14
THE MORNING OREGONIAN, MONDAY, 'JULY 3," 1911.
BONDS WILDE SOLD
ALMOST VALUELESS
Buyers Will Not Even Bid on
$900,000 of Securities
of Oregon trust. .
these
time
the
It vu further represented to the
valueless aecurlties.
At
the telephone bond. It waa decidedly
doubtful If the affairs of the bank
rould ever be ao adjusted that they
would receive anything like dollar for
dollar on their claim.
POOR DEPOSITORS SUFFER
Indictment Again! Wilde Is for I n
loading Illook Supnosed. to Nell
for MI. at l'ar. and Tlten
Pocketing Difference.
J
t
i
,
.
.
:
ii
ULPK KEEPS PLANS SECKKT
Ills Attorney Inlliuale He May Ke-
fne to ltd urn to Portland.
PAX DIEGO. Cal July . (Special.)
From statements by 1-oulii J. Wllde-e
attorney. It la Intimated that Wilde
has not decided that he will return
to Portland to face an Indictment for
alleged embexslement of telephone
funds.
Wilde had planned a trip East on
mattera pertaining to his business ln
terests. hut on account of the Port
land, muddle he has changed his plans
and will remain here. It ts unauthorl
tatlvely stated that Wilde and hla
counsel are awaltlnc the arrival of an
officer from Portland with a bench
warrant. Vr.tll the i-rosecutlon takes
the first step. Wilde ay there Is ab
solutely nothing to give out.
Wllile Is Interested In several build
Ing projects. Including a 11-etory con
EXODUS
flOMCTY
F
TO MARK SANE 4TH
Railroads Provide for Heavy
Traffic to Seaside and
Valley Points.
SPORT EVENTS FEATURE
wilde- nramivrr. arrest
to be utMiia.
I'nleaa definite word la received
from Louis J. Wilde today, the Dla
trVn Attorneys office and A. E.
Clark, attorney for Receiver Dev
lin, will Insist that the beach war
rant ismed by Jod(e Caatsnbatn
last Friday for the arreet of Wilde
for etntessl.meat. be served. Serv
ice of the bench warrant was de
ferred at the request oS William
SC. Miller. Wilde's brother-in-law.
wbo explained to the court that
Wilde would relura to r-ortland
wbea Informed of bis Indictment
without the formality or-causing his
arrest aad sendlrg in officer to
aaa Dleso to bring htm beck. Wilde
was notified of hla Indictment Fri
day nlcht and. although he held a
conference with hi. attoraeva Sat
urday night, neither the anthorttlee
nw stiller had received a word from
the tanfora1a remoter late last
eight.
Of UTS.000 worth of telephone bonds
bought from Louis J. Wilde by the
Oregon Trust Savings L'.nk, approx
imately 1900.000 of theae securities are
today without market value. In fact
holders of the securities are unable
even to get a quotation from bond
buvera for the purchase of their hold
ings.
Some of these worthless securities
rre held by the Oermon-American
Itank. which took over the assets anl
liabilities of the suspended Oregon
Trust A Savings Hank, but most are
leld by poor people of Portland, who
accepted from the receivership of the
coilapseu Institution these bonds In
settlement of their claims for hard-
earned money on deposit In the bank.
when It closed Its doors.
Stiady Transaction Exposed.
Included In the bond purchases by
tiie suspended bank was a block of
teOO.OQO of the Omaha Independent
Telephone Issue, which were sold by
Wlide to the bank at par. although In
the opinion of A. K. Clark, attorney to
Receiver Devlin, these securities were
never worth more than SO cents on
the dollar. Moreover. Wilde had a con
tract with the I'nlon Telephone Con
strurllon Company to dispose of the
Omaha bonds for as low as SO cents
on the dollar. When he sold the f 500.
eoo block to the Orejron Trust at par.
he rr ported to his employers the sale
at II. accounted to them for S 110.000,
and spilt the remaining tO.000 with
W. Cooper Morris. It waa for this
transaction that Wilde and Morris
have been Jointly Indicted for larceny
ty embezzlement.
"When the Oregon Trust failed in
August. 107." said a man yesterday
who has been actively associated with
recent disclosures of rottenness In the
management of the defunct bank.
"there were In poeseaalon of the bank
HSJ.000 of the original purchase .of
300.000 of the Omaha bonds. This
-ould Indicate the sale by the bank of
about I4S.00O of these securities,
whereas It Is a matter of fact that the
tank In reality did not sell more than
10.000.
