10
TTIli SUNDAY OREGONIAN, PORTLAND, JANUARY 26, 1908.
Tl YEARS ASKED
TO MEET CLAIMS
Receiver Devlin, of Oregon
Bank, Will Present Peti
tion to the Court.
EXPERT COMPLETES WORK
Accountant Ptahler Makes Optimis
tic Report on Assets ot Closed In
stitution Splendid Prospects
for the Reorganization.
Hecetw Devlin of tho closed Oregon
TTrust & Savings Bank will present a peti
tion to the court early this weelc asking
for two years' time in which to meet all
claims against the bank and submitting
tie details ot the proposed absorption ot
the institution by the German-American
Bank. The statement compiled by Expert
Pfahler. showing the status of the de
funct Institution, has been completed and
1s ready to be submitted to the court.
This will accompany the petition as
ehowing that the Institution is solvent
and will be able to resume business,
when merged with the German-American
Bank.
This statement is exceedingly reassur
ing in the opinion of all who have ex
amined it. It shows that the bank has on
hand, with the assets of the Gerraan
- American Bank, sufficient resources to
meet the liabilities and still have . a
surplus. This is largely due to the fact
that the $400,000 of stock In the merged
banks has been disposed of at 1125 a
hare or a premium of 25 per cent.
Expert Pfahler's report is all the more
convincing because of the fact that every
dubious asset of the bank or any upon
which the least suspicion could be, cast,
has not been figured in the export's list of
assets. All such collateral has been de
liberately left out of the statement. Form
some of these doubtful resources collec
tions will be made; in fact Receiver
Devlin has realized upon them to some
extent already. The money collected In
this way Is that much more added to the
bank's reserve. ,
lYIends of Reorganization Jubilant.
The reorganizes of the Oregon Trust &
Savings Bank were jubilant yesterday
over the splendid showing made by the
report of Lixpert Pfahler. They say their
hopes are fully justified by the showing
mado and that they are confident the
hank will be built up stronger than ever.
They expect that the greater part of the
thriving business transacted by the bank
before it closed its doors will be retained
but the bad management which, wrecked
the Institution will be absent.
Receiver Devlin expects that upon the
presentation of the petition to the court,
a day will be set for hearing and after
any possible objections to the petition are
urged, the decision will be rendered. It is
expected that the bank will be reopened
within the next two weeks, provided the
court's decision on the petition is favor
able, as is expected.
The statement prepared by Charles B.
Tfahler to be submitted to the court,
showing in detail the status of the banks
whii'h will Xorm the merger, follows
Export Pfahler's Statement.
The German-American Bank absorbing the
On' son Trust and Savings Bank. In liquida
tion. COMPOSITE STATEMENT.
Orr iron Trust Sav-
liiKn Bank iLJaBil-
itius 1
TVlpphone borrj 1 sub-
irrlptions .
Ottifir bond sub-
acrlptkms . -
12,208,453.15
T83.30O.OO
17,200.00$ 800,500.00
Total
Gorman - Am erlran
Rank O aptlal
Mock aeoounu
'Amount paid ;ln....$
Surplus
Pubacribed
St, per cent prei nlum
Total -
(krman - Aniej-lcan
Hank Uabllltjy .
(1,407,990.18
111.700.00
10,063.4"
2HS.S00.0O
72,075.00 4S2.138.40
t 025,816.78
255,854.68
Total
rr, r.m TtUft Jb i:HV-
$1,181,671.43
Inira Bank Ash ts.$2.ir.5.M4.RS
Hand subscriptions. 80.50O.0O
?1.3,0W,88
Orrman - A3iicrjan
Anseta . ,
255. 854. 681 1 , .V0.94. 58
Nt guarantee 400,278.13
The foresjflolnr matement. compiled from
flirm-wi shown on abatements of the two banks
with the alnglft exception of the subscript
tlons to the capital stock of the German
American Bank allows the absolute guaran
tee to the creditors of the Oregon Trust
Bavlnxs Bank to be $400,278.13, or If the
two banks were to consolidate, that is. If
tho German-Amorlt -an were to take over the
assets absolutely. acd assume all liabilities,
the condition of tlie German-American Bank
would be as follow:
Arapts
On-ftim Trust & Savings Bank. . .$1, 119.938. H
German-American 3ank lV7.US5.9u
fash 263,065.65
Tntal
Liabilities
Capital etock
Surplus -
lilaiellaneous liabilities ....
