8
TITE 'SUNDAY OREGOXIAX. PORTLAND. JULY 14, 1907.
HHRIil
HAS BflOKEH'UW
(Continued from First Fase.)
a line of Its own Into San Francisco, in
stead of turning traffic over to the Cen
tral Paclflo at Ogden. For all this traf
fic there exists at present no actual
competition between the Union Pacific
and the Southern Pacific lines.
"Prior to the enactment of the Inter
state commerce law the Union Paclflo
and Southern Paclflo belonged to what
was known as the transcontinental pool.
In which each was regarded as a com
petitor of the other, and was accordingly
awarded an allotted percentage of trans
continental business; and there to on file
with this commission a contract made in
March, 1S93, known as tlie agreement of
the transcontinental freight rate commit
tee, to which contract both the Union Pa
cific and the Southern Pacific were par
ties and under which all of the traffic
west of the Missouri River and passing
through the gateways of St. Paul. Minne
apolis. Sioux City, Omaha, Kansas City
and Sabine Pass to and from California
and Oregon was treated as competitive
transcontinental business.
Competitors to Portland.
'The Union- Pacific had access, over the
Oregon Short Line and Oregon Railroad &
Navigation Company's line, to Portland,
and thence it could enter Into competition
with the Southern Paclflo steamship lines
for Alaska, Oriental and South Sea busi
ness. The Union Pacific also had an in
terest in the Occidental & Oriental steam
ship line operated out of San Francisco
to Oriental ports. It also appears that
the Oregon Railroad & Navigation Com
pany has always had a line of steamships
plying between Portland and San Fran
cisco, which has at times done consider
able business of certain classes, and has
been and still could be made a factor In
competition.
Panama Competition Killed.
"In 1900 the Southern Pacific Company
purchased a majority of the stock of the
' Pacific Mail Company, which has for
many years been the largest carrier of
Oriental traffic to this country, and which
has operated a line of steamships in con
nection with the Panama Railroad, by
which Panama route traffic In large
quantities has moved from Atlantio ports
to Pacific Coast points in competition with
the all-rail carriers. By virtue of the con
solidation of the Union Pacific and South
ern Pacific Steamship Companies all com
petition between these steamship lines
has been destroyed; and there is some
evidence on the record tending to show
the impossibility of maintaining an Inde
pendent steamship line, running out of
any of these ports without the consent of
and arrangement with all connecting rail
carriers.
The Santa Fe Company formerly had a
line of steamships to the Orient connect
ing with its road at San Diego. Under
an arrangement with the Pacific Mail
Steamship Company for a division of the
Oriental business brought to this coun
try by that company and the other steam
ship lines for which the Pacific Mail acts
as agent, including, singularly enough, a
Japanese line known as the Nippon1 Yusen
Kaisha. this independent Santa Fe Line
was abandoned. The percentage of this
Oriental traffic allotted to the Santa Fe
end the Southern Pacific, respectively,
varied from time to time; but the under
standing that the amount to be delivered
to the Santa Fe shall approximate 25 per
cent of the total.' This San Diego steam
ship line was not a financial success,
and It is no doubt the truth that the
Santa Fe officials were pleased to be re
lieved of the burden of its maintenance
In return for a not Inconsiderable pro
portion of the freight brought to San
Francisco by the longer established lines.
"It Is a matter of la;ge significance
that our trade relations with the newly
acquired territory ' of Hawaii and our
Philippine dependencies, to say nothing
whatever of the newly awakened lands
on the other side of the Pacific Ocean,
must depend, to no slight degree, upon
the competitive relations between tail
carriers reaching our Pacific Coast ports.
Where Nation Is Interested.
"There is a further consideration of
National policy arising from the history
of the Union Pacific, the Central Pacific
and the Southern Pacific roads which
distinguishes a combination of such
roads. The Union Pacific and Central
Pacific were born out of National senti
ment and need. The Nation felt the ne
cessity for rail connection to its isolated
Pacific Coast territory, and for this pur
pose and to an unprecedented degree,
pledged its own credit and donated its
own lands to create a National highway
between the Missouri River and the Bay
of San Francisco.
