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, | Music Genius has Produced these lnstrumentgfgl : to Make Life More Complete to You E3 | Playerâ€"Piano â€" FPiano â€" Phonograph ‘% tAog: Â¥oc NB a on en | Impaiyrment of Latter‘s Reserves Results in Directors $ 4 m-nmgmwwwud ; of Montreal of One Share for Two and _ _ $1,050,000 in cash. 8t DEPOSITS HELD BY THE MERCHANTS SAFE BEYOND DOUBT MONTREAL, Dec. 17.â€"The proâ€" posed absorption of the Merchants Bank of Canada by the Bank of Montreal, subject to ratification by the Merchants Bank shareholders, was officially announced here yesâ€" terday. The terms of the arrange ment by which the Bank of Monâ€" treal takes over the other institution are that each shareholder of the Merchants Bank will receive one Bank of Montreal share for two Merchants and the Bank of Monâ€" treal will also pay to the Merchants shareholders $1,050,000. Bank of Montreal shares were quoted on the exchange at $212, and the Merchants Bank at $157. When the bank opened toâ€"day aIl despositors presenting cheques will be paid in Bank of Montreal bills. The assent of the Minister of Finance has been secured to the proposed arrangement as being in the interests of the people of Canâ€" ada and it is generally considered at the offices of both banks that the necessary consent of the shareâ€" holders of the Merchants Bank will be secured at the meeting called for that purpose. For some time there has been rumors about the Street regarding the future of this institution, but an announcement of its absorption has not been looked forward to by the general public. The imminence of the event was first made public by the president of the stock exâ€" change receiving a letter from Sir change receiving a letter from Sir \ h!onugn Allan, â€" president of the’ Merchants Bank, stating the fact j that the Merchants Bank was to be taken over and requesting the withâ€" drawal of the shares from the exâ€" change list. Shortly afterwards the | following typewritten uatement‘ was handed out for newspaper pubâ€" lication at Sir Montagu Allan‘s ofâ€" fice. _ _ Absorbh Merchants Bank is" If Plans Are Approved "The directors of the Merâ€" chants Bank of Canada . have decided to recommend to their shareholders . the approval of the ©absorption of the Merâ€" chants Bank of Canada by the Bank of Montreal. They have come to the decision on acâ€" count of the following circumâ€" stances : "Some time ago the directors of the Merchants Bank having reason to fear that the bank‘s affairs were not in the condftion as disclosed to them, came to the conclusion that it was neeâ€" essary, in the bank‘s interests that a thorough examination of the bank‘s affairs should be _ll _ f5EKING@STREET WEST, KITCHENER «4 o made by A suitable person. ® ts ‘They secured the services of of H. B. Mackenzie who was forâ€" y merly the general manager of j ‘B, the Bank of British North Amerâ€" * s ica and is now “anenl manâ€" C & ager of the Royal Trust Comâ€" j nâ€" pany, and his report . showed | on | that the bank‘s rest was ser [ |‘ he| dously impaired. The directors |! ne| of the Merchants Bank have |‘ wo now obtained from the direcâ€" I nâ€" tors of the Bank of Montreal, 1 ts subject to the approval of the || ! _ Governorâ€"inâ€"council and _ the »rei shareholders of both banks, an 12 offer to absorb the Merchants‘ ‘ 1" Bank, and in view of the above | ay facts the directors of the Merâ€" ‘ C# chants _ Bank (who _ control al | large holdings of its stock) ‘ er| have decided to advise their | he shareholders to accept the ofâ€" | in fer of the Bank of Montreal. | 8 A meeting of the shareholders | ed | of the Merchants Bank of ist Canada will soon be called to “'l submit the matter to them as an | required by the Bank Act." ed D. C. Macarow, general manager of the Merchants‘ Bank, this .lvl ;ent"e"’““ declared that the last ing annual statement of the bank, ut i nmamely, that of April 30 was preâ€" lon‘ ‘pared and audited with more than by usual care, in view of which ald\ ce § 2189 of the further fact that nothing lic | 148 happened since except in the ex_‘direcuon of improvements, he does gip : 10t understand the basis on whlch‘ thelfl’" president‘s statement rests. 