Omaha Bonds Only Potential.
"The other 133.000 of the bonds were
delivered by the bank on contrarta
that had been previously written by
.Wilde, who received from I to 14 per
rent commission from the bank for all
such contracts. There Is nothing- In
the records of the bank, as they were
kept, to show whether the 110.000 of
bonds It disposed of directly were sold
at par or at a sacrifice.
"The Omaha bonds were only poten
tial In value, and were never worth to
exceed SO cents oa the dollar. At the
time they were sold to the bank by
Wilde, there was no plant at Omaha,
and the only tangible asset on which
the bond Issue waa based was a fran
chise that had been obtained In the
City, of Omaha. The Omaha company
authorised an issue of tl.S00.ooo of
bonds, but actually disposed of only
about 1 1.300.000. Not to exceed one
half of the funds actually produced
from the sale went Into the plant at
Omaha: the rest was dissipated, prob
ably much in the same manner as was
a portion of the proceeds from the sale
to the Oregon Trust.
Portland IVonds Only mmm! Ones.
"The Tacoma bonds, of which the
Oregon Trust bought 1 100.000 at par.
were probably worth 7 cents at the
time of their purchase. The Tacoma
company had obtained a franchise, and
had partially completed the erection
of a plant.
"Hut of the entire purchase of tele
phone bonds, aggregating 175.000.
those of the Portland company,
amounting to about I7S.O00. were the
only telephone bonda sold to the Ore
gon Trust by Wilde which had and
still retain an Intrinsic value. Theae
bonds are good. The Portland com
pany Is making more than enough to
meet the operating expenses of the
i hint. and at the same time pay Inter
est on the bonds.
"The Omaha and Tacoma companies
r re la the hands of receivers. Whether
the holders of the bonds Issued by
those companies ever realize anything
en their Investment is a derldedly
cloub.ful fact."
Ilomls I n loaded on lcHllor.
It will be remembered that Immedl
rtely following the failure of the Ore
gon Trust. W. 1L Moore and .Morris,
resident and cashier, respectively, to
gether with U'tlile. formed an organ
ization for the purpose of Inducing de
positors in the closed Institution to ac
cept In part or futl payment of their
claims telephone bonds of the Omaha
and Tacoma Issues. Wilde even went
so far as to undertake to guarantee
the depositors that If they would ac
cept theae securities of decidedly
doubtful value, he would guarantee to
redeem the bonda at maturity.
These representations worked out
well, and before the transfer of the
defunct bank and Its assets to the German-American
Bank was effected, the
Moore-Morrls-Wllde combination had
succeeded in unloading on gullible de
positors a very considerable portion of
I
C'esasaaader J. W. F.lllrett, 1. 9.
N-, he W III roaamaaa Crwlaer
Maryland.
rrete and ateel block, recently com
plated at Fifth and D streets. He Is
also starting another 12-story structure
at Ferond and 1 streets. Ills local
business Interests are Incorporated as
the Wilde Estate Company. His son
K. J. Wilde, arrived from the Kast yes
terday to take a hand In manipulating
the Wilde Interests.
The following statement was made
by Frederick W. Fterna. a former San
lUego attorney, who was' retained to
sslst In Wilde's defense:
"La. I Winter In connection with the
receivership of the Omaha Independent
Telephone Company. I Investigated the
sales of the company's bonds and par
tlcularlv those bonds sold by Mr. Wilde
In Portland. Or. The results of such
Investigation completely satisfied me
that there was absolutely nothing
criminal or In any degree dishonest In
any of the transactions with which Mr
Wilde wss connected."
ELLICOTT GOES HIGHER
LEAVING CRUISKIl EXECUTIVE
OITICEK, KETLKXS CAPTAIN.
Naval Offl.fr With Fine llrconl
I .cave Portland to Command;
Armored Cruiser Maryland.
Afert two years of shore service.
first ss Inspector of the Thirteenth
Lighthouse District and then In the same
rapacity In the Seventeenth Lighthouse
District, which is a reorganisation and
diminution of the former territory.
Commander J. M. F.lllcott. 17. S. N., will
leave Portland In the next 48 hours to
take command of the cruiser Maryland
Commander Klllcott was executive of
ficer of the armored cruiser Maryland,
which he t 111 take over at Mare Island
Navy-Yard, when the crew of that vessel
walked away with the battleship gun
nery trophy. After a short stay within
the Golden Gate the Maryland will pro
ceed to Hremerton Navy-yard to take
part In the Seattle "Potlatch" festivi
ties. Ijtter she may be ordered to As
toria to remain for part of the Centen
nial celebration, providing the city au
thorities obtain permission from the
Navy lepartment. for with IT H feet of
water at the entrance to the Colum
bia, as shown by the last survey. Com
mander Elllcott says there Is no rea
son why -the Maryland cannot be
brought Inside at full cruising draft.
