Morning Oregonian., January 07, 1908, Page 10, Image 10

10
TIIE MORXIXG OREGOXIAN, TUESDAY, JANUARY 7, 1908.
AGREES TO TERMS
OF DEPOSITORS
Ladd Offers a Substitute Con
tract Same Conditions,
but in Other Language.
PAY SAVINGS IN TWO YEARS
Check Deposits Over $500 in Three
Years i Per Cent Interest No
Agreement Yet With State
or Surety Company.
A substitute agreement from "W. M.
ladd. to take the place of that pro
posed for the depositors by District At
torney Manning, was offered to the do
positors committee yesterday, as draft
ed by Mr. Ladd's attorneys. The new
document contains the same terms as
to payment of deposits as does Mr.
Manning s, but with more verbiage. It
will be considered today by the com
mittee, and probably signed before the
end of the week.
Mr, Ladd uirantees payment of sav
ings deposits, amounting to $-105,000,
within two years, with 4 per cent in
terest from the date of the receiver
ship. November 6, thereby confirming
his pledge of November 9. Other de
posits amounting to $500 or less will
be paid within the same time, and those
mounting to more than $500 wl'hin
three yt-ars. both classes of deposits ;
with 4 per cent interest from the riate
of the receivership. Expositors are to
bave their clnlms certified by the re
reiver. The $607,000 debt of the fallen
bank to Ladd & Tilton is not to be
paid until all depositors have been sat
isfied. As one of the conditions to the agree
ment. Mr. I-add is to have the right to
nominate the receiver of the fallen
bark, "subject to the approval and con
trol of the United States Court," which
means that Mr. Ladd is to name his
own receiver. But if Mr. Ladd judges
it better to manage the bank affairs
privately, he is to have the right, "with
the approval of the United States
Court. to have the receiver discharged.
State and -Surety Company Excepted
The agreement expressly excepts the
State of Oregon and the American
Surety Company from its benefits. As
yet. Mr. Ladd and the state and surety
company have reached no understand
ing. Mr. Ladd nt first desired the
surety company to stand a share of the
loss for which it was liable under its
bond to the state, but he agreed to
satisfy the surety company, as well as
ordinary depositors, on "reasonable"
terms. There have been numerous con
ferences between W. C. Bristol, attor
ney for the state and the surety com
pany, and Mr. Ladd and his repre
sentatives, without result, though each
side says it expects' to reach an agree
ment with the other very soon.
The state and surety company think
themselves strongly fortified, since In
oossesslon of timber land collateral for
the $335,000 state money, worth per
haps more than twice the amount of
the state funds. This collateral Mr.
Ladd needs, as an asset of the bank,
and the state and surety company are
strongly entrenched in Its possession.
Again, the state and surety company
have, petitioned the Federal Court for
an order to pay the $288,000 school
money out of the first assets of the
bank, dollar for dollar, on the ground
that the money was a trust fund in
the bank. Unless Mr. Ladd shall sat
isfy the state and surety company, his
control of the receivership will he re
sisted. Mr. Ladd's agreement, as submitted
yesterday to the depositors, was as fol
lows: Text of the Agreement. "
Whereas. On November 0, 1007. the untler
riffned. William M. Iadd. guaranteed the pay
ment of the deposits of the dcsposltor hold
In pass-books in the Savings Bank Depart
ment of the Title Guarantee & Trust Com
pany, a corporation organized under the laws
of the Mate of Oregon, within two years from
the allowance of their respective claims there
for, the amount of such deposits so guaranteed
ftEtrir gating about the sum of $44)6,000; and.
Whereas, Said William M. Ladd at this time
desires to extend his said guaranty so as to
embrace other depositors In said The Title
Guarantee &. Trurt Company, as hereinafter
more fully set forth:
Now. Therefore. Know All Men by These
Prfwrnt. That I, the said William M. Ladd.
individually, in consideration of the premises
and of the sum of l, do hereby undertake
nd agree with the depositors of said The
Title Guarantee & Trust Company as follows:
Flrt I hereby affirm ray said guaranty of
November 9. 1007. respecting the suid de
posits of the depositors In the Savings Bank
TVpartment of said The Title Guarantee &
Trust Company, aggregating about $4o5.ooO.
as aforesaid, and do hereby guarantee to them
the payment of their respective deposits within
two years from the approval of their respective
claim with Interest aa hereinafter set forth.
Second I hereby guarantee the payment.
