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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Feb. 19, 1922)
JJTE SUXDAT OKEGOXIAX. POKTLANTJ. FEBKTJAET 19, 1923 TALK FELT yards companies and stockyards ter minal railways. STOCK ISSUES HIT Because of Judge Landls resigna tion the Pennsylvania's injunction case against the railroad labor board, set for Monday, will go over to March Iiy BOND BUSINESS Probability of Legislation Makes MarkeJ Quiet. EW HIGH LEVELS The board's decision on dispatch ers' working rules will be made pub lic Monday afternoon. I Coffee Fntureg Firm. ' x NEW YORK, Feb. 18 The market for coffee futures was firm owing to renewed Moderate Volume of Business buying. Bales were estimated at about 28,000 bags. Closing quotations: March 8.44c. May 8.52c. July 8.08c, September 8.uc, December 8.63c. Is transacted. Spot coffee continued firm at 8c for Rio Ts and 12 12; for Santos, 4s. Dried Fruit at New York. NEW YORK, Feb. 18. Evaporated ap SALES TAX IS FAVORED SUGAR AND GAS ACTIVE ples, quiet; prunes, steady; peaches, more active. Hons, Etc., at New York. NEW YORK, Feb. 18. Hops, hides and wool, unchanged. Illinois Manufacturers Send Tele grain to President Harding. Big Exhibition -Held, American Locomotive, Baldwin and Cotton Market. NEW YORK, Feb. 18. Spot cotton, Rock Island Reach Highest Marks of Year. steady; middlings, 18.50c. 18 BONUS (Copyright by the Public Ledger Com pany. Published by Arrangement.) CHICAGO. Feb. 18. (Special.) The last week's clearings here were $473,000,000 or $700,000,000 less than the previous week and $107,500,000 less than a year ago, when there was no holiday. Debits to individual deposit ac counts reported for the week ending February 15. 1922, by 202 banks in 24 leading clearing house cities in the seventh federal reserve district, ag gregated $822,892,000, compared with $904,882,000 a week ago and $892,021, 000 a year ago. - Large shipments of grain and live stock on rising prices In recent weeks have turned the tide , for country banTcers, who last year experienced little of the liquidation so pronounced in manufacturing and financial cen ters. ! Honey Market Little Changed. ',' Otherwise the local money market shows little change. Commercial paper Bella on a basis of 4 to 5'i per cent and bankers' acceptances from 3 to 3. Collateral loans range between E and 6, with the ma jority at 5 and over the counter loans are also mostly 5, with some at 6 and a few at 5. Bond business has been decidedly quiet! Blnce the soldiers' bonus legis lation became imminent. The Illinois Manufacturers associa tion's directors telegraphed President Harding a resolution favoring sales tax for. paying the soldiers' bonus, if there must be one. Heavy Bualneaa Reported. Reports from every source to the Interstate merchants' council tell of heavy buainesa. Staple lines and Easter offerings, especially novelty items, were conspicuous at the mer chandise exposition of the 'Manufac turers' and Importers' Association of America. President Albert Levey said: 'Merchants are fooling themselves about conditions. Those who took their mark-down s early are in good shape and feel satisfied with busi ness." Business written the past fortnight at the exposition of glass, pottery, lamps and house furnishings ex ceeded $1,500,000, with 1500 buyers in . attendance, a new record for both sales and number of buyers. MerchandUlne Exhibit Big. ; Secretary J. W. Power said: : ''This was the biggest", merchandis , : ing exhibit of Its kind, ever held in - America, The only larger one is that at Leipslc and European manu facturers will b-e invited to partici pate hereafter in Chicago's display." .. Standard Gas & Electric subsidiaries electrio energy output for the week " ending February 4 was 10.7 per cent .tnore than a year ago and artificial gas output 12 per cent more. They report retail conditions improving in ;most communities. Dr. F. C. Honnold, secretary of the Illinois Coal Operators' association, " said: "Joint collective bargaining , as a .'