It has been 28 years since Comman
der Elllcott left the United States Na
val Academy, as a member of the
ass of ISM. which he had entered
from his home at St. Inlgoes. Md. He
hen studied in the United States War
College and Torpedo School and was
appointed an ensign In lS8j. In Feb
ruary. iXSj. he was advanced to the
nk of lieutenant. Junior grade, and
n April. 1898. to a full lleutenantcy.
He reached the grade of lieutenant-
commander In December. 1903.
Commander Klllcott participated In the
battle of Manila Bay and the capitula
tion of Manila, besides doing general
duty In those waters during tne Philip
pine Insurrection, tor his conduct in
he Manila Bay engagement he received
a Congressional medal.
Commander Klllcott Is a member of the
Military Order of Foreign Wars and of
he United States Naval Institute. He
Is the author of a novel, entitled "Jus-
Ifled." wrote the life of John Anrrura
Wtnslow and has written) several short
stories and professional essays.
MAJESTIC FILMS PLEASE
Ixrna lkxinc," In Moving Pictures,
Charm Ixvcr of Kanious Novel.
There Is entertainment for all tastes
t the Majestic this week. Lovers of
Lorna Doone" will be Interested In a
film picturing scenes from Blackmore'a
beautiful story. Much ot the charm
conveyed In description by the novelist
Is reproduced through the mechanism
f the camera. The scene where John
Rldd and Lorna meet after ao many
years In the deep woodland la one ot
especial beauty as pictured by the mov
ing pictures. For those who seek
amusement, the film "Securing Evi
dence" provides It In plenty. "The
Orphan." a series of romantto scenes,
will appeal to the sentimental.
Even more Interesting than the mov
ing pictures Is the singing of Madame
Lotta Ashby Othlck. This week she
gives Guy D'Hardelofs "Because." with
fine effect. Senorlta Rosalea, harpist,
whose playing Is so appreciated by Ma
Jeatlc patrona. offers Gounod's "Spring
time." Vesterdsy she played ss an en
core a medley of National airs.
Games and Hand Concerts Part of
njrogramme? at Parks Suburban
lies Plan Individual Celebra
tions Chautauqua Opens.
With outings and pleasure trips sub
stituted for fireworks and accidents, the
sate and sane Fourth of July committee
has arranged that t..e Columbia. Tuala
tin and Willamette valleys shall be open
to pleasure seekers at reduced railway
rates. The Spokane. Portland & Seattle
Railroad, the Portland Railway. Light
at Power Company, the Oregon Electric.
Oregon Water Power Company and the
O.-W. R. & N. lines will all operate ex
cursions to various points at reduced
rates. The sub-committee of the sane
Fourth committee, under Judge Gatens,
secured the reduced rates.
The new schedule of the Astoria A
Columbia River Railroad to Astoria,
Gearhart and Columbia makes It pos
sible for Portland people to spend six
hours at the seaside and to return to
the city on the same day. Special ar
rangements have been mado to accom
modate the big crowd that is expected
tomorrow. '
Train Service Provided.
Fast through trains with observation
parlor cars leave Portland at 9:20 A. M.
and at 0:30 P. M. The morning train
lands passengers at Gearhart and at Sea
side In time for luncheon, and the even
ing train returns them to Portland at
10:11
Special preparations have been made at
all of the beaches for entertainment. At
Gearhsrt there will be a swimming exhi
bition by Miss Millie 3-hloth. swlmniln
Instructor of the Portland Y. W. C. A.
For those that stsy at home a doubt
entertainment of music and sports has
been arranged. Five bands will give
concerts at the principle parks and play
ground?.
Spectators Considered.
7V.ie exhibitions and snorts will be un
der the direction of A. M. Grilley. dlrec
tor of Portland playgrounds. The sched
ule Is comprehensive enough to give
everyone plenty to do either as partlcl
pant or spectator. Mr. Grilley says the
programme tomorrow will be the moi
elaborate that Portland has witnessed
for years.
