"Tlir, OREGON flTATpSMA??; SALEH, OREGON ' ; ; .
Y
X
t
Automoble, Oir Pnc
'w';? ComingMonthi in the Opinion of, Lea3iiBkiers aM Inaustfml Headi "as Sfiowri in Mtement
.Cofidihons-GasQline Sale-Sets ew.RordsGenral Tjrendof industry and $rnpping Firm- of OmfideeT
NEW YORK 4T&V Associated
, Press, )PresenJ.. fenlnea? ptos
i perltjiULcsmtlQttftjweil into m 6
in ;the opinion jf leading bankers
and indastf iai leaders. ;v:;t iW ;
4 'forecasts 7or! tne liewrear 'rre'
pared by these executives regard
- fundamental. - business- condtMona
aaaoana. ar Btress on .t&e, .admin
istration 'a, business iJoUclea,4 ahil
are nopetut regarding the Euro-
7-1 1 ,- 'lm wrtJSteri
' The :hastnegs:efrthe Malifffalc
tiirers ct the Iron-arid teleeliadiiis
$ty 'ot & Tnlte Stilus' during 4he
year la5 in the5tible raay Jbft
Vonslderedl; jsodC;f Brf farfa. Iha
-volume I encrtetf,M Wlhal
iTtatei jRteell rpratioii; Pdrd
Targe portloii'dt 'tfieVear Ihe ielll
In g faltex lwfre.bw6rTtiiaa "they
irthght lo 6a?6 eeo."1 and many
!ujaiu faMnrera operated wHbbut
- Vn Cfch pro fir.1- f'1'' 4
4 f"1Tii'e ;wls :aad CconserratiTe
rtatefhents Of tti" presidents from
. lliTKf' to ihie tifTe?0Wri-aiB Jmpor
taritfaclor 'eBcoutagement to
. Ino general bueiaksa ffatetnltyi.'1
; 't'lThe appaxen cianfee'' !s'ttl
lode of -wiany -hi fh& ifaatlonal jes-i
.iPlalora, jpartfeulaity'f wfth efer
N f 9sikamxX lalidmjnlitta?.
. . lion; and more especially taxation,
and -ihedeclAiops "of the supreme
' rourt eoarerniasrpusineHi pbow-
Ing-'a dlapositlo Jtg ;4Bfit 'leetti
' uiate business progresa.- ha?e crc
ate4-firtellnt; M ronfidence on the
parforiirefllfors.t -"
' Oil Opt lm Uita : , '
x VTlie' petroleum- industry .hx
Xteca ia'a er-oksatl!tailbry 'da-'
; dltlon for more "tRkii Tout 1eara;
al4 Jtery.v-Po'f''y; "?re
,: largeit'7indepen'dht Iprod Die'ra :1n
the , foubtry. v; 'Prlpea. have fre
juerttly 'lie;a Tilghly -demoralized
and: none" 6t h former; recqrer
lea of prices have Saftl6"d ah jT as
puranee a aayvUhouhtfal "maij
that tlfeyj-wefe ertalato be per-
-, . 'Z'7 tlasoilae 'Saiea Vp
" lOTs'.tlu Ipelrjod 'diir.niar
Uels for' hijthef "prfceil'lproilucta.
rtncTy rciiSoIinC v h'ae rdh
; iraniensely - and probably, beyond
V .everyixidy'tf -iet!tations;r: Gasb
' ljne, corisumpilon' is now trowing
iuocli faster thaa.- the, srpwth -in
registered autpmobiler'dne: prin-
ripally iotho' growipg percentage
- bf bu8Befaa4;raek3,. -The fbl"
on of oil for" house heating . is
'now "llteranyweeping'the'cbxin-
try. No aecaratis figdrea ar'yet
'bvailable :on tfei. coaumptlori -of
?oii or house heatingr '. But this
'OeW market possibly haa. been' in
creasia; more ..rapidly on a. per-.
