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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Sept. 7, 1902)
THE SUNDAY OEEQONJy, BOBTLANP, SEPTEMBER 7, 1902. RESERVE GUT DOWN New York Bank Surplus Is Again Reduced. GOLD IMPORTS ARE PROBABLE Sitcatlon Is 3Tot Overly Bright, bnt There Is Xothlng in It "Which A'eed Give Borrowers "With Good Securities Concern. NEW YORK, .Sept.- C.-rThe Financier says: The noteworthy feature ot the official 'statement of tho New York Associated .Banks (his week was the reduction of 5,643,725 In the surplus reserve, carrying1 this Item to 54,097.050, the lowest slnc I March 13. when the surplus was $3,112,200. Tho loans were decreased $3,CC5,200, malt ing $22,773,200 in three -weeks. The "specie fell off 53,833,200, and the legal tenders 52,962,000, a total reduction of 58.795.SOO In , cash, snaking the loss In this Item since A-ugrust 9, Inclusive, 59.292.100. The state ment of August 30 failed to reflect the loss of cash as estimated from the trace able movement of money, 52,CS9,200. Iast week's statement showed a greater de crease of cash by 51.017,200 than, was es timated on the basis of these movements. .The average for tho two weeks, therefore. I appears to show that the estimates were very nearly correct, the official state ment showing an average loss of ?5,932,lO0, while the estimates show an average loss of 56,318,100. The deposits were reduced by 512,000.300. which Is only 5139,300 greater than the amount called for by the total decrease In loans and tho loss In cash; henco the statement Is not far from proving. Tho required reserve was decreased 53,160.075, which sum. deducted from the loss of cash, leaves 54.097,030 as the sur plus reserve. Tho circulation was in creased by 5529.900, making a total gain since August 1C. of 51.034,900, which Tvas distributed among eight of the largest banks. The bank clearings for tho week aver "aged 5278,000.000, or 550.000,000 more than in the previous week. Four of the "Wall street Institutions show a decrease of 55,900.000. The increases by other large banks were only moderate. There does not appear to have been Important con ' tractions of loans by any institution. Tho net loss in specie by seven banks was 13,500,000. and two institutions show a de crease of 52,800,000. Though the statement appears quite un favorable, chiefly because of the Impor tant reduction in surplus reserve, the condition of the banks was probably bet ter as regards ca3h than was indicated. The contraction in loans, which has been In progress during the past three weeks has probably reached the maximum, and there will most likely be comparatively small changes in this lt?m in the near future. If the low condition of the bank reserves shall have the effect of restrain ing speculation, it will serve a good pur pose. Should money growl more active in the current wcekt as the result of theso low reserves, exchange wall probably de cline, thus giving some assurances of Im ports of gold from Europe and the high er rates for money will probably Induce wiu nueriii negotiation oi sierung loans. Taking a conservative view of the 'situa tion, there seems to he nothing in it which need, give borrowers -having good securities any concern. The statement of the Associated Banks for tho week of five days, ending today, shows Loans 590G.374.S00; decrease, 53.C6S.200. Deposits 5923.39S.200; decrease, 512.C00.300. Circulation 533,5155.000; Increase,. 5629,900. Iegal tenders 573,352,800; decrease, 52, 952,600. Specie 5161,593,800; decrease, 55,833,200. Reserve 5234.946.C0O; decrease, 58,995,800. Reserve required 5220,849,550; decrease, 55.645,725. SUIT AGAIXST RAISIN COMBINE. Action for 7G,00O DamoRM Under the Sherman Anti-Trust law. SAN FRANCISCO, Sept. 6. A suit for 575.000 damages' against the California raisin combine has been begun In the United States Circuit Court under the Sherman anti-trust law. The United States Consolidated Raisin Company, a New York corporation, is the plaintiff, and' the Pacific Coast Seeded Raisin Com pany, comprising a large number of cor porations, is the defendant. The com plaint alleges that the plaintiff granted licenses to the different companies in tho combine to use its patented seeding ma chinery on a royalty of one-quarter cent a pound on all raisins handled. 