1G
THE SUNDAY OREGOXIAN, FOItTLAXD, JANUARY
1.1, 1922
II. S. SHIPBUILDING
BELOWPRE-WAREBB
Returns to December 31 Cov
ered by Lloydrs Register.
WORLD FEELS DEPRESSION
2"o Jlcport Available for Germany,
hut That Country Probably
Second to Great Britain.
So-marked has the shrinkage in
ehlDhuildine now become that this
country today actually has a. smaller
percentage of the total construction
of the world than it had before the
war, says a statement by Lloyd's
Register of Shipping, covering the
returns for the quarter ended De
cember 31 last.
While the depression is general. It
Is pointed out, the most marked ef
fects are shown in the United States,
Three months ago France, Holland
end Italy were all constructing less
tonnage than this country. Today
each of them Is building more than
American yards. Iso returns are
available for Germany, but the total
of construction there is probably sec
ond only to that of the United King
dom. World Shipbuilding Declines.
As compared with the preceding
fluarter, the total shipbuilding
throughout the world at present
shows a decline of more than 1.000,
000 tons gross, of which the British
decrease represents about 640.000
tons, the American about 215.000 tons
and that of the other countries com
bined about 225.000 tons. The total
for the United States, however. Is
now only half what it was three
months ago. while the British de
cline is only about one-fifth,' and
that of other countries only about a
tenth from the total of the preceding
quarter.
It Is stated by Lloyd's Register,
however, that the present world con
struction figure does not show, the
full extentr-of the contraction in ship
building, as work has been ordered
suspended on more than 1,100.000
gross tons, of which more than 700,
000 tons represent work in British
shipyards.
Pre-War Figures Approached.
While the total of world construc
tion haB not yet fallen to the pre
war figure, it is rapidly approaching
it. In comparison with the present
aggregate of actual work In prog
ress, of 3,335.000 gross tons, the total
under way on June 30, 1914. was
2.S46.000 tons. The present British
total of 1,918,000 tons compares with
1.747.000 tons in 1914, and the Ameri
can aggregate of 216,000 tone with
148.000 tons. The present total for
the United States contrasts with
4,186,000 gross tons for the first quar
ter of 1919, when this country was
building more than all the rest of
the world combined. The United
Kingdom now holds that position,
with about 60 per cent of the aggre
gate building throughout the world.
Returns from all countries of con
struction which is being done under
the supervision of Lloyd's Register
and Intended to be classed, with that
society show an aggregate of 2,980.
937 tons, of which 2,091,356 tons are
In the United Kingdom. More than
two-thirds of the seagoing tonnage
placed throughout the world Is there
fore being classed by Lloyd's', and 80
per cent of that being constructed in
the United Kingdom.
Fewer Tankers Built.
Further decreases are reported in
, the construction of tankers, the world
total at the beginning of the year
being 793,000 tons, as compared with
931.000 tons in the preceding quarter.
Iurlng this period the aggregate of
oil carriers building In the United
States dropped back from 222.000 tons
to 103. 1)00, while In other countries,
excluding Great Britain, the decline
shown was from 182.000 tons to 153,
000. There was a slight advance in
the total of the work under way in
the United Kingdom, the present
total being 636.000 tons, compared
with 627,000 in the preceding quar
ter. ,
The great scarcity of new work Is
evidenced by the returns of Lloyd's
Register, showing that during the
last quarter work was begun on only
64.000 gross tens of vessels, white in
the same period hulls representing
466,000 tons were launched. In the
last quarter of 1920 work was begun
on D03.000 tons, while 676,000 tons
ere launched.
Italy's Volunu) Great. -
Excluding Germany, the greatest
volume of shipbuilding In any coun
try outside the United Kingdom is
being done in Italy, followed closely
by France and Holland. Japan is
now building only 145.000 tons. Con
struction has also fallen off sharply
in the British dominions. How work
in a number of the countries com
pares with a year aeo Is shown la the
following Jble:
Jan. i. -22. jn. 1. '21.
, .. .ins.s2 aan.nno
. .'tr2.::3 n7.ooo
... 8KI.S79 4.S0.OO0
. .. 66.4H9 IBilfloo
ICuly ...
Kmnc. .
Holland
British Dominions.
j-ne 3.3J&.000 tons actually under
construction in the world today com.
pares with the peak of 8.048,000 tons
attained in September. 1919, as a loss
of 4,700,000, or nearly 60 per cent.'
JAPANESE SEES TERMINALS
J. Furtisawa, Capitalist, Inspects
Vegetable Oil Mills Plant.
J. Furusawa, Japanese capitalist
and Industrial magnate, was the
guost of the traffic bureau of the port
and dock commissions yesterday on a
tour of inspection of the marine
terminals of the city and the plant of
the Portland Vegetable Oil Mills com
pany. Mr. Furusawa Is managing di
rector of the NlHstiin Oil Mills com
pany of Dalren. Manchuria and Is one
of the largest producers and exporters
of vegetable oils of the orient, and Is
financially Interested In many other
Important Industries of the far east.
After inspecting the facilities pro
vided here for storing, handling, ex
tracting and refining vegetable oils,
he attended the luncheon of the City
club at the Multnomah hotel In com
pany with H. L. Hudson, manager of
tho traffic bureau.
Canadian Observer Floated.
. VICTORIA, B. C, Jan. 14. The Ca
nadian government merchant marine
steamer Canadian Observer, which
went aground at Deep bay. Discovery
passage, B. C, was floated by a ris
ing tide Friday morning. The vessel
was not damaged. She Is outward
bound from Ocean Falls, B. C, to San
Francisco
Tides st Aitoria Sunday.
High. Low.
i-.yi A. M....8T feet':1T A. M....2 2 feet
2;00 P. M...10.0 leet;s:.1.-i P. M....J.0 foot
Report From Month off Columbia River.
NORTH HEAD. Jan 14. Condition ot
the -a at i P. M., smooth; wind, north,
Xour miles.
INEXPERIENCED INVESTORS ARE CAUTIONED
TO GUARD AGAINST ALLURING PROPOSITIONS
Strong-Arm Salesmanship Put Behind Certain Bond Issues Is to Be Avoided, as Well as Stocks That Axe Not
Based Upon Tangible Properties of Well-Known Value,
BT STANLEY A. BEADLE.
