THE: OREGON ' DAILY: JOURNALS PORTLAND- WEDNESDAY EVENING, ' JULY 10, 1907. .; v
BAIII! CLE
nrnrnT nnn i t
TLCUI UllUWIII
VEnShnous Increase of .45 Per
Cent in . Money Passing
Through Institutions. ;
BUILDING PROJECTS
r SET SPLENDID PACE
Ko Boom Condition Brought About
i Result and PortUnder Are . Very
.!' Well Satisfied" With -the General
' Conditions.
J holding up to; lasemQt; Inslit: js
. I much pep cublo yard. ' : . ,
u macmnery is now oeins; manu
fsctursd In the east, and the Bt. Johns
Shipbuilding; company Is build In . the
oraase ana two large barges. The com
pany wlll follow a somewhat different
piaq rrom that adopted by the big Port
land dreds-s In handllna- the material
taken from the river. The eomoanr
proposes to-handle the material twice
In transmitting It from the bottom of
ine river to the - low lands.- This will
be dons by soooplns; it up with the big
uii'pnr na men emptying it into ears,
which will be tewed to the shore on
large barges and then run out over the
low lands on tracks. - '. ""' " v
The dredge' now under construction
will be able to handle from t.pOO to
7,000 cublo yards of material In 14
hours, making It by far the largest
areage pver operated in tne sute. ,.v,
- QuMtltUs of XstsrULV v
a ...
A fair Idea of the enormous rste of
Increase of business in Portland may be
had from a comparison of any month thin
I the month ending. .June f0.. 10. bank
I clearings In Portland were 21,60(,llll.Ol.
f It wja a big month, showing a large in
I "''rxm0R over the preceding Jun.
107 shows so much larger growth
J that last rear's increase seems small.
fi j For the month ending June 0 last, bank
J . clearing . were -approximately 112,090.
f. 000. This la an Increase of 48 per cent
When It Is remembered that these
clearings are absolutely bona fide, and
that the business growth Is not the re
sult of a boom but of solid, normal
business transactions, the record Is all
4he more satisfactory to Portlanders.
Clearings gatlaactory
Clearings of spproxlmately M.000,000
for the la lit week compare favorably
with the sum of $4.721. 851 In the same
weok last var. The bank balances St
the close of the last week's buelne
were also satisfactory, being 1111,211.08
as compared with $24, 854.11 a year
ago. The week'a business was of course
cut down by the occurrence of practic
ally two holidays while Portland was
celebrating the Foutrh.
Commrncing July 1 the Portland
clearing houae changed its clearing hour
from 1 o'clock p. m. to 11:80 a. m. The
change was made for the convenience
of the bankers, as It gives them more
time In the afternoon to look over their
checks before the 8 o'clock cloilng hour.
There In a custom among clearing house
banks that errors in paper passing
.through the clearing houae must be
found and remedied , before the banks
clone at 3 p. m
The phenomenal increase of building
.operations continues despite the enor
jmous rise of cost of building materials
land the high wests paid to many In
icompetents who have taken advantage
10 the pressure of labor and have
stepped into the mechanical trades,
.plumbing today costs the horaebullder
Just double what It would have cost
''him It months ago. The prices of
(hardware, cemeat. shingles and nearly
everything that enters into a building
have gone up, and the advance of lum
tber, while not prohibitive, remains high
,desplte the promises that It was to be
reduced this summer.
The desire for homes, however, out
weighs every other consideration with
men who have ready capital or suffi
cient revenue to take care of the loan
neeensary to build a house. Prices of
buldlng lots remain reasonable, and the
' man who can pay for a lot may Invari
ably finance some kind of a bowse. A
banker said:
Banks Conservative.
"The money market is somewhat
, tighter, and banks sre conservative In
, "their loans tint mnn Anntln.... ..(!
; able for horn building, on a safs basts
'of values." I
It is believed that should the ma-1
ferial venders push their prices any
: higher they will kill the goose that
lays the golden egg, and building will
practically cease. New office build
ings that would, it was reported, stand
vacant for. lack of tenants, fill up as
fast sa the y are completed, and ft is
nouceoie'uai ine oiu quartera vacated
by tenants- who move to the new are
firompuy lAKen oy new concerns In bus
nes or professional lines. Even Second
street, so long tenanted by liie Chinese,
Is being Invaded by white men. and re
cently remodelled buildings there are
now tenanted b: progressive business
firms.
Although general report has said
that It was practically impossible to
get money In New York to build rail
roads In the west, Portland electric
railroad builders continue to find the
money to build electric railways In and
about this city. Upwards of $12,000,
00 will be spent in electric power and
railway construction In this vicinity In
lUies already begun.
