G (" T 7 -f 1 AL, iOrTLA:D, . PORTLAIJD MAKES Business, the Country Over PLACE FOR ITSELF Again oiiSolidFoundation, I welvemonthourvey Dhows IN FINANCE REALM Securities Market' Here Gives Impetus to Development of Investment Banking Business Portland 'has become : one of the greatest financial center of ths coun try and fortunately for the Well being of the community the temperament of Its Investing: public lean strongly toward conservatism. x Securities which By J. C; Kokle BpwUI Comapcmdcat of Th Journal , (Goprrisfat. J22. by Tb Journal) Tfew York. Dee. SO. The year of 122 ha seen the unscrambling of virtually A every, great Industry in the united States. . .Business, . wnicn iur - umo rested on the scaffolding: and false work of abnormal and sub-normal con ditions; again is on a sound, solid and permanent foundation. ; . Ho boom far In- prospect. There are no Indications of frenzied price move ments. Competition will be keen ana profit martins will not be great. But there is every utoicauon zrom. present conditions that business activity will find a ready sale in this territory are for the most part of a good class and I continue to Increase and the level of ln Drodnetive of thrift and conservation 1 due trial and commercial prosperity will of . savings. The blue aky law has continue to rise at least for the next six been effective, in keeping out Of Ore-1 months. - atm a vast Quantity or . wortniess stocks i which otherwise would , be of fered on the -local market, and another Important factor In preserving: the In tegrity of the local securities market has been the .educational work .carried on by the investment bankers. - No startling or unusual situation de veloped tn the bond business during jszz. entl" ' T nS depression and deflation, extending- to bond price began ,ln February the belnnlnr of thU rear represent New standard of comparison have been adopted. Merchants, manufactur ers, farmers and business men in every line have realized at last that neither the pre-war days of , 1914, the flurried production of the war period, the hectic activity and tremendous profits- of the years immediately after the armistice nor the dark outlook of the years of 'continued throughout the spring and mnmer, reaching its high, point about the middle of ' September. A general slump in prices set In about September 15 and continued wunout any general the beginning of this-- year represent any longer the .normal level of buai- This country, right now is sxperlenc- slgn of recovery until the middle of I lng a greater prosperity than its citl- Xovemberi " Since November - 15 ' the I sens generally realise. The pendulum general tone of the market nas i of business is hovering at or near- that strengthened. Prices have not. at-J new normal tnark which this year's tained the nigh point reached 1 in oep- I progress has established. -.That pendu t ember, bnt the recovery has been I lmn la never still. Careful examination marked and indications- are . that the I of conditions in .every section 'Of the sharp recession of the early tan was i country indicates thar ; the upward merely a temporary , decline. In. the I swing of prices and production has not general upward trend of . bond prices I been completed. Its momentum' bids and the lowering of Interest rates on j far to carry it on for. another eix long time financing. BE1DT SLA-RKET " rurin he first months of the year approximately $4,000,000 of Oregon county bonds were sold to Portland dealers and distributed for the most nert to Investors in tne worm west. Tbe fact that, with lower interest rates, a large proportion of Oregon months at least, ' and perhaps longer, Any swing back probably will be at the same steady pace, as the advance and will be confined within tlie, same well regulated limits- . FACTORS 15 IMPEOTEMEWT Three great factors have marked the difference between, the depression of 1921 and the prosperity of 1922. They county bonds, school district bonds. I are volume cf production and sales, and the securities or smaiier muniM- increase ij, the buying power of the na- pauues wrougnQui wc and management. When the year to una a marKM m .uis uiwooh in niurulne feature of the year's activity. The situation compares- fa vorably with that of a few years ago, whn most ol tnese securities were purchased "for easte'rn accounts. There seems to be a gradual realiza Hon on the nart of local investors that our own municipals are a splen did Investment, even at a comparative ly low interest return. The majority of the city of . Portland issues, with ta nntntion of imDrovement bonds, tin -Mka a. market in the 'East and Middle West and this also is true of rtMo-nn