HARDWOOD RECORD 



Jnuuarr 2.'>. ItUO 



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 a. in. t 

 of tho 



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of tUi 



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wrnMF^n.AY SESSION 



I o( till- . I nt 11 



II. I iin- J. .i'liii^ ■■! >,i; :!'■..■* ri'|KirtA I'V liir « Miiiimi w^' »ttl rOportS 



offievra, which were heard oiul tippruvcj. 



• by Mr. 



lie mcr- 



I'lim-tl to !!<• 



'J men hove 



:\e lo io their miinoroiiii ronveation*. Mr. 



.... iiu|K>r'""' ' ■■ ' •!'■'• '!'■ '"'•• '■••'I •M-ceasity 



>0D of a : surh aa 



anj haruHiMici m i':irn' miir. i-< i'i>ii|>i>ratioD. 



i> niuat i;o on, but belter bnAineKS Ib bound to 



Aocn organiEntion moinbcrfi. 



Action and Reaction in Business 



■ • ■ ■..111.-., or In- 



iilTiilr!! nil of 



. f itront value 



rrtatlou. Ily that 



■ nt, nntl to prepare 



iffl. ii.v apiftylu): kuiiwU'iiKf wliU-li H tittalnnlile, n mnn may 



■■h»'T. within rortMin Kn'lf--. nnd knuw wlint Is olxnit lo happen. 



' and to understand cauaea wlilcb 



riMlUCC. 



' ■ ' fundamental condl- 



nnd that security 



.,t! -.ni,. .,;ii,, ■. . iiiiitlon. There- 



rdlnarlly pay 



iiiliinded tlielr 



and tnniuicd their tuilH f<ir u Kturtn. How tiiun.v business men 



1 ;"". It \\ ;l V , ■, 



IS a great ovit 



ti 



IT 

 f. 

 Ill 



securiin*s 



were really prepared (or the panic of lOOT? To the students of fundamental 

 conditions, the coming depression was as plain In 190G as the handwriting 

 OD the wall. 



"" ' - ' ■ •' ' nctlon and rfnctlon to \-nrlou8 lines of 



111: carrying on business, as In profit sharing 



plu;. . , , r I'l'i .'1.1,1.,^, Mil, I it. tl i.i.n price 



policy. In « ing one 



another. Tb. i to their 



bld.s. contracCs, selling prices, prtHJuciiuii, ttud stocks itn bund. A number 

 of associations are ""ircessfully carrying out this new Idea, which accom- 

 plishes the - >.' for manafacturers and merchants as the stock 

 and grain e\ for Investors. Kach manufacturer knows the next 

 dny • r. \;iiled for his finished product on the preceding day, 

 St at trades are being <lemorallzed, not by the prosperous 



coi. ..„«■ the business, but by the unprospcrous concerns who 



don't understand the business or who are new at It. Hence, the best thing 

 for competitors to do Is to get together and help their weaker brotliers 

 rather than to crush them, because the ellnilnntlon of one set of competitors 

 means that another set, equally inefficient, will take Its place. This means 

 that the profits of any Industry can be permanently Increased only through 

 education and publicity. Through education, the men who are demoralizing 

 trade are shown their true costs and are told how to operate at a profit. 

 By the publication of all prices and offerings, bids and actual stiles, decep- 

 tion Is eliminated : neither the purchasing agent nor the salesman has any 

 further temptation to He. 



It Is coming to be recognized more and more that success In business 

 depends ui>oo the recognition of certain ethical principles which arc In- 

 tensely practical. In fact, no ethical principles are worth following If 

 they are not practical. 



At the close of Mr. Gaunt 's talk, discussion on the siib,joct of coop- 

 eration and competition was invited by the speaker. This was taken 

 .idvantage of by many of his hearers, ;ho open discussion ant] trading 

 of ideas' and theories, proving of mutual benefit. 



At the close of this discussion on cooperation, moving pictures were 

 shown, depicting the intricacies and care taken in the manufacture 

 of the Disston saws, files, etc. The pictures proved an object lesson 

 in up-to-date manufacturing and thre^v a vivid light on modern proc- 

 esses by which the better grades of mill machinery arc made, such as 

 are employed by the Henry Disston & Sons ' Company at Philadel- 

 phia, Pa. 



Owing to the inability of Will H. Parry of W.ishington, D. C, a 

 member of the Federal Trade Commission, to fulfill his engagement 

 in an address on the "Work of the Federal Trade Commission," Mr. 

 Prestiss, of the Chamber of Commerce of the United States at Wash- 

 ington, gave a talk on the workings of the country-wide or;;;mization 

 of the chamber of commerce. Mr. Prentiss laid particular stress upon 

 the benefit which lumbermen could derive from the operations of 

 this organization. Mr. Prentiss' address follows in part: 



Adth- 

 hiime four yearn «ko. 

 rmird Stnl.-"!, Ilt.n Wi 

 While II' 



lltlHln.-kH • 



met 

 ■ ho.. 

 wa" 

 Tl 

 cm II , 



ifn prrildcnt of the 



■V «rai held ■! tb« 



'i «'a> att<'ii,lt-<l lij >->iii,' 7uu reprearntnllvea from 



.. friim nil over the Vntlt-d KtAtea. TlirtM* nenllriiirn 



aii.l di'cblrd ilmt the lime had arrived when hualDcM 



tintlonnl itrwanliatlon. •• ■ renull of which thli chamber 



chamber of 

 -t.Ie of ntii .T.-j,!,!. 

