Image provided by: University of Oregon Libraries; Eugene, OR
About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (March 17, 1907)
13 TTIIE" OREGON "SUNDAY . JOUKNAE. PORTLAND. SUNDAY MORNING, MARCH "17. : IS07." ROOSEVELT IS FACING CRISIS V-' . Railroads Ask to Ba Allowtd to Contlnua Watering Their Stocks. IF PRESIDENT YIELDS - , NOW BATTLE IS LOST If XJarrlinan Contend Railroads Hare ,' ' the : lUffhs to Float Securities J; Which Do Not Represent Actual I Y3Titv1niMtB on totny ft.- Hi j . ' By Johs E. Lathrop. .. . t - J , . fWeiktostea Kama ef The MihLI 1 ? Washlng-tos, March 1. It Is unl ' versally recognised that Prealdent , Hooeevelt faces the crucial momaat In the anti-predatory corporation . pro- I1 cram la which ha and auoh statesmen 'as La Pollen and Bryan and Hearst have baaa playing leading roles (or ao aral yeere. B. H. Hsrriman baa come f to Washington to plead with the White . Uouae "to tot up" on the railroads, and It wta arranged that the prealdent ahould Issue a atatement to allay the i penlcky feeling which has almost torn ( down to its- watery foundations the (speculative structure erected by opera tors in Wall street la recent years. But the struggle is by no means end- j ed. It is recognised that Harrlman ne ' not yet admitted the true Justice of bla antagonist's cause, that lit ' is not to shatter market value in the street (or which ; the Kooaevelta. La . Follettee, Bryans and Hearsts are striving, , but to establish- certain principles, at the bead of the list of which Is honest eaDltallaatloa of railroada. for which -the fight baa been waged. Herri man baa not receded an inch from bis position on thla fundamenUl issue. He bellCTes yet that railroada are private property Just as much aa grocery stores ere, and that It Is legltl- i mm a fur rMiiwi j gage In flotations of securities not rep j resenting actual additions to the mate ' rial properties of the roads. ' ,. : t During the past years a total of tit, - 000.000.00 of securities .has been ere . ated on roads the actual value of which is known to ba not mere thsn I0.OOO, , 010,000.- f Were President Roosevelt. Senator La Follstte, W. ft. Hearst and I W. J. Bryan to net up on the raH- i roads' now it would mean that , me J fight for bonest valuation of rail prop ' erties aa a basis of rate-making, bad s been lost. It would mean that spurious ' flotations must contlnua as in the past. - to overburden - the , people throughout the coming years. . . , Were the water squeesed from Wall street securiUas railroad stocks and ; bonds would be as solid aa government ' bonds, - and there would be no more j speculation- With bonest eapitallsaUon , a accomplished fact, the 1.00 seats on the Wall street ' stock exchange worth $19,000 each, or a total of 0, SOO.OOqr would sell at auction for a few cents to some dealer In antiques or the manager of some museum. , - Hence. Harrlman Is . the minister i plenipotentiary. ..pri the financial em-I nire which has heretofore ruled the In ; dustrial and transportation interestsof the nation. He comes clothed with s discretionary power. He msy make at i the courts of Prlnee . Roosevelt what representations be win, so long as ne avoid Including- In the understanding between the oommon wealth of the peo ple atul that of the financial Jugglers a .stipulation tnat raise stock ana . oona flotations shall cease. , . v '-. Certainly, the crucial moment has ar rived. President Roosevelt faces the erisla: 'Harrlman must not be the vie- tor. Is the cry of the president's- fol-.- lowera Yielding by hlra would be for fatm te see his popularity dissolve like ; frost- in the hot sun. His leadership j would be a thing of the past. - MILLS WILL; OPEN (Cootlnaed from Page Ona) - ers have a number of -workmea on their ' payroll now who are there with the un vderstandlng that, they are to help start the mllla i .f , - f, ',. , ...3 ; The strike leaders.' however., eonfl - . dentljr predict that there will be ne do ', aertlons from their camp and that men V: ' ..' ' " ''. " -.: '" ' A. '' '! ' . - "-TT. 1 T, " r- "TT THEN the King of England wants V Jvfv to cc ow tcy)"ng show y Y to the castle and he