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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Nov. 14, 1907)
THE MOKXrXG OKEGOXIAX, THURSDAY, NOVEMBER 14, 1907 7 bank in hands OF EXAMINER GATCH Merchants National Officers Assisting in Work of Ex- amining Accounts. CLERKS WILL BE RETAINED AVIII Be Needed IVlien Institution Reopens Clearing-House Associ ation, Upon Investigation, Finds Other Banks Sound. Claud Gatch, National Bank Examiner, took full charge of the Merchants Na tional Bank yesterday, and is making a careful examination into the accounts of the Institution to determine Its solvency. It will be a week or more before he will be ready to make his report to the Con troller of the Currency. Meanwhile he Is not permitted to make public the con dition of the bank's accounts. President Watson and the full staff of bank employes are assisting Mr. Gatch In his work and will continue to help him as long as they may be needed. It is very improbable that the staff of clerks will be disbanded, but will be retained until they are again needed to carry on the bank's business when it reopens. It Is felt almost certain that the Institution will resume business within the next two or three months. Every bank in the city that is a member of the Clearing-House has been investi gated by that organization and found per fectly solvent and in good condition. Dur ing the past week a careful examination of all members of the Clearing-House was made. The result was most re assuring. Yesterday was a quiet day at all banks, and it appears that the public realize the worst is over and are regaining their courage. The First National Bank had a fairly tousy day but this was not be cause of a run of public distrust. There wa a large number of railroad pay checks presented and the number of rail road employes at the bank gave it a busy appearance. Security of National Bank Notes. It is a fact that bank notes issued by National banks, or 'circulation," as it Is expressed In a bank statement, are not affected by the suspension of the bank. The circulation of the Merchants Na tional amounts to $244,150. which is se cured by Government bonds deposited at Washington to the amount of J250.000. In commenting on this fact, Benjamin I. Cohen, president of the Portland Trust Company, said: "The circulation of a National bank being secured by Government bonds, they are Just as good after the bank failure as before, and under some circumstances notes of a broken National bank have actually commanded a premium. For example, about 30 years ago, when I was a resident of Baltimore, certain persons bid a premium on the notes of the broken bank because the bonds which the bank had put up at1 Washington were held to secure these notes, and as Government bonds were then worth a premium, It was thought that ownership of the notes of the bank would enable holders to se cure from the Government all the bene fit of all the bonds on deposit. This is, of course, a very curious condition of affairs and might not be true under the present condition of the bond market, but at the time I speak of, the matter was well known and discussed In pub lic. "Another thing in connection with Na tional bank notes that everyone Is not aware of. If one examines any bank note, it will be found to have been ac tually signed by the president and cashier of the bank that Issues it. Strange as it may seem. If such notes get Into circulation without one or both of these signatures they are just as much a charge against the bank in the hands of an Innocent third party as If they had the signatures upon them. This matter was first brought to my attention some time ago in connection with an ex press robbery of some unsigned National bank notes." Grocers Express Confidence. Portland retail grocers express confi dence In the general situation and took official action at a recent meeting. They will, however, enforce more prompt col lections, and customers will be expected to pay on or before the 10th of each month. The following circular letter, is sued yesterday by the Portland Retail Grocers' Association, will be of Interest to consumers t iroughout the city: Portland. Or., Nov. 13. To Our Patrons: The present unusual con dition of financial affairs has resulted in the temporary contraction of money circulation to a great extent. The great Northwest country, and Portland In particular. Is wealthy, and has no occasion to be alarmed unless the people unreasonably ' withhold their money. This