In the execution of these roads, the
people had in view the protection of the
frontier In time of war, the settlement of
a great wilderness west of the Missouri
River, and the development of its re
sources; and to this end it was determined
to procure the construction of a trans
continental line to maintain it as a free,
open and continuous line of communica
tion connecting with all railroads reach
ing Council Bluffs on the east, so that
the public should have the benefit of a
continuous line of transportation from
the East to the Pacific Coast, un
hampered by reason of the separate own
ership and control of these lines of trans
portation. It is a fact that most of the
lines of railway reaching Council Bluffs
and Omaha were constructed with the
view of connecting at these points with
the Union Pacific railroad as the prin
cipal trans-continental line to and from
The Pacific Coast, and the Givernment
has, perhaps, a peculiar obligation to
maintain the freedom of this line.
"In no other portion of the country Is
the Federal 'Government expending such
large sums for purposes of development
as in this great western region tributary
to the Union Pacific, the Southern Pacific
and m no other part of the United States
Is the commerce of the country dependent
on so few railroads covering so vast a
territory and controlled by so few men;
and in no part of the United States could
such control have such far-reaching ef
fect. The body of trans-continental and
foreign commerce through Paclflo ports
has grown to enormous proportions and
its encouragement and development Is of
vital Interest to the American people.
Entitled to Competition.
"It is claimed by the Union Pacific that
the principal reason for acquiring the
Southern Pacific was to obtain the Cen
tral Pacific connection from Ogden to San
Francisco. It is undoubtedly true that
this Is a desirable connection for that
company; but, whether purchased or not,
the Central Paclflo is required to form a
true line of transportation with the
Union Paclflo and not to discriminate
against it In the receipt and transporta
tion of freight and through traffic. The
public Is entitled to all the advantages of
this line as a competitive line of transpor
tation with trans-continental railways.
"The various lines which compose the
Southern Paclflo from New Orleans to
Ban Francisco were also built under pat
ronage of the Federal Government by the
donation of many millions of acres of
Government land, and formed an Inde
pendent and separate route. While Con
gress did not prohibit In express terms
the union of these great Federal railroad
systems, it is hardly to be believed that
such prohibition would not have been Im
posed had it been thought that In the
course of time they would have been
brought under a single control."
After referring to the acquirement by
fclt Jiarrlmaa pi control Sti the an
Pedro, Los Angeles & Salt Lake Railroad
Company, built by William A. Clark and
associates, and the making of a contract
governing rates (recently abrogated on
account of the California law) and an
agreement not to Invade each other's ter
ritory, the report continues:
Purchase of Other Roads.
"The Union Pacific Railroad Com
pany has not conrlned Its corporate
energies and powers to the acquisition
and management of lines of transpor
tation, but has Issued a great volume
of stock and securities with which it
has purchased stocks of other rail
roads. The Union Pacific and Its con
necting and subordinate line.the Ore
gon Short Line, have assumed obliga
tions which are now outstanding
amounting to approximately $181,000,
C00, all of which have been used In the
purchase of stock in other railroads.
Southern Pacific. Northern Pacific,
Great Northern, Santa Fe, etc.
"The control of $30,000,000 of the
stock of the Santa Fe by the Union Pa
cific, it is safe to assume, has not been
without effect on the relations of these
two companies. The close affiliation
of the Southern Pacific and the Santa
Fe has been further Bhown by the re
cent incorporation of the Northwest
ern Pacific Company, In which It Is the
owner of one-ha!f the capital stock.
Prior to the organization of this cor
poration, the Santa Fe and the South
ern Pacific companies owned certain
distinct and separate lines of railroad
north of San Francisco Bay, those
owned by the Santa Fe running south
erly from Humboldt and those owned
by the Southern Pacific running north
erly from San Francisco Bay. Both
lines were actively engaged in con
struction work, each pushing into the
territory of the other, the Southern
Pacific lines reaching out for the great
timber district surrounding Humboldt
Bay and the Santa Fe lines extending
southerly so as to make connection
with the main line upon the bay of
Ban Francisco. Upon the Incorporation
of the Northwestern Pacific Company,
all of the lines owned by the Santa Fe
and Southern Paclflo "were transferred
to this new corporation and a contract
made by which the lines now In exist
ence and the connections between the
same to be constructed by the North
western Pacific shall be owned by this
new company, and the board of direct
ors of the Northwestern Pacific is to
be divided between the Southern Pa
cific and the Santa Fe an arrange
ment similar to that made between the
Union Pacific and the Rock Island as
to the control of the Chicago Sc. Alton
and a history in all essentials parallel
with that of the San Pedro.
Alton Deal Dissected.
"The Illinois Central cannot be re
garded as a competing line with the
Union Pacific, but It Is a competing
line with the Chicago & Alton, which i
Jointly controlled, through stock own
ership, by the Union Pacific and the
Rock Island and is manifestly a com
peting line with the Rock Island.
