TIIE MORNING OREGONIAN, SATURDAY, SEPTE3IBER 1, 1906.
STORE CLOSED ALL DAY MONDAY LABOR DAY
GUILT OF HIPPLE?
OLDS, WORTMAN & KING STORE NEWS
FIFTH, SIXTH & WASH. STS.
THE "DIFFERENT STORE"
Every Word in This Printed Announcement Must be Backed Up by the Goods in the Store OLDS, WORTMAN & KING.
Bank. Officers Approved Em
bezzler's Acts WitlW
out Question.
A Surprisingly Remarkable "SnapV in Women's
Pretty White Shirtwaists
DIRECTORS ARE IN DANGER
Portland's Greatest Garment Store Will Be Thronged
Today With Happy Purchasers
2
OTHERS
SHE
Admit They Had Not 'Met for Three
Years and Knew Nothing of
Bank Affairs, but Rushed
to Escape Crash.
PHILADELPHIA." Aug. 31 Receiver
George M. Earle, Jr., of the Real Estate
Trust Company, -which failed on Tuesday,
is directing his efforts toward ascertain
ing if other officials or employes of the
bank had guilty knowledge of President
Frank K. Hippie's transactions. He ex
pressed surprise that William P. North,
treasurer 6f the company, and Horace
Hill, auditor, did not acquaint the direct
ors with the condition of affairs, if they
were aware of the entanglement. Before
ny of the loans were paid to Segal or
other borrowers It was North's duty to
approve them, and Hill, Mr. Karle points
out. In examining the accounts, must
have observed the extensive amounts paid
to one man. The fact remains, however,
that no Intimation waa given by either
man to the directors of the large loans
made to Segal.
It was learned from one of the direct
ors that Hill was Hippie's personal choice
for the position of auditor. From the
me source It was learned that Hill's
method of auditing the accounts seems
to have been to check up the securities
offered by Hippie and then place his seal
of approval on the total amount of the
various loans. This etatement was pre
sented to the directors.
Directors Left All to nipple.
Today It became known publicly for the
first time since the suspension of the com
pany that there had not been a meeting
of the directors for nearly three years
every detail having been left to Hippie. It
was this state of affairs which caused the
Clearing-House Association to hesitate
about coming to the aid of the company at
the meeting on Tuesday. During the
meeting of the clearing-house bankers,
Joseph De F. Junkin, counsel for the
Real Estate Trust Company, was asked:
"When was your Trust Company last
examined by the state board?"
"About three years ago," slowly replied
Mr. Junkin.
This frank admission caused a mild
sensation among the bankers present, but
when he was asked:
"When did the directors of the Trust
company last examine its affairs?" his
answer: "Not for more than two and
a half years," caused the men who
guide the affairs of Philadelphia's
financial institutions to gasp.
Were Asked to Go It Blind.
Criticism of the members of the
Clearing-House Association was re
sponsible for the information being
given out today oy one of the leading
members. Several of the directors of
the trust company had staged since the
crash that the company could have
been saved had the local bankers ad
vanced $7,000,000. A member of the
Clearing-House Association who -wa.-i
present at Tuesdays meeting, said to
day: "The directors of the Real Estate
Trust Company knew as little about
the affairs of the company as any of
the bankers present. They did not ap
pear to know whether the shortage
was $5,000,000 or $10,000,000, and 1;
would lihve been folly for us to advance
the loans when the affairs of the bank
were in such a deplorable condition.
"Mr. Junkin could not tell us why
the State Board of Examiners and this
board of directors of the trust company
had failed to do their duties for nearly
three years.
"The three directors of the company
who came before us with outstretched
hands for $7,000,000 had nothing to
offer in return. They had not even
confidence In their company's future to
offer, for, when they were asked If
they -would pledge their fortunes to
made good losses that the allied banks
might sustain by 'going it blind their
answer was painful silence. Under such
circumstances the Clearing-House
could not be expected to come to the
aid of the trust company."
May Prosecute Directors.
Mr. Earle unearthed today In the
bank securities aggregating about
$1 000.000 face value in the name of
Adolph Segal. He said this afternoon:
"I am Investigating the charge that
some of the directors, taking advantage
of their exclusive, prior knowledge of
the company's embarrassment, sold
Stocks and -withdrew deposits in order
to save themselves and others. I have
not yet received reports in this connec
tion, but. If any are guilty, they will
have to suffer."
Many of the larger creditors are
angry at what they term the negli
gence of the directors of the wrecked
concern. There is now pending before
the local courts an application for the
appointment of a co-receiver, who shall
directly represent the depositors. Mr.
