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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Dec. 29, 1907)
THE OREGON SUNDAY JOURNAL. PORTLAND. SUNDAY MORNING. DECEMBER 29. 1907. 12 GOLD DEPRECIATION - AFFECTS PROSPERITY Professor J. Tease Norton of Yale Defines decent Honey . Conditions and Deprecates Presidential Cam ' ' , 5 paign'for Currency Issues. . The following U an article la Review of Review for January on "The Gold Situation and the Currency Outlook."" with especial reference ' to congressional legislation and (he danger to business from a presi dential campion on currency Issues, by J. Peate Norton, assistant pro- . fessor of political economy at Tale university and secretary of section 1 of the American Association for. the Advancement of Science. ' Th flnnclal-legal factors, disturb-; ment. and become the hotbeds of social tnr bulne prosperity, fundamental to aicontenc fliw im a. vans. Doubtless th sal of 140,000.000 cor porate siotk and bond by the city of New Tork will mark no ls th com mencement of a new era or Investment values than the necessity for early changes In the laws regulating the In vestment of pavings banks and trust Institutions. That w are on. a new Investment basis, a few may longer doubt. That 110.000,000 4V per cent all the evident effects currently clasaed as causes, are four, namely: First, the world-wide depreciation of cold, wulch has and is operating to undermine 'the us of cold as a standard of value la various Insidious ways;scond. the 111 regulated practices of .capitalisation of ' "corporations proceeding under a com ' iartivly new combination" of economlo condition, Involving underwriting. In vestments of eomnireial and savings banks, trust companies and insurance ' companies; third, the inadequacy of our currency system with especial reier ence to the bond-secured bank note sy ' tern; fourth, the rapid expansion of the banking Industry under the guise of trust companies without proper legal requirements covering reserves. Althouah gold la tne measure of the prices of all commodities aa a standard if value, prices may Increase because of a cheapening of the standard rela tive t commodities or Decauae vi mn Increaae tn the value of commodities r.i.tiva to the standard, in the one rase. Inventions In gold mining and new discoveries of gold would be active. In ' the second case, above mentioned, short crops, deficient economic progress, and great pressure ol population on in means of subsistence would be the ef- ; fectlve causes tor cne nign price iu prices may, than, be classed historically fn-tw group. a Inflation prices due " in a deDreciatea money. . i; ' prices due to want liorsase World-Wld. i ', That high prices exist there is no question. - Ali average price . levels, whether English or American, show In eight years more than 60 per cent ln- ' crease. In other words, it require 41.60 to buy what.l would purchase on the average eight years ago. If the are not famine price, because during eight , years the cropa have been bountnul, ' progress extremely rapid and 4h tand- s ird of living throughout tne world upon t the increase, then the cause should be sought In the depreciation of money. if toe statistics agree in showing the f quantity of gold increasing, the cost of production per ton of ore diminished radically by new Inventions, and the world stock of gold showing a marked f and sudden increase, little .doubt re- ""ne facts are plain. "A golden delug is already upon us. In the year 11 00 i toe annual production waa $7,000,600; Mn 1M0, I12.000.0UO; in 100. f:2,000.- loot in " 1M. $426,000,000. and th rat of - Increase is accelerating. When we remember that the larger amount of 'each year- production Is added to all that has been produced before, unlike all other comtnoultles; that at the pre. n. or acceleration uw - stock can douoie m hh umn and, finally, that the causes of the gold Sood are not sporadlo and exceptional, but entirely rational, namely, the 4ng rulty of chemists and metallurgist, who have succeeded in reducing the profitable working cost per ton of ore from 14 per ton to less iuo . ton at the present time, by new ln- vention. this question i oi sum tlon becomes eaUy. the financial prob lem of the age. For the amount of cheap gold ore is unlimited In nature. . 