.practice and policy, widely adopted among industries during the last 20 years, has heretofore justified itself, ,but employers are now asked to nego tiate with a monopoly. Coal operators quite generally still believe in appro- priately limited joint collective bar . gaining, but not the recent rapid ; growth in size of wage conference groupings. Representatives alien in residence may be wholly without knowledge of the local conditions. The natural and essential complement of the closed shop must be the as sumption by the union organization of every responsibility incident to a wage agreement and Its just enforce ment, or organized labor cannot claim freedom, the same competition in the employment of labor that exists in the disposition of the commodity they produce for sale in the common mar kets." Much Cement on Hand. Illinois expects to use approximate ly 4,000,000 barrels of cement this year. Cement manufacturers are re ported to have 11,000,000 barrels in warehouses as a result of western states." boycott until the recent cut or 26 cents a barrel. As part of Secretary Hoover's plan - to popularize American exports in South America, Dr. M. F. Leopold of the bureau of mines is taking moving pictures of Chicago's industries, par . ticularly packing. To film the story oi asDesios ne ana his staff traveled . from Quebeo mines to the heart of the Rockies and to demonstrate heavy excavating machinery, they - traveled from northern Michigan ranges to southern Mississippi wjth ov irunKS. Orders for box cars on western rail roads show no abatement, especially from the corn sections. Burlington loadings the first half of i- eoruary were oou54 cars, an IncreaM of 11,268, Livestock Increased 6, grain iuoi ana coal zoai. ' Wheat Receipts Larger. ; Primary receipts of wheat since Julv . 1 are some 20 per cent larger than last year, although the last crop was . smaller. Farm reserves are small. Europe and the United Kingdom have absorbed the surplus of exDortine . countries so closely that remaining supplies are regarded or great im . portance. The weeks primary receipts of ; wheat, corn and oats combined were . 26,068,000 bushels, against 24,907,000 tne previous week and 13.777.000 year ago. Shipments were 12,446,000 .' against 10,075.000 a year ago. Ship ments of eured and fresh meats from Chicago were 35,612,000 pounds against 70,234,000; of lard, 5,980,000 against 14,069,000 and of canned meats, 8848 vases against oy,l&u. A prominent livestock trader said "A surplus of visible fat. cattle discloses western and Texas feed lots telng depleted to Pacific coast buy ing. There will be little Texas grass beef this season, owing to drouth and corn belt cattle have been cashed so freely that when the market is not so crowded as it has been all winter the lid will blow off. Many would rein state cattle sold recently but for the narrow margin between feeders and fat cattle. The longer they wait the worse off they will be. Hogs have surprised everyone, but will work , higher. There is a shortage. Europe took 20,000,000 pounds of American lard last week. Packers realize that ,,-it is too late in the season for a bear campaign." I " The Livestock Exchange National ,-bank will receive bids up to March 1 for all or part of the shares owned by; Morris & C officers in stock- ARGENTINE GROP IS LESS REDUCED ESTIMATES ADVANCE PRICES IN WHEAT MARKET. Three Cents Net Gain at Close at Chicago Profit Selling Has Temporary Effect. CHICAGO, Feb. IS. Foreign markets were again the paramount influence on the Chicago board of trade today with Argentine reported 3 cents higher on wheat. An exactly similar net gain was recorded here. Corn finished unchanged to higher, oats to c higher and provunona &c lower to 7 c higher, al though cured products made a new high mark for the season. Wheat etarted higher In sympathy with Liverpool's bullish action on the Argen tine crop estimate of 15,000,000 less bush els this