mnmur
pn
PORTLAND, OREGON, SATURDAY, NOVEMBER 16, 1907.
PRICE FIVE CENTS.
VOL. XLVI.- NO. 14.4.
Jtl
SMALL INVESTOR
GETS BARGAINS
Cheap Stocks Cause
Stampede to Buy.
PEOPLE TO OWN CORPORATIONS
Transfer Clerks Work Over
time on Small Lots.
TOTAL REACHES MILLIONS
Good Upturns Made on Saving at
Present Low Prices Women Are
Keen for Bargains Thousands
Added to Stock Roll.
NEW YORK. Nov. 15. Never In the
history of Wall street have there been
such enormous purchases of securities by
Inventors In ordered lots and the transfer
books of railroad and Industrial corpor
ations show today a record-breaking num
ber of new shareholders. The present low
market prices of standard securities Is re
sponsible. The New York Central Rail
road and several other companies report
that the number of their stockholders has
nearly doubled in the last year. The
transfer departments of all corporations
are working day and night to keep up
with their work. Where a transfer of
stork Is usually effected in two uays. de
lays of a week arc now not uncommon.
Buy Outright for Cash.
The distribution of stock to people of
moderate means fortells certain relief for
the monetary situation, for brokerage
houses state today that there purchases
arc made outright with cash withdrawn
from safety deposit vaults or with certified
chocks. These sums, ranging in amounts
from $100 to $10,000, In the aggregate total
many millions of dollars. Bankers wel
come the small investor, for his appearance
betokens a firm conviction that the coun
try industrial wellbelng will ... main
tained. Secretary Trimble of the United
States Steel Corporation said today:
Some two years ago it was decided not
to make public the number of aur stock
holders, but I can say that the number of
Investors in small lots during the last month
has been unprecedented and our transfer
force is struggling to keep up with the
work imposed upon it. As in 1103, there
have been. 1 believe, heavy purchases of
our securities by banking syndicates both
here and abroad, which bold them for
numerous Investors whose names do not
appear on the Steel Corporation's books.
omen Scent a Good Thing.
James 1. Carter, who is 4n charge of the
transfer department of J. P. Morgan &
Co., said today that the purchase of
small amounts of stock was breaking all
records. He added:
With prices at bedrock the small investor
has availed himself of a rare opportunity to
Invest hla savings In securities that will
show a handaom- return in the future. Our
transfer department has all It can do to
keeji up with the press of business. The
number of shareholders In railroad and in
dustrial companies Is Increasing rapidly, and
ss the movement progresses stocks disap
pear from the market and find a resting
place in strong boxes. All the way from one
to SO shares are being purchased by the
ordinary, buyer. A feature of the small-lot
buying is Investment by women, who never
enter the market until nrlces are at the
lowest ebb. Whether It Is Instinct or rare
Judgment that enables them to detect the
low ebb I am unable to say, but they are
buying stocks now.
ThOIUUUlda Buy Into Knllroads.
The books of the Pennsylvania Railroad
have Just dosed, and It is estimated that
the number of shareholders has reached
60,000. an Increase of several thousand In
the last y-ar. The Pennsylvania is said
to be gaining an average of about one
hundred stockholders a day.
KJdward I,. Rosslter, treasurer of the
New York Central Railroad, said that the
stockholders now total about 18.000 and
that in the last five weeks over 1.900 new
names have been placed on the company's
books.
Controller Gallup, of the Atchison,
Topoka & Santa Fe, said today that in
vestors had come Into the market for
Atchison stock in such numbers that the
company's transfer force was working Into
the night. He said that the buying of
odd small quantities of stock came from
every city and hamlet throughout the
United States. It Is approximated that
in the last six weeks the numer of stock
holders in the Northern Pacific has in
creased nearly 6.000: while Union and
Southern Pacific have each Increased their
number of stockholders by several thou
sand. Orders Pour In hy Mall.
A large brokerage house reports today
that mall orders for stocks are being re
ceived in quantities from all over the
country.
The railroad and industrial corporations
have furnished the Journal of Commerce
and Commercial Bulletin with the num
ber of stockholders on their books at
tills time and one year . ago. Had the
figures in each case been compiled
since the October panic the In
crease In stockholders would have been
much greater. The returns cover 35 lead
ing industries, with 153.744 stockholders
and $1,777,000,000 capital this year, against
134.990 stockholders a year ago; also 18
leading railroads, with 83.231 stockholders
and $1,397,000,000 capital this year, against
68.868 stockholders and $1.298.uOO.OO0 capital
a year ago.
