lo
THE 3I0RXIXG OKEGOXIAX, WEDNESDAY, JANUARY 13, 190S.
'S FATE LIES
Must Sign Tims Certificates or
Merchants Will Go Into ,
Receivership.
WILSON SOUNDS WARNING
rrompt Action Will Save Institu
tion, but Otherwise It 'Will Be Im
possible to Pay Accounts in
Full, Says the Examiner. -
The appointment of a receiver to liquid
ate the assets of the Merchants National
Bank is probable. Depositors are notice
ably slow in accepting time certificates of
deposit, which bear interest, in exchange
for their demand balances and unless they
show a better spirit in this regard with
in the next few days, a receiver will be
asked for the institution and the assets
will be disposed of for what .they will
bring. It is hoped that such a course will
not be necessary but it is practically set
tled that unless the depositors show a
willingness to help the bank pay dollar
for dollar, the institution will be forced
into a receivership.
Bank Examiner Wilson is confident;
however, that if depositors' show a dis
position to aid in tbe work of reopening
the bank, every creditor will be paid in
full. Unless they do, there is little hope,
he says, of their realizing anywhere near
the face value of their claims. Mr. Wil
son said:
Must Sign or Lose.
"Every true friend, of Portland regrets
the existence of a condition which now
seems to make it probable that a receiver
will be appointed for the- Merchants Na
tional Bank. The bank owes its deposi
tors about 3,000,000- and I, after careful
scrutiny, have decided that its assets ara
sufficient to pay foliar ror dollar under
normal conditions'. By this it is meant
that as a going bank the" Merchants Na
tional is perfectly solvent, but should it
be necessary to liquidate, its liabilities
through a receiver, a different result -is
almost certain. To avoid this the Con
troller of the Currency has consented to
allow the bank to reopen when it has iU
required reserve intact and sufficient
other funds to meet its demand liabilities.
To comply with these requirements it is
necessary not only to collect large
amounts owing to the bank, but to re
duce the demand claims against It by hav
ing its depositors agree to extend the tima
of payment beyond the proposed reopen
ing. Many have agreed to do this, but
many others are holding off, either for a
higher rate of Interest than the bank is
offering, or with the Intention of demand
ing the whole of their money immediately
when Its doors are opened.
"This unpatriotic course will compel the
appointment of a receiver, and it is a
well known fact that the assets of a failed
bank depreciate fully 50 per cent when it
becomes necessary to dispose of them by
a receiver. Comparatively few banks
have ever paid their depositors In full
under such . circumstances, and it is a
matter of record that the average life of
a failed National bank is about five years.
Chance to Save All.,
"If the depositors of the Merchants Na
tional could but understand this, they
surely would not delay signing the agree
ments sent out by its officers. A receiver
ship for the Merchants is inevitable un
less tills is done, and with it will come
suits and foreclosures for the collection
of claims held by the bank, and demorali
zation of business in general. The de
positors have been given their chance to
prevent this. if a receiver is appointed
they will have only themselves to blame."
Stockholders of the bank met last night
at 7:20 o'clock for the annual meeting,
William Roardon, a wealthy manufac
turer of Midland. Mich., a stockholder in
the Merchants National, attended and
made a short talk, heartily approving
the fight made by the bank against such
overwhelming odds, and said that the
plans for reorganization are practical and
bound to succeed, provided . the debtors
of the bank will be prpmpt in settling
their obligations and the creditors will
act in response to tho call for the ex
change of demand deposits for time cer
tlncaten. The talk was interesting, as it
showed the views of an outside stock
holder on the management of the bank,
and Instead of there being any censure
for the officers. Mr. Reardon praised them
for withstanding the run on the institu
tion as long as they did. The meeting
was adjourned to meet one week from
last night, as Attorney Muir. who acts
for the bank, was absent from
the city and it was desired that he
frame resolutions to be adopted by the
stockholders. He was called away from
the city and 'had not prepared the reso
lutions before leaving town. Other mat
ters that would properly come up at the
meeting of stockholders will be held In
abeyance pending the outcome of the pres
ent reorganization movement.
BANKS HOLD ELECTIONS
All Officers and Directors of Three
Institutions Retained.
Portland National bapks held their
annual elections yesterday, the entire
official list being re-elected for the
coming year. The First National Bank
held Its annual meeting at 11 o'clock
in the .offices of President Mills in the
rear of the banking rooms. All old
.officers and directors were continued
for another year, as follows: Presi
dent, A. U. Mills; cashier. J. w. Ncw
kitk. These men, with James I'. Fail
ing. Henry Connor. Jacob Kamm and
M. Corbett. form the directory.
Of I leers and directors were re-elect-cil
also at tiie United States National.
