30 



HARDWOOD RECORD 



October 25. 1920 



The Successful Mahogany Manufacturer 

 Must Have an Adequate Log Supply 



Showine our fresh water pond within the Mississippi River at New Orleans, where our 

 steamers discharge their logs after completing a long journey from the tropics. This pond 

 is approximately one -half mile long; has a storage capacity of three to four million 

 feet oi Mahogany logs, so that we are always assured of adequate supply; there our choice 

 Mahogany logs are stored in a most advantageous manner, safe against the river currents 

 and storms, floating freely without chains, ready to go thru our mill. 



This Mahogany pond is the only one of its kind; all other features of our operations have 

 been worked out with equal care. 



Pertinent Information 



Indianapolis Receives Home Building Fund 



Plans for furnishing long term loans to stimulate the erection of new 

 homes and medium-priced apartment houses throughout Indianapolis and 

 Indiana were announced recently by Evans Woolen, president of the 

 Fletcher Savings & Trust Company. 



Under an arrangement with the Metropolitan Life Insurance Company 

 of New York the local trust company becomes the loaning agent in Indiana 

 for such part of its $50,000,000 "new home funds" as may be absorbed 

 by the building public in its effort to remedy the present housing shortage. 



The life insurance organization recently announced it had set aside 

 millions of dollars for long term loans to home builders in an effort to 

 assist in relieving the bousing shortage throughout the country. 



Recently several moves have been made in Indianapolis and elsewhere 

 in Indiana toward relief of the housing condition. 



Much of the difficulty encountered has been due to the lack of long 

 term money, and it is to this factor of the situation that the local trust 

 company now will turn its attention, its president said today. 



Mr. Woolen announced that the cost of the money thus provided for 

 building new homes would be at the general market rate, and that only 

 a per cent of the principal involved in the loans, in addition to the interest, 

 IS to be payable by tne borrower semi-annually. 



Correspondent banks in several Indiana cities already have been desig- 

 nated to assist in the program. 



Clubs and Associations 



Increases and Decreases in Prices 



A fallacy printed and no doubt frequently believed in these days of 

 declining prices is, that if an article has increased in price 100 per cent 

 over pre-war or, for instance, 191S prices, it should decrease a similar per 

 cent. The statement has been made in the press that lumber has increased 

 100 per cent since the close of the war. but has only decreased 50 per cent, 

 leaving the inference that it should decrease another 50 per cent to be at 



normal levels. If $50 lumber increased in price 100 per cent, it would sell 

 for $100 ; when it decreases 50 per cent, it is back at the original price of 

 $50. There is no mystery about this ; it is merely a matter of arithmetic. 



Memphis Club Reaches Highest Number 



Three new members were elected by the Lumbermen's Club of Memphis 

 at the Hotel Gayoso Saturday, October 16. thus bringing the membership 

 of this organization to the highest point in its history. The newly elected 

 are : F. A. Peltier, Tustin Hardwood Lumber Company ; W. R. Pharr, 

 W. R. Pharr Lumber Company, and V. E. Porter, E. L. Hendrick Lumber 

 Company, all of Memphis. Two applications for membership were filed 

 by the proper committee. These will be voted on at the next regular 

 meeting. 



But, despite the record-breaking membership, the club found it nece.s- 

 sary to vote an assessment of $10 on each active member of this organi- 

 zation as of record June 15, 1920. The board of directors recommended 

 this course and the members voted unanimously in favor of it. The club, 

 like all other individuals, firms, corporations and organizations, has 

 experienced decided increase in expenses and the assessment was made 

 with a view to putting its finances in proper shape. 



The attendance was unusually large. J. V. Rush, president, occupied 

 the chair. The usual luncheon was served. 



President of the National Wholesale Lumber Dealers' Association 

 on Returning from Europe Advises Watchful Wait- 

 ing Attitude — Optimistic on Future 



John W. McClure. Memphis, Tenn., president of the National Whole- 

 sale Lumber Dealers' Association, accompanied by his father. Matthew L. 

 McClure. returned on Wednesday, three weeks ago, on the Carmania from a 

 several weeks' trip to Europe. Mr. McClure spent some time in Ireland, 

 visiting the old home of his father, and during his trip to England bad an 

 opportunity of making many business observations. In speaking of the 

 lumber situation in the United Kingdom Mr. McClure said : 



"Conditions generally abroad are unsettled, disturbed and abnormal, 

 politically, socially and commercially. The reactions from the restraints 

 and intense efforts necessitated by war conditions have resulted in a reck- 

 less disregard of laws and government, especially on the part of the so- 

 called working classes. Until these conditions adjust themselves and every 

 man realizes that the old natural law of compensation, "an honest day's 

 work for an honest day's pay" still governs and is still Just as sure in its 

 rewards and punishments as It has ever been in the history of human 



