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Newspaper
Eugene Weekly Guard
Location
Eugene, Oregon, United States of America
Date
Oct 24, 1907
Page
2
Creditors of F Augustus Heinze demand a receiver for his defunct firm tied to the United Copper collapse. They claim debts near 600000 while market turmoil deepens as United Copper and Amalgamated face losses and banks threaten loan recalls in New York and Chicago.
Otto Heinze & Co. announces Arthur P. Heinze is no longer a member and says the firm remains solvent but will not pay disputed obligations. It may suspend from the stock exchange while awaiting further adjudication. F. Augustus Heinze weighs resignation as Mercantile National Bank president amid United Copper Company tensions. The suspension was officially announced on the exchange.
Helena reports a run on State Savings Bank of which Heinze is the leading stockholder and director. The bank used a thirty day privilege and closed its doors. No other banks are affected.
Feverish activity marked New York trading as investors reacted to yesterday's nervous session. Fluctuations dominated dealings with notable moves in major issues amid cautious bets and shifting sentiment as markets absorbed early gains and losses.
New York Oct 17 Amalgamated Copper reports a 1 percent quarterly dividend, down from 2 percent earlier. The Boston & Montana Consolidated Mining Company declares a quarterly dividend of $2 per share plus $4 extra, versus $2 and $10 extra three months ago.
Trading in active stocks showed limited progress as heavy selling pressed Amalgamated Copper to 48 3 4 while a late rally lifted it to 50 1 4. The day featured volatility with swings in prominent issues and broad participation from investors.
New York rumors say four other firms besides Gross and Kleeburg, forced to the wall yesterday, suffered heavily in the operations of Otto Heinze Company in United Copper. Gross & Kleeburg were among those affected.
Oklahoma City report says the National Farmers congress adopted resolutions in favor of reciprocity with foreign nations to enlarge American markets. It endorsed the initiative and referendum, opposed free seed distribution by congressmen, and backed improved waterways and roads.
New York reports a setback as Mercantile bank shows a debt balance of 1 900 000 and National Bank of North America 850 000 at the clearing house. The figures indicate heavy withdrawals, though the clearing house will extend aid to both banks.
In New York on October 21 an involuntary petition in bankruptcy was filed against Otto Heinze & Co., brokers, whose stock exchange suspension was announced last week. Creditors led by William H. Robotham, assignee of Gross & Kleeberg, claim 325,373 dollars and other smaller amounts. The petition alleges preferential payments of 2,000,000 in assigned securities to Merchants National Bank and another 100,000 in favors. Arguments on appointing a receiver were postponed to Wednesday.
At a Sunday bankers conference, leaders decided to drop certain methods that built chains of control by buying banks and using stock as collateral to acquire more banks. The practice created a pyramid of linked institutions and deposits. The crisis’s severity was acknowledged, and a full cure is expected to follow.
Nashville on October 22 reports the president stating that stock market troubles stem from dishonest behavior and that his policies aim to punish it. He vows to persevere with the same approach for the remaining sixteen months of his term, regardless of impact.
We are selling Victor talking machines on installments Call and get a machine try in 30 days and if not satisfactory return at our expense No money in advance ad 622 wit Eugene Gunco c L Williams the logging contractor is down from Bow river engaged in netting out a drive of 1000000 feet of logs for the Eugene Lumber Company The logs will be banked awaiting cars to bring logs to Eugene
Civil engineer Klovdahl of the Eugene & Eastern Railway Co begins a preliminary survey for a northbound electric line from Eugene toward Junction City to connect with the Salem Portland route. Multiple candidate paths along the river road will be tested before a permanent route is chosen.
The report notes construction pushes in Portland with the McKenzie line scheduled to begin near Springfield in early spring and initial power plant work at Martin's Rapids to start within weeks The line passes through the Gross addition where the company holds an interest and a cut near the Masonic Cemetery is nearly finished enabling cemetery access perhaps by next Sunday
Howard Wentworth Rowland formerly of Eugene and Miss Eugenia Glass Chapman wed in Seattle on October 19, 1907. Rowland formerly served as city editor of the Guard. friends in Eugene extend heartfelt congratulations.
In Eugene on October 18 1907 T A Campbell and wife welcomed a son weighing 1 pounds. On October 20 1907 Doe Black and wife welcomed a daughter weighing 1 2 pounds.
A Mobile merchant touts Ballard's Horehound Syrup as a cure for coughs and pulmonary diseases. A local resident testimonial claims five years without winter coughs due to the remedy, and J. W. Hollis was transported home after a visit to Junction.
Lane County contributes 21 of 876 students at Oregon Agricultural College Corvallis with eight locales including Eugene Junction City Creswell Cottage Grove Lorane Elmira and Star area representations. First time registrants include 209 from high schools 74 from academies and 46 by examination. Courses pursued cover agriculture household science mechanical electrical pharmacy mining civil engineering literary commerce forestry sub-freshmen special music specials and graduates.
The twenty fifth annual convention of the Woman's Christian Temperance Union of Oregon closes with 109 delegates and visitors. Notable figures including Mrs Burrows Newport and Mrs L A P White Newberg attended along with longtime leaders. The retirement of Mrs S F Addison marked the sole notable incident as the union maintains its ongoing active role.
Advertisement touts Hyomei as the sole germ destroying remedy for catarrh, claiming rapid soothing of irritated mucous membranes and destruction of germs without stomach drugs. It highlights a pocket inhaler, a refund guarantee from Hull's drug store, and a total outfit price of one dollar.
An old advertisement for Dr. E W Hall of St Louis offering Hall's Kidney and Rheumatic Remedy sold by mail for one dollar with testimonials available on request. Sold by Hall's Drug.
A local notice highlights fire sets in cast iron and wrought iron finishes offered by Griffin Hardware Co. The terse ad emphasizes neat workmanship and product availability for home heating and decor.
The Warren Construction Company has installed a Boise arrived paving plant replacing the old one. A second rock crusher will double output, with both crushers operating together at the west slope quarry. The team plans winter paving if weather allows, then ramp up next spring to complete new contracts.
Elmer Wells of Springfield, a guard's compositor, was robbed at Judkins Point while riding home on a pony. A man stepped from brush, grabbed his coat sleeve, nearly dragging him from the horse, prompting Wells to spur away as the robber lagged behind. The coat was torn in the struggle.
The frightened individual states he will keep returning via the same route and will be prepared for any future site attacks.
Williams salve with arnica and witch hazel claimed as the best spot healing salve for cuts bruises sores ulcers salt rheum and skin eruptions. Sold by Lint Drug Co Williams Mfg Co. proft. W M Weaver reports 3260 head of sheep shipped on a special Imperial train. 8 M Daniels of Salem died in Salem yesterday. E C Wigmore formerly of Monmouth will travel from Kent to preach the funeral.
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