stata hizhwav bonds. ' "saie of soldiers' bonus bonds, BASIC, CTBHSTMES imMtnl lK; t Sia.O-JO.UVU. WM "e I , . . J v largest financing operation undertaken year great bjU!ic indu8trie8 or u,. opened scarcely an industry in the country was operating on a normal ca pacity basis. Many plants were closed entirely. Many concerns had written off or absorbed high priced inventories but others still had goods which they could not move, clogging their advance. Demand, however, began to Improve materially in the second quarter of the year. Merchants either wrote off their losses or averaged out their high priced inventories with the movement Of goods obtained at cheaper prices. Buying; was conservative but it was steady ana. demand Increased proportionately. kir tvi .ctatA rlurine the vast year. A relatively small part of the issue was SOIB IU UlCgUU imvcow.-,, iiAcnritles eoine east for distribution. Local investment bankers were instru mental in organising syndicates con sisting of their own firms and eastern and California associates, so that the state received good prices for the two Issues of bonus Donas. country are operating close to capacity and the greater numberbava orders on their books which will keep them busy at an undiminished rate for months to come. The 'steel industry, one of the surest indicators of Industrial activity - just as wheat Is the agricultural Index, has advanced -production from the extreme ly low point at the opening of the year to well above 80 per cent of capacity for the .whole Industry. Individual units have attained even higher rates of output . and for some months - have been turning out products at or above 100 per cent of. normal, .j. : j, v-i..,.- TTHEMPLOTMEWT DECREASES Unemployment was a- pressing prob lem when 192Z opened. .States, muni cipalities and social -and charitable or ganisations - were asked to cooperate with the federal government in meet ing It. Today, unemployment . prac tically has disappeared.- .There -is a Job' for every man who wants one and a score of employers to beg him to take It. So great has been the demand for labor; both, skilled and unskilled, that Industries are still raiding each other for men, and scores of enterprises are hampered . In their progress by inabil ity to obtain the workers they need. . Wage: advances were an .Inevitable consequence of these conditions. . The United States Steel company set the pace for the industrial, world by an ad vance averaging 20 per cent. This ex ample was followed In "hundreds of other Industries. In the bunding trades, skilled artisans have been able al most to name "their own terms. Pay rolls Jumped forward to steps of mil lions monthly and buying: power was thus Increased far beyond any expecta tion thta existed at the opening of the year. .. v.; v -' ' -; j Burrsra powek iucreasku This increase In the volume of money available for Individual purchases "was not confined to wasre earners. In comes of investment holders were In creased not only by the general bet- rmMtt in business conditions, but also by the -return to a dividend basis of companies , which had reduced or sus- TwndMi dividend distributions, ana oy increased . payments by others, which had been swept forward on the crest of the "business tide. . A3T-AGGBESSIVE WEAPOK: Advertising, espeisU newspaper advertising, has been an aggressive iuLi in the hands of the merchants. Estimates compiled today indicate that th volume of advertising this year that of anv Drevious year in history and surpassed the volume of 1S20, the previous record-breaking pe rinA kv between 12 and 20 per cent. Moreover, advertising this year has been free from the tain that it was used ss a biding place for business nrofits rather than asa developer of sales volume. t BUILDING EHOBJBOtJS It becomes Increasingly evident t the close of the year that building con t ruction was the nillar- which upheld th atracture of business while 'the new girders of other Industries were Mnr forsred and swung into place. The total value of new- construction in 1922 has been well over ,utu.uw,yvu. The scope of operations was 40 per cent greater than In 1921, and o per cent above the totals lorMJM, wnicn naa been the record year up; to tnis time. good market-also was found hers for bonds of the . $25,000,000 Swift Co. Mnnnrmn of nreon irrigation issue and the $16.000,000 . Cudahay d'strlct bonds have been sold during Packing, company issue. the year, most of them being distrib uted to Pacific coast investors. -General recognition among Pacific coast ; iotnn of the nrotectlve features i h rtmn irrieatlon district law k h.cn i itroiu factor in estab- An increasing! market for mortgage bonds, secured either- by high class city property or try Improved and producing farm lands, has been developed by local dealers during the year. Sale of $300,- 000. of J. K. . Gill company 7 per. cent liShinK already market for bonds off bonds was accomplished : in. less than Mahararter - ' - two days and an excellent secondary . 