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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Dec. 17, 1912)
BANKER CONCEALS SYNDICATE'S GAIN Money Trust Inquiry Halted Delving Into Affairs ot Petroleum Company. ADJOURNMENT IS FORCED Frederick lwlsoln Will Not Tell of rrofit in Floating Slock in Oali- fornia Concern Contempt May Be Charged. WdSHiXRTfiX. rv IS. The re fusal today of Frederick Lewlsohn, of the New Tork banking firm of Lewls ohn Bros., to make a statement as to the profit made by a syndicate iormeu to float the stock of the California Pe troleum Company, forced an adjourn ment of the House money trust commit tee. The committee adjourned until tomorrow to allow Mr. Lewlsohn to confer with his counsel. Martin Vogel. as to answering the question. Tonight the witness conferred with his counsel and hurried conferences were held with his associates In New York over long--distance telephone. If Mr. Lewlsohn declines to answer the question when the committee meets to morrow, the committee has the power to take the case to the Speaker of the House, who may certify the record to the Plstrict Attorney for the District of Columbia. It would be his duty to take the matter before the grand Jury and ask for an Indictment for con tempt of the House, which is punish able by lmpbrisonment. Syndicate I Formed. The disputed question was asked af ter Samuel Untermyer, counsel for the committee, had led Mr. Lewlsohn through a long discussion of the oper ations that preceded the listing of the California petroleum stock on the New York Stock Exchange In October. Mr. Lewisohn said his firm, William Solomon & Co.. and Hallgarten & Co. had formed a syndicate to handle the $12,500,000 preferred and 115.000.000 common stock Issued by the California company. He traced the stock through two subsequent syndicates with which he was connected, by the last of which the stock was opened to purchasing investors. On October 3 the stock was listed on the New York Stock Ex change and Mr. Lewlsohn said he con ducted market operations in the stock, which rose during the next month from 65 to around 70. Two of the syndicates, Mr. Lewlsohn) asserted, sold 10.000.000 of the com mon stock and $5,000,000 of the pre ferred at 40 and 91, respectively. This was out of $10,000,000 of preferred and an amount ot common which Mr. Lew isohn did not remember, but which Mr. Untermyer suggested was $10,000,000 worth, sold to the original syndicate. At this point Mr. Untermyer tried to evolve that the remaining $5,000,000 worth of .common went to the syndicate as "profits." Fttrnrea Not Told. Mr. Lewlsohn said be could not re member the figures. "Will you furnish the committee a statement of your operations In the stock In the stock market when, dur ing October, with 105.779 shares listed, 362.270 shares were traded In, and with a statement of the syndicate's profit on the sale of the stock?" asked Mr. Un termyer. "I will not furnish a statement of the profit." said Mr. Lewlsohn. "Do you refuse to furnish It 7" asked Mr. Untermyer. "I do." George H. Kendall, president of the New York Bank Note Company, testi fying today, discussed the differences between the New York Company and the New York Stock Exchange. Mr. Kendall testified that the prices of the New York Company were about 40 or 50 per cent nnder the prices quoted by the American Bank Note Company for engraving stock certificates and bonds. He told how the late Russell Sage had warned him that unless he allowed the American Company to absorb the New York Company the latter would be barred from the exchange. "I refused." he said, "and ten days later we were barred from the ex change." STOCK EXCHANGE MEN MEET Board Considers Publishing Testi mony Before Committee. NEW YORK. Dec. 16. After the close of the market today the board of governors of the New York Stock Exchange held a special meeting at which the Investigation of the "money trust" by the Pujo committee In Wash ington was discussed. - The meeting was largely attended. The meeting considered the advisa bility of making public a statement embodying some of the testimony given by representatives of the Stock Exchange. made out a life insurance policy for $1000. that he carried, in her favor and now Dorothy Olson, of Spokane, Is In Olympla awaiting a settlement, her Intended husband having died In a hos pital here Wednesday. She was noti fied that he was seriously 111 but be fore she could reach here he had died and she only could attend the funeral. Young Bonnevler