Daily capital journal., February 02, 1916, Page SIX, Image 6

J
THE DAILY CAPITAL JOURNAL. SALEM. OREGON. WEDNESDAY, FEB. 2. 1916.
are wide-open for comparison with any cigarette at any price 1
Most sensitive smokers appreciate the pleasure Camel quality
offers. They prefer it to premiums or coupons ! Freedom from
tongue-bite and throat-parch is as welcome as is the absence
of any unpleasant cigaretty after-taste I
Camels are blended choice Turkish and choice Domestic
tobaccos ; you'll prefer their new flavor and mild-
smoothness to either kind of tobacco smoked
straight! That desirable, satisfying
"body" is all there without any come
back 1 No matter how many you smoke !
Camel are told everywhere In acientifically aealed package,
20 for 10c; or ten package (200 cigarettes) in a gtassine-paper-covered
carton for $1.00. We strongly recommend
thie carton for the home or office aupplyor when you travel.
R. J. REYNOLDS TOBACCO COMPANY, Winston-Salem, N.C.
sjVCW-VVw
Steel Leads In Reaction
Affecting All Stocks
Ncw York, .Inn. "0. (Special. ) I'll-.
tier the leadership of I'nileil Slates
.steel the-entire market became roue-1
linnary during the greater portion of
the week. This reiresentative cor
poration of the steel trade had risen i
from pauper to prince and more t bun
doubled in price in exactly 12 short
inoatlis. Much stock had been accum
ulated in anticipation of a resumption
of dividends.. When this occurred j
heavy liipiidalioit naturally followed. A
year' nun the company passed its div-i
blonds, earnings being the lowest on,
record. This week dividends were re
sumed al the S per oeat rate, earnings
having touched the highest point in the
history of the company. The quarter's
net earnings amounted to I." 1, 200,000,
I
STENOGRAPHERS
Why Not Use
Columbia QUALITY Carbons?
Made in Oregon
100 Copies Guaranteed from
Each Sheet.
Columbia Carbon Pa?er Mfg. Co.
33rd & Broadway, Portland, Ore.
Tfic Oregon Wholesale and
Retail Hide and Junk Co.
Has moved from their former location,
4'M Court street, to 107 South Com
mercial. (The old stand of the Lawr
ence (irorcry, corner Ferry and Com
mercial streets) nnd nre open for busi
iiesa at that place. Highest prices paid
for hides, wool, copper, brass, Iron, etc.
lioforo selling elsewhere, consult us for
prices. P. Samuel, proprietor,
'hone, 300; lies. Phone, 173,-W.
Exide Battery
Gives more .service than any Battery on
the market.
Buy a guaranteed Battery. We make re
placements on any make of Battery. Com
plete stock at all times. All kinds of Gen
eral Repairing and Overhauling. We are
installing the latest machinery that will en
able us to make quick repairs. Only first
class mechanics employed, no apprentices
in shop.
Complete line of Supplies for Hudson,
Auburn and Reo Cars. Shop open until
midnight.
Full line of Auto Accessories.
Great Western Garage
C. C. SIMKRAL, sole owner. Opposite Court House
or i(!n,70(l,000 iii excess of any previous
ipiarter, and compare with .tlo.OHM.oiio a
year ago. The company's earnings thus
reflected the unexampled prosperity of
this great industry, a prosperity thej
end of which is by no means ia sight,!
since the whole trade is still pressed;
with orders, at highly profitable prices.;
Actual announcement of the dividend
though u most encouraging fact, nasi
promptly followed by genernl profit'
Inking ami the stock quickly fell from I
M!) 1-2 to H2 5-H. Tho heavy transactions I
in these shares affected the whole mar-
kor and started ' genernl liquidation, I
which was accelerated by the muni-1
lion shares because of their lessened
popularity, and by the railroad shares
because (if impending labor difficulties.
Another depressing influence was the
continued influx of American securities,
resulting from effects of the British
inobilizution plan. This movement. I
I which has almost put an end to gold
imports for the time being, may or may:
not be continued for some time to come. I
Much depends upon the progress of the,
war. Since the struggle began, not lessj
than 1,1)00,000,000 securities (and some
estimates run as high as $1,500,1)00,000)
have been returned, and during the
month of dnnunrv it is estimated that
considerable more than 100,000,000 will
have been thus returned. That such an
influx was possible without materially
depressing values is good evidence of
our absorbing capacity. Only a por
tion of these stocks, however, have ac
tually come upon tho market; the great
bulk having been accepted by our
banks, bankers and trust companies as
collateral upon loans. These large hold
ings of securities consequently hang
over the market, and are likely to be
distributed more or less freely on every
favorable occasion. A tight money mar
ket, or a sharp rise in values might
easily precipitate further liquidation.
