The Ontario Argus. (Ontario, Or.) 1???-1947, February 11, 1915, Page TWO, Image 2

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Entered in thp pOStOSecS nt Ontario, .Jrpifon, for tSSUCSaiSStoa IkfMffe the
mail rh nerond-clHM matter.
bought b) men who dislike to tell the t.i gatherers of whal then
wealth consists. For the genera investor, however, there are less The present Oregon legislature Mas taicen a great step f,,rwar
cstlv bonds which arc perfectly safe and which nlit to DC attrac- j tu. scheme "I ridding tlie Male ni ne.ih taws ami leislati,,,,
- . . . .' , J .... i i I , . .. . ........ ...... ;.. thai .1 la ii,.. C... ......
live at the present level ot prices. mere nas nccu some humus w m rCuUCing taxes. givwi cp, ... ...... .. ..-. .... .nsi Biep, and H
ecuntie by savings hanks and insurance companies wnicn nave Kept
That the industrial condition of the country is gradually improving
and that the business depression r at least the cause for it no
longer exists, is the tone of advices sent out by the leading banking
institutions of the nation. A general summing up of present condi
tions and a brief forecast of the future is made by the National City
Bank of Chicago under date of Feb. 1. It follows:
"Europe is giving us free rein in the world's markets, and the
United State- i- making the most of the opportunit) t. .ecure lucra
tive business in quarters which never before had much commercial
intercourse with this country, This is evident from the violent break
in foreign exchange rates, and the phenomenal expansion in our
foreign trade. ()n this p. .jut the government figures covering our
foreign trade for Decembei an most suggestive, and provide a
striking contract with the weakness shown Just after the outbreak ol
the war in Europe, u excess of exports over imports of $131,
663,000 was reported- a figures never before shown in Decembei
compared with an export excess of onlj $79,400,000 in November,
;.nd an actual excess oi imports amounting to 919,400,000 in August
- the first month of the war. These changes shou that underlying
condition ate -leadiiv Becoming Stronger, ami that the element- ..I
previous weakness are being eliminated. It is natural, therefore, the government officials of the United States and Great Britain,
ther with the leading banking interests of both countries sltould
abandon all idea of wcuring international co-operation in the direc
tion "i controlling the foreign exchanges. Instead of hem- abnor
mall high the quotation for London bills has lately declined to
level h it would prohabl) beeasj for the I mm. I States to take
a good deal of gold out of Europe if it cared to press the claim, Bui
there i. no reason why this should be done, for w tting gold
from hina, Japan and Canada, and Krance haa begun to hm Id up a
credit balance in this country which will lie utilized later on
i" pay for i,- Is purchased in the United Stati
"Anothei interesting development ha- been the real!) exti
dinary movement b) foreign nations t.. borrow money in the I nited
States, Only $100,000,000 has Urn advanced thus far but five
i.iues Hint could have been employed at high interest rate- had
the American bankers cued to accept the proposals made hv all the
belligerent nations (except Great Britain) and by nations which
i time immemorial have been in the habit of doing their financing
in London. I In- movement is bound t' continue, a it is evident
ih. it the London hanks are in no position to finance outside borrow
ers at a time when the enormous war issues have t.. he provided for.
'these loans arc perfectl) safe and under different conditions bankers
here would be glad t" make much larger advances, But there are
large loans t be brought out in this countr) and taking the yeat as
I whole, heavy maturities of bonds and short tenn noffj will have
to he reckoned with.
" I he I nited States is the only important commercial DOWtf DOt
engaged in war. Out f this situation must accrue benefits for the
American market -the greatest of all neutral maikets which OCM
an scarcely forecaat at this tune. Europe's bid for our surplus
wheat has advanced the pi ice t. the highest level touched foi mans
yean, She must continue to bu) in enormous quantities all the food
-lull- thai we have to spare, For the purpose of financing these
purchases and the purchase of every varictv ol wai material and
army supplies, various foreign governments have created large
credit balances in tins country. To these balances short
term advances have ken secured from hankers with the understand
ing that the proceeds of the loans should be expended in the United
Mates and not remitted in gold to the borrowing natisuM, I hese ar
rangements will be immensely helpful to American producers and
must lesnit in obtaining for our numufacturejta ast amount of
profitable business which never before came to tfF Aniei ican markets.
