Earning of Inflation Given by Economist History Never Repeats Itself, Declares Theodore H. Price In Address at C. of C. Prediction that American business Is facing a rising tide of inflation Which la liable to carry It far out to sea was made yesterday by Theodore H. Price, publisher of Commerce and Finance andi writer of The Omaha Bee's weekly review of the New York financial situation, speaking beforo more than 200 Omaha business men nt the Chamber of Commerce. Yesterday afternoon he addressed the Nebraska lumbermen's convention at Hotel Rome. Here he described pres ent chaotic railroad conditions, stress ing lack of equipment and high freight rates. “Many business men are inclined to plan for the future by basing their actions on events of the past,” he told the business men at the Chamber of Commerce. “History Doesn't Repeat.” “You cannot chart the future on anything that has taken place here tofore. History never repeats itself. All we can do Is to go on from day to day relying on the lessons we have learned from experience. The panic of 1907 never would have occurred if we had had the present reserve bank system. “As regards future conditions in the business world. I can offer no prophecy. Who knows when the next war will come? All past wars came unexpectedly. Consider the San Fran cisco earthquake. These things up. Bet the most carefully' laid plans of men. It is because of these things that no definite plans can be made as to future activities. Hanger of Optimism. • There Is danger in e* rybody being too optimistic. When everyone be comes optimistic there is a likelihood that the whole community will go to an extreme. In which case there is danger of a serious reaction. It is the contagion of the crowd. “I think we are facing a rising tide of inflation which is likely to carry tta far out to sea. It seems to me we are creating, through Innumerable municipal and other public bond issues, a political debt which is bound to have a bad Influence. "We witness an extravagant ex penditure of easily borrowed money. This money is borrowed from the future and is being spent with a reck lessness which makes me dew the future with apprehension." "Stage Money." Mr. Price referred to German money as "stage money." "Whatever France collects through her invasion will he more than eat en up by the expense connected with the military operations necessary,” he said. "As regards conditions in Europe, we must so conduct our business as to be able to step off the train when it begins to slow down.” At the lumbermen's convention, Mr. Price was preceded by L. C. Oberlies of Lincoln, whose subject was “Was the Golden Rule Made for Lumbermen?" This evening the lumbermen and their wives were to be entertained at the Brandels res taurant. Shut off From Market. Me. Price, in his address, said: “A large western manufacturer of fc staple article also produced In the east told me that before the war he sold his goods in both New Eng land and the Pacific coast states. How,' said he, ‘I am shut out of the New England market by the high rail rates and my eastern com petitors can undersell me in Cali fornia, Oregon and Washington, be cause they can ship by water through the Panama canal to the Pacific coast states for less than half the all-rail rate that I have to pay.’ "He claimed that as a consequence there was no longer any feal com petition in his line, as both he and the eastern manufacturers were in a position to demand their own prices for the goods sold in the areas to which they are respectively restrict ed by freight rates. "It is not surprising that the minds of both the public and* the railroad officials should be turning again toward government operation or ownership ns the only politically practicable way out. But few rail road officials would admit this pub licly but I know that some of them have so stated privately. “They realize that there Is no chance that congress or the stale legislature can be induced to re linquish control of our transprotatlon facilities or the wages paid to those who