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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Dec. 25, 1922)
THE MORNIJfG OREGONIAN, MONDAY, DECEMBER 25, 1922 17 WEST COAST MILLS JAKE SHORT REST Repairs to Be Made for Year of Big Production. 1923 OUTLOOK BRIGHT Demand Is Excellent; Adequate Supply of Cars Expected Within 30 Says. This is a period of inactivity for the lumber manufacturing plants of the northwest. Many mills have closed down for a period of at least on week and eome have .closed for n. even longer period. However, due to extensive business and large orders that demand attention a email percentage of the mills are closed only for Christmas day and will resume work tomorrow. During the periods of rest the mills will be overhauled and re paired and preparations will be made for a year of intensive pro duction. Production Face Kept Up. Production of lumber up until the lioliday season has continued the pace set by tha Industry In the last several months. C. C. Crow in his ' current issue of his "Monthly Sum mary" has listed 396 mills in, Ore gon and Washington. Of this num ber 301 on December 15 were in operation and were cutting 104 per cent of what the entire number might cut under normal operating conditional Of the 241 mills with a daily output of 60,000 feet or more 206 were running and were cutting 110 per cent of what the entire num ber would ordinarily cut. Regarding market conditions Crow's summary says: "If the present trend of conditions holds out there are some very bright days ahead of the lumber industry In the northwest. Demand Is Excellent. "The demand from every quarter Is excellent and there is every rea son to believe that cars are going to be plentiful by the end of another 50 days. This means that there will be plenty of profitable business and plenty of cars in which to ship it. "Much to the surprise of everyone the middle western agricultural and stock-raising sections have come into the market for large blocks of yard stock, which they are finding it difficult to place. The demand for all kinds of factory lumber was never better. Enough car material is already in sight to supply the mills with all of the orders for this class of stock they can get out for the first half of 1923. Atlantic Business Booms. "The Atlantic' coast business con tinues to boom along without a break in spite of unfavorable weather conditions. The Atlantic coast is coming to know fir, to like it and demand it as well as to know our hemlock. New fields are con tinually being reached by extended back hauls from Atlantic porta It is predicted that the Atlantic coast will take considerably more Pacific coast lumber next year than it has this year. Consumption there has already passed the most optimistic estimates. "California is again buying heavi ly, both by cargo and rail. The In land territory in the northern and central parts of the state, normally served by rail, have become recon ciled to the advances which took place when they were out of the market during the early fall months. The export business is improving steadily especially with Japan whpse volume of purchase of Tsquares is increasing weekly. Firm Prices Expected. "There is little doubt that prices will remain firm even, though cars should suddenly become normal, for dt would take at least 30 days for the mills to ship out the stock they have on hand already sold if they cid'not cut a stick in the meantime Owing to the immense amount of business now being offered, with (What will develop, the first half of 1923 seems well provided for. A new order of things seems to have come over the lumber industry of Oregon and Washington, for in re viewing the year 1922 it must be remembered that two very decided lulls in buying, brought on by breaks in transit markets, were weathered with scarcely a change in prices on stock for mill shipment, something .unheard of before. Industry Is Stabilized. "Every branch of the lumber in dustry seems to be becoming more and more stabilized. The mills have at last (begun to realize that the prices they are to get for their product rests entirely in their (hands. The wholesalers are gradu ally developing into specialists and are thus better able to serve the mills. Even the loggers and lum berjacks, with improved living con . ditions, are becoming more content. as is evidenced by the fact that dur Ing the current year when produc tion has been the highest ever known on the Pacific coast, there has been less shortage of labor and less shifting about than was ever known. SALEM PIG CLUB BOOMS 11922 Record Said to Outclass Any Other Organization in State. SALEM, Or, Dec. 24. (Special.) The Salem pig club, organized one year ago, has made a record during 1922 which has not been equaled by any other organization of its kind and membership in Oregon. This was announced here today by W. H. Bailllie, rural school supervisor for Marion county. .Figures prepared by Mr. Baillie showed that the club won $462 in prizes during the year, raised 22 pigs and made a net profit of JS14.50, or approximately $135.60 for each member. Of the total production of pigs, 11 were raised by one boy, Homer Bray of Salem. Young Bray entered his stock in three shows during the year. REPARATIONS ARE TOPIC French Officials M?et to Discuss Guarantees. PARIS. Dec. 24. (By the Asso ciated Press.) Reparations and guarantees were the eubject of a meeting today between Premier Poincare, M. Revel, minister of liberated regions; M. De Lasteyrie, minister of finance; Yves Le Troc quer, minister of public works; Louis Barthou, president of the reparations commission and other prominent personages. The meeting lasted three hours. Read, Tha Oregonian classified ads. FOUNDLINGS HELD FOISTED ON RICH MAN AS HIS OWN Thomas Bell, Wealthy Forty-niner of Early California Days, Declared Victim of Monumental Hoax. ET LEIGH OVERMAN. (Copyright. 