The official list is: President, J. C
Ainsworth ; vice-president, R. L.ea
Karnes: cashier,' R. W. Schmeer; as
sistant entailers, A. M. Wright and W.
A. Holt. Directors are J. C. Ainsworth,
1. W. llcliman. Percy T. Morgan.
George K. Chamberlain, Rufus Mal
lory, D. W. Wakefield, R. 1. Maclcay
and R. l.oa Barnes.
At both meetings, it was the gener
ally expressed opinion that in future
the banks will carry increased cash
reserves, tho recent financial flurry
having shown the wisdom of having
large amounts of cash an hand or im
mediately available. The Government
requirement of 25 per cent of all de
posits is thought to be too small
should unexpected conditions arise,
and reserves of 3o and 40 per cent will
bo the rule hereafter.
The stockholders of the Bank of
Sell wood held their first annual meeting-
Monday night in their new bank
building, corner East Thirteenth and
Umatiua avenue, in Sellwood. Th
business of the bank was shown to be
in fine shape, and tho following direct
ors were elected: J. M. Nlckum, A. P.
Morse, Peter Hume. Theodore Wolf, J.
W. Campbell. P. M. Donaugh. A. C.
Mowrcy anil Joseph Hume. The board
thin rc-clcctcd tho old officers for
I
WTH
DEPOSITORS
another year Peter Hume, president;
r. M. Donaugh, vice-president, and J.
" Campbell, secretary.
BIL'L TO GUARD BULL RUN
Water Board Will Protect Reserve
From Encroachment.
At a secret session yesterday morning-
the Water Board discussed mat
ters cf great importance concerning
riparian rights on Bull Run River.
This was the second executive meet
ing of the board to. be held within
one week, and, although the members
refuse to make any statement, it is
known that much importance at
taches to these conferences. Mayor
Lane admits that water rights were
under discussion, but beyond that de
clines to talk.
In his annual message to the Coun
cil, now on file at the City Hall, Mayor
Lane stated that he had filed on all
of the- rights of the Bull Run River,
and it was, therefore, thought that the
city was fuliy protected. However, in
view of the two secret sessions of the
Water Board, It is now believed that
a bill is being prepared for presenta
tion in Congress, seeking to secure ex
tended Federal protection for the Bull
Run Reser.
Mayor Lane has in mind 'a plan to
build a municipal lighting- plant, and
it- is the intention to secure operating
power from the Bull JRun River, so
that it Is very desrrable to keep all
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HOMER DAVENPORT. AMERICA'S MOST EMINENT CARTOONIST,
WHO LECTURES AT THE WHITE TEMPLE TONIGHT.
persons and corporations from en
croaching on the stream. It is
thought quite likely that the executive
sessions of the Water Board had to do
wltn a bill for presentation to Con
gress embracing sufficient provisons
to insure complete protection of the
city's interests.
PORTLAND THEATERS SAFE
Panic Only Danger in Emergency,
Says Spencer. '
Portland theaters are safe in every
respect, according to City Building In
spector Spencer, and no danger exists,
so far as wise precautions and provisions
of law can insure. It depends upon the
people themselves, he says, as to whether
there shall ever be a catastrophe, such
as occurred Monday night at Boyertown,
Pa.
"You can have a panic on a street, on
a vacant lot or any place and kill a
lot of people," said Mr. Spencer. "It is
the panic, not the fire or the collapse of
a building, in most instances, that causes
the loss of life. Nothing can prevent
these panics no amount of precaution
can guarantee against them. It is simply
for the people themselves to learn to
keep cool and not to stampede when
danger comes.
"In Portland, we are strictly enforcing
the building ordinances. We have paid
much attention " to theaters and public
meeting-places since the disaster In the
Iroquois Theater, at CMcago. and it can
be said that insofar as ordinances and
precautionary measures go, this city is
fully protected. We have secured asbestos
curtains at all playhouses and there is
an average of one exit for every 12o
people in all of the local theaters. This
is sufficient to give every one opportunity,
in case of any emergency, to escape un
harmed, if the people would but keep
calm: if they do not, then it depends upon
just how they conduct themselves as to
the fatalities. Every public . meeting
house in this city is as safe, as it can
be made by law." . .
' PIANO PRICES '
Go Jumbling All Xew Pianos One
for $190, Two More for $2'J0
and $2i25.
My ads to sell pianos without reserve
brought results yesterday. One party in
particular, who made the rounds of the
retail stores and had also investigated
the special sale work of the men on Front
street, found that I could sell him a piano
for less money . than any of them.
