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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 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 8086-8087-8088 



Vol. XLI 



CHICAGO, DECEMBER 10. 1915 



No. 4 



'V WiiaMay;aaK?i:'TOMil41!HLTO^C!)i^^ 



General Market Conditions 



AN ASTONISHING ADVANCE in demand for all low-grade 

 hardwoods is the chief characteristic of the general market 

 for the past couple of weeks. Some of the stocks in the North 

 are very badly broken in the low-grade items, and the same report 

 comes from hardwood mills throughout almost all the southern 

 hardwood sections. This is mainly accounted for by the accentu- 

 ated activity of all business, both domestic and export calling for 

 immensely increased numbers of containers of varied kinds. The 

 chief assistance for the low-grade situation has come from the box 

 factories which are everywhere operating under almost forced 

 regime. On top of this immediate call for the regular and special 

 lines of boxes and other containers calling for rough hardwood 

 lumber is the continued opening up of factory requirements at 

 almost all points, it being confidently predicted by men who know 

 what they are talking about that the furniture business and kin- 

 dred lines will be closer to normal in the early months of 1916 

 than they have been for years past. That the combination of 

 these various causes for large stocks of hardwoods will result in 

 m.aking a good many items exceedingly scarce and that a good 

 many buyers who are closely in touch with raw material suppl}' 

 already realize this fact, is the pronouncement of the entire fra- 

 ternity. More progress has been made in stabilizing prices in the 

 last couple of weeks than for any period since this improvement 

 in business was first noted. Actual reports of sales for northern 

 woods shows a marked improvement. Some interesting figures along 

 these lines will be found in the report of the "Wisconsin meeting 

 covered on another page of this issue. Corresponding strengthen- 

 ing of southern hardwood values is given authoritative weight 

 by the actual evidence shown in representative orders for this class 

 of stock. It still is, of course, unfair to assume that high figures 

 are entirely representative, but they are becoming more so almost 

 from day to day and have done more toward establishing a market 

 in the past ten days or two weeks than for a considerble period 

 before then. 



The marked popularity of various period styles of furniture has 

 altered the situation in some respects as to demand for certain 

 cabinet woods. This has been most marked in the demand for 

 solid mahogany lumber where a great deal of built-up stuff had 

 been used. This doesn 't mean that built-up stuff is not popular 

 but there are a great many designs for certain kinds of period stuff 

 which demand the solid woods and solid wood manufacturers are 

 accordingly benefited. Without a doubt the quartered oak situa- 

 tion will be helped immensely by the same condition. As yet it 



has not responded so actively as mahogany, which is in better shape 

 than it has been for a long time, but it is going to respond in 

 the near future and the response will be in proportion to the im- 

 provement in solid mahogany. Mahogany prices are very stiff 

 and few orders are being placed for any quantity in advance. 

 Orders of any amount that are coming in now are on the basis of 

 increased prices and for stuff that will be shipped out within a 

 reasonable period. In fact there are very few orders of any 

 proportion for any kind of hardwood, except in some cases to 

 jobbers, which do not show marked increase in price levels and 

 provision for shipment within a reasonable length of time. 



The veneer situation has been in the dumps for a long time, but 

 the statement of one prominent veneer manufacturer this week is 

 undoubtedly the opinion of the representative firms in this line. 

 He maintained that in his many years' experience in veneer manu- 

 facture and distribution he has not seen such a generally favor- 

 able aspect for the present and future. He has been out on a trip 

 of a week or two around the factories and found a decided desire 

 on the part of buyers to contract for stuff for as long ahead as 

 possible, and a corresponding indisposition on the seller's part to 

 obligate himself on future shipments for radically improved prices. 

 In fact, the general price level advanced materially in this period 

 for the standard lines of veneer and the outlook points to a still 

 further strengthening. 



As a matter of fact it is reported that furniture manufacturers 

 are figuring on a genera! advance of ten per cent in cost of raw 

 material in wood and are shaping up their own prices on this basis. 

 It would almost seem, though, their figures are low rather than 

 high, if they are based on the cost of lumber and veneer for any 

 considerable period ahead. 



The situation, in view of continued unsatisfactory state of ex- 

 ports, is remarkable. It is difficult to say what would have been 

 the result if the export stocks had been going out normally. 



It is really difficult to arrive at a satisfactory set of figures 

 which would be descriptive of market values for hardwoods, for 

 no sooner is one level established than along comes news of an 

 even better price from somebody else. The exceedingly broken 

 condition of hardwood stocks at all mills is further reason why 

 a price analysis of the hardwood situation is unusually hard, but 

 it is almost safe to go on a basis of the latest and highest figures 

 heard. 



Some of the railroad companies are beginning to near the end of 

 their purchases for the present, but inasmuch as the bulk of these 

 orders will continue to be delivered for a good many months this 

 situation really does not mean anything. At the same time this 



