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. THROUGH WHICH THI."
TO
By Fkancis H. Sissow
Vice-President Guaranty Trust of
New York
Europe hai not succumbed to it o-
rtnic catastrophe. And I believe that
wiU not succumb. But Europe must
loria' it has never worked in all ill i his
lorr When the world really gets down
to work again we shall soon cure our
easting major economic ills. The sooner
Europe recognires that truth, the belter
i will be for hir and all the world.
When we penetrate to bed-rock fund
imentals, we discover that depreciated
currencies are due to underproduction of
lie necessaries of life; to a dearth of
work, rather than a dearth of gold. The
nrullic "cover" for paper currencies is
merely the accepted symliol of labor, the
token of goods produced. It was prin
cipally in exchange for goods and scrv-kes-and
se rviccs is a synonym for work
-that the United States acquired its un
prrcedented gold reserve.
The betterment in Europe since the
war has been due chiefly to the fact that
that Continent has been able to command
the raw materials of the remainder of the
raid aid to bend its energies to the
production of essentials to work.
Even Soviet Russia is beginning to
appreciate the necessity for work. It is
mioui to exchange its gold the crys
tallized labor of Russia for locomo
tim and other railroad material to
bring the supplies of food to the urban
population.
Among the former European bellig
erents, Great Britain is in the best po
sition. Her industry has made enor
mous strides during 1919 and her for
eign traders and bankers have made
notable progress in the world's markets.
The British Exchequer has labored un
der difficulties, and, like those on the
Continent, has clearly underestimated
the necessary outgoes. The elasticity
of the British taxation system has, how
ever, come to the rescue of the Govern
ment to a certain extent and it now
seems clear that the record of the com
ing fiscal year will be far more satisfac
tory than that of the fiscal year just
ended.
Great Britain is now actually "turn
ing the corner." The present fiscal year
shows a deficit of several billion dollars
a deficit which has had to be taken
care of by Ways and Means Advances
and Treasury Bills. It is certain thai
economies will be rigidly enforced dur
ing the coming fiscal year in order that
there may be no repetition of this situ
ation and that, instead of an increase of
the Kingdom's floating debt, there will
be a reduction. An excellent beginning
has already been made in reducing this
floating debt, and also in decreasing the
amount of currency notes Government
paper money outstanding.
In France, progress has necessarily
been slower than in England, but there
has been progress. No country could
id::rc wbat France has undergone and
ENGLAND LONDON 15 STILL THE
WUHLD5 rlnMPiCIOL. CCfiTCn.-
cneflT arciTfliN hus "TunNro
Ti-te coarien" in POST-wan
ficcouenf
SH?Vil i! II fi n H
WW !! "
4
I At- V
4 irr'n ii lii ; i -yS
I in Mlfia'i'i -JVtli iY
i mm"i a n ii ' miii f iimm
THE OOunSE.FRBNCe'J STOCIC EXCMOMGE, VJHEUE THE EXPANSION
OF THE (ICPUDLIC'S INOUSTniRLflCTICIITICS IS RErLCCTED
expect to recuperate in fifteen months.
Her two Great needs todav are ade
quate taxation and debt consolidation,
including, particularly, tne reduction oi
the advances by the Bank of France to
the Government, in order that the
amount of French paper money may be
reduced. The yield of existing taxes
consistently increased during 1919 and
outstripped budget estimates. And as
the invaded districts are reconstructed
and general economic productivity in
creases, the results will inevitably be
more satisfactory.
Belgium, like France, is today offer
ing for subscription a large premium
loan in the case of the little kingdom
for the definite amount of two and a
half million francs to take care of cur
rent necessities and reduce floating in
debtedness. Like France, too, she is
now levying heavier taxes on her people
taxes which, as industry continues to
increase in productivity, will yield
greater amounts. These include heavy
inheritance taxes, Belgium is assuredly
"coming back," and she is gaining mo
mentum every day. There should be
no doubt of that in the minds of the
Canadian and American publics, whose
active interest in Belgium s welfare has
been so great during the last five years.
".. Ill
af .t
h uutz' ";,:. ar . t m.
iff ' ".JWjh A
k-w-B at r m IsFdaVniM YT II 1 11
RflNwnp frt mi iki.
TMflT rouNTnv's
PlNONDDl fts m in..
CROTION IS OfliniriG MOMCMTUM CJCRV DftM
The two outstanding factors of inter
est in the Italian financial sftuation are
the status of the Sixth Internal Loan,
now being floated, and taxation pros
pects. The success of the loan has been
beyond the expectation of the Govern
ment. This achievement will go far
toward stabilizing Italian finance, reduc
ing the country's floating debt, and still
will enable the Government to cut down
the issu? of paper currency. The paper
issues, as well as tne total Italian acDt,
however, are proportionately- smaller
than in many of the other belligerent
countries, thanks to fairly heavy taxation
during the war. Italy's foreign debt to
her allies is one of her greatest financial
problems. But Italy now has begun her
financial and economic reconstruction in
earnest.
