davidaulloa/AmericanStories huggingface dataset:
Imperial Valley press., 1920-06-09

night
The convention heard woman
speaker, Mrs. Margaret Hill McCar-
ter of Kansas, the first woman to ad-
dress a national convention.
The platform committee merely sent
word that it was making progress.
Chauncey De Pew entertained the
delegates with a brief address and
then an adjournment was taken until
/ o'clock tomorrow. The leaders be-
lieve that it will be Saturday before
a choice is made, possibly Friday be-
fore a ballot is taken.
SCORES WILSON
Mr.. De Pew said chat the country
needed experienced craftsmanship to
deal with the problems growing out of
the war, declaring that the republican
party has handled it with ability after
the civil war and had proven its abiIi-
ty to do so. He took successive filings
at President Wilson's trip to Europe
TO the great amusement of the dele
gates.
Other presidents he said had dealt
firmly with foreign nations but had
selected the best brains and men in
the country to go and do it. "When
Wilson went to Europe and the poll
ticians and diplomats said to him
What do you want, he replied, 4 want
league of nations, heaven on earth
of which | shall be the recording an
gel"
The convention got a good laugh
out Of that.
WOMAN TALKS
The convention stood while Mrs. Nc
Carter took the platform. She was
in good voice and the words reached
the farthest part of the hail.
"The women of America are organ
lied and trained and ready for the du-
ties Of citizenship. We stand by the
party that never failed in loyalty to
Al. Dec, EA.,,.N
Imperial Valley press., 1920-06-09
HAY AT $50 MARK
CBy Associated Press)

GRASS VALLEY, Calf, June o.
The stories of $50 per ton for hay with
which pioneers of the very early days
here have been wont for 70 years to
amaze their auditors, now ar matched
by fact, as hay has again touched the
$50 mark.
Since October of last year the retail
price of hay has exactly doubled or
the local market.
Imperial Valley press., 1920-06-09
STATE TO BUY LAND
(By Associated Press)

SACRAMENTO, June Ex-Governor
Stephens signed contract for the
purchase of 800 acres Of land near
Riverside for the first branch of the
farm school of the University of Cal
ifornia farm school at Davis. One
hundred and forty thousand dollars
was appropriated to establish it.
Imperial Valley press., 1920-06-09
WITNESSES CALLED
(By Associated PresS)

SAN FRANCISCO, June 9. - The
prosecution called witnesses in the
Dempsey tria today to prove that his
wife's parents were not depending on
him for support.
Imperial Valley press., 1920-06-09
Weather

Arizona-Fair to-
night, and Thurs
day warmer.
Imperial Valley
Fair tonight and
Thursday proba-
bly, warmer.
Southern Califor-
MIA Moder a t e
westerly W i n d S.
Probably high fog
in the morning.
Imperial Valley press., 1920-06-09
CABINET RESIGNS

(By Associated Press
ROME, Italy, June 9.-Premier
Nitti annoynced to the chamber Of
deputies today that the cabinet had
RESIGNED.
Imperial Valley press., 1920-06-09
SECOND DAYS
SESSION IS
ONLY HOUR;
2SPEE(HES
Leaders Believe 1t May Be
Saturday Before A Choice
Is Reached; Fine Weather
Greets Delegates on the
Second Day.

OLISEUM, Chicago,
9.-The G.. O.
2. Convention the
second day was in
session only a II
hour and devoted
its time entirely to
routine preliminar-
les. The temporary
organization w a S
made permanent
and the report of
t h e credentials
committee was ap-
proved with the
changes made last
Imperial Valley press., 1920-06-09
GORED TO DEATH
Bv Ae&ocfafed Press)

(By Associated Press
SACRAMENTO. June 9. - John
Yenger, dairy owner of Freeport
was gored to death by bull today
while trying to drive the animal from
pasture to corral
Imperial Valley press., 1920-06-09
RESOLUTE WINNER
CBY ASSOCIATED Press

lBY Associated Press)
NEWPORT r. l., June 9.-The res
olute defeated the Nanitie again today
IN the tryouts for the American cup
for defenders hOnorS.
Imperial Valley press., 1920-06-09
FIRST BALLOT ON FRIDAY
PRICE DECREASES
(RV Assnciatnd PresSl

IBV AssOcIated Press)
NEW YORK, n. Y, June ga
seat on the New York cotton exchange
sold today ut $4,000 a decrease OF
$2500 from the last sale.
Imperial Valley press., 1920-06-09
MADE