I know I can. I can do this.
For today. I have marked three pianos
that' are even below cost. I want to
turn .these into cash berore the store
closes tonight. One may be ..ad for J1S0,
another one for 30, and the third one
for $225. I want the cash before night.
Don't make auy mistake in the place.
There Is only one factory piano bouse in
the Northwest, and hat is Reed-French's-
Sixth and Burnside. Bert
Beed, secretary-
- tef Ban? Is Ccttbia; Teeth
Be .uie and um tbat old well-tried remedy.
Mrs. Wlnslow'a Soothing- Syrup, for chlldraa
eethlnc. It aooth.es tha child, softens the
sums, allays pain, collo and dl&rrhoca.
PHOTO CALENDARS HALF PRICE.
10c up- Kiser. 218 Alder St.
IN CITY
United Railways Will Get Re
vocable Permit.
FAVORED BY COMMITTEE
Proposed Substitute Franchise Is
.". Amended to Require Completion
of Line to Hillsbcro Ay
January 1, 1910.
Questions asked and replies made dur
ing the special session of the streets
committee of the Council, at the City
Hall, j-esterday afternoon, indicate that
the United Railways Company . will be
given a revocable permit to operate its
cars within the city limits before its lines
are completed to Mount Calvary Ceme
tery and Hillsboro. There is a clause in
the franchise, as now drawn, prohibiting
this, but there is a sentiment among
members of the Council that, if the of
ficials of the road show good faith, it
would be only fair to allow them to op
erate city cars before the time specified
for the completion of the entire interur
ban line: '
As revised by the streets committee at
yesterday's session,, the franchise .asked
for by the United Railways calls for com
plete lines in operation to Hillsboro by
January 1, 1910. and to Mount Calvary
Cemetery by July 1, 1909. H. Wittenberg,
one of the chief promoters of the system,
expressed himself as satisfied with this
time limit, and said thje company will do
its best to have- the lines to both places
in operation even sooner than required.
There was a discussion between Coun
cilmen Wallace and Driscoll, on one side,
and Vaughn, Kellaher, Rushlight, Cottel
and Concannon, on the other, as to the
time In which the Council should compel
the company to complete its lines. It was
contended by Councilmen Wallace and
Driscoll that the road could and should
be completed to Hillsboro before January
1. 1910, but they were outnumbered on the
final vote.
Speaking for the company, Mr. Witten
berg made an earnest speech, in which
he asked r the committee to recommend
that the Council allow the company to
operate cars within the city limits before
the interurban roads to Hillsboro and
Mount Calvary are completed. He argued
that it.is but just and right, to the com
pany and to the city, and to the people
along the lines, for service to be main
tained on all of -the completed track.
"It is but fair that we be given the
privilege of operating cars over that por
tion of our road that is ready for it," de
clared Mr. Wittenberg. "In view of the
fact that the franchise calls for for
feiture, of the franchise, tracks, rolling
stock and everything the company pos
sesses should we fail to complete our lines
to Hillsboro and Mount Calvary in the
given time, what harm can there be in al
lowing us to run cars as far as we can
and as soon as we get the track In
shape?"
In view of the forfeiture clause in the
franchise, carrying everything owned by
the company with it, in case of failure
fully to carry out the conditions, it Is
hardly expected the Council will demand
a bond. Such is the sentiment of the
committee. The franchise will be dis
cussed further at the regular meeting of
the streets committee, next Friday after
noon. During yesterday's session. Councilman
Rushlight asked City Attorney Kava
naugh if it would be legal to grant a re
vocable permit to operate cars within the
city limits, and at the same time con
tinue tho clause in the original franchise,
which requires the completion of both
lines before operation of cars is to be
allowed. Mr. Kavanaugh said this could
be done.
CHARGES ARE DISMISSED
Nobody Appears to Prosecute Offi
cials of Street Department.
Charges that have been pending, for
several months against Alex Donald
son, superintendent of the street
cleaning department, and Frank
Jenkins, day foreman, were 'dismissed
yesterday afternoon by the street
committee of the Executive Board, In
a complaint that was filed by Lawyers
Whitfield and Farrington the accusa
tion was made that the two city em
ployes had accepted money for hauling
dirt in public wagons.
A number of witnesses were present
RUIM CARS
Ito testify for and against Donaldson
and Jenkins, but no one appeared to
I prosecute. This was the third session
i of the sjtreet committee held for the
I purpose of hearing the charges, and
in each case the prosecution had asked
for a postponement. Mayor Lane was
in favor of another postponement at
this time, but R. L. Sabin, a member
of the committee, evidently thought it
was about time to dismiss the charges,,
and so moved. He declared that no
showing whatever had been made
against the accused.
