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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 8086-8087-8086 



iNHW YOUI 



'*OTANICAl 



«AKDUN. 



Vol. XXXIX 



CHICAGO. MARCH 25, 1915. 



No. 11 



^iyTOliJilSgiro ';'!'W"t^') ^l!;tUtWiV,:^:;^t^^tt<it^il^^ 



Review and Outlook 



General Market Conditions 



A SLIGHT CHECKING UP IN DEMAND for verious kinds of 

 stock seems to mark the situation pretty generally during the 

 last couple of weeks. Two or three weeks ago there seemed to be a 

 little better tone to the situation, but conditions would indicate 

 that the progress of trades toward more normal times will be fluctu- 

 ating and on a steady climb. However, the less unfavorable con- 

 ditions of, the last couple of weeks should not be taken as a criterion 

 of what could be expected as a regular development, as the rapidly 

 changing conditions surrounding the progress of the war make fluctu- 

 ations in the country a certainty. As the war goes on it is alto- 

 gether likely there will be considerably more of a settling down, 

 and less attention will be given to the constant changes on the other 

 side. Expressions of confidence emanating from big men in governing 

 industries of the country are backed up by what lias actually been 

 accomplished, and even in the face of sales conditions that are not 

 to say the least encouraging these should be given due weight. It 

 would appear as though there had been a slight slacking up in 

 confidence more than anything else during the. last couple of weeks, 

 as this condition has developed in the face of a concrete evidence of 

 good conditions in the building trade. Spring weather is about upon 

 us and there is nothing that seems to offer a check to the probable 

 opening up of things. 



There is some encouragement in what teems to have become a 

 general tendency. While the actual use of hardwood lumber has 

 probably not increased remarkably, quite a number of the large 

 buyers seem to have sized up the situation and are making it their 

 policy to purchase in slightly larger blocks. Unquestionably, this 

 policy is based on the belief that present values are not here to stay 

 and that purchases can be made more profitably now than later. 

 Of course many concerns are willing to forego this saving for the 

 sake of not investing money under present circumstances, but others 

 are showing the opposite tendency, and there have actually been quite 

 a number of sales of more substantial size in the last few weeks. 

 Whether this will develop into a country-wide condition is diflicult 

 to state, and it is even impossible to know whether it will be per- 

 manent as far as it has gone. However, there are unmistakable signs 

 that this condition has actually developed in certain quarters, and 

 this significance should not be underestimated. 



Confidence is, of course, the keynote in shaping this tendency 

 of the trade, and the continued adherence on the part of substantial 

 hardwood institutions of following the plan of holding stocks for 

 prices within the realm of reason shows that confidence is every- 

 where maintained. It should be the duty of everyone to preach this 



doctrine and to follow it, for if a sufficient number cf large holders 

 of hardwood stocks should insistently and persistently hold out for 

 better prices it will be impossible for the buying trade to purchase 

 enough stock at a ridiculous level from those concerns which are 

 willing to make such unnecessary sacrifices, and they will ultimately 

 be compelled to seek their lumber at more remunerative figures from 

 the handlers of hardwoods. 



There has been an additional tendency on the part of the yard 

 trade to fill out their lines of stock in anticipation of quite a little 

 building activity with the actual opening up of spring buihliug, but 

 the factory trade is still pretty slack. However, if building work 

 progresses as satisfactorily in the next few months as it appears to 

 have progressed, there will be a real call for hardwoods from those 

 lines of manufacturing institutions which are constructing furnish- 

 ings for dwellings and other structures. 



There has been some little piling up of stocks in the South, b\it not 

 anything to cause any real anxiety and nothing that would indicate 

 there is any wisdom in the policy of holding off for still further 

 breaks in the price levels. The respective woods are holding their 

 positions as they relatively appeared for the past few months, with 

 a possible strengthening in certain items of oak and a continued 

 good call for box lumber. 



The situation is still very spotty, with optimism predominating in 

 one place and pessimism in another. However, that confidence which 

 has prompted the steel companies to continue to increase their forces, 

 and reports to this effect have been pretty consistent, will un- 

 questionably have a bearing on the whole fabric of American business. 



The Cover Picture 



UNLESS A TRICK WAS I'L.WED on the camera and unloj^s the 

 photograj)her was imposed upon by erroneous information, the 

 cover picture which illustrates this issue of Haudwood Record depicts 

 one of the most remarkable scenes to be found anywhere. It is a log 

 cabin of one room and a loft that )>rovidcs a homo for twenty-two 

 people. An important part of the evidence in the case is furnished 

 by the pictures of the family posing in the parking. So far as num- 

 bers are concerned, the family would do credit to old King Abimelech 

 himself. 



The habituation of this interesting family is loc.ited on a stream 

 known as Dry Fork in tho mountains of West Virginia. It is need- 

 less to say that a hardy class of nuiuntaineers is produced in that 

 region, although in cases like that shown in the picture, the conditions 

 of living are far from ideal. None but the strongest survive the hard- 

 ships under such circumstances. 



It would be an injustice to a region of great iiMtur.-il wi'mUIi. and of 



