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About The Bend bulletin. (Bend, Or.) 1903-1931 | View Entire Issue (Jan. 17, 1908)
NEW CURRENCY PLAN t CttirissMi r.wlw Itlirs Sys tea fir Bank Clrcilatlii. SECURE! 1Y ASSETS IF BANKS Banks to Deposit Money With Gov ernment to Guarantee Both Notat and Depolt. Washington, Jan, 0. The sub-coin-ntttoe of the boose committee on bank ing and carrency, to which was entrust ed the (rasalng of a bill to Increase the elasticity of the currency, reached a coacloaioa yesterday and will report favorably to the fall committee a bill drawn la the main by Chairman Fow ler, of the comssitUeo. The bill will be Introduced by Fowler and referred to hts committee, where It will form the working basis for the framing of a bill of possibly the same scope and tenor. The bill provides (or the complete retirement o( all outstanding national bank bond secured currency and author ises In lien thereof a currency based upon general assets of the banks, to be worked out in this way: The controller of the currency will deeisnate throughout the country cer tain redemption cities, so that there eball bo a redemption city within at least 21 hours' reach o( every national bank. The national banks will indi cate to the controller of the currency to what redemption city they wish to be joined. The controller will then select a time and place within each redemp tion district for the organising of that district In the following manner: Each national bank In that district, regardless ol its capital stock, will be entitled to one vote. Representatives el the banks will meet at a time and plaee designated sad elect a board of saaaagers to consist of seven members. The sevea will elect a chairman, who will become a deputy controller of enr reacy and aweaae control of his re demption district, except that he shall set have charge of the enforcement of the criminal statutes. Each Bat local bank is aalhorlsed to present to the secretary of the treasury Battens bank notes aad lawful money ia Ilea of other national bank bond sh eared outstanding Botes. Then, if the bank's application therefor ia indorsed by the board of managers of the re demption district to which It belongs, the bank will receive guaranteed credit Botes to the amount of its capital stock. These notes will be subject to a tax of 2 per cent per annum. Each bank will be required to deposit as a guarantee fund with the treasurer of the United Slates 5 per cent of Its average deposits for the preceding 12 months and 6 per cent of the credit notes which It takes out. The revenne thus obtained Is to create and support a national guaran tee land of (500,000,000 for the guar antee of both the deposits and the out standing banknotes of every national bank. Eighty per cent of this fund is to be Invested In United States bonds drawing 2 per cent Interest, while the remaining 20 per cent is to be deposit ed in banks of the various redemption cities for the purpose of redeeming the guaranteed credit notes of the hanks of the various redemption districts. When the natlonsl guarantee fond reaches 125,000,000, which would be almost simultaneous with the birth of the new law, the government Is re quired to return to the hanks the Unit ed States bonds now held as security for Federal deposits, the object being to enable the banks to get control of the bonds, so that the government can invest tho 80 per cent of the guaranteed fond in 2 per cent bonds and regain control. In buying these bonds the banks holding them shall be paid tbelr original purchase price, providing their exact purchase price can be proven. It is Fowler's Idea, as embodied In the bill, to have the new credit notes printed on a green background in differ entiation from the yellow background of the gold notes and white background of the silver ccrtlcafites. Tunnel Open for Traffic. New York, Jan. 0. The first of the series of tunnels under the waters that divide Manhattan from Brooklyn on the one side and from New Jersey on the other was opened for traffic late last night, when the initial passenger train left the Bowling Green station of the Interborough subway and went the length of one of the long steel double tabes which parallel each other under the river to Brooklyn. The opening of this tunnel la regarded as a long step toward the eolation of the transports Moa problwa of New York. Battleships Off Brazil. Fernarabwo, Brazil, Jan. 9. The .American battleship fleet under com mand of