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Copyright, The Habdwood Company, 1917 



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



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



THE HARDWOOD COMPANY 



Edgar H. Defebaugh, President 

 Edwin W. Meeker, Managing Editor 

 Hu Maxwell, Technical Editor' 



Entire Seventh Floor Ellsworth Building 

 537 So. Dearborn Street, CHICAGO 

 Telephones: Harrison 8086-8087-8088 



Vol. XLII CHICAGO, FEBRUARY 25, 1917 No. 9 



^a 



Review and Outlook 



General Market Conditions 



THERE IS SUCH A COMPLEXITY of conditions to be viewed 

 and analyzed b.y the business man of today that it is ex- 

 tremely difficult to form a summarized view of lumber probabili- 

 ties that will be sufficiently logical to be proof against contradictory 

 argument. "While the paramount consideration a couple of weelcs 

 ago had to do with the probable effect of international complica- 

 tions, the growing acuteuess of the car trouble has forced itself 

 to the point of first consideration. "What slackness and hesitation 

 naturally marked the early period immediately following the sever- 

 ance of relations with Germany seem to have been considerably 

 overcome, and where orders were held up and uncertainty prevailed, 

 a more definite course of action seems 'to have been decided upon, 

 for in man}^ cases where shipments were ordered held up, subse- 

 quent instructions have started them moving again. Also, in the 

 face of hesitancy in some quarters over the placing of contract 

 orders, a very substantial number of firms have let contracts during 

 the past week or ten days, the proportions of which have exceeded 

 the proportion of contracts for similar purposes in former years. 

 Thus one can argue back and forth on both sides of the question 

 as far as the effect of international complications is concerned and 

 find logical reasons supporting almost any theory. 



One of the trade barometers to which Hardwood Becord has 

 always given consideration, the printing and engraving industry, 

 shows favorably. There was an immediate stopping of new work 

 (in connection with sales expansion) in this field when the news 

 of the brealt with Germany was first published. For a week there- 

 after there was a period of marking time, but now with few ex- 

 ceptions printers and engravers are reporting that these former 

 orders have been taken up and that the check to activity is almost 

 entirely overcome. Printing and engraving of this character gives 

 an accurate measure of the extent of the plans for trade building 

 on the part of many industrial and commercial firms and the re- 

 newal of active work along these lines is suggestive of only the 

 predominance of fundamentally strong conditions. 



However, the car shortage is another proposition, and it appears 

 at this date that the point worthy of the greatest consideration is 

 the probable effect of government action in connection with food 

 shortages due to embargoes and shipping conditions. It is apparent 

 that if the government goes into this question there is only one 

 thing to do — not legislate, but act. It is equally apparent that 

 as the shortage of food and other absolutely necessary commodities 

 in the big eastern markets results directly from insufficient immedi- 

 ate shipping facilities, the one thing to do is to provide those facili- 



ties. This leads to the certain conclusion that the only wa3' to 

 provide more shipping possibilities is to arbitrarily hold up ship- 

 ments of articles that are not absolutely essential to the immediate 

 welfare of the people, and turn over those cars and that motive 

 power to the task of moving food stuffs, coal and other goods that 

 must be kept going. Hence, if the government really acts, its 

 course can take no other direction, and while the car shortage is 

 alread,y alarmingly serious it is likely to become even more so 

 in the immediate future if the government works out a tangible 

 plan and carries it through. 



The immediate effect of this general condition on the hardwood 

 trade shows in the increasing difficulty in shipping (many large 

 companies are now paying no attention whatever to securing new 

 orders in the face of the impossibility of making delivery) ; it is 

 so seriously interfering with log input that many northern and 

 southern mills have been compelled to shut down; it gives promise 

 of crippling manufacturing still further with the probability of 

 resulting in material curtailment in production. However, this 

 last probability is rather favorable as over-accumulation of hard- 

 wood stocks at this particular time would present> a rather dan- 

 gerous possibility. Many factories are now short on r.-iw material 

 and in some cases reduced working hours have been necessary. The 

 scarcity of fuel at some northern points has also been a serious 

 result of car shortage and has somewhat impaired the manufactur- 

 ing industries which consume hardwood lumber. 



Considering the matter from the standpoint of price, no sane 

 man can contend that the outlook is for anything but greater 

 strength. Considering it, however, from the standpoint of possi- 

 bility of making profits, no one can make profits unless he delivers 

 his lumber and receives his payments. At the consuming end no 

 factory can make profits unless it manufactures its goods and ships 

 them out and it cannot manufacture if it has not the raw material. 

 Therefore, the one big question is: 



""What is the immediate future in transportation circles?" The 

 best ability in all trades today is being centered on the solution 

 of our very complex transportation problem. 



The Cover Picture 



THE DEAD YELLOW POPLAR TREE, draped in festoons of 

 Virginia creeper, appearing as a prominent feature of the cover 

 picture illustrating this issue of Hardwood Record, has a history 

 which will compare with the records of other famous trees. On 

 July 12, 1864, from the top of that tree flew the Confederate signal 

 flags by which General Early directed the battle which he would 

 like to have seen result in the capture of "Wasljington, the capital 



