The Oregon daily journal. (Portland, Or.) 1902-1972, August 12, 1908, Image 12

The Oregon daily journal., August 12, 1908, Page 12, Image 12

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Newspaper Page TextTHE OREGON DAILY JOpRNAU PORTLAND. WEDNESDAY EVENING. AUGUST -12. 1008. As you read the following, remember the people as a whole are rich- beyond computation. The "few have hundreds of millions each, the many a few dollars each. The few got their hundreds of millions from the many through the working of the "Stock Game.0 If doubt arises, recall last October's panic. Farmers, could not get their few dollars from the bank tp move their wheat. Rockefeller and Morgan could get hundreds of millions to buy for 50 cents, stocks which they had sold to the people a short time before for a dollar. : LATEST MARKET NEWS 1 DEALERS HEAR WK$ CRY Wy (iMs to 30 fonts a round Anot lior liaise Js Contemplated. BULLS MAD ; PllljlC BEHIND PRICES SLIDE I (3) A LA (3) STRONG hu! Iff t ti, vnrr'til iiitwinee In ....i.. v. I 1m- nice win il l.v local i r.-ain. tun from - " " ,-,-nta a j.otin.l outbid- 'i"'!'"'1""". lowed suit udwmor dt fi.un . ' 2 rents a ...unil. Scarcity of milk duo to the hot wwather mid the ciiin.-.iii'n( tilling off In Hi- supply is asMMH, h-i ,i, ., f,,r minim: ITIM. Aiu'th-r ral.se in' the mar future la already helng Allllt II I 111 11 I I'll I- ..... ., n. MtAVlnf better than ever ....'....' t i auMimi-r The receipts ye- i..r.i,n- ,.n thii hoard of trade n-i 7- record hlirli murk fur tin- .. .T N,',l IllihlajnUriK the hesvy e.ir,ia tl,., nilccs continue to hold up well as the eggs are hlncd out -is fast as they come in. The quality .; not very good. Melons are coming In s irregularly n,l ihe demand It) still .miAr than the miDl.lv. All kind" of fruits and vegetable nra plentiful. IVml try experienced a strengthening Impetus this week. Receipts an very light. Grain, Floor and S17. WlltAT- Buying price, new Track. Portland Club. 89c, blucstem, 83c. rod, 9Sc Willamette valley, old, t: bushel. KI..OUR Selling prices Eastern Ore- fon patent. 14. H: straights, $4 06 66; exports, $3.4U(tf3.60; valley. $4 45; graham, H. 14. 40; whole wheat, $4.(6; rye. 6s, $5.66; bales. IS. MILLSTUFFS Belling price Bran, lit: middlings, $30.60; short. $280 28.60; chop, $21029 per ton. BAULKY Feed, $26.60; rolled, $17. CO 28.60; brewing, $27. OAT6 No. 1 whit. $27.60; gray, $27 per ton. HAY Producers" prices Old timothy, Willamette valley, fancy, $131$C0; ordinary, $12.60$ 18; eastern Oregon. $1617; mixed, $1010.60; clover, $8 9; grain, $11012; cheat, $11; alfalfa, $9 010. Sutter. Egg-a and Poultry. BUTTER FAT Delivery f. o. b- Port land Sweet cream, 26c; aour, .'4c per lb. BUTTER Extra creamery, 27Ho; fancy, 20c; ordinary, 25c; store, ljgi 17c. EfJGS TCxtra, 2c; eastern. 20O21c; firsts, 23i3,26c; seconds, 20023a CHEESE; Full cream, flats, triplets and daisies, 14 He; Young Americas, 16Hc. POULTRY Mixed chickens, llc lb; fancy hens, 12Vfcc: roosters, c!dj 9e; fryers. 14c; broilers. 16o 'V; geese, spring, Uc; turkeys, alive, 2 7c: spring ducks, 13 016c lb; pigeons. $1.26 doi; dressed poultry, 11Jc lb higher. Bops, Wool and Hide. HOPS 1907 crop, first prime. Be; prime. 4c; medium to prime, 4c; medium, 2Hc lb; 1908 crop, 2IHo lb; contracts, 9c WOOL 1908 Willamette valley. II v 1 5c. MOHAIR 1907 Nominal. 18tt01c. SHEEPSKINS 8heu-lng, 10 16o each; short wool, 2640c; medium wool, 60c!$l each; long wool, 75c $1.25 esch. HIDES Pry hides, 18gi4c lb; green, 66Hc; calves, groen. 810c: kips, 67c lb; bulls, green salt, 4c lb. TALLOW Prime per lb, 8 4c; Na t and grease, 22He. CHITTIM BAKK SSPIC. Fruits and Yegsta'DIea ONIONS California," $1.25; Walla Walla, $1.25 per sack; garlic, 15c lb, POTATOES New, selling, $1.101.25; buying, 85 90c per cwt APPLES New, $1.00. FRESH FRUITb Oranges. 14.00 4.60; bananas, 6 Ho per lb crated. 