:: six
Tin: a.kttk-timks. hf.itxf.i;. okf.gox. Tiin;sn.Y. pkc. no. rvjo.
L-A-M-D
At a Big Reduction
One year ago lard was selling at
40c. We are now selling
pure lard at
2 ?c Id
In 2, 3, 4, 5 and 10 pound lots.
Everv Bucket Guaranteed
Central Market
McNAMER & SORENSON
Blacksmithing
In all its branches, including Wagon
Work, Horseshoeing and
Repair Work
ALL WORK GUARANTEED
We Give a 5 Percent Discount for Cash
J. B. Calmus
Formerly the Ashbaugh Shop
mm
ISP
best Wishes
May 1921 bring to you a full
measure of
Health, Happiness and
Prosperity
ROY V. WHITEIS
All About Hundred Million Dollar Plan
to Export More U. S. Farm Products
Banker John M'llugh. Father of Mammoth Project Which lias Already Been
Launched, Explains Why It Is Needed and How It Will Be Carried Out.
American Investors Must Support Great Enterprise.
I A New Year's Resolve i
RESOLVE to put aside a
part of your savings at
regular intervals. Be
fore the new year passes you
will be glad you made such a
resolution now.
Small sums put aside regularly
soon grow. And in growing
your savings bring you a teei
ing of independence and pros
perity such as nothing else
could.
And here your savings are
safe. And they will pay inter
est. This is a real message to
you START SAVING NOW.
You will be glad you did.
By JOHN M'HUGH
Noted Klmtm-tnl KHrt and New rk
tlnuktr. rttten for Thin Tnper
Kl'lTUKS NVTK At Chleaso recent
ly a i'.itnotu- meeting of lt'aiiins Amer
ican hankers uas heUl to eolUvtivelv
tinaiue a one huiuiieii million ilollar
corporation which wonM exteiul credits
to Kuropeun nations and thus help
thorn to tuiy our broods, particularly
products of the farm, which would be
our greatest export. The plan adopted
was that susceste.! by John MeHush.
the noted New York banker, who was
offered the presidency hut declined. The
Autocaster Newspaper Service. In
which this newspaper holds a fran
chise, received the following exclusive
signed article for us from Mr. McHufih.
explaining the plan. It should be un
derstood thnt foreigners have, durinp
the last two years, ran up a debt of
KOVR H1LLION DOLLARS for our ex
ports which they are unable to pay.
American banks are now carrying this
awful load, making it impossible for
them to extend any more credit at
home. Something must be done. Ed
itor The Gazette-Times.
The violent fall in the prices of
wheat and cotton have confronted
farmers of this country with the
gravest problem they have been ask
ed to meet in many years. To a very
large extent this decline has been
brought about by a falling off in
sales to the outside world, by disor
ganization of the violent fluctuation:.
in European exchange rates, and by
the inability of the outside world, es
pecially Europe, to pay immediately
for the agricultural products, and in
fact, for all the exportable products
that America has to offer.
The dependence of our wheat
farms and cotton growers upon ex
port trade may be judged from the
fact that normally fully one-quarter
of our wheat output is sent abroad
and more than one-half of the cotton
we grow.
What the world demands from us
may continue for several years to
come to exceed what it is able to sell
us in return. It is our duty then,
and by that is meant not oniv our
duty to the world, but our duty to
ourselves, if we wish to maintain our
own exports, to extend credit that
will run for several years. It is out
of the question for credit running :it
so long a time to be carried by banks
whose liabilities, that is, whose de-
1 '
ry ,
U v N N I
ly. i K
1 x V7
posits, are mainly payable on de
mand; the banks to keep themselves
in undoubted solvency, cannot tie up
their loans for more than a few
months at a time.
The duty of extending this credit
rests upon the great body of Ameri
can investors. In order to prevent
any possibility of inflation, of which
we have had enough, they should ex
tend this credit out of their savings.
The way for them to do this is to pur
chase the long-term securities of our
European and other foreign custom
ers. These may be secured by the
assets of private corporations or rail
roads of municipalities or govern
ments. Europe, especially, is pre
pared to offer very attractive rates
of interest in order to get this credit.
