La Grande evening observer., October 31, 1908, Page PAGE THREE, Image 3

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pagb Timcrc
1 ' Notice to Sldkiiolilfpa.
tib Like Good Tiling.
Mrs. Charlea B. Smith of Wt
franklin, Me., aaya: "X Uka food
iXtlc la hereby given that th an
nua) stockholders' meeting of the Au
tItn Mining company, for the pur-
thlnaa and have adopted Dr. King's
t4 riveting a board of directors
swmI tor any further busings that may
some before tha meeting, will be held
at the office of E. C. Moore, In the
tally of La Grande, Oregoa, at the hour
New Life PUla aa our family laxative
medicine, because they are good and
do their wore without making a fuse
about It." Those pa!nlaa ; purlflert
eolo at Newliu'a drug icara. tl::
Is news that
it happens.
is published the
day
aims !
at o'clock p. m., on Wednesday, the
Mh y of November, 1908.
GEO. HENDRICKS,
X. OLDENBURG, '. Secretary.
President ' ' ,
How to 'Iliono.
SCItllilCU'S FOUMKH ASSOCI-
ATE EXPLAINS MATTERS.
Patrons of The Observer will
The
confor a very great favor upon
the office If, when they wish to
J. n. Stoddard Trace Domh Real lie
EVEJOXO OimrrrtVEIt, LA GRAXDE. OIUCGOX. 8.TlKDAr, OCTOnEIl SI. 11.
TRUELIGHT
n
Observei
.; " 4' v-v
BCSSEV8 HACK LINE.
. Best of ecrvlce. Day and
'Night . Hack furnished j for
furala and private parties.
Baggage transferred Day . and
Kight and Sundays. .'
- . .'. Stand at Paul's Cigar Store. 4
! 'Phono Red 111. '
' Night 'Phone Main 15. . .
'
; E. L. BUSSEYt .
department, they- will simply
call for Main 13, and when they
wish to talk with tho business 4
orflce they will say Main II, two
. rlngs.f All subscription business
' and complaints of a business na-
ture should be addressed to the
". business office t and as above
mentioned for this class of calls
please ask central to give you
Main 13, two rings. . r
NEW r
! LOCATION
4 4
j NEW CROP !
nicra Traders Not a Dollar In
Original SuinpU-r Iiauk 4iay Hcrl-
ber Carried Knortitous Mental Iutd
for the Past few Yeara IiucivhI-
lug Interview. ' 1 - "
My patrons will now find
mat the Oregon Pro
duce Company's buiiding
on Jefferson Avenue
with a full line of
HAY, FLOUR, MILL FEED;
GRAIN, arid GARDEN and
GRASS SEEDS : : : : :
4
. V. OLIVER
Pnone Main 57
44444404444t4444444
ALMONDS AND
WALNUTS
JUST ARRIVED
New Lot of
Premium Hams
PICKLES
HEINZS foil line of fresh
pkkledgoods. Bottled and
in bulk.
Our CHOW CHOW Is great
CITY GROCERY
MID bakery;
. Polack, Prop.
As many garbled reports and stories
have been "circulated and published
about the causes that led to the fail
ure of the Farmers. & Traders Na
tional bank of this city, and as the
people have generally been groping In
the dark seeking for Information, a
representative of The Observer, know,
ing that i. B. Stoddard was once as
sociated with J. W. Scrlber In the
banking business, sought an interview
with the former, to see If he could
throw any light on the subject. To
questions asked ' of Mr. Stoddard, he
stated In effect as follows; -
"Yes, I was associated with J. W.
