IJ 



(llclil!< wliii'li liil' ilicilil.V mill Miuiirllv ill-' 

 III! II |Hir Willi till' (li>vU-i- i>r till- oslrli'li 

 of liiirrowhiu lis lii'iiil Into tin* sniiil :iii<l 

 liclii-viiiK It I" lil'l- 'riii'.v iiiv II iiildi'liiMi' 

 lilt iif i-iitM iiiitl tlii'.v iir«> iiiuulit 111 tlii'lr 

 own tliip: riiiii;lit sufi' iiiul sci-iirc. ninl 

 rlitisf nroiniil miil nriniiiil iiiid iip iiml ili>>\ n 

 lis llii'.v limy, tlii-n- Is iiii i'si'M|ii' fur llu'iii 

 sliiirt of pri'lly ni-iirlj- riiiii|ili'ti' iiiMiililln- 

 Hon. If iiiiy siiciMi'il ill tlii'ir ili-spiTiitr 

 illti'liipts to si|iUM'y.i- tlil'<>ii;:li till- closc-si't 

 Imrs ttic.v will i-uiiu> IIii°iiiik1> "" tl>li> :>iiil 

 wciik tliiit you'll si-iin-i'ly know tln-iii. 



I'or. in spito of nil tin- storks aliil luniils 

 wliirli liiivc rliiin;:cil liiinils in tin* past 

 few inontlis iIiitc 1ms lii-cn lint littli- ri'iil 

 ll<|iliil:iliiin. lis yi't. Tluisf \inili;rcs^i'(l si'- 

 curitii.'!< mv Just lis iitiill;;i'sti'il ns rvcr. 

 They liiivi' beon shifU'd from wt-nk liiimis 

 to stronger • oiu's ami Jussloil liori' ami 

 tluTo anil passed arouiul — but tlu-y an' 

 still in Wall slrt'i't. The iiivi'stins publii- • 

 lias not taki'ii to tlii'in and it will not. i-vi-ii 

 at pri'si'til low lu-ii'i's. MoR'ovi-r. it dot'sn't 

 iiiattcr liow low they ko. the investiii'z 

 public will have none of tln-ni. .laiio's U. 

 Keene. one of the chief of the linaiuiMl 

 Jiiekals who have been trying to pass 

 tlii'inselves off as lions, came out in an 

 interview a few days ayo, in whUli he 

 I'xpii'.'-sril ;:ieat surprise that the iiivestiii^' 

 public didn't come forward anil invest in 

 tlie stock offerings at the leniarkalily low 

 prices. 



line thing that is hurting "Wall street 

 more than anything else at this time is the 

 tact that ill tliese good mid pros)ierous 

 times the peoiile with money to invest can 

 do better with it than to put it into such 

 schemes as Wall street has to oflTer. 



.\iiother tiling that Mr. Keene expressed 

 surprise at was that, iu spite of the euor- 

 1I1I1US •■liiiuidation" that luul been going on. 

 there was no decrea.se in the amount of 

 loans carried by the New York banUs. 



.Now. iu spite of Mr. Keene's protesta- 

 tions of surprise at this condition, we doubt 

 if he is really very much surprised. He 

 knows that uo new money has come into 

 Wall street. He knows that Wall street 

 is desperately hard up. that its credit Is 

 strained to the utmost, that it isn't taking 

 in enough money over tiie counter for 

 its wares to pay interest. How. then, can 

 .Mr. Keene expect it to reduce the princi- 

 pal of its indebtedness'/ We scarcely be- 

 lieve that he does expect it, and he is prob- 

 ably onl.v talking for effect. 



The situation is something like this: 

 Word goes around that Messrs. Tom. I lick 

 and Harry have grown so weak that the 

 banks have called some heavy loans on 

 them. To meet the call a lot of securities 

 are to be thrown on the market and sold. 

 Now. Wall street knows from experience 

 that these stocks will fall flat so far as 

 the general public is concerned, and to 

 nrevent the real weakness from becoming 

 known tliese stocks must be taken up and 

 carried by those still able to cany them. 

 So' that, when the transaction is concluded. 



HE HARDWOOD RECORD. 



iiistead of being paid, the debt Is inciely 

 slilrieil frimi a llriii of weak crcilil ti. iii' 

 whose credit Is stronger. 



The deiiixeiis of Wall street are Htaiiil- 

 iiig together in a desperate coininunlty of 

 interexiN. wnltiiig and hoping agiiliiKt hojie 

 that belli may come from soiiu'Where. Itiit 

 no help is coming, and at im distant date 

 there will be such a crash in Wall street 

 as has not been known in Its history. 



The gaiiiblers have played their last 

 card. I ■liable to dispose of their watered 

 slocks at the fancy (irices they had placed 

 nil them, they have scaled them down to 

 cost iM'ice. to less than cost, to any old 

 price at all, and can't sell a dollar's 

 worth. .\iul they lliid to Iheir surprise 

 that lliev have never fooled anyone except 

 themselves. 



