THE DAILY CAPITAL JOU RNAL, SALEM, OREGON, WEDNESDAY, NOV. 17, 1915.
FIVE
Bank Clearings Show Gain
Astonishing to Financiers
New York, Nov. 13. Bunk elearinK"
laHt week at rinrinl cities UKKicuted
$4,5O0,000,00()j, or U7 )er tent more
than a year ago. This is an astonish
ing gain. The ratio of increase was
108 per cent at New York, !!9 per cent
at Boston, 36 per cent at 1'hilailelphia,
25 per ccut at 'hit-ago, 4" per ceat at
St. Louis and 57 per cent, at New Or
leans. Of course the Stock Exchange,
which wag closed a year ago, hail much
to do with swelling tiio total in this
city. But outside of New York, where
financial operations wore more nearly
on a normal st-ule," the gains were also
impressively large and proved conclu
sively a wide-spread business expan
sion. The returns for the month f Oc
touer were equally significant; the to
tal being 20,0ii0,U0u,WHl, against $11,
700,000,000 a year ago. Here was an
increase of over 70 per cent at all
cities; New York showing a gain of
127 per cent ami all other cities a
growth of 20 per cent.
So much for bank clearings as evi
dence of trade revival. What about
railroad earnings? In the third week
of October 32 roads reported earnings
of $14,300,000, an increase of 2,1 00,000
or over 17 per cent. Previous to Oc
tober, the ruilronds had been report
ing more or less serious losses, but
these diminished sharply during Sep
tember and turned into steadily increas
ing gains in October. The latest re
turns are oven more encouraging, many
of the big trunic lines both east and
west showing very handsome recover
ies, particularly such roads as Burling
ton, New York Central, Pennsylvania.
Canadian Pacific and others. Bigger
tonnage, better rates and lower ex
pense moan good net resnltB. The num
ber of idle cars November 1 was oulv
20,000, compared with 170,000 a ver
ago.
The iron trade continues to furnish
examples of unprecedented activity.
Since the first of September orders!
lor over 1,000,000 tons of rails have
been placel, about 5.10 locomotives
and more than 45,000 cars. This only
represents a portion of the new activ
ity in the steel trade as some of the
railroads are building considerable
equipment 011 their own account, anl
the steel companies have received largo
orders for outside construction work;
not to mention munition orders. The
report of unfilled tonnage issued by
the United Status Steel corporation,
which is running nearly 100 per cent
cajiacity, surpassed all expectations;
showing an increuse of 847,000 tons, as
compared with the amount of business
on the books in tho previous month.
Prices for steel are steadily advancing,
and this industry is now enjoying a
period of prosperity which in some
respects surasses all others on record.
The facts just, cited prove industrial
revival, based nu stated in our previ
on advices upon big crops, abundant
money and foreign munition orders.
This activity is already spreading to
various branches of trade. The textile
industries show a healthy tone, interior
merchants having been often caught
with comparatively empty shelves,
which aro now being replenished. La
bor is well employed and generally at
good wages.
On the stock exchange speculation
slowed down somewhat; the rapid ad
vance of tho last few weeks having
induced moderate realizing and a tem
porary reaction. More or less foreign
selling was detected at the higher pric
es, and the decline was further acceler
ated by opera'tions of a local bear'
clique, The weaker shares were the
wr initial 1 iu in, j rum wiucu niienuuii
luts been wisely diverted to the mora
substantial railroad anil industrial 4P
curities. Liquidataion, however, ap
peared to have no serious effect upon
STATE NEWS
Lake County Examiner:. Now that
the frosty and clear mornings are com
ing, the people of the Goose Ijike val
ley will be able to see some of the mag
ical effects of the mirage that forms
so striking feature in a dry region. The
mirage, typical of the plains country
or on the ocean, may be seen on or
near Oote Lake most any clear, frosty
morning. This queer phenomenon takes
on various different forms. It makes
the high laud- on the west side of the
valley and the tops of the distant trees,
hotism and haystacks appear to be
raised above the horizon with a narrow
strip 01 sky, between. Sometimes the
mountains at the south end of the lake
are plainly visible and appear to rise
to a great height. Sometimes it takes
on a more astonishing effect. The bay
stacks and the houses at the north end
of the lake loom up to bo two or three
times their real height, and plnces or
dinarily hitl by the curvature of the
earth are Drought into view. Accord
ing to scientists thore appearances are
due to retraction and reflection from
layera of air pf different density, such
as are often formed above a wido ex
panse of level country.
Medford Mail; S. V. Haynos, with
the government engineers in a survey
of the Crater Lake park Borne months
ago, lound an old Colt's revolver, six
shot, Bingle action, and of very old
modol, buried in six feet of volcanic
ash and in a good state of preserva
tion. Mr. Haynes, who lives at 117
Laurel street, this city, will leave the
relic of pioneer struggles with Secre
tary Lnttn, of the commercial club.
"Another dry ranch at North Pow
der has been disposed of for the mag
nificent sum of $9000," sny the La
(Iraiule Observer, "nil of waich goes to
Bhow that if ono could only have seen
a few vears ago what that dry land was
worth "there would have been nothing
to it But if one could only see now
what a few things will be worth in the
yeari to come fortune! would be made
without much effort."