Especial o The Press)
WASHINGTON, June 9.-President
Wilson today made recess appoint
ments of Henry Ford of New Jersey,
Mark Potter of New York, and James
Duncan of Massachusetts, to be mem
bers of the Interstate Commerce
Commission.
Imperial Valley press., 1920-06-09
FIRST SHIP SINCE
WAR FROM NORWAY
BY ASsOCiated PreSsl

HONOLULU, T, H., June 9.-The
barkentine Alta arriving here recently
with a cargo of fertilizer from Nor
way, was the first ship to bring Eu-
ropean cargo to Hawaii since the out
break of the great war.
The Alta made her first trip to Ha-,
waii shortly after she was launched
in 1900. At that time she was under
Chilean registry.
There would be more teamwork at
Washington if the captain would
play.
Imperial Valley press., 1920-06-09

BANDITS SUCCESSFUL
PTTTSBURG, June 9.-Masked
bandits today entered the Hayes Ma
tional bank at Hayes. and locked the
cashier in the vault. looted the bank
and ESCAPED.
Imperial Valley press., 1920-06-09

Continued on Page Four)
The Washington herald., 1920-05-02
DRY GOODS SITUATION.

With various influences operating
to lessen retail and wholesale dis
tribution. the tendency toward quiet
ness in dry goods markets has been
accentuated. and political and eco
nomic uncertainties render II diff
cult for merchants to place a satis-
factory estimate on the future. The
resistance to high prices is clearer
in all parts of the country. no longer
being ccEfned TO the East, and hesi-
tation in the crop-growing regions
ends reflection in a disinclination to
purchase ahead so freely. Not una
naturally, these phases are produc-
ing some effect on prices. concessions
appearing on forward deliveries I'm
certain quarters. and it is significant
of the changed situation that sellers
have become more numerous. The
unsettlement in the silk trade has
continued. with buyers looking for
still lower prices, and Japanese in
terests are reported 10 have offered
yarns and cloths here at from Is to
90 per cent under the quotations
named on similar goods of American
illustrating the re-
vorsal of conditions in silk markets
a grade of Japanese raw silk that
was as high as S1S.35 pound at
the beginning of the year sold last
weak - AAt -
The Washington herald., 1920-05-02
REAL ESTATE BONDS.
by s. w. & CO.
I % perce
FOREIGN TRADE
SHOWS EXPANSION

Large increases in the exports of
United States products to practically
all countries in March last as com
pared with February is shown in
the detailed figures made public by
the Bureau of Foreign and Domestic
Commerce. All Latin American
countries increased their purchases
from the United States during tho
month. and Japan. now in the throes
of a financial upheaval, more than
doubled her purchases in this Coun-
try Belgium anc Denmark were
the only two countries to show
decrease in purchases in this coun-
try, the latter Country's imports
from this country falling off about
one-half. The United Kingdom
nearly doubled her purchases from
the States, despite the tendency
there to curtail purchases of Amer
lean products until the foreign eX-
change had reached a point some
where near normal.
Imports from practically all Coun-
tries also showed large increases.
those from Germany. Belgium, Spain,
Central America. Uruguay and the
Dutch East Indies showing in
creases of approximately 100 per
cent in March. as compared with the
preceding month.
The Washington herald., 1920-05-02
BANK CLEARINGS.

Pronounced expansion over the
figures of this period in all previous
years continues the outstanding
feature of bank clearings. the total
last week at twenty leading cities
in the United States amounting to
H,S65.900.492. an increase of 23.I
per cent over that of the correspond
ing week last year, and of 42.S per
cent in comparison with the aggre-
gate OF the same week in 1918. New
York City continues to report very
large clearings, the $4.S56, 1896 at
the metropolis representing gains of
EOS and 47.9 per cent, respectively.
as contrasted with the exhibits of
the corresponding weeks in the two
Immediately preceding years, which,
in part, reflects the recent broaden
ing Of stock market activity. Re-
turns from the remaining cities.
where speculative operations have
relatively slight influence on bank
clearings, also made a very favor
able showing. the total Of all points
outside New York. ,009.7Ol.12S. be-
Ing 27.6 per cent larger than that
of this week last year. and 35.7 per
cent in excess of the clearings cf
the same week two years ago.
Average daily bank clearings for
the year TO date are compared be-
low for three years:
1890 1919 1918
Ap 81 1856. 746 900 81 o63. 4s4 900 Sal4. .9Js 900
Mr.. l.3Ss. .O25. 600 l.O64. .s99. 900 ssl, T3T, ,OOU
Fb. ! 1.337. SOS 600 !. .055, s4S 600 S95. SO, 600
in. ], I32,764.0O0 Lila. $50. 600 9ll.sl4,oo0
The Washington herald., 1920-05-02
IDLE STEEL PLANTS.