Earle has appealed to them not to take
part in litigation at the expense of
their funds before they have talked with
him.
State JLaw May Be Revised.
The failure of the Real Estate Trust
Company is likely to lead to a revision
of the state laws governing trust com
panies. Under the present laws trust
companies in this state are permitted to
do a surety business, and a movement
Is now on foot to separate the two.
President Hippie was a cousin of the
late Senator John H. Mitchell, of Ore
gon, whose name was John Hippie be
fore he left Pennsylvania.
MORE OP STEXSIiAXD'S FRAUDS
Safety Deposit Box Contained Many
Bogus Deeds by Dummies.
. CHICoO, Aug. 3L (Special.) The pri
vate strong box of Paul O. Stensland in
the safety deposit vaults of the looted
Milwaukee-Avenue State Bank was pried
open today and revealed additional evi
dence of crookedness and touched persons
who have never, heretofore been under
suspicion. The box proved to be the hiding-place
of all Stensland's most private
papers and plans for future plunderlngs
of the institution, which were interrupted
by the closing of the bank.
A Over 130 blank warranty deeds, all
'signed by "dummies," were brought to
light. A large package of mining stock,
thought to be worthless, and life-insurance
policies aggregating about $125,000.
were also in the receptacle. These will be
used as assets of the bank, if possible.
It was found that the dummies are per
osi who never owned a piece of property
in Chicago or elsewhere. What makes the
find so Important Is the fact that It shows
ThreS S2 to $4.50 salhr slfs Wmen' $5 to $8.50
n . , Shirtwaists 0 ot Black Eton ct . . .
SDSCfal kets Shirtwatsts
h i 7 2Q $12.50 Sailor n . C9 QR
Safe v1" suits $4.98 l2 Price
Think of Beautiful White Shirtwaists Worth to $4.50 for $1.29
Then of More, Worth to $8.50, for $2.98
Raise your expectations to their highest pitch, bring 'em to the store, and we'll bring you face to face with
bargain realization that's far beyond your fondest fancies. You couldn't hunt the goods, plan the work, and
make shirtwaists equal those in today's offering for twice the money you may buy the waists for at this
sale. They're built in masterly fashion and exquisite necromancy of style touch, from dainty lawns, pretty,
serviceable linen and sheer dotted Swisses, arl beautifully trimmed in laces, insertions and embroideries,
some having yoke and collar of lace with handsome medallions of same; others in allover embroidered fronts.
Long or short sleeves. The biggest bargains of the season. $2.00 to $4.50 Waists, today only at $1.29.
$5.00 to $8.50 "Waists, today only at $2.98.
Portland, Or,, Sept. 1, '06
Store Closes Today at 6 P. M.
Here's a store whose constant aim is to give
something better for something less; to deal in
nothing but honest and dependable merchandise,
to treat the public as one great class and exact but
the smallest- reasonable margin of profit that will
pay the cost of modern store-keeping of the best
sort. If such methods meet your approval, and
our prices command your attention for their fair
ness being lower than you'd be asked to pay else
where for equal values may we expect your pat
ronage 1 Why pay the higher prices of other stores,
when the very goods you want are here for less,
anyway? Try if you can match our values today
before 6 P. M., when we close.
Chamber and Toilet Sets
In Today's Sale
Take Elevator to Third Floor.
We're going to finish a week's record-breaking
selling by repeating these bargains today:
. CHAMBER SETS.
Decorated Chamber Sets, fancy shapes, assorted
z colors :
6-piece set, regular value $2.50; special. .$1.93
10-piece set, regiilar value $3.00; special. .$2.15
12-piece set, with jar, reg. value $5.00; sp'l.$3.9S
Decoration flowers in-natural colors, with full gold
line and gold tracing on embossing, fancy shapes.
12-piece set, regular value $7.50; special $5.85
10-piece set, regular value $4.50; special $3.55
$12.00 TOILET SETS $9.55.
Doulton Old Blue Toilet Sets, unique shapes, extra
large, deep basins, regular value; $12.00;
special $9.55
$16.00 TOILET SETS $12.75.
English Toilet Sets, decorated, dark brown ground,
very rich effect, regular value $16.00;
special $12.75
Entire line of Chamber Sets at special sale prices.
Thousands to select from.