Their inaiilpulalioii of the market — 

 their buying orders eoniing in by way of 

 London and sniiposed to represent an eager 

 desire on the i<art of the Knglish people 

 lor American securities, their overniuht 

 rallies, due to all sorts of shifty, triiky 

 wire pulling, once so effective in briiigiii'-' 

 llie lambs to slinighter and once dignilled 

 by the name of "financiering." have be- 

 come so inadeiiuate as to be almost pitiful. 



Well-piistcd business men of all cl.isses 

 understand the situation thoroughly and 

 are. we believe, iiicpared to let the worst 

 come to Wall street without iiayiiig nmcli 

 attention to it. 



The curtain is now up on tlie last act of 

 what was originally started as a great 

 s|i('el.ieiilar jiroduction of a iiroblein play, 

 but wliich has deteriorated into a farce 

 and will, we fear, end in a tragedy. The 

 king has changed into a clown anil is. we 

 fear, about to cut his own tliro.-it. 



Wall street is u]) against it liaiil. 



THE BEST OF THEM ALL. 



We are iu receipt of tlie "Vear Itook" 

 of the National Hardwood Lumber As.so- 

 ciation, a tasty pamphlet containing the 

 list of officers, standing comniittees, li 

 censed inspectors and list of members for 

 the year from May L'1. litli:!. to May T.i. 

 I'.XM. It .-ilsii coiitaiiis the working jilaii 

 of the Inspection Hiiieau. the constitution 

 and by-laws and other matters of interest 

 to hardwood lumbermen. 



.Villi as wc look over its pages we are 

 impressed willi the fact that the National 

 Hardwood Lumber Association has become 

 ;iu institution of dignity and standing and 

 of far-reaching influence, and that, awake 

 as this paper has always been to the jirog- 

 ress made by the National association, we 

 had scarcely realized the magnitude and 

 importance of what this association has 

 accomplished. 



The Year Hook, in its preamble to the 

 rules and regulations of the Inspection Hu- 

 reau. states that a movement is now on 

 foot to unify the inspection of grain and 

 cotton, but that the National association 

 has already accomplished this work for 

 the hardwood lumber trade, and that the 



sllcci'sH III ilie llispi'ctloli ItiU'eall places the 

 liiirdw iHiil iriide 111 iiilviilice of any other 

 briiiieli I'l the lumber trade. iiloii|;side "the 

 liiosi l>l:;lii\ III i.-jiil'/.eil InduslileH of Hie 

 count ly ' 



And ^ i<»^. .Villi from being the 



nioHl I Iv orgiinl/i'd of iiii.> dcpartiiicni 



of the hiinber trade the hardwood depart 

 ilielil liii" become Hie best nrgiini/cd; from 

 beitm a I'l'proiicii it has beeoine a model. 

 Kriini all our knowledge of lumber iisso- 

 chltioii-. vvc will say that we know of none, 

 local 111 iialional. tliiit ei|ual the Nallonal 

 HiirdwiiMil Lumber .\ssoclalioii in the 

 breaillli and liberality of Its views and In 

 Ihe cleali-eut fairness of its methods. 



The National llarilwood Lumber .Vsso 

 elation has been a pioneer. Not only has 

 It bla/eil the way for other branches of 

 the lumber trade, but it has bliizeit lie- " n 

 for otlii'i- lines of business. 



I'liilcr its .iurlsdictioii a car of liardw I 



luinbei' may be loaded at .Mempliis. Telin.. 

 for instance, and delivered to any market 

 in the I'nited States with absolute safely 

 to till' shipper and an absolute guarantee 

 to the buyer that the kind and grade oi 

 lumber contracted for shall be delivered. 

 Wlu'ii we look back to conditions obtalii'ng 

 iu the hardwood trade before the day of 

 the National association we cannot but be 

 iinpicssed by the iirogress that has been 

 made. 



The SI length of the .system of the Inspec- 

 tion Hureau of the National assoi-lation lies 

 in the fact tliat It is not a partisan Inspec- 

 tion, it does not propose to do anythinu 

 for tlie members of the association exic|il 

 to secure them justice and fair |ilay. ll 

 gives the buyer the same treatment. 



We know of another lumber association 

 whose inspection department is like the 

 inspection department of most lumber as- 

 sociations in that it is not designed to cbi 

 justice lietween the two jiarties to a deal, 

 but to obtain every advantage, fair or un- 

 fair, for its own members. This other as- 

 sociation had a number of cars rejected 

 in a eeitain market, scattered about in 

 different places, and an inspector of that 

 association was sent there and he made 

 himself the laughing stock of the entire 

 market by his foolish attemiits to force 

 through a grading which was so mani- 

 festly uiifai'- as to be ridiculous. 



The National Hardwood Lu.niber Asso- 

 ciation is a credit to its management, a 

 credit to its members, and a credit to the 

 entire hardwood trade. 



The Il.irdwood Uecord is proud of it. 

 proud of its dignity, its strength, its con- 

 servatism and its honesty. So long as it 

 is kept dean and kept true to its present 

 principles, so long as it is run in the in- 

 terests of -all and not made to subserve the 

 amiiitions or unholy purpo.ses of a few. 

 nothing can prevail against it. 



Hut its nu'inbers must always bear one 

 thing in niind: When they sell on Na- 

 tional ins|ii'etion they must make the grade 

 the rules call for. For it is inevitable that 



