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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Nov. 10, 1909)
THE MORNING OREGOXIAX, WEDNESDAY, XOVE3IBER 10, 1909. 9 V FOREIGN BANKING METHODS PRAISED Senator Aldrich Says Europe Ahead of United States in Handling Cash. LARGE RESERVE AVOIDED France, Germany and Kngland Pro tect Surplus Funds by Raising Discount Rate Credit Made Liberally In Stress. KANSAS CITV, Mo.. Nov. 9. Reiterat ing his declaration that neither he nor tiie monetary commfKslon. of which he la bead, had any pt arhemc of financial reform. Senator Aldrich toniffht. in this city, dwelt at jome length on the advan tapf-s of the European banking- eyrtems over the system in the United fatates. If spoke after a dinner given br the Clearing-house Association at the Balti more Hotel. Mr. Aldrich found in the reserve sys tem the mod striking characteristic of European banks. He paid that central banks of England. France and Germany hold all the resources of all the banks of their respective countries. He pointed out that there is no legal requirement making it necessary for foreign banks to keep in their vaults so large a percentage of deposits as i necessary in the United States and said that the subordinate banks regard money In the central insti tution Just as available for their reserve purposes as if it were in their own vaults Europe. Avoids Till Money. He added that foreign banks do uot hold as "till money" a sum greater than S or 4 per cent of their liabilities, while in the United States the average Is 10 per cent. The London banks, however, have either in their own vaults or In the Bank of England 14 or 15 per cent of their deposits. In addition, these banks loan large eums to discount houses, subject to call on short notice, which they regard as another source of reserve. Another item of still greater im portance, he said, is commercial paper held by secondary banks. This paper is receivable at the Bank of England and it is considered by bankers far the most important part of their reserves. What Is true in England Is largely true In France and Germany. In this way the banks amass a credit at the central bank which is in itself a reserve and they thus are enabled to loan from four to ten times the amount that they could loan under other conditions. Mr. Aldrich dwelt upon the fact that European countries make no requirement either as to the amount of reserves or of their publicity. The percentage is left to the wisdom of bankers. He said that the Credit Lyonnatse, the greatest private banking institution In the world, kept practically no money in its vaults, de pending entirely upon the Bank of France In case of large demands upon it. But. on the other hand, reserves of the central bank amount to about 70 per cent of its liabilities, not only rendering It exceptionally strong, but making it a bulwark for other French banks. Asking himself how the great central banks protected themselves in times of stress, Mr. Aldrich replied: "They advance discount rates as they did the other day. For what? To attract gold from other countries which has the effect of holding up their reserves. This process Is always successful. In 1907 the Bank of England advanced the rate to S per cent and that step brought gold from 22 countries. I asked Mr. Campbell, then governor of the bank, what he would have done if he had- not secured the gold. He replied, 'We would have put the rate up to 10 per cent and that would have .brought gold out of the earth. "What else do they do? They extend credits liberally to everyone who Is sol vent and who has a right to borrow. In stead of shutting their doors and stopping the extension of credits and refusing to give credits to their custom era, they do these two things: They protect their own resources and they extend credit liberally to everyone who deserves it and wno wants it. "That is the whole secret of the method by which these great banks take care of and regulate affairs of those great coun tries In case of probable trouble." American System Barbarous. Contrasting this system with the rigid methods of the United States, Senator Al drich said: "I think this statement will afford suf ficient suggestion to you to show that we certainly ought to consider very carefully