TUESDAY, ."JUNE 21, 13Z1.
THE OREGON DAILY JOURNAL, PORTLAND, -OREUON
NO GROUNDS
PESSIMISM
FOR
. SAYS
DAVID
LAWRENCE
' By David Lam-cnce
Copyright. 1921. by The JonrraU)
Washington, June 21. The busi
ness situation throughout the coun
try present to "government eyes cer
tain good and bad aspects. The good
consists .of i turn for the better in
many, Jlnes, which six months ago
were hardest hit, and the bad arises
out of the fact that certain Industries
which didn't feel the wave of depres
sion Iast winter are now beginning
to. sag, .-. ., - - ' ' .
', The situation Is not now and never has
been uniform. , -No two Industries have
-been nit la exactly the same way and at
the same moment. This explains the al
most continuous flow of pessimistic talk
whose undercurrent has been sensed here
ever since last December. The only dan-
ter In the talk itself is that certain in
dustries, which are -on a' sound- basis,
may be Influenced to curtail their activ
ities simply because of a fear that ,the
expansion inadvisable as a matter of
principle.
PESSIMIST OUT OF Th ACE
Therefore officials here are inclined
to sound a warning against the accept
ance of pessimistic statements for any
thing more than a reflection of the par
ticular industry or business about which
the pessimist happens to be informed.
Governor Harding of the federal, reserve
board has Insisted in his recent speeches
that if the pessimist had done more talk
ing last October when retrenchment was
being urged by the government he would
have been a valuable factor in the read
justment But much of the passlmlsm Is
beginning to be circulated Just at the
time when many Industries are. on the
Upward swing and when their progress
will be made . painfully slower by the
continuous murmuring about bad times
ahead.
SIMILE FOB ILXXSTBATIO
The clearest idea of the business read
justment which this country has expe
rienced Bince the war is given by one
man who uses the simile of a marching
column of troops to Illustrate the, march
of the industries themselves. The column
has been making a right wheel .turn. The
troops nearest the center move slowly
snd mark time.. These are the industries
like the woolen and textile business
which were hardest hit last winter and
then marked time while they adjusted
their labor costs, arranged their loans in
bank, wrote off their losses, and then
slowly began to move again.- Most of
the' trades which suffered in December
and Januar-'- are gradually coming back
not rapidyi of course, but with suf
ficient progress to make the pessimists
prediction of "many years of bad times'
entirely unwarranted. It has been a mat
ter of months and not years, :
Just now the jpll and steel businesses
are at the edge ef the marching column
with a long distance to go to make the
complete turn. Prediction-as to when the
steel business will have made the turn
a fid gotten back into line is a matter of
personal opinion In Washington. , There
Is, however,, jw. inclination to expect the
steel industry to cut wages soon and cut
also the price of steel. ,
Steel was in a prosperous mood last
winter when wool and silk and 1 leather
were in distress. There has been a
decided turn for the better in wool
and textiles . and leather, ' while steel
Is on the edge of the marching column.
The Industrial centers are beginning to
feel the readjustment ' pains which six
months ago - were hardly felt.- On the
other band, the r agricultural regions,
which sent out 8. O. 8. ' calls all last
winter, are now beginning to see a ray
of sunshine ahead. "
CHOP OUTLOOK GOOD , - '
Crops have ; been planted at lower
costs, Copious rains in many sections
of the country have helped. The banks
have tided over ' their customers ' and
this year's earnings will be applied to
pay off a portion of last year's losses.
Thus,, slowly,! the; banker will ' be re
paid and the I farmer will get back on
bis feet.
UNIVERSITY
MA
' The main i trouble- In - almost every
instance has been psychological. The
moment orders - have been -canceled,
prices : have dropped, certain producers
have grown panicky. '.". The" bankers of
the nation alone seem to have realised
that the. readjustment was both ; inev
itable and conquerable.- They - have
financed their customers in ways that
were , not possible ' except under the
federal reserve system. The praises- of
the federal reserve act are sung again
and again where! the truth" about the
last six ; months of American business
has been fully Understood. . .
