48 



Hardwood Record — Veneer & Panel Section 



December 25, 1921 



Geo. L Waetjen & Co. 



PROMPT SHIPPERS 



Plywood and Veneer 



A PARTIAL LIST OF VENEER 



SHEET STOCK 



Poplar ...1/20", 1/16". 1/8". 3/16" & 1/4" 



Unsel. Gum 1/8" 



Red Gum 1/8" 



Red Oak 1/8" 



WhUe Oak 1/8" 



Birch 1/20", 1/16" & 1/8" 



Sawn Qtd. White Oak. . 1/20". 1/16" & 1/8" 



WE MAKE PANELS TO YOUR SIZES 



Carry a large quantity of stock sizes for 

 immediate shipment 



Are you receiving our lists? 

 Kindly write fop same. 



MILWAUKEE 



WISCONSIN 



110-120 REED STREET 



fc extend to tijc 

 'lO^alnut consum= 

 ing trabe ttje Reason's 

 (Greetings anb Uerp 

 Pest Wiiiits for a 

 Pusp anb Prosperous 

 i^eto Bear 



FRANK PURCELL 

 Walnut Lumber Co. 



12th & Kaw River, Kansas City, Kansas 



(Coiitinuid from page 38) 

 of people who tor 700 years have been in practical slavery, can not 

 help but have a very beneficial effect upon all mankind. 



Financial Situation Improved 



The financial situation, which is a large factor at all times, we all 

 well know is vastly improved. Discount rates have been lowered, 

 the Federal Reserve Bank reserve is vastly improved, solvent con- 

 cerns are able to finance themselves, and as a whole, so far as the 

 United States is concerned, our financial structure is on a sound foot- 

 ing. A great many more factories in our line, as well as in many 

 other lines, are in operation now than were a few months ago, some 

 of them having orders as much as four or five months ahead. Labor 

 is much more fully employed; wages are in some lines overpaid, 

 especially the railroad labor, while in other lines labor is underpaid. 



The labor question with us is one that should have at all times 

 our very best thought, and we should try, so far as is possible, to pay 

 our help in proportion to the cost of the commodities which labor 

 must buy, always keeping in mind the fact that labor not only pro- 

 duces practically all that is needed for the welfare of humanity. 

 but that the money paid labor and the money of the farmer con- 

 stitutes the larger iJart of our buying power in this country, as well 

 as the world. 



While these things that have been mentioned sound optimistic, 

 there of course is another side to the situation, and one of the great- 

 est reasons why we can not hope to get back to a large and settled 

 business basis quickly is the financial situation in the Old Country. 

 Their exchange is of little value, and badly as they may wish to 

 trade with us, it is simply impossible for them to do so until their 

 financial situation is strengthened, and this can only be when they 

 receive further financial assistance that is necessary to put them in 

 a position to do business, and this assistance can only come from one 

 country, and that country is ours. 



Another fundamental difficulty that we must face is the difference 

 between the price of farm products and all raw materials and the 

 price of manufactured goods. As we have already stated, the farmer 

 is one of our best customers, and so long as his i)roducts sell at a 

 price below the cost of production, just so long will business be cur- 

 tailed just in that proportion, and tliere can be no -stable regular 

 trade while this condition exists. t:ongress talks, and let us hope 

 will put into operation some plan whereby the farmer may be relieved 

 and thereby strengthen the situation. 



The railroad rate question, which is ever before us, shows some 

 little signs of being lowered and, in fact, there have been some reduc- 

 tions, and we believe by the first of January tliere will be a still 

 further reduction in rates on many of the commodities of life, and 

 certainly it is badly needed in <»ur line. 



Old IiawB Punction Still 



The labor unions would have us believe that the law of supply and 

 demand has ceased to function. Nothing is further from the truth. 

 It is working today in the labor world, always has worked and always 

 will, and in our opinion is one of the greatest causes of the recent 

 increased demand for veneer and panels. A very large percent of the 

 veneer and panel consumers were stocked with high priced goods and 

 have been gradually working this stock down until they could see 

 their way clear to place some orders, and if wc are careful as sellers 

 of veneer and panels and use our heaifs and do not attempt to push 

 the price of our products to an unreasonaide price, in our opinion, we 

 will have for the next six months a healthy, i)rofitable business; but 

 should we lose our heads, as we did in the past, the increased demand 

 which has been noticeable for the past few weeks will stop just as 

 suddenly as it came. 



I trust that we may today in this meeting be absolutely frank with 

 each other, talk over the situation with each other, and go home with 

 our minds made up to do. so far as is itossible, our full duty as we 

 may see it. not only in our own business, but in all the ways we can 

 to help put the entire business world on its feet again, always bear- 

 ing in mind the golden rule in b\isiness and ever keeping for our 

 motto that of the Rotary Clubs of the World, "He profits most who 

 serves best." 



J. C. Adderly, president of the Integrity Mutual Casualty Com- 

 pany, Chicago, gave an illustrated lecture on "Salvaging Human 

 BeingB." 



Conditions at Louisville 



Panel business is fairly good at Louisville, Ky., some plants 

 running on an excellent volume of business. Cores and veneers 

 have been selling too cheaply in many instances, some veneer con- 

 cerns having worked up popular crossbanding without regard to 

 replacement cost of logs. In some cases, of course, it may have 

 been that they were afrjid the logs would go bad, and crowded 

 the market. 