..$1,090,949.56
. .$ 400.000.00
9.278.13
.. 1.181,671.43
Total $1,690,949.66
The idea, however, of taking over the as
s, ts of the Oregon Trust at Savings Bank by
tho German-American, for the use of the lat
ter, has never been thought of. On the
contrary, the present cash, balance tn the
hat! of the receiver of the Oregon Trust A
ttavings Bank, as well as all collections of
moneys on the assets of the Oregon Trust,
will be conserved absolutely In the Interests
ot the depositors of the Oregon Trust, and
wi'l be ustd for liquidation purposes only.
Statement of- resource and liabilities at
close of business January 15, 1908:
nesourcei
l,..xins and discounts .' $
lmret on loans to Jan. 15. 10O8. .
Bowls 1,
Accrued Interest on bonds
Bank stock .
Oth-r stocks . ..
ileal estate
Miscellaneous assets .
IHie from other banks
Overdrafts
bafety deposit vaults, bank lease,
etc
Cash in hands of receiver
Excess of liabilities over resources
323.874.86
17.42 39
10ti,tKMiO
lO.SOl.lS
V6.:MU0
lul,6ti.26
113.850.00
77.4tH5.fi8
2-J5.516.71
84,160.17
80.000.00
47.56
72.860.27
Total $!
Liabilities
Iv-poslts, commercial .
rvpostts. savings
Certificates, demand
Certiru-ates, 3 per cent . after 30
day
CerllnVates, time, regular
CertlnVatea, time. So days call...
Cashier's checks outstanding....
Miscellaneous liabilities
Certificates of deposit In escrow
Due to other banks
I)!-efta on other banks outstanding
Certified checks outstanding
letters of credit outstanding
escrow deposits
Sundry collections account...
2t 8,455.16
40S. 644.81
664,443.57
13.044.06
35,768.85
4 10,682 96
212.602.9:1
7,445.94
42.632.21
3.01O.O0
132,389.52
15.644.54
4.2.S5. 00
6.08.12
200.00
1.792. 6S
Total $2,206,465.18
Found Affairs In Mixed State.
"I found the affairs of the bank in
a very mixed state," said expert Pfah
ler. "This appeared to be due to mis
management and! poor bookkeeping. It
has been my experience that most
banks are wreoked by poor keeping of
accounts. Such institutions -do not
know what they have got and slip
shop methods in this regard often
means ruin."
In discussing the showing made by
the expert's statement. President S.
G. Reed, of the reorganized bank, said:
"The security offered depositors of
the bank through the reorganization,
amounting to more than $400,000 In ex
cess of the assets, is produced through
the subscriptions to the stock of the
German-American Bank at 25 per cent
above par, together with the cancella
tion of the stock of the Oregon Trust
& Savings Bank and the value of the
land to be deeded to the German-American
Bank by Mr. Moore.
All this $400,000 is a guarantee to the
depositors that their claims will be
paid In full. The plan is for the German-American
Bank to liquidate the
Oregon Trust & Savings Bank under
the direction of the receiver and the
depositors will be further secured by
the bond of the receiver. He will con
tinue as the representative of the court
until all claims against the bank are
paid in full.
"This reorganization plan has been
made successful through those who
subscribe for bonds, which will prove
an excellent Investment, In that those
who take them will have a 6 per cent
Interest bearing bond and will have a
bonus of 60 per cent in stock In addi
tion." Merged- Banks Solvent, Says Devlin.