1922, by The Oregonian.) SAN FRANCISCO, Dec. 23. (Spe cial.) Was Thomas Bell, multi millionaire forty-niner, business associate of several early California notables, including James G. Fair and two generations ago an out standing figure in the financial world both here and in the east, the victim of a monumental hoax ver itably the hoax of a dead century at the hands of his wife? Did Mrs. Teresa Bell, the woman whom he married out of San Fran cisco's famous "Joyous Way" of a half century ago, in order to win $50,000 promised to her for each child she bore the multi-milloinaire. obtain five new-botn waifs from as many unknown sources and foist them upon Bell as their own? These two questions are expected to be answered in a suit now hi progress here to break the will of Mrs. Bell a will in which she de clared that the supposed Bell chil dren, now all grdwn to almost middle-aged manhood and woman hood, are neither his nor hers and in which she left more than a mil lion dollars to state and charitable institutions. Children AH Repudiated. The will, in which they were cut off with $5 each, is being contested by four of five children whom she repudiated as not her own and by the heirs of a fifth, now dead. Stalking through the case are grim specters of the past eohoes of the notorious Barbary coast and the gay night life of San Francisco of the post-bellum gold days, the story of a beautiful Circe bought with a rich man's dollars grinning family skeletons that come out to rattle and shake their musty bones after long years of silent hiding. As a stage setting for the case also is the "House of Mystery," the palatial home built by Bell for his comely "Magdalene,", and where he fell to his death over the stairway bannister 30 years ago the victim of a mysterious murder plot, it was widely whispered at the time. In her will, written shortly before her death six months ago, Mrs. Bell for the first time bared her alleged duplicity toward her husband. In order to claim the $50,000 which the rich forty-niner paid her as a re ward for each child born, so the document sets forth, and with the aid of "Mammy" Pleasant, an aged and mysterious negress, credited with strange mystic powers, the five foundlings were foisted upon her husband as their own. Negress Aids Deception. The deception was accomplished. so the will further recites, by Mrs. Bell first convincing her husband that she was to become a mother and then by having the "birth" of RETAIL TRADE IS ACTIVE CHIEF FINANCIAL MARKETS QtJIET DURING HOLIDAYS. Remarkably Small Checking Ef fect on Major Industries Is Noted. NEW YORK, Dec 24. (By the Asso ciated Press.) Wtoilft the holiday sea son has served to quiet theVhief finan- 1 markets aDDreciablv durinjr the last week, it has brought distinctly active re-4 tail trade and has bad remarkably nttie checking effect on the major industries. Thus steel production continues to ap proximate 80 per cent of capacity and trade reports state that the year end closing down of plants will be for briefer periods than usually Is the case. Most of the producers will reopen their plants Tuesday. Railroad carloadinr meanwhile con tinues to hold up remarkably -well, al though the normal seasonal slackening is making- itself felt. Loadings for the week ended December 9, aggregated 920, 000 cars, which is 178,000 cars more than were loaded in the corresponding week a year ago. Bituminous coaj production is being well maintained. Commodity prices have shown distinct strength during the past week, both cotton and wheat attained new high levels for the year. Insistent buying of more distant future carried May cotton up to approximately 26 cents. Influences were mixed in the wheat market. It seems probable that the firmness in prices, was du largely to general optimism. As the holidays approached, the ab sence of any pressure to liquidate was noticeable In the markets. Technical conditions apparently had been greatly improved during the past two months, eo observers are looking forward to the new years !n a cheerful mood. SCIENTISTS MEET SECRETS OF NATURE AXD OF MAN TO BE DISCUSSED. Delegates From United States and Canada Gather at Cambridge This Week. CAMBRIDGE, Mass., Dec. 24. Secrets of nature and of man, di vulged by the most recent scientific investigations, will be discussed at a gathering o 3000 scientists from all parts of the United States and Canada here this week. The Mas sachusetts Institute of Technology and Harvard university will act as joint hosts to the members of the American Association for the Ad vancement of Science at its annual meeting, opening on Tuesday night. Men, eminent as specialists in many fields, will deliver addresses