More detailed reports of the cf-
fCCts of the railroad strike on the
iron and steel industry do not make
encouraging reading. The loss in
output caused by the freight tie-up
will not be known until the April
ST tatistics are completed. but last
week several hundred thousand en-
plOyes were idle in the Chicago dis
triCt. 10000 steel workers out of
employment in Youngstown terri
tory. and two of the largest auto
mobile factories practically suspend
ed operations. At different plants,
reserves of fuel have been entirely
consumed. and producing interests.
pending a settlement of the trans
portation troubles. are taking a
very conservative stand in reference
to forward contracting. While prices
nominally rule on the basis of last
actual sales. quotations in some
lines have been withdrawn for the
present. The price situation is not
unnaturally strong. although eXcep-
tiCTal cases are roted. as in steel
bars and shapes. where independent
mills have met the quotations OIL
the leading producer. Meantime. a
sale of 10000 tons of American rails
to Europe has been reported at a
delivered price lower than the Brit
.ish home price.
The Washington herald., 1920-05-02
ONE OPINION.

The break in the stock and COM
modify markets this week was un-
doubtedly a reflection of the credit
strain" says J. $. BaChc & Co, Of
New York-"not only in this Coun-
try. but all over the world. The i'm
mediate initiative may have been the
tightening of money everywhere
resulting in the sharp stoppage in
delivering goods and resultant halt
in cash returns. caused by the
strike. Stringcncy at the banks.
extending all ov the country.
made it necessary lot borrowers to
unload both stocks and speculative
lv carried commodities. The eN-
annie of Japan, which has gone
quickly through the same processes
which arc working with us more
slowly. affected sentiment.
Increased discount rates by the
Federal banks have been in effect
three months. and not only has no
Improvement ensued. but the cred
IL situation is worse. The reserve
ratio has fallen from 45.l to 43.3
nor cent. Under still strictcr pro-
visions for curtailing speculation.
the effect upon both securities ana
commodities will be restraining.
"The liquidation of the week Will
nrobably have some favorable re-
Election in the bank statement, but
nermanent Improvement in the
credit situation has not set in. Ana
only when il is evidenced by an In
creased investment demand VIII II
bo reasonable to believe that 1qul-
dation has been sufficiently dras-
"
The Washington herald., 1920-05-02
LOWER PRICE
TREND EVIDENT
Extreme Imitation Must Cul-
inmate IN More Normal
Commodity Quotations.

The Mechanics and MetaIs Ma
tional Bank Of New York has the
following TO say relative 70 business
conditions:
For more than a year business
has been conducted In the United
states as IL the purchasing power
OF the American people were limit
less. An extravagant use Of ad-
vanced wages, the spending Of saw
ings accumulated in Liberty bonds
and liberal use Of bank credit have
contributed to this. Many persons.
having sold their Liberty bonds or
reached the end of their credit ia
cilities. and now finding their in
come below expenditure. have been
compelled TO curtail. In addition.
the growing protest and resistance
on the part Of a large part Of the
public generally against high prices.
and a widespread belief that lower
prices instead of higher prices are
due. have acted materially TO alter
the situation. Bradstreet's index
number shows that since the gen.
eral level of prices reached its peak
in February there has been q de-
cline. On Februarysl the figure was
2O.s6s: on March l. 2O.7s5; on April
/. 2OSI2.
Not many months ago buyers
were so anxious to get goods that
price became a secondary considera-
tion. Deliveries could be obtained
only after long delays. Sellers were
booked up with orders for half
year ahead. and called in their sales
men from the road. Today many OF
these are sending their statesmen out
again, and large wholesale buyers
report that the daily mails bring an
increasing supply Of letters solicit
ing orders and promising 'imme-
diate delivery" Another factor IL
that many sellers are now asking
that the price paid be that at the
time of the order. an exact reversal
OF the recent practice of insisting
that the price be that at the time
of delivery. Many concerns are es-
pc cially reluctant to make any ad-
ditions to their plants because they
doubt whether prices will stay up
long enough to pay profitable re-
turns on fixed investments made at
these high prices. Considerable at
tention has been drawn to recent
sharp declines. not only in the stock
market. hut on the grain and cot
ton exchanges"
The Washington herald., 1920-05-02
NATIONAL MARKETS =.-
the wAsz1reror zxHArp VIII NOT
1siS TIakSoTkL xpyfSTismo.
Insurance Companies and Savings
Banks Big Buyers of Liberty Bonds