cn,tage basis than our cohswnp-
'floti of gasoline for automobiles
fias done. . A- - 4
RV K!ctr!city; Expanding
: .' "."There .are" many reasons to
telero that the next year will see
tjrbwth and development of the
-"electric ; industry." , declared Sld-
ijey Z. Mitchell, president of the
.Electric Bon d.& Share Co. "The
jre.di" ; J ust ended ' has established
juw records tn, the amount -of
?:rectrlcity generated; and used, in
"HW' United SUtes, in the amount
"of.rapital in realed and in the di
versity of the uses to which elee
" trld power may be pnt. 1
";TExtension of the country's
generating plants has kept pace
with the inrvease in the demand
''for, electricity, no that, while con
sumption : has been increasing,
"thekfarliuies for meeting this In
f crease have been provided.
v-t' ; "Industry 1 coining more and
moVe to depend upon central sta
Vtlohaior power, thousands of new
realdences have been wired- for
rlfetrcity and;the .advent of theH
virrif cii Mvr muu uh7&v
-vbua- --other domestic conveniences
has swelled the aggre'gatedeniaiid
' hpanr "the central ; stations. Qwr
''io 192S. the TJnlledSatic,n.
'(rated It per cent more electrici
;f ty than during- 1924'.p; ?rt - i
.Plwperts nrlgtit
- "Most importap'plt j.aU.; tbj
Tputlie has become convinced of
rihm stability of electric securities
I tinder - the present state regula--(ioa,
,and this -.public confidence
1ia. ' been reflectedf in the ability
1 bf . the industry -to secure the cap
' ltal needed for proper develop-
raent-bf -the- c.ontry,!s power XacU-.iti6s.'--
;i '
iV'In -vlc1,r of "'al1 these facta,
i thre is no legitimate 'reason why
th. progress, of- ,"the ... country's
. rlectrical develoa-ment should not
''rofitiaae daring the coming year.
iIn view , of the optimistic
iierior of recent expressions' ffom
ytie .White House , and the depart-
v
f I KAOIATOU ; 11
l . rxarssxs 11
II S09XSS I I
1 1 -' . ypt''r rr -.1
I f ' Craip:t . 1 'I
niw M U can I
Jr - .- ta stock . - 1 I
f
ment of commerce, it is : reason-able-
to .vasctume; that i the whole
tone , of thenatlbn'a business will
begbod durtrig 192- ?
'rX? trABtoProsperity: feeenl -.
..!Ther,e',is ample reason ..to ex-
pectUlt4tf the .ftrst haU Of 'lUt
SK m hef a ipeTidd if '-genera, pros-
perAty, Jnhich. ictheautmobO
business ; should . Bhatei asperted
Alfred,' ri4.Bloan. Jrf. .president..-of
the sCeneral Motors1-Corporatlon.
Th latter part -of lftS-ls -still
i-
r
A .. . . tv,ir
nedictefl.to thjmeTnoi-jf -of the fatrepid fncrwh4batatiie way over the Old -.cgon Trail w.ith the, first covered .nnxort'In 18 Lt and
' I'-wonaif ernplre for fheUnied fkateR,". pi-ented to the 4ty of TI aker. Or., by the American liCgion and unveiled" July 4, li25
- - - .
tog far i'?iwayfor 'one -to- judge
with:mwch,'Aa6uranwhat 11 nay
hold in store. . ' v .
.iThe.'inomentuni.. of . businesa
recoVery.-6ince. ; last summer will
tendy to tkeept1Vsine.saraetIve dur
ing. at ; least, the first ; part of
192C. Cohditions are: in a healthy
tatalcB Jat" prirt&EmpldVnftnt
is large, prices ard'frelatively
siaple.1 transportanbn faetUtes are
ampe , and 'efficiently opefated. vi
vrodtfonV iantl lihtbties
generally are well controlled; ' aid
credit conditions sound. In- the
light-of aucb.a present situation.
tK.Vpcthtroh'frctlve;'ipr0ig
and larfy snmmer business (Seems
to be'luflUfied ''. j0
--.i'i fUleH Record -Goo -'"Automobile
buyiulr during tfie
last Jew months has been particu
larly good, partly as a result of
the greater values offered by the
new models and -lower closed, car
prices; partly ha a result '-'fjbetter
agricultural ,i-prichaalhg'; power,
and partly as a result' of general
Increased LproSperlty v ' :f
' T expert the summer, demand
for automobiles" to ontmne large
while i enefral.,?PttfUncss;.ye,majhs
active! . ThHttfrb tof retjiHfa
tbmoblle sales for the first half
ef-1924 Is expected to exceed that
ma'rEi :- ;
--. . - Xew.Hil tU
Rt51x;;preadent of thf
Calumet If ecla Consolidated
Coppereompany tand the Copper
&" Brash Research association
saidL j-'N-i'Mi:
Vlt $er hlpfcenta flamj
eember prove anywhere Peathe
firdteJni41ntaiijed:iirrog'fthel
first eleviffrt piontha 'of the- year.