'act: No statement was forthcoming at be the head office of the Bank of Monâ€" ithâ€" treal, and it was learned there that ex. , the terms of the merger would not me!be announced until the notices ent ‘ calling a â€"neeting and explaining :ubâ€"-‘ the proposed merger were set out o(-‘to the shareholders. No further statement as to the proposed terms c |was given out at the head office of ,, _ the Merchants Bank and the matter ir was the subject of a good qleal of of conjecture on the Street. The noâ€" râ€" tices calling the meeting of the 16 shareholders will go out from the re \Merchantu Bank office immediately e: and the gathering will take place s some time about the end of Januâ€" ary, as under the Bank Act six week‘s notice has to be given for all such special meetings of share holders. Life is a medley of moods and conditions. Some we would not wish to lose. But othersâ€"who would not gladly bring into his life a new heartâ€" soothing gladness? Music is the oldest and greatest joyâ€"instiller the world has known. Noâ€"music is not beyond you. Somewhere within you there‘s that musically sensitive soul. No more is needed. wit himncamt Over fifty years ago the founder of this business created the first Gerhard Heintzman Piano and laid the foundation of an organization which has brought the joy of music to countless thousands of Canadian homes. The Gerhard Heintzman Playerâ€"Piano makes the whole world of music an open field for you. You can choose the daintiest, the noblest, the fairest of its blossoms according to your mood. Dollar for dollar, you will find the Gerhard Heintzman Playerâ€"Piano the most fruitful investment you ever made. It will do more for your tired nervés than all the drugs in the world. It will soothe a businessâ€"wearied mind more effectively than any stimulant. y proposed Bank reserves, to which the nhr-‘ ence is made in the statement isâ€" sued by the President, is understood to be largely due to the institution being heavily involved in the failâ€" ure of Thornton, Davidson and Comâ€" pany, well known stock brokers of this city in July, 1920, who failed for a sum estimated, to exceed a million dollars. Ma kes No Statement Seen last night at his home, D. C. Macarow, the former gemeral manâ€" ager of the Merchants‘ Bank, deâ€" clined to make any statement about the new appointment that were an: nounced yesterday of his success ors, or to comment in any way re garding the action that had been taken. He was emphatic, however, in his assurance that there was no quesâ€" tion whatever as to the safety of the deposits made with the bank. Assets Tied Up. | Opinions in the street are thltl‘ one of the banks‘ chief difficulties, apart from its being inrolved to an| amount estimated at $4,000,000, in| the failure of the brokerage house of Thornton, Davison and Company, arose from the large proportions of| its loans which was confined to Canâ€" ada. The last statement showed that of total assets of $190,000,000 over $130,000,000 were tied up in Canadian lcans, stocks, etc. The bank was, }heavfly interested in commercial :nd] mercantile risks and the general lsunnion of business rendered the‘ loans less liquid, while the shr{nk-! age in values destroyed a heavy pro] portion of collateral. While in the inâ€" ‘stance mentioned earlier, the bnk' admittedly met â€" serious financial l o s s . it was not deeply inâ€" volved in the stock brokerage branch of banking. The last statement shows |only $7,000,000 in call loans on stocks bonds and debentures. Position Not Disclosed President Allan‘s statement that the directors felt that the bank‘s poâ€" sition was not disclosed to them was explained last night by an official of the bank as perhaps referring to the1 fact that the shrinkage in collutemli had not been duly considered in the reports to the board. ‘ Applicants for Naturalization Come Before Judge A number of appircants for nnlur-| alization made their appearance beâ€" fore Judge Hearn at the nonâ€"jury sittings on Tuesday afternoo~. The following are the applicants passed upon by the judge: Dmytro Kuzyk, of Kitchener, a native of Galicla. John D. Tsacopâ€" oulos, of Kitchener, a mative of Greece; Nicholas Blum, of Baden, ‘n native of Austriaâ€"Hungary; Augâ€" ust Franz Matthies, of Hespeler, a GERHARD HEINTZMAN Gerhard Heintzman Piano s ,"o Gerhard Heintzman Player â€" Piano ~ of Elmira, a native of United States; tive of Germany. TWO BIG BANKS TO AMALGAMATE | * MILLBANK 4 Misses Marion and Eva Rutherâ€" ford were visitors at Stratford on Mrs. W. E. Brownlee visited Mrs. R. Cathcart of Linwood on Saturday. The concert held under the ausâ€" pices of the Women‘s Institute on Friday evening was quite a success. about $4,00 being realized. Mr. Heaton died at his home here after only a few day‘s iliness. The remains were taken to Stratford for burial. Our sincere sympathy goes out to the bereaved family. The reception and tea held at the home of Mrs. A. Miller was very well attended and a nice sum was realized. Mrs. Wm. Mason returned home