The complete programme of entertain
ments In the parks and playgrounds
follows:
1 P. M. at Sellwood. North Park. Colum
bla and Penlmula Obetacle race, sack race.
potato race, three-leased race, pole-climbing
ronteet and relay race.
I P. 1L II Sellwood Field meet open
bora over l feet 0. Inches and under 5 feel
g Inches. Events: High Jump, pole-vault
no. rard ds.h. 120-yarU dash, 410-yard dash,
mile run, 12-pound sbotput and swlmmming
race.
1 p. at. at North Park. Columbia, sen
wood. Brooklyn and Peninsula Contest, for
KlrU: Egg race, relay race, no-yard oa.n
obstacle race and climbing Inclined lad
dere.
Hots' races, divided Into two classes, un
der 4 reet 8 inches and over 4 reel
Inches, all to be under 21 years.
All Purchases Made Today, Will Be Delivered by Tonight
8
Medals Are Offered.
Gold, sliver snd bronse medals will be
awarded to the winners of each event
In each of the parks. The division of
r'ssses In the boys' baseball contests
will he the same as In the races. Brook-
yn and Columbia boys In the smaller
class play at 2:30 at Columbia.
Games In the larger class win begin
at 2:30 as follows: City Park, at North
Parkway: Sellwood. at Peninsula, and
Brooklyn at Columbia.
The major sports of the day will be
held at the Coast League ball park, at
the Country Club and at Gresham. The
programme at the Country Club will In
elude font races, horse races and auto
races. At Gresham there will be auto
nd horse races, and at the ball park
double-header between Portland and
Sacramento la scheduled.
Suburb Offer Attractions.
Among the picnics that have been
planned in the suburbs will be an enter
tainment by the New York State Society
of Oregon tomorrow afternoon and even
ing on the grounds surrounding the resi
dence of Mr. and Mrs. C. W. W agstan,
st Woodmere. on the Mount Scott line.
A number of celebrations In the Imme
diate suburbs give a good opportunity
for those who wish to Join picnic parties,
or to make up parties oi tneir own
Chief among tucse are the celebrations
at Mount Tabor. Gladstone, Kstacada,
Irvlncton and Vancouver. At Gladstone
here will be the opening of the Chau-
auqua. Ex-Governor Yates, of Illinois,
will deliver an address. In the after
noon there will be a baseball game te
ween the Chemawa Indiana and the
M. C. A. A steeplechase will also be
run on the Chautauqua course.
Ball Game Is Feature.
At Bstacada there will be a dance In
he afternoon and evening, and two base
ball games, one between River Mill and
Sprlngwater In the forenoon, and be
ween the winner of the morning con
test and the Estacada team In the after
noon. There will be horse races, greased
pole climbing and p.e-eating contests.
The programme at ancouver will con-
Ist of military drills and athletic con-
ems, and at Irvlngton outdoor dancing
on the new cement tennis court.
The celebrations tomorrow at Mount
Tabor and Montavllla have been ar
ranged so they will not conflict. At
Montavllla the exercises will be held
In Altamead Par': on the Base Line
road In the forenoon. The procession
will be formed on the Bi se Line road
t 10 o'clock and the address by Rob-
rt C. Wright will be given at 11. John
. Conway is master of ceremonies
nd William ue eny grand marshal.
Exercises to Be Brief.
At the Mount Tabor celebration.
which will be held on the northwest
Ide of the park, the exercises will
pen at 1 o'clock, and will be under
he direction of C. H. Welch. It has
been arranged to run an automobile
rom the end of fhe Mount Tabor car
line to the Montavllla celebration. A
baseball game will be played, the win
ning team to receive S200. The prises
for the different events will aggregate
11000 Rev. James Fltzpatrlck will
award the prises at o'clock. A band
concert and a display of fireworks in
the evening will conclude the pro
gramme. Members of the committee
In charge are: W. E. Allen. A. A. Whar
fleld and William Marshall. -
Special Train Provided.
Gresham will celebrate with an In
dustrial and comic parade to the fair
grounds, where exercises will be held.
Arrangements have been made for the
Mount Hood Railway to run a special
excursion to Gresham from Montavllla.
Before-the-4th
Sales Today!
To Help You En
joy This Great
National Holiday ,
to the Utmost
See Full Details in
Sunday's Papers
Store Closed All
Day Tomorrow
the "Fourth
1 feM u't)'
On the East Side southward, beside
the celebration at -Oregon City, Wood
burn also will give a pfogramme In
Thompson's Grove, with J. H. Acker
man, president of the State' Normal
School, as speaker of the day. The
Sllverton band has been engaged. At
Canby, Henry Westbrook, of Portland,
will be the speaker. This celebration
will close with fireworks in the even
ing. Liberal has also arranged a pro
gramme 'of sports and has secured
Grant B. Dimlck. of Oregon City, to
deliver -n address In the forenoon.