This la the eighth article In a aeries on
the subject of "Thrift, Banking and In
vestment.
r
"K THE preceding article we dis
cussed the qualities inherent in
every bond, with the view of de
termining each Individual investor's
requirements and thus aiding him to
invest wisely. In this article the con
verse viewpoint will be taken so that
the reader may learn some points on
how not to Invest. Between the two
he should be enabled to steer a safe
middle course.
Before elaborating on the wiles of
promoters offering . alleged Invest
ments and their ways of presenting
"securities," a wojd or two anent the
"strong-arm," or "one-call," salesmen
Is In order. The stock in trade of
these chaps is not the stocks or bonds
they have for sale, but a strong per
sonality. They are so carried away
with self-confidence and a working
knowledge of their powers of persua
sion that frequently their talents are
perVerted to the extent of unscrupu
lous tactics applied to marketing a
comparatively worthless security. As
a certain popular cult would term it.
"malicious animal magnetism." Many
volumes have been written on the
subject of "personality," particularly
in relation to salesmanship and suc
cess. Personality Is Defined.
It is well to understand the mean
ing of the word personality before
going further. The basic noun per
son is of Latin derivation, from the
word "perBona," which means a mask.
The suffixes "al" and "ity" to the
English word person means, there
fore, the mask or outward character
istics of any -individual. Individual
ity, however, is the inward character
stripped of acting, expediency or per
sonality, as it Is commonly under
stood. True Inward earnestness, with
a decent self-respect and regard for
the welfare .of one's fellows, ' would
dot permit the possessor to deprive
another of his hard-earned savings
in exchange for a "security" of nebu
lous value. Any bond salesman
worthy of the name Is largely pro
fessional in his functions andIInan
cial researches. He could nof, there
fore, if he values his business repu
tation and hopes to build or retain a
clientele, employ any but the most
ethical methods in selling his securi
ties. Furthermore, no reputable deal
er in bonds would knowingly engage
a salesman of questionable character.
or retain him If his methods savored
of chicanery or dishonesty.
As a general proposition, the se
curity itself is the ultimate consid
eration. The vendor can,"in a meas
ure, be set aside while weighing the
pros and cons of the desirability of
any bond offering. The averageyln
vestor cannot, of course, know the se
curity market sufficiently well to act
entirely on his own Judgment In the
selection of bonds. He must, per
force, fall back upon, the greater
knowledge and the Integrity of the
bond house or bank making the of
fering, although it is expected that
he will exercise ordinary caution and
common Bense before actually buying
any bond. In its finality it is not
only the security but the house be
hind the security and its guarantees
to their clients.
More Profit Common Argument.
A common argument of the "super-
salesmen" mentioned in the second
paragraph is that "money In savings
banks earning 3 to 3 per cent might
Just as well earn 10 or 12 per cent"
or any other Income they may choose
to mention.
Let us take one of these 12 per
cent "investments' and analyze it.
The charlatan promoter, amateur and
professional, has greatly diversified
his operations during the last lew
years. From oil he win turn to min-
ng, from mining to Invention, then
to the railroad, and to real estate and
sometimes he has been found inter
ested in all of these simultaneously.
Some of his other favorites, as they
have been announced in certain east
ern newspapers, wnicn seem not to
care to what perverted use their ad
vertising columns are put, are rubber
culture, banana growing, lumber de
velopment and the multitude of enter
prises which may be put tinder the
general classification of Industrials.
A prominent New York banker, deal
ing in the highest grade of invest
ment bonds, once remarked to the
writer, prior to the growing confi
dence In bonds as investments which
exists today, that he noticed a steadily
SHARP RALLY IN WHEAT
SHORTS FORCED TO COVER IN
CHICAGO MARKET.
Prices Weak Most of Day on De
clines at Buenos Aires
and' Liverpool.
CHICAGO, Jan. 14. Local shorts, driven
to cover, caused a sharp rally in the last
IS minutes of today's wheat market and
pulled prices back to about where a weak
market started:" Uralns were unusually
dull and provisions were weak. Final
prices were o lower to 'Vie higher in
wheat, o lower In corn., fractionally
lower in oats, and 10 to 30 points off In
provisions.
Wheat was in the doldrums throughout
most of the session. Lower prices at
Buenos Aires and Liverpool caused some
selling at the start and with support lack
ing the market sagged readily. Transac
tions were neither numerous nor exten
sive, however, and the decline was checked
on scattered buying.
Corn ffnd oats were extremely dull and
changes were inconsequential. There was
some local selling of corn.
. Holders offered provisions when early
reports from the stockyards showed lower
prices for live hoitw.
The Chicago grain letter received yes
terday by the Overbeck & Cooke company j
of Portland follows
Wheat Selling In tit way or liquida
tion was the feature of the trade dur
ing the first hour. Offerings were well
taken and at the close the market was
strong on buying stimulated by re-ports
from the seaboard that considerable ex
port business Is likely to be done early
next week In both American sod Canadian
wheat. One message claimed Argentine
wheat was being offered at the gulf at
$1.20, but the possibility of Importing any
quantity Is remote and this report was
without influence on this market. TnJH
American relief administration announce I
that It will accept offers of American and
Canadian spring wheat for seeding pur
poses Monday. The Greek order for up
wards of 2,000,000 bushels is expected to
be given early nest week and It was inti
mated that some additional business la
likely to be disclosed over the week-end
The usual falling off in the milling de
ma rid was experienced at the week-end,
but It will undoubtedly resume next week.
Corn Support was lacking In this mar
ket today and hedging against purchases
ot cash grain In the country was suffi
cient to bring about a small decline. An
easier tone also obtained In the cash de
partment; with prices about half a cent
lower. We continue to feel that advan
tage should be taken on recessions to
make purchases.
Oats Without feature following the
general trend of other grains in a small
way. The cath market was somewhat
easier with demand less.
Leading futures ranged as follows:
WHEAT.
Open. High. Low. Close.
Ma $1.HH $1I17 $1.10t $I.U
Jul t8Dji LIMJa ,881s 1.001a
diminishing demand for securities
such as he dealt in. but there appar
ently had been no difficulty at all on
the part of the industrial promoter in
disposing of his great variety of
cumulative preferred stock some of
them with dividends "guaranteed"
Issued against business ventures of
no , established reputation whatever.