Bear Admiral Evans, was righted passing this port yesterday at jseoa on its way to Jtlo Janeiro. VERDICT DECLARED VOID. Court of Appeals Reverses Decision In Schmltz Case. Ban Francisco, Jan. 10. "Iho JuJg. ment and order are reversed and tho trial court is directed to sustain iho de murrer to the indictment and dischargo tho defendant as to such indictment." This was the decision handed down yesterday by the District Court of Ap peals reversing tho judgment of tho trial court in tho case of ex-Mayor Schmits, sentenced to flvo years In San Qaentln ou tho chargo of extortion based upon the alleged "holding up" of the French restaurants in the matter of liquor licenses and setting aside tho indictment on which his conviction was had. The trial was made notablo by the appearance of Abraham Hart, lire po litical dictator who controlled the municipal administration, and practi cally placed Schmits In office, as a witness against the mayor, testifying that he had paid to Schmits 13,500 of tho $5,000 received by R jof from the Frenrh restaurants, In order that Schmits would permit tho board of police commissioners to issuo liquor li censes to them. Rue! had, previous to this, dramatically pleaded guilty to tho same charge, at the same time making the enigmatical statement that he was Innocent. On the ground that the Indictment did not show that a publio offense was committed, becaue it did not allege any threat to Injure property, the court holding that a liquor license was not property, but mere permission: that a threat to preent the obtaining ol J liquor llccnso by one who hid no au- tbority in the premises did not consti tute a threat aeainst property, end be cause of numerous errors In the ruling of the trial judge Superior Judge Frank II. Dunne the Appellate court held that the indictment was Invalid and the conviction null and void. In effect, the court held that Schmits was not given a fair and impartial trial. While the decision was not wholly a surprise, even to the prosecution, and had been freely predicted by Scbmlts's friends (or some time, It did not fall to cause something of a sensation and was the sole topic of conversation yesterday. The decision will hare the effect of Invalidating the other four Indictments charging Schmltx as well as Ruef with extortion, and renders void the plea of guilty made by Ruef, as the Appellate court held that no! crime was commit ted. By this rerertsl It Is feared that the prosecution has lost its hold upon Ruef, and it was freely predicted last night that the former political boea would now refuse all overtures of immunity, wholly or in part, to testify in the bribery-graft cases, and fight every in dictment aalntt him. Although the court ordered Schmltx discharged from custody on the extor tion indictments, neither Schmltx nor Ruef can take advantage of the reversal for CO days, and even then there is little likelihood that either of them will be able to get the enormous ball required for their release. There are still pending against Ruef 128 Indict ments) charging bribery, on which the total ball is 11,170,000, and Schmits would have to get bonds for (450,000 on the Indictments that remain ogatntt him. The proi ecutlon has 20 days in which to ask the Appellate court for a rehearing of the appeal, and the court has 10 days in which to decide the mo tion. The appeal would then go to the Supremo court, where tho same length of time would be required before the decision of yesterday can go Into effect. Cut Rates on Atlantic. Liverpool, Jan. 10. The White Star line today announced a reduction In lis second and third class passenger rates from English p)rU to New York and Boston. This step Is taken because of the traffic tliat has been deflected from the veesela of this lino by the Lualtanla and Mauretania, and tc the refusal of the Cunard company to concede differ ential rates for vessels of the Bailie clsse. Tho second-class fares were re duced by from f 0 to (7.50 and the third class fares by from M to (b. The Cunard company Immediately said tliat it would meet the cut. Loeb Goes Into Othsr Work. Washington, Jan. 10. Investiga tions In local financial circles by Rep resentative Smith, of Michigan, chair man of the house committee on the District of Columbia, warrants him in saying that there is to be a consolida tion of the streetcar companies of the District of Columbia, and that Wil liam Loeb, Jr., secretary to President Roosevelt, is to be given the active