'jT.i.i. tinhom Ada ma. in the AO- bonds, tax-exempt, should bring only 103 on the average, a baals yield of about 44 per rent adding the amount of the tax to bring thla investment into comparison with securities subject to tax. say 1 per cent, an equivalent yield of nearly per cent, for New lork city bonds will prove for the ma jority of financier aurflclent indica tion of the trend. The price of the New Tork city bond issue represent the havoo which gold depreciation ha wrought up to thl date. How great I the fall in New York clt v bonds," few even now realise. In 1904. the New -Tork elty I ft per cent bond were distributed to th publle aa high a 104. Sine then, a decline lias occurred of 14 point or 21 per cent In thl gilt-edged Investment security From the standpoint of th holders, the comparison la even more discour aging because the purchasing power of tn douar in the brier interval or three year ha declined 10 oer cent, a meas ured by the Index number Issued by Dunn last May. when presumably ' on account of the extraordinarily rapid ad vanr In prices, this ancient statistical landmark was abandoned. Consequently the holder of the Ife finds that not only ha he lost 25 per-cent of hi cap ital measured In dollars, but that 180 III only purchase what 171 would three year ago. Therefore, measured in i the real test of purcnaaing power the holder haa lost 22 oer oent of his capital, and received In the meantime an Interest return of IH per cent. Ut ile more than one nan tne current time rate now ruling for a year. That the effect must go farther, no sane critic can doubt. That there has been secret-aelllna- of bond of well-informed interests In amounts reaching great proportion la aouDurss wiinin tne xnowieag oi a few. Th difficulty tn unloading bonds on account of the narrow market which many Issues and SDeclaltlea nossess make it difficult to show th real quo tation which many issue would bring, i That a situation ha develoned In the finance of savings banks a well as in Insurance comoanle requiring changes In th law regulating the In- vesimenta or savings oanka, toe New Tork city issue forcibly suggest. That the lawa . should restrict investmenta of aavlngs bank to bonds and mort- age seemed safe to the law-makers ecauae the thought of loss by depre ciation or tne sianaai-d value waa lack ing: moreover, the lawa helped the aalea or Donas by .large aeaier. In New York, Massachusetts and Con necticut, - the law were made drastic enough. .-. saving ban were practic ally compelled ao far aa securities are concerned, to make only loan to cor poration (by being forced to purchase the bonds) and restricted or rather, barred from investing in the equities which represent the growth of thla great country, the richest in the world, the failure of the great JCnlckrbocker ' Trust company. X . All aavlnga banks Immedlal retired behind the 0 day' notlc r A.- Th national bank remained w' Ant by sus pending. Th auspenalon spool pay ment was th result of sufficient f rust Issue ol Success, quote John D. I f ixed investments consist f two great liockefeller as saying: "It seem to me I classes; common stock and bonds. In ';:r;f .h. most startling condt tlons this country must face la the over production of gold." ' ; ; a The situation is not complex. Instead of a congress aa in the civil war lssu- former times auch securltlea.rnresented capital invested, becauso the rate of In terest in all industries was aubject to comparatively- small differences. m foreclosure, this value could be liquid dl$ not ??present T the "amount of work atlon controlling capitalisation, worth rt s-nod money nnuoiw . r----- --. r-- ..r... ..ki.k nnH . montv nitnerio mii.u m - - 4 now a rreaK or coniuni""j; " ",ri and human adenc 1 flooding the world with golden niaLwblcd2?'.. represent the value of the gold of yea !rrir I- f today's nroduc- tlon largely determines the value of all the stock on hand the sudden decrease n r-ivat h.a resulted in the ordinary Fiolnt of liquidation under foreclosure nasmuch as they represent simply con tingent earning power, have been sold to trust institution zor investments. . Jjuraranca Companies. Th conditions existing in the insur ance companle are familiar from the Armstrong- investigations. The same jii tw. - , . i aiiiioiivmb ui.eoiiBftuuu.. i no same phenomena present in all n""onV - problem exists In the savings banks. The rapid, increaae of P"08 results, a lemptatlon. offered to trustee of av- ... anan.i atnn an an pa tn Hialti Pront I I I 1 . -. . 