1 market established for the bonds. A juaiu rwa number of good first mortgage farm ; A-great deal of effective work nas Joang have; been distributed to lo- been accompusnea oy me sw " . I cal investors.. ittiitiM nf this territory in tneir jumori n-v, Tno.man. s.vw miHaii financing and' the preferred tocks of 3ie8ervmg of credit for its successful these companies have been distributed ef fort ln maintaining a high standard annir thousands of Oregon investors. . ,n ni..iitv .aonri. It Is highly desirable that the people j tlea hAaaa to-the ; Portland market who are served by tnese rou.u anJ m jucatin- pubUo along lines Should have financial interest in mem i o coervative investment. The Port- and the readiness wnn wmi lal' land association is cooperating with mounts of these issues have been an- tne PacLfic Northwest group of invest aorbed by local investors lends a whole- meIJt bankers in an effort to secure bet some tone to the investment market. ter state legislation governing issues Diversity of investment is an import- of jocai gecunues and In maintaining sjit factor m uve eeiaoHBiiiucni. vi well balanced and stable securities mar. v rviirinar the nast year Portland in vestment bankers have been included in a. number of important national syn dicates. One of the most Important kin nt nation-wide financing was the 100,000,000 loan of the Dominion of Canada and practically every invest ment banking house in Portland partic ipated in the distribution of this issue. Financing long time credits of nations to whom we propose to sell our surplus products is highly Important,: In the establishment of permanent markets. Oregon has taken her place in the world's commerce, and local investors are not overlooking the opportunities afforded by well selected foreign loans to provide a hroaaer marnet ior agri cultural and Industrial products. King dom of Denmark 6s, Chile 7s, Depart-., ment of the Seine 7s, Paris-t,yone-M edi- terraneas 7s and two new loans to Bra- sil are among the foreign issues which found favor with Portland Investors ' durinjr the year. - A wide-variety of nigh" grade securi- ties command a market in Portland and during the year local dealers have dis tributed txmda of the Cleveland union Termlnacompany 7s, Los Angeles Gas A Electric 5 a. Kansas City -Pqfver & IJght 6a. Pacific Telephone & Telegraph company 5s, Canadian Pacific deben ture 4s, Sinclair Oil company 7s. A high; ethical standards among security dealers. r'- t - During the past year The "Journal has enjoyed the opporttinity which the broadened -bond market has afforded f providing lta readers with, an im proved financial, news service. KVery dav it nubUshes the bond transactions in the New Tork market and business news from all parte of the country. Its service in this line, which is far supe rior to that provided by any other newsnaner in this field, has been accorded V cordial recognition by its readers. - ' " ' , V IJIjrCWB TBOH 3BETIJB : The coast forests of ' Douglas fir and hemlock are nearly immune from the attacks of bark beetles which are so active In the pins' forests of Kast em Oregon and Eastern "Washington. The humid climate and the exceedingly rapid growth, of the trees In the coast forests may . be responsible for this partial Immunity from bark beetle at tacks, -v ; . -i. 1UI1S BACK- FAITH BY LARGE PORTLAND OUTLAY Completion of Two' Units of r Freight Terminal for, Joint Usage," Marks New; Step. ' Railroads exhibited ' their faith In Portland's future growth during 1923 when they completed the first units of two freight terminal projects, im proved and enlarged passenger ' ter minal facilities, made preparations to eliminate dangerous . grade crossings through elevation of trackage on the east aids And in-two cases announced intentions to house . general -offices in permanent quartera, - -' The passing year has proved" the permanency of the railroads entering the city and U Oias brought about period 1 of cooperation- unrivaled sines the beginning of railroad construction m tne.isortnwesi. - f' joutt raEiGHT termisal Most important of the construction work undertaken by the railroads was the completion; ol the first unit of the Guild : lake freight terminal . for point usage by ail the railroad line.