10
: THE y. OREGON DAILY JOURNAL, v PORTLAND." THURSDAY 'EVENING, ; MAY S3, 1C07.
STOCKS NOT WATERED
TOO MUCH SAYS TEDDY I
t.-4 , rtantinuad from Pan One.)
t ....
shortly before 11 o'clock, this morning I by a commute until the time for his
.and was net at the Unloh station by a departure for Lansing at o'clock this
inocpuon cnmniiiM citizen, mtu i ,..4.
f detachment - of r federal troop from
I Forts Thomas. Wayne and Sheridan act
1 tag as escort the president was driven
j jto tbs horns of Vioe-Presldent Fetr
thanks en North Morrison street, where
. luncheon was served. A party of more
:. 4 than 20 1 persons, " including Governor
" ; Hanly, Mayor , Book waiter and other
i eminent representatives of the state and
' Icity. were Invited to meet tne president
, i at luncheon.
j . It was after 1 o'clock when ths -pro-;
cession was formed to escort the presi
dent to ths scans of the day's exercises.
The parade was a notable military pas
ant. embracing in addition to tne tea
eral troops several regiments of the
Indiana National Guard, Grand Army
veterans and- Veterans of the Spanish
'war and numerous other military and
semi-military organisations. The prom
Irtent guests eoeupied carriages, among
. them being ths widow of General Law
i ton. Brigadier General Clarence R. Ed-
wards, representing the secretary of
war; Major General J. M. Lee, who wss
'"a member of General Lawton's staff.
. and a number of other prominent sol
. TrUrass Jot Zseoit,
" In Meridian street the Grand Army
, veterans Joined ths escort, falling In
line immediately behind ths carriages.
- . Ths route of the procession was through
Meridian, Market, Illinois and washing-
ton streets to ths sits of ths statue
AH of the streets were profusely deeo
. rated with the national colors, while ths
sidewalks, yards and windows were filled
with spectators, who, gave the'presldent
an enthusiastic greeting. The crowd
. was Increased by the presence of many
- thousands of visitors from all parts of
Indiana. , ', ' ,-. :. .. . .-
Ths program of exercises at ths on
veillag waa simple but Impressive. A
flan-draped stand for ths speakers and
; distinguished guests was erected lra
"i mediaulyj. Is. the rear of ths statue.
'Washington and Delaware streets, both
unusually wide thoroughfares, afforded
good accommodations for the thousands
of spectators, while tvery window af-
fording a view of the ceremonies, and
the tops of the buildings ss well, were
. filled with men, women and children. -
', Occupying seats on ths speaker's
stand were President Roosevelt, .Vice-
President and Mrs. Fairbanks, Mra
Lawton, Governor Hanly and other
stats officials. General Lee. General
Carter, commanding the department of
the lakes, and a number of other In-
' Tlted guests. . . - -
- , ,r Xotabls IfrogTam.
R. O, Hawkins, chairman 1 of the
- monument commission, acted as master
of ceremonies and introduced the speak'
era. Chairman Hawklna mads a brief
speech in which hs referred most elo
' quently to the Indiana soldier and to
the artistic beauty of the statue erected
in his memory. Rev. D. R. Lucas, for
. mer chaplain of the national organiza
tion of the Grand Army of ths Re
public, pronouoeedjbe invocation, which
.was followed by a ahort address by
Governor Hanly. Chairman Hawkins
then Introduced James Whltcomb Riley,
who read his poem, "The Home Voy
age.- written srter the death of General
Lawton. President Roosevelt was greet
ed With hearty applause as be stepped
zerwara to deliver his address.
i Miss Lawton, a dsughter of ths dead
soldier, had the honor of pulling the
cords that loosed the drapery of flags
concealing tne statue. At ths conclusion
f ths president s sddress Miss Lawton
wss given the signal and she seised
hold of ths ropes with a Quick, deter
mined grasp that bespoke the Lawton
jjini inrougn , ana inrougn. within a
moment the starry folds about : the
statue began to shake and part. Gradu
ally they dropped away and off the
heroic figure, and all at once they fell
from the status in s heap. ,- As the
statue came into full view its magnlfl
cence was strikingly presented to the
people. A "mighty cheer, led by the
president, was heard, almost drowning
tne strains or music rrom tne band and
'the salute of guns from a battery sta
tioned m cue court nouse yard.