..ta.V. ValuakU uset Is thaw
which all the world nttds exportable '
labor. The Minister of Liberated Re
gions recently reported that there art
100,000 idle workmen in the war devas
tated districts, mostly Italians repatri
ated by the war. who are Dlannins tet-
emigrate to Brazil and Argentina. The
continued emigration of laborers and
settlers to other countries wiM iutlo to
create markets for Italian products.
Southern France and Southern American
countries especially will be inviting fields
iot siauaan emigrant, ine overseas
possessions have an area of about foul
times that of Italy proper, including tin
accessions of territory gained in con
sequence of the recent war. These of
fer important industrial and trade pos- '
sibilitics which will make possible the
development of a great industrial na
tion. With a debt of 50 billion dollars, rep
aration payments in money and in kind,
to look forward to, amounting to tens
of billions, marks at a discount of more
than 90 per cent., a shortage of many
sorts of raw materials, great insuffi
ciency of coal supplies, 50 billioo marks
of paper money outstanding, and the
tendency to increase rather than to
diminish the total with no merchant
fleet to bring the greatly needed raw
materials and food-stuffs from abroad
with these and other unfavorable ele
ments iu the situation, the outlook for
Germany is indeed discouraging. The
only loan floated during 1919 was a dis
mal tailure.
But the German Government is evinc- .
ing willingness to try to meet expenses '
by heavy taxation, including a capital !.
levy. And, despite her heavy burden, I
believe that Germany will continue to !
"carry on" without repudiation of her I
collossal debt, although she has been '
torced to recognize the depreciation of
her currency. This she has done by
prescribing different rates of taxation,
according as payment is made in paper :
or in gold coins. Financially and eco
nomically, Germany is today all but an
exhausted nation. Yet, the Germans are
working ten hours a day in many placet
and that is the most encouraging fea
ture of the German situation. A na
tion that will work can eventually over
come all economic handicaps.
Russia is still in the throes of eco
nomic chaos, but even she is awakening
io me necessity ior wora ana to a reali
zation of the value of gold as a symbol
of crystallized labor. It may be years
before the Russian people shake off the
tyranny ot Bolshevism, but they will do
so sooner or later and will again become
one of the great nations of the world.
f orced by starvation and dire neces
sity, Soviet Russia is seeking to trade
with other countries. And I am con
vinced that the end of Bolshevism and ;
the return of sanity in Russia will be
expedited if commercial relations are re
established with that long-sulfering
land.
It is interesting to note that the
Soviet "factory councils" have been
abolished in Russia. While this was a -Bolshevik
invention( the idea had spread .
even among the anti-Bolshevik workmen :
in central and western Europe seeking :
a panacea for industrial troubles.
It is in full appreciation of these facts, ,
that the United States should face the
European problem and meet the re
sponsibilities and opportunities it pre
sents. This country is a vast reservoir
of raw materials which all the world '
sorely needs j we have the strength, vir
ility and dynamic energy of a youthful
nation the spirit of the New World.
And in helping Europe to rehabilitate it- "
self we will help ourselves.
Learn Shorthand, 5 Days
bbIbba tkBMBs:fv. h. I. SboctbMd. Tborougbl
lMvBi tta,Bt- r bb ud ta anBbuilt'B
AbBM... tBrB.isl-alB Bliwpl SfWl -BT ham
Kit. f B tv iM'llkaaw th wlu.la flratam:
ia Maaa la tam down dicta'",, conavraa
DM.iaahM. wdavt, . B. Iat aa B paraon talka.
a-aribadi kb aaar ability ! am mora
Ma. Sfu(,iixft laaoanaibdaMhUtto
tfca laMHaW, lb-Si I, !! P, M.-l Tart. ft. V.
NOTICE OK SAI..E OF. GOVERN- j
MENT Tl.MIiEn. General Land :
OSiee, Washington. D. C, July 3, j
1510. Notice Is hereby given that
subject to the conditions and limita
tions e: ;"e Act of June 9, 1916
(!s Stat., 2iS, and the Instruc
tions of the Secretary of the Inter
ior of Septemher 15, 1917, the lim
ner on the following lands will be;
old August 2J, 1920, at 10 o'clock
m.. at public auction at the Unit
M States land office at Roseburg.
