Wednesday, June 22, 1932
LA GRANDE EVENING OBSERVER, LA GRANDE, ORE.
Page Five
Vacation Period
Hints Given To
Owners of Cars
The vncatlon period should bo de
void of as much service to one
pelf und one's things as Is possible.
This particularly refers to the vaca
tionist who uses his automobile as
n means of transportation and, there-
fore, depends on his car ns the big
gest contributor to his holiday pleas
ure. The condition of his car, there
fore will vitally affect the extent of
the pleasure and rest. It 1b estim
ated that approximately forty million
people In this country will use be
tween nine and ten million motor
cars this summer In seeking a brief
respite from the cares of business.
A complete Inspection of the car
should bo made in advance of the
trip. All reciprocating pnrts should
be thoroughly lubricated, particularly
at those places provided by the car
maker. Inspection and tightening.
If necessary, of body bolts, motor
bolts, spring shackles, etc., should be
done. The motor oil should be in
spected and changed, if necessary.
Tho cooling system should be gone
over, to be sure that connecting hoses
and clamps are in good condition to
prevent leaks. Generator should be
adjusted for proper charging rate,
battory tested for proper specific
gravity and filling. Lights should be
focused, and tires Inflated in keep
ing with recommendations of the
manufacturer. (Under Inflated tires
can cause no end of annoyance and
expense. ) Front wheels should be
checked for proper toe-in, to guard
against unnecessary wear and motor
should be tuned up. t
Have 'distributor points checked
for proper contact. The braking
system should be examined to be
euro the system is effective and. if
necessary, shoud bo relincd before
starting out on the trip. The fan
belt occasionally has to be replaced
and it's condition should be checked
beforo skirting on ti trip to avoid
trouble on the road.
"Tiro cnanging tools, with the
other pieces of equipment which are
usually a part' of the car, should be
complete. If the trip Is an exten
sive one. It is a wise provision to
include an extra tube. Skid chains
are a most helpful factor, if the trip
calls for travel over less-used, muddy
sections of the country.
If the route of tho vacationist
takes him through the desert or Into
the mountains, It Is well to provide
containers filled with water and oil.
Plenty of Motion
We have about 370 muscles to
control our vnrlous movements,
while a caterpillar has more than
4,KK). Is It any womlcr they eun
wlirglt ami If trained what danc
ers they would make!
Corn Borer's "Homci"
The Kuropean corn borer is no
too particular about having a. corn-Held-
for heudqunrters;-li can live
coarso steins of more tlmn 200 vti-
rictles of plants.
Gold Coast Government
The Gold coast of West Africa Is
a Hrltlsh colony, divided Into the
Gold Coast colony proper and the
two dependencies, Astnmtl and the
northern territories. The governor
hns his seat of government at Accra.
Historical Lapie?
Although history states tlint the
early Kgypttnns probably came from
Mesopotamia there nre no records
to show that gardens were devel
oped in that country prior to those
in Kgypt. '
Gave Name to Bandit
The Mongol conqueror Genghis
Khan, who swept Asia In the Thir
teenth century, had red hair, and
even Unlay the Chinese name for
bandit Is "red beard."
Wisdom of Little Value
"Wise ancestors have spoken In
vain," said HI Ho. the sage of China
town, "since only the wise, who are
always but few. can recognize and
use wisdom." Washington Star.
Backed by Government
Postal savings, deposits are ac
knowledged by postal savings cer
tificates. These are made out in
the name of the depositor, serve as
receipts, are valid until paid, and
nre backed by all the strength of
the government.
The
LAVENDAR LUNCH
Depot St.
CHICKEN DINNER
Sunday -35c
Includes Potatoes, Dressing, Hread, Vegetable,
Drink, Salad or Pie
ICE CREAM SPECIAL
SATURDAY & SUNDAY
STRAWBERRY, CHOCOLATE OR VANILLA
ICE CREAM
25c per Quart
Thepe fine new buildings stand
,,
Hints On Care
Of Automobiles
The new tourist from the flatlands Blthough current money rates make
hns a unique thrill when ho strikes tho yield of such bonds attractive and
the mountains. . j the banks on the whole have been
Tho roads are Bteep, long and wind- i buyers Instead of sellers, the "in
Ing. They are narrow and trencher- . vestments other than governments"
cub There's a cliff on one side a of the weekly reporting member
cus incrcs a cmx on one siae. a banks havlng increa8ed 16iooo.ooo in
declivity on the other and nothing the flnt three weeks of the month.