- The Portland Railway, Light A Power
company Is engaged In the task of
spermine; over sj.uuv.ooo In betterments
snd extensions. New York financial
circles are Just now witnessing the
uomi m rwiiio norm west imanclal
rwer.v JhrX. are borrowing money
from the Pacific northwest, aa well as
Investing money here. The movement
vi iinance is no longer all one way,
EXPEfJDITURE OF
HALF IWOII
East Side Fill Contract Will
Require Handling of Over
2,000,000 Cubic Yards.
iWOBK BEGINS IN
VEEY SHORT TIME
Pacific Bridge Company Holding
Contract Waiting for Completion
of Special Machinery Filling Will
Work a Two-Fold Benefit.
The contract of the Pacific Bridge
company calls for filling the streets
up to grade and the block up to base
ment level Some of the land to be
filled will require an enormous amount
of material, being now from 80 to 20
feet below basement level. ".v.-
The filling of these blocks will worn
a two-fold benefit Not only will snori
motts value be added to a large ara
In the very heart of the city, but what
la nf mora Imnortanca to tha Bubllo at
large, the channel of the river will be
deepened an average of not less than
six feet from the Burnslde to the Madi
son bridge.
It is estimated that when the contract
Is completed this part of.the harbor
will have an average depth of 80 feet
hlch will be or immense commercial
value to the port.
Honors to Seattle Editor.
(Special Dlsbatcb to Th Jonratl.)
Olymnla. Wash., July 10. Governor
Mead has appointed James A. Wood of
Seattle as honorajx commissioner rep
resenting the state of Wsshlngton at
.v.. ri-r.antnrv axoositlon at James-
inn. Vlralnla.' Mr. Wood Is city editor
of the Seattle Times.
PORTLAND DEEDS
Eoom in Eosc City for Two
. or Thrfee1 Institutions?; of;
Considerable Sje; ijii
TONS OF FBUIT GO
;-' TO WASTE YEAELY
there are no canneries of sufficient ca
pacity nere to take cars of all offerings.
For Instants, there Is the chsrry crop.
As a cherry-producing state Oregon's
reputation Is known favorably through
every section of the United States. Its
nniimiaT Veal heavr after dinnerT
Tongue coated!. Bitter taster com
plexion sallow T Liver needs waking up.
boan'a Resulets cure bilious attacka. 26
cents at any orug store.
Hslf past seven" will go down In
history.
Economy
in Youth
M
AKES a thrifty man.
snd ths best wsy to
economise la to save
a little every day from
your earnings.
ITePi
4
nterest
Compounded twice every
year. Start a savings ao-
couat with ua
Oregon Trust &
Savings Bank
Sixth and Washington Sta,
Portland, Oregon.
Deposits-Over $2,600,000
Ideal Location Herealxrat for Plants
Whicli WonldOlvo Thia Section of
Oregon WorldrWide RepoUtlon as
Frnlt Center .
Portland is "badly In need of several
mors fruit eannerlea ; There Is room
hers for two or thres Institutions of
considerable slse. and all would be
sources of considerable profit to owners
and of great benefit to ths fruit In
dustry of ths Willamette valley snd the
Columbia river region.
Portland already has twe fruit can
neries operating within her borders, but
during ths fruit season both of these
Institution are filled to overflowing
snd there is hardly a tlms when both
are not compelled to refuse shipments
because they do not have ths capacity
to taks oars or more. ....
There never was a mors Ideal loca
tion for large canning and packing
houses than Portland or Its Immediate
vicinity offers. Fruits of all kinds grow
almost within the city limits in such
abundanos that there is scarcely a sea
son thst ton and tons of good market
able fruit does not go to waste because
reputation for cheirlea wouM be world-
wfde If It had sufficient canneries to
taks care of the crop. Every year ths
demand for Oregon canned cherries is
far greater than local institutions ars
abls to supply, sod at no tlms is there
a surplus ; . s,
The Quality of the Oregon cherry is
so well known that while the local com
mission houses do not make a practice
of shipping them long dlstanoes they
ars frequently called upon to send sup
plies to the Atlantlo seaboard. People
In ths east who once taate Orecon
qnerriea invariaoiy ask xor more.
. Oregon peaches are fast eomlng to be
regaraea as tne nest grown on- the Pa
elno coast and every year wltneases a
large Increase In demand for them.
However, supplies offered by canneries
ars now no more than .a dosen years
sgo, when merits of Oregon fruit were
not so favorably known.
Portland is ths center of ths fruit
industry of the entire Pacific north
west snd ts this city if ths facilities
were furnished would come practically
all surplus fruit thst could not be used
In the produce markets. The favored
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 slse were
built It would not onlv widen Port
land's territory in a fruit way but
would make this city more favorably
known as a canning center.
