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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Jan. 31, 1908)
THE MORNING OREGONIAN, FRIDAY, JANUARY 31, 1908. SEVERE BLOW TO .E NAPOL MORSE Receiver Asked for Consoli dated Steamship Company of Atlantic. TRUST GOES ON THE ROCKS Ambitious Building of Xcw Steamers .Followed by Panic and Failure of JIor.se Receiver to Hold Fending Reorganization. BOSTON. Jan. 30.- Proceedings In this city for a receivership for the Consolidated Steamship Company were instituted simultaneously with those in the courts at Portland, Me., and New York today. The action was brought by William A. Muller. of Arlington, Mass., whoso counsel filed three bills of complaint against the Consolidated and also against two subsidiary com panies. In his bill of complaint Mr. Muller declares that the Eastern Steamship Company has a total floating debt of $1,300,000 and that the Metropolitan Company has a floating debt of Jl.8ii0.010. with unpaid bills of $2o0, 000 and Interest on outstanding bonds of $1, 203.000. The Immediate cause of the petition was the failure of the Kastern Steamship Company to pay a demand note to Mr. Muller for $1,003. Morse's Vaulting Ambition. The difficulties of the Consolidated steamship Company are regarded by bankers In this city as the result of excessive steamship building and fail ure on the part of the company to pro vide a sinking fund for the underlying bonds of the six companies that wejje consolidated by Charles Morse. It was Mr. Morse's ambition to control a large steamship company engaged in the coastwise trade- Two years ago he consolidated all the steamship lines running between Boston and Maine ports under the head of the Kastern Steamship Company. He then went further and obtained control of the Metropolitan Steamship Company, with a line of boats between this city and New York, and later secured four lines running south from New York the New York and' Cuba mall route, known as the Ward line; the Clyde steamship Company, the Mallory Steamship Company and the New ,York-Porto Rico Company. The Consolidated Steamship Com pany, a Maine corporation, was then formed as a holding company for these six lines, with an authorized bond Issue of $60,000,000 at 4 per cent, and $62,030,000 in stock. The total amount of bonds for the six companies was $21,969,000 at 5 per cent and stock $62,000,000. Later additional bonds were issued by the various companies, which brought the amount to $24,624, V00. A greater proportion of these bonds is held by private individuals, but the stock of all is owned by the Consolidated Steamship Company. Squeezed by the Panic As soon as the consolidation was ef fected, a contract was made for con struction of a number of steamships, and the 'first production in this line was the Harvard and Yale, which ran between this city and New York for two -months last Fall. The financial condition of the Consolidated Company during the latter part of the Summer began to attract at tention, especially when it was learned that over $3,000,000 had been taken from the earnings of the six companies, in or der to pay for the Harvard and Yale. A month later came the crash in WTall street and the resignation of Mr. Morse from a number of financial Institutions in Xew York. The market price of the Consolidated 4 per cent bonds declined rapidly, and in November a protection committee was ordered with the follow ing members: E. J. Berwind, president or trie Berwlnd-W hite Coal Company: EL J. Mallory. 11. P. Booth, W. H. Gran gers', A. w. Krech. all of New York Galen Stone and Henry Hornblower of Hoston. and Governor William T. Cobb of .Rockland. Me. Short of Ready Cash. Through the efforts of this committee the former owners of the four New York lines. Ward. Clyde, Mallory and New York and Porto Rico, a committee was formed to meet the current bills of these lines, provided bonds of each were pooled on October 3. The floating debt of the Consolidated Steamship Company was comparatively small, but there were a number of bills and Installments on steamships in course of eonstrnction com ing due. notably J2SO.O00 on January 1, 198, and fW.OOO on January 1, 1909. This year s claim was paid, but it came from the earnings of the company for the previous year, leaving so much less for coming operating expenses. This lack of money In the treasury during the oast few weeks necessitated postponement of payment or comparatively small bills, and finally resulted in the application for a receiver today by interests understood to oo frlondly to the corporation. The protection committee has been working hard upon a plan of reorganiza tion for the Consolidated Steamship Com pany. DItlKNT YIj EXPECTS TO OPEN Withstands Heavy Run and Has Help In Sight. NEW YORK. Jan. 30. President Hugh Kelley, of the Oriental Bank, a ptate institution, which withstood a