Published In the Inlerest of Hardwood Lumber, American Hardwood Forests, Wood Veneer Industry, Hardwood Flooring, 

 Hardwood Interior Finish, Weed Chemicals. Saw Mill and Woodworking Machinery. 



Vol. XXV. 



CHICAGO. JANUARY 10, 1908. 



No. 6. 



Published on the 10th and 25lh of each month by 



THE HARDWOOD COMPANY 



HENRY H. GIBSON. Ed.ior. EDGAR H. DEFEBAUGH, Munsgcr. 



7lh Floor, Ellsworth BIdg., 355 Dearborn Su Chicago. III., U.S.A. 



Telephone Harrison 4960 



REPRESENTATIVES 



C. C. McKINNEY, AdverlUlna Manaoer. 



Jacob Holuman. 916 Rothschild Buildintf 



H. A. Lane, 906 Wabash Buildinn 



F. M. Clutter. 355 Dearhorn St.. Chicago 



Philadelphia 

 Pill 9 burs 

 Central Territory 



TERMS OF ANNUAL SUBSCRIPTION 



In the United States, 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 tc the 

 contrary are continued al our option. 



Entered at Chicago Postoffice as Second Class Matter. 



Advertising copy must be received five da^vs irv aLdvaLnce of 

 publication da^te. Advertising rates on application. 



Coming Association Meetings. 



HANDLE ASSOCIATION. 

 The Handle Manufacturers of America will hold a special 

 meeting at the Claypool Hotel, Indianapolis, Tuesday, Jan. 

 14, to which all interested are invited. The first session will 

 convene at 10 a. m 



INDIANA HARDWOOD LUMBEEMEN'S ASSOCIATION. 

 The annual convention of the Indiana Hardwood Lumber- 

 men's Association will be held at the Grand Hotel, Indian- 

 apolis, Jan. 16, 1908. 



WISCONSIN HARDWOOD MANUFACTURERS. 

 The Hardwood Lumber Manufacturers of Wisconsin will 

 hold their annual meeting at Eau Claire Jan. 16, and not 

 Jan. 15, as first announced. 



HARDWOOD MANUFACTURERS' ASSOCIATION. 



The sixth annual meeting of the Hardwood Manufacturers' 

 Association of the United States will be held within a few 

 days, the date and location to be decided upon at a meeting 

 of the Executive Board to be held at Nashville Jan. 11. 



General Market Conditions. 



Ill coniiuoii witli till' •jciirral hiisinps.s uf tlir c-cmiitry, lianhvotiil 



;itl'airM are lookiiif; licltcr. In the market reports from the various 



liardwood trade euutcis throughout tlic pountry it will be noted thai 



there is indicated everywhere a gradual restoration of confidence, a 



loosening up of inoncv, and a large volume of iiK|uiries. To be sure 



general buying docs not prevail to a large extent but still there is a 



^x'ooil volume of small oitlcis being placed. Tlic average linycr at least 



Q)rctcnds to believe that lie is a pessimist, and insists that values are 



~going lower, hence is placing his hanhvooil liiiiibcr orders practically 



gyjjnly to relieve present necessities. 



y-i On the other hand, maniifacturers and jobbers, realizing the paucity 

 of present and prospective .stocks, hold that it is impossilile for hard- 



wood values to materially decrease from the present standard, and 



very little price cutting is being indulged in in order to stimulate sales. 

 The logging conditions in the North are ideal and a good many hard- 

 wood logs are coming in, which will replenisli to a marked degree the 

 very badly depleted stocks of both ilicliigan and Wisconsin. 



There may be a fair output of logs in the Adirondack, New Hamii- 

 .-ihire and Vermont regions. In the South the restriction of present 

 and iirospective output still obtains and comparatively little hardwood 

 himber is being sawn in either the lower Mississippi states or the 

 mountain regions. 



While there has been some cutting in price in New York and other 

 eastern states on oak, and in the middle West on gum and oak, espe- 

 cially (lu.irtered oak — they are still strong in most sections of the 

 country. With the diminishing output of gum it is more than likely 

 that values will reassert tliemselves, as certainly at the present price at 

 which gum is being sold it does not represent any stumpage value 

 whatever, and in fact does not begin to constitute cost. 



Since the first of the year collections are coming in with more free- 

 ilom than during December, and the average man who paid promptly 

 before the financial flurry is paying just as promptly today. Delayed 

 payments are only being indulged in by the comparatively few con- 

 cerns that were hard up before the flurry, and are in still worse shape 

 today. While trade is witnessing some few failures, they are not 

 nearly so numerous as might have been anticipated. Most of the con- 

 cerns that have gone into receivers' hands were badly spread out and 

 their financial troubles would have been only a question of time in 

 any event. 



The result of the ''panic" will have its compensations be- 

 lause it will clarify the commercial atmosphere generally as well as 

 specifically in the hardwood trade. It has stimulated particular cau- 

 tion on the part of sellers in giving credit to those not in high com- 

 mercial standing. There are less chances being taken on credits than 

 before in a good many years. This attitude on the part of manufac- 

 turers and jobbers is keeping the total volume of sales down much 

 lower than the last few years' liberal credit system. 



It is undeniably true that more efl'ort will have to be made to mar- 

 ket lumber during 1908 than for several years, but liardwood is cer- 

 tainly going to move in fair volume and the prospects for the year are 

 far from discouraging. On the whole the hardwood lumber situation 

 may lie regarded as liealthy. 



The Association Season. 



The association season will soon be in full swing. The pro- 

 gressive lumberman usually belongs to a number of organizations 

 both local and national, which liold their annual meetings about 

 this time, and he will have to "hustle" to crowd them all in. 

 .\1I promise to be exceedingly interesting and profitable sessions, 

 and the wise man in the trade will take in just as many as he pos- 

 sibly I'an; the value of association work has been so well demon- 

 strated that it is a foregone conclusion he will go away from every 

 one benefited and better equipped to carry on his year's work. 



Tlie social feature is becoming more and more an essential part 

 of each occasion, and, indeed, the mere coming together of a few 

 confreres in any trade, though it be in an informal way only, is 

 always productive of better fellowship, a certain amount of mutual 

 understanding, and often direct benefit in a business way. 



The Indiana liardwood I.nmbermen's Association meeting at 