management. , Mr. Smith has been making Inquiry Into the streetcar situ ation, with the view of getting author ity for constructing new lines. Greene and Gaynor Qo to Prison. Macon, Ga Jan. 10, Benjamin D. Greene and John F. Gaynor were taken to Atlanta today to be placed in the Federal penitentiary to begin four year sentences for embezzlement of govern ment funds in connection with govern ment work In Savsnna harbor. They bad been in jail pending an anneal to the United States Supreme eoort. I OREGON TTATE if EMS OF INTEREST NEW KLAMATH INDUSTRY Stockmen Organise Company to arata Packing; House. Op MerrillThe organiatlon of the Kla math Packing A Commercial company, incorporated is about complete. Tho capital stock Is (500,000. The company has purchased of N. 8. Merrill ten acres of land at the foot of Front street, bordering on Lost river. The object of tho concern will be to pack and ship all kinds of meat. Dur ing the past searon over 25,000 head of cattle and sheep have been driven through this city to Montague and thence shipped to Sacramento snd Oak land, where they are slaughtered for market. There are many conditions which make this long drive and shipment un satisfactory. Among these are tho toes of flesh on the 100-mlle drive, tho dam aging of meat caused by the goad stick of the csttender, tho fevered condition resulting from the close confinement, tho cramped position In the crowded cars, and the general unfitness for market of the four footers upon arrival at their destination. The slaughter of these animals In this county will Insure perfectly health ful and palatable meat, will eliminate the shrinkage, and will double the profits of tho stcck raiser, as he will receive not only his first profit as pro ducer, but as a stockholder In the com pany will receive a second profit as wholesaler. Because of the lateness of tho sesson, comparatively little work can be done this year, but the company will be put upon a working basis snd loveral hun dred head of hogs will be converted into hams, bacon and lard. Early next spring conveniences for the preparation of all by-products will be installed. MAKE WARFARE ON SCALE. Marlon County Frultman Learning; to Fight Dread Pest. Salem The most practical, interest ing and instructive discussion of San Jose scale ever given in Marion county was heard hero last week when Coun ty Fruit Inspector E. 0. Armstrong ad dressed the meeting of the Marlon County Horticultural society. About 200 growers of Marlon and Polk coon ties were present, and It was tho unan Imoos opinion that if similar talks and demonstrations were gives in every part of the Willamette valley this win ter, it would be but a short time until the great enemy of the frnlt Industry would be nnder control. That a very large number of growers do not know scale when they see It, and therefore are in a very poor position to fight it, was evident. Mr. Armstrong made bis sddress so plain and Illustrated It so fully that no one who was present will ever have trouble In distinguishing this pest. To Develop Oregon Borsx, Burns The Oregon Borax company, of which Joseph Gaston, of Portland, Is president, has commenced the work of developing the soda and borax de posits at Alkali lake, on the edge of Lake county near the Harney county a".."' - " -Z ' of lumber ha, been ordered for Prma- n,n. ImlMlBH. and Bunerlntendent line at Cray's Iintte, ZaII Ynnnv. ullh a rtv nf rrr,nrr.. I if on the K'oand to carry on tho work. Fa m.lAlltMw Sn tt.u.A nr.n.Hllini !. sheet Iron for boiling' snd settling tanks has been ordered in California snd will be shipped up to the l.ko by the nsrrow-gaugo railroad from Reno to Alturas, where the Unks will Lo,TJ?" 'V constructed on the grounds. Beets Do Well In Klamath. Klamath Falls That Klamath basin Is to become one of the lending sugar beet districts of the country is evidenc ed by the results of analysis of sugar beets just received from O. O. Town send, pathologist In charge of sugar beet Investigations of the Department ot Agricullnte at Washington. The sample sent was of three beets grown on a test patch of a qusrter acre of land a mile from Klamath Falls, on which wss produced 8,385 pounds of beets, or nearly 17 tons per acre. Laying Out Reclamation Work. Klamath Falls The reclamation ser vice has several surveying parties lay ing out next year's work on the Kla math project. One party to now en gaged on the second unit in tho Olene district, while Engineer Sargent has a force on the