la
THE MORNING OREGONIAN, WEDNESDAY. APRIL 17, 11H)7.
C.E.LOSS DISPOSES
OF HIS HOLDINGS
C. G. H. MacBride, of San
Francisco, Undertakes to
Finance United Railways.
HAS FAITH IN THE PROJECT
Wealthy Californlan Regards Pur
chase of Promoter's Interest as
Good Investment Will Bush.
1 Work on HUlsboro Branch.
C. E. Loss has severed his connection
with the United Railways Company.
C. G. H. MacBride. of San Francisco,
lias acquired his Interests and will
finance and carry to early completion
the proposed electric line to HUlsboro.
Mr. MacBride arrived in Portland Sun
day from San Francisco, accompanied
by his attorney, Charles A. Lee, and
the transaction by which he agrees to
finance the company was concluded
,5'esterday. Mr. MacBride is a member
'of the wealthy California firm of
Miller & Lux, cattlemen. His invest
Imcnt In the United Railways Company,
however, is purely personal, separate
and independent of Miller & Lux.
i Under the new management, the
United Railways Company will remain
'a local enterprise, Mr. MacBride being
the only stockholder outside of Port
iland. The interests of Mr. MacBride.
arc closely identified with Portland in
'this project, inasmuch as he has had a
lemall interest in the company ever
ve-ince Mr. Loss took charge of its af
ifairs and, with the assistance of local
capitalists, financed the scheme. In ac
quiring the one-sixth Interest' of Mr.
Loss, after making a thorough exam
ination of the franchises under which
the company is operating, together
with the assets it possesses, Mr. Mac
Bride recognizes In the property
m. good invcstlment, and will supply the
funds that will bo. required to complete
the lines proposed.
The Introduction of Mr. MacBride as
mo of the principal parties of interest
3n the company does not &nect the in
terests of the Portland people who
Ibccame identified with the organiza
tion under the administration of Mr.
Loss. Other than Mr. MacBrldo, the
stockholders are: W. L. Benham, presi
dent ' f the company, who will continue
In that office; Walter H. Moore, W. C.
Morris, H. Wittenberg. Joseph M.
jlealy, Henry W. Goddard and Louis J.
(IVIldc, all of Portland.
"The Hilisboro line will now be com
pleted as rapidly as the work can be
ilone," said Mr. MacBride last night.
"We shall continue the work In good
faith and within 30 days we expect to
liavo the line completed and in opera
tion on Front street. Over five miles
tnf track have been constructed, while i
Ihe rights of way and the survey have
keen completed for the entire route.
"ow on Solid Ground.'
"Since its organisation, this company
has experienced all sorts of vicissitudes
but we have now succeeded in placing
Jt on a substantial basis and will provide
Khe means with which to complete the
road. It has not been because the pro
posed road lacked merit that' its different
Managements have failed; it has been the
character of the men behind the project
nnd their inability to properly finance the
echeme. They have at no time shown
other than good faith, and but for the
mismanagement as to financing, which
rebutted partly from unavoidable reverses,
the promoters would have succeeded in
working out their plans.
"The general character of the construc
tion work already done will be continued
and the road will be completed in the
ame manner. We are using no ties and
ere placing the rails on a concrete founda
tion. This Is something new In railway
construction on the Coast but It has
mroved most satisfactory in building in
terurban lines throughout the East.
"You may assure ,the people of Port
land that the United Railways Company
4s in no sense a paper road. We have the
money with which to build the line as it
lias been begun and we are going to go
riKht ahead and complete the line at
the very earliest possible date."
As the stockholders in the United Rail
ways Company interpret the franchise
Hinder which they are operating, the time
In which they have to complete the road
and have it in operation does not expire
until August 4, 1907. The franchise was
originally granted and accepted April 4,
1906. and contained a provision that four
months would be allowed in which to De
ntin construction work. The ordinance
Jurther specified that the road should be
completed and in operation within two
9 ears.
It is claimed by the railway company
:teople that the time intended, to be
'allowed under the franchise will not
expire until August 4, by which time
much of the construction work will
iave been finished. The company stands
'ready to furnish a bond, in a reasonable
.amount, to complete the lines for which
1t may be necessary to ask an extension
of time in the franchise.