6o; lemons, $5.26 (0 6.76 box; grapefruit, $4 4i 4.50; pineapples, Hawaiian, $3 4 3.60 doz. ; cantaloupes, $2.75(8; apricots, ,75c$l; blackberries, $1.50; peaches, 85o $1; pears, $1.602; grapes, $1.50; raspberries, $1.001.10; loganberries, D0c$1.00; cherries, Royal Ann, Sc; Lamberts and Dings, fancy, $2 box; watermelons, $1.501.7S cwi; currants, $1.60 crate. VEGETABLES Turnips, new Oregon, 20c; beets, 20c; carrots, $1.50 sack; parsnips, S6e$l; cabbage, $2.25; toma toes, 75cig$1.00 box; beans, 7c; cauli flower, California crate, $17502 00; feas, Oregon, 845c; horseradish, 4f40c; artichokes. ( ) doz; green onions, 16c per dog; peppers, bell, 8o; Chile. (- ); head lettuoe, 2530o dos; cucumbers, local, 20c6 60c doz. : radishes 16c doz. bunches; celery, 7Bc$1.26;i rnniuihiirHAR fin- et cti ftrt Rf7?)KC crreAn corn. 20cfS0c ioz. Groceries, ynta. mo. SUGAR California & Hawaiian Re finery Cube, $6.60; powderea- $6.45: berry, $6.26; dry granulated. $.26; XXX granulated, $6.15; conf. A.. $6.26; extra &., $5.80; golden G., $6.30; D., yellow, $5.65; beet granulated, $6.06; barrels, 15c; half barrels, 80c; boxes, 65c ad vance on sack basis. (Above prices are 80 days net cash Quotations.) HUMiY New, 15c per lb. COFFEE Package brands. $16.60. SALT Coarse Half ground. 100a, $11.00 per ton: 60c, $11.60; table, dairy. 60s, $16.60; 10s, $16.00: bal?s, $135: imported Liverpool. 60s. $20.00; 100s. $19.00; 4s. $18.00: extra fine barrels, ts. 6a and 10s. $4.5006.50; Liverpool lump rock. $20.50 per ton. RICE Imperial Japan No. 1. 6c; No. 2. 6Hfi5io; New Orleans, head, ie; Jnx. ( ); Creole. 6 Kc. BEANS Small white. $4.76; large white, $4.75: pink. $3 85: bayou, $3.85; Umas J5e5: Mexican reds. ( ). Meats. Pisa and Provurons. LRESSEL MEATS P"ront street .Market Falls Off Two Outs When Manipulators Let (Jo Their Holdings. ..i.i . .M" I' I iro'rl:iK tr.-i.llni;. the t. ,1 jl.s f'.rsl .!i:c- the irop . i.tne in Tin th'f unl'i.idlnK 2 .tuts w h. tit ! . l.l.-.l-. I:t in H K ci uluiup of the ('!. An 1 t In :im n t : iTi . i H in ' s m ir t : 1 y v ak l , 1 1. 1 1" l - I.. Kii n l nl i i 1 1 i . t - -. 1 t loiiK' 1 1 1 1 - ni.iiilr.-.l liy the 1'iittnti crowd In t M . I r l'Ul!l-.h oMrnpalpn of hint week, iipei.lni; iuIiIom fr.un I.lvri'ool hliowliiK an tolvanre 1-'1 tho. inter, -sts to dump their holdings and iih a r.-MiiU tho price went off. It l.s not thnucht that the slackening to.inv will ('iitiriuo lonr as conditions do not warrant the drop In prices. As soon an tho iil.iiidln In finished the moii who are manipulating the market win find It tii-crnHiiry to acquire new lines to replace the old ones. Xcvor Were Conditions Bet ter for Season of Great Prosperity Thau Now. Chicago. Aug 12 Quotation nlshed by Uverheck A Cooke Co.: fur- Sept. Dec. May Sept. Dec. May Sept. Dec. May Sept. Oct. J; n. Sept. I let. Jan. Sept. Oct. Jan. WHI0AT. Open. High Low. Close. 94 V 94 92 !)2 96 96 944 f4sB 100 101V4 9S 994 CORN. 77 V 78 77H 77n 6i 5 r,6H 63 4 63 H 63 La OATS. 47 4SH 47H 47 48 48 47' 47, 50 50 4k 493i PORK. 1532 1537 1515 1520 1655 1660 1527 1532 1630 1637 1620 1622 LARD. 940 942 930 930 930 952 940 940 ill! 932 925 925 RIBS. X0 880 865 867 N87 890 876B 825 827 SJ0 820 LOCAL WHEAT MARKET LISTLESS H EXTREME The highest hid for wheat on the local exchange today was 88 cents. As low as 91 was asKoa out no sales were made. The weakness of the market was in sympathy with tho bear movement in Chicago. BOARD OF TRADE RECEIPTS. Wheat, 22 cars, 6.919 sacks. Barley, 3 cars, 1,161 sacks. Flour, 1,900 sacks. Hay, 1 car, 606 bales. Corn meal, 625 sucks. PORTLAND GRAIN MARKET. WHEAT. Open. Sept 88B 92A Deo 88B 92A OATS. Sept 122HB Dec 127 IjU BARLEY. Sept llD-iR Dec 123B Close. 88 R 91A 88 B 91A 125B 130B 123 '4 B i:3!,B 5,000 CATTLE COB TO PORTLAND YARDS Pendleton, Aug. 12. Klvo thousand head of fat cattlo are now headed tow ard the Portland and Puget sound mar kets through the Pendleton gatewav. Sixty carloads are being sent out this week, and continuous shipments will he made from now until November 1. Prac tical! all of tho cattle ranged in south ern Umatilla and northern Ornnt coun ty pass through Pendleton on the wav to market either In Portland, Tacoma or Seattle. Cattle growers are enjoying a prosperous season, us ranire has been good and prices are now satlsfactorv, averaging over $4.35 per 100. Portland Llvttork Market, Portland, Aug. 12. Receipts today Hogs, 13; cattle. luO; sheep. 