aneatl' 1 Among the groups rail bonds have
Ifs an experience for only the best been weakest and the high grade
of drivers to encounter with equani-. municipals and utilities strongest,
mity. The new driver must bo ever Fo' tne virtual collapse In prices
cautious and well prepared for any
emergency. I
.If vour trio . takes vou thrauch
mountainous territory, seo before -
hand that tho motor is In perfect
nHiii.,, oh .i,t h.
lightly
Brakes, however, should not be re-'
lied on for mountain driving. Signs
at the tops of long, steep hills, today
warn motorists, to go into low. They
should be respected, or tho motorist
may find himself smelling rubber,
then ripping out the -ako linings
and finally flying into space and
destruction.
Low gear makes the compression
n, tv, v,,r ,,,. I
of tho motor brake the car suffl-
cicntly for long steep down-grades.
the ignition. It's dangerous to coast,
the throttle should be almost shut,
Never coast, and never turn off
tho gnitlon. It's dangerous to coaBt,
except where you know your ground
and the hill is short and easy. And
it's costly to turn off the Ignition,
because fuel is being pumped into
the cylinders anyway and isn't being
burned.
The result Is that It works
into the lubricating oil In the crank-
case, .scoring the . cylinders as ..it
passes 'the pistons.' '"
It's easier to go Up a mountain
road than down. You go up usu
ally in low, and have perfect con
trol of your car. Going down, how
ever, even If in low. the least mis
take may cause disaster.
Yet the up-going driver has the
right of way on such,. roads. The
reason is that it is ho. who must
keep his foot constantly on the ac
ileiat(:. Ho can't stop for the
brakes alone won't hold on many
a climb. '!( '.
Therefore, the down-going driver
must stop for him. He must pull
over into a nook in the cliff, if the
road Is wide enough . only for one
car, and permit the up-going driver
to take the outside whether to the
right or loft. That's the courtesy
for mountain driving.-'': y
Worth Remembering
A man never by his authority at
tains to virtue and excellence, but
by reason of his virtue and excel
lence be attains to authority and
power. -King Atfred.
Higher Education
"Kissing me spreads germs," Is In
scribed on a patented "health" bib
for babies. We understand the ba
bies take oft the bibs when they en
ter college.
Precursor of Death
By Irish and Scotch folk lore, a
banshee Is a fairy visitant, often
ln the shape of nn old woman,
whose wailing under the window of
a house foretells death.
One of La Grande's Newer Business Blocks
on the north side of Washin gton avenue near Fourth street.
left are now occupied by the Montgomery Ward store.
FINANCIAL SURVEY
BY NATIONAL CITY
BANK, NEW YORK
(Continued from Page Four)
of tho second and third grade Issues,
tne explanation is tne persistent
liquidation, by "holders -who havo
lost confidence in the ability of the
1 obligator corporations to maintain
payments, or who have become
7r n Th. irl
otner PePle were selling. There are
many issues, amply protected by un
derlying liens on valuable property,
which are selling below any price to
which they would likely bo scaled
down ln receivership. In the pres-
". "'
gj "8 ? ''tS
than the panicky fear that prices
may go lower.
.New bond issues have continued
negligible in amount. Only one cor
porate Issue, of 91.000,000 public
utility Donas, was oiicrea last mpntn
through tho 27th, while state and
m11,'?intll .7nnnnonn
municipal Issues totaled 970.000,000.
U. S. Government Financing
New offerings of short term se
curities by the treasury have con
tinued heavy but have been oversub
scribed and sold at artificially low
rates because of tho surplus of bank
ing funds in New York and the othT
er money centers brought about by
the aggressive open market policy
of the federal reserve banks.
Tim avlramn rilnngrltu hahirnnn
yields of 6 per cent and upwards for
corporation bonds of good standing
and the sale of treasury bills , at the
low record of 0.20 per cent is a strik
ing characteristic of the times, il
lustrating the lack of confidence in
the bond market on the ono hand,
and on the other the abundance of
funds available for risk less short
term employment, regardless of the
Interest rate.
