Image provided by: University of Oregon Libraries; Eugene, OR
About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Feb. 3, 1907)
II in G I IX 01 J SUNDAY JOURNATJ, TORTLAIiD. SUNDAY I.IOKNINO,-. FEBRUARY 8. 10C7. CARSIIORTAGE DU JO IVATERIflG E Hill'a, Cry Against Public Probing of Modern Railroad Meth . . - ods Not Justified. INFLATION AMOUNTS TO SEVEN BILLIONS I T Can B No Solution, ot Transporta tion Question Until Real Value of Properties la Ascertained by Ex perts as La Follette Suggested. (Waabtnstoa Boreas of The IsnraaLl ' Washint-ton, Feb. J. James lllH, president of the Great Northern and virtually owner of the Northern Pa- rino and Burllncton. has written a let ter to Governor. Johnson of Minnesota, In which he asserts that money for the Jt '-wlth more difficulty, than' for - years past. "Popular and newspaper - criti cisms or ranroau management and jot ernmental procedure axalnst them" 1 Mr. Hill's explanation of ,the?ailure of the directorates to - provide adequate transportation facilities, which has re sulted In the present shortage of ears. , The moment Is "psychological" to In quire whether or not Mr. Hill's postu '"lata la properj la!d.'l " : ill ...TZ : Sixty pe Cent Water. Experts have shown that about tit.' , ; . 000,000,009 of securities ' are In exist' ance. upon which It Is the theory of . railroad manipulators that the people - should pay annual dividends at the ao . cepted average rate of. say, t to 1 per . ; cenc . - ------ - . During the past year flotations have ., been Inaugurated . for the addition of , , tl. 100.000,000 to this ' enormous capi talization and mortgaging. The theory of the directors la that these Issues are : legitimate and that the people are , beund to. support this tremendous ava tern of corporate ..finance on that basis. The experts also have shown thereof , this tls.000,000.000 of securities, or $14,109,000,000 to be soon, not lees) than v, pnwnDij ev, per cent, is water. in - other words, that the existing systems ' of transportation could be reproduced - by the expenditure of about H.000,000,- VVV. - ------ - - . renasylvmala's Bra rtaaaoa. The Pennsrlvsnla railroad two weeks' ' t ago announced it -would probably soon issue .100,000,000 of stock and 1100,- eetf.OOa of bonds In addition to its aJ- . ...ready , enormous quantity of securities. To put out from time to time as re- quired," was the excuse for the flota- Wall street hesitated " to accept the declaration ana mrertt. . facta were disclosed; The Pennsylvania has out 150,000,000 in notea maturlnr November 1. ItfoT. VTbe New Xork terminals will cost 2,- 000.000 in 107. Additional n.ilnm.nt wlU cost 111.000.000. Recently Ihe Pennsylvania sold - securities from which about KO.OOO.OOO was realised. I thorlze the Issuance of 1200,000,000 of securities. Also, Henry C. Flick proposes to ac quire for the Pennsylvania a large block of the stock of the Hants Fe to prevent the Hariiman-etandard OH In terests from shutting out the Pennsyl vania from tne southwest Double Dividend to Jray Already the Pennsylvania has ap proximately $800,000,000 of securities on the market. This consists of ths final capitalisation of the greater cor poration -and Its bonds, and In addition the securli.es of Its subsidiary corpo rations, upon both of which classes of stocks and bonds the people, of ' the territory served are expected to pay annual dividend return In other words, to pay the Pennsylvania for Its gen eral capitalization, and also the hold ers of the original securities In the roads which the larger company ' has bought Is this ' not double payment by the public? ' - ' - rignres on (treat srortherak .The Great Northern was built at an average cost of 120,000 a mile.' The company has stocks now totaling about $200.000, 000, worth from 180 to 220, ac cording to whether the market move ment Is bull or bear. Mr. Hill is au thority for the 2O,000-a-mlle state ment. 1 The Great Northern has out bonds for t200.000.000, worth par. The total valuation ' of Great . Northern, baaed an return to holders of securi ties. iw isou.quo.ooo. or for the l.ooo miles allowed for the system, 1100,000 a mile, five times the original cost of the road. Theory of Ballroad stagnates. r "' Herein is revealed the theory of mod ern railroad management 'that the ivgdd:.:e:i -i:old ba::quet - A?:D INSTALL OFFICERS Two Hundred" Invited Cuests Present at Impressive Cere mony of Lodge. tensions or betterments from current funds obtained from freight and pas senger tariffs; .that these moneys should go to the holders of the securities! that whenever any additional . funds are needed- additional-evidences -of indebt edness shall be Issued, to constitute further burdens on the consumer N of stuff transported, Students of railroad problems of this day are - wondering whether or not Statesmanship will long hereafter refuse to recognize these vital truths; whether or not the earnest recommendations of tna interstate commerce commission for 10 years prior to the enactment of the rate bill last winter for power to value rail properties. In order to the determination of a basis of Just rates shall be granted. Tlew of Tart and Williams. Secretary Taft, speaking - tn- Idaho during the last November campaign. discussed government ownership of rail- wave in opposition to W. J. Bryan, snd predicted his entire utterance on the postulate that. If the government were to buy the roads now It would have to pay til. 000. 