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About The gazette-times. (Heppner, Or.) 1912-1925 | View Entire Issue (March 9, 1922)
PAGE FOUR THE GAZETTE-TIMES, ILEITXER, OREGON, THURSDAY, MAECII 9, 1922. Best Harding Likeness by Woman Poem Jr Uncle John THE SECRET OF UNDERSTANDING OTHERS IS SELF ANALYSIS. L. MONTERESTELLI Marble and Granite Works PENDLETON, OREGON Fine Monument and Cemetery Work All parties interested in getting work in my line should get my prices and estimates before placing their orders All Work Guaranteed The Byers rtrmerl; CHBMFI"S MILL) STEAM ROLLED BARLEY AND WHEAT After the 20th of September will handle Gasoline, Coal Oil and Lubricating Oil You Will Find Prompt and Satisfactory Service Here r i To the Automobile Public 1 1 S3 E ' Have the NO NOK self-adjusting bearing bolts installed, and eliminate your bearing trou bles. They have been tested and give perfect satisfaction. Made for all cars and trucks. WE SELL ZEEOLENE OILS 15c per quart. Over 5 gallon quantities 570 S per gallon. Differential and transmis- $ Ejf sions filled at 15c per pound. 5 li Fell Bros, ii s ? 3 S J 1 Block East of Hotel. Auto Repair Shop. J r 44 it (D Ex-Service Men You are to get your Oregon State Bonus this month. Are you going to follow the old saying "EASY COME, EASY GO," or are you going to make that money work for you? Save It "Why not put it into a SAV INGS ACCOUNT IN THIS BANK and draw 4rc interest every six months. Then when opportunity presents itself you will be prepared to meet it. It FARMERS & STOCKGROWERS NATIONAL BANK Heppner Chop Mill intmiuiiimiiiiiimmite iiimiuiiiiiimimin " Oregon I The artist or leted in ? has been time for Foreign Purchases of Produc tion Must Be Retained or Ruin Is Near, Says Expert Sale of Final 20 Per Cent of Total Production Carries Profit or Loss for Total By O. K. Davis, Secretary, National Foreign Trade Council. Editor's Note 0. K. Davis, sec retary of the National Foreign Trade Council, has returned recently from South America where he made an ex tensive survey of the possibilities for Uade expansion. The situation there is similar to the situation in many other lands. Mr. Davis has combin ed his information from world inves tigations and the result he has put tersely in the following article. The prosperity of the people of the United States depends fundamental ly upon the ability of our manufac turers and other producers to sell sub stantially all their product. It is the sale of the last 20 per cent which determines the profit for the whole operation. Only as our producers sell substantially all their produce, BURKE OF N. D. LOSES IN WALL STREET 4 John M. Burke, three times gov ernor of North Dakota and later treasurer of the United States until last year, is reported to have lost his entire business and personal fortune in the failure of the New York firm of Kardos and Burke announced this week. II I f s t Community Service il ; "' AMERICAS SURPLUS DEMANDS MOVEMENT ft :'t ' IW I Y00 HOO HEY BO 1 VOU TODAY tS MY ANO MA (3 Cow'TO A , OUGHT TO SEE. . ClVt HE A PARTY ANO DAD 601 Mf A WMON I BET YOU I'M GOIN -") an' I'M COIN' TO HAVE. PlC AN' fl I ,71 TO HAVE THE PES! V - CAKE AN' EVERYTHING 1 ""p ii 4 . fji ; ; . AN NEXT WEEK BILL IS GOIN TO HAvC A PA ' t WHO ME ? AH AlNT GOT an' I'm GOiN'TOHiS too SAY, WHEN 13 V H NO OlfV0AY; AH WAS " y lrT most striking resemblance .m of President Harding yet made oy sculptor is now being com- Washington by Mrs. bally rarnham, tamed woman sculptor, le President is a busy man but prevailed upon to girt these sittings. can they occupy their plants approx imately full time and thus give steady remunerative employment to labor. This applies to agricultural produc tion as well as to industrial. As a result of plant expansion dur ing the war, the productive capacity of the United States is far in excess of the requirements of the domestic market. Either the surplus must be sold in foreign markets or production must be curtailed. There is no other alternative. If the surplus is thus sold, we shall have occupation, activ ity, prosperity and satisfaction. If it is not sold, it will not be produced and we shall have unemployment, stagnation, and disaster at home. I am inclined to believe that up wards of 25 per cent of the goods which the United States is capable of producing could now be sold abroad with immense benefit to every American whose labor and machin ery would contribute to the produc tion of the goods. It certainly' seems reasonably clear that foreign trade must take over at least 20 per cent of our productive capacity, on the sale of which prosperity of American industy and agriculture depends. It will not be sufficient for us to export as much as we exported in 1913; we are already doing more than that The foreign trade of the United States, both exports and imports, has been larger in volume