19 15 .JwflHHYf;: hown p twin
revelsV'-'iav'bprV!?01'0"
both, here and broadUnf ora
nately. actual figures ifori Decem-
per wi npC be., available pnty
WeU.Unt J4an.n8JT- on w?
enough to predict with?reason;
able certainty' that shipmenU of
American copper during r the 'year
will be;npwardr ef 12,800.000,000
pounds whlch U ' 200.000,000
pounds ; mere' than In -1 9 24 ; the
hjt TYiarVtnto the 3rar " T
3''Amer&fc?tebf 6urse th
backbone of theAmerican popper,
industry 'and" 6m& filea nf I In
creaaed popular UrL"oT copper Ind
copper alloys at v home may be
gained from ? the fact that In No-
vember, despite , the . falling, pff In
European -semana aaipmeBis-cx-
ceeed prodaction- by'nearly 10.
0 0 0.0 00 ipdandsr It Is , also , well
w w JW
The' Regular Radiator- Man. ;
t M-! 4-' .- -uti
, 230 Htato Street.- .
call;Ph6ne
worth -noting that at the-end of
November, stocks,., of refined .cop
per j available totaled 13 6 ,0j0.. 0 0 0
pound although coasamption
4 nrinf h month ws23 70 00,-,
-OQ o. pounds.- This, aim ply means
iai sxakged .by , average monthly,
ebnsumption. during the .first .eley
ep. months, o? 4?S we entered the
is mopth pf ,ih ry?ar .with ;les4
hin ;three. weeks supply of refin-
ed copper' available .-J"- "
In- the circumstances - I feel
....
OLD OREGON TRAIL MONUMENT
, - '
-
that ve. have every Tight -to look
hopefully tdward,-192.':',
: Tlanroad.s Cutiiklciit
'. f I stfbscribe' y to :4b'opinion
that 19?5 has not neen an aupor-
ml r Uontrv "
declared Carl JlljPraT president
of the Vnion -Pacific system.
p'So far. as can now be seen, '
Kej said," "we are: USt threatened
wiftr any material 'Changes Jin the
law'. vernTagrallrokda. " The
problem; of 192(6 will pS To guard
sealously the advances - made in
the last five yeajs, land to bring
about bf every 'persaasive 'meth
od' that -juHt return. -;fbjr 'all
railroads throughout 'the country
which? Will safeguard Jtheir lessen
tMi creuu ana insure sueir circu
lation throughout the body eco
nomic as will preserve and pro
tect the national health-"
I Shipping t to Gain
P. .A S. Franklin, president of
tHe Internationli Hier'cantile Cor
poration, expects the shipping in
dustry JtodO better fO 192G thah
It has hia .yeal' JTBurope is grad
ually -recovering, he said, fand
trans-Atlas tic traiticr both freight
and paas5ct5erihpujd show iub
stantial ' improvement during the
next 12 months." He , explained
tbt the. earnings. of his own cpm-
panyt thisf "year?; might not - equal
those of 1924 because of unset
tled 'renditions ,.isr rtbd freight
market4.nd 'strikes jttt the British
empire particularly: lii Australia."
"The end "of the year finds the
railroad position stronger than It
has 'been for a.long-ume," said
LW,-iW-iAttebury,., president of the
Pe'nrVMiaattrwddi' - " !
has; befttt ,iargfe wbie,:tuat pas
been a welcome fact it is not the
test wetebm -fafe Taefeitest
cause -tor con naence; in tne iuture
tsi! Jhe? )evldence6nFevery; side .Tf
,,- i -it k " . - tf - -
May The New :Y&$f--WnP
i . ' The Connecticut , Mu
has for eighty years pro
-I families ' against po vert
r. ture .death. -Our corr
emergency, and
T7ie Connection
4
the desire on the part of the pub
lic to cooperate with c railroad
management to .improve , jrailroad
service, and to enable railroads to
respond to the heed .for greater
and more efficient transportatloh.
