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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View This Issue
z::z. cr.zcr:i daily 'jcuhijal, rcr.TLA::r.
EVZIJIITO. AUGUST 13. 103.
Tremendous Profit Made in Cuil
Movement Which Follows :
New Dividend! J, V,
- ". WALL STREET LEADERS
Bean Caught Off Their Guard and
' ,Mad Ruth , to iCovar , "Foljff
Gates, Keene and Standard
Crowd1 Win Manyjamona.1-
- Moaraal Special Swrlee.)
v- New Turk, Auf. 18. ImmtnM : for
' 'tunes were won In Wall street reater-
. day In the remarkable rise in the E. H.
Harrlman stocks, Southern Pacific and
' "Union Pacific, following the announce
ment that for the Orst time in the his
tory of the road a dividend had bn
declared ' on the Southern Pacific and
that the t'nloa Pacific common had-been
:' placed on the 10 per cent basis. ;'. .
- - Harrlman and King Edward of Eng
land are named ae the hearteat win
"ners. ' 1. Others made a tremendoue profit
on the . bull movement, of which 1 the
,-leaders were John W. Gates, Jamas B.
.Keene, John D. Rockefeller. William
.Rockefeller, H. 'H- Rogers, Jamee Still
"man. Daniel Ougaenhelm. Harry Well,
: Jacob Field. William Oliver and Jeffer
aoa M. Levy.
: Makes Vea KUUoaa.- "
The Journal credits Harrlman with
a profit of 110.900.000 and Klna Edward
, of England with a similar amount. It
la known that when J. Plerpont Morgan
' mat . King Edward tn Europe some
; mentha- ago he interested the king In
the Southern Pacific. King Edward
bought through Sir Erneat Caesel. bis
New Tork representative, and Is one of
; the largeat holders of securities. -He
V cleared S2S a share on his Southern Pa
clflo and SIO a share on his Union Fa-'
clfle stock. i .. ........ .-.. .
The oom' was directly ' due to the
''careful nursing of. the curiosity of Wall
., street about; wlfat the Harrlman roads
; were going to do In the way of dlvt
,. deads. The board a of directors of both
roads' met. Thursday and', adjourned
- without making any statements about
dlvldenda. They did issue,' however,
statements of the estimated Incomes of
the two systems, and these statements
4 were considered extremely favorable.
- . .
Indications Are That They Will
Object to Giving; Statements
i of Their Earnings.
SOME MANAGERS TALK
' WHILE OTHERS WAIT
City ' May aa Well Ask Department
; Stores for Statement of Their Eara
;inga, Says One,', While Othera In
timate 'Something May Bo Doing..'
There was nothing at th opening of
the stock market to suggest the amas
Ing disclosures' to be made public within
five minutes after .the gong on- the ex
change floor had Bounded, when the
: news was sent over the wire that Union
Pacific. common stock was to get a 10
per cent dividend and .Southern 1 Pacific
a t per cent in semi-annual payments
Of and IH per cent. ' ' ; . v
There followed such. a Jump in prices
ror theae two eecurlttea as has not Been
seen on Wall street for many days. It
was a day of mad speculation, .one' of
the wildest,' In fact;, sines the Northern
Pacific panic of 1901. In the semi-panic
following the San' Francisco disaster
union Pacific so 14 low -as II ft, and
Southern Pacific dropped to II.
In a little ovet-three months the mar
ket value of the two- stocks. In antici
pation of a more generous dividend pol
icy, has appreciated 1140.000,000. '
.... t. ,. Tragedy to .Shorts,.-.
Th effects of yesterday's action on
the holders of . Harrlman stocks was
like the receipt of newe of .a fat legacy
from some long-lost uncle la Australia.
But It was a tragedy to the shorts.
They were literally swept oft their feet
in the fight for Union Pacific and South
ern Pacific ' shares after the dividend
news was published and the market had
started op with a rush.. , .