the question whether our banking system in that respect should not be recon structed. "I have no doubt myself that the opinion which is everywhere expressed in Europe that our system is barbarous is correct. It certainly Is against the ex perience of modern banking everywhere else." It was evident to all that Senator Al drich found in the European reserve sys tem Teatures which he beneves superior to ours. He spoke especially of the con fidence engendered by the foreign method. CONTRACTOR WINS SUIT Cos to Court to Compel Payment by School District. OREGON CITT. Or.. Nov. 9. ( Special.) In the case of Parsons vs. School Dis trict No. 115. known as the Gladstone district, in which the plaintiff sought to recover $400 for construction work on the schoolhouse. the Jury late tonight re turned a verdict in favor of the plaintiff for J11I.95. Judjre Hayes and M. Zoll inger represenusl the plaintiff and H. E. Cross appeared for the defense. The directors of the school district sought to bring a counter suit, alleging that contractor Parsons' work was de fective, but the Judge granted a nonsuit. M'CREDIE'S LEAD IS 1935 Popular Jurist Lost but One Pre clnct in Clark County. VANCOUVER. Wash.. Nov. .9. (Spe cial. The full returns of the votes cast at the special election, held November 2. in Clark County, were cani'assed this morning by the official canvassing board, composed of James P. Stapleton. County Attorney: M. B. . Kie. County Auditor, and J. G. Eddings. chairman of the Board of County Commissioners. The lollowlng results were declared oT ficial. For Congressman. McCredie. 2K2; IJster. 37: Rnckhill. XX; Herman, 1SS; Carlson. Harlan. 23. On the question of whether or not in toxicating litiuor shall be sold in the county, outside of Vancouver and other incorporated limits, 371 voted for license and '.f: against it. The vote by precincts shows an, over whelming majority fer McCredie and 1 interesting to note. It follows: Alpine Mc"redle 8. I.ier . Harlan 1. Battle Ground McCredie 7. Ulster W, Herman 2. Harlan 1. Rockhtll 9. Cathlapoodle McCredie 13. Li.ter ' 4. Herman 3 Hock (if II 2. Cedar Creek licCredte 22. Lister 2. Her man Harlanl. Rockhlll 1. Carlson 1. Che'.atchle McCredie 24. Lister 10. Her man 1. Rockhlll 2. Columbia ( Camas) McCredie 18. Lis ter 24. Herman la. Harlan 2. Rockhlll 19, Carlson 4. Eati-n McCreitle 3. Lister 7, Herman 2. Rorkhlll 1. Harlan 1. Fern Prairie McCredie 33, Lister 8. Her man 11. Rockhlll 3. Fourth Plain McCredie S8. Lister T. Rorkhlll 14 Carlson 2. Fruit Valier McCredie 14. Llater 14. Her man 13. Harlan 1. Rorkhlll 11- Harney McCredie 28, Lister 2. Herman S. Rockhlll 2. La Center McCredie 59. Lister 7. Her man IS Carlson 1. Larkamas McCredie S3. Lister 14, Her man f. Harlan 2. Rockhlll 23. Lincoln i Rldeefleld I McCredie M. Lister 11. Herman 4. Harlan 2. Rockhlll 6. Manor McCredie 46. Lister 13, Herman 10. Harlar. 2. Rockhll! . Carlson 2. Mountain View McCredie 24. Lister 3, Herman 1. Rockhlll 13. Carlson 1. Pollock McCredie 2S. Lister 27, Herman 4. Rockhlll 4. Presron McCredie 74. Lister 8, Herman 5. Rockhlll 8. Harlan 2. Carlson 1. Salmon Creek McCredie 49, Lister 6. Herman 8, Harlan 2. Rockhlll 12, Carl son 3. Vancouver Heights. Minnehaha McCredie 43. Llter 12. Heriun 2. Harlan 2. Rock hlll 11. ' Waahoural McCredie 137. Lister 2J, Her man 15. Rockhill 11. Carlson 2. Whipple Creek McCredie 29, Lister 16. Herman 5. Rockhlll 1. Carlson 1. Yacolt McCredie .12. Lister 15. Herman 4. Harlan 2. Kockhlll . Vancouver. Precinct A McCredie 267, Lister 'SJ, Herman .1. Harlan 1. Rockhlll 4. Precinct B McCredie 191. Lister 20. Her man (1. Harlan 1. Rockhlll 6. Carlson 1. Precinct C McCredie 227, Lister 17. Rockhlll 17. Harlan lrt. Carlson 2. Precinct D McCredie 241. Lister 37. Her man 8. Harlan 1. Rockhlll IS Carlson 4. O'BHIEHPUTSWEST TO IT FOR COUNT Boxing Bout "Furnishes Excite ment at Multnomah Gymnasium. TOURNAMENT BIG SUCCESS Hel(?ar Frank and Leon Fabre Go Six Minutes in Grappling Contest, but Fabre loses tn Second Bout. Deaf Mute Is a Wonder. 60TCH BEATS ITALIAN HE DOWNS RAICEVICII IX TWO STRAIGHT FALLS. Match Draws Biggest Crowd in Chi cago Since Championship Con test Yousiff After Winner. CHICAGO, Nov. 9. Frank Gotch, cham pion wrestler of the world, defeated Giovanni Raicevlch. of Italy, in two straight falls at the Coliseum here to night.. The first fall was In 16 minutes. 