4
THE OREGON DAILY JOURNAL, PORTLAND,' OREGON.
MONDAY, SEPTEMBER 27,1820.
F
mm
10
NCREASE DEMAND
KEP MONEY BUSY
By Walter B. Brown
41Uw t. Kv Tork CMtminW. WrltUe
mt lt Cnlti Urm.)
New York, Sept. Vt. Spectacular
'readjustments In price of industrial
products hare marked business con
ditions during the week. The moat
noteworthy was the return of Ford
motor can to practically their pre
war basis, representing; a decline of
'about 3J 1-1 per cent 'in price.- Im
mediately following; thla waa the an
nouncement of a cut by the Franklin
Motor company, which may be fol
lowed by others of the medium and
low price care, but against which
com of the high price cars are de
fiantly setting themselves.
A reduction of- about 38 1-8 per cent
In the price of cotton goods waa an
nounced by the, Amoskcar company and
almost almultaneoualy two of the largest
malt order house in the--eoontry cut
their catalogue prices from 10 to 20 per
cent Taking; these tn conjunction with
the announcement earlier in the week
of the passing- of the . Central Leather
common dividend -end of the preceding:
week of similar action by the National
Cloak and Suit company, it is plainly
evident that a readjustment of price
levels ta under way.
"OJf E OF TWO BEfJCliTS 1
The question to be determined la
whether this readjustment is the fore
. runner of a period of commerci. 1 de
pression or Just the opposite of that, a
return to a mors normal and therefore a
healthier condition of business. . Con
servative thought seems to lean in the
'direction of the latter theory.
While it la true that some of. these
; price cuts are startling, it must be borne
In mind tnat tney are me very mings
for which we have been- praying and
wnrkinr for so lone a period. We have
been on an inflated baala and have been
trvlnk to get down from it It makes n
difference whether the reduction is in
automobiles or in cotton goods II it cor
recta an abnormal condition which got
backto the individual in the high cost
.of living.
The break tn prices has at times been
rather hastily ascribed to the credit
policy Inaugurated by the federal re-
. serve board in Its announced intention
IQ Dring HUQUr UVimuull m 1.1 CM lb iiiia
within It newer. It Is necessary to go
further back than that, however, to find
the genesis of the movement, the first
outward demonstration of which was
the so-called "overalls movement" of
last spring.
This In Itself did not amount to very
" much even as a demonstration, but tt
imdicated a revolt on the part of the
public against the continued willingness
- to pay the high prices and the beginning
of the end of the orgy or extravagance.
The public found that the remedy for
the high cost of living lay within its
own control and that it had only to re
fuae to buy at the high pricea asked to
- have them come tumbling down.
SHOPS CLOSED DOWIT
Wearing apparel waa the first to feel
the effect when it became a matter of
'pride to make one's old clothes do
' second season rather than submit to the
; extortion of retailers who, being human.
' were going to exact all the traffic would
bear.
, The textile trades quickly senses the
change In public attitude and It was not
long before buyers were as eager to
cancel ordera as they had been to place
them earlier in the season. These can
cellatlons soon grew to such proportions
that the American Woolen company
; found it expedient to shut down for the
summer and to reopen at pricea 25 per
cent below previous levels.
The falling off In the demand for
clothing made It advisable for the Na
tlonal Cloak and Butt company to con
serve Its cash resources by passing its
quarterly dividend Instead of going into
the market for funds on the prevailing
I per cent basis. Similar action was
- followed by the Central Leather com
pany following the curtallmentvln the
demand for shoes and other leather
- goods. This waa not an evidence of
" weakness by either of these concerns,
mi i kuici vi iinn uusuiuaa manage.
- tnent.
Henry Ford's cut in the prices of his
cars was accompanied by a character
iatlo statement from that gentleman to
the effect that as long as the war wae
. over war prices could cease and the
. matter might as well be faced now as
any other time. In this view be Is, of
course, correct, and while there is no
desire to detract from his altruistic
motives, it is possible to imagine that
they might have been suggested by
shrewd observance of the general trend
of business.
A concern having such a large output
, as the Ford Motor company Is obliged to
- look far ahead in making lis calcula
tions. The concern's advertisements
. state that they probably will, lose money
temporarily in using up the high-priced
' material they have on hand, but they
( are willing to do so in order to bring
prices down to a more substantial basla
Bankers take the view that price cut
ting will stimulate general demand,
which, in turn, will keep money em
ployed. REDTJCTIOXS TO BE GEITEBAL
4 v Secretary Alexander of the depart
ment of commerce believes that produc
tion will not be affected and that burning-
will be stimulated. The fact that
t Initial cuts came from manufacturers
has Strengthened the belief that lower
, priced -will become general. The secre
' " tarr forecasts a drop la woolen goods.
clothing and shoe 'prices and with cuts
V . la two of the largest industries already
, at hand, other Industries will follow.
r The people have monav ta arni
era willing to spend it, but the point
has been reached where they are de
mending full value tor their money. Is
nth.r wnrrt. th. lm. k. .