was a cook by trade. He came to this country only a few years ago -from Stockholm, Sweden, and settled in Spokane. There 18 months ago he met Miss Olson and the two became engaged to be married. But he did not prosper at his trade and she had no money, so he decided to come to Puget Sound In search of em ployment. He had but poor success In the larger cities because he, like the girl he was to marry, could not speak English well. He finally secured em ployment near here, but a week ago was brought to the hospital suffering from heart trouble. When It was seen his condition was serious, a message was sent to Miss Olson and she came at once, but too late to see him alive. CMSl"EPplSINe GRANTS PASS WILL VOTE ON BOND ISSUE TOMORROW. MORE TRAIN SPACE NEEDED Second Section on .Shasta Limited May Be Added . Saturday. To accommodate the Christmas travel a second section of the Shasta Limited may be operated out of Portland on Saturday evening. Space on nearly every "Shasta" for the rest of the week has been reserved and demand for space continues. After the first of the year an excess fare of $5 will be charged on the Shasta Limited In either direction: This may relieve the congestion. Inauguration of another fast train secondary to the Shasta Limited be tween Portland and San Francisco Is now being considered. SPOKANE MAN APPOINTED Frank It. Forbes Will Be Traffic Manager of Valley Line. Frank R. Forbes, of Spokane, has been appointed traffic manager of the Portland. Eugene & Eastern Railroad. He will assume his new duties Janu ary 1 and will have his headquarters In Portland. Mr. Forbes formerly was connected with the traffic department of the Spo kane &. Inland Km pi re road, a Hill line. FIANCEE MADE ONLY HEIR Man Vl(o Dies in Olympla Leaves All to Spoknne Girl. OLYMPIA. Wash.. Dec. 16. (Special.) Unable to marry the girl to whom he was engaged because of financial reas ons, but determined to make her life as eajy as possible in event he should die, Philip Bonnevier. a young Swede, Carson City Said to HaTe Raised $50,000 Already lor 90-Milc Road Farmers Will Aid. GRANTS PASS, Or., , Dec, 16. (Spe---1 t. i i, . . ir fimnt Pass was Liai, i h iuvab going to be connected with the ocean town 90 miles away wuniu time. Men who are working the rail road deal declare that it is a sure go this time, and that as soon mo i t i ) nver next Wednes- a... .hi. r,a nt the line will be ready for detail work to pegin. auc uiuu.v..- ptLA 11 " " i imii nno in hnnda so that the city can assist in buuaing too ruu. Dr. J. F. Reddy, . wno nas rtiutncu . r-i put, mvi that the Deo- ple there are subscribing liberally to the stocK. . The Crescent City Council voted $2500 and Del Norte County Commis sioners drew on the county funds to the extent of $1500, and the Woman's lu.Ularv nlAIO'ed 1250. n.k. th. Interior towns not X UO J . . . - only are willing to give money, um also so many days" labor with teams and men. The Crescent City end Is largely assisted by heavy lumDer con- onj hi rainx ISO 000 already. A crew of surveyors running a line down the Applegate vaney w council t.v. . v. n.ant. Pnaa line, came In from Murphy, where the survey has been compietea two mnes uemw m.i . o.i.t. r'nwfT-m who Is heading the party, says they are prepared to go on to tne torn. GRAYS HARBOR WORK DUE Dredge to Be Built or Bought to Handle Big Work. rnvni?c A Mn TCnah Tier. 18. fSne. claU) The purchase or erection ot a huge dredge to be used in harbor work . it .n f ha thn UD j i & i n u . a - plan of the members of the Port Com mission, according 10 wramiiiwntr McNeill, of this city. "We are not doing any work because the first money due the commission will not be available until after March 1," said Mr. McNeill. "We are plan ning to purchase some property be tween the cities of Aberdeen and Ho qulam for the erection of docks, and have also considered the matter of buy i k..n.linff a nrdr. There lfl a l ii K V n . i n . o - c great deal of work to be done on Grays Harbor and in the Chehalls, Hoqulam and Wishkah Rivers, and if this district purchases its own dredge, I am of the opinion that a Dig saving in ureu8'" work will be the result." The first amount of moneir available for improvement will be approximately $50,000, but, barring the report of En gineer Bogue, who passed several days on this harbor drawing up a set of plans for docks and other Improve ments, the commission has not definite ly decided on any plans for the future. IDAHO LAND TO BE OPEN Irrigation Project Near Wilson Has . 