THE HEPPNER HERALD, HEPPNER, OREGON
Tuesday, March 18, 1924
Page Two
THE HEPPNER HERALD
AN INDEPENDENT NEWSPAPER
S. A. PATTISON, Editor and Publisher
Entered at the Beppner, Oregon, Postoff ice as second-class Matter
TOO MUCH CREDIT
In 1919 a Wallowa county banker was approached by a
big sheep man who also owned a large, acreage of wheat.
"If you will lend me $10,000 I, can put out a big flock of
sheep, said the fanner to the banker.
"Take $20,000 and put out two flocks," said the banker,
and the farmer borrowed the $20,000. The interest rate
was low, for the banker arranged to get the; m,oney for the
farmer by taking a mortgage on his wheat land and put
ting the loan through the Federal Farm Loan Bank. Some
m,ore thousands, owing to the banker by the farmer, were
included in the mortgage, and the banker1 and the farmer
were both happy.
That same fall, wheat was selling at $2.20 a bushel. The
farmer had 20,000 bushels. With his affairs in such good
shape and with plenty ofl ready cash, he was in no hurry
to sell. But he decided to sell anyhow. The day he came
in town to sell, the market had dropped to $2.17, so he
thought he would wait a few days. - The next day it had
dropped to $2.15. A few days' later it was $2.10.
This farmer had so much ready cash that he felt inde
pendent of the market and refused to sell at the low price
when by holding he could get a higher price. But the price
kept slowly dropping and that spring it fell in a hurry.
And sheep and wool went down at the same time.
Finally the farmer had to take 98 cents a bushel instead
of $2.20, losing over $20,000 by holding his wheat. His
.vheep and wool did not bring more than two-thirds of the
amount he had borrowed to carry them. Meanwhile he
had borrowed still heavier on the declining market to fi
nance himself for 1920.
The bank had similar optimistic relations with many
other growers in the county, and many other growers were
similarly involved. The bank had to borrow to carry the
growers. The War Finance Corporation came to its res
cue. Some of the growers could not pull through. All
were in trouble if they had followed the bank's optimistic
1919 advice and borrowed. They were in worse trouble
if they had followed the advice of the optimists who ad
vised them to hang onto their wheat.
The bank pulled through. The individual grower whom
we mentioned above .also pulled through. But the bank
had to take heavy losses, and the grower is badly bent.
The foregoing illustration was cited publicly at the Ag
ricultural Economic Conference recently as tvoical of what
had happened all over Oregon.
"We have had too much easy credit," said the speaker,
r.ne of the best wheat men in' the state, "and we blame the
hankers for talking us into such heavy borrowing. What
we want is not more credit, but prices' on a level with what
other industries are enjoying. We are paying two bushels
of wheat for what one bushel would buy before the war.
Our problem is a price problem, not a credit problem."
Oregon Voter.
GILLIAM & BISBEE'S
COLUMN
A car of poultry supplies Just ar
rived. Anything and everything for
the Hen.
Lots of Mill Feed and Dr. Hesse's
Stock Tonic for your Live Stock.
Sheep Dip and Lice Exterminators
and other Remedies for Live Stock
and Poultry. " . - '
I l I I ! ! ! ! t
BOARDMAN I
Mia. Henry Leach, Jr., returned
Saturday to her home In Tillamook.
HerHliel IliniiH and wile were vls
illnK here last week. Mrs. Ilinns
stayed the entire week, Mr. Ilinns
returning to Portland Monday.
The Tioyal Neighbors met at Mrs.
Roota Thursday of last ' week and
Mrs. Royal Hands served dainty re
freshments. Mr. and Mrs. Puttee were here
last week from Condon, to visit their
on, who, has been ill with the meas
les. Mrs. K. F. Andre returned Wed
nesday to her home1 in Portland, fol
lowing a week's visit with her Bon,
W. 11. Gllbreth.
Harry Warren was a business vis
itor in Portland Inst week.
F. F. Klitz and son Noel were in
Hermlston Wednesday.
Mr. and Mrs. Heck were over from
Illckleton, Wash., to spend a Tew
days with relntlvo.
Mr. and Mrs. porter nnd son re
lumed to Portland Monday.
Mr. and Mrs. J. C. llullenger and
lr. and MrB. Messenger and family
motored to Pendleton Monday of
last week.
Last Monday evening a party was
iven for Harold Hire at the home
of KrneBt Ilrown. The occasion was
Ills 17th birthday anniversary. Those
families present were: Shulls, Hay
Urown, Cahoons, Glen llrowns, Mil
lers. (5,ene and Joe Onrger.
"Rip Van Winkle" is the title of
the play to be given at the high
school auditorium next Saturday
JilKht, March 22. Mr. Storey of
1'ortland Is director, with the assis
tance of twelve high school and
grade pupils. Kvwyono come. Don't
forget the date March 22.
Mrs. Sam Shell returned Thursday
from Bend, Oregon, where she had
been called by the death of her son's
wife.
Paul Hatch was in Boardman Sun
day from Baker.
A salesman representing the Fair
hanks Morse Company was here last
week figuring on an electric light
plant for the city.
Traffic Officer Llewellyn from
Pendleton was here Friday and had
.a tourist from California brought he
fore W. A. Goodwin and fined HO
for speeding.