hears it alone in 'his private theatre. In this country ' wc.are all kings as far as having our own private show is concerned. Wc simplv- buy, an Edison Phonograph and listen to ; the latest popular 4 song, to the famous tenor opera tlnger. to a .fine old hymn," to ' a rag-tinwi dance or to a funny dialogue. ' VI; " ' Anvthlsr that ens he apokea, er long, or played, caa be reprodaced in ' the Edison Fbonograph with reat eaturaln. If yoe are a king, why don't yen exercise year kingly privilege sad have . a show of yoor ewa in your houss. ; . Hearing to beHevieg. - The dealer wUl thow yea It. , ( 4 : . x f .Natloanl numo0rph Compnny .f::'.s 7S IatestdVe Ata, Oraejaje, N. J, ' Dealers with established stores wsatsd te sell Edisoe Fkoaographs la every town at covered. ,? - WILL REPRESENT TILLAMOOK r - K--jfTw ... . ... '. i '. : 1 vs. - .:.. '.: ..i V- ;...,, .... ... ' . , - - . " " S - 'J . . . fttw X l, , " ' i t.,. . ,. . :.,-' - ffl-rr f - i.,,j-.i,.i...l'.u..'.:t,'.Vl "n t'e'mtii Miss Haxel HoNalr, who has been unanimously chosen to represent Tillamook county at the Jamestown exposition In the uniformed com pany, of young- ladles being organized, by Colonel J. d. Cooper, McMlnn rllle, for the purpose of advertising Oregon. -' who have promised to help start tbs mills will refuse to do so when it cotnaj to a showdown. - t i r . Aazloas to Seat? from Mina, The strikers are extremely anxious to receive some sort of proposal from the mill ownera While it was asserted at headquarters a few days ago that arbi tration would not be considered, last night the announcement 'was made that any proposition of any kind received from the employers short of uncondi tional surrender would be put to a referendum vote of the men and the decision of the - rank and file would dominate the action of the strikers. The belief was expressed last night that the mill owners would submit a proposal for peace within the coming J week.. . ' ' The strikers press committee an nounced ' last nlgnt that the futu- policy , of the I. W. W. will be to con fine the strike to Portland and its. im mediate vicinity, Thers will be no at tempt to bring about a general strike or to eali ont the mill workers in nelh Wring to wnsT ' This "policy will" be' f of lowed unless outside mill owners at tempt to supply the local lumber market with the product. la ouch a eaae, or ganisers, will be sent to the district and attempts will be made to tie up tbs offending mills. LANE KILLS MEASURE V . .t .;; i , (Continued from Page ' Ona) ! . records, and quite naturally It would be viewed with suspicion, and, while I do not think that your honorable body in tended It to do so, such a procedure would be a reflection upon tbe auditor of this city and imply that a bit of Jug glery was necessary and about to be practiced opon and at the expense of an unsuspecting community In this mat ter. "At any rate. It would be a radical de parture from any recognised procedure in this line that I hav. ever before heard In thla line that I have ever before heard ter into a contract to secure a report upon his owa official conduct." Ranter has 404 children of school ago. an Increase of over 100 In a year. v qvv BARRON ROUTS . .. HljS OPPOHEHTS - (Continued from Page Ona) ones In Wall street, was drafted for service. - J. P. Morgan, through his re markable lieutenant, Thomas F, Ryan, arranged the plan of campaign and to George J. Baker, president of the First Nat.nal bank, was entrusted the dell oats matter of financing the enterprise. -According to Wall street whispers the actual plan of campaign was con eelved some weeks ago and at that lime all the millions la caab which the com bination could secure were deposited In the banks controlled by . Harrlman and bis . friends of ' the Standard Oil party. : . ' Wlam nf the Ci J. P. Morgan was Informed by Presi dent Roosevelt that Mr. Harrlman must go and Mr. Morgan is said to bave given definite assurances that Mr. Har rlman -would be disposed of' providing the secretary of the treasury etood in the breach to prevent wild panic. As surances were given. It was said, that this would be done. - , - - The Morgan people at