extension of tho Keno canael, paralleling the Klamath river, south. Hides Take Big Drop. Pendleton After tho highest prices ever paid tor hides in Eastern Oregon, in the past eight weeks, prices have now dropped to the lowest price known. Only a few weeks ago dry hides were quoted in this city at 18 cents pound. Now dry hides are worth pr but i if cents and green hides hut 4 cents. I wool Eastern uregon, average best, 13020c per pound, according lo shrink naiero v. rv. emion dm bisu age; valley, 1820e, aoeordlng to fine copy of his petition for Republican ness; mohair, choice, 29030a per nomination for United States senator. pound. DALLAS AFTER A CANNERY. Frultmen Uelleve lhay Will Have a Market for Crop. Dallas A committee appolntd at tho meeting ot tho Horticultural society last week for tho purposw ot swurlng tho co-operation of the fruit minors of this vicinity In the establishing of a cannery nt Dallas, is hard at work. With the exception of the bcrrycrop, sufficient fruit is raised within n radius of live miles around Dallas to easily support a cannery, and It Is Mleved that the establishment ot that Industry In this city will result In the planting ol enough of the small fruits to keep tho cannery in operation during the en tire season each year. A company will be formed and the farmers, fruitgrowers and business men will bo solicited to tako stock in It. Heretofore tho fruit crops ot this vicin ity were shipped to tho canneries In Salem and Newberg. Many Counties Represented. University of Oregon, Eugene The following table, taken from the records ct the register's office, shows tliat the students of the Unlwrslly ol Oregon como horn every county In the state. mere are now in nuenuanco in uie De partments at Eugene, exclaslvo ot mn sio, 400 students, which Is the largnet body ot students ot college rank enrolled In any institution In Oregon. Tliat they are not from the hemes ot the rich is shown by tho tact that nearly 70 per cent of them are either wholly or par tially earning their own way. Meet of them are registered from the smaller cities of the state thst support good high schools. Tho following counties are represented Baker, Clackamas, Clatsop. Columbia, Coos, Curry, Doug las, Gilliam, Grant, Jackion, Joseph ine. Klamath, Lane, Linn, Marlon, Multnomah, Polk, Sherman. Tlllamock, Umatilla, Union, Wasco, Washington, Wbashlngton, Wheeler, Yamhill. Cow Earns Her Fsed. Oregon Agricultural Collcgv, Corral lis A five-year-old llolitoln at tho college dairy made a milk yield of 13, 744 pounds for the year ending Decem ber 31. The product carried a butter fat reccrd of 440.65 pounds, and yield ed 520.07 pounds of butter, that at prices current during the year brought (170, She wss not pushed in the feed ing, but given the ordinary rations In cident to any well-kept dairy. Her food for the year cost (40, leaving a net profit ot (ISO. Big Milton Ranch Sold. Milton For the price of (28 602.60 Henry L. Frailer, of Milton, tuts sold his ranch near this place to William II. Harder, and the deal represents one or the blsgost individual transactions made in this section of the country for many months. Tho Frailer ranch is located just southwest of Milton, and contains 240 acres of wheat land. This sale also InrluJed the Fransler resi dence in Milton. PORTLAND MARKET8. Bulter Fancry creamery, 32UQ35c Per pound. L - JM ' i?,)? 15 Pnds, 7c; 160 to 200 pounds. 6 0f Poultry Average old hens, 401fo per pounds mixed chicken, 14a; spring Lnv"'"i LXAfl'. wl chfakens 14a lorkg-. Ihw, XB17t U'lJST't'lSiM. 10?' ':; 15f &"" KgkS Frevh ranch, candled, 200 32c per dozen. Pork Block, 763160 pounds, 6X0 7)e.: packers, oX7Xc. Wheat Olub, 84e; bluestem, 80c; valley, 84c; red, 82c. Oats No. 1 white, (27 .80028 gray, (27X0028. Barley Feed, (27 per ton; brewing, (32; rolled, (30. Corn Whole, (32; cracked, (33. Hay Valley timothy, No. 1. (18 per ton; Etstetn Oregon timothy, Vi(&TH clover, (16; cheat, (16; grain hay, (16 010; alfalfa, (15; vetoh, (14. Fruits Apples, 76c(2 per box; peaches. 