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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Jan. 15, 1908)
lo THE 3I0RXIXG OKEGOXIAX, WEDNESDAY, JANUARY 13, 190S. 'S FATE LIES Must Sign Tims Certificates or Merchants Will Go Into , Receivership. WILSON SOUNDS WARNING rrompt Action Will Save Institu tion, but Otherwise It 'Will Be Im possible to Pay Accounts in Full, Says the Examiner. - The appointment of a receiver to liquid ate the assets of the Merchants National Bank is probable. Depositors are notice ably slow in accepting time certificates of deposit, which bear interest, in exchange for their demand balances and unless they show a better spirit in this regard with in the next few days, a receiver will be asked for the institution and the assets will be disposed of for what .they will bring. It is hoped that such a course will not be necessary but it is practically set tled that unless the depositors show a willingness to help the bank pay dollar for dollar, the institution will be forced into a receivership. Bank Examiner Wilson is confident; however, that if depositors' show a dis position to aid in tbe work of reopening the bank, every creditor will be paid in full. Unless they do, there is little hope, he says, of their realizing anywhere near the face value of their claims. Mr. Wil son said: Must Sign or Lose. "Every true friend, of Portland regrets the existence of a condition which now seems to make it probable that a receiver will be appointed for the- Merchants Na tional Bank. The bank owes its deposi tors about 3,000,000- and I, after careful scrutiny, have decided that its assets ara sufficient to pay foliar ror dollar under normal conditions'. By this it is meant that as a going bank the" Merchants Na tional is perfectly solvent, but should it be necessary to liquidate, its liabilities through a receiver, a different result -is almost certain. To avoid this the Con troller of the Currency has consented to allow the bank to reopen when it has iU required reserve intact and sufficient other funds to meet its demand liabilities. To comply with these requirements it is necessary not only to collect large amounts owing to the bank, but to re duce the demand claims against It by hav ing its depositors agree to extend the tima of payment beyond the proposed reopen ing. Many have agreed to do this, but many others are holding off, either for a higher rate of Interest than the bank is offering, or with the Intention of demand ing the whole of their money immediately when Its doors are opened. "This unpatriotic course will compel the appointment of a receiver, and it is a well known fact that the assets of a failed bank depreciate fully 50 per cent when it becomes necessary to dispose of them by a receiver. Comparatively few banks have ever paid their depositors In full under such . circumstances, and it is a matter of record that the average life of a failed National bank is about five years. Chance to Save All., "If the depositors of the Merchants Na tional could but understand this, they surely would not delay signing the agree ments sent out by its officers. A receiver ship for the Merchants is inevitable un less tills is done, and with it will come suits and foreclosures for the collection of claims held by the bank, and demorali zation of business in general. The de positors have been given their chance to prevent this. if a receiver is appointed they will have only themselves to blame." Stockholders of the bank met last night at 7:20 o'clock for the annual meeting, William Roardon, a wealthy manufac turer of Midland. Mich., a stockholder in the Merchants National, attended and made a short talk, heartily approving the fight made by the bank against such overwhelming odds, and said that the plans for reorganization are practical and bound to succeed, provided . the debtors of the bank will be prpmpt in settling their obligations and the creditors will act in response to tho call for the ex change of demand deposits for time cer tlncaten. The talk was interesting, as it showed the views of an outside stock holder on the management of the bank, and Instead of there being any censure for the officers. Mr. Reardon praised them for withstanding the run on the institu tion as long as they did. The meeting was adjourned to meet one week from last night, as Attorney Muir. who acts for the bank, was absent from the city and it was desired that he frame resolutions to be adopted by the stockholders. He was called away from the city and 'had not prepared the reso lutions before leaving town. Other mat ters that would properly come up at the meeting of stockholders will be held In abeyance