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About The Oregon statesman. (Salem, Or.) 1916-1980 | View Entire Issue (Aug. 3, 1930)
T A Mmkemge Tenml Denied in 'Oregon ito Logan and Ervan FiSo Connection IWitlu Overbeck and Cooke Cause Cited For' Withholding j Application of Logan and Bry an, New York brokers, tor & stock broker's permit, whi-h t. uld en title them to operate In Oregon, was denied by Mark McCallistet, state corporation commissioner. In an order made public here Satur day. The refusal was based on Lo gan and Bryan's previous connec tion with the defunct Overbeck and Cooke brokerage house in Port land. The Overbed: and Cooke eompany failed January 30, "128. James P.. Cooke, president, and C. A. Goodwin later were arrested and convicted, on charges of mis appropriating funds of their cli ents. Cooke is now serving a terns In the state penitentiary. Tor many years prior to Jan nary 30, 1928." read the order prepared by Mr. MeCallister, "Overbeck and Cooke company, an Oregon corporation, was engaged In the stock and grain brokerage business in Portland and Walla Walla. It was not a member of the New York stock exchange or any other exchange. Not being a mem ber of an exchange, it executed orders placed by Its customers to purchase and sell through the New York brokerage firm'of Logan and Bryan, which was a member of the New York stock exchange. Execmted All of' firm's Orders "During the long term of years In which these two firms operated In .conjunction, Logan and Bryan were connected with Overbeck and Cooke by leased wires. Logan and "Bryaw furnished stock quotations. street gossip, financial news and other market information by di rect wires. All orders placed by Overbeck and Cooke were execut ed by Logan and Bryan, who per mitted their name to be. used In advertising In connection ith the operations of Overbeck and Cooke. "Overbeck and Cooke company was capitalized at $10,000. It had no financial responsibility, yet It handled millions of dollars of se curities of its customers, many of whom dealt with the Overbeck and Cooke company upon the faith of the supposed legal and financial connection of that firm with Lo gan and Bryan. Loss Will Exceed Million and Half "Overbeck and Cooke failed January 30, 1S28. The loss to Us hundreds of customers. It appears, will exceed 1. 500,000. The all ure primarily was due to the prac tice of the managing officers of Overbeck and. Cooke company in trading against its customers, or in other words, taking the side of the market opposite that taken by the customers. At the time of the failure the customers had purchas ed, on margin, and had not order ed resold, upwards of 90,000 shares of stock. "These orders were filled through Logan and Bryan. The managing officers of Overbeck and Cooke company had, at the time of the closing sold against their cus tomers, apprcximately 77.000 shares. These sales were made through Logan and Bryan at the time of a rising market, when it was a matter of general knowl edge that the public was on the long side of the market. Negligence Held Against Company "Logan and Bryan knew that the Overbeck and Cooke company was supposed to do a strictly brokerage business. They knew the public was buying and not sell ing, and had knowledge of the con stant downward trend of the nam- ber of shares held by Overbeck and company for their customers' accounts. They knew Jhat during t?-thxee years before, the failure. Overbeck and Cooke company aia the largest business in its history. They also knew that it the officers of Overbeck and Cooke were trad ing against their customers in a rising market . it was inevitable that a serious loss would result. "Logan and Bryan also knew from their close toach with the local situation that the large busi ness being done by Overbeck and Cooke company was largely be cause of Its connection with Logan and Bryan. Culpability Or CareleuMM -, "Logan and Bryan shonld have known of the practices ox tne or fleers of Overbeck and Cooke com nany. If they did known, their conduct was1 most dishonorable. If they ' did not . know, then,' under V of the confidence reposed in thorn h by the public, their gross neglig ence, in not ascertaining too fact, -which a most sursory ; inspection: of their own books and. the books ikv oi umvect gnu own, umytuj would have disclosed is equally reprehensible. ."From the day of the failure until now. It appears that. Logan ' and Bryan have failed to do any thing to indicate in any manner that they have any regard, for those who suffered losses, though they know full well that but for their name, their prestige, the sit uation resulting in the j lo-sce conld not have arisen; "In addition, they have refused to submit the question of their liability to the courts having Juris diction where the losses occurred," bnt closed their Portland office and left 4he state when the ques tion of their liability was .sought to be established. "From the books and records of Overbeck and Cooke and -other evidence, that has: come into Bty hands, J ai4 Informed and believe thafthe firm of Logan and Bryan knew, "or should have known, of the1 trading operations of the of ficers of th Overbeck and Cooke eompany, through the J. R. Smith acconnt and' other fictitious accounts."