- This work was carried along in .connection. with the agreement reached between. the Southern Pacific. Union Pacific, Northern Pacific, Great Northern "and Si P. , Se S. systems for Joint" usage of passenger and freight terminals on the- west aide. . ' a Since the first days of railroad con struction there always has been .a maintenance of separate terminals by the northern lines and by tne union Pacific and Southern Pacific systems. Insistent public demand caused ' the railroads to confer on joint terminal usage with - the- result- that announce ment . of ' plans , for. .faint . freight . and joint passenger radii ties were an The freight, terminal, was. .proposed for the Guild lake section and . the first unit was completed thhv year at a total cost .of approximately $1,200, 000. Of this amount $700,000 was paid for the land upon which the terminal located. -.- v tained In r exchanireSfor several par cels of, land on th"eaat aide. This building will provide permanent head quarters for the S,. P 8. system of fices in the future. ;:S4.i "Announcement also -was made dur ing the past month that the Union Pacific planned to have a building as permanent1 quarters for Its offices, The- most important plaaa : for rail road develonment ln Portland' for .the coming years were announced by " the Southern ; Pacifio company , onaer , a $8,000,000 mrolect for eliminating the numerous street - crossings made by the main line Of the company in enter ing the city. Officials .", of v the Southern Pacific completed the purchase - of property valued at approximately - $2,000,000 -to enable ; them to carry out . the plan. Arrangements will be made to elevate double tracks on a one hair . or one per cent grade from the Steel bridge to Morrison street which tne com pany plans to clear by IS feet, then continuing on over Hawthorne avenue at a clearance of 20 feet to I von street. At Ivon street the right-of-wajr will start at a point about 25 feet above the present trackage of. the P. K. 1. & P. New main line tracks ' will SKlrt the bluff on the east side of the WU lamette river for about three quarters of a mils to a point between the foot of Mitchell and Alice avenues. -At this point a tunnel will be placed " under Mllwaukie avenue, bringing the Uacks out Just above the Brooklyn - shops. Definite -time for startmg this, track elevation "work has not been announced by -the Southern Pacific but in view of the 92,000,000 Investment mads in land it is not believed that the com pany "will .delay the project for Ions;. Growing Importance of the "-South ern Pacific lines tn Oretron likewise caused the ' Southern. Pacific compSiy to establish Its own commissary depart ment in Portland to serve its dining oars with -suppliea. A special purchas ing' department was opened up. "Officials . olK the Southern Pacific company' anndunced, their future in tention to -use Cr ties and lumber-al most entirely In their railroad opera tions upon - tbe -completion or a ere- HUGE 'TOX MADE . A. huge fill 'was made at the ter minal site, dredges -of the Port of Portland being used to nil the terminal site' with -W00.000 yards of dirt. On this fill a total of 10 miles of trackage was laid. This amount of trackage pro vided for the storage of 600 . freight cars. r - But this was only -one unit, for the railroads announced ' that ultimately enough trackage would be provided for the storage, of 3500 cars. - Tb com pleted terminal construction ' cost - is estimated at $4,500,000. The additional development work at the terminal will follow . as needed. An eight-stall roundhouse was -com pleted at the terminal for. locomotive storage," the ultimate plans on the roundhouse being for a circular build tnm containing 40 stall a. Early last fail when ; the freight storage yards were placed In order the terminal company abandoned Its stor age program at the Union . station yards. .. Old freight yard buildings, in eluding - the former terminal .. round house, .were razed and tracks were - re layed so that twp new passenger tracks were placed m- operation. ; SHEDS ABE BUIXT - .'." Umbrella sheds - were erected along the new tracks and an extension of the nign snea leaning . rrom tne -passenger station was made. The passenger ter minal improvement cost approximately $76,000v ' . : " All of the terminal yard tracks were relayed with heavier , steel. Eighty. pound rails were . laid-to replace the lighter- tracks ' previously used. The relaying of tracks -cost about $100,000. While this work-was being done the Union : Pacific arid Southern Pacific cooperated in the- Improvement of east - side terminal facilities. - A total of $40,000 was spent in. filling id mors land, relaying old tracks, placing -new tracks and providing cement drive ways between ' the ' freight storage tracks: - During the year the S. P. S. rail way company moved into the Cham ber of Commerce building, which it ob- Pacific University ' ; Fonnded 1849 : i Forest GroTe, Oregon A STANDARD COLLEGE Strong Conservatory - of Music A fine Uymnaaium SUJDIER SESSION ; SEASIDE- 1 : Ore."" . t July 16-August 24, 1923 COURSES OFFERED - - - in " j "..