Copyright, The Haedwood 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, JANUARY 10, 1916 



No. 6 



'','C! TOilM;s::a3^.BiOtW3tTOi>54i»)K^^ 



Review and Outlook 



General Market Conditions 



THE JANUARY FUHNITURE EXHIBITS are holding the inter- 

 est of the entire hardwood trade as being the most direct and 

 reliable means of formulating a definite analysis of what may be 

 expected within the next few months in the way of hardwood pur- 

 chases. While the shows are really just beginning, both at Grand 

 Eapids and Chicago, it is estimated that these exhibits will be close 

 to the best, if not the leading shows, in the history of furniture man- 

 ufacture. Unlike January shows of last year, the sales and pros- 

 pective sales are not confined to the moderate priced lines, but cover 

 the very best as well as the cheapest and all grades in between. The 

 maximum of hope can be gathered from indications already revealed 

 at the big exliibition buildings at these two important furniture centers. 



There is plenty of food for thought in the regidar reports of the 

 credit rating organizations in which notices of bankruptcy proceedings 

 and other developments indicating poor condition of business are not 

 nearly so apparent as they formerly were. The notices of new organi- 

 zations, rehabilitation of old institutions, in fact a general spreading 

 out is conclusively revealed by a careful perusal of the pages of the 

 regular supplements. 



The expression of leaders in respective localities are so similar in 

 their optimism that they would appear to have been inspired from one 

 source, and they surely do result from a common ground, namely, a 

 genuine, decidedly perceptible advancement of improvement. AH 

 seem to be unanimous in the statement that the last two months have 

 brought the hardwood trade more nearly to a normal state and hard- 

 wood prices to a better level than have prevailed for three years back. 

 The process of readjustments of values is about completed, and with 

 prospects from the furniture exhibits concretely in mind, thus pro- 

 viding a safe barometer with whicli to guide purchases for furniture 

 manufacture, the expected general advancement of values will surely 

 begin to become country-wide within the next month. It is quite 

 probable that except during the latter part of January there will be 

 slightly lessened interest in purchases as the furniture men and manu- 

 facturers of kindred lines are not disposed to make definite policies 

 untU they are absolutely assured of their own future. But long before 

 the furniture sliows started, the manufacturers enjoyed such a stimu- 

 lated interest in their products that they had begun to stock up 

 as far as it was practical for them to do so. The real interest in 

 normal buying will surely begin to exhibit a definiteness just as 

 soon as the theoretical uncertainty of January is over. 



The railroads are also very promising factors for future purchases. 

 It is a matter of general knowledge that they are doing much better 

 in a financial way than they have in a long while, and they have given 

 ample evidence that they will rehabilitate their equipment, putting it 

 in excellent condition while present conditions are existent. 



The tremeudous amount of new capital that has come into this 

 country in the last year and a half is perhaps one of the most genuine 

 influences for good, as it has resulted in a spreading out of established 

 enterprises and launching of many new ones. The investment in 

 many channels and the effect of such industrial growth is beginning 

 to show itself. Such influence is more or less subtle and probably can- 

 not be directly traced, but nevertheless it is one of the strongest influ- 

 ences making for prosperity in this country. 



The only thing necessary for a reasonable continuance of lumber 

 manufacture is for those in control of the hardwood situation to keep 

 their enthusiasm well in hand in order to avoid anything approach- 

 ing over-production, as while stocks are not plentiful in any particular, 

 a general resumption of capacity manufacture before the situation has 

 attained expansion to a normal point might offer retarding influences 

 for future months. 



The northern situation in this respect is not quite so favorable as 

 ■the southern, although the upper grades of northern hardwoods are 

 bringing better values than they have for a long while. If northern 

 manufacturers will only refrain from night shifts for at least a few 

 months longer, they will be getting as much for their products as 

 they could reasonably anticipate under the best conditions. 



In the South sap gum has been going at a very rapid rate and red 

 gum is following pretty closely behind. Oak is attaining a better posi- 

 tion almost daily, while further east the poplar market is continuing 

 to show improvement. 



The Cover Picture 



ALL HAIL THE INFLUENCE OF THE NARCOTIC WEED 

 with which men fill their pipes in time of peace and in time 

 of turmoil and trouble. Botanists have classified and described it; 

 historians have told its story and its romance; poets have sung its 

 praises ; and Sunday school lecturers have marked it with the branding 

 irons of Satan. 



The picture which appears on the cover of this issue of Hardwood 

 Record needs no extensive description to make its meaning plain. 

 It is the pipe of peace in possession of v. peace-loving lumberman, 

 such as haunt the northern camps in winter. The man who is taking 

 his rest and leisurely filling his pipe for the smoke that means so 

 much to him, could not be mistaken for a superintendent or general 

 manager of an extensive operation in milling or logging ; but he bears 

 unmistakable resemblance to the easy-going individual who works by 

 the day, potters about the premises, eats three meals, sleeps soundly 

 and ' ' not a wave of trouble rolls across his peaceful breast. ' ' 



He is shaving his tobacco for his customary smoke, and the care- 

 racked business man may well envy him the contentment that is 

 his and the comfort which he is able to extract from the situation. 