Although part of the treasury of
ferings are for the refunding of ma
turing obligations and therefore rep
resent no demand for new capital,
the larger portion is not thus offset,
as may be seen from tho following
summary of security offerings for the
first five months or 1932 and of
fixed maturities during the same pe-
rlod, the balance representing new
capital:
U. 8. Treasury offerings and
Maturities
(In millions of dollars)
Month Total Maturing
1932 Offerings Iskiich
January 9 101 $ 103
February 587 271
Mhrch 1227 826
April) 203 . 101
MJiy 695 215
Total $2813 $1516
It will be seen that tho borrowings
by tho government since the begin
ning of 1932, represented by thirteen
issues -of treasury bills, six of treas
ury certificates and ono of notes,
making twenty Ibsucs totaling $2,813,
000,000, the sum of $1,516,000,000 was
applied to the refunding of matur
ing Issues while $1,297,000,000, or
nearly one-half, constituted an in
crease ln Indebtedness. This in
crease nearly offsets the drop in oth
er public offerings from $1,071,000,000
ln 1931 to $561,000,000 this year.
It is an Interesting speculation,
though an idle one, what the ef
fect upon business would have been
If these funds had remained avail
able for Industry and if confidence
had been upheld by a balanced bud
get. Surely .the situation today
would be a very different one, and
HEADQUARTERS
GENERAL ELECTRIC HOME
APPLIANCES
GAS STOVES
LEONARD ELECTRIC
REFRIGERATORS
WAXGL0-ETTE
PLUMBING
FRED
1105-1107 WASHINGTON AVE.
Phone Montgomery Ward
far less troublesome.
World Trade lit the Depression
' Current figures of the foreign trade
of the principal countries show In
impressive manner the severity of the
decllno In world trade that has oc
curred since 1929, and the signifi
cant changes in the trade positions
of different countries that have been
caused by shifts In capital move
ments, currency depreciation, tariffs
and other obstructions, and similar
influences characteristic of the pres
ent disordered state of affairs. Tho
accompanying table gives the com-,
blned trade of 23 countries for the
nrsc quarter or in is year (lor, iour in restricting imports, since import
months where available) with com- ora can obtain means of payment only
parlsons going back to 1929, and also from the government or central bank.
lor tno past three calendar years.
e'e e' J? "J8 "J0,
. . L . , in
their current trade Is only 40 per
cent or tno iyyy ngure, and the low-
cst ln 20 yenrs or "
Foreign Trade or 23 Countries
(In millions of dollars)
First Quarter Kx ports lmimrts
1932 , 3135 3642
1931 4682 5364
1930 6671 i 7558
1929 7709 8588
Pour months for 8 countries.
Calendar Year (26 countries)
1931 14,007 .16,633
1930 ... 20,845 23,045
1929 26,603 28,856
The decline in trade has been a
cumulative one, operating ln the
manner of a vicious circle, and no !
country is exempt. Difficulties were J
experienced earliest and most acute
ly by the raw material producing
countries, notably ln South America
and Australia. Their exports wero
reduced, loans to them ceased, cor
respondingly reducing the amount of
foreign exchange available to them
for purchasing and for making pay
ments abroad on their indebtedness.
There followed ln sequence exports
qf gold, sharp dccllneB ln the ex
change value of currencies, and in
some cases default on their interna
tional obligations.
For these countries there has been
but ono way out. Whatever tho de
cline in tho valuo of their exports,
they have had to reduce their im
ports more, in the effort to bring
their international payments Into
balance. Since their imports are tho
exports of other countries, the vicious
circle was thus set going.
Effects of "Confidence Crisis"
In the early part of tho depres
sion Inter-European trade was af
fected less than any other, but tho
worst blow to world trade was to
come from Europe. This was the
"confidence crisis," which originated
ln Central Europe ono year ago. The
sudden flight of short term capital,
when alarm as to Its safety spread
over the world beginning with tho
Credit Anstalt difficulties, required
overnight payments for beyond the
capacity of normal trade balances to
make, set in motion the events .which
have done tho most to reduce trade
to the present chaotic condition.
Tho gold and foreign exchange avail
ablo for making the payments wos,hl h lmortB nre necessary to give
quickly reduced to the minimum Gcrmftn the materials to manufac
needed as currency reserve, and turo forexporti nnU nor offorts mU
thereafter tho necessary exchange ,.rri ' mt .i.,.-..
could bo obtained only out of an
export trado balance. Hence the
forced curtailment of Imports and
effort to mnintaln exports at all
costs. In part tho process has been
an automatic one, since tho loss of
bank reserves exerted deflationary ef
fects on commodity prices and val
ues of all kinds, making the country
a cheaper market to buy in but a
poorer on to sell to. Tho process
has been hastened by governmental
policies limiting Imports or giving
Inducement to export.
This was the sequence of events
in Germany and tho other Central
European countries. Finally Great
Britain was involved, the depreciation
of sterling affording a temporary
stimulus to exports and an obstacle
to Imports, to which tho protective
tariff policy Is added.
