TIIE SUNDAY OREGOXIAX, PORTLAND, OCTOBER 20, 1907.
WATER
DRAINED
OUT OF STOCKS
Wall Street Finds Its Wealth
Shrunk $3,000,000,000
in Ten Months.
BUT COUNTRY PROSPERS
While Securities Are Glut on Mar
ket, Producers Roll In Wealth
and Show That Speculators
S'o Longer Rule.
NEW YORK, Oct. 19. Special.) '
Poverty stare Wan Street In the face.
In lens than 10 months of this year
of grace,' 1907, $3,000,000,000 in market
value has beeri wrung from the secu
rities that furnish the Ufeblood of
"the street.-'- These securities repre
sent the ownership of railroad, indus
trial, mining and other properties ex
tending over the length and breadth
of the U-nlted- States, Wall Street,
banking on the securities alone, la la
the deepest depths of gloom over this
$3,000,000,000 shrinkage.
During the past week It has been on
the verge of panic, declining scock
quotations and the discovery that reck
less plunging speculators have been
playing "fast and loose with the funds
of some of Its banks. The officers and
directors of one bank have been kicked
into the street and financial assistance
has been extended by the clearing
house to one or two others that with
out assistance could not have with
stood the strain of the rapidly falling
market.
Country at Largo Prospers.
With the country at large the situa.
1 tion Is distinctly different. Surprlsitr
as it may be to Wall Street, the coun
try Is not "busted" or even on the
infill luoii ki llio ,'uvi . i w u i . vsiiama
on actual properties rather than on
the "securities" that are the all-in-all
to Wall Street, the country is pros
perous and serene. In some lines of
business, notably copper and the iron
and steel industry, there la hesitation.
It Is true, but general conditions are
still good and, except for the pessim
ists of the speculative markets, there
is nine or no tear lur trie lULure.
The crops, while not up to the average
.. of recent banner years In volume, bring
j higher prices and are of greater total
i vnhin n,1 tha vnrlH la fiirniahlncr A rpflriv
market. Conservative figures plaee the
value of the produce of the farms of the
United States this year at the enormous
sum of $6,5uv,000,0O0. Some estimates run
higher.
Wall Street No Ioneer Ruleg."
The mines and the forests have pro
duced other billions, and the country at
large Is not in Wall street's predicament.
It is rich, and -getting richer, and the
poverty of the narrow way that runs
from Trinity Church to the river, dis
turbs only a very small percentage of
the total population. ' -
There was a time, and not very long
ago, when Wall street ruled the Nation's
finances, but the little old United States
has been growing financially and the
walling of a. few "busted" speculators is
no longer a signal for general alarm.
RELIEF AT SUNDAY RESPITE
Stock Market Still Falling Heinle's
Bank Kept Alive.
NEW YORK, Oct. 19. There was a sigh
of relief throughout the financial district
when the short session of the stock mar
ket ended today, marking the close of one
of the most panicky weeks that Wall
street has known for a long time.- The
declination of the presidency of the Mer
cantile National Bank by W. B. Rldge
ley. Controller of the Currency, did not
come until after the business day was
over and had no effect on the market or
the finances in general.
What the effect may be when the mar
ket opens Monday It is Impossible to say,
but It is the general opinion of financiers
that the week-end holiday will serve to
settle mature In the street, and that, un
less there are unexpected developments
In the delicate situation, confidence will.
In a large measure, be restored by Mon
day. Keeping Bank Alive.
The clearing-house committee again to
day took care of the debt balance of the
Mercantile National Bank, nine clearing
house banks. It Is said, providing $1,800,
000 to make good the balance. No action
was taken looking to the future support
of the bank should this . be necessary.
While , no official statement was made,
those present permitted it to become
known .that , no conclusion had - been
reached as to the continuance of support
except from day to day. It was report
ed, but not confirmed, that further assist
ance to the bank depended upon the atti
tude of some of the directors whose resig
nations were demanded yesterday.
It was said that Charles W. Morse,
who was heavily interested In the Mer
cantile and several other banks In this
city, does not feel that the resignations
of himself and of his friends should be
regarded as permanent.
' Helnze Stock Still Falling.