76c(2perrrste; pears, (1.25 01,76 per box; cranberries, (0.60012 per barrel. Vegetables Turnips, 76o per rack; carrots, 66e per sack; beets, (1 per sack; beans, 16o per pound; cabbage, lo per pound; cauliflower, 76c8(l per dozen; oelsry, (3.263 60 per crate; onions, 1602Oo per dozen; parsley1, 20a per drzon; peas, 10a per pound; peppers, 8017c per pound; pumpkins, ll)tfo por pound; radishes, 20o per dozen; spinach, Co per pound; sprouts, 8010c per pound; squash, Italic per pound; tomatoes, (2 per box. Onions (1.0001.76 per hundred. Potatoes 4 O0(JOo per hundred, de- Jlvorod Portland; sweet potatoes, (2,76 03 per hundred. Hops 1007, prime and choice, 60 7a per pound; olds, l2o per pound, VESBhL IS SAFE. Steamer Mount Royal Encountered Severe Storms. Quecnstown, Jan. 8. Tho long over due Canadian, Paolfla strainer Mount Royal steamed slowly into qiieeustawn today, ami the news of her safety wss received with gladness in shipping clr cles. She had been last reported oft tho Lizard, December 10. and watch was being kept for her ou both sides ot the Atlantic, and as tar south ss Bermuda. She left Antwerp December 7 for St. Johns, N 11. She had on boa id 300 ihinirarUn emigrants and a crew ot about 100 men. Bhe was definitely sighted off Old Head ot Klnaalo, 10 miles west of this port, early today. Bhe was then pro ceeding slowly under" her uwn sleam, and signaled that she was coming In hero. She declined tho help ot a tug sent out to sstist her, snd came In alone. Trouble with her boilers was the reason the Mount Royal had to put back. She Is nt best a slow boat, and shortly alter leaving the British coast she encountered a series ot violent gales. She battled with tho heavy westhsr (or a fotlnlght, until Christ mas eve, when serious troiiblo with her tollers developed. The steamer was then In longitude 24.61) west and lull tude 43 north. The engine room stall ultimately got up strain, but In view ol the weather the captain made tor the Irish const. Passengers and crew aio welt. The Mount Royal officers described tho wealher of! Lizard as the worst ex pericttcod on the Atlantic formally years. HAVE PLENTY OF MONEY. Petition to Havs Standard Oil Bond Increased. Chicago, Jan. 8. District Attorney Edwanl M. Symrs) filed a petition to day In the United States court ot Ap peals, declaring that the Standard Oil company, of Indiana, has ssasts amounting to mote than (27,000,000, and asking for an Increaso In tho tuer sedras bonds of tliat corporation filed on its appeal from the (29,240,000 fine Imposed by Dlsti let Judge Landls. The government renewed its original plra that the bond ol the oil company, pending dlipoaal ot the appeal, should be the same In amount as thn fine, It was originally Used at a total of (fl,. 000,000, on statements by attorneys for the defense lhat the propeity of tho company at Whiting, Ind., would bo worth bnt (2,600.000 to (3,000,000 If sold at auction, The other holdings of the company wero alleged to be worth, on the same basis, little more than (3,000,000 to (4,000.000. Tho government now charges that the actual value of the company's property sub ject to execution Is largely In exreis of (3,000,000 and the profits of the com pany for tho throe years embraced In the Indictments sgalnst it were (23, 007,120, and that the profits ol the company for 1000 alone the year In which the Indictments were returned were (10,610,082. PLUNQE OFF BRIDGE. Wrsck on Southern Railway Three and Hurts 80. Kills Atlsnta, Ga., Jan. 8, Rnnnlng at a speed of 30 miles an htur, the second section of an excursion train on tho Southern railway from Clsvuland, known as tho Collvor Special, and bound tor Florida points, plunged Ui rough a trestle ovtr Copper Mino creek, about 30 miles) west of AtlauUt, today, and as a result, thrre persons are dead, two others fatally Injured and 80 passengers "weie so seriously Injured ss to require medical attontlon. It was nearly midnight when the Southern railway relief train reached Atlanta bearing the body of Engineer James IVIwards and shout 60 nl the In jured, among whom were Mrs. Emit Hoover, of Columbus, Ohio, who Is In a dying condition, and Florence A. Stu- debaker, of Cleveland, internally In jured and probably fatally hurt. Fore man of Engines Sohnapp and the negro fireman, Mose Baldwin, died noon alter reaching the city. Many of the other injured weso lifted from tho car window in Atlanta and conveyed to hospitals, while some ol tho hurt wsro able to take cabs to hotels. After Government Land. Denver, Jan. 8. Half a dozen suits, naming more than three score defend ants, for the xecovory of thousands of seres of land estimated to bo worth sotcral million dollars, wore begun to day by the government In tho Fedora! court hero The mon accused ol tim ber, coal and other land frauds In tho Indlctmonts recently quashed by Jndgo R. E. 10 wis are dofondants In tliesu suits. Should the govornmont win In the present proceedings