One reason why American invest
ors have not availed themselves of
this opportunity is that they have not,
like British investors, for instance,
acquired the habit of foreign invest
ment; but behind this is an even
deeper reason, and that is that they
feel themselves too uninformed on
condition abroad to judge the risk
they are taking. It is precisely to
overcome these obstacles that lead
mi; bankers and business men at a
meeting in Chicago on Dec. 10 and
1 1, unanimously approved the forma
tion of a Foreign Trade Financing
corporation, to be organized under
the provisions of the Edge Act, and to
have a capital of $100,000,000.
?uch a corporation, active steps to
organize which are now being taken,
would send its investigators abroad,
and its credit experts would devote
themselves to examining the safety
and security of even' loan made.
Against these securities the corpora
tion would issue its own debentures,
and it is these debentures that the
American investors would be asked
to buy. ,
Such nn arrangement would bring
a threefold advantage to the Ameri
can investor. He would, first of all,
know that the original securities
standing behind the securities which
he purchased had been selected by
competent experts. The securities
which he actually purchased would
be American securities, for they
would be a direct liability of the
great American corporation. Finally
his risk would be backed by scores
of different foreign securities, so that
the safety of his investment would
not depend upon the safety of any
one of these.
This corporation, with a capital of
$100,000,000. would be authorized
under the Edge Act to issue as high
as $1,000,000,000 of debentures, 'it
is proposed to organize this corpor
ation on so great a scale because it
is felt that the magnitude of the task
demands it. Such a corporation, by
its vast resources, would be able to
command the best expert talent; it
would have the efficiency attaching to
large organizations; it would give
the utmost protection to the investor;
it would be better able to encourage
thrift; it would give to every locality
the fullest possible use of the capital
and funds coming out of that locality;
and, finally, it would claim the high
est degree of public confidence at
home, and by virtue of its prestige
and position would exert a certain
and commanding position abroad.
It is in the interest of even' farm
er in this country actively to support
such a corporation, because it will be
PROMINENT FOOTSTEPS OF NATION LEAD TO HARDING FRONT PORCH
n! feci - Tyy t 5
I ; " V
: 1 . w,...-
Tlioco flnva nrp almost aa ousy
for the photographers in Marion,
O., a3 those at Washington In the
matter of picturing the visits of
Important personages. President
elect Harding Is keeping to Ins
campaign promises of inviting the
leading minds of the nation to ex
press opinions on the dominant
questions and problems of the
day, regardless of party connec-
s.
I'ppox left picture shows Mr
Harding and Mrs. Coolidge, wife
of the vice president-elect. In the
most friendly of chats, while thoir
Illustrious husbands confer Up
right shows the preainent-
and the Democratic leader.
Bryan Lower. Herbert
Hoover, former food administra
tor, and Mr. Harding Hoover,
himself a prominent candidate tor
sidcntlal nomination, has been
montir.npri n n nnwiihle eahinet
member in the Harding administration
per
elect
3 a'
HOME
SWEET
HOME
Earl
Hurst
ILL PROVE
MOTHER- DI0M T YOU
SAY I COULD GO TO
THE ZOO IFI PA5SE0
ALL MY EXAMS ?
fH, Fnrli
V JL
tL 'r -
0 n
FARMERS & STOCKGROWERS
NATIONAL BANK-
Heppner
Oregon
I BELF-IVE I Pit) 00M
EVEKY LITTLE BOY
OUGHT TO CO THRO (T
THE ZOO -
rfM J Li
GEE WHTriKER. THATS
nothim - my folks a(?e
goin' tLet me go thpu
college when i get
thpu 5chool ' )
LEGION COMMANDER MAKES PLEA FOR BONUS
BILL BEFORE SENATE FINANCE COMMITTEE
r v t n - -
That Col. F W Calbralth, Jr., new national commander of the
American Legion, does not propose to be a "mahogany dosk" offi
cial was clearly manifested last week when he bopped on a train for
Washington to personally supervise the legion's tight for the bonus
bill for all former service men. This picture shows Col. Calbruith
before the Senate Finance Committee making a plea for the passage
of the bonus bill, which the House has already voted favorably upon
Onlv part of the committee Is shown in the picture They are Sena
tors NcCuiubur, N. I) , McLean, Conn., Dillingham, Vt., aud Curtis,
one of the main purposes of the cor
poration to support him. It will do
this not only directly, by extending
credit to th,e direct foreign purchas
ers of our agricultural products, but
it will also indirectly, by aiding the
prosperity of our manufacturing exporters.
