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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Sept. 11, 1908)
TITO OREGON DAILY JOURNAL. PORTLAND, FRIDAY ' EVENING, SEPTEMBER 11, 1008. WOT (IE ..Not Iicyolutionary, jiiitUlroady in- 'Use, v Adopted by. . Bankers TJiemselves-Figures Show How little . ' " vHv iOuarahty Will Cost Banks. J e "A ; s a n- y a, s li w r '-'' By. John IE. ' iAtbrop... . ' "Chicago, Sept 11 John Barrett, d ' rector of ths bureau of American re- publics, recently gars an interview In which hi said ha had traveled .through a number of -slates lately and he had ' found' the plan for the guaranty of bank . v. deposits growing n popularity every day among ths' voters. Ho appeared to " believe It waa proving- to be a powerful ? card for tha Democratic ticket- 1 Every Indication Is such a to sub ttantlate Mr ' Barrett's assertions. ' That It U,at present the, moat popu , lar specific proportion put forth by the Democrat Is" further pro'ed "by the fact that the opposition SU 'making Its most strenuous efforts to discredit the - proposal before the vpterg. It is den nltely known that requests have gone . - ror l a to KepuDiican newspaper. i av . tnlr ' tha rua.ra.ntv nlan persistently. .-, snd to keep up tha fighting until No- i vember.- Attention sucn as inn n nu , given to trivial Issues. , eo.ulrsd Guaranty Fund a Trifle. . Twn nlana are nndar consideration: - .' Tn law a tax on tha combined capital surplus and deposits of national banks to create a-fund -to Insure depositors, - that they may get their money In the , 1 went ma panss jau. .- , To levy the Ui only on capital and ; i. surplus, . I am not eretendina to select between these plans as to desirability. But from the official reports of the treaa- - n ry department at-wasnmgion i nna ' that even though tha tax were confined to capital and surplus, the losses from failure of all national banks from 1S6S to 1S93 annually were f 837,110, or 0.137 of 1 par cent on the aggregate average annual capital and surplus, which was . - Taking the whola period from 186S ' to 1807, the average annual losses were . $771,705, or "only 0.104 of 1 per' cent on - total averager annual capital and surplus : Of 1740.642,189. ; -In other words, a tax of one ninth of 1 per cent on capital and surplus would - have been sufficient to cover all losses ' to depositors from failed banks from ; the beginning: of the present stage of .. the development of the national banking system. .-. Thesei figures are worked out with ex . ' ceedlng rare from the official reports s of the treasury department, and it Is believed that they will tend to dispel . .. the 'Wrong impression, sedulously c.ul . tlvated in some quarters, that the guar . anty rund would entail a heavy. " burv den on the solvent banks.- ' It is noticeable that some effort Is made to create tha Impression that it Is j proposed to make the government -re-; , sponsible for the t bank deposits. - So Y far as I know, no such proposal ever has been put forward, excepting by the So- cialieta, "who, of course, would have the government conduct banks "as well as Industries. , It is the impression that the ruling of the comptroller that national banks in OKianonia cannot jawruuy tana pari In tb plan Jn that state for guaranty of bank deposits Is purely political, rather than technically . legal.- Ills rul lng waa based on an opinion of the attorney-general to that effect. When It Is cited that practically all national batiks wire permitted to par tlclnatu in cienrlns house associations during in panic wmcn Degan in uc- loner and carry on ajmosi exactly in same work as that proposed in the guaranty plank, ' Including national, state and -private banks. It Is -urged that the attorney-general and treasury department have slightly mixed- law. and politics in thus prejudicing the publU mina ngainm tne guarantee pian. It Is hinted that, if some nations! bank were to Ignore the comptroller's ruling and participate in the Oklahoma state guaranty plan, no