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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Nov. 10, 1901)
- vyf -wv 16 THE -SUNDAY OEEGONIAN, . PORTLAND NOVEMBBB 10, 1901.. " ..1fw r -r . r - jim-7 IBM ' T ACCORDING TO LAW APPOINTMENT OP REGEIVERS FOB INSOLVENT CORPORATIONS. JaUgre Gleland Holds That Authority Exists For This Coxuinon Procedure. No Judge Cleland yesterday' decided that there are no cases provided In the code, or by other statutes, In which a receiver may- be appointed when a corporation is iaeolvent, or In imminent danger of In solvency. Receivers have been appointed in the pBt for numerous Insolvent corporations, or which the Portland Savings Bank Is a notable case, but, according to this opinion, there never was authority for such a proceeding. The decision was rendered In the suit of ' Matlle A. North against the Union Sav ings & Loan Association to recover $1000 Pfcid for 10 shares of stock. The com plaint charged, among other things, that Ih the annual report to the Secretary of biato the defendant stated Its liabilities at $Sf,7W and Its assets at JS2,7(U, when In Xaot at the time the report was filed the assets did not exceed $15,000; also that the company conveyed without considera tion real estate valued at 519,000, and paid large dividends to certain preferred cred itors. M. Billings and L. D. McArdle were the officers of the association. Judge Cieland reviewed ail of these alleged acts constituting Insolvency and thtfn rferrd tn flip trMnn nf thn atnt- VL' utes upon the subject, as follows: ui cases proviaea in wis coae or djt otner etatutes, when a corporation has been dis solve, or is Insolvent or In Imminent danger of Insolvency or has forfeited Its corporate rights. This- statute, according to the view ex pressed by tha court, is meaningless, as there are no "cases provided In the code or by other statutes," telling how and when a receiver may be appointed for an Insolvent corporation. The court in discussing the matter said: "By Its terms the statute does not author ize the appointment of a receiver. The history of the statute under consideration 'shows this construction Is correct. The statute was takon from the laws of New York, but those laws also contained exact and particular definitions and provisions relating to the insolvency of corporations, and when and how receivers might anu should be appointed. These provisions constituted the cases provided for In this code or by other stat utes, and the like are mot found among the statutes of Oregon, nut are missing. "A court of equity in the absence ot statutory power has no jurisdiction over corporations for the purpose of decreeing their dissolution and the distribution of their assets among the individual corpor ators at the suit of one of the stockhold ers." Thero was another suit against the Union Savings & Loan Association ask ing for a receiver. In this C. I. Scofflns, who seeks to recover $2750 paid for stock, was the plaintiff. Judge George denied the application, but on a different ground. In hls case it was shown that the direct ors of the association have appointed C. "W. Miller as trustee to wind up its af fairs. Judge George, after going over the Lssucs fully, said In conclusion when com menting upon the trusteeship: "This be ing the case, there 1b little or nothing left for the court to act upon in the matter of appointing a receiver, as the officers who are charged with mismanagement are no longer acting, at least, have no prop erty upon which to act longer, and 6uch was the case when the complaint was filed, and as no dereliction on the part of the acting trustee Is charged, and as the receiver could do practically nothing more than a trustee should do, there is nothing for this court but to deny the petition." It is stated that the plaintiffs and other creditors will move against the trustee. and ask for some one else for 'this posi tion, and also sue for an accounting. SEW SUITS FILED. Damagci "Wnnted From Railvrny Company Accounting Asked For. Tassie N. Proudfoot yesterday filed suit In the State Circuit Court against the Northern Pacific Railway Company for SS08 damages on account of injuries re ceived September 20, 1901, at Lake Wash ington, Washington, caused by" the collis ion of two trains. She avers that she was cut and bruised, and her lower limbs, hips and back were bruised and sprained. W. T. Vaugh and John F. Watts appear as her attorneys. " Charles Eames yesterday filed a petition in the State Circuit Court asking that O. F. Paxton, as receiver of the Oregon & Washington Mortgage Savings Bank, be directed to file a report of his doings. Eames holds a judgment against the bank for 11100. He states In his petition that the receiver submitted a report February 30. 