year than last. Profit-taking op erations forced prices downward and ab sence of decided support encouraged shorts to indulge in their favorite trades, as a result the Buenos Aires close at a three cent advance came when the pit was oversold. The longs made the most of the chance and the bulge was continued right up to the final bell. Corn was weak in the early trading, but a falling off In country offerings, coupled with a fair export business and advices that the seaboard Interests were coming to terminal markets for .grain, gave ground for good support. The close was strong. Oats were about steady, but trade was light. Provisions were moderately active. The higher prices for live hogs had the usual effect, but local and cash houses were good buyers of lard, and only scattered commission houses were making offerings In the pit. The top of J 10.45 for live hogs was a nevt high for the season. The Chicago grain letter received yester day by the Overbeck & Cooke company of Chicago follows; "wheat The market was Irregular most of the session and did not show any strength until the Buenos Aires cables were received showing an advance of 6 cents in their market. Buying influenced by this news found offerings ery light and the close was strong at the best prices of the day. The reactionary tendency of the past few days has been purely sentimental and not substantiated ljy any change in fundamental conditions. Advices from the seaboard are to the effect that there was evidence dfc further buying again today. Europe, having bought wheat extensively in Argentina, apparently is turning back to Korth America for supplies. According to best Information obtainable, the present movement of wheat in the southwest will come to an abrupt end about March 1, which can only mean that buyers will ex perience difficulty in securing grain and the visible supply wilt disappear rapidly. We do not look for any important decline from this level. "Corn Declined early with wheat, but rallied sharply toward the close and fin ished at the high point. Cash demand to day was exceptionally good and the basis strong to a shaie higher. Shipping sales were well over 300,000 bushels, mainly to exporters. A good business was done at the seaboard. Cash pressure shows every evidence of diminishing and the market should now be the more vulnerable to any thing of a bullish kind such as continued buying for foreign account. Oats Heavy liquidation featured tne early trading and the market for a time was relatively weaker than other grains. After this selling had run its course, buy ing by eastern Interests found offerings slight and the loss was iuily recovered. Cash, demand was good at nrm prices. "Country offerings were light and the movement is expected to gradually lessen for the remainder of the season. Leading futures ranged as follows: WHEAT. Oipen High Low Close May 1.386 1.402 1.374 1-40V July 1.21i 1.23 1.20 1.23 CORN. May 624 .624 .614 624 July 64 .64 .63 .044 - - OATS. May 414 .41 .404 .414 July - -41!i .42. .41 .42 MESS PORK. May 21.13 21.20 21.05 21.05 LARD. May 11.C3 11.72 1L57 11.62 July -. . . . .11.90 11.02 11.77 11.82 SHORT RIBS. May 11.40 11.42 11.40 1L42 11.25 July Cash prices were as follows: Wheat. No. 3 red. Sl.33. Corn, No. 2 mixed, 5i4c; No. 2 yellow. B6fl74c. oats, No. 2 white 314 ia)44c: No. 3 white, 8436c. . 1 Rye, No. 2, 994 a Timothy seed, 5.007.50. Clover seed, $12.00(gi22.00. Pork, nominal. Lard, $11.42. Ribs. 10.0O12 0O. Carlot Grain Receipts. CJdiCAUU, "eo. is. car lots Minneap olis, wneat Sol, corn ei, oats 01; win nipeg, wheat 176, oats, 82; Duluth, wheat 20, corn 44, oats 22; Kansas City, wheat 203, corn 89, oats 22; St. Louis, wheat 43, corn 128, oats 28; Omaha, wheat 7i, corn 102,- oats -10. Minneapolis Gram Market. MINNEAPOLIS. Feb. 18. Barley, 43 57c 'lax .No. l, ?2.47 )3.54. Wheat, May, $1.43; July, $1.334. Winnipeg Grain Market. WINNIPEG, Feb. 18. Wheat, May., Si.37 ; J my, Lao . Duluth Linsed Market. DULUTH, Feb. 