TAGE FOUR
THE GAZETTE-TIMES, HEFFNER, OREGON, THURSDAY. AUGUST 17, 1922.
IMPRESSING THE JAPS
W BILLY SUNDAY
n"EVE".
if
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i
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 Chop Mill
iFarmrlr SCHEMPfS MILL)
STEAM ROLLED BARLEY AND WHEAT
Alter the '20th of September will handle Gasoline, Coal
Oil and Lubricating Oil
You Will Find Prompt and Satisfactory Service Here
It i t i if II
" LAV 4 V
1 i II . X
Secretary of Navy Oenby went to the Orient oa peaceful mission,
nevertheless, bis stop in Japan did not fail to impress the little
islanders. His peat tixe was made more coossicuoas as he walked
through the palace ground with Admiral Ord. lilt wife is with him.
"V -
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I M 1
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I Community Service
Mary Agnes Vitchestain is a 14-year-old
girl evangelist of Pittsburgh, Pa.
Her sermons are delivered with all the
two-fisted punching of Billy Sunday's
gymnastic gyrations. She was recently
invited to preach in New York.
Pioneer Employment Co.
With Two Big Offices
PENDLETON AND PORTLAND
Is prepared to handle the business of
Eastern Oregon better than ever before
Our Specialties
Farms, Mills, Camps, Hotels, Garages, Etc.
WIRE RUSH ORDERS AT OCR EIFEHiSj
Fortlu Oik PaasUctm Om
it H. Imal ft. Ill SV WeM It.
The Only Employment Office in Eastern Oregon with Connections in Portland
9iiiiiiiiiiiinuMiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiuiiiiiinit:
! A. M. EDWARDS
WELL DRILLER
Lexington, Ore.
Box 14
Uses up-to-date traction drilling outfit, equipped for
x all sizes of hole and depths.
1 WRITE FOR CONTRACT AND TERMS-
Siiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiuiiiiiiiiiiiiiiini
OU have been walking in the
sunny fields of prosperity. Life
seems secure. Youth and
strength are careless and forgetful. You
have spent money as you have earned it.
Suddenly a flood of hard luck t
comes rolling toward you.
Will you be overwhelmed by it
A BANK ACCOUNT IS A SAFETY
ISLE. START ONE TODAY!
Dollars deposited In this
bank draw interest at 4 per
cent They art safe dol
lars busy dollars. A small
bank account serves as an
Incentive to save, save, Save
If you have only a smsll
sum put aside, deposit it
with us today. All Urge
fortunes had small begin
nings. The biographies of all rich
men start with their first
bank account
YOUR BANK CAN HELP YOU
FARMERS & STOCKGROWERS
NATIONAL BANK
Heppner
Oregon
F
ID
I II S.
Foreign Trades Council
Shows Details of Benefits
Through Banking . j
IMPORT OF SECURITIES
MORE THAN EXPORTS
American Investors Develop
Tendency to Buy Euro
pean Securities.
By 0. K. DAVIS,
Assistant Secretary National Foreign
Trades Council.
Editor's Note: 0. K. Davis, an ex
ecutive of the National Foreign Trades
Council, herewith tells something of the
great international movements now go
me on wherein America through her
investors is becoming banker to Europe,
or one might say, to the world. The ad
vantages that arise from such action are
held to be many and Mr. Davis dwells
upon both the immediate result and the
results to come.
The reports of the United States cen
sus show that this country has become
preponderously industrial in its produc
tion, instead of being agricultural as it
was up to the first decade of this cen
tury. It is a matter of first importance
therefore, to the welfare and prosperity
of all our people, that our vast indus
trial establishment should have every
possible opportunity for full time and
full handed occupation. That is the
only condition that will reasonably as
sure the steady payment to the great
majority of our working men and women
of remunerative wages for work done,
and a fair return for capital employed.
At the same time, that is the condition
which will provide the best returns to
agriculture.
The effort of all peoples, at all times,
has been the improvement of their con
dition of life, that is, of their civiliza
tion. Industry and trade have been their
chief agencies in the execution of this
purpose. Naturally those peoples which
have developed the greatest measure of
j national solidarity in support of their
industry and trade have made the most
important progress. It is worth while
consequently, for those who may have
opportunity to engage in certain interna
tional transactions that offer profit to
themselves, to consider whether there
may not also be open to them an oppor
tunity to benefit the trade and indus
try of the whole country.
The Loan Industry.
One method by which the industry
of some foreign countries, notably
Great Britain, has been fostered, is the
granting of loans to other countries by
British bankers. Sometimes, but not
always, perhaps not even in a majority
of cases, the British capitalists, in ne
gotiating with foreign borrowers, have
been able to reach an agreement that
a part, at least, of the proceeds of the
loan, should be expended directly in
Great Britain for the purchase of pro
ducts of British industry. In some esses
this practice has been of long continu
ing advantage, especially where it is
volved the purchase of railway or other
machinery supplies during a period of
years following the making of the loan.
