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('n|iynj;ljt, TiiE llAKinvooD Company, UU.s 



Publlihed in (lie Inlrrrst of the American Hardwood Forests, (he Products thereof, and Logging. Saw 



Mill and Woodworking Machinery, on the lOth and 25lh of each Month, by 



THE HARDWOOD COMPANY 



Edgar H. Defebaugh, President 

 Edwin W. Meeker. Managing Editor 

 Hu Maxwell. Technical Editor' 



Srvcnlh Floor Kllsworlh Bu.ldmg 



537 So. Dearborn Street. CHICAGO 



Telephones: Harrison 8086-8087-8088 



CHICAGO, AUGUST 25, 1918 



Review and Outlook 



General Market Conditions 



TIIKKK 1.S Kl-RTHKR TALK this woi-k about the action of 

 (.•crtaiii niaiuifai'turers who an- cviiU'iitly ilisregardiii); cost 

 sheets in their offerings of hanhvooil lumber. The new turn of 

 affairs reveals a eoiidition distinetly unique in hardwood circles, 

 i.e., an almost united array of important operators who prefer to 

 stand aloof and wait until low-jjriced offerings are cleaned out to 

 joining the usual wild scramble for or<lers at any old prices. Unde- 

 niably prices have begun to feel a reaction as a result of the sales 

 of a small percentage of mil linen who became alarmed just as soon 

 as the buying trade gave any evidence of being less anxious for 

 lumber than heretofore. A close study of the change^ though, leaves 

 no room for doubt as to what is really behind it all. 



In the first place, there arc more oiio-horse mills manufacturing 

 hardwood lumber thau are cutting any other kind of stumpage. In 

 the aggregate the jdants coming in this category cut quite a figure 

 in total production. Also with very few exceptions mills in this 

 class have no selling organizations and are poorly informed of trade 

 conditions. 



Hundreds of such mills began cutting a few mouths ago on the 

 rising market. Kverything looked rosy and the owners viewed the 

 filling foundations with satisfaction. It was not their custom to 

 sliip out on a diversity of orders as the lumber reached shipping 

 conditions, but rather to hold for the most promising offer for sale 

 en bloc. What happened? All this lumber reached the dry state 

 at the same time as these small mills were given their new start 

 almost simultaneously. They were ready to ship and suddenly the 

 buying trade began to hold back. They were loaded up with big 

 ]Mircliases predating the freight advance, or were off on orders or 

 for other reasons previously recounted were uot showing any groat 

 desire to spend money for "lumber. Here the uninformed small 

 manufacturer ran true to form and speedily lost his head. He 

 began to stir around here ami there where he thought he knew a 

 likely buyer, and in the continued absence of action got still 

 more panicky and plunged i>ell mell after the lumber jobber, who 

 justifiably took advantage of the opportunity and stocked up at a 

 low figure. This was inevitably followed by lowered quotations 

 on his part — quotations which helped him get the business and at 

 the same time left him a margin of profit. But there were many 

 such buys from small millmen and the result was that soon com- 

 petition among the rchandler's caused even lower quotations. That 

 is where the situation is today, ordinary commercial boards being 

 in the worst position. 



This accumulation of small mill stocks is big enough to have an 

 effect and at the same time not liig enough to begin to fill the need. 



the 



tiou will be in the control of the better class of manufacturers ami 

 tlicn it will be up to them to determine their own futures. If they 

 know anil heed their costs and have the courage to do the obviously 

 sensible thing there is little chance that the market can go off to a 

 ilaugerous degree. However, if any number of the big manufac- 

 turers lose their nerve and throw their stocks into the pool the 

 result will be different. So far the strengthening result of asso- 

 ciation work is holding the recognized trade to the mark. If their 

 courage does not ooze the next month or two should see prices back 

 as high as or higher than ever for southern hardwoods. 



The above situation holds mainly for the South. The absolute 

 ilearth of liardwooils in the North fortifies the northern manu- 

 facturer's courage, but he must eventually feel the pressure or the 

 stimulation from the action of those southern woods with which 

 certain of his species conijieti'. 



Lesson Learned in War 



OXH OF THli LESSONS learne.l in the present war is that loss 

 from disease may be greatly reduced. This should apply in 

 the business of civil life as well as in the business of war. The 

 American army has made the discovery and set the pace. 



During the Mexican war in 1847 the death rate from disc:- 

 per year was one in ten of the men in the army; during our C'i\ : 

 wa"i- it was one in twenty-five; during the Si)anish-American wui 

 it was one in forty; and in the Russo-.Iapanese war the rate of 

 death by disease fell to one in fifty. During the present war the 

 death rate from disease among American troops has been falling, 

 and the latest report indicates only one in five hundreil jier year. 

 This applies to soldiers abroad and at home. It is only one-third 

 as high as the death rate among men of military age in civil life, 

 showing that health is three times as good in the army as out of it. 



A lesson that can be turned to practical account ought to be 

 learned from these records. If it is possible to so reduce loss fror 

 disease in the army, why not reduce it equally low in the civil lii- 

 It is u matter of enforcing rules of .sanitation. The people mi 

 constantly being called upon to economize and conserve; and wlr 

 not conserve health whidi is the one great asset that can be coi 

 served? 



It would mean a great deal to factories and works where mayy 

 nn'n arc employed if the loss of time and of life by disease could 

 be cut down to the lowest level. It could be done by protectiiiir 

 food and drinking water from contamination; by protecting slcc ; 

 iiig quarters against invasion by germ-carrying mosquitoes; 1" 

 keepinsr premises clean: by vaccination au'.ainst contagions di- 