Laurence Beck is drilling a well
for Mr. Dillon thli week.
Mrs. McReynolds riv.urned Sunday
to her home in Pilot Kock after a
week's visit with her daughter, Mrs.
Nale Macoinber.
Lusllle Sinclair, who has been as
tflHtliiK her aunt, Mrs. Sprauge, re
turned to her home in Corbett, Oregon.
t
4
. PROFESSIONAL CARDS 4.
fr
4 ! 4 4 4 4 4 ! ! 4
DR. A. II. JOHNSTON
Physician and Surgeon
Odd Fellows' Building
Office Phone 933
Home Phono 492 Heppner, Ore.
DR. F. E. FARRIOR
DENTIST
ODD Fellows' IJuiJding
Heppner, Oregon
3. E. NOTSON
ATTORNEY-AT-LAW
Office in Court House
HEPPNER, OREGON
WOODSON & SWEEK
ATTORNET8-AT-LAW
Mason lo Building
HEPPNER. OREGON
DR. A. D. McMURDO
PHYSICIAN and SURGEON
Telephone 11!
Office Patterson's Drug Store
HEPPNER, OREGON
DeLUXE ROOMS
Summer Rates
75c & $i.oo
Over Case Furniture Co.
Sara K. Van Vac'or R. R. Butler
Van VACTOR & BUTLER
ATTORN EYS-AT-LAW
8ulte 304 First National Bank Bldg.
THR DALLES. ORfcON.
! WATERS & ANDERSON
I FIRE INSURANCE
Successors to
C. C. Patterson
i::.rr;v!. nr.sco-
Our Spring Stock of Single Trees,
Lead Bars, Wagon Tongues, Coupl
ing Poles, Plow Beams and Handles,
Clevises, etc., just arrived.
Gilliam & Bisbee
Everything In
HARDWARE and IMPLEMENTS
"We have it, will get It or
it is not made."
REAL BARGAINS Spring Tooth
I Harrows, $10 per Bection less than
I present cost. 3-bottom 16-inch gang
plows at $130.00 less than present
cost in Portland. Buy now. Save
money.
47-tf PEOPLES HARDWARE CO.
s RADIO
Concerts
On Your Farm
Free of Charge
Our demonstration
car goes anywhere with
in forty miles of Hepp
ner and will give you
and your neighbors a
fine evening's entertain
ment. ALL LEADING MAKES
Sigsbee Studio
Is now open and prepared to take
first-class Photographs
B. G. SIGSBEE
PHOTOGRAPHER
Located on Main Street Opposite Star Theatre, Heppner
sists,
RSIIIIIIIIBIIIiaBlll iiibiivb nanus
a
A Good Spring Tonic
s ,
When your appetite fails and you tire of ordinary
food, you need a tonic. Nothing' better than
5 a bottle of
f Weinhard's Columbia or Blitz
MAURICE A. FRYE
Everything Electrical
Phone 472
with your evening lunch. Healthful, refreshing,
non-alcoholic.
TAKE A BOTTLE HOME THIS EVENING
Curran & Barr's
PASTIME
The House of Welcome and Good Cheer
Elks' Building
Heppner, Ore.
PAINT-UP TIME
HAVE YOUR
Painting, Papering and Decorating
DONE BY AN EXPERT WORKMAN
I guarantee all my work and my prices are reasonable, either by
the day, hour or Job.
LET ME FIGURE . QN UOR WORK
LEAVE ORDERS AT PEOPLES HARDWARE COMPANY
A. E. HUFF
( BBIBBBBS
Put an
: End to
Guesswork
When you transfer an amount of
money to another person, for any
purpose, you are entitled to a record
of the transaction that is clear on all
points the date, the amount and to
whom. paid.
Keep a reasonable amount to your
credit in a checking account with the
First National Bank. Pay with your
personal check on the Bank. Then
you will be sure at all times. Your
checks will provide an accurate, re
liable record of disbursements.
: First National Bank
Heppner Ore.
n
I uBBUCSBEBCCCEBBCaBEaCIIIIIIIBIIBB
Forehanded
People
Inside of the vault of the bank are located
the individvual Safe Deposit Boxes main
tained for those forehanded people who want
the BEST OF PROTECTION for their
valuables. Bonds, stocks, insurance policies,
mortgages, records, receipts, jewelry, trink
ets, etc-, deserve better protection than they
receive when kept in an office safe, tin box
or hidden away somewhere.
This bank has these Safe Deposit Boxes
for rent at the rate of two dollars a year and
up, according to the size of the box. It offers
you the opportunity to keep your valuables
where it keeps its own. Rent a Safe Deposit
Box today, for the number now vacant is
limited.
Farmers and Stockgrowers
National Bank
HEPPNER, OREGON
You Can See What You are Buying
when you fill your tank from a
Dayton Visible Gasoline Pump
I have just installed one at my Repair
Shop. Let me fill your tank next time.
M R. FELL Chase Street
Drop in to
MCATEE & AIKEN'S
end See their Fine Line of
BOX CANDIES
HOT DRINKS ,d SANDWICHES .!. .dy
to serve!
B
" C W; IN. of Pendleton w-
IT PAYS TO README HERALD7d7