I 



MBmRoS 



Copyright. The Hardwood Com pan 



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

 Mill and Woodworking Machinery, on the 10th and 25th of each Month, by * 



THE HARDWOOD COMPANY 



Edwin W. Meeker. A'ice Pres. and Editor 

 H. F. Ake, Secretary-Treasurer 

 I,i<i\ii r. Robertson, Associate Editor 



Se\enth Floor, Ellsworth Building 

 537 South Dearborn St.. CHICAGO 

 Telephone: HARRISON 8087 



IIIIIIIIIIIIUIIIi r TTTT Mll l l l MM Il'r 



Vol. LIII 



CHICAGO. APRIL 25, 1922 



No. 1 



Review and Outlook 



General Market Conditions 



THE MOST IMPKIvSSlVE and potL-iitial iiifluent'e ui.ou the hard- 

 wood luiiilier market is daily pictured in newspaper aeeoinits 

 of unprecedented tiood conditions throughout the Mississippi Val- 

 ley. It is hardly within the memories of old residents that the 

 juesent and threatened danger was so great. The floods this year 

 reach practically from Minnesota to the Gulf, involving most of 

 the main tributaries along that tremendous stretch of waterway. 

 The result has been a long sustained pressure upon the levees, and 

 due to the floods and the rains there has been such a thorough 

 soaking that a break appears imminent at almost any tiuic. 



The picture is too impressive to be effectively covered editorially, 

 :ind we have, therefore, given complete description in two other 

 articles elsewhere in this issue. It is the desire of the editors, 

 though, to emphasize with the utmost earnestness that the condi- 

 tion this year, particularh' with regard to its effect upon southern 

 hardwood lumbering, is almost inibelievable and almost such as to 

 be beyond exaggeration. The editors feel that the influence of this 

 londition upon the hardwood markets is so real and so important 

 tliat no words can properly emphasize the necessity for acquiring 

 a correct understanding of the situation. 



The flood this year comes at a time when mill jiroduction has 

 been very short. In addition, the past few weeks have seen a 

 definite increase in inquiries and a surjirising amount of actual 

 orders and shipments. To a small extent, the flood has stimulated 

 movements, certain instances showing of substantial offerings at 

 reduced prices in order to move stock ahead of the flood waters. 

 I'.ecause of the low stock in general, though, this influence will not 

 lie jiarticularly impressive. The result of the natural stimulation 

 of business and of tliis distress movement will be substantial 

 inroads into already depleted stocks of southern lumber, following 

 which, due to almost total interruption of woods work and 75 per 

 cent to 80 per cent interruption of sawmill operation, there can be 

 very little production to offset outbound movement. 



A notable and peculiar feature of the present condition in the 

 hardwood market is the fact that while business has substantially 

 improved, prices have shown very little upward tendency until the 

 past few days. This is undoubtedly caused by the general resist- 

 ance to buying, which, however, due to improvement in business 

 in general and growing shortage of various hardwood grades, is 

 gradually being worn down. H.\rdwood Eecord predicts sub- 

 stantial strengthening in values, particularly considering that 



southern operators do not, with very few exceptions, anticipate 

 being able to resume before July. 



The better outlook in consuming industries sujiports this belief. 

 Furniture sustains its fairly satisfactory volume, while building 

 records are steadil.r improving. More than half of current and 

 proposed construction is for residence purposes, which will require 

 lirst, substantial volume of hadwoods for trim, floors, etc., and 

 secondly, a substantial purchase of furniture for replacement and 

 addition. Other industries are showing more life and better pros- 

 pect, the automobile trade having gone heavily into southern fields 

 for large supplies of hardwood lumber at fair prices. A new hope 

 is seen in the implement industry. This line has not recorded any 

 real imjirovement, but is distinctly more optimistic because of bet- 

 ter outlook for agriculture. 



The record shows consistent removal of l:)asie factors from the 

 unfavorable to the favorable side of the balance, and while a year 

 ago practicallv all of the basic influences were on tlie unfavorable 

 side, today 75 per cent of them have been transferred to the 

 favorable column. Thus, while there are still many fundamentals 

 to be corrected, the progress is stead,v, and for business in general 

 the outlook appears to indicate a consistent though gradual im- 

 provement. This will be influenced by conditions peculiar to cer- 

 tain industries, and so far as hardwood market is concerned it cer- 

 tainly will react to the indescribable flood condition whieli is assum- 

 ing such dominant jproportions. 



Forest Products Laboratory Condemns Mislead- 

 ing Kiln Drying Claims 



HARDWOOD RECORD 'S ATTENTION lias been quite frequently 

 drawn during the past week or two to a certain circular pertain- 

 ing to the saving of lumber in the wood-using industries with particular 

 reference to possible savings in kiln drying. The circular contains two 

 startling statements, one to the effect that : 



You can practically eliminate all shrinkage in both thickness and 

 width. When properly kiln-dried, six months ' air-dried boards calipered 

 thicker when they came out of the kiln than when they went in by 

 careful check. Four quarter lumber comes from some kilns }J" thick, 

 having lost 6 per cent in width during the process. Correct drying 

 would almost eliminate this shrinkage from the green size of the board, 

 and therefore save at least 10 per cent of the lumber. 

 ■ The second statement reads: 



Correctly dried lumber will not warp or shrink under varying atmos- 

 pheric conditions. 



