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THE MORNING OREGONIAN, TUESDAY, DECEMBER 28, 1920
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OPEN EVENINGS THIS WEEK ONLY!
The Dignity of a Home Calls for a Piano
Why Should You Be Without a Piano?
- . Come and Take One of These Used Pianos or Player Piano
at Your Own Terms and at Your Own Price
See Our Windows
State Supervision as Banks
Now Have Is Suggested.
STRICTER LAWS WANTED
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MOP
BU1I
HOUSES IS PROPOSED
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Legislation to Govern Issuance off
Interim Certificates to Pre-
rent failures Is Urged.
That there will be considerable agi
tation for legislation to govern the
issuing- of interim certificates follow
Ingr the collapse of the bond house of
Morris Brothers, Inc, was the decla-
ration of John A. Keating, president
of the Lumbermen! Trust company,
who yesterday expressed his opinion
as to how such corporations and
firms should be required to proceed.
He urged strict supervision under the
state banking act for all who Issue
these certificates.
Interim- certificates, Mr. Keating
pointed out, are aosolutely legitimate
, and even desirable, properly safe
' ' guarded, but without being so guard
ed. Just such a failure as that of I
Mnrria Brothers. Inc. is possible.
"As a result of the failure of Morris
Brothers. Inc., there undoubtedly will
be a great deal of discussion as to
loirislation to cover the issuance of
Interim receipts in future," said Mr.
Keating. "I believe that the identity
cf interim receipts as a certain class
of deposits should be recognized by
law and that all institutions issuing
them should be subjected to the Btate
banking act.
Reserve Declared Necessary,
"If it is Inconvenient for the bond
dealer to organize and capitalize so
as to comply with the act, then let
him operate without issuing these
reoelpts. He would not be allowed to
engage 'in any other form of deposit
business without conforming to tne
law. The bond dealers should call
their interim receipts 'special certifi
cates of deposit.' They should be en
ttred on the books under that name
and a reserve should be carried
against them- That is the method
used by the most substantial houses.
"The suggestion has been made
that the proceeds of interim receipts
be held in trust, but this is not prac
tical, because interest could not be
naid on such funds unless put to
work, and the investor naturally ex
pects and is entitled to interest equal
in vield to the bond which he has
az-reed to nurchase. Morris Brothers'
failure is due to their being engaged
in a certain kind of banking business
without state supervision. This en
abled them to get in large sums of
money, which were practically ae
posits; and to their getting these
funds at a high rate of interest.
"I am not now referring to that
class of interim receipts which re
mains outstanding after the bond
dealer has taken possession of the
temporary receipt. Delays are caused
bv the engraving of bonds, obtaining
signatures, adopting corporate resolu
tions, getting through municipal
transcripts and the like, and fre
quently temporary certificates are is
sued which are to be exchanged later
for the definite bonds.
Receipt Covers Delay.
"When these come into the hands
of the bond dealer, the interim cer
tificates then become an escrow mat
ter. These should be set aside in the
vaults for the holders of the interim
receipts standing out against them.
If the receipts were Issued only by
banks of deposit, examination and
supervisory authority of the state
superintendent of banks would insure
proper segregation of the temporary
certificates.
"When the investor has made a de
cision as to the purchase of bonds,
the desire, naturally, is to put the
funds to work immediately. It is
economic law that the more quickly
funds are put to work the better it
is for the community. On the other
hand, the bond dealer desires to offer
his securities for sale on the market
on which he bought. Often the bonds,
because of unavoidable delays -in is.
euance. are not ready for immediate
delivery. So the dealer and the in
vestor get together on the basis of
the interim receipt. The dealer ac
cepts the investor's money and gives
in return an instrument which is
technically termed an interim cer
tificate. "Careful examination of the sub
ject in its fundamentals discloses that
the interim receipt as issued is es
sentially a deposit. True, it is a de
posit for a special purpose, accom
panied by specific instructions to buy
a certain bond, but it is nevertheless
a deposit obtained by the dealer on
the general credit of his house. Some
investors are confused by the name
of the corporation or the municipal
ity which issues the bond, thinking
they have a contract with such cor
poration or municipality, when, as a
iratter of fact, they have only a re
ceipt for deposit."