once unloaded vast quantities of stocks. They be lieved they were unloading them en the Standard OH people and psrhsps they were. Morgan is said to have sold 1,000,000 shares through Jsmes R. I Keen. Keene is said to have disposed of 100,000 shares for himself on top of that With these preliminaries attend ed te the last cards were played. Morgan sailed for Europe, I leaving positive orders behind, and putting him self In mid ocean, placed it beyond the control of , himself or anyone else to change the program. ' Called One All Oaen.v. ..., . On Tuesday the Standard Oil people discovered the trick which was to be played, , for the trick .was extremely simple and could have but one mean- tng -ell the millions of cash deposited by the Morgan combination were checked out of the Rockefeller . banks at once. ' ' Checks running Into the millions were presented to Standard Oil banks te be certified. To appreciate the weight of sndi a blow It must be understood that the minute a check ts certified ths bank Is compelled to hold In reserve every dollar represented by 'the; check and dares not use ft for any purpose al though It Is still compelled to remain custodian of the funda The moment these checks were certi fied, the Standard Oil people knew that money would go soaring to to, 10 and perhape SO per cent. They were com pelled te call loans from their friends to restore the cash balances while hold ing these millions of Idle money for the Morgan people. They saw the trick be fore the first card had fallen from the hande of the ether stds and Instantly warned their friends not to buy stocks snd not to borrow any money for a few days, as there was going to be a squsese. Xarrimaa wine TtgM. . On Wednesday the furious selling com menced. 'The Morgan people danced in glee .for' they believed they had their money cornered., They knew that Har rlman personally wee carrying about 100.000 shares of stocks and they knew thst 000,000 shares of choice securities were lodged In the vaults of the City National bank. They were surprised on Wednesdsy at the calmness of the Standard Oil party, , and especially of Harrlman, wno, while deploring the panic, wns , quietly gathering In the stocks which his enemies were shaking loose from the dear publle with the aid of the edmlnlatratton at Washington. On Thursday the Morgan people, wor ried at the refusal of Harrlman to call for help,- started a furious drive on Reading and Union Pacific which end ed In a panic, Harrlman had his brok ers on the floor selling stocks fiercely, but for every one mat sold there were two of his brokers buying and before the day wss done he csshed over his short lines st enormous profit ' snd cslmly awaited ths next , move of the Morgan combination. . , .,. - . Oortelyea la oa Haass. The ' new - secrets ry of the treasury. te whom the Morgan people had en deared themselves through their cam paign contributions of, the paat, -carried out his part of, flie program by Offering the purahase 115,000,000 of bond a Now.. It happened that the Na tional City bank owned about all th-se available bonds snd It wss first st the counter for , the . government cash, When the showdown came late on Thursday night at a meeting uptown the Morgan-Camegte-Baker combination discovered the It had purchased about 100,000 ahares of union Pacific, Dela ware A Hudson, Chicago A Northwest. I' l,elssssegjipssjpsgPtSsm''-S I i arn, Illinois Central and Baltimore Ohio,; but tnat uammaa seemed to bave aa much stock as when they started, ; r - - . . .-. y - , MORGAN PNHORSED Rooaevelt More Determined Than Ever to Carry Out Reform Flan. , (Publishers' Press by Special Uewd WlraJ Washington, March 1. J. Plerpont Morgan hea been unhorsed by President Rooaevelt- That the klnar nf Wall street has at last mads a serious tactical Diunoer caa no longer be concealed. What the ultimate results of his recent hurried call upon President Roosevelt will be, no one feels quellned at thla time to predict.. The belief la high quarters Is that the prealdent is morel determined than ever to eradicate cer tain abuses , In railroad management, j Although Morgan may, have secured I from ths