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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View This Issue
THE Or.EGOII DAILY JOURNAL, PORTLAND. WEDNESDAY EVENING. JULY 10. - 18C7.'
Emfrmous Increase of 48 Tcr
; Cent in . Money Passing
SET SPLENDID PACE
No Boom Conditions Brought About
Reaolt and PortUnders Are Very
WeU Satisfied With the General
Conditions. ." 1
. I -..- .
A fair Ides of .the enormous rate of
increase of buainesa"ln Portland mar b
had from a comparison of any month this
year with tha'aam month of 10. For
ths month andlnf .Juna 0.v 10, bank
clearings In Portland vara ll,60.l10t.
It was, a bis month, showing a largs In-
gAe . Vf lit JPIWWilHl ; M.l.
it HOT shows so much larger growth,
that laat refs Increase .aeems email.
For tha month andlhs June 10 last, bank
. clearing ..were approximately 12,00,
000. Thia ta an tnoraaaa of 41 par oent
over June last year. .. -
Whan It Is remembered that these
clearing are absolutely bona fide, and
that the business srowth la not the re
sult of boom but of solid, normal
' business transactions, Ah record Is all
- --the more satisfactory to Portlandera,
'- Clearlnrs of approximately ,000,000
. for the last weelc compare favorably
with the sum of 14.721. ill In tha same
week- last year. The bank balaneea at
' . the close of the laat week'a business
were also satisfactory, being tlll.lel.0a
- aa compared with $34,154.1 a year
ago. The week'a business waa of course
cut down by the occurrence of practlo
' ally two holidays while Portland waa
. celebrating the Foutrh.
1 Commencing- July 1 tha ' Portland
; clearing house changed Its clearing hour
from 1 o'clock p1. m. to 11:J0 a. m. The
change waa made for the convenience
' of the bankers, aa it gives them more
time In the afternoon to took over their
checks before the S o'clock closing hoar.
There Is a custom among clearing bouse
:. .banks that errora in paper passing
through the clearing houee must be
, found and remedied .before the banks
., . clou at a p. m.s ' .
Tha phenomenal Increase of building
.operations continues despite the enor
jmous rise of coat of building materiala
(and the high wages paid .to many in
icompeienia wno cave taaen aavaniage
, tor the pressure, of labor ana nave
ratenned Into the mechanical trades.
' -Plumbing today coats the homebullder
Just double what It would have cost
hlm It months ago. The' prices of
(hardware, cemest. shingles and nearly
(everything that enters Into a building
'' have gone op, and the advanoe of lum
jber, while not prohibitive, remains high
. despite the promises that It was to be
renucea tnis summer. -
The desire for homes, however, out
weighs ev4ry other consideration with
- men who have ready capital or suffi
cient revenue to take care of the loan
'necessary to build ' house. Prices of
buldlng lots remain reasonable, and the
- man wno can pay or a lot may invari-
ably finance soma kind of a hoses. A
.banker said: . . r - . . .r
V Basks Ooaaerratlve. .
'The - money market -1s - somewhat
. .. tighter, and banks are conservative In
- ir-thelr loans, but money continues avatl
; able for homw building? on a sata feasts
.? It Is believed that should the me
' terial Yendera push their., prices any
. higher they will kill the goose that
: Jaya the golden egg, and bulling will
riractlcallv- cease. New office bullri
ngs that would. It waa reported, atand
vacant for lack of tenanta. fill up aa
. faat as the v are completed, end It la
noticeable 'hat the old quartera vacated
by tenaats' who move to the new are
J promptly taken by new concerns in bus
nea or professional lines. Even 8eoond
. Street, so lonv tenanted by liie Chinese,
ts being Invaded by white men. and re
cently remodelled bulldlnga there are
now tenanted br progreaaivo business
firms. . .. .
Although general report has said
that It waa practically impossible - to
get money In New York to build rail
roads in the west. Portland electrlo
- railroad builders continue to find the
money to build electrlo railways In and
- about this city. - Upwards of 113,000.
0 will be spent In electrlo power and
railway construction In this vicinity In
lUiee already begun.