'this yielded a profit of more than 510,000 last year, but now. by reason of the combine, the companies refuse to pay the license, and the damages resulting are estimated at $25,000. which, under the anti-trust law. must be trebled If awarded. , COOK COUNTY PROPERTY. This Year's Real Estate Valuations Placed at 91,-tSS,740,810. CHICAGO. Sept. 6. Cook County's to tal real estate valuation is 5H4SS.749.S10. according to the figures given out last night by the Board.of Review;. By the same figures the total valuation of the real estate in the City of Chicago is shown to be 51.2S2.55C.873, while in the. county outside of Chicago ttk valuation IS 5106,192,935. The figures indicate an Increase in full valuation in round numbers of $3300,000 over the Board of Review figures for 190L Tho Increase is found to be almost entire ly in Chicago, .although the rest of the county shows a material gain. The as sessed valuation, Tvhich Is one-flfth tho cash valuation of the real' estate in Chi cago this year, is 5276,511,375. Last year the same property was assessed at 5259, 255,593, showing an increase of 517,255,777. CLARK BACK OF DEAL. "Will Develop Valuable Siskiyou Cop per District. REDDING, Cal.. Sept 6. Senator W. A. Clark, of Montana, is cald to be at the head of a syndicate that has purchased the McVey copper property, situated jn Joe Creek, in the Siskiyou Mountains. The price Is given out as 5300,000. These claims are declared to have shown up remarkably rich in sulphldo ore. "While the property is in Siskiyou Coun ts', its outlet, owing to 4the configuration of the mountains. Is 'by way of Jackson and Josephine Counties In Oregon. The opening and development pf tho property will mean much for Southern Oregon. Exports and Imports." NEW YORK, Sept. 6. Exports of specie from this port to all countries for the past week aggregated 5232,724 silver and ?3010 gold. The Imports of specie last week were 5C6.9S6 gold and 514.133 silver. The imports of dry goods and merchan dise at the port of New York this week were valued at 511.S65.1S0. Daily Treasury Statement. "WASHINGTON, Sept. 6. Today's Treas ury statement shows: Available cash balances 5211,303,164 Gold 121,105,445 Women Insure against being old maids in Denmarlr. It they marry before they are 40 what they have paid in goes to the leas fortu- Snalnder cf their' lives on a scale proportionate J uu vr.tqi i.iiaj' Ai STOCKS WEAK AND HEAVY BANK STATEMENT CAUSES PRICES TO YIELD GENERALLY. Coalers Exhibit the Greatest Strength Rock Island Interests JJsy Considerable Atchison. NEW YORK, Sept. 6. In the absence of London quotations, the local market was without a cue from any particular quar ter. Nevertheless, the opening was de cidedly firm, with much strength of un dertone. The excellent showing made by Norfolk & Western In Its annual report imparted strength to the stock as well as to others in the coal group, but the up ward movement in Ohio & West Virginia following hard upon reports showing stock losses was not altogether clear. Readings displayed heaviness at the out set, presumably as a result of a decline In July earnings, but showed evidence of support, closing with a net loss. St. Paul and Missouri, Pacific, leaders of the pre vious day, were fairly active, while Atchl sons were strong, much of the buying being attributed to Rock Island interests. The move in People's Gas and Brook lyn Rapid Transit appeared to have Its origin In the operations of a jiromlnent commission house. .During..the first hour advances were scored "by Republic Steel preferred, Virginia-Carolina Chemical, Cast Iron Pipe; Minneapolis, St. Paul & Sault Ste.- Marie: Sloss-Shefflcld Steel, Pa cific Mall, Laclede Gas and tho Cotton Oi stocks. The publlaction of the "bank statement was awaited with almost painful Interest, the list halting somewhat in anticipation of a very "unfavorable showing. Prices yielded very generally under the influence of the bank statement, St, Paul and Pea pie's Gas making the greatest losses, with declines of a point or so elsewhere than SOME RESULTS OF OUR GREAT CO 111 Carnival Clearance Sale of Pianos And Organs It was a happy event for Carnival people that the consolidation of Portland's oldest and mct extensive pla.no house. The Allen & Gilbert Co., and Seattle's big piano house. The Ramaker Music