At the same time very considerable
sums of these stocks have gone perman
ently into -strong boxes. It will be re-
J w'lfM
ii : , a i -- ir'' mun
i.V
' i-V
inomborod in this connection, that one
of our loading railroad managers as
serted sumc years ago that 'American
i-nilronils would need about one billion
dollnrs u your for several years. They I crease is exceedingly gratifying, inns
did not secure that sum because, of ad-j much as it shows a more normal condi
verso homo conditions. Nevertheless, j tion of business and diminishes the ne
tho statement being an authoritative j cessity for gold or security imports,
one was somo measure of our invest-'The sterling exchange situation is also
ment capacity, and proves that the re-! more satisfactory and stronger than at
turn of foreign shares, extensive as the I if ay time since the war began; the indi
movcnient may have been, has not been, cations being that those ia control have
beyond our capacity to handle. At the! the situation well in hand,
same time, its effect has been tir check (leneral business continues active nnd
the flow of American capital into home; in satisfactory condition, nnd at present
enterprises: new issues in Januarv be-. no cessation is in sight. Commodity
iug unusually small ami confined very .
largely to issues for refunding matur
ing obligations.
These facts show that relatively lit
tle new money is going into railroads or
into new industrials, and yet the fact
remains that Americans are willing
within certain limits to buy back their
securities at comparatively high prices; j
from which it is to be inferred that the
railroads would have no difficulty in
securing ample new capital for neces
sary improvements, if home conditions
only permitted. Our railroads must be
given a fair chance, not only to make
reasonable profits, but also to make the
necessary enlargement The lpbori
problem of the railroads presents somej
rather serious possibilities. Js'ew de
mands aro threatened which, if car
ried out, would prove a heavy tax upon:
their financial resources. Already labor I
secures ubout two-thirds of every dol
lar the railroads earn, and the average
wages of railroad men have risen ia
five years from $ii'J0 to $S20 a year.
Hailroad labor doubtless has some griev
ances which require adjustment. Yet
railroading is one of the best paid oc
cupations in existence, mid has received
greater concessions in wages than ia
any other important division of labor.
Between 1010 ami 1U their payrolls
have increased about $250,000,000 on
the sumo number of men, and the total
payroll of tho railroads aggregate about
$ 1,500,000,000 a year. Hailroads are
owned by about (100,000 stockholders
who, it i-s said, secure about two per
cent of tho gross earnings of the rail
roads, whilo employes receive about 45
per cent. American railroads have been
seriously crippled by these 41ml other
burdens of a public nature. They have
just emerged from a period of sharp
contraction, nnd have had to endure an
era of severe hostile public opinion in
retribution of past mistakes. Only ro-
iceully did tho government allow them
to partially recoup themselves for these
increased burdens by an advance in
rates, which has not even yet been
granted to all sections. In 'fact, the
railroads have been struggling for their
1 very life,, threatened by demands of
! labor in one direction which they have
been unable to refuse, and by goveru
; ment repression on the other hand, do
; nying them the right exercised by every
; other organization to compensate them
selves for increased expenses by in
creased charges. If the government is
to continue to regulate freight rates, it
w ould seem to be inevitable that it must
also regulate wages, unless the rail-
roads nnd the service they render are
1 to be permanently crippled by unreas
onable, demands. Fortunately, railroad
revenues are feeling the stimulus of
; trade activity, tho net earnings of the
1 roads reporting for November showing
a gain of over 450.000,000. Should this
prosperity continue, the demands of
labor will, nf course, be less serious.
Hut much of the present activity is in
the nature of inflation and has not vet
proved permanent, though for the time
being it renders tho wages question
much less acute.
December foreign commerce returns
showed the largest exports on record,
the value of merchandise shipped be
ing over ju15f.noo,(i00, and making the
total exports for 1015 ,1,551.000,000, or
n billion dollars ahead of all previous
records. The excess of exports over im
ports for 1015 was iH.772.000.000, the
average excess of previous years being
about 150,000,000. The excess of ex
ports over imports In Pecember was
$187,000,000, nn Increase of $17,000,000
Thm mtrnmn nlaced over end eas the
packaife, which keeps out air, thereby
preserving the quality of the blended
tobacco. By inserting the finders as
iU..t-mtar4 tha mtrnmn fif breaks
without tearing the nn tott, wmcn ksSSs
fold back into its oldce. NSW
.