Evidence of Good Faith.
' As evidence of its good faith, the com
pany shows that the amount of money
Hhat will have been spent at the comple
tion of the Front-street line will be K02,
CH2. Of that amount $67,9.19 will be for
track, $52&Q for crossings and special work,
with construction of 6000 feet of line on
IMacadam road, 10,000 feet at Twelfth and
Pettygrove streets, for which funds have
lbeen provided, and 25.500 feet of the FYont
etreet line, at an estimated cost of $120,000.
The further sum of $19,032 has been ex
pended for surveys, rights of way and
preliminary work. In addition to the
cost of construction, the company now
lias 2O00 tons of steel, sufficient for 15 miles
tif track, coming from the East.
Drawing, estimates, etc., are being
worked out for connecting Front with
Twelfth street in order that this portion
of the system may be in operation by
June. Specifications are being prepared
for equipment and orders are being placed
for cars. The Taylor, Seventh, Stark and
Flanders street lines will be completed
as rapidly as the material can be secured:
also the extension of the Pettygrove street
line. The company is now spending $20,000
a month In actual construction work.
Now that Mr. MacBride has agreed to
furnish the necessary funds, these ex
penditures will be increased t to carry on
the work as fast as men and machinery
can do it.
Sirs. Sloane WanU Son's Property,
SPOKANE. Wash., April IS. Mrs. Ida
Sloane. mother of Sidney Sloane. who
Drained Ms rather. James Sloane,
wealthy merchant, with an ax six months
ago. has made application for letters of
guardianship for her two sons. In effect.
ilie thus seeks the privilege of control
Ing the share of his estate that Sidney
obtained by the brutal murder which lie
confessed and of which he was acquitted
on the ground I Insanity. He la now in
the penitentiary at Walla Walla for safe
keeping.
SUBMITS AN ULTIMATUM
t. Johns Serves Xotice on City Hall
Contractor.
At . the meeting of the St. Johns Council
last night City Treasurer Hall asked
that his books and accounts be audited.
The Council decided to comply with his
request, and will also examine into the
accounts of W. L. Thorndyke, the ex
Recorder, at the same time.
In the matter of the . City Hall, the
City Attorney submitted an ordinance
by which the city will take over the
building complete. It is set forth in this
ordinance that the contractors bad failed
to complete ihe building on time, and
have left the country. Copies of the
contract with Youngferdorf & Son, and
of the bond and ordinance were ordered
sent to Youngferdorf & Son, Ashley &
Rumelln and the United States Fidelity
& Bonding Company. If this does not
bring out an answer, then the city will
start work.
City Attorney Greene and the Council
are proceeding very carefully with this
matter, in order to keep clear of litiga
tion and to give the contractors and
PRIZE-WINNING DESIGNS FOR BOOK TO EXPLOIT RESOURCES OF OREGON
l ! 3.1 n.'. wj, V -..
ORECON
THE LAND
or
OPPORTlNrrYjj
First Prize, $25, by Miss Mary
C'ronan.
Prizes were awarded by the trustees vf the Chamber of Commerce for the three cover design selected from a dozen submit
ted. The cover Is for a book of 64 pages on Oregon. Its resources and desirability as a state in - which to locate. The book Is to
be issued for free circulation by the Chamber and Commercial Club Jointly, and an edition of 50,000 has been ordered.
The reproduction herewith shows the three prize -winners. First prize. $25, and choice for the dveipn was submitted by Miss
Mary Cronan, HO Sixth street, Portland; second prize, 15, was awarded Miss Almee C. Spencer, 778 Irving street, Portland';
third prize, $10, to P. D. Mc Louth. Corvallis.
In addition to descriptive reading? matter and profuse illustration, there will be an insert map of Oregon, 10xl3H Inches,
brought up to date by Rand-McXally Company, of Chfcago. upon the back of which will be printed a resume of the United
States land laws and a detailed description of Oregon evhool lands, giving 'Vacant acreage in each county and information as
to the best crops that can be raised in the several counties, whether grain grass or fruits. -
An order has been sent for 6000 additional maps so they may be used separately when desired.