Receiver Devlin, in speaking of the
showing made by the report of Expert
Pfahler. said:
"I think the bank, when consolidated, is
solvent and there cannot be a question
but that the agreement proposed to be
entered into can be carried out and every
depositor will receive dollar for dollar.
The provision that will be made by which
the assets of the Oregon Trust & Savings
Bank will be kept wholly apart from the
business of the German-American Bank
and will be applied wholly to the liquida
tion of the Oregon Trust & Savings Bank
liabilities will make it certain that this
liquidation shall be consummated as rap
idly as possible and that t e same will
be accomplished in all probability tn a
lesser period of time than has been asked
for, but the request for two years' time
is on the side of conservatism and this
provision also makes it to the Interests
of the reorganized bank to accomplish
liquidation without delay.
"In other words, the liabilities will be
reduced by bond subscriptions $800,500,
leaving a net liability of $1,407,955.15, which
is further reduced by stock subscriptions
to the amount of $482,138.40, leaving a net
liability of $925,816.75, to which the total
assets, $1,335,094.88, after bond deliveries.
Is applicable. The capital and surplus of
tlie German-American Bank may also be
drawn upon to meet these liabilities."
EXPLAINS DELAY OF BRIDGE
MUST KNOW LAW BEFORE ACT
ING, SAYS IiAXE.
Mayor Declares He Is Not Holding
Up Project, but Desires Further
Advice From Kavanaugh.
Mayor Lane declares that he Is not
"holding up" the contract for the East
Twenty-eighth-street bridge . across
Sullivan's Gulch, as has been charged
against hlra by some of those who are
interested in the matter. He said last
night, when asked as to why the bridge
contract is not let, that a serious and
hitherto unheard-of problem is con
fronting the Executive Board. He
added that a certain citizen who lives
in the district is making it his busi
ness to spread a false report to the
effect that Mayor Lane is using the
office he holds to obstruct progress on
the bridge.
There is much agitation among resi
dents of tho district where the pro
posed bridge Is to be constructed, and
it is said that a strong feeling against
the Mayor has developed. The people
there seem to blame him and the Ex
ecutive Board because the contract has
not been let. They even declare that
W. G. McPherson resigned from the
board because of the alleged "holding
up" of the construction of the bridge.
They threaten to storm the bridge
committee. At its meeting scheduled
for tomorrow, and to demand that the
contract be let to Backus, Giebisch &
Joplin, the lowest bidders.
"The handicap in building the bridge
is that the Portland Railway, Light
& Power Company officials have noti
fied us they will not help pay for the
structure or operate cars over It," said
Mayor Lane. "Now, the Executive
Board, before awarding a contract,
must be clear as to the law, and we
shall have some further advice from
the City Attorney before we act. If
we can force the car company to cross
the bridge, we must lay the tracks,
string the. wires and construct the
bridge for that purpose, or the com
pany officials will say when we finish
It that they cannot use it because its
construction is wrong.
'"Another feature of much Import
ance is that we have Just now received
the specifications from the contractor,
and we certainly would hot be Justified
in letting the contract until we know
whether these are correct. I am not
holding up the project; we will build
these people a bridge, and a good one,
but we will not proceed until we know
we are right. They ought not to
threaten us or to attempt to force us
to do Something we are unprepared to
do. There is a man who lives in the
vicinity of the proposed bridge site
who is making It his business to stir
up feeling against me, but the people
there must be reasonable, as I know
they will be, when they know the
facts."
GEORGE HERRALL, JR., DIES
Well-Known Portland Man Victim
of Quick Consumption.-
George Herrall," Jr., aged 45 years, and
son of George Herrall, former proprietor
ot the United States Brewery, died at 5
o'clock vesterday afternoon, at his home.
Hood and Water streets, after a brief
Illness from quick consumption. During
the last week Mr. Herrall failed rapidly,
although before that time It was thought
that his life might be prolonged in
definitely. He was born and brought up
tn Portland and had a wide circle of
friends and acquaintances. He was un
married, and was a half-brother of Henry
D. Griffin, of this city.
The funeral will be held from Kinley's
undertaking parlors, at 2 o'clock, Tues
day afternoon. Interment will be in
Rtvervlew cemetery.
