declaration of
Governor Glllett. Business Is being
transacted as usual, and there were
more people at the receiving than at the
paying windows. There Is no expectation
Of disturbance and the banks have ample
funds to meet all that may come.
Iteno Organizes Clearing-llouse.
RENO, Nev., Oct. 31. Four of the five
banks of Reno will organize a Clearing
House Association tomorrow. These are:
The Nixon National, Scheellne Banking &
Trust Company, Farmers & Merchants
National and the Washoe County Banks.
No Worry at, Sacramento.
SACRAMENTO, Cal., Oct. 31. The
banks of Sacramento have all declined to
take advantage Of the legal holiday de
clared by Governor Glllett. There was
no evidence of any uneasiness on the part
of depositors.
SHERIFF NOW TAKES CHECKS
Does Not Insist on Cash in Payment
of Taxes.
Although when Sheriff Stevens received
notice Tuesday morning of the proclama
tion of the Governor, making this week
a bank holiday, there Was some ques
tion in his mind as to the legality of
opening the tax department of the Sher
iff's office, he said yesterday that it
would continue open for business and
that, owing to the scarcity of gold and
silver coin, he has Issued orders to his
deputies to accept checks In payment of
taxes.
This will come as good news to tax
payers who have been unable, on ac
count of the stringency of money, to ob
tain cash from the banks with which to
pay taxes.
DENIES HE DISCRIMINATES
Calvin Tells California Wliy Cars
Are Sent to Oregon.
SAN FRANCISCO, Oct. 31. Vice-President
and General Manager E. E. Calvin,
of the Southern Pacific, has issued a de
nial of the charge that Oregon shippers
are being favored by the compary in the
matter of car supplies as against Cali
fornia shippers, because of recent recip
rocal demurrage legislation In Oregon. He
said:
"At this season of the year the ship
ments of Oregon products, especially
lumber, to California are very heavy
indeed, while In the opposite direction
the movement of loads is relatively
very light. ' If we did not send cars
north there Would eoon be none in
Oregon to load south. The only source
of supply for south cars is California.
If the California supply is cut off, then
California consignees will suffer, for
there will be no cars in Oregon to
carry their business. The cars that
reach Oregon points via Portland must
return that way. . We require that
cars which are sent north, empty or
loaded, be returned to us at Ashland.
"Only enough cars are sent to Oregon to
equalize the movement: That Is, when a
certain number of cars have been received
by us from Oregon at Ashland, enough
empties are sent north in addition tcr the
loaded cars to make the number moving
In each direction equal. Can anything be
more fair than this? Legislation has not
affected the situation at all. Oregon lum
ber shippers are dependent at all times
upon the lines In California for Equipment
which, as stated, must be moved to them
for the most part empty.
"The California mills have an ad
vantage In that a very large number
of cars come into their territory under
load. Just now there Is an extraordi
nary volume of lumber business offer
ing, but the stress has been greatly
relieved. It is expected that in the
near future conditions in California
will become normal.". -
Dalton Returns to Prison.
TOPEKA, Kan., Oct. 31. Emmet Dal
ton, the noted ex-bandit who has four
months been out on parole having his
injured arm treated In a Topeka Hos
pital, went back to Lansing this after
noon. His parole expires November 1
and Governor" Hoch, who it was
thought would pardon Dalton, has not
returned from Washington. It is gen
erally believed that Dalton will be par
doned as soon as Governor Hoch returns.
Copyright 1907 by Hart Schaffner & Marx
FEAR A SHOW-DOWN
Financiers Seek Peace on Illi
nois Central.
REVOLUTION MIGHT RESULT
Kffort to Settle Injunction Suit In
spired by Tread Iiest All Con
solidations Should Be
Torn to ; Pieces.
CHICAGO, Oct. Si. (Special.) Accord
ing to a rumor, which lacks official con
firmation but which seems to have some
foundation, the larfre financial interests
In the East have united In an effort to
have the Harriman-Flsh fight over the
control of the Illinois Central settled out
of the court. It Is stated that the cor
porate interests fear the outcome of Mr.
Fish's suit attacking the right of one
corporation to own stock In another Il
linois corporation.
The fact that the Harriman Interests
have not evidenced haste In asking for a
dissolution of the injunction restraining
the Union Pacific Railroad Company, the
Railroad Securities Company and the Mu
tual Life Insurance Company from voting
286.723 shares of Illinois Central stock
would seem to lend some color to the
rumor. Wrere It rot for the fact that an
effort Is being made to avoid a contest
in court, it is thought the Harriman In
terests would be eager to make a motion
to dissolve. the Injunction In order to
have the issues settled, If possible, before
December 18, when the postponed annual
meeting of, the Illinois Central will be
held.
It is understood that the proposition for
a compromise cornea from wholly outside
Interests. Mr. Harriman himself was re
cently quoted as declaring that If the al
legations in Mr. Fish's bill are correct
and can be sustained, then nearly every
big corporation in the United States
would have to be re-flnanced or reorgan
ized. WILIj NOT STOP CONSTRUCTION
Hill and Elliott Deny Humors About
Their Roads.
ST. PAUL, Oct. 31. President Louis W.
Hill, of the Great Northern Railroad, to
night denied a report that the road was
going to stop construction work.
"I cannot see how the report originat
ed," he said to the Associated Press. "The
Great Northern has not stopped construc
tion work and does not Intend to. We see
no reason to do so. We are shipping men
west all the time."
President Elliott, of the Northern Pa
cific, said :
"The Northern Pacific Is going on with
its construction -in Washington and Mon
tana, but is cutting down its force in Wis
consin and Minnesota."
LAYS OFF CONSTRUCTION MEN
Rock Island Stops New Work Ear
lier Than Usual.
CHICAGO, Oct. 31. The Rock Island
Railroad system yesterday laid oft 2500
men from its construction and track
forces. Although the road centers in Chi
cago, the order did not affect any em
ployes In this city and the maintenance
crews were not disturbed. The construc
tion crews in every Western State where
the road goes, from Illinois to Texas, were
reduced by the number mentioned.
President B. L. Winchell said the order
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did not mean there u any trouble or
that traffic or freight was any less this
year. He admitted that the financial situ
ation had something to do with it, as the
cutting down of the force usually does not
come until the latter part of November.
"The men laid off were engaged in im
provement work In the various states,"
said President Wlnchell, "and the number
Is no larger than In other years. We are
not touching the maintenance crews. Uraf
ftc conditioas are still flourishing, and
there is no sign of a let up In that
quarter."
Mrs. Richard Rowett, wife of the latj
Brigadier-General Richard Rowett, has
arrived In Portland with her daughter,
Mrs. James M. Reeves, with whom she
will spend the Winter.
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