THE P. & E. Ry’s.
DIFFICULTIES
Failure of Portland Bank May
Cause this Road to Again
Change Hands.
into the inquiry. Mr. Dewing is an
eastern capitalist who held the mortgage
on the M. & C. L. R. R' which with the
interes t at the time of the receiver’s
sale aggregated $40,000. Dewing ar
rived on the coast the first of the week
and his associates in grief at Medford
are looking for his counsel and action
with close interest, as the first item
that will come up will be the issue as
whether on not the confirmation of a
receiver’s sale has cancelled the mort
gage.
There are some people who contend
that a mortgage cannot be satisfied in
this way. The other creditors repre
sented in the balance of the receivers
$40,000 tied up in the crippled bank are
considered in a far more precarious con
dition and the parties interested are
deeply concerned, being apprehensive
that perhaps they are elected to lose it
all. Among these are the people of
Medford who put $21,000 of their good
money early in the game in the way of
stock purchased, which sum proved
to be about all the real money
that the scheme was originally financed
with.
Just what shape the closing of the
doors of the Oregon Trust & Savings
Bank in Portland will have on the af
fairs of the railroad between Medford
and Eage Point, known now under the
title of the Pacific & Eastern Railway
and formerly known as the Medford &
Crater Lake R. R. has given cause for
considerable speculation ever since the
bank has been placed in the hands of a
receiver to work out the tangled web
of its financial trouble, says the Valley
Record.
At the office of the P & E. in Med
ford it was given out that the failure of
the bank would have no effect except
that temporarily the checking on their
deposits in that bank was interrupted,
but that the money would be forthcom
To Propagate Salmon.
ing from other sources in due time to
meet these obligations.
Superendent Henry O’Malley of the
As to the ownership of the road the United States Bureau of Fisheries, has
office gives it out straight that the own established a substation at Findley Eddy
ers of the Pacific <& Eastern has paid J. six miles below Grants Pass, for the
F. Reddy, as receiver of the Medford propagation of Chinook salmon, and
& Crater Lake R. R. at receiver’s sale traps and racks are being placed in the
was confirmed on paying over the river. Troughs will be put in for the
money, and that the Pacific and East Fall work. The Fisheries Bureau will
ern was their own property free from be operated for Steal heads, Silversides
any mortgage, incumbrances or indebted and Chinook salmon. The Findley Eddy
ness whatever belonging to the Med station is located below the dams in the
ford & Crater Lake R. R. As to the Rogue River and is considered a very
mortgage and indebtedness of the Med desirable spot for fish cultural work.
ford & Crater Lake R. R. the inquirer,
was informed that theP. & E. had noth
Card of Thanks.
ing further to do with the same and
To the many kind friends who assist
was referred to J. F. Reddy as receiver
ed during our recent sad bereavement
of such concern.
Receiver Reddy said the money re and to those who presented the beauti
ceived from the sale of the Medford & ful flowers we wish to extend our sin
Crater Lake R. R. was deposited in the cere thanks.
D. L inn and F amily .
Oregon Trust & Savings Bank follow
ing the order of the court when
accepted the receiver's bond of $100,000
of the Fidelity Guprantee Co. which
bond directed that the deposits be in
that bank.
Receiver Reddy said the entire
amount of over $80,03) was still un
distributed among the creditors.
As to the delay in the distribution of
the amounts among the creditors Re
ceiver Reddy said if everything went
smooth and there were no other claims
that it would require several months
et to make the distribution. But on
the contrary there are several claims
that have been put in since the receiver’s
sale that will have to be fought out in
court before the distribution of the
$82,000 can be made. Receiver Reddy
says that these ciaims represent now
an aggregate of about $8000 and that
they are in his opinion all claims that
will not be allowed in court.
As to the contention that the P. & E.
had a clear title and was entirely free
from the mortgage and indebtedness of
the Medford & Crater Lake R. R.
amounting in the aggregate to the sum
in the hands of the receiver. Mr. Reddy
said that it was not the case.
On the
contrary the P. & E. was subject to
this indebtedness in such a way that the
Medford & Crater Lake R. R. could yet
take back the property the P. & E.
bought of the M. & C. L. at receiver's
sale. Mr. Retidy said however, that
the P. & E. had purchased the M. & C.
L. in such good faith and had done so
well in equipping the road and expend
ing large sums of money and extracting
the road out of a multitude of embar
rassments that no such proceedings
were contemplated.
The arrival of Mr. Dewing of Michi
gan is expected to put considerable life
.......
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