"Since June 30 of last year the Union
Pacific has purchased 29.59 per cent
of the capital stock of the Illinois Cen
tral, or 281,231 shares out of a total of
950,400 shares.
"It developed during the Inquiry that
the Union Pacific Railroad Company In
the year 1903 became the owner of 103,
431 shares of the preferred stock of
the Chicago & Alton Railway Company.
"In about seven years prior to June
30, 1906, the outstanding capltal'lndebt
edness of this company was expanded
from $33,951,407 to $114,610,973. or an
Increase of about $90,660,000, and there
was expended In actual improvements
and additions to the property out of
this capitalization only about $18,000,
000, leaving an increase of Its stock
and liabilities, without one dollar of
consideration, of about $62,660,000, or
$66,190 per mile on the 946.66 miles of
road owned by the company on June
30, 1906.
Give Themselves Dividends.
For the purpose of taking up the
mortgage bonds on the road amount
ing to about $80,550,000, the making of
Improvements and additions and for
other corporate purposes, the syndi
cate' composed of Edward H. Harrl
man, Mortimer L. Schlff (representing
Jacob H. Schiff), George J. G.ould and
James Stlllman, placed $40,000,000 three
per cent mortgage on the property,
which on its terms could be extended
and bonds issued in addition to the
forty millions. They sold the bonds to
the stockholders for 65 cents on the
dollar, and, as they had acquired, sub
stantially all of the stock, they ob
tained nearly all "of the bonds.
Out of the 65 cents on the dollar
thus realized by the railroad company
the. principal stockholders voted them
selves a dividend of SO per cent on
the common and preferred stocks.
The total dividend amounted to $6
669,110 and, as it appears they owned
more than 98 per cent of the stock,
they received nearly all of It. This
dividend was not reported to the In
terstate Commerce Commission. There
was no other money in the treasury
outside of the proceeds of these bonds
with which to pay a dividend. ,
Covering Up Their Tracks.
"In order to find an excuse for bor
rowing money to pay the dividend,
Mr. Harriman, who was in control of
the financial affairs of the road, caused.
$17,444,177 to be credited In December,
1899, to "construction expenditures un
capltalized." As a matter of fact, all
money which had been annually ap
propriated by the board of directors
had been charged against the Income
of the property, in addition to paying
the dividends, so that all the money
so appropriated had jyice been paid
out of income and haff. during many
years, been charged oif to operating
expenses.
"This manner of accounting would
have the effect of covering up the pay
ment of the dividend out of the pro
ceeds of the mortgage and the dis
count on the bonds, so that one reading
the annual published report of the
company would not see the true state
of facts. The Commission cannot say
this was the object, but one expert
railroad accountant testified that this
would be the effect.
"Furthermore, Instead of paying all
of the coupons outstanding on the
prior mortgage bonds and cancelling
them, as was contemplated when the
$40,000,000 mortgage was made, $973,
477 of these coupons were from 1901
to 1905 carried as an asset in the treas
ury of the Alton . company under the
head of "funded interest account," and
on June 30, 1905, credited to assets
and charged to capital account of the
Chicago & Alton Railroad Company.
The assets and the profit and loss ac
count of the company were swelled by
thlfl transaction to the extent of
$978,477; thus. In fact, turning a debt
or obligation of the company, which
should have been paid and cancelled.
Into an asset, and capitalizing the same.
"Having acquired the stock of the
Chicago & Alton Railroad Company, the
syndicate organized the Chicago & Al
ton Railway Compr.ny under the laws
of Illinois. They transferred their
stock of the .railroad company to an
intermediary, one Louis L. Stanton,
who had no interest therein. Stanton
entered into a pretended contract with
the railroad company whereby the new
company was to buy from him their
stock of the old compay for the follow
ing sums:
"For their 34,722 shares of preferred
stock, which had cost them $6,944,400
and on which they had received a spe
cial dividend of $1,041,660, according to
this contract, they obtained in cash
$10,000,000.
"For their 183.224 shares of common
stock, transferred to the rail wax jJomJ
pany. which had cost them $32,004,200
and on which they had received a spe
cial dividend of $5,496,720, they re
ceived 194,890 shares of preferred and
195,428 shares of common stock, a total
of 890,318 shares of the new company.
It does not appear what they sold this
stock for, but It does appear that the
Union Pacific Railroad Company bought
In 1904 103.331 shares of the preferred
at $86.50 a share.
