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
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