Tho Aslorian commend the mayor
And the bill posting company for the
"progressive'' billboard they are plac
ing at points of vantage, announcing
what Astoria has done, is doing, and
what it ha to offer the investor.
The bids for 1 ho manual training
building for Fossil school district be
ing considerably over the $.1000 Bp-
the market, and on the decline there
was good buying for all the more de
sirable, issues, indicating a good under
tone. The war still has a powerful in
direct effect upon this market. Dur
ing the past week war developments
have not been of a very encouraging
nature, since they suggested a prolon
gation rather than a shortening of the
struggle. The possibility of further
friction with the central powers over
the conduct of marine warfare also ex
erted an unsettling eflect. "--The con
tinued withdrawal of ocean tonnage for
war purposes is having a tendency to
restrain exports, the result being less
pressure of commercial bills and an in
creased firmness in foreign exchango.
The situation of the latter was favor
ably affected by the successful nego
tiations for establishing British credits
to the extent of $.10,000,000 or more
with New York banks.
As for the future of the market,
while reactions such as those witnessed
during the last few days are probable
and necessary, the forward movement
does not seem to have reached its cli
max. Of course, there will be an end
to the present rise, but that end is not
yet in sight. The impetus of big crops
has by no means spent its force; nor
is there anything to counteract the lat
ter except unfavorable developments
growing out of the war. Ahother very
powerful factor is (the intlationary ef
fect of our huge gold supply, and the
operation of the new federal reserve
system: both of which have laid the
basis for a tremendous expansion of
credit. The allies are bound to con
tinue coming here for a large portion
of their supplies, and having less mer
chandise to send in payment, they must
continue to ship gold as freely its pos
sible, buying on credit what they
cannot pay for in merchandise. Of
course, this imposes a hqavy strain up
on .the allies which cannot last indef
initely; but their resources do not yet
appenr to have been overstrained.
When the war ends there will be some
big-work to do in financial romubiliza
tiou, and the ability of our financial
leaders will be taxed quite as severely
as when the war began. But fortunate
ly tht'ro will be ample warning of any
peace movement, and ninny vague rum
ors must be expected before genuine
steps are taken. Moreover, a prolonged
period of negotiation will be inevitable
before disarmament becomes a fact.
Many months mny easily pass before
the millions of men now engaged in
mutual destruction can possibly return
to productive labor. ,
in about three weeks congress will
open and a new set of issues will be
pressed upon public, attention. The at
tacks uiiou capital which have contin
ued for over twenty years, have about
spent their force. Many of the old
abuses hnvo been practically eliminat
ed, and this form of political enter
prise is rapidly going out of fashion,
particularly since its injurious effects
became so apparent to all concerned.
Tho war will undoubtedly make a strong
impression upon our imlitical life. Ef
-
forts will probably lie made for read
justment ot the tnritf, especially where
public revenue has been affected by
curtailment of importations, ihipping
win come 111 lor a large snare of at
tention, our ilependiince upon foreign
ships for liassengers and freight be
ing particularly humiliating to our na
tional pride and detrimental to our com
mercial interests. The problem of pre
paredness will also figure very prom
inently in public affairs. This is an
entirely new issue- and one demanding
a prompt and satisfactory solution. The
Si
early opening or congress and recent
developments in the wur fully account
for this week'B setback.
HENRY (LEWS.
piopriatiou, all have been rejected by
'- board, and the plans and specitiea
tions are to be modified and readver
tised.
The Baker Herald hails the improve
ment of the Soutu Bauer nulls, to hand
le more business this winter, as "an
other cheerful step toward greater pros,
perity for this vicinity." .
Two new rooms have been added to
the Christian church of -North Bend,
which will be Used for Sunday, school
and other church work," and during
services will be converted into a nurs
! ery.' " . : . ..' ; , .- '
, Oak mast in great abundance is re
ported from different flections of Curry
county, and the Hold Beach Globe says
farmers are driving their hogs to it.
THE MAN WHO QUITS. ,
The man who quits has a bruin and
hand
As good as the next, but lacks the
sand t
That would make him stick, with a
courage stout,
To whatever he tackles and fight it
out.
Ho starts with a rush, and a solemn
vow
Thut he'll booh be showing the others
how;
Then something new strikes his roving
eye.
And his task is left for the bye-niiil-bye.
It's, nn to each ninn what becomes of
him;
He must find in himself the grit and
vim
That brings success; ho can get' the
skill,
If he brings to the task a steadfast!
will. I
No man is beaten till he gives in; j
Hard luck can't stand for a cheerful
grin;
The man who fails needs a better
excuse
Than the quitter 'i whining, "What's
tho use f"
it.- . I. !t 1l ..1... ........ I
x or 1110 limn n uu tjuua ii-ib urn ciiuin cni
S 111.
Just because lie's too lazy to keep his
grin.
The man who sticks goes ahead with
H shout. '
While the man who quits joins the
"down and out.
