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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Nov. 3, 1907)
62 Pages Pages 1 to 12 VOL XXVI. NO. 44. PORTLAND, OREGON, SUNDAY MOUSING, NOVE3IBER 3, 1907. PRICE FIVE CENTS. CALL CONGRESS TO GIVE BELIEF Roosevelt Is Asked for Extra Session. RESTORE PUBLIC CONFIDENCE High Financiers Ready for Federal Control. 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 record. LONDON Money easier, but stocks dull and weak. I SAN FRANCISCO Government re- leases gold coin from Subtreasury to relieve banks. --4 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 the unsound. 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 last: 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 Rational legislation. Almost every big business concern is en "I Hear TWI the ttanka Amt Got Xo Money. . 4 ' t I uXHJ"-,y. ' 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 regulations. 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 matte.". 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 ; -! - i 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 financiers. 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 about $225,000,000. 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- i (Concluded on Paee 5.) COLONEL "I Rear Tell the Bankers Have Jumped the Country." YS MAYORALTY FIGHT "Roasts"CriminalRich 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 their luncheon. 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 graft prosecution. "Tell us about Knight." shouted a workman at the conclusion of a meeting today. "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 Mayor Taylor. Kesnlt Doubtful at Salt Lake. SALT LAKE CITY, Nov. 2. At the CHRONIC TIGHT-WAD "I Hear Tell Theye Tr.Ueii All the Cash and securities With 'Em." ." HE i ES 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 Th Weather. YBPTFRDAV'S Maximum temperature. M df pTfep; minimum, 42 dpRrPMt. TODAyS-(Visional rain; southerly winds. Financial Situation. Roosevnlt urged to call extra session to pass currency law and provide Federal control of corporation?. Section 1, pago 1. Nv York brinkH have impaired reserve. Section 1. pas 1. San Francisco hanks ' given relief hy sub treasury. Section 1. page 1. Foreign. 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, "page 2. Governor Hoeh candidate for Senator. Sec tion 1 Dage 4. National. 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. Sports. Results of Eastern football games. Section 2; page 3. Portland loses at Los Angeles. Section 2. page 3. 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. Pacific Coast. Mob of 300 laborers makes demonstration against Hindus In Everett . Section l; page 1. 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, page 11. 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, page 8. Work stopped on Tillamook Railroad. Sec tion 2. Dage 10. Sports. 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 LARGE INTERESTS 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 deposit it. 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 days. 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 alarm. 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 funds. 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 checks. 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. ARMED RABBLE HUNTS HINDUS Everett Police Prevent Serious Riot. 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 breaking windows. 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 overcrowded quarters. 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 York World. i And Colonel Tight-Wad Gets Hls'a. ' J