The Oregon daily journal., January 05, 1908, Page 46, Image 46

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-I I
PLAN OF REORGANIZATION
VERY SIMPLE IN DETAIL
Depositors of, the Oregon Trust & Savings Bank Are to
Discuss the Situation at Mass Meeting to Be
Held This Afternoon at the Armory.
At meeting of depositor t the
Oregon " Trust tt Sftvlnga bank to be
held t the Armory t J:80 o'clock thle
afternoon those authorised to speak with
full knowledge of the case wlU eute the
detail of the plan, that haa been under
discussion for - taking- over the assets
and paying all liabilities of the sus
pended bank. The meeting will be lim
ited to depositors, and those who win
tak nurt in the discussion.
. - The proposed plan is simple and eas-
liy qigesiea. ll amounts 10 an aosorp
tlnnJnf the . Oregon Trust & SavlnsTS
bank by the German-American banK, the
proceedings to do unaer scrutiny oi mo
. circuit court from start to finish.
The old bank -was, at the beginning
" of the Depositors' association movement
some months ago, thought to be amen
1 able to reorganization under the old
name.'-With the sudden precipitation of
BABIES OF
HIGH DECREE
v
Every One Has a Pamous Name
'" and Possesses Exceptional
f(; , Beauty.
. The Baby Show at Ellers piano house
est to music lovers during the past few
days. Displayed in 'the large Washing
ton and Park street corner window are
a number of the most artistic Grand and
Baby Grand pianos ever shown In Port
land, or, In fact, anywhere on the Pa-
- rifle coast. And Intthe salesrooms and
Grand Parlors are Still other beautiful
instruments of the same class, consti
tuting altogether the most comproheiv
' slve gathering of pianos of this descrip
tion that one could possibly desire to
see. ": V -..
There are the famous Chickerlng
"Quarter Grands," also other Checker
ing of larger site; splendid Boh mere,
llie magnificent hand-made art Hasel-
' ton. handsome Bush 4k Gerta, Lesters
of piiiladelphia renown, the Kimball,
Chicago's) favorite, a product in the very
foremost rank with the best instruments
of the world and there, too, the beau
tiful Weber, the Weber weed by Rosen
thal, -by Paderewskl the piaao of the
' :rand opera artists, truly, the piano of
tolNot" alon dos' the 'resent, exhibit
rrove Of interest from an artistic stand
point, but from the standpoint ? of
Values a welt as a special t prices
are now In effect i on- nearly VH
cf the Instruments l the dlspUy. It
would be weli worth while for anyone
who is desirous of owning, an especially
fine piano to give this splendid display
a few moments of their time.,- It will
,oi only give an Idea of what, la best
mid utst .la ' the" line of Grand piano
, Upn, but win also ofier an op-
j..--iu-!ty of TMirohnBlng. to exception
..... Tiie nij-j-lay will be concin-i
v.. i w.iu; tt cwiiing week. . ,y - 1
'i . . " .....'". V "
a moneV panto this proposal was made
Impracticable. It was found to be im
possible to Interest sufficient new cap
ital to form a new banking organization,
or to dispose of the bank's securities
and collect Its notes within anywhere
near the time In which a reorganisaUon
must be effected.
v WUde te the meacue.
' With, this condition confronting the
creditors of the bank, any practical plan
was to be welcomed, and at this time
the German-American bank, having in
the meantime been purchased by L. J.
Wilde and associates, came forward
and suggested the feasibility of an ab
sorption. This suggestion has been
worked out and is now in shape of a
formal proposition whloh the men in
terested will submit to the circuit court
within the next day or two.
It la simply proposed that the German-American
bank will assume the
entire 18.8. Of liabilities, in ex-
Hnnir for the assets of the Oregon
Trust and flavlnfrs bank. To enable the
German-American bank to do this with
safety 1 will Increase its capital stock
to -1506,000, fully subscribed, form an
ira nw nrA.n!zation. with Samuel U.
Reed at Its bead, and a directory of
from nine to 21 men, all Portland or
Oregon clthsens. ..
