V.gabond Editorials

By Jack Dionne

Montague Glass died the other day; a kindly, lovable humorist, whose writings gave the world much to smile at. To the reading world he will be chiefly remembered as the creator of "Potash and Perlmutter." But to me he will live chiefy as the author of the keenest Christmas card I ever saw. Glass was an orthodox Jew. His wife is gentile and Christian. They lived their lives respecting the religious beliefs of each other. One Christmas years ago he sent out a personal card that read: "Commemorating the birthday of my wife's Savior." To me, that's the champion !

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I got a kick out of this one. The optimist said to the pessimist: "Cheer up ! Some of these days you'll wake up and wonder where the depression has gone." "ii wiii have to hurry," said the pessimist, "or some of these days the depression will wake up and wonder where I've gone."

The lumber business ,J;*:. That's a generat statement and means the industry generally. The degree of improvement is varied, and has to do with species, territories, and various other things. But the general condition IS better; and contrasted with conditions through November and December, it is MUCH better.

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At least, every time a lumberman-be he manufacturer, wholesaler, or retailer-sells some lumber, he realizes a profit. A year ago at this time when a mill shipped a thousand feet of lumber it shipped at least five dollars in cash along with it. They were losing at least that much on everything they cut. * * *

Today the decent price they get for what they sell-even though the volume be small-is a tremendous help both to their purses and their morale. And when they get the chiseling eliminated-for there is still price chiseling and lots of it going on-things will be better.

The morale of the ,"U""at, nl, irr"r"""ed and improved decidedly more than the actual physical conditions; which is a very hopeful sign. The other day I had a letter tl'at nearly knocked me out of my chair. It read: "Quote us on some modest advertising; we think it is time for the lumber industry to show some signs of life, and we can't do it in any better fashion than by advertising our wares in our lumber journals." Nothing like that had happened to me in five years.

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Which reminds me that the Lumber Code Authority has asked the NRA for permission to collect 5 cents per thousand on lumber production and use it for advertising lumber. I'm against that-stoutly, strongly, and enthusiastically. I have two reasons for feeling that way.

The first is an entir"r, .JroJn ."". I'rn one of those queer, particular humans, who like to eat, wear good clothes, ride in a motor car, and enjoy the comforts of life. In order to achieve those selfish desires I must sell advertising. Ijve been losing money for three years operating iumber journais. Some of rhese days i want ro mai<e some again. And if a five-cent collection is taken up to advertise lumber through any central agency, it \ilill have the effect of shutting off advertising from individual firms, and will mean that the depression will go on indefinitely for the lumber press. That's the first objection.

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The second one is that I don't think advertising of that sort can be done effectively, practically, or productively. I think it would be money wasted. I don't think the Lrimber Code Authority or anyone else can do the job suggested with any degree of success. When you consider all the products, and all the species, and all the departments of the industry and its adjuncts that come under the lumber code, it must appear to any practical student of the industry that the thing is utterly impossible.

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In my judgment every efrort of the past to nationally advertise lumber in general has been a total loss. The only effective way lumber can be effectively publicized is by dividing it into trade territories, and then advertise specific things, be they species, particular products, or what not.

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A friend of mine uttered a mighty truth the other day in publicly piotesting against the passage of another of these moratoriu(n laws in one of our states. He declared that "The INVESTOR is the forgotten man, today." Right ! Chimes right in with what I tried to say in my own clumsy fashion in this column last issue. The man who puts his money into investments that are HELPFUL, that furnish employment, business activity, money turnover, etc., catches unshirted Hades on every'hand. The guy who hides his money, or puts it into unhelpful securities-goes unscathed. We are going to put people back into GENUINE employment in this country when we lighten the burdens of the HELPFUL man, be he investor or otherwise, and put the load on the OTHER FELLOW.

As long as the irrrru"tol, *n"r" active money buys the mortgage that builds the building; furnishes the funds that finance the turning of the wheels of industry; creates all the real employment that exists, has to bear the brunt of all the alleged efiorts for "relief," men with money are going to fear to use it-to invest it. The best way I know to increase employment is to help the fellow who must furnish it. ***

I know a man with about five million dollars, which he keeps invested in whatever manner he thinks best. Most of that money in the past has been invested in business things, mortgages, stocks and bonds of business enterprises, etc. But for the past year he has been liquidating his rnoney, and buying government securities. And THAT sort of thing is what's killing business. We've need to do something drastic to reverse that sort of thinking-and investing. For HE is creating UNEMPLOYMENT every time he switches a dollar in that fashion.

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CWA money has sure made the flowers bloom and the birdies sing. It goes into circulation 100 per cent, and its effect is amazingly apparent everywhere. On the other hand take the money the government loans farmers for moftgage reliel The farmer gets the money, goes to the bank and pays the mortgage, and that's the end of ttrat money. It retires from circulation, and, outside of afrording needed relief to the farmer, it helps no one. CWA money goes into circulation and changes hands a dozen times a week.

I have a feeling that th: trr""" of money congress has voted the President, the use of which he has not divulged, is going to be devoted to furnishing credit for business. Jesse Jones told the banks again the other day that they must extend credit to help the recovery program. That's idle effort, for the banks are not going to do it. If business is to get credit in the near future, goverrunent is going to have to provide it-directly. I have a notion Mr. Roosevelt intends to see that business gets the credit it must have if it is to expand, thrive, and employ.

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Still no announcement of definite relief for building in sight. Still no credit. A man I know who has never been out of a job and has a very decent reputation, went to his bank the other day to borrow $150. They asked him what he wanted it for. He said it was to repair the roof of his home. They told him they were sorry but they were not lending money for such purposes. He asked tfiem what purposes they ARE lending rnoney for? That was two weeks ago, but they haven't answered yet.

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I know another man worth at least a quarter of a million dollars. He is planning on building a home, and wants to /Continued on Page 8)