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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Jan. 4, 1921)
THE MORNING OREGON I AX, TUESDAY, JANUARY 4. 1921 T ACTION IS DEFERRED Borah Resolution Up in Sen ate Committee. SECRET SESSION IS HELD Sentiment to Include France and Italy in Disarmament Negotia tions Is Developed. "WASHINGTON", Jan. 3. Reduction In world naval construction was taken up today by the senate foreign relations committee at executive bearings, which will be continued Wednesday and which may run for some weeks. -At the session today final action was deferred. The committee had before it the Borah resolution asking President Wilson to initiate negotiations with Great Britain and Japan looking to a reduction of 5u per cent in the naval building programme of those coun tries and the United States. It was understood that considerable senti ment developed to include France and Italy, but this was opposed by Sen ator Borah, who was said to have argued that those countries would follow the lead of the United States. Great Britain and Japan, and that if they became a party to the negotia tions, a reduction of armies, as well as navies, would enter into the dis cussions. Hrltnln'a Aetlon 'orconat. Great Britain, the senator was re ported to have said, could be expected to urge reduction of the French army if she should consent to reducing her navy. Admiral Coontz, chief of naval op erations, and his aides were the only witnesses today. Committee members said others would be called, but that there had been no suggestion that Secretary Daniels be invited to ap pear. The secretary in his conference with newspaper men reiterated his opposition to the Borah resolution and said that so far as he had been advised President Wilson had taken no steps looking to a disarmament conference. Admiral Coontz, senators said, op posed the Borah resolution or any other plan bused on a percentage re duction in building, arguing a reduc tion would fail to bring about any equalization of naval power because of the different size of the pro grammes of the nations. American Programme Flrt. He said that the American building programme was the largest and the Japanese second, but that even with the completion of the Japanese pro gramme Japan's navy would have only about half the strength of the American navy. Great Britain's build ing programme is comparatively mall, the senators were said to have been told, and unless it is increased before 1921, the American navy would About equal the British. To expedite her programme, Japan Is having three large battleships built in England, according to Information received by the navy intelligence service and transmitted to the senate committee. Data as to foreign navies was pre sented by Admiral Coontz. All prin cipal powers, senators said they were informed, were spending considerable money to keep themselves informed on the naval and military .activities of other nations. tal stock is owned entirely by the United Srfetes. It was created during hostilities for war purposes. The temporary powers which it is now proposed to revive were conferred :n March, 1919, to assist if necessary in financing of exports. The gen eral powers of the cum oration expire tfftC months after the term'natlon of tiie war and the special powers with respect to the financing of exports expire one year after the termination . of tht war. While we are technically still in a state of war, it ur.ques- , tionably was presumed, when this fcdded power was granted, that peace , would have been formally proclaimed I before this time and that the limi- ; tat'on of one year would have ex- t pired Kx porta Are DlMeilBaed. "In May, 1920. in view of the fact! that export trade had not been inter- MH AT tON.RKSS DID AS ITS DAY'S WORK. Senate, by a vote of 63 to 5, passed the war finance corpora tion revival measure over the president's veto. Senator Edge offered a reso lution calling for detailed in formation concerning conditions in the various European coun tries. The immigration committee heard arguments on legislation designed to limit admission of aliens. Reduction in naval arma ments discussed by the foreign relations committee. Admirals Counts and Long giving the present strength and construction programmes. A resolution introduced by Senator Norris calNrig for all data concerning the furnishing of funds to the Kerensky gov ernment and subsequent finan cial relations with Russia. Senator Thomas spoke in fa vor of making suitable repara tion to Colombia for the loss of Panama. Consideration of the bill to erect a government -con trolled nitrate plant resumed. House Sundry civil bill tak en up; to be passed today. GERM V DKUVERS KI1MA French Told All To Done to Fulfill ible Has Been Agreement. pa PARIS, Jan. 3. The German reply to the French disarmament note of December 31 was delivered to the French foreign office today. It was eeml-officially reported it answered detailed observations made by tho French document on German delln quern. . in executing the military naval and aerial clauses of Versailles treaty an-d the Spa agreement. The German note was said to be Written generally In the spirit of its concluding paragraph, which read: "The government cannot suppose that one wished to ask the impossible of Germany in the Spa agreement. Execution to the letter of that con vention has shown itself