after visiting her daughter near Moorefield. Mrs. Livingston of Port Rowan visited friends here last week and her sister, Mrs. Wm. Turnbull reâ€" turned home with her. Frank Baxter of Cartholme is visiting at Mr. Alex Chalmers. Misses Alma Stewart and Isobel Tyack of Elmira visited Mrs. Bert Wray last week. Bert Wray went to Toronto last Friday and brough home his little son, Bruce, who has been at the Sick Children‘s Hospital. Dr. and Mrs. Henry McFaddin and little daughter motored from Thorndale and visited the former‘s parents, Mr. and Mrs. Dave McFadâ€" din. s The Mission Band of the Presbyâ€" terian church held a Thank Offering service last Saturday. The amaigamation of the Bank of Montreal and the Merchants‘ Bank of Canada will be announced soon, it was said in financial circles here this afternoon. An unfortunate accident occurred here Wednesday evening when Mrs. N. Schmidt was suddenly hurled to her death when her skirts were caught in the gasoline engine, while butchering at J. Dietner‘s. The deâ€" ceased was 75 years of age and has lived in St. Agatha for about 20 years. She leaves to mourn her loss, a husband and only daughter, Mrs. J. Greyerbiche. The sympathy of the entire comâ€" munity is extended to the bereaved family. Personal Harold Ball of Monkton, spent a few days at his home here. > Do it NOW Send us your order for a year‘s subscription to the Chronicle Teleâ€" graph. $1.50 will pay for nearly 14 months or to 1 Feb., 1923 8T. AGATHA HEAD OFFICK â€"â€" TORONTO NEW YORK, Dec. 16. ~Senator E. Borah of Idaho deciared in an adâ€" dress last night that he would vote in the Senaté for cancellation of every dollar of Europe‘s debt to the United States if Europe ‘would "put berself right" by revising Versailles treaty "so that the mas the original spirit of the peace." SCARLET FEVER SITUVATION AT CegRAHON MA ORCRLWTADA EUE EO HESPELER. L. Rayfeld, V. C. :::‘nmmm dent; J. F. Marsh, secre Dr. Hutchison, Medical Health * P ‘Dowtlet officer, stated this morning that tetx: -.n;! Major Wood, there were no new cases of scarlet Erexevres . t Mr. Marsh stated after the meet. ever. All the patients are now a doing fimne. There will be no Sunâ€" ing that NMr. King me flsb i ; tion that the proposals of the G.A. day School services tomorrow but :; Â¥. on and N uy mmarch sermicts n ,on, 96| uaot nc more mamtnn se m pui)lic places would be opened on by the aesociaiton, pricr to the tlee 4 tion, would receive attention when Monday but would not state anyâ€" the new House convened. think definite on the subject. He also promised that the whote coLLEGE BOYSs HOME men and women and dependents Leslie Black, Gordon Preston,| would be reopened by & committee Everett Weaver, and mang other of | of the House. the Hespeler boys who are attendâ€" ____â€"_â€" ing the various colleges are home SHAREKHOLDERS TO voTe fo rthe Christmas holidays. smedeadsas JIM VISITS U. 8. (Canadian Press Service) James Flynn left yesterday fO"| . prpawa, Dec. 19.â€"It Was stated Holyoke, Mass.. wheer he will be at the Department of Finance this the guest of his aunt and uncle, Mr. morning that the next step in the and Mrs. James McTearnen, and amaigamation of the Merchants other relatives for next wgek O §0â€"| n.ny of Canada with the Bank of Samue! Paunabecker Dead Montreal would be the vote of the Samuel _ Panabaker . died MOW snarehoiders of the Merchants On day. _ He had been in poor health|ime question of whether or not they for several months. â€" He was in bis fayored the action. Four weeks‘ noâ€" 78th year. Deceased was & well|tice has to be given for this meeting. known and highly respected citizen of Hespeler. He was a farmer, blackâ€" GANG IN THE TOILS smith, carpenter, and of late years| HAMILTON, Ont. Dec. 19.â€" Rus ‘butlt fences. At one time he was|sell Burke, 22; Claire Burke, 18; a justice of Peace, when living in Allan Pemberton, 19, and Harry ‘Welllngton'county on the farm. He|Garney, 20; were in the _ county has been in the Hespeler town counâ€" police court this morning charged Cuia is inss af an autamobile and cil. â€" He leaves a wife and grownâ€"up family to whom the sympathy of all is extended â€" The _ funeral _ took place on Thursday afternoon fromi his late residence on Nelson street and was private. DIED IN MICHIGAN:; BURIED IN w HESPELER Word was received in town of thel death of Nellie Thompson, wife of Elizah Eagle, a former resident of' Hespeler. She died at _ Saginaw, Mich, on Tuesday, Dec. 13. . The reâ€" mains arrived at noon Thursday in Hespeler and the burial took place Thurs. afternoon, Rev. Buell of the Methodist church was the officlating