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Future Fear

-I HE lumber and building materials business generally tends to be so cyclical at times that it almost seems a perpetual round trip from Euphoria to Despair, with side trips to Apathy, Concern and Over Reaction. But with the Monongahela mess quieted down, at least for now, and housing starts soaring, home improvement moving inexorably upward and the general industry morale at a high level, there seems to be a remarkably low level of crisis proportion problems. Sure, there are problems, but none at the moment seem to be of the "will-we-all-still-be-here-next-year" type. It's a nice change from some recent years, to say the least.

The concensus of all the forecasts that appear in this annual Business Forecast Issue you're reading now is that business will generally be good in 1977. As we are coming into the year with such strong momentum from l976,it seems,barring the unforeseen, to be as safe as predictions can be.

Yet there is an increasingly voiced concern about 1978, a worry seemingly aggravated by the election of Jimmy Carter. Generally, this usually takes the form of the following scenario: the cur- rent government budget is pretty well locked in for 1977, but by 1978 President Carter will have been in office long enough to put into effect the inflationary spending measures necessary to come through on his promises made during the election. Given how widespread this theory is, we wonder that if too many people believe too much in it, that it will take the form of a self-fulfilling pro. phecy. That is, everyone thinks we are going to go into a recession in 1978, plans accordingly and bang, there we are in a 1978 recession.

Perhaps all the present concern about a period two years removed is just another example of the old axiom that some people just have to have something to worry about.

But if the recession/inflation forecasters are correct, we suggest to all to keep cool and remember the words of Sir Winston Churchill, spoken at Royal Albert Hall, London, September 29,1943.

"I have no fear of the future. kt us go forward into its mysteries, let us tear aside the veils which hide it from our eyes, and let us move onward with confidence and couraqe."

heafip G,oagt snb @raetingg to @ur .frienDs

- Chris Cornett - Boger Cornett - Fred Couture -

John Govington - Bill Cowlinn, Jr. - Lloyd Crandall - 0z Crenshaw

- Bing Crorby - Durne Crow - Jim Crumpacker - Rick Curb -

Grroge Cudworth - Eddio Guellar - Dwight Curran - Dave Cutler

- Frod Dallos- Georgo Oavid - Bill Davidson - Don Lee Davidson

- Milos Davidson - Sam 0avis - Bill Deon - Glenn Dietz - Vic

Ddrunnti - Joa Derrah - Ken Oietel - Clyde Dickerson - Ed

Difrni - Bob DiMeco - Jrck Dollar - Paul Dougan - Bill Dougherty

- Hrnk Drcckmrn - Phil Dubaldi - Graham Dupray - Bud Eastman

- Stevr Erstmrn - Dick Eggleton - Stan Eisner - 8ob Eldredge -

Gah Ellingston - Tom Embreo - Dick Emison - Jetry Esley - Ben

Evanr - Jim Frir - Jrck Fairfield - Eill Fallert - Lyle Farris - Bob

Frsol - Tony Feiger - Bamsey Fendall - John Ferguson - Jim Forrein - Rry Finucan - Glenn Forney - Henry Foss - Grew of tug M/V HEiIRY F0SS - Ed Fountain - Charlie Fox - Ewen

Frascr - Frank Freidenbaugh - 8ob Fremd - Jim Frodsham - Bob

Fuiiimoto - Tony Gallegher - Bob Gallegher - Pete GanahlWayne Gardner - Ben Gardiner - Max Garmon - Gene GauthierJim Gruthier - Bob Gaylod - George Geib - Pete Geib - Tom

Goiisbook - Phil Gilbsn - Denny Gilchrist - Jim Gilchrist - Gene

Gind - Drlo Goodwin - John Gray - Richard Gray - Len Green - Ev Gurrnsry - Ahn Hale, Jr. - John Halsted - Bob Halvorsen - John Hrmpton - Bill Hanen - Ben Hansberger - Bob Hansen -

Gaptain Kds Hansen - John Harmer - Ronnie Harnew - Frank

Hrrrington - Jim Hanington - Stuart Harris - Ralph Harison - lvrn Hart - Hap Hasty - Bob Hathaway - Norton Hathaway -