Packing houses are even more badly
needed than canneries In this city. At
this time there is practically not a
regular fruit packing house In Portland.
There are several places which pack
prunes during a part of the aeason, but
no Institution where fresh fruits are
packed for use here and shipment to
other markets.
Other citlea located In less favorsble
fruit sections than Portland have a
number of these packing houses and the
story Is yet to be told where a single
one of them haa not been a financial
success when given any sort of busi
ness management Packing houses lo
cated In this city would help to adver
tise the products of the state much
better than 1.000.000 circulars 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 as the pocket book of the owner.
EASTERN .NIB
EASY TO BORROW
Portland in Stronger tfinan
cial Condition Than All
Other Coast Cities
OVEE SPECULATION
IS UNKNOWN IIERE
Lonls: J. Wilde, Returned From Ex
tensive Western Trip, Ably Re
views Conditions and Gives Rea
sons for Our Business Growth.
Thst Portlsnd is In better condition
financially than any Other city on the
coast, thst this city hal had no boom
and thst the banking interests of Port
land can today borrow more eastern
money than could Seattle, Tacoma and
Los Angeles combined Is the frankly
expreased opinion of Louie J. Wilde,
who-has returned, from a two months
tour of the west and an extended and
careful Inquiry Into conditions.
"There were two Mints thst im-
rnressed me as particularly strong, hs
said, "and these points are rortiana
and San Diego. The latter Is a small
city, but like Portland It Is practically
untouched by the ill-effects of the San
Francisco disaster, nor by over-speculation,
nor by the tendency toward
tightening money markets in the east
While the whole country Is in fine
ahaDs certain nolnts sre always sub
ject to unfavorable Influence of local
condltiona.
"Portland seems to be Immune, with
the great productive empire surround-
BANKERS and
LUMBERMLNS BANK
CORNER SECOND AND STARK STS.
officers;
O. K. WENTWORTH, President
F. H. ROTHCHILD, First Vice-President
JOHN A. KEATINO, Second Vice-President and Cashier
H. D. 8 TORT. Assistant Cashier
PLATT A PLATT. General Counsel ,
PORTLAND, OREGON
Capital Stock,
$250,000.00
Statement of Condition July 1st. 1907
RESOURCES ,
Loans anfr Discounts $1,028,476.40
Overdrafts 4,199.66
Bonds 40,980.48
Furniture and Fixtures 6,964.25
Cash ind Cue from Banks 955,852.26
, " ''-,.
$2,036,4T3.05
LIABILITIES
Capital Stock $
Surplus and Undivided Profits.
Deposits 1,778,373.89
250,000.00
8,099.16
COMMENCED BUSINESS MAY 28, 1906
Within the next few weeks the Pa.
clfic Bridge company will begin work
on an east side fill contract that wtll
require the .handling of over 2,000,000
cubic yards of fill material and Involve
an expenditure of nearly $500,000 on
the part of the property-holders to be
benefited by the- work. Ths low lands
to be filled are bounded by Cast Water
street and Union avenue, and Belmont
street and Hawthorne avenue, compris
ing about 20 blocks in ths newly devel
oped east side warehouse district
.Two years ago this property was a
drug on the market and could hardlv
be sold at any price. It Is doubtful
now if a single 10-foot lot In the whole
let could be had for less than Ilz.-
to 216,000. ; ,
Enerlmeat Successful.
This remarkable change has come
about by reason of an experiment made;
; last year In rilling, the low ground on
either siae ox tsi Morrison street witn
silt and gravel from the bed of the
Willamette. The experiment proved en-
. tlrelv, successful, ana as a result every
owner of a slough lot In the district!
immeaiaieiy oecame anxioua o nave nis
. property treated In a similar manner.
...TV. tff UrM iwmtiiRir ntNil
- Into a general contract with the owners
of this class of property to flU tbelr
oisy
'
II w. H. Moors iresiasnx - i
IE. E. Lytie. . vics-rresiaeni - I
W. Cooper Morris. .Cashier II
: ' :
It.
I "Yours r?L
in Any y O , i
II 1'C ' -
Ill : 1 yjSSr
II isV Tea.r V'-' VA1JI1U II V
I ' ' I ' I " I I I
$2,036,473.05
lng it. this, city could go on prosperlni
i ik. ...tT f.- wnrld were eliminate
from the proposition. Portland has not
suffered from over-speculation as havs
some other cities. This city needs
more dwellings to accommodate ths new
reaiaonis, mors ousinesa ujin- w
modern offices. It needs ons or two
more first-class hotels to entertain ths
traveling public. .