"It appears that Harriman, Bchlff,
Gould and Stlllman also owned a line
of Railroad 58 miles long, which there
Is some evidence to show had cost them
very much less than $3,000,000. This
railroad was also transferred to the
intermediary, Stanton, who sold it to
the new 'company for $3,000,000 cash.
So that by this transaction, the syndi
cate were to receive In cash $13,000,
000 and all the stock of the new com
pany In exchange for about 98 per cent
of the stock of the old company and the
ra-.road 68 miles long.
How They Raised the Wind.
"To raise the $13,000,000 in cash, the
shares of the old railroad were first
mortgaged for $22,000,000 and the bonds
were nominally sold to Kuhn, Loeb &
Co. for $13.000,aoo cash, or a little less
than 60 cents on the dollar. As a mat
ter of fact, it appears by the testimony
of Mr. Harriman that Mr. Stanton
lever owned any of the stock of tha
railroad, but was a mere intermediary.
What these bonds were worth does not
appear, but it does appear that they
were sold In the market from 1900
down to the present time at from 76
to 86 H; and that during, two or three
years after the Issue thereof they
ranged from 78 to 86. Mr. Harriman
testified that he had no books to show
the profit on these bonds and had no
knowledge of what he and his asso
ciates made In the transaction.
"During all these years Mr. Harri
man was chairman of the executive
committee of the Chicago & Alton Rail
road Company and of the Chicago &
Alton Railway Company, had charge of
their financial affairs and was voted
$104,722 for his services as chairman
of the executive committee from 1900
to 1904.
Loaded Down With Debt,
Taking the original cost of the prop
erty as it stood upon the books of the
Alton Company, December 31, 1898, as
$39,935,887, adding the amount which
appears by the testimony of Mr. Har
riman, Mr. Felton and Mr. Hillard to
have been spent upon the property out
of the new capital Issued after Mr.
Harriman and his associates secured
control of the road, towit, about $18 -000,000
(including the cost of the 68
miles of the Peoria line, $3,000,000), It
shows that liabilities of over $113,894,
000 were placed upon property which
had originally cost approximately $58.
000,000, or an increase of stock and lia
bilities upon the road, for which not a
dollar of tangible property had been
added, of practically $56,000,000. It was
admitted by Mr. Harriman that there
was about $60,000,000 of stock and lia
bilities Issued against which no prop
erty had been acquired, and this Is un
doubtedly an accurate estimate. It
further appears by the testimony of
Mr. Hillard that since the Harriman
control has ended and the road was
turned over to the Rock Island, the
company has been compelled to Issue
$-.260,000 of car trust notes to acquire
equipment needed In the business of
the company; that the present manage
ment found the company without any
money to buy necessary equipment or
to build 34 miles of railroad, which the
company had contemplated construct
ing and on which the Harriman man
agement had placed a mortgage, sold
the bonds, but had left no funds in the
treasury to complete.
Others Did Same Tricks.
"By way of justification or excuse we
are told that the methods of financing of
railroads which prevailed in the year 1905
are now obsolete, owing to a higher
degree of conscientiousness among finan
ciers; and, moreover, that the Chicago &
Alton should not be regarded as an
Isolated instance, inasmuch as it was
dealt with much as many other roads
were at that period. The first of these
statements is, we trust, true; the latter
statement is not calculated to uphold the
value of American railroad securities.
"It is true, however, as contended, that
a close examination of the method of
capitalization adopted in the case of the
Chicago & Alton shows that, while the
total of bonds and stocks was doubled,
there was no such proportionate Increase
In the fixed charges of the railroad. Under
the Blackstone management, while 8 per
cent was paid on the stock and but a
small bonded debt rested on the property,
the yearly charges for dividends and
Interest amounted to $2,792,986, whereas
with the greatly increased present capi
talization the yearly fixed charges amount
to but $3,471,590. This, of course, takes
no account of the present common stock,
upon which no dividends are paid. The
plan adopted was to substitute long-term
bonds and guaranteed stock bearing an
exceptionally low rate of interest for
common stock which paid a large dividend
and for bonds about to mature bearing a
high rate of interest. Thus the property
was not burdened with an Interest pay
ment proportionate to the Increase in
capitalization, no matter how great the
profits made from the reorganization.
However, these bonds must some time be
paid; they live for 60 years as a debt of
the railroad, and the stock will control
property which It did little, if anything,
to create.