18. Flaxseed, on-track, $2.D0&2.034. San Francisco Grain Market. SAN FRANCISCO, Feb. 18. Wheat Milling; ?2.152.20; feed, $2.152.20'; bar ley, feed, l.27(tfl.32k; shipping, 1.324 &)1.4i; oats, red feed, $1.40(1.00; corn, white Egyptian, ?32,10; red Milo, S1.85 1.90. Hay Wheat, $1719; fair, 1417; tame oat, fiotitfis; wild oat, llU3; al falfa, 1316; stock, $7 10; straw, nom inal. Seattle Grain Market. SEATTLE, Feb. 18. Wheat Hard white, soft white, white club, soft red win ter, northern spring, $1.22: hard red win ter, $1.23; eastern red Walla, 1.19; big iiena Diuestem, Hay and feed unchanged. ICE FREES 15 STEAMERS Pressure Off Stockholm Coast Is Increased Again, However. STOCKHOLM, .Feb. 18. A slight improvement in the ice conditions off the coast yesterday enabled 15 steam ers to enter Gothenburg: harbor. To day, however, the ice pressure again increased to an enormous extent and anxiety was expressed for the 40 vessels etill drifting among the floes. Snow storms are hindering use of airplanes to carry food to the vessels and also are making tne work; of the ice breakers difficult. The situation In (Via ominl a n A. at- n. ai. t i n n a .a the Baltic eea. is criAcal. The Baltic is virtually closed. The only open ports in Scandinavia are Christiania, Stavanger, Bergen and Asbjerb. .. No Swedish, harbors, at present, are open, NEW YORK. Feb. 18. fSrjecial.1 Stocks today displayed a steady un dertone on a moderate volume of busi ness. Speculative operations, how ever, were concentrated on a com paratively small number of issues. with American Locomotive and Bald win advancing to new high levels for the year. Rock Island stood out prom inently among the rails, which were generally Inactive though steady. Rock Island also registered a new high level for tle year. Westinghouse was another active industrial and the buy ing appeared to be predicated largely on the theory that the stock was out of line with others in this group, and that its industrial and financial posi tion entitled it to sell higher. . Considerable activity made its ap pearance in the gas stocks. The su-J gar shares were steady, with Cuba Cane preferred crossing 26. The firm ness of the market in raw sugar was given a.3 the occasion for the buying. Steels Are Firm. i The steels were firm within a nar row range. United States Steel held around 91 and both Republic and Bethlehem Steel B closed fractionally higher. There was little news bear ing on the general financial situation. A satisfactory position was disclosed for the national banks of the country in the report of the controller of the treasury. Another incident was the announcement of a small engagement for gold exports to India. No signifi cance is attached to it, however, and it is not believed to be indicative of the beginning of an outward move ment of the yellow metal. Traders were inclined to cover com mitments soon after the opening when it was found that little stock was coming into the market. There were a few weak issues, notalbly American Sumatra, which declined as a direct result of the action of the directors yesterday in passing the preferred dividend. Scale buying orders to cover short commitments were the only support in this issue. Locomotive .Stocks Boosted. Pierce Oil preferred resumed its downwardc ourse, establishing a new low price. A considerable quantity of the stock changed hands at 4T and this buying was said to be partly for the covering of short commitments and partly support from Interests identified with the company. The idle car statement and the pro posed plans of the Illinois Central for electrification work were usedy the speculative element to advance Amer ican Locomotive and Baldwin. While both of these stocks advanced to new high marks, it was noticeable that none of the other equipment stocks participated. This was taken to be an indication that the advance was engineered against the shorts. Westinghouse Electric, which sel dom has an active place In the mar ket, was bought