operate thd railroads. “They know too that financial •haos, the bankruptcy of many rail roads and the abandonment of many unprofitable lines would speedily fol low unrestricted competition In rates, and although they chaf* under the rulings and restrictions of the Inter state Commerce commission, I doubt whether there is a single railroad ex ecutive who would be willing to have It done away with. < an t (»Ive Service. "But while the railroad officials realize that government control la necessary, they have ceased to hope for Its liberalization and they and the public have both come to the point at which they are willing to again consider the ’pros’" and Von*' of government operation either through lease or ownership. "It is perfectly plain that the peo ple of this country will not much longer tolerate present, conditions and It Is equally plain that ‘half slave and half free’ as they are now, the railroads cannot give the service that la demanded of them and Is necessary to our continued growth and prosper ity. > "The question Is, what can be done to give the people of the United Staton cheap and efficient transpor tation? The Esch-Cummlns bill pro vides that the railways be consoli dated Into a few great systems and Its authors Intimate that unless these consolidations nre voluntarily ef fectod, some way to compel them will be found. Whether compulsion will be constitutional is a question for the fupreme court to decide and that bray take years. "Meantime It seems altogether im probable that the railroads can or will (•t together of their own Initiative. There are too many^eonfllctlng Inter est*. Therefore, If any relief for the present generation is to be had, it can only come through affirmative action by the government. There may be some solution for the railroad problem that is better than govern I ment operation or ownership, but, if I so. It is still a secret. ) “With the statement that govern I ment operation is necessarily ineffi | cient and must become politically cor I rupt, I do not agree. Is there any ' one who believes that a private cor poration could provide a postal serv ice one-half as efficient as the one ! with which we are furnished by the government? Tax Inequitably Levied. "The cost of transportation is a tax upon the earning power of the people and the question is: How can it be most equitably levied and collected? Under the present system of freight classification and rates that are roughly proportioned to the length of the haul this tax is most inequitably levied. "The old rule of ‘all the traffic will bear' has developed what the railroad men call a 'rate structure’ that is notoriously unjust. Some commodi ties are carried for less than it costs to transport them and others are taxed to make up the deficiency. "If we had reasonably uniform freight rates, those who have gone forth to people and develop these re gions would prosper as they deserve and the resulting increment In our national wealth would far exceed any deficit in the operating Income of the railways that might result.” Dry Agents Arrest 312 in Cleanup Campaign Tellurlde. Colo.. Feb. 15.—Federal j prohibition agents, under E. H. Me- ' Clenahan, district director, arrrested 312 persons on charges of violating : the prohibition law and confiscated , a large quantity of liquor in a series of raids held here shortly after 7 last night. Evidence prrevlously had been ob tained by federal agents and the cru sade was carried through quickly. Word spread rapidly throughout the town, however, and the crowds formed in streets and minor demon strations occurred, while the officers worked. Several women were among those arrested. In several Instances the officers interrupted scenes of gayety. In some of the establishments clashes occurred between the merrymake'rs and the agents, and tables were over- j turned and chairs broken. Bolivia Renews Request for Revision of Treaty Santiago. Chile, Feb. 15.