Published In the interest of Hardwood Lumber, American Hardwood Forests, Wood Veneer Industry, Hardwood Interior 



Finish, Wood Chemicals, Saw Mill and WoodworRing Machinery. 



Vol. XIX. 



CHICAGO. JANUARY 10, 1905. 



No. 6. 



floMwolRocoM 



HENRY H. GIBSON 

 FRANK W. TUTTLE 



President 

 Secretary and Treasurer 



Published on the 10th and 25th ol each month. 



OFFICES: 



Sixth Floor Ellsworth Bldg., 355 Dearborn St., Chicago, III., U.S.A. 



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General Hardwood Conditions. 



There seems nothing iu the way of the year 190.J being one of 

 great prosperity, but as far as that is coneerned there secmetl nothing 

 the matter with conditions a year ago. Crops had been good and 

 labor was well employed, but the. people had made up their minds 

 , to economize, and to wait awhile before buying. Consequently the 

 demand slackened and prices went downward. 



Still the very fact that people refrained from buying should 

 inake the demand all the better the forthcoming year, and it has 

 brought business to a healthy condition. It looks now as though 

 we were on the verge of a, strong business revival. Already prices 

 have started up and they should continue their upward tendency 

 for some time to come. However, there should be nothing approach- 

 ing a boom. Buyers have grown cautious and they have learned 

 about speculation and ' ' frenzied finance ' ' and other things they 

 did not know about before. T^iey intend to go slowly. 



Prices are on the up grade. There is not a burdensome supply 

 cl: stock, and the demand is good for the season of the year. .Some 

 may be inclined to dispute this, but if they will remember the 

 same period of former years, they will recall that business rarely 

 i\as well maintained during December and January. 



In the buUding trade the outlook is good. In the cities the 

 number of building permits taken out is large, and throughout the- 

 agricultural districts the greatly increased prosperity of the farmer 

 ai^d planter calls for new building of all kinds. Much of this 

 business affects the hardwood lumbermen only indirectly, but a large 

 amount affects him directly. The country house of any size that 

 has not at least one room furnished in hardwood is the exception ; 

 and hardwood interior finish and hardwood flooring have become 

 a necessary adjunct to every country lumber yard. 



The piano and organ trade is good; indeed it is one business in 



\'hieh the demand was good throughout the year. Some 300,000 

 pianos were manufactured and sold in this country alone last year. 

 The growing wealth of all classes of consumers insures a constantly 

 increasing demand for lumber for this purpose. 



The demand from the agricultural implement trade has not been good. 



In the manufacture of cars the coming season promises well. 

 The railroads have hadr a very prosperous year, and the country 

 is in need of more rolling stock. 



In the furniture trade the pro.spects for a year of good busi- 

 ness are very bright indeed. During the past season, it has been 

 the furniture trade more than any other, in which the slackness 

 of demand has been most felt by the hardwood trade. 



The Desideratum oi the Times. 



In lumber affairs things look mighty good. Every market report 

 says that business is remarkably brisk for the season of the year. 

 While there is no vast volume of hardwood lumber moving just 

 now, inquiries are very numerous and enough lumber is being sold 

 to establish a basis of values. At a time when naturally prices 

 would be sagging on nearly every item of hardwood, they are 

 being gradually boosted. Every indication points to a considerably 

 higher range of values on nearly every item of. hardwood when the 

 actual spring demand shall appear. There is a possible danger 

 i:i this condition. 



Fortunately the commercial history of the past few years has 

 brought its lessons, and the desideratum of the times demands con- 

 spi-vative methods and a steady market. The business public, and 

 notabl.v the lumber trade, has grown to fear a boom period almost 

 as much as it does a panic. In times when speculation runs riot, 

 commercial dangers are paramount. A settling day for all commer- 

 cial excitation is inevitable, and even wiseacres in the trade are 

 not always able to get under shelter in time and to save themselves 

 from serious loss. 



The lessons taught by the last boom period, argue in every par- 

 ticular for conservatism. No more booms are wanted ; the busi- 

 ness public is afraid of the proposition. It may be wise for lumber 

 producers not to lift values too high, — to be satisfied with an approx- 

 imation of the present excellent values received for their products, and 

 attempt to maintain a basis of values at a range not very remote 

 from those being received at the present time. It would seem that 

 a little extra demand should not induce the hoisting of values to 

 an unwholesome altitude. Doubtless in some lines of lumber pro- 

 duction, there must needs be a little readjustment of prices, to get 

 all kinds of lumber into correeti relative value, but there should be 

 no radical jacking-up of price lists. It would be an unwise time to 

 make any five to ten dollar advances on any kind of hardwood 

 lumber, even if the visible supply was apparently very short. 



With its rapidly diminishing quantity, as time progresses, plain 

 oak, of necessity, will naturally advance. It would not be sur- 

 prising if it would grow within two years to from five to seven 

 dollars above the present quotations. Poplar at present prices is 

 below relative value bv from three to five dollars. The same can 



