HAPPY NEWYEAR SI]ITA FE IU]|IBER Gl|.

Incotlcered FGb. la' lgot Ercturivc Rcptrotetivr ia Notthcn Cdiforair for Crco-Dipt Conpeay, Inc., North Tonawrnda, N. Y.

F. S. PALMER, Msa Califomb Ponderora Pinc C-alifornb Su$r Pinc of the nation which says to the would-be builder "Do it now," and to the would-be-lender "This is the time."

Someone asked Jesse Jones the other day when he thought the depression would be entirely over, and he replied that we would never realize the fact at that particular time; but that at some future date we would be able to look back and discover that it had dissolved into the nothingness from whence it came. There is much sound reason to believe that at this time next year we witl be able to cast backward glances and truthfully say: "The depression left sometime during the past year; we don't know exactly when, but it's gone." What a Christmas present that will be!

LOS

311 Financi'l Center Bldg. 7O4 So. Spring St. - VAndyke M7l

The last week of the old year has given the lumber industry something big and explosive to talk about; something that has set it all agog for the time being. I speak of the elimination of price fixation by the Lumber Code Authority from all divisions and subdivisions of that Authority. Remember, the Lumber Code Authority covers the lumber producing industry, and that the retail end of the business is separate and diitinct, and this announcement of terminating price fixing for the manufacturing industry, does NOT cover the retail end of the business. How the retail end can continue price fixation without fixed wholesale prices for a foundation, is too big for me to tackle right now. Watch the news departments for developments along that line.

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