Opening quotations of United Copper
. common stock, the Helnze copper prop
erty, the curb market today were at 10,
as compared with a closing price of
104 last night. Closing quotations on
the curb were 8 bid, iW asked
- On the Stock Exchange, copper con
tinued under pressure. Amalgamated
Copper broke 2 to 44 V4, thus break
ing through the low prices touched
yesterday. American Smelting fell
under yesterday's closing price In the
first half hour, but did not reach the
low price of yesterday.
Amalgamated Copper sold as low as
43 H. Violent rebounds followed, but
the market continued feverish and
nervous. This tone persisted even af
ter the bank statement. In spite of its
superficially favorable character. The
heavy increase In the cash Item was
attributed to precautionary measures
by the banks.
Stocks declined in the final dealings,
closing weak at the lowest of the day
In moat of the active stocks.
Slaps at Clcarlng-House.
F. Augustus Helnze said today:
"I still hold a controlling Interest In
the Mercantile National Bank. I have
not parted with a share of my Mer
cantile stock. I would like to say this
about the Clearing-Houee committee:
"They were asked to come into our
bank and make a thorough examina
tion. They found it perfectly solvent
and said 00. Later they added that
- gratuitous blow about the surplus Im
pairment. Yon know why they did
, that nothing more nor less than to in.
duce our depositors to withdraw their
accounts. A fine game. They were en
deavoring to attract deposits to their
own institutions."
KOOTEXAY MIXES WILL CLOSE
Cannot Produce Copper at Profit, In
- .
' View of Slump.
VANCOUVER, B. C. Oct 19.-K8pecial.)
Various large mining companies In the
Kootenay district. Including the Le Roi
and the Consolidated Companies at Roes
land, as well as the big copper concerns
of the Boundary section, are understood
to have decided to suspend smelting and
mining operations, owing to the plump In
the price of copper. The various mines.
It is said, can no longer be operated at a
profit In view of the high wages now be
ing paid the miners and smeitermen.
Large increases in the wage scale were
made when copper reached the top notch
price of 25 cents per pound. ' The mining
companies, once the shutdown takes place,
will not resume operations unless the men
submit to a reduction to the old scale or
unless the price of copper advances very
appreciably. The smelter of the Dominion
Copper Company at the Boundary has al
ready closed down.
OREGON LAND OF PLENTY
(Continued From Pasa 1.)
it la known that hundreds of Immigrants
from the Eastern states reached Port
land and the Willamette Valley over
these- lines for the traffic was so heavy
while the, colonist rates were In effect
that it was necessary to run the trains
in sections.
Many Seek Information. 4
From local commercial bodies It is
learned that there Is more inquiry con
cerning Oregon this year than ever be
fore. Not only are inquiries being made
but the number of new arrivals visiting
these Information bureaus navebean
surprisingly large. There has been a big
demand for literature throughout the
East and some of these distributing
agencies announce that they have been
spending for express on shipments of
literature an amount far in excess of
the appropriation that had been made -for
SOME OF OREGON'S PRODUCTS
IX 1807.
Lumber. t.OOO.000,000 ft. .$30,000,000
Dairy products 18.000.000
Wheat. 20.000.000 bus 14,000,000
Fruit 4.275.1M
Wool, 10.000.000 lbe 8.040,000
Hops, 100.000 bales 2,000,000
Oat. 80.000 tons . 1.600.000
Barley, 60.000 tons 1,000.010
Mohair, S0O.00O pounds... 160,000
Total 174,065,133
carrying on the work. The great need,
these commercial bodies learn, Is for land
of sufficient acreage to meet the needs
of colonies.
A number of Inquiries have been- re
ceived from the East requesting tracts of
several hundred acres each, suitable for
Russian and German . colonies. Officers
of the Commercial Clubs fend the Oregon
Development League are endeavoring to
locate such tracts and attract to the state
this class of Immigrants.
. Hogs Still Neglected.
Hogs have not been raised in very
large numbers in this state for two
reasons. Wheat at 70 cents per bushel
has been considered too expensive feed
and there has not been the - best of
markets for pork. But with the de
velopment of the dairy Industry farm
ers are learning that hogs can be
raised as a side line -very profitably.
The announcement that the . Swift
Packing Company will establish a
plant In this city assures a ready mar
ket for all hogs that can be raised.
