Image provided by: University of Oregon Libraries; Eugene, OR
About The Sunday Oregonian. (Portland, Ore.) 1881-current | View This Issue
Pages 1 to 12
VOL XXVI. NO. 44.
PORTLAND, OREGON, SUNDAY MOUSING, NOVE3IBER 3, 1907.
PRICE FIVE CENTS.
TO GIVE BELIEF
Roosevelt Is Asked for
RESTORE PUBLIC CONFIDENCE
High Financiers Ready for
WANT FLEXIBLE CURRENCY
JCccofciiize Only Way to Kml Crisis
Is In Remove Suspicion of Cor
porate Crookedness and Ac
cept Hoof-cvelt's Policy.
THE HNAMIAL RTATtJS.
WASHINGTON Frrsidonl urged to
tall extra session that Conc-Trm
may pass currency lawn and pro
vide fr Federal control of cor
poratiniiH, thus restoring: confidence.
NEW YORK Hank statement shown
deficit of f.tN.N.tft.NZS In legal re
serve and Increase or fUO."41.
In loans. EneaKements of foreign
X w I gold Increase to $20. t.iO,0tn, which
will replenish reserves. Country
demands for currency largely met.
Dividend and interest payments br- J
gregate $7.".00fl.tKMt, largest on I
LONDON Money easier, but stocks
dull and weak. I
SAN FRANCISCO Government re-
leases gold coin from Subtreasury
to relieve banks.
WASHINGTON, Nov. 2. It was learned
here today from undoubted sources that
President Roosevelt is now being" urged to
call an extra session of Congress to deal
yelth the financial situation. The request
Comes from and represents the judgment
of the conservative JedrsirL-tJie financial
world, who have represented the present
situation as one compelling action of a
character that will eradicate all ground
for suspicion of American industrial meth
od!. (flow lug Lack of Confidence.
The President has been assured from
most reliable sources that there will be no
opposition on -the part of the great Indus
tries of the country to the enactment of
fhe necessary laws to carry out his idea;
of Federal control to the extent to which
he has expounded them In his recent pub
lic utterances. These assurances are made
at this time to avert what has been rep
resented as the most dangerous situation
which has confronted the country during
an extended historic period that is, the
seeming growing lack of confidence based
on known irregularities in business meth
ods in some quarter? and no sure and
speedy means of separating the good from
Two Measures Necessary.
To this end it is suggested that the Pres
ident set Congress to the task, first, of
making such amendments ,.o the financial
laws as will result in the maximum of
flexibility with the minimum of basic
change in our system; next, and perhaps
most In importance, that the President
embody his suggestions on corporation
control in succinct recommendations for
enactment Into law. In this connection
at tention hay been directed to what he
said at Provlncetown, Mass., August 20
Koosevelfs Policy of Control.
I believe In a national incorporation law for
corporation engaging In an Interstate busi
ness. I believe, furthermore, that the need
for action t moat pressing as regards those
corporations which, because they are common
carriers, are performing a quasi-public func
tion and can be completely controlled in all
respects by the Federal Government. By the
exercise of the power conferred under the
Interstate commerce clause and, if necessary,
under the poatroad clause of the Constitu
tion, the National Government should exercise
over them a similar supervision and control
to that which It exercises over National banks.
We can do thia only by proceeding further
long the lines marked out by the recent
Almost every big business concern is en
"I Hear TWI the ttanka Amt Got
Xo Money. .
gaging in interstate commerce, and euch a
concern must not be allowed, by a dexterous
shifting of position, rb has been too often the
case hi the past, to eecape thereby all re
sponsibility either to state or to Nation.
To meet his views the resident then sug
gested amendments to the Sherman anti
trust law and the adoption - of a criminal
clause to that and the interstate commerce
If Not That, Then Say Something.
