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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (Jan. 18, 1921)
THE PRUUON DAILY JOURNAL, .PORTLAND. OREGON TUESDAY, JANUARY 18, .1021. -7- ' - : LIQUIDATION RAPD IS WORST OE DEFLATION OVER By David Lawrence . Copyright, 1021) Washington, Jan. 17. More paper . money has been retired from clrcu I lation In the last 18 days than at any ; other: previous period in American history, and as a consequence the, - wrinkles have passed from the " brows of 'our government officials. JL ' Tha process of deflation has followed normal lines. Katura has taken Its course. Liquidation has been extensive, - and the entire financial situation is - healthier than it .has been in some time. I Various statements issued by the federal reserve- board, indicate, when r analyzed, that about $245,000,000 In fed J' eral reserve notes have beer retired in ' the last three weeks, which Is about $50,000,000 more than was the case for the same period last year. Similarly, since the middle of December, loans have decreased about $160,000,000, cor responding to the reduction jn the amount of currency. ' MVINO COST DROPS Officials are. drawing optimistic infer- ences from these "figures and are confi dent that it means a Quick change for '-'the better In business as a whole, for ' as soon as the taking of stock in Jan uary is completed, the buying of spring goods and the general demands of spring - Inminess will begin to be financed. The . financial condition of the business world. v Ha rejected In the data gathered by the federal .reserve bosrd, is satisfactory and the natural expansion: of currency and increase of credits which occur in the early epring are confidently ex pected. . The retirement of $245,000,000 In fed- - oral reserve notes has another meaning. The decline signifies a reduction by more than. $2. of the per capita circula . tion of money. Fortunately the cost of living U tumbling so that as the amount of money in circulation diminishes the purchasing p6wer of the dollar Is rising. . POLICY GETS RESULTS So far as is known, this reduction of more than $2 establishes. a new record.. Certainly no' such, change has been" re corded in an equal space of time. And as a further evidence of the success of 'the- deflation currents in American r finance, the earning assets of the federal reserve board have dropped below the C since January 9, 1902. In a nutshell, the policy of contraction of credit which the federal reserve board instituted last spring has had the ' desired effect, only it begins to appear that the results were - accomplished in ; lees time than ' most people thought would be 'the case. And it begins to look ' as if the contracting machinery ,Miad operated so far that relaxation may be expected henceforth. The prospect Is "that bankers will not find justification hereafter for insisting on substantial .".curtailments in notes they hold. ,1'EAR FURTHER HOLDING' " The federal reserve board itself will ; probably remain silent, taking no offt ' tlal action, but there are more ways Mhan one for the board to indicate infor mally to the bankers of the country that s the pinching process has gone far enough ond that it would do no harm to give the business world easier breathing on i pending loans. Of course, the federal reserve board ' bus a delicate problem to face In saying anything on the subject. For the farmer ; or producer, who has been obviously turning his goods in to the market at practically any prices so as to get money to pay loaas, might view a re laxation of credit policy as a sign that he could secure new loanat and thus .. hold his goods for higher prices. The , federal reserve board will probably do 'nothing that will Interfere with the " steady, though painful, decline in the ; cost of living, no matter who is affected by the prices of commodities. MRUEONS DISAGREE ' The board has insisted from the start that its policy of contraction was the only way to force the cost of living ;uowiu. i- So,.. while there are some who think I lie process of liquidation has gone far enough, there are others who want the federal reserve banks to hold steady . and compel prices to go down even fur ther. It s like a delid&te surgical opera tion. The surgeon must cut deep enough and yet. not too deep, It requires a stilled hand. But there is abundant -evidence that" the Cutting process has gone far enough and that a change for the better in the credit situation is . imminent. Condemnation Suit For Playground Site To Be Filed by City After! weeks of threshing out valua tions, appraisements and routine de tails, and hearing the protests of ail property-owners concerned, ' the city will now institute condemnation pro ceedings against . owners of. property comprising six blocks adjacent to East Seventeenth and Belmont streets, the selected site for the new park and play grounds. The property . will cost the city about: $23,380, which la one 1 and one-third the appraised valuation, ac cording to ; Commissioner of Finance Pierv Condemnation proceedings will start as soon as the el ty attorney's of fice completes the preparation of the city's case. '!'"- f:T -The -0-acre tract opposite Clinton Kelly school, selected as a park by the commissioners, will be purchased with out condemnation proceedings. Pier an nounced. The Portland Railway, Light ft Power company, owner of the tract, has agreed, to the purchase price of $25,000. based on one and one-third ap praised valuation. Crowder Optimistic On Cuban Situation Washington, Jan. IS. (L K. S.) Optimism concerning the Cuban situa tion was expressed In a report Irora General Crowder, received by the state department Monday. Charge Running of Dice Games Mrs. M. N. Stout. Sol Staler. A. R. Frelse and Jim Carroll were arrested Monday by Lieutenant Robsoa and Pa trolmen Harms and Nutter n charges of operating dice games on cigar coun ters. ':!