16 



HARDWOOD RECORD 



February 25. 1922 



The factors of favorable aspect tliat liave been recorded on numer- 

 ous instances in previous issues are developing about as have been 

 predicted. The furniture business, fOr instance, is working out with 

 about the measure of satisfaction as originally prophesied whereas 

 in building the conditions have long since passed the .stage of abstract 

 indications and have come definitely down to concrete visible evidence 

 of building construction. 



In addition to this visible evidence, the most encouraging figure 

 comes from the Department of •Commerce in the form of a bulletin 

 recording the fact that in twenty-seven important northeastern states 

 the January figures of building contracts actually awarded is next 

 to the largest January figure ever recorded. 



Another point of encouragement in this same bulletin has to d" 

 with the agricultural situation and the im]irovcment apparent during 

 the past few weeks. There has been an advance in the price of 

 many farm products including both grains and the various t.vpes of 

 live stock. 



On the other hand, figures of the iron and .steel industry as of 

 January are somewhat disappointing, pig iron production showing 

 10,000 tons less than in December and unfilled orders of the United 

 States Steel Corporation showing a slight shrinkage from that month. 

 Iron and steel prices recorded a .slight recession. However, the Jan- 

 uary figure of structural steel sales showed a substantial advance for 

 the month over fir.st months of 1921, the January figures though 

 showing unfavorably as compared to experience during the sharp rise 

 in November. 



In general one is struck with the fact that even with the unfa- 

 vorable comparisons as of January and so far in February, when 

 placed against November and possibly December, the records of 

 the first month of this year are almost universally substantially 

 better than any of the months of 1921 up to the time when the 

 •whole country experienced a sharp and rather sensational improve- 

 ment. 



Hardwood Recokd believes that the main accomplishment in 

 this improvement, which is now history, is that it teaches a lesson. 

 Any adjustment of values upward as supported b.v such an im- 

 provement as developed last November, and which is anything 

 more in effect than a mere readjustment of valuations, will not be 

 countenanced and will spoil any such favorable tendency. 



Thus the very fact that current development records very gradual 

 but steady improvement is a good sign and one which it may be 

 hoped will not be interrupted by any further sudden inflation. 



The Hoover-Daugherty Correspondence 



THE VALUE TO THE BUSINESS MEN of the country of the 

 correspondence between the Department of Commerce and the 

 Department of Justice on trade association activities (published 

 elsewhere in this issue) will be regulated by the opinion they may 

 have of the Attorney-General's ability to interpret the Anti-Trust 

 Law. Those who believe he can correctly interpret the law may 

 well accept the facts disclosed in this correspondence as a guide to 

 the legality of trade association practices, while those who do not 



think so will reject these facts as being no more than the opinion 

 of one lawyer and seek from their own counsel interpretation of 

 the legality of the practices they may be interested in. We say 

 this, because after all the information contained in this corre- 

 spondence is no more than an opinion and in the last analysis must 

 be subjected to the judgment of the courts as would any other 

 opinion of the sort. 



This correspondence suggests that trade associations may not 

 legally disseminate any statistics concerning production, stocks, 

 cousuinption, prices, etc. They may gather this information, but 

 they must distribute it through the Secretary of Comnurce for 

 release by him to the general public at the same time it is released 

 to their members. The purpose in this seems to be to prevent the 

 members of an association from securing any prior, exclusive, or 

 peculiar advantage over the public from statistics gathered from 

 them and compiled by their association. 



Imposition of this rule would have the effect, we believe, of 

 eliminating all such statistical activities by trade associations, as 

 it would remove virtually all incentive for such activities. If the 

 members of a trade association are not permitted to derive any 

 exclusive advantage from the statistics which cost them trouble 

 and money to assemble, why they will just not fool with them. 

 There should be no doubt of this. It would be contrary to human 

 nature if the.v should do otherwise. 



But we a.ssume that the Attorney-General and the Secretary of 

 Commerce are too familiar with this well known subentity (humaa 

 nature) to expect that trade associations would continue to handle 

 statistics under such restrictions. The correspondence does not say 

 that this is the only way statistics may be distributed, therefore, 

 we have an idea it will develop that the Attorney-General has no 

 objection to a trade association carrying on statistical activities 

 and distributing its data direct to its members, so long as this data 

 does not have the effect of materially enhancing prices, curtailing 

 production, restraining trade or suppressing competition. In fact, 

 he makes the point at the conclusion of his reply to Secretary- 

 Hoover's questions that any opinion as to a plan can be only tenta- 

 tive, and that in the last analysis its legality must be determined 

 by the test of whether or not its practical ajiplication does the 

 things enumerated, which arc violative of the Anti-Trust Law. But 

 this in turn makes nothing absolutely clear, for opinions will always 

 differ as to what is meant by enhancement of prices, curtailment 

 of production and suppression of competition. And opinions will 

 always differ as to whether a given practice does or does not do 

 these things. 



So we have returned to the point in our reasoning from which 

 we started and are still faced with the necessity of submitting each 

 individual case to the adjudication of the courts. 



This country lives by its arteries of railroads and if these are not 

 kept in healthy condition the country cannot thrive and grow. 

 It will languish like the human whose vital blood courses are 

 clogged. 



Table of Contents 



REVIEW AND OUTLOOK 



General Market Conditions 15-16 



The Hoover-Daugherty Correspondence IS 



SPECIAL ARTICLES: 



Association Activities Are Charted 17-18 & 20-21 



Real Steam Value of Shaving and Scrap Wood 24-25 



YARD AND KILN 



Short Stories of the Kiln — An Expensive Accident 22 



Questions and Answers 22-23 



NEWS FROM THE NATIONAL CAPITAL: 



Misctllaneous 26 



CLUBS AND ASSOCIATIONS: 



Miscellaneous 26 



Northern Wholesalers Re-elect Jones President 19-20 



Rotary Cut Box Lumber Outlook Is Hopeful 35 



Plan for Vtn-'cr and Panel Merger Prepared 3S 



WHO'S WHO IN WOODWORKING: 



W. A. Thomas 36 & 41-42 



C. H. Burt 36 & 41-42 



HARDWOOD NEWS NOTES 32-:4 & 51-52 



HARDWOOD MARKET 52-55 



CLASSIFIED ADVERTISEMENTS 58-59 



ADVERTISERS' DIRECTORY ?7 



HARDWOODS FOR SALE 60-62 & 64-6S 



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Entered as second-claas matter May 26, 1902. at the postofflce at Chicago. 