1.140. Official stockyard prices to. lav: Hogs-Best stuff, $6.75; blockers and China fats. JtUiOti 6. GO; stockers and feeders. $5.006.f.O. Cattle Select eastern Oregon steers, $4.00; medium, J 3. 00 (ff 3. 7,"i ; stockers and feeders, $3.00 3.iD; medium steers. $3.50(f( 3.75; best cow s and heifers, $3 no medium cows. $2.50-4 J.7."; stags, $2f.o' bulls. $2.0Uii2.:u. Sheep Rest w.thers. $3 25; Fprlng lambs, $4.26; strntgtit ewes, $2,261.75' mixed lots. $3.00. Veal Choice young calves, $5. 00; heavier and rough, $3 .50'y 4 no. (Syeclnl Ulipntrh to Th Jcmrnal.I New York, Aug. 12 The stock mar kit han been vriy strong and more active Under the influence of easy money. Imurovlnir business prospects, a good harvest and powerful inside sup port, prices have climbed to a still higher level. The advance has prob ably been more than conditions really warranted; but na repeatedly stated In these advices the market is In tho con trol of a combination of unusually pow erful operators and as their Interests are best served by an advancing mar ket It is but natural that they use their power to the utmost limit. Lot us briefly examine the Influences upon which the rlso has boon based, for the most skillful manipulation could not have engineered a rise such as has taken place since last November unless there was some good foundation. Panic Behind. In the first place tho panic Is far be hind us. Prices then fell much below intrinsic values because of extreme de moralization, and unless history fails to repeat Itself they ure likely to re act above Intrinsic values, because the fiendulum invariably swings back vlo ently before resuming lta normal move ments to and fro. Now that the storm is over, we find the financial atmos phre much clarified. While the shock of panic caused temporary paralysis In business, recovery i ulckly followed. Thero were no signs of general over production, such as prolonged the de pression which followed the panic of 1 893; and in many lines of merchandise thero was u positive scarcity, particular ly In agricultural products, which has had much to do with maintaining the present high cost of living. Tho big trade combinations have also had a share in preventing overproduction by the rigorous shutdowns which many of them enforced. This scarcity of prod ucts, or lessened production, can hard ly be considered a blessing, for abun dance is usually better than scarcity, as a general principle, but It has had much to do with the steadying of val ues during the past six months. One good result .-.rising from the panic was the effectual stoppage which It enforced upon unsound industrial and, financial schemes. Our credit system had been strained to the breaking point by tne flood of flotations aul this state of high tension was chiefly responsible for the panic because of Inability to withstand shock. 0 System Olianged. This has all been changed. New schemes are promptly turned down un less particularly meritorious; our bank ers are exceedingly conservative; weak concerns have been obliged to liquidate; greatly strengthened We pay yon 4 per cent to ears Don't Depend Upon Your Salary Hogs, fancy, 7ty(ffSo :ti; ordinary 1c large, 6c; veal, extra, nc per' lb; ordinary, 8jSVfcc per lb, heavy, f'c per lb, mutton, fancy, 77Vic per' lb; spring lamb, 7 4i 7 H c lb. HAMS. BACON. ETC. Portland pack iiocaii nams. lu to ij 103. i,c ner h breakfast bacon, 16 :'3 c P1 . picric-, 11c Jer lb: cottage roll. 12a ih regular Fhort ' ;ears sr.nkd, 1 : 'jo lb, ha k. smoked 12'.:- II.; smoker: short lears. 13Vc Ri.ci'iir I ellis, smoked. ;;n.t 't,;' lc per io; pickled tongues. ! i V rrxi cv ; That ii ni car, 1 ! c t -! 1: a : ( r '(par (; a ten t 'up-jrnrt and P auv time. F. S K R V F. ::mf rc,f- 1 ." urt in ''ur n ent. it wi.'l p: c.te, :k n 10 ::!.. lc;t -a-;I not only lie a yru and yi ,vr 1; K'.ve yi.'j a Hir.ilir.g .;:.. lie". A avinm aci.cir.t car. bt ".tsrted at thi Lar.k with a :! as one dollar, and ve pay you interest comixronded half yearly Two per cent allowed on checking ic-toun'j Two prr cent allowed checking accounts. on AMERICAN BANK & TRUST - CO. OF PORTLAND 9 trvcalli St., Oka Temple 1 a RATKTOJf Pre. a U MAC aXBBO(..Ca4tr. shoulders, 70c each. LOCAL LARD Kettle leaf. IPs. 14c per lb; 5s. 14Hc ter lb; 601b. tins 13Hc per lb: steam rendered, 10s. 13c per II.. Es. 13 Vic per lt; compound. lOg. 9 r pi r b. i FISH flock coi. 12 He lb; flounder. I 6c per lb; balibut. 