HARDWOOD RECORD 



35 



desire. "If wishes were horses, beggars would ride" is a 

 homely expression of a profound economic law that applies directly 

 in the case of farm machinery. Few farmers have as many imple- 

 ments as they want, and they buy others whenever they feel that 

 they can spare the money. 



It is the farmer who takes care of what he has who is best able 

 to buy more; while the one who lets his plows and mowing 

 machines fall to pieces in the weather is the slowest to buy some- 

 thing new. 



Consequently, the manufacturers of agricultural, implements, 

 and through them the lumbermen, would increase their business if 

 the farmers could be induced to keep their machinery under roofs 



when not in use. More machinery would be bought, and what 

 was bought would last longer and give better service all around. 

 The machines would last three or four times as long, but farmers 

 would add many new ones with money saved by taking care of 

 the old implements. 



If the farmers of the United States can save $100,000,000 a 

 year by housing their implements and wagons, they can afford to 

 buy the necessary roofing material. If they spend half of that sum 

 yearly in thp. construction of sheds for their machinery alone, 

 they will still be $50,000,000 a year to the good, besides having 

 the satisfaction of better machines, more of them, better work, 

 and a very ger.eral improvement in farm conditions. 



Railroads Show Decrease in Net Earnings 



The Interstate Commerce Commission has secured fiscal reports 

 from 151 railroads of the United States, covering the month of 

 Tune, in which the rather startling loss in net operating revenues 

 of $320,000 is shown. This loss is rather remarkable considering 

 that the total operating revenues of these railroads increased from 

 $207,778,328 in .June, 3912, to $224,340,.531 in June, 1913. The 

 indication from these figures is that the influences which have 

 caused some of the larger systems to report smaller net earnings 

 in spite of greatly increased gross earnings in .Tune were general 

 in extent. 



The report of the Pennsylvania Company was one of the most 

 striking of this character. This system for the month reporteTl 

 gross earnings of $33,606,739, being the heaviest ou record, owing 

 to a very heavy traffic. In fact, the figures for only three or four 

 months in the history of the road exceeded the gross receipts 

 during June. The striking contrast is shown, however, in the net 

 earnings, which, after deducting operating expenses from the 

 gross, amounted to only $7,164,131, which was $1,250,000 less than 

 in_ June, 1913. This figure has been exceeded by many months 

 when the gross earning was not nearly so great. 



Similar showings were made in figures for the first six months 

 of the year, for even though gross earnings were nearly $5,000,000 

 greater than for the first six months of 1912, there was a loss in 

 net earnings of $4,027,000. 



The factors which have affected this condition are, probably, 

 recent wage, increases, extra crew laws, and other added expendi- 

 tures, as well as increased taxes and higher costs of material. 

 The recent flood damage was also an important factor contributing 

 to the result, this being still charged against earning by some of 

 the roads which suffered. 



In view of these conditions, the retrenchment polic.y, which has 

 been followed by most of the larger systems of late, cannot be 

 considered as remarkable, and in fact it seems probable that this 

 policy will continue to be in effect for some little time to come. 



Marked Opposition to Currency Bill 



Recent developments at Washington indicate a marked change 

 of front in reference to the currency bill. Coming on the eve 

 of the conference of the executive council of the American Bank- 

 ers' Association at Chicago, this change of attitude seems to have 

 considerable significance. Senator Owens, chairman of the com- 

 mittee on banking and currency, seems to have either seen the 

 fallacy of certain provisions of the pending measure or else is 

 convinced that it is doomed to defeat. It is difficult to say whether 

 the next development will be an abandonment of any attempt to 

 put through a permanent currency law at the present session or not. 



Senator Owens is reported to have practically denounced the 

 bill, which fact tends to encourage the bankers' conference at 

 Cliicago to make suggestions regarding currency legislation that 

 will receive the support of the banking and business world. There 

 seem to be conflicting reports regarding Senator Owens' attitude, 

 some reports stating that he has said there is no basis for the story 

 regarding his denunciation of the measure. At the same time, it 

 seems to be pretty generally conceded that the present currency 

 and banking bill as it now stands, and as it is fostered by Presi- 

 dent "Wilson, will not become a law without radical amendments 



Ijoth in the basi^ principles of the law and in the technicalities. 



One significant development in the situation as viewed by bank- 

 ers is that the change of mind of Senator Owens precipitated a 

 i-nnfereuce at Washington among the Democrats of the Senate 

 banking committee, who discussed the senator's declaration that 

 important changes, particularly relating to regional reserve banks, 

 must be made before the bill could pass the Senate. It is probable 

 that the Eepublican members will be called into conference to agree 

 upon such a revised bill. 



According to report Senator Owens has stated that he is not opposed 

 to the proposed legislation nor is in opposition to the administration 

 in this connection, but that he merely has come to realize that there 

 are certain changes that must be made. The most important change 

 is in connection with the regional reserve banks, it being decided as 

 unwise to make an arbitrary number of twelve. 



It i!» suggested in some reports that the new developments make 

 possible an adjournment of Congress later than October 1. In 

 this event it is very possible that instead of the passage of the 

 currency measure, according to the wishes of President Wilson, the 

 Aldrieh-Vreeland emergency currency law will be adopted, and that 

 changes will be made in that statute so as to bring the form of 

 special currency within the reach of national banks, and making 

 it workable and available without interpretation from the secretary 

 of the treasury. 



Peculiar Facts Regarding Osage Orange 



Wliile the wood of the Osage orange is not consi(,lerpd of much 

 importance commercially, there are certain parts of the country in 

 which it comes into extensive use. It is a peculiar wood, coming from 

 a rather unusual tree and, while it does not attain proportions which 

 would allow it to be cut into lumber of any reasonable dimension, it 

 is admirably adapted because of its great hardness, strength, and 

 durability to use for vehicle material. In this connection it is exten- 

 sively used in the states of Texas, Oklahoma and western Kansas in 

 tlie form of wagon felloes. In these states where excessive dryness 

 and heat combine with sandy, rough and rugged roads with occasional 

 rocks to relieve the monotony of an extended journey, it has been 

 found that even the oak will not stand up to the necessary require- 

 ments. Oak in wagon felloes in those sections soon loses its life 

 because of excessive dryness and in a sliort time is rendered useless 

 because of the reduced strength and the hard service which it must 

 necessarily withstand. Hence the use of the Osage orange for this 

 purpose. 



However, there is an interesting condition which develops in 

 connection with this use of Osage orange. There is some prop- 

 erty, either in the wood itself or lent by the atmospheric condi- 

 tions or the rather unusual soil, which in connection with a wagon 

 built with Osage orange as a part of its construction, imme- 

 diately begins to take effect, unless the wagon is in constant use. 

 It is said that a buggy or similar vehicle which is laid up in a 

 shed for as much as a year without being used will at the end of 

 that time be entirely useless simply because the peculiar conditions 

 referred to which effect an almost complete decay. On the other 

 hand, a wagon that is used constantly will be good for an indefi- 

 nite period if properly constructed. This condition might serve as 

 an interesting subject for an investigation on the part of those 

 disposed in that direction. 



