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About Vernonia eagle. (Vernonia, Or.) 1922-1974 | View Entire Issue (July 20, 1923)
... "INTERNATIONAL BANKER"A MYTH VERNONIA RAKERY l PATRONIZE HOME Otto H. Kahn Refutes Idea That Foreigr Finance Activities Dull Allegiance to America. Our Bread, Cakes, Cookies, Pies, etc. BANKING REFLECTS BUSINESS “International Farmer" and Other Business Men Who Sell to Foreign Markets Create Demand for Inter national Financial Ssrvlco. As Good as the Best Made. ‘-V We’re for Vernonin. Are You With (J h ? When purchasing your daily rations, he sure to m»k for Vernonia Bread. i r ALEX DIEPOLD, Prop. EAGLE $1.50 a Year Every Week. Camps, Mills, I Industries and Business Houses (Jan do your JOB PRINTING as go' d us any Portland office. We also will save you money. ---------- ■■■■ ---------- -............- Let us Print your Time Slips, Orders, Receipts, Checks, Letter Heads, Envelopes, Statements, Cards, Bills, Reports, Office Stationery. WE’RE PREPARED ♦ ♦♦♦ ♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦♦< Î VERNONIA EAGLE : The St. Paul You Have a LAUNDRY Tant’s What in Vernonia Patronize Home Work equals any outside work. We are at your service. VERNONIA LAUNDRY Weaver Clark We’re Here Eor. Respectable, Downtown HOTEL 13OFourth, Corner of Alder PORTLAND ♦ : : : i i : 4OOO«»•♦•««♦♦♦♦♦«•♦♦♦♦♦♦♦♦ Kavanagh Land Co * Corey’s Addition $50 per lot and up N Ì Also several good buys in small and some large houses. Some timber land and farms. Acreage. Open Week Days and Sundays. Evenings by Appointment. 'i Our Office Is Now Open In the n w S j «deman building West of Bink. A. 0. HANSEN, Agent IF YOU SEE IT - T H EN'-"------------- —— Mail or Hand us Your Name and $1.50 and get it by mail every week for a year. Vernonia Eagle Vour Home Paper Banking Mostly Home Business The Vernonia Eagle - The Idea that bankers engaged la financing foreign trade and in han dling foreign bond flotations are a par ticular cult of "international bankers" actuated by motives differing from those of other bankers was refuted recently by Otto H. Kahn of New York, in an address before the Roch ester Chamber of Commerce. "There Is no such thing as an In ternational Ranker' In America, as the meaning of the term Is generally understood," Mr. Kahn said. "He exists in the imagination of people all too numerous, but be does not exist in the flesh. You might Just as well speak of the ‘International Farmer* because the farmer sells a certain percentage of his crops to Europe, or of the ’In ternational Manufacturer.’ "The banker maintains, and can maintain, international contact, and conduct International business, only to the extent that American industry, I commerce and agriculture are inter national. Truo, the banker must take witbin bls purview continuously the conditions of affairs and the current of things throughout the world, but so must the exporter and Importer, and so must the farmer take Into ac count the prices and tendencies of the world market In Liverpool. Read This Paper "The American banker's market is the home market His success is con ditioned upon the capacity and will ingness of the American Investor to absorb the securities wnlch be offers. His very existence depends upon the confidence and co-operation of the public and of his fellow-bankers—and any banker whose activities would justly create the impression that he was actuated by cosmopolitan rather than by American Interests would very soon lose that confidence and following. “The business which he does for hie own account In. with, or for Europe, Is Inconsiderable as compared to the business he does In America. His prin cipal functions in relation to Europe are to provide the requisite banking facilities for export and Import and for travelers. That part of his func tions which consists In financing loans of foreign governments or industries has hitherto been, with sporadic ex ceptions, of relatively inconsiderable proportions as compared to the vast ness of the volume of his transactions tn financing American Industry, com merce and enterprise. Necessity for Foreign Credits “In saying this, I do not mean to imply that there is anything that calls for apology In the floating of foreign loans in America and In the loaning oi American funds to Europe, provld ed such loans are considered sound as to security and are made for legiti mate, constructive purposes. Indeed, such loans ought to, and I believe will, be made in Increasing measure, when conditions In Europe will have become such as to warrant it. "It is manifest that the promotion of our export trade, including, of course, the export of farm products, ! requires us, under the circumstances as they now are and are likely to remain for some time, to aid the pur chasing power of other nations by ex tending to them financial facilities to a reasonable extent. “It 1 b the function of the banker to be Instrumental in carrying out such transactions. In doing so, he is ths means of serving a useful national purpose. Just as he served a useful, Indeed a highly Important national purpose. In being the means of attract ing and bringing European capita! to America in former years when condi tions were reversed and such capita) was nothing less than vital to the de velopment of this country and the realization of its opportunities.” FOR SOUND MONEY Senator Oddie of Nevada, chairman of the United States Senate commie slon to Investigate the problems of gold and sliver mining, has allayed the fear that Western Senators, la their zeal to aid the cause of silver, might launch an unsound money wave. "I am for sound money,” Senator Oddie says. "There is no thought of bimutaliam or departing from the gold standard. We desire to help the great mining Industry, but not through the creation of an unsound currency." The commission la to study and re port on" the causes of the continuing decrease In the production of gold and silver: the causes of the de pressed condition of the gold and sil ver mining Industry In the United States; the production, reduction, re lining. transportation, marketing, sale, and uses of gold and silver in the United States and elsewhere: and the effect of the decreased production of gold and silver upon commerce, in dustry, exchange and prices. -j « T I The United States Bakery Capacity 7SJOOO Quality Loavu* a Day Bakers of Fran* HEALTH BREAD I I « J