flfflMwoM RocoM 



Published In the Interest of Ha.rdwood Lvinnber, AmerlcaLii Hardwood Forests, Wood Veneer Industry, HaLrdv\rood Flooring, 

 HaLrdwood Interior Finish, Wood CKemlca.Is, Sa.w Mill a.nd Woodworking MaLchlnery. 



Vol. XXVI. 



CHICAGO. SEPTEMBER 10. 1908. 



No. 10 



Published on the 10th and 25th of each month by 



THE HARDWOOD COMPANY 



HENRY H. GIBSON. Ednor. EDGAR H. DEFEBAUGH. Maoajer. 



7th Floor, Ellsworth BIdg., 355 Dearborn St., Chicago. III., U.S.A. 



Telephone Harrison 4960 



Philadelphia 

 ?itlsbure 

 Cenlral T.rrilor, 



REPRESENTATIVES 



Jacob Hollzman. 916 Rolhschild Buil 



H.A.Lane. 906 Wabash Bu, 



F. M. Clullar. 353 Dearborn S... Chi< 



TERMS OF ANNUAL SUBSCRIPTION 



In the Un.led States, Canada, Philippine Islands and Mexico . . $2.00 



n Univei 

 payable 



Entered as second class matter May 26, 

 II! . under act of March 3. 1879. 



efault ol writter 

 at the Postoffic 



General Market Conditions. 



Reports from practically every hardwood center of the United 

 States appearing in this issue of the Record are almost aUke in their 

 general characteristics. They show a gradual increase in demand, and 

 sale and in some cases the volume of business is back approximately 

 to normal. 



The trade of the chief eastern cities seems to respond slower to the 

 general trend of conditions than in any other section of the city. 

 Business in Boston, New York, Philadelphia and Baltimore still lags. 

 There is comparatively little life in it, but the dealers in those cities 

 are encouraged to believe that trade will be better as the season 

 advances. 



The prodigious amount of money in Europe and the United States 

 available for business purposes, and to a considerable extent unem- 

 ployed, of course raises the question whether activities are to be 

 largely increased in the immediate future. The approaching election 

 apparently is having little or no effect on business resumption. There 

 is less interest on the part of the business public in political affairs 

 this year than has been in the presidential campaign for many years. 

 The result of the "Vermont election adds encouraging features to the 

 Republican party success which gives it moderate encouragement, but 

 it is an event on which the conclusion as to the rest of the states 

 can scarcely be based. 



A vast deal of money for investment purposes is going into bonds 

 at the present time, and it is especially notable that there is a demand 

 for timber bonds. Investors have the good sense to see that this 

 class of security is unimpeachable and pays a very fair rate of 

 interest. 



The leading banks in twelve European countries and the banks of 

 New York hold in specie, mostly gold, $2,680,000,000 against $2,365,- 

 000,000 at this time last year. This is an increase of $325,000,000 in 

 the form of money which in effectiveness is three or four times as 

 great as the same total in credit instruments. The aggregate of gold in 

 bank in the United States is now far in excess of the total of any 



preceding year and is rapidly increasing. New York banks now hold 

 some $34,000,000 more in gold than they did a year ago. However, 

 apparently the mere existence of a great quantity of money in the 

 banks does not necessarily insure a rapid-buspess expansion. All 

 along the line, however, the situation is hopeful and it is believed 

 business will close, not only in lumber but in all other lines of 

 manufactured production, with manifest strength and will perhaps 

 approximate the condition that prevailed a year ago. 



While there is no danger of a severe car shortage still the railroads 

 are using up their idle ears rapidly. Last week the Pennsylvania 

 Railroad reported a decrease of 8,000 in the number of its idle cars 

 within a fortnight. In business in general the purchase and distribu- 

 tion of commodities still indicate timidity. 



The trade in cement is still comparatively slack; for iron and steel 

 there is a steady but moderate demand; the furnace capacity of the 

 country in operation is about sixty per cent. The demand for struc- 

 tural steel is the most notable output of the steel mills. It is made 

 up of a multitude of small orders from many sources. Railroads are 

 buying but few rails but are ordering some bridge material. Building 

 operations throughout the country are back to about normal. The 

 operations in Chicago are especially noticeable and it is estimated 

 that twenty-iive miles of street front are now in process of improve- 

 ment by permanent structures. 



On the Subject of Advertising. 



There are three legitimate and practical forms of advertising for 

 the hardwood man : 



The first and the most forceful form of advertising is when the 

 competent salesman secures a personal interview with a prospective 

 customer and threshes out carefully with him the details of the 

 proposed trade. This system of advertising of necessity is expensive 

 and it often happens that the visit is so inopportune as to preclude 

 the possibility of a thorough handling of the subject. 



The second and perhaps the next best form of advertising is the 

 constantly repeated friendly letter to the person from whom it is 

 deemed desirable to secure business. This is comparatively low cost 

 advertising, and while a considerable portion of this correspondence 

 may be passed over hurriedly at the time a man opens his mail it is 

 a system that has great merit for its business-getting qualities. With 

 most men a forceful, diplomatic letter secures some sort of a response. 

 In many cases it paves the way to a lot of good business. 



The third legitimate form of advertising for the hardwood man is 

 in the trade newspaper when it is in a good class circulation. 



These three forms of advertising work admirably together and 

 handled out in a sy.stematic and sensible way assist each other in 

 sales results. 



Unfortunately the majority of lumbermen have never given enough 

 attention to their newspaper advertising to get the returns that they 

 could out of it. If they would devote a little study to the subject 

 they would find that the buying of blank space in lumber newspapers 

 and saying that they are in the hardwood business at "Big Ditch, 

 Indiana," does not constitute good advertising. 



Lumbermen can well take an advertising lesson from the dry goods 

 merchants, who are among tlje best advertisers in this country and 

 advertise a few items they have to sell in every issue of the publica- 

 tion with W'hich they do busines.s. Lumbermen should list a few 

 items at a time and not too large quantities. 