Accompanying all these develop
ments has been a mounting tide of
FOR
and PLATES
FLOOR WAXER
AND HEATING
SPAETH
The quarters at the extreme
trade restrictions. First against pres
sure to sell German goods and then
against British goods drastic tariff
measures were Instituted. Various
countries have established quota sys
tems, limiting Imports by volume
or value to specified quantities from
specified countries. The license sys-
tom is much the same in effect, be
ing a substitute for fixed quotas.
Embargoes are not unknown, Con
trol of foreign exchange 1b a transi
tional measure adopted of necessity
by innny countries to prevent flight
of capital and to preserve the value
of thoir currency, and acts effectively
Chances In Trade liahuices
Tho following tablo brings out tho
untwius hi uiu uimw uuiuiiuus oi tno
nations, tho causes of which havo
boon given ln the foregoing discus
sion. The seventeen debtor countries
ln tho table converted an excess of
imports of $117,000,000 ln 1030 into
an export excess of $765,000,000 ln
1031, and thus far this year havo
had an export balance of 9148.000.000
compared with $6TjOCK,0OO ir. the
same period ast year.
Excess of Exports () or Imports ( )
(In millions of dollars)
Creditor Countries Full Year
11)20 lf30 1031
United States.... 842 782 334
Un. Kingdom .... 1879 1888 1828
France 322 373 401
Netherlands
Switzerland
Belgium ...
Sweden
Denmark .
p..
. ..300 281 233
.j 116 lfil 174
,. 102 120 16
.. 82880
22 16 33
Total
,..1897 2083 2401
Debtor Countries
(Industrial St Semi-Industrial)
Germany . 174 223 591
japan
Italy
Czechoslovakia
Austria ,
Poland
Canada ;
Norway
Total
30 38 42 ;
.. 339 276 83
16 63 41
.. 162 120 120
.. 34 19 47
.. 117 122 27
.. 8G 102 99
. 016 362 308
120
Debtor Countries
(Primary Producers)
.. 88 103 77
... 40 69 . 101
.. 82 8 27
... loo 101 165
.. 204 264 109
.. 150 168 90
... 00 91 87
100 41 120
4 16 6
. 481 246 467
Brazil
Chile
China
British India
D.
an Afrif-n. " "
Au'strnIlft
Hungary
Total
f Includes gold.
Germany converted an inport bal
anco ln 1929 Into an export balance
of $501,000,000 In 1031 not includ
ing $100,000,000 reparations paid in
kind, and for four months took rank
over the United States as tho lead
ing exporter in tho world. Tho gain
was too great to last, since relatively
I petltlon from Qrent Brltot ii, and have
i t nvr,rr.nrn tj,-itf innrnauna nnri
had to overcome tariff Increases and
other obstructions placed tn her way.
Therefore her export balance during
tho first four months of this year
was less than ono year ago.
Other countries which havo con
verted import balances into export
surpluses aro Argentina and Australia,
wlille Import balances have been
nearly wiped out or greatly reduced
by Canada, Italy and Belgium
Particular Interest attnclicn to tho
figures for Orcnt Britain. Her 1m-
o Av-TT-wrrn
frQUALITY - - SERVICE
ARTISTIC '
wARRAN GEMENTSS
For Every Occasion
FLOWERS TELEGRAPHED
TO ALL PARTS OF THE WORLD
THROUGH OUR F. T. D. SERVICE
Phone Main 11
port merchandise balance beforo the
war averaged about 9800,000,000 an
nually, and In recent years has ex
ceeded $1,800,000,000. As the event
has shown, the balance was too high
for her to meet continuously. With
sterling depreciated and tho pro
tective tariff In force her Import bal
ance already has been reduced, and
for the first four months this year
totaled 9360.000,000 compared with
9586,000,000 In the samo period of
1930.
Significance of the Figures
What Is the significance of these
figures? Clearly the changes In the
trade balances of the debtor coun
tries have been Inevitable-. With
uuuniriLtj, Utf wiin uiutviuuttis, tuuiu
is no other way to econonUo rehabil
itation after a period of excess than
that of self-denial and Intensified
effort, leading back over a difficult
road to balanced exchanges once
more. Until payments are balanced
the trade restrictions enforced by
these countries are not likely to be
lightened, and there can bo no re
sumption or International credit op
erations, which more than any other
agency would be heluful to recov
ery. Hence there is encouragement
in tho progress made toward n bettor
balance of merchandise trado, usual
ly tho largest item In the total bal
ance of payments.