in 1921 than it was in 1913. Yet in spite of this fact, we are everywhere greeted with pessimistic statements that our for eign trade has collapsed and that our commercial isolation is now beconi' ine complete. The truth of the mat ter is that the productive capacity of the United States has been so greatly increasel since 1913 that our formal "normal" exports are not nearly enough to enable our factories and farms to operate pofitably at full capacity. The Problem's Heart. In order to sell our surplus in fore ign markets, which is absolutely vital to our domestic prosperity, we must make corresponding purchases 'abroad. Imports must pay for ex ports; trade both visible and invisible must balance. What then can we purchase? It is obvious that, for our own agriculture and industry, our purchases in foreign 'markets must consist, so far as possible, of raw materials and merchandise which do not compete with our own products But the quantity of non-competitive raw materials and merchandise which can safely be imported in the United States at the present time is definite ly limited and cannot equal the vol ume of our own products which, we believe, it is necessary to sell abroad. If, therefore, we are to avoid indus trial stagnation at home, we must try to maintain a 'steady excess of visible exports, until such time as the increased power of consumption of the United States enables us to assim ilate the excess of visible imports which our position as a creditor na tion makes inevitable sooner or later. This present excess of visible ex ports over visible imports cannot be liquidated by gold importation- there is not sufficient gold available outside of the United States nor would it help American agriculture or indusrty if such importation were made. I believe this liquidation can be accomplished safely and profitably only by the importation of securities; that is by the sale of foreign securi ties to American investors. To Maintain Balance. This method would not only main tain the current trade balance, and so tend to prevent further distortion of the exchange, it would also have a beneficial effect upon the present ex change situation by reducing the huge excess of exports built up dur ing the last six years, which excess is, itself, a prime factor in produc FIRST PRIEST NAMED TO DIPLOMATIC CORPS t-r President Harding's appointment of Rev. Jos. M. Denning of Marion, Ohio, as U. S. Consul to Tangier, Morocco, sets a precedent in diplo matic affairs. He is the first priest ever given a.U. S. diplomatic posi; tion., ing the present disparity of exchange. American investment in foreign securities is the most practical and effective method of dealing with the current situation that has been sug gested. It is not an artificial device designed to suspend uniformly the operation of economic law. It is a thoroughly sound measure wholly in accord with economic law. Every time a loan is made to a foreign government, city, or indus trial enterprise, the foreign borrow er obtains possession of American dollars. The result inevitably is to imporve the exchange situation and to enable the foreign borrower to purchase American products. It thus becomes apparent that the American investor who prchases foreign securi ties is directtly aiding the export trade of the United States. Such loans have, in the past, been funda mental to the expansion of British and German foreign trade. Where British money has been invested, there have gone British railroad equipment, British power plants, and British industrial machinery. Spend Loans Here. . It does not seem as though Amer- 1 a V Jml3ts1 II FRIENDLY GOSSIP I've got a neighbor here by me, it's Elexander White; when Elexan der does a thing, it's did exactly right. We've knowed each other Ef ts' year, without a hint of fuss, to do as we'd be did by, is the rule fer both of us. You never seen a cleaner man than Elexander White, ner never gazed into an eye more honester or bright. He ain t no hand to stimu late, accordin to his wife. She says he never teched a drop of nothin' in his life. I try to be as good as him, an' sometimes think I am, till somethin' prods me on the hide, an' then I fall 'MECHANICAL MOTHER' .i Vt . ; The problem of saving lamU deserted 6y mothers has been solved by a Petatama, Calif, ranchman; It is in the "mechanical mother method as pictured abo?. Feeding lambs by hand is a great task, but by arranging irarsrag bottles filled with hot milk on a rack, the1 lambs are soon taught to feed themselves. Ewe mothers of twins almost always refuse tojeed.mve than one, The other must be har.d i:an investors in foreign securities have as yet fully realized the close relation between foreign investments and the promotion of foreign trade. American investment bankers have, perhaps, not yet been fully aroused to the importance of seeing that some