RE8EHVE TIDES ALL OVER "
- The immense resources of the . fed
eral reserve banks resisted the tide in
splendid fashion 'and made it easy for
one section of the . country: which was
in a prosperous condition to loan money
to the other without precipitating a
general panic in. which all might have
suffered. . r, i ' ; '-.' ""--; ,.'5-""
The terjn fconfldence haa been- so
much uad that it does not always con
vey a strong impression. But the truth
is. government officials are as Bure
about the turn for the better in busi
ness conditions as , they are that au
tumn follows! summer. This confidence
grows out of the fact that already the
views expressed by ther government ex
perts last December' have been abso
lutely confirmed. - The readjustment has
followed the expected lines. The spring
revival in . some businesses was more
than anticipated. In others it proved
that the readjustment had not gone far
enough. : Conservative judgment is being
expressed about the autumn, but the
wise heads in : American industry are
making excellent use of the,, summer
months to readjust and plan for the
march beyond the September milestone.
. After all, it seems as if people out
side of automobiles take as big chances
as those inside.' :
FINDS JAPAN IS
NOT UNFRIENDLY
. By United News)
Chicago, June 2 l.j- America, is
cherishing a badly mistaken idea of
Japan attitude toward this country
which is making the situation "dan
gerous, according to f Professor
Frederick Starr of the University of
Chicago, who has just returned from
a six months stay in the Far East.
Professor Starr" is one of the best in
formed authorities in the United States
on Japan and the Far East, and haa
spent years at different times on the
other side of the Pacific
"There ; is absolutely and most em
phatically no widespread or serious anti
American feeling - in Japan- today. he
said. "It is a grave mistake for Amer
ica to think differently. I never heard
an unpleasant word about America while
X was there this trip, but the Japanese
newspapers are reacting to the stuff our
papers are publishing. - The Japanese pa
pers naturally reply editorially to some
of the things published in this country. :
' "Japan feels hurt at our California
policy, of course, but she is making no
effort to open the question. Expansion
Japan must have, . but expansion east
ward is not a live policy. -
"There is a restless feeling in Japan
that she will have trouble in 1924 be
cause of the fact that her wars came in
1894, 1904 and lX4,-.-v,--"--i-'--.'-.
"If we" go to war with Japan,' it will be
because of the attitude of unthinking
Americans, due ; to prejudiced viewpoint
of the Japanese attitude."..-
Bond Sale Ordered
By City Council to
Build Boat House
-, Sale of $26,000 worth " of bonds from
the issue of $200,000 authorised by , vte
two years ago, was ordered Monday
by the city council in its effort to ob
tain funds for the : construction of a
slip and fl rehouse' for the fire bo at
George H. Williams, at the foot of Ran
dolph street. , .v
The council voted approval to Com
missioner Bigelow's - plan - to - buy ' tow
motor-driven fire engines, - some' of . the
money to come from the bond sale and
the balance" to be obtained by trans
ferring sums of money in "various idle
city funds. . . ,
; ; j Rich Estate Worth $3000 ;
- Vancouver, Wash., ; June 20. -Petition
to probate the will of Benjamin Rich,
who was brutally murdered at bis home
in Ridgefleld Sunday night, June S, was
filed in the superior court here - today
by Charles H- Rich, brother of the de
ceased. The property is valued at $3000
and It has a rental value of $120 per
annum. The entire estate waa -willed to
Charles H. Rich providing . that he care
for their mother if she is ever in need of
assistance.- e
Claim Undisputed,
But Police Object to
Manner and Place
Joe W.' Kelly, clad in an abbreviated
undershirt, informed the entire world in
general and such small portion in par
ticular that was grouped about' the en
trance to the Portland Commons, First
and Burnside streets, Sunday night, that
he was "a perfect Irish gentleman and
wanted them to know it, know it, know
It,"
. The police did not dispute his claim.'
bat did question 'the expediency of his
bragging about it at that particular time.
Kelly was charged with being drunk
and disorderly. -The police say his ob
ject seemed to be to create more noise
than a religious Institution across the
street. .- ' . y .