That the President ha? given the re
(juest for an extra session careful consid
eration is indicated by those who have
been asked to lend their advice in the
Failing in obtaining an extra session,
those who made the appeal for it have
presented an alternative, or an additional
request, that the President make a pub
lic statement of the assurance he feels in
the sound condition of public credit. This
has met with a measure of opposition from
the Administration's advisers. Both sug
gestions are still matters of considera-
.' X I
. ' Ml
! v ; -!
AV: ' " t ' t
t f itM . r.s t
t r ' V 14 A - t
Kenr-Admtrnl Hchlcy 1). Evnna,
Who Milken Speech on Voyage
of Fleet to l:ciflc Const.
tion, although no information whatever
ia obtainable regarding either directly
from the White Hou."e.
CASH ItESEItVB IS IMPAIRED
New- York Hanks Rely on Foreign
Gold to Make It Good.
NEW YORK, Nov. 2.r The financial
week came to a close today without
any notable developments. The' Stock
Exchange was comparatively steady
over the day, with little activity. The
run upon the banking houses seems to
be practically at an end. and few im
portant conferences were held by
The decline in the reserves of the
New York clearing-house banks was
heavier than in any recent experience,
hut will be largely offset by the arriv
als of gold next week. The apparent
loss in the reserve was about $37,000,
000, but $7,000,000 of this was due to
the requirement of 25 per cent against
an increase in deposits of $28,000,000.
This increase in deposits in clearing
house hanks apparently represents the
transfer of funds from the Institutions
which have been subject to runs. The
actual loss in cash is about $30,000,000,
which reduced the reserve on hand to
Foreign Gold Will .Make Good.
The gold engagements increased
slightly today by orders from Pitts
burg anil other points, making the total
engagement today $29,150,000. If all of
these amounts should go into the re
serves of the clearing-house banks it
would practically restore their supply
of cash during the past week. Even the
diversion of a part of the amount to
other cities will leave the bulk of the
gold arrivals to go into New York
banks and will probably result in an
increase of reserve next week.
Part of the decline In cash in the face
of heavy deposits of treasury funds
has been due to the calls of the country
banks for currency. It is believed that
these have been pretty largely met
and that the amount will be nearly as
large during the coming week.
Reports received from various parts
of the country Indicate that the sys
tem of meeting payrolls by checks in
stead of currency is being largely
adopted without, any essential incon
venience to wage-earners.
Wliy Loans Increased.
William A. Nash, president of the
Coin Exchange Bank and member of
the New York clearing-house commit
tee, said in explanation of today's
bank statement that the clearing-
(Concluded on Paee 5.)
"I Rear Tell the Bankers Have
Jumped the Country."
to Tender Brown.
BECOMES IDOL OF WORKMEN
Refused Ruef Immunity, Will
1 Send Him to Prison.
TEARS OFF KNIGHT'S MASK
Slums Opposition lo Spellbinder to
Be Attorney for Bribers and Me
Gowaii to Re ('alliotin's Canrii
' date for I.andon's Place.
RAN FRANCISCO, Nov. 2. (Special. 1
Francis J. Heney has become the star of
the municipal campaign by reason of the
ovations he nasi received in union labor
circles. Mr. Heney has taken the stump
for District Attorney I-angilon. He has
spoken three and four times a day from
automobiles. va?nns and improvised
stands, and his appeals have been ad
dreswd to the workingnien. He has gone
down, into the factory section at the noon
hour and roasted to a tender brown the
criminal rich, while the listeners munch
It is no longer "Francis J. Heney" in
that section of the city: it is just plain
"Frank.'" One enthusiast called out at
the conclusion of a noon meeting yes
terday: "I never saw you before, but, Frank,
you're all right."
Will Send RiieT to Prison.
Mr. Heney talks with a swing and aban
don that catches the crowd. After he
hammers home his main points he turns
the meeting into a general discussion.
Queries are hurled from the crowd and
Mr. Heney answers thm amid the rous
ing cheers of the m n.
"How about Ruef?" called an auditor.
