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About The Oregon statesman. (Salem, Or.) 1916-1980 | View Entire Issue (Dec. 8, 1920)
ft flWfe ' 8 THE OREGON STATESMAN. SALEM. OREGON. WEDNESDAY. MORNING. DECOIKER S, 1020 RAILROAD AND OIL HOLDINGS SEPARATED New Policy of Southern Pa cific Company Is An- j nounced HOLDERS FAVORED Readjustment Made Known After Returns of Mr. " Sproule From East SAN FRANCISCO, Dec. 3. William Sproaie. president of the Bouthern Pacific company, re turned to 6an Francisco today after an absence in tbe east of 30 days or more. Coincident with his return announcement was made from the New York offices of the company that the directors same extent that he has a share have decided upon a plan for sep-; in the railroad property, arating the oil properties con- "It will be observed that the trolled by the company from the new oil company will be known smitfctrn Pacific railroad proper-1 as the Pacific Oil company ties pursuant to a declaration byhrill include the oil lands of -the new and separated hands.. the new organization starts out under M-h auspices with operating ma chinery ready for work.. The It 'new and permanent head of the the board : of directors about a month ago that they had ap proved the principle of separating these properties and called upon the executive committee of thes company to submit a plan. Oil Interest Dropped. Commenting on Uils plan Pres ident Sproule said: "It Is in the nature of a dis tribution to Southern Pacific stockholders of the oil properties that are now controlled by the Southern Pacific interests. After 4 he plan takes effect the Southern Pacific company will cease to be '.aterested in the oil business ex cept as a purchaser of oil for fuel on the one hand and as a com mon carrier of oil on the other hand. In taking this action, the company is simply responsive to the ..spirit of the times and the plan puts the properties in the possession of th stockholders as individuals, each; stockholder be ing given the right to acquire a share in the oil properties to the Southern Pacific Land company as f stated in the announcement, and so much of the shares of the Associated Oil company as the Southern Pacific now holds. The Associated Oil company, however, and its subsidiary companies are separate entities regardless of whether the Southern Taclfic re tains Its stock or divests itself of Pacific Oil company is not ye; designated." In a separate statement to tbe stockholders and holders of S per cent convertible bonds of the Southern Pacific company. Comp troller A. D. McDonald said: Bondholders' Rights Explained. "The capital stock of the new company is fixed at 3.500,000 shares to correspond as nearly as Its stock as now announced. The may be to the total number of plan is intended to Inure to tne benefit of Southern Pacific ftock helders and will place the ma jority stock of the Associated Oil company in very strong hands for the purposes of the oil producing and refining business in which that company i3 engaged. New York Is Headquarter. "The headquarters or the Pa cific Oil company will be in New York and the board of directors, as announced by Mr. Krutt schnitti is composed of men of the hirhe?t reputation and re sponsibility, so that although the properties referred to pass into You Can Do BetterAt Fj fffr lU JvA o4 Jtfcitionwicle Institution shares of Southern Pacific com pany tock outstanding:, together with shares reserved for conver sion of the company's 5 -jtr cent convertible bonds, and the hold ers of these bonds in order to avail themselves of the right to purchase stock of the new com pany must exchange their bonds for Southern Pacific company 6toek on or before January 14. 1921. Warrants will be issued to each stockholder as soon as possible after the closing of the books on January 14. 1921. Spe cifying the amount of stock in the new company which the stockholder is entitled to pur Chase on the back of these war rants will be two forms. In case it is desired to purchase stock the first form Is to be filled out and signed by the stockholder or by his assigns and returned on or before March 1, 1921. to the treasurer of the Southern Pacitie company, A. K. Vandeventer. 