Bob Heberls - Butch Hobode - Jay Hebert - Don Helming - Jim

Hrndrick - Eill Herndon - Denny Hes - Frank Higgins - Ann

Hignran - Dan Higman - Jerry Higman - Bon Hite - Bert Holdren

- Jrrry Holdrsn - Frod Holmes - John Holstein - Ron Hopkins -

Eill Hormuth - Jom llormuth - Dick Hotrling - Sherm Hoyt -

Jock Hughoy - Bill Hunter - George Hunter - Hugh Hurth - Cy lrving - Frank lvrnovich - Bob Jacobsen - Dick Jahraus - Mike

Jameson - Chuck Jenkins - Hank Jensen - Johnny Johnson -

Scrap lron Johnson - Leonard Jones - Dennis Juniper - Stan Kaufman - Drn Kaller - Tim Keller - John Kelly - Buss Kelts -

Phil Kelty - A. L. Kerper - Mead Kibbsy - Godon King - Bill

Knudsen - Bill Koffrrd - Lowell Kolb - Manos Koulouris - Carl

Kufforath - John Kyncy - Walloy Lai - Floyd Laier - G us "C ookie"

Lamrrtino -

0'Kelly - Jim 0lson - Lloyd 0lson -

Oliver 0lson - Boger 0'Neil - Francis O'Sullivan - George 0tto -

Al 0wen - Tony Pacheco - Satchel Paige - Bob Pallow - Ernie

Parcher - Golly Pare - Virgil Partch - Art Penberthy - Frank Pendola - Bill Perkins - Gunnar Petersen - Jack Peterson - Pete

Peterson - Ray Peterson - Joe Petrash - Bob Peyton - Frosty

Phillips - Harry Phillips - Les Pierce - Pitt Pittman - Smokey

Pittman - Tommy Poole - Carl Porter - Seth Potter - JimPottratz

- Tom Powell - Carl Poyner - Mel Prawitz - Sam Preble - Dave

Price - Denver Pyle - Smiley Ouick - Larry Ouinlan - Harry

Ouentmeyer - Carl Bamstrom - Bill Randall - Eill Rau - Bil! Ray

- Jack Rea - Bob Reed - Hal Reeve - Capt. Jerry Reily - Bud

Reitz - lon Beynolds - Tom Reynolds - Verl Rhine - Frank

Rhoades - Jim Richardson - Chuck Riemann - Darrell Robinson

- Cy Rodakowski - Bob Rodecker - George Rodecker - Russ

Roepke - Bill Rogers - John Ronten - Ken Rose - Jim Rossman

- John Rudbach - Bill Rugg - Bob Bushing - Clint Rygel - Bob

Sanders - Grover Saunders - Paul Sause - Fred Scaife - Harlan

Schroeder - Claude Scott - Bill Sharp - Bob Sheperd - Dean

Short - Jake Shugrue - Ed Shuman - George Schmidbauer -

Norm Siefken - Bob Sievers - Charlie Sifford - 8ob Siltainen -

Gil Sissons - Clark Smith - Don Smith - Harold Smith - Bay

Smith * Walter Smith - Cliff Smoot - Ek Snopes - Flem Snopes

- Stark Sowers - Paul Sparso - Duke Speer - Boy Spencer - Pete

Speek - Bob Spry - Gale Stafford - Paul Stake - Frank Stanger

- Stan Stenlake - Don Stobaugh - Ed Stoner - Capt. Bob Storck

- Bob Sullivan - John Sullivan - Don Sundstrom - Tom Supple

- Fred Suverkrup - Herb Suverkrup - John Suverkrup - Wally

Swanson - Don Swart2endruber - Merl Tanner - Phil Taylor -

John Tennant - Harry Terrel! - Fred Thomson - Al Thrasher -

Tim Timmerman - John Tranberg - Keith Vogett - Bex Vowell

- Hal Wagner - Mitch Wagner - Maury Walker - Gil Ward - Terry

Ware - John Weaver - Jim Webber - Bob Wells - Harley Werner -

Herm West * Frank Westlake - John Weston * Warren Wexler -

Hal White - Harry White - Cayce Whitten - Jim Whitty - Hugh

Wilhoit - Dick Williams - George Williams - Dave Willis - Chet

Wilson - Cece Wingard - Sam Wingate - Bud Wimberly - Sam

Witzel - Sterling Wolfe - Gordon Woolard * Ted Wood - Tim Wood - Pat Young - Jack Zalaha.