Further confirmation of the ususual
ly prosperous conditions Is found in
Portland in the extensive construction
of business blocks and residences. In
the percentage of increase in building
Improvements Portland leads all other
cities in the country. Last year there
was spent in Portland the sum of $6,
927,971 in new buildings and improve
ments. This record will be surpassed
this year when the aggregate of ex
penditures on this account -will exceed
that of last year by 76 per cent. The
total amount of money expended in
these Improvements thus far this year
surpasses those for the year 1908.
Banks Are Prosperous.
. The amount of bank deposits is con
sidered the most reliable index of the
prosperity' of any community and the
PORTLAND BANK BUSINESS.
For the week ending October IT,
Portland established a new high
record In its bank clearances. The
total clearings for the six days were
$9,300,502.26, a sain of 25 2 per cent
"over the business for the correspond
ing week a year ago. The general
prosperity of the state Is responsible
for this remarkable showing.
recent report of State Bank Examiner
Steel further . confirms the story of
plenty In this state. From thisre
port It Is shown that the aggregate
of Individual deposits , In the National
and state banks of the state is $71,562,
885. or an average deposit of nearly
$120 for each of the 00,000 residents
of the state. Further evidence of this
prosperity Is found In the fact that
during the last three years the de
posits in. the banks of Portland have
doubled.
No Fear of Panic. -
With such prosperous conditions ex
isting throughout the state, the peo
ple of Oregon have little to fear from
any threatened panic in .Wall Street.
Financial conditions In tire Cast would
have to become seriously disturbed be
fore the slightest effect would be felt
in Oregon, where there is an abund
ance of money for financing every le
gitimate enterprise that may be pro
jected.. The Oregon farmer is no long
er slavlifg to meet the interest charges
on tl)e mortgage- against his farm;
on the contrary he finds himself in a
position to lend some of his surplus
earnings. '
The banks of the state find it im
possible to place on interest all of the
funds in their possession and several
of them have placed money In the
East.
Clermont Launched at Aberdeen.
ABERDEEN. Wash., Oct 19. (Spe-clal.-The
steamer Clermont; which has
been built for the Hart Wood Mill Com
pany, of this city, was launched . today
from the Llndstrom yards. The schooner
went clear across the harbor and through
some piling on the south bank of the
river Into soft mud, from which it re
quired a good deal of pulling to get her
out in deep water. No damage was
done. The Clermont is 203 feet over all,
28 feet beam and 13 feet depth of hold.
She will be loaded and towed to San
Francisco for her machinery.
With the highwaymen recently captured
near Pojarevats, Servia. after four tours'
hard ihtln. w . . 1-1 . .v 1 j
followed her outlawed lover and' shared his
adventures.
WEARIED BY DELAY
Illinois Central Meeting Again
Adjourns.
HARRIMAN HASTENS EAST
Buys Block of Stock at Fancy Price
to Secure Votes Proxy Commit
tee' Still Laboring and the
Canvass Continues.
CHICAGO, Oct. 19. The meeting of Illi
nois Central stockholders was today ad
journed until 11 o'clock next Tuesday
morning. .The proxy committee Is still
unable to report, but it is" believed' that
it may be able to submit its findings to
the stockholders' meeting when it next
convenes. The. committee has been, at
work almost night and day, but the vol
ume of proxies Is so large that the task
Is very long, and, with the scrutiny which
is bestowed on each one in behalf of
Stuyvesant Fish and B. H. Harrlman the
work makes slow progress. Early today
It was "M," from "Q" It Jumped to "W,"
and when the meeting was called to order
today it was working on "P."
W. N. Cromwell, attorney for Mr. Har
rlman, who has so far done the greater
part of -the talking, and who puts mo
tions and announces ' votes without re
ferring them to anyone, the presiding of
ficer Included, declared today:
"The proxy committee Is still unable to
make a report. It is believed that some
thing can be had by next Tuesday. This
is not positive, but we hope for something
at that time. I therefore suggest that
an adjournment be taken until-11 o'clock
Tuesday morning."
The meeting: was then adjourned to the
hour suggested by Mr. Cromwell.
