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Published in the Interest of the American Hardwood Forests, the Products thereof, and Logging. Saw 

 Mill and Wood- Working Machinery, on the 1 0th and 25th of each Month, by 



THE HARDWOOD COMPANY 



Edgar H. Defebaugh, President 

 Edwin W. Meeker. Managing Edil 

 Hu Maxwell. Technical Editor 



Entire Seventh Floor Ellsworth Building 

 537 So. Dearborn Street. CHICAGO 

 Telephones: Harrison 8086-8087-8088 



NEW ' 

 MUTAn 



Vol. XXXVIII 



CHICAGO, OCTOBER 10, 1914 



No. 12 



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Review and Outlook 



General Market Conditions 



IT WOULD SEEM THAT TIIK LEAST SAID regarding business 

 i-onditions in general tlic better, as the situation is still so uncer- 

 tain that it is impossible to analyze it with any feeling of surety 

 as to the truth of the analysis. What notes of change have been 

 forthcoming within the last week or two have been, happily, of an 

 optimistic tone. In fact, it is rather surprising to note the real 

 tendency in this direction as it seems almost universal, or rather 

 country-wide. No one is boasting of any big business, nor is anyone 

 likely to boast. No one is boasting of top-notch prices, but it is a 

 very common occurrence to hear statements that the situation actually 

 does seem to be looking better and have these statements, for the 

 most part, substantiated by actual experiences. 



For instance, a prominent hardwood man of Chicago recently made 

 a trip to Grand Eapids. He came back with a very substantial line 

 of orders at prices that were very fair under the circumstances. 

 This is an actual occurrence and the man in question is now, of 

 course, in line with the optimists. 



There really does seem to be fairly substantial ground for the 

 more favorable opinions as the consuming factories are continuing 

 along on about the same basis on which they have operated for some 

 time, a very small percentage of them shutting down or cutting 

 down their working time to any great extent. 



The ear stock situation is still inactive and there doesn't seem to 

 be any prospect of the railroads getting into the market again on 

 a normal basis in the immediate future at least. This, of course, 

 applies to bridge timber and to the general line of lumber for other 

 work which does not come directly under car construction. 



The latest report on the building situation showed without room 

 for doubt that there is even a little more building projected and 

 actually under construction than could fairly be hoped for under 

 existing conditions, as money continues to be pretty generally tight. 



Planing mill trade is not doing a great deal but is keeping good 

 forces fairly busy. 



No one can foretell, of course, when the end of hostilities wUI 

 come and what they will culminate in. Americans generally are 

 expressing far more concern as to the probable duration of the 

 struggle than over the fortunes of either of the contending factions. 

 It is, of course, impossible to even estimate the probable length of 

 the struggle, but it will surely continue until one side or the other 

 is utterly exhausted. With the magnitude of the forces in action it 

 should not take long to accomplish this result. In the meantime this 

 country is rapidly becoming adjusted to the new conditions and is 

 in fair way to take advantage of whatever increase in business 

 might be offered. 



Reasonableness Will Benefit All 



A NY TENDKXCV ()\ THE I'AHT of the legitimate collection 

 ^ agencies to urge more summary and abrupt measures for the 

 collection of accounts which ordinarily are highly desirable but which 

 under present circumstances are somewhat backward, would surely 

 result harmfully to business at large. That is, it would if such sug- 

 gestions were followed up by even a small percentage of business men. 



There is no denying the fact that collections are decidedly slow — 

 the reason is obvious, although the present stringency in cash does 

 not seem altogether justified by circumstances. However, the fact 

 remains that the average concern is not in a position to take care 

 of its accounts as promptly as it would under normal conditions, and 

 as it unquestionably would prefer doing. It should be borne in 

 mind that the very conditions which make payments for lumber 

 rather slow at present, make for stagnation in collections by those 

 very customers of the lumbermen whose accounts may be running 

 along for a longer period than seems reasonable. 



There are any number of first-class firms which are further behind 

 in their remittances than they themselves care to be. It is entirely 

 plain that were all the creditors of concerns in this position to adopt 

 a summary and arbitrary attitude in the matter of collections, or 

 were a reasonable percentage of them to turn their accounts over to 

 authorized agencies for immediate collection, such concerns would 

 shortly find themselves in position verging on bankruptcy, whereas a 

 reasonable period of credit would enable them to ultimately meet 

 their obligations in the regulation manner and to continue in busi- 

 ness without serious interruption. 



If this is the case with one, it is the case with all, and while of 

 course it is just as necessary to have ready money to maintain a 

 lumber business on the proper basis, as to maintain any other line 

 of industry, it is a far better proposition to stretch a point at pres- 

 ent, thus securing the good will and appreciation of one who probably 

 has been a much desired customer rather than to take the bull by the 

 horns and force payment in accordance with terms in effect under 

 normal conditions. It is simply a financial impossibility for all 

 accounts to be met promptly, and the sharing of the burden among 

 aU will make it much lighter for each, and at the same time will 

 maintain the general business fabric in a position of a much more 

 finely adjusted equilibrium. It can adjust itself as a whole to any 

 changes either for the better or the worse without being disturbed 

 by the too hasty actions of some individuals. 



Now is the time when all the features of an overdue account must 

 be considered before any unusual action is taken. That is, the moral 

 responsibility of the debtor must be given due weight as must that 

 man 's or firm 's habits of handling responsibilities. 