run today, gave out a statement about midnight tonight that he believed the bank would open tomorrow morning for business. A meeting of the direct ors will be held at 9 o'clock tomorrow morning, he added, at which the ques tion of opening would be definitely determined. The announcement was made after a meeting of the president and several directors of the Oriental Bank at the former's home. Following the closing last night of the New Amsterdam National and the Mechanics & Traders, a state bank, there was a run on the Oriental during the day, which Jt successfully with stood. All depositors were paid promptly during the day and it was given out at the close that the bank would be able to secure all the assist ance necessary to tide it over the run. as It was understood that friends of Frcsldt-nt Kelley had come to his aid with $1,000,000, and that he would be ablo to secure 'further 'assistance, if needed, from the clearing-house. "Of course these banks." said Presi dent Kelley. "while offering to ad vance us $1.000,30.3. sought to protect themselves, and as a provision of their offer they asked our directors to individually guarantee a proportion ate share of tho sum agreed upon. "When this offer came to us over the telephone our directors were in session and I Insisted that under no other conditions would the kindly of fer be accepted. The proposition was then put to the directors and seven or eight acquiesced in the plan, but we found that two or three of the direct ors were hampered by partnership agreements which prevented them from Immediately acquiescing. "These directors were not pressed upon the point during the day, but will declare their position at the meet ing tomorrow." BANK EXAMINERS IX CHARGE Closing of Xew York Banks Causes Run on Others. NEW YORK, Jan. 30. Bank examiners took active charge today of the affairs of the New Amsterdam National Bank, and the Mechanics & Traders Bank, a state Institution, both of which clased their doors yesterday. Both of the banks were included in the Morse-Heinze-Thomas chain of banks, and after the closing of the National Bank of North America a few days ago, there had been what prac tically amounted to runs upon them. Both of them were still unable to take up their allotment of the certificates which the Clearing-House Issued during the. string ency beginning in October and when tho renewed drain upon their resources be gan, ' the Clearing-House authorities de clined to further extend their " credit. Fearing heavier withdrawals today, the officials of both banks decided last night to close their doors today. WASHINGTON, Jan. 30. Bank Ex aminer Charles A. Hanna, temporary re ceiver of the .National Bank of North America, was today appointed temporary receiver of the New Amsterdam National Bank of New York. GAS KILLS NINE MINERS EXPIjOSIOX WRECKS COAL mine IN WEST VIRGINIA. . Sad Familiar Story From New River Sixteen Escape With Slight Injuries. CHARLESTON. -W. Va., Jan. 30. Nine miners met death in the New River col liery,. 45 miles from here, near Hawks Nest, this afternoon, In an explosion that partly wrecked the mine. Twenty five men were In the mine at the tim"e of the explosion and eight of the nine dead were Instantly killed. The other 16 escaped with only slight Injuries. At nightfall seven of the dead had been Identified. They are: Grover Bowles, Lawrence Sharp, Harry Wilson, Wilbur Wilson, Gradlson Coles, Charles Workman, William Hoffman. DENIES DOUBLE DEALING (Continued From First Page.) as the matter contained in the first speci fication, it is absolutely true; as to the matter in the second specification, it is (tue so far as it is possible for me to know." Dr. Kaplan, whp for the first time con sented to be interviewed on the subject, was asked if it was true that he was re quested by Assistant . District Attorney Heney to accompany him to : Judge Dunne's chambers In order to obtain from him the assurance that he would allow Ruef to withdraw his plea of guilty, as stated by Rabbi Jacob Nieto in his state ment. Dr. Kaplan corroborated Dr. Nleto's assertion that Judge Dunne gave such assurance. ATTEMPT TO FLY MEANS DEATH Rumor of Intended Escape Causes Orders to Shoot. SAN FRANCISCO, Jan. 30. The Call says today: Warned by a persistent and well-defined rumor that Abe Ruef, grown frantic on the eve of trial, has planned in detail an escape from custody to be accom plished on the lonely road between this city and the county jail. Sheriff Dolan has doubled the guard over the prisoner and has taken every precaution to pre vent the carrying out of the suspected plot. Two Deputy Sheriffs, fully armed and with Instructions to keep Ruef prisoner at any cost, now accompany him in his automobile during all the time he Is ab sent from the jail, and the strictest orders have been issued concerning the methods to be adopted at the first suspicious sign