1- - j. .... by the rise. Men borrow and pyramia to profit by underwriting bond Issues their profit in the speculation In com- perJonall y. 'by which if the syndicate . i . f ........ ., L.nn . riiiH. i . . . . . . . - . moQitieo, accuuire. 1 1 proiuaoie tne ponus are sold this borrowing until offset leader. demand, interest . r, Be. th syndicate . and .the profit accrue. the Increase In the rate tena toi t0 th, truBtee and if unsuccessful, the the--; loss J . t0r savings bank is made to purchase the . For. If normal interest la perl.hDr. .i(,n. ,h. -v,nM k runt, and price rise on the average S I ria-nroimiv iiMit vith. t.iu,i. ti.a per cent per annum, a "ornl'1it"V payment of commission for such Inflation, must b pefc6?, to trustees of saving b Likewise, the and rebates . r ... . i it. iruHiemi ill wtviim iihiikm in r.fin Otherwise, the principal waneo wm oe ection with purchases of bonds should Impaired when repaid by the borr ower 1 frowneJ 0n aB both thw practices measured in purchasing power for the I-., breaches of trust. . lender. :--",.' ... I As a result of the speculation result- .assuming- mi m wvnu ,lng irom goia depreciation and advanc precUUon Is in. progress, now may uubi- ,njf prlce. and the weakness In the ness men ana iyiu . l character or certain investm nf thla arreat economio cnn,' i "i" end of limiting louse in their present ItmnntJi. and. so far as possible, reaping profit by wise foresight in guarding their future financial opera tional ,- : ' - - seal Esrai inysranjiak. character of certain 5 investments of trust Institutions already pointed out, the tropic conditions natural in hot houses of inflation ranidly develoned. The volume i of clearings increased not only in quantity but also in value on account of higher prices. The demand for currency to transact this hot-house The man who invests his Own capital I business became really a practical In real estate neither gains nor loses i question ror the banners, without stu- tv sroiit denreciation. ine man owning i avinsr tne causes, congress nas proceeded rant mini, haavllv TTinrttrBfirert at Drevt-ltn rnmailv thin real though unnatural oua low rate of interest gains largely I demand for more currency. Like the lnce the value of the property will aa-1 man who by tugging at his boot straps mo man wnoito reacn a nigner piane, puuea so nara what the Other I that h nnt onlv seriously inlured his man aalns. This Inequality i aajusteo back, but tore the straps out or his by the Increasing interest rates. : - I boots, so the insistent demand for more ' une 'Common ' snares oi tauriwnuuu i currency to f iranoaci . uw .unnuunu reoreaent the eauittes and correspond I buwlness resulted in further inflation largely to the case of the man who pur-J and increased speculation. - , r chases ..and on mortgage. ' Common 1 - The increase In bond-secured notes stocks -will greatly appreciate in vaiue haa amounted to I400,ouu,uou within a unless t special reasons intervene! few years, an inflation by flat money Among special reasons are: First, the on top of nature's Inflation through the difficulty, of raising prices of services cheapening of J7old. : The Aldrlch bill or goods sold by the corporation,-as in assisted the, bankers in this inflation th street railway comorations. where movement bv directing- the 'secretary to t the law fixes a -cent fare, in railways, deposit all the government funds In the no far as rates may not be readily j banjts. During every fall, when on ac ' raised: secondly, the sHffimiltlea nf rata. iMimt nt nnr inelantln currency and the ing large amounts of Jiew capital at I genuine business exnanslon on account jiigu luioreiiv wuere eiensive-new con-1 or the Harvest Dusineas, mia uemanu etruction ha been or must be shortly unaertaKen. utnerwise, the stocks or -companies, the more heavily bonded at . tne oia rates i interest.