court would uphold the comptroller In enforcing any further ruling on the subject. For Instance, the facts pertaining to the John R. Walsh failure in Chicago, which drew down several banks and wrecked several railroad concerns, wers rehearsed in the open senate by Sen ator Tillman several times, they wore known to a whole nation, and. openly xn rnn fanned I v. China to banks asso ciated in the clearing house association , banded themselves to guarantee the de positors, and thus did whatT Precipi tate an era of reckless banking in Chi cago and throughout the country? Ob viously that action quelled fears which might easily have brought on a local panlo In Chicago, no bank suffered ma terial' losses, and there was an illus tration oiUiha praotloal operation of the guarantee plan, although neces urtlv tha nneratlon waa bunding: be-1 cause the plan was more or less bun gling. But depositors got their money, nev ertheless, and In countless other In stances the same thing has Jeen done with similar results. System Already la Vogue. .It is notorious that this community of Interest among banks has developed until It -Is true that in every city The banking houses are today virtually banded together to perform with more or Ibhs thoroughness, the very thing called for in the proposal to raise a guarantee fun for that purpose. Under existing conditions, the band lnir of the banks Is subject to the voluntary decision of the bankers; In the nlan nroDosed. what Is nowadays almost universally done would be done in an orderly manner, and there would be this difference, as heretofore cited, that, instead of waiting for months for their money depositors would get It without delay. . ' . Fire and life Insurance has been cited as' virtually the same thins: as the d re posed guarantee of bank deposits. As the discussion proceeds, it is apparent that the parallel between the two ideas, one already in universal use, the other merely proposed, is appeal in ar to me uusiness juugmem ui lue cuuuiry. ''t TAFT'S NAME CAUSES CLASH AMONG G. 0. P. CLUB ORGANIZERS AT SALEM . (Sulern Bureau of Tb Journal.) Salem, Or., Sept, 11. Luke-warm en thusiasm for Taft's candidacy and Inter mittent outbursts against State Organ- Izer John C Young" marked the attempt "to prganlse a Taft club In Balem last night. The organization at first refused to be known as a Taft organization but finally consented ' to name it the Taf t . Sherman .Republican club. . C. I Mo Nary, .deputy - district attorney, was chosen president. , ' When a' resolution was Introduced de claring -the club should ba known as the Salem Republican club, "which should have for its object the election of Taft and Sherman,", trouble arose. J. N. Smith was temporary chairman a)d lead one faction in favor of calling the or ganization the Salem Republican club. Thomas : Kay and Representative-elect Hal D.' Pat ton, with the Young Men's Kepuoncan ciud memoersnip oenina mm. contended ror a Tart designation When John C. Young's name was -mentioned by Mr, Patton, .who said he had been In communication with Young, he was met with "Who is John C. YounsT" and similar cries from the Fulton side of the bouse. Patton, however, won his point and the club even adopted the Srlnted form of constitution and - by iws sent out by Young. Earl Race was chosen vice-president; Frank West, secretary; Frank Meredith, treasurer. - The following were elected to serve -as executive committeemen: Chauncey Bishop. Lee Atcheson and Dr. W. Carlton Smith. Five were appointed to meet Mr. 'Young in Portland at the time of the conference in Portland to be held Tuesday, September 15. IDENTITY LOST FOR TEN YEARS, ASYLUM INMATE FINDS RELATIVES . .,.