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About The Oregon statesman. (Salem, Or.) 1916-1980 | View Entire Issue (Aug. 4, 1929)
i - Name of World Money Cap ital Coveted by Peo V ' pie of City ' , ' "tey Edward Stanley CHICAGO (AP) Aside from those who merely live here, Chi cagoans envy New Yorkers only two things Broadway and Wail Street. Not much can be done about Broadway. It is admitted, with appropriate tears, but if the tide--of finance can be turned west ward. Chicago means to do it. - Tht"rltv now has the world's largest commodity market in the t board of trade; an acuie aioca j exchange; a lnsty curb, only ear old and already Klib LaSalle street's slang: a bustling produce .exchange, and a cotton exchange fire years oia, ranging imm the nation. With these as a supporting cast the board of trade will go into the dance with its new securities market early this fall, Chicago financiers find many reason for their optimism. '- First in importance is the fact 'that the board of trade, is compe--tent to handle huge orders. One JuIt day's business In wheat total ed $25.000,e00. and that in three and three-quarter hours. Then there is the enormous - scope and prestige of the board of trade, built up in its 81 years of activity. Its prlrate wire system, claims the board of trade, is the largest in existence, threading through all the rich middle west, the cotton belt.Uhe west. east. New England and parts of Canada. It taps 636 cities. 226 exclusively. - The board of trade has 1.686 members, the largest group of speculative traders In the world. One hundred and fourteen of these firms bare partner members on the New York stock evebange. ; UatH recently the Chicago mar. ket - has been hobbled by a state law holding the rate on call mon ey to a maximum of 11 per cent. Despite this randciap. the city has risen to third place as a money center and the last legislature re stored the statute as applied to loans above $6,000. Samue! P. Arnot. president of the board of trade, points out tbat'whlle the new law increases , Chicago's power, it also "protects the so-called small investor whose borrpwir.Kf are infrequently as high, as 15.000." The stock exchange, with 235 members, was founded in 1882. It has 500 listed securities and deals daily In about 300. : Tae curb, founded a year ago, -rather as a kindergarten5?for board of trade members, has 200 members. The most recent seat . sold' brought 88,000. Known as the Vpoor man's market" because its dealing units are blocks of 50, the 'curb handled 4.440 shares ' Its first week of life, and now ' about 70,000 weekly. -Trading o the new market will be from 10 a. m. to 3 p. m.. mak ing Chicago the final market in the world. ITALY SEEKS TBflDE- ROME fAP) Italian indus trialists are seeking to form a coordinated plan for a more ex pensive commercial penetration of South America. The balance "of trade already is strorgly in favor of Italy, but the commercial leaders here believe that bsCiore unified effort .aided by large Italian colonies In South America, they can introduce Ital ian products much more speedily than heretofore. Prof. Caetano Li bra no, jpert on Italo-American business rela. tions. has formulated a compre hensive plan that i receiving much consideration from indus trial organisations. His project Includes a numbfr qf point and embraces work both " in South America and in Italy. He asks for the establishment. In each capital of Latin-American republics, of an Italian chamber of commerce, with branches in the important centers of the re spective countries. Each cham ber, he says, should maintain a permanent exhibit of Italian pro ducts.. He demands of Italian manu. facturers a greater efficiency in methods of production, resulting in finer accuracy of their pro ducts In the lines of internation al measurements. His third idea is to create in Italy a large display and selling house solely for Latin . American products. Fourth, requires closer co ordination of the Italian merch ant marine trading with South America. Fifth, he asks for the creation of an Italo-Latin.AmerWn bank It every capital from Mexico to the Antilles, Sixth, he calls for the institu tion of a government bureau de signed solely to aid trade between Italy and the southern half of the we-rtern hemisphere. "In spite or tht great superior ity of the United States, England. Germany end , other countries." says Professor Libranor "Italian merchants have a considerable oport unity in Latin America. .But our industries and our commer cial sense must be oriented so as to conform to Latin-American re - Qulrements." " Flower beds should never be spaded during the growing sea son. This method is harmful to the roots of the plants. . Never water blooming plants when the sun is shining upon them. The plants are apt to wilt and the. brightness of the bloom aad foliage will be destroyed. Tbe - blooms should not receive any wa ter If the beauty of the bloom is to be preserved. III S in New Willys-Overland - .r ve .i r, J . . -jM&sA . . - fx-- : - i -XT Unwood A. Miller, who succeeds Jobs N". Willys as prealdent of tbe AVillys-Oerland Coranany, Toledo. Ohio. Mr. Willys bow be come chairman of too board. Mr. Miller for the. part four yean ha bern first vice-president of the company and during that time main talned a close personal contact vith Mr. Willys. Ho Is especially well equipped for the higher responsibilities having keen an executive of the company for the past 15 years. He Is recocnized a an official of force, experience and foresight. Hi approachabiHty and fairness have made him extremely popular In Toledo and in the field, and. his choice to strongly welcomed thronghont the organization. Indians Sound Ancient GALLUP, N. M. (AP) ThsO religious urte of a primitive peo- ixation. pie. prayer finding expression in dancing chants to the Great Spir it, again is calling the Indian tribes of the great southwest. The annual summons has gone out for the southwestern inter-tribal Indian ceremonial here August 28-30, with the best known med icine men, athletes, dancers and singers of 22 tribes summoned from New Mesico, Arizona, Col orado and Utah. In many respects the Gallup ceremonial is the most extraordin ary spectacle on the JSTorth Amer ican continent. ' Not a rodeo or gaudy nally hoo, the inter-tribal festival la an impressive and plausible e? sion of a life anl' religion bound up with nature and natural pre nomena the presentation of awe isspiring rituals of a barbarls and pagan, yet artistic, race,-i. Of tbe scores of Jndian tribes in the United States those "of the outhwest probably are' the leasi affected by the inroads of civil- Western motorists continue to purchase increasingly large numbers of Durant Sixes and Fours. Durant broke all sales records during the first six months of last year. This year Durant sales are 49 per cent greater than thoseof last year in the state of OREGON! During this same period, Durant gained 54 per cent in California, gained 28 per cent in Washington, gained, 28 per cent in Ar ona, gained 21 per cent in Utah, and gain ed 3 per cent in Idaho, a. a a a. - ' .... . .-,'IP. i' Salem 435 N. Coml St H. E. SHADE yro-ae ? ' - BMSSBMBSlSMSSBMBMBSSSSaSaMM Call for . Ritual of Tribe The annal ceremonial shows the beBt of the centuries old games, arts and handicraft of the tribes and the most honored of the traditional and deeply re ligious dances, songs and rituals. The southwestern Indian does not pray by verbal communication with his God, but petitions and praises are rendered by intricate dances that involve much physical sacrifice and solemn ceremony. Every detail of the Indian life, every venture upon which he em barks, every pnenomenon of na ture every change of season, the change from day to night, the ap pearance of the sun, of a storm, is attended by a chant or dance. , There are a few of the Indian religious ceremonies that .are re tained exclusively for the reserva tions, but the great majority of tribal celebrations are shown be fore the white man here. It has been only in recent years that the southwestern Indians have let whites see their ceremonies. Automobile Co C J. TAYLOR raciijs euue ra ID SVSTEM Up-to-date Highways Being Constructed in Old Az tec Sections By ALLEN QU1XN (Associated Press Automobile Editor) WASHINGTON. (AP) Aroused from 300 years of apathy toward roads, Mexico now is em ploying modern American meth ods and American experience to build an up-to-date hig"hway sys tem. Since the road building projects of the Spaniards ceased in ancient Mexico, little thought 'had been given to highway construction un til 1925. In that year a national highway commission was formed and a program laid out with aid from engineers with much experi ence in road building in the Unit ed States. That program has been expand ed and the nlans for the six years. 