He added that such ventures ought to
be backed by business men, with their
own capital, but that after a few un
fortunate experiences with them, such
as were practically Inevitable, the
public would see the fallacy of such
Investments and turn again to invest
ment bonds.
Guaranteed Stacks Allarlng.
Stocks to which the term "guaran
teed" is so frequently attached now
adays, undoubtedly are alluring to
the average person seeking to em
ploy his surplus or savings at as high
a rate as possible. Yet there Is notn
ing that may prove more hollow and
baseless than many of the guaran
tees which are offered. Even the best
of them have been known to turn out
valueless through some slight legal
technicality, and the unfortunate part
of it Is that their weaknesses are
never discovered until difficulty
arises until it Is too late for the In
vestor to save himself.
Investigation shows that many of
the Bmall Issues of stock under this
classification, which have been sold
to the public within the last two or
three years, are guaranteed by sub
sidiaries to the issuing companies
formed for that specific purpose 'and
usually exhibiting formidable look
ing for balance sheets, which seldom,
however, stand close analysis. The
fallacy of such an expedient is clear,
when- one stops to consider that a
guarantee is only needed in case of
failure and that failure of the com
panies issuing the stock in these
cases would mean immediate destruc
tion of the guarantees.
Promotion Hits High Level.
And now we are getting closer to
our analysis of a "12 fer cent guaran
teed investment." About 10 years ago
a coterie of Chicago men announced
a project to build an electric railway
from Chicago to New York. Railroad
development had. until that time,
been generally supposed to have
reached a stage where the ordinary
methods of "wild cat" finance flo
longer would be associated with it,
yet here was a proposition, which Its
originators said, was to revolutionize
the railroad business of the world.
They sold to some 14.000 gullible in
dividuals between 87,000,44)0 and
$8,000,000 worth of stock but they
built no railroad. Shut out from the
advertising columns of the respect
able press of the country, they then
published their own "newspaper," a
sample copy of which will bear
analysis as containing some of the
best examples of those statements
which have to be always looked upon
with suspicion.
In the leading article of the edition
In question, under the caption. "Prog
ress of the Work," the exploiters of
this fanciful railroad, which, by the
way, Is projected to run as the crow
flies, between the two great commer
cial centers of the country, addresses
a fervid appeal to the stockholders
for their continued support, insisting
in the strongest manner possible on
their sincerity toward the work they
have undertaken and asserting that
the proposition as an investment is
so good that nothing can prevail
against the persistence and energy of
the men back of it.
Propaganda Is Eloquent.
"In the midst of a financial storm,
which shook the country," they plead,
"opposed by powerful interests, be
littled by an ignorant or subsidized
press, forced again and again to de
fend their stockholders from the
depredations of wreckers and thieves,
we have actually secured franchises
and created railroad property worth
several millions of dollars, which will
go on earning money for its stock
holders and' their descendants for
ever." Several Items of miscellaneous news
follow, from the localities near which
one terminal of theToad Is supposed
to be under construction, and then
a skillfully constructed argument on
how a great merger of Chicago trac
tion properties may be taken as a
most emphatic Indorsement of the
air-line project, and the opportunity
It has, as well as a recognition of
the enormous business which the road
will bring. But the piece de resistance
of the edition Is a full page advertise
ment headed: "Preferred stock will
advance In price. Last opportunity for
CORX.
62 74 .53 H ,B2 .82 1
644 .544 .54 54 .64
OATS.
31 V4 .3SH .23 .88
..... .38 .394 .38 .38
May .
July .
May
July
PORK.
January ...16.00 j to 16.00 18 10
May ltt.HJ 18.30 16.25 10.26
LARD.
March ..... .1T 9.17 0.12 SIS
May 0.40 9.40 S.32 9.37
RIBS. .
January .' j.12
May 8.35 8.83 8 32 8.32 -
. fash prices were as follows:
Wheat No. 1 hard, $1.10.
Corn No. 2 mixed. 48iJ48tfc; No. 2
yenow, 4 ij 4Si e.
Oats No. white. 375438a; No. S
white, 33 33c.
Rye, nominal.
-Barley. 53 0 56c
Timothy seed, $50 7.
Clover seed, $12.50jj18.
Pork, nominal.
Lard, $0.02.
Ribs, $7.75.T5. N
Minneapolis Grain Market;
MINNEAPOLIS, Jan. 14 Cash wheat
No. 1 adark northern. $1.3001.33; No. 2,
ll.3TCM.S0: No. J, $1.10ijrl.27 No. 1 north
ern. $1.281.30; No. 2. $1.241.27; No 3.
$11701.22; No. 1 hard Montana, $1.23
1.25; No. 1 durum, 8349640.
Barley. 4063c.
Flax. No. 1, $2.0'i jf 2.1214.
Futures, wheat. May, $1.18; July, $1.124.
Carlot Grain Receipts.
CHICAGO, Jan. 14. Carlots Omaha
Wheat 10, corn 150, oats 16. Minneapolis
Wheat 220, corn 74, oats 46. Winnipeg
Wheal 50, oats 114. Duluth Wheat 9,
corn 34, oats 9. Kansas City Wheat 132.
corn 61, oats 6. St. Jouis Wheat 27, corn
90. oats 5S.
Clearances Wheat. 944,000 bu. ; com,
372,000 bu.; oats, 77,000 bu. ; flour, 77,000
barrels.
New York Grain Market.
NEW YORK, Jan. 14. Wheat, spot easy:
No. 2 red and No. 2 hard, $1.204; No. 1
Manitoba, $1.274; and No. 2 mixed durum,
$1.0014 c. 1. f. track New York, to arrive.
Corn, spot, easy; No. 2 yellow, 60 V4c;
No. 2 white, 6ttc; No. 3 mixed. 6514c o.
I f. New Tork, all rail.
Oats, spot barely steady; No i white,
476p474c.
Other articles unchanged.
Winnipeg Grain Market.
WINNIPEG, Jan. 14. Cash wheat. No.
1 northern, $1.144; No. 2,1.08; No. 3.
MSc; No. 4, 0.1 N,c; No. 6. 8644c; No. 6,
7Hc: feed, 92c; track. $1.1194: oats.