-' Salem Borera of The Journal.) Salem, Or... Sept 11. Emma Brain, for 10, years an inmate-of the Oregon . Insane asylum. - unbeknownst to ' her well-to-do relatives in ' Topeka, Kan., was transported today and will, make her home in the future -with a mar ried niece In thar state. J. W. Haggard, the husband of the niece, arrived In Salem yesterday and took charge of Miss Brain. - They will go to tha sea side and thence to Topeka. I - Emma Brain declares she was com mitted to the asylum by a man who wished to get rid of her. She remem bers little of the details now and for a long-time could1 not remember the address of the Haggard family and other relatives In the eastern states. When she had remembered, she wrotj them a letetr telling of her where abouts, and negotiations were tnrt,.rt at -once ror tier removal to the old nome in jvansas. r r i is c .1 I. av - First Openiing Sale anraiftitioii rfiffiiffieil 'Hits September 12th i The Largest and Best Selected Variety, of-Un-trimmed Dress Shapes These Embrace Only the Newest Up:to-Date Headgear From Abroad And the very latest domestic fashions. We are in constant touch ' with' the Parisian market, which enables us to procure for our stock all the very newest ideas in Millinery To make this, our opening sale, interesting to our many patrons, we shall place on sale for to morrow only a line of nobby Trimmed Dress and Exclusive Tailored Hats, values to A j ah $8.50 for tomorrow, choice tbr 5 These Goods Must Be Seen to Be Appreciated And compare the styled quality and workmanship to any nats snown up town, none ' reserved no duplicates. . You will buy Millinery here tomorrow wholesale i prices at retail - In every, new wanted color and style, from the smallest to the very extreme, in braid and vel-, vet English felts, satins, satin and felt1, all velvet and the new two-toned combinations, at prices" v starting from 07 and up. We Are , Headquarters for Everything in the Ostrich Line Direct from the manufacturer in plumes and tips French, Amazon, and Princess styles. Ask to see our special Black and Whita Genuine French Ostrich Plumes, 17 inches long. t Princess Heads, perfect black, guaran teed tomorrow at . ........... , $4.97 Priced everywhere at $10.00. MEEBINERY COMPANY Cor. Morrison and First Streets PTHE WONBBR . Ill ! ! : Hi jmfw A lue dresi jc,xausive xvianery nouse m tne west Ijt&fSg READY AS OIL BIIIW V If Experiment Succeeds All Xaval Vessels 3Iay Be so Equipped. :;Jr rrk rruot Tre Wkkh Errkt Under Wtigtt ct JT.rtr H. JlscjirUa rrtt, . . (Cnited Ptmw Leaiwd Wire.) Mare Island. Cal.. Sept. 11. In ac cordance with orders received here to 5sy the monitor Wyoming, which has been equipped with oil burning- fur- nao8 to be used for experimental pur- win oe piacea in commission September 28. The performance of the Wyoming un der the experiment will be watched with Interest. If the test la success- iui me largest vessels In the navy will be similarly equipped. Since the introduction of crude oil as a fuel on practically all of the western railroad lines there has been much discussion and not a little experimenting in ma rine engineering circles as to its adapt!- oiiuy aonara large vessels. The fact inai m vtyoming is to ne put in com iDimOT at opce is signuicant. The protected cruiser Albany will leare ror Hremerton In a few riava tn ds orernaoies. arter narmr dona natml ouit ior KTtm monins ax Honduras, pnifrimi American mieresta Havfns- Keen reta.lrrf. tha i-nilu. Colorado will arrive here from Bremer ton late mis month to t fitted Out with stores, later te proceed ta thm piio ana awaii tne arrtrai of. tha Pa C4iio liacu select inoir SCHOOL kSUPERIXTEXDEXT . : reerial DtaMlch ta Taa JaaraaL) Asteria. Or. fjpet II. John (1. Imel, ef Edmvttd. Okla has be Wtel pr1frlral of the Jtvlwla himh mrhnri Ha Tr) Tery Ms h i r .nr4mnniH. AcfnrMd fcia w as4 rfiurh. Ur ta arr-rs fcr ta s rw caja GOES IN SWOON 10 TOE GALLOWS Constantino Borsel Hanged at San Quentin for Kill His Wife. CTalM Prcas Lciard Wlr San Quentin. CaL. Sept. 11. Fainting and unaware of what was happening to hlni, Constantino Borsel was hanged today for the murder of Emilia D'Era mo in the gallows-room of the peni tentiary here. The trap was sprutis promptly at 10 o'clock and at 10 if J?".. Prononced dead. There - "V lu lnw execution. ui- 8 mn's last icu was to LWI -'':"--,""'7'r