over December n year ago. An encour
aging feature in the December return
was uu increase of $57,(100,0(10 of im-
ports. The tendency of imports to m-
prices
continue to rise, chiefly owing
to demands arising from the war, and
our financial leaders are wisely empha
sizing the dangers of inflation and care
less commitments. The outlook, though
good, is full of hazardous possibilities
and nil financial operations should be
K""1''11. !' ."1-v..tlu' best judgment. The
inuint'Nu Hiuumnii us ft wiimt1 is .soumi
ninl nroiJiuM'ts hopeful. The last two
months of . liquidation have exerted a
wHolesome effect and will leave the
market in better condition for a rise,
when conditions again justify an up
ward movement, l'rices frequently de
cline in Janunry owing to liquidation
based i.pon the rise at the first of the
year. Hie successful sale of 2.",000.00(l
state bonds at 10.1.27 showed that there
is plenty of capital seeking high grade
imestmen's nnd served to strengthen
the genernl market, as did the increase
in St. Paul's dividend. There nre strong
factious in the market, anil though the
bears seem encouraged by recent suc
cess, new buying would probably be de
veloped on any pronounced decline.
HEXRY CI.KVYS.
"Silent Gunman" Pleads
Not Guilty to Assault
Albany, X. V., Feb. 2. A plea of not
guilty to a charge of first degree as
sault was entered hero today by Harold
f every, the "silent gunman," claiming
to be a l.os Angeles inventor's son,
who shot four persons, 0110 of them
fatally, and terrorized the city for
days.
So very declared that ho had been
wandering for some time trying to
escape persecutors. A sanity examina
tion will be held.
Severy, the police say, had a re
volver equipped with a silencer, which
he stuck in his sleeve, and then oper
ated by pulling a wire near the muzzle,
lending to the trigger. According to
Severy 's story he has been in many
eastern cities, operating on nn allow
ance from his father Melville Severy,
retired.' He indicated, too, that he had
been treated for nervous breakdown on
one or more occasions.
Severy claimed people made grim
aces at him as he passed, and for that
reason he rigged up the strange death
device and shot them.
SUBSTITUTE
Customer (to drug clerk.) Do you
keep Dr. Pirate's Peculiar Prescrip
tion f
Drug Clerk (absent-minded). No,
but we have something just as bad.
Life.
i4 bA'
COLLAR a tor 2sc
IT FITS THE CRAVAT
CLUITT, PtABODV 4 CO. Inc., Mem
ARROW
Sport
1
No Trouble Occurs at Meet
ing of Pacific Coast Base
ball Magnates
San Francisco, Feb. 2. Xo blood
stained hands of Henry Berry, owner
of the Seals today.
The much advertised special meeting
of the Pacific Coast league magnates
is over and both Berry and Walter JIc
Credie, manager of the Portland club,
nre still nlive. There was no fight,
for Walter was hundreds of miles away
in snowbound Portland, and Berry has
not ns yet succeeded in carrying out
his threat to drive JlcCreedie out of
hnsebalK
The league meeting passed off with
remarkable lack of scrapping Tho pro
posal of the I, os Angeles and Vernon
clubs to raise the salary limit to $5,000
a month was simply dropped. No vote
was taken on it, nor was there any ac
tion on the proposal of some of the
mngnntes to force Portland and Salt
Pake to play seven days a week.
However, the war between McCredie
a ad Berry is not yet over. After Berry
had wired Judge MeOedie reiterating
his demands that Walter McCredie apol
ogize for his statements regarding Ber
ry's alleged "syndicate baseball" the
judge came back with a red hot reply
declaring that there would be 110 retrac
tions and no apologies.
"There may bo a distinction ns to
one's interest between being a stock
holder or the creditor of one who ha A
bargained for or purchased the stock,
but the difference is only small," the
judge wired. "The public doesn't so
differentiate.
"Walter McCredie challenges you to
mortal combat. He choose as weapons
cotton balls; insists you stand back to
back, step off at command 10 paces
each, face about nnd continuing firing
until one is either mortally wounded or
satisfaction is fiillv obtained."
VICTORIA IS TRIMMED
Victoria, P. ('., Feb. 2. Victoria's
last appe.iraace ot the season on thej
home ice was a sad leave taking. The;
Vancouver sextet trimmed the locals at j
hockey last night Hi to 4.
It was the worst hockey game ever!
seen here. The locals started out with:
.1 lend of three, but cracked.
Salem Postal Receipts
Show Large Increase
Over January, 1915
The receipts of the Salem postoffice
for January of this year were ex
actly $12:i7.l)(i in excess of January of
one year ago. As the genernl business
conditions of n country are often re
flected in the business of the local
postoffice, this increase of 17 1-2 per
cent in the business of the postoffice
indicates that the general conditions
are improving.