in large blocks and also made a new high for the present movement. This stock has not partici pated in the advance of General Elec tric and traders assume that there is ground for improvement, in the quo tations of the stock. There is reported to have been accumulation in it for some time for banking interests.. Improved Business Expected. Rock Island, in railroad markets of the past, usually has held a promi nent part. At times it3 performances under the guidance of a well-,known operator have been sensational. Buy ing for the account of this operator ha3 been reported for. many months, ljut only Within the last few days has thetock shown any signs of its old aggressiveness. "Today it was easily the leader of the market. The finan cial position of the company is such as to form a substantial basis for op erations on the constructive Bide and the movement today was typical of these which have occurred in times past. Firms which have been and were today buyers of the stock expressed the opinion that improved business this year the country over will mean a considerable enhancement in value in its quotations. There has been confident buying re cently in the stock of Loew's theater. This buying has been largely'for the account of important interests in the company, it is said, strfd is based on expectations of increased earnings. The directors of the Boston company toqay declared a dividend of 2a cents per share on the common stock. This is the first since October, when a reqular quarterly payment of the same amount was made. Tire Company to Report. Next week the annual report of the Kelly-Springfield Tire Company will be published, and it is under stood that it will make a most un favorable showing. Brokers who have been watching the trading in the stock declare that a large short in terest is being built up and that the buying apparently is for banking in terests identified with the company. It is intimated that on the publica tion of the statement a drive against this short interest may be in order. The accumulation in Lehigh valley, which has been pointed out from time to time, is said to be for a group which also is accumulating New York Central. This group is said to be working in harmony with the market interests in Rock Island and Ameri can Can. In usually weli-informed quarters this rather curious combina tion is taken to indicate lively specu lative markets, in these four issues during the coming year. Iron Prodncts Weak. Iron proaucts were one of the weak features, transactions being made at 304. The recent advance is attrib uted solely to the operations of a speculative group, and did not result in much of a public following, accord ing to current gossip. Texas land again was active today, buying being for the account of the same operator who was active in it recently. This is said to be based on the discovery of oil on the company's property as well as, to enhanced value of land in Texas. Local banks today announced en gagements of gold for export to India totaling J800.000. This follows ship ments of about 3,ooo,ooo tnis week to India from London. - Bankers were not inclined to believe that this meant the beginning of any great outflow of gold, although the extent to which the metal might be with drawn frankly was said to be an un known quantity. It is known that the government authorities in Wash intnn H t ii nt view witH- fa.vrvr v v ports of gold from this country at this time. Money Reserve Declines. For the first time within the recol lection of the present generation the UNITED deficit in reserves of" the clearing house banks last week was not fol lowed by higher money rates this week. It will be interesting to fol low the course of . money rates during the coming week in view of another deficit in reserves reported by these institutions this week. The amount given is J2.198.740. According to the weekly statement, the surplus de clined $335,850, loans and discounts decreased 146,760,000, demand depos its