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About Capital journal. (Salem, Or.) 1919-1980 | View Entire Issue (March 6, 1920)
SATURDAY, MAfica PAGE F0TI2. THE CAPITAL JOURNAL THE LAPITAL JOURNAL AM INDEPENDENT NEWat'Al'EH Published every evening except Hun ay by The Capital Joornsl Printm O MI fiouth t:onmierciiU sirwei. TelDhnnet Circulation anl Busuws Office, (1; Editorial rooms. si SB0BCB PUTNAM. Editor-Publisher INVESTIGATION IN ORDER. Entered u second class matt matter at Salem. Oregon. SUBSCRIPTION RATES By carrier i cents a month. By mall cents a month, H 25 for three months. 11.25 for six montns, 1 per year ii. Marion and Polk counties. KlMwhere I a year. By order of V. 8. government, all am ubacrlptlons are payable In advance. Advertising representatives W. D Ward, Tribune Illitir.. New York; W. H Btockwell, Peoples Gas Bide, Chicago If EMBER OF TTTTC ASSOCIATED PRES.' The Associated Press Is exclusive!? entitled to the use for republication oi ail niws dispatches credited to it oi aot otherwise credited in this paper and also local news published herein 0 regon bservations Asturiii Among the first Clatsop county men to nnnounce his cimii tlary for nomination at the forthcom ing "primaries. Is K. N. Hurd, Seaside newspaperman, who yexterday gave out the news that he Is to le a can didate for re-election as representa tive to the state It-glxliiture from Clat nnp county, on the republican ticket. Hensiilc Hy a vote of 217 to SO, the city of Seaside Alon.lny lionded Itself for $:'ti:i.P00 for the construction of s. pier into the Pnelfic ocosn. a system of hulklunds on the ocean froot and a mile and a half of concrete prom enade along the seashore. Corvallis. Alligators are not often pent through the mail and loss of ten are they found In Rirls dormitor ies, hut there Is one at Cauthorn hall To he sure, it Is Just a small one, t foot lnnir. anil made Its lournev froir fnn Pedro packed in cotton In a mMl wooden lox labeled "Live Allljrator iinndle witn care. Portland The Mann-Titus com pan' has been authorised to book rargo for the 11,000 ton stpel steam er steelmaker of the Istlinilati line, owned by the United States Steel Pro ducts company, which will open ser vice to the United Kingdom this month. Portland. Police Inspectors and a wpecinl agent of the street railway company Thursday discovered 46 Micks nf dynniniti! and ten bottles of glycerine concealed In nn out house wear the home of w of four youth now being held In jail for investiga tion In connection wllh a number of burglaries, robberies nnd safe blow ings, the police department aniiounc ad today. Astoria A. J. Pnrtan and W. tf, Jielvo, editor and business manager rcHpt-ctlvely of the Tuverl, a local riitulsli neWHiiaper, have gono to l'ortlinul to surrender to the United Ptittes marshal and begin serving a two year term In the federal , pen! tcntlary at McNeil's Island, Tillamook The body of Walter fiiiiltli, sou of a rancher of Miami near hero, was found Friday in Enrage owned by Charles Blum, a rancher who lives on the Miami road. The body had been covered with rtr tides of old clothing and a trail In the dirt indicated whor eit apparent ly had Uten dragged about 300 feet from a spot where Smith's wagon Was found wrecked and his horse bad ly Injured, Portland Tn renh to the state merit of Senator Hitchcock, demorrat ir leader of the senate, to the effect that .Max II. llnuser nnd IS other re gional directors of the United States grain corporation are. drawing nil:r los of S:.i.tMHi a year earn, mr. notis- tr declared lie had inner cashad any of th. I'LiirlieeH. Ion was hokiifitr them until he decides to what charitable purpose he will apply Hie money, PortlandMayor Ceorge I.. H.iker Of Portl.tnd nnd Henry K. Heed, as Bessor of Mulinnmnh county, ns chair man ami seerelnry of the state advis ory hoard of the salvation army home service program for 1!20, have is- pued u call for a convention to hi held In Portland March 17. U is ex pected that liiO huslncss men of Ore- uon, ruiresenUiiR every county, as members of the county advisory hoards will uttcml. HANK M.ACT.K BAN WOK MAititi.vtiM of i:mpi.ovi:s Chicago, Mar. 6. A book of rules for mployes of the federal reserve bank of Chicago, circulated today Fays "no male employe receiving less than lSf ft month salary