The Oregon daily journal. (Portland, Or.) 1902-1972, August 21, 1907, Image 4

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The Oregon daily journal., August 21, 1907, Page 4, Image 4

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Newspaper Page Text."' THE OREGON DAILY JOURNAL,' . PORTLAND, V.WEDNESDAY EVENING, AUGUST. 21, ' 1907. i. IB 7- resigns Chief Engineer of Oregon & Washington Kail road leaves for Similar Posi tion on Topper Kiver & Northwestern. K. C. Hawkins, rhlef engineer of the Orison & Washington railway, who wai selected to direct the building of the Southern J'aolflc extension from Port land to l'uget Bound and the driving: of three bis: tunnels that nre necessary Us arlve entrance to the three elites, has resigned to becomn chief ensinccr of the Corper Itlver & Northwestern. To suc ceed him the Oregon & Washington has appointed H. F. Baldwin, an experienced I railroad engineer, who h .n been encaged In mining operations nenr Spokane. After visiting Vortland and looking over the ground with J. D. KSrrell, gen eral manuger or tne urenron at "uin nn Mr Italdwln returned to Seattle whirs his headquarters will be during ronutrurtlon of the road. It Is said the Portland tunnel will be turned over to the chief engineer of the Oregon lines of the O. K. & N. and Southern Pa cific, who Is more conveniently located ' and familiar with all conditions attend ing the project No Instructions have been issued to begin the driving of the . Portland tunnel. J. P. O'Brien, general . manager of the Oregon lines, when asked r ardlng a reported order In- augurating the work, said: rfo such order us reported from Se- attle has been received, so fur as I know. Ws are not ready to be;?ln the work here. The rights of way have not yet been seoured. Borne property owner rs not willing to nettle on " what la considered a reasonable basis and It Is likely that there will have to be condemnation proceedings to secure grounds that Is necessary for a dump at the aouth end of the tunnel. This Is delaying the beginning of work.1' The north end of the tunnel, which emerge com the peninsula at Mc i Kenna Junction, Is ready for work, but LACK OF NOUSES SNRflpi Rapidly Increasing Popula tion in Portland Creates Scarcity of Rooms. GREAT DEMAND FOR THIS TIME OF YEAR Scores Constantly looking for Flats and Furnished Homes Which Can not Be Secured Rental Agencies Ilesieged by IIoue Hunters. TALK Of MM' 001 OF PLACE Portland Rank Clearings Show Enormous Increase Over Last Year. LOCAL FINANCES SOLID AS EVER Talk of Panic Does Not Af fect Portland Bank ing Institutions. NEW YORK ALONE AFFECTED BY SLUMP Portland presents this summer the nusual and curious sitimtlnn of hav- ng thousands of Its residents away for the summer vacation, and yet the olfy confronted with the greatest scar ify of flats and hnusi-a for rent thit has known In the past half-dozen ears. Tin) midsummer exodus to the sea shore and mountains has abour been completed, and the population of the city should be at the lowest point of the. year. As a rule at this season, fur- i Policy of Local Financial Institu tions Altogether Different From Frenzied System Employed on Eastern Stock Exchange. There Is no apparent foundation for thA nun ,'K v t.ilk that Is heard In a few (junrlers where commercial gump tion is at a premium and wnere me most noticeable asset is the speculative Instinct. Huslness and financial men feel hut little concern In the Wall street game that is making stocks and bonds bob up nnd down. Aside from the tem porary tightness attending preparations for the groat fall crop movement In the Pacific northwest, business condi tions here are more than normally good MONEY AS PLENTIFUL AS IN FORMER YEARS Inans Made Without Difficulty If Se curity Is Solid Wall Street Meth ods and Slack Business Throw No Shadow Here. nlshed flats houses and tipartments are an( ,ne future iooks evn better than iuiilii ui iiu riiidi'niuu yvi j t 1 1 -c j-. iiri - tofore the classified columns of thf th will probably b be run at the t0omh nd,VmcUfmerga