- tne better, provided net earnings may' readily in crease and no new capital is required, and always provided the management con- slsts ef honest men. should show great i profits.. For the bondholder' a loss , be-1 comes mo Biocanoiaers gain. has been intensified. Elastlo Currency. This legitimate '-demand for an elastic currency, presented at successn-o con- h .rh.rlM N. Fowler chair- man of the committee on banking and currency, has been consistently shelved bv conarress. although the system of asset currency a used In Canada and serves. The reserve I ine nauonai bank Wer lnufflcir simply beeaus trust eompanlee, . banka, prlvat; bank and InsuraP oompanla carried little. If any, r ytva, redepoaltlng In other instltutlo Th reault Is that within It ye- the average reserves gainst depor A tor th banking Indus try wnicn uia inciuu mo -j panle. sir trust companle ar Ilttl' mor the bank free of reserv regu-, latlons, v been on tn average vui i In twe A a reult a udden run niau , it Ii Caaibl to maintain aped pay-, msr because the reserve were n- tuy Inadequate for in ouwims tempted. Trust Company's Tailor. - Th fright ngendrd by th fallur of th Knickerbocker Trust company produced a psychological panic. It a stroved public confidence, becaua th: reserve were Insufficient! Institutions, through the country suspended specie i paymenta Currency sold at a preiiiiuni In Wall street. Th fear in th land) required Immedlat allaying. Grasping the ilitlon, th administration acted promptly ta a way capable of aecom- lisning tne resuua ucnu. j : llately offering . bond Issue of ioO. aaa fk.n .11 .A Ka lia.l fO nrOTlUfl n emergency currency, a psychological Impression wss proaucea i largely restoring confidence. A on as It becam apparent tna int difficulties had been met, ana in in- )f th cril SJiayea. u w elded unnecesaary to actually sen mora than a fraction of th amount offered. Had the smaller amount been offered at the start llttl would have been accom plished nsrchologlcally. Th mov or th administration. psychologically j speaking, tended to balance In restoring ,mua tn the axtent such i confldeno had been deatroyed by the) opening event,, the miapenalon of tn, freat Knicgeroocxer irun wmiji wo event marking th beginning and th and of th great crlla Great credit i. a ProLiant Rnuaevelt and Becre- tmrw r'nrtalvnu In ao anUndldly eoping with th extremely alarming altuatlon. vai that mitilln nnnfManea In a me- ur ha been restored, and the time of normal monetary stringency is. ray.u.j psssing, two disturbing factor nav ror ih. iim. tumixred. Th canceling of loan by banks wilt proceed through out th country. Th volura of ttad will lessen. In a short tlm money win begin to accumulate In th banks, and hM.lnaaa alll naaa Intn that Stat Of tor- por which 1 moat discouraging to busi ness men, Tn th n imiv at fortunes wrecked and profitable business swept away, th first mental reaction of men ar two: Responsibility for th crisis, in order to rix- ine oiame. ana i'- v- many kind largely designed to affect ome of the Innumerable minor phase which hav struck th minds of men in vivid ways. Csatral Bank Situation. Many special Interests under the anilaa of remedies for the crisis ar SUg- Jesting change in our financial system angerou to th interest of our pep P la. Th. manmnil for B Oniral bank Of th United b tales cannot be seriously viewed hen the condition, politically ana om- wIm ar known. The reference or such a remedy to Senator Tillman would I De decisive, leaving oui oi m-iuc-tlon the many impracticable eugge tinn. the nosslbla remedies, when finan cial, political ana commercial rvnuiuuui are carefully weighed are few. On the whole. It Is prooaoie tnai no jaireci icg laiatinn at all would be most advantag eous for the prosperity of the country. Stripped of technicalities, the following measures, which ar the Substance of everal bill to be Introduced, would be salutary, provided a currency campaign shall not result. (1) Kequire tne iaie oanaa, iruai companies, etc, to , becom national bank. (a) Bv extending to tne national hanks comnletn nowem uoaaeased by truat companies and requiring adequate reserve against note as against de posits. . (b) By taxing all institutions upon deposits by a graduated scale dependent upon the proportion of reaerves, L a, similar in a way to tn to per cent tax on the ..ank note of state banka These two laws would if carefully worked out Inaure uniform administration of bank ing institutions and enforce adequate reaervea Trust companies and state banks would be forced to become na tional banka (2) Give to the national