1884, showing by way of assets quite a lot of office fixtures and furniture, wnlch were .not appraised in any manner what ever. The report also showed claims due to the bank aggregating several hundred thousand dollars; also a large amount of Incumbered Teal estate, and, further, that the bank was Indebted in large sums of money to various persons. It Is alleged that there has been no report filed since, and that many creditors of the bank would like to learn what has been accomplished. Emma Wlgman has sued Tys WIgman for a divorce, charging him in her com plaint with cruol treatment. She sets forts that she Is of a sensitive and refined nature, and accustomed to associations and manners of the strictest propriety, and that her husband greatly worried and grieved her by using vile language to her and getting Into a violent temper. She avers that one night on their return from the theater he stated that if he had a pis tol ho would kill her, threatened to com mit suicide by jumping into the river, and began bumping his head and other parts of his body against the wall and furniture of the room. Mrs. WIgman further al leges that the defendant falsely accused her of unfaithfulness, and employed de tectives to watch her, placing them in a room adjoining where they lived. He de serted her, she states. In June, 190L The parties were married at Jefferson, Or., in July, 1900. Mrs. Wigman asks to .be re stored to her maiden name. Murphy. CANNOT BEJENFOHCED. Contracts of Building; and Loan As. soclattons Arc Not Valid. It Is now a settled principle of law, in the courts of this state, that building and loan association contracts cannot be en forced. Judge Frazer yesterday decided, In the suit of L. M. and Flora Hubert against the Washington National Build ing, Loan and Investment Association, that the plaintiffs, having paid the prin cipal of the loan, 2,000, and 6 per cent interest, were entitled to a satisfaction of the mortgage and an extinguishment of the debt. The court, in passing upon the case, said that the associations purported to be mutual and co-operative, but in fact there is no mutuality In the scheme of suoh associations There were two classes of money-handlers, the borrowers and the lenders, and the borrowers were required to pay 20 per cent for money, which In terest was received by the investors. The court commented upon the complicated nature of the contracts, by which a bor rower was led to believe that his loan was paid in some mysterious way which he could not understand, and said that the transaction was merely a contract loan. The defendants, in answer to the suit, set up the contract, under the terms of which Hubert and his wife agreed to pay 6 -per cent interest on the full amount of the loan as long as it run. not allowing for reductions in interest as the principal was reduced, and also requiring the pay ment of about as much more Interest un der the name of premiums. An estoppel to the further prosecution of the suit was pleaded upder this contract and wag denied by the court. The Supreme Court has .twice decided against building and loan -association contracts, and the State Circuit Court has followed these decisions several times recently, so the question appears to be settled that dnly straight Interest can be collected. William Reld appeared as counsel for the plaintiffs. SUED FOR ?300, AND LOST ?OT. Tables Turned on Salem Balldlnff and Loan Association. The decision of Judge Frazer In the suit of the Salem Building and Loan As sociation against O. M. Smith, its former secretary, to- recover $500, was a complete victory for the latter. The court not only decided that Smith does not owe the company anything, but also held that the defendant has overpaid the company and Is entitled to get his money back. Judge Frazer stated that It appeared from the