SUBMITS REOPENING SCHEME
4'allfornia Safe Deposit Asks Altl of
Stockholders' and Depositors.
SAN FRANCISCO. Nov. 15. A plan
was submitted to the depositors and
stockholders of the California Safe De
posit & Trust Company, in a statement
mailed to them tonight and signed by
President David F. Walker. Vice-President
and General Manager J. D. Brown
and other officials and directors of the
Institution, which, it is maintained,
would enable the bank to resume busi
ness at an early day. The letter states
that the institution Is entirely solvent,
but, not belonging to the clearing-house
and the Inability to realize on its assets
made It advisable to suspend.
The stockholders arc asked to con
tribute $20 for every share of stock held,
which, together with $375,000 of unissued
treasury stock to be subscribed for at
par by the stockholders, will bring in
$900,000 as further security to depositors.
Mr. Walker and other officials of the
Institution will transfer to the Metro
politan Securities Company individual
property to the value of $700,000. which Is
Immediately to be converted Into cash
and used In further strengthening the
bank.
To protect the interests of both depos
itors and stockholders the depositors will
be asked to sign agreements accepting
certificates of deposit for a part of their
Senator Albert .J. Beverldge. of In
diana, Who Will Start Movement
for Tariff Revision In Congress
money, payable In three, six, nine and
12 months, and bearing Interest at 4 per
cent per annum.
The California Safe Deposit & Trust
Company suspended two weeks ago. It
held $8,000,000 in deposits.
KETIHX CASH TO TREASIKY
Cortelyou Draws on Xew York.
Great Increase In Currency.
WASHINGTON, Nov. 15. Secretary
Cortelyou. who returned today from
New York, stated that, while In New
York, he had asked several of the lead
ing banks there to return to the treas
ury comparatively small sums, aggre
gating between .$4,000,000 and $5,000,
000. The only object of this call, he
said, was to strengthen the Treasury
working balance, which had been some
what reduced by the action of the Sec
retary In responding to calls from
banks in several sections of the coun
try for public deposits to meet the in
creased demands upon them for cash
Incident to the crop-moving season.
The withdrawal of so small a sum
could have no appreciable effect In
New York or elsewhere, and the banks
gladly and promptly acceded to the
Secretary's wish.
The demand for additional circulation
continues with slight diminution. From
November 1 to 14 Inclusive, the actual
shipments of National bank notes to
banks increasing their circulation were
$20,604, 00.1. This large addition to the
stock of currency lias had a marked in
fluence, It Is said, in restoring public
confidence and In minimizing the ef
fects of the present money stringency.
TRADERS STATE BANK STOPS
Suspension Only Temporary and Di
rectors Pledge the Deposits.
SAND POINT, Idaho, Nov. 16. (Spe
cial.) The Traders' State Bank an
nounced the temporary suspension of
deposits and payments this morning
after opening for business. This move
is made necessary, according to John
Marshall, attorney for the bank, to pro
tect the required cash reserve.
The primary cause of suspension is
said to be the Inability of the bank to
realize on about $60,000 of secured
loans which are declared to be gilt
edge. These loans are held by local
business concerns and the bank offi
cials declare there Is no question but
that they are all more than amply se
cured. The deposits of the bank at this
time amount to about $125,000.
The officials of the bank have given
their pledge that every dollar of this
will be made good and to this end
will sacrifice their personal fortunes
which amount to not less than $200, OOo!
MAY R AISE RATE TO 8 PER CENT
Bank of England Considers Further
Means to Protect Gold.
L.ONDON, Nov. 15. American buyers
took gold to the value of 782.000 from
the Bank of England today for shipment
to New York tomorrow.
The continued heavy drain of gold to
the United States has led to marked un
easiness, both In the money market here
and on the stock exchange, and general
opinion inclines to the belief that the
Bank of England's rate of discount will
be raised to 8 per cent Monday. The
directors of the bank met today and con-
; sidered the situation, nut as usual maln
I talned silence regarding the result.