-- --' v' - r I ASSASSINS' VICTIM LAID TO REST 1 ti ' r.: mi, US JcnBrttrBy' J" of the famous Detroit radio an nouncer who was slain by gang sters, with her father-in-law, : J. C Buckley, and her daugh t ter. Son Uarie, as they left Glenn Sues Firm For Non-Delivery Of Water Bonds Damages. of $3200 are sought by Fred Glenn from Knapp and Goes as result of alleged failure of the defendants to fulfill a con tract and turn over to the plain tiff water and sewer construction bonds issued by West Salem. Glenn. In his amended com plaint filed yesterday in circuit conrt, says that following bis con- m W j w 1 f : V .;'-Jv-V- 'Sf J,isv' -1 AFTER the WEEK-END TRIP Plenty of ai5 DOWN WATER ST. JOHNS SALEM . 'Lr-i IP" CRESHAM OREGON CTXT (WM-I . The OHEGON V f eir home fer the sorre wf ul jenraey to the cemetery when we popular announcer was bo ned. A sage crowd of mourn ers, paid final tribute as the body was lowered Into its grave. - tract with defendants, the city of West Salem Issued $2S,000 water and $7,000 sewer bonds to the defendants in March, 1930, but that Knapp and Goes failed to de liver them to Glenn. The con tract called for turning the bonds I over ai s so on tne floe, tne com plaint states, and on this basis loss to plaintiff totals 33200. , DUBLIN (AP) The birth rate in the Irish Free State, according to late official figures, is still high. Dublin leads with a 1.1 births a thousand of nonnlatinn Cork coming next with 28.8. Hot Water with ah P. LENTY Elect I fit instills n AUTOMATIC ELECTRIC H EATER balance on convenient terras! , We believe that the vacation of Trade Street, as petitioned for by the Paper Company, is fully justifled in view of the benefits which will be derived by the citizens of Salem from the ex pansion of the Paper MuL - ; SALEM NEEDS ADDITIONAL PAYROLLS ; LETS HELP GET THEM- &actficQldrihwesti PUBHQ SE!O;C0MPAtW 9 STATESZ1AW. fialeeu Oregon, sHoionorj STREET LUIS Legal Action Must Wait for Forma) Hearing Called Later by Council (Continued from page L) be done until all the remon strance signers have withdrawn or until two thirds of the proper ty holders of Salem petition the street vacation. Another councilman . declares the argument over the vacation la foolish and that the street has little value to the city except for industrial uses. He says the council should .approve the meas ure and get the industrial' payroll increased as soon aa possible. A third councilman declared he wouldn't budge an Inch to vote! yes" until the cinders were ban- ned h tha nlnn nlll'a agreement after which he Woold bo Inclined to release the street. cm Alderman Epitomizes Sphinx Another alderman maintained an enigmatical and sphinx-like countenance and said he wonld announce nU vote when the mat ter came up and not until then. one city solon declared he was opposed to street vacation "as a matter of principle" but declared mai an rules were made to be broken. He Indicated that the increased payroll the paper mill wouki nnnr ana additional rant. tal Investment in a new building. warreniea releasing, the street. Anotner councilman declared he was not yet decided on how he wouia vote. He thinks the 43- root strip too wide and believes it will bottle up Trade street.. Not for months has a public Is sue anecung Salem citiiens, aroused ao much comment. Near ly 5000 signers bad been secured up to Saturday night on petitions requesting the city council to va cate the street. BUTLER RECTPKRATTNG SALEM HEIGHTS, August 2. Kelton .Butler la home from Mill City, recuperating from a minor accident. He bad the mis fortune to cut the end off one thumb while employed at the mill. He is leaving soon for Yak ima, Wash., to accept employ ment, with a large fruit concern. ready AUTOMATIC ric Heater of hot water ready for the h wi jm m tna quick shave ...the tub full of soft,8udsy water.. .and all automatic! ...life con tinues to be joyous to the last moment of the week-end! , With art AUTOMATIC ELECTRIC WATER HEATER, hot water is al ways ready. The tank is always full and the automatic control turns the elec