banks the right to issue bank notes, unsecured by I government bonds against which re-i serves should be required, provided the bank ha already outstanding say CO per cent of the present government bond j secured notes, .n mis way, to iransi A mi r w mm a irti warn ii 1 t m EM On Every Ajtiele in Every De- Our Store partment in Our January Sale This Year Will Be a : When We Advertise Reductions You Will Find Goods Marked Accordingly Home of Good Furniture HLAD QUARTERS TOR JANUARY SHOPPING ; MAKE COLUMBIA GIVE UP POWER , 1 "' s Big Things Projected oh Up per Eiver to Turn Mill and Car Wheels. (Spedsl Dlrpstrb te To Jooraal.) rasco, Wash., Dec. Water power as an incident to the Improvement of national waterways, with special regard to the Snake river, is the theme of lengthy resolutions drafted by a Joint committee of th Franklin county cham- het nf finmmerr and ttia Pnarn Primmer- g total amount areater than the t600.-'.Bl rlnh Th l-aanlntlnna Inrlnraa th 000,000, now outstanding although they bill recently Introduced in congress by may be given In CZChanee the Privi- rnnmumin Jnnna tn rrnnt the Ranlnn lege of becoming the aol security for i Water company the right to conatruct government deposits. a dam on the Columbia river. They call iiicae reiucuiM may ue iisnocu ur mo or the support or an memDers or con present congress to advantage. But, ores whose committee appointment tlon tc the Canadian system of asset currency can be gradually brought about without injuring the pricea of govern ment bonds now held by the banka - should not be the basis for circulation to the danger to business Is great, since a prolonged currency discussion In con gress la -apt to throw the entire ques tion into the presidential campaign. The remedy for the nroblems aris ing from gold depreciation, from the irregularities in regulations governing the Investments of trust institutions. and. finally, the suffering caused by th financial crisis of 1907. may well be entrusted to a gold commission. Ex tensive testimony should be taken, and thorou;h investigation carried on In order to obtain the statistical data nec essary for final reeommeridations. More over, this is an International question, andV negotiations should be carried on with foreign countries. If the reason- 1 deal with the problems which such a dam would affect, such as river Im provements, irrigation and manufactur ing, -i. , Behind the resolutions is a mighty scheme to develop the country about Pasco, Kennewick and Wallula. With the recommendation of President Roose velt in his last message 'regarding the improvements of our vast waterway as an inspiration, the commercial bodies of the country and town have begun a campaign to harness the rivers for water power and irrigation, a well as for navigation. According to the reso lutions, Pasco, Kennewick and Wallula are to benefit by the scheme by being moa m.nnf.nt.i.lnff an A la w IK11 1 1 nff ng of experts that prolonged deprecia- i.n. hi. r.t th tlon - tends to upset the relations of : trv Rerardlnr this the resolutions the various classes In a society is cor- : iiyJ. KeSarln wis, . tne, resolutions rect, grave aoclal conditions must short-j florae of the1 horsepower from such i ly develop. Extensive readjustment of J - dam "would doubtless in time enable wages must ensue lr tne d resent cost - . ,u. - of Iivlngdoes not come down. .. AlreadyV , th northwest to be manufactured 1A w-m, j a. . j uav livui kiiu uiiiujiB nvuiia a HtA( 10 years aro: or it reuulres todav a --.i rpMA ri..-- nrti.r o 2S Lfi LteS .aStwh?J i - greater portion by far of the wheat nJ ZVi dUlJZ ya?a!!.a;i.;H ' Policed in the northwest passes as one expert on gold states, prices i nn,n. rnm 'lai. nt in three years to 30 per n,n;nn. tn arir.a nt onnaumn. will himii that wltfiln i r.""""'"" ""V"-- lion, tnereoy giving to ino piacea iur milling purposes a great quantity and variety ox wneat to araw irorn.