Hotel t mlrr tw Mnnaicrmrut
NeKotiatious t'tr tho transfer of Hotel
Intie, wliii-h have bi'en carrk'il on for
some weeks were elosel on lust Friday
atul the place pasweil from the owner
ship of M. It. Haines to that of Her
man Moll.
Mr. Moll Is an experienced hotel man
fully alive to the reiiuirenieulH of a
tlrnt class hotel ami he will ee that
the hiKb reputation Hotel lone now has
tioes not deteriorate under hl nmnaMe
ment. He contemplates making some
changes in the buildinK which will add
to its convenience. Mr. Moll is a pleas
ant, jovial Kentlemnn on the old style
of boniface and we believe the house
ylll remain as popular as ever under
his KUitlance. lone Independent.
tele -Jcte'tMv
billv smith savc
me: stavs single
BECAUSE A wirE
COSTS TOO MUCH,
ME TERGETS HOW
LONG TMEV LAST.
ent.s Mr. ami Mr. S. A. I'iittimiti, thin
wiHU. His will return to his 8tutlit?8
on Saturday.
Mrs. (. 1. Crawfonl ami littlo tlauti
ti'r, Jean, urtivt'tl in !I.pnifr on Kritlay
evening last from Khtii-iriHu and havo
luen spt'inlini; the wi-ck visit imk with
relatives and friends. Mi s. 1'rawfui 1
is teacher of inuwic in the Knlerprine
schools and will return to her htune on
Saturday.
John 1 1 us ton, a ht udeiit at the Uni
versity of Oregon 11 1 ei Heal H-.'hool t
Portland, lias been si'i-tulini; the hoti
day season at the home of his parents,
Mr. and Mrs. I-;. It. Huston in this city,
lie will return to his studies this eotn
intf week,
Mr. mid Mrs. lt,,K. Cict,'o have been
spending the Christmas season with
their relatives in The 1
down on Friday last.
KoiriK
ARMOUR'S DAUGHTER
IS TO WED
J'
If ri'V.5 v!
m 1
Pi v i
I S Ofc " A v.
I ., . m ; f
According to the c'uti'lon (;lole-i
Times, the newly erected hotel in that!
city is still aw.'iittriK some jiood party!
to ciHne alutiK and iut in the furnish- !
iiiKS, take a lease oti the bulhlini; and i
open up the hostlery. Krom what the
paper states, t'otnlon has a very line.
buildinK with some fifty rooms and all I
accessable to Laths and equipped with !
hot and cold water and steam heat. The
hotel is badly needed and would doubt
less he a kooiI proposition fnr the rlKht
party.
Kverett I'attison, who Is a student of
the University of Washington at Peat- j
tie, is visitiiiK at the homo of his par-
MI3S. LOUTA ARMOUR
Announcoinont of the engage
ment of Miss Lollta Armonr, only
child of the famous packer, 3.
Ogdon Armour, to J. J. MltfhoU,
Jr., son of a loading Chicago
banker, marks tho career of one
American girl which has been
watched with interest by the en
tire nation. Born a cripple with
a hip disease, sho was hcalod
when her father summoned a fa
mous European "bloodless" sur
geon here to operate at the cost
of more than J 100,000. She Is
now 23. She was very active in
war work, this picture having
been taken at that time.
iniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii.
FORD j
When your Ford is in need of 1
repairs take it to the I
I FORD SHOP I
ON MAIN STREET
1 Phone 193 LLOYD FELL, Prop. 1
7i 1 1 1 1 1 1 1 1 j 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 r 1 1 1 j 1 1 1 1 1 1 1 1 1 1 1 1 1 j inimmiiii rl
FOR PRINTING THAT HAS REAL CLASS SEE THE G.-T.
"Perhaps You Don't Know"
says the Good Judge
How long a little of
the Real Tobacco
Chew will last.
Nor how much gen
uine chewing satisfac
tion the full, rich real
tobacco taste will give.
Ask any man who uses
the Real Tobacco Chew.
He will tell you that
this clas3 of tobacco
will give more satisfac
tionand at less cost
than the ordinary kind.
Put up in two styles
W-B CUT is a long fine-cut tobacco
RIGHT CUT is a short-cut tobacco
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