BAOOKDIIRE BULLETINS

will help you to keep posted on the trend of security prices and economic conditions and will guide you in your stoch and bond investments. They are timely and specific in their opinion and comment.

We shall gladly send you a copy of Brookmire Counselor without charge. Request Bulletin No. l9-A.

that abandonment of cost protection will lead to just that."

Asked by Division Administrator Ellis whether a change in present methods of price control would meet with the division's approval, Mr. Cole said that the present system "seems to be as fair as it is possible to obtain".

Charles McGrath, Seattle, Wash., secretary-manager of the Washington Oregon Shingle Association, said:

"If price protection is removed, control of production will be impossible."

V. A. Stibolt, Hammond, La., 'chairman of the cost protection committee of the Southern pine division said:

"As long as the emergency exists, the industry must be given protection against cut-throat'competition."

Geo. N. Ifarder, of Wells, Michigan, spokesman for the Northern Hemlock Division and the Northern Hardwood Subdivision, said his division had obtained "practically 100 per,cent compliance" with the price provisions and with all other provisions of the code.

"Since adoption of the ,code", he said, "there has been cooperation between the sawmills of Wisconsin and Michigan as to wages, hours and as to prices-practically 100 per cent ,compliance."

H. D. Mortenson, Klamath Falls, Ore., operator and member of the Western Pine division, said that "even opponents of 'cost protection admit that the industry is better ofi by millions of dollars than it would have been if it had not had cost protection. These millions have been paid out in increased wages and in in'creased employment. Elimination of price control can only lead to elimination of the labor provisions of the Code."

Fred Bringardner, Lexington, Ky., operator in the Appalachian region of the Appalachian and Southern hardwood subdivision, said the Appalachian operators do not agree with southern operators who want pri'ce control eliminated.

"We believe that if the southern operators could be assured efiective enfor,cement, they would favor minimum prices".

Mr. Bringardner said "Appalachian operators believe that if minimum prices are abandoned, prices will decline sharply owing to the present lack of consumer demand; inventories will shrink, many mills will be forced to shut down, and the labor and other provisions of the code cannot be enforced."

NRA Division Administrator Ellis repeatedly asked witnesses whether they had considered or thought of any other method, and said at the end of the day's session: "'We would welcome any alternative plan for pri'ce control if any one ,cares to submit it for our consideration."

Fifth Avenue

C. Arthur Bruce, Memphis, one of the witnesses who appeared for the Hardwood Manufacturers Institute in opposition to price,control, had just said in answer to a questi,on that he had been attempting to work out "s'omething that may be more flexible so far as the individual operator is concerned." Mr. Bruce said his plan was not yet ready for presentation.

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