president an smphetlo affirma tion of ths letter's belief that Harrl maa'a methods of railroad operatlou are a menace to the country. It Is under stood that he also learned that 0 the president was determined . to solve the problenTTSf- the "evils growing " out" of railroad stock. Jobbing .and over-caplt-allzatlon, , , Ooafereaoe with Beaeea, The Wall street king did not stay in this country long enough to witness ths fiasco attending his efforts to bring ths hesds of ths leading railroads snd the president together. He does not yet know that his recent mission here In bis special car has started ths presi dent on. ths road to feel the publle pulse snd to ascertain hew the. senti ment of leading states may harmonise with plans which hs has but partially xonnuiaiea i w raurna nsinuwa oe presentee j i uie Jie. eweewa v. eongress. . . That Is what waa disclosed today. when the president conferred with Gov - ernor Deneen of Illinois snd the tatter's attornev-aeneraL Although they dls- cussed Harriman's connection with the ! J Chicago A Alton, 'they went over ' the I J entire railroad altuatlon of that great state. The piestdent made It dear that! he wlshsd to absorb ths local atmos-l phsrs and It Is said that he Informed bl distinguished callers, whe had corns te him In response to a special invitation, that ho desired te familiarise nimseix with the sentiment nf other states. Jtnghee next to Corns, Aa If In corroboration. It was an nounced later from the White Houss that t! president expected te have a eonfereoce with . Governor Jlughes of New York before the next session of congresa Deep significance was given the fact that Mr. Tart joined m ine conference. . v- Oovernor Deneen asked te be excused from discussing his visit with the presi dent, and left the city early this even ing for home. He gave every Indication of having been well satisfied with his trln. , , One subject la which ths president IS deeply interested Is that of securing a proper basts of valuation of railroad property. It Is understood that he as sured -his visitors that while he depre cated any spirit of hostility la tbe states toward the railroads he gave free ex preaston to his desire te have the states left free to legislate In the proper way for the correction of abuses within them. He made It dear that he earnestly de sired the cordial support of the differ ent commonwealths- In those questions of regulation that would more properly come within the -scope of the federal power. i, It is . hinted that ths president ob served with grave suspicion the attitude of certain railroad and financial men. The i preeldent's-strength-la effecting legislation has been in ths people. No one recognises this tact more than the Interests which have been antagonising hlra since he entered upon his efforts to reform railroad managements. ' Ths president Is not lnsenstbls to the fact that If it could be made to appear mat. ne naa aiiiea nimseir witn ins railroads to ward off legislation In the states ths powerful support ths people have given him might have been alien ated. It Is ' understood thst bs has ne Intention of opposing state legtslstion In ths wsy Wall street deslrea Hs will fight, however,, as aggressively against Injustice by ths people aa he has fought ths Injustice by the railroad interests. Roosevelt hss been deeply annoyed by tbs , reports that hs hss changed front as the result of Morgan's visit. . He made it clear today, as ba has done pre viously, thst he will receive any and all railroad presidents who care to call upon him. . Kalian Coming to flsi. ., . It Is In this spirit that hs will re ceive President Mellen of the New York. New Haven A Hartford - railroad. Ths latter, after ths fruitless conference In New Torlt, wired the president that be would be glad to call upon him any time after Monday. The president Im mediately Informed ' Mellen that he would meet him at the White House at S o'clock Tuesday afternoon. It Is un derstood that Mellen was ons of two railway men who,- at the- first confer ence, advised that ths four men selected by Morgan should visit the president In a body and discuss railroad matters with hlra. Secretary Cortelyou of the treasury department and Interstate Commerce Commissioner Lane were In conference with the president tonight. It Is under stood that they discussed ths railroad situation. ., f CONFESSED TO SHOOTING " (Continued from Page Ona) . the matter today Is said to be due to the fact that . it appeared useless for them to hold out against such strong evidence which hss soms to light sines the Investigation. has been on. Each and every one of the five stand firmly on what they say, and there ts absolutely no doubt about their seriousness in tbs affair. - , , . ... ,.