- The Portland Railway, Light Power
. eompany-la ensaged-ln - the talk of
spending over Si.000.000 In betterments
and extensions. New York financial
circles are lust now wltneastng the
lawn of Pacific northwest financial
power. They are borrowing money
from tha Paeiflo north weet.- aa well as
Investing money .here. The movement
- of finance Is no longer aU one way.
East Side Fill Contract Will
Require Handling of Over
r 2,000,000 Cubic Yards.
.HV0RK BEGINS IN i
rr XRt SHORT TIME
rflflo Bridge Company 1 Holdlnc
- , Contract Waiting for Completion
f of Bpeclnl Machinery Filling JW'Hl
" Work g Two-Fold Benefit. . v
Within the next few weeks the Pa.
elflo Brtdgs company will begin work
; on an eaat side fill contract that will
f-' require tha , handling of over t.009.000
eublo yarda of fill material and Involve
an expenditure of nearly 1500.00 os
. tha part of tha property-holders ts be
r benefited by the-work. " The low lands
to be filled are bounded by aat Water
street and Union avenue, and Belmont
' street and Hawthorns avenue, eomprta
ing about SO blocks In tha newly devel
oped east side warehouse district
Two years ago thla property waa a
7 drug on the .market and could hardlv
be sold at any price. It la doubtful
1 now If a alngle 1 4-foot lot In the whole
I district could b had for leas than 111,
oato tii.000. t , .
Jr ' Bpsrlataa aeeesafnX
f - This remarkable change hae eome
z sbTiut by reason of an experiment made
last year In filling the low ground on
either side of East Morrison street with
M Milt and eraval from tha ImmI rt .tha
'Vi'illamette. The experiment proved en
tirely, successful, and aa a, result every
ewerr of a slough lot In the district
Immediately became anxloua to have his
property treated In a similar manner.
The Psclfle TlrMe-e company entered
into a genernl contract with the owners
of this class of property to fill tbelr
holdings up to basement level at so
mu a per cubic yard.
The machinery ta now being manu
factured In the east, and the Bt. Johns
Shipbuilding company Is building the
dredge and two large barges. The com
pany will follow a somewhat different
plan from that adopted by the big Port
land dredge In handling the material
tuken from the river. The company
proposes to handle the material twice
In transmitting It from the bottom of
the river to the low lands. This wilt
be done by scooping It up with the big
dipper and then emptying It Into care,
which will be tewed to the shore vs
large bsrgea and then run out over the
low lands on tracka.
The dredge' now under construction
will be able to handle from e.000 to
7.00a eublo yard of material In ti
hours, making It by far the largest
dredge ever operated In the state. ..
Quantities ef Material.
. The contract of the Pacific Brldre
company cellar for filling the streets
up to grade and the block up to base
ment level. Bome of the land to be
filled will require an enormous amount
of material, being now from SO to it
feet below basement level.
The tilling of these blocks will work'
a two-fold benefit Not only will enor
mous value be added to a large area
in the very heart of the city, but what
Is of more Importance to tha publlo at
large, tne channel of the river will 'be
deepened an average of not leas than
six feet from the Uurnalde to the Madi
It la estimated that when tha contract
la completed thla part of ..the harbor
will have an average depth of to feet,
which will be of immense commercial
value .to tha port... ,. ,.
Jlonor to Seattle Editor. .'
" (Special -lsbat- ts The - Joareal.) -'nimni,
Wuh Jul 10. Governor
Mead hss appointed James A. Wood, of
Seattle as honorary commissioner rep
nu.ilii, tha state of Waahlneton St
the trl-centenary ' exposition at James
town, Virginia. Mr. Wood is city editor
o( tha Seattle Times. .
Ttniinnaf VhI . heav-r after dinner
Tongue coatedT Bitter aatet Com
plexion oatloWT uver nwua w..in, uy.
Doan'a Ragulets cure bilious attacks. 16
t any orug store. r
Half past seven" will go down, in
MAKKS a thrifty' man.
sad ths bast way ts
' ' aeonomlss ts to save
a llttls every dar. t roar
.your earnings, v '
7 Compounded - twice seiy-r;-year.
Start a savings ao- , . . ;
COttBtWlth US. , ".;
Oregon Trust & v
Sixth and Washington ta5V
Portland, Oregon. .