The list of the illustrations Is as follows: Willamette River at old waterworks, Portland; at Salem: a Portland yard of
rosea; a view of Glisan street, showing ehade trees; fir trees in Clatsop County; shipping' in Portland . harbor; prime orchard;
sheep ranch. Eastern Oregon; salmon cannery, Astoria; apple orchard. Hood1 River; harvest field. Eastern Oregon; vineyard;
Jackson County; fir timber. Southern Oregon; cattle round-up. Baker County; 'a day's sport," Harney County; 15-mile
Valley, Iufur; Irrigation flume, Klamath; Upper Klamath Lake; string of Oregon trout; alfalfa field, Klamath . County;
alfalfa. Culver; cherry orchard. The Ialles; wheat field, Eastern Oregon; view of Mount Hood; angora goat ranch; mining scene;
Columbia River ecenery; Willamette Valley hopyard; street scenes in Portland.
When the Chamber of Commerce issued requests for designs to be used on the cover of the new book on Oregon", the fol
lowing letter was received from a Portland publishing firm:
"Secretary Glltner, Chamber of Commerce.
"Dear Sir Should be a large cemetery showing a few graves with stones erected and a great number of newly-dug graves,
showing as many dead 'mosebacks' ready to be' buried. Box-car letter headlines Oregon will prosper when they are covered up.
' "AN" ADVERTISER
bondsmen an opportunity to make good,
but eo far no answer of any sort has
been received from them or from the firm
that backed Youngferdorf & Son.
James Steel submitted a petition for a
franchise to manufacture gas in St.
Johns for 60 cents per 1000 feet. It was
referred to the City Attorney for exam
ination. The new charter was turned over to !
the Council by -the charter commission, ;
but. action was deferred until next meet
ing, when steps will likely be taken to
submit it to a vote at a special election
of the people.
D. E. KEASEYJBUYS TRACT
Many Other Real Estate Sales Show
Active Market.
Dorr E. Keascy has bought from Al
bert and Myrtle Cleveland 75 lots In
Grover's Addition to Portland Heights
for a consideration of J27.500; It is air.
Keasey's intention to put these lots on
the market in about 90 days, or as soon
as street work and grading Is finished.
City water, gas and electric lights will
be available. The lots lie south of the
Portland Academy property.
A two-storv frame store on Russell,
between Williams and Rodney, Is to be
built for John Sounds at a cost of $1500.
Alterations and repairs costing J2000
are to be made on the tour-story
brick at 286 Washington street, between
Fourth and Fifth, for M.VA. Gunst, the
lessee
P. Wagner Is to build a $2000 two-story
frame dwelling on East Third street, be
tween Multnomah and Wasco streets.
Mrs. B. C. Wegman took out a permit
yesterday to . erect a. two-story frame
dwelling on Eugene street. between
tnion avenue and Easjt Seventh street.
Em1l Raddant has bought 18 acres on
the Cazadero line from A. S. Nichols.
The tract is four miles out and changed
hands at 13,620.
Brooke & Kiernan negotiated the sale
yesterday of lot 1. in block 206, Couch's
Addition, from J. T. McEntee to J. Free
man, for J13.50O. . Six months ago Sir.
McEntee bought this property for JIO.OOO.
Mall &. Von Borstel have sold for
Florian Fuchs to F. B. Mallory the
southwest corner of East Seventh and
East Davis streets for a consideration
of tsaoo.
Lewis Montgomery has purchased a
half block on East Salmon, between
Nineteenth and Twentieth streets, and
will erect a dwelling thereon. The resi
dence proper will occupy the quarter
block on the corner of East Twentieth
and Salmon, and the quarter on Nine
teenth will accomodate an auto barn,
flower garden, terraces and driveways.
The cost will range from J15.000 to J17.000.
Architect C. C. Robbins will prepare
plans and specifications.
Charters Six Steamships.
SEATTLE, Wash., April IS. Frank
Waterhouse & Co., have chartered the
steamships Inverlc, Hynford. Gymeric,
Ascot. Duneric and Salenga, and will com
mence operating them from this port
about May 1. All of the vessels will sail
to the Far East, principally North China
ports, except the Duneric, which will be
used to carry coal from Nanaimo. B. C,
to Unalaska. The first sailing will be the
Salenga. about the end of April. The
vessels have each an average capacity of
lam tons.
