ftaMwol R w(I 



Published irv the Interest of Ha^rdwood Lvimber, Arrverica.n HaLrdwood Forests. Wood Verveer Industry, Ha.rdwood Flooring, 

 H&rdwood Interior Finish, Wood CKemlca.Is, S&w Mill a.nd Woodworking Ma.chlrvery. 



LIBR> 

 N6W V 



Vol. XXVI. 



CHICAGO. SEPTEMBER 25, 1908. 



No. 1 



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



THE HARDWOOD COMPANY 



HENRY H. GIBSON. Editor. EDGAR H. DEFEBAUGH. M.a.sar. 



7th Floor, Ellsworth Bldg., 355 Dearborn St., Chicago. 111.. U.S.A. 



Telephone Harrison 4960 

 REPRESENTATIVES 



PhiUJelphia Jacob Hollim.n. 916 RorhscK.ld Buildme 



P.llsburi, H. A. L,o^.906W.b.shBu>ld,n, 



Cenlral Territory ... F. M. Clulier, 335 Dearborn Si.. Chicago 



TERMS OF ANNUAL SUBSCRIPTION 



In the United States. Canada. Philippine Islands and Mexico $2.00 



In all other countries in Universal Postal Union 3.00 



Subscriptions are payable in advance, and in default o( written orders to the 



atter May 26, 1902, at the Postolti. 



Chu 



Second Annual Meeting 



Handle ManuJacturers' Association of 



America. 



The second annual meeting of this association will he held 

 at Hotel Gayoso. Memphis, Tenn., at 10:30 a. m,, on Wednes- 

 day, November 11, 1908. 



Lunch will be served at 1 p. ni. 



All handle manufacturers, whether members of the asso- 

 ciation or not, are invited. 

 T. R. CLENDINEN, HENRY H. GIBSON, 



President. Secretary and Treasurer. 



General Market Conditions. 



General market conditions are still "spotted/' but in the mass 

 of affairs the interpretation of the situation depends largely upon 

 the temperament of the observer. The general business public 

 has just awakened to the fact that the "panic" hurt business 

 worse than has been ordinarily estimated. The recovery is there- 

 fore tedious, and to the minds of many, unnecessarily slow. How- 

 ever, there is no question that day by day marks improved condi- 

 tions. The election of Taft among the gentlemen who indulge in 

 wagers on political results, seems to be a foregone conclusion, 

 although there are other wiseacres who are not so cock-sure of the 

 result. In the very apathy of the average Eepublican and Demo- 

 crat alike there is the possibility that the Democratic candidate 

 may slip into the presidential chair. 



During the last week many industrial and railroad sti>i'ks have 

 gone off and there is quite a slump all along the line. While some 

 blast furnaces are going into commission there seems to be little 

 activity in the iron trade. The railroads on whom this business 



depends very largely, have been buying but few rails. The ex- 

 treme dry weather of the last month has been another thing that 

 has militated against activity in general business. The general 

 rains of the last few days will materially help the situation. 



The crop outlook generally is mighty good. The empty cars of 

 the railroads are gradually going into commission, and the earn- 

 ings of every road are better the last fortnight than since last fall. 

 The decrease in the number of empty cars for the week ending 

 September 10 in the United States and Canada, was 30,371. 



Hardwood lumber in all varieties is moving fairh' well, although 

 there is some delay on the part of buyers in permitting shipments 

 to go forward. Apparently the financial condition of many buyers 

 is such that they want to postpone receipt and p'ayment until the 

 last possible moment. There is no apparent danger of a car short- 

 age and the average man thinks he can get lumber about when he 

 wants it. There is quite a little speculative buying in hardwoods 

 by jobbers and large manufacturers who are well financed, but this 

 does not overcome the drag in other directions. 



The average of values being obtained for hardwoods is probably 

 fully $2 lower than it was a year ago, but with the advancing sea- 

 son it is expected that prices will recover fully up to last year's 

 standard. The pronounced feature of the last week in hardwood 

 buying is the fact that quite a quantity of railroad business has 

 been placed for stock repair work and bridge planking. Ap- 

 parently the roads have held off until the last possible moment 

 before jilaeing orders, but it can now be practically assured that 

 there is going to be a considerable volume of railroad business. 

 Detailed reports from nearly all the hardwood trade centers of 

 the country, to be found in the market department of this issue of 

 the Eecokd, reflect that conditions are showing a slight improve- 

 ment in most all sections of the country. 



'On the whole the outlook is good, and even better than should 

 be expected considering the conditions that have prevailed for 

 months past. 



Why These Failures?. 



"Two thousand and ninety-one business failures in 1906 were 

 the result of incompetence! " This is the sweeping statement made 

 by a writer in the .June issue of System, who also says that the 

 number of failures attributable to this cause was second only to 

 those from lack of capital. He further avers that the liabilities 

 involved in these business wrecks amounted to $19,6.57,908 and 

 states that such incompetency covers the phase of unwise credits, 

 which might be placed in a distinct class having at least 244 fail- 

 ures to its credit, and doubtless 500 to 2,000 failures were due to 

 greater or less extent to this one feature of incompetent man- 

 agement. 



Speculation is another sub-head which might be placed under 

 incompetence. As a primary" cause, however, seventy failures are 

 attributed to it during that year. Lack of capital is another 

 distinct 'source of trouble^ — the ouh- one surpassiug general incom- 

 petence in point of causing ruin; 3,370 failures are attributed to 

 this alone. Limited capital, found as a cause in connection with 

 incompetence, means that the poor management was more con- 

 spicuous than lack of money — iu other words that the capital 

 would have been ample, had it been carefully handled and wisely 

 dispensed. 