W. H. Moors..... President
K. K. lortle. .Vice-President , 9
. W. Cooper Morris.. Cashier
! ' - . I - - '
in Any Q t :
III . JLlllU T7W.,v. 4
iz.. -v ' -. if?
111 f . ea. y J n
III S WV v f A ii -x. - , .
V tt " n 'V Our
7 YrmwMWo Wir-r
- - j ' - - -
Room in Rose Cit. for Two
or Thrfee- Institutions of .
' . OjaawBsBBSBBaaBiganaiga .
TONS OF FRUIT GO , , '
TO WASTE YEARLY
Ideal Locations Berv'abont for Plants
Which Wonld Clve This Section of
Oregon World-Wide Re potation as
Portland is 'badly in need of several
mors fruit canneries. . There Is room
hers for two or three institutions of
considerable ' sisa, and all would be
sources of considerable profit to owners
snd of great benefit to. ths fruit In
dustry of tha Willamette valley and ths
Columbia river region. Z;: ' 1... i .
Portland already has two fruit can
nerlea operating within her borders, but
during ths fruit season bath of these
institution, are filled to overflowing
and there 1a hardly a tlms when both
are not compelled to refuse shipments
because they do not have the capacity
to take ears of more. . --
There never waa a mors Ideal loca
tion for large' canning and packing
houses than Portland or Its Immediate
vininltv offem. Frulta of all kinds grow
almost within the city limits In such
abundance that there le scarcely s sea
son that tonS and tons of good market
able fruit doea not go to wests because
: CORNER SECOND AND;
a. 1C WENTWORtH. Prealdent
F. H. ROTHCHI UD, First Vice-President
JOHN A. KEATING, Second Vice-President and Cashier .
' H. V. 8TORT. Assistant Cashier .
PLATT PLATT, Qeneral Counsel , . . , .
Loans an-Discounts .$1,028,476.40 CapiUl Stock .;....,....;'.'...$ 250,000.09
Overdrafts - 4,199.66 Surplus and Undivided Profits. - 8,099.16 t
Bonds 40,980.48 Deposits ........... ........ 1,T7873.89 r
-VFurnituri and Fixtures ........ 6,964.25 1 -
Cash knd pue Jrom Banks
'V, - ;.
yy " O th'ese songs stie and ."some onfc" sang together that last evening before going
, ... , w uic
. J rt w m t m . s Ae v. as -v. a . w . "aan gas -
there are no canneries of sufficient ca
pacity here to Uke care of ail offerlnKS.
For Instsnca. there la the eherry crop.
Aa a cherry-producing stste Oregon's
reputstlon is known favorably through
very section of the United States. Its
reputation for cheirles would be world
wide If It had sufficient cannertea to
take ca re of the crop. Every year the
demand for Oregon canned cherriea la
far greater than local Institutions are
able to aupply, end at po time la there
a surplus v ' " .
The quality of the Oregon eherry la
so well known that while the local com
mission houses do not mske a practice
of shipping them tons dlstanoes they
are frequently called upon to send sup
plies to the Atlantic aeaboard. People
In the eaat who once taste Oregon
sherries Invariably ask for mors.
' Oregon peaches are fast eomlng to be
regarded aa the best grown on the Pa
clrto coast ane every year wltneeeea a
large Increaae In demand for them.
However, supplies offered by canneries
are now no more than a dosen yeara
ago, when martts of Oregon fruit were
not so favorably known.
Portland ta tha center of ths fruit
Industry of the entire Paclflo north
west and ts this city if tba facilities
were furnished would eome practloally
all surplus fruit thst could not be used
In the produce markets. - The fevored
sections in both Oregon and Washing
ton annually look to Portland for a
market for their surplus stock and If
several more cannerlea of large else were
built It would not only widen Port
land's territory In a fruit way but
would make this city mors favorably
known aa a canning center. - -
Packing houses are even more badly
needed than cannerlea In thia city. At
this time there Is practically not a
regular fruit packing houee In Portland.