to be impos sible. The possible has been done. The French government in its note of December 31 sets forth that the engagements undertaken at Spa have not been strictly fulfilled, but the German government reminds it that, according to the allies' words, it should be ascertained if Germany has loyally executed the terms. The Ger man government can say she has done her best In all loyalty." SENATE VOTES DOWN VETO t ".nl inued From First Page. Rhode Island, and Thomas. Colorado and three republicans. Elkins and Sutherland of West Virginia and Keyes of New Hampshire. Senators Glass, democrat. Virginia, and Edge, republican. New Jersey, voted against overriding the veto, but withdrew their votes on account of having pairs. Senator Penrose was paired but announced he would have voted to sustain the veto. The president's message also was read In the house. Representative Mondell of Wyoming. republican leader, announced it would be taken up tomorrow at the opening of the bouse. (onridenre Pat In House. Advocates of the bill, however, expressed con f idence that the hoase also would vote to enact the bill. The house passed the bill 212 to 61, or much more than the . necessary two-thirds majority. Many of the negative votes were cast by repub licans. Before the president's message reached the senate today, Senator Harrison, democrat, Mississippi, an advocate of the legislation, criticised Secretary Houston, declaring that the treasury head, according to news paper reports, had advised presiden tial disapproval of the bill without Indicating such opposition when Mr. Houston was before congressional committees. Senator Edge issued a statement tonight declaring that the president's arguments against the bill were ''absolutely unanswerable. W in. mi MfNMitr Made Public. President Wilson's message vetoing the Gronna resolution to revive the war finance coiporation was made publi-; as follows: "To the senate of the United States: I am returning without my signature S. -J. Res. 312. Joint .resolution di rtttfns the war finance corporation fca lake certain action for the celief ef the present depression in the ag ricu'tural sections of the country and fltucr pjrvoses. "The jc-nt resolution directs the re viva) of the activities of the war fi lls nee corporation. This corporation is a governmental agency, its capi- rupted. but had greatly expanded, and that exports were being privately fi nanced in large voumes, the war fi nance corporation, at the request of the secretary of the treasury and with my approval, suspended the making of advances. "This resolution was passed by the congress apparently in view of the recent sudden and considerable fall in prices, especially of agricultural com modities, with the thought that some Kuropean countries to which certain products were customarily shipped before the war might again be enabled to resume their importation and that larger masses of domestic exports to Kuropean countries generally might be stimulated, with the resulting en hancement of domestic prices. I am In full sympathy with every sound proposal to promote foreign trade along sound business lines. I am not convinced that the method proposed is wise, that the benefits, if any, would offset the evils which would re sult, or that the same or larger ad vantages cannot be secured without resort to government intervention. False Hopes Are Feared. "On the contrary, I apprehend that the resumption of the corporation's activities at this time would exert no beneficial influence on the situa tion In which improvement is sought; would raise false hopes among the very people who would expect mosj, and would be hurtful to the natural and orderly processes oT business ana finance . "Large government credits were ex tended during the war to certain Eu ropean governments associated with us in the struggle. These ceased sev eral months after the armistice, ex cept for commitments already made. They should not now be resumed, either directly or indirectly. The re cent Brussels conference, composed of experts from many European coun tries and from, other nations, itself expressed the opinion that further credits should not be accorded di rectly by governments. 1 do not be l eve that they should be accorded in directly. Kxports Increase Reported. "Exports of domestic products have not declined since the armistice. On the contrary, they have greatly in creased. From an aggregate value be fore the war of less than $2,500,000, 000 and of about $6,000,000,000 the last year of hostilities, they rose in the calendar year 1919 to more than $7fG00. 