- vow um puDua can be expected to
pay any price asked rather than go
without the goods. It prefers to go
wiuiout rauer man pay what It con
aiders to be unfair prices. It la a mlw.
nlfloant tact that the cuts announced
by manufacturers are not accompanied
- by co roes ponding cuts in wages. There
are two reasons for this. One la the
operation of the excess profits tax,
which baa absorbed a large proportion
.of the high prices previously charged
so that the government and not the
. manufacturer will stand a good cart of
. the loss, aad the other la that the ab
normal demand has given manufacturers
aad retailers an opportunity to increase
their nuuvlna of orof it far
. .' reasonable limit
- WOT EJTOTGH STEEL
This was shown by he fact that the
, American Woolen company for the first
three - months of 1920 mads profits
( equivalent to lta outstanding common
stock, so that whether or not It turned
, it over to the government in the form
of an excess profits tax. It could still
' afford to make a very deep cut without
, having to curtail wages. lS ' - - .
The- disappearance of premiums tor
steel and cancellation of orders for that
product have led to a belief In some
quarters that there waa a serious de
pression at hand. This is sot at all
likely, for there la altogether too great
demand for steel, because of world
shortage, to make possible any serious
depression for a long time to come.
In July the exports of iron and steel
products made a new high record, be
ing at the rate of $1,100,000,000 annually.
while In no year previous to the war.
with one exception, did the gross sales
of the United States Steel corporation
exceed 500.000.000.
DISTRIBUTED OBDEKS
The disappearance of premiums Is the
result of a recovery in- transportation
conditions, which have now reached the
point where shipments can be taken
cere of - 'thout unneceeeary delay: Pre
miums have represented efforts of the
manufacturers to secure supplies from
whatever source available. During the
transportation tleup, manufacturers
would frequently place orders with two,
three or four different concerns for the
same material, accepting delivery from
whichever happened to be ready first
During the worst of the congestion
these orders were allowed to remain.
but now that it la possible to get deliv
eries through with some degree of as
surance, it has been found expedi.rit
to cancel these duplicated orders and
many such cancellations coming at once
have made a rather formidable showing.
The slowing down of the automobile in
dustry has also been responsible for
some cancellations, but the total volume
of all these cancellations has been a
very amall percentage of the whole.
Undoubtedly the contraction of credits
In. accordance with tne policy of the federal-reserve
board has had considerable
to do with this deflation, particularly
as It has affected speculative operations
and -laceuraged extravagant expendi
ture. Deflation would undobtedly have
come about of Its own accord but the
withdrawal of credits has undoubtedly
hastened the -operation. It has not been
the policy of the federal reserve board
to Interfere with legitimate operations,
a fact which Is now coming to be more
clearly understood.
The - reduction In prices has not yet
run its courser but no one who studies
the situation carefully can object to a
readjustment, of general business to a
more normal 'basla
HP
SHEPARD
ANNOUNCES NEW
11
ft
LAND PASTQSR
Reading of appointments Sunday
afternoon by .Bishop W. O. Shepard
closed the official sessions of the
Western Norwegian-Danish -M. E.
conference in session at the local
First church. Both Portland
churches were assigned new pastors.
The Rev. C. August Peterson, former
Sunday school missionary, was selected
to succeed the Rev. Ellas OJerdlng of
First church, whh has been given a year's
leave of abaence to assist In work at the
local Methodist Boox Concern office.
The Rev. Oustav Storaker was appoint
ed to the Vancouver avenue church, to
succeed the Rev. A. Chrlsteneen, who
was transferred to Denmark a few weeks
ago by the bishop.
SPECIAL APFOIIfTMElCTS
Other special appointmenuts are : The
Rev. H. P. Nelson of Astoria to editor
ship of the denominational paper pub
lished at Seattle; O. A. Doplough, finan
cial agent of old. folk'a home at Oak
land ; O. O. Twede, financial agent of
Minister's Aid society ; A. Snestad, year's
leave to attend Harvard university.
The conference. also voted to make the
minimum salary 1S00 and parsonage.
Where churches are unable to raise this
sum, the home mission board will assist.
Sunday morning and afternoon Bishop
Shepard preached to a packed houae, and
Sunday ntebt the church was crowded
when the Rev. F. L. Treletad of Seattle
gave the closing address. Today the
visiting ministers and laymen are being
shown the Columbia river highway.