The total sales for Januarv of this
year are $8204.50, compared to sales of j
j.-n.- ii u i niir it!
l-iu-'i.t I'L tiaiuiui, x.'io. v'l una
increase of business, $1,180.15 came
from tho sale of stamps. $155.20 was
received from publishers, $118.21 for
second and third class matter nnd
$172.50 for box rent.
Try Capital Journal Want Ads.
mil ot
The rain will not seem half so bad if you have one
of our rubberized rain coats. We want to close out
everyone quick, iso have made these quick selling
prices:
$5.00 Rain Coats $3.35
$7.50 Rain Coats
$10.00 Rain Coats. $6.55
$15.00 Rain Coats $10.00
$20.00 Rain Roats $13,35
You will find what you want in the best style, full
long cut, raglan shoulders, guaranteed rain proof,
sewed and cemented seams.
SALEM
WOOLEN MILLS
STORE
Special line Boys' $3.00 Coats now $2.00.
News
Defendant Gillies
Flatly Denies Story
of Confessed Forger
Olympia, Wash,. Feb. 2 Flatly
denying the story of Frank Stone, con
fessed forger, J. F. Gillies, former
clai niagent of the state industrial in
surance commission, continued his testi
mony today, after throwing a veritable
bomb into the proceedings yesterday,
when he testified that Industrial In
surance Commissioner A. B. Ernst, of
Seattle, hail given him $1 ,200 to keep
"as a sort of trust fund."
Gillies, who is 011 trial for grand
larceny in connection with the looting
of the industrial insurance fund, made
this statement iu explanation of the
rise in his bank account between Feb
ruary and September, 1915.
When Gillies was arrested, he prom
ised to "rock the state," and this ap
parently is what he meant.
Ernst in an interview flatly denies
Gillies' statement.
"There is absolutely nothing to it,"
he said. Ernst will be called by the
state in rebuttal.
Gillies deposited approximately $5000
during the period under investigation.
He explained that lie got $1,420 from
Stono, his partner in the fishing busi
ness, in repayment of loans, and that
Stone still owes him money; that he
got $1,830 from a man named Will
Itlnck from some oil investments; that
he deposited $1200 paid him by men to
whom he had made small loans; and
that he transferred $G50 from his safe
ty deposit box, and that ho returned
$1200 "from another person."
"It was not my money," Gillies said.
"Who was tho other person I" asked
his attorney.
"A. B. Ernst," ho replied.
"Wes this money paid as tho result
of a private business affair? "
'Yes, it was given me as a sort of
trust fund."
Colombian Treaty
Is Reported Favorably
Washington, Feb. 2 After paring
the proposed indemnity therein from
$25,000,000 down to $15,000,000 and
changing the "apology" to an expres
sion of mutual regret, the senate for
eign committee today favorably im
ported tho Colombian treaty, by a vote
of 8 to 7.
Senator Clarke was the only democrat
opposing the administration plan. Sen
ator Borah announced that he would
try for open, instead of secret, con
sideration of the treaty when it reaches
the floor.
The Nicaragunn treaty proposing
payment of $3,000,000 for canal rights,
was reported favorably. Tho measure,
say democrats, is to prevent competi
tion with the Panama canal on the
part of Nicaragua, but the republicans
claim it is a move to finance the pres
ent Nicaraguan administration.
WESTERN RAILWAY WILL FIGHT
Chicago, Feb. 2. Declaring that em
ployes' demands for nn eight hour day
and increased pav for overtime are nn
re.tsonnblo and out of the question,
tiie executive committee of the Associ-
: P W.lnrn ftnilwnvs todaV indl-
Uliim vi wi' -
.-.. n.n.r will ht to the last
emeu tnui, uivj ..... -.-n--- -
trench in event the employes will not
arbitrate. While the employes' refer
endum has not been completed, there
is no (loiiBl inai mis win uimu.o .m-
demands.
Xetv Todnv Ads work while you
sleep will have results for you in the
morning. .
0
IIS
4c
NEW TODAY 5
PHONE 937 For wood saw.
ONE MULE FOR SALE T. Lovre, fi.
R. No. 7. eoi
WANTED Beef
Phone H25-M.
Cittle
and veaL
Feb 2d
LOST Ladies gold
7!7M. Reward.
watch.
Phone
tt
A PEDIGREED Airedale terrier tor
sale, cheap. Phone 701. tebJ
OAK, ash, old fir, second growti, cord
wood, raone !-- .