.thin two years from the date of the ap
pnnal of their respective claims therefor, of
the deposit of all depositors whose respective
deposits amount to Ave hundred1 dollars
(9Gv0) or less, with interest as hereinafter
set forth.
Third I hereby guarantee the payment,
within three years from the date of the ap
proval of thtir respective claims therefor, of
tha deposits of the remaining depositors in
said The Title Guarantee & Trust Company,
with interest as hereinafter set forth.
Claims Must Be Approved.
Fourth The depositors, within the time al
lowed by the court, are to present their claims
for their respective deposits for approval and
adjustment to the receiver of said The Title
Guarantee Tmt Cun.pany appointed by
the Circuit Court of the United States for
the District of Oregon in the case of Nathan
Coy vs. The Title Guarantee & Trust Com
pany, et a)., and the amount of each claim,
so far a a this guaranty is concerned, shall
he the amount as to approved and adjusttd.
Fifth All snima paid on each of said claims
of said depositors by way of dividends or
otherwise from the assets of said The Title
Guarantee & Trust Company or otherwise
shall be credited thereon, and the amount
which I am to pay hereunder to eac of the
depositors is the balance which may be due
him on account of said deposit at the ex
piration of suid periods of two and three
years, a the case may be. which said balance
Is then to be paid by me in any event and
regardless as to whether there shall then be
any assets or as to the then condition of the
ajKets of said The Title Guarantee & Trust
Company.
Sixth The deposits embraced within this
guaranty anal! draw simple interest at the
rate of 4 per cent per annum from the date
of the appointment of the first receiver of
ald The Title Guarantee fc Trust Company
by said Circuit Court of the United States la.
the suit aforesaid, such Interest to be paid
at the time and as a part of the final pay
ment under ihl guaranty.
Seventh Upon payment by me of any claim
aa herein provided. I am to succeed to and be
subrogated to any and all rights which such
depositor by reason of hid said de:wsit may
have against said The Title Guarantee &
Trust Company and Its assets as a creditor,
to the extent to which I may have paid suid
claims otherwise than from the assets of said
The Title Guarantee fe Trust Company, and
tsuch claim is to be assigned to me. or to such
person as 1 shall designate; provided, how
ever, that I shall not be entitled to receive
any dividends from or proceeds of the assets
of said The Title Guarantee & Trust Company
by reason of any such succession or subroga
tion until the depcetts guaranteed hereb have
been paid in full with interest as aforesaid.
Ladd A Tilton Claim Postponed.
Eighth I hereby undertake that Ladd
Tilton shall be postponed as to their claim
of $607,000 until ali deposits herein guar
anteed have been paid In full with Interest
as aforesaid, and until such deposits are so
paid no application of any of the assets of
naid the Title Guarantee A. Trust Company
or proceeds thereof shall be .made to said
claim of Ladd & Tilton by way of divi
dends or otherwise.
Ninth This guarantee does not relate
to nor cover the claims of the State of
Oregon or the American Surety Company
or George A. Steel as State Treasurer of
the State of Oregon for any public moneys
or funds of the State of Oregon, including
school moneys or funds, placed by or cred
ited to said Steel as State Treasurer with
said the Title Guarantee & Trust Com
pany. -
This guaranty is upon the following ex
press conditions, which are a material part
of the consideration for the execution of
this instrument, to the end that my powers
in the due and proper management of the
assets and properties of said the Title
Guarantee &. Trust Company shall be as
brnadf as ray undertaking, as follows, to
wit:
(a) Subject to the approval and con
trol of said United States Court. I shall
have the right to nominate a receiver or
receivers of waid the Title Guarantee &
Trust Company and the receiver's attorney
and their s-uccessors. and through such re
ceivership the properttles, assets, interests
and rights of said company shall be man
aireH. operated, controlled and enforced, its
assets realized upon. Its properties mid and
disposed of and its affairs liquidated, and
the proceeds of such assets applied first to
the expenses of the receivership and man
agement of said properties, assets, inter
ests and rights, including the care and con
yervation thereof, and thereafter o the
liquidation of th liabilities of said the
Title Guarantee & Trust Company as th
same may legally be entitled to partici
pate: provided, however, that said ladd &
Tilton. upon Its said claim for $007,000,
and I. the said William M. Ladd. as pro
vided in paragraphs seven and eight hereof,
shall not participate in the distribution of
Fiieh assets or roceeds until the deposits
herein guaranteed have been paid In full,
with interest, as hereinbefore set forth.
Ladd to Direct Receivership'.
