The Bismarck Tribune Newspaper, December 6, 1920, Page 2

PAGE TWO . ' \ BISMARCK DAILY TRIBUNE CREDIT: FABRIC OF U.S. SOUND SAYS BANKER A.B. Hepburn, Bant Hancér for Sixty} "Years, Sees Early Return to Normal Conditions | RESOURCES EMPHASIZED Recover from Pessimism Is Held Greatest Need of 4 Today 1 ‘Minneapolis, Minn., Dec. 6.—That! the reaction from war. inflation ot| ‘business has gone fa¥ enough, the} credit fabric of the country is sound and that everyone should be in a po- sition t0”enjoy a return to prosperiiy is the theme of a statement by A. B.| Hepburn, well known New York bank- , indersed by President E. W. Deck- of the Northwestern ‘National bank of Minneapolis, who declared it an authoritative expression of the views of bankers in this section of the country, Pleading for normal production and} normal buying ‘in all lines of trade,| so as to set whéels -of industry in motion, Mr. Hepburn condemns ‘whole sale welching of contracts” as es- pecially harmful) as: well ‘as; dishonor- able. : 1 District Optimism Seen - «Mr, Hepburn is chairman of the advisory board of the Chase National | bank, New York. “Mr. Hepburn has wintered and} summered with, conditions of all sorts in this country, in active business life, for almost sixty years,” said 'Mr. Deck- er, “and 1 regard his judgement \as the Verf best. There is a distinct tore of optimism in the interview, as re- gards the long future of this country. Our own condition in the northwest is hot different from the rest of the world.’ Prices of all commoditie have been on a steady decline throug! out the entire civilized\world for the lgst three months. We must recog- nize this condition and govern our- selves accordingly. “It does no good to run amuck with economic laws, because they are as im- ae able as the laws of the Medes and jiand, and ‘the soonen we accent Tits and parallel our efforts, with these laws, rather than oppose ‘them. the sooner we will ‘bring ourselves out of the present condition. iT believe with Mr. ‘Hepburn that Then begin PNEUMONIA. viel KS 4 “Over 17 Million Jars Used Yearly 2 if we will all get~down to hard work and! brass tacks, we'can and will put the business of the country on a very much improved basis ‘by next sprinj and that is what we are now conf: dently looking forward to.” ‘Resource Strength Emphasized The statement by Mr. Hepburn is'as follows: “What we now most need is’ to re-/ cover from the spirit of.pessimism ant realize the great strength in the re- sources of our country. “It has been the aim, I may, say struggle of the business and banking fnterests to steady the deflation, tho) inevitable reaction’ fram the wild in- flation we have experienced, ;and eN-| shonid curtail output to ‘meet th able business to reach’ a lower and safer level without disaster. are gregarious, sentiment is contas- ious, and fear seems to peryade the | just as extreme | ‘There entire country now, pptisim did ,a year. ago. danger that’ curtailment of business | believe to f A Dressed Dolls, and Fancy UNCH SERV ; vqsnanaaavecaunasveeynsnnaacncsinnenevniacts venga AEE Cg Sale and Bazaar Given By St. George Episeop at Church - , On F riday, Dec. 10th, | ATELKS HALL, There Will Be on $ Made Aprons, Fancy and Plain Handkerchiefs and Home Made ¢ Sale Work of All Kinds, Hoffe ‘andy , ED AT NOON, Peopls! is} \ Owing to the depreciation POPE BENEDICT AND HIS BROTHER Ff al \ ROME—This is the most. recent picture of Tape Benedict XV_and his rother, the “Marquis- deila~ Chiesa who. is’ suffering from™pdralysis. o Is Re. aL ER EE a ‘Victrola IV, $25’ the ‘legsc<:The photograph was’ take in Leg yomeniide: of the *.Vatica gardens, BnrnrArrr en ? ‘may be carried to an extreme, a: as Mhwise expansion was in tho months following the armistice. “We have more than :a~‘hundret million people who. must” be fed vlothed, houged, and;who have othe. imperative” ‘needs. Manufactur®rs {Should continue to make, goods fron raw material he reduced: price ir volume