Supervision y court.
A.aiiranne is eiven that this dlrec
tory will be satisfactory to the circuit
court as to character and financial re
sponsibility of the membership. The
court, If the plan and organization are
acceptable, will be asked to make an
aw- nnrmitttn the new bank two
years fa which to complete payment of
au creuivui " uci"'.' V
period of such payment, Thomas C. Dev
lin Will, It lr "proposed, continue in the
k..i, a. director and in an executive
nosltlon, as n officer of the court, to
see that aU stipulations maoe wun tne
court are carried out in good faith.
The proposed new directory will be .se
lected by MessM. Reed and Devlin, ap
proved by Mr. Wilde, and will include
none ui mo vi vv,
Mr, Wilde will resign as president
of the German-American bank, and has
A.Mtnmi ta accent any poHltion as an
officer or director of the enlarged bank.
. "Tfti situation ai Brweni iours kuuu
to me. 1 believe the proposal as made
will be accepted gtaaiy Dy everyooay
and will go through," said Jefferson
Myers -yesterday, after going into the
details of the plan to be submitted to
the court. "It is practically the carry
in out of the original plan of the
DeDOsltbrs' association with the excep
tlon that the new capital necessary to
wine it is to be furnished through the
German-American bank instead of be
ing secured from any and an sources
that might have been found In normal
times." 1 -
. itr- Creditors raid Za VnU.
. 'Judge A. E. Reames, who has assisted
since the beginning of the reorganiza
tion movement, said:
That the. creditors f the Oregon
Trust A Savings bank will be. paid in
full under the plan proposed by the
German-American bank there can be no
doubt, However, much will depend upon
the action of the Depositors1 associa
tion in its meeting Sunday afternoon.
It is to be hoped that at that meeting
there will not only be an approval of
the elan, but that ' the-depositors will
shew their appreciation by determining
to- assist the p.e w institution la every
way possible,' y . : . - v . y
iirk'...i... ll nf tl trvlntf ordeal
there has been little said in favor of
U J. Wilde, oh whom alone the sucoess
of this plan depends. He has been more
than willing to make any sacrifice at all
times, and without his cooperation, no
thing could have been done by the reor
ganisation forces. I have regretted
very much to see some of the insinua
tions that have been made through the
press as to his good faith in this mat
ter, What' he has done and is doing
means more to Portland than any tran
saction in recent years. The reorgan
latlonfthls bank and the payment of
the depositors Under the plan suggested
by the German-American will be more
for the standing and credit of Portland
than anything else, that could be done
at this time. If the people generally
knew the extent to which Mr. Wilde has
gone in his efforts to assist in this
plan, the public would be doing what
they can to help and assist hlnv
Confidence of Community.
"The new organization is being
formed by Mr. Reed and Mr. Devlin,
two men who have the confidence of
the entire community. They are receiv
ing offers of help and assistance and
cooperation from all sides. It therefore
seems time that the differences between
the Interested parties should be laid
aside for the common welfare of all.
The total liabilities of the Oregon
Trust A Savings bank, originally f?und
by the receiver to be $2,300,000, stand
today practically unchanged, not con
sidering the depositors' subscriptions
to Home Telephone bonds and stock In
the new bank. The bond subscriptions
amount to $860,000, and the new bank
HIT1UU111 W oiu,vvv, . - v
i. ...h.,.intinni frttf rriui tnri nf the
m& I.VVVi tiaseia
hv tV
can be' directly applied to payment of
total of $957,000 of liabilities thus taken
or
fleposit claims of the hotemnkers Will
reduce the liabilities another $160,000.
This will leave the sum. of 11,198.000
of liabilities that must be laken care
of by the German-American bank if the
proposed absorption takes place. The
German-American bank people are pre
pared to assume the obligation and will
show the court that they have a prac
tical Plan of fulfillment. With the -assets
of the bank the German-American
will receive good notes and securities
known to be convertible in due course
of time into cash amounting to $694.
