floMwoi ReoJM 



Published In the Interest of Hakrdwood Lumber, AiTveiica,.n HsLrdwood Forests, Wood Verteer Industry, H&rdwood Flooring, 

 Hakrd«rood Interior FIrtlsh, Wood CKefTvlcai.Is, Sa^w Mill a.nd Woodvi'orklns Ma..cKlrkery. 



Vol. XXXI. 



CHICAGO, NOVEMBER 25, 1910. 



No. 3. 



Published on ihe lOlh and 25lh of each month by 



THE HARDWOOD COMPANY 



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



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



Telephones Harrison 8086-8087-8088 

 REPRESENTATIVES 



Eastern Territory 

 Norttiern Territory 



Jacob Hollzman, 5254 Larcliwood Ave., Philadelptiia Pa 

 E. W. Meeker, 335 Dearborn St.. Chicaeo. Ill 



TERMS OF ANNUAL SUBSCRIPTION 



In ihe 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 v^ritlen 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 



HAEDWOOD MANUFACTURERS' 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. 

 R. M. CARRIER. LEWIS DOSTEE, 



President. Secretary. 



General Market Conditions. 



General business is showing a little )iiiproveiiu>ut. The iron 

 trade reports the receipt of a considerable volume of new business 

 in both rails and structural material, and a fair demand from 

 automobile manufacturers. 



The banks at the chief commercial centers are showing a larger 

 reserve, due to increase of deposits and a diminution of loans. 



Favorable reports are received from the dry goods indnstry. 



The movement in grain and other agricultural products is large, 

 ■ it high values. There is an increase in actual sales to railroads 

 ind corporations, and a fair miscellanoous demand from wood 

 working institutions. 



Hardwood values show no change, nt?arly every item remaining 

 firm at the prices that have been maintained for months past. 



The furniture people are reasonably optimistic over their pros- 

 pective requirements after January 1, but the majority of these 

 institutions are not yet placing many lumber orders. 



There is no marked increase at the present or in prospect for 

 liardwood production, although next spring may develop a small 

 increase in the outjiut of northern woods. Desirable items 

 of hardwood stocks still remain in short supply, and the average 



(iwiier is sitting down on his huidiiigs and awaiting buyers. There 

 is ])erhaps a little overstock in quarter-sawed oak and in sap gum, 

 Init very few other items are in a supply that thirty days' normal 

 trade would not exhaust. 



There is evidence of a little accumulation in oak flooring over 

 current demand, and some factories are warehousing considerable 

 sto'k. The maple flooring business seems to be in good shape, and 

 Tiurkers of this material are finding a better demand than the oak 

 jiroducers. 



Veneer manufacturers report a fair volume of business, but 

 \alues still remain very low. 



The large building operations prevailing in many of the chief 

 lities make the hardwood interior finish and door trade very 

 satisfactory. 



Trade in the chief commercial centers is not active, but shows 

 a fair demand. 



C)7i the whole the situation is promising, with a good prospect 

 ol :iii increasing volume of business and strengthening of values 

 by the first of the new year. 



The Feeling in Wall Street 



A big New York commission house in advising against the pur- 

 chase of stocks at the present time puts out the following catalog 

 of "The Big Fundamental Factor": 



1. We.Tk bu.ving power of the public. 



2. Strained banking situation all over tlic world. 



3. High money rates for commercial purposes, which are 

 strangling industry. 



4. Continui'd bigli prices, high cost of living and high cost 

 of operation. 



,"i. E.\tremily liigli prices of lands and high rents, which 

 arc checking production. 



(i. I'robability that the Interstate Commerce Commission 

 will not. after si'veral more months of delay, advance freight 

 rates materially. 



7. Practical certainty that railroads will order materials 

 and equipments only sparingly lor the next few months. 



8. Overhanging decision of the Supreme Court in the trust 

 cases. 



9. Uncertainty as to what the newly elected Congress will 

 do concerning the tariff, physical valuation of railroads, 

 parcels post. etc. 



10. Disturbed labor situation, with the probability of more 

 importaut strikes s<M)n. 



11. Political agitation in foreign countries, especially in 

 (Jreat Britain. 



This analysis covers in a very brief way the general business 

 situation in concrete form, and applies to the hardwood lumber 

 trade as well as to other lines of manufacture or commercial 



pursuits. 



Bad Economic Situation 



It rt!quires neither prescience nor even expert knowledge of 

 hardwood all'airs to state that the economic conditions surrounding 

 the hardwood industiy are not good. 



Generally siieaking, the last stand of virgin hardwood timber 

 growing in the United States is in the hands of operators or very 

 close to their possession. The stand of timber is in a limited area. 