000.000 therefor. Tet every schoolboy who has studied the question for debate in the village lyoeum knows that the IIS, 000.000,000 of present se curities Is largely water, and that noth ing Ilka that aum would be required to purennee -tne entire system of rail transportation of the nation. John - Bharo- Williams. Democratic leader Of the house, recently said that government purchase of railroads would mean the creation of I13.000.0od.000 of federal bonds therefor. y beeomlm theory here that there can be no solu tion of the rate and practice question. Involved in modern rail transportation. Without legal authority for ascertaining the real valuation of properties, and one would be surprised to learn the ex tent to which this "absurdity," ss rall- roan man fa 1 t , Ha ..i..., u . Tola -loaves , about tZt.aOQJfla needed 1 v.r f f.nCT,,n?.ln ht nattt-nal nap I for the purposes named, and for thlslltai. ostensible need If wis proposed to au-l The White House Is sitting np and (Special trtapatea to The Journal.) Condoii, Or Feb. J. Woodmen of the World gave a public? installation of officers and a banquet last night, which were largely attended. State Organiser H. U Day Jt Portland visited the Con don camp and conducted the Installa tion exercises. J. E. Hunt, of the Hunt Hardware company, who was formerly senator from Multnomah county, acted - as chairman. .Two hundred invited guests were present and at the conclusion of the Installs tlon exercises the following program was rendered: Address of .welcome, 3. E. Hunt; reci tation. Mervyn Stephenson; duet. Glen nle Mota and Fay Price; Instru mental solo, Zada Swetln; recitation, Miss Lyda Sllter; recitation. Miss Min nie Palmer; duet, Katie Clark and Vema Barker;- address on Woodcraft, General Organizer H. I Days recita tion, Mrs. Pearl Jarvls; recitation, Mrs. Herran; - address. Rev. - Kigge; duet,. Misses Llllle snd Florence Clark.' The following officers were installed to serve. the camp during the coming : Bh Harrison, consul-corn. -year mander; C. M. Hooper, advisor; Arthur Shilling, banker; Peart Jarvls, clerk; Artnur Parrlsb, escort; Harry Green field, watchman; Andrew Cantwell, sen try; managers,- C. F. Armstrong, John W.-Hlre snd i. G. Merreneld. After the Installation exercises a banquet ' was served, by the Women of Woodcraft ." ' . "7 A Unique Ad. "- One" of the mosT unique and Interest ing ads ever published in The Journal appears today on page . Issued by "the Denny Dulln Copper Mining company of Goldfleld and Portland. It Is the work of that well known talented and versa tile advertising expert, Mr. Harcr C WhltUer, of the Bhafer-Whlttier com rany advertising bureau. In the Lumber Exchange building, this city. It Is In tensely Interesting, and reflects great credit upon the "builder and ths com pany employing him. It's worth turn ing to page , . J. H. TATES. Manager ths Denny Dulln Copper Min ing Co. Big Shoe Sale. v There is an announcement In today's issue of the sale of shoes at the Chi cago. Clothing company. It la strik ingly illustrated with large shoe cuts which the reader cannot easily overlook. However, the manager- ssys the most striking thing about ths half page is the quotation on the shoes. tsklng notice. Intimations have been ia,thaU8 ual"undergroundi railway' route of such communications, that a message soon may be forthcom ing calling for legislation affecting stock watering. Thus far not a stock or bond has been affected on Wall street by the announcements of internal government Inquiry Into any of the prevalent abuses; no on can predict Thnt ""lt1 hi the mnnlt if rtnl rfinn.J were to be begun to squeeze the humid ity from railroad stocks. V V You Wouldn't Start a Horse Car tine In this age of electric cars.. Not if you wanted to make money out of the business of transportation. Then why should you start a manual telephone exchange in this age of automatics, if you want to make money out of the telephone business ; ' : , ., . . - , .. . . ,- ; , ' t mmmmmmmmmm " ',. ... '." ' ' " - ' The, automatic' system of telephony bears the same relation to the manual system that the electric car ' does to the horse car. It is the apotheosis of telephone development, as the electric car is of transportation . development. - ' ; ' ..' !.''' , : , i -,--- T .: . ' ,.:V1' - The automatic telephone system produces. the best- service more economically than indifferent service -can be produced with manual equipment. V . .; ' -V - , - v; There is-no more question as to the relative popularity of the automatic and manual telephone