- immediately after the conclusion of
tne ceremony ths president was escorted
to ths Columbia club, to be entertained
' Appendicitis, ' i
Is duo In a 'large measure to abuse of
tne ooweiB, oy employing drastlo pur-
a. Liven. tv avuiu nil unnr, use Only
King's New Life Pills, ths safe,
n vigors tors,
biliousness,
fnarmacy. zoo.
Guaranteed for headache.
malaria and Jaundice, at
Just Add
Cold Water
BoosevsM'a Address. "
After paying the highest tribute to
the memory of General . Lawton and
the heroes of Indiana, President Roose
velt took tip the question of tbs regu
lation of the railroads, saying In part:
"One great problem that we have be
fore us is to preserve the rights of
property: and these can only be pre
served If we remember that they are In
less Jeopardy from the Socialist and the
anarchist 'than from the predatory man
of wealth.. The power of the nation
must be exerted to stop crimes of cun
ning no less than crimes of violence.
There can be no halt In the course we
have deliberately elected to pursue, the
policy of asserting the right Of ths na
tion, so far as as It has the power,, to
supervise and control the business use
of wealth, especially In Its corporate
fOna,. .,..- ! ,.-.-.,irvr
Control of JJUOroada, -Today
X wish to say a word to you
about ths first and most Important fea
ture of this task, ths control , of the
common carriers doing an ; interstate
business; a" control absolutely vested la
ths nation, while in so far as ths com
mon carriers also transport ths malls It
Is in my opinion probable that whether
their business Is or is not interstate It
Is to ths same extent subject to federal
control, under that clause of the 'con
stitution granting to ths national gov-
eminent power to establish post roads
and therefore by necessary Implication
power to take all action necessary in or
der to keep them at the highest-point
of efficiency.; , .
, Progressive Legislation.
"There must be progressive legisla
tive and administrative action for the
correction of the evils which were sin
cere man must admit to nave existeu
in railroad management in the pa.it.
"There must be vested In ths federal
government a full power of supervision
and control over the railways doing in
terstate business a power in many ic-
spects analogous to and ss complete as
thst ths government exercises over the
national banka. , It must possess the
power to exercise supervision over the
future issuance of stocks and bonds,
slther through a. national, incorporation
(which I should prefer) or in some
similar fashion, such supervision lo in
clude the frank publicity of everything
which would-be Investors and ths pub
lic at lares have a right to know.
, "It should be declared : contrary to
public policy henceforth to allow rill
roads to devote their capital to anything
but the transportation business, certain
ly not to the hasards of speculation.
7-i'-- Traf f lo Agreements. ':;; ',w
'"Subject to first giving to the gov
ernment the power of supervision and
control which I have advocated above.
the law should be amended so that rall"-
roads may be permitted and encouraged
to m a ke traffic agreements when these
are in the interest of the general pub
lic as well as of the railroad .corpora
tions making them. These agreements
should, of course, be made public in the
minutest - detail, na . should - be
construction, tend to show that as a
whole the railroad property of the coun
try is worth as much as the securities
representing it, and that In the consen
sus of opinion o. investors the total
value of stock and bonds is greater than
their total face value . notwithstanding
the "water that has been Injected In
particular .places. ; :. "
' j' , Tains of Ballroads.
"Ths valus of terminals, ths immense
expenditures In recent years Jn doubla-
tracKing, improving grades. . roadbeds
and structures, have brought the total
Investments to a point; where the opin
ion that ths real value Is greater than
the face value Is probably true. .. No
general statement such ss this can be
accepted aa having more than a general
value. There are many exceptions, but
the evidence seems ample that ths great
mass of our railroad securities rest
upon sare and solid foundations; If they
fall In any degree to command complete
puDiio commence, it is because isolated
instances of unconscionable ; stock-wa
tering and kindred offenses arouse bus
plclon, which naturally extends to all
other corporate securities so long
similar practices are7 possible and the
tendency to resort to them Is unre
strained by law y Z': ...