portion of the money loaned by Am tiichn investors is devoted, where possible, to the purchase of Americ an products While it is more or less true, as an abstract principle, that a'l American loan to foreign countries tend to benefit the present c.ichange situation, regardless where their proceeds are spent, the fact re mains that the exportation of specific industrial products can be more cer tainly stimulated and rendu ed per manent, if definite understanding is reached that a portion of the loan shall, if possible, be used for the purchase of American products. Es pecially is this true of loans effected for the construction of public utili ties. Certain it is that the agreements fot such loans should provide that where work is to be done, American firms should have an equal opportu nity with all foreigners for bidding on the proposed undertakings. It would be equally desirable if our foreign loans could be used to se cure such legitimate changes in the administration of foreign tariffs, as to insure equality of opportunity for American products in competition with the exports of all other nations. NEWS NOTES Portland, Ore., Feb. 28. In a wire received by the American Legion of Oregon from officials of the American Legion Weekly, March 15th has been designated as the "dead line" for holding unpaid members, on the mail ing list of the weekly. The 110 Am erican Legion posts in Oregon will make strenuous efforts in the next 15 days to obtain the dues of all de linquent members in order that they will receive every issue of the organ ization's magazine, the foremost ex- service men's publication in America today. This magazine is sent to ev ery legion member to conserve the memories of the world war and to keep alive the friendships made in the service, in addition to presenting to legion members an authentic ac count of the activities of the legion in the 10,754 communities of the world where legion posts are estab lished and functioning. Portland, Ore., Feb. 28. A meet ing of the state executive committee of the American Legion will be held in Portland on March 4th. Selection of dates for the 1922 convention at The Dalles; approval of the Anti Japanese Bill drawn up by a special committee of the legion which will be placed upon the ballot through the initiative next November; a re port of the state legislative chairman on committee activities and many ether matters of importance will come before the body. The meetin? will call in George A. Codding of Medford, vice commander, a national executive committeeman, George A' White of Salem; B. F. Pound or Sa lem, Fred E. Riddle of La Grande, George R. Wilbur of Hood River, ker-slam! It takes me mighty nigh a week, a-prayin' day an' night, to get back on the moral plane of Elex ander White! I wisht he'd run fer County Jedge, or somethin' else as big; I'd back him up fer all I'm wuth, to my last blame runty pig. We've knowed each other fifty year, we've neigh bered, day an' night, an' I never knowed a grander man, than Elex ander White. (P. S. That ain't his name, of course.) FOR DESERTED LAMBS Oliver B. Huston of Portland, exe cutive committeemen and Rev. Frank James of Dallas, Chaplain and Pres- cott W. Cookingham of Portland, Department Finance Officer. Albany, Ore., Feb. 28. Arrange ments have been completed whereby the Alfred E. Babcock Post No. 10 of Albany, Or., and its women's aux iliary, will purchase the structure in Albany which is now used as a com munity house. The building will be headquarters for the legion and its activities but will continue to be the city's community house also. Other organizations will continue to main tain their headquarters there. Brownsville, Ore., Feb. 28. Cala pooia Legion post of Brownsville has purchased a big plot of ground in the heart of the city upon which to erect a building. It is planned to start building operations this summer and have the building ready for ocupancy before the winter. A gymnasium and reading room will also be installed. The post has now under considera tion plans for the formation of an athletic club. Portland, Ore., Feb. 28. The Am erican Legion of Oregon is endeavor ing to locate Earl Norman Franklin and Roy Biship, both vetcans of the World War. Biship enlisted in Port land and was wounded in France on Armistice Day and was discharged s Camp Lewis in June, 1919. The families of these men are anxious to learn their whereabouts. Mat Halvorsen was an lone resi dent doing business in this city on Monday. GUESSES MANY AS TO AGE OF HUBBY-TO-BE 7 4kV MU-. a1 Mathllde McCormick, 16-year-old daughter of Harold McCormick, of the International Harvester Co.,' and grand-daughter of John D.' Rockefeller, has gained consent of her parents and the announcement made of her engagement to Max Oser, Swiss riding master. Guesses are now many as to Oser'i.age, Soma say S7t and others 48,. V