Last Day of Portland's Only Great
and Important Sale of Magnifi
cent Antique Oriental Rugs
On account of other stocks that come crowding in and demand
ing special attention, we are compelled to announce the discontin
uance of the remarkable special prices on Oriental Rugs after closing
time tonight. It has been indeed the premier event of its kind in
scope, volume and character. Its importance to lovers of the antique
and Oriental in Rugdom' has proclaimed it in a
class essentially by itself. Our high standard of
quality has been and ever will be maintained
and the values here have stood out all week from
the horde of imitators like a cameo in a flat
setting. Connoisseurs anticipate our sales they
pay us the compliment of awaiting our readiness,
appreciating the advantages of selection from a
RELIABLE house. -For the last time this sea
son we offer today at sharp reduction from
the lowest prices ever quoted in a regular way
in this city by any house for equal values, both
small and carpet sizes in Kazaks, Shirvans,
Daghestahs, Mossouls, Guanghes, Anatolians,
Bergamos, Teherans, Irans, Kirmanshahs, Sa
vouks, Milas, Bokharas, Khivas, etc. Read the
special prices and compare values 'round town.
Then select your Oriental Rugs while savings
like these may be made. TAKE ELEVATOR
TO FOURTH FLOOR.
"Take Me, Milady," Say These Pretty
Petticoats
$1.50 White Petticoats at $1.17
Annex Second Floor.
Ladies' White Cambric Petticoats, deep lawn
flounce, with either cluster Of tucks and embroid
ery edging or double rows of wide lace insertion
and edging. Regular price $1.50; special. $1.17
Regular $10.00 Rugs; special . $ 8.15
Regular $12.50 Rugs; special.. $10.25
Regular $14.00 Rugs; special i ... ..a. $11.35
Regular $15.00 Rugs; special ...$12.25
Regular $1S.00 Rugs; special." '. $14.65
Regular $20.00 Rugs; special.. $16.35
Regular $22.50 Rugs; special $18.50
Regular $25.00 Rugs; special $20.50
Regular $27.50 Rugs; special . .$22.50
Regular $30.00 Rugs; special $25.00
Regular $32.50 Rugs; special $27.00
Regular $35.00 Rugs; special $30.00
Regular $37.50 Rugs; special... ...$32.00
Regular $40.0 Rugs; special.. $34.00
Regular $45.00 Rugs; special $37.50
Regular $48.00 Rugs; special $40.00'
Regular $50.00 Rugs; special $41.50
Regular $55.00 Rugs; special $45.55
Regular $60.00 Rugs; special $50.00
Regular $65.00 Rugs; special ..... $54.00
Regular $70.00 Rugs; special $58.35
Regular $75.00 Rugs; special ...$62.50
Regular $S0.00 Rugs; special.' $66.75
Regular $S5.00 Rugs; special $70.00
Regular $90.00 Rugs; special $74.00
Regular $95.00 Rugs; special . $79.00
Regular $100.00 Rugs; special $84.00
Regular $110.00 Rugs; special $92.00
Regular $125.00 Rugs; special $104.00
Regular $135.00 Rugs; special $112.00
Regular $160.00 Rugs; special $133.00
Regular $175.00 Rugs; special ....$146.00
Regular $185.00 Rugs; special $154.35
Regular $195.00 Rugs; special $162.00
Regular $225.00 Rugs; special $187.50
Have You a Supply of Notions ?
Some of the things people must have are listed
below, but there are plenty more, and all at sale
price. First floor.
Box'Camphor Moth Balls; special 4?
35c Peerless Felt Shoe Polisher, with large can best
black shoe paste ; special 20 $
75c extra heavy quality hard rubber Dressing
Combs; special 49
10c cake Violet Bath Soap; special 6
25c can Bathasweet, Toilet and Bath Powder; spe
cial 17
10c ruled Ink Writing Tablet; special 6
35c box fine Writing Paper; special 12
35c box Initialed Writing Paper; special 19?
Rubber Tip Lead Pencils, value 20c dozen; special,
1 each, or, per dozen , 12
5c Lace Edge Shelf Paper, in 10-yard pieces; spe
cial 3
5c Ball and Socket Garment Fasteners; special,
dozen 3?
Cc box assorted Wire Hair Pins; special 3?
75c Fancy Shell Back Combs; special 35J
15c Fancy Cat Crystal Hat Pins; special 9
Special 4ot silk finish, wide Skirt Braids, in 4-yard
pieces; special ".5
Things Men Will Want Today
Annex Sixth St. First Floor.
Why pay regular prices when, perhaps, the very
thing you want is here today for less?