No. 2 white, 43V4c; No. 3, 40 Vic; May,
$1.0914; July, $1.074.
Seattle Grain Market.
SEATTLE, Jan. 14. Wheat: Hard
white, soft white, white club, soft red win
ter, $1.09; hard red winter, northern
spring, $1.10: eastern red Walla. $1.06;
Big Bend bluestem, $1.12.
City delivery Hay: Timothy $23. D. C.
$21. mixed, $21, alfalfa $17, D. C. $23.
straw $13. barley whole $33, ground and
rolled $35, clipped $40, chick starter, $64,
chop, ail grain $35. cocoanut rneal $28.
corn $33934, corn, cracked and feed meal
$37, cottonseed meal $44, linseed meal 5S,
mash mixture, egg $40040, scratch feed
stockholders to secure a 12 per cent
guaranteed Investment at present
prices."
"Hundreds have money In savings
banks," "the advertisement continues,
"drawing from 3 to J-vercent in
terest, which might Just as well earn
12 per centjiuring the next It months.
More than that they now have an In
vestment on which Uyy can realize
a revenue of S per cerfT a year during
the next 18 months by the mere mak
ing of a 12 per cent investment. Jan
uary is the best time for depositors
to draw their savings from the bank.
it being the close of an interest period.
As 7 per cent dividends and S per
cent interest begin . to accumulate
from the very day the preferred stock
is purchased, there should be no lost
time. . . . . No one familiar with
the situation can question the busi
ness opportunity which confronts our
stockholders or the ability of the first
division of the road to earn more
than 7 per cent dividends."
Catch Third Is Inserted.
'Let us see about this 12 per cent
"Investment." The 36 miles of road,
the first division of the system, let it
be remembered. Is not yet in opera
tion. Whence comes, then, the 7 per
cent dividends promised? They do
not en me now, and there is no assur
ance that they ever will. The catch
is in the word "accumulate." The
preferred stock Is bf-fche "cumulative"
type, whose characteristics already
have been defined in a previous arti
cle. The dividends will .accumulate
to the credit of the holder of th
stock, and will have to be paid before
anything is distributed to the hold
ers of the "several million dollars of
common stock; but they are not an
obligation against the company until
such dividends are declared. The a
per cent interest probably will be
paid for the is months, as promised
but how? On this aolnt the an
nouncement is not explicit. The pro
moters are frank in saying that the
interest offei Is made with the ex
press purpose of hastening the sale
of the stock, although It is difficult to
reconcile this statement with the one
at the head of the advertisement re
garding the rise in the price of the
stock. Those who purchased on this
announcement doubtless found at the
end of the 18 months, when the in
terest had ceased, that the promised
rise was merely in the price at which
the stock could be bought from the
company that it did not mean a rise
in the market price. There was na
market.
Whole Spaeme Bad .Dmn.N
Unfortunately there have been
thousands of people who have been
able to fix in their mind's eye this
absolutely straight railroad in oper
ation between Chicago and New York,
with the public clamoring for tickets
to ride on it, with merchants insist
ing on having their goods shipped
over It, with the express companies
paying high for contracts with it, and
with the government giving the bulk
of its mail to It. They never have
stopped to consider that at the prices
obtainable for the stock of the air
line, it would take between $300,000,
000 and $400,000,000 of stock to buy
Its terminal in New York alone, to
say nsthiirg of building its line from
there to Chicago.
There is another phase of modern
railroad promotion, which almost al
ways possesses the earmarks of legi
timate and promising enterprise, but
with which the investor should pro
ceed with xtreme caution. We refer
to those projects admittedly con
ceived for their strategic value alone.
Several years ago some capitalists
planned a railroad in one of the west
ern states. They succeeded in inter
esting not only eastern but foreign
capital, built their road to tap some
more or less important coalfields and
sold to the public several million dol
lars of first mortgage bondp largely
on the representation that the new
road must sooner or later be taken
over at a good price by one of the
larger transcontinental systems, with
which they had been successful in
getting a connection. The bonds were
sold at a fairly high price, but al
though there Is no evidence that the
proceeds of the sale were dishonest
ly used they are today of only nomi
nal value. ,
Railroad Falls to Pay.
The railroad on which they were se
cured, of course, failed from the first
to earn its fixed charges; the state
in which the road was built forbade
the sale to the larger system and a
receivership was the result with prac
tically no hope for a reorganization
in which the Interests of the bond
holders couHbefully protected.
$41946. soya bean $60, wheat $42, Pugt
sound $40.
Grain at San Francisco.
SAN FRANCISCO. Jan. 14. Grain
Wheat, milling. $1.831.95; feed, $1 85
1.95; barley, feed. $1.224 1.274 ; ship,
ping, $1.301.37V4; oats, red feed, $1.40
1.50; corn, white Egyptian, $1.72!-
1.774: red mllo, $1.57 bid.
Hay Wheat. $17,019; fair. $14917;
tame oat, $l,VgplR; wild oat. $1113; al
falfa, $13916; stock, $8912; straw, $10
12.
n
Chicago Livestock Market.
CHICAGO. Jan. 14. (United States Bu
reau of Markets.) Cattle receipts, 1000;
compared with week ago: Beef steers and
fat she stock 15 to 25 cents lower; bulls
steady to 15 cents lower: canners and cut
ters about sady; veal calves, -steady to 25
cents higher; stockera and feeders 25 to
36 cents higher.
Hog receipts, 15.000; largely 15 to 25
cents lower; holdover moderate, mostly
lighter weights; market closing 26 to 40
cents lower than Friday's average; top
$8.10; bulk. $7.50 to $7.85; pigs 25 cents
lower: bulk, desirable, $8.00 to $8.25.
Sheep receipts, 4000; today's receipts
nearly all packers direct; compared with
week ago all classes 60 to 75 cents higher.
Kansas City Livestock Market.
KANSAS CITT. Jen. 14. (United States
Bureau of Markets.) Cattle receipts. 650
for week: Beef steers 2550 cents higher;
top. I860; killing and stock calves fully
23 cents higher: she stock steady to strong:
bulls and canners strong: stockers and
feeders strong to 15 cents higher; fat cows
and heifers 15 to 25 cents higher.
