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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Nov. 3, 1907)
THE OREGON SUNDAY : JOURNAL PORTLAND. SUNDAY MORNING , NOVEMBER 3. 1807. - 1IIICE ncr: nfliinn " Pi'nmfnoTit Ranl.-niKi nrwl Tlti - , j uiuwuu imiukii u iness Men Show Why There Is No Causfe for Alarm if Public Uses Or dinary Judgment. Local Panics Must Wait Up on Eastern Institutions Securities Here Good As . Ever and Northwest I? : Swamped With Prosperity Among men prominent In tha com mercial and professional life of Port land the opinion la universal that tha existing financial conditions threat an no aerloua or lasting Injury to thai city or tha state, provided tha people do not give way to unreasoning panic. The course of tha governor In prolong- " Ina; the holiday period lrtommended, and the belief la everywhere ezpreaaed that tha crisis will soon pass. Colonel C. E. H- Wood was Interviewed yesterday afternoon at his office, and said: Tha whnla rnnt nt tha mlftor la con. fldence. If the people lack confidence and scramble, over each other to get at the banks we .will have a panto and prostrated business. But there Isn't the slightest necessity for It, and a little reflection on tha part of people will teach them that Portland Wot Alone. "Portland la not alone In this matter. It began first In New York, and New York la worse off today than Portland. I have Just returned from Ban Fran cisco. The same conditions prevail there, also In Kansas City, St. Louis In fact everywhere the Sound cities are In the same situation. This la nothing 1 , .rt n I The earthquake haa taught the peo- file of San Francisco to stand together n time of trouble. The people don't want a financial earthquake on top of tha ethr una and they are keeping Quiet. While I was there the governor of Nevada declared a string of legal holidays, Just as governors of other States have had to do. "It must be remembered that Port land la moving the bulk of the enor mous wheat crop and has It to pay fur, a thing that every man in Portland ought to bo proud of The whole thing la aa simple as a, b, 'c. Any man or fcpman ran Blind It and there is no ekCHMO for getting excited. A .bank receives Its depositors' money and It Us depositor on good security and that la all that the depositors need be concerned about . - "I the bank able -to pay him" back hia deposit or has It got good aecurltr to cover in ir a bank atooa reaay to Day all depoaltora all their money In one day It couldn't ha a bank! It would be a aafa deposit vault and there never baa1 been and never will be a bank tbat cni) stand a sudden and ateady run. it foea down to wreak and then the ques lon la, what are the securities and aaaeta with which to rar tha deooalt- oraf and tha bank that keeps Itself front Deina forced into insolvency and seeps on Ita feet La doing tha very beat thing in Kmn vy urn depositors ina ui oejiua lltore that force, the bank to cloeo Ita doors are only hurting thcmaelvea. That a, proviaeu. me nana la a reputaoie concern, handled by honeat men, and mat me wnoie question, t Bank's Aaaeta the Question. "Any man who azoecta a bank alwaya to be ablo to nay all ita denoaitors at S'c ' ' Th question is. Vni aaaeta naa tha-bank out or wnicti to pay its lisblllliesT In other words, la the bank solvent T If It Is, there is no use to worry. People do not need their money' any mora now, than they did 10 days ago. unless It Is to hide It away In a vault and cripple business more ana more. - "Business Isn't done on money, ex cept to a very limited extent, for the settlement or oaiancea and payment ot transactions not on credit. Most busl nesa Is dona on aome form of credit and everybody In Portland la entitled pro portionately to the aama crelki that he was 10 days sgo or two weeks ago. This excitement of ours and kind, of half panlo la all nonsense. We've got a ban ner wheat ,cror. banner fruit crip, plenty of lumber, mills all going and It seems to ma tha height of folly to get ex cited Just because there Isn't coin enough In tha country to settle all tha balances. ''We csn't eat money or wear money. The trouble Is not of Portland'a mak ing. Portland Is prosperous enough and every depositor who haa got money In tha banks which are members of the Clearing House association will in time pet Ms money and do what ne pieasea with it, but If they, all want It at once, they can't get It and they couldn't get it from th Hank of England. If Port landers will keen their heads and atlck together, we will all con t lose to eat and drink and be happy. If we lose our heads and get scared over a money shortage we may ruin a great many people and the good name of the town. Governor Sid Bight. As for the aovernor continuing the firoclamatlon of a legal holiday, I think e Is dead right. Just for one reason, if not for more: Suppose all the banks that are owlnff the Portland banks bal ances refuse to remit the money In set tlement snd the outalde banks to, wnom tha Portland banks are owlns would jump