000. These notes have been accepted
and listed by Mr. Wilde as definite as
sets. He Is also willing to take the
Oregon Trust & Savings bank plant,
safety vaults and lease at the corner of
Washington and Sixth streets at a cash
valuation, of $80,000 in the proposed
trade.
Two Tears to Pay.
. Deducting the total of these assets
from the liabilities will leave $333,000
of liabilities still to be offset. Of
this amount the court will te asked to
allow two years In which to pay ap
proximately $260,000 of cash demands
against the bank, held by creditors who
have not subscribed for Home Telephone
A.
FIR C0RDW00D
Long ... ........ .?6.00
'Sawed .i?6.50
SECOND GRADE
Long .$5.50
Sawed .....$6.00
Phones : East 202,B2020
TRAVISBR0S.
. .; ivy-. . -V . ; ;. i
451 Hawthorne--Ave.
' u a. v.t, .nr.r Tn uddltlon ta
this protection there remains In the
hands of Receiver Devlin a trust dee.
for lands or w. w. Mwr, m .l"v:
tent of ,000 acres, valued at about
at the expiration of the Ier,lodMaUow,V
cy me courx ior pirmcu , i
ors, the shortage could be made good
from sale of these lands, and whatever
r ahM ha returned
to Mr. Moore either In cash or In stock
in the new Panic, et nis opuun.
The working capital for the enlarged
bank would be supplied by the Increase
of capital stock to $600,000, and from
the already available funds of the German-American
banlt , which has ready
cash amounting to $100,000. The new
capital will come from local sources
and from southern California bankers
who have associated themselves with
Mr. Wilde In other undertakings. Some
thing over $100,000 cash has been sub
scribed by the Callfornlans. .
The Telephone company will transfer
to capital account, $100,000 of Its cer
tificates of deposit, thereby reducing In
that amount the liabilities against the
old bank. W. H. Moore and his friends
will subscribe to $100,000. Samuel O.
Reed, the man selected for president,
makes a subscription of $60,00 to tho
capital stock. Sundry small subscrib
ers make up $50,000 more.
It is said there will be no difficulty
In making the paid up capital of the
enlarged bank $600,000, and In the
course of 3 2 or 16 months from date,
according to present plans, the Insti
tution will be made a national bank.
The German-American will from the
day of the absorption occupy the quar
ters of the old bank at the corner of
Sixth and Washington streets.
ST. JOHNS-WILL VOTE
TOIRH'Ofl
First of Six Elections Dur
ing Present Year to
Be Held.
CHARTER
Voters of St Johns will pass upon
the proposed new charter at a special
election tomorrow. There has been no
outward opposition to the Charter pre
ceding the election and should it be
rejected It would be a great surprise
to the cltisens of the municipality. The
election tomorrow will be the first of
six that St. Johns will hold this year;
The changes In the new charter are
not numerous. There are some im
provements in the legal points Involved
in Issuing bonds for street Improve
ments and other such changes, but
otherwise the differences are not radi
cal. It provides for the election of city
attorney which office has theretofore
been filled by appointment,
The new charter will also make it
fosslble to hold oity primaries before
he April election, thus making six elec
tions In St Johns before January 1,
1909. They will occur as follows: City
primaries, 20 days preceding the April
election which according to the proposed
charter will be held April 6; the city
election Itself. April 6; the general pri
maries, which will probably be held
April 17; the general election June 1
and tbe presidential election November
3. .. ' , ; ' -
AVhile Crowd Was Thickest.
Found at the Golden Eagle store, two
bunk books on -the Title Guarantee &
Trust If Mrs. Morrison, the owner,
will call ana give ine proper asscnp-
A i 1 m a rA A at nit tKAV TtO flt I II la !
the books will be restored to the proper
party.. Apply at cashier's desk any time
petween v a- m. ana o y, au y uj.
Souvenirs and bar jrains at the great
W 1 I . ast UlrlWmMie, .Mm
tlHIiUSrf-'. uimiMtvvrotv -way hhivihuio- csc-
fA Am rtinlav d with Drlcem in to-
MURDER CHARGE
FACES SUSPECT
Police Confident Man Ar
rested Friday Killed Salt
Lake City Officer.