will be per tnltted to marry while in the service of this bank, without first taking the matter tip with the chief clerk." A III! 71$ THE PORTLAND TELEGRAM charges that State Treasurer 1 Hoff haa invested the trust funds of the Segregated Accident Fund from which are raid the annuities and benefits of crippled InnrJ ininrn1 omnlnvw hv trip fitfltft Industrial Accident COmmiS- aion. in Questionable securities at inflated prices and permitted ex cessive commissions to the bonding house of Morris Bros. Inc., through whom nearly all bond transactions have been made the past year. In support of its charges, the-transactions involving the pur chase of bonds in the boom towns of Warrenton and Keedsport are recited in detail. The treasurer is alleged to have purchased for $263,880, citv of Warrenton six per cent bonds of par value of $242,000 paying a premium of $9.87 per $100, making an investment yield-) ing 5 1-4 per cent. Morns Bros. Inc., had purchased tne entire issue below par, cleaning up approximately $29,000 on the trans action, or $24,732 more commission than the ordinary bond house charges at 2 pet cent on the transaction. Furthermore, the total bonded indebtedness of Warrenton totals $535,000 upon an asses sed valuation of $2,224,514.' Of the money, paid by the state, $135,000 went into private hands for-the purchase of 100 acres of land for Warrenton. The validity of the bond issue .has been at tacked in the federal court by tfce Spokane, Portland and Seattle railway, and it is admitted that another city election is necessary to correct technicalities to validate the issue. The treasurer is also alleged to have purchased $100,000 of the six per cent bond issue of Reedsport, a town in process of creation on the lower Umpqua, paying $108,339.90 to Morris Bros. Inc., a price to yield 5 1-4 per cent interest to the state. The bonds were purchased by the' state two weeks before they were voted or issued. They were sold by Reedsport to Morris for 92.30 cents on the dollar, who, without advancing a dollar, turned them over to the state for $1.08 1-3, or a profit of 16.04 per cent. The Reeds port bonds were purchased by the state treasurer October 28, the bond election to authorize their issuance was held Nov, 10, two weeks later, the bonds are dated November 1, and were delivered December 24. The brokerage commission on bonds runs from 1-8 of one per cent to 1-2 per cent with most banks and bonding houses, and 2 per cent is the customary maximum but. Morris Bros, cleaned up $38,772.30 on these two issues above the customary maximum commission. As a matter of fact, the state, being a large purchas er of bonds, can bid directly upon any issue deemed desirable, has done so frequently in the past, and does not need to pay exor bitant commissions or high premiums. Any of the cities whose issues are held would lrave been glad to sell direct to the state at par, instead of selling to bond houses far below par. These bond issues were highly recommended by Morris Bros Inc. as desirable investments, and the purchases wre made, states the Telegram, through Joseph G. Richardson, deputy state treas urer, who was entrusted by State Treasurer Hoff with bond trans actions and whoce advice governed the treasurer. The state may not be the loser in these and similar transac tions, and the bonds may prove all that interested parties claim, but boom town securities do not sell at a premium and are not re gartled as the safest investment not the character of invest ment necessary to safeguard the funds upon which the maimed and crippled depend. Nor is the way the purchases were made very satisfactory to the public. In the desire to secure a higher interest rate, it is apparent that the value of the security was given scant consideration. State .Treasurer Hoff, whose integrity and intentions are above question, but whose financial management is questioned, should at once demand a full investigation of the bond purchases made by his office, in order to bring out all the facts for only one side of the subject has been heard. If he does not, the governor should order a thorough investigation of the investments of state funds by those best qualified to make them. The incident reveals a weakness in the state law and the necessity for a change. Investments of state