Mr. Harrlman, who has been very lm
patlent over . the delay In reporting a
vote, left for New York at 2:30 today. Just
as the meeting was called to order. He
declared that Important matters demand
ed his presence In New York on Monday
morning, and under .so circumstances
would he remain longer. He said Just be
fore taking the train:
"I not only must return to New York,
but I must say that I was never so glad
In my life to get away from Chicago as
t am right now." Mr. Cromwell will re
main in Chicago in charge of Mr. Harrl-
man's Interests, and It is not believed that
Mr. Harrlman will return for a vote on
Tuesday. He may come, however. If the
matter Is delayed much later than that
data.
"Piie general situation is practically the
same. Both sides are seeking proxies
with much energy, and It was reported,
although the story could not be con
firmed, that Mr. Harrlman had recently
purchased in Chicago one block of 700
shares, paying for them several hundred
dollars a share more than the market
price.
The small stockholders, who were
wearied by the delay, have for the great
er part gone to their homes. -The meet
ing today was poorly attended, and It
is said that even fewer persons will be
present next Tuesday. -
ASKS CHIEF TO PROTECT
HOWARD GOULD'S SISTER-IN.
' . LAW IS ANNOYED.
Attempt to Drag Girl Who Marries
- Chinaman Into - Gould Di
vorce Scandal.
SAN FRANCISCO, Oct 19. (Special.)
Frightened and annoyed at the ac
tions of detectives employed by the
millionaire Howard Gould, to entangle
her In his divorce case, Mrs. Wong
Sun Yue has appealed to Chief of
Police BIggy for protection, and the
Chief has assured her that he will as
sist her.
Mrs. Wong was Ella May Clemens
previous to taking a Chinese affinity
for a husband and swearing allegiance
to the Dragon. Howard Gould, there
fore, has a Mongolian brother-in-law,
his wife, Katherlne, now suing him
for divorce in New York, being Mrs.
Wong's sister. Mrs. Wong, who oc
cupies a picturesque suite of rooms
on Dupont street In a big Chinese fam
ily apartment house, was accompanied
to police headquratera by a woman
friend from Oakland, who shared, her
indignation at the conduct of Gsuld's
gum-shod employes. This friend had
made two previous visits to the Chief
to consult him. about the matter. Mrs.
Wong said yesterday:
"The detectives hired 'by Howard
Gould have dogged my footsteps for
months. So tiresome and so daring
have they become that at the sug
gestion of my friend I visited Chief
Biggy and asked him for protection.
He was most courteous and promised
his assistance."
INDUSTRIAL PEACE FUND
Nobel Prize Only Nucleus for Total
of $1,000,000.
WASHINGTON, Oct. 19. Seth Low,
of New York, the .treasurer of the In
dustrial Peace Fund, has reported to
Secretary of Commerce and Labor
Strauss that contributions are being
received to the fund. Mr. Strauss says
the trustees hope that this fund will be
increased by contributions from la
borers as well as from capitalists. The
fend is about $40,000 and it to hoped.
uy lue luunaauon mat 11 will - grow
to at least a million, as the Interest
on this amount will be required to ef
fectively carry out the purpose of the
foundation.
STRIKEBREAKERS MAY STRIKE
Demand XTnlted Railways FurnlsUi
Meals at Carbarns.
SAN FRANCISCO. Oct. 19. A strike of
The Kidneys
When they are weak, torpid, or stagnant,
the whole system' suffers. Don't neglect
them at this time, but heed the warning of
.the aching back, the bloated face, the sallow
complexion, the urinary disorder, and begin
treatment at once with
Hood's Sarsaparilla
which contains the best and safest curative
substances.
In usual lianJd form or In pIvwilaM
I tablets known as Sarsatabs. 100 doses $L
the strikebreakers employed by the United
Railroads will likely be declared as the
result of the refusal of General Manager
Black to accede to the demands of tne
men that they be supplied with their
meals at the expense of the company. The
men have been notified that after tomor
row they must pay for their own board,
and they have replied that they will not
do so unless they are paid at the rate of
SO cents an hour, the wage demanded by
the union before it went on strike.
Tklr. Black came here recently from Kan
sas City, and immediately began to cut
expenses. Among the things found by
him was the heavy expense of feeding
the men in the carbarns. He ordered it
cut off. He-conceded that'in the days
of the strike the men were" not able to
go out for their meals except at groat
personal risk, but now that things are
more peaceful he declared there Is no
longer any. necessity for this, and that
the men must board themselves. The
strikebreakers have no organization
and are unable to take -concerted ac
tion, but a large number of them will
quit If the order is not rescinded. This
would present the unusual situation of
a double strike.
