ASHLAND DAILI TIDINGS S aturday, O ctober 28, 1922 ..... ......... C u rre n t B u sin ess C o n d itio n s Trinity Episcopal Church Vicar the Rev. P. K. Hammond. Holy com m union a t 8 a. m. Sunday school a t 9:45. M orning service and serm on a t 11.- S tra n g e rs and visito rs cordially welcomed. First Church of Christ, Scientist P ioneer avenue south. Sunday1 services a t 11 o’clock. Subject of lesson, “ E v erlastin g P u n ish m e n t.” Sunday school a t 10 o’clock. W ed­ nesday evening m eetings a t 8 o ’clock. R eading room open daily from 2 until 5 p. m., except Sundays and holidays. V* Presbyterian Church The subject for th e m orning se r­ m on is: ‘ Jesu s the M asterfu l?’ F o r th e evening service we have a ster- eoptican discourse on India. " Some 70 slides will be used in illu s tra tin g th e lecture. Sunday school a t 9:45 a. m. Ju n io r C hristian E ndeavor at 4 p. m. Young people’s m eeting a t 6:3 0 . Guild a t 6:30. P ra y e r m eet­ ing. W ednesday, 7:30 p. m. Topic, “ The L a rg er C h ristian L ife?’ Psa. 18: 19. All are welcome. C. F. K oehler, pastor. F irs t C ongregational C hurch B oulevard and Main stre e ts. Sun­ day school a t 9:45 a. m. w ith classes for all g rades and ages. Bring your Bible. M orning service a t 11; sub­ ject, “ The R ew ard of L ife’s B attle.” J u n io r C hristian E ndeavor a t 4 p. in. C hristian E ndeavor a t 6:30. E vening services a t 7 :3 0 ; subject, “ D eliverance from L ife ’s S trongest H an d icap .” At id week p ray e r m eet­ ing every W ednesday evening at 7 :3 0 p. m. The public is cordially invited to all these services. If not w orshipping elsew here, come and m ake this your church hom e. W. Ju d so n Oldfield m in ister IlapB-St Church “ Is Speaking in Tongues S crip tu ­ r a l? ” D iscussion and Bible reading Sunday m orning. Sunday school a t 9:45 a. m. The afternoon and ev- ening Sunday will be given over to a B. Y. P. U. rally of Rogue R iver asociation. Dr. Young, of P o rtla n d , and M. E. G abriel, a n a tio n a l leader of young people, will deliver an a d ­ dress aftern o o n and evening. Sev­ e ra l o th e r speakers a re on the pro­ gram . R em em ber, tom orrow is ‘ Go to C hurch” Sunday and try it. You will alw ays find a welcome a t th e church on the hill. By GEORGE E. ROBERTS Arcola HOT WATER HEATING SYSTEM for Smail or Large Houses Our New Line of H eating Stoves Arc Now In Provost Bros. A want ad will sell It. — “ W e Should W o rry"- 48530002010253003000230116305323234823233200232331103027050409350903060303036609050409050106014410040113320223233123483109030 & H E R E is considerable discus- be glad to sell the securities as have been the product of abnorm al sion and difference of opin- fast as the m arket will take them, conditions, while the price-level of ion as to w hether another if they can employ the funds in pre-w ar times was the natural re- period of credit inflation and ris- the service of their banking cus- suit of the free-play of all economic ing prices is in sight. The prices tom ers and to bring new cus- forces over a prolonged period, and of m any comm odities are tending tomers. nothing is more certain than that, upward, wage advances signify Furtherm ore, the Federal Reserve given similar conditions pertna- higher industrial costs and the voi- banks are now liquidated down to nently, economic laws will ten d to urne of bank loans is now increas- very small holdings, with their repeat similar results. ing. W hat is the difference between gold reserves at the highest point . , legitim ate and wholesome expan- in their history, and have the ca- »»ages an d Prices A fter Civil w a r sion and the unhealthful state pacity to g rant more credit than n r e a s o n «riven for holding which is called inflation? ever before. And, finally, gold is tb?t tbe old price-level never will If com parison is made with the steadily flowing to this country return ¡s tb a t labor has bee me situation before the war, conditions from the new production of the b ;.rb| v organized and never w 11 are now inflated, but this is not world, and will continue to do so consent to lower its standard .f chargeable to the slight expansion as long as exchange rates are in bv;ng ¡t ¡s njso pointed ovt 'h a t which has taken place in the last our favor as now. es‘ were rcduced t , ;hc few weeks. Prices have had a very These are the conditions that