."'
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 )