evidence that Smith had ac counted for $250 or (300 more than was due to the association, but as in his an swer he had only asked for $97, judgment would be announced in his favor for that sum only. In reviewing the evidence submitted. ST. DAVID'S EPISCOPAL CHURCH. fclsSSSSSSSSSSSPSSSSSSSSSSP.SMSWSaMSJSsJSgMM(tsllSMy ffliHiyff MTMflfTWliliWSSSSrWB WHICH WILL BE COMPLETED BY EASTER SUNDAY. Dr. Van Waters, rector of St. David's Episcopal Church, East Morri son and East Twelfth streets, announces that the new stone edifice now being finished on the corner of East Twelfth and Belmont streets, will be occupied and the first services will be held Easter Sunday. First plans of the structure were adopted in 1891, and the corner-stone was laid by Bishop Morris June, 1892. WorJc continued till the early part of 1S93, and was suspended in consequence of the financial depression that swept over the country. The unfinished walls were then covered arid so re mained for eight years. Six months ago Dr. "Van Waters surprised his congregation one Sunday morning by announcing that work would be re sumed on the new stoncchurch and would be continued until It was finished. He further said that alarge donation of money from a friend . outsloe of Portland made this possible. In response to his appeal for aid generous subscriptions were received by the rector from members of his own congregation and friends outside. Plans, modified somewhat from the originals, were prepared, contracts let and work started. The build ing committee Is composed of Dr. Van Waters, Dr. S. E. Joseph!, John Sealy and A. L. Tyler. The cost of the church, including furniture, will ,be between $35,000 and $40,000. Q4 t M M M M M M M M M M the court criticised the plaintiff severely, and said plaintiffs attorneys showed a striking Ignorance of the testimony in the case, although they perhaps did not try to deceive the court. When they first came into court, they did not seem to know much about the books; and the court adjourned the case for four months, and, to the great surprise of the fcourt when the hearing was again taken up at the expiration of that time, there was not one syllable- of testimony of what the books contained as to the items charged against Smith. Finally counsel were per suaded to have itemized accounts, and the differences were sifted down to eight items. Seven of them were for interest charged to Smith, which had never been paid to him In money. There was an Item of $SG1 which Smith contended he had paid, yet counsel for the plaintiff argued that this had never been paid, and this in the face of the treasurer's receipt end other papers which proved conclusively that he had turned the money over to the association. Court Notes. In the suit of Mr,s. O. L. Holmes against her brother, E. B. Holmes, to recover $250 on a note. Judge Sears ren dered a decision in favor of the plaintiff. At the trial Holmes testified that he paid the note as a part consideration in a transaction Involving the -purchase of some property. Judge Sears, however, thought that the evidence failed to es- tibllsh this payment. The divorce suit of Margaret. Bridges against Roscoe Bridges, tried about a week ago, was dismissed by Judge Sears yesterday, on the ground that the evi dence failed to show that Mrs. Bridges had suffered Injury at the hands of her husband. The evidence of violence or apprehension of violence was Insufficient and there was no corroborative testi mony. The courts, he said, do not favor granting divorces without good cause. Smashed Saloon "Windows. nnViort Allen hecame incensed at the Inmates of Gue Long's Chinese saloon, Second street, near Oak, last night, and he started to smash the windows with rocks when his DroCTess was stopped by Spe cial Policeman Mott. When.Bearchd at the police station, Allen had 6 cents in his possession, and he said-that he dldn t like Chinamen. Lecture for Blnxamas. The Ladies- of the Mazamas held a meet ing last evening in the club rooms In the City Hall, -at which it was decided to take eharce of the lecture to be given Sat urday- evening by F. E. Mathles, of the United States Geological Survey. The lecture will be given In the A. O. U. W. Temple. KEEN COLLEGE MEN. The Food of Harvard Brain-Workers and Athletes. Memorial Hall at Harvard, where