You "re paying for news in
$ tne journal, not prizes, j
IS
1:1
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l orn Lsmi (Ut Moire wm
Ybur. MdMiey at Mooii09
This is the store that is doing the business in Salem. There is a
good reason. It is high quality and low prices. We believe in a
quick turnover of our goods at a small profit rather than keeping
articles in our stock for months and possibly years marked at a
large profit price. Our customers get the benefit of this small
profit and quick sale plan and are coming to this store in ever
increasing numbers.
re
111 1 r- im
Leather Rockers for
Very Acceptable
0
Father, mother and all the family will enjoy a Leather
Rocker as a Christmas present for the home. There is
beauty, comfort, long life and low prices all combined in
the kind we sell. See about them now. $10.00 to $35.00
What about Drap
.eries? Don't over
look the fact that at
this store we fea
ture ' high class
draperies at purse
pleasing prices. Al
ways glad to show
them to you.
THESE ARE NONE
BETTEB THAN THE
HEYWOOD
We carry one of the largest
stocks of Furniture in Salem.
The items mentioned in this
ad are only examples of the
variety we offer. .
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$TP FF1 SPECIAL HOLIDAY
IT 1ILLi1Lj Offer in Rnnoe Dent.
Every purchaser of a Range at this store between now and December3!
O A 1 f1 !T ill nrtnitn r Viri r 11 tr "F n A ffn .. A1I Tl A tlll'Voir Tnl .-
1 Will icveive auDuiuicijf
errin&a nn this nffer and it annlies
&r , ... :
Our BLOCK, uet a range now anu
,turkey weighing fifteen pounds...
These are regular prices the
DINING ROOM SET
Thanksgiving is almost here. Will you be ready for those guests with
a dining room set of which you can be proud? We have the right kind
and our prices are right also. Complete dining room sets, including
solid oak dinine room table, six oak chairs, buffet arid china
closet
Xmas Presents
DRESSING
TABLES
You might just as well
admire one of. those swell
new Dressing Tables in
your own room as in our
store. Our prices per
mit it.
v; mm
We want to show you our new Aluminum
Roasters. Just the thing for the turkey din
ner tliia TlianksKiviiiK mid for the nt'xt twenty
Thanksgivings. They wear forever and
keep on Riving tlie bent ronnted Mtnlilen. Now
is the Time; and Moore's is the Place.
Something New
Exceptional- line of Hall Clocks, Wall
Clocks, Mantel Clocks and Clocks for all pur
poses. As usual, the quality is high and the
prices low. They will please you.
Go-Carts for Babies
Is there anything more important in
your home than the baby? Why not let the
little one ride when we are selling Go-Carts
and Carriages at such little prices.
My Prices are mak
in? this the lead;:;?
. Store in
-I.IHHHH.II..III.I. .hi in
If you are in the market for furniture, you will do yourself and
your pocketbeok an injustice if you don't call and investigate the
possibilities of money saving at Moore's. And at the same time
you will have the satisfaction of seeing merchandise of the very
best quality at prices that are rapidly making this store. Salem's
chief furniture establishment. We will be glad to see you at any
time come today. '
Offer in Range Dept.
iicc, a iij.i,ccii-yuuiiu tumcj. a" vi ; j .
to all sizes and orices of ranees inS lA 4 U' Li-..
...mi "
iviuure win present, yuu wun a
PrieS. $42.50. $45, $47.5011 1
turkeys are FREE.
FOR THANKSGIVING
$44.50 and
LADIES' '
DESKS
For ( convenience and
stylish appearance nothing"
can excel our line of Writ
ing Desks for ladies. Large
selection, pretty designs,
low prices.
Nothing you can
buy for the house
will bring greater
comfort . and satis
faction than a good
Couch or Daven
port. We show an
excellent variety of
styles and sizes
5 EjSHitr
A 15 Lb. Turkey
Given Away
Buy that Range you have
needed so long and get a
Turkey for Thanksgiving
YOU NEED A NEW
HEATING
STOVE NOW
These chilly mornings and evenings make
it mighty uncomfortable without a good
reliable Heater. Without a good furnace
heating plant in your house, a heater is abso
lutely necessary. But even with a
you will find a great deal of comfort
have the right kind of a heater. We sell just
the right kind and at prices that make them
real economies. Let us prove it.
Zfy
Salem : . Y - MiiW
""-iiiiiii .ijJLiiiiiLin
i i m . in w.MiiMM W-..m- m,mnam$Y'?l
III
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nu t
Up
ROCKERS
When you think of Rock
ers, think of Moore's,
where a stock of sufficient
size and variety to satisfy
every need and taste awaits
you. You can never have
too many good rockers in
your home.
Library Tables
Your . choice of
some of, the moat
beautiful Library
Tables. ip the north
. west at thi.s store.
The prices 'will
please you.
WallPaper
Good Wall Paper is im
portant in' the decoration
of your home. We sell the
Kami kiml .. lit . iirict-s .. lower
than is asked in many
stores for an,, inferior
grade. Hundreds of styles
from which to select and
every one of excellent qual
ity. Let us show you some
real wall paper.
fi
furnace
if you
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