Image provided by: University of Oregon Libraries; Eugene, OR
About The Oregon statesman. (Salem, Or.) 1916-1980 | View Entire Issue (Sept. 19, 1924)
r i I k k r V 1 y V a i V t ) V I I J A' X i, A 'I i. V STATE CiiiJT HELP HOLDERS Attorney General Limited in Power to Prosecute "Wild Cat" Firms Inasmuch as stockholders in the Dundas-Martin Finance corpora tions hare by practically unani mous vote agreed to a liquidation of those concerns by exchanging all the assets for preferred and non-voting stock of the Oregon Trust company, no further action apparently can be recommended to the stockholders to recover their losses, says a letter from Attorney General Van Winkle to Governor Pierce. The letter per tains .io the .West-Black reports covering operations of the King's Pood products company and "othor concerns having relations with the Dundas-Martin corporation. i . Cab't .Advise- Stockholders. H Helajtive to stockholders In the King's! Food Products j company, the attorney general points out that his office was created to ad vise state officials and not private citizens, therefore any action taken against ' the company through the courts must be Insti tuted by the stockholders them selves. The letter suggests, how ever, that since many of the stock holders are non-residents of Ore gon, the governor could request the directors 'of . the . company to . call a stockholders' 'meeting for consideration of their interests, I those ; unable to attend ; to send ' their proxies to some person recommended by the governor.' "In, compliance with your, re- quest I have carefully considered these j reports, together with such other information as I have ac quired ' upon these subjects, and have to advise In respect to the .financial situation of these affairs, that it is plainly evident the per sons who invested money In them, especially in- the King's Food Products company, have lost very heavily, to say the least. . Statute Cited "The statutes of this state re quire! all suits and actions to be prosecuted in the name or names of the real party or parties in in terest;' The effect of this In re spect to the stockholders and cre ditors of the King's Food Products company is that' any suit, or ac tion, or proceedings la court re lating thereto must necessarily be prosecuted and maintained by such ! stockholders, creditors, or some! of them who may decide tj do so. ' 1 j "The. attorney general- of Ore gon 4a, required to advisa the jvari; ous iiUto rAf ti;ars.jglth, tXelacence to legal matters affecting their public duties" and is! forbidden fro fa advising others than such state officers, j This matter hav- ing .to do wlthithe rights of indl , viddal citizens : Of this state and other .states, it Is therefore be yond the jurisdiction of this office to i Advise themi as to their rights; and remedies, j - :" - i'.,'" t 4 Would Call Meeting v may offer the suggestion to yoii, however, that inasmuch as a large percentage of the Investors in: the stock in said company are residents of other states than Ore-j gon,;and are .widely scattered so that it would be difficult for the mi tol act collectively and unitedly k noon, their , own motion, you, act ing i voluntarily and unofficially, could request the directors of said corporation .to call a meeting o the' stockholders thereof to con4 A sider their: interests and those of the, corporation,! and that you is sua by publication in, the newfj pipers, a general recommendatiou td the stockholders who may in it! Impracticable .to attend, jroc'b, - nwne. ; that they send their pfckles to a - person whom yoi rdfommend -.. in"-such statement, who,', of' course, will be some one whom you, can recommend from etery standpoint, who will look after their interests in helping to decide what action, if any, shouU be taken by or on behalf of such stockholders, and to assist them in laying and carrying out plans to that end. If any criminal acts hare been committed; by any of the: officers,' agents or employes of paid corporation,- the matter should be reported in this respect to the district attorney of Multno mah, county for investigation an! prosecution of any and all sucti criminal acts. j ' V 1 Stockholders Make Deal f s 'X With - respect to the Dundas Mairtla company, and Dundas Martin Finance . corporations, I make the same recommendation as to any -criminal ! acts ' which may; be discovered as having been committed by or on their behalf. i It appears from the report of yoir committee, as well as other information which I :hava recelv- that these corporations, four in 'number, have aken action to liquidate their affairs - and have dissolred said corporations, such liquidation , having been accom-1 pllshed by exchanging; all of the assets of said corporations for the preferred and non-voting stock of the Oregon Trust company, each .of the stockholders of the several " finance corporations re ceiving one share of such pre ferred stock for each two shares jf the preferred stock and one share of common stock in 'said . Jiaaiice corporatioas, any surplus of receipts by the Oregon s Trust company from said ; finance , cor porations' assets, over the amount of stock- thus subscribed'! tor 