pre_war level after the Civil W ar. considerable fall from the top, and make for easy money, and we have js pertinent to say as to C: lis t a slight recovery from that fall, never yet had easy money in this that prices wer - but this gain cannot be called sec- country that inflation did not come duce(f W aves depend at la d o- ondary inflation. It looks like the out of it. There is no such central on pr oduction and if prod at on recovery th at always comes when control over bank credit in this can he increased in the c,-ruing the old stocks are exhausted and country as in countries where the vears as " R was after t h r C i v i l industry gets fairly under way banking business is handled by a \ y ar g0 that good; are chea )- again. The fall of prices was un- com paratively few corporations cncd’ co n su m p tio n increased. -■ J even and in some cases too pre- operating num erous branches. The fb‘ df> rm tid f o r 1-ibir- t h u s iii. r. 's - cipitate, and the curtailm ent of in- Federal Reserve banks have no e(j not O!,]y will there be no c. a- dustry was too great to perm it of control over the m em ber banks s ; q P to rèduce' w ages but it \v fl supplying the necessary dem ands, until the latter begin to rediscount, h e h -io o s s ib le to «lo sò ev n ii ’ > ,r A lthough the war-time was any- and then only by means of the dis- was unorganized thing but a period of depression, count rate, and popular pressure is r’..... some of the effects were sim ilar to always strong for a low rate. W ages and Living Standard those resulting from a period of T here seems to be nothing in depression. Industry in some lines sight to save us from inflation but On the other hand, nule s ro- fell behind the norm al grow th of an indisposition of the public to duction is cheapened the s’andar 1 the country, creating a deficit of borrow . The mere presence of of living is not raised for the 'V ' ; •- supply, or accum ulation of demand, ample gold reserves in the vaults earning class by pushing up a . s, This is true in housebuilding, in of the Federal Reserve banks will because the cost of living, ri.-v . . t'i the construction of railway equip- not cause inflation. It only serves them. It is perfectly fut b- i- m ent, and in some other lines, and as the possible basis. Somebody ishly so—to look for any il a revival has occurred in those m ust borrow the available credit, im provem ent of social conditions lines. It is due to imperative and use it in buying things to such by m erely raising wages in term s needs, rather than to a belief that an extent as will produce the con- of money. To talk about it s the bottom has been finally reach- ditions that characterize inflation, nothing but a habit o f mind, ed in construction costs, although . T here are no gains from raising the feeling doubtless prevails that Reasons fo r Caution money-wages, except as there are prices are not likely to go lower One reason for doubtin that inequalities in the advapees, some unt.l the existing shortage is in the country will swing readilv into groups worl5erj ^ » . n g ‘nc.r large part made up. The advance another inflationary jam boree is that com pensation ra.sed at the expense of wages is due m part to the re- so ,ittle time has d since he of others. Such benefits are n c - vival of industry, but in large part jast one ther general nor perm anent, or to the im m igration act. . There would sccm to reason tQ in the long run the economic iaw It is quite evident that abnorm al belicve that m ost of the business » ill hnd a way of equalizing cou- condit.ons in some of the nidus- men who d thro h thc ex. ditions. tries are directly influencing prides pericnces of 1920 and 1921 will A Sound Basis to r P rosperity at this tim e,, l h e r.se of iron and want to make a vcry carefui study A &ound * asjs lo r P rosperity steel is m ainly due to the coal of probabjb ties before they commit If we accept the very substan- strik e, w hich has affected all Indus- them selves to extensive obligations tial revival which has taken piace trial costs. Qn a jcvei of pr ices m uch above this year as a natural recovery from I here is nothing about the atti- the preSent one. an excessive curtailm ent of indus- tudc of buyers of general m erchan­ As an answ er to the argum ent try in 1921, and a natural result f dise that indicates a A desire to an- that the im portations of gold make