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The semi-annual meeting of the National Veneer and Panel 

 Manufacturers' Association was opened the morning of June 11 at 

 the Auditorium hotel, Chicago. President Jarrell opened the meet- 

 ing by stating that Chicago seemed to offer a more logical meeting 

 place owing to its central location, and to the fact that a great 

 many of the members could transact business here while attending 

 the meeting. It has always been the experience of the association 

 that meetings in Chicago bring out a gratifying attendance. 



The reading of the minutes of the previous meeting was dis- 

 pensed with, and the secretary then called the roll, after which 

 he read a number of communications from various absent mem- 

 bers of the association. 



In his address President Jarrell touched upon the effect of the 

 extreme weather conditions in the South as well as in the North on 

 the veneer business. He said that many mills located on rivers in 

 the low places were completely closed for several months, although 

 the majority of them are again in operation. Hills not directly 

 affected by the high water were shut down by lack of logs due to 

 the inundated condition of the timbered areas from which they get 

 the timber. As a consequence the output during the last six 

 months, of veneer mills manufacturing poplar, gum and oak, 

 according to the president, has been fifty per cent below normal. 

 This condition has been true of the South, but the severe weather 

 in the North rather facilitated logging in that section. As a 

 consequence northern mills have not had the same conditions to 

 meet. President Jarrell prophesied a good business for veneer 

 and panel manufacturers in spite of the unrest in the political 

 world. 



The speaker urged all manufacturers of veneers and panels to 

 join their respective clubs, outlining the accomplishments of those 

 bodies during the past six months. He contended that loyal 

 attendance at association meetings is just as important to the 

 veneer and panel manufacturer as is close attention to the mechan- 

 ical end of his business. 



Tn speaking of the growth of the membership. President Jarrell 

 said that the work of the membership committee is necessarily 

 confined to the association meetings, as the prospective members 

 are extremely scattered, and proposed that some special method for 

 acquiring a greater membership be adopted in order to build up 

 the association to the proper proportions. 



Secretary Defebaugh then stated some of the advantages of 

 organization in business, maintaining that without associations 

 business men are isolated. He pleaded for a greater interest in 

 the veneer and panel association, contending that those who derived 

 the most benefits should be most earnest in their solicitation of 

 greater membership and greater interest. Secretary Defebaugh 

 touched upon the question of waste and voiced the opinion that it 

 represents fully thirty-three per cent of the total. 



In speaking of values he pointed out that prices in hardwoods 

 and other lines have shown quite an advance in price, and that it 

 behooves the veneer manufacturers to get all the money possible 

 out of their product. A return of thirty-three per cent on a gross 

 investment, the speaker stated, was not at all out of proportion 

 to what should be realized, although there are a great many people 

 willing to do business on a much less rate. In speaking of some 

 of the leaks wherein the profit is eaten up by unsystematic cost 

 accounting methods, the sjjeaker pointed out the fact that in a 

 good many cases manufacturers do not charge a salary to them- 

 selves equivalent to what they would have to pay a manager. A 

 thirty-three per cent profit would represent when figured down 

 probably about sixteen per cent on an investment of from $50,000 

 to $75,000. 



He further said that the veneer business is a long ways from 

 the millennium, and that manufacturers are too busy with their 

 own affairs to really give the broad phases of the business the 

 consideration which they warrant. He deplored the tendency of 



certain members to not render their support to the association 

 work because of their imagining that the veneer club to which 

 they belong had not accomplished what it should. This type, the 

 secretary contended, is usually represented by the people who are 

 willing to sit at home and reap all the benefit but are unwilling 

 to devote any time or attention to actual accomplishments in the 

 interests of the trade at large. 



Secretary Defebaugh then continued to point out many of the 

 admirable benefits to be derived from association work, contending 

 that co-operation among the veneer and panel manufacturers would 

 tend to militate against the practice of over-production at a loss, 

 and that by co-operation the members of the association could 

 keep their production somewhere within the bounds of reason dur- 

 ing the dull season. He further contended that it would influence 

 members against buying trade; it would suggest co-operative 

 methods with competitors when buying timber, thus preventing the 

 ridiculous conditions which now prevail in the timber market; it 

 will guarantee an exchange among the membership of the many 

 new ideas in connection with running business, and will encourage 

 the members to appreciate their own industry. 



Secretary Defebaugh said that when business is dull and stocks 

 are large, the old practice of taking on orders at cost or less is 

 an advantage to the industry in that it educates some consumers 

 to the use of veneers and panels, but he maintained that there 

 has been a sufficiency of this tj'pe of education in the last eighteen 

 months, and that the present volume of sales should be about up 

 to normal. Under present conditions of sales conditions and prices, 

 the veneer manufacturers should not forget to check up on the 

 cost phase of their business, to watch their waste pile, and to see 

 that they are getting a commensurate price for their product. 



The report of the treasurer showed a balance on hand of $49.50, 

 and in addition the association has accounts receivable amounting 

 to $797.50. 



George S. Wood of Chicago outlined the progress of the forest 

 products exposition movement. Mr. Wood showed that a great 

 deal of work had been accomplished, and that the project is 

 rapidly assuming definite shape. The specific date for opening the 

 exposition in the Coliseum has not yet been set, but it will probably 

 be held in the early fall. 



H. B. Sale of the Hoffman Brothers Company, Pt. Wayne, 

 Ind., then read a paper on ' ' The Intelligent Purchase of Logs and 

 Flitches," which appears in full elsewhere in this issue. 



This was followed by a paper by E. V. Knight of the New 

 Albany Veneering Works, New Albany, Ind., entitled "The 

 Advantages of Built-up Stock over Solid Stock in the Manufacture 

 of Furniture and Case Goods." Mr. Knight's paper shows original 

 and valuable thoughts, and is also reproduced in full elsewhere in 

 this issue. 



In discussing the possible benefits to be gotten from a talk 

 such as Mr. Knight's, it was suggested that it would be a good 

 idea to get copies of it in the hands of as many lumber dealers 

 as possible all over the country, so that through them it would 

 reach the consumers. With this idea in mind, it was voted to 

 appropriate $100 for this purpose. 



In opening the afternoon session. President Jarrell introduced 

 U. S. Epperson of Kansas City, manager of the Lumbermen's 

 Underwriting Alliance. Mr. Epperson explained to the members 

 the workings of the inter-insurance plan, and its adaptability to 

 veneer plants. His talk appears in full elsewhere in this issue. 



The committee on uniform cost accounting, having not yet arrived 

 at definite conclusions in this matter, asked to have the question 

 rest over to the next annual meeting of the association, and prom- 

 ised to make a full report at that time. 



The membership committee reported five new members since 

 the last meeting. 



Following the report of the membership committee, President 



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