5r per lb, striped I b,6B, Joe per lb, catfish. 1 Tr rer lb. sal . mon, chlr.ook, 5c lb. blucljacks. tc ltc : Steelhead. lb; herrir.gs 5c !b; (iolei. ! 7c per lb. shrimp l'c per lb; perch. : c per lb. t imcod. lie" per lb. lobster' 25c per It,, fresh mackerel, fr tr lb; crawfish, 20c pier li,(. n : stu-tenn. 12k- per Hj, black bass. 21"- r' lb; silver smelt. 7c per lb, Mark cod. 7 4c lb. crabs, $1.0001.60 dozen, shad. 2Sc roe shad 6c; shad roe. 2Vc lb OYSTERS Phnnlwter Bay. per m' lon. $2 50 per 100 lb sack. IS . O'vm ria. I'er gallon. I2 4'1; per 10" lh sack. II 00 g 6 f,r ; Esgle ennred. 60c cjn. $7 00 doi'n, eastern In hll. $1 75 r-er inn CLAMS Hsnfshell. per ruin, $140; rsror clarr.s. $2 00 per box 1 r'c per dox Palata, CoaX Oli. KVa. ROPE lure Manila. llc. standaxd, lie. slfa:. Sc; I. sisal. iHc BLNZINK 86 deg.. cases. lHc per gai. iron bbls, lIHc rr gsi. TURPENTINE In ruw, 7tc per -!; wood bb 49c per gal LINSF.KD OIL (tew. this.. 81c. cas. ti"-; boiled, bbls . F5c. n, 1 e gal: lots of 260 gallons, lc leas, oil cak. nieal. 13 4 ton. I WHITE LEAI Ton lots Te per ,b;."",b lot lb: ! lota He lb- WIRE NAILS Present baela, $2 11. Raslera (rain ItrHp4a. .r'r0 A, 32 Wheat receipts, 6. (, huhi, sgainst 712 f'v iaet er rrr I,ftf aa-alrwt t7.ti. !, rrr,e'-t of wheet. 6.e intmt 4S,,a (en. ni,f,c4) arainet $7..i. iran' hmt, 224. Corn. ' lour- 'UH Wheat and flour. 1 1 te. Additional Mirkru cm Vf Tern. credit has been and while good borrowers secure all reasonable accommodation bankers are pursuing a policy of great care in the granting of credit. Another factor of more importance than is yet appreciated is the great telief which has been lately afforded to institutions and Individuals by the rise in stocks. It is well known that somn of these would have been forced Into bankruptcy had It not been for the recent favorable turn In events. As It Is many concerns have been en abled to meet their obligations with un expected promptness; and it goes with out saying that their resumption or saving from failure will be beneficial to the financial community. In short the housecleanlng process which began last October has been thorough and benefi cial, disastrous as It may have been in some quarters. higna of Improvement in the merenn tile world are more nnnarent nvurv where. Stocks of goods in Jobbers' and 1 turners sneives are generally light Replenishment la necessary. The nrom- lse of good and profitable crops means nnowier year or prosperity to our agrl cultural classes who are still the back bone of the country. Next to cheap money the most effective argument for high prices in the stock market has neon this encouraging crop outlook. It Is also the chief basis of confidence in the mercantile community, which fortu nately f. It .he effects bf the panic less t.'ian oltlicv financial of Industrial Inter ests. Reaction Savers. The reaction was of course severest In Wall street, but depression was al most a3 Severn in manufacturing as In financial circles. This was particular ly conspicuous In the iron building and textile trades But revival is here also becoming more pronounced. Orders for jdg iron and Iron products are steadllv Increasing because buyers recognize the turn has come and nre placing contracts men nave oeejrr purposely held back. In July the output of1 -ptar Iron was 1.2 1 7,000 tons, or larger than in any month since March, and at present the output is running larger than at any time this year. Some big orders for both rails and cars are oeing placed by the railroads, which Is not only very uenenciai to me iron trarie. Dut demon strates reviving confidence on the part of railroad managers. The same is true in the building trades: and returns from 1 cities showed an Increase of ,15 per cent In July over the same month last year, the recovery being chiefly In New York. In textiles there Is also growing activity and an Important auction sale of dress goods field this week was un expectedly successful and has exerted a healthful Influence In the dry goods market. Other instances, such