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Copyright, The Hardwood Company, 1919 



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

 Mill and Woodworking Machinery, on the lOth and 25th of each Month, by 



THE HARDWOOD COMPANY 



Edgar H. Defebaugli, President 

 Edwin W. Meeker, Managing Editor 

 Hu Maxwell, Technical Editor 



Seventh Floor Ellsworth Building 

 53 7 So. Dearborn St., CHICAGO 

 Telephones: Harrison 8086-8087 



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Vol. XLVII CHICAGO, AUGUST 10, 1919 



No. 8 '* ' ^ 



General Market Conditions 



THERE HAS BEEN A TENDENCY in the hardwood market of 

 the past ten days to reach a more stable basis. Prices are still 

 increasing and a liigh level and strong situation is assured for a 

 long time to come, but all elements concerned have recognized the 

 desirability of arriving at at least approximate stabilization. At 

 the same time the traffic situation is presenting new difficulties 

 which further impress upon that element of the buying trade which 

 lias been farsighted enough to make purchases ahead of require- 

 ments with the wisdom of that policy in the past mouths. Em- 

 bargoes on all southern lines are shutting down not only on ship- 

 ments of lumber but on shipments of logs to the mill, and with 

 present log stocks very low this will have a certain effect upon 

 production. Coming at this time when mill men were concentrating 

 every thought and effort on increasing output the rail develop- 

 ments are particularly unfortunate. At the same time they empha- 

 size the wisdom of farsightedness in lumber purchases. 



Some interesting developments have .come up in factory circles 

 in the last weeks. Among these is the tendency of manufacturers 

 of high grade furniture to consider the substitution of other woods 

 for some of the standard woods which they have been using. For 

 instance, the spread in the price between gum and birch on the 

 present market is actually effective now in swinging some large 

 consumers back to birch purchases, and at the same time, the 

 tendency is to use more of the fancy woods, such as mahogany, 

 because prices of domestic woods have approximately equaled those 

 of the usually higher priced woods. 



In certain lines of furniture, built up work is now being sub- 

 stituted for solid wood as it gives the opportunity of using less 

 popular species in lower grades of lumber in the core work. One 

 large manufacturer who has been buying big quantities of first and 

 seconds oak for the tops of tables of a certain character is now 

 building up his tops using soft elm as the core. This same operator 

 states that he has come to the limit in the price he will pay for 

 certain of the American woods, notably gum, and this attitude is 

 being experienced in a number of factories. It is probable that the 

 present level of values will be increased somewhat, but that such 

 raises will not be nearly so rapid nor so radical as have prevailed 

 in the last few months. Manufacturers have attained a point in 

 return for their lumber which enables them to operate with an 

 assured profit, while but a few months ago they were actually 

 selling their lumber at less than cost. Thus, as everyone recognizes 

 the desirability of a level as uniform as possible, the tendency is 



for the manufacturers to support all efforts to stabilize markets 

 on about the level that prevails now. 



Stocks continue to be extremely low and with rail difficulties con- 

 fronting the entire producing trade, it is likely that they will con- 

 tinue low. Production has been far off during the past few weeks 

 even though weather conditions have improved in the South. With 

 the obstacles of the present traffic tie-up to overcome in addition 

 to the difficulties that have been occasioned in the past two or 

 three months, the operator finds himself pretty much checked so 

 far as greatly increasing his output is concerned. 



There has been a little accumulation in some kinds of stock and 

 of late the tendency to accept orders on plain oak without advances 

 has been reported around certain important northern markets. 

 However, two or three weeks will very easily clean up any ac- 

 cumulation that any individual manufacturers may have, as gen- 

 erally speaking, there is absolutely no over-plus. Altogether the 

 situation is just as strong and the promise for the continuance of 

 high value just as clear as ever. 



The Goal Is Reached 



LAST WEEK SAW THE BEGINNING of a new era for the 

 hardwood industry. After many years of effort factionalism 

 has been supplanted by co-operation. Progressiveness has come 

 into control and it is assured that in the future the two liiational 

 organizations of hardwood men will be doubly effective as each 

 will function along lines for which it was primarily created. For 

 there is now but one set of hardwood inspection rules — those of the 

 National Hardwood Lumber Association. 



It has become increasingly evident of late that the ilnspection 

 of hardwoods had reached such a point of progress and scientific 

 analysis of the board and the factory need, that were two or more 

 men of experience, ability and insight to undertake to separately 

 express their conceptions of proper rules, they were bound to 

 create manuscripts practically identical in their wordibg. 



The end attained, complete harmonizing of the hardwood trade, 

 has been desired by everyone for a long time. The great advance 

 in grading practice made it inevitable. The adoption of a single 

 standard of hardwood inspection is alone a great aecomplishmeint, 

 but it is supported by other advantages which will follow — such 

 for instance as the greater good that will come from association 

 work, with overlapping of effort and factionalism eliminated, and 

 each body following the channel in which it was designed to 

 navigate. 



The year 1919 has been marked by matay happenings of im- 

 portance to the hardwood industry, and of these the final har- 

 monizing of the industry on this question stands out above all. 