and the delegates will give their views on a wide range of subjects at the gen eral meetings of the associations and before the 15 sections into which the 42 affiliated societies have been divided. Important disclosures regarding ancient Maya civilization of Yucatan and Guatemala, with . particular reference to the Maya hieroglyphics, are ' expected from Dr. William Gates of Charlottesville Va., who has made extensive explorations of Central American ruins; ROSEBURG WETS RAIDED 11 Arrested lor Alleged Viola tion of Liquor Law. ROSEBURG, Or., Dec. 24. (Spe cial.) Eleven arrests for violations of the liquor laws, have been made during the past 24 hours by Sheriff Starmer's forces. Nine of the ar rests we're made in separate raids at Reedsport, where several gallons of liquor intended for Christmas "celebrations" were confiscated. One arrest was made at Oakland and another at Rosebusg making 11 in all. ' The cases will be heard in the Roseburg Justice court Tuesday, and his newest offspring occur -while Bell was away on a visit to his mines. The foundlings used in the quin tet of hoaxes, avers the will, were obtained by old Mammy Pleasant, from sources which Mrs. Bell her self never knew and if her confes sion is true the strange negress, who absolutely ruled the Bell house hold for a score of years, carried the secret of their parentage to the grave with her. And it is to old Mammy Pleasant that much of the limelight in the present trial is be ing given. Said to have been a voo doo priestess among her own peo ple and to have been the secret pro prietress of one of San Francisco's best known underworld resorts be fore she entered the Bell household, her word was law with even Bell himself for years before he died. The negress is credited with having dissipated a million dollars by gifts to others of her own race and by lavish expenditures. It already has been brought out during the will contest that the marriage of Thomas Bell in the late '50s Was an event that was cele brated with more champagne and kindred beverages than decorous ceremony and strict social eclat. Like many other notables of early California history, he believed in enjoying life to its fullest. Spell Put on Bell. Shortly before his mysterious death he quarreled with MaSnmy Pleasant and she is said to have put a "spell"' upon him. At least one other death and several "accidents" are credited to spells -which she cast over those who incurred her displeasure. In their attack upon Mrs. Bell's will, and the disclosures which she makes in ink, her repudiated chil dren allege that she was of unsound mind during the latter years of her life; that she often claimed the ability to float through space when she willed It and to possess power to see into the future. They also have produced a half-dozen wit nesses who claim to have been present when Mrs. Bell gave birth to three of her children. Combating efforts by their repu diated "children" to prove that Mrs. Bell was insane for several years before her death and that her weird story of the hoax practiced upon her multi-mirionaire husband is a figment of a disordered brain is a formidable battery of attorneys representing persons and institu tions to whom she left her wealth. A half-dozen foremost lawyers on the Pacific coast are battling for the Bell "children." And as the legal batteries on each side strive to prove their case, color ful tales are being heard of S'old" San Francisco San Francisco of the hectic days when red liquor and Pacific street were something more than faint memories. those who can furnish cash bail in the sum of $500 are being released from custody. Five prisoners from Reedsport are expected to arrive in this city tonight. The sheriff's forces are active to prevent the wholesale distribution of liquor for Christmas, and indications are that there will be a lack of intoxicants tor the. holiday. BEND JURORS SCORED Recorder Takes Panel to Task for Disagreement. - BEND, Or., Dec. 24. (Special.) "Results obtained in criminal cases in Bend have become a public scan dal." TlecnrdAr Parnham fli jury in the John Turner case last nient aner tne six men Hearing the evidence had remained out for five ana one-halt hours and then came in ment. Turner had been charred with permitting minors to gamble in the back room of .his Wall stroof establishment. Farnham rn.ntlorl r. t, 4,,,... in ths last four cases tried in Bend Courts disagreements nr aniuttan had resulted, and allowed it to be piainiy understood that he consid ered .the evidence against Turner sufficient to warrant a conviction. WORKERS GET PAY RISE Cincinnati Carpenters and Paint ers Receive Increase. x. CINCINNATI, O,, Dec. 24 Union carpenters and painters of the Cin cinnati district reached an agree ment with the master builders' as sociation late today whereby the PROMINENT BANKER AND SHIP BUILDER DIED SATURDAY. J. Frank Watson. Funeral services for J. Frank Watson, pioneer banker and manu facturer and head of a huge war time shipbuilding concern, will be held! at 2 o clock Wednesday after noon at Trinity Episcopal church. Mr. Watson's death occurred Sat urday might at the family residence, 415 West Park street. He was El years of age. workers will receive an increase of 13 certs an hour, computed on the "stcp-upv plan, covering