pending the outcome of the pres ent reorganization movement. BANKS HOLD ELECTIONS All Officers and Directors of Three Institutions Retained. Portland National bapks held their annual elections yesterday, the entire official list being re-elected for the coming year. The First National Bank held Its annual meeting at 11 o'clock in the .offices of President Mills in the rear of the banking rooms. All old .officers and directors were continued for another year, as follows: Presi dent, A. U. Mills; cashier. J. w. Ncw kitk. These men, with James I'. Fail ing. Henry Connor. Jacob Kamm and M. Corbett. form the directory. Of I leers and directors were re-elect-cil also at tiie United States National. The official list is: President, J. C Ainsworth ; vice-president, R. L.ea Karnes: cashier,' R. W. Schmeer; as sistant entailers, A. M. Wright and W. A. Holt. Directors are J. C. Ainsworth, 1. W. llcliman. Percy T. Morgan. George K. Chamberlain, Rufus Mal lory, D. W. Wakefield, R. 1. Maclcay and R. l.oa Barnes. At both meetings, it was the gener ally expressed opinion that in future the banks will carry increased cash reserves, tho recent financial flurry having shown the wisdom of having large amounts of cash an hand or im mediately available. The Government requirement of 25 per cent of all de posits is thought to be too small should unexpected conditions arise, and reserves of 3o and 40 per cent will bo the rule hereafter. The stockholders of the Bank of Sell wood held their first annual meeting- Monday night in their new bank building, corner East Thirteenth and Umatiua avenue, in Sellwood. Th business of the bank was shown to be in fine shape, and tho following direct ors were elected: J. M. Nlckum, A. P. Morse, Peter Hume. Theodore Wolf, J. W. Campbell. P. M. Donaugh. A. C. Mowrcy anil Joseph Hume. The board thin rc-clcctcd tho old officers for I WTH DEPOSITORS another year Peter Hume, president; r. M. Donaugh, vice-president, and J. " Campbell, secretary. BIL'L TO GUARD BULL RUN Water Board Will Protect Reserve From Encroachment. At a secret session yesterday morning- the Water Board discussed mat ters cf great importance concerning riparian rights on Bull Run River. This was the second executive meet ing of the board to. be held within one week, and, although the members refuse to make any statement, it is known that much importance at taches to these conferences. Mayor Lane admits that water rights were under discussion, but beyond that de clines to talk. In his annual message to the Coun cil, now on file at the City Hall, Mayor Lane stated that he had filed on all of the- rights of the Bull Run River, and it was, therefore, thought that the city was fuliy protected. However, in view of the two secret sessions of the Water Board, It is now believed that a bill is being prepared for presenta tion in Congress, seeking to secure ex tended Federal protection for the Bull Run Reser. Mayor Lane has in mind 'a plan to build a municipal lighting- plant, and it- is the intention to secure operating power from the Bull JRun River, so that it Is very desrrable to keep all : -""Zi r - - ' . - ; i J ' I ;;; 0rK- , j th- 4 i J 4 t If , ,;J i:j tr "V vl ff Vi l 1 :JH ..31 HOMER DAVENPORT. AMERICA'S MOST EMINENT CARTOONIST, WHO LECTURES AT THE WHITE TEMPLE TONIGHT. persons and corporations from en croaching on the stream. It is thought quite likely that the executive sessions of the Water Board had to do wltn a bill for presentation to Con gress embracing sufficient provisons to insure complete protection of the city's interests. PORTLAND THEATERS SAFE Panic Only Danger in Emergency, Says Spencer. ' Portland theaters are safe in every respect, according to City Building In spector Spencer, and no danger exists, so far as wise precautions and provisions of law can insure. It depends upon the people themselves, he says, as to whether there shall ever be a catastrophe, such as occurred Monday night at Boyertown, Pa. "You can have a panic on a street, on a vacant lot or any place and kill a lot of people," said Mr. Spencer. "It is the panic, not the fire or the collapse of a building, in most instances, that causes the loss of life. Nothing can prevent these panics no amount of precaution can guarantee against them. It is simply for the people themselves to learn to keep cool and not to stampede when danger comes. "In Portland, we are strictly enforcing the building ordinances. We have paid much attention " to theaters and public meeting-places since the disaster In the Iroquois Theater, at CMcago. and it can be said that insofar as ordinances and precautionary measures go, this city is fully protected. We have secured asbestos curtains