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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (April 28, 1921)
THE BEE: OMAHA, THURSDAY, APRIL 28. 1921. National C. of C. Annual Meeting Gets Under Way Revision of Tariff, Tax and Anti-Trust Laws anJ Foreign Trade Subjects for Dis cussions at Confab Atlantic City, N. J., April 27. Re vision of the tariff, tax and anti-trust laws, foreign trade, the nation's im migrant and house problems and remedial measures' for the industrial situation were subjects of discussion today at the opening of the ninth an nual convention of the United Starts Chamber of Commerce. More than 4.000 delegates were in attendance.' Joseph H. Defrces. president of the chamber, urged co-operation, of sincere Americans in oiMer to bring about a return to normalcy in social and industrial conditions. Declaring strikes and lockouts had resulted in great, . economic losses, lie recom mendad i 1 lie establishment oi - im partial tribunals not of legal origin, before which proper disposition of labor disputes might be made. Must Finance 1 Trade. John McJlugh, bank official and chairman of . the organization com mittee of the foreign .trade financing corporation, declared organization of facilities for extending long-time 'credits to foreign -buyqrs is' neces sary to solution of the, present sit uation, which, he, said, is reflected by the increasing paralysis of' foreign trade. , A government . subsidy large enough to, amortize the greater cost of ship building and operation was suggested as a practical method of building up foreign trade by Marcus De Brabant, president of a naviga tion company, with headquarters at Los Angeles. Asserting, that, the oil. problem of the future will not be- the finding of markets but a search for, sources of supply, Dr. nn H. Manning, director of research for the American Pe troleum institute of New York, told the natural resources production group that the United States should insist on an open door oil policy in all countries. Among resolutions to be placed before the assembly was one from the National Aircraft underwriters association asking the chamber to urge congress to prepare and enact legislation embodying an aerial code. Sinn Fein Honors Are Paid Slain Brothers Belfast, April 27. (By The As sociated Press.) A funeral unique in the history of Belfast was held here this morning when' Patrick and Daniel Duffin, the two brothers who were shot and killed at midnight Saturday, were buried. Sinn Fein honors were paid in the presence of a great throng, "from Falls Road to Kingstreet, where the military as sumed control. The two motor hearses containing the bodies were preceded by ar mored cars bristling with guns. Falls Road shops were closed. The coffins' of the brothers were draped with republican flags. Bands of girl scouts sang hymns and re ' cited the rosary in Irish at intervals. The excitement culminated in a sharp encounter in the Old Lodge district in. which a young man: was critically' woinided by a gun shot. The shot was fired from an armored car. Three other persons suffering from slight wqunds were admitted to hospitals. J' Ex-Sergeant of Chicago Police With Rock Island Former Sergeant of Chicago Po lice Joseph Ronan. who was dis missed by Chief Fitzmofris with four other policemen following the shooting of Patrolman O'Neill there March 23 in an effort to cap ture Tommy O'Connor, notorious gunman, is working as special agent ior the Rock Island railroad be tween Council Bluffs . and Pes Moines. BOWEN'S The efficiency and rapidity 'with vrhich the- is Vacuum Cleaner does its work is the best recommendation this highly endorsed Vacuum Cleaner could have. . In one operation cleans thoroughly Rugs, Carpets, Mat . tresses, Portieres and Upholstered Furniture You, in your home,; should have a Thor t assist you in your daily work, as well as your spring cleaning. trr $39.75 on payments. f $1.00 per week . Publishers to Foriti New Protective Body Favoring Open Shop New York, April 27. Representa tives of daily newspapers operating under open shop conditions will meet here Friday to consider forma tion of an organization to protect such establishments, E. J. McCone of the Buffalo Commercial, an nounced today. The proposed organization will be known as the American Open Shop Publishers association, Mr. McCone said. It is intended as a permanent organization. Daily papers having a circulation of 5,000 or more have been invited to join and about 20 publishers have signified their inten tion of attending