It is expressly understood that, subject to
the control and approval of said court. X
Fhall be privileged to direct the policy and
management of said receivership, and that
the sale and disposition of said properties
and assets shall be made as speedily as the
same can be done without undue sacrifice
thereof, and that at periods of six months,
beginning tx months from this date, there
shall be distributed and applied upon the
obligations of said the Title Guarantee
Trust Company, as the same may be en
titled thereto, the moneys realised from
said properties and assets at the time on
hand in the receivership available for the
purpese of dividends.
tb If in my Judgment and discretion
the said assets and properties can be more
efficiently and economically managed and
liquidated for the purposes as aforesaid un
der my private management and discretion
and without receivership, then, with the ap
proval of and upon terms satisfactory to
satd United States Court. I may have said
receiver or receivers discharged and upon
a full and proper accounting the receiver
ship closed; but any management by me
undertaken shall be subject to all of the
conditions of this instrument for the pro
tection of said dcDOsitors.
(c That this guaranty shall operate as
a bar against any civil proceedings at law
or In equity on the Dart of the depositors
hereby guaranteed, the effect of which will
tnd to obstruct the management, dispo
sition and liquidation of said property and
assets of said the Title Guarantee & Trust
Compauv, or to embarrass me In carrying
Into effort the provisions of this agree
ment, except I shall always be liable for
any violation of the te.rms of this Instru
ment or any misconduct in the execution of
the duties hereby assumed.
This guaranty shall be binding on my
heirs and executors and administrators, and
the terms "depositor" or "dopositors," when
used herein, shall be held to include his
or their successors in interest.
In witness whereof I have hereunto set
my hand and seal this day of
January, 100S.
WILLIAM M. LADD.
Ladd Asks Release of Collateral.
As the timber land collateral, held by
the state and the surety company, is
one of the chief assets of the Title
Bank. Mr. Ladd wants it released, so
that he may dispose of It for payment
of depositors. The collateral, consist
ing of a trust, deed to 19.000 acres of
timber land in Benton County and a
$400,000 mortgage on 9000 acres in
Marion County, was assigned by the
bank to the state November 2, when
State Treasurer Steel demanded secur
ity for the state funds. That was four
days before the failure of the bank,
and it is the contention of Receiver
Mears and the opinion of some of Mr.
Ladds advisers that the assignment
making the state a preferred creditor
over other depositors, when the bank
was insolvent and tottering, will be
declared illegal by the courts. This
would mean that the state and the
surety company would have to relin
quish the collateral and fare the same
as other depositors.
But if Mr. Ladd should attack the as
signment of the collateral, he will
have a fight on bis hands. The state
and the surety company will cite that
the bank never was solvent and that
the assignment was made four days
before the failure, when the bank's of
ficers were fully competent under the
law to perform that act. It was done
by the bank's officers, for the purpose
also of warding off State Treasurer j
Steel from throwing the bank Into col
lapse by demanding the state's money, j
Instead of obtaining the money, Steel j
obtained the collateral, and the state
and surety company aver that the se- ;
curity Is just as much the legal posses- i
sion of the state as the money would
have been had the bank paid it on the
demand of the State Treasurer.
Contention for State Preference.
In another aspect, it will be urged
that the state Is entitled to such pref
erence as it received from the Koss
bank, because in the interest of the
sovereign authority for the protection
of the public money. Further, It will
be urged that as Steel violated the
law In not obtaining adequate security
when depositing the funds, it was right
and proper for him to protect the
funds, even at a late hour, by obtain
ing the collateral.
Should the state and surety company
win their contention, now before Judge
"Wolverion for decision next Friday, that
the state school money, amounting to
S2SS.0U0 was deposited by Steel as a trust
fund or bailment, which the bank officers
were forbidden by law to lend or invest,
It will be necessary or the bank's receiver
to pay back the school money, dollar for
dollar. Then as to the remaining $107,000
of general fund money in the fallen bank.
the state and surety company will main
tain that It was not a deposit, because the
bank misrepresented its finances to the
state and the names of its officers, was
never solvent, never was authorized by Its
articles of incorporation to do a general
banking business only to be a depository
and trust company and moreover accept
ed the state funds as an "active deposi
tory," not for commercial bank uses but
for the collection, of any drafts, checks,
certificates of deposit and coupons that
may be received toy him (State Treasurer)
on account of any claim due the state."
It will be contended that this did not ad
mit the relation of creditor and debtor
as in ordinary deposit of money In bank.
fight to Assess Ladd on Stock.