m pieture of his Wife. Who waa tha -m.. t v.i- ...w, " ti.. a . :r y '"-.uvuuia. geles whers Borsel was a lsboTer. . . - r wui rr, latum Ten T..,"1 fcAi.': infidelity t i v,l" return he shot and ANOTHER C03IPLAIXT AGADTST GRAIN HATES NEW MILL SOON TO BE ON 6 Waldport Industry to Give Employment it o Large . Number of Men. Sara f Tba Joarasl t Salem. Or, Sept 1L Another com- piaint reiatirs to excessive tariffs on rrmin rrom autra rrAM . - . . . was filed by Own Peabler of FVnd la ton yeeterdar in t3a nffi. .v- " . ,1 road commission. Tba L- ' ""ra pirta as were cowed by tha InTestlgatinns of the raQroad cotnnilssioa. for which haar ltge wers wlard to be bld tha ter part of tha mAmli Knk -. - - and rendleton. MsUmts. lmnl rase Cars! l.SOf born nmitl antia -M t i. it Sll r4. 17 M Aia. m). at ba pc, cirra, inxnj tai-non. ror ; t. (Special Dispatch to The JoarnaM Waldport, Or., Sept 11. The shingle mill building Is Bearing com pletlon and will soon be In operation. The company has eurehased Boo cord of shingle bolts from William Brooks and will begin hsullnsT next week. Mr. Daly of Portland has the Con tract for the hauling and will put on a number of logging team a The bolts will be haaled from the Brooks farm. ur ml ls below Waldport. across -to fo Waldport slough and brought down by scow. The 'company has", made extensive plans for the manufacture of shingles mo a large numoer or men wm given employment. - Kotaera, Beware I Take Oars!" 1.004 bore aamnla anlta t ta tt all wool. 7. S 9 value, on sale at the Bos ton btore, 1st and salmon, for lt.lt. Kidnap-d Girl Seeka Mother. traltrS Tress Uml Wlra.1 Pan rranclao. pt 1L Kidnaped oy her father frow her home wticn hot svs . years of age and while h mother waa near ta death, alra. Alina aicueuan or this city . In trying to lo cate nar rooiser. . wnnm sna last saw In Rurrev county. North Carolina. 11 year ag-i. Mm. M"lelln says h-r fathar. . T. CoekaraSam, ran away from oma with asother woman and retumad.ooe yer latar and stole th children. rralf and h-r two toothers Thay traIM trvr sararal atatae ant finally aatld is F-tli, hr !- workM as a iVL Latar t h-v m" 1 -to fa Fro-ia'-a wbara ah w-s irarrta4. nr fthT a rr tw hm' h e"Ti t !s Argr!a. wbere thy, are tow iirirg. . . "PORTLAND DAY" OREGON STATE FAIR Next Thursday, Sept. 1 7 "Portland Day" is the one great day of the fair and it will be a bigger and better day than ever. . The Southern Pacific Co. win provide Special Train Service. GOING ' Lv. Portland 1:00a.m. Lv. E. Washington Bt...t:14a. m. Ar. Salem Fair Gds... .11:16 a. m. RETURNING LV. Salem Fair Gds. .. .6:09 p. m. At. E. Washington St. , .(:04 p. m. Ar. Portland :10 p.m. Tickets at Third and Washington Streets, Union Depot, and East Washington Street. - WM. M'MURRAY, Gen. Pass. Agt, - Portland, Or. " 3IES. WALTERS SAYS J. FKANK CHOKED HEE fralta4 trass Laaeaa Wk-a.1 Can Pranctsoa, Sept. 11. It became known here today that J. Prank Wal ters, a prominent capitalist and real estate promoter ef this -!ty and Loe As gales, has been' Sefendast tn ft suit for divorce file by his wife, charging Mm with having beaten -ang cbokM ar at various tunes during the past few years. Tno rotrpltlnt a!si eharsaa tSt flad t oerraud o wtfa t Of H '- arartk at frfmtit t rrfanv lv rriT-(rt It to tha tr-rr-;tsi ren-rev an4 than tii;r.f lar1 he would never live with her again. The complaint recites a long list of alleged cruelties supposed to have bean endured by Mrs. Walters after her mar rlajte in New -fork In l0i. Tbey lived In San rmnclaoo at first but have made thalr Kama la T a a - raies for the past two years. Wallers V Is now In tbe aast A His wlfs asks for an fntartitratara- oVcrao of dlvorre and for as Injunction to prsvant the sal ef any ef tne r-ren. ertv ef the Intarborourh C"m par r which she says la community rrtmn ' Xotarlra CommcsstotiexL 4 Bakna ftvraaa The aaaraaLl tlm. Or., Spt II. Cotnratsslons ss ootartes fcara baon iMuod to A. X. n-vH.a. Oflt.Ii": I. T. Woa-aw r.. Ir4. and x. B. Ksdy. T..:nscx k.