BOYCOTT IS HELD ILLEGAL
Federal Appeal Court Confirms De
cision in St. Louis Case.
ST. PAUL, Minn., Oct. 19. The
United States Court of Appeals today
confirmed the decision of the United
States Court for the Eastern District
of Missouri, holding that It was proper
to enjoin a labor organization -from
boycotting a manufacturing company
by forcing-- contractors to discontinue
the use of its "products or to do with
out laborers. . ,
The suit was brought by the Fox
Brothers Manufacturing Corijpany of
St. Louis, whose products were boy
cotted because they ran an open shop,
all union carpenters refusing to work
on buildings on which the Fox goods
were used. : -
MOTHER-IN-LAW TROUBLES
Woman Alleges Various Unpleasant
Traits of Character.
SAN FRANCISCO, dot. 19. (Special.)
In a suit of unusual character filed yes
terday In the Superior Court, Mrs. Maud
E. Simpson asks the court to award her
$10,000 damages from her mother-in-law,
Mrs. C. M. Simpson, who keeps a lodging-Rouse
at 720 Shrader street. Aliena
tion of the affections of her husband,
Walter Scott Simpson, a telegraph op
erator, is the ground for the suit.
The younger Mrs. Simpson says that
when she was married In Alameda, on
October 7, 1900, she was "18 years old
and inexperienced in the ways of the
world"; that her husband was but 22, and
had never been away from his mother.
His mother, on the other hand, is de
scribed as being 46 years of age, and had
"acquired varied experience along life's
pathway, and was possessed, and still Is
possessed, of a disposition that Is the
embodiment of envy, Jealousy and ava
rice." . -
Simpson was employed in the San Fran
cisco office as manager for the Western
Union. At the time of the strike he weit
to Portland, where he now resides.
STRIKE OIL AT PAYETTE
Steady Flow of 800 Barrels a Day.
Grand Rush for j Claims. .
BOISE, - Idaho; Oct ; J9.--What is be
lieved to be an Immense quantity of oil
has been struck at Payette, 40 miles
west of Boise, near the Oregon-Jdalio
line. Late yesterday afternoon the"
drill in the Oregon Gas Sc Oil Com
pany's well No; 1-. struck loose sand,
and for half an hour oil and water
spouted a hundred feet into the air.
Gradually the oil sank back into the
well and today there is a steady flow,
which is said to amount to 800 barrels
a day.
Oil men regard this as further indi
cation of a wondferful oil field, as the
flow was secured without pumping and
without shooting the well. Today a
grand rush Is being made to the new
field and claims are being staked off
on Government land across Snake
River, on the Oregon side. Great ex
citement prevails at Payette and all
over Southwestern Idaho and Eastern
Oregon.
BATTLE ON STREETCAR
(Continued From Pas 1.)
lungs was fired at him. He walked a
few feet and fell to the sidewalk, dead.
Motorman Fires Three Shots.
The shooting of the other men was
done in the confusion of the scuffling
and fighting. One shot had been fired
before Purcell reached the rear plat
form and then shot after shot followed
in quick succession. When Purcell was
searched at the police station a re
volver was found on his person. Three
chambers were empty and the barrel
was powder-stained.
Brown told a story of self-defense In
protecting his life. Enerwein, who was
fatally shot, is said to have been one
of the group that engaged in the fight
against Brown.
TEETH
EXTRACTED
FREE
; WHEN PLATES OR
BRIDGES ARE ORDERED
AH worlc at half price for a short
time to- Introduce the
"ELECTRO
PAINLESS SYSTEM"
Full Bet, that fit ....9S.OO
Gold Crowns, 22-K S3.50
Bridge Teeth, 22-K.. $3.50
Gold Fillings. ...... i Sl.OO
Silver Fillings. 50
Guaranteed for 10 years.
Open evenings.
THE ELECTRO
DENTAL PARLORS
80SV4 Washington St, Cor. Fifth,
Opposite Olds Kins'.
t 00.00 REWARD.