as smaller declines In bank clearings, lr business f. iliures. in railroad earnings, etc., could h, . ite.l to prove that business recovery 1 's fairlv started and has not vet r- a. l,ed Its limit. Crop Outlook. The crop outlook Is especially satis factory we are now almost sure of f il cri ps of cotton, corn and wheat, nil of which will command good price an I fur which there la likely to be a g I home and foreign demand. The g .irnrnent report indicate a large crop f f '.rr. and a good crop of wheat. The c ! rr,T, la expected to reach over ! .': .000 t ales; and, as already pointed l" ;t rh" mnny value of our crops will ! ,-r'. n'.y exceed all records. 1 :. ip money and plenty of It is a v.-rv influential element In the presen: n!-.,mce In spite of the approach of ; movlrg demands, both call and t int money are unusually cheep, and s o h low rates naturally make good stocks and bonds look attractive as In vestments. Bank reserves are about be highest on record for this period cf fe year and the monthly currency tat.-m nt shows the amount of elreula-ti-.n In the country to be $$.044,000,000. snalnst $2 781.000,000 a year ifo. An li.irease of over $260,000,000 in twelve rr..nth. chiefly In gold certificates, la, of fours inflationary In character, ee ;e. :;iv in view of the diminished ee tlvity in business whlch lessens the de nurd for currency The immediate future "of the merket contains, of course, a large degree of risk owing to It big advance, and which will knrrea. If forced, to a higher level, which Is not uatlkeljr tmm preeent appearances. Admitting the many favorable and very hopeful ron dltlona It must be remembered that prices hsre hsd a big advance, theli while stocks are In siring hand the rrsrltt I undoubtedly being mantpu- 1 lated for the purpose of nnloadlna. The rreeput leader here rrartlcally ai- (l ml ted reeource and the beet manipu lative skill 1 upon their aide; never theleee trces ere begtantna to reeck a somewhat heserdous level, we therefor , now advlae gradually taking profits. To the American Peoples If my facts have been grooved together aright, I have made ahso lutcly plain your powerlessness against the system. I have shown how a few men ltavc fashioned out of the honest joists and timbers of your civilization an ingenious machine that enables them to siphon into their coffers the profit of your labors. I have shown these men, becoming billionaires by the manipulation of this process, how one by one they have captured the innermost stronghold of government until the very constitution which our fathers believed would infallibly bulwark your liberties has become the Gibraltar of special privilege!. Today this American government is the System's, not yours, and the laws devised for your protection are construed for the justification and defense of their usurpations. This further proof of your impotence were necessary, the failure of Roosevelt, the acquittal of the big life insurance grafters, tlie grabbing of the Equitable Life Assurance Society by the boldest of all System t masters, Tom Ryan, and the reversal of the Standard Oil $29,000,000 fine and the skinning of the public and pickling of the people's judge who dared decree it by some other Judges who, when President Roosevelt proclaimed their action an outrage of justice, contemptuously replied, "Roosevelt Oh, he doesn't count," must have proved to you that neither in the law nor' in the government is the virtue to banish or punish these vultures of finance. If the government is powerless to check or alter the conditions that have left you prostrate beneath the claws and teeth of the plunderers, and if the law licenses the plunderer and his plundering, then there must be found some new way to cope with the enemy of the common weal. The weapons of the System must be turned against the System, and the proposition I shall fully disclose to you in my tomorrow's advertisement is the one to accomplish this purpose. To recapitulate: These were my conclusions in 1890, after 20 years of bouts with the System had convinced me of the facts: First That any band of men who could Control the banks and trust companies, thereby for all practical