on our banks and try to compel them to settle In coin; we would be getting It on both sides. "Other banks from New York out are protecting themaelvea and refusing to make coin settlements and remittances and the governor has got to protect our banka or else see a great and pros perous state, really overflowing wun tirosoerltr. all tansled ut In a lot of unnecessary litigation and unnecessary bankruptcies. My advice to every depositor In Portland la to take a aood sciuare look at hia banker and consider what kind of man he la, what kind or an inatltu- 1 1 'II mo w. " ... Mm ivr.,w v business are and then decide whether he really stands any risk of losing his deposit. Should Know Seal Canes. Edward Cooklngham, of Ladd & Tll ;oo. cummed. .up the situation aa fol ows: " " "1 think If the people of our good cltv could be made to thoroughly and clearly understand the true cause of the present conditions existing nere there would be absolutely no uneaal- nes or alarm, but it Is perhaps unreas onable to expect that those who are not skilled In financial matters would as readily grasp the situation as a trained l.trtxm Th. avnlanaHnn la Tint Intri cate at 'all, and I would like to explain It simply and clearly so that every bank denosltor may comprehend It me fundamental strengtn or every bank Is Its assets or what Is commonly termed Its securities. . "First Have the securities of the banks. of Portland depreciated any In Value in, say the ist aaysT - ' . 1 1 I r tint "Second. -Did the depositors of the Portland banka have lull confidence in them 10 Oays itor "Tha Mrtftlnlv n III "Third. Admitting tha above to ' be true, Is there any reason why there should be less confidence now than month ago? . "No. Because the only difference be tween the conditions of the banka now aa compared with that of a month ago Is that tneir suppiy or com ma cur rency has been entirely shut off, tem porarily, by the eastern banks, tn which the Portland banka have large amounts deposited subject to their checks. Not a dollar of this money on deposit in eastern banks haa been lost because not one Of the eastern correspondents of the Portland nanas nas laiiea or nMil ' i "This temporary stoppage. of coin Is; of courss, exceedingly Inconvenient to the banka here and necessarily there fore they are obliged to Inconvenience their depositors. But let the depositors understand that It Is a matter of In convenience onlyrand not a matter of loss of -money, which Is a very differ ent thing. Whole orthwert Prosperous. "I know of no section in the entire United Htatea where resource of such great variety and large value are pro riitpai which brin to our people the nionova of the rest of the world. The balance of trade Is always In our favor and will continue to be so. This means that the rest of the world wanta oar commodities In much greater quantity mnA valua than we want Of theirs. Uence, we shall grow richer and richer as tne years go on. niu to n-nmi rar resources takes money and more im portant still it tskes confidence which 1 tha fundamental baals of all credit and therefore the very life blood of a communlty'a Industrial scuvities. "Our people should not abate, that confidence one lota, and should not draw their funds front the banks mere ly to hoard them, but should cooperate with the banka and tha merchants of the city In every way in their effort to aid and not aggravate the present con ditions." . Charles IL Carey had tne following to aay: "I assume that our banka have shared in the general prosperity of Portland and the northwest. Their loans have been made in flush times, when they could Pick snd choose, so that It la not at all likely that any of them hava Dad paper to any consider able amount The community Is not hard up, snd the assets ought to be ss good ss gold. All that Is required la that our people stand together and dis courage the timid depositors from making demands until the nanxs can get the money that Is due them but that la being held back by their cor respondents. Portland has manifested Its public spirit and patriotism on more than one occasion, snd certainly the cltlsens should appreciate that this la s time to stand with the banks to pro tect the good name of the city." Week Will End Trouble. The banking situation has no ter rors for C. F. Adams, president of the Security Savings and Trust company, who la expectant that the end of this week will see the end of all trouble for Portland bankers and their patrons. "The situation In Porland In simply reflex from the eastern situation," suld Mr. Adams. "I do not look for any great change here until there la a change there, but I expect this week to bring" an alteration for the better in New York. "There Is nothing alarming about the Portland situation. Banks are In good eendition snd I do not believe that any one has been Inconvenienced by the course the banka here have taken. "The real fact la that Portland Is practically confining Us banking oper ations to the city. Other cltlea are do ing the same thing having closed their doors to the outside country. "There la much money due Portland banks from the outside and aa soon as these funds are paid there will be no further delay or unusual conditions. As It Is now, the banks here are compelled to do business with what funds they had on hand when the situation be- i '"m'icrtj1" WESTERN UNION TELEGRAPH COMPANY. iekaja-si as LJ4f4CORIOR ATED 34,000 OFFICES IN AMRICV CABLE SfiR VICE TO ALL THE WORLD. Ernwseaabe guarded agiunstonly l,y rutins a message, back H thesendjnstaUoWoom tottaosmleaionor delivery of UnreiatrfiMeae-gos, beyond the amouatol hOnaid thereon, ntjsjffaay case where taoclaLaisaotpreaoutea lawrmu. day after the message in filed with the Company foe. transmission. , k.