There are aeveral places which psck
prunes during a pert of the aeeson, but
no Institution where fresh fruits are
packed for use hare and shipment to
Other eltiea located In leas favorable
fruit sections than ' Portland have a
nurgher Of these packing houses and the
story Is yet to be told where a single
one of them has not been a financial
success when given any sort of . busi
ness management. Packing houses lo
cated In thia city would help to adver
tise the products of the state much
better than 1,000,000 clrculsrs which
only told of these things. A packing
house conducted on a good principal
would secure a reputation for good
fruit that would help the fruit industry
aa well aa the pocketbook of ths owner.
STARK STS. , J "
of Condition July
- ' $2,036,473.05 - jJJj. 2
V f - . ' r . -
COMMENCED BUSINESS MAY 28,
"it's the piano
ucat.ii. iuc IUU3IW acin men ucai ta ucatiui: m luiicsuu
when she struck; the keys of
The psychological moment is reached through" the in
fluence of music : and now is the psychological piano-buy-
ng-motnentrthe one time
great demonstration sale when our prices are way down
"to bedrock and our terms as easy as you may desire; when
it is our wish to put a piano in your home to show you
the superiority of our splendid! makes sold direct from
the factory. : , "
A dear little girl who has heen saving ber pennies for.
itwo years. to buy a piano, came happily skipping into our
salesroom, emptied the tiny bank, and five whole dollars
were counted out her first payment I " Last night she
enjoyed her piano to her heart's content!
A laborincr man made his
l j . -i f ,i i
uiiu tici .iiu muiiici ujr
EASY TO BORROW
Fortland In Stronger finan
cial Condition Than AU
Other Coast Cities
OVER SPECULATION ,
IS UNKNOWN HERE
Louis 1. Wilde, Returned From Ex
, tensive Western Trip, Ably Re
views Conditions and Gires Res
eons for Oar Bo tiness Growth.
That Portland Is in better condition
financially than any Other city on tba
coast, that this city had had. no boom,
and that ths banking Interests of Port
land can today borrow, more eastern
money than eould Seattle, Tacoma and
toe Angeles combined Is the frankly
expressed opinion of Louis J. Wilde,
who- has returned, from a two months
tour of the west and an extended and
careful Inquiry Into conditions
Thera were two ftolnta that lm-
pressed me as particularly strong," he
sal a, -ana tnese points are roruanu
and Ssn Plego. The latter Is a amall
city, but like Portland It la practically
untouched by the 111 -effects of the Ban
Francisco dlsaater, nor by over-speculation,
nor by tha tendency toward
tightening money markets in the esst.
while the whole - country la In One
shape, certain points are alwaya eub
Ject to unfavorable Influence of local
"Portland seems to be Immune. With
the great productive empire aurround-
store on Durnsido
her new piano, 4elivered the
of all times-the time.Tjf our
daughter triad to stay at hom&
; i , - . .. .
aLU naiii iic W1U1 U1C long
coveiea piano oniy six dollars a
month it cost him at our demon-
stration sale. V
And so goes the day's-piano sell
ihg-nrase after case where no piano
could have been afforded but for
1 1 i
Ing it this, eltr could go on prospering
If the reet of the woiid were eliminated
from the propoaltlon. rortiana nas noi
suffered from over-speculation aa have
some other cities. Thia city needs
more dwellings to accommodate the new
residents, more business blocks and
modern offices. It needs one or two
more first-class hotsls to entertain the
"Every gooe hotel Is crowded, every
flrst-clsss boarding or apartment house
has a long waiting list, every incoming
train Is crowdtxi with new arrive la who
seek accommodations here with a view
to remaining permanently. A family
hotel manager Bald to ma that his prin
cipal care wss to please the help In his
house Instead of the guests aa be had
more gueetg than ha knew what to do
"Portland has tha geographical . loca
tion and every .condition needful to
make a great city. All It needs la more
harmony and atronger loyalty to Port
land among Ita buslnees Interests. It
needs less cliques, fswsr knoekere snd
more pulling together by lta commercial
Organisational' , i
Capital Xae rait,,
In the last It months Mr. Wilde has
disposed of IJ.SOO.OOO ef securities,
lsrgely on the Paclno coast, and a con
siderable part of them IhPortland. HIS
subscription list shows Portland names
opposite amounts ranging from fit 000
to 160.000, proving that this city hss
capitalists In Increasing number who
possess great faith In the solidity and
future of their own city's Industries
.of,r.ondu'0.n." ,n southern California
Mr. Wilde aald:
"While San Francisco Is safs enough
financially. It la up against a rather
Between our patrons and this company is fmiU"
ful of material and lasting benefits. It has enabled '
us in a brief time to maintain an important position
among Portland's financial institutions, and by rea
son of this growth and development to increase and
better our service to our customers. We desire to
continue and ever grow-in-ptiblie favorj-henesvof fer
every inducement to our patrons consistent with '
sound and safe banking. " ' -
: : r : ; ,; ; ' -: ' a .'V-
t" We have advanced ' our Savings Deposits ratef.