In this manner the "fortunes of war" have given this count n trade
which it nevei f.; t before and now that our manufacturers have ob
tained tin- foothold in markets previous!) closed to them it is fair
to assume thai much of the business will' he retained aftei the war
OUt of the market for months and if the security market continues
n. broaden there is little doubt that a great deal of new financing
will he arranges! for in the next few months,
"Nothing has happened since the -tock exchanges re-opened to
indicate that Europe was oVCTHUIxioUS t" unload American securities
A tew thousand shares have been sent hack hut the sales have not
eded the consumptive demand ot the home market. Kxistintf
rguiations governing the sales of securities at New York and London
have worked admirably, and there is no doubt that the situation has
I. ecu handled well, and in the interest of all concerned. There may
he move foreign selling later on. hut the indications are that it will
neither he excessive nor disturbing, It must he remembered that
very little money has heen reinve-ted hy the people who usually are
large buyers of bonds at the semi-annual disbursement periods
There is therefore, an unusually large sum awaiting investment by
people who, up to this time, have not cued to pureha-c long term
securities. Bui these funds are now available and it is probable that
within the net few months there will he large buying b) both in
dividuals and institutions. The very large accumulation-, of reserve
money held at the reserve centers will al-o he an important factor in
the investment market, especially in view of current lou rates for
commercial paper.
"No one can predict with assurance what a few months will bring
forth in tune- when the vicissitudes of a world war have to he reck
oned with, but it seems safe to say that If nothing happens to un
settle business during the next few months some definite trade re ival
nut) be counted upon. It will not be anything like a boom, and
there may he occasional -et-hack-. hut idle men are being gradually
re-employed, business men are preparing more confidently for the
future, and most people are getting cheerful again, rherc is much in
the situation to make them hopeful when the present condition of OUT
foreign trade i- judged with reference to the changes that have taken
-nice the time -only -i months ago when London exchange
-tatted in it- ri-e to the highest quotation in the his;..ty of Amer
ican banking."
"So fai as general business is concerned the tone is bettei than il
" ls ; " h ago, hut the volume is -till eoiuiderablj less than thai
en htm at tin- time of the year. Sentiment, however, is more
I'hecrful I he feeling .- dial there will he less disturbance from
lhticii - to that, however, the president's Indianapolis address
caused a good deal if concern to people who had really begun to
think that the Washington jnlluence could lie depended upon as a
'"" I'Hioi vviiat i.ii-iness men want most ,. all is i . K
',"'k' 'here is good reason to expect that iheie will be much
i.i.iu.u legislation to .leal with. "I nil crew ' laws .,ie no longer
Muilar, and the pc,.,,ie ,, various states wind, have such law- arc
setting to work to have them repealed. Much has been accomplished
'' "w freight : ion, and it is evident that the railroads will
1 c'rmonsh from the action taken hv the interstate commerce
"'"mission. I he benefit will cutne not alone from the advances
granted but from the spirit of the decision, .md the statements made
") llie co.iiu;:-- t-eli lliecountrv ha- HO fell even vet ihc full
elicits oi the freight rate decision and u is ricai that one ,,, the
"-1"' sT""1 will ' changed attitude of state commis
sions and puhhc -ci vice bodies I'he public commissions cannoi be
I'mmndful of the positii n of the railroads as recognized b) the inter
stale commerce commission, the most povveil'ul of all public bodies
" I lc present demand fot I) i hii, j,raijc sUH.kjl ls l!u. 1k.n1
and the hioade-t thai ha- hcen -ecu foi mouths past Furthermore
mi- uason.m.e to expeei that tic nupur) will enlarge and that ii
will soon be sufhcient to justifj the offering of new bonds and i
In the large nunibei ol corporations which have delayed borrow ,..
pending more stable conditions in the investment markets 1 1 .