000.000, and this figure will probably be exceeded for the last cal endar year. For the first 11 months of last calendar year we exported more than $7,500,000,000 worth of do mestic merchandise. These have been largely privately financed. The diffi culty in the way of still larger ex ports does not seem to ile so much in the lack of financial ability here as in Europe's lack of means to make payment. lier productive energies and the services which she renders have not yet reached a point where they balance the value of commodi ties taken from this nation, and her ability to furnish for additional ex ports securities which business men would feel justified in taking is re stricted. The experts of the Brus sels conference reported that 'one of the chief obstacles to the granting of credits is the absence in borrowing countries of sufficient securities for ultimate repayment. Solution Ueelared Difficult. "Until this obstacle is removed, it is difficult tot see how materially larger exports to Europe are to be made even if exporters, aided or unaided by government finance, stand ready to do their part. it is remarkable that Europe is able to make an effec tive demand for as large a volume of our goods as she is making. It is gratifying evidence of her recovery and progress toward full production and sounder financial conditions. ' "Under the law. If the activities of the corporation were resumed, no direct advances could be made to pro ducers and, if they could be, they would not accomplish the objects in view. They would not create demand for our products. They could be made only to exporters or to banks engaged in financing -exporU and if they did In some measure stimulate exports they probably would not have the effect apparently most desired of sub stantially Increasing those of agri cultural commodities. Already, with the larger volume of exports which Europe is taking from us. she is ex ercising her option, of taking a smaller volume of some of our prin cipal agricultural products, such as meats, presumably because she her self has become more largely self sufficient, or is again providing her self with supplies from distant count ries which, with the opening up of shipping since the armistice, have once more found their place in the markets of the world. More Taxes Held Possible. "It is highly probable that the most immediate and conspicuous effect of the resumption of the corporation's activities would be an effort on the part of exporters to shift the financ ing of their operations from ordinary commercial channels to the govern ment. This would be unfortunate. It would continue the government as an active factor in ordinary business operations. If activities of any con siderable magnitude resulted they would necessitate the Imposition of additional taxes or further borrow ing, either through the war finance An Unrivaled Sale and a Wonderful Response Yesterday our store was thronged with eager buyers in response to the announcement in the Sunday papers of our Golden Anniversary Jubilee and Diamond Sale! The first day's selling was indeed gratifying, running far beyond our most sanguine expectations. Today, with augmented sales force, we will endeavor to serve all who come to take advantage of the telling price reductions on our entire stock of diamonds, jewelry, watches, silverware, leather goods, etc. Everything in the store is reduced, save only a few contract goods, on which the manufacturer permits no reduction. 20 Reduction on All Diamonds ! Rue de la Paix Chocolates c "Merchandise of cJ Merit Only" Mail Orders Promptly Filled $25 Diamond Rings $18.50 $50 Diamond Rings $38.50 $ 75 Diamond Rings $59.50 $100 Diamond Rings $79.50 Visit This Diamond and Jewelry Store N ow White This Jubilee Sale Is On! FRIEDLANDER'S 18711921 310-312 Washington Street Between Fifth and Sixth Streets Here Is an Announcement That Will Make Men Take Notice! Our Great Entire Stock of MANHATTAN Shirts Reduced to HALF PRICE Everything! Full Dress, Tuxedo and Every-Day-Wear Shirts Down they go! Prices fall with a bang just when our stock is at its height .of completeness the most comprehensive showing in Portland. FACT NO. I Corded madras, woven cloths, silk striped madras, famous Solway and pure silk fabrics. FACT NO. 2 Shirts in all sizes and extra lengths, made as only Manhattan Shirts are made. corporation or by the treasury. In either case new burdens would be laid upon all the people. Further borrowing" would In all likelihood tap the very sources which might otherwise be available for private operations or which the treasury is now compelled to reach to mee cur rent obligations of the government. There is no question that the bor rowing of the government should be limited to the minimum requirements, and that the government should not be called upon further to finance pri vate business at public expense. To the extent that Europe is able to furnish additional securities, private financial institutions here will doubt less find means of giving the neces sary accommodation. Wny Declared Opened. "The way has been opened for add ed legitimate efforts to promote for eign trade. Financial agencies in aid of exports, privately financed, have already been planned to operate nnder the act approved December :M, 1919, authorizing the organization of bank ment of a just peace in the world, the cessation of fighting everywhere, the more complete resumption in Eu rope of the normal courses of indus try, the return of her people to sounder fiscal and banking policies and the breaking down within her borders of harmful restrictions." BOOTLEG WHISKY KILLS 3 Death Follows in Wake of Arrests for Drunkeness. SEATTLE. Wash., Jan. 3. (Spe cial.) Three men are dead at the public morgue, the result, according to physicians at the city hospital. of drinking "bootleg" whisky. All three had been arretted and taken to jail, but their condition was such that they were transferred to the hos pital. The dead are Edward Parsons, 50; R. S. Smith, 46 ,and Herman Hansen. tl. Smith was taken to the hospital Allen today as witness on behalf of an applicant for citizenship. "No," responded the witness, 'Minnesota." Milwaukee's Richest Man Dies. MILWAUKEE, Jan. 4. Ferdinand Schleisinger, capitalist, reputed to be Milwaukee's richest man, died today aboard a train en route to California. B AH. green Holman Fuel Co. Adv. stamps ror caab. Main 353. 