A Drive on Fine
Worsteds
Worsteds are the "Superfine?' of Woolen Fabrics. They are
made of the longer, and liner fibers of Virgin Wool. Just as
Steel is to Iron, so Worsted is to Woolens. It's the Refined
Article.
Worsteds hold their shape better wear better are better
and give far more Service than just ordinaryAll-Wool"
Woolens.
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SUIT and EXTRA TROUSERS
At less than the regular price of suit only -
$65, $70, $80
We also have on Sale fine Woolens
Suit and Extra Trousers $45 and Up
You'll wear a NIC0LL suit twice as long as ordinary clothes,
because you will enjoy its comfortable fit and individual good
style. That's what makes our clothes so desirable and so
economical.
Overcoats, Too, on the Bargain Counter
The
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WM JBRREMS SONS
Oscar M. Smith, Manager
108 Third St.
Near Washington
II. S. CITIZENSHIP HIT EO
REVOCATION PROCEEDINGS
AGAIXST ETHEEIDGE FLAX
Mr. and Mrs. Fred S. Morris Said
to Have Known of Convic
tions; Probe Ordered,
EOXD DEALERS DECLARED XOT
SUBJECT TO BLUE SKY LAWS.
Commissioner Handler Says He
Was fnablo to Investigate Af
fairs of Morris Bros., Inc.
SAX.EM, Or., Dec 27. (Special.)
Failure of the legislature to make
dealers In municipal bonds subject to
the regulations of the Oregon blue
eky laws, made it easy for John L.
Etheridge to falsify the transactions
of Morris Bros., Inc.. and bring about
the failure of the institution, accord
ing to a statement of T. B. Handley,
state corporation commissioner.
Mr. Handley said that three weeks
ago he received reports that affairs
of the bond house were in a tangled
condition and that he later examined
the corporation laws with a view
of taking Bome action to determine
the financial status of the company.
This investigation indicated that deal
ers in municipal bonds were exempted
from the blue sky law while persons
handling other securities were sub
ject to state regulation.
Officials of the state bank depart
ment also denied today that they had
any authority to interfere with the
affairs of Morris Bros, for the reason
that under the law the corporation
was engaged in doing a trust busi
ness. It was said here today that action
probably will be taken to amend the
blue sky law to include the regulation
of dealers in municipal bonds at the
next session of the legislature. Deal
ers in bonds other than those affect
ing municipalities are required to re
port to the etate corporation each
month. , ,
Cancellation of the citizenship
papers granted to John I. Etheridge
on July 18. 1918, will be sought by
local naturalization officials, it was
announced yesterday. Indisputable
proof of fraud and perjury on the
part of Etheridge in procuring his
final papers as an American citizen
was uncovered by Examiner Tomlin
son in charge of the Portland office.
The final petition for citizenship as
signed by Etheridge was accompanied
by an affidavit in which he denied
he had ever been arrested except for
speeding in some small town in
Pennsylvania.
Although conviction for a felony is
not a bar to citizenship, naturaliza
tion officials yesterday said they al
ways scrutinized closely the applica
tion of any person who admitted con
viction for a felony, and hud Eth
eridge confessed that he had served
two terms in the New Jersey peni
tentiary for obtatning money under
false pretences his final papers would
not have been granted so readily.
Although the examiner who con
ducted the hearing at the time Eth
eridge was granted his final papers
is not now in Portland, other natural
ization officials said that the question
is invariably asked both the appli
cant and his witnesses whether or
not ho has been arrested and for
what cause. In every instance all
circumstances connected with such
arrest and conviction are always de
manded by the examiner before the
final certificate is granted.
rearal Judge Bean, who granted
citizenship papers to, Etheridge, said
he was unable to recall whether or
not questions touching upon arrest
and conviction for felony or any other
offense were asked Etheridge anc
his witnesses at the hearing
Fred S. Morris and Mrs. Morris ap
peared as witnesses for Etheridge at
his final hearing, and both evaded
the question as to his arrests and
convictions in New Jersey when they
were compelled to sign affidavits
under oath touching upon this featurn
of the examination. , '
"Under the question as to whether
or not Mr. Morris knew if Mr. Ether
idge had ever been arrested or con
victed and for what offense, the wit
ness signed this answer:
"Not since I have known him."
The -same answer is said to have
been made by Mrs. Morris.