maiul 1- ik) longer confined to hori term securities, but it takes m
row all classes ol first .nU- bonds, and high o,.,de storks are
pmcha-ed t,,av III large blocks b) individual investors who a month
oi two ago could not be induced to huv such securities. Tins move
mem ha- been broad enough to show clearh that the puhhc is re
gummg confidence One of the most significant developments has
been the renewed interest in the best class ,,f railroad bonds follow
ing the rate decision, and all high grade bonds including first class
public utiht) issues are in demand Municipal bonds ire being
The North Pai in. Fruit Distributors' experiment in the use of the
Panama canal this season has produced some might important
findings. One is that on!) a few of the northwestern fruit districts
can use the water route to advantage and then only under certain
restricted condition-, and the other i- that Steamship companies will
have to reduce their rates to make them really serious Competitors of
the railroads,
partial report of the experiment f illow -:
"The first big experiment in the use of the Panama canal for ship
ping northwestern fruit to New Vork has ju-t been tnpleted by the
North Pacific Fruit Distributors, Two important t have been de
tcrmincd, according to President II. I". David on who recently re
turned from New ork. me is that only thrci districts and part of
a fourth of the ten principal fruit districts in northwest can ship
then apples to Vtlantk coast ports that wi and make i substantial
saving in transportation charges, I hi is that small shippers
are practically debarred, owing to ban ling charges and to certain
established trade conditions which an enc wntered upon arrival.
"Mood River and a few nearby p ts m Oregon and Yakima and
Wcuatchcc in Washington are the only iiorthwe-tei u districts that
can make a substantial saving. Even then someone who has direct
personal interest iii the cargoes must be on hand to meat them and
lake care of them at once. The other northwestern districts are
piacticalh eliminated hecaiise of the eense ol getting thier apples
to the Pacific coast x.rts where they would Ik. loaded.
-lt ...sis (.(. cent- per hundred pound- or about .W cents jk-i lx.
10 send apples hv steamship from Seattle or Portland to ew York,
we have ascertained. That includes merely Switching, dockage and
unloading at Seattle oi Portland, freight and refrigeration to and
lighterage at NtU Noik and insurance. To this must be added
freight from the fruit district in rjuaetion to the Pacific coast ports
which vanes from 4 2-3 cents irt Ih in the case of Hood River
to as much as M 1-J cents from some sections to Southern Idaho,
making the total cost run from 37 1-2 cents to 66 1-J cents.
"These ocean shipments, of course, must he made under refrigera
tion, passing as they do through the intense heat of the torrid one.
(hi the other hand overland shipments, which are almost uniformly
made in ventilated instead of lefrigerated cars cost 5(1 cents per h..
from all northwestern districts tO New Vork. There are a few weeks
during the early part of the season when railroad shipments are made
under refrigeration, and the expense of sending apples overland un
der those circumstances ranges from 59 cent- to ''4 cents per box,
the cost from most of the districts being M cents. At that time prac
lically all of the districts except western Montana and the more dis
tant point- in southern Idaho could make substantial -avin-- ,v
using the Panama canal
"However, if the steamship companies expect to do any great
an of hu-uiess i transporting apples throughout the shipping
-ea-..n they will have to put then rates down lower than they are at
the present time to secure the support of the districts that cannot o
use the watei route to advantage
i He most iinpouant consideration in this whole nue-tion ,,f
una canal shipments upon the facilities winch the shipper his
tor handling then up..,, arrival. The Vmerican-Hawaiian and the
tlantlC and Pacific hues, winch were the first to carrv apple- from
ic northwest and which the Distributors have u, discharge their
',arKM " H at the Bush and (he Atlantic terminal- re
spectively, while the fruit market- of , York are centered in Man
hattan at the liie and the New ,.,k Central docks ll,m,l,,..u ..,
hlisands liars have heen lost i pa-t vain efforts to deflect the
trade away from the Ire dock to some other place, hut dealers have
tlaar stores and wareshottses clustered about it and custom cuts ,
might) large ligure.
"Il wo,,!,! he a very ea-v matter for transfer and other h.M.lli,,,,
charges to more than eat up any saving made hv ocean shipments'
i the fruit - consigned or is ,,!.,,,,! in Uk. 1uiuN , glMneonc u!hi u' j
...wi peisonai uiieiesi m u, iiv 1U.
nci legislation, si
m i,., hi. nil' taxes local step, 111 tnai II is I lie lust s en .l
i . r i .::-! i e .i-. : .
hist step toward accoiupiisumg Big ioK,.i, v, ,m.s nature is
Wayi and necessarily a hard one.
Within the boundaries of this great state lies practically all of th
"west" as it was known 30 r 40 vears ago. Oregon has probg
more virgin territory than any of the western states. Opportune!
that, in the sixties and seventies, induced settlers to hrave the dan
.;crs of a new country, and to hew out homes among the fertile acre
of the great west, still continue in Oregon.