"Why don't-yno-put hitt on -the witness
stand?" "All right, I'll tell you about Ruef," an
swered Mr. Heney. smiling with a great
grin. "You see, we promised Ruef partial
immunity, but when it came to taking the
I stand to testify against Tirey Ford, of
Ithe United Railroad?, Ruef thought he
would hold us up. He said he wouldn't
testify unless granted complete immunity,
and then I told him to go to hell, for he's
I got to go to prison."
This is the sort of talk that has been
making Mr. Iangdon votes by the hun
dreds every day.
Tells All About Knight.
George Knight, the Republican spell
binder, spoke this week for Daniel A.
Ryan and took occasion to denounce the
"Tell us about Knight." shouted a
workman at the conclusion of a meeting
"I'm glad you reminded me of that,"
replied Mr. Heney. "I'll tell you about
Knight. When he made that speech
against the prosecution, he was jingling
in his pockets $10,000 that he got from the
Home Telephone Company, one of the
corporations that robbed San Francisco.
I inspected the books of the Home Tel
ephone Company and I know. I saw- it
there. Knight got a fee of $10,000 to de
fend the men of that company who have
ijot been indicted yet. Now do you see
why Knight is against the prosecution?"
MoGowan Is lleney's Meat."
Frank MoGowan,- Mr. Langdon's op
ponent, is Mr. Honey's pet subject. As
Mr. Heney puts it, "he's my meat."
'"McGowan says he wants to prosecute
Patrick Calhoun," says Mr. Heney, "and
Calhoun says he wants to be prosecuted
by McGowan. If McGowan tells you that
he will put Calhoun in jail, he lies, for he
is the candidate of Calhoun and the other
men of the corporations who are to be
placed on trial."
Mr. Heney is keeping studiously aloof
from the Mayoralty contest, although it is
well known that his sympathies are with
Kesnlt Doubtful at Salt Lake.
SALT LAKE CITY, Nov. 2. At the
"I Hear Tell Theye Tr.Ueii All the
Cash and securities With 'Em." ."
close of a campaign in which the
American party lias charged the Re
publicans and Democrats with being
two wings of a Mormon Church party,
and tue Democrats and Republicans
have each sought votes on the ground
that they alone could beat the Ampri
cans. the result of -the municipal bal
loting is extremely doubtful. The only
larjTc. meeting tonight was held by the
Republicans, with Senator George
Sutherland and " Congressman Joseph
Howell as the principal speakers.
GRAFT PROSECUTION IS ISSUE
Continuance ot-Heney's Work De
pends on Election.
SAN FRANCISCO, Nov. 2. Issues of
far more importance than are commonly
involved In a municipal election will come
before the voters of San Francisco for
decision next Tuesday. Behind the lead
ing names on the several party tickets
are the survival of the so-called bribery
graft pro'cutlon as conducted against in
dicted corporation officials by Francis J.
Heney. and the confirmation or rejection
by the voting majority of the new order
of things which followed the overthrow
of the Ruef-Schmitz regime and the oust
ing from office of the bribed Board of
Supervisors. Though there are 32 offices
to be filled by election, all but two ttf1
I hem Mayor and District Attorney are
subordinate In public Interest.
For Mayor the regular Republican or
ganization has nominated Daniel A. Ryan,
a young and active member of the San
Francisco bar. The Democrats and the
Good Government Ijeague have fused on
'Conrluded on Page T.)
CONTENTS TODAY'S PAPER
YBPTFRDAV'S Maximum temperature. M
df pTfep; minimum, 42 dpRrPMt.
TODAyS-(Visional rain; southerly winds.
Roosevnlt urged to call extra session to
pass currency law and provide Federal
control of corporation?. Section 1, pago
Nv York brinkH have impaired reserve.
Section 1. pas 1.
San Francisco hanks ' given relief hy sub
treasury. Section 1. page 1.
America the promised land of Jews. Sec
tion 4, pase 5.
Population of London and how it grows.
Kectlon 4, page 12.
Decisive battle between British Lords and
Commons at hand. Section It. page 10.
Russian prl.-o l system a practical Joke.
Section 4, p.( 12.
Horrible torttr. children by Portuguese
aristocrat-. Section 1. page 7.