Hog receipts, 1600; fairly active, mosth
15 to 20 cents lower than yesterday's av
erage; packers bought all hogs: best 160
pound weights $7.70; 210 to 3(H) pounders
$7.60 9 7.60: bulk of sales $7.2597.60: top
$7.70: packing sows 25 cents lower; bulk
$5.76ft8.00.
Rfieop receipts. 200; vfor week: Sheep
$1.00 to $1.60 higher; lambs 60976 cants
higher to $12.50.
Omaha Livestock Market.
OMAHA. Jan. 14. (United States Bu
reau of Markets.) Hogs, receipts. 7O0O:
mostly 1626 cents lower; 170 to' 200
pound weights, $7.3597.50; bulk of sales
$7.0097.30; top. $7.50.
Cattle receipts, B50; compared with a
week ago: Beef steers steady to 25 cents
lower; she stock generally steady; bulla
strong to 25 cents higher; veals mostly
25 cents higher; stockers and feeders 15
to 25 cents higher.
Sheep receipts, none. Compared with a
week ago: Lambs 60 to 75 cents higher;
Sheep and yearlings, $1.50 to $1.75 higher;
feeders 75 cents to $1.00 higher.
Seattle Livestock Market.
SEATTLE. JanaJ4. Cattle and bogs
steady, no receipts, no price changes.
Cotton Consumption Larger.
WASHINGTON, D. C, Jan, 14. Cotton
consumed during December amounted to
611,000 bales ot lint and 41,608 of linters.
compared with 295.202 of linj and 27,287
of linters consumed in December a year
ago, the census bureau announced today.
Phone your want ads to The Ore
gonian. Main 7070. Automatic 660-36.
WEEK SEES TRADE
MICE RESTORED
Pick-Up of Orders in Steel Is
Predicted Freely.
OUTLOOK IS OPTIMISTIC
Sloncy Rates Cause Rise in Prices
for United States Bonds, in
New Tork Markets.
BT STUART P. WEST.
."(Copyright. 1922. by The Oregonlan.)
NEW YORK, Jan. 14. (Special.) Mar
ket movements during the past week have
not thrown much new light upon ttie out
look for the new year, but they hive ef
fectually disposed ot any hesitation that
mifht have been felt because of the dis
appointing drop of prices in the opening
days of 1922. The opinion expressea s
week ago has been fully borne out, namely
that the sagging then In the stock market
was partly the natural reaction after a
month or more of advance, and partly
an expression of rather unreasoning, dis
appointment in speculative Quarters, be
cause the new J(ear did not begin imme
diately with revival on the stock exchange
The week has seen the balance restored.
Professional tradero had sold out their
stocks by the beginning of .the eriod, and
many of them had gone short. The talk
ot further reaction was so in the air that
the public was frightened off the buying
side, but the more Important stock owning
Interests were not selling.
Holdings Bought Back. -
In fact, on the part of this element,
there was considerable buying back of
noldlrgs on which profits had temporarily
been taken In December. Thus the inside
position of the market became very strong
again, and tnlswas clearly enough re
vealed In the price movement during the
latter barf of the week.
The first ten days or two weeks of
January is always the inventory-taking in,
terval. It is not a time when normally
business operations are starting up. The
fact, therefore, that so far the new year
has brougnt no inaications 01 luwner uaue
recovery Is not. In the leat surprising
Steel snd Iron authorities say the mills
are running on a somewhat less percentage
of active capacity than they were last
month. But they still believs that after
the Inventory period is over orders will
commence to pick up. What la true o!
steel is true of muny other lines.
It will not be until the latter part of
January and the early part of February
that much will De known, one way or the
other, as "to whether hopes of trade im
provement has been warranted.
Money Rates Influence Bonds.
In past years January has more often
than not been a month ot rising prices,
both in stocks and bonds. This was
the rule when money rates were the para
mount influence. Money flowing back
from the Interior to swell the Wall-street
(supply was a stim,lu to investment and
in encouragement also to speculative ac
tivities. Frequently those January booms
would last over into February, to be fol
lowed by reaction extending through the
month of Starch. Then the money sup
ply would again be diverted for temporary
use in the spring trade and in the spring
crop planting, and restriction otaa-bank
credits would be the rock upon whiCTi the
Wall-street campaigns would come to
grief.
But these old-time schedules no longer
apply now. There is no precedent which
counts for much with the strain and ex
haustion of an unparalleled war. The
course of money rates has been, and will
continue; the main Influence upon bond
prices. Thls-week has seen United States
war loans, some of them at the best price
ever reached, others at highest level since
the turn in the investment situation ossne
saveral months ago.
Stocks Reflect Optimism.
The stock market Is not concerned as it
used to be with the money market, but
rather with the courso of trade. Its ad
vance this weak is tantamount to a vote
of confidence that those are right who
think that 1922 will be a year of slow,
gradual Improvement, that competition
for new business will be sharp enough to
keep down prices so that there will be no
larw orofits. but that for manufacturing
"and mercantile establishments which have
written off their losses ana are in gooa
shape at the banks. It will be a favorable
year.
- The change in the French government,
from a group disposed to work disinter
estedly for economic restoration In Europe
to a group which takes a much narrower
and more selfish view, is certainly not a
pleasing development. It has lad no
more effect an the markets generally, only
because financial circles have never al
lowed themselves to become too encour
aged about what would be accomplished
at Cannes or at the stilt more Important
ennf.rence which is to meet In Genoa th
month after next. The party and thlaj
Includes the commercial ana iinanciai in
terests of the whole world that would
like to see the German reparations modi
fled; so that the German markets couldJ
opened up. has received a setback.
German Exchange Drops.
How severe this check will prove re
mains to be seen. The decline In German
exchange during the week is. ,of course,
one symptom which carries its own in
terpretation. On the other hand, the
strength of sterling and the way In which
French franca have stood up in the face
of the political crisis, are suggestive of
hope that the plans to bring about a gen
eral commercial conciliation through Eu
rope will not be seriously Interferred with
The federal reserve banks did Dot mark
down their discount rates at this week s
meeting as anticipated. ut action 01 un
sort can hardly be delayed with the reserve
percentage up to nearly 75 per cent, as
against 71 per cent a week ago, and 4H
per cent last year at this time. In con
nection with the recovery In the banking
p.,llirn the figur-s lor the yea's ex 1 Is
and imports of gold are of Interest. Ex
cess of Imports over exports were $67,
317 000 In 1021. where In 1020 they were
1112 000.000. This altogether unprecedented
addition to our gold stock representing
of course, the settlement of trade debts
by tbe rest of the world has been an
even larger factor than either the reduc
tion of $7,600,000.00 in rediscounts at the
federal banks, or the $900,000,000 decrease
in note circulation.
