flaMwoMRocoM 



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 Monih, by 



THE HARDWOOD COMPANY 



Henry H. Gibson, President 

 Louis L. Jacques, Sec'y & Treas. 



Entire Seventh Floor Ellsworth Building 

 537 So. Dearborn Street, CHICAGO 



VoL XXXIII 



CHICAGO, NOVEMBER 10, 1911 



No.:2 



' CBag-:^aKac/^:;TO:x:>i^x;?i;a^.iwgty?uiWM»i;^^ 



General Market Conditions 



There is little of an interesting nature to report iu the general 

 market situation that has prevailed for the last fortnight that is 

 not duplicated in tlie conditions that have obtained for several 

 months. High-grade varieties of hardwoods of all descriptions 

 are iu good request at a very fair basis of value, while lower 

 grades are dragging, although occasional sales of No. 2 and No. '■< 

 are made in considerable blocks at low prices. 



The aggregate volume of hardwood transactions is at or above 

 normal in bulk, but generally is made' up of a multitude of small 

 orders. In only rare instances are sales of large blocks encoun- 

 tered. The entire buying trade seems to be playing a waiting game, 

 incident to the general uncertainty of political and business condi- 

 tions, AVhile there is nothing fundamentally wrong in the general 

 situation, the feeling of hesitancy about loading up with lumber 

 or any other commodity prevents much latitude in business trans- 

 actions. 



The entire trade seems to be taking its cue from the railroads, 

 who are holding their requisitions down to the very lowest point 

 possible and be able to continue business. 



Trade in furniture lumber is fair; the demand from interior finish 

 and door makers is reasonably good. 



Flooring manufacturers ' lumber wants are fairly well supplied, 

 and there is not much development of trade in this line. Mani- 

 festly there is an accumulation of stock in the hands of flooring 

 manufacturers and plants are no longer being crowded to their full 

 capacity. This is true of both oak and maple flooring production. 



"Veneer and panel manufacturers generally are fairly busy, but 

 there is still the incessant complaint of price-cutting and a range 

 of values that leaves very little margin of profit. 



In both hickory and broom handle manufacture there seems to 

 be an output in excess of current demand, with resultant prices 

 that are not profitable. 



The hardwood business generally is in much better position than 

 that in building woods. The stocks of hardwoods ready for eon- 

 sumption, notably in No. 1 common and better, have not been so 



light in years as they are at the present time. A renaissance of 

 active demand of even a few weeks would clear the pile founda- 

 tions of all the dry, good hardwoods in first hands tlie country over. 



There seems to be no disposition on the part of hardwood lumber 

 manufacturers to increase output, but, rather, there is a sentiment 

 of holding down the log output and lumber cut until increased 

 demand will stimulate values to a basis that will show a reason- 

 able profit in production. 



On the current basis of stumpage values very few hardwood 

 manufacturers are making any money, and some are operating at 

 a loss. This situation is likewise reflected in the jobbing trade, 

 as a good many transactions are being put over at margins that 

 show very little profit, 



A general feeling of optimism prevails in anticipation of better 

 conditions as the season advances, and everything points to the 

 fact that most every variety of hardwoods is "a purchase" at the 

 present range of values. 



The Steel Car Game 



The jjublic has derived no little information from the investiga- 

 tion of the steel car proposition and the publication of the facts 

 secured by H.\rdwood KecorO in recent issues. No evidence has 

 yet been presented by which the all-steel car proposition can be 

 regarded as anything but "bunk." Every indication points to 

 the fact that all-steel car building has been inspired by those inter- 

 ested in steel production for the purpose of putting over on car 

 builders, the railroads and the public, a type of car that would 

 employ large quantities of steel material regardless of any basis of 

 economy, eflSeiency, comfort, healthfulness or safety. 



In defiance of the protests of competent and expert engineers, 

 and contrary to all past experience in car construction, this all- 

 steel car has been foisted upon the public on the one specious argu- 

 ment that it afforded increased safety to the traveling public. This 

 theory has been pretty well exploded in the theses supplied by 

 this publication. 



To reach an understanding of the concrete principles underlying 



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