14 



HARDWOOD RECORD 



October 25. 1920 



which is not as yet basing on the manufacturer 's reductions. There 

 is evidence that in certain sections considerable progress has been 

 made in this direction, but Hardwood Eecobd still maintains that in 

 general retail prices do not as yet reflect whole-hearted acceptance of 

 manufacturers ' revised figures. No genuine improvement can be ex- 

 pected until retailers have fully adjusted themselves to the new levels, 

 thus making it evident that prices have reached the lowest point. 



In the meantime, confidence in an early adjustment for the better 

 is maintained by the obvious vastness of potential demand. 



Why Not Optimism? 



THE "SUBVEY OF NATIONAL CONDITIONS" made by 

 Franklin K. Lane, former secretary of the interior, for the 

 Fidelity and Deposit Company of Baltimore, while it resulted in 

 a very interesting statement, made no particularly unique nor 

 startling disclosures. It merely confirmed the common sense view 

 of current conditions. For instance, Mr. Lane declared that 

 "economically the United States is shown to be better o£E than 

 any other country in the world." This we all know; and we would 

 be even more prosperous than we are, if Europe were not virtually 

 bankrupt and unable to buy from us the raw and manufactured 

 materials, which she so urgently needs, and which we are so well 

 prepared to deliver. 



He declares further that "the country is on a sound economic 

 basis, and there is generally a spirit of confidence in the future, 

 regardless of the outcome of the election." Of course the country 

 is on a sound economic basis; its opulent fund of national re- 

 sources has hardly been touched; it is the best organized 

 country industrially in the world; it has a larger percentage of 

 sane, hardworking, loyal citizens than any other country in the 

 world; it has the most stable and more nearly perfect Govern- 

 ment in the world; though already the richest nation in the world, 

 it has been fattening for six years on the sale of enormous volumes 

 of commodities at extraordinarily high prices to the other nations 

 of the world; its citizens enjoy the highest compensation for their 

 labor and the best scale of living of any people in creation; their 

 pockets are stuffed with money. 



"The business outlook," Mr. Lane continues, "appears to be 

 good in every section. Wholesalers and retailers view the fall 

 and winter optimistically. The retailer is finding that the con- 

 sumer is looking forward without fear to the winter, and his pur- 

 chases from the wholesaler are founded upon that optimism. From 

 the simple toiler up through the tradesman to the industry and 

 the financier there runs the connected feeling of confidence." 



And why shouldn't every American be optimistic? He would 

 indeed be an ingrate if he were not, viewing the misery of Europe, 

 terribly mutilated in all her parts by five years of war, so deeply 

 wounded that her thinkers ask, "Is not Europe dying," and then 

 reflect upon his own happy condition. He should thank God every 

 day that he is an American and wonder why he received such 



unexampled blessings. He should try to be worthy of his good 

 fortune by being happy. 



The present posture of economic affairs in our country is per- 

 fectly healthy and not pathological. The readjustment from a 

 period of abnormality — of war prices, war wages, war waste and 

 war extravagance — is in process, further complicated by a presi- 

 dential campaign. Naturally buying is not going to be feverishly 

 active on a falling market; naturally conservatism will prevail 

 until the deflation process has been completed and the new condi- 

 tions have fully developed. This will only take a few months 

 and then the stream of our commerce and industry will freshen 

 and move forward in the calm and irresistible current of its habit. 

 It will not travel with the speed of flood waters, as it has for the 

 past few years, but the normal course of its progress will be much 

 better for all concerned. 



If only Europeans could be as certain of their future as Ameri- 

 cans, they would probably be exceedingly optimistic. 



The Open or the Closed Shop? 



SHOULD A MAN, who, for his own good reasons does not de- 

 sire to join a trade union, be denied the privilege of seeking 

 employment? Divergent answers to this question are the basis 

 for most present disputes between employers and labor. The closed 

 shop movement has struck many snags during the past year. The 

 country today, though, is faced with this undemocratic demand aimed 

 at a vital spot. 



Attention is specifically directed to this menace in a resolution 

 passed last week by the Northern Hemlock and Hardwood Manufac- 

 turers' Association in meeting at Milwaukee. The resolution pledges 

 the association and its members to the open shop. It points out that 

 prior to government control there were but four or five organized 

 brotherhoods of railroad employes, whereas now there are seventeen. 

 These unions are bringing tremendous pressure to bear on the Labor 

 Adjustment Board for the purpose of unduly advancing wages and 

 virtually bringing about a closed shop. 



The resolution urges the board to "stand firmly and squarely for 

 the open shop in all matters coming before it for adjustment, ' ' and 

 further urges that "in the adjustment of future wage disputes the 

 rights of the public to transportation expense based on reasonable 

 labor costs be considered paramount. ' ' 



The unquestioned opinion of the country at large on this vital issue 

 should be expressed in definite terms wherever and whenever oppor- 

 tunity presents itself. The strength of the sentiment against the 

 closed shop should be brought squarely to the attention of the labot 

 adjustment board at Washington. 



It remains to be seen whether the tide of European immigration 

 now flooding the country, together with reduction in demand for 

 commodities, will be able to reduce the cost of labor by the law of 

 supply and doniand, in spite of the strength of union labor. 



Table of 



REVIEW AND OUTLOOK: 



General Market Conditions 13-14 



Why Not Optimism? 14 



The Open or the Closed Shop? 14 



SPECIAL ARTICLES: 



Supreme Court Hears Hardwood Appeal 15 



Southern Pr€>duction Is Very Lo-w 16-17 



Know the Tractor Before You Buy 18-19 



Why Lumber Values Must Recover 19-20-21 



Enthusiasm Marks Logging Meeting 22 and 24 



New Rules for Computing Income Tax 26 and 28-29 



New Plan of an Old Concern 36 and 40 



CLUBS AND ASSOCIATIONS: 



Miscellaneous 30 and 47-48 



Northern Manufacturers Want Public to Know of Lower Prices 21 



Northern Manufacturers Pled ge to Open Shop 15 



Contents 



WITH THE TRADE 4S-50 



HARDWOOD NEWS 50-5S 



HARDWOOD MARKET 5S-S8 



ADVERTISERS' DIRECTORY 59 



CLASSIFIED ADVERTISEIVIENTS 60-62 



HARDWOODS FOR SALE 63 and 65-66 



SUBSCRIPTION TERMS: In the United States and Its possesslona, and 

 Canada, $2.00 the year: in foreign countries, $1.00 extra postage. 



In conformity with the rules of the postoIPce department, subscriptions 

 are payabie in advance, and In defauit of v^ritten orders to the contrary, 

 are continued at our option. 



Instructions for renewai, discontinuance, or change of address, should 

 be sent one weeli before the date they are to go into effect. Both old and 

 new addresses must be given. 



Both display and classified advertising rates fumisnea arp^a application. 

 Advertising copy must be received Ave days in advance of publication dates. 



Entered as second-class matter May 26, 1902, at th* poatoSce at CMcaco, 

 ill., under act of March 3 1»7B 