Chamberlain's Cooga Remedy Is Both
Agreeable and Effective.
Chamberlain's Cough Remedy has no
superior for coughs, colds and croup, and
the fact that it is pleasant to take and
contains nothing in any way injurious
has made it a favorite with mothers. Mr.
W. S. Pelham. a merchant of Klrksville,
Iowa, says: "For more than twenty years
Chamberlain's Cough Remedy has been
my leading remedy for all throat trou-
of croup. Children like it and my custom
er, whn i a v t ti.Ad It will nnt tab. onir
other." For sale by all druggists.
CLAIMED BY DEATH
Dr. R. P. Robbins Succumbs to
Attack of Meningitis.
HIS PHYSICIANS BAFFLED
Another Case of Dread Disease Dis
covered in Downtown Hotel.
'
,Victlni, a " Logger, Is'
Likely to Die.
Dr. Ray P. Robbins died at St. Vincent's
Hospital yesterday morning at 9:30 o'clock
of spinal meningitis. He was attended by
several brother physicians who did every-
Second Prize, 915. by. Miss Almee
C. Spencer.
thing that medical skill could suggest to
save his life, but without avail. -
Another tcase that It is feared will prove
fatal Is that of Ernest Smith, of Clark
County, Washington, who was stricken
with menengltis Monday at the Bdelbrau
Hotel on Morrison street. Dr. Wheeler,
the city health officer, on being notified,
directed that Smith be removed at once
to St. Vincent sanatorium and his room
at the hotel thoroughly fumigated. Smith
was employed at the Union Mill Com
pany's plant in Washington County.
At a late hour last night Dr. Walls,
of Vancouver, who is attending Smith,
reported that the patient was very low
and had been unconscious ever since his
admission to the sanatorium.
Dr. Wheeler said last evening that men
ingitis should be termed a transmissible
rather than an infectious or contagious
disease. He said there are two phases
of its attack mild and malignant forms.
In some cases of the mild form, he said.
the patient may not be aware of the at
tack.
The germ of the disease was discovered
some years ago, but no serum has so
far been discovered that has proved a
preventive. In Germany, where the dis
ease has been an epidemic for some time,
it is claimed a serum has been made that
is acting satlsfactoritly, but the par
ticulars have not yet reached this coun
try or at least this Coast
Dr. Wheeler said the morphine treat
ment had been tried in most cases coming
under his observation recently, and that
relief from suffering resulted, though he
was not prepared to say that the treat
ment aided in effecting a. cure in the
few instances where the patient.- re
covered. The early ' symptoms are described by
doctors as chills and fever alternating,
severe pain in the back of the head, fol
lowed in a short time by unconsciousness.
Another symptom is the dropping' of the
chin on the breast.
Despite the viyulent character of the
attacks and fatalities pinc the malady
appeared in Portland. Wheeler still main
tains there is no caise for alarm. He
says the visits of the disease to a Riven
locality come at periods- much like the
appearance of a comet. No one knows
why or when.
OBJECT TO ASSESSMENT
Northeastern District Property-Owners
Oppose Sewer Tax. ...
A masB meeting of the property-owners
of the northeastern district was held last
rright in Vernon Presbyterian Church,
East Twentieth and Wygant streets, to
protest against the assessment made In a
certain portion of that district . for the
Irvington sewer, the assessment being
considered unjust. George B. Frank,
president of the Northeastern Improve
ment Association, was in the chair and
announced the object of the meeting. The
room was entirely too small to accommo
date all who wanted to attend and many
were turned away.
It was brought out at the meeting that
the present boundary of the assessment
district is 100 feet north of Going street
and 100 feet east of East Twenty-fifth
street. The demand agreed on at the meet
ing was that the boundaries be changed to
100 feet north of Prescott street, instead
of 100 feet north of Going street, the for
mer street being the natural dividing line.