a period of 13 months. Under the agreement wages will be increased 5 cents an hour the first four months, 6 cents the second four months and 5 cents the five remaining months of the first period. Under the present scale carpen ters receive $1 an hour and the painters 874 cents an hour. Japanese .Ambassador Installed. TOKIO, Dec. 24. (By the Associ ated Press.) Masano Hanihara, for merly vice-premier and recently ap pointed ambassador to the United States, was formally installed here today. - Read The Oregonian classified ads. eiiiiiiE BOOSTING MARKET Recovery Keeps Up Despite Holiday Reaction. BULL SIGNS CHEERING European Revival Declared Chief Cause of Jump In Prices of American Grain. (By Chicago Tribune Leased Wire.) NEW YORK, Dec 24. The really out standing; lct In the situation which exists In this last week of the year Is not the steadiness of the stock and bond markets that may be merely anticipat ing tha "January reinvestments" nor even the recovery of foretgra exchange rates from their brier reaction, nut me evidence of vigorous continuance of the trade revival; which, coming in this traditional nerlod of relaxation, has been as unmistakable as It was unexpected. It happens to coincide with loadings of railway cars, especially of general nMrchandise, which have never been ex ceeded at this time of year, with the largest monthly export trade since me foreign orders of 1920 were still being filled In the sDrin of 1021 and with the statement by the president of the British board of trade of a general revival in Britain's foreign trade. In all the cir cumstances it cannot fall to add to the cheerfulness of Christmas week. People are naturally disposed to asso ciate these signs of continuing trade re covery with the numerous evidences that this time something definite may be done to break the reparations deadlock and stop Germany In her headlong course towards voluntary economic wreCK. am of this It must be said that, while such hopes may effect the course or general trade as they doubtless did the recent advance in foreign exchange, there are abundant reasons for the movement in both markets, which are not dependent on internaitonal politics. There was no particular mystery about the recent low prices "for grain which actually went, at one time this year, even below the immediate pre-war aver age. The reason most commonly cited for the low price of wheat, for instance, is that the price of wheat Is fixed by the world market; In other words, that one-fourth to one-third of a full Amer ican wheat crop must be sold abroad in competition with other wheat -producing countries and that in the present In stance, most of the grain importing coun tries have been compelled by their pov erty to cut down their food purchases to the lowest practical figure. Such a pros pect does not exiBt in any similar de gree with other American products. But that was not the principal reason for the low prices. While the govern ment was pegging the price of wheat between 1917 and the middle of 1820 it was Itself providing the necessary credit resources for storing, carrying and mar keting the crop. When It withdrew from the wartime task, the burden of provid ing such resources was suddenly thrown on the grain trade Itself in the most dif ficult money market period. Even the rise of exchange In Europe may be read ily accounted for by the steady improve ment of trade finance and indunstry in the sound European states an Improve ment the tangible result of which start led the market all the more because, in the mood of September and October they had made up their minds that northing ot th sort was possible. Wall street and the world at large are after all only learning over again a very old and familiar truth that accumula tion of wealth goes on even in the face of forced economlo readjustment and that such readjustment from an in flated and unstable economic condition Is itself a fairly sure preliminary to world-wide revival, on a basis, however, of sound finance and legitimate require ments. In a very considerable measure the recent action of the markets for agri cultural products has contributed to the favorable situation In this country. The continued rise in grain and cotton, which has lately brough wheat SO per cent above the year's low price, corn 46 per cent above the 1922 minimum and cotton 63 per cent above it. so that these staple products ot American agriculture are seHing SO to 60 per cent above the year end prices of 1921, Is in some respects the most important of the economic movement with which the country ap proaches the- new year. The focus of hard times. In purchasing power and political discontent has with out question been in the agricultural world this year. These conditions arise not only from the recent experience of falling prices and forced liquidation of debt which confronted every other in dustry along with grain production, but from the fact that the recovery from the low point of after-war reaction -was disproportionately small in the products of that Industry as compared with tne others. OFFICER'S TIL IS SET DEPUTY GAME WARDEN TO FIGHT CHARGES. F. A. McDanlel Denounces Liquor Case as "Frame-Up". Ar-. ranged for Revenge. . PHILOMATH. Or.. Dec 24. (Spe cial.) The arrest here Saturday of