; Too Knob Wild Talk. "v" '"'
"How Important physical -valuation of
roads will prove as ons of the factors
to assist In fixing equitable rates I am
not able to judge, but that it will be of
a certain Importance can be safely as
sumed because of the opinions of the
Interstate commerce commission and of
the courts, and because of the recent ac
tion of the Northern Pacific railroad In
advancing such a physical valuation aj
decisive, on its side in a rate con
troversy. -' ,-,('
a proposition to repudiate the public
debt. But the publlo Interest requires
guaranty against Improper multiplica
tion of securities In ths future. Rea
sonable regulation for their Issuance
should , be provided.: so as to secure
far as may ' be that . tha proceeds
thereof shall . be devoted to legitimate
business . purposes. In '' providing
against overcapitalisation ws shall harm
no human being who is honest; and we I
shall benefit many, for overcspltallsa-J
tlon often' mesns an Inflation that In
vites business panlo and It always con
ceals ths true relation of ths profit
earned to ths capital invested. '
.There is an sssentlal difference be
tween private and quasi-public property
which Justifies setting somewhere -a
limit beyond -which ths accumulating
valus in quasi-public properties, . dus
to ths necessity of a growing coramuH
Bity, shall not be capitalised. , ;.
Complete Pabllolty.
"Ws hops as one of the chief means I
for betterment of conditions to secure
as complete publicity in the affairs of I
railroads -as now obtains with regard I
to national banka
'There has been complaint of soms
of the Investigations recently carried I
on, but those who complain should put
the blame where It belongs upon the J
misdeeds which are done In .darkness.
and not upon ths investigations which
brought them to light A The adminis
tration Is responsible for turning on .the
light, but It Is not responsible Tor what
the light showed. I ask for full power
to be given ths federal government, be
cause no single state can by legislation
effectually cops with these powerful
corporations engaged In Interstate com
merce, and, while doing them full Jus
tice, exact rrom them In return full
Justice to others. Ths -conditions of
railroad activity, ths conditions of our!
Immense Interstate commerce, are such
as to maks ths central government alone !
competent to exercise full supervision
and control. , v
. . Bespoaslhlllty of Wealth.
' "Let ths man of great wealth remem
ber that, while using and enjoying it,
he must nevertheless feel that he Is In
a sense a trustee,, and that consistent
misuse, whether in acquiring or spend
ing his wealth. Is ominous of evil to
himself, to others who have wealth and
to the nation as a whole. As for the
rest of us, . let us guard ourselves
against envy as we ask thst others
guard themselves - against . arrogance,
and remember --Lincoln s words of kind
ly wisdom; "Let not him who Is house-1
less pull down the' house of another,
but let , him work diligently and build
one for himself, thus by example assur
ing that his own shall be safe from vio
lence .when built.'"
Does Your Heart
I Flutter? x
And do you get out of
breath? It is easy to
; prove you are ' drink
; ing too much tea and
coffee.'
TryWoodterk
'Grape Juke
A pleasant and re
freshing drink. It will
help you. No alcohol,
no .coloring. Sweeten
it as you like. . : 'y.
Pints, 25c; -$2 J50 doz.
Qts., 50c; $5.00 dozen-!
rwooDLAwr I
.V : -v..
The Uevj Victor Auxetophone
An Unparalleled Sensation in the - Musical : World
' A wonderful invention,' pronounced by critics
to "be the most remarkable instrument of the.
kind ever produced. The cabinet of Honduras
: Mahogany, - elegantly finished, contains ; a1
compressed air apparatus, operated by a
. . motor, which may be attached .to any elec- I
- trie light socket r The tones are clear and
:vv. musical, the volume of sound equals that . of
' Sousas Band, this being one of the.wonder
- ful features 6f the Auxetophone. ; '
Free Melba Concert
fIn the ! Gift Room, Friday evening-, on the fourth floor".