660-31. Braiding, embroidery hemstitching. Booth's. Morcan blda. Adv. i i ( At Savings of 50c on a Dollar! Street Floor Lipman, Wolfe & Co. December 28, and died at 4:30 o'clock inK corporations for foreign banking yesterday morning. Kn i-t nuuo Hnn '.., . - , . liuQn i ttc A tl ., sa . 1 ; , business. One corporation has been organized in the south and a second, ol larger scope. Is in course of devel opment. These agencies may be ex pected to act as promptly and as lib erally and helpfully as sound business conditions will permit. Through re liance of such enterprises, rather than through governmen-t intervention, may we expect to secure a return to stable business relations. "For many months there has been a demand that war agencies should be abolished and that there should be less government interference with business. I have sympathized with this view and believe that it is ap plicable to foreign trade as well as to domestic business. I am of the opinion that now. more than two years after the armistice, the natiqn should resume, its usual business methods and return to its reliance on the initiative, intelligence and ability of its business leaders and financial institutions. AdjiiMtment Hrld Distant. "We shall not witness an immedi ate satisfactory adjustment of domes tic and international trade relations. The burdens of war are not lifted when the fighting ceases. One sad thing about war is that it leaves fee hind it a legacy of economic ills and of suffering from which there is no escape. Conditions, however, are im proving both here and abroad. The difficulties with which we are now confronted are of small consequence in comparison with those which we have met and overcome. "Fuller restoration awaits the adop tion of constructive measures of large ronpr-quence: The secure establish- Dr. F. A. Plum, at the city hos pital, said the death of all three of these men was due to alcoholism. According to his version, they were all badly 'jnder the influence of in toxicating liquor, evidently of the bootleg variety. Whether there was any poisonous substances in what they had been drinking he would be unable to say, but it was doubtless whisky of a vile character. An investigation is being made by police and coroner. MINNESOTAN NO NATIVE Woman's Reply Hearing Refutes it Citizenship Geography. SEATTLE, Wash.. Jan. 3. (Spe cial.) "Are you a native born citi zen?" John Speed Smith, United States naturalization examiner in Se attle, asked Mrs. Mary A. Adams, a storekeeper at 1620 West Barton street, who testified before Judge J he Superfine Small Car The custom made "cut" of the body has that charming individuality in keeping with the matchless perform ance of this finest of American small cars. WRA Y MOTOR CAR CO. . 11th and Couch Sts. Phone Bdwy. 3247 THE TEMPLAR MOTORS COMPANY Cleveland, Ohio Although the memory of Goodness lingers long after the price is forgotten, we simply must requote these prices : Club BREAKFASTS 50c to 75c Merchants' LUNCH 60c Table d'Hote DINNER $1.00 imperial The "Flying Money" of Dim Cathay JONG ago Marco Polo visited Cathay, as the Chinese Empire was known to medieval Europe. Fabulous tales he told of his travels and the wonders which he had seen. Much he marveled at the bank notes which in the poetical language of the Flowery Kingdom were called "flying money." He tells us these Chinese notes consisted of pieces of cotton paper about a palm in length and breadth upon which certain lines, resembling the seal of Mangu Khan, were printed. These notes must have greatly facil itated the early commerce of China. For thousands of years Chinese merchants have had their caravans, their trade routes, and their far-away customers. Trade with the Orient was-never more interesting and profitable than today. Through our connections with Oriental banking institutions, we are able to offer a direct and per sonal banking service in the im portant trade centers of Shanghai, Kankow, Hongkong, Changsha, Peking, Tientsin and Canton. THE FIRST NATIONAL BANK OF PORTLAND OREGON THE FIRST NCnONAL BANK WEST OF THE ROCKY FOUNTAINS ' CT!J T EE T "(? 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Nuxated Iron is like the iron in your blood and like tbe iron in spinach, lentils and apples, while metallic Iron is iron iust as It comes from the action of stronl adds on small pieces of Iron Over 4.000.000 people annually are using Nux ated Iron. It quickly helps make rich red blood, revitalize srornout, exhausted nerves and pve new strength and energy. At all druggirtj. Beware of substitutes. Always insist on having genuine I For Red Blood. St rwnjtth and Endurance j Apply Zemo, the Clean, An i tiseptic Liquid Easy to Use Does Not Stain Greasy salves and ointments should not be applied if good clear skin is wanted. From any druggist for 35c, or $1.00 for large size, get a bottle of Zemo. When applied as directed it effectively removes eczema, quickly stops itching, and heals skin troubles, also sores, burns, wounds and chafing. It pene trates, cleanses and soothes. Zemo is a clean, dependable and inexpensive antiseptic liquid. 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