Co., took place at this time so as to give them the ad vantage of the Carnival clearance sale we are making in order to dispose of our present stock to make room for the large shipments on tho way. For the conveni ence of Carnival people we have placed a stock of pianos with M. B. Wells, corner Washington and Park streets, where he same low prices will prevail. We are not in the habit of publishing the names of our customers, as we could fin columns of The Orcgonlan, neither do we think It would be of interest to. the general public, as it la not a matter of who, or how many ore buying planes, but how good and how cheap the customer can bur. and that we i are la a position, on account of unequaled liicjiiucs i or aczng ousiness, 10 oner greater inducements- than jiny one else Is attested by the fact that we are selling twice os many pianos as .arjy other house In the Pacific Northwest, in the way of diversion from our usual custom -we lve the names of a few rominent people vtho have taken advantage of our big Induce ments, which is far-reaching, besides , . , - , , , , some oi our home people, in the city arei in the active issues. A partial recovery SIGNORB G. FERRARI, the noted- ItaltanV j - .. - , vv-uA kouici. a. jviiuuc uauu iui ma namea, out ine ciosing as a wnoie was weak and heavy. ' Barring a temporary halt, the market I for the week -was generally strong and very active, to much sb as to suggest at times a return of the boom periods of the last few years. With the resump tion of business on Tuesday, .the entire list, excepting a few issues which seldom if ever exert any influence, movedi tp a higher level, with dealings in common In the lead. The advance was well main tained on the second day. resulting in a large number of new high records. The United States Steel stocks, especially the common, were very strong on London buying and general belief of an early termination pf the pending litigation. In tho middle" of the "week the market re ceived its first douche, the primary cause being a sharp rise in call money, which advanced to 8 per cent, fears of serious injury to the President, bear rumors re aiucio. notice or which is riyen in an ether pjace of this paper; THE BAKER. Portland's m.03t pronrGssive theater, a fine Fischer; H. M. CALDWELL. Hardman; S. H. SMITH. Packard: E. STRUCH LER. Ludwig; G. W. DODDIE, Ludwig; T. R. CLINE FELLER, Howard; MRS J. J. RICHARDSON, Luuwlg; MISS AME LIA MILLER. Jewfettc C C. REDMAN. Ludwig; C. H. TELLMAN. Harvard; MRS. H. A. FJSCHER. Mason & Hamlin; EMMA L. WILLIAMS. Fischer; IDA aUNSAKER. Palmer: E. L. HOYT, Har vard: LIZZIE HAHN. LudwigT E. E. THOMAS. Smith & Barnes; M. B. CHAM BERS. Schiller; S. B. FINKLESTEIN. of Ellen Piano Hotfpe, a fine Knabe; and out-of-town Dcoule us fallows: S. snHRT. i OCK. "and F. E. CREEDY,' of Aberdeen. wash.. Fischers; ELLEN M. JOHNSON, ot Hoqulam, Wash., a Fischer; HARRIET HATCH, of Tacoma. Wash., a Hardman: W. W. SOULS, of Lebaru, Wash.. Fischer; A. J. REEVES, Helena. Mont., Fischer; R. L. ADAMS. Oregon City. Smith & Barnes; THOMAS COATES and H. M. 1'ARcEN, of Tillamook. Franklins; School Suits The best "WE have ever shown for. the money which means the -best anybody has ever shown and th best school suit possible at ihe price. Made in Norfolk; also double-breasted Jackets and Knee Pants. We have put special value into these suits. They are all-woo!, have double spots and knees, heavy drilling pockets, un ripable seams, sewed with silk. Another suit Hree if .thev do nor pive absolute satisfart'mn They are the equal of suits sold at $5.00 In many stores. We have School Suits at orher prices $2.50, $3.45 and $5.00; thepest that san be obtained at these prices. gardlng the cotton crop and repressive CATHARINE BRYDEN, Moscow, Idaho, measures applied by the conservative ele- KHarvard; FRANK OLIN, Tacoma, Klngs- uieuu The pracUcal collapse of the soft-coal strike In West Virginia was of assistance to the stocks in that coal. ExceDt for generally prosperous conditions, such asN increased railroad earnings, many of which were not worthy of their gains, excellent crop reports and an aH-round, feeling of optimism, there was little to account for the strength of the market. London was a factor throughout the week, although on only one occasion did she buy on balance. The late