Ottfon. to the hiRhest bidder at not
than ;ha appraised value, as
ttown by this notice, sale to be aub
Wt to the approval of the Secretari
at he Interior. The purchase price
n additional sum of ono-flflh
of one per cent thereof, being
Jimmiaslnns allowed. must be
"Posited at time of sale, money to
" returned if sale is not approved.
Uerwlse patent will issue for the
wntier which must be removed
inln ten years. Bids will be re
wired from citizens of the United
tes. associations of such citizens
no. corporations organized under
s of the United States or anj
ute, torritonr or dial rift ihartvn!
s-urruaser, tne timber on any;
M1 subdivision will be offered
"Wrately before being Included if
"r offer of a larger unit. T
Vi' ,,r 1400 M ced" 30 M.
HfV afKH- "r lsfl0 M., SEM
lTao'u 850 M- sw SE14- fll
M2riar..20 M- SW'
i . '; M "dar 30 M., Lot 3. Br
U, A SKH Sw. flr 100 M..
nh " 1 800 M- none of e
12 a Z. 10 ,ol(1 tor less that
old fi; ,none of tne rFd fir to b.
. th!1--,rh,,e "r be sold fo-
than 1,0 cents per M. T. 16 8.
'nM,v2l',NKW Kw.
" . STTU t'rJr I090 M- wdlr 2C
"II SFU sim flr 1640 M -
3 WH. flr 400 M
' 40 u Vh' 880 M" SE1 sw.
or eS'-rM-i f the
h S'i '?be old 'or lese than
AxEL;,!?i",'d) CLAT 1 ALL
CominBon General Lazf
TAXI llltl Vl:il SKiXS.
HON'OLl'LU. T. II., August 11.
"Jazz" and "hula" Bongs are being
megaphoned at the Honolulu docks
by one taxicab driver to woo trade
coming from the arriving liners.
A new traffic rule orders chauf
l.'eurs to stand by their cars across
me sneer iroiu me uuta. nc
chauffeur who had a weak voice.
found little business coming to nim
until he obtained a megaphone.and
through it sang songs to attract the
tourists. His il forts were so suc
seilul, other drivers. It i said, are
considering Introducing music lino
their lines.
o
TALKING BY WIKKI-ESH.
lion, announced recently. j worth building In height are grouped
Everett Seely. secretary ot the In two rows of four to support an-
aasoclation. one of the radio menitennao that cover an aeral surface
who reported hearing the Southern about a mile long and a fourth of a
Call ornlans talk, attributed the mile wide. . Kach tower weighs 5.10
feat to the size of this aerial, which tons as compared with a weight of
dlan side of the Yukon, December 1,
: 1S94.
FA KM lil KKAU MEKTIXO.
is 162 feet from the ground and
120 feet between masts. There are
few aerials so large In amateur
work, it is said.
out i ilfr pity Aiisr. 11.
Wireless telephone conversation be
tween Los Angeles and Catallna Is
land, southern California, has been
r,w.irA,i tin hv wireless men here.
officers of the Utah Radio Assocla-
A WONDERFUL
HELP
At Two Stages of Life Lydis
E. Pinkham'a Vegetable
Compound Made Mr. Fair
burn Strong And Well.
fef. i'mkham's Veivtable Compound
before my bahy came
when l" acould no
longer keep up. It
strengthened my
back and relieved
mo of the dropsical
effect which so often
develops at such
times. It helped me
wonderfully. That
was my Brut experi
ence w'ith the Vege
table Compound.
Years afterwards 1
took it during the Change of Life and
f ot along so well I scarcely ever had to
ie down during the dy sid seldom
had dizzy fainting spells. I am now
well and strong, can do all my house
work with perfect ease and it is a com
fo.-t to me to be srtile to say to other
suffering women, 'Take Lrdia K. Pink
ham's medicine and be strong.' I will
be glad to have you use my name if it
will be the means of Wiping any one."
Mrs. R. A. FAlint'SM, owl Orchard
Knob Avenue, Chattanooga, fenn.
For forty years thia.iauiuuB mot and
herb medicine has been pre-eminently
successful in controlling the diseases of
women. Merit alone could have atoot
this teat of time.
FIUNCK (iETS WIltKI.IXS.
2.700 tons for the Eiffel tower in
Paris which is only a fourth higher
than the 1 Fayette structures.
The range of the station Is store
than 13.000 miles, half way around
the earth. Previously the largest
French station was that at Lyons
PARIS, France. The La Fayette which 'works easily with New York
wireless station near Bordeaux, de- daily.
signed and erected by American for- o
ces during the war has been turn-. "S)l KIKl tiKS" TO IIAXyi KT.
ed over to the tTenon government.