Woodburn Elects
. School Directors
Woodburn,- June 21. Thomas Sims was
reelected director for three years at the
annual school meeting here Monday. A.
E." Austin was elected director for one
year to fill out the "unexpired term of
P. Overton, resigned. K. J. Stansrd was
rselected clerk. . v'
..Eagle Arrive at Aberdeen
t One thousand delegates front-. ver the
state to the Eagles' twenty-first conven
tion in Aberdeen arrived Sunday - and
Monday.' The city is lively with parades
of bands and drill teams, r s
Dr. Parrish Asks
City to Sue Parent
For Hospital Bill
Echoes of an assault that came near
to culmination In murder were brought
to mind Monday when Dr. George J'ar
rish. city health officer, asked the city
attorney's office' to bring suit against
the father of Louise Bender for $147.75
charged against the city by SC Vincents
hospital for the girl's hospital expenses.
Alvin Benolt, almost a year ago, at
tacked Miss Louise Bender as she lay
sleeping In he,r room and beat her over
the head with a stick of stovewood. H
was tried and given a penitentiary sen
tence. Miss Bender was rushed to the
hospital, as a city charge, but after she
a as there Dr, Parrish says her father
ordered special nurses and extra treat
ment for her, and has refused to pay
the bill. - i
Y ou know Mrs.
Thrifty, whose pic
tures we are publish
ing in this paper with
her handy tins of
Alpine; Milk?
She is telling you how
good milk can be, when
it's labeled Alpine. You
can know this too, if you
say to your grocer ? Alpine
Milk, please!"
Ask your
f.irJW'1 rocr
i ir i tor
sara. mm mt -m m re .mw
mK II jIL
r
OREGON
MILK
Keepsyour com
plexion clear;
soft, delicate.
1 Fine for the bath
i cleanses thor
! bughly.
f Fairy Soao
! Safest of soaps
r for all fine fab
rics. .
, -: ,- '" -
"t Woodwork takes
i on a happy new
? ness.
Pvnat and whit
estperfect ' for
babies.
fWhat a cake
oJ
will do
- I '
1 .. , J
TT will keep all the hand3
X and faces. in your house
hold clean and soft, because
of the finest grades of tallow
and cocoanut oil used in its
manufacture! :
It will keep your body clean
and your pores open and
'your woodwork clean and
spotlessrv j
It will cleanse your fine waists
and dresses, without injury, because
of the lack, of free alkali leaving
no deposit in the texture of the ;
fabric. t .
... '' , , . .
It will keep: you in a pleasant
. frame of mind, from morning till'
- night, for FAIRY SOAP is one house- '"
hold servant that knows its
business and' does its work in a
soothing, comforting manner j
liMt .. FAIRRANK compact i r
PURE
WHITE
' FLOATING
nils ty ns
A o jcDte G
mUammmummmmmmmm
The Name
MELOWEST
on Every Slice
A new name that means mucH
to you has taken its place in the
realm of nutritious and delici
bus quality foods. That name io
MELOWEST. 1
-MELOWEST is not a new cheese merely
a new name for a fine quality full cream cheese
that for many years has been produced in the wonderful dairying
sections of Oregon, where ideal conditions the year 'round favor
dairying and cheese-making.
Nothing but tho rich, full cream milk enters Into
and the process of Its maWnc laone both thorouBh and ccleiitific carefully watched
and tested at every step .
wUUAi4' Pacing the high stankrd ot milk -wmcn
is maae into MtiLiOWxiioT Cheese, right in the plants owned and. operated by the Association.
So when you "orfer MELOWEST from your grocer or delicatessen, you are sure of a fiTTF-F?P nf
Produced by the
For tth
KSLOWof
4
Your Grocer Can Supply
You With MELOWEST
OREGON DAIRYMEN'S; CO-OPERATIVE LEAGUE
.. - , j, An Association of nearl 3,000 -
Progressive Dairymen
General Offices, PORTLAND, OREGON, U.S.A.