the meeting. The new organization will not combat the closed shop but will pro tect the interests of those publish ers believing in tl : open shop idea." Will Give Opera to Start Fund for Community House Cozad, Neb., April 26. (Special Telegram.) "Polished Pebbles," an opera with a cast of 45 local persons, will be given at the Rialto theater here Friday night, April 29. . The proceeds will be given to start a fund for the erection of a community house. , . . Howell Makes Plea for Bonds For Gas Plant Consumers Will Have to Pay Additional Charges If Issue' Is Voted Down at Election. R. B. Howell, general manager of the Metropolitan Utilities district, urges support next Tuesday in behalt of the proposed $1,000,000 gas utility bonds. "There are two ways in which funds for the gas department may be raised," said Mr. Howell. ''One; is by adding to the current gas bills a sufficient amount to afford the necessary capital; in short, to call upon gas consumers for the cost of such improvements now, and here after as needed. Another way is by voting a 30-year gas bond issue, and thus spread the payment for such improvements over a long period of time. "It is the opinion of the Water board that the second method of financing should be adopted, and hence the board has submitted a $1,000,000 gas bond proposition to be voted upon at the time of the com ing city clectiui- "Remember that these bonds will not be sold at once, but only from time to time as the money is needed; that these bonds will not increase taxes, as both interest and principal will be paid out of the earnings of the gas plant.. These londs iwill ul timately result in reducing the gas rate.' The water plant started out with an additional $1,000,000 if bonds, and i( is now proposed mere ly to pursue the same policy with the gas. plaut, and it is believed with similar success." I. C. C. Dismisses Plea in Intermountain Rates Washington, April 27. Freight rates from points east f the Rocky mountains to the intermountain ter ritory were found, by the Interstate Commerce commission to be not un reasonable, unduly prejudicial or otherwise unlawful. Complaints' by shippers and others were dismissed. The complaint was made against the maintenance of approximately the same rates between eastern points and intermountain territory as be tween the east and the Pacific coast, the complainants seeking to have rates to the mountain points graded according to distance with the rates to the coast as a working basis. Bee want ads little, but mighty. Railway Unions Increase Waste Charge in Report Supplemental Exhibit Filed With Rail Board Adds Quar ter of Billion to Original Es timate of Annual Losses. Chicago, April 27. The railway labor unions fighting wage reductions before the railroad labor board in creased their charges of waste and inefficiency on the part of railroad managements by $250,000,000 today. In a supplemental exhibit to that filed last week, setting forth alleged waste of $1,000,000,000, the employes charge that possible savings totaling $1,276,500,000 could be effected by the railroads if they would introduce modern methods in maintenance and operation of the railroad industry. Under operating savings the. ex hibit quoted John E. Muhlfeld before the American Society of Mechanical Engineers as saying that "the annual losses in locomotive operation and maintenance seem to be due entirely to the fact that the motive power of our railroads is relatively obsolete, inadequate and inefficient." Freight rar performance, due to in- $230,000,000 (Total Issue) Northern Pacific Great Northern Joint 15-Year 6 2 Convertible Gold Bonds (C. B. and Q. Collateral) To be dated July 1, li21 Interest payable January 1 and July 1 To mature July 1, 1936 Convertible at any time, at the option of the holder, as more fully '. ; described below, into 6 Bonds of the Northern Pacific Railway .Company and or 7 Bonds of the Great Northern Railway Company Redeemable, at the option of the Companies, as a whole or in amounts of not less than $5,000,000, at 103 H and accrued interest at any time on 75 days' notice. Any Bonds called for redemption, in order to be con Terted,.must be presented or conversion fifteen days before the redemption date. Coupon Bonds iti denominations of $1,000,' $500 and $10 0, with privilege of registration as to principal. Fully registered 'Bonds in denominations of $1,000 and authorized multiples thereof. Coupon and registered Bonds and the several denominations interchangeable. I J THE FIRST NATIONAL BANK OF