the lands In volved will again be placed in tho pub lic domain and thrown opon. Ontario Votes on Local Option. Toronto, Out., Jan. 8. Local option wss voted on yesterday In a number of small towns, villages and townships in Ontsrlo. Returns from 68 show tliat it was defeated In 87 and oanled in SI. WARNIli TO JAPAN Root Says She Must Stop Flood ol Coolie Immigrants. EXCLUSION LAW MAY BE PASSED Japanese Government Attempts to Adroitly Dodge Issue Moot Staves Off the OrUls. Wshlnston,Jan, 11. Negotiations between the United State snd Japan have readied a serious staga, While war at an eventuality Is not sorlomly apprehended, largely because of Jan's unprrpa reduces, It Is known lhat the historic friendly relations air strained almott to the point of breaking. The otlVotal denial given nt the State department ol cabled reports of de mands having been made upon Japan are literally true In a diplomatic- srut, but tho denial, In ".. a measure, Is an evasion, and the reduced Tho "oral mrronUtlons" ichange cl ''memoranda," to plsn Hngllsh, mean juit uu: Ambaisador O'Hrlen, nrtlng under Instructions, has, since reaching his post last Octobsr, been attemptlrg to secure from the Japanese government MtUfactory aemancr that under the pledge given at the time ot the are ot the Immigration law last Fohrtiaty the Japanese government would rusiit In reslilctlng the emigration lothlt country of objectionable) Japanese labor. Twice has he roinmtinlcatrd to Secretary Root replies obtained Irom Count llayaskl. In which the Japanese government attempts adroitly to dod the Issuo. Mr. Hoot has submitted to the Jsp. ance government, through Mr. O' Hrlrn, statistics prepared by the de partment ot commerce and tabor, show Ing that the Immigration of the um! slrsble class ol Jspsneee slnee the Japanese government gave Its promlsi lis lxn monthly at least twice as larse at before the promise was given, and during some months four timet ss hug. The presentation of rold statistics showing Isslly, coupled with the Inll mstlon Hist congress msy adopt more stringent measures, possibly an eiclu i Ion law, hroguht from tho Japanese government the second reply, which reached Mr. Root a few days ago In the form of a rsblrgtsm which cut several thousand dollars. Mr. Hoot Is now preparing an an swer, with the aisltlsnce of sevrral ei pert In Orients! affairs. Tho Japanese government will be Inlorncnl Hurt aasoranre cannot be glten tliat an ez elusion act will not be passed,. but that the administration will eierolse Its Influence to nrevrnt such legislation, II possible, pending tieitntlatlons. The Issue In ortklal clrchs In Japn lias caused acute agitation, and tx cause of the strained condition of nflalrs, Mr. Root will not unnecetiatlly pirolnllsto matters, with the Iwltlrshlp licet to far from Its bate In tho Pacific. Etttmatss Too Low, Washington, Jan. 11. Itocauro cl ihnnvvd conditions fnun thoto exlitlng In 101)5, when tliemlnorltrof tlielx.md of consulting Mutineer of the Pana ma cannl submitted Its rejxnl.'lt Is now admitted In rcspontlhlo iiiartois that the estimate made by that renirt for building the cannl was far too low and tliat Iho coat may apnruilmate (200, 000,000. Olils Includes various Inci dental Items, such as sdmlnlitrallon, sanitation snd Improvement aggregat ing several million of dollar In Pana ma anil Colon, which, however, will bo refunded by tho Panama government, and the oipenira of the zone govern ment and various oxpeu'c inaldniial to tho relocation and acquisition ol tho Panama rallnad. The estimate ol the hoard In 1006 was that tho cost would be (130, 706,200,'biit this ostlmato did not In clude expenses on ncenunt of Intercut during construction, sanitation and zouo government, Rant Strikers Evicted. Now York. Jan. 11 Rluhtv evic tion of East Sido tout strikers took place today, and Monroe street wss filled with a plcturetmio litter of dis placed furnishings, It In hollo vod that the strike situation Is now near n sola tlon, and olalms of victory aro being made by both sides. Tho Indications aro that tho honors sro altout even for, although most of tho tenants paid tho rent atked when thoy saw that eviction was Inevitable if they longer refused, others obtained concosiluns from land lords. Withdrawing; Troops From Muncle. Munclo, Ind., Jan.l 1. Major Gen eral MoKeo Issued orders this afternoon for tho return to their homes of throe cornamilcs of mllltla now In Muncle. Stroet cars sro now rnnnlng on normal schedule,