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

 Mill and Woodworking Machinery, on the 10th 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. XXXIX CHICAGO, MARCH 10, 1915. No. 10 U/u^Ji 



^rd^ 



Review and Outlook 



General Market Conditions 



THEKE IS APPAEENTLY NO CHECKING the growing beUef 

 that the lumber business is looking up. Conditions seem to have 

 passed a point where good business is predicted and to have reached 

 that stage where predictions actually show a material evidence of 

 existence. Contrary to reports of a month or two ago, more favorable 

 summaries of trade are not exceptional or local, but emanate from all 

 of the important hardwood centers of the North and the South. How- 

 ever, everyone seems to realize the futility of endeavoring to fool 

 one's self, and as a consequence even the optimists are decidedly con- 

 servative in what they have to say regarding the improvement in trade. 

 However, the rapidly increasing number of voices on the affirmative 

 on this question is carrying greater and greater conviction. This 

 opinion has been backed up within the last ten days by undeniably 

 affirmative evidence in the form of actual orders placed at advanced 

 prices. This is particularly true of oak. 



Heretofore reports have been taken up with arguments tending to 

 show why trade should be better. Of late these reports have been 

 more specific and have given a good deal more satisfaction in their 

 analysis of why trade is better. The arguments advanced are pre- 

 cisely the same for different parts of the country, and leave no room 

 for doubt that trade is being very gradually accelerated. 



Eenewed vigor in the building trade has been the chief source of 

 satisfaction for a month or so. Up to the last couple of weeks, how- 

 ever, it has been more or less of a hoped for condition, but the very 

 mild weather that has prevailed pretty nmch all over the country for 

 some weeks back has resulted in the completion of arrangements for a 

 great deal of new work which will actually be gotten under way very 

 quickly. There is nothing at all imaginary in this, as it is based 

 directly on actual records. 



There continues to be some disappointment as a result of the fact 

 that the railroads are not going ahead with purchases on a normal 

 basis. However, the majority of the trade realizes that regardless of 

 freight rate increases, the carriers are up against practically the same 

 circumstances that other lines of industries liave had to face. The 

 railroads immediately feel the effects of any period of depression, and 

 it is altogether logical to expect them to retrench wherever possible 

 immediately upon there being evidence of a country-wide inertia. 

 That they have actuaUy shown a greater interest in the purchase of 

 materials in the last couple of months should be sufficient reason for 

 a considerable amount of satisfaction. It is true that they have not 

 been willing to place orders for any quantities of raw material on the 

 basis of a particularly favorable price level, but they are not to blame 

 for not wanting to pay more than the lowest prices prevailing. How- 



ever, there is certainly going to bo a shortage in a good many of the 

 lines the railroads purchase and the fact that most of the substantial 

 lumber institutions have insistently held their stock for fair values 

 cannot but result in their realizing sales on advanced prices. 



Hakdwood Record has dwelt very strongly and consistently on the 

 logical outcome of comparative stock conditions at producing and 

 consuming points. This suggestion is so full of favorable portent that 

 it is worth still further emphasis. Nothing has developed within the 

 last couple of weeks that would give reason for apprehension that 

 stock conditions will be able to take care of the stimulat<?d demand. 

 It is true that quite a number of hardwood mills have started up, but 

 many of them have not been able to log on a favorable basis and 

 many others have resumed operating on more or less restricted lines. 



There is every reason to believe that a marked improvement will 

 be in effect considerably sooner than the completion of the drying 

 period for this newly Tuanufactured stock. In the meantime there is 

 a growing evidence of rapid breaking up of stock in a great number 

 of items. The number of linos in which there is a marked scarcity is 

 rapidly increasing. In short, there seems no possible outcome other 

 than a situation that will show a much better face than the hard- 

 wood trade has shown at any time in the last few months. No 

 one has become hysterical over orders or prices as yet (that is, 

 hysterically elated), and it is not at all likely that there will be 

 sufficient incentive for anyone to develop such a state of mind until 

 the entire country is again placed on a purely commercial war basis. 

 In the meantime this country is every day becoming more sanely ad- 

 justed to the new conditions, and is daily coming to realize more 

 forcibly the truth of the often repeated statement tliat it can get 

 along i)retty nicely regardless of what the rest of them are doing. 



Lumber, of course, is not exactly a barometer indicating such 

 changes in national sentiment, but other industries can be con- 

 sidered more or less in that light. Such industries, for instance, as 

 that having to do with Iron and steel are showing a much more healthy 

 tone. It is necessary that only a start be made in this direction in 

 order that the whole country will follow. It certainly seems as 

 though the tide has turned and that it is gradually submerging the 

 rocks of doubt, uncertainty, and fear to a depth which will mako 

 conservative but much more active business possible. 



The Cover Picture 



PENNSYLVANI.Y HAS I'LAYED a leading part in the lumber 

 game in the United States, and it continues to occupy a prom- 

 inent place and will always do so. It is one of the states which has 

 taken hold of the forest problem in earnest and is solving it. Pennsyl- 

 vania 's forestry department is one of the best in America. The prime- 