purposes controlling the money of the country, would be able to tlx and sway tne value ot tne stocks ana bonds of the country now $70,000,000,000. Second That the power to fix and sway the prices of stocks and bonds would give such a band the power to make take from the people unlimited money. Third That with the power to make unlimited money, this band must absolutely control all the affairs of the people and make business "good" or "bad" at will every kind of business. In 1890, with a full knowledge of existing financial conditions, I con cluded that the creation of a certain type of corporate instrument a way could be found to enable the people to do those very things for them selves. I planned an institution directed to accomplish the purpose I had in mind, but as I added, one by one the factors requisite I despaired of uniting the combination in one institution. My plan called for a corporation, with a perpetual charter, allowing it to engage in any business, own banks and trust companies aftd rail roads, operate manufactures and mines, buy and sell stocks and bonds, that it should have a large capitalisation, expandable to any degree and free from taxation, and that it should already have complete corporate existence with a large list of stockholders, and its stock established on the leading American markets. To perform the functions I had designed for my institution it vas necessary that the System be in ignorance of its possibilities andlais, so at its inception the grantor state should not insert prohibitions tend ing to nullify the latitude of those using it. Without freedom from taxa tion it would be impossible to pay taxes on its great capitalization; if there was not a large body of stockholders it would be possible for the System to purchase a majority of its stock, once its menace was realized. Above all, the complete control of the affairs of this institution must be in the hands of some one man, in whose ability and honesty of purpose the stockholders should have sufficient faith to vote as he saw fit at its meetings, and that this one man should be fully empowered to issue and sell to the public any amount of stock, so it would have in its treasury at all times any amount of cash independent of the System's banks and trust companies, or of the government itself. My corporation was an ideal one. It did not seem possible that any corporation in all existence met all these requirements. In 1894 I found that there actually was such an institution in being the Bay State Com- pahy, of Delaware. This corporation was the offspring of an up to that time unheard-of combination of conditions. J. Edward Addicks, controlling the state of Delaware for purposes of his own, in no way related to my plans, had procured from the legislature of Delaware just such a charter as my plans called for. I entered into an alliance with Addicks, and he delegated to me the financial management of his institution. At no time up to the publication of this statement has Addicks, or anyone other than Standard Oil Rogers, had any idea of rny plans, and Rogers was acquainted only with a part of them. When I took charge of Addicks' campany's affairs, and while I was still in ignorance of his character, I inaugurated a widespread and far reaching system of disposing of its stock. By 1896 Bay State had become one of the most active properties of the New York and Boston exchanges, and it had, through the sale of it stock, become possessed of some $10,000,000 of cash and valuable holdings At this stage I was planning to acquire its absolute control, when two peculiar coincidences junctured. Addicks conceived the idea of joining with Rogers and Standard Oil and Rogers and determined to corral the'Bay State Company. . ThJ;.result was the now historic warfare between Addicks and Stan dard Oil. Ceut of this war, and because of it, I entered into an alliance with Rogers and Rockefeller with the intention of ultimately acquiring through them the control of the Bay State Company, holding out to Rogers and Rockefeller that through itwe could consolidate the entire copper companies of the World. The following figures present an instance of the possibilities