It will be seen that the state and surety
company are not without legal ammuni
tion, should they fail to reach an agree
ment with Mr. Ladd. And as the capital
stock of the title company seems never to
have been fully paid for, but ,to have
consisted of an Inflated valuation of an
abstract plant and of a capitalized debt
of $62,500 In 1830-91, when the company or
ganized, and Mr. Ladd holds more than
700 of the 2T00 shares, there will be a fight
to assess htm up to the par value of the
stock, for the benefit of creditors of the
bank.
Mr. Ladd's friends say that he will
reach an amicable understanding with l-.e
state and surety company, and- that there
will be no litigation between the two par
ties. But it seems certain that tne state
and surety company will not release the
collateral until Mr. Ladd shall have ren
dered them full satisfaction.
FOUR TITLE HUNK
OFFICERS INDICTED
Ross, Burkhart, Aitchison and
Hill Taken Before Court
on Felony Charges.
RELEASED. ON $56,000 BAIL
Accused Bankers Waive Entering of
Pleas and Are Allowed One Week
to Consider Courtroom Is
Crowded With Spectators.
Indictment by the District Attorney on
four felony charges and arraignment In
the State Circuit Court was the sum
mary action taken yesterday against the
officers of the wrecked Title Guarantee
& Trust Company.
J. Thorburn Ross. T. T. Burkhart, John
E. Aitchison and George H. Hill were
each made the subject of four informa
tions. When arraigned they waived the
entering of pleas and were held under
bond. Ross and Burkhart were held un
der $20,000 each, while bail of Aitchison
and Hill was fixed at $8000 each. Dis
trict Attorney Manning asked for a much
heavier bond, demanding that Ross and
Burkhart be required to furnish a total
sum of J73.O0O each, while Hill and Aitchi
son be compelled to deposit $20,000 each.
The amounts suggested were cut down
by Judge Cleland.
The suddenness with which the infor
mations were put through and the ar
raignments proceeded with occasioned
much surprise. Evidently the principals
were not prepared for such speedy action
and they experienced some little. Incon
venience locating bondsmen after the ar
raignment had been completed. In de
clining to plead they said, through their
counsel, that no time had been allowed
In which to become familiar with the
text of the informations as submitted by
Mr. Manning. They asked for several
weeks in which to consider a plea. Mr.
Manning objected to this and thought
two days would suffiice. Judge Cleland
allowed the accused men a week in which
to make out their pleas. J
Offenses Named In Indictments.
The first charge upon which an infor
mation was returned was, that of unlaw
fully receiving deposits in a bank, know-;
ing same to be insolvent. This charge
is provided for under the new banking
law. The complainant was C. E. Ehman,
who deposited $550 in the Title Guarantee
& Trust Company on October 28, w"hen
the Institution was already In the finan
cial breakers.
The second charge, as well as the third
and fourth, was that of larceny. Ac
cording to the informations the first of
three crimes of larceny was committed
PHOTOGRAPHS AND DIAGRAM ILLUSTRATING THE
STREETCARS
1 1 i K Wtrl Ftl t Jrftii fi OK W S A
I W - : -- . ll M
rini" 'exit T "7 " ,. " " " lm $
' fr il
by neglecting and refusing to pay, upon
demand, money belonging to the Stale
of Oregon. The second theft was al
leged to have consisted in conversion by
the accused of state money to their own
uses, to the extent of $327,352.10. and the
last theft was defined as the loaning, for
Interest, of money belonging to the state.
The four informations are the fruits of
an Investigation which District Attorney
Manning has been conducting for several
weeks past into the affairs of the Title
Guarantee & Trust Company. Each in
formation is signed by George Black and
J. W. Ferguson, who have been going
over the Trust Company's books and pa
pers. In indicting the four officers and
directors of the defunct institution, Mr.
Manning eat as a grand Jury, as he is
authorized to do in the . absence of a
regular body. The only witnesses ex
amined in preparing the informations
were Messrs. Black and Ferguson, except
in the case where Ehman is complainant.
The two experts were formally examined
at Mr. Manning's office yesterday fore
noon, preliminary to issuance of the in
formations. Accused Appear in Court.
The accused men were promptly notified
of what action had been taken and were
directed to appear In the State Circuit
Court at 2 P. M. It was decided to ar
raign them at once. Some 35 informa
tions were at hand involving all manner
of petty criminal cases but the newest
informations were given right of way
and a few minutes after 2 o'clock all
parties concerned were in Judge Cleland's
division of the court ready for further
procedure.