"Every good hotel Is crowded, every
first-class boarding or apartment house
has a long waiting Hat, every Incoming
train Is crowded with new arrivals 'who
seek accommodations hers with a view
to remaining permanently. A -family
hotel manager said to ms that his prin
cipal care was to please the help in nis
house instead of the guests as hs had
more guests than he knew what to do
wun. . -
"Portland has the geographical , loca
tion and every condition needful to
make a great city. AH it needs is mors
harmony snd stronger loyalty to Port
land among Its business interests. It
needs less cliques, fewer knockers and
more pulling together by its commercial
organisations."
Capital Xas ralth.
In ths last 16 months Mr. Wilde haa
disposed of IS. 600,000 of securities,
lsrgely on the Pacific coet. and a con
siderable part of them In Portland. His
aubscriptlon list shows Portland names
opposite amounts ranging from 110,000
mat
In Increa
ture of their own clty' industries.
to 150,000, proving
capitalists m increasing
possess great faith In th
ru
this city haa
numner who
e solidity and
Of conditions In southern r.iifrni.
Mr. Wilde said:
"While San Francisco Is safs enough
financially. It is up against s rather
hard condition and not a theorv r
dally. All speculation bs sto; i I.
banks have ahut down on general l ' '
and ars taking ears only of tnelr
posltors and customers. Tor "
time after the disaster there sein.l t
be a wonderful plenty of money, bull i
Ings and all kinds of transactions
large, wages were high and the ban
Clearings weegiy wsrs greater, mm
uns
an a nomt was rern
hm ll was realised that speculation
fore the fire,
It wi
was wild an mat
they
were about
$UO,000.000 short sf having enounu
money to rebuild tns oity.
"Eastern capital became wary of Bin
Francisco after ths great rottenne
and graft In municipal government
were exposed and ths strikes became
nmninl Raatorn hankers said they
would wait until .ths people put lni.
office safs snd worthy man who would
guard the city's Interests. .,
."wun ina noimner nee or suiirn
money ths Ban Frineisoo banks were
met with stronger local appeals and
they began calling In their loans all
along ths coast, in order that they
might do mors for local Intsreets. . This
affected Los Angeles and other cities
where San Francisco always has been
nnrftd aa tha chief money center. It
also sffeoted all country banks In ths
southwest, this is tns oonaiuon ioay
ss I hare found l 10 two monies or
looking about" .? . : -
' ' I 1 " ,;., ? ,'.
For Girls and Boys.
Tou can have a piano for telling your
friends where you got it, at a purely
nominal raiek jppiy no w nvwii
French company, Sixth and. Burnslde.
See pegs I. ' . "
A,
SP
Co-Operation
Between our patrons and this company is fruit"
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 public favor, hence offer
every inducement to our patrons consistent with
sound and safe banking. 4
We have advanced our Savings Deposits rate
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 you any business you may,
have in contemplation.
Merchants Savings and
Trust Company
247 WASHINGTON STREET
CAPITAL FULLY PAID $150,000
J. Frank Watson President
R. L. Durham Vice-President
W. H. Fear Secretary
S. C. Catching Assistant Secretary
O. W. T. Muellhaupt .......Caahier
' -it's the piano store on Burnside Street
She's Dreaming
Of these songs she and "some one" sang together that last evening before going
to the beach. The music sent their hearts beating in tune and the music of her life
began when she struck the keys of her new piano, delivered the first day of the grea
The psychological moment is reached through the in
fluence of music; and now is the psychological piano-buy
ing moment; the one time of all times the time of our
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 been saving her pennies for
two 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! Last night she
enjoyed her piano to her heart's content!
A laboring man made his daughter glad to stay at home
and help her mother by surprising her with the long
coveted piano only six dollars a
month it cost him at our demon
stration sale.
And so goes the day's piano sell
ing case after case where no piano
could have been afforded but for
Out
Sweeping
Demonstraton Sale
A Few Hits at Randdm
One beautiful little instrument we have-marfce'd
$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. v
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. .
The very latest style Lagonda piano four ' own
make) we offer you at an unheard of bargain, $265,'
payable $6 a month. ?
Jesse French, the president of our company, makes
in St. Louis a magnificent piano called the Steinbach
& Dreher one style and size made to sell for $350.
Everv musical person knows that this i a the very
best $350 piano on the market; made itvonly 'onetee
and style, it can be manufactured - at s a flower price
than otherwise. Being sold by the manufacturers
themselves, no middleman's' profit it, attached. Al
ways, it is a piano bargain; but durinerttiis sale we
will place it in your home for $270, payable in month
ly installments of $6. . : , - , . v
Other price reductions equally striking, vshowinrr
a tremendous saving on each Durchase. will be riven
you on application at our salesrooms,- Come at once.
OPBfj EVENINGS FROM Oth to 21t
""V
J
Sixth and
r