- It will be unwise to buy low intenwt I elsewhere Is in every way sound and bonds unless the buyer has offerings practicable. That the-currency should of equal security to his present hold-1 be elastic and vary with business de fnp-a rn a tar hle-hen hnsia than an.j..fmana la nnt nnlV: reasonable but COH- ent nrevalls. During lulls. whn evnerai 1 elusive. , The shftrt-sighted policy of Interest rates for a short, time decline, I congress of continuing .to make the Itrtroa nrnflta will ha mada In aalllna I hanU nota simulation deoend On the gov- bonds w hen they r.iiiyowlng to lower j ernment debt, if continued, will produce interest ana immediately reinvesting In in the end a great crisis. for intm the stork of companies, soundly man-1 of war. the $600,000,000 worth of Ja per ao-Ari having lnw-tr(,4, f,niittfa anIrnt IvinHa " half) . hV . the bank against heavily bonded, the bonds dating before the bank notes, now selling above par, 1901. - would. If the government honored 12, it win not d i to tn interest or I bow.uiiu.iiuu r or ur . wi Kalarled men to remain too long on low I purposes, greatly depreciate, -' since, so aalariea. '. The ' more prosperous bust-j large a sum would; require at least ness Unms will advance salaries, and I per cent interest, on vhich basis the t s by moving about, salaries may be morel would not. b worth over SO, Jeopardiz qulckly adjusted. A great burden I I ing to thl extent the. 1600.000,000 of placed on the poor by high prices for (the present-assets of th banks oy at living. Herein ties tne comical mcer-l least g per cent, t : i talnties arising from social discontent In 1SM-1898 th farmers were radical bwrauxe the priop for their farm prod ucts1 were very low on account of th appreciation jn gold.' Now. the farmers are prosperous on account of high fnlcp for their products but the poor moult j uy lng- high price fnr -tommo-d lie anil ioHine employment on ao- fount of irOmmerrlHl M-'prexPlon will inin',be tViiJcd , to ttiu radical ele When, then, these-conditlons of in flations had- been carried to a pitch. and many investments believed to be were i reality only contingent an nuities -without-value -in case of fore closure ano. the ineiastio currency sys tem was Inhering under a heavy dis count rate, which Is the safety valve of ao inelastic currency, the psychologi cal blow was struck which caused the i-ilsls to become acute' and universal. will advance cent more, this will mean that within 13 yeara the cost of living will hava doubled. 'A gold commission will tend to remove these Questions from poll-tics. From the standpoint of business. could the political and financial con ditions of disturbance be removed, now that the periods of malgnancv of the disturbing factors are temporarily passed, prosperity would rapidly renew It course, and a bitter commercial de pression largely avoided. For -in peri ods of gold depreciation, crises il though violent are of short duration. provided political factors do not inter vene. -Tne crises of 1857 was quickly passed, 'but the agitation preceding the civil war immediately followed. Could all Interests agree to compromise by the appointment of ageli commission with extensive powers to invest Ins ta and recommend legislation to the con- gress of 1909. this whole subject would e removed to the great advantage -of business from the realm of politic a disturbing cause. These questions are too perhaps safer in the hands, of expert than In the throe of partisan effort and their misuse by unprin cipled political agitators. There .r these two alternatives a gold coram!-' slon or a stormy campaign disturbing uuamraa, - ror. aner an tnese question must be faced and eventually solved. NEW YORK FINANCIAL , CHISIS COMES, TO END (United Press Leaied Wire.) ! New Tork, pee. 28. The fact that a money crisis no "longer exist in New Tork was shown Friday when th prem ium -oh .Currency dropped from ,1 . nr cent to Vi Of 1 per cent. At the same time it was announced that there had been a decided drop' In cable transfers. The decline in the oremium on mnnev due to a lessened demand for ii has made the Importation of gold .unprofit able. ,,,..... .,,-' - X i.