d■^J^^m^:>^m^^^i^i^^m^^ 



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

 Mill and Wood-working Machinery, on the lOlh and 25lh 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 



NEW yo 

 BOTANIC 



QARoa/ 



Vol. XXXV 



CHICAGO, DECEMBER 25, 1912 



No. 5 



^ ^MKtjigii Wi^j;!W'<:>y^! X,tt^^K/ii^s^ysotty^it:ja^^^^ 



Review and Outlook 



The greetings and felicitations of the Christinas season 

 are extended by HARDWOOD RECOIID to its friends, and 

 the good will is accompanied by the wish that progress 

 and increased prosperity will crown all efforts to enlarge 

 business, extend influence, and increase fields of usefulness 

 during the coming year. 



General Market Conditions 



In contrast with the usual course of lumbei" purchases at this time 

 of the Tear, there seems to be a proportionately small falling off in 

 trade on account of the approach of the inventory season. It is true 

 that a good many buyers are holding off on purchases and further 

 that a great many small orders are placed rather than a lesser number 

 of larger orders. On the whole, however, the percentage of post- 

 poned business is small in comparison with other years. This con- 

 dition is not true alone in any one place, but is reported from most 

 of the large hardwood centers of the country. 



Another gratifying feature is a report coming from the main 

 shipping points to the effect that a continued improvement is noted 

 in the car situation. It is, of course, not true that the car shortage 

 is over or that marked trouble and delay due to inability to secure 

 cars is a thing of the past. The chief difficulty is encountered in the 

 smaller shipping points, but at aU competitive points the report is that 

 cars are coming in in fairly satisfactory nmnbers. This should mean 

 that in the South the shortage of logs will be wiped out and that 

 sa^^^n^lls will soon have in their log yards plenty of timber to carry 

 them through the winter. It is not to be anticipated, however, that 

 the next few months will show any marked accumulation of hardwood 

 lumber, as the vast volume of business that is booked will take care 

 of any excess production for some time to come. 



All of the consuming lines are showing continued activity in pur- 

 chases. The building trade has maintained a healthly condition with 

 the possible exception of certain large eastern cities. In this terri- 



tory real estate interests, in an eft'ort to prevent a slump in the real 

 estate market, have exerted considerable pressure with the view of 

 preventing excessive building operations. The wisdom of this policy 

 will undoubtedly be felt in the future as an undue boom in building 

 at the present time would surely lead to hardship in this line in the 

 months to come. However, the situation in building in all sections 

 is good. 



Among hardwopd consuming factories there is reported a slight 

 disposition on the part of buyers to look doubtfully at advanced 

 prices. Some buyers are hesitant about placing orders because of 

 the fact that enhanced lumber values might necessitate their raising 

 their own prices. If such a raise were not general, it would react to 

 the detriment of those concerns putting advanced prices into effect. 



The ex'port business has not shown any marked change one way or 

 the other during the last two weeks. Good conditions prevail abroad 

 and there is a very considerable demand for American hardwoods. 

 Concerts on the other side in many cases are meeting markedly ad- 

 vanced prices asked by sellers on account of increased freight rates. 

 It is reported from some sources that rates are liable to advance 

 further during the coming year. 



About the same relative position is being maintained by the differ- 

 ent woods in the nature of their acceptance by buyers and values 

 asked. 



One of the most notably strong items in the general hardwood 

 field is ash in varying thicknesses, although thick ash is stronger 

 than inch stock. Some little advance in price has been noted in ash 

 lumber during the last week or ten days. 



All items of oak are being called for. Plain red oak is as usual 

 the leader, with plain white oak a close second. Continued improve- 

 ment in demand and price for quartered oak is being maintained 

 throughout the country. There seems to be no question but that 

 quartered oak has "come back." 



The situation of birch, beech and maple is in a continued healthy 

 state. In the North basswood is also very active, No. 3 basswood 

 being practically completely out of the market. 



One important Indiana point reporting on hardwood market con- 

 ditions makes the gratifying statement that 1912 showed ten per 

 cent better ia volume of business than 1911, although the first six 



SUBSCRIPTION TERMS: In the United States and its possessions, 

 and Canada, $J.OiJ the year; In foreign countries, $1.00 extra postage. 



In conformity with the rules of the postoflBce department, subscrip- 

 tions are payable in advance and in default of written orders to the 

 contrary, are continued at our option. 



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

 be sent one week before the date they are to go into effect. Both old 

 and new addresses must be given. 



Both display and classifledl advertising rates furnished upon 

 application. 



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

 tion dates. 



Telephones:— Harrison 8086-S087-S088. 



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

 ciate Editors. < 



Entered as second-class matter May 26, 1902, at the postofflce at Chi- 

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