The Harrlman dividend policy 'has
startled the financial world.- It Is one
of the boldest strokes ever executed
HEREDITARY i7IT0XIC ATIGII
Discusses 'Question Whether
.Habitual Drunkenness Is
;,: ; Disease or Sin. -
: ' (Journal tpaelal terries.) -
London, Aug. H. Hall Caine'a new
novel, to be published today, deals with
; the subject of hereditary drink craving
cured by hypnotism. Interviewed on the
subject Mr. Cains said:
"la habitual Intemperance 6 disease
-or a sin T If a diseaae the victim is
ths object for compassion and the cure
Ilea at the door of the physician. If it
is a sin, ths transgressor Is subject to
.reproof and punishment and the fluty
of his moral i regeneration is tn ths
hands of the elergy. If intemperance
is both a dlseass and sin,, legislators
share with ths physician and clergy the
- task of healing and controlling It.
"Again which is ths place for . a
. habitual drunkard, the hospital, reform
atory or prison T ' On the answer to
that question te welfare or a vast pro
portion of the human family seems to
depend." - -
The author's conclusion is that neither
, the law. church nor medical science has
yet been able to answer the question.
ROAD UP DESCHUTES ;
TO MADRAS AND BEND
. ' -'.
(Special ptapatck te The Jearaal.) "
Saiem, Or.. Aug. 18. The Southern
Extensions railway of Tacoma filed a
declaration of intention in the office
of the secretary of stats yesterday af
ternoon and named B. Grelle of the
Willamette Iron Works attorney In fact
for the Oregon work. The company has
a capital stock of $1,310,000 and .pro
poses to build ana opera le a raiiroaa
from the Columbia rtver- up the Des
chutes to Madras and Bend. . . '-
HUGHES WILL BE NAMED AS
KE7 YORK'S GOVERSOR
Odell Makes Use - of Insurance
Inquisitor, to Down Gov-
; rnor Higgins. Tt'
tJoaraa! Special Serrke.) r
New Tork. Aug. It. The Sun says
the Odell-Platt combination, which is
not in ths control . of the Republican
stats machine, will nominate Charles B.
Hughes of insurance inveetlgatlon fame
for governor. Members of the combine
said today - they had assurance from
Hughes, who is now traveling in Eu
rope, that he would accept the nomina
tion and bad an intimation from Oyster
Bay that the president would be pleased
and gratified should Hughes be nominated.-.
The announcement .was made
today by one In authority.
The man who made the announcement
said In addition: "We muat nominate a
man this year . whose. Independence is
beyond question. Hughes Is an ideal
man for the situation and will be nomi
nated If he will accept, and we are
assured that he will. Also his nomina
tion will please President Roosevelt"
The man said:--Udell has realised tnat
he could make no progress sgalnst Hlg
gins unless he had a candidate. Hlgglns
was making all the headway. But from
this. day forward Hughes will be used
by the Odell-Platt leaders to fores Hlg
gins out. Just as the Odell-Platt leaders
used Roosevelt, to force Black out In
the convention of 1S9I, and It la a repe
tition of the same tacttre."
and it'' will be some-time -before Wall
street will ue able to recover from the
surprise it gavs and: begin to estimate
the , permanent ' value of 'Union Pacific
and Southern' Pacific shares on the new
' Harrlman has . been looked upon as
ultra conservative v1n the management
pf .hls properties. For five years since
he secured control of the Southern Pa
Cine from Huntingdon and Speyars he
haa steadily set his face agalnat appli
cations for dividends. : Hs has put
f 150.000.000 into the road and raised its
standard well up to ,t hat of the east
ern lines. .
a, . Oyaieal Ooanmeata.
The cynical, portion of , the . financial
community says Harrlman haa bean ac
cumulating stocks for several months
and has used great power In dictating
dlvldenda to make a high selling basis
for them. - It Is claimed that H. C.
Frlok is associated with him In a big
pool In Union Pacific
On the other hand, it is aald Harrl
man is simply giving ths stockholders
their due, and that the street has lost
sight of the tremendous earning capac
ity or ths Harrlman ayatema.