tricky on and off to maintain an even temperature. You. never have to won der whether the heat is off ... or if there'll be enough hot water for emer gencies. The coat of open, atkm is negligible. ' t . There is a size and type of Electric Water Heater for every use. Consult our en gineers about your heater, , without obligation, of course! -" s . . .. r-: : D . ertreteiw. inuivtinnni HZIXSBORO' Sunday Mornln ATOst 1 More Than Two-Thirds of -Motor Vehicles in Oregon Equipped With NewPlates Approximatelr 215.aea f th 9C AAA -A . . muNi veniciee in tne state of Oregon had been licensed for the current year when the state motor vehicle department closed here Saturday night for the week-end. Officials said that this does not mean that 119,000 car owners have not applied for their licens es, as there are several thousand applications sow on file which are yet to he cheeked preparatory to placing the plates in the mail. The records of the secretary of state show that in 1905 there were only 218 motor vehicles, including passenger cars and trucks, in the state of Oregon. This number was increased by 142 in 190C, and by 231 in 1907. The total reristra- tion for 1909 was 701 withfees aggregating 13.819. There was another substantial 1 i ,n,"ease 1,1 restorations in 1911, wb feM amounting to 347,316. I' 1930 . A total of 428 motor vehicles were registered in that year. The 1112 registration was 10,185 with fee aggregating $42,994. The registration tor 1913 was 13,957, with fees si 1 5 0,873. Registrations of motor vehicles and fees -during the period 1914 to 1929, segregated by years fol low: 1914 1915 191S 1917 1918 1919 1920 1921 1922 1923 1924 1925 1928. 1927 1928 1929 1 0.347 23.585 33.917 48,432 3,325 83,332 103,790 118.615 134,566 152,975 177,587 199.517 215.832 224.715 232,463 236,284 I 77.592.00 108.881.50 146,254.00 196.787.50 481,422.00 . 02.239.00 2.085.16S.00 2,340. 519. 58 5,340,931.50 4,069,609.40 4.766,453.30 5.370.201.78 6.017.769.40 , 527,340. JO .929,220.87 7.483.873.17 Our Complete Line of Home Furnishings ST Contract goods excepted Over 100 Pieces Liv ing Room Furniture Induding upholstered arm chairs and wing chairs reduced from 25 to 30 and now priced from $9.00 up. Sofas in varying styles cut from .$98.50 to $61.50 and $62.50"to $42.50. Also book-cases, cabinets, gate-leg tables, secretaries, tea wag ons, console tables and mirrors, etc all ruthlessly cut in price. Matched Suites as Low as $63.00 These include all the most popular woods" in a great variety of effective, modern treatments. Dining Room Furniture Many matched and open stock suites' on -which prices have been cut as much as 25. Individual pieces consist of sideboard, serv-.... er, china closet, draw top table, arm chair and side chairs. Bedroom Furniture 26 matched and open stock suites, some cut 25, others as much as 30 and 40 and ranging in price from $64.00 np. . Furniture for the -s Porch and Kitchen ' -. - . 'i Wicker suites and odd pieces, kit chen tables and chairs, all for much less. Reduced as much at S10 Court Gtrcc. OFFICIALS Toenuir , Connty school superintendents from all sections' of Oregon Hl father here Monday tor a three days convention. The address of welcome will be given by Governor Norblad, fol lowed by an address by C. A. Howard, state superintendent of schools. Monday's sessibn also will include addressee by Martha E. Mulkey of Coos county. Kath erine J. Harris of Curry county, Mary L. Fulkerson of Marion county, Edna Geer of Linn county and James M. Burpee of the state department of education. Revision of the county school supervisory law will be discussed by Josiah Wills of Polk county, Edith S. Arkert of Douglas coun ty 'and' J. A. Yeager. of Umatilla county. The association dinner will be held Monday night. This is the second year that the county school superintendents 9 ' JS:'(fitm(fi PAGE SEVEN have held three day convention la Salem. Cupid Gets Good Start For August August has made an auspicious4 advent, so far as Little Mr. Cupid is concerned, tor in the first two' days he succeeded In sending eight couples to . the county clerk's of fice for the requisite licenses. Four marriage licenses were issu ed Saturday, as follows: -Orval Otto. 20, Brooks, farther. and Emmallne Sears, IS. Brooks, student. They were accompanied by his father and her mother, both of whom assented to the certifi cate. Loren Loose, 21, 3 SO Oak street, salesman, and Bethine Poage. 21. 245 North High street. cosmetician. John D. George, 362 State, em ploye city engineer, and Lillian Dabt, 23, Silverton, cashier. Vernon C. Haley, IS. Independ ence, laborer, and Ruth Stryker, : 18, Independence, student. r 11 v.