20 



HARDWOOD RECORD 



Bank Exchanges 



Bank exchanges last week in all the leading cities of the United 

 States, regarded as financial barometers, made a satisfactory com- 

 parison with last year, the total aggregating $2,712,604,808, a loss 

 of only one-tenth of one per cent as compared with the corre- 

 sponding period of a year ago. The loss moreover is almost en- 

 tirely due to smaller exchanges in New York City, where unsettled 

 conditions in the financial market have had considerable effect on 

 the volume of bank clearings. 



A few cities outside of New York report losses, but at most 

 points pronounced gains were made, reflecting substantial progress 

 in many sections of the country. 



The cities that made increased returns as compared with last 

 year are Chicago, Philadelphia, Baltimore, Pittsburg, Cleveland, 

 Minneapolis, St. Louis, Kansas City and San Francisco. 



Chicago Building Situation 



Chicago has done better in building during the first six months 

 of 1910 than almost any other of the chief commercial cities of the 

 country. During the first six months permits were issued by the 

 City Building Department for the construction of .5,821 buildings 

 with a frontage of 146,758 feet, nearly twenty-eight miles, to 

 cost a total of $45,518,600. This is against permits for 6,085 build- 

 ings during the corresponding six months of last year, that showed 

 a total cost of $50,460,930. This decrease is attributable to the 

 fact that the permits for the City Hall and the new Northwestern 

 depot, amounting to $9,500,000, were taken out the first half of 

 1909. Hence, in a general way building operations for the first 

 six months of this year are in excess of last year. Eealty trans- 

 fers show a gain of $29,266,998 for the first half of the year. 



Gross Earnings of Railroads 



Last week's statement of railroad gross earnings shows a re 

 markably satisfactory increase 

 as compared with last year. The 

 total earnings of all United 

 States roads reporting for the 

 first three weeks of June aggre- 

 gated $25,873,854, an increase of 

 $2,793,813 or twelve and one-tenth 

 per cent in comparison with the 

 earnings of the same roads for the 

 corresponding period a year ago. 



No change appears in the uni 

 formity with which the railroads 

 in practically every section of the 

 country contribute to the in 

 crease. Hence, the only argu- 

 ments that the railroads can 

 make for the necessity of advanc- 

 ing freight rates is heavier labor 

 and general operating costs. 



THIS is a law : That thought with- 

 out subsequent action is useless. 

 So — Do the thing. It is better to be 

 partly right in practice than perfectly 

 right in theory. Better, action that is 

 sixty percent right than inaction that 

 is one hundred percent perfect. Don't 

 think too long without acting. Do it. 



— System 



In Favor of Integrity of the Trade 



M. Wulpi of Chicago is the commissioner in charge of the 

 various associations made up of the casket, extension table and 



parlor table manufacturers of the 

 country. Mr. Wulpi 's alliance 

 with this large group of whole- 

 sale consumers of hardwoods is a 

 very close one, and he certainly 

 is an authority on their senti- 

 ments in regard to the inspection 

 aud measurement of hardwoods. 

 It is, therefore, with a good deal 

 of pleasure that the Record re- 

 produces the following letter 

 from him: 



June 28. 1910. 

 Mr. H. H. Gibson, Editor Hard- 

 wood Record, Chicago. 

 My Dear Sir — I wish to compli- 

 ment you in your comment under 

 ■■For the Integrity of the Trade" 

 in your issue of June 25th, as well 

 as President R. M. Carrier's cir- 

 cular on same. As you are aware, 

 my constant relations with two 

 hundred and over lumber con- 

 sumers (manufacturers), places me 



Ready for Arguments on Freight Rates 



The first big gun in the railroad situation will be fired by the 

 Interstate Commerce Commission next week. An order will be 

 issued determining whether or not the increased rates in official 

 classification territory shall be enjoined under the new inter- 

 state commerce act pending an inquiry into the justice of the 

 advances proposed. Then will be taken up the proposed advances 

 in freight rates in the Central Freight Association territory, 

 eastern trunk line territory, and the territory between Chicago 

 and the Missouri River. Doubtless before the end of the week 

 the commission will issue an order enjoining railroads from put- 

 ting advanced rates into effect on August 1. 



There is little doubt that the order to be issued in the freight 

 rate question will be similar to one recently promulgated in 

 the matter of official classification. In this order the commission 

 permitted the classification to go into effect, but left it open to 

 complaints of shippers. 



It is expected- that before long the same questions will be 

 taken up in southern territory as the southwestern roads have 

 just agreed to advance wages and to make other concessions to 

 their employes that will prove expensive. 



The traffic experts of the principal shippers' organizations lead- 

 ing the fight against higher freight rates are planning to get into 

 action next week after a period of quiescence. The occasion will 

 be the annual convention of the National Industrial Traffic League, 

 which opens at the La Salle Hotel, Chicago, on Tuesday. This league 

 includes approximately one hundred and sixty commercial organiza- 

 tions, and freight rates will form the main topic of discussion at 

 the meeting. 



National Conservation Congress 



The second annual meeting of the Conservation Congress will 

 be held at St. Paul, Minn., September 6 to 9 inclusive. The objects 

 of this congress, which will be specially brought forward at the 

 coming meeting are: 



(1) A discussion cf the resources of the United States as the 

 foundation for the prosperity of the people; 



(2) To furnish definite information concerning the resources 

 and their development, use and preservation; 



(3) To afford an agency through which the ])eople of the coun- 

 try may frame principles and policies affecting the conservation 

 and utilization of their resources, to be put into efl^ect by their 

 representatives in state and federal governments. 



The National Conservation Congress is an organization made 

 up of true philanthropists, broad-minded and practical men, who 

 are in thorough sympathy with the conservation of the national 

 resources of the country, and who fully appreciate the practical 

 phases of this subject. 



Delegates to the congress are authorized by the governors of 