sufficient’ -to meet pubic re- quirements. Wholesalers showffd’,buy these goods, and pass them on to re- tailers, as @he publie surely will re quire them in large volume. “ot course, sales’ abroad may “be . largelf curtailed by inability’ of vhrope to i day for our, manufactured goods, ow- ng to their distressed condition and of their | currepcy and/in consequence of~high prices they are compelled to pay for} exchange, y Fy rope Urged to Produce “Food products they must have and raw materials, but manufactured goods: they “must<get from their own, rehabilitated faetories. It is for their interest and it is;for our interest that they shou'd restore their manufactu ing power and: our ‘manufactuw @tion; but they should keep” their plants active ‘and produde enough (> meet local demands which, in view of our vast population, should bé ‘very | large. ~ (‘The credit fabric ‘of- tHe country” 1 », | fabric. confidence.” be ‘fundamentally ,sound. : | The commercial baaks and the Fad- ;¢ral Reserve bank are quite able io care for the public négeds., This his | been amply proved, in the last “two ={| years.,—We may have a year or more of S!qw business in which ‘the shadow i the war and its inevitable adjust-’ ments will claud ‘the horizon,’ ‘but the part of wisdom to keep ourself: d_ one’s ‘business in position to en- | Refusing Goodd Opposed “A recent. practice in our bpsiness activities is very wrong. Peopie order goods Treely’to meet their néeds and ; then refuse to accept and pay for tle same if inconvenient, and if prices fall off-it is usually inconvenient. The ; Wholesale welching of contracts “to. purchase goods-is ‘mainly responsible! 'for the em\arrassments in commer- cial business today. This practice should be avoided in future. It is by ;No means honorable, it, begets con- | fusion, entails heavy losges upon, the {community and, depréciates' us in’ the eye8 of people abroad.. A large ‘busi-, ness going at ful speed cannot ‘be arrested -instantly without making j trouble. The ruthless cancellation of in the present situation. “There maybe ‘trouble: in spots, | but nothing, I believe, that cannot. ‘be successfully overcome. 1 ‘believe the banks of the courtry are preparod to and fully, able to protect our credit Let us' preside with” ‘manly STATE POLICY TO BE TALKED AT CONFERENCE i | eventual preaperit, y is sure, and it, is}. 7 Buch prosperity. ‘ AN ENLARGEMENT / | of Your Favorite Snapshot for a Christmas Gift Snapshots taken in happy moments may be yrade into benutifal, large pictures which ‘when framed and hanging on the wallarea source of constant pleasure. ) neok up your favorite negatives, bring them in and we will advise you as to which will yhlarye to your sat- *isfuction. Rural scenes look especially well when colored oil. WHY NOT get that enlargement now. Hoskins, Inc. Bismarck, North Dakota in (Continued from Page One) sion of the legislature, it should be to reorganize the bank and the public utilities and to cut down the assess- tents and. tax levies and-to repeal all the new fangled tax laws of the past three years.” Langer Assails Resolution | \The- regolution of the commission, authorizing ‘the manager initiated law regarding public deposits to refuse to Benok drafts—of public treasurers in ‘his discretion, was characterized’ as, being without foun- dation in law by William Langer, At- torney-General and a member. of the industrial commission, today! Mr. Langer declared that he had not been invited to attend the meeting -of the industrial commission, of which he is a member, and that he never ad- vised the commission that the law Te- lating to'deposit of public funds i8 nob retroactive. “My opinion is just the contrary,” he ysaid. “My opinion as attorney- Li gencral is that this iniated law is re- ‘troactive and that it“does affect de- nosits that have been made in the Bank of North Dakota. 