-. Farmers Aided by ; Grain Exchanges, ;' Say? J. H. Barnes -- Washington, Jan. 18. (I. lsT. S.) Grain exchanges render a national serv ice through dealing In "futures' and proposed legislation to regulate the grain exchanges should be abolished. Julius H. Barnes of New York, former director of the United. States grain corporation, declared today before the house ag ricultural committee. - Appointment of a national marketing commission to recommend improvements in the existing commodity marketing ma chinery was advocated by Barnes. Barnes contended that the losses by price declines have fallen more heavily on the miller and dealer than on -the farmer, the market structure having aided the farmer who exercised good judgment and sold early. The farmers who held for higher prices on a declin ing market were the greatest losers. Barnes urged 'that the national mar keting committee could secure voluntary improvements in storage. facilities to the individual farmer and warehouse man, giving the former storage receipts that would serve as ready collateral to finance him. mmmmm' Ui i nassswe-,.! i mmhim, Man Suspected of Attacking Portland Policeman Arrested information was received by Portland police that K. L. Taylor, who was ar rested in MarysviUe, Cat, has been pos itively identified as one of the men who held UP and beat Patrolman Chamber lain early in December. Chamberlain was attacked by a White man and a negro early one morning at Columbia boulevard and Union avenue, and his club and gun were taken from him. Sheriff McCoy of Yuba county arrested the suspect, who i charged there with highway robbery. Taylor is alleged to . have held up a man with Chamberlain's ! I I i i i f f i f i i i StprhaiWoCfce & Go. Tomorrow Is the BIG DA Y It Is the TRIUMPHANT FINALE - Of a Wonderful Clothing Purchase! By express we have just received and placed in stock - 'New New New New, New. Stein-Bloch Suits Langham Coats Langham Suits . . . . . . Suits and . . . . . . Suits and the balance of our great clothing purchase Coats Coats We leave the two lower lines with dashes, as these Coats and Suits come from two of the finest makers of men's clothing,. to whom we gave our promise NOT TO USE THE NAMES when advertising these garments. Not only have we anticipated pres ent wholesale prices for spring, but far into the future. Here below we itemize our offerings. ' - Men's finest foreign and best domestic materials. In Fine Overcoats English Fleece Cloth Kersey Milton Tweed Cassimeres Town Ulsters, Ulsters, Raglans, Chesterfields, Form-Tracing Coats In Finest Suits Pure Worsteds, Unfinished Worsteds, -Cassimeres, Cheviots and. Navy Serge j In conservative, semi-coriservativel, new sports models and two, three and four hut ton semi-English styles jn . single and double breasted. ALL SIZES for MEN OF EVERY BUILD and EVERY TASTE everything desirable in men's clothing in this sale stouts, slims, shorts, stubs and regulars. Your Choice Without Reservation Any Suit or Overcoat in Our Great Stock i i 1 I i A figure that in EVERY INSTANCE does not rercsent 100 per cent wholesale cost Fifth Floor, Upman, Wolfa & Cp. I ' ! - ' - " ' I $36 TMm Storm U$e No Comparative Prices They Are Misleading and Often Untrue I i I I 8 More Magic Dqys New Attractions Daily cJMemliandisb of cj Merit Dnljr 8 More Magic Days New Attractions Daily "EVERYTHING FOR CASH EVERYTHING FOR LESS"- - . ' aasVaaaV ' " "" ' " " " ,' " T Almost "Giyiiig; Away v and Coats, Suits Messaline Dresses Silk-Lined Suits -Splendidi Coats Yes, almost giving them away, that's exactly the way we feel from our regular stocks, are being offered at less than actual cos Dresses Stylish at 2667 Pairs of Black Silk Hose and Fiber Silk Lace Hose in - a Plain Weaves Sensational bale at 3 . ' ' . .'. , - i ".J Drop-Stitch Weaves -These women's stockings are in good weights with reinforced lisle toe and heel and garterproof top.. They are mill-runs, subject to trifling misweaves, such as often occur in hosiery termed perfect, without; affecting the general appearance or wear, mere are a numoer or Kinab, noi an sizc m caui. mc p be preferred by niany women, but, as you know, the drop-stitch is very fashionable. 39c is so little for these hose that, you are sure to want a number of pairs so will hundreds of other -women Come Wednesday. ECONOMY BASEMENT, Uprasn, Wolfe & Co. Curtains 98c Pair Of white scrim with lace edges crisp, fresh curtains to add a new note of attractiveness,' a new sense of welcome to your home, at this new low price. But comfe early. .ECONOMY BASEMENT, Upman. Wolf A Co. 30x60-1 nch Rag Rugs $1.69 A good line of hit-and-miss patterns, firmly wov en and well finished on both sides, -ECONOMY BASEMENT, Upman. Wolfe & Co. 1 White Wonder Laundry Soap ' and Van Hoeter's Bleaching Soap "Made In Portland" at t price that makes it pay you doubly to stock up on these standard brands. The "White Wonder" is too favorably known to. require praise and the Bleaching Soap is of equal quality, for, Just think, It will bleach linen white without injury to the fabric. Your choice at these lowest of all special sale prices: 10 48c 21 $1.00 100 J $4 .65 No Telephone Orders or C. O. D.'s ECONOMY BASEMENT, Upman, Wolfe & Co. ain weaves will MEN w "Black Beauty' Sateen Shirts You never can tell ho far a frog will jump by looking at him, and you can't tell how good these shirts are; by reading at?out them so come and see you! will be more than pleased. Full Cut, strongly made, fast black, sizes life to 17. - i -. i ECONOMY BASEMENT, Upman, Wolfo & Co., Baby Blanket Robes 69c If you come early enough, you will iind bun- ny, TtddV Bear, stork, bo peep and bowknot pat terns. Size 30x10 inches. ECONOMY BASEMENT, . Upman, Wolfo Sc Co. All Styles Up to the Minute and All Amazingly Reduced about it, for these beautiful garments, fresh : to us! i The coats ane of polo cloth or silvertone, half-Jined or full-lined, some with sealine plush collars, sizes 36 to 42. Dresses are of messaline a few only, small size. The suis are trimly tailored of serge and silvertone, silk-lined. A few only, but sizes 36 to 42 at the start. Come very early if you would share to 'he full in these unheard of savings. t ' j. ECONOMY BASEMENT, Upman, Wolfo St Co. !h Kxfr THIS STORE USES NO COMPARATIVE PRICES THEY ARE MISLEADING AND OFTEN UNTRUE 5 X I o x I 5
