The Oregon daily journal. (Portland, Or.) 1902-1972, August 18, 1906, Image 3

The Oregon daily journal., August 18, 1906, Image 3

Image provided by: University of Oregon Libraries; Eugene, OR

About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Aug. 18, 1906)

Prev Page of 22 Next Prev Issue Next Text PDF JP2 (4.1 MB) Clip/Print Image

Return to Top

Prev Page of 22 Next Prev Issue Next

Newspaper Page Textz::z. cr.zcr:i daily 'jcuhijal, rcr.TLA::r. CATUHDAY EVZIJIITO. AUGUST 13. 103. eoaFflimcjo FORTUNES m REAP STOCKS Tremendous Profit Made in Cuil Movement Which Follows : . New Dividend! J, V, ANNOUNCEMENT SURPRISES - ". WALL STREET LEADERS Bean Caught Off Their Guard and ' ,Mad Ruth , to iCovar , "Foljff Gates, Keene and Standard Crowd1 Win Manyjamona.1- Oil - 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. - . . E, H.;Harriman.-., REGISTER KICK 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 SIM BOOK HALL CAKE' 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 Income basis. ' 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. LAC0MB TERRORIZED 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 nres. - 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 company. 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 ket association. "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 In itheHeatlttga ....... phone us main 852 ' W; ; W. G. McPh 47 FIRST STREET COMPENSATION IS FIXED BY BOARD Value of Steam Heating Fran chise Determined Upon and Announcement Made. 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 EXCELSIOR FACTORY (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. wa VAT 4 Per Gent ON SAVINGS DEPOSITS. INTERE8T COMPOUNDED 8EMI-ANNUAU,Y,. SAVINGS BANK THE TITLE "GUARANTEE & TRUST CO. 240-244 WASHINGTON STREET' CORNER SECOND, . PORTLAND, OREQON 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- chlae. . 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 company. 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 next meeting. - 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 ing mad. 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 . "Cuv 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 7 The H Ton Have Always Bouglil In ilea For Over 30 Years. - MS You Always Can Tell ,; " ' ( A "Diamond K" Line Steam THE By the Sign On Its Smokestack That Appears " in This Ad, The ; -. Steamer Lurllne . 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 Children . Leave it where they can reach it. Watch them gain in weight Watch their cheeks grow ruddy with health and lHc: b ; : Uneoda Biscuit 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 '