funds should not be left to the judgment of any one man, for no matter how con servative that man may be, he may make a costly mistake, par ticularly when details are left to political assistants. A few years ago, all state funds were deposited in one bank, and when that bank failed it was necessary to recover from the bondsmen. To guard against such contingencies, investment of state funds should be subject to the approval of either a board created for the purpose or of the board of control. The Telegram is given to wild accusations and vicious attacks upon public officials, founded upon suspicion and malice, and a desire to attract attention hence its assertions are taken with a grain of salt. Investigation will prove whether It is another case of sensational journalism, mingled with bond-house jealousy and poIitK's-aml the public is entitled to learn the truth. R ippling R hymes BT WALT MASON M6(?tHiOK mm 7 WJiii Vib'ii Ml? BY ARTHUR SCOTT BAILEY A FAST RUNNER often heard to say that there was bo .On Blue Mountain, and in Pleas- i , f the C0Untry Wh ant Valley as well, there lived manyj",ul beat him' fast runners. And among the swift-1 "Of course, there may be some one, est was Jimmy RabbiL But he never1 somewhere, who can outrun me," ran very far. Whenever he was Jimmy Rabbit said. "But I have yet startled he would m bounding off to meet him." like the wind: but nrettv soon he! That was a little more than Tom- would stop and listen to see if any-1 my Fox could bear. And he went off, one was following him. And if it looking very sour. He trotted over happened to be dog Spot, he always to the creek, did Tommy Fox. And hurried to a hollow stump, or per- there he might have been seen talk haps -a woodchucks hole or a t"S to Mr. Turtle. He talked with skunk s and hid there until Spot him for a long time. And when at went away. last ne went away Tommy s lace wore Of course, there was some risk in a very auiereni iook. ne was aciuui- eoine into somehodv else's house. For ly smiling. If the owner happened to be at home1 The very next day Jimmy Rabbit there was likelv to be a ouarrel. lommy rox in me wootis. NatiH-allv. nobodv likes to have some "lou d better go home!" Tommy mitxirier hui-at tntn "hi house wit hnut ' told him.. "You have a caller wait- 9 even stopping to knock. ing to see you. I just happened to Now. everyone said that Jimmy; P "" noose, ana tne caller asked Rabbit could run fast that is, all; me 11 1 naa seen Ju- but Tommy Fox. He never would admit that Jtmmys Rahbit was much GLAD TIDINGS, is at hand. For long weary months we've been nourished on sleet and such hideous stuff; the backbone of winter has flourished, but now spring is calling its bluff. The breeze has a scent that is vernal, suggesting the tulip and rose; the sun, in its journey diurnal, is shedding some heat as it goes. The robin, reliable token of springtime, is seen on the lawn; the backbone' of winter is broken, the season of blizzards is gone. Yes, March, as you say, is afflicted with weather we scarcely can stand; but then, it is promptly evicted, it whoops for a day and is canned. Though furnaces still we are stokin' at times, till the advent of May, the 'backbone of winter is broken, hurroo and hurrah and hooray! And soon we it be planting the tater, and mowing the grass on the lawn ; oh, say, is there ecstacy greater than that when the win ter is gone 1 LOVE andMAPRIED LIFE ajij. vis? noiea uuuior c Idah MSGlone Gibson Folks" that blur! out jent wlv.t Ihlnk would n' he so Imo if thought. "I want f look ov? i;urb-ts an' sr.-. if ther's anybt."' linow." - id I-afu Hud. t'liiy, hcTri.t l u newspaper. t!; th-y i- in' J .;- I 3 he An Imitation to Manor- J was very glad to stumble into a wheeled chair for my return to the hotel. The board walk was swarmed with people, nnd much to my surprise Helen sow many of her old friends. Although they all knew the Circum stances of her marriage to Hobby f! ay lord, most of them were very cordial in their greetings. "I wonder if Bobby's money has anything to do with (lladys Clutrteris' warm welcome T" said Helen to me. "Don't get cynical. Helen," I hast ened to admonish hrr. "Take your: fi lends for just what they give you, and remember that time erases every-; thing." "Kverrthlne1 hut prejudice," said I Helen softly. i "It sometimes softens even preju dice," I Insisted "You know the old saying that the only chnugle.s thing In this woild t cluiUKC." i J "Then why should e rling to tlic j m i ih ntis, imy nui accept tnis dictum of incesmtnt chance snd make' the lst -of it j "I am going to try to," I answered "mats, a brave resolve," "was Helen's comment. "Ouess I'll do the same. I suppose It's Just a case of not being able to eat your cake and have It, too." "A. man would say, Helen, 'What is cake good for if not to eat ?' " Sours on the World "Ves," laughed Helen, "and a wo man snys: 'I'm going to save mine for some future day when I'm hun grier for cake than I am now.' Then if It gets moldy and hard in the keep ing, she mourns the loss and sours on the world." ' I laughed with Helen. Thus skirting the real Issues, mak ing no confidences and asking none, but understanding each other per fectly, we rode back to the hotel. "Would youse ladies like to hi' ma cha by de day?" The little darky's white teeth gleamed. He had evi dently enjoyed out laughter, too. ."Ves." Helen answered kuickly, as she handed him a tip. "We'd like to have the use of your chair by the day while we stay. Tou can come to the hotel at 9 o'clock in the morning and I "Who is it?" Jimmv nsked him. But Tommy Fox would not tell him. "It's really none of my business, he said. Jimmy Rabbit hurried off. He wondered who wanted to see him, and why. He was surprised and disappoint ed too to find that'it was nobody but Mr. Turtle. And he was still more surprised when he learned his errand. "I have come to challenge you to a race," Mr. Turtle told him. Jimmy Rabbit laughed right in his face. "A race!" he exclaimed. "Why you can't run. I guess you've come to the wrong house. I guess you've nade a mistake." But Mr. Turtle said that he knew what he was about. "I want to race you all the way from the creek to Broad Brook, where It runs into Swift River," he said. Jimmy Rabbit had hard work to keep a straight face. "My dear sir!" he said. "I could run that distance a hundred times i while you were waddling it once. I of a runner. I should hate to say d01,t care to rac8 with you. It would that Tommy Fox was jealous. But It De no 'un at a" tor me." certainly did anoy him to hear so When Mr. Turtle . heard that, his much said about Jimmy's wonderful beady kttle eyes snapped, speed. ' "Don't be so sure!" he said. "I be- Perhaps he never would have sug- lle, I can beat you. And I will bet gested the race, if Jimmy Rabbit yu"ri " hadn't boasted so much about his Jimmy1 Rabbit did not wait for running. You see,: in time Jimmy's him t0 finish. head became turned. And he was' "Bet!" he cried. "I never bet! I'm not allowed to. My mothter doesn't approve of betting. And if she heard you mention such a thing to me she would be very angry." "I didn't mean to say that," Mr. .0i3 juu kO a race," Mr. Turtle told him. we will give you the orders for tha day." For the first time since I was mar ried I had a little glow of pride be cause I knew it would be possible to Turtle told him hastily. "It was just pay my half of this expense without a slip of the tongue. What I meant having to ask anyone for the money. I to say was this: If you win the race a,,Hy 8UrP rei' hd, a snlendid I'" tfve you a fine new sled; and If I Hkflr. ainntA Helen looked win, you can give me your wheel like a dream in a simple white chiffon barrovf " , Tinl?' TV r my fav0rit8' Jimmy Rabbit began to be interest- Wh.n .h d 'S"?r-. ,. ed' Hp had wanted a sled. and we "m?t inTh.Yn ?" rm'And by another '"th or tw there and we met in the hallway, I saw her ought to be good coastinir Tt - tucking away the envelop of a tele-;taln.y wasn't betting! he thought' gram in her low cortege, while a ten-' And as for losing the race-and his der smile hovered about her lips. wheelbarrow he knew that such a shl L8 da8"0trnmerge'rT,BlbbjV' thin could -er happen IMt lnextmyte6 M "Whe" atrrr-1- . "How wou.d tomorrow do?" said a bell bov handed V TTT Tur Ie'. " way from r . . - - """ me creeK to h,;;; ; r.omer Kreat ay "", i can . ... . .lo VJUIt,iH. inere was no to start today." " Jimmv T?nlil,lt o-lna It's too late card. "Oh," exclaimed Helen: He knew a dav. "I'll be at the creek em-li, ! v, . .... " 111 uih,ii morning, he promised. . o'l'iiii". lit; nncw tnPV Will fhn