BAN FRANCISCO PRODUCE MARKET
F rices Corrent on Vegetables, Fresh Fruits,
F.tc, at Bay City.
SAN FRANCISCO, Jan. 14. (State di
vision of markets Fruit Apples. 84
and 4-tler. $1.40 3.50; navel oranges
$2.505; lemons, $1.50 3.75; grapefruit.
$2 6094.75; cranberries, box,. $4.5093.50;
pears, box. $293.60. '
Vegetables Artichokes, case, $10921;
aeans. pound. 10 918c; carrot, sack. 90c
1; celery, crate, $3.:0n Oil; cucumbers,
small box, $1.209 3.M: CKKPlsnt, pound.
(9l.c; lettuce, small crate. fl2.."in;
mushrooms, small box, 309 5c; olives,
pound, 5y9c: onions, brown, cwt.. $5.60
6; white globe. $6.5091' 7.T.0; peas, pound.
15917c; bell pepsw.rs. pound. 092."ic; po
tstoes, $2.0092.85; pumpkins, sack. 75c
$t; rhubarb, box, $2.53; squash, sum
mer, smalt crate. $3l3.50; hubbard, sack,
$19150: sprouts, pound, 7''a.9c: spinach,
pound. 9910c; tomatoes, crate, $2.2.2..'0.
Poultry Broilers, 83 9 38c; roosters,
young, 24932c; old, 17 9 20c: hens. 2Hj
2c; ducks, 22 9 25c; turkeys, live. 86 9 41;
dressed. 40 9 50c.
Receipts Flour, 6932 quarter sacks;
wheat, 849 centala; barley, 2759 centals;
corn, 1116 centals; hay, 50 tons; potatoes.
6132 sacks: onions, 120 sacks; hides, 38;
oranges and lemons. 2MH) boxes; livestock.
1030 head. -
QUOTATIONS, ON DAIRY PRODUCE
Current Prices Ruling on Batter, Cheese
and Eggs.
BAN FRANCISCO, Jan. 14. Dairy pro
duce exchange closed
NEW lUrlrv, Jan. I. Duller, iirm,
creamery higher than extras, 20 38 c ;
creamery extras, S79374c; first, 32x9
36 So.
Eggs, steaay.
Cheese, firm.
CHICAGO, Jan. 14. Butter, higher:
creamery extras, 34c; firsts, 28 9 33c; sec
onds, 25927c; standards, 32c.
Eggs, higher: receipts, 7199 cases: firsts.
38c; ordinary firsts, 32934c; miscellaneous,
30 9 37c; refrigerator firsts, 22925c.
SEATTLE), Jan. IC. Eggs, select local
The Orient
is nearer now
Enjoy greater9 speed and comfort
across the Pacific on your ships
NOW is the time to plan a trip to the Orient.
Nownew American ships have made more ac
cessible fo you the mysteries, the fascinations, and
the sheer beauties of the East. New U. S. Govern
ment owned ships have cut a thousand miles from
the journey. Now in 1 1 days you can go from Seattle)
tft Yokohama gateway to wonderful Japan.
Luxurious appointments prevail on these great
ships 21,000 ton oil-burners and they offer all the
comforts and facilities of the very best hotel. They are
among the finest ships afloat. The service aboard is
unexcelled on the seas. And this year, with the value
of the American dollar at its peak, you can do more
for less than ever before. You' should send the inform
ation blank below and learn about the opportunity
American ships have brought to Americans now.
For accommodationt and tailing tt addrat ytntr local agent or
The Admiral Line
JT State Street, New Tork City L. C. Smith Bldg., Seattle. Walk.
Mfinaoing Orern tnr fnr
U. S. SHIPPING
Information Office
1 ou unu o unaer no oongatun.
ranch, white sheila, 30 32c; do mixed
colors, 3c; pullets, 2St(-i.
Butter, city creamery cubes, 33c? bricks
or prints. 34c
Large Decrease in Excels Reserves.
NEW TORK. Jan. 14. The actual con
dition of the clearing house banks and
trust companies for the week shows that
they hold $10, 158,300 in excess of lrnal
requirements. This is a decrease of $40,-
565,870 from last week.
Naval Stores.
PAVAVMAH, Ga.. .Tan. 14. Turpentine
firm. K3c: nalc. receipts, 32; ship
ments 6; stock, 12,732.
Rc.sln firm ; sales, 729 ; receipts, 102fl ;
shipments, ltS7; stock. S5.101. Quote:
Port Calendar.
To Arrive
Ftemer '
Seine Ma.ru
Colusa
He in Maru
Borg.and m. s.)....
Admiral Rodman...
Nitcheroy
Merlden
West Xotui
Nyansa
Tli, Koo-eve;t (m. s.)
'Admiral Evans ...
Moerdyk
Ktlgar Luckenbacb. .
Nepnnset
Fuku Maru
Mnxlro
Tricolor
Saint Joseph
Cape Romain
Haute Luckenbacb...
Hawick Hall
West Henshaw ....
Kennecott m. s.)...,
Harry Luckenbacb. . .
Steel Ma-lner
H. S. Grove
Rakyo Maru
, To Depart F
at Portland.
From
.Norfolk . .
, San Fran. . . .
Japan
.ChriHtl&nla ..
, Seattle
.Vancouver
.St-Httie
. San Fran. . . .
.Gaiventon . . .
.Antwerp ....
. San Diego. . .
.SfHttl
.New York. ..
New York...
.Orient ......
. San Fran . . . .
. Sun Fran. . . .
.Europe
. Baltimore
.New Orleans.
.Orient
.Eureka
, New York. . . .
, New York . . .
, New York. . .
New York...