However, the countries which havo
m,ado progress aro not prospering.,
and tho effects of the situation on
the whole are very unfavorable. Ob
viously It is impossible for every
country to "Improve" its trade bal
ance, and to the extent that some
countries succeed in doing this oth
ers are forced to adjust themsolves
to smaller "favorablo" balances or
larger "unfavorable" balances, as the
case may be. The creditor nations,
which ultimately receive tho pay
ments made, are the ones affected.
The tablo shows that the export bai
anco of tho United States has dwin
died steadily, and the import balance
of France Increased until "quotas"
wero put upon Imports, which havo
reduced the Import excess this year
as compared with previous yoars.
Tho effort of tho debtor countries
to export results in dumping on for
eign markets, which has been do
struct I ve to price and has tended to
further disorganize trade, and de
feats the purpose of the exporter to
obtain mora foreign exchange. A re
cent increase in volume occurred, but
Er SSZSE nuTtuu
for example, pointed out with
I spect to Bulgaria that although ton
exports tn 1030 increased 80 per cent
ln volumo, they docllned 3 per cent
in valuo. In 1931 a further 40 per
cent Increase ln valumo occurred, but
valuo declined 4 per cent moro. The
figures are similar elsewhere, and
for Argentina tho "Review of tho
Ulver Plato" characterizes the situ
ation as a liquidation "dangerously
unfair and murderously disadvan
tageous to tho country."
Nor is the reduction ln Imports to
tho minimum of subsistence require
ments, which alone has made possible
"Improvement" of trade bolances In
tho faco of declining export values,
any more a natural or healthy one.
People aro being forced to go with
out not only luxuries but ln many
cases necessities. Evidence or social
unrest In many countries which have
cut imports most drastically Is proof i
of tho discontent of the peoplo un- j
dcr deprivation, I
Undoubtedly tho pressuro on com-'
modlty prices has arisen ln groat ex-
tent from tho effort of alt countries i
to sell moro and buy less on the in- i
ternatlonal markets, j
The Danuhlaii Situation j
Tho most critical situation created !
by disruption of trade Is the Danub- i
lan situation. The old Austro-Hun-
garian empire, although racially a
patcnworic, was economically a oai-
anced state existing uoon a d Ivors!- -
fled production and mutually ad-'
vantogeouB oxchango of products. Tho!
parts or tho empiro that aro now in
Hungary, Rumania and Jugoslavia
wero predominantly agricultural and
Austria and the present Cswchoslo
vokla were the manufacturing sec
tions. Each Bectlon produced what
It was best fitted for and each com
plemented the othor, all exchanging
to the profit of all.
Tho orection of now political boun
daries In this area of courso did not
alter tho soil, climate, location of
materials, abilttios and training of
tho peoplo or the other factors which
had determined what each section
could economically produce, but the
policies of the new governments havo
been In tho direction of self-sufficiency
and aimed at overcoming such
factors rather than deriving benefit
from them. The fact that tho exist
ing Industrial plant was sufficient for
Ltho supply of tho agricultural coun
tries was ignored uy tuuiiif uuuiiuki: ,
the plant was now within another.;
political boundary: and tho farming 1
countries set out to build factories
and the factory countries to stlmu- j
lato farming. Before tho separation
Hungary milled wheat for tho em-1
plrc, but the other states set about
building mills to bo rid or depend- I
ence on Hungary. Hungary doubled
Its spinning and weaving plant In j
order to buy less from Czechoslovakia. I
AuHtrla, an Industrial country now j
bereft of Its market, has tried through 1
subsidies to build up agriculture In I
the unsuitable Alpine regions, ino
agricultural states, with conditions
unfavorable to industry, maux-quaio
Unnaport fncllltleH, unci Bklllfil Inbor
IncKlnK, "avo ucen Duiramg incinnca.
La Grande, Ore.
nnfiienlli nmulrlltir hlnli tariff tn'
kocp them going. According to tho I
international chamber of commerce
the tariffs of the Damiblan countries
ono year ago avemged nearly doublo
tnoso or most ox me western, euro-
pean countries. 'April wero alotted only 1 per cent'
In all this there was Insufficient ' the foreign exchange for which;
consideration of tho matter which is they applied. The Austrian govern
responslblo for much of tho present ment N published a list of about
difficulty, namely, the wasteful cost "y items whoso importation will
of tho duplication of factories, agri-, require the special permission, of the
cultural activity and banking in tho government. These items are no
region where the old state ox anairs
waa working very well. It 1b Hid .
that plants had to be abandoned and I
the Investment In them lost while
similar plants were built only a few
miles away, but across a new border.