28 sec onds and the second in five minutest 23 seconds. The match was witnessed by the largest and most enthusiastic crowd that has at tended a wrestling bout since the Gotch Hackenschmidt match in Chicago two years ago. When the wrestlers were Introduced they were greeted with applause, the throng in the Coliseum crowding the aisles and preventing progress until the police could restore order. Gotch won the first fall with a crotch-and-bar arm hold. The Italian gave a fine exhibition of wrestling skill, but the champion was too agile and strong for him. Gotch had his famous toe hold on the foreigner four or five times, but Raicevlch resisted it successfully, the crowd giving a tumultuous cheer when Gotch changed his tactics. In the second fall Gotch pinned his antagonist to the mat in five minutes and 28 seconds, with a cross-leg-hammer-and-wrlst-lock hold. Before the championship match a tele gram from Youeiff Mahmout. whom Gotch defeated last year, challenging the winner of the match, was read from the ringside. Americus, who participated In one of the preliminaries, announced that he would accept the challenge it It were not taken by-Gotch. In the preliminaries Jack Olson, ol Brooklyn, deieated Dick Sorenson; of Chi cago, for the middle-weight champion ship in two straight falls. In the second preliminary Dan ilcLeod defeated E. Wallach, of Chicago, in straight falls. In the semi-windup Charles Post, of Chicago, was defeated by Americus, of Baltimore, in straight falls of 19 minutes, 15 seconds, and 9 minutes. seconds duration. AMUSEMENTS WHAT PRESS AGENTS SAY Laiit Ttme Victor Moor", Tonight. Tonljrht Mt 8:15 o'clock, at the Bungalow Thatf r. Twelfth and Morrison streets, th last performance of the famous and fa vorite American comedian. Victor Moore, and his splendid support ins; company in tJeorg M. Cohan's musical comedy sensa tion. "The Talk of New York," will be given. ThL will afford the last opportunity to ee one of the best musical plays that haa vis ited Portland this season. Every Act Has Merit. Every act on the Ornheum, bill this week has merit and several of them are of the stellar variety. No one can afford to miss "The Devil and Tom Walker," one of the brightest and moat unique musical traves ties ever seen in Portland. It is presented by John B. Hymer and a company of lti players. Bargain Matinee Today mt the rortland. A bargain matinee will be riven today at the Portland Theater, where Russell A Drew are presenting their stock company In the famous Taylor drama. "The Queen of the HtKhway," a thrilling play of life on the plains in the early days. It Is produced under the personal supervision of the au thor, Charles A. Taylor. "Honeymoon" Matinee Today. The real bargain matinee of the week is The Honeymoon Trail" at the Baker this afternoon. This Is the well-known LaSalle Theater success sent West under the di rection of Mort Singer, who haa also sent A Stubborn Cinderella, "Trie uin wues- tlon" and many others of equal note. Honeymoon Trail ' Is a scream ot laughter. Tbe Levalloe at Paatage. Tho marvelous work of the Lev alios on the slack rope at pantagea this week is the talk of the Own. These wonderful artists ride bicycles, wait, turn handsprings and do many other daring feats on a rope high In the air. The leap oi ine man irom tne flnnr tn th slack rope Is one of the most sensational acta ever presented. Promised to Marry Him. Would you marry a millionaire who loved you rather than be drowned? This is the question a gin nas to settle in mpwi s Voyage" at the Or and. She decides to marry him and he saves her from the ship wreck. "Cupid's Voyage is the daintiest production In vaudeville and is making a most favorable Impression. Whose Baby are You? "Whose Baby are You?" a complication of humorous situations with bright, catchy musical numbers Interpolated, makes a form of amusement delightful to all. It Is be ing produced bv the Athon Stock Company at the Lyric this week and, judging from the howls oX laugmer from the audiences, the play is one big screaming success. Star- BUI Changes Today. The Star today change Its entire pro gramme, which will consist of three full reels of pictures, a drama, a