As France refuses to shin irolH Him.,
to New York and as the 7 per cent bank
rate has not stopped the American
demand, financiers here see no other
means of checking the flow except by im
posing a prohibitive bank rate.
-MILLIONS OF GOLD ENGAGED
The Amount Reaches $6 7,905,000.
steamers Bringing Large Sums.
NEW YORK. Nov. 15. The engage
ments of gold from abroad to satisfy the
urgent demand for currency hy Americans
reached $67,903,000 today. Several steam
ships arriving today and tomorrow will
bring a large amount of gold. The Arabic,
due today, brings $775,000; La Lorraine and
St. Paul, due tomorrow, will provide $2,-280,000,
TARIFF REVISION
by
Next Congress to Take
Action.
PLAN FAVORED BY ROOSEVELT
Was Advocated in Speech
Made Five Years Ago.
BEVERIDGE TO OFFER BILL
Commission to Be Appointed at the
Coming Session and Next Con
gress to Pass the Bill Take
Tariff Out of Politics.
WASHINGTON, Nov. 15.-(Specia!.)
One of the most promising signs is that
the next Congress will seriously take up
the matter of tariff revision. Although it
Is an utter Impossibility to state at the
present moment what action will be taken
by Congress, dominated, as It is, by men
of high tariff belief. It would seem that
the appointment of a commission would
soothe the feelings of the revisionists in
Massachusetts, Wisconsin and other
states and would keep them In line with
the rest of the party for the earnest sup
port of the next Presidential ticket.
Word has come to the capital that It
Is the Intention of Senator Beverldge of
Indiana to Introduce a bill for the ap
pointment of a commission whose duty it
shall be to study the schedules with care
and be prepared to advise Congress on
the matter of revision.
Cut Out the Politics.
Many Republicans of the saner thought
never have been able to understand why
the tariff should be purely a political
issue. These men are not "stand-patters,"
nor are they free traders. They believe
that, If politics could be laid aside, the
tariff might be adjusted so that the vast
majority of Americans, consumers arsd
manufacturers, might be benefited and
that in the revision there would be found
the germ of political peace.
There Is a suspicion In Washington that
President Roosevelt may recommend the
appointment of a tariff commission in bis
next message. It goes also without say
ing that Mr. Beverldge must have con
sulted Mr. Roosevelt about the measure
which It Is believed to be the Senator's
Intention to introduce. As a matter of
fact, the President stands committed to
such a commission. Probably the matter
has been forgotten by the public, but In
a speech delivered In Indiana September
3, 1902, Mr. Roosevelt said:
Roosevelt Favors Commission.
What we really need in this country Is to
treat the tariff as a business proposition and
not from the standpoint of the temporary
Issue of any political party. My personal
preference would be for action which should
bo taken only after preliminary Inquiry by
and upon the findings of a body of experts
of such high character and ability that they
could be trusted to deal with the subject
from the standpoint of our business and in
dustrial neeas: but. of course. Congress
COMMI i
would have to determine the exact methods
to be followed.
Slore Definite Tarifr Plank.
The American Reciprocal Tariff
League has sent a letter broadcast to
test the public temper on the matter. It
seems likely that with the next Na
tional convention the Republican party
will declare for revision where' it is
found to be needful. There seems to
be a tendency on the part even of the
old tariff standbys to admit that the
customs plank In the next platform
must read "where revision Is need
ful" instead of "when revision la need
ful," which was the spirit of the state
ment In former platforms.
This means simply that the party
intends finally to do something with
the tariff, and trfe time set is at the
first session of the Sixty-first Congress.
HELPS FRIENDLY FEELING
Real Object of Kaiser's Visit to King
Edward.
WINDSOR, England, Nov. 15. Emperor
William is continuing his work toward
the creation of a friendly feeling on the
part of Englishmen toward Germany, and
it la plain that this purpose Is the uncon
cealed object of his visit to this country.
The Emperor took advantage of another
opportunity in his address accepting the
degree of doctor of laws of Oxford Uni
versity. Another gorgeous state banquet was
given Emperor William at Windsor Castle
tonight.
WORLD'S FASTEST DESTROYER
England Launches Mohawk, Which
Makes 40 Miles an Hour.
