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

 Mill and Wood-working Machinery, on the 1 0th and 25lh of each Month, by 



THE HARDWOOD COMPANY 



Henry H. Gibson, President 



Entire Seventh Floor Ellsworth Building 

 537 So. Dearborn Street. CHICAGO 



MF.'. 



BOTANiC 

 UaKOEI 



Vol. XXXIII 



CHICAGO, JANUARY 25, 1912 



No. 7 



XTOiaMs>Ki-:v;.\!)y!TOtB.^iii»!w^^^ 



Editorial Comment 



GENERAL MARKET CONDITIONS 

 Even the most pessimistic can find no fault with the growing 

 \-olume of inquiries, and actual business that is being transacted 

 in hardwood lumber the country over at the present time. Not- 

 withstanding the very inclement weather conditions — extreme 

 ^old and heavy snow in the North, and unseasonable weather and 

 much rain in the South — there is an increased demand for 

 hardwoods of nearly all varieties. The only feature that mili- 

 tates against everyone in the trade being satisfied is the unprofit- 

 able limit of price that it seems possible to secure, notably for 

 low-grade lumber. Very few manufacturers or jobbers pretend 

 to have made any considerable profit during 1911. This result 

 has come about not from lack of business, but from the lack of 

 the possibility of doing business on a profit-showing basis. 



Stumpage values have lessened in no quarter, and in many 

 places have shown a considerable accretion in price. With a 

 surplus of sawmill capacity bej'ond current log supply, there has 

 been a scramble on the part of log buyers, which has resulted in 

 one bidding against another, and in some instances a higher price 

 has been jiaid for logs than the value developed in the lumber 

 manufactured. In other words, it has been a good situation for 

 those who have logs for sale, but a bad one for manufacturers 

 who attempted to make any money out of such purchases. Manu- 

 facturers are lying awake nights studying ways of improving 

 their efficiency and for lowering their manufacturing cost, but 

 very few have succeeded in accomplishing very much towards 

 that end. 



The paucity of profits prevailing in manufacturing hardwoods 

 is reflected to no little extent in the wholesale trade. It is 

 doubtful if jobbers ever did business on as thin a margin of 

 gross profit as they have for some months past, but through close 

 competition among themselves and from a considerable portion 

 of the manufacturing element, it seems impossible to secure a 

 just margin between bulk prices and carload selling values. This 

 paucity of profit situation is leading to increased complaints of 

 the mixing and lowering of grades, which to the minds of many is 



about the only solution of getting a new dollar out of an old 

 one in lumber transactions. 



The situation is not a very ])leasant one to contemplate, but 

 it will undoubtedly obtain until a beter understanding between 

 all elements of the trade is reached, and a substantial and well- 

 developed basis of actual grade value is more thoroughly 

 established. 



With the remarkably low stocks of shipping dry lumber in 

 first hands, and considering the paucity of holdings of both 

 jobbers and wholesale consumers, the hardwood trade of the 

 country logically should be in better shape than it has been in 

 years. 



A good volume of trade is in sight, including no inconsiderable 

 quantity of business from railroad and other corijoration sources. 

 There seems to be a marked feeling involving the necessity to 

 ' ■ do business, ' ' and everything would indicate an overplus of 

 selling talent. Hence the result is too rigorous competition, and 

 both prices and profits suffer. 



Both plain red and white oak is in excellent request and there 

 is an increased demand for quarter-sawed white oak, notably 

 in the East. 



Improved conditions are obtaining in red and sap gum, there 

 Ijeing an especial increase in the request for sajj gum. 



Poplar is holding its own in excellent shape, although there 

 is sufficient to meet current demand. 



Ash generally is somewhat sluggish, but prices are fairly well 

 maintained. 



There is undeniably an increased call for Cottonwood of all 

 grades, and a manifest shortage in and soaring price on .5/4 

 and 6/4. 



The one item which is in particular request at the present 

 time is soft maple. There seems to be a veritable boom in the 

 demand for this lumber, and it is achieving a price that puts it 

 up in line with all other standard woods. 



All the northern woods are in good request, with birch and 

 maple the leaders. However, there is an improvement in the 



SUBSCRIPTION TERMS: In the United .States and its possessions, 

 and C.inada. $:'.00 the year: in foreign countries, $1.00 extra postage. 



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Instructions for renewal, discontinuance, or change of address, 

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Both display and classified advertising rates furnished upon 

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Advertising copy must be received five days in advance of publica- 

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Telephones:— Harrison 80S6-8087-S0S8. 



Advertising Representatives: Jacob Holtzman. 5254 Larchwood Ave- 

 nue, rhiladelpbia, Pa ; E. W. Meeker, 537 South Dearborn Street, Chi- 

 L-ago, III. 



Entered as second-class matter May 26, 1902, at the postofflce at Chi- 

 cago, 111 , under act of March 3, 1879. 