condition has forced upon the wholesalers the necessity of short ening their credits to the retail dealers to such an extent that all bills must now be paid In 30 days: while meat, poultry and commission-house bills must be paid weekly. This, In turn, has required the retailer to be more exacting In his collections In order to continue In business. Many of our customers have grown care less In the payment of their accounts and in normal times this did not prejudice business generally, but the time has come when all retail customers must pay promptly at a given time, on or before the loth of each month. Wage-earners should pay the day following their pay day and no account can be permitted to run more than 30 days. A prompt and hearty co-operation by the customers of all retailers will not only avert possible failure with Its attending dis tress and suffering, but will Insure the early return of the good times which we enjoyed up to a few weeks ago. PORTLAND RETAIL GROCERS' ASS'N. Railroad Accepts Certificates. Portland clearing-house certificates will be accepted by every station agent on the Southern -Pacific lines In Oregon just the same as currency, In payment for freight charges .and passenger tickets. General Manager O'Brien's office asked the head offices of the Southern Pacific in San Francisco to take this action and Assistant Treasurer Redington notified the local officials yesterday to that ef fect. A general order to agents on the Oregon lines will be sent out by General Manager O'Brien's office today. "There has been no decrease In receipts of streetcar fares by our company," said President Josselyn, of the Portland Rail way, Light & Power Company, yester day. "This seems to show that local conditions are not as bad as some people think. If there were any noticeable de crease In business conditions and the employment of labor about the city, our receipts would be the first to show It." WILL AWAIT CATCH'S REPORT Controller May Find Receiver for Merchants National Unnecessary. OREGON I AN NEWS BUREAU, Wash ington, Nov. 13. Until Bank Examiner Claude Gatch makes a report to the Controller of the Currency on the con dition of the Merchants National Bank, the Treasury Department will be unable to determine whether or not a permanent receiver will be appointed. If Mr. Gatch finds that the bank within a short time will be able to discharge Its obligations and reopn Ita doors, no regular receiver will be appointed, though he will tem porarily act In that capacity while making his investigation. If a permanent receiver be deemed necessary, some one J will be appointed on recommendation of tjie Oregon Senators. WILIi DEMAND HILL'S REMOVAL I 1 Ross Bank Depositors to Petition ! the Federal Court. Depositors In the defunct Title Guaran tee & Trust Company are determined that I George H. Hill shall be deposed as re ceived. They will present a petition to Judge Wolverton of the United States District Court, asking that he remove Mr. Hill from THs position. This petition will not be signed by the officers of the De positors' Association, but will bear the signatures of hundreds of individual de posltors. At a meeting In Arion Hall last night, the depositors voted to present such a petition and a committee was ap pointed by Chairman T. T. Struble to draft it. The committee Is composed of J. J. Hirscheimer, Alex Sweek and William Goldman. The petition will be made ready and presented at a mee"ting tomor row night for ' the signatures of deposi tors, then a committee wiU be named to present it to Judge Wolverton. Steps were also taken last night to pro vide for permanent organization of de positors. The following committee was named to prepare by-laws and take care of the preliminaries: J. O'B. Scoby, Ra leigh Trimble and G. C. Van Zante. This committee will report at tomorrow night's meeting, when permanent officers will be elected. The effort to recommend a candidate for receiver from the ranks of the deposi tors met with failure. Judge M. G. Munly, T. T. Struble and I. M. Walker were named as ellgibles by a special committee appointed for the purpose, but after some discussion, the report of the committee was laid on the table. The committee was composed of the following depositors: S. J. Barber, chairman; W. P. Swope, sec retary; N. Solomon, Isaac Fogle, R. A. Bryan, F. P. Drinker and D. F. Smith. A letter was read from Receiver Hill in which he sought to reassure the deposi tors by saying that the affairs of the bank