8ELECTI0KS 3TAMED
The appointments follow:
.Pacific district C. J. Larsen. Salem.
superintendent ; II. Elvigen, Kallspell,
Mont. ; A. Odegaard, Great Falls ; C.
Wangberg, Helena and Butte ; O. T.
Field, Spokane ; H. Helgren. Moscow ;
James Olsen, superintendent Alaskan
missions, with headquarters at - Peters
burg John Neleen .Belllngbam; H. E.
Anderson, Everett j Abraham Verelde,
Seattle First church : F. I T related. Se
attle Kmanoel church ; F. Scarvia, Cove
aad Fragaria. Wash, and Puget Sound
circuit; N. L Hansen. Tacoma ; C Mar-
Unsen. Aberdeen ; F. Larsen. South Bend ;
C August Peterson, Portland First
church ; Oustav Storaker. Portland Van
couver avenue church; Albert Slelpnes.
Astoria,
California district M. Kelson of San
Fraacisco, superintendent ; K. P. Peter
son, San Frantiaco; F. Engebretsen,
Oakland; A. Rongne, Eureka; M. H.
Johnson, Stockton ; N. X. Olson. Los An
geles; O. A. Doblough, San Diego.
Sues Well Driller
For $1500 Damages
Baker, Sept 27. Dan M. Jones, Sat
urday, entered a suit in the circuit court
against Ben M. H. Preston for 11500
damages. It Is claimed in the com
plaint that the parties involved signed
a contract whereby Preston was to dfV
a well 250 feet deep, but that.-only 207
feet were drilled. Under a supplemen
tary contract it Is -claimed, the drilling
waa to be continued if a test of the well
proved unsatisfactory. The plaintiff
claims that after the test proved that
there was no water in the well, the de
fendant refused to return his drilling
machinery.
Proposal to Buy
Buck Lake Turned
Down by Ashlana
Ashland. Sept. 27. At a special elec
tion Thursday the proposition to buy
Buck lake, .which la situated 34 miles
esst of the city, for the sum of $100,000
was snowed under by one of the biggest
votes were cast here.
(LA. 0. Senior Class
Has 283 Members;
Officers Installed
, y
Oregon Agricultural College, Oorvallls,
Sept. 27 Miss Mamilla Mills, senior in
home economics, from Forest Grove, wag
elected vice president of the senior class
to fill the vacancy left by the failure of
Miss Virginia Smith of Ontario to return
to school. Miss Margaret Watson of
Corvellla was also elected member of
the Women's league, and all class offi
cers were Installed at the regular meet
ing of the class Friday. These are:
"Heine" Anderson, Aberdeen. Wastu.
president; Oladya Price. Oakland, sec
retary ; Ralph Campbell. Amity, treas
urer; Alvin Hobart. SUverton. athletic
manager; H. L. Wilson, He met. Cel..
forensic manager, and Olenn ' Sprlggs,
Klamath Falls, yell leader. The senior
class Is tit strong this year, according
to the latest returns from the registrar's
office.
The first snow of the season fell on
Grizzly mountain Thursday night. The
rains of the past week have put the
ground In fine condition for fall plow
ing. Slight damage has been done to
late fruit, as the rain Is cold and there
haa been no wind.
Wife to Join Mayor
Robinson in Coblenz
Aberdeen,' Waah., Sept. 27. Mrs. H. F.
Robinson left Monday for Portland to
meet her eUaughter-ln-law, Mrs. Don
Robinson of Vancouver barracks, with
whom ahe will leave for Coblens, Ger
many, on a transport to Join Major Don
Robinson, United States army. Major
Robinson, since the end of the war. has
been in the Georgian district helping (o
solve the problem of feeding the starv
ing population. He haa recently been
transferred to Coblenx.
Milton Grocery Is
Damaged by Flames
Milton, Or., Sept Ti. A grocery
owned by Mr. Schutt, a newcomer,
caught fire from a shed in the rear
of the store. The shed waa destroyed
and the - contents of the store badly
damaged by the flames and water. The
building waa aaved.
FRE
This Week 'Only
At any drug store named
below, a 10-Day Tube of
Pepsodent. Simply present the
coupon.
Watch the results they are
quick and apparent. You will
know then what this method
means, both to you and yours.
Go get this tube today.
We Invite Yom
To see how really clean teeth shine
All statements approved by auihoritia
Men who smoke
will see a quick, conspicuous
change
Tobacco stains the Zm-cott on ths
teeth. So men who smoka w21 gee a
great change quickly. But millions of
teeth have that same film-coat with a
lesser stain.
Children's teeth are most affected
by the film. Young teeth seem most
subject to decay. Dentists advise that
Pepsodent be daily applied from the
time the first tooth appears. Other
wise, decay is almost certain.
Pepsodent brings to women whiter,
prettier teeth. Bat that means cleaner
teeth aad safer. The luster comes
from constant film, removal sad the
high polish given to the teeth.
