Publlahed In the Interest of HaLrdvfOod Lumber, AmerlcBLti HaLrdwood Forests. Wood Veneer Intlustry, Ha^rdwood Floorlnii. 

 HeLrd^KTOod Interior Finish. Wood CKemlcaLls, Se^w Mill aLnd Woodwrorklnf M&oKlnery. 



Vol. XXXI. 



CHICAGO, NOVEMBER 10, 1910. 



No. 2. 



Published on the lOlh and 25lh of each month by 



THE HARDWOOD COMPANY 



HENRY H. GIBSON, President LOUIS L. JACQUES, Sec'y and Treas. 



Sixth Floor, Ellsworth BIdg., 355 Dearborn Street, Chicago, 111. 



Telephones Harrison 8086-8087-8088 



REPRESENTATIVES 



Eastern Territory 

 Northern Territory 

 Southern Territory 



Jacob' Holtzman, 5254 Larchwood Ave., Philadelphia, Pa. 



E. VV. Meeker, 355 Dearborn St., Chicago, 111 



H. C. Haner, 173 Hieh St., Memphis, Tenn 



TERMS OF ANNUAL SUBSCRIPTION 



In the United Stales, Canada, Philippine Islands and Mexico . $2.00 

 In all other countries in Universal Postal Union .... 3.00 



Subscriptions are payable in advance, and in default of written orders to 

 the contrary are continued at our option. 



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

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



Advertising copy must be received five days in advance of 

 publication date. Advertising rates on application. 



Coming Association Meeting 



HARDWOOD MANUFACTUKERS' ASSOCIATION OF 

 THE UNITED STATES. 

 The ninth annual meeting of this association will be 

 held at the Sinton Hotel, Cincinnati, Ohio, on Tuesday 

 and Wednesday, January 31 and February 1, 1911. 

 K. M. CARRIER, LEWIS DOSTER, 



President. Secretary. 



General Market Conditions 



General trade couditious have shown a fair improvement during 

 the last fortnight. Business is a little better all along the line, but 

 this improvement manifests itself entirely in the better grades of 

 lumber. In many manufacturing centers No. 2 and No. 3 are still 

 piling up and the selling price average will not enable the producer 

 to break even on his investment. While manufacturers are mailing 

 a fair margin on their good stock, tlie coarse end is absorbing most 

 of this protit. 



One of the bright spots in the situation is the fact that quite a 

 number of the railroads, and several of the other large corporations, 

 are out with requisitions for a large amount of lumber, and in some 

 instances have actually placed orders for considerable quantities. 

 This situation is helping the car oak bill trade. 



Another oasis in the desert is the fact that the box people have 

 finally hammered the price of No. 3 poplar down to a point where 

 they think they are safe in taking on considerable quantities. In 

 fact, several million feet of No. 3 poplar have gone into the hands 

 of the box maker during the last few weeks. The prices generally 

 are not known, but it is supposed that there has been a shading of 

 from fifty cents to a dollar to effect the trades. 



Jobbers generally are carrying light stocks, as there has been 

 very little speculative buying for a good while. Stocks in the 

 consumers' hands are notoriously low, and the average wholesale 

 consumer is still placing his orders in small blocks for immediate 

 shipment. There is no evidence that contracts involving any consid- 

 erable quantities of lumber have been placed for future delivery. 



The general situation of business would warrant the as.sumption 

 that trade and jirices should materially improve with the oncoming 

 months, and it is just possible that a repetition of 1902 conditions 

 may obtain this year and that November and December will be 

 active buying periods for hardwoods. A good many sagacious 

 lumbermen seem to think this situation will prevail. 



There is one good thing about it, and that is that the majority of 

 manufacturers and jobbers have in no wise lost their courage and 

 are thorough optimists over the future of the hardwood business. 

 With this idea in view, prices on good end of all varieties of lumber 

 are remaining firm, and but short concessions are being made in the 

 lower grades. 



Increased Difficulties In Securing Profits 



There is no gainsaying the fact that hardwood trade conditions as 

 a whole have not been in good condition for nearly three years. 

 Manufacturers, when they have charged up to their mills the actual 

 price at which they coirid have sold tlieir stumpage to outside 

 parties, have made very little money. The jobbers do not pretend 

 to have made any such profit as they should to compensate them 

 for their time, labor and investment. 



Ordinarily, in periods like the last three years, the jobber has 

 liad much the best end of the deal. He has been able to buy lumber 

 from manufacturers at less than producing cost and by a thorough 

 acquaintance with the trade has been able to market it at a profit. 

 This has not been true of late, however, and manufacturers and 

 jobbers alike have worked on a dangerously close margin. 



There never has been a time in trade history when there was as 

 much manipulation in gi-ades going on as at present. This manipula- 

 tion is not confined to any particular element of the trade, but is 

 almost universal. With diminishing profits, the manufacturer and 

 jobber have attempted to work off the lowest grade that the cus- 

 tomer would possibly stand for. The result is that there is not 

 remarkably smooth sailing between sellers and buyers of any type. 

 It is a buyers' market, to be sure, and they are very critical. The 

 demand for reinspection and adjustment follow many lumber ship- 

 ments with great regularity. There is an increased call all along 

 the line for adjustments of every sort based on claims of off grades, 

 shortage, delay in shipments and every other possible reason that 

 can be figured out by astute buyers. 



If there was ever a time for all elements of the hardwood trade 

 to get together on a logical basis of trade ethics, it is pretty nearly 

 at hand. 



Hemlock In The South 



For years a considerable quantity of hemlock lumber has been 

 manufactured from this timber interspersed with hardwood.s through 

 out Kentucky, Tennessee, West Virginia and western North Carolina. 