service . where the two kinds are, in competition than there is as to the relative popularity of the trolley car and the ; horse car,v N,,' v" -1 : . . '' ' And, aa for the sccurities--thc same comparison may be applied with the same results. Our Automatic system has been adopted in the following cities:' ' ' ' . Aberdeen, S. B.. Akron, Ohio. ' AllMiiinerqiM. It. If. Alknlown. P. - -. Aubure, Me. - Anbarm. N. T. ' lutlle Creek, Mich. Belllnxbsin, Wub, Berlin, Uermsa. f Hunon, lows. "dllle, Mlcta. -- -v Cbtinpsxat. UL .'4 i nn sn. ju.. debarne, Texas. . Colnnbss, 6s. , Columbus, Ohio, j Payton, Ohio. - J ' Iienver, rlo. Kl Paso, Texas. ' , Fall Hirer, Mass. - yerjnunn. Mo. 1 Or.nd Kaplda. Ulck. HaathiKS, Neb. Havana. Cuba, . Hawltos, Ps. . . ' Bopklnartlle, Xy. Joneabore, - Ark. Lake Beaten, Mian, LawlstoB. Ma. Lincoln, Neb, Los Ancelea, Cal. Mancbeater, lows. Marlanae, Cuba. Martin, Ind. . -MMf .!, Wis. - Mlainlitmre;, Otflo." Mount (Hire. Ohio. -New Bedforil. Mass. Oakland. CaL Omaha. Neb. Ocean Park, Cal. Pent water, Mich. . Portland. Ale. Portland, Or. Princeton, N. J.. Richmond, Ind. Rlrenride, Cal. Ban Dluro, Cal. San Franctaro, Cl. Hants Mon Ira, CaL 8hb City, Iowa, goats Bend. Ind. , Spokane. Waab. ' Kprlnxfleld, Mo. - Kt. Marya, Ohio. Taeoma, Waab. Tfrrooto Jet., Can. " 1 ' IraTeree City, Mlcb. -, I rbana. IU. Van Wert. Ohio. Walla Walla, Wash. Wati'b Bill, K. I. Wan.an. Wis. ' . Weaterly. B. I. WUmmicton, Del. Woodatock, N, B., Canada. ; V ' ' Hi-y home ':',h----.-s- "'-"V BONDS The Home Telephone Securities look awfully good this ' morning. ' - ( .-. . All wireg in cable and underground." , ' Absolutely no damage done by storm to the New Home Telephone System Automatic Service. The superior construction of this modern telephone plant should appeal to the keenest Judgment of the most conserve tive at a reason to secure and' hold these securities. -. . All business regarding securities must be done absolutely, through this office. - . - BOND DEPARTMENT - V LOUIS J. WILDE Room S Lafayette Building, Portland, Oregon. JPlCTlOIORIRST-ISSUEAlAHArEBRASKAr-HOMl " V BB MADE DIRECT TO THIS OFP1CE ONLY if t "" immm. HL-ln - Limn jmmw m m " ' ' Sin ' When you buy the J. C Lee Company's First Mortgage, 10 Year 6 Per Cent Gold Bonds and get One Share of Stock as a Bonus with each $100 Bond Opp ortunity to Speculate on a CertaintyK ; These Gold Bonds are securediyia first mortgagtT the Sterling " Gold Arme of 'SiskiyblTcounty, XTalifornia, and, valuable placer . grounds at Dixie, Idaho. The Sterling Mine is developed by nearly 3,000 feet of tunnel and crosscut, all in ore, and has in sight by actual measurement more than $1,000,000 worth of low grade ore, V averaging by actual mill test of hundreds of tons more than $6 per ton in gold that can be treated and turned into bullion for less than $1.50 per ton. This property is worth $500,000 cash, and would , sell at forced sale for four times the entire bond issue.' . This property is equipped with a new sawmill, boiler and engine, all necessary buildings,' including mill buildings, assay office, board arid bunk houses, inclined tramway, an.Elspass mill, concentrators, ' etc. To this we will add thirty l,00-pound stamps, six more con- . Centrators, and a cyanide mill, giving us a capacity of more than 100 tons of ore per day with a net profit of $500 daily, which,- after N paying interest on our bonds, will be sufficient to pay $5 per month . on our entire capitalization of 3,500 shares of stock. v ' Don't turn this down because it looks too good. Remember the story of the man who stood on Brooklyn bridge and offered $20 gold pieces for 50 cents apiece on a wager that no one would buy them. He kept this up 12 hours without making a sale because no one would stop to investigate. Many a good mining proposition ha,s been turned down without investigating it that is today paying from 25 per cent to 200 per cent per annum. : : In Conclusion We are selling these Bonds to finish equipping our property. They will be found absolutely safe if you will investigate them in telligeiit Jy. The stock is selling on. the Exchange now for $40 per share arid will sell for $200 before the first of next year because of : our low capitalization, only 2,500 shares, par value $100 each. Our management is honest, capable and conservative. - This is the op portunity of a lifetime to speculate on a certainty. For Further Information Address Stock and Bond Department Comriionwealth Tru st Comp any Sixth and Ankeny Streets, Portland, Oregon Or any of the following Directors who have seen the property, , backed their judgment with their money, arid will corroborate the statements contained in this ad: , ' ' D. L. KEYT, :Perrydale, Or; . T. H. HAWLEY. President Polk County Bank, Monmouth, Or. J. C WYATT, Druggist, Vancouver, Wash.' . , A. S. SHOLES,"JPresident Commercial Bank of Hillsboro, Or. u W. S. HURST, Commission Merchant, Aurora, Or. r, J. G. BOYDSTUN, Portland, Or. J. C.LEE, Portland, Or. , , , . i T V