ENTIRE BLOCK 11 SPOKANE
, -.DESTROYED. BY FWE
Live Wires Fall to Earth Creating
Panic Among Thousands
' . '.of Spectators. ' ,--r:
LACK OF WATER MAY. - L
CLOSE BIG GOLD MINE
Eugene, Or Aug.' II. Louis Zimmer
man, president ' ths Lucky Boy Mln
i Ing company, was In ths city yesterday
on his way from the mine to Portland.
1 He states that ths recent labor famine
: at the mine has been overcome, but -the
company Is now confronted with another
difficulty. The mountain atreame are
' rapidly drying tip and water Is getting
' so scares that the big 40-atarap quarts
mill at the Lucky Boy will have te
j close down for-a few-weeks.
BY ESCAPED LUNATIC
(Special Mapatrh to. The eanl.)
.Albany, Or.. Aug. 1. An eacaped
patient from the atate asylum- for the
insane Is causing great ' excitement - In
the country round -and about Lacomb.
He has been scaring the women end
children and the neighbors are endeavor
ing to capture him. ; An 'attendant for
the asylum yeaterday said that without
doubt hs was a. private : patient who
escaped from that Institution about 10
days ago., - .
A searching party will be 'made up by
the asylum-authorities and sent; out to
capture him. - .-v ' ' "..
- The neighborhood has been comDialn
Ing of his presence for some dare, but
It seemed impossible, to locate him and
get any aennite trace or his where
abouts, aa he seems to. wander from
place to place. 1 If captured ha- will be
returned there for treatment, i ,
THE POLICY-HOLDERS' COMPANY
Clean, Economical. Well Managed -A
Most Desirable Company to Insure in ,
Home Office, Commonwealth BldgV Sixth and Ankenjr St.
Portland, Oregon . ;. ? ' ,
- ' ' ' -A. L. MILLS, President . ' V;-"- rA
U SAMUEL, Gen. Mgr. CtXRENCE S, SAMUEL; Asst. Mgr.
; (Special Dispatch te The loornal.)
Spokane, Aug. II. Fire started late
yeaterday afternoon In the planing mill
of the Lamb Lumber company and
burned the entire block bounded by
Boone, Division. Desmet and Atlantic
streets. , The damage is estimated at
131.000. The fire threatened for a time
te destroy the entire neighborhood. The
losses are: The Lamb Lumber com
pany 121.000, Insurance 11.000; Parlln -A
Orendorff, farm Implements. 11.000.
covered; John T. Huetter 11,000, insur
ance 1700 Hpoaane Shingle mill 11.000,
covered; -Wells tc Dye,- blacksmiths.
13.000, covered; Pater Costello 300,
covered, ana Dr. Byrne, barn. 1300. -
The fire started In the motor-room of
Lamb's planing mill. Workmen saw it
immediately hut .could not check It. Jn
lesa than two mlnutea the entire mill
aeemed ail re. There was practically no
wind, but the flames spread faster thsn
ever '. before, experienced In . Spokane
For a tlms the adjoining blocks
seemed doomed. Blx companies of fire
men fought for over two hours before
making, headway at checking the fire.
The eleetrlc company's poles took fire,
burning " to Jhe crosaarma, when the
wires would fall, carrying live trolley
wire w'th-t hem and causing a panto
among etiouaanla of spectators. As
e latent Fire Chief Joyce stumbled on a
live wire and with a cry Bank uncon
eclou 7 Several firemen rushed to res
cue him from his fallen position on the
wire, but were knocked down by the
shock of contact. The wlree had to Je
cut- first He revived In a few mlnutea
and fought- on, ' limping. The Lamb
company is put out of business. - The
stock was the largeat they ever had,
receiving from four to six cars dally.
They had taken no additional Insurance
with the increaae of stook.
LA GRANDE WILL USE
: BEAVER CREEK WATER
",- (SpeeUt Dfcpatek' to The JwaalV '
La Grande, Or.. Aug. 18. La Orande
will have an Sbundanr water supply
from Beaver creek In a short time. . The
report of the ' special committee ' ap
pointed ' by the city council wee very
favorable after a-thorough investigation.
