Published In the Interest of HaLrd%vood Lumber, Amerlc&n HoLrdwood Forests, Wood Veneer Industry, HoLrdwood Flooring, 

 HaLrdvfOod Interior Finish, Wood CKemlca.Is, Sslw Mill a.nd Wood%vorkln0 Ma.cKlnery. 



Vol. XXX. 



CHICAGO, SEPTEMBER 10, 1910. 



No. 10. 



Published on ihe 10th and 25lh of each month by 



THE HARDWOOD COMPANY 



HENRY H. GIBSON, President 



LOUIS L. JACQUES. Sec'y and Treas. 



Sixth Floor, Ellsworth Bldg., 355 Dearborn Street. Chicago, 111. 

 Telephones Harrison 8086-8087-8088 



Eastern Territory - 

 Northero Territory 

 Southern Territory - 



REPRESENTATIVES 



Jacob HoUzman. 5254 Larchwood Ave.. Philadelphia, Pa. 



C. F. Dedekam, 355 Deartiorn St., Chicaeo 



H. L". Haner, Gayoso Hotel, Memphis, Tenn. 



TERMS OF ANNUAL SUBSCRIPTION 

 In the United Slates, Canada. Philippine Islands and Mexico • $2.00 

 In all other countries in Universal Postal Union . . . , 3.00 



Subscriptions are payable in advance, and in default of written orders to 

 the contrary are continued at our option. 



Entered as second-class matter May 26, 1902, at the Postofficc at Chi- 

 cago, 111., under act of March 3, 1879. 



Advertising copy must be received five days in advance of 

 publication date. Advertising rates on application. 



Coming Association Meetings 



NORTHERN HEMLOCK & HARDWOOD MANXJTACTUR 

 ERS' ASSOCIATION. 



The semi-annual meeting of this association will he held 

 on Wednesday, Septemher 14, at 10 a. m., in the Hotel 

 Pfister, Milwaukee. This will be a very important meeting 

 and every member is urged to attend. 



W. 0. LANDON, President. 



R. S. KELLOGG, Secretary. 



General Market Conditions 



The hardwood ijusincss the coiiiitiy o\or for the first -n-eek of 

 September to say the least is disappointing. There was every 

 reason to believe that the showing of September would witness 

 a very active buying period for all varieties of hardwoods. This 

 situation has not yet materialized, although in the aggregate there 

 is a good deal of buying, but it is confined to small lots. Hesi- 

 tancy in hardwood purchases is simply a reflection of general 

 business conditions the country over. 



One of the leading barometers of business is the stock mar- 

 ket, which just now sufi'ers from both lack of confidence and 

 lack of incentive. Incidents are numerous of large capitalists 

 who, having turned a great many of their holdings into cash, 

 are simply idling and leaving their cash balances draw interest 

 in bank. The banks on their part allow their surplus reserves 

 to rise, or, at least the leading ones do, and the commercial bor- 

 rower has to beg for accommodations. 



The capitalists referred to are idle for the reason that they 



see no incentive to act. They are afraid of the political situa- 

 tion, afraid the railroads will not be permitted to raise their 

 rates, afraid there has got to be a commercial liquidation, and 

 afraid if they put their money into securities they will have to 

 wait a long time before they can get it out at a profit. 



Lurking in the minds of general investors and hardwood pur- 

 chasers alike there is a notion that if they wait they will buy 

 cheaper. It is certain that the i)olitical unrest evidenced by tho 

 success of the insurgents in both caucus and elections is giving 

 a jolt to business in general. It is likewise certain that the agi- 

 tation over freight rates is having a bad effect upon business, and 

 likewise it is that the agitation over the tariff is also having its 

 effect on the situation. 



Undeniably the country is suffering from too much politics; 

 too much agitation and too much commercial unrest. As a basic 

 proposition there is no reason why business should not be all 

 right. Crops generally are good; profits on a reasonable volume 

 of business are fair; labor is well employed, but it may take 

 months before confidence is fully restored, and business will re 

 same a normal trend. 



A review of current and prospective hardwood conditions as analyzed 

 by a large number of the leading operators of the country, and repro- 

 duced in this issue of the Eecord, will be interesting and encouraging 

 reading to the majority of those interested in hardwood transactions. 



About Advancing Freight Rates 



Fully two years ago the majority of the railroads of the United 

 States let it be understood that they were going to make general 

 advances in freight rates. In spite of the vigorous protest of 

 shippers the country over since that time the railroads have very 

 generally been engaged in "writing into" their tariff's new and 

 advancing rates. Th-e business depression that followed the panic 

 of 1907 lay heavily on commerce and industry, and shippers con- 

 tended that a raise of railroad rates would increase and pro- 

 tract it. The opposition of the shippers was so successful that 

 the great mass of freight rates have not been raised. 



Comparative prosperity has returned and now the railroads 

 again put in their claim of the necessity of making a general 

 raise in freight carrying charges, and are meeting with an equall.y 

 strong opposition. Organized commercial bodies who oppose ad- 

 vance in rates now argue that prosperity having returned the rail- 

 roads do not need higher rates. It is hoped that the roads will 

 again after a noisy flourish of trumpets retire tamely from the 

 field as they did in 1908. 



Prices and particularly those of railroad supplies have more 

 than recovered from the effect of the panic of 1907. The rail- 

 roads since early in 1910 have made large increases in the wages 

 of their employes, many being directly or indirectly in pursuance 

 of decisions of arbitration boards organized under the federal ar- 

 bitration act. Public sentiment towards the railroads seems more 

 friendly than two years ago and railroad managers seem to think 

 that now is as proper and propitious a time as they will ever 

 liave vigorously to urge their claim for higher rates. 



Hearings before commissioners and examiners on the justice of 

 the claims of the railroads have been made both in Chicago and 

 Xew York during the last few days and the evidence thus pre- 