Although there had been little op
portunity for word of the intended ar
raignment to become widely known, there
waa a gathering at hand which complete
ly swamped the courtroom. Depositors
of the lamented institution. Idly curious
persons, attaches of the courthouse staff
and many who were Interested in the
arraignment of petty offenders jammed
the place.
When order was called. Mr. Manning
announced the nature of the business at
hand. At this time Mr. Ross was the
only representative of the indicted four in
side the railing. Messrs. Burkhart, Aitchi
son and Hill were sitting in the back
ground among the spectators. Judge Cle
land directed that they step forward and
stand during the reading of the informa
tions. The delinquents wormed their way
forward and formed in a line before the
bench.
Messrs. Ross. Burkhart and Aitchison
stood close together in a crescent for
mation, while Mr. Hill stood well apart.
Ali were dressed with severe plainness
and there was nothing in their outward
appearance to distinguish them from the
throng of men kept in check by Sheriff
Stevens nearby while awaiting arraign
ment of relatively insignificant charges.
No Bail for Petty Criminal.
One venerable appearing fellow of So
standing close to the restraining arm of a
Deputy Sheriff was more expensively
clothed and possibly in appearance was
more of thw banker type. He was ac
cused of having taken $25 with which to
pay his board bill. He did not need any
time to decide about whether to plead
guilty or not guilty. He said at once
that he' was innocent. There was no
sucH thing as bail for him. because he
couldn't furnish a dollar. He entered his
plea and was planted t unceremoniously
back in the County Jail.
Mr. Manning read the four informa
tions, occupying some la minutes,
while everyone listened intently?
Even the irrepressible Mrs. Woodcock
left off for the time in her arduous
endeavor to present Mr. Manning with
a large purple chrysanthemum.
The informations bristled with
harsh words. Take, steal and carry
away, appropriate to his own use,
feloniously make away with the
documents were not different In form
from those that greeted the horde of
petty defendants who stood awaiting
their turn. Mr. Ross stood through
the reading with his eyes on the court,
serious and impassive. He did not
shift or move once. Mr. Burkhart,
looked out the window with fine non
chalance and seemed vastly bored. Mr.
Aitchison was more expressive and a
some such term as "did steal" would
fall from the District Attorney's lips,
Mr. Aitchison would invariably sneer
disdainfully. Mr. Hill, standing apart,
semed very much worried and humili
ated by the procedure.
Pleas Waived by Counsel.
The reading completed. Judge Cle
land asked what pleas he should enter,
lawyers Simon, McCamant and Carey
were not prepared to enter any pi pa.
They needed time In which to inform
themselves properly of the nature of
the charges and suggested several
weeks. Mr. Manning was up at once
to protest against delay, .whereupon
the court said it was customary to
allow time for considering a plea. He
gave the defendants a week.
The matter of bonds was then taken
up. In reading the four informations.
Mr. Manning suggested bonds In each
instance.- On the charge of unlawfully
receiving deposits in an insolvent
bank he suggested, that Ross and
Burkhart put up $10,000 each and the
others $5300. -For neglecting and refusing-to
pay on demand money be
longing to the state, he suggested
$25,000 be asked of Ross and Burkhart,
and $5000 of the other two. Similar
bail was suggested on the second
larceny charge, tlilt of converting
state money to their own uses. On
the fourth charge, that of loaning state
money. $15,000 was suggested for the
president and treasurer- and $2500 for
the other two. Judge Cleland made a
uniform rati- of bail in each instance,
requiring $5000 from the first two and
$2003 from Hill and . Aitchison. The
court held that new bonds would have
to be prepared and new bondsmen ac
cepted. '
Attorney 'Simon at once secured
i
i
3 - '
s 4 mi
1 ,
iiilsfi
Chicago and New York traction companies .will put pay-as-you-enter" cars In
service on the street railway lines in both cities in March. The new type bas made
such a favorable impression in Montreal, where it bas been in use for some time, that
other cities will experiment with it. President Josselyn. of the Portland Railway,
Light & Power Company, Is Investigating the "merits of the new car and it is likely
he will put some of the cars of this type in commission here to determine how well
adapted they are to the needs of the local service.
