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Copyright, The Habdwood Company, 1915 



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



Mill and Woodworking Machinery, on the lOlh and 25th of each Month, by 



THE HARDWOOD COMPANY 



Edgar H. Defebaugh, President 

 Edwin W. Meeker. Managing Editor 

 Hu Maxwell, Technical Editor 



Entire Seventh Floor Ellsworth Building 

 537 So. Dearborn Street, CHICAGO 

 Telephones: Harrison 8086-8087-8088 



Vol. XL 



CHICAGO, APRIL 25, 1915. 



No. 1 



Review and Outlook 



General Market Conditions 



Ax ATTEMPTED KKl'OKT on general conditions as jirevailing 

 in the lianlwood imliistrv in its varions branches hanlly serves 

 any esiiecially valuable inirpose these days as conditions change so 

 slowly and there has been so little in the way of actual ilevelop- 

 nients in the last few weeks that there is not nuu-li more to be said 

 than has been said before. 



Unfortunately lumber always responds very slowly to acceleration 

 in general business. If this were not so it would surely be pos- 

 sible to offer a much more satisfactory resume of what has been 

 transpiring in the last couple of weeks. As a matter of tact there 

 Jiave been a good many indications of brightening up in the gen- 

 eral business world, these indications showing in various ways that 

 have a bearing on the economic developments in this country. In 

 short, the period of readjustment seems to have advanced to a point 

 where the nation's business men know about ''where they are at" 

 and pretty nearly what to expect. 



The country seems to be pretty well committed to a policy of 

 conservative development, but at the same time a good deal of ex- 

 jjansion and new industrial life' appears on all sides. However, as a 

 general thing it seems probable that with the people as a whole pro- 

 ceeding economically and conservatively in their personal purchases, 

 the same policy will be followed by the business houses in whatever 

 line they might be. However, the important thing is that as a whole 

 those lines of business which are directly in touch with the people 

 themselves know more definitely what to expect and are viewing the 

 possibilities and the actualities with a more stable condition of 

 mind, and with a confident belief in the future. 



There cannot but be a good moral effect from the constantly 

 repeated suggestions of peace, for while these have apparently been 

 only rumors in the past, there must be some grounds for them or 

 they would not be so persistent or apparently so definite. The 

 best authorities seem to agree that the conflict cannot last for an 

 indefinite period and that it will positively not go through another 

 winter. The prospect offered of the rushing opening of markets, 

 which will follow the end of the war, seems to be a stimulus that 

 gives everybody a feeling of hope even in spite of the laxity that now 

 prevails. 



Lumber always will be among the last commodities to be favorably 

 affected by bettering business conditions, but the tendency in this 

 direction seems to be felt already, although in a spotty way. The 

 best evidence that is seen is the apparently increasing size of orders 

 placed, which continues to be apparent in more sections than one, 

 and is the most promising sign of any, as it shows that those con- 

 cerns placing orders for greater value than they have in the past not 



only have confidence in the future of their own business, but are 

 convinced that lumber will not reach a lower ebb, generally speak- 

 ing, and are buying now to protect their future interests. This 

 condition is by no means general, but is noted more frequently almost 

 from week to week. It is not a mere creature of the imagination, 

 but is an actual fact that is easily proven by the records of some of 

 the more substantial hardwood concerns. 



That there is definite reason for this belief on the part of the 

 buying trade is shown by the continued policy that is in effect among 

 the more stable hardwood sawmills, under which they are consistently 

 insisting upon a fair return upon their stock. Of course, the level 

 of prices is not even approaching what it should be, but orders placed 

 on the basis of quality and service are more frequently noted than 

 they have been, and it would appear that the more sane element, 

 the element which prefers to sacrifice its present business for the 

 sake of strengthening its future position, will eventually win out. 



There is nothing really noteworthy in the relations of different 

 hardwoods, with the possible exception of a more animated interest in 

 jioplar. This seems to have come back more or less of late and at 

 this writing seems to be a fairly good property. 



The Cover Picture 



THE FORM OF THE TREE which illustrates the front cover of 

 this issue of Haedwood Record is proof that a long period of 

 its life has been spent in the open ground. Its wide-spreading 

 branches and short trunk furnish the evidence. The tree that grows 

 under forest conditions is much taller in proportion to its trunk diame- 

 ter, and the limbs are not so near the ground. It is not improbable 

 that the tree forming the subject of the picture has occupied open 

 ground for two hundred years; though it must be considerably older 

 than that, judging by its size. Therefore, it may be presumed that 

 the first century or two of its existence were spent in the forest, and 

 that when the land was cleared for agriculture, this tree was spared. 

 White oaks of anything near that size are seldom less than three 

 hundred or four hundred years old, and may be considerably more. 

 This one having stood in the open, however, it is probably a tree of 

 more than average rate of growth. 



Hardwood Record is under obligations for this picture to J. T. 

 Rothrock, formerly Commissioner of Forestry of Pennsylvania. His 

 recent bulletin of forestry conditions in that state was mentioned in 

 this paper. 



The tree is believed to be the largest white oak in Pennsylvania. It 

 stands near Kutztown, Berks county, about fifty miles from Philadel- 

 phia. The farm land in that part of the state was cleared of its 

 forests very early, some of it more than two humlred years ago. The 

 reported circumference of the trunk is thirty-one feet, which gives a 