. A government official, who .measured
the wsters of this creek states that ths
water aupply Is smple for a city of the
else of Tacoina, besides being of much
better quality than that found In moat
towns. It Is found that there are 7.S43,
431.30 gallons of water flowing In ths
stream in 34 hours.
The report wss aocepted. by ths coun
cil, and a committee conalating of three
of the councilman was empowered to
have -the oity. surveyor- make surveys
Immediately. . .. . ;,
. ,-. Qeorgw Praaler tnjared.
(Sptrtol lXapetro m Tke Jnanial.t
Flora, Or., . Aug. 13. Word has Just
reached hers that Oeorge Fraslar of this
place perhapa fatally hurt on the
14th between Asotin -and. Clarkaten,
Washington. , Mr. Frasler was driving
a four-horse team ana wss st -a point
oalled the Swallow's Neet on the grade
along the Snake river, when he met
the mall atae. The grsds being nar
row, the otagedrlver threw up his hsnd
for Mr. Frasler to atop. . Thla fright
ened the leaders and they Jumped off
the " grade, . draaglng the wheelers,
wagon and driver with them down a
very high precipitous grade. Two of
the horses were Injured and Mr, Frasler
la being cared for at Asotla. His re
covery is -doubtful. .--I
-Various objections each plausible and i
quite convincing,- will be put forth by
the publla.' service corporations In reply
to the demand -of Mayor Lane that they
comply with that charter section requir
ing quarterly statements of their earn
ings to be made to the auditor. -
The telegraph companies will declare
that they do not transact any business in
Portlsnd. that all their business is inter
state or from Portland to other cities of
the stae. . -
Each of the railways ' holding fran
chises In the city obtained them by dif
ferent ordlnancea at various tlmea, and
they will contend that-It Is lmposslbl3
to estimate the earnina-s upon a side
track of a few blocks, or upon that por
tion of their main line In the city which
Is but a tiny part of their great system
upon which the earnlnga are computed.
- President Ooode. of the Portland Rail
way, Light 4e -Power company says hs
may havs something to say after he haa
received the ' .request for a statement
from Cy Auditor Devlin. Mr. Ooodo
Is also the president of the Portlsnd Hy
draulic Blevator company, so that his
declination to discuss the mayor's edict
applies to four concerns holding I fran
chises, the electrlo company, the two
street car companlee and the . elevator
Aa the Harrlman line, roads have not
received the formal request for a state
ment, their attorneys will not discuss
the question. ' ,.
- "The Postal Telegraph company does
no business in Portlsnd, and. I don't be
lieve they can require us to make any
statement showing the amount of busi
ness we do." said John Annand. manager
of the Portland office, i
The matter will be referred to our
head office," says William Duma!-,
Portland manager of the Western Union.
"We don't care to aay anything until
we have received notice from the audi
tor," said C. B. Hickman, city manager
of the Paclflo States . Telephone com
pany, '"v : '.-,'"'
' The City Mesaenger aV Delivery com
pany is the only concern fully operating
under a franchise obtained from the
city under the present charter. The
Home Telephone company la not yet
earning anything by enjoyment of Its
franchise. Neither is the Union . Mar
"I don't see Srhy a statement of
earnlnga Shouldn't be also required of a
department store," said J. F. Shorey,
manager of the City Messenger eom
pany. I never heard anything about
making auch statements when our fran
chise was granted. We pay the city
What was asked for our franchise, and 1
should think ths matter need go no, far
ther. But, If necessary, t will make
quarterly siaiemenca. - But here the
franchise doesn't cover the buslnees we
do by telephone, and these statements
could only concern the business we da
over xne wires Tor wnose erection we
were granted a franchise,'
We have added Steam Heating, Hot Water
; Heating to our present lines nothing too
big, nothing too small but EVERYTHING
first class. We are now building the most
completely equipped shop y on the Pacific
Coast9 and on Its completion will be
able to $ handle anything and everything
....... phone us main 852 ' W; ;
W. G. McPh
47 FIRST STREET
FIXED BY BOARD
Value of Steam Heating Fran
chise Determined Upon and
TERMS ARE SUITABLE,
8AYS PRESIDENT COODE
Thousand Dollars Down, Then Grad
uated Royalty on Gross Receipts
During .Twenty-Five Years' Life of
' the Franchise.
