Independence enterprise., July 30, 1920, Page PAGE TWO, Image 2

mukwnDENCE ENTERPRISE
rage Two
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-WE ARE-
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Hallmark Jewelers
There can be only one "Hallmark" Jeweler
in a town and he must be the largest and
best in the community. There are "Hall
mark" jewelry stores all over the United
States who buy their stocks at a great saving
and have the advantage of securing advance
styles first. Buy your jewelry at a "Hall
mark" store and get the advantages of the
latest styles at the lowest possible price.
"You Get The Best At Hartman's."
N art man Bros. Co.
Hallmark Jewelers and Opticians
SALEM OREGON
PEAR IN PRICES
IS REACHED
PORTLAND BANK MAKES COM
PREHENSIVE SUMMARY OF
FINANCIAL CONDITIONS.
Lum-! now seems that a period of gradual
contraction will bo possible.
To sum up the altuntlon briefly
Money and credit will remain high
and tiicbt for a time. Some trouble
Lked for the month wort, 572,000,- j may be looked for In whr
iZ fit. For the same month hist j crodit have been over-extended and
.... ..... .....a. t nnn.noo feet: -mnumcicm, mii ru.,....,,
I itu tub . . , - .
jinaiiim tons for May. l',ls)
ber cut during May is reported by
six of the seven principal lumber
associations at 8159,000,000 feet; ship
ments 702,000,000
feet and orders
"Let Me Tell You This"
says the Good Judge
More men every day are find
ing that it costs less
to use the Real To
bacco Chew.
4
The full rich taste lasts so
long, a small chew satis
fies ; it's just what you have
been looking for.
That's why it costs yon
less.
Any man who uses the
Real Tobacco Chew will
tell you that.
Put up in two styles
RIGHT CUT is a short-cut tobacco
W-B CUT is a long fine-cut tobacco
MR
Toledo Contracts let for grading
state highway and two bridges.
Klamath Falls New 50,000 feet
capacity sawmill to be built by Sep
tember 1.
In the summer number of "Busi
ness Direst." a quarterly publica
tion by the United States National
Bank of Portland, is an arucie,
"Business Conditions as They Ap
pear to Us." It's thorough in
scope and shows very careful pre
paration. It follows:
Every business man and banker
knows something of the financial
strain through which the country is
passing. A great deal is being
said in financial publications about
the attempt to curtail credits and
bring about deflation. So far the
actual results of all thi3 pressure
have been practically negative, as
shown bv the fieures. the Federal
Reserve Bank reserves being about!
three per cent less than when the
raising of rates and the attempt to
curb credits were inaugurated. But
bringing the country to a realization
of where we are going and what the
results will be unless credits are
curbed and the process of deflation
begun, we believe has had far-reaching
effects that will be apparent
later by bringing home the fact to
those responsible for granting of
s.1 evil 1.3 luab luetic; to uuuvm v- Jjg O0(Is hftV6
ery barrel, and that manufactured ; e . ' 8
'J;. ,. -xtever, it must
creuus cannot mitt? uie piaits vi
capital without a break-down.
Business men generally have
been made to realize what they
probably already knew but did not
give sufficient heed tothat the so
called increase of wealth of the
country was in terms of dollars and
not in physical things or commodi
ties; and that if an inventory of the
country had been made in 1914 and
again in 1920, with valuations in
dollars eliminated, most of the in
crease in wealth would be eliminated.
A broad view of the situation
seems to indicate that Jhe peak of
prices has been reached; that the
buyer is no longer willing to order
goods without a price being named or
offering premiums for early delivery.
Great basic commodities, such as
iron, lumber, wool, copper and coal,
all show increasing supplies and a
Pendleton $14,000 building per
mits this month.
surplus over consumption that will
Mt. Angel building $125,000 public undoubtedly bring down prices,
school building money raised by Production of pig iron for May, 1920,
popular subscription. was 2,918,000 tons as compared to
Dorit ask for
Long Distance
From any telephone ask for Northwestern
Long Distance. Our operator will take
your call and report direct to you. Charges
are collected in the regular way.
Northwestern is the convenient long dis
tance service.
NORTHWEST
MMG MSTAMC1
year
ahinimmta 810.000,000 feet a.ul or
dors booked 1,018,000,000 feet. The
consumption of wool during April
totalled 67,000,000 pounds, hs com
pared to 43,000,000 pounds in the
same month of last year. The per
centage vt idle wool niaehincry 1ms
steadily increased since the first of
the year.
Production of copper is at the rate
of 150,000,000 pounds a month, while j
sales in April were lUl.oou.imo,
pounds, and in May only C2.000.000
pounds.
Production of anthracite coal from
January first to June first was 30,-(
000,000 tons as compared with 3.1,-j
000,0000 tons for the same period last
year; and bituminus coal was 221,-,
000,000 tons this year attuinst 184,-!
000,000 tons for the same period last
year.
