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Copyright, The Hardwood Company, 1915 



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



Mill and Woodworking Machinery, on the 10th and 23th 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 



•OTAKJC 

 «AkL>lStl 



Vol. XL 



CHICAGO, MAY 10, 1915. 



No. 2 



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Review and Outlook 



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General Market Conditions 



WITH EEPpETS IN FROM THE NORTH as to hardwood pro- 

 duction since the beginning of the year, it is seen that there 

 has been a suflScient decrease in cut during that period to make the 

 situation in the North appear much stronger. In the South also come 

 reports of continued decrease in cut and on the whole the result has 

 been maintenance of hardwood stocks at a point which, while not 

 exactly in conformity with present demand, gives the millman a fair 

 opportunity for realizing proper prices for his lumber. 



There were a number of concerns in the South who resumed opera- 

 tions after the first curtailment, but in a good many cases this was 

 simply for the purpose of working up log surpluses that had to be 

 manufactured in order to prevent their complete deterioration. With 

 the completion of these cuts, shutting down has again followed in 

 quite a number of cases. 



During the same period the reports of sales of larger volume and 

 for shipment during longer periods have become morg insistent. In 

 fact, this development has become general enough to partially typify 

 the condition of trade. The trouble is that it is still very spotty both 

 as to the location of such orders and as to continuity, and the trade 

 in general is at a loss to determine the degree of stability which it 

 might signify. However, it has had a certain effect in the way of 

 strengthening the price situation. 



This is the more hopeful aspect of the situation, but on the other 

 hand, it is very easy to find those who do not see any improvement 

 worth mentioning either in volume of movements or in prices 

 received. 



There is a substantial basis for the statement that export ship- 

 ments have become considerably better in the past few weeks; 

 in fact, at one eastern port recently-compiled figures show an in- 

 crease over the same period as noted for 1914. It is said that 

 freight rates in the southern ports have decreased somewhat, but it 

 hardly seems probable that this is a movement of any permanence 

 as there does not appear to be any logical reason for such action 

 on the part of the steamship comjianies. 



A feature that offers genuine encouragement is the reaUy good 

 tone that seems to prevail in the building business at practically 

 all points. Actual increases over last year are reported from several 

 important cities, and in most cases, while there is not actually an 

 increase, the situation is much more favorable than had been antici- 

 pated in view of present circumstances. Chicago and its develop- 

 m ments have a great deal of effect on numerous shipping sections, 

 Q) and in no line is this more generally felt than in shipments of lum- 

 *" ber. The complete tie-up of building operations in Chicago, due to 

 ^ the strikes, has been a serious retardant to the shipping of lumber 



from northern and southern points. However, there seems to be a 

 possibility of something developing in the near future that will 

 make possible the resumption of building operations before the 

 spring season is past. 



A notable feature of the market is the actual scarcity of thick 

 stock in various woods, principally in oak. This is going at a pre- 

 mium where it can be found in dry condition, and the probabilities 

 are that this demand will continue. 



For the most part the yard trade is showing a slightly accelerated 

 disposition toward purchases on account of building demands, while 

 the good news comes that the railroads have made important pur- 

 chases of various materials in the last few months and in some cases 

 are giving out word that they will be in shape to place big orders 

 in addition in the near future. 



It is, of course, useless to attempt to fool oneself regarding 

 condition of business, but it does actually seem to be an almost 

 unanimous belief that there has been a slight improvement in the 

 last few weeks in buying from aU quarters. This includes yards, 

 factories, railroads and other important consuming interests. It is 

 ordinarily argued that with the early advent of what is usually the 

 summer dullness, any improvement will not be of a permanent 

 character. However, it is foolish to attempt to forecast developments 

 these days as there is an entire likelihood that if the improvement 

 is of sufficient moment to actually make itself felt now, it will 

 continue right through the summer, upsetting traditions of the past. 

 There is no definite reason for saying that it actually will, but it 

 is not impossible as all figuring these days is a problematical propo- 

 sition and it is just as likely to take this turn as not. 



The Cover Picture 



AT THE PRESENT TIME Constantinople is somewhat promi- 

 nently in the eye of the public, because it is one of the storm 

 centers of the present war. The cover picture which illustrates this 

 issue of Hardwood Record may not suggest Constantinople to the 

 casual reader, yet it wUl do so to those who are acquainted vrith the 

 history of the horse chestnut tree. It reached civUized countries by • 

 way of Constantinople. Its native home was in Asia, east of the 

 Hellespont and Dardanelles, though some say it was also native in 

 northern Greece". Soon after the Turks took Constantinople, some 

 four hundred years ago, commercial intercourse sprang up between 

 that city and southern Europe, and among the trees carried to the 

 west at that time was the horse chestnut. It is worthy of note that 

 the English walnut reached Europe by nearly the same route almost 

 two thousand years earlier. 



The horse chestnut is a chestnut in name only. It is buckeye, 

 closely related botanically to the buckeyes which are natives of 



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