some 1200 of men eat, Is particularly Interesting. The dining-room is an enormous gothic hall finished in old English oak with wide, stained-glass windows on the sides. The walls are hung with portraits of il lustrious graduates and benefactors of past generations. The students have good food to eat and plenty of it. The hall is run on a co operative plan so that It costs something less than $4 a week for board. To this place three times a day come men, whose lives for the time being are given to serious .intellectual work, and to accom plish this, they are keen enough to realize that proper food Is absolutely necessary. One Is particularly struck by the yel low packages of Grape-Nuts standing on nearly every table, which the men purchase at grocery stores and bring In for their personal use. They quickly find out by practical demonstration that brain work exhausts the phosphates, and that nature demands that this loss be made up, and made up from food. Grape-Nuts Is ready to be used with out cooking. It Is a scientific food which nourishes and builds up the brain, and Is particularly suited to the needs of 6tudents. The 'varsity athletes also eat it to keep their digestive organs in perfect working order so that they can stand the great strain of both body and hcadwork when important contests chajl o$me. itAjLk.,rrkfihSiiLi . ,fadt .jtoamAiU iSt ?& i - TO Bought Scalper's 'Ticket to Go to Dying- Mother, Forfeited It, but 'Went All the Same. A young man left Portland last night to see, his dying mother in Omaha, after having undergone an unusual experience with transportation people. His name is George Cole, and for some months he was employed about this city as a laborer, part of this time on the steamer Modoc. He was so unfortunate as to have been sick for a considerable period himself, and hospital and physician's bills had con sumed his means. But he had got at work again, and- had accumulated $38 50 when a letter came, telling of the illness H M M - , e of his mother that promised to be fatal and urging him to return home. The young man visited' the city ticket offices, and found that the price of a second-class ticket to Omnhn -mao ! $1 50 more than he had. He then went to a t cket "scalper 'in the hope of flndlnjr a ticket within his means. Ho was un sophisticated, and told the broker with more frankness than was really essential what he wanted. The broker asked Cole how much money, he had, and the boy told him 533 50. . 'Til get you through for that," said the broker, and he took the money and gave a receipt for it. Thereupon the broker telegraphed to Seattle for a ticket to Omaha, to be is sued In the name of George Cole. The rate irom Seattle is the same as from Portland, but the local fare between Port land and Seattle is $5 20. The Seattle broker sold the through ticket to Omaha to a passenger whose destination was Portland, with an order on the Portland broker to take up the unused portion here. So this passenger used the Portland cou pon, and the ticket promptly found its way to the Portland broker who had sold to Cole the passage from Portland to Omaha. This was given to Cole, and he left on Friday night's train, having had little to eat for a day or two and expect ing to get nothing more to eat until he should reach Omaha. When asked how he expected to live on the way he said he thought he could stand it three days, and unuer the circumstances he thought ne ought to take the risk. In tome manner an intimation that a scalped ticket would be offered reached the Soutnern Pacific passenger office, and the . train, agent was Instructed to look out for It Sure enough, Train Agent Streit reported 'yesterday morning with the ticket that had been under suspicion, but he did not feel easy about It. He said that never in hiB life had he found it so hard to do what was plainly his duty "lift" the unauthorized ticket. He asked the passenger where he got the ticket and the boy said ho bought it of a Portland "scalper." The boy was in such evident distress when told that he could not ride on that ticket that Streit asked him a few questions and drew out some of the circumstances of the case. Cole was In tears when compelled to leave the train at Oregon City, a stranger, pen niless and without expectation of being able to see his mother again alive. Streit THE PLACE TO SAVE MONEY- 144-146 THIRD STREET GEORGE COLE IS PREPARED " SAT IT SURELY -HAS. I have purchased the well-known stock of John Cran's at a ridiculous low price, which will be placed on sale Friday at a saving of about 40 to SO per cent The many fine bargains -we will offer will-' -furnish town talk for months to come. Remember, you save 40 to 50 per cent, Friday, on a' fine stock of Dry Goods, Gents' Furnishings, etc. Watch the windows and judge for yourself.. .