increased $20,893,000 and time de posits increased J6.541.000. An in crease of reserves in the federal re-,1 serve bank of J2.29O.000 indicates a desire on the part of the clearing house banks to strengthen further the position of the local federal re serve. State to Fight Sales. CHICAGO, Feb. 18. Suit to prevent the Co-operative League of America from selling $17,000,000 of so-called Passenger and Freight Service to California TkrooEh Sailings to San Francisco, Loa Angrelea and San Diego. Leave Municipal Dock No. 2, 4 P. M. SS. Senator - - - - - Feb. 25 SS. Admiral Evans - Mar. 4 SS. Senator - - - - Mar. 11 c And Every Saturday Thereafter. Local Service to MARSH FIEMl, EUREKA AND. SAN FRANCISCO Admiral Rodman - - Mar. 1 Every 14 Dayg Thereafter. Fast Trans-Pacific Passen ger and Freight Service Yokohama, Kobe. Shanshal, Hongkong and Manila Calling; front Seattle. SS. Wenatchee - - - Mar. 4 SS. BayState Mar. 18 SS. Keystone State - April 1 ' For fnll Information apply to 101 Third St., Corner Stark Phone Bdwy. 5481. TO Americans who arc going to Europe this year the Passion Play is an added attraction. This famous sacred drama is enacted every ten years at Oberammcrgau. This year it will be held every Sunday, beginning May 14th, until September 24th, and occasionally on week days. If you are going to . Europe this year, whether you include this wonderful spectacle in your itinerary or not, you will , want to cross the Atlantic on American ships -your ships. , A successful American Merchant Marine is in the making. If you arc going to Europe you will want to feel that you have helped that great undertaking to be greater. In order to make that easy for you, your Government has seen to it that For information in regard to sailings and accommodations, address UNITED STATES L I N-E S 45 Broadwav - - . . . - - New York City Mam and Mcdrmtel, Inc. Rocimlt Stumaiif. Ch. be Vmud Amtricnn Linti, Jwc Write for Booklet Year Government "biskes the name of every prospective traveler. If you are considering an ocean voyage anywhere, send the information Hani now -no matter Men you intend to go. You will receive without cost the Government's booklet of authentic travel information; description of ships and literature on foreign countries. You will be under-no obligation. If you yourself cannot tale a trip, clip the information blank anyway and urge tome friend who may go to send it in. Do not send the blank in for your friend; simply give it to him to send in. Thus you too ")eill help the American Merchant Marine. STATES SHIPPING investment contracts'' was filed in circuit court today by Attorney-Gen eral Brundage of Illinois on behalf of the secretary of etate. INDIA TO BUY U. S. GOLD Strikes in South Africa Cut Down British Supply of Metal. . NEW YORK. Feb. 48. Strikes in the South African gold fields have brought Great Britain's -ready supply of the precious metal so low that American bankers have stepped into Tggi J!!l'BWl!ilJ!M',MMIINHjillJs Mil i I n i Rpfll In T at-v1iA KatarAan DA-.n,. New York nd T.r Ano-oioa (Sa w,lasd e1? iha Manama canaL) North Atlantio and EASTBOCND o oovv-wn aieei From Portland, Or. ARTIOAS Mar. 13 BRUSH Mar.2 i.KHiUH WEST CATANACE.Apr. 1 wtna Pa r err. m-nantM ..Am H-iACn JfeSj " For Further Information Apply to I . sl. fTll - """" af jAaHaamattl 1 ifS SSSfSBSE 5 OREGON-PACIFIC COMPANY AGENTS FOR . TOYO KISEN KAISHA AND JOINT HOLLANP-AMERICA LINE AND ROYAL MAIL STEAM PACKET COMPANY Sailings) for Japan, China and Weat Const South America, and United-Kingdom and European Porta. GENERAL FREIGHT AND PASSENGER OFFICE 203 WUcox Bldg. Bdwy. 4529 Portland, Or. the breach with gold shipments, it was learned today. Local banks today made engage ments to ship $800,000 in gold bars to Bombay, India. Gold exports from America have been practically nil for some months. German Roads Restored. WASHINGTON, D. C, Feb. 18. Ger many's railroads have been restored almost, to nprmal pre-war basis, ac cording to advices received