President Frank maintained that the ter
ritory assessed would derive no benefit
from the Irvington sewer, while north of
Going street, toward the Columbia River,
a large district still remains without sew
erage. He maintained that, the natural
slope is toward the Columbia River north
frora Prescott street, and that a sewer
district must be formed to be drained
into the Columbia River.
Deputy Auditor Gill was present from
the City -Auditor's of Ace with maps of the
Irvington sewer and explained the route
and territory of the sewer.
After the matter had been discussed for
some time a remonstrance against the
l.'.j I llOREOOHl
U- I ifeagil&klil
assessment of that portion of the district
north of Prescott street was generally
signed. A committee of 35, with President
Frank as chairman, was appointed to
wait on the Council today and present the
formal protest of the district against the
present assessment. - Lots are assessed at
$22.40 each. ' . .'..
BEGIN WORK TOMORROW
Citizens Called for Federal Grand
JuryTDuty Report.
With one or two exceptions, the 50 oitl
rens who have been summoned for Fed
eral grand judy duty have reported to
the United States Marshal's office, and It
is expected that by noon today all. will
have answered the call. -The grand jurors
were subpenaed .to report today, but, ow
ing to th fact that the Interstate Com
merce Commission is holding its sessions
in Judge Wolverton's" courtrooms, the
opening of the season was postponed one
day. It is the desire of United States At
torney Bristol to give special attention to
examination into the qualifications of the
citizens who will make up the grand
Jury, and for the purpose of this Inquiry
the use of the Federal courtroom will be
necessary.
The oitlzens summoned wil report for
Third Prize, 10, by F. D. McLouth,
' of Corvallis.
duty this morning at Who'clock, but it is
not likely that tney will be sworn in until
tomorrow. A number of witnesses who
are to testify before the grand jury
when it convenes were also on band yes
terday.
Following is the list from which the 23
jurors will be seleoted:
C. A. Bell, Hood River: Ambrose Hazeltine,
Portland; R. M. Alcorn, .Pendleton: Albert
Adams, Deer Island; Ben SelltntT, Portland:
Howell Lewis, Fern Hill; J. N. Dews, Walk
ins; Herbert Bradley, Portland: James D.
Hennessey, Portland;. James R. Linn, Salem;
John M. Do&ne. Sumpter; J. N. Griffith. As
toria; W. H. Stlnson, Medford: Siegle Coffman,
Medlcaa Springs; William Qiissenthwalte. Ore
gon City; Howard K. Rush, Ugaklns; J. W.
AUen, Rlckreal; Francis M. Batchelor, .Port
land; John L. Haller, Woodbum; W. W.
Gregory, Agate; S. E. Clark, .Ukiah; O. Bark
er, Oak Creek: Henry Lconnig. Haines: J.
Schoenberg, Holbrook: Georges E. - Hoffman.
Portland; H. T. Hudson, Portland; Matthew
N. Genuer, Portland; J. H. Harris. Corvallis:
C. B. Cannon, Roseburg: Robert F. Hall,
Portland; T. C. Dug-an, Eagle Point: William
Amsler, 6alem; Alex Cayle, Hubbard; J. H.
Carlton, Eagle Point: WiHfam H. Commons;
Scotfs Mills; J. c. Miller, Montavllla; T. B.
Davidson, Eugene; C. M. Jasper, Cove; Prank
U., Hull, Mehama; M. G. Aldrlch, Tremont
Place; F. W. Springer, Baker City; W. B.
Glass, Brownsville; James Starr, Stephenson;
"William Gunning. McMlnnville; " Lucius J.
a icks. r-oruami : v . f. Moist, Lebanon : O.
Bennett. Junction: Henry Nachand. Pa re
place; Frank Cook, Astoria.
PORTLAND HOTEL SOCIETY
. . CIRCUS.
Engage 'tables now ' for Thursday, Fri
day and Saturday after . the Society
Circus. Main dining-room will represent
circus and menagerie. H. C. Bowers.
Let Japanese Go North.
SAN FRANCISCO, April 16. Commis
sioner of Immigration North received in
structions from Washington to .permit the
290 .lav-tnese who arrived on the Corea. to
proceed to British Columbia: They came
in transit and were referred to the Com
missioner for instructions.
