Casper Daily Tribune Newspaper, May 19, 1920, Page 1

Stringent Financial Condition Evidenced Liberty Bonds Hit Low Marks Today; Market Flooded as Money Tightens (By Associated Press.) NEW YORK, May 19.—Strin- gent credit conditions today pro- voked further extensive selling of Liberty bonds and Victory notes, mostly at low records, on the stock exchange. By 12:30, on sales approximating $20,000,000 par value, new points of discount were established by Liberty first and second 4s, seeond and fourth 4s and 41-4s and Victory 3s and 3 3- Heavy liquidation over the country or at private sales, was also reported by bankers and dealers in bonds. CURTAILMENT LONG TERM LOANS SOUGHT. (By, Associated Press.) WASHINGTON, May 19.—Curtail- ment of long-term loans, covering “non- essential” operations and discourage- ment of unnecessary borrowings of all kinds will be the foundation of the federal reserve system's new policy de- signed to deflate national finances. American bankers have pledged them- selves to co-operate with the reserve board in an effort to carry out the plan. Gov. Harding of the board believes the liquidation of superfluous loans will go far toward rectifying present infla- tion, ’ ——-. PROGRESSIVE LOAN RATES ESTABLISHED (By Associated Press) DENVER, May 19.—Banwers here Were requested today to assist inaction against loans for non-essentials, accord- ing to the statement of bank officials. The Federal Reserve bank for this dis- trict notified local houses that it will not rediscount “automobile paper.’’ To discourage large merchandise loans banks have established progres- sive rates by which after a minimum} loan is made at a basic rate, now 7% to 7% per cent as against 5 per cent in 1914, the rate progresses for each one- third advance over the minimum loan amount, SOLDIER BONUS IS OPPOSED BY U.S. TREASURER (By Associated Press) WASHINGTON, May 19.—Secretary of the Treasury Houston in a letter to Chairman Fordney of the house ways and means committee today declared his opposition to any soldier bonuelport from Washington that higher legislation “however vinanced.” He said it would be “highly unfortu- nate” to place any new obligations on the treasury and suggested ‘that it} would be wise for congress to seek out additional sources of revenue to meet current expenses. HOUSTON, Tex. was captured by revolutionary forces and will be given safe conduct to Vera Cruz provided he leaves Mexico imme- diately, according to unofficial messages received by a local newspaper. The re- port could not be confirmed. eH _. CARRANZA IS CAUGH FREE PASSAGE (By United Press) HOUSTON, May 19.—Presi- dent Carranza has been cap- tured, says an unconfirmed wire- less to oil companies | here, which said the capture was ef- canpipaTes To |GENEWA, LEAGUE HEADQUARTERS ° > o ° 2 ON ASKED TO CALL (By United Press.) ROME, May 29.—The council of the League of Nations has decided upon BE PROBED ON PRICE OF RACE|WILS —_— (By Associated Press) able audit Yy tributions received in their behalf. WASHINGTON, May 19.—A favor- ange was ordered by the senate aot ng committee today on the Borah bs oe calling for an investigation ' Re senate into all expenditures made R epublican and Nemocratic presi- ‘al candidates as well as into con- Already Apparent stocked; Food Price Prices of shoes were reported was offering i Dentists also stepped into the pro- cession and reports from Omaha show that some dentists cut the scale 25 per cent. Silk shirts and suits for men are re- ported to have suffered 20 to 30 per cent! euts in Indianapolis. Ready-to-wear| clothing for women and children also ‘was offered at greatly reduced prices. Terre Haute, Ind., reported a 20 per cent reduction in all men’s and boys’ garments and shoes by one of the larg- est outfitters for men and boys in that territory. A report from the Pacific coast said that retailers of Fresno, Cal., had announced general reductions on silk goods from 20 to 25 per cent. — DOWNWARD TREND BELIEVED PERMANENT. (By United Press) NEW YORK, May 19.—Retail prices are definitely on the downward trend, leading merchants believe. Prices have} been cut 15 to 30 per cent on al! lines) of general merchandise by stores} throughout the country. 3 The drop is due to gradual slackening of public buying and tight money con- ditions. Business men, unable to obtain loans from banks, are selling their Lib- erty bonds to provide money for con- ducting business. Twenty-eight mil- lion dollars’ worth, of Liberty bonds were sold on the exchange here yester- day. People have delayed buying summer outfits, consequently merchants are overstockd. Nation-wide sales are in progress in. over-stocked lines. Men's} collars and ladies’ silk goods are prom- inent in the declines. Food brokerage houses predict that food prices will fall ext. (By Associated Press.) YOUNGSTOWN, Ohio, May 19.