COWES. Isle of Wight. Nov. 15. Great
Britain, not content with possessing the
largest warship in the world In the Dread
naught, has constructed the fastest craft
destroyer In the Mohawk. On her offi
cial trial on the North Sea today the Mo
hawk maintained for six hours a mean
speed of 3414 knots an hour. In six runs
over a measured mile she traveled at the
rate of 34(4 knots an hour. This is equal
to 40 miles. The Mohawk Is fitted with
steam turbines and a water tube boiler
using oil.
RUSSIAN WARSHIPS BURNED
Incendiaries Destroy Two Gunboats
In Baltic Shipyards.
ST. PETERSBURG, Nov. 15. A fire of
unknown origin at the Baltic Shipbuilding-Yards
today destroyed two gunboats
and damaged several other vessels. It
developed later that the fire, which lasted
five hours, undoubtedly was of Incendi
ary origin.
THOUGHT TO BE GERMAN SPY
Suspicious Character Arrested Near
Toulon Fort.
TOULON, Nov. 16. Guards today ar
rested a German giving the name of
Schurmann, who was wandering suspi
ciously near the fort here. He is believed
to be a spy.
Stock Broker a Suicide.
HAMBURG, Nov. 15. J. Ballin, a
stockbroker, and a brother of Albert
Ballin, director-general of the Hamburg
American Steamship' Line, committed
suicide with a revolver this afternoon in
the lavatory of the local Bourse. The
reason for the act, which created consid
erable excitement, Is not known.
Broker Is Sentenced.
NEW YORK, Nov. 15. George H.
Brouwer, of Brooklyn, former confiden
tial manager for James H. Oliphant &
Co., brokers, of this city, was sentenced
to not less than three years and nine
months and not more than eight years
and nine months in state prison today
for grand larceny. Brouwer' peculations
were said at the time of his arrest to
amount to about $100,000.
OH, COY WILLIAM!
TAKE
MEASURE OF
ALL CANDIDATES
Aspirants to Be Before
the Public Eye.
ALL BUT HUGHES AT CAPITAL
Republican Leaders Will Hold
Center of Stage.
NATION MAY GIVE VERDICT
Among the Presidential Possibilities
Conspicuous at Washington Will
Be Taft, Cannon, Fairbanks,
Knox, Foraker, La Follette.
OREGONIAN NEWS BUREAU, Wash
ington, Nov. 15. With the exception of
Governor Hughes of New York, every
Republican presidential candidate will
spend the coming Winter in Washing
ton and will occupy a conspicuous po
sition. Governor Hughes, while not in
Washington, will be quite as much in
the public eye as any of the other can
didates, and will receive quite as much
attention.
Secretary Taft Is always a prominent
figure in the National capital, and is as
conspicuous at the Capitol as some of
the other men who are considered as
presidential possibilities. The Secre
tary spent days and weeks at the Cap
itol at the last session In fruitless ef
forts to secure a reduction of the Phil
ippine tariff. When he returns from
the Orient he will doubtless renew his
efforts and will therefore give a great
portion of his time to legislative mat
ters this Winter. Aside from his prom
inence at the Capitol he is always a
conspicuous figure at the White House
as well as In his own department.
Cannon's Great Power.
Speaker Cannon and Vice-President
Fairbanks are always in the limelight
when Congres.f Is in session, but Can
non has an advantage over Fairbanks
in that he holds great power In the
House, whereas the Vice-President Is
merely a figurehead In the Senate.
Cannon names the House committees
and selects their chairmen; he names
the committee on rules, which has ab
solute control over all legislation
brought before the House, and In the
exercise of this powej he always names
a committee which he can dominate.
In other words. Speaker Cannon makes
the committee on rules and virtually
has absolute say as to what legislation
shall pass and what shall not. The
rules of the House are such as to give
him this power.
The Vice-President has nothing to
say about the make up of the Senate
committees; is never consulted as to
the programme to be followed by the
Senate, and has no voice whatever in
matters of legislation unless there Is
a tie vote, and then he is permitted to
cast the deciding ballot. While Fair
banks occupies a conspicuous position
In that he is on display, he has no op
portunity to assert himself and no
chance to demonstrate his qualifications
or his lack of qualifications for the
presidency. On the other hand, the
Speaker has an opportunity to either
strengthen or weaken his presidential
prospects, according to the method he
uses In shaping the legislation of the
House.