.Orient
Due,
.Jan. 15
.Jan. 15
.Jan. 15
.Jan. 15
.Jan. 16
.Jan. 17
.Jan. 17
.Jan. 17
.Jan. 18
.Jan. 18
.Jan. 19
.Jan. 10
.Jan. 20
.Jan. 20
.Jan. 20
-Jan. 21
.Jan. 21
.Jan. 21
.Jan 23
.Jan. 24
.Jan. 25
.Jan. 25
..Jan. 27
.Jan. 30
.Jan. 30
.Jan. 30
.Jan. 30
roin Portland.
For. Date
.Orient Jan. 16
.Orient Jan. 17
.S. F.-Way....Jan 18
.San Diego.... Jan 21
,.San Fran Jan. 23
. Mt'X. ports. . ..Jan. 23
Steamer
Brazil Maru
West Keats
Admiral Rodman.
Admiral Evana...
Rone City
Mexico
Vessels
Id Port.
Steamer
American Bablnda (M.S.)....
Krarport
Brazil Maru
Ed more
Georjfina Rolph . . . .
Daisy Mathews....
llamer
Hanna Nielsen ...
Henriette (sell.)...
Holland Maru
Johau Poulsn....
Julia Luckenbacb.
Kinkasan Maru
Klso Maru
La Purislma
Las ega
Montague -
Mexican .
Oregon Fir (sea.).
r. J Hanna
Shasta ...........
Undaunted (sch.) . .
West Keat
Berth.
.Terminal No. 1.
Terminal No. 2.
, Dry doc It.
. Port.aitif Flour, mills.
, Vegetable oil dock.
. A 1 rer dock.
. Harvey dool'.
.Shell Oil dock.
. Inman-Pouien mllL
. Ciark-Wilaon miiL
. Irving dock.
.Wesi port.
. WeMport.
.St. Helens.
. Harvey dock.
.Standard Oil dock.
. Peninsula mill.
. Terminal No. 4.
.Astoria.
. Clark-Wilson milU
.Gas dock.
.S. P. siding.
. Penlmuia mill.
.Terminal No. 4.
"Tri ai ' 1
J4
(Rpgular service between Tortland, Maine; Philadelphia.
New York and I.oa Angeles, San Francisco, Portland
Seattle and Taooina via the Panama canal.) North Atla
western rv ?. o. s eauv-ton sicci
K.vsiuoi VU
From
Portland. Or.
WEST IM.F.TA.. . Jan. 2
t lll.ll IMKROH, Feb. 12
SPKllV t.Klh;i,l. . Feb. 17
Vnw It'iirth.r
THE AD.MIR AL LIMU,
101 Third Street.
COMPANIA NAVIERA MEXICAN A S. A.
Announces Snillna; of
10O-A 1VO. 1 U.OVDS STKEI,
S. S. "MEXICO"
On or About January 23. l'-'2
Freight and passenger (first-clasa and uteerHfre) service.
From Portland, Or., to the following Mexican ports
GUAYMAS, MAZATLAN, MANZANILLO,
. " ACAPULCO, SALINA CRUZ
As Freight offerinRs May Warrant.
For Freight Hates, Apply to
PAN-AMERICAN LINE
806 Lewis Bids;. SI B AtiK.VTS Phone Bdwy. 3.SS7-4H70
Oregon-Pacific Company
Agents tor
TOYO KISEN KAISHA
And Joint Service ot
HOLLAND-AMERICA LINE
and
ROYAL MAIL STEAM PACKET COMPANY
Bailings fdf Japan, China and West Coast South America, and
United Kingdom and European Ports
General Freight and Passenger Office
103 WUcei Bids. Broadway ."29. Portland, Or.
BOARD
130 AP Washington, D. C.
Write for Booklet
Tour Government W the nam of every pronpectiv
traveler. If you ar considering an ocean voyage anyvKere,
tend the information blank note. You trill receive without
cost the Government booklet of authentic travel informa
tion and literature telling of thing to ce in foreign land.
B, T K. F. O. H. T. K, $4; M, 1475; N,
WO. $3.75; WW, $.
Dried Fruit at w Tork.
NEW TORK, Jan. 14. Evaporated apple-,
firm. Prunen, qotM. Apricots and
peachea, firm. HnlHtns. dull.
DAILY METEOROLOGICAL REPORT
PORTLAND, Or., Jan. 14. Maximum
temperature, 30 degree, minimum tem
perature, 28 degrees. River reading, 8
A. M., 38 feet; change in laM 24 hours,
0.3 foot rise. Total rainfall 3 P. M. to
5 P. M )).) none; total rainfall since Sep
tember 1, 11)21, 20.33 inches; normal rain
fall Since September 1, 22.4t Inches; de
ficiency of rainfall since September 1,
V.rzx, 2 11 Inches. Sunrise. 7:50 A. M. ;
sunset, 4.51 V. M. ; total sunshine, 0 hours
1 minute; pnjwlbl sunshine, 9 hours I
minute. Barometer (reduced to sea level),
5 P. M.. 30.2U inches. Relative humidity:
5 A. iM., 74 per cent; noon, 63 per cent;
5 P. M.. 55 pr cent.
THB W BAT Ha ft.
6. K fl Wind
is s a I 3
STATIONS. gj 2
3 !S i
? I : ;
Wasthia
I II -IHI
it iear
itlnudT
20:0.00 . ,W
3ll T. I2;sv
Zil'O.OOI. .
411:0. H:C2iSW
.".4,0. 0O. . K
ah o.oninii w
B 0.0OI. .1
64 O.0II . .la
4II0.0O 181 NW
Ifoston
'alirary
Chicago
Denver
H'lear
Pt. cloud)
ICiear
Pt. cloudy
Clear
Des Moines.
Kureka ....
Galvrittori ..
Helena ....
Juneaut
Kansas City
Cloudy
l-leur
.-Clear
tan -
St 0.OOI14IN w
Clear
Los Angelesi
It'i). no . . sw
iiN 0.00 . . NW
l0 0.01)1. . w
Stlj T. 24.NW
ittt n no 4
Cloudy
Marshllelil
Mi-rtford .
M innenpoU
Pt. c oudv
Cloudy
Pt. eloudv
New Orleans
Clear
New York.
34 '0. l) IS
soio.ooj. .
