flaMwoM ReroM 



Published in the Interest of Hardwood Lumber, America^n Ha.rdwood Forests, Wood Verveer Industry, Ha^rdwood Flooring. 

 H2k.rdwood Interior Flrvish, Wood CKemlcaLls, Sa.w Mill and Woodworking MaLcKirvery. 



Vol. XXVI. 



CHICAGO. JULY 10. 1908. 



No. 6 



Published on the 10th and 25th of each month by 



THE HARDWOOD COMPANY 



HENRY H. GIBSON, Ed.ior. EDGAR H. DEFEBAUGH. M.n.iitr. 



7th Floor. Ellsworth Bldg., 355 Dearborn St., Chicago. 111.. U.S.A. 

 Telephone Harrison 4960 



REPRESENTATIVES 



J.cob 



916 Roihscl„ld BuiUit 

 H. A. Lane, 906 W.bash BuMdIi 

 F. M. Claller. 335 Dorborn St.. Ckic>i! 



TERMS OF ANNUAL SUBSCRIPTION 



the United Slates. Canada. Phihppine Islands and Mexico 



in Universal Postal Union 



e payable in advance, and in default of ' 



$2.00 

 3.00 



to the 



contrary are continued at our opt 



Entered as second class mat 

 III , under act of March 3. 1879. 



May 26. 1902. al the Postoffice at Chicago 



Advertising rai.tes on aLppllcaLtiorv. 



General Market Conditions. 



Thtre is evidence on all hands that there is a gradual resumption 

 of operations and demand over a wide area. The feeling that 

 hardwood values have not yet struck bottom has disappeared and 

 the trade has awakened to the fact that prices are on the re- 

 bound; although there are still buyers who are seeking to secure 

 * ' snaps, ' ' the average man is willing to pay present asking prices. 



The advice tendered by the Hakdwood Record in its issue of a 

 month ago holds good — if a buyer seeks to purchase hardwood lumber 

 at the best price obtainable, he will place his orders at once. The 

 time to buy hardwood lumber is right now, because it is doubtful if 

 the present low range of values will ever be duplicated. 



Reports from all leading commercial centers indicate increased 

 demand with some strengthening of values on nearly every variety of 

 hardwood. Poplar, which has not deteriorated in price materially 

 during the prevailing slow trade period, is in very good demand, 

 and prices are held strong. Oak values, with increased demand, are 

 improving. The call for northern woods, such as maple, birch and 

 baaswood, is reasonably active. Ash, rock elm and hickory are in 

 good demand and prices are correspondingly firm. The outlook for 

 increased call and higher values as the season advances is bright. 



Status of the Furniture Trade. 



Lumbermen are eager observers oli the situation in the furniture 



.. industry inasmuch as they are always, to greater or less degree, de- 



~ pendent upon it for a live or dull trade in their own line. The 



— ' history of the furniture trade the past year has not been entirely 



<0 satisfactory to those engaged in it. Even up to Oct. 1, 1907, it was 



-^ only fairly good, and since that time the business, in common with 



_j everything else, has suffered from the general financial depression 



O and consequent decline in prices. 



"^ This latter evil, however, has not been a marked feature of the 



situation, for furniture producers, like manufacturers of lumber and 

 other lines of lumber products, have had the foresight and good sense 

 to pursue an exceedingly conservative policy with regard to manu- 

 facture, and have not flooded the market with surplus stock, with the 

 certainty of ultimately producing a widespread and serious demorali- 

 zation of prices. 



When the first signs of financial trouble appeared on the horizon 

 they commenced to curtail their output, not locally or temporarily, 

 but systematically and universally, so that ever since last fall fur- 

 niture production has been only about sixty per cent of normal. 



The wisdom of this policy is now becoming apparent, and it 

 promises to bear good fruits, for aside from considerable complaint 

 of dull trade in a few sections of the country, notably the Northwest, 

 general conditions throughout the industry seem to be much improved. 

 The great semi-annual furniture exhibitions are now in full swing at 

 Chicago and Grand Rapids; even the first few days they were remark- 

 ably well attended and started off with a rush; buyers are showing 

 a decided disposition to make purchases promptly and there seems 

 little tendency to purchase only the cheaper grades of furniture 

 rather than high-grade stock, pleading "hard times." 



During the opening days of the exhibition eastern buyers were 

 especially in evidence, a sign which exhibitors regard as very 

 encouraging for the future of the general market, inasmuch as 

 the East seemed to feel the recent business depression more 

 strongly than other parts of the country, and consequently might 

 naturally be expected to contribute a much lighter proportion of 

 orders than usual. 



Prospects for the maintenance of prices are excellent and owing 

 to the general curtailment policy, they have suffered little deprecia- 

 tion, not as much as would ordinarily be looked for in times when 

 overhead charges go on just the same; and they are of course felt 

 considerably more when production is only about sixty per cent of 

 normal than when it is up to standard. 



A striking feature and keynote of the sales exhibitions which should 

 contribute much to a good buying season is the assurance and even 

 certainty of manufacturers of lumber and lumber products that prices 

 will not show a further decline, but that they have positively reached 

 their minimum. As an evidence of good faith and confidence in the 

 future of the market, the manufacturers of furniture, both inside 

 and outside of associations, but particularly those represented by the 

 National Dining Table Bureau and the National Case Goods Manu- 

 facturers' Association — the latter producers of fine bedroom and 

 other high-grade stock — have entered iuto an agreement to guarantee 

 prevailing prices during the present season, or until Jan. 1, 1909. 

 In other words, should a lower range of values go into force later 

 on, buyers making purchases on the present basis will be given the 

 privilege of a rebate at that time. 



This move has already given an added stability to the market, ami 

 moreover the obligation under which it places the manufacturer 

 will prove an added stimulus to his efforts on behalf of maintainiiii: 

 a just range of prices. Those industries in which wholesale slashiii- 

 of prices for the mere purpose of getting orders has prevailed hav. 

 not profited thereby; notably, the steel plate makers are unanimous 

 in declaring that the cut has not brought any appreciable increase 

 in business and that consumers have continued to buy only what was 

 absolutely needed. 



Along this line the furniture trade is particularly strong in that 