. Funeral of a Child.
The funeral of little Ruth Willett. .the
daughter of Mr. and Mrs. George T.
Willett. was held yesterday afternoon
from Holman's undertaking establish
ment at 2 o'clock. Dr. Foulkes. of the
First Presbyterian Churcn, officiated.
There was a large attendance of friends
of the family and many beautiful floral
offerings. Mr. Willett is chief clerk In
the Northern Pacific passenger offices
here, and as a mark of respect the office
was closed from 2 until 3 o'clock yester
day. Many railroad men attended the
funeral.
Inspect Rosenthal's shoe store win
dows and get busy.
Spectacles $1.00 at MeUger'i
TRIBUTE TO FRAZER
Associates Honor Memory ot
Late Judge.
SPEECH BY M. G. MUNLY
Resolutions Passed by Multnomah
County Bar Association Are
Added to Record of Cir
cuit Court.
At a meeting held In the courtroom
over which the late Judge Arthur L.
Frazer presided, the Multnomah County
Bar Association paid a last tribute to the
dead jurist yesterday forenoon. Formal
resolutions were presented and adopted
expressing the regret of the asscociatlon
at Judge Frazer's untimely death. These
resolutions were , made a part of the
court record, by order of Circuit Judge
Cleland. feiemorial addresses were made
by Judge M. C. George, R. B. Fisher,
J. B. Bronaugh and R. W. Montague.
The resolutions in memory of Judge
Frazer contain an account of his life
and achievements, and refer to his value
to the community In the Juvenile Court
work. The drafting committee which
prepared the resolutions was made up of
W. D. Fenton, M. ' G. Munly, Joseph
Simon, M. C. George, E. B. Seabrook and
R. B. Fisher.
After reviewing the life and work of
the judge, the resolutions conclude:
.Text of Resolutions.
His death is mourned by all alike with
out distinction of race or creed, as a
public loss. .
Be It therefore resolved by the Bar of
Multnomah County, That we deplore the
death of Judge Frazer as an irreparable
loss; and yet. nevertheless, it is well that
we realize that his lamentable removal
by the wisdom of an over-ruling provi
dence, from the high trust which he so
well discharged, is but me passing of
another stainless and noble figure into
the history of the legal profession.
Resolved, That the sympathy of the
members of the bar be extended to his
family, that an engrossed copy of these
resolutions be presented to them, and
that a copy of the same may be deliv
ered to the Circuit Court of this Judicial
District for entry on Its journal, as a
perpetual memorial and record of his
worth.
Court Committee of Bar of Multnomah
County:
W. D. FENTON.
JOSEPH SIMON, .
M. C. GEORGE,
M. G. MUNLT,
R. B. FISHER,
E. B. SEABROOK.
Signed on behalf of the Multnomah
Bar Association:
C. M. IDLEMAN.
J. F. LOGAN,
ARTHUR P. TTFFT,
WALMMAB SETON,
R. B. FISHER.
In moving that the resolutions be ac
cepted and be made a part of the records
or the court, M. G. Munly, a member of
the committee, paid a tribute to the life
and character of Judge Frazer. He
made an exhaustive ' review of the
growth and work of juvenile courts and
the part taken by Judge Frazer In per
fecting the operations of the law as ap
plied to the youth of this county and
state. He then said of the dead jurist.
In part:
His Love of Children.
Only those who knew Judge Frazer's
attachment to his family, his devotion
to his children, his keen and active in
terest in everything pertaining to their
welfare, can thoroughly comprehend his
Juvenile Court policy. The children
brought into his court wero to be dealt
with the same as if they were his chil
dren. His sympathoes went out to these
unfortunates of whatever character, as
freely as to his own. Few were so con
stituted by nature, or fitted by experi
ence for such a position, and the stamp
of his personality, his character, will
remain forever impressed upon Juvenile
Courts in this state.