-- Science Marine . Laboratory Sociology and Economics Education: ' Mnsie Piano. "Voice and .Tiolia Physical Training, Coaching: and Playground Work. Ter Fartker Partleslarm Address President W. C WEIR Pacific University - Forest Grove, Ore. . Another Milestone in Bersmann Achievement We Are Moving Into Our New .Factory r . . at 28th and Thurman Streets 4 ' ; ; fTlHOUSANDS of lhen in the Northwest, who wear ' r I Bergmanii Outdoor Shoes and Bergmans Busi- ness Shoes, will welcome the news that we are re moving into Hnr big new daylight factory. It means ' that we can now produce more shoes and, If possible, . better , shoes, and will be-able to fill orders more . promptly. This business was- founded twenty years -ago by Mr. Theo. Bergmann, who is still the active head of the company IS 4 n Shoe Mfg. Co. Portland Oregon' Vr Msthod ; Sowts St V TIme and Money ' Chir 5-Koom Special $3000 I Til i r 1 s : wm - - ii "J . t .1. , M We have many plans to select Je-TfS...: S1850 '. Call and ass them or bring la -yoar plana.- W, know vt,oo save you -money. - - V' TOT7 CA1 SEIECr EVERT THXNQ FOR YOUR HOMES 'AT otm DtsPLJLr room:, cmTRacncr 6: osoting- plant costing In the helghbor luwui sae ado. . Th new vurchasinK department will handle supplies which will be piacea tnrouga uu .sew lng 'plant, f?. --tv:-. -fr :,;.;:- 'i ,. Permits were ootalned during; De cember by the Southern "Pacific com pany for the erection or two new nuua- ings in the iirooKiy n snap group u house the wneei ana xiange anops. These two new buildings will cost $8000. - ' 1 Wnrlr nt fha rttv-trafrlo eommitiee Anrinr the latter nart of the Year bronsrfat forth the surrestloa that a re routing off electric railroad car pera- tlon could ba aecompusnsa. . , F. H. Lewis - &Co. X Financial Agents Mortgage Loans 262 Stark St. , Railway Exchange Building 1 Broadway 0671 iiiiniiiiF"r"""Mimnnn; Mountain View : , Sanitarium $ sasBsaHMI Mental and Nervous Diseases ALCOHOLICS AND . ADDICTS East Sixty-eighth and Division Sts. C What Santa Saw - Old Santa's left usfor a year I His day has come an' gone. ' He left us brightness, an' good cheer "And play to feast upon. - " y . And with his reindeers coursing fast - . - ' He noted as he whizzed apast , The "Kedimades" how fast they grrew , And' he chuckled low for wellhe knew T THat another year'will swell the crop . " And fRedimades'' wfll-feonvert each lot .V v To a worthwhile hom" not just a placed- ! -U . Hence the smile that wrinkled his good old face. REDIMADE BUILDING COe Cast 11th and Market (2 Blocks South of Hawthorne) ; - - - mst Phone-East $114 v-..4'' - Overbeck Cooke Co. BROKERS Members Chicago Board of Trade : ' ; V Board cf Trade Bid?.,. Portland Pendleton, Ore Walla Walla Wash. Stoclcs, Bonds. Grain and Cotton , DIRECT PRIVATE WIRES Logan Bryan ' NEW .YORE AfD CHICAGO "4: V. DoItHow Use oar; Partial V . Payment Plan Y de worked vt5 rory for ybui . 'A circular ex plaining ; our j. pari iial payment plan . f toill -, be stnt - on.' J request ' - ? x- -., Why You Should Buy Your Garage From Us First, yon save -money. Second, you eet a better earaeei one that" is scientifically constructed.. Out experience and study of this type of building enables us to remedy many ox tne common fauls---the doors and front construction.- ..: YOUR TIME IS MONEY SAVE IT To buy a garage, front us takes but "phone calL To have one built takes from one-half to -two days of your time, ordering material obtaining 'mechanic, getting permit etc ; " ' - ELIMINATE CHANCE You can see before you buy 'what you are ' getting. ' No unpleasant ' surprise :- of more than you thought it would cost. - - Three regular stock styles ' ; 10x16 $55.00 to $100.00 ' GENERAL BLDG CO. 293 Weidler; 1 Blk. South of Bdwy. Phone East '8866 ? ' t FnSCMANs CT.1TTI1 0 b; CAMP CO. . : Quick SiEs?eG Company - r General Real Estate 'Brokers : ' ; We Specialize in Trades . Anywhere in the .United States - , ' t or Western Canada - ? 401-402 Couch Bids. Auto; 511-09 - . ' PORTLAND. OREGON " . Oregon City Bridge -v, Jt ..X; T " Steel Arches 'protected against the "elementby the use of G UNITE , Something more than concrete. Inspect our I work' on this bridge. , Lanning & Hoggan 602 WorcesterBuuding, Portland - : . Johnson . Anderson TAILORS -' Elks' Building . Broadway at Stark