More of Qu -t n Victoria's letters. Section
2, page 4.
Pol It 1 PH.
Heney star of anti-graft campaign In San
Francisco. Section 1. page 1.
Close of camoaigns in various states and
cities'. Section 1. page 2.
Campaign issues in New Jersey. Section 1,
Governor Hoeh candidate for Senator. Sec
tion 1 Dage 4.
Admiral Evans sneaks on pacific cruieai
banquet In New York. Section 1, page 2.
Government action necessary to remedy
err shortage. Section 1, page 4
Domestic. Town in Lower California destroyed by
storm. Section 1, page 4.
Minister Lee accused of jilting Countess
Testetics to marry Minister Squlers"
daughter. Section 1, page 4. m
Nebraska farmers scorn financial troubles
and hold corn for higher prices. Section
1, page 2.
Etta McLean ridicules charge of selling evi
dence. Section 1, page 4.
Results of Eastern football games. Section
2; page 3.
Portland loses at Los Angeles. Section 2.
Johnson knocks out Flynn. Section 4, page .
Oregon Agricultural College defeats Pacific
I'niversity, ,"iO to 0. Section 4, paue y.
Willamet tc holds Oregon down to score of
11 to 0. Section 2. ?age 2.
Mob of 300 laborers makes demonstration
against Hindus In Everett . Section l;
Major Richardson can't find sword belt big
enough for his girth. Section 4, page 9.
Puget Sound shingle mills close because of
market conditions. Section 1, page T-
Lakeview land ru;i concluded with military
precision. Section 2. page 30.
ominereial and Marine.
On ion growers confident of higher market.
Section 4. page Hi.
Sharp break in Chicago wheat prices. Sec
tion 4. page ll. -
Stock market operations ended before bank
statement is issued. Section 4, page 11.
American bark Homeward Bound reaches
port from Newcastle; is a famous vessel.
Section 4. DHge 10.
Port I'D d and Vicinity.
Business men of Portland discuss financial
situation; advise bank depositors to keep
cool heads. Section 1. page 1.
Railroad men honor M. J. Roche; prominent
speakers discuss financial situation. Sec
tion l. page 10.
Hindu wounded at Boring refuses to allow
amputation of shattered leg. Section 1,
Business in state courts at a standstill
Section a. page 12. v . ,
Bankers of city hold conference; agree to
continue holidays as needed. Section t,
Work stopped on Tillamook Railroad. Sec
tion 2. Dage 10.
West Side High' School beats Cotumma
I'niversity 10 to 0. Section 4. pae 0.
Dr. Chapman, venerable temperance advo
cate, telis of Lincoln and Grant. ( Section
1. page 10. ' '
SPREADS A FEW CHOICE RUMORS ABOUT THE BANKS
"I Hear Tell Nobody AhVt . Ev
ioia.to Get 'othin' No More
FEEL NO ALARM
Oregon Is in Excellent
. Financial Shape. ,
HAVE CONFIDENCE IN BANKS
Conditions Now Not the Same
' -. as in Panic of 1893.
TROUBLE ONLY TEMPORARY
Expressions of Treading Business
Men Indicate That Pacific North
west Is In Zenith of Prosperity.
Fault Is Lark of Currency.'
ADVICE Olf . PORT IAND FINALS -
IKRH TO BANK DEPOSITORS.
Ft. 8.. Joslyn Portland'B bankn
ftre snunrt as, ever anrt'i Is tne
duty of every citizen to assist them
In meeting the situation.
T. B. Wilcox Every man who has
money in the hank should leave it
there; others having money snould
Henry" Hahn Our hantcs are tn
good condition and I retard the
present disturbance as only tem
porary. F. W. Watson The present dis
turbed condition can last only a few
I. N. Flelschner Depositors should
leavii their money tn the banks
which are In a healthy condition.
W. D. -.Wheelwright Upon my re
turn from the East. I was glad to
find things here in such good condi
tion. F. W. leadbetter The stringencr
in Portland will be of very Bhort flu
ration If people will only put thetr
money tn circulation where it will
do some good.
