HARDWOOD RECORD 



27 



that greater strength is insured by bolting together two joists 

 than can possibly be secured by the two pieces of lumber used 

 separately. A bundle of twigs possesses greater strength than the 

 total number separate!}'. In fact, there is no question about the 

 utility and increased efficiency of compound or laminated wood 

 sections over pieces of solid wood, as the strength of one section 

 reinforces the weakness of another. 



As soon as the prejudice of wagon builders is overcome, the 

 practical application of this system of construction in wagon 

 material will very likely prove of vast benefit to the industry. 

 It is not apparent that the labor cost involved in building com- 

 pound wood will greatly exceed the employment of solid wood, and 

 the resultant product in hubs, axletrees and other wagon parts 

 will certainly be superior. 



Suspension in Western Freight Advance 



The Interstate Commrrcc Commission on October 4 suspended 

 two westbound tariffs naming local and joint class rates and local, 

 joint and proportional commodity rates from central traffic terri- 

 tory to points on the Pacific coast. Nearly five hundred roads 

 are affected by this order. 



The most noteworthy advance was the increase on lumber rates 

 from the territory of which Chicago is the center from seventy- 

 five to eighty-five cents. This tariff was filed August 15 last and 

 would have taken effect October 10. The commission has sus- 

 pended it until February 6, 1911, pending a thorough investigation 

 of the necessity of the advance. 



This will be interesting and welcome news to a large number of 

 hardwood manufacturers who have a considerable trade in lumber 

 and flooring on the Pacific coast. Even the old seventy-five cent 

 rate has been regarded unreasonable and the advance to eighty- 

 five cents would have militated seriously against the continuation 

 of trade with the valuable consuming element of many Pacific 

 coast points. It is sincerely to be hoped that the Interstate Com- 

 merce Commission will decide on February 6 that the advance is 

 unwarranted. 



As trade conditions are now the present rate on westbound 

 lumber shipments is so heavy as to make competition extremely 

 severe on the coast. In the last few years Pacific coast buyers 

 have succeeded in making a large proportion of their hardwood 

 purchases in Japan, Australia and the Philippines and securing 

 substitute materials that have diminished the local demand for 

 Michigan, Wisconsin and lower Mississippi hardwoods to a com- 

 paratively small proportion of the trade formerly enjoyed by 

 manufacturers of these sections. 



Money Conditions Favorable 



During this period of political aud business unrest, when a 

 condition of more or less stagnation has made itself apparent iu 

 practically every lino of industry, it is consoling to note what 

 the treasury department at Washington has to say along the lines 

 of the so-called threatened money shortage, which, it was pre- 

 dicted, would make itself apparent this fall. 



The statement, which is entirely the impersonal view of the 

 treasury department, represents the judgment of officials constantly 

 and vigilantly on the lookout for any symptoms of stringency. If 

 their opinion carries any weight, the danger mark has long since 

 been left behind. 



There are many reasons for this statement according to the 

 treasury officials, first and most important of which is the fact 

 that the banks foresaw a possible tightening and long ago pre- 

 pared themselves for it. They have built up unusual reserves and 

 have been particularly careful in making loans and bond issues. It 

 is the saying among financiers that panics foreseen never come, and 

 how well the banks in general have noted the shadow of the threat- 

 ened financial trouble, and how well they are fortified against it, is 

 shown by the fact that only last week New York gave up $10,000,000 

 to other banks, without the least inconvenience. 



Besides this there is every reason for a stable condition of 

 affairs financially. Money is plentiful abroad, bumper crops are 

 predicted for practically every commodity, immense dividends 

 will be declared next month on industrial corporations all over 

 the country, and in addition there is a decided balance of trade 

 in favor of this country. This means that a large amount of gold 

 will actually be transferred to this side of the water and will be 

 deposited in the United States vaults, gold certificates being is- 

 sued to represent its value. Taking all these items into consider- 

 ation and then considering also that the national banks them- 

 selves are preparing to issue $500,000,000 in extra currency, accord- 

 ing to the provisions of the emergency currency law, there seems 

 sufficient argument to combat the stringency rumor and no plaus- 

 ible reason why there should be any stock taken in it. 



Fall Meeting Michigan Association 



The fall meeting of the Michigan Hardwood Manufacturers' As- 

 sociation is to be held at the Ponchartrain Hotel, Detroit, on 

 Wednesday, October 19, at 10 A. M. Among the topics to be 

 considered are: present market conditions; stocks held by manu- 

 facturers, wholesalers, retailers and manufacturing consumers; 

 value of the different woods; proposed cut for 1911; daily report 

 of sales; proposed advance in freight rates on lumber; the hem- 

 lock bark situation, and reports of special committees. 



The meeting is a very important one and not only members 

 of the association but all others interested in Michigan hardwoods 

 are invited to be present. 



Blank Forms 



A correspondent of the Eecord suggests that a good many lumber 

 manufacturers and jobbers would appreciate having presented to them 

 types of first-class forms for the use of the fraternity, and sub- 

 mits a few specimens that he is employing. 



The Eecokd would certainly appreciate having its clients send in 

 such forms as they use that have proven valuable for records, or for 

 expediting the various transactions involved in manufacturing, yard- 

 ing, cost, sales, etc., and will take pleasure in reproducing them for 

 the benefit of the trade at large. 



Again, the Record will also be glad to undertake the printing of 

 any desirable forms that can be made up for stock sale for any spe- 

 cific purpose pertinent to the trade. The average printer knows noth- 

 ing about lumber, or the specific requirements of lumber forms, an* 

 it is usually very difficult to secure good printing from the country 

 printing establishment, and often equally so from the metropolitan 

 shop. 



Kindly mail the Eecokd specimens of your blanks. 



The Payne-Aldrich Tariff 



Now that figures covering the entire first year of its operations 

 are available, the new tariff law presents itself to friends and foeB 

 in a light decidedly encouraging for the former and undoubtedly 

 surprising to the latter. It has been the contention of the 

 opposers of the new law, when faced with the fact that there 

 has been a general reduction in import duties, that such reduction 

 applied only to what might be classed as luxuries. But actual 

 figures show that such is not the case, for with but one exception 

 the common necessities of life have enjoyed greater or less reduc- 

 tion from the old figures which applied under the Dingley law. 

 It is also a fact that r.iw materials have enjoyed a most marked 

 lessening of rate, which is decidedly in favor of the present 

 schedule. 



To be more specific, figures show that the average ad valorem 

 duty actually paid on commodities of all classes was 1.66 per cent 

 lower than that which prevailed under the previous law. In 

 addition the Payne-Aldrich law has the distinction of being the 

 greatest producer of revenue and also of being the means of 

 admitting a larger bulk of imports than ever before entered the 

 country in one year. 