from th foot ' Ua Kill 11,4 Ait TurnKta nnnlain rvl where that driveway skirts Mock's bot '. torn. Aoross Hook's bottom It will be nec essary to make a high grade, curving toward the wteel bridge, over which the main line will cross. The dirt from the tunnel will be used to make this All and ground will probably be ac- quired for an additional dump to re ceive the tunnel output that must be taken from this end. GROSSED ELECTRIC ) WIRES BURN HOME 'Charles McCormick's House Destroyed at Milwaukie WhileiffelsAway. r i ( Crossed electric wires made Charles '. McCormick homeless this morning at 1 O'clock, . when Ms house at Milwaukie 'was completely destroyed by fire. Mr. McCormick, who is employed at OadB by's fifrnlture store In this city, Is ' away in the mountains on his vacation, ' and wM'not return to the city until the first of September. Crossed wires la his residence started . a blase this morning, and before any aa- slstanoe could be rendered by the nelgh . bors or the fire department at Mllwau t kle the place was completely consumed. The house aruJ furniture la valued at 14,000, but Is said to be covered by In surance. The residence was situated not far from the Milwaukie club bulld " ings, and for a time much excitement ;.was caused In the city by the report ! that the buildings had been set on fire and burned to the ground. dally papers have been fuil of ads of furnished houses and flats for the sum mer months. Hut very different Is the situation this summer. Everything Is Taken. Everything In the shape of a fur nlshed home has been snupped up ns soon as offered rebardless of the price, which was frequently exorbitant. All the leading rental agencies report nn exceeding scarcity In homes furnlsh.-d or unfurnished, and say that furnished living apartments are not to be had. This situation together with the well known fact that an enormous amount of residence and apartment house con struction has been going on for the past two years, goes stmnely to prove the Journal's assertion that Portland's population is increasing more rapidly than at any former period In Its his tory, and gives ample reason for the belief that the population of the city Is close to the 200,000 mark. The principal demand seems to be for six-room flats and six to eight room dwellings. A leading rental agent states that a score of well located six-room resi dences could be rented from his office evcrv dav and that the demand for centrally located flats Is nearly as great. Active Demand on West Bide. There are some old, out-of-date, un occupied houses In the city, which will probably remain without tenants no matter how Insistent the demand may become. People nowadays demand mod ern conveniences and well appointed homes, and are willing to pay a rental that will command that character uf dwellings, regardless of their else. The most active demand for houses Is on the west side within walking dis tance of the buslnes center. That there is an effort to take care of this demand Is apparent In many west side districts, by reason of the unusually large number of flats, residences and apartment houses under construction on this side of the river. Unless there Is a decided change in tne situation, tne nrst or October will Bee conditions here that will make the securing of a house or flat for the win ter exceedingly difficult. ML LETS GO MONTANA LANDS Old Carey Project Revived as Federal Project Is Dropped. did the winter season of a year ago. Heasons for the pyrotechnics In the New York Mock market now entertain ing the speculative element of the coun try are plentiful and logical. It was said today at tne office of Louis J. Wilde and by other Portland financial men, that the principal reasons are three, namely: The deserved and proper policy of the national administration towards trusts and doubtful hlgh flnanie transactions; the unprecedented opportunities for the public to Invest Its money In many good securities other than listed stocks und bonds; and the fact that the banks of the country can find better