of bonds by a large number OF In
'dividuals who have been on strike.
There has never been time when
"a greater number Of strikes OF em-
ployes mas taken pIac6 tffar during
the past several months and nat
urally as funds have gotten low
these individuals have parted with
their holdings Of Liberty, bonds at
the lower levels recorded. The SELL
ing by corporations. however. be-
cause Of its large volume has been
q larger factor In bringing prices
down to the levels recently recorded.
but this has not been without some
benefit as 1t has afforded an oppor-
tunity for investors of moderate
means to obtain one OF the highest
grade securities which Is perfectly
safe at quotation showing a hand
some yield. To what extent indivi-
duals have availed themselves Of
this opportunity however is proble-
matical. 1t Is known that insurance
companies and savings banks have
been substantial buyers Of Liberty
bonds, 1t being apparent that organ
izations Of this character can invest
funds In this manner advantageous
ly. While II is impossible to make
any prediction as to the probable
course OF the market in the imme-
diate future for Liberty issues IL Is
hoped that no further losses will be
sustained, but that there will be q
gradual return to prices more nearly
In line with the quotation at which
theyswere originally placed with the
public. Some bond men expressed
the opinion that in the event Of un-
settled business conditions through
out the country further reactions
may possibly take place.
In the rail list the Reading bonds
during the past week were a fea-
ture, following the decision Of the
Supreme Court in Washington which
was adverse to that corporation. The
general As scored a gain of about 8
points to above so. The talk in the
Street was that in the event of seq
regation of Reading coal properties
1t would be necessary first to pay
of the bonds of that corporation
which would mean that the holders
of Reading bonds will receive par.
Just when action of this character
need be expected is anyone's guess
at the moment, but it would not be
surprising if the bonds of the cor
poration gradually worked to much
higher levels than those now obtain
ing. The action of the Reading is
sues had a beneficial influence over
some of the other railroad bonds,
such as Southern Pacific, Baltimore
& Ohio, etc.
Obviously the downward trend OF
bond market quotations during the
past couple of weeks has been
brought about largely il not almost
entirely from the fact that the New
York Central and Pennsylvania
Railroad issues recently brought out
were placed on a basis to yield a
much higher return than any of the
standard issues now outstanding. In
other words. the market is under
going a period of readjustment to
meeting the newly created condi-
tions.
The Washington herald., 1920-05-02
Japan Using Eoery Possible Means
To Stabilize Financial Structure

Probability that Japanese depos-
its abroad will not have. TO be with
drawn to aid in overcoming the a.
nanciaI slump there is indicated In
cables from Tokyo to the govern
ment bureaus here, according to q
review Of the Japanese financiai
situation in the Far Eastern d.
vision OF the Bureau of Foreign and
Domestic Commerce. Dispatches
point out that there are ample
funds now in Japan to avert any
serious disturbances. and that as q
result of the general slump In bus
mess the banks are not hard
pressed for money.
The Japanese banking syndicate,
the statement says have arranged
to take stock certificates from those
concerns who are in need of money
advances and to hold such certifi-
Gates Indefinitely to prevent them
being used as security for mer-
chants or being dumped on the
stock market. A great many such
certificates coming In from the
outlying districts have already
been taken care of in this way.
The stock exchange at Tokyo re-
mains closed pending the establish
ment Of basis price for the pfin-
cipal securities. The main effort at
the present Is to stabilize. the sta
The Washington herald., 1920-05-02