Sections of the state are thickly populated, ami have heen settle.
Up for vears. Put in Eastern Oregon there is a vast amount nfonj
country, and it is here that opportunities abound. Don't understai
that there is much land still open to homestead. There is hb
hut it is not of the best quality and in many cases is not worth heaj
-tca.hng. Hut there is a vast amount of good land, still in its v i rgii
state, that can he purchased at exceptionally low prices, and it g
this that the oppoi tiimty lies.
But before Oregon could cxect any great development, it vva
necessary (hat freak laws and high taxation he done avvav vvitl
nd the whole people of the state have at last realized it. Thus;
legislature was -elected last fall that would carry out such a pro
gram. They are doing their work well. May it continue.
Oregon needs more population and more capital above even
thing else. nd pmhahlv the greatest inducement to get peoples
the land, is t; I If this state had skmi( one-tenth .if th
amount on g 1 roads, that -he has spent in the past five c.u-,i:
maintaining commissions and in creating a lot of worthless Imrcau
and offices, ever) count) in the State would he a net work of penna
ncnt highways, and instead of being known as the home of freal
laws and freak office holder-, we would rank much highct in tin
opinion of our sister stati -
.. net capital and people to cntnc to Oregon, we must rid th
-late of the reputation of being the fool state ofthe Union, an.
alicie political U,uk- try ..ul their experiments in government. Wi
must make our laws favorable to investors.
great!) - el an;
product! N'nthi
i in nt ha- hen tof
such pi' '.' "i
The situati
not possible a
ities. with natural
lightenment, inspii
will far surpass an)
The Panama Pacific exposition will open February 20th, just nin
days from today, and there i- every indication thai it will open dm
i every dep tment. It will wit be like any previous execs)
lion fi it will ili the projj ess of civilization for the last decafj
thinj will he Emitted I the international juries winch ren
'"' '.' . St. Louis exposition PJ4I4. and n
the mankind during the last ten years
ing an previous decade, This exposition wil
iolts di plays of ( hienial and South Atnerirai
iproaching its exemplification of social ln-ttcr-
n p' ble. o previous decade has shown
lii I elet ti ic em iv to beneficial sjs
. : i made ossible horticultural elTecti
hibit, In fact the exposition autbofl
itidasm, feel confident that whether fore
i r eniovment. what Ihev have assemhy
erto seen. o nation, exceol Mexks
which had accepted a i .pat. -i i has withdrawn. s for nutgnitai
it has heen computed thai a vi-tur working five hours a da v and
moving at the rate i i half a mile an hour over the 45 miles of mk
in the exhibition palaces alone would require i month to take tmk
cursory view of the e thibits. nd thai not include even a loot
at the 70 or BO state and foreign buildings, the outdoor horticultural
and lighting effects, the beauUeS of the interior courts. U1C marini
a. mi me nay. me great live stock display, the daily athletic ahd sxirt'
ing events at the stadium, the hundreds of international congress
and the multifarious and weird attractions of the one.
It has heen interesting, during the last three vears, to watch the
the emergence of a great part of the site from beneath the WStSg
oi the hay as an expanse of unsightly mud and the erection thered
oi a ventahle dream city of stately palaces embowered in seim
tropfcal trees and shrubbery in an environment of a-rfect lawns and
acres of (lower plots and fronting uMn one of the great and bufl
harbors in the world It has been a great undertaking for a eitv bat
little over half a century old, the most valuable part of which was
ashes hut a few years ago. Ilt it has been done and on schedule
( By a Nytsa Parmer.)