n..u m just complete vor n,m t " ""I lu" nat r riny times sure but that John's way of express ion nis loneliness is better Hobby's." Again I let her think that John had sent the flowers, although I was more than sure that I knew whence they came. I really did not want to wear them, but I had no way of refusing to pin them on my gown .because Helen, thinking they were from John, would mentally accuse me of being cold or unforgiving. The flowers, dear innocent things, did add much to my customs, and Helen and I had the satisfaction of knowing that we created rather a sen sation as we entered the dining room The food tasted the best to me of any I had had since, my illness, and I was quite surprised to realize how happy I was and how little the state of affairs with John affected me. A man friend of Helen's and Bob by's mode his way to our table and asked us if we would accompany him or tne notels to dance that evening. He said Bobby had sent him I a long telegram that day, asking him to look out for us. I "I didn't know how much Gaylord, was putting me in his debt," he said.f With a courtly bow., "I shall be the' most envied man In the hotel," he anueu. It -was so long since I had heard the little flatteries of polite soclety that my spirits leaped at the sound. "I will be happy In spite of any thing that life may hold," I whi-pered to myself an unconsciously c.-, -reusing hand straying among the f .:irant white violets at my belt. Tomorrow Helen's Happiness. The Political Pot Indianapolis, Ind., Mar. Petitions that place the name of Vlce-Preslden Thomas R. Marshall and Oovernor Ed ward I. Edwards of New Jersey on th preferential primary ballot in Indiana as candidates for the democratic nom ination for president were filed before he time limit expired yesterday. Helena, Mont.. Mar." I. It was an nounced last night that petitions to place the name of Uovernor Sam V. Stewart of Montana on the primary of April 23, as a candidate for vlce-presr-dent on the democratic ticket, were put In circulation today The governor has announced that he would accept the nomination. ' " Missoula. Mont., Mar. . Joseph M. Dixon, formerly congressman and Uni ted States senator from Montana and camapign manager for Theodore Roose velt in 1912, has formally announced his candidacy for governor on the re publican ticket. Your Eyes Do More Than Earn Your Living Your eyes earn your liv ingbut they do more. They are more than "the windows of the soul ;" they are the doors through which nature sends her messages to the mind; they are the portals through which enter the messages of life itself. The eyes are your greatest source of comfort, of in- Ktio.,.of haPPiness. Without them and their marvelous function o f sight man loses his most precious physical posses, sion. Guard Carefully This Greatest Gift. Henry E. Morris &Co. Eyesight Specialists 305 State Street ShelltexShnr-on I -. Spectacles will help. ryou wait until spring to place your order for a new car you cannot expect delivery for weeks and possibly months. The great Studebaker factories one of the largest in the world are not going to be able to produce enough cars to anywhere near meet the demand this year. We are getting our share of cars but not enough to accumulate a reserve for spring delivery. - Everybody will want "irnmediate delivery" in spring those who place their orders now will act wisely. MARION AUTOMOBILE rn ' I ' ' ' I 'TAis s a Studelmktr Ynr" W. C. DYER INSURANCE AGENCY ... " Moved to 311-12 Oregon Building, Phone 224 GOOD USED CARS These Cars are in first class tondil,ion and we guarantee them 1918 Dort, 5 passenger, A-l shape .........$800 1918 Studebaker, 7 passenger, looks like new $850 1918 Model 90 Overland $800 1917 Maxwell, overhauled ......$400 Cadillac Roadster -...$350 Five-passenger tudebaker $300 Ford 5-passenger body, only $ 20 Do you need new tires ? We are cldfeing out some at list price i with inner tubes free of charge SALEM VELIE CO. 162 North Commercial Street , CENERAL MOTORS COMPANY 100 This Week's . GMC Sales Were Repeat Orders WHY? GMC QUALITY and SERVICE W.E. BURNS DAN BURNS Not BrothrsThe Same Man High Street at Ferry, Salem flregon. LADD & BUSH BANKERS " Established 1868 . General Banking Business Office Hours from 10 a, m. to 3 p. CAPITAL JOURNAL WANT ADS BRING RE