romance and toraeav. ian Anern win make an entire chanKe in his act. which will be very enter taining. Jean w llson will sin one of the very latest illustrated ballads. BY W. J. PETRAIN. A wrestling card of superior quality and" a trio of boxing bouts second only to the Monday nlghjt attraction, marked the final contests for the city boxing and wrestling championships held under the ausploes of the Multnomah Amateur Athletic Club at the club's gymnasium last night. It was a great night for the grapplers. though the most exciting event was the boxing contests in which Danny O Brien, of the Catholic Young Men's Club, in the second round, knocked out Gene West, Multnomah Club champion, and the man who recently defeated Seattle's rep resentative in the 135-pound division at Seattle.. - Second only to the O'Brien-W est bout In interest was the welterweight event between Tommy Tracer's entry, Guy Lee, and an unattached lad named Ed Wilson. This bout was won by Lee, who clearly outpointed his man in three fast and furious rounds. The boxing programme was shortened because Patrolman B. F. Wade was not allowed to go on with his fellow police officer, Larry Madden, Monday night's winner, because Chief Cox did not -believe that such a contest would prove beneficial to the force. Madden was de clared the winner of this division and was presented with the medal. i First Bout Goes Si Minutes. The first bout of the evening was a grappling contest between Edgar Frank and Leon Fabre, both of the Mult nomah Club. In fact, all of the" wrestlers represented the winged 'M." as the out side entries had been eliminated by O'Connell's clever pupils on the opening night. The first fall went the regula tion six minutes under amateur rules, btX in the second bout, Frank managed to dump the gritty little Fabre by the use of a bar hold. . E. E. Vinson, Multnomah's deaf mute grappler, who entered in two divisions, succeeded in gaining first place in both. He proved himself to be a veritable whirlwind at wrestling, and while his style is yet unfinished, and he is some what awkward in placing his holds, he has shown enough science and aggres siveness to warrant the clubmen figur ing on winning a number of champion ships with him. He first appeared in the 158-pound division with William Dennis, a much lighter man, as his opponent. He defeated Dennis by the u?e of that ter-. rible scissors hold which he executed to such an advantage on Monday nfght. Vinson later disposed of George Carlson in the 165-pound class, though Carlson gave him a good run for the honors. He tossed Carlson in 4 minutes and 39 sec onds by the use of the scissors combined with an arm-lock. t Will Dennis defeated E. J. Finnigan in the 145-pound class, and O. E. Franske won n exciting match from L. Duff, which went 15 minutes. Mara l lion Runners Appear. As the wrestling mat was being cleared away for the boxing events. Johnny Hayes, the London Olympic Mar athon winder, and Henri St. Yves, the present professional Marathon champion, were introduced, as well as Jimmy Fitz gerald, the Irish distance runner, and Tim McGrath. the sport promoter. The Marathon runners may arrange for a match race in Portland. After he got the decision over Ed Wil son, Olmar Dranga, Multnomah's cham pion 125-pounQer. was pitted against Frank O'Brien, of the Catholic Youne Men's Club. Dranga was the superior in every department. O'Brien Springs Surprise. Another member of the O'Brien fam ily and a brother of the youngster de feated by Dranga. became the hero of the evening, for he knocked out Gene West, "Multnomah's game and clever 135 pound boxer in the second round. This O'Brien, surnamed Dan, was easily the better of the two men. for he mixed it with West, or boxed him to a standstill, lust as West proposed. West at times was inclined to force Jhe fighting, but a stiff jolt from O'Erien s left straightened him up and caused, him to become more cautious. In the second and final round O'Brien sent West to the COMING ATTRACTIONS. Musical Comedy "Lo" Coming. The attraction at the Bunzalow Theater. Twelfth and Morrison streets, next Friday and Saturday nirhts with a special price matinee -Saturday, will be the well-known comedian. John E. Young, and a big sup porting company, in the musical comedy