for money-making of such a corporation as my plans had called for, because if such a corporation handled the Amalgamated deal it would not only have made the profits named, but much greater ones, because it would have handled the deal fairly. Notwithstanding double dealing and the smashing of the Amalgamated Copper project at its very beginning, tha Bay State Company made over $4,000,000, Addicks over $3,000,000, Roger and Rockefeller over $50,000,000 and I over $10,000,000 in a ahort time. niiu wuii never oyer i,uui,utJ risked. In the working' out of this deal Rogers, Rockefeller and myself, as ii known to the world, fell out, and as part of my punishment Rogers swore I should, never secure control of the Bay State Company. The world is familiar with the fight which grew out of Roger' de termination to balk my pl.-ins. Rogers and his Standard Oil associates used every means known to man and possibly to money to first crush me, and failing in that, to com pel me to join with them. I used "Frenzied Finance" and my following amongst the people to maintain my existence and position. The first step in the fight was the throwing of the Bay State Com pany, with its then twelve to fourteen millions of assets, first into the hands of a receiver, the intention of my adversaries being to wind up the company and thereby destroy its charter, well knowing that such another could probably never again be secured. For five years, and up to 1908, the Bay State Company remained in the hands of the federal courts of Delaware, Pennsylvania, Massachusetts and New York, and kicking of its affairs between pillar and post its assets were snrunk to 5l,5U,(A)U cash $-U,UUU of this amount was eaten by the lawyers, the receiver and the expense of rourts and legal processes. Rogers, at the beginning of the fight, had become possessed of knowl edge enough of my plans to realize how badly I wanted the Bay State Company that I was prepared to pay millions for its charter, provided its organization and fifty-and odd thousand stockholders were kept intact, and he directed all his efforts to that end that the charter would be destroyed and the organization scattered. At the beginning of the fight I caused it to be known that I was through with the Bay State Company and wanted nothing more of it, and trained all my guns against the cop- ; per interests of Rogers and Rockefeller and their Standard Oil associates. ; The public and every one interested, excepting Rogers, accepted as fact the idea that I had given up all hope of acquiring control of the Bay State Company, and after a tortuous career in the courts, the Bay State Company, shorn of all its assets but $1,000,000, and apparently all of its power, was about to be wound up by the courts and its charter killed. Had this been accomplished, the only instrument in America today . capable of opposing and destroying the System's machinery for plunder ing the people would have disappeared. At just this stage came the day I had waited so long for the Sys tem's deviltry had culminated in disastrous panic and the American finan cial structure was swaying like an oriole's nest in a nor'west gale, and It is not my intention or desire, nor is it at all necessary to my work, to tell "what happened" between the System masters and myself during the conflagrated days and nights of the panic, or how it "happened." It is sufficient to say that it was in my power to dictate terms, and I did 90, forswearing thing's very dear to me that I might be in the position I am today to carry to a successful completion the result I have been planning a lifetime for. In winding up the general educational part of my work, as I do with this third advertisement, I would say to the public: Don't fool yourself : into the belief that I am any more fascinated with this many-word effort I than you are. I'm not. This sort of advertising means lots of work and heaps of money to print it. I much prefer the kind of advertisement you will read after tomorrow, brutally brief and mercilessly to the point of "Business is Business," but it was necessary absolutely necessary for me to show at length and in detail, as I have done in these three adver tisements, just how the people's' billions have been tricked into the hands of the few, before I set forth in my final one tomorrow how the people can regain the billions of which they have been plundered. THOMAS W. LAWSON Boston, August 12, 1908. This advertisement will be continued here tomorrow. 