- At this hour It Is Impossible to get the names of the soldi ere. who are nat urally hiding out for - the reason that they . might expect some of the white people to become rather agitated after hearing the new slds of tbe ease, which convicts ths negroes, - . ' AH Sign Affidavits. ' It s stated, however, on unquestion able authority, that the negroes hsvs made, affidavit of the foregoing state. ment, and such statements are in the hands of , the proper suthorltlss here. who will take ths testimony of the nearoee before the Inquiry committee which ha. the trial In hand. The sworn statement cannot bs secured tonight. though ths fact that It has beer wit- nessed Is", absolutely true With, the aid of several policemen, L 1 ! BKETAGK8 a t-85 ' j j. dt I t AAA A A AAw A A 1 X Big East Side : Control of The Shater- Whlttler Co., of This City. Firm Will Re-open the f Emporium at an Early Date forDlsposal of the Stock. , a- Portland folk will recall the opening, and short bet meteoric career, of the palatial Emporium Department Store, at Williams eve. and Knott st-, Alblna, last fall. . Opened under the most hopeful and enoou raging aus pices by a Mr. Marous of San Francisco, with aa Im mense and wall selected stock of nearly 110,000 worth of choice new merchandise, well . received and goner otialy patronised, not only by East Slds residents, but by hundreds living on tbs Wast Side of the Willamette, its prospects seemed bright indeed. Early In December, V however, rumors gained currency . about .town that trouble was brewing, and creditors became olamoroue . for their duea One Monday morning. Just before v Christmas, ths town awoke to find Manager Marcus ' among the missing, with the sheriff In charge of the beautiful new store. Debts had piled up against the missing merchant and. It la alleged, few bills had bees, , paid. The store wss seised by tbs creditors, closed By the court, and Mr. R. . L. . Sabln of thla elty appointed receiver In charge. Scores of clerks and helpers were thrown out of employment, some with wages due them, ' it ts said. Last Thursday a settlement was etfscted by Interested psrtiea, the matter dismissed from the court, and ths store with all Its great stock of men's, woman's and children's wear, millinery, house furnishings, crockery glass and queensware, toys, groceries, etc-, waa trans ferred to ths control of the Shafer-Wblttter Co, of thla city, well known business men and brokers of long 1 T j JL. 3. T 2. if ' T AAAAAAAAAAAAAAAAAAAAAAAAaMn-T'WMw MM Bridge Work, tooth... Pistes MM nuiBga, SUrer. milBga. Sold.., Pastiest Ixtraetlea. solutely painless. Let us do your work this correspondent attstnptsd to locate the negroes here tonight, but they have been spirited away and nothing could be found out further thaa that they had confessed te causing the trouble at Fort Brows, . ...... -.-'-. , Considerable excitement has been eo easioned here In circles where the news leaked out and at this hour it Is the whole topio of conversation. Ne 111 feeling - Is entertained, however, and ths negroes era as ssfs hsrs ss if thsy were in the hands of officers. LABORERS GET STRAIGHT TIPS FROM THE JOURNAL " ' rSeeHtl raet te Tee Zoareal.) ; Walla, Walla, Wash., March !. The labor situation In this county Is bstng assisted by Ths Portland Journal more than any other paper. - At a mass meet ing of 100 farmers held In the Commer- '' Zm WZl fi"t0"JrBs ?k. $! "V""M " " "r!n.,r a ra f f ?L., Walla Walla In Ths Journal and apply. Ing for lobe. Every letter read referred to The Journal. .. Andrew Evans. George Dramheller, Tom Ennls, John Hoffman and B. A. Roser were mads s committee with full power to devise means of relief. ' It Is probable thst a permanent free employment sgency will be established hers under cherge ef a retired fanner. Agencies charging fees may be chargud $300 annua license. , . . , MARCONI CALLS UNITED WIRELESS A CRIMINAL . '(Special Dlssnteh te Tii Inerasl.) Seattle, March H-The Marconi Wireless Telegraph company has saked Prosecuting Attorney Mackintosh to take up the oudgel In Its behalf and use his power as an officer of the law -' " t .t , S L 1' jT- iCl 4 cucmt :, ".