CAR SHORTAGE HURTS
(Special Dlapatek es The Jearaal.t
Eugene, Or., Aug. 13. Another Eu
gene industry, that will be crippled If
the present ear ehortage la not relieved
at once is the excelsior - factory owned
by Royce Peterson. This Institution
haa been operating day and nlxht for
ths past sight years and has a aplendid
market in California. Since the, begin
ning of the car shortage ths firm has
been . atorlng its output in numerous
warehouses, but aa all snob available
placea are now full tbay will obliged
to elose down their plant The night
ahlft was taken off thla week. About
la men are empioyea at the rectory-
MALHEUR SHEEP KINQ
CONVICTED BY JURY
(Special tnssatck te The Joeraatl -
Prairie City, Or, Aug. 18. A Jury In
Juetlce Mack's court declared P. J. Con
nelly, a prominent sheepman of Mai
hour county, guilty of illegally holding
and moving eheep on the ranges without
sufficient permits from the stock In
spector. He waa fined 1130 and costs
by the court. An appeal was taken to
tne circuit court.
STUDY YOUR FUTURE
A sua oug-a a piaa his eareey, as ai
architect plasm a building. Tow enght
so plea aow waat gone aesrt wove
toward saeeesa will be. Maybe this aaxt
tore wis require momsy have yew a
oaeyT naa to em fesa your ex
aaas and save. Tea will Sad it easier
te save, if you will epea aa acoouat wKt
us, them promise youiself to add a eer
tala amount to sals aooouat seek week.
ON SAVINGS DEPOSITS. INTERE8T
THE TITLE "GUARANTEE
& TRUST CO.
240-244 WASHINGTON STREET'
CORNER SECOND, .
Compensation to the city for a cen
tral steam-heating plant and pipes
through business streets has been fixed
by the executive board and haa been ac
cepted by the electrical combine which
In the name of T the Portland General
Bectrlo company applied - for the- fran-
. The council may change the amount
to be paid the olty, but thla aeema Im
probable. , -. . . .. t .-
According to thd report of the special
committee which was adopted by the ex
ecutive board yeaterday afternoon, the
company shall pay $1,000 to ths city
upon the acceptance of the franchise.
and the same sum for each of the first
five years. Two per cent of the gross
receipts Is to be paid the city during
the seooad five years of the life of .the
franohlse It years, and during ftne
third five years ths company la to pay
t H per cent of Its, gross receipts. Three
per cent is to b6 the amount exacted
during the last 10 year a. : A bond of
$60,000 te . also to . be furnished by ths
Agreeable te Ooode.
Presldsnt Ooode met with the special
committee yesterday and the compensa
tion was agreed to by him. There can
be no offloial acceptance of - the fran
ehlaa, of course, until after the ordi
nance haa been passed by the council.'
It will come before the council at the
- Bids for the construction of the
Brooklyn district sewer, the largest
bids before the executive board slnoe the
days of ths construction of ths Morrison
street bridge, were opened yesterday.
The bid of Paquet, Gleblech at Joplln,
the eontraotors of the Mount Tabor
Piedmont pipe line, was I14M77.I1, that
of the Paclflo Bridge company m.-
0(7.4. Robert Wakerieia aieo submit
ted a bid, but as this was not touted It
waa Impossible for the board to deter
mine which waa the lowest.
The Brooklyn eewer will be one of the
largest In ths west. It will drain prac
tically all of tn territory lying soum or
Hawthorne avenue and extending eaat-
ward to the new city limits at Mount
Tabor. It has been under consideration
for several years, aa ths need for it has
long been recognises. The aide were
referred to the eewer committee Meeers.