Several engineering; papers are enthusiastic champions of the new system of
handling passengers by traction companies and advocate the use of the "pay-as-you-enter"
car in all American cities. The platforms on these cars are unusually long and -will
contain 30 passengers. When passengers are aboard the car It is started and
the conductor takes fares as they enter the door into the car. It is proposed in order
to get the best results with the new car that the traction companies make arrange
ments for the purchase of tickets so that the conductor will not be requlryl to make
change but will be able to give bis whole Urns to running the car.
blanks and began the filling out of the
forms, only to be interrupted by Judge
Cleland. who said he could not delay
other arraignments for this matter. He
suggested that the party seek another
room, and those interested repaired to
the library, ignoring the big gilt
legend on the door, For Members
Multnomah Bar Association Only."
The work of preparing bonds required
over an hour, together with the presence
of eight bondsmen. Bonds had to be
made out for each individual and to cover
each separate charge, therefore 16 blanks
had to be filled out. Those appearing as
bondsmen were L. R. Ferbrasche. F. B.
Waite. E. A. Sessions, W. B. Wakeman.
Edward Hoiman, J. G. Mack, J. H.
Peterson and A. A. IJndsley.
Mr. Manning objected to Mr. Ferbracha
as a bondsman, citing that his property
might not be sufficient to hold. The
bondsmen then rated his holdings at
$150,000 and his liabilities at half the
amount. Mr. Manning renewed his ob
jection, which was overrulded by the
court, and the bonds were allowed to
stand as signed.
Language of Informations.
The first information presented before
the court specifies that the offense of
receiving money in an insolvent bank
occurred October 28. 1807. The informa
tion recites that "the defendants did then
and there wilfully, unlawfully and felon
iously accept and receive a certain sum
of money, towit, $550. from one C. P. Eh
man. and at the time said deposit was
made the said Title Guarantee & Trust
Company was Insolvent: and that they,
the said defendants, then and there well
knew that said Title Guarantee & Trust
Company was insolvent contrary to the
statutes In such cases made and provided
and against the peace and dignity of the
State of Oregon."
The information relating to the loaning
of state money has this to say: "That
the said defendant received $10,503 money
belonging to the State of Oregon, for the
said state, from George A. Steel, who was
then and there the duly elected and acting
Treasurer of the State of Oregon
which money then and there belonged to
the 'Irreducible school fund,' to the 'ag-'
ricultural fund' and to the 'university
fund' of the said state: and the said de
fendants did then and there wilfully, un
lawfully, feloniously and knowingly loan
the said money at -interest to one M. B.
Rankin; the said defendants then and
there well knowing that the money so
loaned as aforesaid was the property of
the State of Oregon, and then and there
took, stole and carried away and loaned
the said money."
The third information relates to the con
version df $327,352 to private uses. This
money belonged to the three funds enu
merated In the preceding information.
It is set out. simply that the four ac
cused, as officers and directors of the
Title Guarantee & Trust Company, feloni
ously appropriated tnl money to their
own uses. In the information concerning
refusal to return state money it is alleged
that the'sum of $288,426.87 belonging to the
funds, already enumerated, was deposited
in the bank by State Treasurer Steel and
that the defendants unlawfully and feloni
ously neglected and refused to pay this
money on demand.
Public Buildings for Oregon Cities.
OREGON 1 A N NEWS BUREAU, Wash
ington. Jan. 6. Congressman Hawley to
day introduced the following bills:
To appropriate $.25.000 ' for a public
building at Roseburg for the post office,
Iand Office, Forestry and Weather Bu
reau purposes.
To appropriate $100,000 for a postofflce
building at Albany.
"PAY AS YOU ENTER"
X V, i
iHh t' . i M n i
ti Jf Lr-.,
NAM1NGN
E
Merged Banks Ask Clarke to
Be Director.
THREE OTHERS SELECTED
"o Opposition Xow in Evidence to
Plan of Reorganization and In.
btitution May Be Open for
Business January 15.
Louis G. Clarke, president of the drug
firm of Woodard. Clarke & Co., It is un
derstood, has been offered a position as
director in the new German-American
Bank, which will take over the assets
of the closed Oregon Trust & Savings
Bank and assume the liabilities of that
Institution. Mr. Clarke has the matter
under consideration and It is regarded as
likely that he will accept. Those who
have the naming of the directorate con
sider him a strong man for the position
and are hopeful that he will see his way
clear to act. The only other directors so
far chosen definitely are S. G. Reed,
Thomas C. Devlin and Joseph M. Healy.
Louis J. Wilde is standing by the
merger proposition, the action of the de
posltors at the Sunday meeting having
assured him that the plan of absorption
of the Oregon Trust & Savings Bank by
the German-American Bank meets with
their approval.