THE CITY OF NEW YORK, Trotte. The following summarized description of these Join 1 6lA Convertible Bonds hasbeen prepared for us by Howard Elliott, Esq., Chairman of the Northern Pacific Railway Company, and Louis W. Hill, Esq., Chairman of the Great Northern Railway Company, from their letter to us dated April 25, J 921 : V- -I" A " Security The Joint 15-Year 6 12 Convertible ... Bo'ridg are td be the direct and joint obligations of the Northern Pacific and of the . GreaLNorlliern Railway, Companies, - and are , to be secured by a pledge of 1,658,674; shares approximately 97 of the outstanding stock) . of; the Chicago, Turlington and Quincy Railroad Company (which percentage of stock has here-, tofore constituted the sole;, collateral security; for the maturing "Burlington Joints 4s'?), aiid ' in addition; by $66,000,000 'of mortgage. on ds of the two. obligor Companies, the'i deposited! collateral being valued at an ampun inWxcessj of 120 of the principal amount of Jpih-6i fo j Bonds to.be issued. V, . ' ff I i Conversion The Joint 6" 12 Bpftd.? ..rniy be ' p ;i converted, v&r fot paf, Tiwithout privileges charge at the option the , holder at apy time (upon, presentation. no later ' than fifteen days before maturity or earlier redemption), into 6 Refunding ahd Improve ment Mortgage Bonds (Series B) of the North- . ern Pacific Railway Company, due 2047 (gall able after 15 years at the 'Company's option at 110 and accrued interest); or into 7 Fifteen-Year General Mortgage Bonds (Series A) of the Great Northern Railway Company'due . 1936 (with ho option of prior redemption) pr.. into bonds-of both issue in any ratfo between i the two which the holder -of the - Joint. 6 $ ! Bonds may desire, but not more than $15,)00- i .000" of ; either of such mortgage 'bbflds, will-be issuable upon such conversion. Q : ; Legality Such Northern Pacific Bonds are, ! 1 . in the opinion of counsel, a legal ! int uifLS investment for savings banks and . compute -. trust funds in New York, Massa chusetts, Connecticut and Vermont. Both such Northern Pacific Bonds ad such Great North ern Bonds are, in the opinion of counsel, a legal mvestmeflt'iforlife.;insu)rariee companies in the state of New 'York ! ' " Earnings During the ten and one-half years - t ifromAl9U, t6 1920 inclusive,', the' ; combined average surplus income of the North-, . 'erft Pacific and Great Northern Railway Com panies, , after payment of combined fixed i charges;, other than the interest on the butstand ' ing joint bonds which;are tp be refunded by the new issue, was about $44,000,000 annually, and, in addition, the share of the. two roads, in the surplus income of the' Chicago," Burlington and Quincy Railroad Company after the payment : :;pf .;its. fix?;d charges, averaged, about $20,9:60;- 000 -annually, the total annual ' average, being about;$64,960,000 as compared with $14,950-' 000 which will be required annually for interest' on the new issue of Joint 6 14 Bonds. Equity Since July 1, 1901, the' Chicago, Bur- : lington and Quincy Railroad ,alone has ;",increased ; its surplus in the amount of approxw mately $200,000,000 against which no securities . prior tp the stock have been issued; ;The,com-i !: Dined het assets of the Northern S pecific ;Vand of the Great Northern, after, deducting their prior debts, together with 97. of the net assets ; of the '.Chicago, Burlington and; Quincy Rail-.' ' road, after deducting its debt, indicate an- equity at book value, for these' properties of ' close to $1,100,000,000. '' fV. t i i . Sr ,.. -a: The above bonds are offered, subject to issue as planned, for subscription at 96 &nd . interest, to yield approximately 6 ' . Discount will b allowed it the rate of 6 J4 per annum on the principal sum of the Bonds from , H '.- the date of payment to July 1, 1921', front which latter date interest will accrue on the Bonds. ' '" Subscription books will be opened at the office' of J. P. Morgan & Co., at 10 o'clock A,' M., Thursday, April 28, 1921. The right is reserved to reject any and all applications, and also in any case, to award a smaller amount than applied for. The amount due on allotments will be payable at the office of J. P. Morgan & Co. in New York funds on or about May 16, 1921. ' '. :. " Northern Pacific-Great Northern, C, B. & Q Collateral 4 Joint Bonds, due July 1, 1921, with final coupon attached, will be accepted in payment at 100 and accrued interest to date of payment on allotment. Temporary Bonds, exchangeable for definitive Bonds when prepared and received, will