Scrlber m the banking business at
Sumpter. .Some things might be told
that would be of Interest to the pub
lic at this time, In view of the recent
failure. The system of "frenzied fi
nance" that bs been in vogue dur
ing the past 10 years Is really tht root 1
of this evil.' The Individual is often
the creature of circumstances. The
causes underlying this failure date
back for 10 years or more,' to a time
when Mr. Scrlber commenced to spec
ulate and manipulate affairs outside
of legitimate banking business. ' Infla
tion of credits, hypothecating securi
ties, multiplying resources, and trying
to .make each dollar of capital do the
work of 20 was the beginning of this
trouble. , '
"Mr. Scrlber, having a very limited
capital,' conceived the Idea of buying
control of the stock In the Farmers &
Traders bank., and then through the
Inflation of credits sought to estab
lish a chain of tanks from Elgin to
Canyon City, la Grant county, while
at the same time he was Investing
heavily in. real entate and backing
many Industrial, mining and promo
tion enterprises. The banks at Sump-
and
reaches
its ideals in this re-
spect
UNITED PRESS TELEGRAPH NEWS
I The United Press leased wire service is
i above any other afternoon service of to-i:
ii day. It records important events of the ij
1 world the day on which it occurs not !
I the next day - - - - -
PROFITABLE ADVERTISING MEDIUM
A medium that covers the home field where merch
ants get the greatest possible results That is th -Obse'rver's
mission in the advertising world. : :
Our 'Want
For one cent a
It's Heacock's
Glasses That Fit
IT'S WATCH REPAIRING THAT GIVES
SATISFACTION IN LA GRANDE
k 1
............
BAY & ZWEIFEL
Plumbers and Tinners
Pump Work and Gutter Work a Specialty
Let us furnish you with an estimate
on your work. No order too large or
small lor ou-best attention. Let us
rcllne that old stove. At a sli&ht ex
pease-Juke aan make itas good as new
ter and Canyon City were started
without a dollar of actual capital be
ing invested In them by-the promot-
ers, depending entirely on the depos
itors' money with which to do busi
ness. Much or these aeposits were
loaned out to mining operators with
out security, among which were num
bered the officers of" the banks. Large
sums of money were deposited .'with
the Farmers & Traders bank by the
bank at Sumpter, subject to draft, and
the La Grande bank often had notes
with the Sumpter bank signed by buBi-
i'.CJ ' 6i i' nnr ortin -
ty, running sometimes . as high , as
$20,000 ; The loans made by the bank
at Sumpter to Mr Scrlber and asso
ciates and to the La Grande bank did
run as high at one , time as $60,000.
Money at Sumpter was easy and plen
ty during boom times, but when the
slump came the Immense inflation of
credits had to be liquidated, and In
stead of the' Sumpter bank furnishing
large sums of money to Mr. Scrlber
and the Farmers & Traders bank,' the
whole scheme was reversed, and all
the worthless mining and other pa
pers and securities belonging to' the
bnnk up there had to be sent to La
Orando and assumed by Scrlber and
the bank here.- The bank was reor
ganized at Sumpter and the new dl-
rectorate rejected all the questiona
ble paper, besides a lot of paper was
sent to the La Grande bank before
(he change was made. The paper
considered bad. the notes transferred,
the money owed by Scrlber and his as
sociates, and the deposits withdrawn
from La Grande when the slump
came, aggregated nearly $90.0fl0. per
haps $20,000 or '130.000 of this has
been reallaed on since. Scrlber was
at fault In the first place for engag
ing In these speculations, but when it
came to a show down, he was the
victim of others, bad management,
and' all the burden fell on him, then
In turn on the Farmers & Traders
bank, and now on the depositors who
are the Innocent sufferers.
. "There' probwbTy' Un C'aiiotner man t
living who would carry the load Scrl
ber has carried during the last five
or ten years."
Ad Department
word for the first time and one-half a
qur ritly; the Observer finds, gives away, returns, locates
is that connecting link between you and what you want
centsubse-
in fact
i j
raff!
onmMe
I hat tne tvenmg VDserver is cue paper
for the up-to-date reader an establish
ed fact. '
X
I
t
t
ubsenbe
65 cents per Month
Delivered at Your Door !
The La Gmn
memm
it
rum
BAY & ZWEIFEL
211 DEPOT STREE1
La Grande,
OregoJ
rvtarts,.
Nice plctu
Ferguson's.
-not axpanst'
V .tiMm I MM