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

 Mill and Wood- Working Machinery, on the lOlh and 25th of each Month, by 



THE HARDWOOD COMPANY 



Henry H. Gibson, Editor and Manager 

 Edwin W. Meeker"! 

 Hu Maxwell 



^Associate Editors 



Entire Seventh Floor Elliworlh Building 

 537 So. Dearborn Street, CHICAGO 

 Telephones: Harrison 8086-8087-8088 



Vol. XXXV 



CHICAGO, MARCH 10, 1913 



No. 10 



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Review and Outlook 



General Market Conditions 



ACTIVE INQUIRY AND PUECHASES have marked trade of 

 the past two weeks, but there is no noticeable inclination in quite 

 a few of the larger markets to purchase only according to immediate 

 requirements rather than buy large stocks for future use. The wisdom 

 of this policy on the part of the buying contingent of the lumber 

 trade is very justly open to criticism inasmuch as such a policy is 

 confessedly because buyers anticipate a break in present hardwood 

 market prices. As iterated and reiterated numerous times in this 

 column, the best evidence obtainable leaves no room for doubt as to 

 the impossibility of there being any general recession in hardwood 

 values for at least six months to come. It is not likely that the 

 best element in the hardwood trade will make great efforts to raise' 

 present values to any great e.'ctent. There is absolutely no reason 

 to believe that the present level will not be maintained or slightly 

 increased. 



Reports continue to come from the North that the log input has 

 been disappointing in a good many sections, and that northern mills 

 will not, in many cases, cut the amount of lumber which they had 

 anticipated. Continued difficulty of logging is still noted in many 

 soutliern points, and in fact the only really favorable logging condi- 

 tions prevail in the southeastern hardwood sections, where favorable 

 tides have brought down very satisfactory quantities of logs in rafts 

 and drives. 



The mouth of Februar.y was reported in most quarters as exceed- 

 ing in demand and values the same month in 1912 by a very favor- 

 able margin. That month closes and March opens with an excellent 

 demand 'from practically every source of consumption. Railroads 

 are reporting plans for extensive improvements, such reports being 

 issued from different railroad headquarters continuously. These im- 

 provements and additions embrace expenditure^ in rolling stock equip- 

 ment as well as in stations, bridges and smaller structures. 



All furniture exhibits during the past winter have been markel 

 by unusually favorable purchases, and the demand for material by 

 furniture houses is consequently very satisfactory. 



Actual purchases until recently on the part of automobile manufac- 

 turers were not active inasmuch as these manufacturers were rather 

 waiting the termination of the many automobile shows taking place 

 in different parts of the country. However, the order books of most 

 of the leading auto manufacturers in the country show that their 

 outputs will be decidedly increased during the coming year. 



No new conditions have developed regarding the export trade. 

 Foreign business conditions continue on a par with the condition 

 which has maintained for some time. tJutil recently the Scottish 

 trade was held up and considerable confusion resulted from the 



strike on the part of the Scottish draymen, but the latest advices are 

 to the effect that the dispute has been settled by arbitration, and it 

 is anticipated that former favorable conditions will soon make them- 

 selves manifest. 



A general survey of this country reveals continued shortage of 

 stock at practically all points, and in all woods with the exception 

 of red gum in the better grades. Handlers of this wood report that 

 there is some little accumulation. 



The late winter has somewhat retarded the opening up of building 

 operations, although reports from practically every imjiortant city 

 in the country reveal the fact that building permits provide for 

 decidedly increased building operations. Fifty of the largest cities 

 report building contracts let during February which will average a 

 ten per cent increase over operations for February 1912. 



Wilson Inspires Confidence . 



A REMARKABLE UNDERTONE OF CONFIDENCE in the new 

 administration at Washington is apparent throughout the country 

 and the personality of our new President, his straightforwardness 

 and apparent honesty of purpose have resulted in a sentiment distinctly 

 favorable in all business circles. It is interesting to note, however, 

 that invariably any comment on the change of administration treats 

 of the new President as an individual rather than as an adherent to 

 a political party so long in the background of national politics. It 

 would appear from this that the body politic did not necessarily 

 elect a Democratic administration but rather elected Woodrow 'Wil- 

 son, the man. That this feeling is justified is borne out by the 

 expression of the new President in his inaugural address. He does 

 not hesitate in saying that the interests of the country will receive 

 tirst consideration rather than party interests. Judging from the 

 way in which he has adhered to his promises in his past political 

 connections, it is perfectly safe to expect that he -will make every 

 honest effort to put into effect such policies as he commits himself 

 to. 



The recent election and the change of administration have had some 

 effect on business in some quarters, but the most pessimistic will not 

 claim that it has liad the deterring iufUu-nco which is usually so 

 apparent. Uncertainty has been the main contributing factor to 

 any uneasiness of this kind and now that the new President has 

 actually taken the administrative chair and has given some clew as 

 to his ideas and intentions, there is still no apparent reason for 

 legitimate business to have any apprehension as to what the newly 

 elected administration may do. 



In his inaugural address, which will undoubtedly in future years 

 be considered as a classic ranking almost with Lincoln's Gettysburg 

 address. President Wilson makes a direct and frank ajipeal for the 