'and issued to- the stockholders of -said finance corporations, to be paid to such; stockholders -aslspecial 'divi dends. . i ,' f Further rUep Impracticable ; "This action having been taken by the stockholders of . said fi nance corporations themselves and by practically unanimous vote thereof, there: seems no further action to recommend with refer ence to such stockholders." I Science can 'tell 'you every thins except the psychological moment to buy new tires. ifWARRH i WO of head or throat ia nsuallr benefited by the vapcrs of Otmr IT Million Jar UJ Ymrrly 1110 DBS! to mwmm ' .t. - i A ' . .1 . ' t ' . ' - ; : ; : ? Report on Activities at Two Salem Centers Presented By Sparks. More than 11,000 Salem young sters participated in supervised play at the two Salem playgrounds this summer, according to a re port submitted to the YMCA byi Leslie J. Sparks, supervisor at the North Fourteenth - street, play ground, which was open 52 days. Of the total number at this play ground, 7299, there were 3649 girls and 3650 boys. The total attendance at the Lincoln play ground, under the supervision of Miss Dan ta Robbine, was 3737. boys and girls. Swimming at the North Fourteenth street ; play ground helped to swell the total. Mr. Sparks was assisted by Miss Grace Snook, Who had ' charge of the girls - - '; ; :.. .. . ' Figures this year appear to' be feW jthata'th'ost' Oil 'last yearvrhen, i7,00o!were: reported at the play ground. This year only boys and girls who wen s enrolled and par ticipated in organized activities were counted as1 In attendance, while last year the figures includ ed all of those who visited the grounds during the! day, whether they participated or-were present Jn the capacity Of onlookers only. ( Field day St the Nortn Four teenth street playground brought out 560 youngsters from both playgrounds, j Another special day at this playground was devoted en tirely to tumbling, about 50 tak ing part. Three special days were held at the Lincoln, playground by Doll day, the first out 125 youngsters. nearly all of yhom were girls. , A pet animal- circus attracted 335 youngsters and funny paper day, Miss1 Robbins, event, brought held late in the season, found 100 participating. f j At the Fourteenth street play ground a : daily 'irchedalo off activl-i was in order - from 1. until 2 o'clock, .followed by an hour devot ed to girls swimming and boys or ganized playk with the activities reversed from 3 o'clock until 4 o'clock. Forty-five minutes of the activities of the ; first group then followed, with free play from 4:45 until 5 : 4 5 o'clock, when the day ended! The swimming pool was closed for one week upon warning . issued from the city health; officer f and no record of the -visitors was kept during that period. ' ; Mr.- Sparks icloses his report with an itemized list of ground fa cilities, play apparatus and play supplies that should be had for every5 real playground. ' The re port takes notice of the size of the ground, money available and the ages of chlldVeh and special neigh borhood interests its all are held to be important factors in consid HOOVER DEE I Charge of Price Fixing Is False, Says United States Secretary WASHINGTON, Sept." 18. Re cent statements that the very sub stantial rise in the price of wheat is due to artificial causes were de clared by Secretary Hoover today to have no foundation In fact, :.. "Two things have', underlain this advance," the secretary said ering equipment for a playground. It is recognized that the smaller playground can only j select the things' that It" needs most and can best afford. in a formal statement. "First, there- are three;. hundred million bushels less, of .wheat Jn .the .world from this crop than that of last year'.-' Sec6rid.'; the' Increased sta bility .given to Europe, by -the re cfent Settlement; brought ; about through the activities of the ad ministration having been the un derlying . power and outlook for consumption. - "The practical effect of all this is shown by the fact that our ex ports of 35,000,000 bushels in the last six weeks show substantial increase over last year. There is every reason to believe that these exports will be maintained. "Prices " would' probably have gone to higher levels' had it not been that the farmer has crowded the market by sending in over 110,000,000 bushels out of this crop against f 88.000,000 -bushels for the same period last year. This is no doubt , due to his necessity. but it has probably brought about lower prices than would otherwise have been the case." Petitions Circulated For Judge P. R. Kelly . Nearly 40 petitions to place the name.,of Audge Percy. R. Kelly Jn. nominatipnfor: justice of the su preme: court to succeed the late Justice John McCourt are being circulated, according to reports re-- to have at least 4700 names n, the petitions If they are to be ef fective. Judge' Kelly Is circuit judge for Marion and Linn coun ties and makes his home In Al bany. The petitions are be."us cir culated in several - coosties and will be in evidence- at the Lane county and Linn county fairs this week and the first few days of the state fair here next week. The candidacy of Judge Kelly Is said to carry the