will, from present indications, turn out better than was expected. The de positors will meet tomorrow night in Mer rill Hall, Seventh and Oak streets. BANK OFFICIALS ARRAIGNED Ross, Burkhart, Hill and Aitchison Held to Grand Jury. J. Thorburn, Ross. T. T. Burkhart, George H. Hill and John E. Aitchison, officers of the wrecked Title Guarantee & Trust Company, were arraigned in the Municipal Court yesterday forenoon on charges of having received deposits in an insolvent bank. The four men did not wish to show their faces in the courtroom among the horde of thieves, vagrants and petty offenders. But the charge against them 1s a felony, punishable by imprison ment in the preliminary in event of con viction, and Judge Cameron was able to see no reason why they should hesitate to appear among men charged with minor offenses. Accordingly the four stood just inside the door while their attorneys, Wallace McCamant and John K. Kollock, formally waived preliminary examination for them. The accused men were promptly bound over to await the action of the grand Jury and were released on bail in the sum of $5000 each, the bonds previously given be ing continued In force. MANY TIMID PEOPLE ADOPTING FORM OF INVESTMENT. Money Is Thus VLeturned to Banks and Put in Circulation, Tending to Relieve Financial Stress. Many timid people who liave with drawn their money from the banks, have turned to the purchase of mort gages as a satisfactory and safe In vestment. By these transactions, when the mortgages are sold by banks and trust companies, as they usually are, the money is returned direct to the banks, and thus helps after all In re lieving the temporary currency strin gency. Investment In mortgages during the past two weeks has been heavy, and it Is apparently on the increase. The placing of money in this class of se curities evidences the confidence the investors have in the stability of Port land and the desirable nature of city property. In commenting on this drift of in vestment, Benjamin I. Cohen, president of .the Portland Trust Company of Ore gon, said: "In ordinary times the easiest way to get money is from New York and by the use of Eastern securities. Today the Eastern securities are perfectly good to secure any obligations due and they are perfectly good to use with the Clearing-House, but citizens of Port land have such ' well-grounded and splendid faith in the stability of their own city and in the certainty . that present values of Portland city prop erty are reasonable and conservative, that during the past week a very strong demand has sprung up for well secured mortgages upon both business and residence property. "As an example of this, the Portland Trust Company of Oregon has, within the past six days, sold 18 mortgages aggregating $55,675, and it is interest ing to note the disposition of these mortgages One for $8000 and one for $2000 were sold to a local capitalist whose health is somewhat impaired, and who wishes an investment that will be perfectly sure to cause no wor ry or anxiety. Five others were bought for the account of a business man In Albany, Or., as being in his opinion the best Investments he could select, an additional inducement being the fact that the purchaser cannot be called upon to pay any taxes upon mortgages, as all such disbursements must be met by borrowers. Two others were pur chased by a successful local retailer out of-the profits of his business. Two more, aggregating $24,000, were bought by a local business man who has Just retired and who desires to make a trip to Europe, leaving behind him some thing that will produce an assured in come. "One great advantage of the sale of mortgages by local financial insti tutions at this time is that funds thus obtained are kept at home and in cir culation, and afford ready means of meeting payrolls and other local re quirements, which would not be tha case If the same amount of money should be sent East to take advantage of the bargain counter conditions that obtain in Wall street. "Loyalty to one's city and practical faith in local values are always to be commended, and especially so at this time, when every dollar of local capital should be retained at home and kept In active circulation. It has never been truer than now that a nimble sixpence beats a slow shilling." Pure, Healthful, Refreshing " The Queen of Bottled Only at the and Only with its IDEAL AND CHURCHMEN HERE Dignitaries Gather for Annual Meeting of Committee on Home Missions. HAVE $1,000,000 TO