Of courso this duplication could not
support itself and tho local Indus-
tries with few exceptions had not do-
veloped real strength when the do-
presslon began. Nor had any coun-
try approached in measurablo do-
gree its goal of self-sufficiency, or
even altered the broad character of
its trado. Vhe farm, countries con-
tinuo to export farm products and
lnwort manufactures, and vlco versa,
Trado still dovetails, but with tho,M B"on aro endeavoring to assist.
great dlfferenco that all trade is ro
strlcted and hampered,- tho cost of
living Is raised and tho standards of
living a ro lo wored . Moreover, a
smaller percentage of thoir trado Is
with each other, and more with oth
er countries, an uneconomical condi
tion. For these countries the problem of
making payments on indebtedness
due abroad has been extremely dif
ficult. As tho other debtor coun
tries to which wo referred have dono,
they have sharply reduced unfavor
able balances of trade by restriction
of imports, but total trado is now
bo en mil in rotation to their debt that
thoir difficulties aro acuto. Thus
Hungary, already under a moratorl-1
um, witn dent servico oi approxi
mately 950.000,000 annually had to
tal exports of only about 9100,000,000
in 1031 and an export trado balance
of only about 95,000,000.
Trouble! AgKrtvatcd by Trade
Obstructions
The following extract from a re
port to tho department of commerce
concerning Hungary shows how other
difficulties have been aggravated by
the trade restrictions:
"All of Hungary's principal foreign
markets are restricting imports oi ag-
rleulturnl products, especially ivo
ro-... whi. .irlmr th luBt ,W(
stock, which during tho last two
years has been Hungary's most prof
itable class of exports, Tho outlook
for livestock exports is very discour
aging. Austria, Italy and Switzer
land, Hungary's three most Important
mnrkots for cattle, aro curtailing Im
ports further through reduction of
quotas. Hog exports are suffering,
owing to tho riBo of hog prices in j
Hungary occasioned by tho failure of
the corn crop and the necessity of
importing fecdstuffs. Sheep exports!
wero recently menaced by Swiss vet
erinary measures, and by tho estab
lishment of a quota by Franco limit
ing Hungarian slaughtered shcop to
only 24,000 head and live sheep to a
0 ZfV.
t. ' ' Across From Pcnney's ;
2 Hills' Service Sta., Hemlock. & Adams
Restaurant and Confectionery
Open 5 A. M. to 1 A. M.
Lunches 20c - 30c 45c
Dinners 35c - 45c - 75c
FULL A LA CARTE
AT ALL nouns
EXTRA
COPIES
of the
CONFIDENCE EDITION
May Be Secured at the
Observer Office
Wrapped Ready for Mailing
20c PER COPY
Copies May Also Be Secured
Prom Your Local News Dealer
Send Copies to Your Friends
VACO amnll numHaw fni tQHl
Restriction of Imports by Austria
has fallen with great effect upon;
othor countries.. According to tho.
Vienna correspondent of the London
suites, importers oi Austria during
; "4W'v,ta
"0. calves, pigs, butter and lard?
cotton fabrics, and chemicals. ManM
tcBtly t" restrictions lead to low;
r "vlng standards in Austria, and
"ftct elsewhere. The Budapest corA
respondent of the London Economist
states that this decree has caused-
consternation in Hungary, that a nev,
1uota treaty with Austria will b
necessary and there is little doubt:
that t will result in a further Strang
Buiatlo f trade.
further Illustrations could be emi
PoyX. but the nature of the s Uua4
tlon Is well understood. The West
ern European powers and the League;
( Con tinned on Page Six)
-3
Depressions
Don't Alter My
Confidence
in Me or
La Grande
Everybody's future Is wreck
cd when hopo is gone
1 am confident In Li
Grando'c capacity to groiy,
and I am confident ln my
own ability to plcaso cusf
tomura with good craftsc
mansnip good material
a reasonable price.
Wholesaler, for
Lilly Cups
Lilly Soda Straws
Lilly Food Dishes
Ml of these goods bought .
from mo at the same price
Portland wholesalers and
distributors charge.
Nelson
THK I'ltlNTKK
Opposite Postofflce
Cold and '
Deliriously Good
ft 'ROOT BEER
HAMBURGERS
THAT MELT IN
YOUR MOUTH
A and R
ROOT BEER STANDS
Main 586
Is Next Door To Us
.)