—A second note just received by the Chilean gov ernment from Bolivia reiterates the Bolivian request for revision of the pence treaty of 190-1 which gave Anto fogasta to Chile. Bolivia is seeking to regain an outlet to the sea. Chile’s answer, now in preparation, formally declares that the treaty can not be altered but the negotiations may continue outside such a demand. Losers Testify in Waterloo Case Aged Man, Widows, Pretty Girl Tells • Jury of Stock Sales. Pitiful stories of lost savings In vested In Waterloo Creamery stock were told in federal court yesterday at the trial of 10 men and a wom an charged with conspiracy to use the mails to defraud In promotion of that company. Carl Birkholz, 78, retired farmer, Hebron, Neb., in trembling accents, told how he had kept buying the stock in 1918 and 1919, until he had invested $28,000 j(nd had 213 shares when the crash came. A salesman came to his home and later brought him to Omaha where he met Leroy Corliss and other officers of the com pany. Caroline Zutter, widow of a farmer, Hebron, Neb., said she exchanged her Liberty bonds for stock at $137.50. She said H. P. Ryner, one of the In dicted men, told her the stock was as safe as Liberty bonds. 1 asked how the Waterloo could pay 8 per cent when the government only paid 4 V4 and he told me the com pany kept the bonds ns a surplus, piled up in Its vaults instead of cash. He told me the company was under government supervision, same as a bank. I told him I might need the money some time for the cl^Idren's education and he told me I could have It any time on 30 days notice.” Caroline Wolfe, Deshler, Neb., a widow’ and mother of Mrs. Zutter, told how she came to buy her shares. She said the same representations had been made to her. Agnes Tassler of Nebraska City, young and pretty, told how a sales man for the company named Daven port called on her and her sister, Anna, and Induced them to Invest their savings, *1,650 each. In stock of the company. She said he told them the stock would go to *200 a share in a short time and that the company had a large surplus from which divi dends of 8 per cent would be paid if the profits ever fell o(T. Mrs. Anna Witt and her son, Ru dolph, of Scribner testified to pur chase of 83 shares of stock in the con cern in 1918. Mrs. Witt said she was told the company was earning 17 per cent at that time. Emerson Hall and O. F. Walker of Chesanlng. Mich., also testified. Pair Must Go to Church. Jerseyvllle, \l., Feb. 13.—Paroling for one year William Stevens and MrS. Ida May Miles, convicted of a serious offense. County Judge Chap man made a condition that each read a chapter of the Bible every week and attend church once a month. Both are to report as to whether they live up to the parole conditions to the county sheriff once a month. I._ “Jag" Given as Reason for Queer Actions of Thousands of Wild Ducks Joplin, Mo., Feb. 14.—Partaking tdo 1 freely of corn whisky mash, which has been discovered in largo quanti ty on a small Island above ftlverton, Kan., is, in the opinion of Charles \\ illiams. United States deputy game warden of, Arkansas City, Kan., the reason for strange actions of thou sands of wild ducks in the last few days near Riverton. The birds apparently are "intoxi cated,” Williams stated in reporting the result of his investigation to lly Connelly, president of the Joplin Sportsmen's Protective league today. Williams said he found a large j quantity of mash on an Island two I miles above Riverton. A. W. Howell of Washington, repre sentative of the United States biolog ! ical survey department. Is due to ar | rive here tonight to investigate the | situation. — Attorney Is Held on Federal Charge Former Wheeler County Of-1 ficial Charged W'ith Im- j personating U. S. Officer. Charged with conspiracy to imper sonate a federal officer, J. M. Shreve, former county attorney of Wheeler county, Nebraska, was bound over to the grand Jury after a hearing be fore United States Commissioner ltoehler yesterday. He furnished $1,000 bond. The complaint was filed against him by Charles Kitchen, a Wheeler county farmer, and C. A. Butt, alias A. C. Abbott, alias Armstrong, alias j Morgan. Ed. Phletcher of Wheeler county testified that Shreve came to his i home January'27 with Butt, who rep- ! This Will Ward Off And Break Up Colds Jut • Itupuaial *1 Dr. Caldwell'* Syrap Pepiia riun* the coofutioa THE two ailments that people generally regard as of the least importance are in realit y tiff cause of most serious illnesses and of the greatest proportion of deaths. I hry are consti pation and com inorj colds. Many doctors now 1#> lieve that colds, tonsilitis, a touch of malaria will cause const ipa 1 tion, _ instead of constipation hc in« their cause. 