- 2. .!- "-K.S paid his way back to Portland and saw that he had a good meal here. Cole's representations, vso far as they could bo investigated here, were found to be true, and the men about the South ern Pacific passenger department took an Interest in helping him out of his diffi culty. He made a domand on the broker who had sold him the imperfect ticket for the return of the money paid. This was refused until the "lifted" ticket itself should be surrendered. Ordinarily, of course, this would be a hard condition for the passenger to comply, with, but in this case General Passenger Agent Miller con sented to Its return, after mutilating it so it could do no more harm. When Cole presented the receipt and the "lifted' ticket his money was refunded. Then the company made a charity rate for him, and for $30 the boy was given a new and valid ticket through from Portland to Omaha, leaving him $8 50 f6r incidental expenses. Though a day later, he was much better equipped for the journey than before, and he was deeply appreci ative of the kindness show him by the railroad people. The net result of the transaction Is that the Southern Pacific has received $70 for a second-class ticket from Seattle to Omaha $40 from the broker and, $30 from the passenger. The broker's loss Is the company's gain. HE WAS BURIED ALIVE. Laborer Crushed to Death by Bank of Earth at St. Johns. A railroad laborer named Johnston, a native of Norway, was crushed to death under a bank ot earth he was digging yes terday on the O. R. & N. spur track un der construction' to St. Johns. The contract for the work has been let to Kirkpatrick Brothers & Collins, of Nebraska, and Johnston was one of their employes yes terday who was working behind a steam shovel near a bank. Suddenly, without a moment's warning, the bank of earth under which Johnston shovelled collapsed and he was crushed under It. His mates flew to the rescue, but the unfortunate man was completely burled out of sight, and amid a scene of general excitement 20 men started to dig him out. They worked like machines, but it was 25 minutes before he was reach'ed and he was lifted out dead. His body was taken to Holman's undertaking parlors, and the Coroner took steps to hold an In vestigation. Johnston's first name is as yet unknown. ANNUAL SETTLEMENTS BEST. THE SALEM, Or., Nov. 5, 1901. H. G. Col ton, Manager Mass. Mutual Life Ins. Co.,, Portland, Or. Dear Sir: I want to thank, you for the promptness in which you have' settled my husband's Insurance, which he, carried in your company. He had several other policies, but you were the first to come to me with papers to sign, and have been the first to make settlement, which I fully appreciate. While the policy was only for $1000, I see there is $46 32 In divi dends paid in addition, which, I think, is a very handsome profit, knowing that the policy was only taken three years ago. Again thanking you for your courtesy In the matter, I remain, very truly yours, (Signed) SOPHRONIA JESSUP. This policy of Dr. Jessup in three years returned 20 per cent of the premiums In dividends beside the full amount of the policy. All policies in this company par ticipate annually in the profits of the company. Are yours paid this way or only at the end of 20 years? A gentle man recently died in this city who had paid for 19 years, and because he did not live the last year his estate lost all of his profits. Which plan do you think the best? Don't take any insurance policy that will not pay you the dividends in cash each year if you want them. If you contemplate taking insurance on your life, call and Investigate our plans. We guar antee cash values or loan on policies, and dividends are not forfeited because of 1 death. H. G. COLTON. Manager Pacific Coast Department, Cham ber of