Y STOCK

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RAymond 3-3691

MINES BANDINI, INC.

FERN TRUCKING COMPANY l2(X) Mines Avenue o Monlebello, Colif. (On Union Pocific Roilrood Spur)

ASK U5 ABOUT OUR SPECIAT EDGE GTUED PRODUCTS FOR RETAIL LUMBER DEALERS

JLn,n ro 71" S"kfttute fo* Sn*i*

Our EXTRA SERVICE qnd EXTRA QUALITY includes o speciol selection of widths, lengths ond textures for your speciol requirements. We ship l.c.l. from yord stocks.

UNITED WHOLESAIE TUMBER CO.

341| E. 26rh Srreet Los Angeles 23, Colif.

1975 TUAABER USE

(Continueil from, Page 14) end of World War II, Dr. Smith reminded his audience that the backlog of housing requirements, originating in the Depression and extending through the war years, had made construction attractive as a market for investment and expansion. In the presently stagnant market, he warned that production capacity now exceeded demand. ing that the trend has already begun, with manufactured homes now representing 16/o of single-family dwellings, as opposed to 3Vo in 1947.

He cited the fact tlat Portland cement capacity presently exceeds actual production by more than 100 million barrels and that fir plywood capacity has been rising ahead of production since 1959.

Citing statistics to show that construction pays higher hourly wages than manufacturing and that the gap is increasing, Dr. Smith predicted that labor in the industry will tend to be moved off the site and into the factory where more efficiency, better controls, and better performance at lower rates will make the industry more competitive. He supported this contention by show.

Commenting that housing starts had been influenced in the past by the easing and tightening of mortgage terms by the Veterans Administration and the Federal Housing Administration, he showed that the backlog for housing had now been used up and that although rates were now eased there were fewer ready buyers.

"Housing starts bailed the United States out of two recessions when, despite general business being off, housing starts boomed," he said. "But this is no longer true and housing starts will match the general business level for some years."

He cautioned that housing starts $rere useless to the lumber industry as a. barometer unless related to the kind of construction involved. Pointing out that less lumber is used in apartment construction than in single-family dwellings, he cited the fact that apartments represented 28/o of the