3000- Acres. NAMPA. Idaho, Dec. 16. (Special.) Three thousand acres of fertile land south of the Snake River near Wilson will be brought under cultivation and opened to settlement within the next three months when the. irrigation proj ect being built by the Owyhee Reser voir, Canal Co-operative construc tion Company Is compietea. According to W. H. Busz, president of the company, only five or six home-, steads have been taken up out of the entire 3000 acres, and the remainder will be open to public entry on com pletion of the project. Mr. Busz es timates that the cost of the water will be $25 an acre. The project will con sist of seven miles of ditch and a storage reservoir. The water is taken from the Reynolds creek. The land is on the south side of the river, 19 miles from this city and extends to within a half mile of the town of Wilson. It is well protected by the hills and will grow fruits and other crops of tender variety. It Is said to be especially adapted to diversified farming. HILLMAN HOLDINGS SOLD Seattle Syndicate Acquires for $60-0,000 Vast Tracts. -. i SEATTLE, Wash., Dec. 16. A Seattle syndicate has purchased for $600,000 all of the unincumbered real estate hold ings in Washington of Clarence Dayton Hillman. the millionaire real estate operator now serving a SO months' term In McNeil's Island Penitentiary for using the mails to defraud. The papers are in escrow In a Seattle bank, and the sale will be perfected In a few days, it is said. Hillman will retain the real estate contracts still outstand ing, estimated to be worth $300,000. It Is the Intention of Hillman, ac cording to his brother, to take up his residence in Southern California as soon as he Is released from the peni tentiary. Even before his Indictment, Hillman had begun to transfer his mil lions to California and he la the owner of vest tracts of land In that state. His application for pardon is under con sideration by the Federal Pardon Board in Washington. He entered tne peni tentiary May 5 last. Ora Orth Goes to Prison. SALEM. Or- Dec 16. (Special.) Ora Orth, who was recently arrested in Port land for violating her parole, Deing cap tured while in the hilarity or intoxica tion, was sentenced to serve from one to ten years in the penitentiary by Judge Kelly today. She was arrested here last year and convicted for be ing the central figure in a "badger" game. She was paroled by Judge Kelly. Portland Man Hurt In Runaway. ALBANY, Or., Dec. 16. (Special.) J. M. Crook, of Portland, treasurer of the Portland Concrete Pile & Equipment "Star Brand" - Shoes and Ma ID rand moil 99 noes 1F On Every Hel . Shipments 'of, International Shoe Company for the fiscal year ending December 10, 1912 On Every Sol 1,749,159.6.4 This volume of business is larger by Many Million Dollars than Jhat. of any other Shoe Company "Star Brand" Shoes (Roberts, Johnson & Rand Branch) Shipments for year ending December 10th, 1912 Shipments for year ending December. 10th, 1911 Increase in'shipments for 1912 $14,002,675.54 13,671,186.19 $ 331,489.35 "Diamond Brand" Shoes (Peters Branch) Shipments for year ending December 10th, 1912 Shipments for year ending December 10th, 1911: Increase in shipments for 1912 $7,746,4S4.10 6,913,218.77 $ 833,265,33 Total Increase For 1912 $1,164,754.68 Believing in the intelligence of the American people, we have built this business on a sound economic basis and have not deceiv ed either ourselves or our customers with the theory that GOOD shoes can be made of substitutes for leather. In manufacturing and. selling our shoes every true economy is diligently sought, but it is not fair to the consumer' for the manufacturer to save 5 to 30 cents a pair by using substitutes for leather because the consumer does not know it until he has Vorn the shoes and found them unsatisfactory. It is a fact that about 90 per cent of all of the shoes made iitathe United States contain substitutes for leather.' The Inter national Shoe Co. does not use any substitutes.