Bankers' Rich Pickings.
"Incidentally, It may be observed that
the bankers who manage these operations
appear to be richly rewarded. The testi
mony shows that Kuhn, Loeb & Co.
received S per cent or $5,000,000 of the
$100,000,000 of Union Pacific convertible
bonds, one-half of which was retained by
them and the other half given to the
syndicate to whom the bonds were sold.
On ttie 750,000 shares of Southern Pacific
which the Union Paclflo purchased at
$50.61 per share, the same bank has re
ceived a commission of $2.50 a share.
They received a like commission of $2.50
per share on the Chicago & Alton stock
sold to the Union Pacific at $$6.60 per
share. It is significant that a member of
this firm refused to disclose the extent
of Its Interest In these securities.
No Competition to Orient.
"The effect of the control of the Southern
Pacific by the Union Pacific has been to
unify and amalgamate the management of
these two railway companies and their
steamship lines and to eliminate compe
tition between them In trans-continental
business and in business to and from Ori
ental ports.
"The Union Pacific controls the San Pe
dro, Los Angeles & Salt Lake Railroad,
the stock of which is deposited In the
hands of a trustee. This line was orig
inally intended as an independent road,
extending from Salt Lake, where it con
nects with the Union Pacific and with the
Denver & Rio Grande, to Los Angeles and
San Pedro, CaL There is, therefore, no
competition between this line and the
Union Pacific and Southern Pacific.
Alliance With Santa Fe.
"It appears that the Union Pacific also
owns $10,000,000 par value of the stock of
the Atchison, Topeka & Santa Fe Railway
Company, and about $30,000,000 more is
owned by Individuals connected with the
Union Pacific, making $40,000,000, or sub
stantially 17 per cent of the entire capital
stock of the SantaFe system. Who owns
tins stock outside o"f the $10,00,000 Mr.
Harriman declined to state. Two direc
tors of the Union Pacific are also direc
tor of the Santa Fe Company, and there
is now a division of the Oriental traffic
by the Pacific Mall Steamship Company
between the Union Paclflo and the Santa
Fe systems. It appears that there also
baa beta a, division o-.tti iruit .trails
between certain California territory and
the East, each taking a certain percent
age; and that north of San Francisco the
Union Pacific and the Santa Fe have
joined and amalgamated their Interests
in the Northwestern Paclflo Railroad and
that a joint control has been Inaugurated
similar to that of the Alton. ,
Rio Grande Shut Oat.
"Prior to the acquisition of the Southern
Paclflo by the Union Pacific, the Denver
& Rio Grande system, extending from
Denver, where it connects with various
lines to the East, to Salt Lake and Og
den, was given equal facilities over the
Central Pacific, and thereby practically
formed another transcontinental line.
Since the amalgamation of the Union Pa
cific and Southern Pacific companies and
the construction of the San Pedro road
this line has been denied equal facilities
in the receipt and transportation of busl
over the Central Pacific and the San Pe
dro lines. Its business, therefore, has de
creased and its ability to compete with
the Union Pacific and Southern Paclflo
Railway Companies has undoubtedly elim
inated competition between the Alton and
the Rock Island between Chicago, St.
Louis and Kansas City. '
"These are conspicuous illustrations of
the development of the theory of 'com
munity of Interests' and 'harmony of man
agement' which Mr. Harriman suggested
when he demanded representation upon
the Santa Fe board.
"If the policy of purchasing and con
trolling stocks in competing lines is per
mitted to continue it must mean suppres
sion of competition."
WHAT COMMISSION" PROPOSES
Evils of Harriman Monopoly and
How to Remedy Them.
The function of a railroad corporation
should be confined to the furnishing of
transportation. Railroads should not be
permitted to Invest generally in the
stocks, bonds and securities of other rail
ways and of steamship companies, except
connecting lines, for the purpose of
forming through routes of transporta
tion, including branches and feeders. It
Is in the Interest of the public to facili
tate the consolidation of connecting lines.
The credit of a railway company Is
founded upon the resources and prosperity
of the country through which It runs.
Its surplus funds and credit should be
used for the betterment of its lines and
in extensions and branches to develop the
country contiguous to It. The testimony
taken shows that about 150,000 square
miles of territory In the State of Ore
gon, surrounded by the lines of the Ore
gon Short Line Railroad Company, the
Oregon Railroad & Navigation Company
and the Southern Pacific Company, Is not
developed, while the funds of those 'com
panies which could be used for that
purpose are being Invested In stocks like
the New York Central and other lines
having only a remote relation to the ter
ritory in which the Union Pacifio system
is located. .