Sometimes, where the loan was effected
to finance an industrial undertaking in
the borrowing country, the lenders have
been able to secure representation in
the management of the concern thus
financed, with consequent flow of con
tinued orders for supplies to the man
ufacturers of their own country.
Recent months have seen an extra
ordinary development in the capacity of
the United States to grant foreign loans.
American investors have shown them
selves more and more willing to absorb
securities based on the pledge or guar
antees of foreign governments, and to
some extent on the pledge of foreign
READY FOR THE JUDGES
Youthful calf-club and pig-club
members are already grooming
their pets for fall judging. Betty
Compton, however, enters her
black-faced sheep.
fit
S 1
Industrial enterprise. Apparently,
therefore, the situation has been reached
where American investment bankers, In
negotiating loans to foreign borrowers,
will occasionally have opportunity to
shape their negotiations in such a way
as to provide additional employment
for American industry, as has been done
by British, German, Belgian and other
European bankers heretofore, and as
British bankers especially are now doing
not infrequently.
It was with these facts, and this sit
uation in view that the Committee on
Banking of the National Foreign Trade
Council recently addressed a letter to
trade organizations and chambers of
commerce throughout the United States
suggesting that the attention of individ
ual investors be called to this matter.
This was with a view to encouraging the
issuing houses handling such foreign
loans, to arrange, wherever practicable,
that a part, at least, of the loan pro
ceeds should be spent directly for Am
erican goods.
Opposition Arises.
This request evoked immediste oppo
sition on the part of some of the prom
inent investment bankers and issuing
houses. In their published arguments
against it, however, they all, so far as
has come to my notice, erroneously as
sumed thst the proposal of the Commit
tee had been that the suggested stipu
lation should be applied to all foreign
loans floated in the United States. That
was not the fact The original letter of
the Committee pointed out thst not all
foreign loans are susceptible of such a
stipulation, but advocated its inclusion
'"wherever practicable." Between inclu
ding it by negotiation "wherever prac
ticable" and including it by insistence in
all cases, there is a vast and very ma
terial difference.
It is clear that some foreign loans,
including a few of no little importance,
are susceptible of such an arrangement,
and it is desirable that American in
vestment bankers, when negotiating such
loans, should always have in mind the
possibility of rendering a beneficial ser
vice to American industry. A case in
point was the recent loan negotiated In
New York by the Dutch East Indies gov
ernment. The Dutchmen expected that
the American bankers would ask them
to agree to spend some of the forty mil
lions they were borrowing for American
products, and were prepared to accede
to that request. They went so far, in
facie -Jcte? tibs.i
TOO MANY PEOPLE THINK
THE ROLL OF
HONOR IS f
BANK ROLL
r fHE ROLL OF
JY HONOR IS A
unrnc l wcU I vs f coshi oty 1
nUjIlL faj e water, " S. I vie Just 6bt our, I
oiirn W JT0, rS ilv wtbr out op I
SWEET
"Trfff WE'LL CO OUT AM' a MUftRY UP WITH
GET THE aILK!1 -v "HE PAlL.OriCLl f k
L i ' ft I'LL PUAPj I
COLD FEET.
This life we live is Irksome, no matter
where we be; the road is lined with
boulders, an breakers crown the sea.
But we mustn't get discouraged an' de
clare that life's a cheat for the pros-
pecks am t so cheerin' when a feller gets
cold feet
The man that proves a winner, is the
man that trims his sails, and steers his
craft unerrin' amid the storms or gales.
the hard knocks dont dismay him,
which he squares his chin to meet and
his symptoms dont betray him he nev
er gets cold feetl
There ain't no road to glory, but
what's beset with thorns, and it's purty
hard to travel, if your're pestered some
with corns. So, to make yer failure cer
tain, wear yer pants out on the seat
it's a sign that alters tells me that a
feller's got cold feet. . . .
I like to greet the feller that can
laugh at clouds an' cares that squares
hisself in trouble, with his fists as well
as prayera. . . . One that earns a ben
ediction, that Is mighty soft an sweet
He blessed the world he lived in, and
he never got cold feetl
Is Brooklyn Bridge Falling Down?
That largest suspension span on the famous old stractare, the
Brooklyn Bridge at New York, has slipped under the constant ham
mering of traffic and authorities have closed it to all except pedes
trians. Arrow point to slipping cable.
fact as to open negotiations with two
electrical concerns for machinery for
the East Indict. But the lenders did not
make the request and when the loan was
concluded without it the Dutch dropped
their negotiations for American sup
plies, and placed their orders in Ger
many. Difference Noted.
The investment bankers assert, in sup
1 ort of their position, that the proceek
of a foreign loan floated here muit go
abroad sooner or later as exports of Am
erican products, and that in the case
cited it makos little difference wholher
the Dutch bought electrical machinery
here or the Germans used the dollars
borrowed by th Dutch to pay for Amer
ican cotton, copper or other raw mater
ials. There Is this important difference,
however. The exports would have been
prompt If the desired stipulation had
been made in the Dutch loan, whereas
now they may not go out for several
months, or perhaps a year, and there Is
much unemployment here.