Members of the Senate.
On the floor of the Senate are three
men who are often spoken of as presi
dential timber, although none of the
three Is likely to be nominated. Ref
erence Is made tc Senator Knox of
Pennsylvania, Senator Foraker of
Ohio and Senator La Follette of Wis
consin. All three of theBO Senators
regard themselves as presidential pos
sibilities, and the last one named
thinks himself a very formidable can
didate. As a matter of fact his chances
of nomination are as slim as those ot
Senator Foraker, who has long been
considered as In the "down and out
James Hryrr. Rrltifth AmbRSMidor to
the United Mute-. Who Spoke on
Progrrefts of Negro Race at Wah-
Injrton.
t
class," so far as the presidency Is con
cerned. Senator Knox will have an opportun
ity this Winter either to encourage or
dispel the idea that he is a corporation
representative. This is the greatest han
dicap that he now labors under, and if
he can satisfy the country that he is not
Indebted to the corporations nor in sym
pathy with them, he' may yet become a
formidable figure to be reckoned with in
the next campaign.
Foraker Out of Harmony.
Senator Foraker can probably do noth
ing this Winter to turn public sentiment
In his favor. He !s a cantankerous, antl
Roosevelt man, opposed to practically
all of the policies adopted by the Presi
dent, and is reported to be a friend of
the railroads. It would take very pro
nounced actions on his part to dispel this
estimate of him.
Senator LaFollette will be more or less
conspicuous In the advocacy of radical
legislation to which he Is committed, but
unless Be displays greater conservatism
than he has in the past, his candidacy
will not receive serious consideration out
side of Wisconsin. LaFollette, during the
short time he has been In the Senate, has
shown himself to be a demagogue, and
he will have to live down this reputation
before he can hope to be seriously con
sidered as a Presidential possibility.
No Democratic Timber.
In spite of the large number of promi
nent men who participate In public life
In Washington every Winter, It Is sel
dom that so many Presidential possibili
ties are on exhibition here at one time.
Visitors to Washington this Winter will
get their money's worth, fop not only are
the various Republican candidates avail
able, but they all occupy places which
keep them In view of the public a large
part of the time.
In contrast to the superabundance of
Republican Presidential material, Wash
ington can offer nothing In the Demo
cratic line, for It Is a foregone conclu
sion that Bryan will be renominated, and
none of his brethren in Senate or House
has the nerve to enter the field against
him.
CONTENTS TODAY'S PAPER
The Weather.
YESTERDAY'S Maximum temperature, 52
degrees ; minimum, 45
TODAY'S Rain; southerly winds.
National.
Roosevelt speaks on progress of negroes.
Page 5.
Oregon lumbermen's complaint against new
rates. Page 5.
Great Increase In Japanese Immigration.
Page 3.
Politics.
Great gathering of presidential candidates
In Washington, page I.
Revision of tariff by next Congress consid
ered certain. Page 1.
Senator Heyburn favors third- term for
Roosevelt. Page 16.
Henry Watterson's opinion on Bryan's letter.
Page 7-
Domestic.
Portland woman dismisses husband and
seeks divorce In Denver. Page 7.
Walsh's lawyers claim Immunity bath.
Page 4.
Insanity is defense of Mrs. Bradley; close
of prosecution. Page 4.
Unprecedented rush of small investors to
buy stocks swamps corporation offices.
Page 1.
Severe sentence on Colorado embezrler.
Page 3. 4
Barney made will In wife's favor just before
death. Page 3.
Pacific Coast.
lone man loads up on whisky and "shoots
up" the town. Page 6.
Witnesses for defense make attempt to
prove allbl for Steve Adams. Page 6.
Oregon man wins Pacific Coast Intercollegi
ate oratorical contest. Page 6.
Commercial and Marine.
Hop prices on speculative basis. Page 17.
Wheat dull, weak and lower at Chicago.
Page 17.
Stock Ht weaker In spots. Page 17
Business of Nation adjusting itself to new
conditions. Page 17.
Big fleet of grain carriers arrives off tfc
bar. Page 16.
Portland and Vicinity.
Methodist Home Missions Board makes cut
In appropriation for Christian Republic.
Page 1. ,
Dispute as to validity of acta by public offi
cers on legal holidays. Page 10:
Fine Oregon-grown wa4nuts on display.