progress made in restoring the x ticipate future wants. I hey are for inflation, it is to be said that equilibrium between the several Buying cautiously, for immediate ¡t wouid be m ost unwise to build branches of industry, by redi:c- needs only, and fighting advances, a great fabric of credit on a tern- tions in some quarters and ad- which is ju st the opposite of the porary foundation. If this influx vances in others; and if we endea- common attitude when inflation is o( gojd sbou]d put prices up, by vor in a spirit of harm ony and co- unaer way. tbe same jogjc an efflux o f ¡t wol,id operation to restore the equilib- put them down. N othing can be rium more completely, in order to Conditions Favorable to Inflation more certain than that the pres- obtain such a free and full nter- ent situation, in which gold came change of goods and services that It is true that conditions are very to the U nited States last m onth everybody shall be employed >.nd favorable to an inflation of credit, from 31 countries, is abnorm al and production shall be to the liiu t of W e have a great num ber of inde- cannot be perm anent. capacity, we may hope to h..-,c a pendent banking institutions, act- better year in 1923 than in 1922. ively com peting with each other Prices Over the Long Run T hat is the m ethod by which prus- for custom ers, and the m ost effec- perity is achieved. tive way that has ever been found It is affirmed very positively in On thc other hand, if the public for winning custom ers is by lib- some quarters that tbe pre-war generally becomes possessed.of thc erality in granting credit. These banks price-level has gone forever, and it idea that a boom is coming an 1 have liquidated a great am ount of may be readily agreed that there is willing to borrow and spen 1 credit in the last two years, and is no prospect of an early return to upon that belief, it is puss hie ih it while they have shifted a large it. The fluctuating prices that we a short course of inflation may be part of it into securities, they will have had since the war, however, run. T counts of rep o rtin g m em ber banks in the larg e r cities have increased but $55,218,000 -of 6.7 per cent, since F e b ru ary 1, when the low point of the year, $818,102,000, was reached. R ediscounts of these banks w ith the federal reserve bank, at $11,- 966,000, on October 9, were near the low est levels of th e year. Re­ cently th e ir holdings of investm ents have declined slightly. The country banks, as a group, have borrow ed only in sm all am ounts d u ring the c u rre n t crop m oving season. On Oc­ tober 11, the to ta l discounts of the federal reserve banks had declined to $34,573,000, th e sm allest figure since m em ber banks began to reduce th e ir borrow ings in D ecem ber, 1920. Last Car In v estig ate our Ideal — “ Yfe Should W orry”— (F rom the M onthly Bulletin for O ctober Is s ie d by The N ational City Bank of New York) M ethodist Episcopal Church The Sunday school will m eet at 9:45 Sunday m orning. Classes are provided fo r a ll ages, and all are welcome. “ In H is N am e” is the p a s to r’s su b ject for the serm on S un­ day m orning a t 11 o’clock. At the Space Required for Trees' Growth. evening ch u rch service th e p a s to r . LETTERS TD SANTA CLAUS A spruce tree in a forest at twenty w ill speak on th e su b ject, “ T hat No CAN NOW BE POSTED years requires about four square feel One T ake Thy C row n.” A good? of space; at forty years, 34 square ro u sin g song service u n d e r the lead-) OTTAWA, Can., Oct. 28.— One feet; at sixty years, 70, and at one ersiiip of Mr. Yeo, assisted by th e can send a le tte r to the n o rth pole hundred years, 150 square feet. Pine o rch e stra and th e choir, to begin at now— alm ost. C anada, according to trees demand at least 15 per cent more 7 :3 0 . T here will be special m usic a rep o rt issued today by th e d e p a rt­ lil(lit space than spruce and neatly 40 by th e choir a t both the m orning m ent of the in terio r, has established per cent more than fir trees. and e \e n in g church services. All a post office a t E llesm ere island, young people who a re not atte n d in g 850 m iles from the n o rth pole. It is 12TH DISTRICT SHOWS GREAT elsew here are invited to th e E p­ th e fa rth e st n orth post office in the PRODUCTIVENESS IN <5 MONTHS w orth L eague m eeting a t 6:15 p. m. w orld. P roductive activity has increased T here w ere 78 p resen t a t th e prayer notably d u rin g th e past six m onths m eeting last W ednesday evening. All in all th e m ajo r in d u strie s and in a re invited to all the m eetings at UNVEILING OF STATUE , nearly every section of th e tw elfth th e M ethodist church. Rev. S. J. SET FOR ARMISTICE DAY federal reserve d istric t, but th ere C haney, m inister. UNIVERSITY OF OREGON, E u ­ has been only a slig h t increase in gene, Oct. 28.