at all playhouses and there is an average of one exit for every 12o people in all of the local theaters. This is sufficient to give every one opportunity, in case of any emergency, to escape un harmed, if the people would but keep calm: if they do not, then it depends upon just how they conduct themselves as to the fatalities. Every public . meeting house in this city is as safe, as it can be made by law." . . ' PIANO PRICES ' Go Jumbling All Xew Pianos One for $190, Two More for $2'J0 and $2i25. My ads to sell pianos without reserve brought results yesterday. One party in particular, who made the rounds of the retail stores and had also investigated the special sale work of the men on Front street, found that I could sell him a piano for less money . than any of them. I know I can. I can do this. For today. I have marked three pianos that' are even below cost. I want to turn .these into cash berore the store closes tonight. One may be ..ad for J1S0, another one for 30, and the third one for $225. I want the cash before night. Don't make auy mistake in the place. There Is only one factory piano bouse in the Northwest, and hat is Reed-French's- Sixth and Burnside. Bert Beed, secretary- - tef Ban? Is Ccttbia; Teeth Be .uie and um tbat old well-tried remedy. Mrs. Wlnslow'a Soothing- Syrup, for chlldraa eethlnc. It aooth.es tha child, softens the sums, allays pain, collo and dl&rrhoca. PHOTO CALENDARS HALF PRICE. 10c up- Kiser. 218 Alder St. IN CITY United Railways Will Get Re vocable Permit. FAVORED BY COMMITTEE Proposed Substitute Franchise Is .". Amended to Require Completion of Line to Hillsbcro Ay January 1, 1910. Questions asked and replies made dur ing the special session of the streets committee of the Council, at the City Hall, j-esterday afternoon, indicate that the United Railways Company . will be given a revocable permit to operate its cars within the city limits before its lines are completed to Mount Calvary Ceme tery and Hillsboro. There is a clause in the franchise, as now drawn, prohibiting this, but there is a sentiment among members of the Council that, if the of ficials of the road show good faith, it would be only fair to allow them to op erate city cars before the time specified for the completion of the entire interur ban line: ' As revised by the streets committee at yesterday's session,, the franchise .asked for by the United Railways calls for com plete lines in operation to Hillsboro by January 1, 1910. and to Mount Calvary Cemetery by July 1, 1909. H. Wittenberg, one of the chief promoters of the system, expressed himself as satisfied with this time limit, and said thje company will do its best to have- the lines to both places in operation even sooner than required. There was a discussion between Coun cilmen Wallace and Driscoll, on one side, and Vaughn, Kellaher, Rushlight, Cottel and Concannon, on the other, as to the time In which the Council should compel the company to complete its lines. It was contended by Councilmen Wallace and Driscoll that the road could and should be completed to Hillsboro before January 1. 1910, but they were outnumbered on the final vote. Speaking for the company, Mr. Witten berg made an earnest speech, in which he asked r the committee to recommend that the Council allow the company to operate cars within the city limits before the interurban roads to Hillsboro and Mount Calvary are completed. He argued that it.is but just and right, to the com pany and to the city, and to the people along the lines, for service to be main tained on all of -the completed track. "It is but fair that we be given the privilege of operating cars over that por tion of our road that is ready for it," de clared Mr. Wittenberg. "In view of the fact that the franchise calls for for feiture, of the franchise, tracks, rolling stock and everything the company pos sesses should we fail to complete our lines to Hillsboro and Mount Calvary in the given time, what harm can there be in al lowing us to run cars as far as we can and as soon as we get the track In shape?" In view of the forfeiture clause in the franchise, carrying everything owned by the company with it, in case of failure fully to carry out the conditions, it Is hardly expected the Council will demand a bond. Such is the sentiment of the committee. The franchise will be dis cussed further at the regular meeting of the streets committee, next Friday after noon. During yesterday's session. Councilman Rushlight asked City Attorney Kava naugh if it would be legal to grant a re vocable permit to operate cars within the city limits, and at the same time con tinue tho clause in the original franchise, which requires the