—Re- duction of 20 per cent in prices on near- ly all goods was announced by a large downtown department store here today. RARTCH WARNS AGAINST DANGER OF REACTION (By United Press) WASHINGTON, May 19,—Price cuts in clothing and merchandise are - the beginning of a horizontal reduction in the cost of all commodities, in Bernard M. Baruch’s opinion. “The nation-wide buyers’ strike against high prices has begun,” he said. “It will extend to food insofar as people re able to curtail consumption. If prices generally go down too far, how- ever, there is danger of a rebound. The limit of high prices has been reached and passed.” ADD STRINGENT STOCK LIST HITS NEW LOW MARKS TODAY (By United Press) NEW YORK, May 19.—The stock market list showed new low records to- day for the present decline in prices on stocks. Steel common got down to; 191, which is below February's low mark. American Woolen sold at 102, which is 13 points below February's low mark. Pan-American Petroleum by dropping six more points today eliminated large speculative holdings. ‘The market was almost purely profes- sonal and was influenced by announce- ment of higher call money rates. : Railroad stocks strengthened on a re- A 8K|W. rates would be granted soon. Sugar stocks remained steady jon reports that sugar companies will establish record learnings this year. GRAIN MARKET IS DEMORALIZED (By United Press) CHICAGO, May 19.—May corn fell nine cents on the board of trade today, Continued reports of declines in other commodities together with increased re tceipts and favorable weather were re- sponsible for further declines. T,GETS fected this morning. Gen. Obregon forwarded him passports and ordered Carranza to’ leave Mexico immediately, it Merchants Scramble to Unload Costly Stocks in Anticipation of Big Decline (By Associated Press.) CHICAGO, May 19.—Reports of price cutting in wearing apparel continued to sweep the country today. Owners of department stores announced reductions, ranging from 26 to 50 per-cent. one-fifth, while a ready-to-wear establishment in Omaha announced it/ stock at figures from 30 to 50 per cent below the ; Many Stores Over- s to Follow Suit in some quarters to have been cut| WEATHER FORECAST Partly cloudy weather probably with showers this afternoon or tonight in northeast portion; cooler tonight, Thurs- day generally fair, cooler in southeast portion, PERTINENT TO FEATURE MEETING OF STATE C. C. HERE JOBBERS PRICE TO MERCHANTS NOT YET DOWN Financial Stringency Held Ac- countable for Price-Cutting; Bankers Calling in Loans, Is Claim {Merchants not overloaded with stock and who are not being crowded to li- quidate on theip loans will make no haste to unload their goods in fear of a radical decline in prices, according to one prominent buyer in Casper,* who stated this morning that he attributes. late reports of price-cutting to the fact that banks, particularly in the east, are gradually calling in their loans, making it impossible for big borrowers to ob, tain additional funds. To retire their obligations price-cuttng, is beng reauiad to.and a hig increase In-baying results. ‘While it-is conceded that prices are due for a slump at any time, Casper merchants, it is claimed, have placed orders for fall goods at prices equal to and in many exceeding those of the past year. The ultimate price merchants will pay, however, will depend upon the price at the time of shipment. Sum- mer goods only have shown a decline at the present time, however, and travel- ing salesmen in town today were quot- ing prices on fall clothes in excess of those at which purchases were made for the past season. The wholesale market is erratic at the present time, it is admitted, and a decline is expected when jobbers and manufacturers are forced to keener competition to place their products. STRIKE LOSSES OF YEAR MOUNT INTO BILLIONS (By Associated Press.) NEW YORK, May 19.—An incomplete list of direct ‘losses due to strikes in 1919 places the cost of labor in wages at nearly $725,000,000,000 and to indus- try at once more than $1,125,000,000, Francis H. Sisson, vice-president df the Guaranty Trust company of New York, told the National Association of Manu- fasturers here today. DR.C.L.MEAD OF DENVER CHURCH IS MADE BISHOP, (By Associated Press.) DES MOINES,. May 19.—Election of white bishops for the Methodist Epis- copal church was completed today by the general conference. Dr. C. I, Mead of Denver was chosen on the ninth bal- ‘lot. (By United Press) DES MOINES, May 19.—Frederick T. |, Keeney of New York and H. L. Smith of Detroit were elected bishops in the hodist general conference here today. eee T. P. O'Connor, the brilliant trish| journalist and politician, is now the oldest member of the House of Com- was stated in the wireless. © ° Geneva as the league’s headquarters. general assembly, to join the league must first conform to its regulations regarding armaments, to be prepared by the league commission. The council has asked President Wilson to call a meeting of the league's mons in point of service. 