Evil of Stock Speculation.
"Railroad securities should be safe and
conservative Investments for the people.
To this end, the risks of the railroad
should be reduced to a minimum. Every
one knows that railroad securities
fluctuate more or less according to the
prosperity of the times, and also by
reason of the wide speculation In those
securities. It, therefore, adds an element
of hazard to a railroad's capital and
credit to have its funds invested in the
stocks of' other companies, thereby
endangering Its solvency and its ability
to pay regular dividends on its own
capital stock. It is a serious menace to
the financial condition of the country to
have large railway systems fail to meet
their obligations or go Into the hands of
receivers, and the object of legislation
and administration should be to lessen
the risks of railway investments.
Forbid Joint Ownership.
"It la contrary to publlo policy, as well
as unlawful, for railways to acquire con
trol of parallel and competing lines.
This policy is expressed in the Federal
laws and In the constitutions and laws
of nearly svery state of the Union. We
have examined the constitutions and laws
of all the states and find In about 40 of
them prohibitions against consolidation of.
capital stock or franchises of competing
railways, or the purchase and i acquisition
by a railway of oompeting lines. Compe
tition between railways as well as be
tween other industries is the established
policy of the Nation. And while the ac
quisition of a small minority of the stock
of a competing line might not decrease
the competition, yet the acquisition of
any considerable amount of stock with
representation on the board of directors
of such railway unquestionably has the
effect of diminishing competition and les
sening to that extent Its effectiveness.
So long as it is the policy of the General
Government and of the states to maintain
competition between naturally competi
tive lines, the ownership of any stock
by one railway in a competing railway
should not be permitted, and such lines
of railway should be prohibited from hav
ing any common directors or officers.
Regulate Security Issues.
"The time has come when some reason
able regulation should be Imposed upon
the lsuance of securities by railways en
gaged In Interstate commerce. We are
aware that in the construction of new
lines of railway, developing new territory,
it has been necessary In many Instances
to sell railway securities at large dis
count and to sell bonds with stock bo
nuses and even In such cases It has
many' times been difficult to raise the
necessary capital. Men will not Invest
their money and take the risk for small
rates of interest. But this principle does
not apply to old-established railway sys
tems having good credit. Such railways
should be ' prevented from inflating their
securities for merely speculative purposes.
Railroads should be encouraged to extend
their systems and develop the country. It
Is of the utmost Importance, also, that
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For eczemas, rashes, itch-
ings, irritations, inflamma
tions, chafings, sunburn, tan,
pimples, blackheads,red,
rough, and sore hands, for
shaving and shampooing,
and for all the purposes of
the toilet, bath, and nursery,
Cuticura Soap and Cutioura
Ointment are priceless.
Sold throughout the worta. Depots: London, 37,
Cbartertoow Bo.: Parts. 5 Rwj Oe Pal:
Ba. R. Towns Co Sydney: Indls. B. K. Paul,
Calcutta: caina. Hong Konir Dm Co.: JaPq,
Sanrnk.td,Tolo: auwla, FerrsluTVJoecor: South
A trie. VevncxuLvUCsV Tj"-:
forte r DruTSCbem. Corp., Sole Prop., Braton. .
w-Post-bxe. Cutlcnr Booklet en On el Sua.
railway securities should be safe and con
servative Investments for the public, and
should yield good and ample return for
the money Invested. Reasonable regula
tion will tend to make them safer and
more secure Investments and thereby
benefit not only the railroad companies
but the public."
CHERRIES FOR ROOSEVELT
6enator Bourne Sends President Six
Boxes of Fine Fruit.
J. If. Bristol, proprietor of a grocery
store on Washington street, at the re
quest of Senator Bourne yesterday for
warded six boxes of cherries to be pre
sented to President Roosevelt- The cher
ries were grown In the vicinity of "Wood
lawn. Eight cherries measured 10 inches
across, the width of the box. Four boxes
were of the Lambert variety and two
Royal Anne, of rich color and without a
blemish of any kind and were the finest
cherries ever exhibited In Portland. They
were forwarded in an especially con
structed refrigerator.
It Is Senator Bourne's desire to show
the President the superiority of Oregon
cherries to the California varieties which
have a large sale in Washington.
Iron Horse in Holy Land.
Baltimore News,
iwrnff trt n rwftnt consular report.
the railroad is extending through Asia
Minor and reaching into me noiy oaiiu.