-,.c..i v. Department Store Passes Into ! 167J FIRST STREET. . ; Between Morrison and TamhOl Streeta. 7" r Phone, UHa 4517 Have the Good Will Of All TKeir Patiento They often gay; f'l don't see how yon can make such beau tiful teeth for so little money, when others charge so much.", We buy our materials in large quantities and are prepared to make a great number of plates. "All dental work is ab- " comfortable as in your own easy chair at home. . DUNLYAP HATS ABSOLUTELY BEST QUALITY ;: AND CORRECT STYLE Koni ROBINSON & CO. 5ta 2uiSr5!r,dM k In putting the United Wireless Tele rrsph company. Its competitor, out ef business, on the grounds that ths Unit ed company la making untrue state stents about the Marconi corporation. Maeklntoah promptly replied it wss case for civil and not criminal action and he would not take hold, Arising over the right of the United company , to use certain features of Its Instrumsnt's . transmitting parts, claimed exclusively by the Marconi people, ths trouble hss spread over the continent, hut has latterly taken ths course that the claims of the United di rectors are declared untrue and Injuri ous to the Marconi corporation. - The accused directors are alleged' to have declared they hold stock In the Marconi company and that- the two concerns are practically under one man agement. . ' . , experience, whe win at ence preoesd te close eat the stocks et retail for whatever the goods will brine . Mr. Whltler of the firm, announced yesterday that the future of the etore was problematical, but stated . that all present stock, as well aa fixtures would be sold as soon M the goods eeuld be arranged for qulok ' disposal la shortest time, end for whatever they will . bring at forced sale. The etore te located en one of the busiest corners In Upper Alblna and has a frontage of 1(0 feet. Owing to the else of the stock and the fast that, -under agreement, the purchaser, whe waa a large creditor, waa obliged te acoept several thousand dollars . worth of spring goods, mostly wearing apparel, eoa treated for by Mr. Marcus last December. It was lav . possible te find any one oonoem able to handle It with , their own, Thus it was determined -te elose It at retail through the Bhafer-Whit tier Co, whose name le sya- , onymouo ef unmatohahle bar gain a all along the Paolfie Coast. During thin sale all street care will transfer te . the TJ line, which pas sea ths doors at Intervals ef every few minutes. Thirty-three big departments, filled ' te running over with the finest quality mere hand lee sold by any department etore la Portland, all new , goods, for less than tbe actual eost of producing. The sale will open next Saturday. Walt for If. Save your grocery orders and you'll save enough te purchase lota : of Easter finery through your thrift and foresight. Next Saturday-JThe Emporium East Bide Williams ave, and Knott siThe 8 heXer-Whlttler Oe. EXAiinincis fre bt Expert Operators V V and you'll be as' . - THREE MILLION GALLONS EVERY DAY AT 0LYMP1A ' Special Cteeateh to Ths Jearsal.) - ' Olympia, Wash, March If. A new Heisler. duplex compound fly wheel high-duty pump with a capeolty of 1,000,000 gallons every It hours le be ing Installed at the city water station. Other Improvements are contemplated. , Bids for Washington Supplies. (Special DlatMtcK tu The Joarasl.) 1 Olympia, Wash., March 10. The etste board of control today began ths task of opening bids for supplying the vsrt ous state institutions for the period ef Six months. . About 1100,000 worth of merchandise will be purchased by "the board; ;' Si i !