This matter is regarded as of decided
importance by many of the leaders of
American industry, who feel that the in
vestment bankers should not only be
willing to improve opportunities such as
that offered by the Dutch loan, but also
should be on the lookout for them. Of
course, if American investors in foreign
bonds should form the habit of Inquir
ing whether or not any part of the loan
proceeds was spent for American pro
ducts that would no doubt tend to make
the issuing houses more active in secur
ing such an agreement wherever prac
ticable. The recent National Foreign Trade
convention, which was composed of more
than 1,200 foreign traders from all parts
of the country, declared itself very
clearly on this subject by adopting unan
imously, the following statement:
"The importation of sound securities
serves either to liquidate outstanding
foreign obligations or to furnish new
occupation for American industry. It is
of the utmost importance that our in
vestment bankers when negotiating for
eign loans should always have in mind
so to handle them as further American
trade and they should, as far as prac
ticable, provide for the expenditure of
some portion of the proceeds in this
country for exports.
"Attention is called to the fact that
the importation of foreign securities in
tne first four months of this year has
greatly exceeded our excess of merchan
dise exports over imports. At this rate
and with normal continuation of alien
remittances, tourist expenditures, and
payment for shipping, insurance, bank
ing, and other services, coupled with our
private Investment In foreign enterprise,
our favaorable trade balance will pre
sently be wiped out unless due provis
sion Is made for the use of tome portion
of the proceeds of foreign loans in the
purchase of American products."
Morrow Girl Now a Countess.
Because a New York French woman
claiming to be the Countess de Toeque
ville de Rampan de Chanquetol has seen
fit to adopt one Claudia Windsor Tar-
rtoue and saddle the poor girl with the
title of Countets, the press and the sensation-loving
public have been quite
wrougt up of late. Numerous places on
the coast have claimed her as their very
own, gushing quite a bit over her as the
daughter of a wealthy mining man, etc,
and now a titled lady (how sweet).
We are informed the facts are that
Claudia Windsor was born and partially
raised in a shack on a small sagebrush
farm about five miles from Lexington
in Morrow county, the daughter of hard
working parents who found it hard
scratching in those days to make both
ends meet. But that is nothing to her
discredit If she sizes up to the high stan
dard of Morrow county womanhood. Her
father was the late Al Windsor who died
several years ago in California, and she
is a niece of Wm. Windsor, a highly re
spected citizen and good fellow living
in the lower part of the county and
known to all our citizens as the "Sage of
Windsor Castle." It Is said she had
been married to one Busch and also to
a Frenchman named Tartoue, but separ
ated from both.
Morrow county is not peeved because
other sections of the state are claiming
the newly made countess, though she
rightfully belongs to us, for we have
scores of girls fully qualified to fill the
station of countess, princess or queen,
therefore we will never miss this one.
lone Independent.
uttchettes
mrVi
IMA MATTHEWS
The Farmer's Boy
It may be trite to say that farm
ing is the most necessary and one of
the most honorable occupations in
the world. The world will always be
indebted to the farmer. Without him
is would be Impossible to progress in
any line. The farmer has not always
considered his position In the digni
fied way he should. In fact, it is only
in recent years that he has been
made to realize the scientific side of
his work. Prior to that time he was
a robber; an ingrato. He scratched
the soil; he mutilated It; he robbed it
of its producing power. Any farmer
who does not give back to the soil a
proportionate part of that which he
takes from it is an embezzler, not
only of God's Providence, but also of
Nature's bounty.
The farmer did not have the right
attitude toward his own son. He
worked him because he was his son.
That was unfair and dishonest. He
should have considered his son a part
ner and shareholder in the labors, re
sponsibilities, liabilities, assets and
profits of the farm. He should havo
rendered an account to his son, paid
him a just compensation, and given
him an honest and equitable share in
the profits of the farm.
The farmer has not always made
the farm attractive to his son. You
can't keep a boy at home if you give
D.D. LL.D.
him a pine knot fire by which to
read when the world offors him elec
tric lights, a library, and a reading
lamp. The farmer must bring the
pleasures, amusements, books, mag
azines, and attractive things Into his
home and upon his own farm if he
expects to keep his boy and make a
great agriculutrist out of him.
The parcel post, the rural mail de
livery, the automobile, the paved
highways, and other conveniences
are for the purpose of enabling the
farmer to bring the attractions of the
world into his own little country
home, into his own desolated farm
house, and to his own fireside. If
he will seize the opportunity, fill his
table with magazines, papers, and
good books, bring in the music box,
and the wireless radio and thus make
his home attractive, bright, cheerful,
magnetic and fascinating he will keep
his boys and girls around him.
This is the day of the farm if the
farmer will only realize it. This is
the hour when the farm ought to be
the most attractive spot In the coun
try; this is the moment when the
farmhouse ought to ring with music,
and the barnyard ought to be the
convention hall of agricultural and
political activity. The farmer should
make his son the leader in that con
vention and teach him how to mould
public opinion and direct legislation.
Let the farmer learn how to be
generous and kind to his children
and to keep them in the atmosphere
of agricultural purity, peace and
prosperity,