HARDWOOD RECORD 



55 



FKAXK MAY, .Mi;MrilI.S, TENX.. OAK, A.SI 

 AXD rriESTNIT STATISTICS COMMITTEK 



liAI.ril MiCKACKEX, (JUNCINNATl. U., MEXI- 



I!EU OAK, ASH AND CHESTNUT 



STATISTICS COMMITTER 



A. (i 



. FIUTCUEY, CHAUI.ESTON, MISS.. OAK. 

 ASH AND CHESTNUT STATISTICS 

 COMMITTEE 



Iheso cloariiijis, and then in ouf minds think of the amount that mn-st 

 represent the business of the people of the larger cities, as well as of 

 the thousands of smaller places in this counti'.v, and contrast these totals 

 representing one da.v's tinancial transactions of the people of the United 

 States with the estimated amount of actual money which is the basis of 

 this system, we can easily believe the statement that less than 3 per cent 

 of our transactions are in actual cash. 



We can well understand, without laying it altogether to the increase in 

 the output of gold ; without censuring our people too severely for extrava- 

 gance : without blaming the automobile, which, together with wireless 

 telegraphy, I consider the greatest development of the last few years, 

 that this constant increase in the use of these credit instruments, won- 

 derful and useful as they are. become a menace should we reach a point 

 at any time when the load on our system breaks it down. 



For some time the beat thought in this country has been endeavoring 

 to get at the trouble and strengthen the .system by remedying this weak 

 ness. In tile meantime our financial institutions which have been man- 

 aged conservati\ I'lv ha\'e endeavored to look even mure carefully into 

 the affairs of tlieij- customers and assist them to arrange their business 

 more satisfactiuily. The year liHO, which has just passed, can well be 

 styled "the yniv of read,iustmeut," as the liquidation which has gone 

 on quielly in that extraordinary twelve months' period has been remark- 

 able. At the present time, according to the best authorities, many indus- 

 tries are carrying very small stocks of goods — that is, they are merely 

 buying to supply daily or current demands, and are therefore not buying 

 speculatively. 



W'q should nol be discouraged because business has slackened a bit. 

 We must remeiiiber that we cannot jiush forward under full steam all 

 the time. Although it is to be regretted when labor and capital are not 

 luHy employed, still these periods of slowing down are both necessary and 

 inevitable. It is hardly possible for these periods of lessenl^d business 

 activities to last long. They bring about enforced economies, idle money 

 accumulates, and naturally first finds its way into those channels of 

 investment which offer the best security. 



During the next six months the bond market should be good, as the 

 requirements of funds for commercial purposes will be lessened. While 

 rates generally will not likely he as high as the average for T.ilii. the 

 demand for inone,v will be stronger as the year iirogresses. 



Shortly the supreme court will hand down its decisions in the important 

 cases, which Ihe pulilic has been waiting for during many long months, 

 and when it does. Imsiness will go on regardless of what the decisions 

 may be, and doubtless we will wonder wfiy we put so much stress on 

 these questions. 



The settlement of these questions will relieve the uncertainty in the 

 minds of the pf>ople. With these uncertaintieif removed and the under- 

 lying conditions strenglhened, I lliiiik it is safe to say that this big 

 country of ours, with over ninety million people, w*ill continue to carr.v 

 <m their Ijusiness affairs in a cautious and conservative maumr, and not 

 only show a lar.ge growth In our domestic trade, and the further develop- 

 ment of our great resources, Iiut the lime is not far distant when we will 

 begin to demand a much larger share of the foreign business. 



As a iMuker, I desire to congratulate your organization on the iiigh 

 standard you ;ir.' seeking to bring about, and are attaining; in the man- 



ner in which you are rti'manding that the hardwood lumber trade is to 

 be conducted, and tlie high standard of the men who c(jmpose your asso- 

 ciation ; and we are glad that Cincinnati has been selected as your 

 hi-adipiarters. 



Banks, and the tinancial affairs of our country, are. to a large extent, 

 di'pendent upon what the men who direct business affairs make them^ 



I hope to know you all personally. Gentlemen, I thank you. , , 



Secretary Doster: Gentlemeu, you mill find on vour chairs 

 blank foims for "Stock for Sale'' and "Stock Wanted." We 

 will be glad to have every one of the members fill these iu for 

 the purpose of using them for the truding on the floor. As 

 soon as the.v are filled in they will be collected ami used for the 

 trading on the floor, which will take place some time this after- 

 noon, the specific time to be announced later. 



President Carrier: Gentlemen, yesterday morning we heard 

 the address of Charles E. Brower; later on. the talk of W. B. 

 Morgan, these gentlemen being the president and secretary of 

 the Nat-onal Classification Committee of Lumber and Woodet; 

 Box Interests. Mr. Morgan and Mr. Steele will pass cards among 

 vou to enable vou to make subscriptions to carry on that work. 

 ( sineerel.v hope that every one of you will subscribe in some 

 amount, as the matter is important. It there is any one pres- 

 ent who does not know exactly what it is I think Mr. Morgan 

 can in a very few minutes enlighten you. Mr. Morgan, will 

 you kindly do so.' There may be some here wlio were not pres- 

 ent yesterda,v. Tell them what the work is brie(l,v. 



.\t the request of .Mr. Morgan, Charles E. Urower responded. 



Mr. Brower: The work of the Classification Committee jior- 

 tains to the readjustment of Kule 14-B of the Western Classi- 

 fication, No. 4849, which provides for the same rate of freight 

 on commodities packed in paper or substitute I'ackages as that 

 applying to the same commodity packed iu wood. That rule 

 has had ;i very pernicious effect upon the low-grade lumber aiar- 

 ket, as it operates as an invitation to the manufacturer of low 

 grades to produce no low grades or to girdle the trees that show 

 any percentage of low grade. It would eliminate the bo.\ manu- 

 facturer from the market for low grades and do awa.y with the 

 largest customers you have for low grades. The provision in 

 this regulation was adopted through a misuuderstanuing or through 

 the ai>athy of the lumber interests, the latter lieing perhaps .a 

 better way of putting it. The lumber interests were asleep ■Alien 

 tl'.e opposition ]iut this de:il across. 



We have' been compelled in the jiast year to make an effort 

 to undo what our silence, inaction and apathy has permitted ti* 