Both Mr. and Mrs. Morris are said
to have had intimate knowledge of
Etheridge's penitentiary record in
New Jersey. In fact, Mr. Morris on
Sunday evening admitted he had
known of this criminal record at the
time he took Etheridge into his em
ploy in bis Philadelphia bond house.
Federal officials said that this
answer given by the witnesses was
plainly an attempt to cover up the
criminal record of Mr. Etheridge, and
announcement was made that a thor
ough probe into this feature of thr
naturalization case will be made, f, "
TTnited fetates Attorney Humphreys
will confer this morning with nat
uralization officials to outline a plan
of action in prosecuting Etheridge
for possible perjury And for the re
vocation of his citizenship rights.
The naturalization records show
that -he came to the United States
in 1903 and made his first declaration-
of intention of becoming a cit
izen in Chicago in 1911. It was not Grace
until 191$ in Portland that he ap
plied for and procured the final pa
pers which made him a full-fledged
American citizen.
CHURCH LOSES BY CRASH
$21,000 PLEDGED TO BUILD
ING FUXD BY ETHERIDGE.
LODGE PAPER PURCHASED
Orsanization Obtains Control of
Pacific Oddfellow.
B. F. Crawshaw, past grand master
of the Independent Order of Oddfel
lows, has sold the ownership of the
Pacific Oddfellow and has relin
quished his position as its editor. Nine
years ago he acquired control of the
publication, which was then, and is
now, the official paper of the order
in Oregon, and from that date has di
rected its affairs. He will retire from
this Dosition January 1.
Mr. Crawshaw was editor or tne
West Chester Daily Republican in
Pennsylvania, from which position he
entered the government service in
Washington, D. C, after which he
practiced law and gave up his prac
tice to come west and take over xne
publication of the Pacific Oddfellow.
The Pacific uod'ieiiow wiu oe man
aged by a new organization, entitled
Pacific Oddfellow association, and
will be ' managed and conducted by
J. P. Coxon, John Q. Erickson, Charles
E. Reed and Arthur K. Mickey. The
editorial rooms of the Pacific Odd
fellow wilt be 206 Stock Exchange
building Portland. 1
250 Trail Signs to Be Posted.
Two hundred and fifty new forestry
srevice signs will soon be posted on
the trails leading from the Columbia
River highway by Albert Weisendan-
ger, forest ranger, who is now making
them. The signs will be of spruce
wood, with three coats of ivory paint,
surmounted by green letters.
Jensen & Von
Her berg
Present
V" LIONEL
BARRYMORE
571 MASTER
MIND
NOW PLAYING
Episcopal Cash, However,
Xot Disturbed; L. D. Roberts,
Treasurer, Denies Rumors.
With the crash of Morris Brothers,
Inc., the hopes of parishioners of
Grace Memorial Episcopal church,
East Seventeenth and Weidler streets,
for the construction of a ' modern
brick structure of the Gothic-type,
long projected, appear to have van
ished unless some philanthropist
comes forward and .pledges a large
sum or other means become available.
Rumors to the effect that Mr. Ethe
ridge, who was very active in the
work of Grace church, had- made away
with some of the building funds,
pledged during a recent drive, were
refuted by L. D. Roberts, treasurer,
last night. He said, however, that
of the approximately $40,000 in sub
scriptions that were pledged, Mr.
Etheridge had personally stood re
sponsible for J21.000 more than half
the amount.
"Mr. Etheridge had no access to
the funds of Grace church and they
are all intact," said Mr. Roberts, "but
the fact that his personal pledge of
$21,000 made up about half the total
amount, makes it look bad for our
new building project."
When the project took the form of
public solicitation among members
and friends of the parish, two teams
were formed, w'th Mr. Etheridge at
the head of one. His team collected
pledges far in excess of the other.
which was led by E. N. Strong.
w hen the nation-wide dTive of the
Tomorrow will bring to twelve homes and
only twelve the BIG little-price opportunity of
the year to possess a Piano.
During the Christmas rush we accumulated a
number of good used pianos and player pianos,
taken in exchange onrush & Lane upright,
grand and player pianos, and on the famous
Cecijian.
We wish to dispose of these before the first
of the year. In order to clear our floors of
these instruments, which are from good homes
and in good condition, we have cut the prices on '
them down to a point where the purchaser
would not offer us less were we able to ask him
to name his own price.
