New-York tribune., 1873-05-26
THE4IlMRrR COMBINATION.
NO CORNER AND no FAILuREs-FnsNS ThmroNNNhL
EMBGRR 1ssEe OWING TO LACK OF TRANSPORTATION


NO CORNER AND no FAILuREs-FIRNS TEMroNN'iI' ~
EMBkRR IssEe OWING TO LACK OF TRANSPORTATION
a disDatch from Troy, dated Saturday, an
noun tes tho suspension the following firms members
as IL as alleged OF combination formed ior the puf
poso Of cor trolling the Northern lumber market' Whle
Il Co OF Albany, s. W. Barnard Co. OF New-forK'o
RYchsrds a. Sons OF Sandy Hill, X. W. Adams Co. OF
iNew.York Dodge Co. OF New-fork Page Co OF os'
veco O. b. Nichols Co of Albany, The Williamsburgh
MIN and Lumber Company. Chambers a Co. OF Cleve-
lana Watson & Twchct OF Chicago, Barton spenc ncer
of Elizabeth and r. A. Loveland Of Chicago, all extern
se dealers In lumber The dispatch places their abni
ties at $9soOOOO TEIBUSE reporter called yesterday,
upon A. q. p. Doago and s. W. Barnard, two leading
lumber manufacturers and dealers whose appear
in the list. Tie following statements were made by
them:
There has beon combination for the purpose of con-
trolling the market but simply business connection
between about dozen humber dealers by which lumber
is manufactured and put upon the market the profits
being divided between the milOwnets ana the yard
It.s estimated that under this arrangement the
tuterestsoe both parties greatly advanced Vaiu
alton is. put upon the lumber when "mlled," after
which tssses under the control OF the Association, to
the yap en and the price received for it, beyond the
value previously agreed upon. Is divided between ue
manufacturer and the soler. Under tho old system OF
selling commission, manufacturers complained that
theirs property had been disposed Of to the best ad
4
less than sOOOOOOOO feet Of lumber annually while the
market of Chicago alone. has 1,0OO0OO0O feet, ana
those Troy and Albany have about 4O0OOocO 80 that
tculd have been impossible them 10 have created
a.ooner in lumber If they had wished to do so
The cause Of the under which the firms
tare aborng said TO be the large amount OF cap
l invested in lumber which been locked up during
The pas Winter owing to the lack OF facilities for trans
portatOn required for bringing into the To-
more than oue-alf Of that which was ready TOT arhe
last Fall has delivered leaving 30OOOO leeI GU
\. trey unproductve. short time ago It was tound py
certain members Of the Association whose haues iio %
reporter unable to learn, that they WOuu DC unaol
meet obligations soon to fall due, and meeting % o
the heaviest creditors was caieu anu an ~ tHa
asked for. The meeting was held az Lne
AsGr ousS %as On made o the assets and aO
ifies associated firms. The latter would NOT e&
S5st snonn comprohise was effected by which six
months are given the dealers In which 10 realize on tnelr
,nGebedness every co days Mr. Dodge said that some
Of the had allowed their notes TO 20 to protest put
hat all would up by the latter part OF the pres
| ef .Ie associafon There would, he said, be no
iai.sres only temporary extensions, such as had been
rlthont the pabc's knowing anything of the matter.
p tLNnrIt tbat there was no danger of crisis, as
! there might have been when the money market was was
more Stringent The creditors who have taken action
\ u the matter have manifested the utmost Willingness
TO ye ali the time needed and confident that they
De,ge nor Mr. Barnard believed that the lumber Dusi
ness would be permanently affected although II haa
beer somewhat overdOne Tor the past year or two ana
\ decline 10 have been expected , ,,.,,.,.. o..
Another informant states that the JOINT naOlnleS O
he firms Will not exceed S3OO00O0, and that the tOtal
assets are much greater-in some instances nearly i
eOphe The consist very largely OF lumber LOGS
miliprOpertcs, and timber lands Ihese last are SLOW
OF conversion and il is difficult realize anything Ike
cash prices The extension asked for covers from 10 -
months, which will gave ample opportunity 10 turn uo
amounts discharge the liabilities The mil proper
tee of these large firms are organized as to yied
erv large margin of profit, and from these sources the
firms xpect extension. 10 pay OF the haDlh
| ties very largely The creditors express their ehtiIe
| Willingness 10 accede TO the arrangement.
| C. B. Nichols OF Albany, who was named IN the as
| tach as being connected with a lumber combination
aDO having failed, denies such connection and says
le statement that he has failed is without the SHADOW
of a foundation IN truth.
A dispatch IRON Chicago, dated yesterday states ar.
A. Loneand. lumber merchant OF this CITY, VINO is men
toned IN yesterday dispatch from Troy as one Of
combination lumber dealers who recently failed, In an
interview last evening, with reporter makes suDslan
italy the statement that O1 Dodge q Co. tele
crippled from NewYOrk, last night, and adds that no
hT bu his the West affected by the troubles OF the
hras combination referred TO- winch mad no nten
ton whatever of attempting TO control the Western
| trade that would be impossible"