1 After you have read the above, and while waiting for the next chapter, remember that the "Stock Game" is the one game which never lets up in its milking of the people's savings. In the reign of Republicanism it was S good; in the Cleveland Democratic times which followed it was better; in McKmley times better still; and in the ; Roosevelt big-stick period, Stock Exchange seats, the infallible barometer, sold at the highest price since stock ex- j changes were created. The volume of business of the stock exchanges will not be lessened a fraction during the coming four years by the election of Bryan, Hisgen or Debs instead of Taft. Prices will be influenced, of course, by the election of Bryan, Hisgen or Debs, but the same ups and downs will be applied to the seventy billions of stock it is the ups and downs that do American people out of their savings. HOGS CONTINUE STEADY 0(1 EASTERN MARKETS Chicago, Aug today : 12 Stockyards receipts lings Cattla, Pheei 1 6.011" ChlcftKO 24. ""0 l"'"'. Kansas City . . 1 '''.""0 LLdoii 6.0no Omaiia ll.'oio 4. on 12.000 Hogs opened tteady. Left over from reaterday OOo. Receipts one year ago 6 000. Mixed come at $6 25g 85: heavy listed at $ 6T, 4j 85 ; rough. $2043 6 4O, light, $6 26 36 75 Cattle Steady to 10c lower, and the aheap come at steady. SAN FRAXCISfY) MARKETS. Pan Franeleco, u 12 WT-eat No. 1 California club, per cental. $1624, 1,7, northern blustem. $ 1.70 d 1.72 H . northern club. $16!iiT165. Inferior grades of wheat $1.4031 55. Barter- Teed barley, $1 $6 01 40. common to fair. $ll(filHt: brewing at San Fran- .. . - - risco, nominal, at $1.45?J 1.65: Chevalier, $1.651 85, according to quality. Eg-gs. Per dosen, California fresh, including cases, extras, 35Hc. firsts, 31c; seconds, 24c; eastern, selected, 26c; eastern, firsts, 28c; eastern, seconds, 21c; thirds, 22c; storage, 27Hc. Butter, f Per pound, California fresh, extras, 25Ho; firsts, 24c; seconds, 22c; thirds, 20c; parking, No. 1, IJHc; packing. No. 2. 15 to Vew CTheeee. Per pound. California flats, fancy. 11 He. firsts. lOHc seconds, 10c; Cali fornia Young America, fancy. 13c; firsts, 12 He; eastern Oregon, fancy, l$c; east ern Oregon Young America, fancy, Uc. Potatoes. Per cental. River Whites (sacks), fancy, 70c fill; poor, 605c: Early Rose, 76$ 85c; sweet potatoes, ' per pound. Onions. Per rack, red onions. 60ffT4)c; yellow, 75 8 &&c. Oraacea. Per box. ralenclaa. $1604 New York Metal Market. New Tortt, Aug 1$. Copper metal re duced 4 .lake, l$N01$te; electrolytic. 1$h6l!c; castings. lt01SHo. V. S. Government Bonds. New York. Aug. 12. Closing quota tions: 2s re, 1930, 103 104; 2s cou., 1930, 10i bid; 8s reg., 108. 10010m; 3s cou., 1908. 1004i7J 101 H; 3s small, 190.K. 100H bid, 4s reg.. 1925. 120H121K: 4s cou., 1925, 121 H 122. Foreign Grain Markets. Liverpool. Aug. 12. Wheat, S to ' higher; corn. V, higher; Beptember wheat 7s Sd; recember wheat, 7 j 5Sd; Beptember corn, m ifa. n Odd Fellows of two-story brick. Burns will build a CMrajro Batter and Ear. 4ThleaTL Aor II Butter aod egge nnchar r iietpt- knitter, le,4t; Overbeck & Cooke Co. Commission Merchant, Slocks, Bonds, Cotton. Grain. Etc. 216-217 BOARD OP TRADE BUILDINO lartntTi Cbicaco Board of Trade, CorrttpcmJ.ti of Logan ft Bryaa, Chicago, New York, Bottom. .4 We brew the only prrestc wire eoonectinf Portland with tfc taiter idtangea. i . " BTKMBEBJ rOKTUaJTZ) BOAJU OT TRACK. ' - " ft ' Lumbermens National Bank Corner Second and Stark Streets PORTLAND, OREGON CAPITAL $250,000 omcni O. K. WKNTWORTH President JOHN A KEATINO Vice-President GEO. L. U PHERBON... Vice-President IL D. STORY Cashier r. A. FREEMAN Assistant Caehler SrBBCTOBI JC Wentworth, Charles P. RuseelV. P. . Brumby. Tr K. A. X Mackenzie. George 0. Blneham. Llyd J. Wentworth. J. E. Wheeler, Ueorre 1 MeVhereon, John A. Keating, Rob ert T. Piatt H. D. Story. Transacts a General Banking Business