clergyman. Scarlet Fever Epidemic under Control The scarlet fever situation in Hesâ€" peler is much better. All cases are getting along fine. . Dr. W. G. Hutâ€" ‘chison stated this morning that there were no new cases an dall the HESPELER If you playâ€"or if you wish your children to playâ€"yOu Will WATM® "*"~ °~** piano you can own. When the moment comes for you to buy we feel sure that the Gerhard Heintzman will find that big, vacant spot in life as no other piano could. It is genuine 24â€"carat goodness through and through, good for 865 days‘ pleasure each yearâ€"for many years to come. n In tone it has the bewildering richness that is ever new inspiration. Sweet and soothing, mellow and sound, broad and fulsomeâ€"whatever the mood of the player it has an answering toneâ€"quality that fascinates. * For those who would have always at their command the greatest music of all timesâ€"vocal and instrumental, band and orchestra, opera and ragâ€" timeâ€"there is the Gerhard Heintzman Phonographâ€"the phonograph built by piano craftsmen. Product of the same musical genius which creâ€" ated Carda‘s Greatest Piano, it brings to you a new coneeption of musical reproduction. Clear and full, without the hint of anything mechanical, its wonderful tone will never cease to charm you. Plays all makes of records as they should be played. Gerhard Heintzman instruments are now offered at oldâ€"time prices and on easy terms. Come in and let us demonstrate to you. Select your choice of instrument The Gerhard Heintzman Phonograph to be commenCed on the way hn“fio@.l- -L.q SAMUEL PANNABAKER BURIED. The funsral of ‘the late Sammel Pannabaker took place yesterday af terncon and was largely attended by relatives and friends. The services at the home and at the cemetery were conducted by Rev. Mr. Cober, HON. W. L. M. KING AS SECREâ€" TIVE AS LORD KITCHENER, OTTAWA, Dec. 16. â€"Generous treatment for all exâ€"service men and women and their dependents was promised yesterday by Premierâ€"elect King when he was waited upon by a delegation of the G. A. U. V. The delegation was composed of the W. L. Rayfeld, V. C., Arst viceâ€"presi treasurer. Mr. Marsh stated after tha meet ing that Mr. King assured the deleâ€" wation that the proposals of the G.A. ment which were submitted to him by the association, prior to the elecâ€" tion, would receive attention when the new House convened. He also promised that the whole men and women and dependents would be reopened by a committee of the House. GANG IN THE TOILS \ HAMILTON, Ont. Dec. 19.â€" Rus sell Burke, 22; Claire Burke, 18; Allan Pemberton, 19, and Harry Garney, 20; were in the county, police court this morning charged with the theft of an automobile and were remanded. All belong to Winona. William McEvoy, generai merchant, who was robbed Saturday identified the quartet as the gang who held him up. OLD MUSICIAN DIES HAMILTON, Ont., Dec. 19. â€"Wi liam T. McDougall, a wellknown . We will hold for Xrims delivery, Hamilton musician, who won an inâ€" ternational reputation as a cornet player, died here toâ€"day. He was one of the oldest members of the 13th Band, travelled from eoast to coast with many wellâ€"known operas and was associated with the grand opera orchestra for 25 years. . LARGE MAJORIT sumption of debate on the tru!y‘ with Ireland in the House of Comâ€" mons this afterncon, Arthur Handâ€" erson, Labor leader, stated that the Labor party welcomed the treaty and hoped it would be ratified. Whether the House would come to a vote on the question of ratMication ‘dufln; the afternoon sessiqn was a matter of conjecture. VANCOUVER, B. ©., Dec. 16 â€"In an effort to curtail the activities of beer clubs in British Columbia, an orderâ€"inâ€"council has been passed by LONDON, Dec. 16. â€" The House of Commons toâ€"day adoptâ€" ed the reply to the speech from the throne on the Angloâ€"irish treaty rejecting the Unionist aâ€" mendment to the address by a vote of 401 to 58. LONDON, Dec. 16 â€"At the re 44 CURTAIL BEER CLUB ACTIVITIES SUKN L1 HEad OrrFr | D id â€"wangire io :. ;o-l;c;:h;l:lers a total{ sum.of. considerably over iss fack that, since its formati the Sun Life has paid to One H BRANCH AT on ane permit to tweo d tles per day. . The put by private individuals i beer clubs would be & tion of the law. Four staff vacancief from resignations wer$ and three teachers ~enga cured for the fourth pO# teachers engaged were belie E. McBride of G Miss Margaret Kerr of and Miss Blanche The Listowel. All are for l Mr. Waiter Weber. is Toronto University brf mas holidays. Cold in the Chest;, Fowr Vacanciés. YARMOUTH, N.8, !â€" L AH ng