today by the department of commerce. Condi tions are steadily improving. msji , i,.a'tfii ISM U.I ri.n.j.t-t... ( t i.r JrJ "r? ' vessels. WESTBOUND Prom Prom From Portland. Me. Boston. Phlla. Feb. 28 Mar. 1 Mar. 7 ii mar. us Mar. 15 Mar. 81 ( uutiiM Lrar sew York Mar. 17 a nunc iiruaonaj S481.il SERVICE OF you will be supremely comfortable and well served on American ships. , To convey in a few words the peculiar charm of such ships as the George Washington, the America and others of the line, is difficult. Such terms as luxurious, commodious, palatial at once occur. They are fitting adjectives, yet they leave something unsaid. There is a quiet beauty, an atmosphere of exquisite taste, a perfection of soft footed service on these ships that has somehow been combined with a cheerful, easy Americanism, leavened by the most insiduously delicate touch of the foreign and exotic, to make an atmosphere unique on jthe Seas. Send in the information blank today. You cannot afford not to know more about this service. 11 l a Ml Slrtit rM. BOARD Wewlcorkto SouthAmerka onUS.(jovernmetitShip$ Fastest Time to Rip de Janeiro, Montevideo and Buenos Aires. Finest ships American service American food American comforts. Sail ing;! from Pier s, Hoboken. Aeolus.......... ..Feb. 2. Star. SO Huron Feb. 18. Apr. 13 American Legion.. Mar. 2, Apr. 27 . Southern Cross. ........... .Mar. 16 For descriptive booklet, address Mnnson SteamshipLines 67 Wall St, . New York City Managing Operator for HONOLULU ' From Seattle. ' S. S. Lurline (13,(100 tons) Mar. 4, Apr. 8, May 13. Cabin Rates, (90 and (100. MATSON NAVIGATION CO. Seattle. (And All Authorized Ticket Offices). STEAMER 'X FOR San Francisco, l.on Angeles and San Diego Sailing; Monday 2:30 P. M. LOW RATES M. Bollman, Agent 123 Third St. Phone Bdwy. 1326 ASTORIA and WAY POINTS Steamer Service. Lvs. Daily (Except Saturday) . 7:30 P. M.' Splendid Sleeping Accommodation Connection Made (or All North and South Beach Points. Vara (1.SS Kaeh War. 3 Round Trip. Alder-St. Dock. Broad war 6340. Xha Harkina XnuwnortaUoa Co. a yjS. SHIPHNG BOARDS SHIPPING BOARD INFORMATION BLANK To U.S. Shipping Board Information Section Washington, D. C. U. S.'SOBU Please send without obligation the 17. 8. Govern ment Booklet giving travel facts and also information regarding V. b. Government ships, lam conaiderina; a trip to Europe to the Orient to Soat America Q. I would travel 1st class Q.adD. 3d O. Going alone p, with family Q, witb otoeraO. lhave definitely decided to goQ. 1 am merely conaideriog the trip C Kf 1 6 date wiU be abootJ Si. ir K. F. D. - stu INFORMATION SECTION 130 BU; WASHINGTON, D. C.: SAN FRANCISCO TO THE ORIENT orxUS.QovznunmtShips The Sunshine Belt Sailings from San Francisco To Honolulu. Yokohama, Kobe, Shanghai, Manila, and Hong Kong. "feoosier State .. Mar. 4 Golden state Mar. 25 Empire State Apr. 1 and miry ti day, thereafter. For dMcnptivt oookUt, addrttm PACIFIC MAILS.S.C0. 008 California St., San Francisco, Cal. DOS S. Spring St, Los Angeles, Cal. 10 Hanover Square, New York City Managing Overatort for CLARK'S CRUISES by C. P. R. STEAMERS Clark's 3rd Cruise. January 23. 1923 ROUND THE WORLD Snperb SS "EMPRESS of FRANCE" 18481 Groat Tons, Specially Chartered 4 MONTHS CRUISE. $1000 and up laeiudinj Hotels, Fees, Drives, Guides, eta. ClarVe 19th Cruise, February 3 ra MEDITERRANEAN Sumptuous SS "EMPRESS of SCOTLAND" 25000 Groia Tons, Specialty Chartered 65 DAYS CRUISE, $600 and up Including Hotels, Feea, Drives. Guidea. eta. 19 dsys E(rpt, Palestine. Spain, Italy, Greece, etc. Europe stop-overs allowed on both cruiaea. Eunta nd Putin Play Partin. S4$ Frank C. Clark, Times Building, New York. AUSTRALIA HonoIulD, Sara. Nrw Zealand. The Palatial I'assencer Sttamer B. M. S. NIAGARA K. M. S. MAKUKA 20,000 Tons. 13.500 Ton. ISail From Vancouver. B. C. For rates and sailings apply Can. Pae. Kailway, 55 Third St., Portland, or Cuna-dlan-Auntralian Koyai-Mall Line. 741 Haatioga St. West. Vancouver. B, C