Donald Mackay The present sit
uation will prove of temporary- dura
tion only; there Is no cause for
George H. Williams Every Indi
vidual depositor should leave his
money in the bank.
Confidence, firm and unyielding, not
only in the ability of the Pacific North
west, to meet the existing: situation
squarely, but to be able In a short
time to resume business on a normal
basis. Is the characteristic attitude of
the leading business men and mer
chants of Portland. Convinced of the
stability of the banks to meet all obli
gations, when reimbursed . with the
funds they have in depositories
throughout the cities In the East, the
average citizen earnestly advises the
Individual depositor to leave his money
in the local banks until these funds
from the East can be forwarded to re
lieve the situation here. This course
is recognized and recommended by the
conservative business man as the only
material one for the private depos
itor to follow.
' With the banks In a stable condi
tion and the entire Pacific Northwest
backed by the largest crops in Its
history, and with- prices never higher
for products, it is urged that the de
positor has no cause for alarm for the
safety of his deposits, which are de
cidedly more safe In the bank vault
than they would be In hl ' possession.
The Inability of the Portland banks to
obtain the money due them from the
Eastern banks is the cause which pre
cipitated a scarcity of money locally
and caused the banking houses of this
city to take the action that has been
resorted to in order to' conserve their
reserve. For these reasons, argue the
city's leading business interests, it
would be decidedly Impolitic for , de
positors at this time to withdraw their
Depositors' Money Is Safe.
In the Interest of themselves as well
as the entire Northwest, depositors are
appealed to by the large business In
'I Hear tell the Widriys an' Or
phans an' Children Are All Goug
to Be lft to starve."
terests of the community to make no
demands for fheir money until the situ
ation can be relieved. In doing so they
will assist materially In permitting the
continued transaction of business with
out Interruption or embarrassment.
A number of the prominent business
men of the city were Interviewed yes
terday on the situation locally, and
without an exception all take an op
timistic view. With the unexampled
prosperity of this section of the coun
try and the acknowledged stability of
the banking institutions of the North
west, those interviewed assert that the
disturbed conditions locally can en
dure only until the banks receive their
funds on deposit with the banks
throughout the East. They" are confi
dent the situation will be relieved in
a short time and urge every citizen to
accept patiently the temporary incon
venience to which he must necessarily
'f - V
i i v '
v y-Kir v i
Krnnclat J. Heney, 9tar ef Snn
. Franrlfo Miinli-lpnl lampalga.
be subjected in the interest of the weU
fare of the entire Community.
The following Interviews Indicate
the sentiment of business men, the official
heads of large corporations and extensive
employers of labor, on the situation:
Bankers Follow Only Course.
William A. MacRae, manager Bank of
California In regard to prolonging the
legal holiday made necessary by the
financial situation. It Is the fact that no
other course is open to the bankers In
order to protect, not only the Interests of
their depositors, but the interests of
everyone In Oregon who owns property of
any kind. The laws of this state render
possible to overtimid or unscrupulous
persons"" a'foiirse of action which might
precipitate a panic. All banking is based
upon faith In our fellows and in the hon
esty of the large majority of men.. We
ask the public to have faith in the state
ments that the bankers are honestly en
deavoring to de their whole duty In the
very trying circumstances and to exer
cise patience. The scarcity is one tem
porarily of currency for circulation, and
not of the j-redit or assets on which to
base such currency. As a nation we have
large crops of cotton, wheat and other
produce to sell, and money is coming for
these from Europe Into New York, and I
anticipate that Australian gold will come
to San Francisco to buy bills drawn
against wheat sold In Europe as it always
has when the international exchanges, as
now, favor such transactions. We may
have to resort temporarily to an emer
gency currency to provide a circulating
medium, but should we do so In Portland
the public can rest assured It will be ul
timately redeemed dollar for dollar as,
If issued, it will be based upon our prod
ucts going Into consumption for abroad,
for which we must receive gold or its
equivalent. The public should also recol
lect that but 7 per cent of the business
of the country is transacted by means
of money and 93 per cent by checks, and
that temporarily, with but little incon
venience, even the greater part of the 7
per cent can also be done by means of
Predicts Relief This Week.