--ii,ijie aama.' .nnm. Taia I an CMKP JSATH.O MESSAGE, aod Is delivered by request of (he sendefvlloder toe conditions aama. aoore. ROBERT C. CLOWRV. President nd Cfjjggger . . RECEIVED at KG fU9 Paid Oregon Suad ay. Jfurnalj - ' i Port and. Ore. .Advertisements which have appeared in. the. portiimd papers rojtirdinr the fltney donaldjon winning o jap any were incorrect. A corrected statement fom the company $mca vul appear in paptr soon, ' ' 7 The jjcy eftomfeUsfctv Hi niny. G, ; A : MOflEY TRANSFERRED BY TELECRAPH. came strained la New York and the east. . ' - "It simply means that we will have to go alow here until the money due us In the eaat is turned loose. I sea no cause for alarm and expect normal conditions to be reestablished by the end of the week at the latest" ' James Qleason, well known to many Portland people as a conservstlve at torney,, sees no dark clouds on the horl son and Is preaching the doctrine of fann to nis ciints snd menus. "I see no cause for panto or uneasi ness amonar Portland neoiile." said Mr, Uleaaon last night, "When people have come to me 1 have told them I have every ' confidence in the banks of ths city and anticipate no ui results irom the future. ' "It Is simply sn unforeseen condition, so rar as the Portland banks are con. cerned. mused by the stringency In New YoM. There la plenty of money, only It is being held back for a time. That la all there Is to It snd ss soon as ths loCal -banks get their delayed payments, the normal conditions will Lresume here. I see no cause fort fear or unrest snd have so advised' ajr clients ana crienas. ( m Senositors in Good Spirits. . " Benlamln I. Cohen, president of he Portland Trust company, haa no fears that any undesirable results will corns from the present situation. "I can only speak for my own institu tion," said Mr. Cohen, "but as far aa the Portland Trust company . Is con cerned the business of the past week has been aatlarapcory. Had it not been for our knowledge of the situation the withdrawals from the bank would have caused no comment and as It was tbey were not large enough to excite com ment among the officials. On the other band the patrons of the bank and the fteople generally have ahown a aurprla nir calmness and confidence in the sit uation and the Portland institutions. "There has been no trouble at the bank, and (he people have been satisfied that thara no causa ior alarm. i urn bank haa taken care of all payrolls and personal expenses, out nas urmn mo fine rigidly at anything that looked like unnecessary disbursements. The people have taken tbla In good spirit "Am an illustration, one of the mem bers of the bank attended a grange meeting during; the week, and when li was found that he was connected with a banking; lnatltutlon the farmera at the meeting gatnsrea round mm iu i nr him discuss the nnanciai situation Th. avnraaaed confidence In the banks and their stability to handle the Jtua- tlon. and. there was no criticism 01 mo methods which had been sdopted. On the other hand all said thev considered that-the course pursued was a reason- "One man there said he had $1,000 on deposit in one of the Portland hanks and that he Intended to leave It there, w - that it waa aafe and that tne bankers knew what they were doing and were capable or hannnns tneir nunuic. Kay Take Another Week. rr tm harH tn nredlct lust how long the preeent situation will hold In Port land, aa that depends upon condltlona in New York. It la a peculiar situation whinh tha nhvslcal aold must alter, in ordinary times, if one bank needs money It can secure it rrom us aeuiur ineinu tlons by telegraphic transferral of money. This cannot now be done. -Wnr Instance, to show why It may be same time before the conditions here are changed back to the normal once more, it waa noted In the papers that the Lusltanla had left England with $10 000,000 In gold for New York banks. This gold should be In New York by Friday next. If it Is necessary to wait until the share of that amount due ivi-tinn hanks li shipped by expresa across ths continent It would perhaps ha na&rlv another week before it could reach Its destination. "If however, it can D iransierreu through the subtreasury from San Francisco, it should be lrt Portland by Monday week. This is Just an