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LniiyriKht, The Hardwuou Comi'anv, 1!i15 



Publisnea in Ine Interest of the AmerLcan Hardwood Forests, the Products thereof, and Logging, Saw 



Mill and Woodworking Machinery, on the lOlh and 25lh 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-i 



t-HMCA 



»<it ANfi 



Vol. XL 



CHICAGO, JUNE 25, 1915 



No. 5 



^.y.>^:j2iyjt::;;s;;^'W/^XKatt%'*:-.vys^^tt'i^^ 



Review and Outlook 



General Market Conditions 



ENCOURAGING AND DISCURAGING reports come from different 

 hardwood centers, the consensus seeming inclined toward opti- 

 mism regarding general business conditions as well as conditions 

 surrounding the hardwood markets in a general way. The stimulated 

 movement of hardwoods abroad was given a slight check owing to 

 increases in freight rates which went into effect a couple of weeks 

 ■ago, but at the same time this check was more imaginary than actual 

 and good quantities of hardwoods have been going out from all 

 foreign shipping points in a fair way. Decidedly conflicting reports 

 as to domestic coi(ditions are being constantly received, but their 

 bearing is unquestionably toward greater hopefulness based on actual 

 movements of hardwood stocks. There is a distinct paucity of de- 

 velopments of an especially notable character with a possible excep- 

 tion of the tendency on the part of all hardwood men to feel that 

 ■contrary to the usual course of events during the summer months 

 there is going to be a continual movement of hardwoods during that 

 period on about the same basis as has prevailed up to now. This 

 •condition is created by the buying policy of the factory trade, which 

 has been merely meeting its actual demands in the way of new pur- 

 chases and consequently has not any accumulations of hardwoods on 

 hand. Necessarily the summer manufacture will necessitate taking on 

 stocks continuously as the occasion arises and there is every probability 

 that the level of demand that has prevailed will continue during the 

 summer without any appreciable check. 



Quite frequently distributors of raw material get closely enough 

 into the confidence of their customers to elicit frank statements of 

 opinion as to markets. Ordinarily, of course, the average buyer 

 is bullish in his tendency to voice sentiments which are calculated to 

 rather discourage the seller. This is but part of the general scheme 

 of buying in all lines of business and if it can be successfully worked 

 is perfectly legitimate merchandizing. On the other hand, such state- 

 ments of opinion are ordinarily clothed in rather selfish purposes 

 and can not be generally taken for their face value. It has been a 

 fact, however, that within the last few weeks responsible buyers who 

 are really closely in touch with actual conditions have admitted that 

 they anticipate paying more for their hardwood stocks in the near 

 future, and where they are able to protect themselves by buying on 

 the present level they are doing so. Where they are not able to make 

 purchases in quantities at the present time they ordinarily are ex- 

 pressing their regret at the impossibility of securing the necessary 

 -appropriations for immediate purchase. 



This line of reasoning certainly seems to be substantiated by the 

 facts in cases which are becoming more and more apparent. The 

 -southern trade is showing a keener disposition constantly to limit 



its log supply to raw material for a few days cutting and there 

 hardly seems any likelihood that there can be a marked activity in 

 sawing, regardless of any imminent developments. The exodus of 

 export stock has made a substantial reduction in what hardwoods were 

 piled up in southern territory, and continuance of this shipment will 

 still further cut into the regular lines. 



The northern operators have almost unanimously seen the wisdom 

 of moderating their production, and the winter's cut now on stocks 

 shows very decidedly the effect of this policy. 



Despite favorable building reports the yard trade has not gone 

 ahead with any special activity in its buying and hence there is still 

 a very much broken line of stock pretty much all over. It goes with- 

 out saying the factory trade has not any more lumber than it actually 

 needs. So, taking conditions all in all, the buyer who is shaping his 

 policy in conformity with the views above expressed is certainly dis- 

 playing a wise foresight. 



There is not so much heard these days of raw material demands 

 from the railroads, but the uncertainty that has surrounded trade in 

 the last year has produced a spirit of caution among the producers 

 and they generally do not bank unduly on consistent buying from the 

 steam lines. However, there is still a great deal of lumber moving for 

 railroad purposes and this will continue to be so. 



On the whole the situation in the East still seems in slightly better 

 condition than in the Middle Western states. Reports of a firmer 

 level of prices come from important consuming points in various 

 parts of Atlantic Coast states, although it can hardly be said that 

 anything approaching better business is at all generally admitted. 



The Cover Picture 



IT IS SOMETIMES HIGHLY IMPRUDENT to be too precise and 

 i explicit in describing locations, and the cover picture in this issue 

 of Hardwood Record is a ease to the point. The man who made the 

 photograph said he could not remember exactly where the scene is 

 located and he preferred that the picture should speak for itself as to 

 time and place 



The moonshiner caught in the act of making untaxed whisky is not 

 likely to extend whole-hearted welcome to the photographer and his 

 camera; consequently, in order to obtain a picture it is necessary to 

 load the camera with an instantaneous plate; conceal the machine, 

 ready focused ; attach a long cord for springing the shutter at the 

 opportune moment; and do all this at night while no one is around 

 to interpose objections. The next step is to lie in ambush, completely 

 concealed, with the end of the string in hand, and wait during long 

 hours for the arrival of the moonshiaers and the beginning of oper- 

 ations. Then a quick pull of the string takes the photograph. The 



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