WOMAN DO SEWING For $1
a day. !hone btiX euJi
MIDDLE AGKD LADY Wishes bousa
keeping, lviono b!2AL leoi
GOOD GRADED FRESH COW tor
sale. Onkcny Farm, Rickreall. iebS
FURNISHED APARTMENTS $5.00
to $15.00. 491 Norta Cottage. r
FOR RENT Rooms, furnished or un-
.. . . .. ti nnftiu 0
lurnislied, eioso in. imino -
FOR SALE Thoroughbred small red
i.ioa IT. Honkol.1. Route o. Box
88.
Feb
RATL1FF HOUSE Fresh rooma,
home cooking. 050 N. Winter. Hone
392-W. Fet2r
ABSOLUTELY PURE MAPLE
SYRUP From Wew xora, i.oi
per gallon 'it Damon's. Feb 23
TO TRADE Buggy horse, to trade for
cow, or cnicaens, or win bu ccy.
Phone 77F13. Feb3
FOIt RENT Housekeeping rooms, well
turmsneu witn iurnace neat, ciuau m.
143 Court street. Feb3
FOIt SALE 15 acres bottom Und,
south of Marion. Mrs. K. 1 nomas,
Marion, Oregon. Apnll
FOR SALE One black horse. six years
old, weigni io.ni. vuu uu-j xi.
tage, or phone 001. Feb3
NEATLY FURNISHED Sleeping and
Housekeeping rooms, close 10 ousines
section. 212 8. Cottage. Feb
FOR RENT Fine 6 room bungalow,
nicely furnished. Call 400 Hubbard
lildg. Laflar & Bolinger. Feb
FOR SALE Extra fine Jersey cow,
just fresh, with heifer calf, also
choice oat straw. Phono 7F23. Feb3
MARRIED MAN WANTS POSITION
on farm, Cin furnish reference. A.
C. Simouds, R. R. No. 2, Salem, Ore.
Feb5
FOR RENT Housekeeping rooma in
large suitea from $6 to $8 per month.
Why pay more? Call at 343 1-2 North
Commercial. '
WANTED A good sound work and
draft horse, weight 1200 or 1300. Not
over six years old. II. Hahn, Salem,
No. 8, Box 18ti. Fcbt
FOR RENT Store, 21x165 feet, elec
tric lights and steam heat. See Watt
Shipp Co., 219 North Commercial
street. Phone 363. tf
FOR SALE A good heavy team, new
wagon and harness, farm tools, cart
and harness, household goods good
five passenger auto. 960 S. 14th St.
1 Feb3
WANTED Information of Iva Louisa
Thomas Gordcn, last heard from
Salem, Oregon, general delivery. No
tify J. W. Thomas, Selma, Calif,
Box 393. Feb
FOR EXCHANGE 20 acres, near sta
tion on Oregon Electric R. R., good
soil, fair buildings, will take some
Salem property. Square Deal Realty
Co. 301 U. S. Bank Bldg. tf
'TRANSMISSION AND REAR AXLE
LUBRICATION IMPORTANT"
The importance of Transmission and.
Rear Axle Lubrication is often over
looked by the automobile owucr and
truck operator and considered a minor
detail. The lubrication of these parts
is fully as important as the lubrica
tion ol' tho motor, states a recent bulle
tin gotten out by tho Standard Oil
company's automobile experts.
The entire load of the car or truck
is taken by the two teeth in the trans
mission and the two teeth in the rear
axlo which aro ia mesh. These teeth
should be separated by a film of oil,
otherwise the motor will fail to deliv
er the power at the rear wheels that it
should; tho gears will wear rapidly and
become noisy.
In tho lubrication of the ball bear
ings, it is necessary to maintain a film
of oil between tho ball, cone and race;
otherwise these parts will not rccciv
correct lubrication. This will result in,
excessive bearing wear, throwing the
gears out of alignment, rendering them
j noisy, and will cause a considerable
! loss of power at. this point,
j Oil is a more suitable lubricant for
I this purpose, states this bulletin, thaa
: hard- grease, because of its fluidity
' and ability to penetrate the minuto
I limrnniA hotwepo the bull nml race.
I which is onlv one-tenth-thousandths of
an inch. Another reason why hard
grease is not so suitable -as oil is that
the revolving gears will cut a path
through the hard grease and allow the
cears to run dry.
Pacific coast refiners are claiming
that lubricants made from Asphalt
base, California crude, give best re
sults, and are substantiating their
claims by the recent findings of prom
inent motor engineers and the exposi
tion juries, as well as records of re
sults of actual service.
J.CYUfN
Well known Chinese doctor, has
successfully treated all diseases
in the past year, see testimon
ials on file t the Oriental Herb
Co., C40 State Street, Salem.
Out-of-town patients treated by
symptomatic diagnoses. Send for
diagnoses blank.
i'l