Peerv. Coeewell and McPberson. -
Ths BIKht force or me w ireei-ciesmns-
department submitted a petition for va
cations of 10 days eacn. it was ceciarea
that aa the policeman and firemen were
riven vacatlona It would ne nara to die
orimlnate agalnat ' the street-cleaning
men. Mr. Greene pointed out. however,
that the petitioners worked by the day.
and that they could, lr tney wianea. quit
their Jobs ss soon aa they returned from
their vacations. ' Ths street-cleaning
committee, Messrs. Cogswell. Montag
and Babln. will try to reach a decision
on the oetltlon. . ' '
Permission wee granted Aiexanaer
Campbell to aell cigars In the Fourth
street entrance of the city halt Camp
bell Is almoat totally blind.
BERKELEY MEN WILL
NOT LIVE IN TENTS
(Special Dlasetrk te The Jeuraat)
TJnlvereltv of California, Aug. II.
The Berkeley -ampua will not be a city
of tenta In vhlch ths undergraduate
students of ths state university will be
housed. This Is the Information given
out by President Wheeler after he had
carefully considered the oVowded situ
ation of Berkeley and the .number of
students who were seeking admission
within Ms college doors. The univer
sity authorities havs given up the plan
for looking after the undergraduate
students on account of the congssted
situation here due to the large number
of people from San Francisco who are
new making thle city their home, and
the faculty haa been forced to let every
one help himself.
For a while .president wneeior was
considering the plan of erecting tente
for the use of students, but after In
vestigates thoroughly he has found
that of last year's students there would
be something like 100 who would not
return and as a result there would be
little need of suoh arrangements be
Nevertheless Berkeley le crowded end
It Is extremely difficult to obtain room
and board at the preeent time. Even
at thle lati date there are refugees mak
ing their homes In msnyof the fra
ternity, houses ana private oiuba. ,
"" ' 'k J - ma , ., , , ntvx,n j ii ii
awww wwa)HMi iimiw km s w a-w' h iA.t .
The Kind Ton Hare !ways Bought, and which has beesm '
in use ror otcp so yean, has borne the signature of -
and has been made under his per ;
sonal saperrision since its infkney. ' :
Alloir no on a tA dMlvn vnn In thla.
- All Counterfeits, Imitations and " Just-as-grjod" are butt .
Experiment. tLat trifle with andendansrerthe health of
Infants and ChUdr.n Sbtperlenoe against Experlmena ,
Chastoria is a harmless snbstlta'e for Carter Oil, Pare ' '
goric, Drops and Soothing1 SyTups. it is Pleasant. It
exmtalns neither Opium, Slorphlne nor other NarcotlO -
aubstanoe. Its age is Its guarantee. It destroys 'Worms
and allays rcverishncss. It cures Diarrhoea and Wind
oUc. ; It reUeree Teething Troubles, cures Constipation. -
and Flatulency. It assimilates the Food, regulates the
Stomach and Bowels, airing healthy and natural sleep
, . The Children j PanaceaThe Mother's Friend. '
CCNUI N C CASTO R 1 A ALWAYO
Sears the Signature of
The H Ton Have Always Bouglil
In ilea For Over 30 Years. -
You Always Can Tell ,; " ' (
A "Diamond K" Line Steam
THE By the Sign On Its Smokestack That Appears
" in This Ad, The ; -.
Plies Daily, Except Sunday, Between
line Portland, Astoria and Way Ports
. Affording Unsurpassed Freight and Passenger Ac ..
. commodations to Shippers and Travelers to Colum
bia River Landings. Low Rates, Excellent Service. '
Departs from the Taylor Street Dock at 7 A. M.
;" Telephone Main613
Open a Box for the
Leave it where they can reach
it. Watch them gain in weight
Watch their cheeks grow ruddy
with health and lHc: b ; :
are the only Soda : Crackers -
the most nutritious food made
from wheat, therefore the most
wholesome food for children.
GC In a dust tiiht.
(UJ moisture proof packczx .-
. " NATIONAL BISCUIT. COMPAW '