Music lovers are all invited. Seventeen new records by
this great singer for the wonderful Victor Talking ' Ma-
chines. :, Edison Phonographs, and full ; line of 1 popular
' records for each. Buy either, for fl.OO a week, Machines , ,
.from flO.OO up. Improved Victor JNio. IV, mahogany ,
case, plays all sized records.; A fine machine for home use.,,, Price, f 50..,
EAILR0AD TUNNEL IS
- STEEPED IN MYSTERY
; (Sprclal DIsMteh M Tbe loornal.1 "
Spokane, Wash., May 80. The appli
cation made . to tne city council last
night for a permit to drive -a-tunnel
7,000 feet long through Cannon hill was
tabled , by the solans until they were
Informed who it was wanted the fran
chlse. .'J. Aj Lynch , appeared before
the council and asked for the permit,
but refused to give out anything more
than It was wanted for 'a railroad tun
nel. V
if you suffer from rhewmatlsm or pains,
for Ballard's Snow Liniment will bring
quick relief. It Is a sure curs for
sprains, rheumatism, contracted muscles
and all pains and wtthla the reach of
alL Price 26c, 60c, 11.00. - CR. Smith,
Tenaha, Texas, writes: "I, have used
Ballard s Snow Liniment In my family
for years and have found it a fins rem
edy for all pains and aches. - I recom
mend It for pains in the chest" Bold
by all druggista -
GARDEB
i 'r
Made strong enough to withstand the pressure of the Bull Run water
mains. That's the kind we carry. A full line of supplies, including
Sprinklers, Nozzles, Hose Reels and Easy Menders of every kind. A
nozzle free with every 50 feet, of hose. . :
White Crown Hose, best quality made,' guaranteed for 2 years. .$15.00
White Cotton, -inch . , . . .$4.00
? White Cotton, f4-inch . . r.'. $4.50
Woodlark, J-inch ...... . . $6.00
Woodlark, j-inch . . . . ... .$7.00
Columbia, 54-inch . . ..... ..$3.75
Columbia, 34-inch .$45
Oregon, -inch . . J. $8.00
oemi-prooi .Jxca, . . 1 u.uu
Shorthorn, -inch; regular $12.00; Special .....$8.00
In Three Minutes
You can make that old straw hat look like
new. It's just as "easy get a bottle, of
.Strawine. -.y That does the work. Waste
Baskets, Hampers and Straw Matting re
stored to pristine freshness. Price, S5f),
Do Your Orderingby Phone
PRIVATE EXCHANGE il OR
HOME A U39
A Hundrtd Salesmen, to Fill Your
; Orders '
?risM inWwoM
Just ' What, You Want for Your Trip
f- to Jamestown -r, vv;
Bewildering Assortment of Those Beautiful
- FEATHER WEIGHT
Bamboo, Wicker ' and Woven " Reed Suit
Cases. Water proof, leather bound, dura
ble and light for summer travel,
24-inch Bamboo Leather Suit Case; regular
$7.25; special . , . . . . t , f 4.10
24-inch Bamboo Suit - Case, straps ' all
around, shirt fold;, regular:1 $45; spe---
cial ..........V... ....... .........2.25
26-inch Japanese. Reed, leather corners,
double action lock, a handsome case; reg
ular $7.00; special ..,............$4.20
24-inch Woven 'Reed, double action, lock '
and bolts; regular $3.50; special ,.fl.T5
Here's Your Chance Buy a ' Wash
r Belt While Low Prices Prevail
A beautiful line showing hand -embroidered,
tucked, stitched and shadow work Ladies'
Belts placed on sale today:
Regular 35c quality; special'...,... 21 s
Regular 50c quality; special ........ 30)
Regular $1.35 quality; special ...... f 1.07
Regular $1.25 quality; special ......fl.OO
WE WANT YOUR MONTHLY ACCOUNTS -
CANADIAN MONEY AT FULL VALVE
FREE DELIVERY IN THE CITY
Sanikal wall colors are made
from selected material and
ar$ trsanitaryv ; durable: and
non-jpoisonous. They are
properly prepared in a dry
powder lorrn, will give
hirhlv satisfactory results
for allrinferiorfwcn-lrwliere
it is ucsucu w give a nco,
solid rand deep effect. ' The
Wall' Colors are ready 'for
immediate use when mixed
with cold water. They will
flow well together, spread
easily, cover ; well with one .
coat, can be used pure for
deep ' effects or, intermixed
with our White or Tints to
obtain lighter shades. They I
can also be intermixed one j
with another to obtain an
endless variety of v colors, j
Costs but a trifle requires
no experience to use Sanikal. !
Call, write or telephone for
booklet showing fifty odd
beautiful color combinations
TI.T.IS; CRESS & CO.