I BERKELEY, Cal. Aug. 11. 1)0
: Velopinent of farm bureaus of the
iwest wlll be considered at a western
I session of the American Farm Bu-
reau Federation, to be held at fault
Lake City, Utah, Aug. 20 and 21.
Delegates from eleven states are 3X-
pected.
i -o
I TO HAVE THIItI HOTEL.
UTAH SHEEP I'l ItCHASKI.
(By Associated P-ess.)
SALT LAKE CITY. August 11.
Utah sbeep nave oeen purchased by
M. Kamaila, coinmHsioner of agri
culture of Japan, for abipuient to
the Island Empire.
It Is the most powerful plant In ex-
istance with double the range or tn
(By Associated Press.)
JUNEAU. Alaska. Aug. 11. Al-
Annnnolis Installation. The armls-1 aska'B lodge of "sourdoughs, the
tlce found the station half completed 'Yukon order of pioneers, whlrh in
and so the completion has been slow ! ludes In its membership scores who
the urgent need of it no longer
existed. It Is to be used as part
of the comprehensive system planned
rime north in the gold stampede In
1898. Is to hold a banquet In Seat
tle December 1, commemorating the
hir ih French service for reaching ' "fith anniversary of Its founding.
ail French colonial points by wire- Only pioneers who were In the
lest iVukon Valley before July 1, 1899.
Eight-towers of structural steel ire eligible. The organization was
each within a few feet of the Wol- formed at Foriy Mile on the Cana-
mm
i .MtaiMSfLisji jsiiaMm fminM
nmmmmm
wmmm
in 49
TACOMA, Wash.. Aug. 11.
Rainier national park, near here. Is
to hrve a third hotel next year. It
was announced here recently, to ac
commodate the increasing tourist
traffic. The third will be located
near Paradise Inn, high up on Ihi
side of snow-capped Mount Rainier.
All tourist' records were broken at
the park this season.
OOUltSE IX HMOKIXtJ.
STANFORD UNIVERSITY, Cnl.,
Aug. 1 1. Statnlford's most populnr
summer school course this year, In
structors said, was a class In smok
Inlg, conducted by Proressor Ernest
Gail Martin of the physiology de
partment at the university's marine
station at Pacific drove. The course
was given to determine the effects
of tobacco. Similar work is being
done In eastern universities.
lIKi BENEFIT DANCE.
Given at the armory In this city
Monday, Sept. 6, by committee oif
trainmen. Good time for all. Ott'a
six-piece archestra will furnish the
music. Gents $1.00, Ladles free.
Our Want Ads obtain result.
New
Hair W
Growth.
. rants
rdltd. Many
mIim. Cot fnA boa
ml BUTALXDatftnr
nrf 4 mm wtam . Or
fur Hir rr tin
J. IUT MITTAIM.
Mfr-M. . P., Mow
ri 4. Mr-u TT
HONOLULU, T. II., Aug. 11. Al
tohol for motor fuel is being manu
factured here froin m&toriiil left
kit! fj).-t-t.i.r.t
(. (Jill I'll II I. n nB,(? inunry
parts. From every 30 pounds ot
waste from the pineapples, two gal
lons of alcohol are extracted.
.when sturdy pioneers were hewing out a home
and an existence in the West, the manufacture oi
r I 1 D u.Jr,.,
was begun. Today the name FULLER stands as the sturdy pioneer
in paint manufacturing- on the Pacific Coast a name that has kept
faith with quality for 71 years.
Made for the Pacific Northwest, FULLER Paint i th beat for
your nouse or ouiiaing.
W. P. Fuller & Co. .
1849-1920
Northwest Branches at
Portland, Seattle. Tacoma, .
Spokane, bois
If PANNTSfl
y'Aj'.irV
Look Up a FULLER
Dealer in Year Town
DON'T
DESPAIR
If you are troubled with pains or
aches; feel tired; have headache,
indigestion, insomnia; painful pass
age of urine, you will find relief in
COLD MEDAL
rwHaH
Th world'! standard remedy for kMr.e7,
livr, bladder and oric add trouble and
National Karoftdy of Holland eincc
Three ais-aa, all droggiata. Onarantaad.
Leek far tb mmmm GmU Htel mm every Urn
The Paper with the Lovely Finish
THE exquisite texture of Symphony Writing Paper pro
vides a splendid writing; aurlaoa. That Is why it is the
choice of so many smart women tor their otrnpondenc.
Symphony Writing Paper at tit be bad la three finishes
and a variety of faahlonable tints. Made up in many sises
end shapes, to meet every demand of good taste. May be
purchased ly the quire X the pound. Also oan-ysponricnce
cards, with envelopes,
NATHAN FUULtRTON.
Rull Slott.P.iba. Bldf.. Roaebuif 1