be delivered upon payment. J. P. Morgan & Company , . . First National Bank, New York The .National City Company Guaranty Company of New York Bankers Trust Company Harris Trust & Savings Bank Lee, Higginson & Co. Mechanics & Metals National Bank National Bank of Commerce in New York Central Union Trust Company of New York New York Trust Company American Exchange National Bank The Equitable Trust Company of New York Brown Brothers & Co. Halsey, Stuart & Co. J. & W. Seligman Sc. Co. Clark, Dodge & Co. Kidder, Peabody & Co. White, Weld & Co. Blair & Co., Inc. Hayden, Stone & Co. Kissel, Kinnicutt & Co. Dillon, Read & Co. Spencer Trask & Co. E. H. Rollins & Sons Lazard Freres efficiency, leads to "startling deduc tions," the (report continued, saying that a freight car travels an average of only 25 miles a day, is loaded about two-third of the time and that 6.6 to 7 per cept. of all freight cars are chronically unserviceable. In the western region the Union Pacific av eraged 50.3 miles a day for each car and the Denver Rro Grande 17.6 miles. Troops to;, Guard Mails At Chicago Stations Chicago, , , Apr(l- 27. Postmaster Carlile inspected' alirpdstal sub-stations and the railway postal terminals to determine the approximate num ber of United States troops necessary to guard the mails here. The ac tion is in c6mpliancc with orders.. re ceived from postmaster . (5neVal Hays to end mail'" robberies hy de tailing United States j regulars to guard strategic, points..,,' Mr. Carlile ii expected to. report to the .War. department that at least a battalion of soldiers will be, neces sary for . the '.work, ..They; will" be' under the direct' charge of the' post master'and will be,detailed here, from Fort Shendan. to augment the pres ent postal, guard. V', Japanese General Kills Sell, Sequel To Langdon Death Commander of Japanese Sentry Who .Shot U. S. Naval Officer Commits , Suicide. o aoaooopoaononono S A n iftDitnhnn D U fin iiivuuiivu , 8 . to thePublic l D l'"1"f.vVr-r-;'-.'- S After '-more than two D 5 months', work and'spend- 2 0 ingarr'$15,000 in g o cleaning, painting, re- n Q carpeting, we now have o the D D o g Henshaw Hotel D 2 Omaha Q Q o 2 in such shape that we Q g feel we can welcome the g n public to stop with us U o vith every assurance of fj 0 satisfying them. 5 o 0 D Conant Hotel Company o ft Proprietors U 5 JOS. H. KEENAN, Manager jj oaosonoaonooonoa o Guticura Soap -The Healthy Shaving Soap CatlearaBespsfcsTwtlmtHae. ItarmlMnSe. ; Tokio. 'April 27.-(By The Asso ciated Pi ess.) Lieutenant General Saito, commander-in-chief of the Eleventh Japanese division at Vladi vostok, committed suicide on Mon day, his death being a sequel to the shooting of Naval Lieutenant W. H. Langdon in that city early in Janu ary, says the Hochi Shimbun of this city. General Saito is said to ilpav either held himself responsible for the death of Lieutenant Langdon or to have been irritated byhat'hr br licved was the weakness of the Japs nese government tn dealing with th incident. ; ' Lieutenant Langdon was shfat killed by lochigoro Ogasaw sentry, who was later tried before. court-martial and was tound noi guilty. He was, however, sentenced to one month's imprisonment for making false statements and his stu perior officers were censured for fail ing to instruct him properly as to his duties. Tariff on Buttons Asked. Chicago, April 27. Declaring that ( Japanese concerns are flooding the American market with their products, the National Association of Button,' Manufacturers, at a meeting today,) adopted a resolution urging congress" to place a tariff on buttons. - and! ara, a? John Hopkins Candidate for City Commissioner CLcan Apable Ourageous Previous Public Service Attorney for Federal Land Bank. Member State Legislature, 1917. Census Enumerator, 1920. The Only Ex:Soldier Candidate. II a II: VOTE FOR John Hopkins POMTICAL ADVEETISEMEJiT. FOI.ITICAL ADVERTISEMENT. POLITICAL ADVERTISEMENT. A pot Days re H ere j O These are the days when everybody hunts the fresh air and health making recreation. These are the days; when Omaha appreci ates more than ever its 21 parks and its 35 miles of boulevard. 1 City Commissioner Thomas Falconer is the man in charge of munic ipal facilities for recrea tion. Falconer has im proved and developed municipal golf courses, tennis courts, swimming beaches and pools, bath houses, base ball diamonds, children's playgrounds, etc. "' Aw "ASK THE KIDS" they'll Tell You To TTh r . r .... m tBowen (d a QmMAS VAUC tMN STOK ft- Howard St. Btw. 15th St 16th