A Timely Sale of Misses' Sailor Suits for School Wear
$12.50 Suits $4.98 $20.00 Suits $9.98
We can garb about forty young ladies of the schoolable age with these chic, jaunty "Sailor" frocks. School
days will soon be here, and the dresses are particularly adapted for school wear. They're in blue, brown and
maroon serge, cheviot or Panama cloth, handsomely trimmed with braids and materials. Today only choose
from the $20 Suits for $9.98. The $12.50 Suits for $4.98.
Special Ribbon Sale Today
First Floor.
15c and 20c Fancy Ribbon 9c All silk Taffeta Rib
bons, 3 inches wide, with colored flowers in -center
and colored edges ; regular 15c and 20c values ;
special, yard 9
Children's
White Lawn Dresses
for Half
Second Floor.
A Word of Detail
Children's Dresses of white lawn in French effect
tucks, lace and embroidery trimmed, ages from
1 to 5' regular prices from $1.25 to $8.00; special
at m . HALF PRICE
Take the Black Silk or Cloth Eton Jackets at Half Price
Going to "Farewell" a lot of smart, stylish Eton Coats' today. They go out through a half-price door.
Just the Jacket milady needs for in-between-season wear, and, in fact, just the handiest imaginable wrap
for general year-round wear. Choose from 'black silk or cloth materials, made in Eton modes, with fancy
turnover cuffs and smartly trimmed in braids, laces and buttons. ' $6.50 to $28.50 values at HALF PRICE.
Exceptional Barg'ns
$1 Silks and Dress Goods 83c Yard
52-inch all wool Panamas, new Fall fabrics, colors
navys, browns, greens, reds, old rose, Alice blue
and garnet ; regular $1.00 grade ; special at,
yard ...83
SILK DEPARTMENT
20-inch Chiffon Taffetas, in plain and changeable
weaves, every wanted color to choose from; un
cqualed $1.00 value; special at, yard 83
Women 's Underwear and Hosiery
Bargains Not All Gone
First Floor.
Underclothes that we are sure you will be pleased
to see how far a little money will go.
WOMEN'S 40c LISLE TIGHTS 27.
White Lisle Tights, Torchon lace trimmed knee;
regular value 40c; special 27
- ' WOMEN'S 35c VESTS 18.
White Swiss Ribbed Lisle Vests, low neck, sleeve
less, neat plain trimming, silk tape; regular value
-35c; special 18
MEN'S 75c AND 85c GOLF SHIRTS 39.
A grand closing-out sale of men's Golf Shirts, in
tan, blue and pink, with white silk bosoms, black
and white effects, dots, etc. Our regular 75c and
85c values; special 39
Men's 50c Underwear 29c Several broken lines of
men's balbriggan Underwear, flat and ribbed ef
fects; regular value 50c; special to close, gar
ment 29
Men's 75c and 85c Golf Shirts 49c A line of men's
Golf Shirts in white, tan, blue and black and
. white; regular values 75c -and 85c; special. .49?
Men's 20c Handkerchiefs 10c All linen hemstitched
Handkerchiefs, with y and -inch hem? ; regu
lar value 20c; special 10J
Men's 25c Hosiery 19c A line of fancy Hose in
tan, gray, brown and dark red, with silk clocks;
regular value 25c; special, pair 19i
WOMEN'S 75c UNION SUITS 39.
Wbite lisle Jersey ribbed Union Suits, loijg sleeves,
ankle length; regular value 75c; special 39
Hosiery Women's and Children's
WOMEN'S 35c EOSE 23-.
Fine ribbed black lisle Hose, finished foot, double
sole; regular value 35c; special, pair 23t
WOMEN'S 40c HOSE 19.
Black cotton Hose, finished foot, double sole; regu
lar value 40c; special, pair 19
CHILDREN'S 25c HOSE 18.
Children's black fine ribbed lisle Hose; regular value
25c; special, pair 18?
. v a .v.Ak Via oto nt.
the means Stensiana useu
ed more money, for his various schemes.
He would go to nis dox ana uiu.-i
oft these blank deeds, already signed, and
fill in the amount of money which he
wished to obtain from the cashier, record
it as transferred to the dummy signer and
leave the bogus deed with the bank as
security.
In this manner Stensland's name never
appeared .in connection with any of the
illegal transactions which have come to
light and which the bank examiner has
believed heretofore to have been legal
transactions.
One Good in Church-Going.
Hartford (Conn.) Courant.
There Is one advantage In going to
church on Sunday. You are reason
ably sure to sleep in your bed that
night, and not to lie in a hospital, as
is sure to happen every Sunday to
some of those who go out in automo
biles and electric cars; not to speak
of the chance of catching 40 winks
during the sermon itself. . .