Studying the Want Ads
Did you ever see a poorly-dressed, weary-eyed man hopelessly look
ing down the long columns of want ads passing by request after
request for Bookkeepers, Stenographers, Bank Clerks, etc. not pre
pared for any of those lines searching for his chance at a job with
vague uncertainty as to what it would be and did not pity for him
-well up in your heart t
; Be sure that some one will not have the same feeling about you in
the future. There is just one bona fide, gilt-edged form of insurance
against poverty: . A practical Business education such as you can
readily acquire at the BEHNKE - WALKER COLLEGE in a few
months of conscientious study, .and at comparatively small ex
pense. We will place you' in a position when competent, and, better
still, you will have the assurance and independence of one who knows
he is prepared for success so long as"he lives.
Our Beautiful New Catalog on Request
FALLS ON WORKMEN
Rothchild Excavation Caves
In, Injuring Three.
CURB AND WALK COLLAPSE
Accident In Center of Business Dis
trict Attracts Large Crowd C. J.
Cook, the Contractor, Thought
Wall Was Securely -Braced.
While workmen were engaged on the
excavation for the Rothchild building at
Fourth and Washington streets at 8
o'clock last night, the curbing and side
walk on the Fourth-street side gave way
and fell with a thud. Three men were
injured, one sustaining a broken leg. The
others were badly bruised, but neither
seriously. All were removed to the Good
Samaritan Hospital in ambulances.
The men were employed by C. J. Cook,
and were working with the large steam
shovel, at the northwest corner of Fourth
and Washington streets, excavating the
big basement for the structure that is
to take the place of the old Schiller cigar
gtore. At the hospital the men gave their
names and addresses as follows: P.
Miller, aged 33 years; Everett House,
crushed and bruised; Mike Angellch, aged
35 years, 345 Flanders street, back
sprained; Besta, Bouckah. aged 31 years.
residence - 345 Flanders; right leg broken.
There was no warning of the falling
of the heavy curbing and the sidewalk,
and the workmen had no time to escape.
They were caught under debris and
pinioned until extricated by fellow work
men. It was quite dark In the deep ex
cavation and It was with considerable
difficulty the men were rescued. They
were placed in the large lift, raised and
swung. out to the middle of Fourth
street, where they were placed in the
ambulances. - There was the usual delay
for the ambulances, and much time
elapsed before the injured were in the
hospital.
C. J. Cook soon arrived at the scene of
the accident and lent bis aid in attending
to the injured. He said he could not un
derstand how the collapse occurred, as
he thought tho sides of the pit wero
securely braced.
The scene of the accident' is in the
heart of the business district and thou
sands of people quickly gathered. A
squad of police was required to preserve
order, and it was with great difficulty
the officers kept back the large crowds.
among which were many women and
children. Reports were circulated on the
street that several workmen had been
killed.
Cheap Taper for Official Records,
WASHINGTON. April 16. That the pa-
ners supplied for Government use too ire
quently fall below the specifications, lack
durability or in some way are not adapt
ed to the purpose for which they are in
tended, is the statement made by Chief
Wiley, of the Chemistry Bureau in a cir
cular issued by the Department of Agri
culture. Valuable documents and scien-
WHEN YOUR BACK ACHES.
Take one teaspoonful of the
following simple mixture after
your meals and again before go
ing to bed, viz.: Fluid Extract
Dandelion one-half ounce. Com
pound Kargon one ounce,' .Com
pound Syrup Sarsaparllla three
ounces.
Get the ingredients from some
good prescription pharmacy and
mix them yourself by shaking in
a bottle.
The Kidneys often become
clogged up and inactive, either
from overwork or change of
weather, and cause the back and
Bides to pain and ache. This is
said to readily relieve almost
any lame back; also overcome
the worst forms of Rheumatism,
by toning up the Kidneys and
forcing them to filter the uric
acid or Rheumatism poisonB
from t.hA blood.
Cut this out and save it.
