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Published in ihe Interest of the American Hardwood Forests, the Products thereof, and Logging, Saw 

 Mill and Wood-Working Machinery, on the lOth and 25th of each Month, by 



THE HARDWOOD COMPANY 



^ 



Henry H. Gibson, Editor and Manager 



Edwin W. Meeker"! . 



II n 11 V Assoc] 



Hu Maiwell J 



Associate Editors 



Entire Seventh Floor Ellsworth Building 

 537 So. Dearborn Street. CHICAGO 

 Telephones: Harrison 8086-8087-8088 



LIBRA 



NF.W V( 



8(11 ANIi 



UAKUf 



Vol XXXVII 



CHICAGO, DECEMBER. 25, 1913 



No. 5 



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Review and Outlook 



General Market Conditions 



THE GKXERAL COXDITIOX of the lumber market could prob- 

 ably be summed up in the statement that the sawmill trade as a 

 general thing, while having some little accumulation of lumber on 

 band, has come to the decision that as long as it has held off so far 

 it can continue to hold its stock pending some definite and more 

 favorable developments, while the consuming trade, on the other 

 band, continues its very hesitant buying policy, probably because in 

 the first place the closing of its books is imminent and a favorable 

 balance is desired, and on the other hand because the trade itself is 

 not any too certain regarding the market for its products, and is 

 also rather of the belief that something will occur to decrease the 

 cost of the raw material. 



Nothing startling has developed in the last two weeks to give 

 substantial proof of the soundness of the policy of either faction of 

 the hardwood trade, that is the producers and the consumers, but it is 

 probable that both are based on a comparatively sound line of argu- 

 ment and that .iustification can be seen for either course. 



There is unquestionably more lumber at mill points right now than 

 there has been for sometime, but as stated in previous issues of 

 Hakdwood Becord, the bulk of these stocks is in strong hands and no 

 imminent necessity has been seen of disposing of them at unreason- 

 able sacrifices. It is true that with the coming on of the holiday 

 season the roadmen are being called in. and with this condition in 

 effect those stock.s which the millmen are particularly desirous of 

 moving are probably being shaded a triile in order to find a ready 

 market, but generally speaking there is no increased tendency to con- 

 tinue the process of easing price levels, and there is no logical excuse 

 for so doing. 



Business in general seems to be very favorably impressed with the 

 progress along the lines of currency reform, and more particularly 

 with the rumor that .Tames J. Hill will be the chairman of the Na- 

 tional reserve board. The passage of this measure should most assur- 

 edly mean the removal of the uncertainty and agitation which ha.s 

 been founded upon the assertions "of the banking element regarding 

 the measure. It is most surely subject to amendment where any pro- 

 visions arc found to be inadequate to take care of conditions prop- 

 erly, and bearing this in mind and the fact that the bill has been 

 drawn up and sponsored by some fairly brainy individuals, and hence 

 offers a reasonable surety of being at least logical, there is abso- 

 lutely no reason why the currency measure should cut any further 

 figure in business. As pointed out before, the business man's real 

 interest in the measure, so far as the average individual is concerned, 

 is limited to his fear of its effect upon the banker's disposition and 

 not upon the actual condition of currency in the country. Hence, 



with the measure actually passed and the uncertainty removed, this 

 cause should be definitely removed as a possible disturbing factor. 



The only further legislation that could reasonably assume a posi- 

 tion in the category of trouble-makers is that aiming at the large 

 business combinations, and President Wilson's expressed ideas along 

 these lines should mollify business very decidedly. 



So far as the various factors in the consuming field are concerned, 

 there is nowhere any very marked down-in-the-mouthness, nor is 

 there on the other hand any undue disposition to become excited as 

 to the possibilities of marked increase in trade after the first of the 

 year. Conservatism continues in all lines and will unquestionably be 

 paramount for several months ahead. It is reasonable to predict 

 somewhat of an active call for lumber after the first of the year 

 because of the postponing of so many orders until inventory time is 

 over; but it is entirely likely that a great many of these orders are 

 not what could reasonably be called ' ' new business,.' ' but rather 

 simply the taking up of postponed contracts for stock. 



There seems to be some little additional hope in the foreign trade, 

 both because of the more evident opening up of inquiries and also 

 because of decreased freight rates. Offerings abroad, however, are 

 as a general thing not accompanied with any expressed intention of 

 shading prices in order to obtain increased business, as shippers gen- 

 erally are in comparatively strong position, and are not inclined to 

 sacrifice their stock at figures below what they think it is worth. 



The various standard hardwoods continue in approximately the 

 same general position that has been felt for so long, the most evi- 

 dent condition being the more favorable call for the lower grades as 

 compared to the demand for the better end of the stock. Nothing 

 notable has occurred in connection with the markets for the woods 

 individually as they all seem to be about holding their own, both as 

 to actual call and market value. The demand for sound wormy chest- 

 nut continues to excite more or less interest, the call probably being 

 the result of increasing favor with which it is viewed by panel men. 



Plain oak and quartered oak still lead the list and there has been 

 a marked strengthening in the market for ash and souud wormy 

 chestnut. Wide poplar is in very normal request and gum is not any 

 too well received. 



It is a certainty that there has not been anywhere near the dis- 

 ruption in hardwood markets that the yellow pine men have suffered. 

 Pine is still in an undesirable position. 



Taking the situation on the whole. Hardwood Record feels that in 

 wishing the trade a MERRY CHRISTM.4S and a PROSPEROUS 

 NEW YEAR it is not uttering an entirely irrelevant expression, but 

 feels that business in general can very well look with comparative 

 satisfaction upon existing and prospective conditions. 