1 he fact remains that you seldom have a cold with out constipation, due to general congestion. The only way to avoid colds is to keep up your vitality. You usuully catch cold in the winter if you are run down. Therefore in cold weather exercise more; eat more fatty fuods; drink four to six glasses of water a day; keep the head axil, the feet warm, the bowels open. - You are also less liable to colds if your system is free from the intestinal poisons of constipation, so empty the lxjwels regularly with a plain vegetable laxative like Dr. Caldwell's Syrup Pepsin. ANY FAMILY MAY TRY IT FREE Thousands of parents are asking themselves, “ Where ran I find a trust tonrthy laxative that anyone in the family can use tvhen cjmstipated?” / urge you to try Syrup Pepsin. / if ill gladly provide a liberal free sample bottle, sufficient for an adequate test. Write me tthere to send it. Address Dr. W. H. <*ldwell. 515 Washington St., Monticello, Illinois. Jhi it now! At the first sign of a cold, at the first few wanting sneezes, take a teaspoonful of Syrup Pepsin and the congestion will tie gone in a few hours. Don’t wait until the cold has a grip on -vou. Mr. Henry Dean, Jr., of Itochester, N. Y., cured a stubborn cold in just that way, and Mrs. Alice I orfibrey of Haskell, Oklu., uses it effectively for uil the small ills of her family, such as constipation, biliousness, headaches, dizziness, and to breuk up fevers and colds. Dr. Caldwell’s Syrup l’epsm is a w ientideally-balanced com pound of Cgyptian senna with plrasant-tasting aromatics. It is safe to give to infants, and all children like it. Before you again resort to cold remedies contain ing narcotics try a teaspoonful of Syrup Pepsin. Any druggist will supply you, and tie cost is less than a cent a dose. resented himself to he a federal pro hibition agent, and hired Phletcher to drive them to the farm of George ^(ekinaon to search It for liquor. Ar riving there. Butt in alleg-d to have agreed to let Dickson go free for $200. He was taken to Krickson where he WTote two checks for $100 each. The next day payment wan stopped on the checks, which turned up in the Ktate Bank of Omaha, where later someone appeared and paid the $200 1 on them stating he was acting “for a friend.’’ Phletcher testified that Shreve gave him a check for $ IS for driving him and the unidentified Butt to the homo of Dickson. t Shreve did not testify at the hearing. The “spading tractor," a new farm implement, replaces the plow, harrow and cultivator. It has a capacity of three acres per hour. Dry Officers Broadcast Alarm for Liquor Pirates New York, F'b. 1 j.—Evincing belief that rum pirates were active at sea. customs and prohibition officials yes terday broadcast a general alarm for a ” steam trawler which was reported to have rohbed the auxiliary schooner P. J. McLaughlin of nearly *250,000 worth of liquor oft the Jersey coast Sunday night. JIM NO PROFIT SALE NOTIONS ^ V r NO PROFIT SALE GLOVES Mercerized Rick-Rack Braid, 3-yard bolts all colors. Cost 5c, sells 5C fif ■ I \ Strap Wri.t Glo»..— Ladies’ strap wrist washable chamois-suede caum Pure Rubber Sanitary Aprons, white and flesh color. I ^ M MB M ^ m £ I let Gloves, cost 75c, sell for Cost 36c. seH 35c K.d Glore.