made by either the fallen boss or the chauffeur in charge of the car. Should Ruef attempt to put into exe cution the plan which it is believed has already been arranged, the first appear ance of a rescue party would be the sig nal for action by the Deputy Sheriffs to the end of preventing their prisoner ever leaving the automobile alive. HAS FOUND RCEF CHAUFFEUR Burns Locales Latham, the Much Wanted Witness. SAN FRANCISCO, Jan. 36. Detective Burns asserts that he has located Alex ander Latham, former chauffeur for Abraham Ruef, an important witness in the bribery-graft cases, who mysteri ously disappeared several days ago, though he refuses to state the present Whereabouts of the missing man. Doctors Will Examine Glass. SAN FRANCISCO, Jan. 30. The State Supreme Court today continued to a week from Friday the application for a writ of habeas corpus by Louis tflass that he be released on bail pending the decision of the Appellate Court as to the validity of the judgment rendered by the jury In Judge Lawlor s court. The prosecution in the meantime will have two doctors ex amine Glass as to his illness. Affidavits will be submitted to the court, taking the place of an oral hearing. Glass was re manded into the custody of the Sheriff. BOURNE DELAY NG SCHUEBEL REPORT Realizes That His Nominee Will Not Be Confirmed by the Senate. WILL BE GIVEN HEARING Heney Not Posted on Affairs. "I am not In touch with the affairs in San Francisco and have not been since I came to Portland," said Francis J. Heney last night, when shown the state ment made by Abe Ruef, "and in conse quence I am not in a position to discuss what is going on in the Ruef matter." Beyond this Mr. Heney declined to dis cuss the Ruef case. St. Paul Officials Off to Orient. SAN FRANCISCO. Jan. 20. J. H. Hi land, third vice-president of the Chicago, Milwaukee & St. Paul, in charge of traf fic, and F. A. Miller, general passenger agent of the same line, left on the steamer Mongolia today for Japan and China. Their object in visiting the Ori ent is to look over the field and ascer tain for themselves the business that could be secured from the Orient when this road shall have entered Seattle. The Chicago. Milwaukee & St. Paul is well on its way West, and -if nothing unfore seen occurs it should be in Seattle In about one year's time. Arrangements will be made with a Japanese steamship line to handle through traffic Report That Scliuebel May Be Re quested to Withdraw His Candi dacy and Accept Appointment as Deputy Attorney. OREGON-IAN NEWS BUREAU, Wash ington, Jan. 30. Senator Bourne is stu diously delaying action on Schuebel's nom ination, in order that he may have time to evolve a plan whereby both he and Schuebel can avoid defeat at the hands of the Senate. Though he was for some time confident that Scheubel would be confirmed. Bourne now realizes that the confirmation is impossible and, further more, he knows that If the Judi ciary committee should act next Monday it would report adversely and the Senate would promptly follow the report by rejecting the nomination. Bourne has been assured that the sub committee having the nomination now in hand will not report until he appears In Schuebel's behalf. Therefore, Bourne will not appear this week, and action next Monday will be impossible. just how Bourne will extricate himself from his present embarrassing position is not piain. Though he has demonstrated his strength at the White House, he knows that a vote on Schuebel will place on record his lack of strength in the Senate, and this he wishes to avoid. in some quarters it is believed Bourne fully appreciates the situation and will inform Schuebel that he cannot be con firmed, and suggest to him that he ask for withdrawal of his nomination. It is also rumored that Bourne is ar- ranging to have Schuebel made Assistant District Attorney, If he withdraws from the contest for Bristol's office. Such appointment could be made by the Attorney-General and would not require confirmation by the Senate. SAYS MONEY IS LOOSENING UP Montie Gwinn Gets Cheering News on Financial Outlook. OREGONIAN NEWS BUREAU, Wash ington, Jan. 30. Montie Gwinn. president of the Commercial National Bank of Pen dleton, is here for a few days. After a conference with prominent bankers in New York, he is particularly pleased with the financial outlook, and has received assurances which satisfy him there will be ample cash available to permit carry ing forward all legitimate enterprises In the West. The money situation Is stead ily improving and cash is loosening up for all except speculative projects. Revenue Cutters for the Coast. OREGONIAN NEWS BUREAU, Wash ington, Jan. 30. The Senate commerce committee today favorably reported Sena tor Fulton's bill appropriating $250,000 to build a revenue cutter for duty on the Oregon Coast. The Senate passed the Piles bill to build a revenue