165 Broadway, New York, accompa nied by a cashier's draft or cer tified check payable to the order of the Southern Pacific company in New York's for the full amount payable In cash. Farther Requirements Named. "If it Is desired to dispose of the privilege of purchasing stock the second form on the back of the warrant, which is an assign ment, is to be filled out and sign ed by the stockholder. "Where a warrant authorizes tbe purchase of two or more shares of stock of the new com pany a stockholder who may wfkh to purchase a portion of tbe stock covered by the warrant and dis pose of the remainder or who may wish to dispose of a por tion cf the stock covered by the warrant to one person and the ..tuinT to another, most on or before February 2. 1921, return tbe warrant to tbe treasurer t . d h- war"t specifying In writing the -number, wt r.ku'st desireu lu ercuua. the atnonat of stock to be cov ered by each and the name a names In which to be Issued "On surrender of the warrants and payment of the full purchase price on or before March 1, 1921, the treasurer will deliver or for ward to the .holders the amount of stock of the new company pur chased. All warrants not return ed to the treasurer of tbe com pany on or before March 1, 1921 accompanied by a cashier's draft or certified check as herein pro vided) will be void and of bo value, and the privilege of par chasing stock of the new com pany evidenced thereby wJU e?ase. No exercise of such privilege-of purchase or assignment thereof -will be recognised unless made on the forms of the com pany. "No holder of stock of tbe Southern Pacific company will be entitled to any of the stock f tbe new company unless the terms of purchase herin specified are fully complied with." ' been his cmeifixlon la tbe years since his com In., back. I remixed iorc-thin- t hr the innate rnodes.v- of ths man. In his mind was no thowr.ht of the columns of J-tidattoa f his bravery and ability hit morbid sensitiveness bad Jumped to the conclusion that fi was only the old story of hit cvllc disgrace, tbe cruel, retlvl allusions to bis missing years tbit I must Itve read. My poise completely forook me at his question. ' For a long, embarrassed moment there was silence. Then knowing there was no use in evasion. I stamtne'cd forth a frank answer. , verung ni- mm frau thoughts oi bis aisxraee. i n-rt luu quick. Indrawn breh. and bis voir when be spok held bit terness, only surprised, almost hcrrlfied deprecation. "Oh. I hope you don't think I meant to allude to thoa battle field experiences!- be exclaimed. "They were nothing at all 1 yevjr speak of them." (To on continued) as wui be Mn.u new qatrters U arrar.t4 u T" tailve pUoa to arras r -T; to aeaV additional beds. aceeat. Hospital Association Vacating McKudej School YOUR RHEULUTl!:i I Herat e lis rhwt Irr t Its rhw by TP.-' Vosr Mood. Tbe Salem Hospital association "Ye-ea, I was, and thn aln-1 ! maklar preparations to vacate tbe McKlnley arbool baildlag. and Without a Doubt This Is Salem's Christmas Gift Store " ' ?,; . ', -. ' ' , ; Make This Your Christmas Gift Store We have a full line of Xmas Gifts,' such as Hand-bags, Kimonas, Bathrobes, Van ity Bags, Silk Hose, Manicuring Sets, Toys, Handkerchiefs, etc., etc., etc. $1.98 $5.98 $298 $1.35 i ; Blue Bordered Lunch Cloths, 48x48. V Reg. value $2.25. Now only...;....... One Dozen Napkins to match , . . ' Also. ... . . .. .... . . . . Japanese Embroidered Kimonas. . ? Up from -. ....... Bathrobes for Ladies and Men. , In very beautiful colors.......... Bathrobes for Children. Very ! appropriate for a gift. Only.....'. .Black, Nary and Brown; heavy grade, soft finish Satin, Silk back. Regular value . lC the yard, $3. Now, at only X piDD Georgette, in very original colors. At the yard ; Crepe de Chine, nearly in all colors; 4 A to suit all tastes. . . . . . : ... fD 1 tt7 White and Flesh colors Crep tie Chine. Very . desirable for underwear. Regularly fll " priced at $2.25. Now, the j-ard ;. X.OD , Corduroy Velvet. Very suitable , for Kimonas. " 34-inch. At ......... . Brocaded Corduroy. Velvet. In very beautiful designs. At the yard.. .... Crepe in the very latest colors. And also in solid colors! This was a regular 75c : . seller. Now, at ........ . . Boys' Wool Suits. Regular value from $14.00 : Wh-.........-S5.98 A Youing Men's Suits. Truly up-to-date styles. The very ones you pay to $35 for i fA can be had here for onh' yXOeiJU Veryj pretty Silk Front Shirts, in stripes tf0 A( v you will like. For only . . . J . . .... VC lTU The iabove Shirts we recently sold as high as $4.50. I bef Silk rancy Hose for Men. Specially priced at ........ A Few Xmas Specials $1 $1 English cut JDress Shoes for men. -CC QQ Were $12.00., Now at fJDesVO $2.98 $2.98 A very stylish Dress Shoe for your boy, at only ..f. ... Tiie pirls all like our Dress Shoes. You will, too, because the price b only... Foe the, Ladies, we are specializing Cfi Qft a f H.w noe tor ..i.. vww $1.39 $1.75 n solid 35c $14.00 $6.98 v 49c See Xor yourself . if that is not so. A $4.50 Heavy Cotton Fleeced Blanket 6x80, in plain colors and plaids. , ' d0 QJ Sub-Wool Blanket, 66x80. Regular Q ylQ ' value $6.50. At Only O.HV A Nashua Wool-Nap Blanket, 64x76. dQ QQ Was foTmerly $6.50. Now at. . . . POuO A pure Nashua Woolnap Blanket, size 66x80. In very pretty plaids and finished in silk borders. Was regularly priced at $9.50. QQ Wc have now priced it at. tpfx0 Very pretty mercerized Marquesette, 36-lnch, reg ular price 75c yard. QQ Special, at J7C 95c Curtain Goods, 36-inch, Q At per yard 0C All coloi-s in Scrim, bordered and solid, 36-inch, regular value 49c OO Special at yard" aCC 27-inch Curtain Scrim, flowered and plain. Very special, at, yard. . i, Barred Dimity, regular value 55c. : Now at Curtain Madras, regularlv priced at $1.00. Now at Genuine Hope Muslin, (J ff Five yards OLUU Beautiful Ciclonnes, in very pretty designs, per yard. . 15c 29c 59c 21c This is only a mention of the many bargains our store has for you. All you have to do is to corile and take advantage of it. MID-WEEK SPECIALS IN BULK GROCERIES ) PURE LARD, Per pound . .... SHORTENING or Com pound, per pound.... BEST SALAD Of L, One gallon ........... PEANUT BUTTER Five ' pounds . . i ..... . 25c :19c $1.55 ... 60c MACARONI i IN BULK Five pounds ........ OATMEAL, Five pounds ........ BULK COFFEE Vry best, -5 lbs. COCOA, V In bulk ............ 40c 35c 97c 15c ENGLISH BREAKFAST TEA! PEPPER, In bulk SODA OYSTER CRACKERS HARD WHEAT FLOUR, - Our own brand 35c . 33c 18c $2.29 SAVE OUR COUPONS "IKiSiiriiHa 'r:1:g',' r-- -- ..- ' . SHOP EARLY Ins: flaencjr with it admission "Mr memory mnu bave been Im paled by the shwk or my exper ience, or I shonlii have known that you mast be the Captain C.raatland whom biavery In France I have reai so much ahont." It was as awkward, as banal as the veriest achooUrll's effort at savin r sanation mlfcht be. but to my astonishment It succeeded, at least as far as 01- k. " mm u Y. belore the first of the rear will move Into temporary quarter In thn small bclldlnir en the site of the proposed new hospital. Th partitions are now Wing removed from the McKlnley school bnildiag to place It la readieess for school purposes. On the rrounds at th end of Center street, to which the borp'.U! will ia larg r loe M Mm. - - A I a dc moTa, ii was nerewary 10 117 true, a frana course ct t-J a lUnk roadway. Jnt how many ment. KHioail ted Ob of ihm atnl lax- ;p crtala saUtVices to v- I tot la yoar Tocy. Os ." . f acw. now reneraiiy to the cause ot rb otsstita. 1. i I I m M. . k . . muaci' lineaes. The systea 1 it h!pd u ' pose of tan; treaties,,. i luaaeet! 1 '11 rui. v. -...r..... , lBO out rz 1 , purU;r. Ii, u ai44 u n-all doe re a grailt kL-J aa REVELATIONS OF AWIFE 1 anssJnsMsaiuaai The Story oi a Honejnoon , 1 Woaderfa! RonuuM of Ifsrrled Life Wovderrallj Told by . ; ADEXK OARRXSOrf CHAPTER 765 MEMORY REVEALS TO MADGE r A Pr a IN G RAN TLA ND'8 ' ST0RT. j I believe my experience at the inn. my wound and my results at stay In the hospital must have temporarily affected the powers of memory upon which I've al ways prided myself although, indeed, no Jot or credit should be long to me, all should be Riven to my little mother's training; For had I been in ordinary fettle the- name. Hugh Urantlan4 would have -recalled to my mind the history of the man as It bad been blazoned to the world through the columns of the Sun day newspapers. i Hugh Grantland. millionaire. holding a high position in rail way circles, had. In the beginning of the world war. thrown asidf his position and responsibilities aa tr they were so many glass baubles, and had rone to France, there to enlist la the Foreign Let glon. Tales of his bravery had come back by the dozen. He bad won tha Croix de Guerre and ev; ery other decoration worth aav ng; he had had more hair breadth escapes than any of his comrades, which was a marvel. lous distinction of ltslf In that company of daredevils. I And through It all be had pre served the rctlcnce. the aloof nets. wnicn naa always made him a object of Interesting speculation: to tbe public served by the Jour nan sis, many 01 whom turned a thrifty penny in accounts, partly truth. partly guesswork of. his career before and since his entrance Into the army. Missing Tears. For there had ben a number of misKtng years In Hugh Grant. land's life, years In which he had been lost to the cultured and wealthy circles of society Inta which be had been born. He bad been expelled .from hla college for some escapade about which there had been dark whispers. al ways cautiously revived In clever ly veiled allusion wherever an ac count of him appeared. And immediately afterward be had disappeared.. "shipped off by bw rather", the wiseacres said. .1 From that time until a l'let youth bearing his name began work as an ordinasy laborer rpon a small aouthern railroad nothln? had been heard ot him. HK mother had died ot a broken heart; his father, implacable.' never allowed his nam? to be tpok en eevn after the son's phenomen al rise from his lowly nation to that of one of the highest places in tbe girt of a large railroad. A second wife reigned In the ron' sion the boy called home I knew now the reason for the bit terness in nugh Grantiard's vcice when he had spoken ct iho "poor devils with no home to sp?ak of." There had been much iecpla- tlon concerning the mlMinr years, but no one had ever known th? truth concerning them. From the time he lert college o the time he began work as a laborer he mix;ht as well have been buried for any record concerning him ever available to the luqutsitlve delvers into his past. Embarrassing silence. No wonder the "olhei Mrs. Graham" had sooken nf him aa "The Captain Grantland." 1 tier were few other perHonalitia In the land which so appealed to popular imagination as did this man's. "Well?" The monosyllable. . with the questioning inflection, brought nva back with a tart from the realm of reminiscent conjecture' In which I'd been wandering. I was glad th9 Toonllsht was to faint. Othenvir Canfaln Grant- land mast hare seen the burning iiusn mat preu 1 over nt' face, and I. didn't care to have him guess the nature of my thoughts. But I had rot counted u;-cn the swift intuitiou of the man he aide me. "Jnet vrmemberins what you've read about 111.1 tn onr kindly newspapers!" he aiked. and th.re was . such bitterness In hi? tone that I 'realise:! what must have a. Extra pecia lili 5 H ft Starting Today Warner's Are Going on Sale at Just HALF S . PRICE fi Corsets wit a we ' Jjjomcr'S . Cjioose from our entire stock any Warner Corset yoa lite at just i Price. V7cxr ers of Warner Corsets will not fall to profit by this rpeeial erent and we expect hmtdreds of other women to a rail themselves of this opportunity. Erery ecrrrt guaranteed not to rust, break or tear. $2.00 Corsets now reduced to $1.00 $150 Corsets now reduced to $1J2S $3.00 Corsets now reduced to $1JQ $350 Corsets now reduced to $1.75 $4.00 Corsets now reduced to $2.C3 $1.50 Corsets now reduced to $221 $3.00 Corsets now reduced to $350 Corsets now reduced to $2.11 $6,50 Corsets now reduced tn $325 Please Note: These special prices may be withdrawn at any time after one day'g sale, without further notice. Our Prices Always the Lowest Co. Commercial and Court Streets Formerly Chicago Stcrt Gale & NEW CAPITAL NECESSARY Expansion and improvement require a telephone company to constantly bor row money. Current earning, of course, take care of current expenses, and I Key should be sufficient to pay a fair return on the Investment. Money can only be obtained from one source; from the investic j public; those who have surplus money to invest The Investor demands security, coo vertabilitythe ability to change his investment at will without loss and aa as surance of a reasonable and continued rate of return. Will he will you will a bank, trust or insurance company Invest laemey in an enterprise which is unable to meet these requirements? Today in Oregon we are operating at a deficit. Our property in this stale fa yielding-no return to its owners. ..Without a return on present capital bow caa we expect to attract new capital? Our ability to borrow depends upon our revenues and our revenues depend upon our rates. . , We are asking the Public Service Commission of Oregogn to consider the in adequacy of our present revenues and to approve schedules of rates which will guarantee permanency, extension and improvement of the service. The PACIFIC TELEPHONE & TELEGRAPH COMPANY I