SPEND Fund for Missions and Church Ex tension Will Be Apportioned During Convention In This City. To Continue Five Days. PROGRAMME FOR TODAY. I Many of the bishops, secretaries, assistant secretaries, the representa tives from the 14 general conference districts and representatives of the board at Philadelphia, will arrive in Portland from Seattle- at 7 o'clock this morning; to attend the meeting of the committee on Home Missions and Church Extension of the Metho dist Episcopal Church. Sessions will be held in Grace and Taylor-Street Methodist Churches for Ave days. The first meeting will be at Taylor Street Church at 2 P. M. today. A. banquet will be given at Grace Church at 6 o'clock, followed by a public reception In the same edifice. Portland today will have within her gates the most distinguished gathering of churchmen ever assembled In the Pa cific Northwest, in the personages of many bishops of the Methodist Episcopal Ohnrrsh neoretarles. assistant secretaries and representatives of the 14 general con ference districts, representatives of the board at Philadelphia, and many other notable eccleslasts, including editors of Methodist periodicals all over the coun try, field missionaries and prominent min isters. They are to be present at the annual session of the committee on Home Missions and Church Extension of their denomination, which will convene for five David H. Moore, Resident Bishop of Oregon, Who WUI Welcome Visit ing Bishops Tonight. days of business In . Grace and Taylor street Methodist churches. This committee has charge of all the home mission work and the great business of church extension throughout Method ism, and to it is given the important task of apportioning funds to the extent of $1,000,000 for home mission work and for new church buildings, repairs, and the support of missionaries in territory under the American flag. It has other great tasks, and its business in some respects equals in magnitude and significance that of the general conference. . Dr. Robert Forbes, acting correspond ing secretary of.the Board of Home Mis sions and Church Extension, is the chief officer of the committee, having suc ceeded Dr. James M. King, whose death occurred but recently. The first business meeting will be for the purpose of or ganization, election of officers to serve until the next general conference, and to get ready for the. big volume of important business that is to follow. It is prob able that all the present officers will be re-elected. ' Many of those composing the member ship of this committee are also members of the general committee on foreign mis sions of the church, which has just closed its annual session In Seattle. Its busi ness was completed late yesterday after noon, and its members were unable to reach Portland earlier than by 7 o'clock this morning. They will be met by a reception committee at the Union Depot and will be assigned to the homes of Portland Methodists, whose guests they are to be during the meeting. The reception at Grace Methodist Church tonight at 8 o'clock will be a brilliant and notable event In Western Methodist history, as many of the bishops will be present, and all the other mem bers of the home missions and church extension committees, aggregating 80 of HIGH METHOD ST : 1 mmmsim I b mmmm ; r Jill I t fVw-r 1 I Lnnrinnnirmmra OTnirsrt-i ,.m mmi J I I David H. Moore, Resident Bishop of t t . Oregon, Who WUI Welcome Visit- I nans Table Waters " Apollinaris Spring, Own Natural Gas. PERFECT. the mosW distinguished men In Method ism. Numerous noted editors, ministers and churchmen of the denomination and others will also be present, making the most brilliant gathering of Methodists ever held west of the Mississippi River. To this reception the general public Is cordially invited, and an invitation is also extended to attend all of the committee's business sessions. Bishop B. G. Andrews will preside at the first business session, which will be held at 2 o'clock this afternoon at Taylor street Methodist Church. At this ses sion organization will be effected. At the reception at Grace Church to night, David H. Moore, resident bishop Dr. . Robert Forbes, Acting Corre sponding Secretary of the Board of Home Missions and Church. Exten sion. of Oregon, with episcopal residence at Portland, will welcome the visitors on be half of the city and of Methodism In general, and Dr. D. L. Rader, editor of the Pacific Christian Advocate, will welcome them on behalf of the Pacific