2 ° MEETING It was also decided that states desiring the state organization committee. Delegates will register at the Chamber of Commerce headquarters on East Second street, upon their arrival in the city and the business sessions will be held in the upstairs rooms of the Chamber of Commerce, eccording to present plans. A special forum luncheon will be held for the entertainment of the visitors at the Henning on both Friday and Sat- urday at the usual hour, 12:10. The convention program follows: FRIDAY, 9 a. m. Registration of delegates at Chamber of Commerce Headquarters. Address of welcome, Ben F. Pelton, Jr., Mayor of Casper ‘The Purpose of the Meeting,” Frank, Je Witfier,-seerctary, Chamber of Com- merce, Cheyenne, Wyo, “Perfecting a State Organization,” Elmore Peterson, secretary, Chamber of Commerce, Greeley, Colo. Leader of discussion, Samuel L. Wil- son, American City Bureau, Chicago, Il. L. E, Hastings, secretary Chug- water Chamber of Commerce. “Handling of State Publicity,” Charles R. Hill, state immigration commission- er, Cheyenne, Wyo. FRIDAY NOON. Casper Chamber of Commerce Open Forum, Henning Hotel. 12:10 p. m. “Development of Irrigation and Dry Farmingqa in Wyoming,’’ Gov. Robert D. Carey of Wyoming. FRIDAY AFTERNOON, 2 p. m. “The Industrial Unrest,” L. A. Reed, general superintendent Midwest Refin- ing Company, Casper, Wyo. “Health Campaign, Establishing Full-Time, Full-Paid State Health De- partment,” Dr. J. F. O'Donnell, Casper. “Publishing State Magazine,” Donald Ashton, secretary Laramie Council of Industry, Laramie, Wyo. Leaders of discussion, J. B. Griffith,| Casper, Wyo.; Burke H. Sinclair, Cas- per, Wyo. “Making Plans for Future State Work,” E. C. Brandenburg, Western National Life Insurance Company, Cheyenne, Wyo. Leaders of discussion, H. H. Holmes, secretary Johnson County Commercial Club, Buffalo, Wyo.; Earle D. Holmes, president Chamber of Commerce, Cas- per, Wyo.; L. B. Hastings, Chugwater Commercial Club. “he Proper Place for Civic Activities in Commercial Organziations,” Charles B. Stafford, manager Casper Chamber of Commerce. { FRIDAY EVENING, 8 p. m, “Are We Meeting the Housing Prob-|) lem?” Frank J. Wiffler, secertary \ Chamber of Commerce, Cheyenne. Report of resolutions committee. Report of committee on by-laws. SATURDAY, 9 a. m. Election of officers. Reveiw of proceedings and subjects not previously discussed. “The Deep Waterway to the Sea— Great Lakes—St. Lawrence Tidewater Association,” Samuel L. Wilson, Ameri- can City Bureau. SATURDAY, 12:10 p. m. Casper Chamber of Commerce Open Forum, Hotel Henning. ‘Need for Appreciation of What Ir- rigation Means for State of Wyoming,” Frank C. Emerson, state engineer, Cheyenne, Wyo. | “Good Roads, Highway ment,” D. 8. McAlmon, state highway superintendent, Cheyenne, Wyo. 3 p. m. Sight-seemg trip—City of Casper— Midwest and Standard Refineries. rere oan WILSON SIGNS ARMY AND NAVY PAY MEASURE) (By Associated Press.) | WASHINGTON, May 19.—President Wilson today signed the army and navy | pay bill, providing for temporary ad- |justment of pay scales for officers and enlisted men, pending permanent legis-| lation on the subject at a later date. Organization Conference This Week Will Bring Out Wide Discussion of Topics Important to Welfare and Progress A most interesting and comprehensive program for the two days’ convention of Chamber of Commerce men from all parts of the state, day flatly refused to hear petitions for increased wages presented by to be held here Friday and Saturday for the formation of a state! John Grunau, president of the Chicago Yardmen’s Association, and Chamber of Commerce, has been outlined by Charles B. Stafford, man-| ager of the local Chamber of Commerce, who is acting as secretary of ceived by the cates, officials said, that their search| ROBBERS MAKE HOUSE TO VOTE PROGRAM. 00 HANSON TO LEAP FROM PLANE AT AVIATION FIELD Daredevil of Air to Electrify Casper People|} QF DEMOCRATS With Spectacular Stunt Set for 6 O’Clock at Landing Field | Pilot Bert Cole and M. Hanson, sensational parachute leaper, will startle Casper followers of airplane stunts this evening. /The flight is scheduled to start shortly after 5 o'clock and the daying leap from airplane via the para- chute should take place about 6 o'clock tonight. Those who want to go to the avia\ flight may go to the field by taxicab through special arrangements made with the drivers’ union here. The charge conditions and the length of the haul. Cole, it is said, has a number of for the benefit of the Casper aviation to earth upside down from a height of altitude that Hanson will start on his parachute journey. BOND THIEF WANTED IN BOSTON DIES IN WYOMING, SEARCH ENDS (By Associated Press) BOSTON, May 19.