- The International Shoe Company owns and operates TWENTY-THREE highly organized specialty factories, employing over 10,000 skilled shoemakers. During 1913 these factories will make FIFTEEN MILLION PAIRS of shoes, em bracing over 1,000 different styles for men, women and children. Manufacturing shoes in large volume under one management materially reduces the cost of production. Out factory output is the largest in the world and our selling expense is the" lowest. As the result of these-economies we are SELLING shoes for less than it costs the average manufacturer to MAKE them. Progressive merchants are fast learning that it pays" them to concentrate their purchases with the manufacturer who constant ly carries a stock 'of shoes from which they can quickly fill in their sizes as needed. .This is the only way to prevent great losses resulting from rapidly changing styles and from expenses incident to carrying more goods than necessary. This Company constantly carries by far' the" largest stock of shoes in the world. It is kept clean and fresh, our styles are good, and we serve our customers well. " Star Brand " shoes are sold by 20,000 merchahtsT"Diamona Brand" shoes are sold by over 12,000 merchants. Friedman Shelby shoes are sold by over 8,000 mercharits. Each line is dis tinctive and separate. Each retains its individuality., When you are buying shoes, demand these brands. Then you will be sure to get honestly constructed and thoroughly satis-' factory shoes. SHofe Co. On Krewy Sole. After December 15th, 1912, the business purchased from the Friedman-Shelby Shoe Company wfll.be conducted under the direction of Mr. John C. Roberts. It Iwill thereafter be known as the "Friedman-Shelby Branch." Its customers will participate in all the advantages and economies of the International Shoe Co. The shipments of this branch for 1912arenot included in the above statement. International Shoe Company 23 Big"Factories St. LoUlS: IQ,000: Shoemakers Company, narrowly missed death In a runaway accident near Jefferson, Or., today. Crook was driving with a man named Johnson, when the horse became frightened and ran away. The Portland man was thrown out of the buggy against a barbed wire fence. His right ear was badly torn and he suffered cuts about the face, but escaped serious in-Jury. . George Cornwall Becomes Regent. SALEM,' Or., Dec. 16. (Special.) George Cornwall, editor of The Timber man, of Portland, has been appointed a member of the Oregon Agricultural College board of regents by Governor West. He will succeed W. W. Cotton, who has resigned. Mr. Cotton's resig nation was caused by press of private business affairs which keeps him from applying as much time as he desires to the business of the college. Wlnloch Settlement Agreed On. CHEIIALIS, Wash., Dec. 18. (Spe cial.) Judge George Reid. of the Northern- Pacific, and other officials of that company have arranged to meet the citizens of Winloek tomorrow at the. latter place and sign up the terms of settlement, of the right-of-way dis pute that has been a source of annoy ance there for some time past. The settlement Is amicable. ' Murderer of Three Electrocuted. OSSINING, N. T., Dec 16. Mattec Dell Onto, a young Italian convicted of The Meier & Frank Store Will NOT Be Open Tonight. a triple murder committed In Brooklyn, paid the penalty of death in the electric chair at Sing Sing prison this morning. Idaho Farmers Get Electricity. NAMPA. Idaho, Dec. 16. (Special.) The boulevard transmission line of the Southern Idaho Light &. Power Com pany has been completed as far as Midway, and. all farms along the line are being connected up for lighting and power purposes. Approximately 25 patrons will receive service by the end of the week. Another line is un der construction to the south, which will serve about the same number, and two other lines are planned, one east and another north. When these are completed farmers residing within a radius of four and five miles of this city will operate their machinery with electricity and light their houses and barns In the same manner. SinCC 186 Fermi t w to dusgestd mtcti, dfoh st, a stfert ror coffee setjeirel bof, d brooch: a la. IMer or a 5etcf cuff Jnhs. Unlimited variety to liiak setecbonsrom. LCHennchsen Co Buy a Piano for Christmas AT Factory Prices AT TUB Dili Factory Store S2rt Third Street, Oppo site the I'aa Block. SO-DAY TRIAL. I'KEK. Large stock of bright, new pianos and player pianos Just received. New Pianos 21 8 l Player Pianos 450 IP SUa-htlv-rsed Planoa 8125 tp. Hlsrh Grade and Mot Ileaaonable Terms. Store open evenings for your convenience. If you want to save money on a piano, give us a look before you buy. Kennedy Piana Co. G. XV. Kennedy, Mgr. Phone Main 12S8 We (live Gold Bond Trudiua btamp. OPENEVENINGS DIABETES Treated with freatost euccens without r- trluted diet. Pliytlo nulritlve Sal-Sano re move all symptoms of the dlwas. pro duces rain In weight, muclo and .irrvl power and energy. At Iradini drusis!ts. 8AL-SANO CO.. , 89 W. Broadway. Writ for booklet. N. I.