cutter for duty on the Pacific Coast. Hearings on Fulton Rate Bill. OREGONIAN NEWS BUREAU, Wash ington, Jan. 30. The Senate interstate commerce committee has set February 1 for commencement of the hearings on the part of the railroads opposing Senator Fulton's amendment to the rate law. A large number of railroads have applied to be heard. Sell Siletz Indian Land. OREGONIAN NEWS BUREAU. Wash Jan. 30. Senator Bourne introduced a bill providing for the sale at public auction or scaled bids, of reserved land In the Slletx Indian reservation and appro priating $300,000 for purchase. KILLS WIFE IN JEALOUSY Stockton Carpenter Then Turns Gun on Himself. STOCKTON, CaL," Jan. 30. Following a violent quarrel, wlth jealousy as a basis, J. A. Martin; a carpenter, of this city, murdered his wife and committed sulcldo early today at the Sol Light place, near Waterloo, eight miles east of A DISTINCTIVE HOTEL St Regis Not Only the Finest but the Most Comfortable in New York SOME POINTS IN ITS FAVOR Mctzger fits glasses for $1.00. None of New York City's great hotels has been more talked about than the St Regis, at Fifth Avenue and Fifty fifth Street. Recognized as the finest hostelry in the world. Its chief claim to popularity lies in the fact that it offers the largest measure of refined personal comfort at standard prices. The St. Regis has come to be recog nized as the leading living and dining establishment in New York. It is not an experiment, but a well-established necessity in the city's hospitality. It has been tried and tested by thousands, and not found wanting. It represents a 'superior phase of hotel life and stands unrivaled for comfort and home likeness. On this subject the London Times, in an article published soon after the St Regis opened its doors, remarks: "If a great art connoisseur planned to. furnish a house so, that it would give the highest pleasure and comfort to his intimate personal friends, he could do no more than the St Regis does for all its guests." For some unaccountable reason, liv ing at the St Regis has been consid ered by many as a luxury beyond their means, and all sorts of foolish and exaggerated reports have been circu lated regarding the prices prevailing there. The truth is, that the cost of living at the St. Regis is no greater than at other first-class hotels, and, considering Its exceptional accommo dations and service, it is even less. This is shown by the fact that a beau tifully furnished room of large size may be had for $4 a day, or the same, with private bath, for $5 a day. Parlor, bedroom and bath from $12 upward. The restaurant charges are no higher tiian in ouu first-class hotels. The Pills That Core WEAK WOMEN "My limbs ached and I had a terrible pab in my right side. My weight fell from 1 45 pounds to 99 pounds. I . had no appetite, my kidneys were affected, and .1 had headaches, backaches and fainting spells. . As my doctor did not help me, I tried Dr. Williams Pink Pills and now I am cured and in the best of health. Dr. Williams Pink Pills built up my whole system and I gained 30 pounds in weight." Mrs. Jacob H. 'Denny, 257 North Division SL, Buffalo, N.Y. A booklet of valuable information, en titled "Plain Talks to Women," will be sent free to any woman. It is particularly interesting to mothers of growing girls who become pale, thin and listless as they approach womanhood. Dr. Williams' PINK PILLS foe. per box; 6 boxct, (2.90, at all druggists or front Dr. WiliUxn Medicine Co., Schenectady. N. Y. Stockton. The two had been separated for some time and the woman had gone to Light's place to work as a domestic. Martin went there last night and a vio lent quarrel ensued. It was feared that he would do her harm, and officers were sent ,for. Upon their arrival, however, the man could not be found. He left word that he had gone to Lodi. Barly this morning he returned, shot hia wife, and killed himself with the same weapon. Eight children survive. J. W. Crawford Recovering. LOS ANGELES, Jan. 30. J. W. Craw ford, an attorney of Olympia, Wash., who was stricken with paralysis here last Sun day and was expected to die, is recover ing. Indications at first pointed at an attempt at suicide by means of illuminat ing gas-, but this is found to be a mistake. ONLY TWO DAYS MORE OF OUR Clearance , Sale Men's $18 Overcoats and Raincoats, Sale Price . . $11.50 "Cluett" and "Star" Shirts in Fancy patterns; soft and stiff bosoms; cuffs attached or de tached ; $1.50 values this sale . . . . 95c Elgin" Golf Shirts (union made) fancy pat terns, $1.25 vals., pTJ this s,ale . . . OC Wool Underwear in fawn and gray; regular $1.00 values; this "TC sale per garment ' AIL Silk Neckwear, reg ular 50c values, or this sale . . . OOC Three for $1.00 Big Lot of Broken Lines in Boys' Knee Pants Suits and Overcoats, values up $5.00 djo EZ( your choice at . . ..... . pOvr NBLATT CO. Corner Third and Morrison Streets HAND-TINTED SCENIC PHOTOS. Kiser's Originals. 