Illus tration, however, given to enow that it takes time for the real gold to be brought to the west from the east. "I see no cause for alarm, however, and anticipate no trouble to Portland as the result or tne present lempurary conditions." mm W. 1. vawter, ina Meaiora utnupr who waa In Portland yesterday, said : mere can d no guuun i.,. u vlsablllty of continuing the banking holiday for another weak, at least The country and the people are prosperous but we all feel the scarcity of csk of course. . -, The prospects of conditions regulat Ing themselves about Medford sre Illus trated by 'the fact that one ownor of an apple orchard, of seven acres in extent, was . offered $5,000 an acre for his land. Tha offer was refused, however, as the man had made $2,000 on each acre of apples this year. This is only one Instance In many In my part of the country PR0GEA tom LINN COUNT r APPLE FAIR Besides ""Splendid Displays, There Will Be Addresses by Govern or and Noted Specialists. (Special Dtepateta to The Journal.) Albany, Or., Nov. $. The official program of the Linn county apple fair haa been made public. The sessions will open Wednesday afternoon. Mayor Wallace delivering the address of wel come. Secretary H. M. Williamson of the state board of horticulture will apeak on a subject to be aelected. A. li. Cordley of Corvallla will lecture on "The Fruit Inspector and Ills Relation to Horticulture." The evening session will be made notable by the fact that Governor Chamberlain has consented to be present and deliver the principal addreaa Thursday forenoon will be given to viewing the displays. In the afternoon President Kerr of the Oregon Agrlcul- turarrbllege WU1 deliver an addreaa on "The Farmer and Higher Education." After thla a flower school will be con ducted by Professor Coote. florist at the O. A. C, who will give a practical talk on the care and culture of flow ers. The evening session will be given over to the public. At the opera houae president Kerr win deliver his address on industrial Education. Excellent mualo has been provided and the local orchestra will play for the afternoon and evening sessions. The male quartet haa also consented to appear. i ne executive committee- consista or Judge C. H. Stewart, F. M. French, D. W. Kumbaugn and J. A. Howard. , The Boj Who Liked Nobody. From the New York Tlmea. One of the superintendents of schools on ths east side tells the following story: A lanltor. meeting a number or hie annoying friends after their promotion to the class of Miss Jerlns. the terror of the school, questioned them a bit "Uallt Kum'i aa M ha "Wra vnn promoted?" yair. aii or us to miss jerins- clsss." "Which do you like the more, your former teacher or Miss Jerlns?" 'Mlsa Gordon, of course. "Which do you like the more, Joseph. Mlsa Armstrong or Mlsa Jerlns?" "Miss Armstrong." "And you, Harry?" "8ure, me old teacher." Turning to a youngster who waa standing in a corner, not knowing the youth had been "left back," and there fore doomed to an extra teYm with the much disliked Mlsa Jerlns, the janitor Inquired: "And. eon, whom do you like?" "Nobody I Nobody!" r An Inevitable Downpour. From the New York Tlmea. A New York man who had been sum mering In the White mountains, on his return to town, toin oi an encounter with a New Hampshire farmer. It was late In September and it was almost time for the equinox or "line storm," a the natives call It. "The city man. was planning a certain trip on his motor cycle, but the morning on which he Had been intending to start waa so gray and overcast that he felt soma hes j , CABLE OFFICE. ROOT IS 10 Robert Bacon Reported, to to Secretaryship of State Bonaparte Is to Go. (Hearst Kewa by Ixmcest Lad Wire.) Whlnrlnn Nov. 1. That Tlnhert Baco'h Is to be secretary of state and that Ellhu Root is to retire at a not very distant date Is the substance ot an Important atory received here today, in .l,' ! 4 la Mltl that fr HUB tumiKiiuu ' ..... rtnnnn raeentlv declined the ambassa dorship to Berlin. The report la that Mr. Root has made up his mind that he has done his share of the patriotic work of the country ifatlnn ahnnt starting out. He was try ina to persuade himself out of this r:in even though his better JudK meut wss SKOlnst him. The mountnlns were veiled in wreatha of mist and cloud that had settled down almost to their bases. He was getting his wheel ready when one of the nesr-by farmers came ua and leaned over the fence, watching him. , ...... "I s'pose.ye don't mind rettln' some wet" he finally Insinuated. "Oh. I don't believe It's going to rain anawurayt tha Anttfnlat laUntllV "It iooka a bit threatening, but I think It will clear up by noon, so I'm going to "tart just ths same." The farmer waa allent a moment then he pointed solemnly toward the clouds, which had entirely shut out from view the mighty mountain four miles away. "Young man," ha said Impressively ps he pointed. "Look thar. When the cloud settles down over Kearsarge, God A'mlghty couldn't stop the ralnr She Did It Mechanically. A