Pine Bluff daily graphic., 1920-06-09
NO GOOD REASON ID
 FEAR HARD TIMES,
 STATES J. E. BoYCE
Ample Money for All Legiti. mate Business, Banker
 States

take care of all legitimate business ventures,' and that there is no good reason for apprehension of "hard tlmes,' tho all business men shoula exert extra care and everyone prae- tlce economy, was the gist of an in terestlng talk on the financial situ- ation made by J. E. Boyce, president of the Cotton Belt Bank, at the weekly luncheon session of the Ro- ta1y club at the Hotel Pines yester- day
 MT. Boyce had been assigned to speak on "The Results of the Recent Ruling of the Federal Reserve Banks"
 He said he had conferred with Federal Reserve bank officials at St. Louis, and that it is the purpose of the reserve to check speculation and unnecessary borrowing thru con- traction of credit, believing that this will have the effect of reducing prices of necessities of life The Federal Reserve bankers, he said, hope to ef- feet lowering of prices in three to six months, but MT. Boyce believes two years will be necessary. MT. Boyce does not expect "serious finan- cial trouble"
 Similarly optimistic view is taken by the New York and other eastern bankers, according to Harold E. Blu thenthal, recently returned from a seven weeks trip in New England MT Bluthenthal related parts of con- versations with bankers, showing they look for improvement shortly, and are not apprehensve.
 "Why, we've been thru six months of panic" New Yorker told the Pine Bluff man, land we didn't know it" Cotton mills are behind on or ders, and staple cotton is bringing a high price, when it can be obtained "There is more optimism among eastern bankers than among south ern bankers,' MT. Bluthenthal said. "They are not apprehensive of de- pression, but neither are they antici- pating great drop in price levels. Some appear to believe prices will go hipher."
 High Paper Costs
 "The Newspaper Shortage" was the subject assigned George H. Adams. owner of The Graphic, who related some of the circumstances causing the shortage of paper, and resulting in an advance of more than 600 per cent, to 15 cents pound. MT Adams showed that with eight eight page papers weighing pound, it is costing the publishers one cent more than they receive for papers delivered to subscribers at 65 cents a month expense of delivery and collecting added to the cost of paper and ink.
 D. Stanley Dreyfus of the enter tainment committee reported plans for a picnic in July for Rotarians and their families, and this was ap- proved.
 The Atlantic City Rotary conven- tion was discussed by Kemp Toney district governor. MT. Toney said Dr. J. I. Norris and D. Stanley Drey- fus, the club delegates, would leave with him Friday, June IS, going to Memphis and there joining the 14th Rotary district special train of the Panama Limited" equipment for the trip to Atlantic City, by way o1 Louisville Washington and Phila. delphia.
 w. B. Bedding, manager of the traffic bureau, discussed freight rates and regulations, and D. G Maxey spok of the Chautauqua to be. gin here June IS for a weeks pro. gram.
 Committees Named.
 Photographic invitations from the Washington and Philadelphia clubs for delegates to stop for entertain ment, and from the New York clubs Flor delegates to be guests on tfir up the Hudson river, were read by the secretary.
 Chas. w. Holmes. past president o1 the club, was appointed by Judge W T. Woolridge. chairman of the Rotary park committee, and Jules T. Bore sen and Frank Franey were reap pointed on the committee. Judge Woodbridge said it will be the aim o1 the club to bring about the early i'm prcvement of the park established a: memorial to the men and women o1 Jefferson county who served witl the armed forces in the world war
 Other committees appointed yes terday are: Public affairs, Garland Brewster, H. c. Couch, Jack Bern hardt. Fred Dilley. Charles Duff; fel lowship, Leo M. Andrews. Andy Ed monson, Roy Kemp, Harvey Means Leland Murphy; grievance, Sam B Russell. Pinchback Taylor. Senate Seabrook Selig Rosenberg, w. B Bedding.
 An unexpected treat was the serv ing of case of "Budweiser" with the compliments of James Crow, of the Biltmore Candy company, a member of the club and local distributor o1 this Anheuser-Busch product.
 LIVING COST DROPS
 Paris, June 8-Declines in the cos
 .& e 1,,hsnh epo