COAL IS NOW KING.
Leads All Industries With Vearly
Value of $1,440,000,000.
New York Press.
We have long been accustomed to as
serting that Iron is the king of American
manufactures. The total annual value of
Iron and steel manufactures is now about
$900,000,000. or $100,000,000 less than the cap
italization of the United States Steel
Corporation. We have heard also of King
Cotton. With a crop of 13.000.000 bales at
an average price of 9 cents a pound, this
king Is worth $584,000,000. There is King
Corn. One of the almanacs p 'es the
crop of 1904 at 9S.467. 480,934 bushr--f If we
drop the "9" and make It 2.4S7.-. 4 we
may be about right. Value $1,.,.' O.On
Our annual wheat crop is worth a littic
more than half a billion. . ,
What of old King Coal. Jolly old soul?
The output last year ws in round nurr.i
bers 360.000.000 ' tons, worth at the tilt'
mouth $1.35 a ton. Suppose we pay lh
a ton for It? There Is a value of $1,440,
000,000. Our total annual gold output is
only a bagatelle of some $SO,000,000. And
gold, the most precious of metals, is sel
dom worth more than its intrinsic min
ing value. Coal? It is the foundation
of all the sciences and arts; for without
it there would be nd manufactures, no
iron, no steel, no corn, no wheat to speak
of. .Without It where would we get gas,
electricity, railroads, steam craft and a
thousand other necessities of civilization?
Coal surely is king. There is no estimat
ing its potentiality.
Coal was burned freely -in King Solo
mon's time, but it must have been char
coal. The first coal used in America was
discovered in 1679. Some of our ancestors
mined it In Virginia In 17 Anthracite
was discovered first in Rhode Island- The
little state Is well supplied with it to
this day, but the mines are not in opera
tion. 1 Most of us old fellows can recollect
when coal was shipped by the ark load.
An ark was a sort of inverted log cabin,
about 100 feet long, 20 feet wide and 4
feet deep. That la, it was a pen, float
ing in the stream. It was pointed at
both ends, and steered by an oar 25 feet
long. It took two men to handle an
ark's oar. The crew consisted of four
men usually, and they were seven days
navigating a load of coal from the mines
to the seaboard. The cost of the trip was
about $55. The ark was worth $75. As it
could not be brought up the river again.
It was sold with the coal for $16 or $18.
In the early days coal was sold to the
consumer 'Just as it happened to come
out of the pit all sizes at one price,
about $15 a ton. The cost of transporta
tion was $5 a ton. An ark held about
65 tons of run-of-mlne coal. The river
men called their arks "gondolas," after
the pretty boats in use In the Venetian
archipelago. When the railroads cap
tured the coal business on a broad scale
the cars used were not much larger than
wheelbarrows. By and bay, as their
size and carrying capacity increased, they
were called "gondolas" after the arks
and the Venetian pleasure craft.
We who pay $6.50 a ton for stove coal
today ought to look back to the days
when the cost of transporting 2000 pounds
from the mines to Philadelphia by horse
and wagon was $30. The first canals in
general use In the United States were
dug for the conveyance of coal. Who In
vented the railroad? The coal diggers in
the North of England. Their little tram
ways were the origin of all the railroad
systems of the world. Street-cars In Eng
land are still called tramcars. Yes, coal
is king.
Bats Independent of Light.
New York Sun.
Bats are remarkably independent of
the sense of sight. A naturalist de
scribes some experiments demonstrat
ing this fact: Covering the eyes of a
bat with wax, he released the creature
in a room. It first of all made Its way
to the door, but instead of striking this
hovered a few Inches off, slowly
making its way along the top edge
and down the side, apparently guided
by the incoming draft of air. Next
a thorough exploration of the room
was made, and throughout the ex
amination It never once struck either
chairs or table and swerved aside when
a r- ( 1. . . .
- v, pittcea ,n lta path Ag ft
.ton,,. i liiis experiment naturalists
believe that bats have an acme nfr
,r ,' - - "uii, i; currents
vibrations resident in the - nerves
the wing membranes.
and
of
wJieh.?' 2f ';on,1on,f Chief Inpector of
Welcht and Measures reports that f,
weight of all loads of coal tested last year
' "atlsfactory, and that "in most cases
the welnht exceeded the amount specified
on the tlrket." 11
j WEDDING
j AND VISITING CARDS I
I W.G.SMITH 6 CO. j
Washington Building Z