7] | “There is uv more sense,or reason industrial | + ot tne Bank ot North Dakota, that the |¢ is not retroactive and autkorizing him) Victrola XVI, $275 Victrola XVI, electric, $337.50 why a city or county or any other de- positor that may wish to withdraw its deposits from the Bank of North. Da- kota should be prohibited, vexed, har- assed or annoyed in so doing than if said depositor were withdrawing the money trom some.othe® bank. “The Governor says: ‘This initiated law passed because. the people. were mislead ‘and misinformed. They were told that the funds of the bank were invested outside the state’.” Not Misinformed “As a citizen of the state who cam- paigned among the f Ton City Played in “DELIGHTFUL~ ¢ the Criterion Theatre PRICES -— w BISMARCK. NORTH DAKOTA A Knowh all over the + for ® MAIL US: YOUR FILMS © Pm EY what rose SSP Se Sap Et aat 3 POR Sache at se ai si eR Select whichever eaiy is best iusited to eae needs and you. can be sure it will give the ut- most satisfaction. They are all 'Victrolas, ee complete. in.the Victor factories—the argest’ plant in. the; world devoted to the al instrument. manufacture of a musi Victrolas differ essentially ftom all other sound-reproducing instruments. They, ate built for the ‘express purpose of playing the world’s best¢music exactly as-inter preted by the reatest artists who have natura 1 chosen © ictor as the-medium to record and, re” ve tiles their: ; ‘Victor changeable lus and the modifying doors enable you to oc the volume of tone to the acoustic fe- ---quirements of any room, but no compromise ‘is permiltees vis possible.” These are onlyetwo of the: many Victor patented features in every Victrola, and the more than ceventy ears’ research and expe- riencé in the art of sound seproduction are = *) your guarantee of absolute satisfaction. To be sure you get Victor products, look for our famous/trademark “His Master's =Voice”—under the lid of all’ instruments, on, the aa of all record. and on the Victrola no distortion This “trademark and the tiadewsitisd word 7 “Victrola” identify all our products. Look under the lid!’ Look on the label! VICTOR oo MACHINE CO? . tamden, N. J. 3 ee oe Camden, New, RTA SY Sal S i} Attempt Balked {The honest attempt made by my- self-as the minority member of this board when 1 asked the state auditor to examine the bank was frustrated hy the majority “members of this indus-; ‘fey: voted on tie! tnitiated law T kflow that they were neither mislead. nor misinformed. On the contrary they knew only too’well how the men whom they~had entrusted as the majority of this Jindustrial commission had ap- poin@ed~ an ex-livery stable keeper iwho had never run/a bank in his life — of Victrola 1X, $75. SE : De Vietrota XVII, ctecercs $413 SSS ASEEREISIET Ld a a oat ae a a - Victor. Talking Machine Company trial cofimiission. The citizenk/of.the ; State paturally did not care to have their! publie funds amounting’ to mil- lions dollars in the state Bank of | North Dakota operated as it wag.” ‘mers before, ight—-AUDITORIUM. The Comedy Treat of the Season (, » Direct from 2 Big Weeks-in.the Twin-Cities! Bismarck i is only JOHN GOLDEN Rey Pr oducer of “Turn,to the Right, ” Dear Me!” and ‘Lightnin’ ” OFFERS THE BES OMEDY w ith the same New York cat that wee a at < POSITIVELY ONLY COMPANY ON TOUR \ A Few Good Seats Remain—Come Early \NOTE :—Curtain at 8:15 Sfiarp. Please Be Seated Early % iMr. Waters, as he states, refused to commit crjmes which could put him in the penitentiary, they appointed men in charge whom Townley’s own news-} swindlers.” North Dakota D.AND MOST ’ YEARS! _ for 333, Performances , $1.00 and 50c as’ manager~6f, the bank and whenj] » paper had Previously characttrized as For BEULAH and BEAR CREEK Lump Coal, Call WACHTER. TRANSFER i CO. Phone ‘62. ‘ ELLO 953 THE city Mt ESSENGER' ERVICE "Calls for. aa Delivers Messages and Hand Parcels to all Parts of! Yhe City * Announcement To take advantage of this Beautiful Wea- ther This Store Will Keep ‘Open Every Night Until-Xmas: WELLWORTH ts and 10c Store , : Bismaret: tt