endorsement of the bar association in all of the coun ties in which his petition, are be ing circulated. These counties In clude Marion. Linn, Lane, Benton, Folk, Yamhill and Multnomah, Every Department Features More Extraordinary Specials Reduced F02 1 r Vnn nnzi 1 ' OJ d . ) U LIU J Lz Of The Gonsplidation -- Re-organization and P1P01S Of ir Grand Opening Sale Now Under Hew LIr::2cz:it Simon Director, Prep. o Following the Spectacular Success of the One Cent Shoe Sale" Which Filled Our Bargain Basement With Record Breaking Crowds All Day Wednesday, for I V" cr u CD rn D Incomparable Values for Women Eal Coats , 4 iti -m4 m m t --.Thei.i,abricfiwthe styles the prices-and especially the oppor tune time: of the great Apparel Sale has caused ; vide and favorable comment Authentic new models are selling here at far less than you would expect to pay Elsewhere. See our garments First ! i t 't t ! ''I ', v A special frroup of SO Bolivia anl Velour Coats bought to sell in the regular way up to $20, some with Beaverette Fur Collars, Grand opening sale. price 'W $9.85 This lot includes n splendid select Ion of silk And wool Bolivia Coats with self trimmed collars, form erly priced up to $20.50. Specially reduced; for this sale to $18.45 All our self and fur trimnie1 crashed plush and Bolivia Coats formerly marked from $.12.50 to $30.50 inclKdetl in thin group for our grand oenin; sale at, each 1 $24.85 An extra high grade group of novelty curl cloth Coats in smoke pearl and slate gray with luxurious fur Hollar to hmtcii. ltegularly pricetl up! to $15, now i A:i , $29.85 Beaatiful crashed plush and Bolivia Coots with heaver trimmed collars and the season's n civ est bell sleeves," splendid values up to $69 for quick sale at $34.85 We Announce Two More Serisat j - ) Geaat ibnal 'jEyeri'to ' " -. :' " ? " Including Over 1000 Men's Shirte Formerly Priced Up to $5.50 This will be without a doubt the greatest furnishing event of the year and offers an un equalled opportunity for farsighted men and women who buy for men to buy shirts at really worthwhile savings. This sale Has been planned on the same principle as the 1 Cent Shoe Sale the cus tomer pays the marked price for one shirt and is then entitled to buy another shirt from the same price group for one cent. - l.-s Men's Department Main Floor $2.50 Arrow Dress Shirts 91. 08 for the first shirt, one extra' shirt for ' 1c $4.00 E. & W. Formal Shirts ' $3.08 for one shirt, another pleated front shirt, for 1c $ 1.35 Neckband Dress Shirts . ' - - $1.35 for the first shirt, one ' extra shirt for ! 1c Reg. $1.35 Neckband and Collar Attached . Dress Shirts In a wide variety, of neat -f 1 jwitterns of stripe and solid ,' P . the first shirt, extra shirt Basement. Li 1 CENT TT IT- A wn mm ! ONE CENT SHOE SALE Continues Daily in the Basement j s c Several lines of - women's suede novelty straps,' as well asj several lines of Men's, Boys' and Children's shoes have been specially selected in our regular balcony shoe department and are now featured in' the basement. More variety, better styles, and greater values. j ; kOi 1000 Yards 27-inch Fast Color Ginghams Received Today While quantities last we will sell to the first 200 custom ers to make a purchase of $3.00 or more in the Dry Goods De partment. Regular 20c quality fast color, light or dark check, 27-inch Gingham, at per yard .1 1 . lc Limit 5 yards to each customer. i "jl'nl Main Floor Dry Goods Section Notable Main Floor Specials Men's Blue Chambray, regular $1 Work Shirts ..... .59c Regular $1.50 Heavy Union Made Blue Denim Overalls i:iL..L...l.....$1.19 ' . ' . , . 4 . ' ' . ... TMen'si J!1.7? lnrwo cliana Pans ill citds ' ' Y- v .v WVy HU !7U(Vi7 .... ...... ..w... Women's Fibre Silk Stepins, peach, pink and Orchid Extra Special Grocery Features Friday-Saturday Xutola Margarine, ; 3 lbs. for . 69c Picnic Shoulders per Ibi . . .20c Baron Squares, per lb. .......... . . . .'.14c Bed Fancy Alaska' Salmon, 1 lb. can....20c Carnation Rolled pats, pltg ; , . . .29c Boiled Oats, O lb. sack, special . ...... . .47c libby's IVrk and Beans, 3 medium cans.2c Crystal White Soap, C bars for. .23c Boyal Club Coffee, 1 lb. tin. .;. F ,. ,45c Full Cream Cheese. S lbs. for ....... .49c Puree Tomatoes, Xo. 2 1 tins, 2 cans . L . 25c Lcikeview Peas, 3ro. 2 tins, 2 cans. . . . i .25c Bulk Cocoa, 4 lbs. for ..1.23c Bulk Madaronl, 4 lbs. ; . . . . . . ...... . . .23c White Wonder Laundry Soap, 13 bars,., 40c Peaberry Coffee, special, per lb.. . . . . . . SOc Magnola, Japan or English Breakfast Tea 39c Palmolive Soap, 3 bars for. .:. .SOc Boyal Baking Powder, 12 oz. can. . . . . .S9c Golden Bod Wash Powder, reg. 15c pkg.. ,5c ..1. i .i.;.98c .1$1.25 Begular $2.43 Silk Chiffon Taffeta, 36. inch wide, all colors," yard -; j . .$1.98; : ;Vr--. :;- Begular $2.45 quality 30-inch SaUn MessaUne, all colors, per yard "f $1.98: , - v. ; , ! Reffular $,'1.63 grade 40-inch Canton Crepe, all colors, per yard $2.98 Regular $2.45 Crepe de Chine 40-inch wide, all colors, yard $1.98 Regular 20c China Cup and Saucer 12V2C While They Last 49 Lb. Snowdrift i Flour $1.75 $6.95 Barrel This is a real value Brooms 49c ! 49 Lb. Sac!: Olympic Flour $1.79 i i