chances for using their sur plus In other ways than sending them to New York to be inverted in the usual securities dealt In on the exchange. Portland Loaning to Trlsoo. Monev as a result Is tight in .New vvnn an this talk of panics and a smaller amount of business all through the oast, It Is easily noticeable st this time that the Portland money market Is not affected by any excitement that may be caused by Wall street methods. While Portland bankers dp not lend money on everything that presents It self, a proposition with any showing of stability can receive all the funds It needs in this city at rates that will not come within 1 per cent of what is now being offered to the larger finan cial Institutions of the east and Is refused. Grain men are experiencing absolute ly no more difficulty In obtaining money to move the crop this year than Is usually met with when all available funds are put Into the harvest. Wheat Is moving to tidewater as fast ss pro ducers are willing to let go and they are getting their cash on delivery. There is no waiting for funds they are pre sented as soon as the warehouse re ceipts nre turned over. Funds for building operations are Just as freely offered In Portland today as they were a year ago when there was no wild panic talk In the east. The ravings In the Chicago wheat market and the New York stock market have not affected Portland financial Insti tutions for all are well known as be ing the most conservative In the coun- York and call money there Is command- lng 16 per cent It Is but natural that h"lr money In wild cat mining ven- wUh th? steady appreciation of money dtn "0mree Ver wming" tS loan the prices of watered corporation stocks JaV D"1 nX.?rt,JV-e. ,w "" to loan rfoT VrTe tU- e nZ?ril con- lnB'nnu nlTM W,""th 2 .,hB ?ClftC n0r,h" HtiVs have lost the confidence of the west this season. Prices have been con- i . . Vi J ,k iT. elderably advanced over recent years investing puonc nr- ,h ha bepn ,,ornewnat g-rVater nfrp r n niner rraniMin. imuo im portant but all In the aggregate wielding a large Inrluence upon tne siock mar ket. 8an Francisco's disaster Is st .i making Itself felt In the money markets. San Francisco was a erent lender and hm now become a treat borrower. Kv- ery $10,000,000 that is taken out of New York and Chicago to help Ban Fran cisco's rebuilding projects Is Just that much less Invested In bonds and siocks listed In the New York exchange. San Francisco called In Its loans in Los Angeles. Chicago, Portland and the east and Los Angeles In turn had to go east for money to substitute. Portland has been from tne nrst run- ntner lnrirelv on Its own capital and Is now lending considerable sums to San I 6:30 a. m.: Francisco. Tnese racts, logetner wun ; ucKers ana than expected. The entire pack has been sold and there is a demand for several times as much as was canned. Even hop growers will not hav the trouble anticipated to secure funds for harvesting their crop. Hankers say that i they are now loanlns: money to their clients for hop picking, but most of these loans are for short time only and as aoon as the hops are In the bale thev will have to be placed upon the mantel. Potter Schedule for Reach The steamer Potter will sail from Portland Asn Street dock: Thursday Saturday. 7:30 a. m. Get make reservations at cltv the rron movement comlni on all over 1 ticket office. Third and Washington the country at this time, forms the most j streets. C. W. Stinger, city ticket agent. natural lo De expeciea conamon FEDERAL FUNDS FOR (Special Dispatch to Th Jonroal.) Helena, Mont., Aug. 21. The govern ment will no longer Interfere with the reclamation of land on the Dearborn river, In the northern part of this that are now present In the money markets. The countrv banks all over the coun try that carried more or less surplus In' the New York banks have been with drawing their money at this seasonable period for the purpose or taxing care or their local customers. Banks Carry Biff Surplus. As for a sickness In the money mar kets of the country, there