Published lr> the Interest of Hai.rdwood Lumber, AmerJca.n HaLrdwood Forests, Wood Veneer Industry, HsLrdwood Flooring, LIBJ 



HaLrdwood Interior Finish, Wood CKefT\lca.Is, Sa-w Mill B.nd Woodworking M&cKlnery. NE^■^ 



Vol. XXVI. 



CHICAGO. MAY 25. 1908. 



No. 3. 



Published on the lOlh and 25lh of each month by 



THE HARDWOOD COMPANY 



HENRY H. GIBSON. Editor. EDGAR H. DEFEBAUGH. Man.aer. 



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



Telephone Harrison 4960 

 REPRESENTATIVES 



Philadelph,. 



P,l.sb.r4 

 Cenlral Terriloi 



Jacob Hohzmaa. 916 Rolksch.ld Building 



H. A. Lane. 906 Wabash Buildim 



F. M. Cluller. 335 Dearborn Si.. C'hicalo 



TERMS OF ANNUAL SUBSCRIPTION 



In the United States. Canada. Philippine Islands and Mexico S2.00 



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 Posloffice at Chicago. 



Ill,, under act of March 3. 1879. 



Coming Association Meetings. 



NATIONAL VENEER & PANEL MANUFACTURERS' 



ASSOCIATION. 



The National Veneer & Panel Manufacturers' Association 



will meet at the Ponchartrain Hotel, Detroit, Mich., Tuesday 



and Wednesday, June 9 and 10. 



NATIONAL HARDWOOD LUMBER ASSOCIATION. 



The annual meeting of the National Hardwood Lumber 

 Association will be held at Milwaukee, Thursday and Priday, 

 June 11 and 12. 



NATIONAL LUMBER MANUFACTURERS' 

 ASSOCIATION. 



On June 16, 17 and 18 the National Lumber Manufac- 

 turers' Association wiU convene for its annual meeting at 

 Minneapolis, Minn. 



General Market Conditions. 



The times are adniittedly peculiar. Bank clearances are stand- 

 ing up pretty ivell to normal and in some lines there is a large 

 average of business moving. At the same time it is equally un- 

 deniable that from general merchandising to the iron trade business 

 is being done on a declining market and at a very close margin; in 

 £faet the margin is so close as to render business unsafe and undesir- 

 fable. Yellow pine, hemlock and the Pacific coast woods seem to be 

 "" hardest hit in lumber lines. Prices are certainly ruling very low — 

 ^0 low in fact that very little can be figured for stumpage at pre- 

 '^ailing values. 



'"^ Hardwoods are standing up better than anything else in lumber 

 -and with a few exceptions do not show declining values to exceed 

 $2 a thousand, and in most cases not over 50 cents to $1, if at all. 

 In fact standard stocks are on the upward trend. The good end of 



poplar and quarter sawed oak are still strong, at about the values 

 of a year ago. Plain oak is being offered at a good $3 less than 

 last autumn's prices, while gum is dragging at better than $3 off. 



Northern woods are keeping up well, although the coarse end is 

 suffering to the extent of $2 or $3 a thousand below autumn prices. 

 It would almost seem that there is concerted effort on the part of 

 buyers to "bear" the market. Such a combination is claimed in 

 some quarters, but there is no truth iu any such statement. As a 

 matter of fact buyers arc trading one anxious seller off against the 

 next one, and on what lumber they buy are getting just as good a 

 trade as they can, and from the very fact that they are occasionally 

 digging up a soft spot are satisfied that lumber is going still lower 

 and are buying only in homeopathic quantities. 



However, the average manufacturer and jobber looks upon the 

 situation very optimistically and apparently is satisfied with forty 

 to fifty per cent of normal trade, and is not hugging any glorious 

 prospects of a full volume of business until after elections are over. 

 It is believed that even a month 's normal demand would clean up 

 surplus lumber, and that the year will finish in very good shape in 

 both volume of business and in price schedule. 



Reports from all over the country indicate a very spotted situation. 

 A seller will get a million feet order today and for the next week 

 only scattering odd quantities. The eastern situation is still far 

 from reassuring although in the aggregate there is considerable 

 lumber moving. Pittsburg is still quiet and the Chicago trade is far 

 from satisfactory; in fact these markets and the chief Atlantic 

 coast cities represent the hardest situation that there is in the hard- 

 wood trade at the present time. 



The secretary of the Hardwood Manufacturers' Association reporta 

 that very few mills are running in the mountain districts, and prac- 

 tically none on full time. Some few are ranning on lumber con- 

 tracted for. In the river sections where hertofore production has 

 been largest, arrangements are being made to "dead-pile" a large 

 quantity of stock being produced this year and hold it in this form 

 till the market will take care of it. The secretary avers that pro- 

 duction shows a tremendous falling off in output for the year, and 

 that very little logging is taking place to provide stock for next 

 year. 



In the south and southwestern hardwood section output is gen- 

 erally down to fifty per cent of normal, and about the same situa- 

 tion prevails in Michigan and Wisconsin hardwood belts. Com- 

 paratively little is being manufactured in the Pennsylvania, Adiron- 

 dack, Vermont and New Hampshire districts. 



Veneer manufacturers claim that their orders are still of the 

 hand-to-mouth variety and most of them are running only half or 

 less time, or with only part of their equipment in operation. 



Both maple and oak flooring plants are generally running on 

 slightly shortened hours, but are still having a fair trade at slightly 

 reduced prices. 



The foreign woods trade, with cherry and walnut, is comparatively 

 slow, considered in relation to that of a year ago, but prices are 

 fairly well maintained. 



Handle producers contend that there is only about forty per cent 

 of normal business in sight and a good many have shut down, while 

 the remainder are running on short time and with limited output. 



