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

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



THE HARDWOOD COMPANY 



Henry H. Gibson, Editor and Manager 

 Edwin W. Meeker\ , 



Hu Maxwel 



vAssociale Editors 



Entire Seventh Floor Ellsworth Building 

 537 So. Dearborn Street. CHICAGO 

 Telephones: Harrison 8086-8087-8088 



LIBRAI 



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Vol. XXXVI 



CHICAGO, OCTOBER 10, 1913 



No. 12 





Review and Outlook 



General Market Conditions 



WITHOUT ANY INTENT TOWARDS PESSIMISM, a franic 

 analysis of present conditions in the hardwood lumber business 

 demonstrates clearly that that branch of the industry is not in good 

 shape either as to sales or prices. Generally throughout the country 

 a very lair volume of business is being transacted, but the policy 

 continues to be everywhere evident on the part of buyers to place 

 small orders whenever they are in need of stoek, and not to buy 

 unless absolutely necessary in even reasonable quantities. Of course 

 this situation is not strictly true in every ease, but it is safe to say 

 that it is the general condition of the hardwood business today. 



It would seem, on account of the fact that orders are numerous, 

 that at least market value of stocks would be realized, and in fact 

 Ihey are in some cases, but the very fact that orders are smaller 

 means that they are more difficult to get and require a more steady 

 and greater outlay of money to secure them. The result of this is 

 that holders of good quantities of hardwood stocks are more anxious 

 to turn over their lumber than at such times as they are reasonably 

 s:ire of .«e-.>uviug orders a few of which will wipe out any surplus 

 which might accumulate. When the trade is anxious to move lumber 

 it will make price concessions and that is happening today. 



A close analysis of the situation reveals more or less inconsistency 

 as to the various factors contributing to present conditions. Actual 

 building statistics, for instance, indicate that the building trade is 

 in really good shape for the most part. Nevertheless interior manu- 

 facturers are not buying lumber, and they are not buying because 

 their business is not doing so well as they would like to have it. 



The furniture business seems to be in first-class condition, and the 

 buyers at furniture factories are only buying what they actually need. 



The good crop this year and the excellent values realized resulted 

 in a healthy business for manufacturers of farm implements. These 

 people are doing well, and while they are calling for quite a little of 

 the various species of hardwoods going into implement manufacture, 

 they are not buying so much as they should under proper conditions, 

 and so it goes down the line, the ultimate conclusion being that there 

 is a real apprehension, or it might be better to say, hesitation on the 

 part of the business element of the country. This probably is affect- 

 ing the lumber business directly more in the matter of actual money 

 scarcity than for any other reason, and behind this condition can be 

 seen the work of the financial powers. 



It is probably safe to state that no very definite improvement of 

 the situation will occur until the banking element of the country, 

 whicli holds the key to the financial situation, knows definitely just 

 ■what to expect from Washington regarding the many proposed changes 

 in the currency system of the country. Some consolation can be 



seen in this, however, because of the fact that the president will make 

 every effort to secure some legislation as quickly as he can possibly 

 whip the forces into line. He demonstrated his power in connection 

 with the tariff legislation and hence we can be fairly certain of 

 energetic efforts on his part to secure speed in the passage of cur- 

 rency measures. 



Wlieu the currency bill is finally passed, it may bo viewed favor- 

 ably by the banking interests of the country. The fact that they are 

 taking such an interest in its discussion at Washington, both by 

 correspondence and by personal interviews at the capitol, would rather 

 indicate i;hat the bill w'hen it really becomes a law will be, as far as 

 is possible, satisfactory to them. If this condition is realized there 

 will be absolutely no reason for further holding back of business, 

 but until then it is not at all probable that any marked improvement 

 in the situation will be felt. 



As to the hardwood business specifically, the mills are not realizing 

 what they have realized and what they justly might expect for their 

 stock. The different woods continue in the same relative position 

 as to demand which they have occupied for some time past. Trade in 

 the East continues to appear at least on the surface to be more healthy 

 than in the Middle West, but the demand everywhere, while fairly 

 steady, is not satisfactory. It continues to be a fact, 'however, that 

 there is no great accumulation of stock at any of the mill centers 

 in the lower Mississippi section, though a great deal of lumber is 

 being manufactured. 



Unusually good logging conditions which prevailed just before 

 the recent heavy rains in the Arkansas, Mississippi and Tennessee 

 sections, resulted in the piling up of an immense quantity of logs, 

 in fact, in some cases twice as many as the sawmill operators had 

 expected. The result was that in order to convert these logs into 

 lumber before worms got at them, some of the mills have been run- 

 ning night and day for some little time. This will mean that the 

 yards in the Memphis territory will for a time at least have an excel- 

 lent assortment of stock. However, the wet conditions which fol- 

 lowed the dry spell have checked logging and in some sections have 

 actually stopped it, so that the former condition may be offset to a 

 degree by the later developments. 



Reports from northern mill districts covering hardwoods do not 

 appear to be as healthy as they have been, but unquestionably condi- 

 tions in that part of the country are in fairly good shape as far as 

 stocks, and generally speaking, as far as prices are concerned. 



Thin Forest Growth 



THE COVER PICTURE illustrating this issue of Hakdwood 

 Record may not have a familiar look to readers whose whole ex- 

 perience has been with eastern scenery. They vrill not regard it as a 



