The weekly times-record. (Valley City, N.D.) 1912-1922, 1921-01-27

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MAY CALL INITIATIVE ELECTION IN SPRING
Bismarck N d., Jan. 24--Most Of the legislators will
not return to Bismarck until tonight Tuesday morning
after adjournment since the middle of last week. AS the
audit report according to statement Of the accountants
will not be ready until the middle Of the week. little of i'm
portance will come up in all probability Tuesday: !
The statement contained in the report of the bank
ers committee regarding the conference with the indus
trial commission which REFERS to proposed initiative
election in spring repeal the initiated law doing away
with the compulsory depostng OF money in the State
Bank is causing considerable discussion.
This may that the independents will initiate sew
eral at the time aimed to put the state
bank on rural credits basis and to take the state in
dustries out Of politics. Neither side expects to get
bills through the legislature that it is probable that
if an election to be held both sides will carry their hight
directly to the people
bill which will provide uniform system for all Of
the states in which to value securities Of insurance COM
panies will be introduced in the legislature soon
according to S. A. Osness, commissioner OF insurance
This measure has the approval Of the national asso
citation Of insurance commissioners If it passes instead
Of valung securities at their market value on certain
day as is done in the state they will be listed at par
if they were purchased at par and if bought below or
above par at rate that will mature at par and IN the
meantime pay the effective rate Of interest at which the
purchase was made.
special meeting is to be held this month in Chicago
Of the commissioners at which time the law will be draft
ed that will apply specific standards to health and accident
insurance policies It will also be introduced in this state
"There have been many complaints regarding health
and accident We want standard set IKE Inefe
has been for fire insurance, was the comment Osness
In the special session Of 1917 Mr. Olsness says bill
was passed giving legal existence to all county
districts state mutua!s put It got lost IN some ne
said The legislature will be asked to reenact it, ne said
MANY BELIEVED KILLED IN EXPLOSION
Memphis Tenn. jan "A spark from a
oh:co1 10 tho rln1nn today
explosion which resulted in great loss OF ne
and property A laborer was working on tank
containing $1,000 ballons OF gasoline when s me
fire blew it up. No trace Of the man was found
Memphis, Tenn, jan 24-several persons are believ-
ed to have been killed in series Of explosions at the SIN
icrlair Oil Co., plant here today.
First reports unofficialy stated - persons We're
missing and were believed killed Firemen arrived quick
y after the first series Of explosions and dld wonderful
work in rescuing dead bodies and injured
They roped off the street two blocks away IN prepara-
ton the second series Of explosions More than do1en
houses were blown up In one house mother ana nve
children were killed. It reported ten dead negroes
counted by one man
Memphis, Tenn. JAM 24-Twenty-five persons were
killed when series Of explosions wrecked the Colyar
Reese Oil Co., plant here today at 40 o'clock Police and
firec said it was certain that four tanks would
explode Twenty-four men, four OF them whites were
due to be working at the plant when the tanks exploded
The only hope given for any Of them that some CT them
may have been late in arriving at work There are -
gasoline and OIL tanks at the planI mere 30 lI Only oe
large tank has exploded but every tank is blazing More
explosions expected to follow The tireInen held
some hope Of preventing all Of them Police went all over
that section Of North Memphis warning everyone living
within half mile Of the plant to fee as seemed certain
further explosions would occur whole block OF houses
was blown down.
INDUSTRIAL DEPRESSION REACHES MAXIMUM
Washington, Jan 24-Industrial depression through
the world has reached its low point and from now on
conditions will improve according to reports gathered
here today More than 5000 workers are idle in