"1 would like to know who is mak
ing these charges against me. if it is
possible to know," said Mr. Donaldson.
"I don't think it fair for some one to
be fighting me in th dark."
Mayor Lane replied that no one was
fighting Donaldson, and then invited
any one present to file charges against
the superintendent. No one volun
teered, whereupon the Mayor extended
! general standing invitation, saying
anybody might prefer charges at any
time, fhould he choose.
FIRE HORSES ARE LAME
Such Is Complaint of North Albina
Push Club.
The North Albina Push Club is dis
satisfied with the horses that have
been put in to haul the apparatus just
installed . in the Highland engine
house. An official communication
from the club declares that the horses
there are-inferior and says that two
of the animals are "only able to walk
on crutches." Chief Campbell, of the
Fire Department, answering the
critics, says the horses are all first
class. The communication from the
push club is as follows-:
An entire company was Installed at the
Highland fire station, which consists of one
60- gallon chemical tank and hose -wagon
combined, 2000 feet of new two and one-half-inch
hose, weight about 4000 TKunds:
one new steamer No. 14. first-class engine,
second class In size, weight about 8000
pounds. All very fine. Indeed, so far as
they gor but with four very inferior horses,
two of them only able to walk on crutches,
to cover the territory Piedmont. Wood
lawn, Vernon and aortiona of Albina
which Is a widely extended territory. With
muddy roads they will not get very far
or go very fast, no matter how urgent the
call. .
The Highland equipment is all very fine
as a stationary affair. but something
should be provided to haul them to a fire:
that is, there should be three as good
horses as money could buy for the steamer
and two for the hose wanoii.
DELEGATES TO SALT LAKE
Governor Names Representatives at
Dry Farming Congress.
Governor Chamberlain yesterday ap
pointed the following delegates to the
Trans-Missouri Dry Farming Congress,
which convenes in Salt Lake City on
January 22: ' .
W. H. Kerr, president Oregon Agricul
tural College, Corvallls; Tom Richardson,
manager Portland Commercial Club; O.
D. .Teel. Louis Scholl. Dr. F. M. Ackley,
B. E. Spike, F. M. Van Horn, Echo; C;
C. Kuney, Salem; A. Bennett, Irrigon;
J. C. Turncy, Burns; David C. Eccles,
Baker City: H. A. Hunter, Lakeview;
Max Luddemann, Madras; F. !. Stanley,
Hood River; M. F. Eggleston, Ashland:
J. C. Brown," Medforfl; Dr. W. L.
Marsden, Burns; .E. W. Rumble, Elgin;
Jasper Davis, Harney; W. J. Woods,
Huntington; J. A. Woolery, lone; Walter
L. Mulkey, Joseph: C. F. Stone. Klamatli
Falls; Turner Oliver, La Grande; F. F.
Humeston, Weston: P. E. Phelps, Vale;
W. A. Maxwell, Union: Oliver' Lynch,
Umatilla: J. M. Patterson, The Dalles;
George E. Allen, Sumpter; M. R. Elliott,
Prlnevllle; Louis G. Dumbleton, Rose
burg, and J. S. Barrett, Ontario.
CRITICISES JUDGE HANNA
Portland Press Club Takes Side of
Med ford Editor.
At a well-attended meeting of the
Portland Press Club,' held in the rooms
of the Board of Trade last night,
George H. Hutchin, W. H. Galvanl and
Frank Lee-were elected as delegates
to the State Press Association, to be
held in this city next Friday and Sat
urday. ,
Much other business was transacted.
Among other things, the club passed
resolutions In condemnation of Judge
Hanna's recent decision in the Putman
criminal libel case.
PERSONALMENTION.
Julius Plncus, a Salem hopdealer, is
at the Belvedere.
J. A. Pattison, a druggist at Hepp
ner, is registered at the Imperial.
Mr. and Mrs. T. Walker, of La
Grande, are registered at the Oregon.
S. M. Toran, a banker at Eugene,
was registered at the Imperial yes
terday. Charier. T. Early, a prominent fruit
grower from Hood River, is at . the
Imperial.
JolrVi Minto, one of the state's
earliest pioneers, is at the Imperial
from Salem.-
A. E. Lake, County Judge of Wasco
County, is registered at the Imperial
from The Dalles. ,
A. M. La Follette, a prominent
Marlon County farmer, is registered
at the Imperial, from Salem.
Dau F. Campbell, Jr., left Sunday
night for Southern California and
Mexico, to be gone for several weeks.