The police are confident that In the
person of Thomas Howard, arrested at
the corner of First and Morrison streets
Friday morning by Patrolman Ander
son, they have the ex-convlct who is
accused of being responsible for the
murder of Policeman Charles 8. Ford
In Salt Lake City on the morning of De
cember 14. The Utah authorities have
been notified of the arrest and have
wifed for full particulars before sending
an officer with requisition papers to
take the accused man back for trial.
Howard's true name Is believed to be
Joe Sullivan as he answers in all par
ticulars to the description of the man
of that name accused of the Utah mur
der. Sullivan was released from the
Utah state penitentiary, December 9,
On the morning of December 14 he and
two companions. - both of , whom were
recognised, held up a man on the street
in Salt. Lake and were In the act of
robbing him when Policeman Ford ap
peared on the scene.
The officer was shot down by. one of
the robbers, who immediately took to
their heels and succeeded in malting
their" escape. Descriptions and photo
graphs of the murderer and his com
panions were sent broadcast over the
country and a reward of $600 offered
for the arrest of Sullivan.
It was by means of these descriptions
and by certain distinguishing marks and
scars that the local officers succeeded
in identifying the man arrested by An
derson as the man wanted In Salt Lake.
Deputy Sheriff Leonard, who Is an
authority in matters of identification,
examined the prisoner and declared him
to be the man wanted.
The arrest is an Important one and
If the Identification is corroborated by
the Salt Lake authorities much credit
will attach to Policeman Anderson for
the capture. -
EXHAUSTS LIST OF
. DIVORCE CHARGES
Nearly all the charges In the divorce
calendar are made In a suit begun ti
the circuit court yesterday by Maud
Foulds against Peter 3. Foulds. She
alleges that he Is in the habit Of get
ting on long sprees, that he calls her
unpublishable epithets, that ho has
drawn a revolver and threatened to kill'
her, that he has failed to provide for
her and their four children, and that
he flnnlly deserted her. They were
married in Westminster, B. C in 1890,
and the husband is alleged to have ac
quired' the drinking habit just one year
later. . The desertion Is charged to
have taken place In 1901. The four
children of the couple are feeing . cared
for in a charitable Institution in .Brit
ish Columbia, but Mrs. Foulds aakfc for
their custody and says tbe Institution
is willing to yield them to her. ,
.- i i i n mmi ii,. .
Overcharged. ' ..:,,,
, - From the Democratic Telegram.
At the Metropolitan club of Washing
ton Justice Harlan had Introduced to
him a well-known New Tork business
man. With the apparent purpose of
impressing those about him, the New
Vnrircv remarked that his income ex
ceeded $100,000. , "And I simply have to
make that . amount," he addd.; "Wby,
it costs me $80,000 a year to Uve!"-
"Dear. me!" ; -said Justice Harlan,
blandly, "-"Really, that's too much! (I
wouldn't pay It it isn't wortk 1U v t
FALLS TO DEATH
OFF HIGH BRIDGE
Riveter oh St. Johns Struc
ture Loses Balance and
Crushes SkulL
. 3. X2. Hustler, a riveter employed by
the contractors having tn charge the
construction of the new steel bridge of
the Portland A Seattle railroad below
St. Johns, fell from one of the upper
chords to the deck of the bridge at 4
o'clock yesterday afternoon and was
Instantly killed. The man was work
ing with three companions on one of
the upper chorda when the slipping of
a -rope caused him. to lose his balance
and he plunged to the deck, 26 feet
below. The man struck on bis head
and it Is thought that death was In
stantaneous. ' -
Hustler, who was 14 years of age,
came here about a month ago from Se
attle, and at once secured work on the
railroad onager wnere ne was empioyea
up to the time'of his death. He was a
member of the Order of locomotive
Firemen and Englnemen, and was also
a member of the Structural Ironwork
ers' union. -He has a brother living In
Detroit, who has been notified of the
"Coroner Finlex went to the scene of
the accident last evening and made, a
full Investigation or tne racts attend
ing Hustler's death. He took charge of
the body, but has not yet decided wheth
er an inquest will be necessary. Until
this is determined and word is received
from the brother In Detroit no arrange
ments for the funeral will be made.
