Publlahsd In the Interest of Hardwood Lumber, American Hardwood Forests, Wood Veneer Industry, Hardvrood Floorina, 

 Hardvyood Interior Flnlah, Wood Chemicals. Saur Mill and WogdworKing Macliinery, 



Vol. XXV. 



CHICAGO. JANUARY 25, 1908. 



No. 7. 



Published on the lOlh and 25lh of each month by 



THE HARDWOOD COMPANY 



HENRY H. GIBSON. Editor. EDGAR H. DEFEBAUGIi. Miaster. 



7th Floor. Ellswoilh BIdg., 355 Dearborn St., Chicago. 111., U.S.A. 



Telephone Harrison 4960 



REPRESENTATIVES 

 C. C. McKINNEV, Adveiilslng Manager. 



Pkiladelpliia ... Jacob Hollxman, 916 Rolhsckild Buildfoi 



p,lltbur« ...... H. A. Lane, 906 Wabaah Bmldlag 



Central Territory . . F. M. Clutter. 355 Dearborn St.. Chicago 



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 ordeiv to the 

 contrary are continued at our option. 



Entered as second class matter May 26. 1902. at the Postoffice at Chicago. 

 III., under act of March 3. 1879. 



Advertising copy tn\ist be received five d&ys In a.dvaLnce of 

 publication da.te. Advertising rates on appUcatioru 



Coming Association Meetings. 



MICHIGAN HARDWOOD MANUFACTUEEES' ASSOCIA- 

 TION. 

 A special meeting of this association will be held at the 

 East Saginaw Cluh, Saginaw, on Wednesday, Feb. 5. The 

 important matters coming before the association at this time 

 will doubtless insure a large attendance. 



HAEDWOOD MANUFACTUEEES' ASSOCIATION. 



The sixth annual meeting of the Hardwood Manufacturers' 

 Association of the United States will be held at the Grand 

 Hotel, Cincinnati, on Thursday and Friday, Feb. 6 and 7. 

 Owing to prevailing trade conditions this will be the most 

 important meeting ever held by the association, and the at- 

 tendance of every member is desired. 



MEETING OF OAK FLOOEING MANUFACTUEEES. 

 On Friday, Feb. 7, at the Grand Hotel, Cincinnati, will be 

 held a conference of the oak flooring manufacturers of the 

 country with a view to effecting a strong and permanent 

 organization in this interest. 



NATIONAL WHOLESALE LUMBEE DEALEES' ASSO- 

 CIATION. 

 The next annual meeting of this association will be held 

 at the Willard Hotel, Washington, D. C, on Wednesday and 

 Thursday, March 4 and 5. 



General Market Conditions. 



The hardwood lia>l>- lliu country over consists, BO far as con- 

 Sumption is concerned, of an occasional car order to relieve imme- 

 diate and pressing needs. In the aggregate this trade amounts to 

 considerable, but probably not more than twenty-five per cent of 

 normal ilemand. The furniture expositions at Chicago and Grand 

 Bapiils are far enough advanced so their result is pretty definitely 



known. Chicago in its immense furniture production, which aggre- 

 gates about $2.5,000,000 yearly, is a producer very largely of low 

 and medium-priced goods. The sales at the exposition now in 

 progress indicate a demand of about fifty per cent as compared 

 with those of a year ago, and this means for two or three months 

 to come at least, that the demand for lumber going into the furni- 

 ture trade will only bo about half that of a year ago. 



.\t Grand Kapids, where high-class furniture is the big end of the 

 output, the sales have been very light, and probably will not 

 aggregate more than ten or fifteen per cent of those of a year ago. 

 As this was a rich man's panic, so it is that the rich man's demand 

 has apparently been curtailed much in excess of that of the poor 

 man. 



One redeeming feature of the hardwood market situation is the 

 fact that a good many sage wholesalers recognizing the very limited 

 amount of lumber in sight, have concluded that values have touched 

 bottom and during the last ten days have bought heavily. .Jobbers 

 who had loose money or were in shape to secure loans from banks 

 have made heavy purchases, regarding the future of lumber values 

 very optimistically. Several sales are reported aggregating from 

 .$40,000 to $100,000. Financially strong manufacturers have simply 

 ceased attempting to make sales except at full list prices, with the 

 result that they are moving comparatively little lumber. They 

 believe that lumber is better property than the money it will bring 

 at forced sale, and are simply sitting down on their stock and wait- 

 ing for a revival of trade. Purchases that have been made by job- 

 bers from manufacturers either financially weak or anxious to 

 continue operations at full force, have probably averaged about 

 $2 a thousand less than last fall's prices. In many localities cur- 

 tailment down to about twenty-five per cent of normal is in force, 

 but in many cases there seems to be an exhibition of an unwise 

 policy to run at full capacity. The salvation of the market unde- 

 niably lies in restricting output for sixty days hence, and it is 

 to be hoped that the common sense that has prevailed for the past 

 two months will continue for at least this length of time. 



Forestry and Taxation. 



There is a manifest injustice in the tax system which prevails in all 

 states covering the taxation of timber properties. The farmer is only 

 required to pay taxes on his crops. Timber is certainly a crop, but 

 the owner is taxed on it year after year regardless of the fact that he 

 has not yet harvested the crop. 



This attitude of the states on taxation makes many lumbermen fell 

 their timber before it should be done, thus losing a vast amount of its 

 ultimate worth. A Philadelphia newspaper cites a case where a 

 farmer owned 1,500 acres of timber of fair size, but not yet ma- 

 tured. The trees had been growing thirty years but should stand 

 at least ten years longer for their best development. The assessor, 

 however, estimates the full market value of standing timber and 

 the owner must pay the full tax on it this year, next year again, 

 and every year. In absolute self-defense the owner has been com- 

 pelled to cut this fine forest before its time. 



This is not justice and the country cannot expect the individual to 

 indulge very largely in regrowing land suitable for timber unless 

 the several states take some just action in the matter. The indi- 