completion of both lines before operation of cars is to be allowed. Mr. Kavanaugh said this could be done. CHARGES ARE DISMISSED Nobody Appears to Prosecute Offi cials of Street Department. Charges that have been pending, for several months against Alex Donald son, superintendent of the street cleaning department, and Frank Jenkins, day foreman, were 'dismissed yesterday afternoon by the street committee of the Executive Board, In a complaint that was filed by Lawyers Whitfield and Farrington the accusa tion was made that the two city em ployes had accepted money for hauling dirt in public wagons. A number of witnesses were present RUIM CARS Ito testify for and against Donaldson and Jenkins, but no one appeared to I prosecute. This was the third session i of the sjtreet committee held for the I purpose of hearing the charges, and in each case the prosecution had asked for a postponement. Mayor Lane was in favor of another postponement at this time, but R. L. Sabin, a member of the committee, evidently thought it was about time to dismiss the charges,, and so moved. He declared that no showing whatever had been made against the accused. "1 would like to know who is mak ing these charges against me. if it is possible to know," said Mr. Donaldson. "I don't think it fair for some one to be fighting me in th dark." Mayor Lane replied that no one was fighting Donaldson, and then invited any one present to file charges against the superintendent. No one volun teered, whereupon the Mayor extended ! general standing invitation, saying anybody might prefer charges at any time, fhould he choose. FIRE HORSES ARE LAME Such Is Complaint of North Albina Push Club. The North Albina Push Club is dis satisfied with the horses that have been put in to haul the apparatus just installed . in the Highland engine house. An official communication from the club declares that the horses there are-inferior and says that two of the animals are "only able to walk on crutches." Chief Campbell, of the Fire Department, answering the critics, says the horses are all first class. The communication from the push club is as follows-: An entire company was Installed at the Highland fire station, which consists of one 60- gallon chemical tank and hose -wagon combined, 2000 feet of new two and one-half-inch hose, weight about 4000 TKunds: one new steamer No. 14. first-class engine, second class In size, weight about 8000 pounds. All very fine. Indeed, so far as they gor but with four very inferior horses, two of them only able to walk on crutches, to cover the territory Piedmont. Wood lawn, Vernon and aortiona of Albina which Is a widely extended territory. With muddy roads they will not get very far or go very fast, no matter how urgent the call. . The Highland equipment is all very fine as a stationary affair. but something should be provided to haul them to a fire: that is, there should be three as good horses as money could buy for the steamer and two for the hose wanoii. DELEGATES TO SALT LAKE Governor Names Representatives at Dry Farming Congress. Governor Chamberlain yesterday ap pointed the following delegates to the Trans-Missouri Dry Farming Congress, which convenes in Salt Lake City on January 22: ' . W. H. Kerr, president Oregon Agricul tural College, Corvallls; Tom Richardson, manager Portland Commercial Club; O. D. .Teel. Louis Scholl. Dr. F. M. Ackley, B. E. Spike, F. M. Van Horn, Echo; C; C. Kuney, Salem; A. Bennett, Irrigon; J. C. Turncy, Burns; David C. Eccles, Baker City: H. A. Hunter, Lakeview; Max Luddemann, Madras; F. !. Stanley, Hood River; M. F. Eggleston, Ashland: J. C. Brown," Medforfl; Dr. W. L. Marsden, Burns; .E. W. Rumble, Elgin; Jasper Davis, Harney; W. J. Woods, Huntington; J. A. Woolery, lone; Walter L. Mulkey, Joseph: C. F. Stone. Klamatli Falls; Turner Oliver, La Grande; F. F. Humeston, Weston: P. E. Phelps, Vale; W. A. Maxwell, Union: Oliver' Lynch, Umatilla: J. M. Patterson, The Dalles; George E. Allen, Sumpter; M. R. Elliott, Prlnevllle; Louis G. Dumbleton, Rose burg, and J. S. Barrett, Ontario. CRITICISES JUDGE HANNA Portland Press Club Takes Side of Med ford Editor. At a well-attended meeting of the Portland Press Club,' held in the rooms of the Board of Trade last night, George H. Hutchin, W. H. Galvanl and Frank Lee-were elected as delegates to the State Press Association, to be held in this city next Friday and Sat urday. , Much other business was transacted. Among other things, the club passed resolutions In condemnation of Judge Hanna's recent decision in the Putman criminal libel case. PERSONALMENTION. Julius Plncus, a Salem hopdealer, is at the Belvedere. J. A. Pattison, a druggist at Hepp ner, is registered at the Imperial. Mr. and Mrs. T. Walker, of La Grande, are registered at the Oregon. S. M. Toran, a banker at Eugene, was registered at the Imperial yes terday. Charier. T. Early, a prominent fruit grower from Hood River, is at . the Imperial. JolrVi Minto, one of the state's earliest pioneers, is at the Imperial from Salem.