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floMwoMRocoM 



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

 Mill and Wood- Working Machinery, on the 10th and 25lh of each Month, by 



THE HARDWOOD COMPANY 



Henry H. Gibson, Editor and Manager 

 Edwin W. Meeker\ 

 Hu Maxwell J 



f-Associate Editors 



Entire Seventh Floor Ellsworth Building 

 537 So. Dearborn Street, CHICAGO 

 Telephones: Harrison 8086-8087-8088 



r't . 



Vol. XXXVI 



CHICAGO, JUNE 25, 1913 



No. 5 



'\\;TO&:<smig^;o;K>.MiJj;^K^i;x-oivysmiaailiJ*^^ 



Review and Outlook 



General Market Conditions 



WHILE THE MOST KOTABLE FEATURE of the general 

 trade during the past few weeks has been the apparent falling 

 off in demand, there is no serious marked uneasiness as to the ulti- 

 mate outcome inasmuch as the stock situation in hardwoods through- 

 out the country continues to show the smallest accumulation of 

 hardwoods in the history of the hardwood business. "While there 

 is naturally some easing in prices on certain stocks, this situation is 

 not the direct result of a natural laxity in demand alone, but the 

 effects of conditions noted before in this report are still being 

 felt. 



The heavy transit shipments, immediately before and during 

 the recent floods, the main effect of which was felt in the Chicago 

 and surrounding markets most noticeably, are still having some 

 bearing on trade in general, inasmuch as some very good "buys" 

 were made at that time by large consumers. In addition quite a 

 number of the consuming trade with a%'ailable resources sufficient 

 to enable them to purchase stock ahead of requirements, anticipated 

 a shortage of hardwoods at mill points sometime ago and placed 

 orders at that time for future delivery. As a result these people 

 are at the present time practically out of the market. This con- 

 dition, however, is limited to a comparatively small number of 

 concerns. 



In addition some of the large consuming factories are now busy 

 with mid-season inventories, which naturally takes them out of 

 the purchasing field for a short time, at least. These factors, in 

 addition to the to-be-expected effect of present season on business, 

 are responsible for the easing off in demand. 



There is, of course, to be considered the disposition of buyers 

 to continue to hold out for lower prices, but it is still safe to pre- 

 dict that they will for the most part be disappointed. The general 

 caution which business men are showing in all lines at present on 

 account of the old tariff bugaboo, and furthermore the tightness of 

 money which has not enabled big concerns to borrow sufficient 

 capital at reasonable rates, also had some bearing on the general 

 situation. 



In the building end of the consuming trade as well as in cer- 

 fain other industrial lines of the consuming element, serious strike 

 disturbances have had considerable bearing on business conditions. 

 These disturbances have in the most part been settled in the east- 

 ern territory, but just now the wholesale lockout in Chicago is 

 having a decided effect on demand in the Chicago market. In- 

 asmuch as the outcome of this controversy is very far from being 

 •certain, there is considerable hesitancy shown on the part of those 

 handling woods to the builders. They are loath to stock up with 



an undue amount of lumber until the situation has been definitely 

 decided. 



As stated above mill stocks are exceedingly low; in fact the 

 only producing section which can be said to be shipping any 

 amount of lumber is the manufacturing belt in the northern states. 

 Considerable shipments of hardwood and hemlock have come in 

 from northern manufacturers, mostly by water, and these ship- 

 ments have had some effect on the local Chicago market. Gener- 

 ally speaking, however, the actual stock situation is a strong factor 

 tending to hold the market at present firm values. 



The general slump in yellow pine, which is probably most in 

 effect on a limited amount of transit stock, of course, has had 

 some effect on hemlock, and has actually put hemlock values off 

 noticeably, inasmuch as the difference in prices in the two woods 

 was not commensurate with their relative values. In hardwoods, 

 however, while some local prices are made which have not been 

 entirely satisfactory, as a general thing the price feature is strong. 

 It is helped by the excellent export business, which is continuing 

 both from southern and eastern ports. 



Definite statements of representative buyers make it certain 

 that the middle of summer will see trade accelerate to a remark- 

 able extent. 



Undisturbed Forest 



THE COVEB PICTUEE which illustrates this issue of Hardwood 

 Record shows a forest scene which has never been disturbed 

 by the hand of man. No one single feature strikes the attention. 

 The river in the center flows rapidly, but the water is unbroken; 

 the stream's banks are lined with dense forest, but so solid are 

 the walls of foliage that scarcely one tree can be distinguished from 

 another. The scene is situated in Oconee county, South Carolina, 

 and the name of the stream could almost be guessed — Whitewater 

 river. The water could scarcely be any color but white flowing as 

 it does through a region where the soil is so completely covered 

 by vegetation that little sediment ever finds its way into the 

 stream. The forest which covers such a landscape is at rest. It 

 grows just as fast as it decays, and if left to nature little change 

 will occur from century to century. A river situated as that one is 

 not subject to sudden or extreme fluctuations. It is seldom very 

 high or very low. The thousands of springs that feed it are always 

 nearly the same because the foliage and roots of trees form a 

 storehouse for water and pay it out as the streams need it. Most 

 of the forested parts of America were once like the scene pre- 

 sented in the picture, but such scenes are rare now. Ax and fire 

 have been nearly everywhere, and when they got in the work 

 which is supposed to acompany civilization, a good deal of nature's 