MINE OWNERS PLAN'
NEW NEVADA UNION
(Hearst News by Longest Leased Wire.)
Goldfleld. Nev Jan. 4. Thomas
O'Brien, former labor commissioner of
California during theterra of Governor
Markham, and one of the leaders In the
famous Gold Hilt miners' union, the
Corastock organization that existed 40
years without ever declaring a strike!
has' organised the "Industrial Union of
Nevada,"
' All the men now working In the local
mines, numbering; about 400. will join
the new organisation, which will be
recognised by the Mine Operators' as
sociation. By t this organisation the
mine owners hope to escape the charge
that they are fighting, organised labor,
and at the same time .they expect, to
leave Jhe Western Federation of Miners
for the independent union. -
. While admitting that there have been
a few dosertions from the ranks, offi
cers of tho local union maintain the
new union will be a failure and wilt not
receive the support of the majority of
men In tbe camp.
G ALICIA SAYS TALES
OF TROUBLE ARE LIES
', V -(United Preat Ltaied Wire.)
- San Francisco, Jan. 4. -Consul-General
Felipe Galicla, who represents Gua
temala at this port denies the recently
nuhiiahed stories of trouble in Guate
mala, and declares that such reports
emanate irom i uuaiemn-
lian government Advices received by
him are to the effect that the adminis
tration 01 president Estrada Cebrera Is
receiving the enthusiastic support- -ef
thA neoDie and that the country Is mak
ing wonderful progress. ,4 , ;( ;
DRAW JURY LIST
FOR LAND TRIALS
' "
Commissioner Bush and
Clerk Sladen . Will Com-
plete Panel This Week. ;
A. Bush, Jury commissioner of the j
United States court will come to Port
land from Salem, tomorrow or within a
couple of days for the purpose of filling !
out the jury list with Captain J. A.
Sladen, clerk of the United States court
Since the time of the Mitchell trial !
more than two years ago there hart
been no new names added to the list In
the Jury box. At that time by the arder
of Judge De Haven, then presiding over -
the Oregon court, some 1,000 - nameV
were put in me nox, an oeing. seieci
from the valley counties. j
At that time tbe . selection of the
furors from' these counties raised a
storm of protest from the defendants j
wno were cnargea wun oiienses com-
but the court hold that it was within
its jurisdiction m directing tnai tne 1
Jurors be drawn from Certain portions j
of the state contiguous to Portland and t
within easy traveling distance, f
At the conclusion of the Williamson i
trial, Judge Hunt directed that 360 ad- '
ditlonal names be selected by the jury ;
commissioner and Captain Sladen, and
this was done, but the list has never '
been put In the bog. The visit of Mr. .
Bush at this time wilt be to perform
this official duty In the presence of the
court In order that there will be a suf-'l
flcient number of Jurymen from which j
to take up the panels for the pending j
land cases to be brought to trial on 1
January. IS. "'
Souvenirs and bargains at the great j
January clearance sale of Skldmore; eV 1
Co, See display ad with prices, in to-
day's issue. I
1901 to 1908
The largest and most complete' op-1
ttcal house in the northwest Glasses i
direct from our own shop to the p ,
tient. Always prompt and never ytat)
back" on our guarantee. , ? ,
Don't try the drug; or. department ;
store , or-' the bargain counter, fpr ;
sight, as yod have only one pair of j
eyes. The very best is none too good. :
DUBAGi
' PROFESSIONAL OPTICIAN .
- 'K 'i Successor to the s r -1
OREGON tc PORTLAND OPTL ;
t:' , CAt CO. -"j-m
173 Fourth St V . Y. M. C. A. Bldg. ,