The Juvenile Court achemA nv turta.
diction not only over child delinquents,
but oved "dependent" children, a prolific
field for manifold charitable activity.
That was a phase of this work that
appealed most strongly to him. In ad
dition to the labors which these duties
imposed upon him. he spoke and lec
tured, and wrote for the press upon this
theme, which seemed to absorb all his
energies. In his last public address,
given for one of our church societies,
there is a note of despair at the flood of
evils, many of which have their springs
in disintegration of family life. Although
supplemented in its charitable features
by the churches, the conviction seemed
to be developing in his mind that, benefi
cent an it may be in its operations, the
work of the Juvenile Court Is. after all.
but a stop-leak process wholly .Inade
quate. 1 Here seems to be some subtle and de-
TELL
DR. B. K. WRIGHT.
Scientific Crown and Bridge Work, perf ecttfitting and comfortable Plates, gentle
and courteous treatment, painless extractions and prompt service are a few of the
advantages secured at this office. V
GOOD SET OF TEETH
ON RUBBER PLATE
DR. B. E. WRIGHT dentist
342'
OFFICE HOURS 8 A. M.
Phone
EVERY PAIR OF PANTS IN THE
STORE MARKED DOWN
$7.50 Pants now $6.00
$6.00 Pants now $4.95
$4.00 Pants now $3.25
$2.50 Pants now $1.95
MOYER
florabIe Influence In American life mak
ng against parental authority. There is
a constant growing evidence of decline
of parental control over youth and sad
decay of that respect and reverence for
parents which prevails in other countries
and obtained In the past in our own.
Bvlls are communicated by suggestion
Just os surely as disease is communi
cated by contagion.
It Is not to be wondered, therefore, al
though the fact is appalling, as every
prosecuting officer will verify, that over
90 per cent of all graver crimes are com
mitted by persons under the age of 25
years. Under existing social conditions
it seems to take that length of time for
character to mature. Nor is it, as is
often mistakenly supposed, in every in
stance the fault of parents, or lack of
parental control, that accounts for this
large percentage of youthful lawbreak
ers. Unhappily, examples are In evr
dence In plenty where children who were
surrounded by the best influenoes, and
who have had every educational advan
tage, have entered upon careers of dissi
pation or crime.
Moral Character First.
Notwithstanding the commercial and
materialistic spirit of the age, moral
character and virtue, and moral heroism
hold the first plae,e In .history. Human
interest in the men who have given the
world an example of noble living is stul
supreme. In the scroll of fame Dives does
not excite our interest except in con
nection with that of Lazarus. The rich
have no place in the records of the race.
In our times, men like Judge Frazer are
too rare in the legal profession. His life
ought to- prove an inspiration to the
younger members of the bar to lift them
above the mere vulgar struggle for gain
or ambition for public position.
To his family and friends. Judge
Frazer bequeaths a cherished memory,
to the profession he leaves an untarnished
name, to the bench of this state a record
covered with honor, and to his fellow
citizens a legacy of noble character, a
personality full of kindliness and simple
goodness attested by deeds that shall
live long after his generation shall have
passed away.
GREATERJARGAINS
This week than ever before in ladles'
suits, coats, skirts, v-aists, jackets, cor
sets, hosiery, furs and millinery, at .e
Palais Royal. 375 Washington street.
TM
E TRUTH
OR DON'T ADVERTISE
Was the keynote of a number of
speeches made at the recent con
vention of Pacific Goast Ad Men
Don't make claims that it is impossible to fulfil. "The
People Are JSot Fools.
I advertise every week
that I can supply dental
work of every kind equal to
the best procurable any
where, and superior to nine-
tenths of the. work supplied elsewhere.
The largest practice in the Northwest is proof that I
tell the truth in my ads. If I made false claims it would
ract only : as a boomerang.