 It* Drat duly I* lo 

 queilloni. It mual <i 

 Inveatlgallon and niuat ranliil 

 fixing policies of the chamber, 

 lame and small, hai lu voice. 



miiierre la |>erb(pi the moat truly demo. 



.. n t. 1 1. 11 1 bill. I \. r e\i I. ii In Ihli country. 



k-ri-at national 



.rier a Ihorouch 



• iiiinidi raUtiu 111 <!• In milling laaue*, In 



and eynry organlratlon lo the country, 



Kverythlng la done In the open, arallahli' 



for crlllclam by all men. There can be nothing concealed. It cannot be 

 uaeil by any cll<|ue or group. It must be thoroughly American and 

 broadly palrlotlc In everything thai It doe*. 



Aside from brlnglnc ti,. i. , i. . k~ viewpoint to bear upon great ques- 

 tions, It must work : iiment In extending the u»e of the 

 faclllllea which the i. ■ ■ provides for the promotion of bu«|. 

 nexs. No partlsanahlp hna been shown In the make-up of the orgatilxs- 

 tlon. 



In this, as In all other countries, there are three great economic ele- 

 ments In the body politic — commerce, agriculture and labor; the two 

 laller. through their nrganl'/ed bodies, long have had means of speaking 

 nationally lo the country and to the govnimont In their own behalf. Com- 

 merce, until the organization of the Chamber of Commerce of the I'nlled 

 States, has not. 



There have been so far In the organization aOlllated T.ll chamber! of 

 commerce, Imords of trade and local organizations throughout the coun- 

 try, and approximately 150 national or district trade organizations. The 

 ainilated bodies that are members of the national chamber of commerce 

 represent as lo their own constituencies almost 400.000 Individuals and 

 corporations. 



To Il.LUBTBATE THE USEFULNESS OP THE CnAMBER 



When the Federal Reserve legislation was In Congress, you will recall 

 that the Senate and the House were In a deadlock over the measure for a 

 period of weeks, and It appeared to a great many that It was more than 

 possible that we would not have any financial legislation at all. The 

 national chamber of commerce had taken a referendum vote on the ques- 

 tion of what kind of financial legislation the business people of the 

 country wanted. They had a very strong committee that waa waiting nt 

 the door of Congress for a hearing. For weeks they waited In vain. 

 Finally, In desperation, the chairman of the joint committee of the House 

 and Senate sent word to the chairman of the committee of the Chamber 

 of Commerce of the I'nlted Slates something to this effect ; "If you will 

 bring your committee In here between the hours of 2:30 and 2:-l7 you 

 may tell all you know about banking," The committee went before that 

 joint committee of the House ond Senate, and Instead of the few minutes 

 allotted to them, they remained for a couple of hours. They were In- 

 vited back the next day for a couple of hours more. The next day It 

 was a half day's session : the next day It was an all-day session, and so 

 on for twenty days. Our committee worked with the Joint committee of 

 the House and Senate on that fiaanclal legislation, and wrote Into the 

 financial legislation six of the most Important features In It, and secured 

 Its passage by the Congress. 



They have worked with other departments and with other committees 

 In the congress, sometimes under great difficulties, but at other times 

 with their full and hearty co-operation. There has never been any con- 

 filct between the national chamber of commerce and the members of 

 Congress, or with the departments In Washington. They are co-operating 

 with the Department of Commerce In a wonderfully encouraging way : 

 with the Treasury department, and with the Post Ofllcc Department. 



Two years ago, at the request of the president of the United States, 

 the committee of the national chamber of commerce worked In the De- 

 partment of Commerce, and practically reorganized It, putting Into It 

 business methods by business men : and today the Department of Com- 

 merce Is far and away the most efficiently conducted — I am not speaking 

 of Its policies, I am speaking of Its detailed management — of any depart- 

 ment in our government. There has thus come about the creation of 

 twent.v-four commercial attaches, positions that never existed In our 

 government previous to the report of our committee to this department. 

 These men were employed without any regard for political aflillntlons. 

 absolutely on account of their business qualifications — the best men that 

 have ever been employed by our government In commercial work. 



Today we have In this country practically all of the liquid gold In the 

 world. We are for the first time In our history a creditor nation. It 

 the war lasts much longer they will all owe us money. There are only 

 two wa.vs In which to pay International obligations : one Is with gold, 

 and the other with merchandise. We have all the gold. Wc arc today 

 practically the only nation In the world with anything like Its normal 

 purchasing power. Think of that ! The answer is simple. The manu- 

 factured products of the world will have to be marketed here In this 

 country, and at a manufacturing coat of which we have had in the past 

 no conception. 



The forecast which I have Just been outlining means that In many 

 lines of manufactured products seventy per cent of the labor cost will 