— A vard F a irb a n k s' the use of bank cred it for com m er­ Christian Church C orner of Second and B streets. “ D oughboy,” the fam ous w ar sta tu e cial purposes. T otal loans and dis- Jo h n F. L eggett. m inister, 243 which was created on the university M ountain avenue. Sunday school at cam pus last w inter, will be unveiled 10 a. m. M orning w orship at 11; on A rm istice day a t St. A nthony, su b ject, “ Choked to D eath.” C hris­ Idaho, and will la te r be placed in tia n E ndeavor a t 6:30 p. m. E ven­ Moscow, e ith e r on th e university ing service a t 7 :3 0 ; su b ject, “ The grounds or those of the courthouse F u n e ra l of a M oral M an.” The en­ The bronze sta tu e is in New York, tire public is invited to th is fu n eral I w here th e cast was m ade. service. P ra y er m eeting W ednesday, a t 7 :3 0 p. m. The in te re st in the^ stu d y of th e life of C hrist is grow-j ing. If not a tte n d in g p ray e r m ee t­ in g elsew here, b ring your Bible and I join in th e study. Apple We»*k CVmuiig— This com ing week has been desig­ n a te d as N ational Apple week. D u r­ ing th is period th e fru it and ali of its various uses will be fea tu re d , th ro u g h o u t the country. In man>’| localities m erch an ts a re planning o.i d eco ratin g th e ir windows su itab le toj th e day. while re s ta u ra n ts will fea ­ tu re th e fru it in a widely co n trasted m an n e r on th e ir m enus. pact tkkkr 5H— - 5 m Hammered Brass NEW SHIPMENT NEW PRICES T here is a great deal of satisfac­ tion in g ettin g ju st w hat you are looking for, when you w ant it, and still m ore so in having the Rainbo $16 fon Car now on the track. Must be unloaded Monday. If you need coal, order today or Monday morning sure RIGHT QUALITY AND DESIGN W e a re show ing an extensive as­ so rtm en t — including Ja rd in ie re Can'dle Sticks, S m okers’ A rticles, W ritin g Sets, Book Ends, Etc. M c N a ir Bros. 2 Ao --------------- Jifen This will be your last chance to buy good coal cheap this year. -- ; YOUK PARTNERS IN PR O G R E SS ANNOUNCEMENT TO OUR CUSTOMERS AND FRIENDS: On November 1, 1922, the sales price of our 7 per cent Preferred Capital Stock will be raised from $92 pershare to $95 per share, and there­ fore only three days ’remain in which thisjstock may be purchased at the present price of $92 per share. The California Oregon Power Company 02010000000101020000010223534848535348535323532353480100025353484823232348534823100153232323535323232353484848234853485323484 For example, you will notice “ Fire/* “ Fiddle,” “Foundry/* etc. Are you able to find 20 words commencing with the letter “F ”? The picture is very clear: there can be no mistakes. You will find it very interesting to look for these words, and m ay win the big prize. Anybody can try — costs nothing. Why should you not lie the winner o. the $2000.002 The person having the largest 1 t of words beginning with the letter “ i will get the First Prize. You surely 1. • • a real chance of winning at least one o f th e prizes offered — there are fifteen of them. Why not try for the big prize and win $2000.00. Somebody will win i t —your chances are as good as anybody’s. YOU SHOULD WIN Ju st think what you could do with the money. $2000.00 could buy an automobile and leave enough balance to make a payment on a cozy home. Perhaps you have in mind just the thing you would like to do if you received a check for $2000.00. Certainly you owe it to yourself to try to solve this puzzle. You will find the trying very easy and pleasant. The Way to Win One of the Twenty Prizes You do not have to spend a penny to get into this contest. It is not necessary for you to order any Yeastolax. If your list is adjudged to be one of the twenty best you will re­ ceive one of the cash prizes. Without your order for Yeastolax, if your list of words commencing with the let­ ter “F” is the largest you receive the first prize of $50.00. If