The traveler can go from the port of
Beirut by rail to Damascus, and a con
tinuation of the line southward reaches
within a few hours' ride of Jerusalem
by carriage or horseback. Another rail
road extends to Nazareth and Tiberias,
and steam launches are being placed on
the Sea of. Galilee. The tourist can now
visit the ruins of Petra, southeast of the
Dead Sea, and other historic sites be
yond the Jordan by railroad from
Damascus. Bo rapidly are transportation
facilities extending through the country
that the proverbial saying that Jordan Is
a-hard road to travel is now quite out of
date. The time Is approaching fast when
modern pilgrims can survey the holy
places from the windows of " Pullman
cars. The change implies a revolution In
the mental attitude, the customs and the
Industrial situation of the (eoplrS of
the country so great as to be almost in
conceivable. The Grateful lioness. !
New Tork Sun.
After all, John Burroughs' story is the
best, and, as I" saw it In the Sun, it's
true. A Lieutenant of an English regi
ment stationed In Africa was hunting for
big game. He was fearless, but for some
reason he hesitated to shoot at tha great
lioness that approached. Nearer and
nearer she came, and was limping. Tha
oYHEiBLO OD
anitarium
Live All Your Years
i
A PERFECT
MAN
The human body is most wonderfully and
perfectly constructed. Each part is built equal
to Its task. Unless overburdened or attacked by
disease, no organ falters. Nature Intended that
every man should live all his years a perfect
man. Few men do. Most men can.
All men make mistakes. Borne make mis
takes in youth. Others make mistakes after
they have grown to be men. Btill others are
merely unfortunate. Practically all diseases and
disorders are the result of mistakes or mis
fortune. The problem of living a perfect man is slm
Dle. Undo the inlurv that mistake nr mkfnr.
tune have wrought. Then avoid both live as DR- TATLO
nature built you to live. t.dl. S,ecl.Jls
Undoing the Injury
o4!i?Sy
Pacifio Coast Tftr?nSV6 haS befn tho lar of Its kind upon the
i-acitio coast. During the several years Just past it has been fully
d l"havh.atmel S?httV ,"slat the West treating meVs diseases!
stm fwr .YUn rbUt few .lncurable cases. I have failed to cure in
iJS t . ln recent, years I have failed In none. This is
m Si attemt to fur nly tlose cases that I feel confident I can
hJ experience has grown I have become able to determine
curable and incurable cases with certainty. It Is also because my skill
in curing has grown and my methods of treatment have been perfected.
The following mention of ailments that come through mistakes
and misfortune is necessarily brief. I will gladly explain them fur
ther and tell of my original, scientific and certain methods of treating
them to all who will call or write.
I AM ALWAYS WILLING
UNTIL A CURE
Weakness
Wo matter in what form those functional derangements com
monly termed weakness" may appear, the causative conditions are.
in fully ninety-five per cent of the cases, very similar. I have given
the closest possible study to this remarkable prevalent ailment and
find tnat In practically every case of prematureness, etc., there exists
at some vital point of the pelvio system, a state of chronic tender
ness, inflammation or congestion. My first step is a thorough exam
ination to ascertain the exact location and nature of the disorder,
after which, by a system of carefully directed local treatment, I re
store the affected part to its normal condition, which promptly re
sults, in full and complete return of power. In perhaps less than five
per cent of the cases do I find general Impoverishment, lack of nerv
ous energy, or any other condition or complication requiring consti
tutional treatment. Therefore, I may safelv assert that not more
than one case In fifty can be permanently benefited by the use of tonics,
stimulants, electrical or mechanical appliances, and that fully forty-nine
cases In fifty will be aggravated by such methods of treatment.
My cures are positive, complete, thorough and permanent, because
by my method the real and only cause of the functional weakness is
totally removed. The knowledge gained by close study and observation
in thousands of cases enables me to recognize the exact requirements and
treat accordingly, and in years I have not failed In a single instance to
accomplish the desired results.
Varicocele
Varicocele affects the veins of the spermatic cord. An average of
one man in four suffers from this affliction. The muscular walls of
the veins weaken and relax, .he valves cease to perform their functions
and local stagnation of the blood ensues. The first evidence of vari
cocele is usually a thickening, dilating, knotting and twisting of the
veins on one or both sides, most frequently upon the left side, often
accompanied by pains In the back, legs, thighs or chest, and a sense
of dragging in the groin. Owing to the impaired circulation, a wast
ing away of the organs, accompanied by partial or complete loss of
power almost without exception follows in severe cases where treat
ment is neglected, and even slightly developed cases cannot fall to
have a damaging influenoe upon the organs involved as well as upon
the general health. Safety In all Instances demands a prompt cure,
for varicocele is a disease that increases In severity the longer it is
neglected.