Along the line of the Oregon Elec.
trie, Beaverton and Forest Grove are
both preparing to celebrate. A. basket
dinner wiM be the feature of the cele
bration In Beaverton, and the music
will be furnished by the Beaverton
hand. The festivities at Forest Grove
will commence on the evening of July
3, and the celebration for the Fourth
Itself will be held on the campus of
the Pacific University.
Commissioned officers of the Oregon
National Guard will combine in a
Fourth of July picnic at the Clacka
mas Station Rifle Range. A competi
tive shoot, races, dancing and athletic
events have been planned and there
will be fireworks at the Clubhouse in
the evening.
FLAGS
BEDECK
Medford
pendence day. ' Present indications are
that Raymond will be called upon to
entertain one of the largest crowds ever
gathered in this city. The Northern
Pacific Railway will run a special train
from Dryad in Lewis County on the
morning of July 4. leaving there at 7
o'clock and arriving at Raymond about
:16.
Soldiers to Hold Field Day.
VANCOUVER BARRACKS, Wash.,
July S. (Special.) The First Battalion
of the First Infantry, which has been
practicing at the target range, hiked
In 16 miles today from the Govern
ment range near Proehstel. Everything
Is in readiness for the military tourna
ment and field day, which will begin
at 1 o'clock Tuesday afternoon on the
post athletic field. Hundreds of auto
mobiles filled with people are expect
ed from Portland.
LAND SALES PASS MILLION
x
Lane County Realty Shows Activity
Jn Last Year.
EUGENE, Or., July 2. (Special.)
Real estate transfers for the first half
of ' 1911 In Lane County, as shown
by the biennial statistics Just avail
able, are approximately 1. 500, 000. The
actual figures are $1,442,387.10. Theso
figures are taken from the considera
tions named In the deeds, and are prob
ably considerably under the actual
amounts.
The figures for the month are: Jan
uary, $206,223.50; February, $22.1.
439; March. $302,984.20: April, $298,
031.09; May. $256,330.15; June, $155,-379.16.
HArrls Trunk Co's. Removal Sala
now on. Prices greatly reduced.
Buy Kdlefsen's high-grade cosl.
Crowds Fill -City lo Witness Three
Pay Celebration.
MEDFORD. Or., July" 2. (Special.)
This city today opened a three-day
celebration of the Fourth of July,
which is being conducted on the most
elaborate scale of any celebration ever
held In Southern Oregon. Band con
certs, baseball and bronco busting- were
features of today's programme, while
tomorrow will be devoted to baseball
auto and horse-racing.
Crowds are pouring into this city
from all sections of Southern Oregon.
Special trains will be run each day
from the neighboring cities. Nothing-
which will add to the success of the
celebration haa been left uncovered.
This afternoon a series of four base
ball games opened with Grants Pass.
Medford must take three out of the
four games to win the championship
of the Rogue River Valley. The local
aggregation grabbed the first of the
series this afternoon by a score of 9
to 1. The second game will be played
tomorrow and the final two on tho
Fourth.
The advance guard of the crowd ar
rived last night and by Monday night
it ia estimated more than 10,000 vis
itors will be here.
Raymond Expects Big Crowd.
RAYMOND. Wash.. July 2. (Special.)
Arrangements have been completed
and Raymond. In gala attire. Is ready
to entertain the hundreds of visitors
who will Journey to this city to Join In
the Pacific County celebration inde-
231
WASHINGTON ST.
PORTLAND
ORG0rt-
MAKEfl
or
MENS
CLOTHES
-Be -
.Lai
PORTLAND TO ATLANTIC CITY
On Public Exhibition Today
1:30 to 3:30 Fourth and Stark Streets
THE FIRST STEEL TRAIN FROM THE PACIFIC TO THE ATLANTIC
The Public Is Cordially Invited to Visit and Inspect
THE CHICAGO, MILWAUKEE
& PUGET SOUND RAILWAY
It. M. CALKIN,
Traffic Manager,
Seattle, Wash.
GEO. W. HIBBARD,
General Passenger Agent,
Seattle, Wash.
J. R. VEITCH,
District Freight & Passenger Agent,
Portland, Oreiron.