from 8 to 4 per cent; have devised Special Demand
Certificates covering deposits for indefinite periods, .
and enlarged and elaborated our system of handling
trusts in their varied forms.
'Let'us consider with
have in contemplation. . . -'
Merchants Savings and
247 WASHINGTON STREET ' "
CAPITAL FULLY; PAID......; $150000
J. Frank Watson. . . . . . . ....... . ; . . . . .President
R. L. Durham..... ;", '. . . . . .Vice-President
t-W. XL Fear.. ....... . ... ............. Secretary
S. C Catching : Assistant Secretary
O. W. T. Muellhaupt. ; Cashier;
tuuuiiv ut uti uie
first day of the greaV
A Few Hits at Randdin :
$165; you may have it by paying $5 a month. We
guarantee you can't touch it in a retail store for less
than $250.- ' , 1 .
The Cable Nelson piano is built to. sell retail at
from $450 to $500. During this demonstration sale
we will sell you the latest 'style, unmarred, for $280,
payable in $6 installments! s I.'.. . .
The very latest style Lagonda piano (our own
make) we offer you at an unheard of bargain, $265,
payable $6 a month. ' . ,
- Jesse Frenchthe president of our company, makes
in St. Louis a magnificent piano called the Steinbach
& Dreher one style and sue made to sell for $350.
Everymusical person knows that this is the very
best $350 piano on the market; made in only one size
and style,' it can be manufactured at a lower price
than otherwise Being sold by the manufacturers
themselves, no middleman's profit is attached. Al
ways, it is a piano bargain; but during'this sale we
will place it in your home for $270, payable in month
ly installments of $6. -
; Other price reductions equally striking, showing
a tremendous saving on each purchase, will be civen
you on application at our
OPetfittVCNINCS FRO: I lCth to
- "1 r
hr1 con"tlon and r !
daily. All speculation 1 '
banks have aiiut down "
snd sre taking care oi.v uC
poaltors snd customer. '
time after tde disaster mere
be a wonderful plenty of im.-.. i
Inge and ail kln.ls of trane-' u
large, ws were high an. I t '
clearings weekly were greater t '
fore the fire. Then a point r-
where It was realised that ape.-u .
waa wild and that they were a
tlit.000,t00 short Of having em... .
money to rebuild the city.
"fJastern capital became wary of r i
Franciaco after the great rottem.. .
and graft In municipal goverm..- t
were exposed and the etrlkea boon .
rampant. Kastern, bankere said t' v
would wait until ' the people put !
office safe and worthy men who wou t
guard the clty'a Interests.
"With the holding back of eaaten .
money tha Ban Frsneleoo banka w
met with stronger local appeals ai I
they began calling In their loans ail
along the eoaat, in order that t-v
might do more for local Interests. This
affected Loe Angelea and other clil-a
where San Francisco alwaya has beei
regarded aa the chief money center. It
also affected all country banks In the
southwest. Thla Is the condition todaV
as I have found It In two months of
looking about." .
For Girls and Boys.
ir w - nt nn eAe ellln veil.
frtenda where you got It. at a purely
nominal rate. Apply at onoo of Kee.i-
See page I. -
"yOU any bnsiness-yot jnay,
salesrooms. Come at once.