F. A. McDaniel, deputy game war den, during a trial of Alsea men, and the charge against him of pos sessing liquor, are a "frameup," due to the game warden's activities in taking into custody several ot Ben ton county's prominent citizens during the last two years, McDaniel contends. He pleaded not guilty to the charge and his trial was set for next Friday. He denied having had any liquor on his person or in his automobile, which was parked near the justice courtroom. Chief of Police Robinson of Cor vallis, who, with Frank Plunkett, deputy sheriff, made the arrest, as serts that he took a quart of whisky from McDaniel. The deputy sheriff said he stopped McDaniel after be coming suspicious of the odor of his breath. McDaniel appeared at the trial only as a spectator. C. A. Kussell, deputy game warden of Benton county, was a witness against Elmer Panky and Buell Tom, Alsea hunters, charged with attacking an officer. - Both men were dismissed because of nonappearance of the state's witnesses, while another case was filed against Tom alleging carrying of concealed weapons. McDaniel declared the whole af fair due to the district game war den's activities in apprehending six Corvallis business men, charged with killing does more than a year ago. and subsequent arrests. CROSS HONORS MINISTER Rev. Robert Pierce Remembered for Long Service.- Dedication of a large illuminated cross, presented to the church by T. F. Pierce in honor, of his father, Rev. Robert Pierce, of Los Angeles, Cal., whose years of faithful serv ice in the ministry in California have attained for him the esteem of fellow pastors and congregations alike, was effected in an impressive ceremony at Centenary - Wilbur Methodist Episcopal church last night. At the close of the addresses by Rev. H. T. Greene and Rev. Charles MaeCaughey, pastors, the lights in the building were turned out and the beautiful cross with its 75 small globes was illuminated. Chants of old hymns by the choir and a prayer were given while the interior was lighted by the cross and the Spirit of Christmas with a lighted taper then arose while 75 young people of the church paid homage to the Spirit and filed by, each lighting a candle from her blazing scepter. Special Christmas music was provided for the eve ning. In which the singing of old time Christmas carols was the fea ture. The illuminated cross will remain the permanent property of the church and will be used here after in the Sunday evening services and on special occasions. MARKETS THE HOLIDAY GOOD ADVANCES MADE OF LATE IX WHEAT. ' Holders' Confidence Increased by Renewed Strength Abroad ; V. S. Reports Awaited. BT CHARLES MICHAELS. (By Chicago Tribune Leased Wire.) CHICAGO. Dec. 24. The grain mar kets are closed today tor "Christmas. Traders have evened up and sentiment Is mixed. There has been a good ad vance In prices of late with December wheat up 29 cents and May 22 cents and July 15 i cents from the low point of the season. Corn is up practically 2S cents for December, 20 for May and 12 cents for July, while oats have advanced near ly 14 cents for December, 11 cents for May and almost 6 oents for July from the low point made last fall. Values are not higher and further advances of 5 to 10 cents on wheat and 6 on corn and oats would be beneficial to holders without crowding consumer to any extent. In the wheat trade the foreign situ ation has strengthened materially within a week giving holders of grain here more confidence. Each week develops tne strength of the foreign market and their dependence on North America for supplies. Purchases last week were In liberal volume, especially In Manitoba wheat. The government reports have been for gotten by the trade and operators are looking forward to a liberal run of grain irom tne country, which has been at tracted by advanced prices. All offer ings are being well taken care of, and while there are accumulations at this season, prospects are that th,ere will be a demand for our grain at good prices. rnmary receipts since July 1 aggregate s;,uuo,wu bushels, or nearly 2.000.000 more than the same time last year. unicago has received 39.000.000 bushels since July, 1, against 85,000,000 bushels last year and has a stock of less than 2.000.000 bushels. With 60 per cent less wneat in store at Chicago, Kansas City, St. Louis, Omaha and St. Joe than a year ago, a question being asked by traders Is where will Chicago get & sup ply of wheat to satsify its trade the next six months. Some say that Imports of wneat win nave to oe made. Europe must buy 400.000.000 bushela of wheat from all countries the next six months to supply Its requirements. This will take the surplus of exporting countries and leave but a small carry over. The latter is a strengthening ln- iiuence among nouses here. Those who are bearish say the time Is approaching for the selling of wheat and with Argentine competition increasinir and. considering the recent good advance. prices are nign enougn lor the present. Corn receipts are the largest at this time in recent years, with the T-n. tion of last year when primary receipts for the week were 11,047,000 bushels, while last week they were 9,081.000 bush els, the largest In five years with the ex ception of last year. oats futures and cash oats boM at the highest of