--:-, v,'- . ,.. . ' Oranalateal ertllil Irleld ouicklir to Ilnlard'a Iret Government Own Power. : , The resolutions state that water pow er should be developed as incident to th improvement of national water ways so as to make possible the con struction of electric lines as feeders for such waterways, thus securing the proper regulation of railroad rates and relieve the congestion of traffic which exists now. The resolutions urire that the gov ernment kee control of all such water power rights granted by congress so ng to socure th most beneficial use there of and to prevent railroad companies from getting .control of the water power so as to stifle the competition ror wnicn tney are aimed, Dam Across tn : Snak. The committee which ' raf ted ' the resolutions believe that a flam across the Bnaice river at ive Mile itaoids, near the confluence of the Snake and the Columbia rivers, would, in connec tion with locks, greatly improve that stream as a national waterway, making it navigaDie tn entire year The value of such a dam for Irrlga tlon purposes in also dwelt upon in the resolutions. , They argue- that horse fiower from the dam could be utilized n pumnlng water onto vast areas of arid land which coulk-4hu -be made proaucuvo, increasing , me agricultural wealth of the country. Testimonial from competent and re liable navigators and engineers favor ing mien a tiam win accompany the res. olu tlons. Honator Ankeny " and ' Con gressman Jones will b requested to se cure. , If possible, the construction of ucn a aam. -,. Pre sent a - "i V MS SB. B. B. WBIQHT With an Order on - DR. B. E. WRIGHT FOR DENTAL WORK It Will Do More Good Than Any Othec Pres ent You. Can Give - M r, a...rf . a. ITEEW. FWACTf Friend or relative needing any kind of dental work will appreciate a present of that kind.- It is practical and will give pleasure and health for years to come. All of our patients are treated with the greatest skill, gentleness and consideration. The most sensitive person will experience no disquieting effects from bur treatment. Bridge work, crown work, -gold fillings,, porcelain inlays and perfect-fitting plates. Perfect work at reasonable prices. GOOD SET OF TEETH (JiF AA ON ROBBER PLATE.... $0.Ulf BEST SET OF TEETH ON RUBBER PLATE.... $8.00 PAINLESS DENTIST. DR. B. E. WRIGHT 342 Washington Street, Corner Seventh v OFFICE HOURS--8 A. M. to 5 P. M.; 7:30 to 8:30 P. M. J SUNDAYS 9 A. M. to I P. M. 1 PHONE MAIN 2119 . TWELVE YEARS IN PORTLAND , - . Conspired to Kill Wife. ' ; (Cnlted Press Leased Wire.) Chicago, Dec. 28. O. Kochett and his wlf were arrested here today - at - the request of the' Canadian' noHee. Tt : la said" they ar charged with having con spired jto kill Kochett'S firrt wife 'who ha been dead six weeks. Rocheti and his present wlf were married thraa week mga, . ... ... t ,-. . "V - - ' v. S- 'I a ' U .. n 54 THIRD Corner Pine r The Ported Trunk Mfg..-Co. MAKERS CF HIGH QUALITY BAQ0AGE. FOR fiRST-CLASS TRUNKS, BAGS, SUIT CASK , AND SAMPLE CASES . : STRICTLY "mXdE'IN'OREGON". GOODS. ' fC7 SIXTH . , Near Stark ' SEND FOR CATALOGUE 2-Sf ORLS-2 I'HEXOMEXAL SHOTS r , AT COAST TARGETS - (Special : Dlspatcb to Tbs JonrosL) Port Townsend, Wash., Dec 28. Op posed by weather conditions that made the work of the gunners most Difficult, full service tar set ttractlce at forts of the PuR-et sound artillery, as concluded after two days"-ehooUng, Is pronounced the most accurate In the history of the local fortifications. Directed by Captain Buck and Llentenant Hamilton,' the fir ing of mortar batteries at "Fort Flagler ocinv attracted unusual attention. vua a win a loesicg a target xioaung several thousand yards fn&m the.mortar pit, three shots nred aimoat simultan eously struck the bullseye. The, work of the ' Fort - Worden mortar- battery eunners directed - bv Lieutenant C. C. Hurt, district quartermaster, proved of the sensational order. A nign southeast- gale . swept the toWing - course, reaching a height that it-aeemed unsafe to send the harbor steamer Out with the targets, s The feat was accomplished and th ' fragile ' canvaa targets. . kept above water long enough to permit making a record for firing that com pletely satisfies the , officers directing the ;exercises. . , u;tv. "That results attained by the annual tarret shooting Is proclaimed with Jov, by those who maintain tne strength, of local fortifications, Is unquestionable The test provided, ha demonstrated qualiflcatlpns not , previously deemed certain,' , , , .... ADMINISTRATOR'S SALE.0 Scmark&bl Talaes In All Dspamarats Starting, Tomorrow.-' ' -The administrator says -stocks must be cold! Will you share in the most re markable values ever of fered by any. store?. Come tomorrow and we'll prom ise you bargains that can't b matched in this eityl .McAllen & McDonnell, the store no tea for best roods at lowest prices..- , . ,. . . - .r ,