Mr. and Mrs.. Leon Cohen are regis
tered at the Portland from Pendleton,
where Mr. Cohen is a prominent mer
chant. L. T. Reynolds) of Salem, is attend
ing the annual meeting of the State
Horticultural Society. He Is registered
at the Imperial.
. Colonel H. Haynes, of Forest Grove,
is registered at the Perkins. He is
attending the annual meeting of the
State Horticultural Society.
Mr. and Mrs. T. C. Taylor, of Pendle
ton, are registered at the Portland.
Mr. Taylor 1 a former State Senator
from Umatilla and served, one term as
President of the Oregon Senate.
C. W. Scrlber, a banker of La
Grande, was registered at the Imperial
yesterday, being on his way to Salem,
where he was called by the death of
his mother, Mrs. C. W. Scriber.
Dr. W. B. Morse, of Salem, Is in
Portland in atendance at the Port
land Land Office, defending a contest
that has been brought against his
homestead claim, in the Siletz district.
NEW YORK, Jan. 14. (Special.)
Northwestern people registered at
New York hotels today are as follows:
From Portland T. S. Brooke, at the
Oregonlan. ' -
' From Seattle M. McDougall, at the
Imperial; C. A. Martin, at the Breslin.
From Spokane C. A. Grimborn, at
the Breslin; a- Z. Hubbell, at the
ChurchilL
SEWED SOLES, 75 CENTS
Best oak leather. Jacob Schwind, S67
Stark, near Park. Phone Main 7339. ,
To Care m Cold in One IHtr
Sake LAXATIVE BROMO Quinine Tablets.
DrugeiBts refund money If It faito to cure.
E. V. GROVE'S signature is on each box. 25c.
Custom-made shoes at foctory cost
at Rosenthal's house-cleaning sale.
WOMEN'S
(SSkWbk any in the store, values up aTS
Clothes of Finest Broad
cloths, Kersey, Serges
and Panamas. Workmanship guaranteed. Colors plain, blues,
browns, reds, greens and a few mixtures in the latest shades
MATTHEW GEVURTZ
SUCCESSOR TO GEVURTZ & WORRELL
The New Store .
With Little Prices
J. M.
LEA
G
During the past days of our clearance sale we have been encouraged to continue our unprecedented
offer of our entire stock at such a reduction of prices as to cause. our patrons, both old and new, to
express their thanks, for such remarkable values, and many wonder how it may be done. This is
an easy problem when such large assortments are purchased as to exhaust the output of Eastern
houses on certain lines, thus making our house an exclusive house on the Coast for garments of
quality and style. This also makes the J. M. Acheson Company's patronage sought for by great
exclusive bargains being offered. Then, too, the fitting and work are above criticism. The gar
ments to be offered today Wednesday and tomorrow: Thursday are such as will at once:
appeal to those who are looking for values in quality and style. Note following garments and prices.
SPECIALS: : , '
LADIES' COATS
Semi-fitting diagonal serges, browns only; regular price $32.50, fi? "1 77 Effc
clearance sale price ... . . . ". P 0 v
An assortment in loose, semi-fitted and fitted, $30.00; clearance
sale price' .
BLACK KERSEY COATS Sizes 42 to 46; regular price $16.50, Jei TCi
clearance sale price P
CRUSHED VELVET JACKETS Regular , price $20.00; clear- CtJ CO
ance sale price .' P 3v
CHILDREN'S ASTRAKAN COATS regular price $7.50, fj$2 OO
Gloves, Waists,. Belts, Collars, Handkerchiefs and Muslin Underwear, all at clearance sale prices.
Excellent values.
LADIES' BLACK SUITS Sizes 36 to 42. Regular prices DO"7 EZf
from $45 to $60; clearance sale price pO JJ
j; M. ACHESON GO.
WHOLESALE AND RETAIL
Seventh and
Washington
Streets
GREATEST SALE
OPERA, LOOSE, SEMI OR TIGHT-FITTING COATS
: ALSO RAINCOATS AND CARACUL COATS
' Your unrestricted choice of
any in the store, values up
to $85.00, for ...... .
141 SIXTH ST.
A' TALK ON THE
ACHESON CO'S.
RANGE
il
.
OTHER VALUES
OF
Or P5 pxa
Corner Alder
Opposite Orgonian
FIFTH AND ALDER STREETS
Extraordinary
Values
At our great House-Cleaning
Sale. Shoes for the whole fam
ily at prices never before ap
proached in this city. Bring
your children we have on sale
of 2000 pairs of the celebrated
Brennan & White's Steel
Shod Anvil Brand School
and Dress Shoes at $1.60
and $1.75 a pair.
IN PROPORTION
4