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OREGON EXCHANGES still another illustration of devoted cooperation in meeting emergencies.

Instances like these might be multiplied indefinitely. These are the most recent of a number in my experience at the Portland bureau of The Associated Press. All the members served by this bureau have at one time or another shown equal loyalty and energy. They illustrate the point I make, that success in meeting emergencies depends largely upon the help we get from others.

In closing let me say: To be ready for any emergency we must follow the example of the wise man spoken of in Scripture, who, observing the precepts of good will and brotherliness, is like the man "which built his house upon a rock: And the rain descended, and the floods came, and the wind blew, and beat upon that house; and it fell not; for it was founded upon a rock." But the one who ignores the fundamental principles of square dealing is like the "foolish man which built his house upon the sand: and the rains descended and the floods came, and the winds blew and beat upon that house; and it fell: and great was the fall thereof."

We may encounter an emergency at any time or at any place, but we need not fear if we are mentally and physically prepared. First we must have knowledge to deal intelligently with a situation; second we must have strength of body to endure an ordeal of hard work. We must realize, too, that in the humdrum of everyday grind we are really preparing ourselves to meet the big moments of life.

Sir Rabindranath Tagore, the poet of India, simply and effectively expresses it:

"[In his most instructive paper, read before the trade publications section of the Oregon Newspaper Conference, Mr. Potts set before his fellow-publishers the ideal of a sane, steady development of their respective industries, through the medium of publicity designed to check both inflation and deflation, the two menacing extremes.]"

F THE thought is new to you, consider for a moment the assertion that stabilization of our country's industries is an end greatly to be desired. Without a second's reflection you will realize that stability in our industries and commercial life in general has been lacking during almost the entire period since the great war started its cataclysmic train of events, nearly nine years ago. Speaking of industries as a whole, they were first plunged into gloom and depression, then lifted on the wings of war prosperity to a position of optimism and wealth un paralleled in all history, only to be plunged again with equal suddenness into the dumps of debt and insecurity.

I would remind you that even the politicians discovered that something was askew in the "good old U. S. A.," for did not one of the leaders coin that significant phrase, "back to normalcy"? Perhaps you will recall that this striking phrase so aptly described and suggested the desideratum, the need of the nation, that repetition of it on a million tongues a day