248 Alder st. Bye glasses $1.00 at Metzger's DISCUSS LAND-FRAUD CASE Appropriation for. Benson-Hyde Trial Stricken From 'Bill. WASHINGTON, Jan. 30. The ap proaching trial In this city of Hyde, Dia mond, Benson and Schneider, charged with conspiracy to defraud the Govern ment out of public lands in Pacific Coast territory, provoked considerable discus sion In the House today in the course of the consideration of the Urgency De ficiency Appropriation bill. The bill car ries a provision requiring that the ex penses of the trial shall b'e borne en tirely by the United States, but it was stricken out on a point of order 'by Mann, of. Illinois. Chairman Tawney made a vigorous de fense of the provision, because he said it was unfair to saddle the cost of the trial on the District of Columbia. Need ham, of California, was coinciding with him, but Mann insisted on this point, re marking that in a number of conspiracy trials recently in the District of Co-, lumbla, the Government had paid the bills when the expenses should have been charged to the District of Columbia. Burlington1 Closes Shops. LINCOLN, Neb., Jan. 30. Orders were received yesterday temporarily closing the Burlington shops at Havelock be ginning Thursday morning. The same order closes the repair shops at Lin coln and extends to the shops at Alli ance, Plattsmouth, McCook and Sheri dan, Wyo. Six hundred men were af fected at Havelock and smaller num bers at the other towns. A plan of the company is to have the brief shutdowns from time to time rather than dis charge any of the force. It is thought the men will work at least half time, probably more. New Tork Forming a bucket brigade, the nun. of the Academy of the Sacred Heart, at The Bronx, extinguished a fire in their new chapel before the firemen arrived. CHINESE TO MAKE STEEL America May Supply Machinery (or Bis Plant. NEW YORK, Jan. 30. An enormous steel plant is to be erected at Hankow, China, by a company composed entirely of Chinese capitalists, primarily for the purpose of supplying steel for the con struction of the various railroads in Cen tral Northern China. It Is believed, how ever, that the plant will at some time be come a factor in the general steel trade of the Far East. It is estimated that the initial cost of the new plant will be about J6.000.000. and inquiries are being made In America with a view to placing orders here for the greater part of the equipment. New steel plants are also projected in i Japan and India, the total cost of the three plants being in excess of 125,000,000. Perfect fitting glasses 1 at Metzger's. Mail Orders Receive Our Most Prompt and Careful Attention The Fashion Center Entire Corner of Fourth and Morrison Streets ONLY I WO DAIS MOEE Only two days Friday and Saturday remain in which to take advantage of the grand inducements we have been offering throughout the month of January. For these two days we will surpass all previous records in the way of value-giving. Our object has always been' to let none surpass and very few compare with us as to the quality and style of garments in our stock. We have our own buyer in New York City, who is con stantly buying up the very latest ideas and styles, and express packages of ladies' wearing apparel and fur nishings are pouring in daily. . ONLY TWO DAYS MORE in which you may take your choice of our suits and coats at lowest prices. For Friday and Saturday only, your choice of all our Fall and Winter suits and coats at one-half price. Greatest "bargains ever offered, the usual Silverfield quality. EXTRAORDINARY MILLINERY SPECIAL Your choice of any hat in our establishment, consisting of pattern, street and dress hats. . . . 4Ks Jr-x. . A il f J ! 1 1 1 .t? values from $a.UO to $zu.uu, ax xne naicmuusiy iuw pnue ui . $1.98 ONLY TWO DAYS MORE REMAIN IN WHICH YOU WILL BE ABLE TO OBTAIN THE FINEST FURS ever offered to the people of Portland, and at the very lowest Clearance Sale Prices. , EXTRA SPECIAL . Best values ever offered. For Friday and Saturday we offer an immense large assortment of Neckpieces, stoles, boas and throws, all of the season's best styles, all elegantly made and lined. These furs consist of many different furs, namely: Real Alaska Mink, Japanese Mink, Brook Mink, Sable Squirrel, Siberian Squirrel, Gray Squirrel and many other popular furs. Values to $20.00, for $8.2o Also smaller fur neckwear of Japanese Mink, Brook Mink, Sable Squirrel, Siberian Squirrel, Imitation Ermine, Imitation Chinchilla and Brown Coney. Values to $12.00. Your choice $5.2a "SEE LARGE WINDOW DISPLAY ON MORRISON STREET." Muffs to match all Furs. Highest Prices Paid for Raw Furs by Selling to Manufacturers Such as the Silver field .Company you Save the Middlemen's Profit. Send for New Price List. REMODELING AND REPAIRING OF FURS AT GREAT REDUCTIONS