Th"reCent annual message of
the presiden of the United States,
the 'latest report of the Interstate
Commerce ' Commission ' and the
activities ;bf regulating authori
ties generally; all give evidence
of a healthier relationship be-
5.
r f
... ..v.t;
.-W Aa - i ti
o- ajr fir ' ?
tween
roads.
government and the rail-
' .
That spirit Is changhis to one
of confidence. ftailroad bfBcers
can feei the strong supporting
forces of "b,ic ODlnIon backing
them up to an ever greater ex
tent. i It isf putting' life, spirit and
enthusiapni '. into "the men v in
harge of. the affairs of thcrail
road. ! - ' -'
' "The American people have the
greatest railroad - plant In the
World." . They have a more compe
tent and loyal set of railroad of
ficers and employes than any oth
er country. With this- railroad
plant, manned by such officers,
and employes all publicly' regit;
lated iu a constructive spirit- a
service can and will be given to
the public which will constitute
at all times a foundation of na
tional prosperity." v v
"Certain aspects of business in
1925 are of fundamental 'Import
tance in estimating the probabili
ties for 1926," asserted James Si
Alexander, chairman of the board
bf the National Bank, of Comr
merce of New York. -
if .!- r -
4f
i Farmer 1&
Westinghouse Batteries for .all makes fr ciirs.
Also a good line of ignition fjarti. : A ''
We do battery and generator repairing,
f actrdn guaranteed. 1
263 S. COMMERCIAL ST. ,
yiff-if-HfVifi'
SiyWfffl'WHUH' 'IPHHII!lHH'Hf ItWUlWHy WWflfW)'
r-
- f
7
- . . 1
licvhold
tisaLility
v - titti
nils
1 , -
i LOCOMOBILE!
V
- x
L.
Bankers .Optimistic
"During . thd j, first . half, of the
year money rates were abnormal
ly , lowt nd. 'although 4 they .firmed
hp thereafterthe year as a wh61e
habeeh' characterized "by easy
money.
"Cheap credit might have been
expected to tempt manufacturers
and merchants to depart from the
policy of caution generally follow
ed since 1920. but; they did hot
do o. Hand-to-mouth . buying
continued and advances in v. raw
material iflcH were resisted un-
j esa clearly, justified by supply
j ani d.mand. lroirreHs tn th
use of labor-saving -methods and
upment whiVh ,ha been note-
worthy in American industry dur
ing the last 'few years was not
P
Salerh's Brake
Specialist
275 S6. Commercial
At Trade St.
"See Mike Panek
and Avoid a Panic
'Satis-
fl
M
El
... ....
UWWUUtiUIUl)llMIUIIIWi.
juiiiiM.iiiiiiiiiiiiuiiluu,ui;tiJi.ltiiU5
mm.
Stewart
nsurance Company
ers arid their "
arid prema-.
- i:A t.zittin.i
ontpian meetsvevcry
1M
r .-.t M
rent
interrupted by corporate prosper
ity,,as .too .often the.case. In
short, good sense and enterprise
prevailed anil industrial i,an4
hier.chandlsing .. .operations -were
characterized by, an absence of
the speculative spirit.
. .."In other directions, however,
credit redundancy has resulted in
active speculation. Thus, air
though the excellent earnings of
many corporations have justified
higher prices for their stocks, in
the cse of . others - prjees hare
reached levels , which cannot be
justified on these grounds,
t "Although money is firmer and
an early- return, of .the. very low
rates which prevailed during the
latter part;of -1924 and early part
of j 192S ; seems' ' Unlikely, credit
'st rlngen ey -" r la , .ot ; t .In .sight. ;the
outlook being tor ample credit at
rates neither "very -high "wor-rery4
low. f A firmer undertone. L how.-l
ever, might, well prove -to be an
important, contributory f actor ;v in
bringibg about ia moderate stack-'
enlag' of stock-market ', hcttvity.'
