THE 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