1929-1934, call for expenditure of $39,564,000. In addition, each of the 30 state governments has its separate road program, linking up with the national system. . .Most Important, or the tnrouga routes being built 1s the Mexican section of the Pan-American mgn way to link North and South America. The northern section of the route, from Laredo to Mexico City, will be completed late tnis year or early in 1930. according to Octa vio Dubois, president of the Mex ican National highway commis sion. It already Is carrying an in flux f American tourists as far south at Monterey. "Southward from Mexico City the highway has been completed as fir as Puebla. and great progress has been made from" there to ward Oaxaea and the Guatemalan border. Charles M. TJpham, secretary- direetor of the American Road Builders association, spent several months in Mexico as consulting snrinMr to the Mexican highway commission. Only the newest and best methods of road building are being employed, he said. On the through route and on manr of the hard surfaced branches, the tourist will be led through a land of romance, with many contrasts of the modern and ancient. The catacombs of Guana Juato. the pyramids of the' Attecs, the temples of the Toltecs and the hanging gardens of the Tncas will be opened to sightseeing tourists as the road program advances. With C2.600 automobiles regis tered on January 1, Mexico leads the nations of the world in the number of motor cars per mile of road. English hotel men aud tourist agencies aver that the family roan and not the bachelor are the best spenders among American tour ists. Seventeen printing establish ments 'are kept busy supplying the 1.000,000.000 tickets used by the German federal railway vear. ly. ..4 D U R ANT FOUR -FORTY re 595 SIX-SIXTY .a r ess SIX SIXTY-SIX SA I t 'ml au r ii m w. . a. Telephone 97 H. J. WOOLEY i si LOOK Before You Back ! 1 , m More than one father has killed his own child ss a result of back ing his automobile out of the ga rage without flrst making sure that the path was dear, reports the Na tional Safety Oonneil, which urges mo tor) Ms to exercise nnosual care when starting out for a ride. Re member, the child who may have DETROIT, ifith.. Aug. I. Sho wing- the company in the strongest poslUon it ever has known, Hudson Motor Car Co. made publie today a condensed comparative balance sheet which discloses the progress made in the first six months of. 1929. From Dec. 31, 1921 to June 29. 1929, the date of comparison, the statement shows that cash, gov ernment securities, sight drafts : 7 f o .stnnrimtles - - swfc. mm m A TIRE FOR EVERY CAR HUDSON EARNINGS ARE GOOD INCREASE Wear-wel Western Giant Western Giant Cf7P Bno . Muted Xtm Ctr- Klb-Tread TVmctloti levses-itBe ijto-ua i.mo-miu 29x4.40 (4.40-21) . $ &28 $ 5.96 ' $ 6.85 20x4.50 (40-21) . , . 6.10 6.95 7.95 29x4.75 (4.75-20) ... 65 &30 8.95 30x5.00 (5.00-20) ... 7.65 &95 1025 31x5.00(5.00-21).,.. 7.85 935 10.65 30x525(55-20)... - .80 1025 11.80 31x525 (525-21) . . . a95 1055 11.95 30x50 (fits 30x&77) HU5 1Z65 32x6.00 (6.0020) . 11.80 13.75 15.60 33x6.00(6.00-21)... 11.95 135 15.95 32x6.50 (fit 32x620) . 17.80 33x6.75(6.75-21)... ..... ..... 2125 Wearell Western Gkat Western Giant SIZE -Wll l-iuie Track Ttm 30x3 CL Regular. . $165 T&35 30x3V, CL Oversize.. 4J9S 55 $ 8.90 30x3 SS Oversize. . ...... 6.95 31x4 SS Oversize.. 7.95 925 32x4 SS Oversize. . 825 9.85 13.85 33x4 SS Oversize. . &95 10.45 32x4 SS Oversize. . , 13.65 17.90 33x4 SS Oversize. . ..... 13.95 18.75 30x5 SS Oversize. . ..... 21.85 33x5 SS Oversize 19.45 23.65 THIS LIBERAL GUARANTEE Meant Satisfaction for You Besldea ear liberal lOnlnram Mtleas Guarantee, every "Western Auto" tire is guaranteed to rive absolute satis faction for the life of tbe tire. This Is upheld by prompt, smiling service at all our stores, and- by oar popular as Always it been, In the house when you left doesn't take more than a few sec onds to run outside, perhaps to bid you farewell or beg' for a ride. Bear In mind, when backing, that your best bet Is not only to blow your horn but also to look out to see if anyone Is In the way ere proceeding. and receivables rose from $25. 021,685 to S40.988.104. Surplus increased from 35,611,tt4 to $42,143,318 and aotal assets from $68,238,084 to $81.427,093. .Earnings for the first six months o fthis year showed $6.65 per share against $5.77 per thare in 1928. This statement follows the earnings report for tbe first six months of 1929 which was pub. llshed late this week and which established a new high record for first half results. The compara tive balance sheet now released reflects not only this highly act ive business but also the com pany's law inventories' and gener. ally liquid condition. o 11- 1 FOR EVERY USE FOR EVERY liore tban 150 Stores in HbcXrtst- SALEM STORE: 201 N. Commercial TeL 796 .roucy. SUPPLY STORES fiRE IJJ GREAT MEHGER Western Auto Firm of Kan sas City Features In