—Ladies' two clasp Kid Gloves, Pans point backs; brown, Ritz double mesh Hair Nets, cap shape. Cost 7c, sell at 7<* tan and *rav. Cost 98c, sell for ... r . f)Se NO PROFIT SALE No Profit ’Sales of Furniture Friday r I Kitchen Cabinet Bases Cost $5.95, Kitchen Cab inet Rases, 2 bins, 2 draw ers, 1 work board, 85.95 Dining Table $39.75 cost, Genuine Walnut Extension, 54-inch top extend ing to 72 inches; sells..X39 75 Walnut Chairs $6.u0 Solid Walnut Chairs, cane back, genuine leather slip seats; sells fbr. on $1.00 Baby Walkers, sells. 4? (g) 45-pound Mattress, $7.25 $7.25 Hayden’s Special 45-lb. All Cotton Mattresses; sells at. cost price. . . . .$7.25 Simmon’s Bed $7.75 Simmon’s Square Tube Heds with 5 1-inch flat fillers in Vemis Martin finish; No Profit Sale.$7.75 Men’s Work Gloves Cost 95c; No Profit Q(P „ Sale Price.i/eJC 100 dozen Men’s Leather Work Gloves, all firsts; full leather, strongly made for hard usage; every size. None to dealers. We re serve the right to limit quantity. Main Floor Men’s Work Shirts Cost 56c; No Profit _ Sale Price. OOC 500 dozen Genuine Blue Bell Cliambray Work Shirks, full cut, roomy arm holes, made for aetive men; , double stitched; shrunk be fore-making. None to deal ers. We reserve the right to limit quantity. Mala Moor Men’s ■ Wool Sweaters Cost $125; at No Profit Sale A big purchase Men’s Wool Mixed Sweaters, all coat stylos, with or with out collars: cut oyer roomy linos j made to fit and wear. All colors and sizes. \pne to dealers. Quantity limit ed to each customer. Main Floor ANNEX SALES BOYS’ WEAR AT NO PROFIT Hoys’ Holts at M.W 300 Corduroy Sulla and fancy wool mixtures; aged 7 to(16 years; cost 75.00; sale price .St 1.08 Hoys’ Knicker l’ant*f "or 600 pairs of Boys' School Pants: slr.es 7 to 17 years; cost 75c; sale price. . BOYS’ SUITS AT $1.98 500 Hoys' Suit*, corduroy In Oliver Twist styles and fan cy wool mixtures; sires to 9 years; cost 12.00; No Profit Sale price .81.1)8 Hoys’ Overalls, .'Ok1 300 Pairs of Boys' Blue Denim and Khaki Overalls; sties 4 to 14 years; cost 50c; sale price.. 50<* Roys' Hats and ( aps, 2Ac All the odd lots Boys' Winter Headwear including Hals and Caps that cost 35 to 50c; sale price, No Profit Sale.. 25c No Profit Sales of Underwear ^ Children's Henry Heeced Union Snits Sizes from 2 to 16 and in white and gray, for this sale for quick clearance. Cost 70*', Sale l’ricc . 70<* Women's lleary 1 leered Union Snits Dutch neck and short sleeves, and htish neck and long sleeves, in white only; sizes to 42. Cost $1 257 Sale Trice. I'er suit ■ .................. 81.25 lllne and Hrown Cam isoles at !Cr Made of nice quality gat eon, built up shoulders, hemstitching around neck and sleeves. Cost 8.'c Sale Price ... 85c Women’s 1-Piece Flan nelette Pajama* In excellent quality pink and blue stripes and some flowered designs: splendid assortment of patterns. Cost 85c, Sal# Price .... • .......85* High »ck Maslln tlnwns Made of heavy muslin: tucked yoke and long sleeves. Cost 75e, Sale Price .75C * **•»«! I nm I NO PROFIT Jewelry Ix>t 1, Novelty Ear Rings—No Profit Sale Price . 250 I,ot i. Novelty Ear Rings—No Profit Sale Price .490 Eot *, Novelty Ear Rings—No Profit Sale Price .090 Novelty Bar Tina—No Profit Sale Price . 290 A big assortment of Silver Tea Pots. Erutt Bowls. Candlesticks, Cake Baskets, Sandwich Trays, etc., on sale at No Profit Prices. NO PROFIT T oilet Goods A-l Fountain Syringes — No Profit Sals Price, earn . 95* Metal Hot Water BottUf! N t Profit Kale Fries, each ... 7ft* Stearns' Combination Cough ' anri Cow Trsatment -Ki profit Sale Prl« e . f|ft|k J'-i-oz. eiAm Pavorta—No Profit Sals Pries .15^ VACUUM ROTTV.CS Full KIza Quart Aluminum vacuum Mottles—No Profit Sale Trie*, rath .*1.