B S. Josselyn, president Portland Rail
way, Light & Power Company I am not
alarmed In any way over the situation,
for I consider this section of the country
in better shape than any other because of
its enormous crops and wonderful natural
resources. General prosperity, It is true,
prevails, but there is a much more con
servative attitude than prevailed a year
ago Business conditions indicate a dispo
sition to make few if any commitments
beyond those already assumed. I predict
that the stringent flnaneial situation will
be very much relieved this comir0 week,
as many bond coupons fell due yesterday
and many more will fall due on January 1.
(Concluded on Page 8.) j
But Kverybody Find the Bankers
and Banks and Moaej Here at the
fame Old Stand.
Everett Police Prevent
BLACKS GIVEN SHELTER IN JAIL
Mob of 500 Laborers, Makes
Raid on the Orientals.
MAYOR ASKS FOR TROOPS
Chief of Police Calls for Volunteers,
but Not a Man In Town Offers
His Services to Peace Officers.
More Trouble Is Feared.
EV BRETT, Wash.. Nov. 2. (Special. A
mob of about 500 men, composed princi
pally of laborers, maiie a demonstration
against the Hindus here tonight. The
police, however, had been warned in ad
vance and had taken the foreigners Into
the shelter of the jail, thereby preventing
a riot which would probably have led
to murder. As It was, no one was in
jured. The mob, armed with clubs and
weapons of every description, swept into
the quarters of the Hindus along the
waterfront, only ' to find them deserted,
and succeeded in doing no further dam
age than wrecking a- few shacks and
Mayor Asks for Troops.
The Mayor sent an urgent message to
Governor Mead which is understood to
have been a request for the militia, but
the Governor was not located. Falling In
this attempt, the Chief of Police endeav
ored to swear in a number of deputies,
but this proved unsuccessful, not a man
being found who would volunteer to act.
This is the first sign of violence which
the citizens here have shown, but the
present feeling appears to be unusually
strong, and It is believed that the threat,
of the white laborers that the Hindus
must leave or suffer will be carried out if
some preventive steps ore not taken.
Box of Apples Sole Diet.
A box of apples Is all that now stands
between the foreigners and starvation In
the City Jail, as the Hindus refused to
accept food cooked-by the whites, and it
would be Impracticable to allow them to
prepare their own meals in the already
But six of the 41 Hindus are unac
counted for, and it is believed that they
arc in hiding either in the mills or some
where about the city.
It was stated tonight that the Hindus
will be taken from the jail tomorrow and
an attempt made to let them go back tc
work. Whether this will lead to further
demonstrations is a matter of con
jecture. THROWING DIRT AT PANAMA
Excavation for October Reached a
Total or 1,888.729 Cubic Yards.
WASHINGTON, Nov. 2. The engineers
on the Panama Canal continue to increase
the amount of excavation each month,
according to a cablegram received today
at the Canal Office from Chief Engineer
Goethals, on the Isthmus. The total exca
vation ,for October readied the unprece
dented figure of 1.8X8.729 cubic yards, as
compared with 1.4S1.307 cubic yards for
September. For the corresponding month
of October, last year, the total excava
tion was 538,254 cubic yards.
V. M. Bell, San Francisco Editor.
COLUMBUS, O.. Nov. 2. Announce
ment Is made that William M. Bell,
formerly circulation manager of the
San' Francisco Bulletin, and formerly
with the New York World, died today
at the home of his sister, Mrs. Thomas
P. Dolan, of cancer of the stomach.
SAN FRANCISCO, Nov. 2. William
Mara Bell was formerly circulation
manager of the San Francisco Bulletin
and left that paper about two weeks
ago to assume a position on the New
And Colonel Tight-Wad Gets Hls'a. ' J