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

 Mill and Wood-working Machinery, on the 10th and 25th of each, Monih, by 



THE HARDWOOD COMPANY 



Henry H. Gibson, President 



Burdls Anderson, Sec'y and Treas. 



Entire Seventh Floor Ellsworth Building 

 537 So. Dearborn Street, CHICAGO 



Vol. XXXV 



CHICAGO, NOVEMBER 25, 1912 



No, 3 



l \^cpi:>so5g>^K;x>i^x-ti;;it^'s>;.^^ygti;^e;Mto^tt:^^^ 



Review and Outlook 



General Market Conditions 



Even tbe elements seem to be working to the interests of the lum- 

 ber business in that the long spell of fair weather has resulted in a 

 continuance of the genera! building activity all over the country. As 

 a result, this large market for all kinds of lumber has been another 

 contributing factor to the continued shortage of hardwood stocks. 

 With this is coupled a consistent and unusual activity in the whole- 

 sale consuming factories, most notably in the furniture trade. All 

 lines of consuming plants, however, are either working to the limit 

 of capacity on ordinary run or are doubling their shifts and running 

 overtime to meet orders. While the fall rush for furniture buying 

 seems to be on the wane, still the furniture factories will have their 

 hands full in filling orders already on their books. 



There seems to be a pretty general disposition among the large 

 hardwood buyers to stock up as fully as is consistent when they are 

 able to do so, and not be again caught with a shortage of dry stock 

 which has been so serious with a number of them during the last few 

 months. 



While the car shortage continues to be a serious menace and is un- 

 abated in some sections, particularly in the South, other large mar- 

 kets report a slight easing of the situation. The chief trouble in ship- 

 ments is on stock coming from southern mill points, particularly in 

 the lower Mississippi valley section. YiTiile there is some scarcity of 

 cars from all northern points, the chief trouble in this territory is the 

 extremely broken condition of stocks. 



Stock conditions in fact are entirely unimproved during the last 

 fortnight, and buying seems to be the most important feature of the 

 market. The opinion has been expressed that the combination of car 

 shortage and stock will squeeze some of the smaller jobbing houses 

 who have no first-class connections pretty closely during the coming 

 few months. In fact, it is not at all improbable that these conditions 

 will result disastrously in some instances. 



The number of foreign buyers reported in the various exporting 

 sections of this country would indicate that foreign importing houses 

 are realizing the seriousness of the stock condition. There is some 

 little disposition on the part of domestic buyers to take up large quan- 

 tities of stock whenever offered in order to offset the loss of ship- 

 ments through delays in cars and nonarrivals on account of inability 



to secure stock. On the whole the export business, in the East par- 

 ticularly, seems to be in a somewhat better condition. The ocean 

 freight rate situation is somewhat better as reported from such 

 points as Baltimore. Most of the large lines have announced rates 

 which, however, are so high that in most cases shippers have not con- 

 tracted for 1913 on this basis, preferring to take chances on rates as 

 prevailing at the time of individual shipments. 



While, as two weeks ago, all stocks are strong but wide poplar and 

 high grades of gum, the leaders in the market at the present time are 

 oak, ash, chestnut, birch and maple. Considerable advances are being 

 noted from all sections of the country on prices of both plain and 

 quartered oak. The condition of the latter stock particularly is en- 

 couraging as furniture buyers are evincing a decidedly greater in- 

 terest in it. The call for ash and chestnut in sound wormy and other 

 grades is one of the most decided features of the present market 

 conditions. 



It seems to be the concensus of reports from important sections 

 of the country that present conditions will prevail for a considerable 

 time. The car shortage has seemingly reached its highest point, and 

 while immediate relief is not probable, it is reasonable to believe that 

 a gradual lessening in the tenseness of the situation will be felt. 

 There will probably not be any great influx of stock to fill up the 

 unusual shortage in the next few months. 



The indications are that certain territories will purchase more stock 

 in 1913 than they have during the past year, the consuming trade 

 undoubtedly being well booked with orders. 



That the favorable condition of the lumber market is not in any 

 way confined to that industry is shown by reports from commercial 

 and financial institutions in all parts of the country. Money has un- 

 questionably been very tight for some little time, but financial re- 

 ports would indicate that there will be some easing up within the next 

 three weeks. 



Prospects for 1913 



Lumbermen in the Uuit.a States will do well to keep themselves 

 posted on the views of European markets on trade prospects for the 

 immediate future. It is not necessary to give undue importance to 

 old world opinions and predictions, for Americja holds a somewhat 



SUBSCRIPTION TERMS: In the United States and its possessions, 

 and Canada, JJ.Oo the year; in foreign countries, $1.00 extra postage. 



In conformitv with the rules of the po.'^toffice department, subscrip- 

 tions are paya'hle in advance and in Jefault of written orders to the 

 contrary, are continued at our option. 



Instructions for renewal, discontinuance, or change of address, should 

 be sent one weel< Ijcfore the date they aiv to go' into effect. Both old 

 and new addresses must be given. 



Both display and classiflei!! advertising rates furnished upon 



""Ad'Yertising copy must be received five days in advance of publica- 

 tion dates. 



Telephones:— Harrison SU.S';-S0S7-808S. ^, . t- ,, ,, a„„„ 



Henry H. Gibson, Editor; liu Maxwell and Edwin W. Meeker. Asso- 



'^' Entered "as'second -class him iter May 26, 1902, at the postofflce at Chi- 

 cago. III., under act of Mairh 3. 1879. 