the season last week. No. 1 white bringing 50 cents. Highest prices were made on the opening day and the lowest on the closing, with losses of 1 oent on December, on May and on juiy. neanzing sales, owing to the oreas. in corn, was tne depressing factor. ESTATE PETITION MADE Property of Brother Missing! for Seven Years Is Sought. DALLAS, Or., Dec. 24. (Special.) Mrs. Lydia Plummer of San Diego. Cal., has filed a petition in the county court here to be appointed administrator of the estate of her brother, Whaling B. Syron. The ac tion Is brought under the law that permits declaring a person deceased whose whereabouts have been ' un known for more than seven years. byron, who formerly resided near Ballston, in the northern part of Polk county, was last heard from in 1"13, when he wrote his sister from St. Louis, Mo. He owns) acres of farm land near Ballston. Bend Police Prepared. BEND, Or., Dec. 24. (Special.) As far as local merchants are con cerned the Christmas rush is over, but for the Bend police force it is just beginning. . Preparations for an unusually heavy run of business were announced this afternoon by police chief Houston, who will have 10 extra officers on the job on Christmas in a. determined effort to make the holiday a really dry one. The city jail was fumigated ecrubbed, all bedding washed and everything placed in readiness to entertain a record number of guests, Eugene Has Warm Rains. EUGENE, Or., Dec. 24. (Special.) Warm rains during the past 24 hours have caused the Willamette river to rise rapidly. It was at a height of 7 feet at 1 o'clock this afternoon and still rising. . It was predicted that it would reach 9 feet and possibly 10. There is a great deal of enow in the Cascade mountains and much of it is melting. Phone your want ads to The Oregonian, Main 7070. Loans on Flats, Homes, Apartments and Business Properties LOOK into the Loan Serv ice here at the Portland Trust Company of Oregon be- fore you plan that mortgage. Portland Trust Company f Oregon , SIXTH AND MORRISON , oASihattd wit ? Northmxtprti Na PORTIA i'S FUTURE AS PORT HELD BIG Ship Lines Gain From Eight to 42 in Three Years. ALL STATE 'TO BENEFIT J. C. Ainsworth Sees Prospects for Large' Business With New York Alone. Portland is rapidly developing Into a great port and too much praise cannot be given to those who have been re sponsible for Its growth. Such an opin ion is expressed. by J. C. Ainsworth, pres ident of the United States National bank, who sees a gieat future in store for the port. The banker is of the opinion that too uttie attention Is paid to shipping by the average citizen and that few realize the great quantity of cargo that is sent out from Portland's terminals every month. "How many of our citizens have per sonally visited our terminal No. 4 to see four or fiva 900C-ton steamers loading wneat in bulk or general cargo averag ing 260,000 tons a month for shipment to all ports of the world?" Inquired Mr. Ainsworth, yesterday. "A quicker glimpse might be had at terminal No. 1, In the heart of our west side business district, where genera cargo is more common and where the deep-sea carrier daily waits in line for a berth to discharge and take on cargo. With a freight rate of about one-third of rail rate across the continent and a delivery from Portland to New Yorit and Boston of 30 day&-or less by faster boats the business that will develop be tween Portland and New York alnne should almost be unlimited; and the off shore shipping of lumber alone, not to speak of cereals, is beyond our fondc3t dreams of a few years ago." Mr. Ainsworth has called attention to the rapidity o? the growth of Portland's snipping. Only three years ago," hs continued we bad but eight steamship lines cuer- ahug out of Portland and today we hav 42, with upward to 100 carsoes a mor.th. With a river mouth 4000 feet wide and a 4 -toot ceptn, our water traie snuM continue tu grow and the state shou..l benefit by the intercourse with tbe world markets. "A new line of three of the 'S02' United States shipping board fast freight and passenger service, starting January 20, will open a new and valuable trade route to Argentina and Brazil, and a first- class passenger service we have not nerotoiore enjoyed.. We certainly are reanlnr the here- fit of the foresight of our Dort and dock commfesicneis who have so intelligently piannea mis world trade and made the same r-ossible, for it will directly stimu late every line of business. Todav the outlining of the 100 deep-3Ja vessels entering our pori oi fortlanl disburse over 11,000.000 a month with nur ph.. chiints. Can we over-sstlmate the ben efits of this shipping -busines i to our stite and city if carefully conceivul fcr luriner development ?' What are the most Cftmmnn n n.c fnr the advance or decline In hnnri nTix..? This question is discussed In an analysis ui in present Dona marKet Issued by B. H. Rollins & Sons, and the outstand ing causes are grfren as: Supply of money and the credit situation; and the de mand and supply of bonds. In re gard to the former cause the analysis states; 'It is commonly known that mnn.v becomes increasingly scarce and credit increasingly tight In periods of large in dustrial expansion and the reverse when business conditions are poor and indus tries are