flurry in call money was not of long duration, and the closing quota tion for money on demand was really the lowest" of the week. Time money, while in moderate demand, was not lent in any great volume because of the higher rates for call loans. There were no develop ments in foreign exchange, ,but rumors of approaching gold imports were heard. Large dealings in seml-sneculatlve is sues of honds followed sympathetically the course of the stock market. Dealings bury; J. S. INKSTER. DavenDort. Wash.. Fischer; W. A. ENNIS. Klanlathen. CaU, Hamilton; W. B. DONALDSON. Chinook. Wash., a Krell; and PROFESSOR Z. M. PARVIN. president of the Salem Con servatory of Music, a fine Franklin. Many others could be named, but If the coming week Is equal to the past, we shall be more than satisfied with our Carnival .special sale. THE ALLEN & GILBERT RAMAKER CO., Successors to The Wiley B. Allen Co., 209-211 First St. were rather Irregular, and there was a good undertone for the bond market throughout. United States 2s and 3s, cou pon, and new 4s. registered, advanced U per cent, and- the old Is. coupon, per cent, as .compared with last week's clos ing call. NEW ARRIVALS THIS WEEK Boys' Sweaters, 50c, 75c, $1.00, $1,50 Boys' Waists All new patterns, 50c, 75o and $1.00 The Best $3 Hat jo the World AH the newest shapes displayed In our Morrison-street window. No need of paying $5 for a 'hat. The BREWER will last as' long as you desire. BEN SELLING FOURTH AND MORRISON Leading Clothier and Hatter STREETS The hcrrlDg- Ashing off the coast ot Donegal last Autumn wao the best on record, and real ized over -1200.000 to tho local fishermen: At" Gornersrat, on the Zermatt Mountain Railway, stands the highest roKtofH.ee in Eu ope. It Is over 0OC0 feet above sea level. The charge for a dog taken to Europe on the szaln lines of steamers varits frqm 10 for a lap dos to S20 for the larsest animal. DR. J. P. WISH eethE xtracte We can extract any number of teeth without inflicting the slightest pain. We have practiced our profession for the past 15 years9 in Portland, and will give our personal guarantee not to inflict the slightest pain while performing your dental work. Of course, we don't extract where there is any possibility of saving the tooth, and it will surprise you to learn on what a small foundation we can build pR- W. Al WISE Painless Dentistry Has been a branch of the pro fession to which we have de voted years of study, and thou sands of dollars for appliances necessary for the accomplish ment of our purpose. We are now" in a position to demonstrate positively to the satisfaction of tjie most incredulous, jperson that it won't hurt a bit to have a tooth- extracted. Dr. W. A. Wise devotes most of his time to this particular branch of the profession, and success has crowned his untiring efforts. Perfect Crowns and Bridges Practical Illustration of the Difference BEFORE AFTER We take especial pride in doing crowns and bridges, and guarantee perfection of workmanship in each case. You will be surprised when you learn how low we make the cost. These illustrations represent a practical case. The first picture shows the mouth before it was bridged ; the second shows the work completed. This is' only a sample of the artistie work in this specialty that we are performing every day. No dental students employed in any capacity Best Work Only Is turned out at this office, and the greatest care is taken that when any piece of work is completed it must be perfect in every way. We guarantee all of our work and you have the as surance of being treated with gentleness and consideration. Our prices will be found very reasonable, as we are always busy, and we are not compelled to charge the patient for idle time OFFICE AT GRESHAM We have opened an Office at this thriving town, and every Friday and Saturday the citizens will have the benefit of. a first-class, up-to-date dentist vou s will certainly not fail to-visit the Elks' Carnival, now being held in Portland. All railroads J have granted a single fare rate for the round trip. It will be an excellent opportunity to have your teeth attended to by thoroughly reliable and up-to-date practitioners. PHONES COLUMBIA 368 ORE. SOUTH 2291 WISE BROTHE New Failing Building Open Evenings and Sundays Southeast Corner Third and Washington DEN nsT f