foreign country exchanges the dol
lar is now ruling at premiums
ranging from 80 per cent to sS per
cent. 1t is at a premium OF 80 per
cent in Great Britain. 81 per cent
in France. 77-9 per cent in Italy.
95 per cent in Germany, 80 per cent
in Austria and "a per cent in Rus
sia.
Our March export trade figures
classified show that crude materials
for use in manufacturing increased
in the month 241 per cent over
what they were in March, 191S,while
manufactures ready for consump-
ton increased ~ per cent Food
stuffs in crude condition and those
wholly or partly manufactured de-
creased ) per cent, compared with
March. two years ago. A much
greater relative increase in the for
cign imports of our raw materials
is believed to indicate the determi-
nation of the rest of the world, as
far as possible to get back to the
pre-war producing basis.
The market closed quiet and un-
settled.
The Washington herald., 1920-05-02
GRAIN PRICES.
Furnished BY W. B. Hibbs & co.,
EXTREME. WASTE IN
LOADING FREIGHT CARS

At a time when every pound Of
efficiency is required to reach nor
NAL conditions, it is interesting to
note that the scant loading of freight
cars is holding back the general
movement. The Railway Age calls
attention to this. The present
transportation situation is critical
because of the condition of the
roads. They are unable to handle
the traffic offered. and deIay here
means further strain of crcdit
through non delivery of goods and
it means also lower ratios of pro-
duCtion.
Even if normal conditions with
respect to the handling of freight
traffic existed, it would be impossible
for the railways, with their present
facilities to handle all the business
that would be offered to them. There
!; an urgent demand for more freight
cars. but freight-Car capacity is not
being used to anywhere near its full
extent.
The amount of freight that can
be moved with existing facilities is
absolutely dependent upon how much
freight has been loaded into every
car and how many miles a day
every car can be made to travel.
The average capacity of the
freight cars of this country exceeds
forty tons. The average tons
loaded per loaded car at present is
only about twenty-eight tons. 1t
should be easily Practicable to in
crease this average loading 10 to
Is per cent. The effect would be to
make il possible for the railroads
to handle 10 or Is per cent more
freight business than they other
wise could.
Some shippers organizations,
recognizing this situation, are
carrying on a campaign among their
members to induce them to increase
the loading of cars. Every in
dividual shipper should make this
his business in his own interest and
in the interest of the whole country.
Here again the righting of con-
ditions depends upon individual in
itiayive, universally adopted.
The Washington herald., 1920-05-02

pie interests and 10000, 900 ven ha.
been advanced 70 the sugar inter
ests, and other advances are being
planned for this week. IL is esti-
mated that about lo.ooo.ooO Yen win
be used in OSAKA for this purpose
and about 100000 yen in Tokyo.
As result OF these steps, the
government experts. point out,
SPECTATORS have been very hare
nit, as well as one or two of the
less firmly established Industries.
Employees Of the match industries
have accepted a wage cut rather
than to consent to being laid OF,
and there are 5000 textile workers
idle. Other Industries will proba-
bly, be affected in the same way
and a general wage reduction Is
looked forward 20.
As a result, domestic consump-
ton Will be curtailed, and with the
steady decrease in exports indIcar-
Ing the falling demand from
abroad for Japanese products, very
much lower prices are to be ex-
pected.
Wholesale cancellation Of hIgn
price orders are feared by Tokyo
merchants. In short, business is
not reviying and the general opin-
ion in banking circles Is that ex-
change is not likely to remain at
its present high level.
The Washington herald., 1920-05-02
NEW FINANCING.

The country is on the verge of
heavy financing" says the National
City Bank of Chicago. for States.
municipalities, and corporations are
in reed of new capital and must
raise it sooner or later. The So
curity market is Tretty well con-
gested, however, by the flotatfon
during the first quarter of 1920 Of
$S15. 900, 900 new securities for tho
account of domestic borrowers. This
total was s233.o0o.0O0 greater than
the amount of similar flotations dur
ing tn" same weeks of 1919 About
half of this financing took the form
OF stock issues which was not
strange, in view of the exceptionally
hlsh interest rates prevailing for
hAed maturities. Output of new
stock has been helped by the de-
cision of the United States Supreme
Court that stock dividends could not
be taxed as income. This decision
mas been made the pretext for n
spirited campaign in some highly
speculative securities and althouRb
several corporations have announced
stock dividends the number that are
In position to do this is limited
operating expenses in most indus
tries are mounting and the sharp
rise In the price of capital. as indi-
Gated by the unusually high inter
est rates quoted by the PennsvI-
vania Railroad loan and the New
York Central issue. is suggestive of
the unusual credit conditions pre-
Tailing. not alone in this country,
but throughout the world"