never has been a time In their history when they were enjoying better health than they are toilav. Even the Cltv National bank of tew York has actually $13. nno.OOO surplus money In Its vaults Kvery bnnk In the country blessed with avera'se management is in the pink of condition. The stork and bond market has for years been regarded as the business barometer, but It cannot today be so regarded, for the general prosperity of the country Is so self-evident that a. novice can see the superficial charac- ter of the present Wall street flurry. The real, solid advance and develop ment of the country has opened so many good opportunities for profitable Invff.tmpnt thnt th KNvlnirit hank pv. I erywhere are raising their rates of in-J tercst paid on deposits. ' When a depositor, who has been going I to his banker for advice as to what I nouns or stocks io invest ins surplus county, under the Carey act. Notifies lion or me abandonment of proceedings monev In. flnds-that the savings bank' to cancel patent has been received hv ' Is TTQ t DT TJTk "I ' 1."' T I T ) 4 vci j Governor ioole from the commissioner I no further, hut simply places his moiwy ' AJloAHljrjU VXiiJCillAxo of the general land office, in the let- for six months or some period of time: , ter the commissioner Utes that the j In the savings bank, where he can get I government Is satisfied Of !hu cnn.l i 1t nt th .nH of th rertlflrufA nArlnil ' A Ttl . A L A Ml. A ft I a .1 .ai I ... -. (opvcui fwpaicH w iui journal.; i mini I'l. ine elate m me matter; that Olvmpia. Wash.. Aug. 21. The federal u,c 'cretary of the Interior took the government, pays $100 a year per man ; and they Interposed no ob'lectlon to V. .' to this state for each member of the ; lowing tho statu to proceed with the "Boldiers" home.' An appropriation' for ,rK this purpose, designated national aid for nisamea volunteer soiaiers, is maao oy congress. The governor today received a warrant for $5,926.67 from the federal government, the amount due the state "as aid to the old soldiers for the quar ter beginning April 1 and ending June ,80, 1907. NORTHERN PACIFIC'S EARNINGS IN JULY A number of vears r-o tho A mA Realty company of St. Louis contracted with the state to reclaim land on the Dearborn under the terms of the Carey act. The work was started and several miles of tho main canal completed, when it wus found that the irrigated land coula not be sold for enough to pav the cost of constructing the works, and so uie wora was ananooned. Th without difficulty or chance. Home Money Circulates. Formerly this surplus would probablv have gone Into the stock and bond mar ket, to swell the prosperity of Wall street, but today it is remaining In the locnl channels of business where It was Firoduced and is doing more good than t would have done In any other channel. The last week of .Portland bank clear ings presented a record that was one of the evenest, cleanest-cut showings of dally Increase ever made by a clear ing house. Compared with the great nrosnerltv of a vear airo It Is nartleulnr- govern- j jv Rigrnlf leant. Monriav of a vear pbo " ,nl 'J'1 aireauy issued patent to the , ,h Marlnr PV star RHi to- mbHG nd so on Every day last week state for several thousand acres when hT8 Tear $1 IB l'l 66 work was stopped, and then proceedings ' tl.roueh the week Ever b..t0.,"5a.n. ves' ' ! t nW,t more' WHOSOEVER WILL MAY COME And join the progressive throng which is profiting by our interest-paying plan. THE "Oldest Trust Company In Oregon" With Resources of Over 32,200,000.00 Offers you a safe depository. WE PAY 2 per cent on check accounts. per aent on ten days' call. 3 per cent on savings ac counts, and on six month's certificates. 354 per cent on thirty days' call. 4 per cent on ninety days' call, on twelve months' certifi cates, and on coupon certificates. Call for our statement and book of "ILLUSTRATIONS." (Special Dlapatrb to The Journal, l Boston, Mass., Aug. 21. The Northern Pacific reports July operations as fol lows: Freight earnings $4,816,901 in- , wU, m, longer hinder the "work Abou crease $783.41)6; Passenger earnings I 4o,o00 acres will be reclaimed SI ooo,UV0, increa.Be uvo,ffAu; man, ex press, etc. $253,500, decrease $20,895: total, main system. $6,955,407, Increase f 1.266. 