To be fair, there have been a lot of advancements in timber and glue -- They just didn't take into account their weaknesses when designing (e.g. Stress that would pull laminated beams apart).
I believe the failure happened in the joint between the wood and steel. The joint was a sandwich with very thin slices and with many nails. Anyone with materials intuition knows that puncturing a material to such a degree weakens it. Mix in constant moisture and single points of failure..
Should have been a couple of big old bolts and some bracings, alternately thicker slices in the sandwich