I cure varicocele 'without pain and without detaining the patient
from business. I have cured over two thousand cases without a
single failure or unpleasant result. My treatment Is original and
has been developed through seventeen years of practical experience. It
restores the lost tone and elasticity to the weakened and dilated blood
vessels, which results in norma! circulation and re-establishes the natural
processes of waste and repair throughout the vital system.
Trf-y special practice also Includes Hydrocele, Stricture, Contracted
Diseases, Contagious Blood Poison, Nervous Debility and all Reflex
Ailments.
Consultation Free
To men whose years are being lived in physical Imperfection as a
result of mistakes or misfortune, whose lives are less than full and
perfect lives and who yearn to be the men that nature meant them to
be, I extend an earnest and sympathetic offer of consultation and ad
vice. My experience among men and in treating men's diseases places
me in position to be helpful to you. In consulting me you will bo
asked rio foolish and embarrassing questions. All Information given
you will have a direct and vital bearing. If your symptoms are of no
consequence I will tell you so. If treatment is needed I will tell you its
cost, and the time that will In all probability be required to effect a
complete cure. If I feel any doubt as to my ability to cure you, I will
not take your case at all. I will not urge my services upon you. If you
see fit to place your case in my care, every promise I make shall he-fulfilled
If vou do not, you will be welcome to the information and sugges
tions given, and will be lrvlted to call for further consultation abso-
1UtTnosreef!ndfng "inconvenient or impossible to call in person are at
liberty to write a full and complete description of their symptoms and
their letters will receive my prompt and careful attention. All consulta
tion strictly confidential.
The DR. TAYLOR Co-
noMEK SECOND AND MORRISON STREETS, PORTLAND, OREGON.
Private Entrance 234)4 Morrison Street.
big-hearted soldier took out the thorn
that he saw was in her foot, and she.
limped away gratefully. And the Brit
isher forgot the incident.
Not so with her ladyship. She returned
the next night, looked over the roster
of the regiment and ate every officer that
SEE US FIRST
And You Will Not Have So Many Medical
SIO
No
27 Tears In Portland.
Are you suffering: from Indiscretions, Weakness, Spermatorrhoea,
Kidney, Bladder, Dribbling: Urine or Prostatic Troubles, or Contracted
Blood Disease, Varicocele, Hydrocele, Swellings, Rupture, Ulcers, Sores,
Skin Disease I If so, see as at once.
C .. Our cure dissolves the strloture completely and removes
ijinCtUre every obstruction from the urinary passage, allays all
Inflammation, stops every unnatural discharge, reduces the prostate
gland, cleanses and heals the bladder and kidneys. Invigorates health
and soundness to every part of the body affected by the disease.
. r i When neglected, varicocele undermines the strength.
Varicocele deranges tho functions, racks the nervous system and
often produces an obliteration of the vital powers. We cure the most
aggravated cases of Varicocele without pain, suffering or Inconvenience.
Not only do we give Internal constitutional remedies, but we also employ
a local treatment which restores the perfect circulation of the blood and
regenerates the secretions, while the glands are enlarged and vigor and
vitality are renewed. You will acquire from this cure a sense of well
being which accompanies good, healthy and robust manhood.
CONSULTATION FREE
WHITE 1 Ton cannot call. All correspondence, strictly confidential
and all replies sent in plain envelopes.
IIO U Kb V A- JM. IU 0 -C ill., J
12 noon.
ST. LOUIS
MEDICAL AND
SURGICAL
CORNER SECOND AND YAMHILL
TO WAIT FOR MY FEE
IS EFFECTED
ranked the Lieutenant, who, of course, by
her act of gratitude was made a Colonel.
Hereafter all Chinese who die In Wyoming
will be sent to Billings, Mont., for burial.
The Celestials have bought ground for a
cemetery.
FEES TO PAY
Wo are curing more men than any
two specialists in Portland. Our cures
bring us patients sent to us by their
friends we have cured.
OUR
FEE
Pay Unless Cured
w w.v, nuuuaj-o, O A. JM.. w
DISPENSARY'
STREETS, PORTLAND, OREGON.