certain woman In a Connecticut town haa quite a reputation aa a singer at funerals. Laat year aha sang at 16? of these lugubrious functions. Not only her own town, but villages and cities for miles around bespoke, her services on such occasions Early laat aprinr the woman foreswore funerala, and went away for a vacation. The day after her return she met a neighbor. The neigh bor was 40, thin and plain-spoken. "Good morning, Martha," said the funeral prima donna. "How Is your mother this morning?" "Ma's dead," drawled Martha. "Oh, I am so sorry," said the singer. "Can I be of any aealstance?" , "No, I gueea not," said Martha. The alnger waa surprised at that "When Is your mother to be burled?" ahe aaked. "She la burled," said Martha, who, in her turn, showed astonishment "What!" exclaimed the singer. "Why, It's strange I didn't henr anything about It. When did she die?" "About six months ago." The singer's bewilderment increased. "1 must have been away, at the time." she said, "but it Is funny that none of my family told me anything about It" "I guess," said Martha, "they didn't think It worth while to tell you, seeln's you was here and sung at the fu neral." Italian Beggars. As the natural beauties of Italy In crease toward the south, so do the beggars, in numbers and persistence, says Julian Street In the Travel maga zine. The lame, the halt and the blind confront one everywhere In Naples; mothers exhibit the aillngs of pltlahlo children, and strong, well children fol low the foreigner about, begging for soldi. They stick like leeches to the traveler unaccustomed to the country's 7 ; :-.'j-.. . SOOH RETIRE ITavo Been Selected to Succeed Rumor Also Has It That " and that all he haa undertaken haa been ' practically fulfilled, hia last trio being to Bouth Amerk-a and Mexico. Mr. Hoot, of course, la not getting much encouragement from the preskleut in tho way of presidential backing. With this report .comes - the renewal of the report that Altorney-Oanerul " Bonaparte is to go, too. .. . Secretary Metcalf haa stated ' many times that there was no foundation for the repeated rumors that he was to re sign. Yet that report is again given. , ways, sometimes even laying hands on'i him to call attention to their needs. 1 his nulnance U in no small degree uuo in uio careless generosity or tour . Ists w'ao scatter coppers, to be strug gled for by ragamuniris in the streets or whoie heart are touched by pill-' ' able spectacles. It is, however, better to make a firm rule not to five. In the first rilace, your money, when given to man- festly needy beggara, is often ex torted from them by ablebodied loaf ers, llosldes, if you give to one. you'll , eoon find a crowd after you. If you must give, give little. A soldo (equiv alent to our cent) le sufficient Knowledge of methods of dismissing lmportutiig beggars, touts and van- ' ders, will be found useful on reaching ' Naples and other cities of the south. The word "iilent-" t nothing) spokon firmly. Is tho ftut to use. If this does not suffice, try what Baedecker describes aa "a alight backward mo tion of the head, uccompanled by a , aomewhat contemptuous expression.'' "Va via" (Italian for "del awayl 'J ' , may also be found usef uL We Civilize Them. "They despise us yea, they despise us." said the American woman who lives among ths foreign residents of New York, "but greet aa is the contempt . of the Jerroan, the Frenchman and tne , Italian for everything American, each nationality iou m ua i .iTma emigrants from other ICuropoan coun tries. Only yesterday I heard a Qer- man who has lived here for many years -haracterixe aa pernicious the American ' government the American Industrial system, American schools snd the Amer ican climate. The next minute his eye lighted upon a group of particularly well-dressed Italians. , iney are a preny iouhu ". he said, "but after they have lived here fnr a faw vaara and have sent their children to school here they will leant how to behave.' ' "Later I heard a Frenchman declare that the whole United States was given un to rowdvlsm. yet In the same breath he expressed the conviction that a num ber of Germans whom he regards as lro- , possibly 'Dutchy' at present would be come civilised after s few years' resi dence in New Yerk. I don't, lust sen the force of that reasoning. If we sre all heathen, how can association with' us nosslHly Improve any one? Yet that la the miracle that all our " foreign - r,f IHantlw rniirtln tn ha performed." , . . , '' The Old and the New. Little Johnny's father Is a phyelclan j l i . i (. -t,,I..Un KMntlwt nnu III iihvu:i if .,..... Recently the little boy was threatened . with appendicitis- H's sister. golm Into the room where Johnnv was in bed, found a very indignant little boy, who made this complaint: ' "Father and mother won't let me tJiilt', slang, but when 1 told mother how sick I was. she said "forget It,' and when I ft '. "" '.';v ' iT,''':',,4;v"-',vj;,-;-- ''I.-".' t . 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