success. "Io." Th Is versati le comedian is a great favorite in this city, having ap peared here on several previous occasions. Warnesson's make-up just arrived at Rows & Martin's. 6th and Washington. Today is positively the last day for dis count on West Side gas bills. Read Gas Tips. Talks on Teeth BY THE REX DENTAL CO, DENTISTS " Convincing the Skeptics. If It were possible to convince one in fifty who need dentistry of the superi ority of our work and our method over all other methods, and that we can do what we claim, we could not employ enough skilled dentists to wait upon the patients who would pour into our of f ires fortunately we do not want to. (We want but little here below, but want that little long.) Enough people do believe us to keep our full force busy all the time. We have offices in all the principal cities of the West and North west. If you are a doubter or a skeptic, we want to make you a fair proposition: Come to one of our offices for a tree diagnosis and examination of your teeth. This will cosi you nothing, either in money or obligation. We will make you botn judge and jury ot tne work and let you decide for yourself whether or not it is worthy of consid eration. Every piece of work that is done in one of these offices carries with it our guarantee, so we do not ask any one to take any chances on our being unable to carry out our promises. We take all the risk. If you live too far awav from nne of nnr offices to come in person, send for our book. "ALVEOLAR DENTISTRY,' and read it throneh. You will then have a very clear idea of what this method is. We do not perform any surgical operations nor do we bore or cut into the gums. It is practically painless and Is not ex- fiensive. Your teeth are of sufficient mportance to cause you to attend to them without any further delay. Why not act on our invitation and either call or write to us at once? When you buy dentistry, buy the best, it s the cheapest in the end. REMEMBER In addition to our spe cialty of Alveolar Dentistry (Restoring of Lost Teeth, doing away entirely with platen and bridgework), and the curing of Pyorrhea. (RIggs disease), loose teeth, we are experts In every branch of dental work, viz.: Porcelain, gold and silver fillings, inlays, crowns, re movable work, correcting irregulari ties, etc. Specialists in each branch of dentistry at your- service. THE BEX DENTAL CO.. Dentists, 311 to 314 Abington -Bids'., 106 Third street. Sundays. 10 to 12. Baby Will Sleep Sound If Mother will pour a little warmed milk over two or three teaspoonfuls of Grape-Nuts, FOOD Then feed this milk, laden with the soothing nourishment which it takes up from the Grape Nuts, making the milk itself easily digested. It is quickly and easily di gested, and baby will sleep sound, being well-fed and con tented "There's a Reason" POSTl'M CEREAL CO, LTD. Buttle Creek, Mich., V. S. A. floor repeatedly, but the Multnomah man arose gamely, and. apparently little the worse for tbe treatment, rushed at bis man. O'Brien, however, appeared the cooler of the two men, and by scoring a hard right to the Jaw sent the Multnornah champion to the mat for the count. West was clearly out, and while he showed signs of getting up before the count was registered Referee Grant ended the bout by announcing that O'Brien was the winner. BRADY ASKS FOR FIGHT WILL GIVK JEFFRIES $10,00(1 TO MEET KArFMAX. Manager Believes Younger Man Can Beat Boilermaker, and Will Back Faith. NEW YORK, Nov. 9. (Special.) Wil liam A. Brady made an offer tonight to give James J. Jeffries S10.000 as a gift if he will fight Al Kaufman within 90 days. Brady, who has had a serious falling out with his old protege, has said he be lieves Kaufman could beat Jeffries and to prove the sincerity of his ideas posted the J10.000 with Max Blumenthal, to be given to Jeffries with no string what soever attached If he will go ten rounds against Kaufman. No stipulation is made as to the event of Jeffries being beaten. Under the agree ment which was made with Felix Isman, Jeffries is to get the sum merely for going into the ring against Kaufman. All the conditions are to be left to Jef fries. Brady also pouted JluOO additional to go as a forfeit for the side bet of J10.000 that Kaufman will be the victor if the fight is