The balance of trade in our favor.
for ten months was $2,480,00,000 as.
! compared with $3,227,000,000 for a
similar period last year.
Money conditions have become
very acute in the Central States and
West in the past ninety days; while
in the East the peak might he "said
to have been reached.
It is pointed out by many trade
papers that the rvcent price cutting
by retail merchants will not affvet
i prices, as replacements wiuM cost;
j the merchant as much or more than!
been sold for. Hew-
be remembered that)
without basic industries cnl :hi,i; up
with consumption, ana with prices
softening all of these lines, with
great slu-nps in many comtuo lilies
such as wool, hides, silks, etc, prices
will be forc-d down and laior will be
found to In ew instead of leading in
the reduction.
The pe.-iod through wh: h we are
now passing is the one which many
thought we would encounter immedi
ately after the war; but it has taken
2Vt years to adjust ourso'.x3 .-y-.n to
this slight degree, and tc fit the
emotion -.f 'he war out of the pub
lic mind.
Th tremendous Gorermep. fj.
nancing, !hc enormous income fa
the inflation of currency, the in
crease of prices of commodities, the!
double pmthasing power f nearly all
the pe.jp!,, creutef an r.xci.ci c'mdi-i
tion tht: vas taken for prosperity.!
Credits -.ve:- manufacture I in many
new way-, .,;,ch as trade mid bank,
acceptaM C-s and oth r rhviresj
What should have been supplied 0s
capital has :n many instance l.een
borrowed ly making sher: time1
credits that would mpt. hani.imr )o.
quircments thu makers lepeiulmjf
mor-: on iinr agility in remj; f,- ,,r
one bank another than nn li" '!
quidity of their condition to meet the
maturing lonas. Until people pro-
auce more and consume less, and un
til savings are sufficiently am,mu-!
lated and invested in United States j
bonds or contributed as taxes for a'
more rapid reduction of the fJovern
ment's debt, and its ultimate -T-tinguishment,
the nation's credit will
probably remain at its present ap
proximate loved and prevent tho
market price of Government bonds
from advancing.
. As ahs been stated by the Assist
ant Secretary of the Treasury, Gov
ernment expenditure is at the root of
inflation all over the world. Reduc
tion of expenses and saving must run
through all Government, municipal
can be stabilized; but we believe, as
stated before, that progress is 'be
ing made along these' lines; and
wnne results do not show any actual
increase certainly progress has
been made in at least stopping fjr.
ther increase of the expansion of
credits, and bringing people back to
the . realization that wealth is only
obtained in the surplus produced.
The nominations of conservative
men for the offices of president and
vice-president on both tickets is an
indication that the turn of the road
has been reached, and that the hv
steria through which we have been
passing has at least reached its
height, and that conditions from now
on will improve. It is becomi .
more and more evident that there ex
ists a strong undercurrent that is
working to bring about sounder con
ditions; v The exoansionist tu,...
but i in tl... ...l i .
"Hon, WuM
territory
tho balance of lht yfJ
AMt.iria-lVrtinT
landing fr new 6rnUM
on your tubes
Tkv ir ilmnit 11 imnflrtmt a vnnr lJr. i
. i ICIKffgyj
watch tube icrvtce.
Miller build the fineit tubes thut have ttt bet a dtreloj1
For 24 yean Miller ha avecialixcd in niper-gwde mkb
good.
Miller builds more urgeon gloves, for instance, than t;
other concern in the world. And ihat'a the soitofiU.t
Quired in tube.
ir.'ll.. T..1. m m tt..M r.t it.tn (..). t ..... .It.- m.
u in.. i a nisi sic uuiii w tiiiii fiimi vi I'urc ruUucf. Ittti
arc built layer on layer hect on het up to the proper p:
Then each tube i teted for hour under air pressure J
make sure it is air-.ighl.
You don't get such tube when yo-j buy tubes by j
Come and try a Mdlcr Tube, red or gray. Watch its km-'
After that you'll never buy an ordinary tube.
Millers cost no extra price.
Miller Tread Patented
Cantor tread imooth with ocUoa cup, for
firm grp oa wt &pKlt. Crard-to-th
Road aid tr auula mli lik cof ia dirt.
iller Tubes
The utmost liko Miller Tires
Dealer's name and address
Independence Garag
M
Ml v
1
Wells' Universal Grin
For Grinding Pistons, Piston Ri
Wrist Pins, etc., on
Automobiles, Trucks and Tracl
has been added to our equipmq
wonn Xr rnriMF indtotm
You gain so
You gain an advantage in the resources,
experience, knowledge and equipment of
the Standard Oil Company, which combine
to make Zerolene an oil of quality. They
create an efficiency in the manufacture of
fine lubricants hard to duplicate elsewhere
in the world.
Use Zerolene for the Correct Lubrication
of your automobile, truck or tractor.
STANDARD OtL COMPANY
(California)
grade or
each type
of engine
gradually bv
oat and it
. "