Northwest. Bishop E. G. Andrews will respond for the bishops, - Dr. Forbes for the home missionary society, and Dr. Ward Piatt, of Philadelphia, for church extension. Many of the prayer-meetings in Port land Methodist Churches will be closed tonight on account of the reception and banquet at Grace Church. PORTLAND MAN IS NAMED fudge Frazer Officer of Juvenile ' Court Society. " CHICAGO, Nov. 13. The nucleus of what is intended to be the most extensive and aggressive movement organized for the betterment of the physical and normal conditions surrounding children was formed tere today under the name of the Internationa'. Juvenile Court Society. Its scope is to be world-wide. The following oiiicers were elected: President, Judge B. B. 'Undsay, Denver; vice-presidents, Louis Deitoven Bowen, Chicago; Homer Folkes, New York; Joseph Lee, Boston; -William Be La?y, Washington, D. C; Judge A. L. Fraaer, Portland, Or.; Crawford Jackson, Atlanta, Ga.; secretary, A. W. Frost, Milwaukee; treasurer, Bernard Flexner, Louisville. THE THEATERS What the Press Agents Say. ISABEL IRVING TONIGHT. Charming Actress Begins Engage ment In Clyde Fitch's Play. " The charming actress, Isabel Irving, will begin an engagement of three nights at the Heillg Theater,. Fourteenth and Washington streets, tonight at 8:15 o'clock. It Is doubtful if Clyde Fitch ever wrote any thing more human in story and tender In plot than "The Girl Who Has Everything." The play deals with real people. Here, as always, 'Mr. Fitch shows keen observation, the power of sympathy that U unerringly fire and true and deep. There are passages of tender sentiment, right affection, grace fully poetic emotion, and lines of delicious wit and character. For its presentation at the HelMg Messrs. Llebler fe Co., who direct the tour, have surrounded Its bright and scintillating star. Miss Irving, with an ex ceptionally capable supporting company. A special-price matinee will be given Saturday. Seats are selling at the theater for the en gagement. "THE HEIR TO THE HOOKAH Paul Armstrong's Great Western Drama at Marquam Tonight. The first traveling attraction to play the Marquam since It closed to the road shows almost two years ago will be Paul Arm strong's famous Western comeda-drama. "The Heir to the Hoorah," which begins & half week's " engagement tonight. The In terpreting' company this year Is the best that has ever been sent on the road In the piece. BRILLIANT COMEDY AT BAKER Anthony Hope's "The Adventure of Lady Ursula" a DecfSed Hit. "The Adventure of Lady Ursula." as was expected, has made a big hit at the Baker this week. Although not so well known In the West as Hope's "Prisoner of Zenda" and i'Phroso" it is just as full of exciting scenes and situations and is withal a most delightful comedy. "Human Hearts" Popular as Ever. ' "Time that mars us maims and scars us." leaves no trace nor track on "Human Hearts." which is playing Its "steenth" an nual engagement in Portland at the Empire p t t 1 : I ' W " r i L j :: t . A - 'saw--. i , Ai ' x j ;: ' ' !' 4 I $14.50 HIGH-GRADE ROCKERS SPECIAL $7.9Q A three-days' sale of these comfortable Arm Rock ers a design that possesses the style, workmanship and finish that distinguish high-grade pieces of this character. The frames are of quarter-sawed golden oak and mahoganized birch very highly polished. Seats are upholstered in genuine leather. These rockers will not be held for future delivery. THESE BARGAINS IN THE EXCHANGE DEPT. 6 Oak Dining Chairs with upholstered 1 Folding Bed for ...... .V. . . $12.00 . seats and backs, for, each.... $1.25 i R00m-size Brussels Rug, 9ft bv 1 Full-size Iron Bed for. . . $1.75 . . 12ft., for . ...... .$16.00 1 Fir Hotel Dresser f or $3.75 9ft. by 12ft. Brussels Rug for . $18.00 1 Bed Davenport in golden oak frame Three-piece Bedroom Suit in golden for $12.00 oak for. $25.00 AIR-TIGHT WOOD HEATERS FROM $2.75 UP this week, and apparently more popular than ever drawing- the crowds and sending them away well pleased. "Deadwood Dick" Matinee. This afternoon that stirring comedy melodrama, "Dead wood Dick." will be played by the French Stock Company at the Star Theater. It is a drama of the West with real Western characters, such as Kit Carson and General N. A- Miles. There are Indians, mountaineers, frontiersmen and aril the classes of people who made the civiliza tion of the West possible. "The Heroes of f98" Matinee. The regular Thursday matinee at the Lyric will be devoted to a repetition of the excellent performance of