Hpecutatlvo' building, -and specula-,
ffon-ln real estate. -Firmer "mon
ey-would also be somewhat )6( an
obstacle to the further expaasldh
of Installment sales.' - r-"t
"ThB:50und position of merch
anU and -manufacturers and. the
improved position of the agricul
tural .interests of ihe: country are
ample grounds tor cohfidence in
good business In 1926
It Is un-
L . ? -. r- " " '
; ' -.tH t- -t -v-
-arry Xour
iMTj?Tni;j??"ni"iKn'nnn.nn.n
t
I ;
lit
JL-.J
McClaren MMm Wim
otirliaiaigK Street
i-
V K.
c
? 4
r1
t.
1
If
f
x.
:rV
i WfiV An lfcivrnlp!- Rrll five out of everv sii cars sold
t
fr
1 abptit puf.i 8 month payroenl plrin-,.
likely, .hweverJ.that .the year ..as ,
a whole will show as great a gain
ever .1925 "as did last year "over j
Its predecessor -and 'thecertainty
bf-stiff competition in ihahy; In
dustries will call ?or high , initia
tive ahd'ecbhdmy to 'assure satis-1
factory profits."
Fbreitts of. Nation ..
Rapidly BeiHgCtil
KANSAS CITY.TreefKtnt
of the estimated 800,00, acres of
forests of the United States are
leveled "and consumption is aur
passlng growth ot the remalnl,n
trees f pur times, says ,Prot. Jfred
It. Fairchild of' Yale uiyersity,
"s'ln a paper prepared. for the; con
vention, of the American' Assocla-
here Deci 28 to Jan.' 2,:the profes-
sorj: who will h"ead,fhe. Investiga
tion provided by '-the Ciarke-Mc-NSry
Forestry, Act;-, dwells -Hbon
taxation aa-p'ratrcbiariy pertifient.
fn thi regard he advocates tbe
substitution or the- principle; of
"income or yield for capital value
as the basis ef taxation.";
A ny--enterp rise may be hahdif
capped, or destroyed ; by excessive
or "dLscritfilnatbry ; ,taxation,!i ,be
declares. "Forestry Is -peculiarly
sensitive to taxation, and, finds
th general property tax - most
r burdenpome. . ' j z :,..:J 't 'i
"BILL"
K'i V 5 i-'-'l? ,
JLircourriens. - , .
f : ; ii
- ' -,i- ' X: -.-
11
5
tost LeiiPeFMle i
PH'dHe44
MtW-HtlMMIMMI W!"'"-""'
,4
Opposite' City Hall
oaiem, . y regon
: pa-.-
5-
"In .forestry, the; ma jor. income
may'appear 'only oncb la'every 1 0
or.,60 'years T"be annual proper
ty; tax," evettrwhen peff ectiy adm in
istered.'js certain 'to impose an excessive-
badea.v, f v
; Pr jvately. ownedf. forests still
embrace-. about - foar-f ifths of " all
the.lotest land, i, the c'djani fy; .be
stajaHO'ding that private owners"
Cannot be expected to- band J ,'thel r
properties :to meet, the public in
terest" unless the Easiness . Li pyo-i-fitable,,
-";-..!:..-' . : -v. .
'sr''fTart6Ubwlng;Vc5Jnclusions,,,
Irof. Falrchild'jiays, are how .'gen-
etally, accepted 4 v;' ": 'S&jl
?1 "Special favors fo forest owners
are hot the .solution,'-: -; -j. )
VTh'e reveb uen i oj ;'the. states
counties,! towns,ic.,.'mttKt not be
imbairedl'.. v. T , :. -. . ' .?
,Lpggingv- v - ..Waste
llardwarc 19 t-J ' J - f Wovil
.llarness
.Cafeitcil::.'
... . . t iYir-
: If . StEt VBOt'Ki Trb. .
215 Coater. t . l'bone X,&
- y ISiIcirii ure
,5Iacliinery .;Tt, ' Tallow j
ieltlng '-Satis)
L
Tents-:;
Tirps iTnil-
Jron
feiill
lttibbcr
Calra&irl, C
Ern'ent & '
MHlib1iraridrie
V
f
Established ! 846
: hhAj BahlCBldgt,;Salem
""Un , . J J ,1 -'I