481. government on the nmuml thm ntn had been obtained by fraud. Now that work bus been started again and It Is the Intention of the state to have the work finished the kuvci nmtni nan oropppo: tne mutter ami t gs were more than a million. The aggregate for the weok was $7, 6fi6.7nfl B5 as against a total of $5,312, n.l . 63 last year. PORTLAND TRUST CO. OF OREGON B. E. Corner Third and Oak Sts. Phone Exchange 72. BENJ. I. COHEN PrealJent H. Ij. PITTOCK. . .Vice-President B. LEE PAGET Secretary J. O. GOLTRA Ass't Secretary P0TLATCTI TAXED OX OVER A MILLION WET TBII'i1 AWS WOBKT when your child has a severe cold. You Heed not fear pneumonia or other pul monary diseases. Keep supplied with Ballard's Horehound Syrup a positive cure for colds, coughs, whooping cough and bronchitis Falls. S wonoeriui caiiaru a iiorenounu oyrup whlch will be assessed by the state " "w r i . i T"iV ,7 ooara or equalization. As the total as nu.ta CTw sessea valuation or tne countv in a (Special Dlipitrb to Tha Journal.) Moscow, Ida.. Aug. 21. The assess ment of the Potlatch Lumber company In Latah countv totals JlnlKinK . ichitls Mrs. Hall of Sioux cording to Assessor Gemmel. Thls'doeg P-'Z'- w h1Ve U8doyur not include the company's railroad Arugsists. -lagan's Magnolia Balm A liquid preparation for Faetv Msok, Arms and Hands., Makes tha akin Ilka you want It. Doss It la a mosssnt. It Is nelth r atloky nar greasy. ' - If a harmlase, oleaa and rafreshlag. Cannot be - sJataatod. Two colors, Fink and White. Use It -, ' morning noon and night, j ' i Wlater,Sprlng, Summer A rH- SAMPLE FREE. " tr6ic mm co., t 44 BVFiU BrooWra, S. T. trifle less than $5,000,000. it will he ! seen that the Potlatch company will pay I i a little over one fifth of the total taxes i ' levied In the county this year. The big j mill at 'Potlatch and the ground udou I ! which it stands were assessed at $281, I 060 and the townslte of Potlatch was assessed at $79,680. In addition to this total there should be added a few thou sand dollars for the assessment of the company's bank. CUSTER'S BOYS AT CANANDAIGUA TODAY (Joomal Special Sarrlc.) Canandalgua, N. Y., Aug;. 21. Tbe first reunion ever held of the troops which served under General George A. Custur during the civil war began hers today and will continue through tomor row. A number of the surviving of ficers are here. Many have come hun dreds of miles to attend the reunion and some have traveled half way across the continent to talk over the happenings' of war days and to Join again in the songs of the camp. Prominent among ' trns and other participants in I the gathering are General James K. Wil- I f S? 2enier& E- w- Whlttaker and Gen nnJ.Mn B-5lrdye of the regular army. Governor Hmhu nnH n.ar.a.Z, i WiaOW are to raviaw tha nrn...ln. . Hwin .w- The Public is not skilled in tea and is entitled to protection. Our label our brand Folger's Golden Gate Tea protects the tea drinker. Our reputation is back of every package of tea bearing our brand. Fol ger's Golden Gate Tea means qualitypurity tea satisfaction. J. A. Wolgmr A Co. San aTraactsoo lamfrortara of Ptirw Ta.s) m tea mm, HO BTTTDEHTS. WO OAS. MO OOOAZjni. We Set the Pace Specialists in Painless Dentistry TEETH . W 9 Nervous people and those afflicted with heart Weakness can now have their teeth filled and extracted without the least pain or danger. To introduce our painless meth od until August 31 we will do all kind of dentistry at one-half our regular prices. A protective truar- antee given with ail work done by us. Lady in attendance. Open eve nings. Chicago Dentists Suite 3-4-5 Raleigh Bldg. Sixth and Washington Sts. Phone Main 3880. WASHINGTON LIEU ; i LAND LIST AITR0VED (Special Dlapatrh to Tha Journal.) ', Olympla, Wash., Aug. 21. The gov ernor is in receipt of a transorlpt from the general land office at