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Show I Says Waste and Extravagance Caused Panic. Cincinnati. In his anual address before tho National Hardwood Lumber Lum-ber association on Thursday, President Presi-dent John I), Itasom declared that "wasteful extravaganco In public and business llfo was tho causo of the recent re-cent panic." Ho spoko of tho valuo of tho movement for Improving tho waterways and preserving national forest lands. Ho Bald n largo percentage percent-age of tho lumbor mills wero closed, but that tho "lumbermen were far trom dead." Tho roport of Secretary Lowls Dostor showed that 70 per cent of tho mills had been shut down during dur-ing tho panic and that most of thoao will not bogln operations until March SO or later, |