"There appears to be nothing in the
way or the success of the reorganization
plan." Mr. Wilde said yesterday. "The
remaining details are in a fair way
toward a satisfactory settlement and I
have no, doubt that everyone will be
satisfied.
The statement has been made that S.
A. Reed, cashier of the German-Ameri
can Bank, will be a director in the
merged bank. This is not correct. Mr.
Reed is treasurer of the Home Telephone
company and does not desire a positlbn
on the directorate of the new bank.
An expert accountant was put to work
yesterday on the books of the German
American, to ascertain the exact status
of . the institution, preparatory to Its
being merged with the Oregon Trust.
A similar statement will be prepared
from the books of the latter bank, in
order to show the exact condition of
both institutions. This statement will
be complete and detailed and will snow
to the satisfaction of everyone the con
dition of the closed bank. Full pub
licity, says Receiver Devlin, will be
given this statement when complete.
Rigid examinations of the Oregon Trust
have already been made by those who
are active In the reorganization move
ment, but that now being made will be
final and will be used In the statement
to the court which will accompany the
petition for two years' time in which
to meet all claims against the new In
stitution. . It' is believed that the doors of the
Oregon Trust will swing open again
for business, under the name of the
German-American Bank, not later than
January 15. It Is believed this will be
possible provided the required court or
der is secured promptly, and it is
thought this will be forthcoming.
President Reed and Receiver Devlin
were very busy yesterday arranging
details preliminary to the completion of
the merger and were holding confer
ences during the day on matters that
remain to be settled. The selection of
directors Is one of the chief matters
still pending.
F. J. McHenry, who insisted at last
Sunday's meeting of the depositors that
they should be represented on the di
rectorate, wants It understood that he
is not an element of discord In the reor
ganization, but he still maintains that
at least one director should be chosen
who will be directly responsible to the
depositors In the closed bank. How
ever, he states that he is in hearty ac
cord with the plan of reorganization as
the best means of pulling the defunct
bank out of the mire and starting it on
its way again.
EVERY ARTICLE REDUCED
Men's extra-fine blue serge Suits $12.50.
They are made from extra fine quality
pure wool serge and no store in Portland
has ever sold them at less than ?20. In
addition to this any Cravenette Coat
will now be sold at half price.
BROWNSVILLE! WOOLEN MILL
STORE,
Third and Stark Street.
Dies When Fortune Awaits Her.
NEW ORLEANS. La., Jan. 6. When
a fortune of $50,000 was almost
within her grasp, Mrs. Mary O'Keefe. 60
years old, a habitual drunkard, who has
been sent to prison more than 100 times,
died yesterday in a squalid room above
a saloon. Mrs. Ellen O'Keefe, a sister,
who would have shared partly in the
legacy, went to a pauper's grave five
years ago. Judge William J. Stuart, of
the Superior Court of Grand Rapids,
Mich., wired the police that search had
Meat
Eating suits some people.
Others do better on well
cooked cereals.
For real power of mind and
body for a clear brain and
a steady, enduring nervous
system there is
No Food for Man
that equals '
Grape-Nuts
"TU T5
Read " The Road to Well vi lie" in pkjs.
MRU
REMEDY SI TO BE FINE
EVERYBODY SHOCLD KNOW OF
THIS PRESCRIPTION.
Home-Made Mixture Acts on Kid
ncys and Bladder Should Be
Given a Trial.
Cut this out and put in some safe
place, for ft is valuable and worth
more than anything else in the world
If you should have an attack of rheu
matism or bladder trouble or any de
rangement of the klaneys whatever.
The prescription is simple, and can
he made up by any one at home. The
ingredients can be had at any good
prescription pharmacy and all that is
necessary is to shake them well in a
bottle.
Here it is: Fluid extract dandelion,
one-half ounce: compound Kargon, one
ounce; compound syrup of sarsaparilla,
three ounces.
Take a teaspoonful after each meal
and at bedtime. A few doses is said
to relieve almost any case of bladder
trouble, frequent urination, pain and
scalding, weakness and backache, pain
above the kidnevs, etc. It is now
claimed to be the method of curing
chronic rheumatism, because of Its
direct and positive action tipon the
elimii.ative tissues of the kidneys. It
cleanses these sponge-like organs and
gives them life and power to sift and
strain the poisonouH waste matter and
uric acid from the blood, relieving the
worst forms of Rheumatism and kid
ney and bladder troubles. The extract
dandelion arts upon the stomach and
liver .and Is used also extensively for
relieving constipation and indigestion.
