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Published in ihe Interest of the American Hardwood Forests, the Products thereof, and Logging, Saw 

 Mill and Wood-working Machinery, on the 1 0th and 25th of each Month, by 



THE HARDWOOD COMPANY 



Henry H. Gibson, President 



Burdis Anderson, Sec'y and Treas. 



Entire Seventh Floor Ellsworth Building 

 537 So. Dearborn Street. CHICAGO 



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NEW 



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Vol. XXXV 



CHICAGO, OCTOBER 25, 1912 



No. 1 



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General Market Conditions 



Nothing has oei/uned iu the last I'ortuight that involves any new 

 phase in hardwood market conditions, save that red and white oak, 

 both plain and quartered, and of all grades and thicknesses, is 

 growing in still shorter supply with advancing prices. Xorthern 

 hardwoods in the hands of producers are fully fifty per cent short 

 of a year ago, and that is the general situation with the majority of 

 southern hardwoods. 



Poplar in some items is in fairly good supply, and there seems 

 to be a growing accumulation of both first and seconds and num- 

 ber one common red gum and first and seconds sap gum, with the 

 result that the good end of gum seems to be slightly weakening iu 

 value. This is somewhat remarkable when this wood seems to be 

 in better repute than ever before in its history. On every hand 

 and for hundreds of new purposes it is growing in appreciation, 

 which is fully warranted by its intrinsic merits. It has been but 

 recently discovered that red gum, when exposed to alternate dry- 

 ness and dampness, will outlast cypress or the best varieties of 

 southern oak, but such is unmistakably the fact. Furniture and 

 interior finish people are using large quantities of it, but there 

 seems to have been an extraordinary effort on the part of manu- 

 facturers to produce a large quantit.y since the flood period of the 

 Mississippi valley last spring, with the result that there is danger 

 that the demand will not equal the supply unless production is 

 materially reduced. 



Mahogany, Circassian walnut and English oak, notably the first- 

 named wood, are enjoying a tremendous and increasing demand, 

 which is taxing the capacity of all foreign wood mills to their 

 utmost. 



The veneer and panel business is improving in volume of demand 

 and somewhat in price, although at a recent conference of veneer 

 and panel producers in Chicago it was generally conceded that 

 the jilants that are busiest are delivering goods on a basis that 

 shows very little profit. Undoubtedly veneer and panel products 

 are being sold at much less relative value than solid wood. 



The hardwood flooring trade is in a fairly satisfactory condition 

 and although the stocks in warehouse of a year ago have been very 

 materially reduced, there still remains ample supply of both oak 



and maple flooring in the hands of manufacturers. The agricul- 

 tural implement, broom handle and hickory handle industries are 

 in a fairly satisfactorj' condition, both in demand and price. 



There is every indication that the general volume of trade in 

 hardwood forest products will be fully maintained at the present 

 demand or even a stronger one as the fall advances, as the furni- 

 ture trade, interior finish and manufacturers of many articles 

 employing hardwoods, including the box-shook industry, report that 

 all see active business ahead of them for months to come. 



The Eucalyptus Game 



With every recurring period of good times the country is flooded 

 with promotion enterprises, the majority of which are schemes put 

 up by unscrupulous promoters to secure investments in enterprises 

 that are usually of very questionable character. It was supposed 

 that after the exposures of the eucah'ptus land promotion enter- 

 prises in California that have been published by Hardwood Record 

 during the last two years, and widely quoted by other leading 

 journals, there would be a suspension of attempts to force euca- 

 lyptus-growing properties on the public. 



Such is not the case. In this recurring period of good times the 

 promoters of eucalyptiis-growing schemes have become more numer- 

 ous than ever, and, like Banquo's ghost, will not down. They are 

 issuing the most specious and misleading literature on the subject 

 of eucalyptus that ever attended the promotion of any enterprise, 

 good, bad or indifferent. They are making statements of the pos- 

 sibility and even certainty of enormous profits of eucalyptus plant- 

 ing that are in no instance borne out by the facts. Let it be 

 unmistakably said in Hardwood Eecobd, with the assurance that 

 the statement can be fully verified, that eucalyptus, and notably 

 the particular variety chiefly under planting in California, is a 

 wood with fewer virtues and with less possible value than any 

 other variety of commercial timber that grows in the United 

 States. Hardwood Record regards eucalyptus and eucalyptus grow- 

 ing as absolutely fraudulent, and within a very short time will 

 publish specific and carefully prepared information covering the 

 subject in full, based on a thorough investigation and analysis by 

 the best wond-utilization experts in the United States,' fully sub- 

 stantiating the statements above made. 



SUBSCRIPTION TERMS: In the Uniled States and its posse.ssioiis. 

 and Canada, $:i.00 the year; in foreign < (juntries, $1.00 extra postage. 



In conformity with the rules of the I'nstofflce department, .subscrip- 

 tions are payalile in advance and in d<--i"ault of written orders to tlie 

 contrary, are continued at our option. 



Instructions for renewal, discontinuance, op change of address, sliould 

 be sent one week l:>efore tlie date tlie> are to go into effect. Botli old 

 and new addresses must be given. 



Both disi'lay am' classified! advertising rates furnished upon 

 application. 



Advertising copy must be received five days in advance of publica- 

 tion dates. 



Telephones:— Harrison S086-80.S7-80SS. 



Henry H. Gibson, Kditor; Hu Maxwell and Edwin W. Meeker. Asso- 

 ciate Editors. 



Entered as second-class matter May 2t>, 1902, at the postotlice at Chi- 

 cago, 111., under act of March 3, 1S79. 