operating below normal capac- u. w un uau a syDsianuui improve ment In the commercial and Industrie situation. That improvement has tinrfe.1 to release and liquidate many frozen credits and relieve the me'ntal anxiety of the banking fraternity. It is, however, still a long way from a condition of ex tended expansion, requiring large current Borrowings to candle increasing lnven lories. "The business world has been nnrtlnv its house in order. Business In many lines is more nearly normal and the strain of the credit situation has iarsrelv dls. appeared. There is no Immediate pros pect that anyor.o can foresee nthpr than the generally expressed view that business win nrooamy continue to be fairly gooi, perhaps gradually working to a state of prosperity in nearly all lines. The best banking opinion is that money is not likely to run up over S ner Mnt nH win yronaoiy De less. This is a highly comfcrtabie situation representing nor- mi uu somewnat settled business con ditions. "The econd factor which we have to cnnEinpr is tn d-mnTii1 snrl supply o Build Up Your Income By investing in a few shares of our 7 Prior Preference Stock Which will net you ON YOUR MONEY $10.00 Down and $10.00 a Month It's a Safe and Sound In vestment. Portland Railway, Light & Power Co. Room 605 Electric Building Portland, Oregon. SS. Admiral Farragiit 1 baJItt from Municipal Dock No. 8 : Wednesday, Dec. 27, 10 A. Sr. i Every Wednesday Thereafter. ' JTUK 8A KACISt O LOS ANGELES. SAX DIEGO. 8S. ADMIRAL GOODRICH Monday, December 25. 7 P. M. uarsnneiu, iureka ana San Francisco. Honolulu Service Sailinjr From San Franrlscn H. V. Alexander Jan 4, 5 P. M. li, j. Alexander Jan. zu, o f. ju. Ticket Office. 101 THIRD ST.. COB STARK. rnona Broadway 5481. 7.14 1 ba1s; Easy money conditions produced up to less than a month ago a steadily advancing, bond market, somewhat hur ried in its advance In the latter part of the period, due to the anxiety of deal ers to buy bonds In anticipation of con tinued easy money. The price level, under this condition of affairs jumped fairly rapidly. Six per cent bonds which sold IS months ago in the 80s rose to par. It became possible for industrial and public utilities to issue 6 per cent bonds instead of 7 per cent, and 5 per cent bonds Instead of 6 per cent. Competitive bidding for municipals and substantial competitive bidding for public 'utility issues pushed up their price beyond the point of immediate con sumption. Municipalities and corpora-, tlons took advantage of the improved ! condition and sold issues that they had been delaying until such a time occursed. The small dealer indiscriminately took participations from the larger dealer all the way down the line. The law of demand and supply came into immediate action and the dealers, particularly the smaller dealers, found themselves in an overbought condition. The result was inevitable a temporary indigestion of securities. Prices were lowered in the desire to liquidate. "Institutions and accurately informed business men, being cognizant of the sit uation, hesitated in their purchases and this frame of mind permeated through out the rank and file of the buying pub ic. "To turn up, then, these two factors, we may properly say that the funda mental basis for advance -or decline of securities, namely the condition of the money market has undergone no espe cial change during this period of reced ing prices. There, is no evidence of any substantial change in It for the imme diate future. 'It is, theretcre, to the second of the two regulating factors that we must look in the- presont condition of affairs, name ly demand and supply which has given recent evidence ot over-supply or under derp.and, whichever you choose. "The cure of this second factor in the situation is more easy and more rapid as it represents an important but less basic influence, with a slight reduction !n prices we have already noticed a re turning desire to buy municipal bonds. The b'i seilitig organizations of our com petitors, as well as our own, are gradu ally whittlinsr dowr their supply of bonds on hand. Signs are already appearing of decided improvement. We have said in the beginning of this that to prophesy confidently the imme diate trend of prices is dangerous. It is less dangerous to prophesy a trend over a longer period of time. We feel that we are reasonably safe in venturing to say that this present situation, now giving evidence of changing, is merely a break or cownward dip in the general long curve of advancing bond prices." GILT-EDGE SECURITIES SAG ONLY SLIGHTLY. News That America Will Take Hand in European Affairs Has Bullish Influence, BT ROBERT STEEL. (Chicago Tribune Foreign News Service. Copyright, W2'2, by Chicago Tribune.) LONDON, Dec. 24. If the last week had not been just before Christmas, trad ing on the ionaon marKet probably would have broadened out considerably. as numerous strengthening factors ma terialized. As it was, however, busi ness was very satisfactory and public In terest appeared to be greater than usual for this time of the year. The indica tions that Americans are seriously con sidering taking an active part in the solution of the European economlo and financial problems had a bullish in fluence, as did the developments of the second half of the week