(19 NO PROFIT Laces A splendid assortment of new Torchon Waah traces. No Profit Sale Prim, >ard New Filet l.'heney Wnali I.a<»* No Profit s«in Price yd lO'i# A hlar lot of fine Vtnl.e I f'*r collars, ate.? ialu«• i» t-> .r»0c No Profit Male Price, |»«r y«rd. 29f A apectal lot of fine V*) |,„ r,, 7*iio valuta. No Profit Sale Price, per yafd . I'jp A special assortment of Taaatla. No Profit Main I' «*c* .,7‘fc# NO PROFIT Draperies a< m>i Barred Scrim In white, plain marquisette In white end eeru re, full .it» Inches wide. Coat 11 ' Bali i'i m i yard .14'%# • m Kn,nt i t htaix* in hliheit quality barred voile* and b«*at workmanship. C*>at |2 10 pair Sale price $2.10 KRIXGKII HMild In figured marquisette, food quality, trimmed with erru and hlark fringe. Coat 11.20 each. Sale Frier .91.20 third Floor NO PROFIT Floor Coverings Heavy quality Inlaid linoleum In « hn|r« pattern*, euttable for kitchtRi and b«th to. in? Coat f i » yard 11,41 Kxtr$ i . v v acitnUM Velvet Run, *t«* Sail. iroo«| selection «>f pattern*. «'o*t $11 40 Sale Pi • 11.40 A xml net er Pi a*, good service.ibln rug*. C»»*t UK Brio Price, ti 1 • IS.OR Heavy qtialify eeanilr** 9\12 Armlnater Run in an want 1 celoilure Coat tto IQ s*v Price, each 940.80 Third Floor 1 11 1 1 1 1 I NO PROFIT Corsets r. N. t ORHETS Emit figured material, low hunt and long ekirt. Cost H J.C • ells for . C1.2B low HI SI' t IIRaETS r ow bust, with elastic in top. Iona skirt, othera medium l-ust sites up to JS. Cost JJc. sells fof. R9* I.A( E RtMlllil \ Also pink meth. front and hack fastenings Sires SJ to «». Coat 7}r. sells for . 78gt corset Hept—Serena klenr NO PROFIT Hosiery Womens Pure silk Hose. feshlonej beck, double soles end heels, silk to the hem. Never sold under |i ii end II 5®. All colors, ell sties. KrJ »»>'. P*r I'Str . Me « OTTO* A*t> LISLF. HOIK ” omen s fin* Cotton end l isle Hose In Meek end cordoven, 40c velues, 4 peirs for . *1.00 I H1I.DHK1I1 U»U HOIK children s first quelltv Lisle Hose, pleln end derby ribbed In bleok. white end cordoven. J4c velues. All sties. During our No Ih-oftt Sele, 4 peirs for . *1.00 __ Mels Kleer_ Linens at No Profit Scarfs—18x50-lnch sire; hack, crash, etc. No Profit. Sals Price, each.. .29* I Bine Bird Pillow Cases—Made of high-grade Qual ity sheeting. No Profit Sale Price, each...,33* Bed Spreads—White krlnkle weave, largo size. No Profit Sale Price, each.$1.90 Colon l.lnen Hack Towels—18x26-lnch size. No Profit Sale Price each . .27* I lied Sheets--72x90-lnch sire, center seam, made from standard muslin. No Profit Price, each 95* Scores of Specials in the Market and Grocery at No Profit In the Market I Fraah WiUr H.rrinf, lb. . . 10# Wlntar Caurht Whlta Flah. par »>.16# Fall Salmon, half or whola. par .I 7 1 4# H> aarry a aoaiplata ilna of .•mil. Smokri! nm| l‘l«kl«(| ||«h n( I Hr IowhI mob prlrra, Fancy Steer Shoulder Hlenk. per >b.12' i # Btecr Hound Kteak, lb. ,....15# Home-made Sausage, 3 Iba. 25# stoer Pot Hoast, lb.o# Faney Migar rtired narrow Iran Huron, per lb.. ..27 lj# l.’vtrn fanrv tub Creamery Hut b'l. I * » lb. ) . HI# ! Guaranteed Mildly fresh F«u P* ' d«*» 33# \\ IKoii Nut Oleomargarine, per .20# fancy Hip* Tomato**, lb.IW fU)4o Idaho Prwnro. lb.15« l anry flic# Top Cnrn, lb. .........4* lanrj Naval Orange*, regular rn»t f5o. No Profit Prior, per dot. . fIW Taney Julrjr lintpv Iroll, rout No. No Profit Prior, rarti ..V I anry .1 rrary t vnnbrrrlr*. .1 |l»*. ?!W* Innry lloiul I .rtf nor, ra« b . . *io Plain H0«la t rack ora. coal bo lb. No Profit sale Trior, lb. We I anry Mlrrd ('and), enal I Ho lb. N«» Praflt Nalr Prior, lb.IHo Macaroni or NpagbHtl, 4 pkga. . . . JEfto ••Jb. llnfilrn* INotnoml H Ww . 91 fW M lb. Aark Ilia# 1V1I Hour.91 19 F*«**U«* 4 offer, lb .1.,14b* I tli*. for Mr ♦ , f«*« fmir.r K>«tTi^h (om, I'H nnly, |M*r ilofrn miu •»«», 100 r»M>« No. | (Iin* I Nltfnmlii kprl Itl». 40 ilogrrr «>rn|», lioirn 91 0.1 I.NO . kw. No. 9 rmu 1|»|»lr> Hotter. |»er tlnirn t ?».V IOO rMf* 11 bur llmmi >opt h« S»H|t. 10 ftnr* for ..t.ir **i»rtlinr« in 4>il. »4 fti«* mn». *.!« rnn» for . t.V Bedding at No Profit Wed (eafertiMw—Sllkoltna and ailk mull eover fnra. No Profit bale Price, each..94.95 Wed nUnkele—Soiled woolen pllld*. for full * tx bed*. No Profit Sale Price, pair. 90.45 Plllen l'akins—>42-in>*h at«*. homespun make W Profit Sale Price, yard .. . 35<» Bleached i hee»e t letk—Pine r esh, >atd pack *K«'^ No Profit Sale Price, pk* 29c < nmfert Fllltn*— lb*. or*n* 1n crvnu.Mo strip, comfort aue. No Pioftt c-ale Price. 92.05 FleMnelettr—.The velour kind, for kimonos and house wear. No Profit bale Price, yard ... 10r