the judges award you the second prize, without your order for Yeastolax, you will get a check for $25.00; and so on down the line as shown in this announcement. W in th e B ig P rize—9 2 0 0 0 .0 0 If you choose you can win a great deal more than the Class A prizes. All that is necessary for you to qualify your list for the BIGGER PRIZES is to send in an order for one or more packages of Yeastolax. Look over care­ fully the schedule of prizes as classified in this announce­ ment. You will find that if you send in $1.00 for one pack­ age of Yeastolax and the judges award you first prize you will get $300.00. If you send in $2.00 for two packages of Yeastolax and your list is awarded first prize you will get a check for $600.00; and so on up. If you send in $5.00 for 5 packages of Yeastolax and the judges award you the first prize, you will receive the Big Prize of $2000.00. Should your list be judged as the second best you would receive $1000.00; and so on down the list. Remember, there are twenty prizes offered, as shown. All the opportunity one could desire. Go in to win the best prize. $700.00 Extra Award for Promptness Dec 15th, 1922 is the last day for receiving your solution to this puzzle qualifying you to win one of the prizes. But, note this: For every day before that date that your order for Yeastolax is received an extra prize of $10.00 for each and every day will be added to any first prize won. If you send in your order today you will get a receipt for the money: then you can send in your solution any time before Dec. 15th and your list will be qualified for any of the prizes. We will award an extra $700.00 in this manner. You should try your very best to earn this additional award. It will cost you little additional effort. In case of ties we will award duplicate amounts of $700.00 to each contest­ ant so tying. Don't overlook reading about our extra premium of 50.000.00 Genuine Russian Rubles, whether or not you enter this contest Go after the Big Prizes—don’t delay—start right away— get into the contest. How many words can you find with the letter “F” ? Great amusement—great opportunity. 52000.U0 is awaiting your call. Now is the time to act. Yeastolax Co. Chicago RULES» 1 This pazzle is open to everybody except em­ ployes and relatives o f the Yeastolax Co. Tbe F irs t Prize w ill be awarded to the person giving the largest number o f words beginning w ith the le tte r 44F M. To th e next in order w ill be awarded the Second Prize and so on down the lis t o f T w en ty Prizes. The awards will be made on tbe basis o f the words submitted and not from a predetermined list. Should there be any ties the fu ll amount of tbe prize w ill be awarded to each contestant so tying. Words o f synonymous m eaning and words o f the same spelling but d iffer­ e n t meaning will count as only one. Use e ith e r the singular or plural o f a word. O nly word3 appearing in Webster*e D ic ­ tio n a ry —aod not obsolete words w ill be considered. Word8 must be numbered 1, 2, 8, e tc ., consecutively. 2 3 4 Ths contest w iik h e decided by thro« judges indcpQBOent o f and not con­ nected w ith t u j r Yeastolax Go. TbvJJ judges w ili a$tard the prizes. Tbe con­ testants agree < > i»bidc by thc* dee:?»..«3 o f these judges, and It is oodenood t such decisions are to be conck»».:. • T l.e names o f winners r I v | ’ .»f o f words w ill be pub»ui:t.d os boon pos­ sible a fte r the content. A copy o f th.s hst w ill be furnished to anyone upon receipt of a stamped, addressed envelope. T w o c t more persons may co operate in this c o c test, but only one prize w ill be a wax Jed to any 9och co-operating group. Lists o f names must be received at our office (any tim e during regular oiBce hour?)on c r before Dec 15th, 1922. For e \ r ry day before (or ahead) of this date th a t your order for Yeastolax is received jo u w ill get an additional aw ard of 110.00 per day, added to any first prize you win. In case o f ties this aw ard w ill be duplicated to every contestant so tyin g . 5 6 lOeastollax I f t o o «o ffe r fro m Cor.sUaatlen, iM liK ee'ion, Eczem a. B reecM H «. Boils, w nerve« a re a ffected in any w ry ; or you desire have a line clear healthy c«>mpl«->\. wj you to try a package o f «- :r ed|f, Y C A S TO l AX. Arson« its v a n ; ja >cn»e Vaastoxaa contain« th e hie to say. a * / , »f i f you send in 12.00 f» r tw o pa-*ka