at the Lausanne near-east conference. At first there was inclined to exist a general uneasiness over the possible outcome of the nego tiations in that quarter, but later events inspired returned confidence and the momentary weak crisis disappeared in consequence. Gilt-edge securities sagged slightly, due to the realizing of the end of the year. There was some selling, also, to pro vide funds for trade purposes. It is in ferred by the shrewdest observers that the trading In this section will be much more confident in the year to come. Home rails, after scattered relapses; recovered and finished well. Foreign securities enjoyed favor. French bonds providing a feature by theii strength. Mexicans improved following the announcement that interest pay ments under the De la Huerta plan will cnmmenrfl tn January. I I ()0 our35,000 Partners in industry, and to the mam; others who have watched with interest the success of the Durant Enterprises -- "We extend the seasons jreetinjs,wbhing you the greates t measure of happiness and prosperity. TheDurant m OaWand,Califorma BRANCH OFFICES SAN fPWCISCO, PORTLAND, EATTLE. TACOMA..5POKANE, CSSP SS West Keats Deo. 81at USSB SS West Kador Feb. let YOKOHAMA. KOBE. HONGKONG, MANILA USSB BS Wawalona. Jan. 8 I USSB SS Montague Jan. IB USSB SS Eastern Sailor Feb. IS For rates, space, etc.. apply to Broadway 6360. 609-522 Board ASTORIA AND WAY POINTS STBS. L CRONE AND UNDINE Daily, Eirept Saturday, i , 7:30 P. M. Fare to Astoria $1.88 On Way 13.00 Bound Trtp. Week-End Round Trip $2.50. The Harklna Transportation Co. Broadway 6344. Alder-ijt. Dock. TAX-EXEMPT BOND SIS INCREASE Legislation Agitation Tories Up Demand. WEEK'S OFFERINGS DROP Railroad Bonds Maturing in 1923 Will Be Much Smaller in Amount Than This Year, NEW YORK, Dec 24. (By the Associ ated Press.) New bond offerings last week, totaled 132,302,000 as compared, with the previous weekly total of $55. 84V1.000. The Increased offermg of state and. municipal tax-exempt securities ag gregating $13,052,000 was a feature. While the increase was largely due to the reinvestment demand, the agitation in Washington for legislation limiting t'he issuance of tax-free securities had the effect of toning up the demand for this class of securities. The demand has also cleared up the supply of most bonds of this class and. stiffened the prices of new issues. Trading in the bond market was on a rcuu-ueu SLVie unu Lucre was ma usuat pre-hollday dullness, with few Important changes in the general list. United States government issues were a Httle stronger. Thi strength waa attributed to the cus tomary reinvestment demand making ltsel'f felt in these issues a well as their purchase for gift purposes. Copper bonds strengthened in sympathy with higher stock prices and the price of the metal, which is now selling at li cents a pound,, the highest in the year. Rail Bond Maturities Smaller. Railroad bonds and notes maturing in 1933 aggregated $11).952, 23 as againet $2M0.9O2.!MIO in 1022. The largest amount af obligations falling due in one mon-th Is January with $49.75i,430, of which equpiment trusts sold to the government and resold by the United States railroad administration make up J22.tftl,230. Th raHroad maturities during the year were small, the largest being $7,742,000 St. Za .,1 a Vnrrkarn tajl fin firvt Rs A It, February 1. The announcement of J- P. Morgan & Co. early in the week that the German ambassador had been informed that no international loan to Germany could be considered or discussed until the repara-.-tUins question was settled, served to set at rest rumors that were proving en barrasslng to both the administration and local International bankers. The new Cuban $50,000,000 loan was announced during the week as one for 30 years at 5& pep cent with amortiza tion features. The succei?sful bidder will be announced January 12. Canadian ad vices led to the belief that the $1M.M.- 000 loan which the Canadian government intends to seek early next year will be split between the New York and London market, now that sterling exchange is in a more favorable position. There was a belief among bankers that the local market could safely absorb $100,000,000 of the new Canadian securities. , Packers Plan Financing. It is expected that Armour St Cn.'s new financing wi'tt involve $100,000,000. partly tor the purchase of Morris & Co. and partly for refunding. It is under stood that the company intends to re tire about $.',)000.000 notes and bonds bearing 6 and 7 per cent Interest and issue new securities at a lower rate. New financing may be done, it Is said, either by an issue of additional mortgage-bond against property or an issue of additional preferred stock. The principal offering last week was 58.000.000 Carolina. Clinchfleld and Ohio railway company 30-year 6 per cent first and consolidated mortgage gold bonds of fered at 96H to yield 6.2S per cent. Other iRrge offerings were $2,000,000 state of New Jersey 30-year 4 per cent high- 1 way extension bonds to yield 4 to 4.25 per cent; $2,000,000 Richmond, Va.. 35 year 4'2 per cent Improvement bonds to yield 4.25 per cent, and $1,70,000 Ameri can Bolt corporation 15-year 7 per cent first mortgage sinking fund gold bondi offered at pax. 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