Commerce, Portland, Or. . Ladies' Auxiliary Gives Thanks. The committee in charge of the rum- HAVE YOU A SAVINGS ACCOUNT? If Not, Why Not Begin at Once? SAVINGS DEPARTMENT A Savings Fund for Everybody Interest Paid on Savings Deposits Open a sayings account by depositing a small amount with us and we will lend you one of our Home Savings Banks. Take It with you and make it a rule to deposit something In It every day. no matter how small. Full credit for your first deposit will be given you upon your Pass Book. Bring in your Home Savings Bank at intervals and we will place Its contents to your credit upon your Pass Book, as well as such other amounts as you may be able to sVfl- Wage-earners and Persons receiving Income at irregular Intervals should take advantage of this plan. It is also weir adapted to teach children habits of economy and to Impress upon their minds, the value of money. Call at our Bank and full explanations regarding this plan of saving money will be cheerfully given to you, or If desired, our representative will call upon you with, one of the Home Savings Banks. Do not delay. A PENNY SAVED IS A PENNY GAINED. BENJ. L COHEN, President. H. L. PITTOCK, "Vice-President. MEW STORE 99e99feiett9ootoooi This sale has been sueh a GREAT SUCCESS that we have determined to keep it up the balance of this month. You not only have an opportunity of obtaining a PRES ENT of $5 or $10, but you positively reeeive the BEST CLOTHING VALUES in the eity. 000000000000000000000000000 00000000000000000000000000000000000000000000000000000 mage sale given by the Ladles' Auxiliary of the Congregation Ahavl Sholom wishes to thank the public for ttelr kind dona tions and patronage. Mrs. S. H. Abrams, chairman of committee. Lands 'Sold for Cash. We want unimproved agricultural land, In large tracts, to sell for cash. We han dle such lands exclusively and solicit correspondence with owners. A. L. "Van Patten & Co., 408 Bowen avenue, Chicago, 111. These handsome, oxidized steel home savings banks with Yale locks are loaned free of charge to our savings depositors. THE PLACE TO SAVE MONEY 144-146 THIRD STREET Money. Away Our GREAT SALE continues right along. Although we have given $600 away already, we have plenty more $5 and $10 bills to GIVE AWAY. Look and see them in our windows, as well as the reeeipt from many well-known people. The latest additions to our list are Oscar Jacob Kolser, 109 N. Seventh St., TEN DOLLARS Wm. R. Minsin?er, 18th and Savier St., TEN DOLLARS Mrs. E: A. Hoke, 106T Grand Avenue, C. S. Long:, 375 Washington Street, Mrs. Mary E. Crane, Rockwood, . . Overcoats for (Vien and Boys at Special Values this week. WHEN YOU SEE IT IN OUR AD THIRD AND OAK STREETS- FURSI AT G. P. RUMMELIN & SONS 126 SECOND ST. Alaska Sealskins and BUILT ESPECIALLY STATION WAGONS BROUGHAMS A PULL LINE OF CARRIAGES WAGONS, HARNESS ROBES, WHIPS ttgsooocsfteaa9t9ietoetcetsiooetiot69 I FALL and rAOOSACFQ i winter LAIt K I All lj i o ocooett"900e9'oteSl If HI r&ll 1 lr IK& illiPi If BIGGEST XSH BEST IN THE WEST. The FARNSWORTH-HERALD TAILORING CO, MERCHHNT TKILORS New Falling Buildingr, 248 Washington street, near Third, Portland, Or. 0 ERCO MTS 3J? Unclaimed tailor-made Over mulation of the famous Royal Tailors, bought by us at 20 cents on the dollar. On sale Monday as follows: ALL $25.00 OVERCOATS, $9.95. ALL $35.00, $15.95. ALL $40.00 ONES, $1 9.9 FIVE DOLLARS TEN DOLLARS FIVE DOLLARS IT'S SO FURST FURSI Near Washington. SPECIAL FOR ONE WEEK ONLY on Animal HeadScarfs ....IN.... Isabslla Fox. Gray Fox, Blue Fox. Black, Fox. Red Fox,' White Fox, Crow Fox and Silver Fox, Sable Lynx, Black Lynx, Blue Lynx, Sable - . - Wolf. Badger, etc - - - Complete Assortment of New Effects in Collarettes Capes, Coats, Beas, etc. Children's Furs. Robes and Rugs, Fine Furs Our Specialty. FOR STORMY WEATHER. ROCKAWAYS LANDAUS DOCTORS' BUGGIES. 320-338 EAST MORRISON ST. Our Immense Line of... Pap Wo are showing In such rich and hand some effects. Is selected from the line of Ave of the best factories In the United States. Prices cannot bo matched on the Coast. Send for free samples. Ernest Miller & Co. 127 FIRST STREET. 'PHONE BED 2022. coats, me ran and winter accu o e o o o 9 9 O O o e a o e e e o e 0 0 o e o o o e o 0 o o o o o e o o o e o o 0 o o o 0 e o e c 9 o o o o o o o Q 0 0 0 0