Washington, D. CT, of approved list No. 20 of the school land Indemnity selections of this stats, embracing 21,904.30 acres In the North Yakima land district. This land Is granted to the state In lieu of the Portions of sections 16 and 26 that have een lost to the state, either by settle ment or by being Included in Indian res ervations and forest reserves. Tho sp- C roved selections are all In Kittitas, Ta lma and southern Douglas counties. TARGET PRACTICE , FORTS OF 'COLUMBIA aM.i nunateh U Tbs JoaraaLl ' Aatorls, Or.. Aug. 2 VtAu1! Lr" number of Astorlans visltsd Fort Btev ns yesterday for the conclusion of ths Quarterly target practice. The shooting was with 12-lnch guns and an excellent recora was maao. jNine b v"'? thros at an anchored target In tOW Of the steamer Guy Howard. The first shot struck the corner of the target and ftve hits were made out of the nine. Today target prsctlce will be com menced at Fort Columbia. rreferrea Btook OaaasA Oooda. Allen Lewla' Beat Brand. A SAFE, DEPOSITARY "THE OLDEST TRUST COMPANY IN OREGON" INVITES YOUR BUSINESS Its August Statement, which will be printed this week, will show gross resources of over $2,400,000 well and safely invested, with ample cash to meet all the needs of our friends and depositors. Call for our statement and book of "Illustrations." 'Portland Trust Company of Oregon S, E. Cor. Third and Oak Sts. BENJ. I. COHEN President 11. L. PITTOCK. . .Vice-President Phone Exchange 72 P. LEE PAOET Secretary J. O. OOLTRA Asst. Secretary SAVINGS BANK OF.THB ' -I :' j- TITLE-GUARANTEE & TRUST OPEN ON SATURDAYS FROM 1 A, M. TO 1 P. M. AND ON SATURDAT EVENINGS FROM 6 TO S O'CLOCK. WE pay 4 mwj On Savings Accounts, Interest Com pounded Beml-Annuslly. WE PAY 3 ON DAILY Balances of Check Accounts. OFFICERS: J. THORBURN ROSS - - President OEORQE H. HILL - Vice-President T. T. BURKHART - - Treasurer JNO. E. AITCHISON - - Secretary 240-244 Washington Street (Corner Second jsw PORTLAND, OREGON "An East Side Bank for East Side People." A LL progresalvs men and' A a. It li women carry bank accounts. Open ILvenings From and after August 31st the Savings Department will be open for the accommo dation of its patrons on Saturday evenings from 5 to 8 o'clock. Foir per cent interest paid on savings accounts. c 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 Cashier Good Business Policy To pay all bills by check, the bank doing the bookkeeping. Commercial Savings Bank DOR 119 WXZ.X.XAMB ATX. It Is slso good policy to hsve s SAVINGS HANK ACCOUNT, which may be started with only $1.00. Interest at 4 per cent, semi-annually. George W. Batss. J. S. Blrrel .President , . .Cashier Ukl VERY penny paid in premiums to an out side insurance com pany helps swell tho wealth of some other state. Oregon-made money ought to ac crue to the benefit of Oregon. The Union Guarantee Association of Portland, Oregon, parallels every advantage, security and facility offered by the strong est outside companies. Its backers and officers are Oregon business men whose interests are local and involved in the welfare of this Association. It has a paid-up cash capital of One Hundred Thousand Dollars. An Oregon Guarantee Association for Oregon people. Plate Glass, Steam Boiler, Liability and Accident Insurance Indemnity Bonds. Union Guarantee Association Marquam Bldg., Portland, Oregon Hotel Hamlin EDDY AND UAVENW0KTH STS. First permanent bis hotel down town. Contain 100 beautifully f umiahed ateam heated Private telephone Mr vice. Sample rooms for commercial traveler. Eddy St. ear t)& ferry pass doorjvW Con nect with.J?ITt. cars from S. PDepot. Rates from $1.00 op. Phone Private Ex. Franklin 428. ancisco San Fr BANKERS AND LUMBERMEN BANK Corner Second and Stark Streets PORTLAND, OREGON Capital Stock, $250,000.00 OFFICERS G. K. WENTWORfH . . . . v . . . , . v ... ,- . . . President F. H. ROTKCHILD First Vice-President JOHN A. KEATING ......... Second Vice-President and Cashier H. D. STORY Assistant Cashier PLATT & PLATT . . fc ., ta m . ..... . ' . General Couna-1 I w w i. ( ;:';' h .1 )