145 FIRST. STREET
. Thonm Malm S033 K .
r
3
To Apprais VUnaUon. .
Ample provision should be mads by
congress to enable the Interstate commerce-
commission, by1' the employment
of a sufficient' force of experts, to un
dertake the physical valuation of each
and any road In the country, whenever
and so soon as In the opinion of the
commission such a valuation of any
road would oe or value to the commls
sloa in Its work. There are - undoubt
edly some roads as to which it would
be an advantage, from the standpoint
or tne business or the commission, to
nave sucn a physical valuation as soon
as possioie. :
At the Outset '"let'ff '"fee" uhdefatnmf
mat pnysicai valuation is no oanacea:
It Is no sufficient measurement of a
rate; but it will be ultimately needed
as sn essential instrument' in admin
istrative supervision, subject . to secur
ing- the previous assent of the Inter
state commerce commission.
There has been much wild talk as to
ths extent of the overcapitalization of
our railroads. ; The census reports on
tbe commercial value of the railroads
of the country, -together .with the re
ports made to the interstate commerce
commission by the railroads on their
cost of construction, tend to show that
as a whole the railroad, property of the
country is worth ss much as the secu
rities representing It, and that -in. the
consensus of opinion of Investors the
total value of stock and bonds is great
er than their total face value, notwith
standing the "water" that has been in-
jected in particular places, r -iXM-''
The physical valuation can never be
more than one of many elements to
be considered; but it is one element,
and at times may be a very important
element,- when taken in connection with
the earning power, franchises, original
cost, character of management, . loca
tion and business possibilities In reach
ing an estimate on the propertyijand
rights of a corporation its a going con
cern To Test eonrltls.
Th. effect tf such valuation and
supervision of securities can not be
retroactive.' Existing securities should
be tested by the laws In existence-at
the tlme 'of their issue. This nation
would no more injur securities which
hate become an Imoortant tart of tha
BaUonal wealth than It would consider
BARGAIN
ES0NOMY FOR , XlLL
McnV($9.50; Wool Mixed Suits,
in. light gray or , (P4! E
Men's Bib Overalls,
for : ,
brown rnixed.tweeds
Ladies $2.00 Fine Kid
Shoes, all sizes. . ... . .
Men's Derby Ribbed Under-
Ladies $1.50 Oxfords, in fine
fMen's $12.5() Suits; made of fine wear, shirts or drawers, A . udZi wSrfvrT i
worsted-dozens of patterns to for 1VC patent leather tip, JA
choose from, double d PA : . ' yIfV
Men's Fanrw T.ar TTr n
OC
choose from, double
or single-breasted .
Men's $2.00 Work Pants,
for...,. ..
Men's Fancy Lace Hose,
tor
Men's 25c Leather Belts,
for .........
Child's $1.50 Fine Kid :
Shoes, all kinds .........
. .' .v'" Jr.-: .
Men's $2.50 All-Wool Pants,
dark gray stripes and Wj 1 Q C
mixtures, all sizes . . tj) 1 0
Men's Rockfcfrd Socks. s
for ,1L
Boys Heavy - Work Shoes," $1.50
-to $2.50 values, all' 1 t A
Di.iy
sizes
Boys' Suits all wool,
for ................
Men's 50c Hickory Shirts '
black and white stripes
Ladies White Shirt
WaistsSc values . ...
Boys' Pants, all wool, '
for ,'.
10c
Men's-$3.50 Vici Kid
Shoes . '. . ,
$1.69
Ladies' 50c Ribbed Undenvear,
in white or cream j 9C
Boys' Odd Vests, all
WOOl i'
Men's $2.50 Work Shoes, every
pair is warranted, ti l ri
for ..tDl.V
Ladies 15c Fast Black
Hose, any size
istBlack , aj
Ladies1 50c and 75c Hose, in
Mace or embroidered. n
for . . .w. . .LDL
Ladies' 50c Girdles, in
all colors ...........
Child's $1.50 to $1.75
Mull Hats for. children .
Women's" $7.50 Short
or Long Coats . . , . .
$3795
Ladies'
Skirts .
$15.00
$6.95
Ladies' $5.00 Jumper
Suits, in white linen .
$2.95
Child's 75c , Gingham v Dresses,
good assortment of
colors,..-.
... .25c
If
first; AND