Big Deal NEW YORK. AUg. 3. Negotia tions for the merger of the West ern Auto Supply company of Kan sas City and the Western Auto Supply agency of Los Angeles and the Western Auto Parts comranj have been completed and terms have been agreed on. Western Auto Supply company. a new Delaware corporation, has. been formed to exebarpe its chares for all or a substantial part of the outstanding common t-tocks of Western Auto Supply agency of Los Angeles. Western Auto Parts company and all or a substantial part of the Class A common stock and Class B com mon stock of Western Auto Sup ply company ol Kansas City. One and one-tifth shares of common stock of the new com pany will be issued for ea.-h com mon share of Western Auto Sup ply agency and Western Auto Parts company. Four and one half common shares of the new company will be issued for each share of Class A or Class B fom T.OD stock of tbe Western Auto Supply company -of Kansas City. CHRYSLER flFITS AT RECORD LEVEL Added Sales in Low Price Field Found Great Assistance NEW YORK, Aug. 3. Earn ings of the .Chrysler Corporation in the first six months of 1929 es tablished a sew high record of $18,095,239. This compares with $11,690,- "Western Auto" tire quality. . . in-built extra mileage . . . depend ability , . is the result of years of experience in providing west ern car owners with better tires. Tremendous sales through our own more than 150 stores, and our One Low Profit" selling pol icy, keep our prices on High Quality "Western Auto" tires down as low as ordinary tires. AND Our TRADE-In Allowance on your old tires makes our low prices even lower! Thafs why your tire dollars go farther in "Western Auto" tires. The safety of your investment Is assured by the Iron-Ctadr Guarantee of Satisfaction "150Store Service" and the Cus tomer Is Always Right policy of the world's largest retailers of motoring necessities. z O 3 PURSE T-4 i ve aie repeating ( OUR OFFER rf" mill each purchase of Two weeks so we made our first FREE Tire . Cover effer. 80 srly did cM-ewww W. pond that we r naWnc the s&aae ffee.tnls week . . . one cover FREE with eh purchase f two Western Giant Saltans ... I Remember, theee overs are made of the wen known Taunton Twin, heavily backed and wa terproofed. Tne black glased finish la enriched toy emboesed ribbed squares. There are no snaps or buttons . . . Just slip the corer oree the tire, and the strong: elastic Inner seam holds It tlht and anus. Upon each cover, attrac tively lettered, are the words, -western Giant Tires." Thia offer is for a limited period only.- AA for low prices ob sixes tot shown 6- & 47 1 In the corresponding period last year. The per share net lni come in the half year period this year was $4.06 on 4,452,60 shares of capital stock outstand ing, as compared with $3.98 on; 2,704,35$ shares a year ago. On, the present number of shares, the income of the first half of 1928 would have been $2.62. , , Net profits in the second quars compared with $8,838,173 for the preceding quarter and with $6. 9S8.013 in the second Quarter of last year. Net sales of the corporatioa this year showed a tremendous' gain over the first half of 1928,' the total being $227,968,786, a against $94,953,734. j ne nei taamon io surplus ion i the first six months of 1929 was $11,447,254 as compared with,' net addition of $6,573,810 for the first six months of 1928. Dividend charges for the first half were $6 - 64", 9S5 this accounting to only 34 per cent of the net earnings for the period. The total dividend requirement, for the entire year at the present rate was earned in the first half, with one-third to spare. The balance kheet discloses a market increase in jiet current as sets, which show $86,707,854 as of June 30. 1929. compared with ?:$.407,65 at March 31,1929, and $45,784,632 a year ago. The ratio of current assets to current liabilities at the half-year mark was 4.5 to 1. Cash and marketable securities were on hand to the amount of $51,67S.S94, this total exceeding the entire current liabilities . ly more than $23,000,000. DO! Keep the porch and window boxes well watered. Especially if the boxes are in the sunlight they will need considerable water. A heavy watering once in a while is better than asprinkling often. Loosen the soil in the boita after the soil has become dry enough to cultivate. A loose to l will .give the roots a chance to reach down for moislure. Norfolk, Va., is placing fishing platforms on bridges for ths ben. efit of anglers. Beach pajamas are extremely popular on Chicago's lake shore. XT . Ii 30x3VS $398 29x4.40 $4Z olwsMk fM SMtei Mt Bklha