that stirring; patri otic melodrama, "The Heroes of 'OS.' which has been the hit of the week in theatrical circles. It Is a play that no lover of swiftly moving drama, comedy or romance can af ford to miss, as it deals with incidents that thrill and Inspire. COMING ATTRACTIONS. Advance Seat Sale Opens Tomorrow for "The Alaskan" at the Heillg. ' The sale of seats for "The Alaskan," which will begin an" engagement of four 'nights and a Wednesday matinee at the Hetlig Theater next Sunday night, opens to morrow morning at the box 6ffice. "The Alaskan" is a big, new, comlo opera produc tion, comprising two 00-foot carloads of scenery and effects and a company of 75 people. Including an orchestra. "When Johnny Comes Marching Home The popular flan Francisco opera com (f rotm cunt II IS4O00 SALE OF FIBER CARPETS In the Carpet Department for today and tomorrow a sale of the popular Hodge's Fiber Floor Coverings in which we offer two grades at unusual special pricings. Home furnishers readily recognize the distinctive weave and designs of the Hodge's brand the original fiber carpets and rugs. The assortment of designs and colorings will enable a pleasing selection to be made. Prices quoted include sewing,- laying and lining. Regular 80c grade; special, Regular 50c grade; special, per yard 57 per yard 35 C0MPLETE-H0U5E-FURni5I1ER5l pany will return from Its brief road tour next Sunday night and will appear at the Marquam In the brilliant military comic opera success, "WTien Johnny Comes March ing Home." It Is an attraction that ' the Marquam management Is proud to recom mend. S-ats now on sale. "The Pit" Sunday. Nearly everything Is in readiness for trie Baker Theater Company's production of "The Pit." which will open next Sunday matinee. This will be one of the biggest theatrical events of the year, and the ad vance sate of seats Is the best In the Baker's history. "A Wife's Secret" Next Week. "A Wife's Secret" will open at the Empire Sunday matinee. It Is new and tells a story teeming with real heart Interest and tender pathos mingled with quaint comedy. The leading role of the wronged girl wife Is a beautiful and sypathetlc character, and It is faultlessly portrayed by the clever young emotional actress, Orace Bayley. "Dangers of Working Girls." Commencing Sunday afternoon the French Stock Company will present for the. first time In this city "The Dangers of Working Girls." This play produced a sensation in the East last season and has been secured by Manager R. E. French at hearvy expense for presentation in Portland. The play is thrilling In all of Its four acts. Opening of the Alien Company. The return engagement of the Alen Stock Company .will open next Monday night, the vehicle being that hilarious farce-comedy, "A Stranger in a Strange Land." It is one of the funniest pieces ever written and has Eat for contentment. Eat for good nature. Both are the result of physical . health. The most nutritious 'food made from flour is Uneeda Biscuit Every bite a mouthful of energy. In dust and moisture proof packages. NATIONAL BISCUIT COMPANY GAS RANGES AND HEATERS IN THE BASEMENT DEPT. -nade thousands laugh. Kvery one of the DODuIar members of tha fRmnti nrtrnnlzfitliin will have good roles. AT THE VAUDEVILLE THEATERS Comedy Hlfeat Pantages. Bungth and Rudd. the eccentric come dians from Europe, are creating a furore at Pantages this week. No such comedy has ever been seen in this part of the West before. It Is a roar of mirth from beglnnlnpr to end, the kind of mirth that has amused Berlin, Paris, Vienna. London and St. Petersburg, where these stars have ap peared. Novel Vaudeville Act. 'More than 80 tropical birds participate in the act of Rosa Maynon, at the Grand this week. These trained birds perform fcais which no other birds have been taught to do. The setting of the act represents a small fortune. The other acts are all up to the mark. Music, fun and novelty always found at the Grand. Court Grants Continuance. On motion of the plaintiff's attorney. Judge Wolverton in the United States Cir cuit Court yesterday granted a continu ance until the next term'of court In the suit for damages of Lauren Pease against the St. Paul Fire & Marine Company. About two years ago, Pease was arrested on complaint of the St. Paul corporation on a charge of misappropriating funds. Following his acquittal of the charge In the trial. Pease Instituted suit to re cover $31,000 for personal damages. Since then the plaintiff has left the city. .5 Art voui)