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