HKiO.OO . .
K'lear
North Head
V M 1 1.' I e u r
Phoenix ...
Pocatelio . .
Portland .. .
Knsehurff
Sacramento
St. Louis, . .
Salt l.uke...
San Diego. .
N li't. cloudy
NWiClear
2U 0 .00(1
.ti' II . Ull
It' irM.u,.
44.0.74.. N Pt. cloudy
411 O.OlH. . kSK ICloudy
'O.UO.SIii.NW Clear
2k!o.ooi
NWiClear
ii;ti.oi.
mi o. Oil!.
anio.ooi.
S
Pt. cloudf
S. Francisco
NW
(Cloudy
Sesttie
Sltkat .
Spokane
Tacoma
Tatooh
INB
Clear
2h;....i.
INI T. .
sti'n on!.
NWlCloudy
! loudy
Isl
420.00!3H:NE
iClear
Valdezt ....
Walla Walla
Washington
Winnipeg
12N .
mo. ool.
8l 0 01); .
12 0.0OI.
W
(cloudy
S
Clr
NW Clear
Taklni
il il) . 00
N Cloudy
tA. M. today. JI M. report preceding day.
FORECASTS.
Portland and vicinity Fair and con
tinued coid; northerly winds.
Oretron Fair except probably rain
southwest portion ; continued coid north
and east portions; moderate northerly
winds.
Washington Fair, continued cold; mod
ernT northerly win. is.
I MSMt-T wsf M'
W'.'''r- VK-uw-'-VVfi; O-C JirwrTir- ' 'f -r.-JT
Boston.
Orceon :
.ntlc and
teuft""
v& i-" i;Tnfii:n
Kroin From From
Portland, Me. Boston. J'htla.
AflTIOAS Jn. 2H Feb. I Feb. 41
nil Ml I'rb. Ill Feb. IS Feb. SO
I.KI1IC.II Feb. 2 Mar. I Mar. 7
Information Annlv to
Pacific. Coaot Agents,
I'hone Broadway MSI.
1 1
INFORMATION BLANK
To U. S. Shipping Bosrd
loformsttoo Ofljce Washington, D. C
130 AP
Ple arnd without obllratton the
lT. S. Government Booklet pivinir travel
f&cUanU also information regarding' the
U.S. Government hip.
I am cousideriniT a trip to The Orient
to turopei. to South AnirricnG.
I would travel ut rlHa. d O. M D.
Goinir alone'.) with funnly V2 with otheraQ
I have definitely decided to iron, lam
merely considering the pottibility of a
trip .
if I ffo date will be about
My Ka me
My Street JVo. or R. F. D,
Town State ,
V"
Passenger and Freight
Service to California
Through Suillnss to San Krnnolaco,
I. os Anajelra nnd Sun DleKo.
Leave Munlt ipul Dock No. 2. 4 1. M.
SS. Admiral Evans - Jan. 21
SS. Senator ----- Jan. 28
SS. Admiral Evans - - Feb. 4
And fcvery Mulurduy Thereafter.
I.ornl Service to
MtRMII IK1.I), 111 IIKK A. AM)
SA.N' !' RA Ml SCO
Admiral Rodman - - Jan. 18
Every 14 liny) Therenfter.
Fast Trans-Pacific Passen
ger and Freight Service
Yokohama, Kobe, Plinnavhal.
llongkung and Mnnlla
"Hills: from brattle.
SS. Silver State Feb. 4
SS. Pine Tre State, Feb. 18
SS. Wenatchee Mar. 4
For full Informntlon apply to
101 Third St., Corner Stark
1'hone Hdwy. 04NI.
SMI FRANCISCO
TO THE ORIENT
oriU..S.(governmentShtps
"""heSunhineBelt
Sailings from San Francisco
To llnnnUiln. Yokohama, Kobe, Shanghai,
Manila, and lion Konc.
Umpire State Feb. 7
IlooKlrr State March 4
tiolden Sllite Mnrch 25
T. 4f9lw!is, Umtta, .S'tnoapurs. Calcutta
and Colvmb m
Wolverine Stale Jan. IS
t or Itseriptiv booklet, mdrlrtm
PACIFIC MAIL S.S.Ca
MS California St., San Francisco, I'al.
10 Hauover Suuare, New York City
Managing Optrattm for
U. S. SHIPPING BOARD,
Newark to
Soufli America
onHlS.QovzrnmentSliips
Fastest Time
to Riode Janeiro. Montevideo and Buenos
Aires. Hinet ships- American service
American food Amerii-an comforts. Sail
inrs from I'ier , llobokrn.
routhern t'roNS. . , . Jan. 10, Mar. 16
Aeolus Feb. t. Mar. SO
Iliiroo Feb. IK, Apr. 13
American Lesion. .Mar. 2, Apr. 27 '
Fnr drtrriptli' booklet, addrest
Munson Steaosliij) Lines
67 Wall St, New York City
Manaoiwt Ciprrnfnr for
LU. S. SHIPPING BOARDJ
HONOLULU
From Seattle.
8. S. I.urllne (lll.OOII toim) Feb. !.Mh.
laliln Katrs, :0 and I00.
MATS ON NAVIGATION CO.
Seattle,
(And All Authorized Ticks
Offices).
AUSTRALIA
ttoiioliiln, ISuva, Sew ZmlanU,
The I'ulaliul l'utrii.t-r Mrmiicn
R. M. . M U. AKA K. 31. ft. MAKIKV
20,0K) Toiih. I3,5ttu Tuita.
bail From Vnnroavrr, is.
Far rate Htiil haihnai oopl v Can. Pmr.
KK TI.U.I a.. n... I 1 ... "tus..
I diun-AuMmHan Ko at Mail Line,
741 tianlii.Ka bt. rt.t, itur.itivrr, H.-i:.
ASTORIA AND WAY POINTS
Ft earner borvlr.
Lt. nall.T (Fxeept Saturday) 7:!tA P. L
plndld Sleeping Accommoditlotu.
Connections Made for Al. Nona and
boutta ttraca Points.
Fare 1.K5 Karh Vsmy, 3 Kmind Trip.
JdVr-ht. Dork. Broadway 634A.
1h9 llarkius Transportation Co.
111 te:.v?
V
i
4