held. When Jeffries was asked what" he thought of It he said: "It is so Hoft It looks suspicious. I will gfve an answer later." FRESHET INJURES FLUME J' in Fall Seitg Our Extra Special Sale Ladies' Hand-Tailored Suits Continues until the lot of 123 new ar rivals is exhausted. There were just 125 of these, purchased at an extra spe cial price discount. You should see them, for we challenge their duplica tion in any other Portland store. $33 Ladies' Fall Suits, at Only Gevnirt Cash or Credit You make the terms. Pay as you can, by the week or by the month. These suits are in all sizes and there is a charming variety from which to choose. Newest models in the long, 50 inch coat effects, cluster plaited skirts, Skinner-satin lined; most expert tai loring; guaranteed to fit and hang per fectly; garments that give a grace and. charm to any figure, because they have the perfection of style. You'll not merely be surprised you'll be amazed at the value for the money Ave -are ask ing. All Alberta, Broadway, "Wood lawn, Eussel-Shaver, Vancouver cars stop in front of our store. Corner East Burnside and O Union Ave. her and ties in the flume is taken from Carlton Creek. The mill will be put in operation as soon as the flume is repaired and orders are received. Costly Structure at Heissen Is Par tially t'nderniined. VANCOUVER. Wash., Nov. 9 (Spe cial.) The flume being built by the Ryan & Alien Lumber Company, at Heissen, to float lumber and ties from the mill to the station on the Northern Pacific branch, was all but wrecked by the re cent freshets, one of the bents being un dermined. The flume is one and one-eighth miles long, and is 177 feet above the ground at the highest point. It is V-shaped, with 22 -inch sides. It is being built at a cost of $6000, F. M. Kettenring having charge of the work. The water to float the lum- Xear-Beer Election Issue. PRINEVILLE. Or., Nov. 9. The Prine vllle city election will be held on Decem ber 20, at which time a voto will be taken on the proposed near-beer ordi nance. Since the town went I dry two years ago several near beer places have been established, and an attempt will be made by the temperance people to vote them out next month. Viewers' Report Stands. "W. J. Tore and R. E. Banska must ac cent S32.&46 from the city in payment for parts of block 864 and block 66, coucn Addition. A jury in Judge Cieland s de partment of the Circuit Court decided just after 5 o'clock last night that the report of the viewers regarding tnis prop erty must stand. The city needs the land for the extension of Oak street. Grand Central Station New York iranniiMimmrn ''rfrf:?wg-J:,'f aaaaito-Biji m Aak your New York friends, "Which Route Shall I Take?" and the answer will be New York Central Lines Because it is the only railway system which lands you IN New York. Because it is the only railway route through the Mohawk Valley and along1 the Hudson River it is water-level and you can sleep. Because Grand Central Station is the only railroad terminal on Manhattan Island. It is on subway, surface and elevated lines no wait, no walk, no weather. "Lake Shore" v'a Chicago; route of the 18-hour 20th Century Limited. "Michigan Central" Chicago; route of the ' MHnHMBHBMBM W olvenne-N lagara Falls Route. Liberal stop-overs at important scenic and business points without extra charge. Tickets and sleeping car accommodations will be delivered, upon re quest by special repre sentative, who will fur-, nish any information desired. W. C. SEACHREST, Gen. Afrt-f Pass. Dept., 13Z Third Street, Portland, Or. Telephone: A 4811, Main 121. "America' I. GrMleat lUUV&r Sratem." GREAT NORTHERN RAILWAY NEW TRAIN SERVICE It Hours Portland to Chicago 72 VIA NORTH BANK GREAT NORTHERN BURLINGTON ROUTE EFFECTIVE OCTOBER 3 1 We will operate through Standard and Tourist Sleepers, Portland to Chicago, without change. Passengers in these sleepers will have benefit of ORIENTAL LIMITED service, including Compartment Ob servation Cars and best of Dining-Car Service. All meals served a la Leaves Portland daily 7:00 P. M. from NORTH BANK DEPOT, Eleventh and Hoyt Sts. For Rates, Folders ' and Sleeping-Car Reservations, call on or address H. A. JACKSON, A. G. F. & P. A., H. DICKSON, C. P. & T. A, Telephones Main 680, A 2286. 122 Third St., Portland, Or.