The most of these have been overhauled and
refinished and are in splendid tone. They are
much better than many new pianos of cheap
make.
Our guarantee, broad as we can make it, is
back of every instrument and assures the pur
chaser that we will accept any one of them at
the full price paid as part payment on any new
piano within one year from date.
1 J
Mason & Hamlin, ebonized case,
small size, in excellent condition;
a very desirable piano for small
home or apartment. To close
out, this week only $335.00.1
, Your Own Terms in Reason
Ennis & Co., Canadian make,
light mahogany case, good for
many years of excellent service.
To close out this week
only $105.00
" Your Own Terms in Reason
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Peerless Piano, oak case, plain
design, in splendid condition.
To close out, this week
only $265.00
Your Own Terms in Reason
Bjur Bros, make, plain mahog
any case, excellent tone. To
close out, this week only $205
Your Own Terms in Reason
El Ifc
Auto Piano, mahogany case, stu
dio model, tfull 88-note, almost
like new. This is a wonderful
buy in a player piano. To close
out, this week only $550
Your Own Terms in Reason
Gabler Cecilia n, mahogany play
er piano. The piano part alone
is worth this price. To close
out, this week only $435
Your Own Terms in Reason
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Weser Bro oak case, slightly
figured design. Tone and action
splendid. To close out, this
week only $255
Your Own Terms in Reason
Solo Concerto Player Piano,
fumed oak case, cannot bv told
from new. The piano has vho
very latest improvements, in
cluding transposing device, etc
To close out this week. ..$535
Your Own Terms in Reason
Singer, mahogany case, plain
design, good practice piano. To
close out this week only. .$185
Your Own Terms in Reason
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Jesse French 88-note player
piano, mission oak case, cannot
be told from new. To close out
this week only $505
Your Own Terms in Reason
5HT
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Victor Cecilian 6hows very little
use. To close out this week
only $750
Your Own Terms in Reason
Farrand Baby Grand, used short
time. Almost like new. To cloe
out this week only $7X5
Your Own Terms in RaMm
If the Piano Corner in Your Home Is Still Unfilled Let Us Show How Well, IIow Cheaply and Upon
' What Favorable Terms We Can Fill It Your Own Terms in Reason.
Bush & Lane Building
"The House of Harmony"
Broadway at Alder
iOPEN EVENINGS THIS WEEK ONLY;
Episcopal church for a large sum was
put on here some time ago, sir. riine-
rifiir was the nominal neaa 01 tne
committeei but ei3nop waner nc
lor Sumner eald last night that Mr.
Etheridge- was not so aggressive in
that work as in some drives he un
dertook and that others did most of
the work.
The Oregonian publishes practi
cally all -of the want ads printed in
the other three Portland papers, in
addition to thousands of exclusive
advertisements not printed in any
other local paper.
ASK. FOR and GET
iHorlicEs's
The Original
Malted Milk
for Infanta and Invalid
Avoid Imitations and Substitutes
LJIllIt II llll III If IIIM tllllil If Iiril III IIII i
1 Electrical Devices
Help Mother
Have M. J. Walsh 1
Electric Co. Wire
Convenient Electri-1
cal Outlets. 1
Electrical appliances should' not be used from
.- x -.; ceiling fixtures. - - '
I Phone Main 174 Salesroom
1 106 Fourth Street J
' - . Bet Washington and Stark ,
"Lighting Fixtures" "Everything Electrical"
7IIIIIUIIIIIIIIIIIIIIIIIIIIIIIIIIHIIHIIIIIIIIIIIIIIIIIIIIIIMIEIIIIIIIIIIIIIIIIIIIIIIMIIIIIII7
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New Year's Oregonian
ANNUAL NUMBER, JANUARY 1, 1921
You will want to send copies to your friends in the east Order now for
delivery on January 1st. Single copy 10c; postage, 6c in United States
and possessions; foreign 12c Fill out blank form and send to Oregonian
Office, Sixth and Alder.
NAME STREET TOWN STATE
t.
THE OREGONIAN, Portland, Oregon.
Gentlemen: Enclosed find for which mail The Oregonian's
New Year's Annual to each of the above addresses. (Inclose 16c lor each
address in United States or Possessions, 22c for each foreign address.)
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