I he campaign for corn, more corn and better corn, reminds me
o. me a.ivi-e given l;. Kooetl (.. I.isersoll to a hunch f farnifri
...R v.ui,.-,, ,,,e auue fair grounds, at Peoria, Illinois to make an
address to the fanners. As , as Mr. ngersoll had passed through
the gate his way was blocked hv a laree mimh ,. ,,,.. ,.i. In,t
us, ,H-un I,, nnport blooded stock from Europe. Holdino- fast
K in in. . Ii I ' I . .. k
- ,.., - ,.., ,,e men out: HOD, you mils, My something for
the Norntan horse; another, ', must say something lor the
, : ',' ' ,,sl wy methmg for Shorthorns." "sonts
thing for He Herefords," and each and every owner of hi IJ
mim.k wiui in- neipers were on hand all calling for "BOB"to say
:,,V",V:1 ,ne" lnicuiar kind ol stock. Mr. Ingers.,11 uM
.ov - I i , .ii i u ,,,, ,. ,. u : i . . "
......i ... mi ii ai v a U'e w i:il run ......... ... ....,. .,iil
.. I , v". f fIIIJ- I,, .-.,1, , ...
lonieanunearwnatl n to say." "No, Dob. VoU must oromise be
eiet you go. "Well, boys, let go my horse and I will if
I , ,, ""' farm." They all fell hack and wits
- .... ,,,, ... . ,,.., wn h w)p ai( a mjle M.t.a(lii .(1
Ms race he said, (not wishing to offend anyone)
" OBK ST l K."
s.1 li il It , v . . i . I , , It.
,,, ; ' "' '"" Ul W'AU s1" '"it from among them. Ho
.Is advice come- ,o,e , - here in Malheur county where
.vii'ivv corn is iii,. i'Ii,.-, ,,..., ..,,,... , - . .
- -"-..rv-. .cuicmiiK iceo we can -row. for fatteunSJ
i-Mv- ; u- uikc ,s aavice with our ...her stock; let us groi
V ' 'i l I .l,lll,
.'111 ot l.lll, Ml" , h-, ,-.,... ... ...II
c over a mnli im.1,- .,i" ..w . ,' I. .1. : , . .
.. ... '" ' ""lM VOlllllllsslOll .ni, ,,,,
he Distributors first shipment by way of ths Panama canal
reateil quite a sensatum in 'ew York. Twenty-thrce carload- i
apples arrived on the steamship Ohioan of the American-Hawaiian
line last week ie, Sieg. the Distributors" sales -nana..,
Z . the boat and unntediatel) arranged foi handling the
L.IIOit lt. "Mi. . 1 .,,. ........ . .1 1' 1 1 ' ,v
j "n;wwe civil, ationis making a huge stride of advanceuH
a Moody warfare and that civilisation has
lent I the iact that nearly all of the lead,,,... :,.i..,,s ti.
- """ ..-. ,.iv . njam . '
1 i .1 1-. , 1 .1 ..,...., . 1 . ,
,.;,i...i 1.... ... " ' "iT'omuv leviaveuai
,. ,.. ,.. yc, mc lan remain- that she is hut ivc,i
ippareutlv received a tie-
I,,,. ,- :..: . :..
netus -,-,,l, ,1,,,,...,, ..., ... ., . "'"IK a new ..
nmsmss. M . , T l" !' ,mh tt'?rhl e.ver wde any materil
- .-.., ik.iii ,, 11 e 111 .-iini in,,, ...I, .1 . .
,v,n. ..( out UHS COlllCir
cargo I he chief en
gineer of the line had accompanied i , watch
lellllliT ,1 nr,s in. ..,,
.' ; ',MUJ ,w Ult,ls l1 cn -lupments. Ra Iroad men
in New ork wee naturall) ver) much interested and tried ,""
"-' the dock, but wee o, admitted by the steamship company The
"" -vupied US! Jo tUy, and I thorough eJuuua, .. ' .'.f .
apples right down to ,he owe. deck showed them ,,, 1... ;,, L ..' h
on tl
"on e nave estimated ,i,e saving in transportation chaws
use .-. cars to lie approximately $2,500.''
Let us I up, h.u before many more months, we will begin to see J
dawn of the new era. d , ,,e meantime let us enjoy our .avu
ten Te
... .... U. '; ,,urarc """ ",," "' Peace and orosneritv, s3
,-. ' ,, ' ' ' , 0PP?rtnty he Euro,an war has laid open to
- ; hances abroad, and the open,,,, for building up Aineiican
"'"iiitactuies. ,,ier this coniiirv :m ,,.,.... i , . ' ,
. i....o.n.-ieiiie(i c nance lor &!:
niliisii-i .1 -,.i,;... i . - - .
,,;;,:, .iyurh y
will , ,, ' . "r wm ,)e removed tQ t,js COuntrv. an"
' w"que" ueveiopntenl of gigantic industries.