Page 13.
'"Jood Roads Con vent Ion comes to ctose;
John H- Scott made president. Page 11.
Bankers combine to move wheat crop; con
fidence In banks returning. Page 10.
r :
HEAVY CUT MADE
IN APPROPRIATION
Mission Organ Is Too
Expensive.
LIVELY SESSION OFM.E. BOARD
Cost of Publishing Christian
Republic Attacked.
BIG BATTLE COMES TODAY
Contest for Division or $(.50,000
Home Missions Fund to Be Con
vention Feature Ministerial
Appointments for Tomorrow.
SAVlNti OK $20,000 KIFECTKII.
At Its sessions yesterday after
noon and last night, the general
Board of Home Missions and Church
Extension, of thu Methodist Episco
pal church, decided that far too
great a sum of money has been ex
pended the past year In Its publish
ing Interests. especially for tha
Christian Republic, the official or
gan, and curtailment was ordered.
Instead of monthly Issues, bi
monthly Issues will be printed, there
by saving approximately $JU,K0 this
year. An effort la also to be made
to consolidate this paper with World
Wide Missions, official organ of the
Board of Foreign Missions.
This morning a big battle will be
fought as to where the home mis
sions fund 'of JfloO.eOO shall go. A
committee appointed last night will
make recommendations at the 9
o'clock session This money Is for
field work for ail American posses
sions.
A big fight against what Bishop
Cranston termed a condition of "pre
posterous finance," relative to the enor
mous sums required under the present
system to support the publication of
the Christian Republic, the official or
gan of the Board of Homo. Missions
and Church Extensions, brought about
a long debate in the afternoon session
of the general committee at Taylor
street Methodist Episcopal Church
yesterday. It was declared by several
Bishops and others that the policy so
far pursued In the administration of
the affairs of this branch of the chunli
has created intense opposition through
out the bounds of the denomination,
and warning was given that It must
stop. Final vote set aside $50,000 for
the publishing work and printing of
fice stationery and other pamphlets
necessary for the coming year, but
part of this will be saved by a new
arrangement.
Publication Is Expensive.
The Christian Republic, official or
gan of the Board of Home Missions
and Church Extensions, Is devoted to
the Interests of the two merged soci
eties, and Is circulated free to every
Methodist who gives $1 a year to the
cause of missions. It has a circulation
of close to 500,000, although It has been
published only 10 months. It Is the
contention of the officers of the board
at Philadelphia that It cannot be pub
lished for less than $50,000 a year, but
Bishop Joseph F. Berry, who for many
years was editor of the Epworth Her
ald and knows much about such mat
ters, declared he was In favor of
pruning this item to $30,000. Bishop
Earl Cranston. formerly resident
Bishop for Oregon, led in the defeat
of so large an appropriation for the
publication. He warned the officers of
the board that the church would not
stand such an outla, and said that he
favored the consolidation of the home
missions and church extension publi
cation with that of the official organ
of the Foreign Missionary Board and
the cutting In half of the expenses to
each organization.
Calls Outlay Preposterous.
"Such an outlay for the publication
of the Christian Republic Is financially
preposterous," declared Bishop Crans
ton in a masterly address to the mem
bers of the committee. "To admit that
we have to conduct this paper and all
of the other pamphlets of the Home
Mission and Church Extension Boards
to educate our people to do their duty
1b to confess that our past efforts have
failed. We are overlooking the re
sponsibility of the pastors and of the
presiding ciders in this matter, ar.d
the result Is indifference on their be
half to the work that formerly was
left to them. I favor the consolidation
of the missionary papers and the edit
ing of one paper for both by one man
and the saving of half the cost."
Bishop Wilson's Views.
Bishop L.uther B. Wilson next arose
and, after a brief speech, moved the
reference of the whole matter to the
general boards of the home missions
and church extension and foreign mis
sion organizations for adjustment. He
said that the matter should receive
careful attention and should be consid
ered from every standpoint. He was
not prepared to say whether It would
be practical to consolidate the mis
sionary papers, but thought that if
this could be done It would be a great
benefit to the church and a big sav
ing. All money thus saved could be
applied to mission fields for workers.
Bishop Wllljam F. McDowell also
(Concluded on Pag 13.)
4