—Information police here to re- indi-} OFF WITH BANK SAFETY BOXES; (By Associated Press.) COLORADO SPR May 19.— Robbers who entered Bank of Sim- la, 40 miles east of here, by cutting a hole thru a brick wall, knocked off the combination to the door of the vault and escaped with 100 safety deposit boxes, estimated to have contained $5,00 Oin securities. END OF WAR ON FRIDAY, BELIEF (By Associated Press.) WASHINGTON, May 19.—Republican leaders of the house today agreed upon | the peace resolution and decided tenta-| Improve-\tively to call it up Friday for final tion, CASPER, WYO., WEDNESDAY, MAY 19, 1920. Yesterday’s Circulation 4147 "NUMBER 187 TLAW STRIKERS IN- CHICAGO ARE DENIED AUDIENCE BY BOARD Wage Mediators Refuse to Deal With Head of Insurgent Strikers on Grounds That It Would Be Entering Into Dispute (By Associated Press.) CHICAGO, May 19.—The United States railway labor board to- officers of other organizations, which went on strike recently in de- fiance of orders from the national railroad brotherhoods. The board, in a ruling handed down by Judge R. M. Barton, chair- ,man, announced that, “it must be thoroughly understood that the board cannot and will not undertake to hear any disputes or controversies, except those which it is authorized by law to hear, and cannot and will not hear the application of parties who are acting in disregard of the w and who are not complying with the law and the. rules of the board.” ide rt M’ADOO CHOICE IN WASHINGTON (By United Press) SPOKANE, May 19.—The Washington delegation to the national jemocratic convention unanimously favofs William G. McAdoo for president, it was an- nounced today following a caucus of the delegation. COAL SUPPLY AT LOW EBB, LARGE SHORTAGE SEEN (By Associated Press.) CHICAGO, May 19.—The coal supply has reached its lowest mark in recent history, coal dealers declared today, be- cause of freight congestion and the car Shortage. Practically all coal received is rushed to manufacturing plants and tion field to see the start of the great is said to be conservative considering new stunts which he will to put on fans. Cole expects to start his glide more than 5,000 feet. It is from this ee Sir Auckland Geddes, the new Brit- ish ambassador at Washington, was a splendid athlete in his college days, and excelled at rugby. BRUSSILOFF TO LEAD RUSS REDS LENINE AND TROTSKY SECONDARY (By United Press.) LONDON, May 19.—General Alexis Brussiloff, Russian military leader, has been elected head of the soviet supreme control of Russian military relegated to secondary positions as fa: | orders for coal for homes are not beign | ——— fie) Goat Veteiniah, tormer mesenger ALO OU Rl GOING of the Old Colony Trust company who| BACK IN BA NKS funds on January 14, had ended with| ? the death in Wyoming of a man known| as Fred Gordon. The telegraphed de-| and finger print 1 ‘othe t | (By United Press.) have ben ondered forwarder material) OMAHA, May'19.—The Missouri river Jesseman, who was 22 years of age,|!% 'pldly receding and flood danger has ike him, had been active in -amatewg| thelr homes. Damage will total several thaokivisala’ hate: | million dollars. There were no casual- |ties. Tt was the worst flood in 15 years. State C iss i ate Commissioner of Education Chosen ° Py ° Number Who Filed Applications A. A. Slade of Cheyenne, state commissioner of education, has ac- cepted the position of superintendent of the Casper schools at a salary |ing to word received from Cheyenne. The selection of Mr. Slade, it |is understood, was made at this week's meeting of the school board ‘here, when it considered applications of a large number for the place. |announcement, will come to Casper August 1 with his family. As commis- sioner of education for Wyoming, re- @| will receive almost twice thet amount here, At the same time he will become |the highest paid educator in Wyoming. |Laramie, third and Cheyenne, fourth, in salaries paid school teachers in Wyo- |ming, a survey of various cities has mecepted, dealers declared. disappeared with $20,000 of the bank's ‘scription tallies with that of Jesseman disappeared with Frank Timm, who, | Passed. Many families have returned to A. A. SLADE MADE A for Superintendency Here Over Large | of $5,500 a year and $300 additional for automobile expense, accord- Mr. Slade, according to the Cheyenne \ceives a salary of $3,000 a year, and Casper is first, Sheridan, second, | shown. war council and has assumed virtual x ro affairs, Even Lenine and Trotsky are r as conduct of the army is concerned. . Davis, | br rs druggists of St here calling on his trade. representing the )Meyer Louis, Mo., is