- A. E. Lake, County Judge of Wasco County, is registered at the Imperial from The Dalles. , A. M. La Follette, a prominent Marlon County farmer, is registered at the Imperial, from Salem. Dau F. Campbell, Jr., left Sunday night for Southern California and Mexico, to be gone for several weeks. Mr. and Mrs.. Leon Cohen are regis tered at the Portland from Pendleton, where Mr. Cohen is a prominent mer chant. L. T. Reynolds) of Salem, is attend ing the annual meeting of the State Horticultural Society. He Is registered at the Imperial. . Colonel H. Haynes, of Forest Grove, is registered at the Perkins. He is attending the annual meeting of the State Horticultural Society. Mr. and Mrs. T. C. Taylor, of Pendle ton, are registered at the Portland. Mr. Taylor 1 a former State Senator from Umatilla and served, one term as President of the Oregon Senate. C. W. Scrlber, a banker of La Grande, was registered at the Imperial yesterday, being on his way to Salem, where he was called by the death of his mother, Mrs. C. W. Scriber. Dr. W. B. Morse, of Salem, Is in Portland in atendance at the Port land Land Office, defending a contest that has been brought against his homestead claim, in the Siletz district. NEW YORK, Jan. 14. (Special.) Northwestern people registered at New York hotels today are as follows: From Portland T. S. Brooke, at the Oregonlan. ' - ' From Seattle M. McDougall, at the Imperial; C. A. Martin, at the Breslin. From Spokane C. A. Grimborn, at the Breslin; a- Z. Hubbell, at the ChurchilL SEWED SOLES, 75 CENTS Best oak leather. Jacob Schwind, S67 Stark, near Park. Phone Main 7339. , To Care m Cold in One IHtr Sake LAXATIVE BROMO Quinine Tablets. DrugeiBts refund money If It faito to cure. E. V. GROVE'S signature is on each box. 25c. Custom-made shoes at foctory cost at Rosenthal's house-cleaning sale. WOMEN'S (SSkWbk any in the store, values up aTS Clothes of Finest Broad cloths, Kersey, Serges and Panamas. Workmanship guaranteed. Colors plain, blues, browns, reds, greens and a few mixtures in the latest shades MATTHEW GEVURTZ SUCCESSOR TO GEVURTZ & WORRELL The New Store . With Little Prices J. M. LEA G During the past days of our clearance sale we have been encouraged to continue our unprecedented offer of our entire stock at such a reduction of prices as to cause. our patrons, both old and new, to express their thanks, for such remarkable values, and many wonder how it may be done. This is an easy problem when such large assortments are purchased as to exhaust the output of Eastern houses on certain lines, thus making our house an exclusive house on the Coast for garments of quality and style. This also makes the J. M. Acheson Company's patronage sought for by great exclusive bargains being offered. Then, too, the fitting and work are above criticism. The gar ments to be offered today Wednesday and tomorrow: Thursday are such as will at once: appeal to those who are looking for values in quality and style. Note following garments and prices. SPECIALS: : , ' LADIES' COATS Semi-fitting diagonal serges, browns only; regular price $32.50, fi? "1 77 Effc clearance sale price ... . . . ". P 0 v An assortment in loose, semi-fitted and fitted, $30.00; clearance sale price' . BLACK KERSEY COATS Sizes 42 to 46; regular price $16.50, Jei TCi clearance sale price P CRUSHED VELVET JACKETS Regular , price $20.00; clear- CtJ CO ance sale price .' P 3v CHILDREN'S ASTRAKAN COATS regular price $7.50, fj$2 OO Gloves, Waists,. Belts, Collars, Handkerchiefs and Muslin Underwear, all at clearance sale prices. Excellent values. LADIES' BLACK SUITS Sizes 36 to 42. Regular prices DO"7 EZf from $45 to $60; clearance sale price pO JJ j; M. ACHESON GO. WHOLESALE AND RETAIL Seventh and Washington Streets GREATEST SALE OPERA, LOOSE, SEMI OR TIGHT-FITTING COATS : ALSO RAINCOATS AND CARACUL COATS ' Your unrestricted choice of any in the store, values up to $85.00, for ...... . 141 SIXTH ST. A' TALK ON THE ACHESON CO'S. RANGE il . OTHER VALUES OF Or P5 pxa Corner Alder Opposite Orgonian FIFTH AND ALDER STREETS Extraordinary Values At our great House-Cleaning Sale. Shoes for the whole fam ily at prices never before ap proached in this city. Bring your children we have on sale of 2000 pairs of the celebrated Brennan & White's Steel Shod Anvil Brand School and Dress Shoes at $1.60 and $1.75 a pair. IN PROPORTION 4