MAN D
SAPOLIO
FOR TOILET AND BATH
Delicate . enough for the ; softest
skin, and yet efficacious in removing
any stain. Keeps the skin in perfect
condition. In the bath gives all the
desirable after-effects of a Turkish
ibath. ' It should be on every wash
stand. ALL GROCERS AND DRUGGISTS
HOW INDEPEND ENT TELEP HONE PROJECTS ARE MANIPULATED
By Skillful Juggling of Finances of Companies They Are
Made to Look Prosperous at First, buy Finally Fail.
'" (Oakland Enquirer, July 23, 108.) '
The Pacific Coast has suffered its share.
rather more than Us share, perhaps, from
wildcat telephone financiering. There are
a few apparently successful Independent
teiepnone enterprises In different parts
of the country which are used i Hik
ing horses by promoters; but their perma-
iiem Buumiiiifss tins not yet Deen proved,
whereas the unsoundness of th mninritv
of Independent telephone undertakings is
so patent mat it is a wonder now any
one was ever induced to put money into
them.
Jones and Smith, for example, organ
ised a Home Telephone Company with
a capital siock oi jdu.uw, autnorlzed b
per cent bonds of $150,000. giving a total
of $300,000. The same Jones and Smith
then agree to construct a telephone plant
ol louu suoscrioers on account ot tne
Home Telephone Companv and take in
payment for this plant J100.000 in capital
stock and J100.000 in bonds. Again the
same Jones and Smith form an under
writing syndicate in which they are
slightly interested, the syndicate agree
ing to purchase the bonds at 80 with a
50 per cent stock bonus. The underwrit
ers pay JSO.000 for $100,000 of 6 per cent
bonds and $50,000 of stork.
Jones and Smith construct a plant cost
ing $5.000. They have received from the
syndicate JSO.000. They make an Immedi
ate profit of $15,000 cash and still have
$00,000 stock. The underwriters sell the
bonds to the public at $fi5,000. They receive
from the public $05,000. thus making a
WHAT WE DO
.We pay 3 per cent interest on Savings Ac
counts, 4 per cent on 'Annual Certificates, issue
our 10, 30, 60 and 90-day Demand Certificates
for those having funds they may require at any
time f 6r investment or other use, receive cle
' posits subject to check, take charge of trust
matters in all their varied forms, and in short,
do a general banking and trust business. .
Merchants Saving's
& Trust Company
247 Washington Street ,
Capital, fully
J. Frank Watson, President. R. L. Durham, Vice-President.
W. H. Fear, Secretary. S. C. Catchin'g, Assistant Secy.
O. W.'.T. Muellhaupt, Cashier.
Vlflo work are recorded on papers which
deteriorate, thus rendering the records
useless. - 5 :-f
For five years the bureau has been mak
ing investigations looking to the Improve
SEE
now ready ' mm I
profit of $15,000 cash and they still have
$50,000 of stock. If the market for bonds
Is not giod. they sweeten It to the pub
lic by giving up to the purchasers part
of their sto-k. which they i-an afford to
do as it costs them nothing.
In order to convince the public that
their proposition Is a good one, they make
a prospectus which on paper shows inter
est on bonds as earned and likewise a
small interest on the stock. They sell
some stock at a very low price and by
skillful manipulation create a tempor
fc.ry market. If the speculative public
rates up this stock "and enable it to be
unloaded at an average prico of 50 a
further profit of $50,000 lsv divided among
rihe insiders.
The securities being digested, the pub
lic have gotten a telephone exchange
which cost to- construct $t5.000, and for
which thev paid $145,000. After running
it for a short time the new owners find
that thev need money for extensions and
having $50,000 of bonds and $50,000 of stock
in the treasury they proceed to sell It.
The market breaks and they are unable
to realize. Pretty soon their credit Is
exhausted and Interest Is defaulted, a
receiver Is appointed.
The receiver sells the property for fiO
cents on the dollar. That part of the pub
lic that paid $50,000 for stock loses all.
and that part that paid $95,000 for the
bonds gets bark 25 cents on the dollar
and the Bell Company gets a lot of cheap
property with which tq strengthen ill
position.
paid, $150,000
ment of papers and the utilization of farm
products in their manufacture. The circu
lar just issued gives the methods and tests
by which the composition and value of
paper are Judged. -
PAGE 12