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