Xra^ra^7?3VI7!IV]7jIVOT^^ 



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 



LimtiMi 



NEW VOI 



BOTANIC 



QAftHBi 



Vol. XXXIII 



CHICAGO, DECEMBER 10, 1911 



No. 4 



'\ croK!a^B5TOa^i3^0imaTOiW^i:j&^*ira!i^^ 



Editorial Comment 



General Market Conditions 



The volume of hardwood trade still holds up iu fairly good shape 

 the country over. There is by no means any marked activity iu 

 buying, but the total trade in volume is very satisfactory, although 

 in some instances prices that are being secured are not what they 

 should be to show a reasonable profit. Under the present basis of 

 selling price and stumpage values, many manufacturers allege they 

 are making no money. This is not an isolated complaint but a 

 general one. 



The price at which low-grade stock is moving is much below the 

 cost of production, without any reference to figuring anything for 

 stumpage. 



There is a manifest shortage in many items of dry stock. This 

 is notably true of plain oak in all thicknesses. For the first time 

 in several years there is evidence of a distinct shortage in dimension 

 widths of 4/4 sound wormy chestnut, and 10/4 and 12/4 sound 

 wormy chestnut is especially short. There is even a complaint that 

 dry mill cull chestnut is very difficult to secure, being almost out 

 of the market. High-grade chestnut has been short for a long time, 

 and there is very little offered at present. 



There is very little firsts and seconds red gum in shipping shape 

 offered, and prices are materially stiffening. 



There seems still to be a considerable quantity of quarter-sawed 

 high-grade oak and of ash, but there surely is very little surplus iu 

 first hands. 



In northern woods reports indicate that there is a steady trade 

 at satisfactory prices for the good end of maple, birch and bass- 

 wood. Hardwood culls in the northern country seem to be in over- 

 supply, and such offerings as are made for round lots carry a price 

 that is very much below the cost of manufacture. 



While the box manufacturing trade has bought pretty liberally of 

 late, it has confined its purchases quite largely to low-grade poplar. 

 Cottonwood, basswood and Balm of Gilead, figuring on securing the 

 lightest weight packages possible to compete with fiber container 

 production. A good many of the eastern and southern box manu- 

 facturers are using tupelo very extensively in box making, but this 

 wood seems to be gaining in supply iu the hands of manufacturers. 



Tupelo gum is an excellent wood for many higher class uses than 

 box making, but it has not yet received the recognition in the lum- 

 ber market that it will eventually secure. Tupelo gum manufac- 

 turers have undeniably over-estimated the demand for this wood, and 

 have sawed too much of it for immediate consumption. 



On the whole, hardwood manufacturers during the last year have 

 exercised great discretion iu holding down their output to accommo- 

 date a not very active demand. The hardwood price situation is 

 well in hand, and unless northern manufacturers overstock the mar- 

 ket, which southern manufacturers cannot possibly accomplish during 

 the winter, there is every evidence that there will be a manifest 

 increase of prices based on a shortage of stock alone, that will amply 

 repay them for restricted production. 



Manufacturers and jobbers alike report very slow collections at 

 the present time, whicli is the usual situation just before the holi- 

 days. 



Generally the trade feeling is optimistic, and little fear is expressed 

 of bad business conditions incident to next year's political campaign. 



Approaching Lumber Association Meetings 



The annual meeting of the National Veneer & Panel Manufac- 

 turers' Association will be held at the Auditorium hotel, Chicago, on 

 Tuesday and Wednesday, December 12 and 13. Advance reservations 

 indicate the attendance of the larger portion of the members of this 

 organization. 



The Indiana Hardwood Lumbermen's Association will hold its 

 annual meeting at Evansville, Ind., on Thursday, January IS. Pre- 

 vious meetings of this association for many years have been held at 

 Indianapolis, and it is believed that the change in location will insure 

 the attendance of practically every hardwood manufacturer in the 

 southern part of the state, and will still hold the attendance of the 

 lumbermen of the northern section as well. 



The JKational Lumber Exporters' Association will hold its annual 

 meeting at Washington, D. C, on Thursday and Friday, January 

 25 and 26. 



The Hardwood Manufacturers' Association of the United States 

 will hold its annual meeting at the Sinton hotel, Cincinnati, O., on 

 Tuesday and Wednesday, January 30 and 31. Secretary Doster 



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