Compound sarsaparilla cleans and en
riches the Mood.
A well-known local druggist Is au
thority that this prescription Is safe
to use at any time.
been made for nine years for the O'Keefe
sisters. An uncle. Michael O'Keefe. left
his .entire estate to (he women and the
money Is still held in tiljst at Grand
Rapid.
CLUB AIDS KINDERGARTEN
Cash Gift Will Enable Work at
Brooklyn to Continue.
The kindergarten department of the
Brooklyn school supported and conducted
through the efforts of the Mothers' and
Teachers' Club, yesterday received a
gift of cash from the Portland Wom
en's Club to assist in maintaining the
work. The Portland Women's Club, hf
December, pas.-ed a resolution Indorsing
the work of the Mothers' and Teachers'
Club and appropriated tZO to aid the de
partment. Mrs. Jennie C. Prltchard.
chairman of the committee on education,
accompanied by Mrs. Sarah Evans and
Mrs. Stratton. yesterday presented the
contribution, which was received by y.iss
A. L. Dimick. the principal.
Among the other contributors are Mrs. .
H. VV. Corbett. Mrs. Minnie R. Trumbull.
MrR. E. c. Chapman. Mrs. T.ec t'offman
and McAIlen & McDonnell. The con
tributions will make it possible to con
tinue the kindergarten department during
the closing term. To conduct a kinder
garten department has not been easy, but
It has been done successfully and is con
sidered an object lesson of what may be
done along that line by those who favor
making it a regular branch of the public
school system.
KI8KR CALENDARS lOe CP.
Halfprlce while last. 2iS Alder.
Spectacles J1.00 at Metzgers.
Habitual
Constipation
M l I
i lav oe permanemi'
personal e'
of inp onp iru v
i i c J, vr
remedy, Oyrup oj Iigs and. I
Wiut-n prin tilpR one to (
ixtrojijennn
orm regular
habits doily so that assistance to na
ture may be gradually dispensed. with
when, no longer needed as Hie best of
remedies, when required, are id assist
nature and not to supplant the nature
al junctions, which must depend ulti
mately upon proper nourishment,
proper efforts, and right living generally.
To get its beneficial ejects, always
buy the genuine
' J. manufactured by the
California
Fig Syrup Co. only
SOU? BY ALL LEAD INC DRUGGISTS
Mie size otily, regular price 50f pw Bottio.
C. GEE WO
The Well-Know
Reliable
CHINESE
Boot and Herb
DOCTOR
Has mada a' Ufa atudr
of roots and barbs, tad
In that study discovered
and la living to the
world bis wonderful
. . . i , ruulHa
Cur Witnout Operation, or Without the
Aid of the Knife. He juarahteea to euro
Catarrh. Aathma. 1-ung. Throat. Rneuma
tlm. Nervoueneaa. Nervous DeblUtjr. Stom
ach. XJver. Kidney Troubles; also Loat Man.
hood. Female Weakneaa and All Private
Slseam. A CANlFR CTTRK
Jaet Boeelred from reklnr. China gf.
Knre und Reliable. IF ZOU ARB AF
FLICTED. DON'T DELAY. DELAYS ARB
DANGEROUS. If you cannot call, write for
armptom blank ana circular. Inclose 4
cants In stamps. CONSULTATION FREK.
las C. Geo Wo Chinese Medicine C,
tSZVn First St.. Cor. Morrison.
Portland. Orecon.
Fleas Mention Ibis Fapei.
Croup
When a child wakes up in the mtdd le of th
Bight with a severe attack of croup as fre
quently happens, no time should be lost In
perimeminjr; wmi reiucuirs ui m uuuutmi
value. Prompt action is often necessary to
asre life.
CHamberlain's
CougK Remedy
has never been known to fall tn any case and
it has been in use for over one-third of a cen
tury. There is none better. It can be de
pended upon. Why experiment? Itispleasan
to take and contains no harmful drug. Prlca
S3 cent; large size, AO cents.
fit 4H ta itrmWHitrntinrum
remwlr for Gonorrnte
Gleet. Spormatorrheea,
whites, unnatural dim
charges, or any lutUmntv
tion of rnnconr menr
mEvMlOHEMKMLCX branes. Hon -astringent.
aoM by KHKYlaU.
or sent In plain wrapper,
by etxpref, prepsid, fof
1.0Q. or 3 DuttMt. tp.7,
r J OuraatMtl
AgimtwiMtn.m
i