For definite Information as to v the pres
ent whereabouts of Harry W. Nonnast, of
Chicsso. Last heard of August 14. 1905,
when he registered at the Winchester Hotel,
Can Francisco, and left same sick to so to
a hospital. S. Nonnast. 334 N. Grea st,
Chicago.
I HIS a faithful illustration of our new . "HARyARD"
shows far better than we can tell you the attractive
style and smartnessour Schloss tailors put into their special
garments vfor Young Men. -
Full of the detailed innovations that constitute
new style, marked by an especial clean-cut
spruceness and tailored in the incomparable
"Schloss" way, they win admiration every
where. . Avoid Imitations Look for this Label.
AH the best Clothiers can
b Schloss. Bros.
CORN PRODUCTS WAR AGAIN
Stockholder Asks Receiver for Com
pany and Standard OH.
CHICAGO, Oct. 19. George P. Hardine,
of this city, today filed a bill in the Supe
rior Court asking- for the appointment of
a receiver for the Standard OH Company
of New Jersey and the Corn Products
Company of New Jersey. Mr. Hardlnr
says In his bill that he Is the owner of 600
shares of the capital stock of the Corn
Products Company and that Its manage
ment Is principally controlled by the
Standard OH Company.
Charges are made that the Standard Oil
Company, with certain Individuals, Is
conspiring to wreck the Corn Products
Company, capitalized at $8,000,000, and for
this purpose formed a pool or 'trust, un
lawfully regulating and fixing and con
trollng the price of glucose, grape sugar
and corn starch. ' Mr. Harding charges
g-jk
.r 44-4u -if tt T it
THE illustration above is another forceful portrayal of the well-arranged facilities of the
Columbia Woolen Mills establishment, and also of the large number of orders which we are
able to properly care for and handle at one time. In our delivery-room may frequently be seen
several hundred finished garments "ready on time." And in these finished garments we offer
one of the most eloquent proofs of the high character of our work. The man who will favor us
by looking over the productions in this foom at any time most convenient will be convinced
that Columbia Tailoring possesses exceptional merit. And we save you a full third the prices
asked by other first-class tailors. Suits and Overcoats, . $20 to $40. Trousers, $4 to $10.
SUITS
$20 to $40
TROUSERS
$4 to $10
1 MjCty'M,t w
L$7 SCHLOSS BttOS.
Giltimore od Mfw
supply you,- If yours will not, write
m
name of a dealer who will gladly show you the very
that 38 factories were joined In this pool
by the so-called conspirators.
The suit la similar to one filed in the
Circuit Court May 4. by the Chicago Real
Eaatate & Trust Company, which suit is
now pending In the United States Circuit
Court to wbic hit was transferred by the
defendant.
FIGHTIXQ FOODSTCFP TRUST
Plttsburgers File New Suit Against
Produce Associations.
PITTSBURG, Pa.. Oct. 19. A. N. An
derson today filed in the Federal Court
an amended bill in equity In the fight
being- waged here against the high
price of foodstuffs and the alleged dis
crimination against certain dealers by
the - various produce associations
throughout the country.
The new bill Is much larger In its
scope than that filed recently by W.
H. Arbour against the Pittsburg Pro
duce Association. By the new bill, all
tyrtnctiXf JocuJy orTitt)e
'LB
L?w - l WOO
n
I cA,
Trk
us for Fall Style-Book, and
latest designs.
c Co.
New York
the persons who formerly were men
tioned as having been placed on the
alleged blacklist of trade associations
have been made complainants in the
case, and many of the largest fruit
growers of the country, together with
all the railroads leading Into Pitts
burg, are defendants.
An answer to the amended bill will
require to be filed within 30 days.
Dangerous Fire In Des Moines.
DES MOINES, la., Oct. 19. Fire in the
plant of the Standard Oil Company
today threatened for a time to do serious
property damage and to result In loss of
life. In the plant were tanks containing
thousands of gallons of oil and gasoline,
and if the fire had reached these a hor
rible explosion would have occurred. The
firemen put up a desperate fight, how
ever, and succeeded In getting the fire
under control. The damage has not yet
been ascertained.
Buda-Pesth and fit. Louis have the deep
est wells in the world.
an'.- . iii'i
xx
Elks'
Building
. SEVENTH AND STARK
Grant Phegley, Mgr.
fj Wljolesale Drapera
s. Tri"?".1' .i.sw.w.MIs.MjC