Your teeth are coated with a film.
When fresh the film is viscous you can
feel it with your tongue.' Later it forms
a cloudy coat. It enters crevices and
stays. It dims the teeth, and now we
know that it causes most tooth troubles.
There is now a way to end it. This
week your druggist, if you ask, will give
you a 10-Day Tube. Get it and see what
it does for your teeth. Learn what film -removal
means.
Old ways don't end it
Old ways of brushing do not end film.
Millions of people know that. Teeth dis
color and decay despite the daily care.
The reason lies in' film. It clings and
hides, and very few escape its damage.
It is the film-coat that discolors, not the
teeth. FQxn is 'the basis of tartar. It
holds food substance -which ferments and
forms acid. It holds the acid in contact
with the teeth to cause decay.
Millions of germs breed in it. They,
with tartar, are the chief cause of pyor
rhea. All these troubles have been con
stantly increasing some have grown
alarming. And all because we knew no
way to daily fight the film.
A new dental era
Dental science has for years studied to
combat film. Ways have now been found
to do it. Able authorities have proved
those methods by many careful tests.
Now leading dentists everywhere are
urging their daily use.
These methods have been combined in
a dentifrice called Pepsodent. Millions of
people have come to employ it. You can
see the results wherever you look in
glistening teeth, in teeth you envy, maybe.
A new dental era has begun, due to
these discoveries. And these are benefits
everyone should share. So you are urged
to let this 10-Day Tube show what Pep
sodent can do.
Brings five effects
Pepsodent brings five distinct effects.
All are apparent, some are quick. A few
days' use will leave no doubt about them.
And a little book will tell yon what each
one means to you. a
One ingredient is pepsin. Ancher mul
tiplies the starch digestant in the saliva
to digest starch deposits that clnxg.
The alkalinity of the salrva4s multiplied
at once. This is to neutralize the acids
which cause tooth decay.
Two factors directly attack the CTm.
One of them keeps teeth so highly pol
ished that film cannot easily adhere.
Every application brings the Pepsodent
effects. Together they mean tooth pro
tection like you never had before.
Watch these effects. Note how clean
the teeth feel after using. Mark the ab
sence of the viscous film. See how teeth
whiten as the film-coat disappears.
Compare your teeth now with your
teem in ten days. Then judge this new
day method by what you see and feel and
know
V
PAT. OFF. ft
tucus.
V - yThe NeW"Day Dentifrice
Present this Free Tube Coupon this week to
MEIER & FRANK COMPANY. .... . . .5th and Morrison
FRANK NAU, Prescription Druggist. , . . . . 6th and Alder
OLDS, WORTMAN & KING...... . . . 10th and Morrison
THE OWL DRUG CO.. . . . . . Broadway and Washington
WOODARD, CLARKE & CO. ..... .Alder at West Park
10-DAY TUBE FREE
Present this
in, to any store
Pepsodent.
Tour Name.
with your nam and address filled
it is good tor a iDay Tubs of
Address
Otrt-of-town resxlents should mail this coupon to The
ooent coeBpany, 1104 So. Wabaaa Avenue, uncaga,
tit tube will be sent by mail. -
OKLnpiO TUB TO A WaTtT-i .. . '
You Can Listen to the
-
Very Last Note
When fyou play a record on the Columbia
Grafonola, you can listen at ease to the very last
note. The Columbia Non Set Automatic Stop
operates on any record, long or shorte Built
right into the motor. Invisible. , Automatic '
Nothing tcmOve or set or measure. Just start
the Grafonola, and it plays and stops itself.
The Columbia Tonev Leaves enable you to
control tone volume with the utmost accuracy
and ease. The Straight Tone Arm insures that
-' the music will develop fully and naturally. You
get from the Columbia Grafonola' s reproductions
exactly the music the artists "themselves pro
duced on the original.wax of the records.
One glance at the Grafonola' s Streamline
Cabinet shows you that it is in artistic keeping
with modern furniture design. And remember
that the Non Set Automatic Stop is found
Standard Models up to S300. Period Designs up to $2100.
COLUMBIA GRAPH OPHONE COMPANY, New York
Gr af onolas
and Records
Are Sold by the Following Dealers:
Wm. Gadsby & Sons
Corner Second and Morrison
Reed-French Piano Mfg. Co.
435 Washington SL, Corner 12tb
yerxT L. Wenger
142Vs Second Street
Oregon Eilcra Music House
287 Washington, Below Fifth
. . - .---
-
Schwaxi Piano Co.
101-103 Tenth at Washington
McCormick .Music Co.
429 Washington. Bet 11th and 12th
-.,
S. & D. Phonograph Shop
172 Third Street - . .