$5.00
BEST SET OF TEETH
ON RUBBER PLATE
Washington Street, Corner Seventh
to 5 P. M.; 7:30 to 8:30 P. M.; SUNDAYS 9 A. M. to 1 P. M.
Main 2118 Twelve Years in Portland '
THESE PRICES AT
Play Your Favorite
Piece
ON THE
Apollo-Player
Piano
It is the Stradivarius of player
pianos the first and only complete
player-piano on the market. Besides
containing all the meritorious features
of advantage found in other player
pianos, it has the additional advan
tage of playing 88 notes, or the en
tire keyboard, of. tho modern 7 1-3
octave piano 23 notes more than any
other player-piano made.
This, with the patent transposing
mouthpiece (used only in this instru
ment), which enables the operator to
render pieces or accompaniments in
different keys, as. desired, places this
wonderful instrument in a sphere of
its own. ,
Call at our store and investigate its
marvelous possibilities free demon
strations at all times.
Hovenden-Soiile Piano Go.
Cor. Morrison and W. Park Sts.
PIANOS, PLAYER-PIANOS, PHON
OGRAPHS, RECORDS
$8.00
$6.50 Pants
$5.00 Pants
$3.00 Pants
$2.00 Pants
ALL OUR STORES
Third and Oak
First and Yamhill
IMPORTANT
CLEARANCE
of USED PIANOS
PIANO PLAYERS
AND ORGANS
This clearance sale of slightly-used pianos, organs and piano
players, which began last Monday morning, will be con
tinued during the corning week. Every instrument offered
represents a value that cannot be duplicated in the ordinary
course of business. There are many makes embraced in the
list, which is too long to permit of publication in brief space,
and in this list will be found, without question, some instru
ment which will in every particular meet your desires as to
style, tone and cost. There are splendid upright pianos of
such well-known makes as Kimball, Chickering, Steinway,
Everett, Kranich & Bach, Ludwig, Decker, and many others
too numerous to mention, ranging from prices beginning at
less than a hundred dollars ; organs of various styles, from
the least expensive, suitable for home use, to larger sizes,
adapted for church use; square .pianos, which will go for?
almost a song; and a number of piano-players, which can
now be picked up at a great saving from original cost. This
sale is one of the most important we have ever held be
cause the list of instruments is so large, thoroughly desirable,
and the values so exceptionally attractive. Make it a point
to drop in at your earliest convenience. If you live out of
town, write for full particulars. But remember, the sooner
you respond, the better selection you'll have. Every sale
covered by the famous Eilers "Money-Back-if-Not-Satisfled"
guarantee. Cash or easy payments, as you prefer.
(
5
I
)
The House of Highest
Biggest, Busiest and
a
i
i The House of Highest Quality VVXwl5
353 WASHINGTON, Cor. PARK
And stores in every important city from California
to Alaska and throughout all the Inland Empire
BaininnnaiuiiiBiMiiBiM
If you could invest one or two or three
hundred dollars in a small corporation with
. a guarantee of twelve per cent, and a pos- j
sibility of more, would you do it? Such an
I ( opportunity may be had TODAY or tomor- 1
1 row by addressing S 558, care Oregonian.
S3 M
I .
iinmntiuHimuirmiiiimanhmHiaiiJinmnumiitHiiimniiioiiiimmDiP iiniiinnniiiiuiuiimiiiiiiiiiiiuifiiHiiiiituiiiiuim
Paper manufactured from the fiber of
trees began to be a commercial product in
1R67. but did not asruma great importance
until S90. rjurlnsf the 17 years which nave
elapsed from that date, this branch of
paper has grown to such proportions that it
overshadows all others.
now $5.00
now $3.95
now $2.50
now $1.65
)
a
i
r
a
a
I
a
)
a
a
f
a
i
i
a
f
a
Quality
Best
a
Manufacturing1 is increasing; In New South
Wales. Figures for 1906 show increases of
12S factories and 5,583 workers. The In
crease Is most marked in the building;
trades, in metal-works and. in establish
ments using; raw materials.
VV Ml X