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flfflWoM RocoM 



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

 Mill and Wood-Working 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 

 Telephone.: Harrison 8086-8087-8088 



Vol. XXXVIII 



CHICAGO, MAY 10, 191 



No. ilBRAK 



yKLTJOTti^ai^iltiKgTOtmiliVimMliTOa^^ 



Review and Outlook 



General Market Conditions 



THE UNUSUAL GATHERING OF LUMBERMEN which has 

 taken place in Chicago during the past week on account of the 

 Forest Products Exposition and the various conventions held in this 

 city has given an opportunity of sounding out pretty well the senti- 

 ment of the trade from various parts of th» country regarding the 

 business situation as a whole. The summarized expression of repre- 

 sentative lumbermen indicates that continued quiet prevails without 

 any reasonable prospect of an opening up on a really active basis 

 before the fall months. This does not mean that trade is demoralized, 

 but simply that there continues to be a conservative feeling on the 

 part of all buyers, which is resulting continuously in the placing of 

 innumerable small orders for immediate shipment to meet actual 

 ro(|iiirotMcnts rather than contracts for advance delivery. 



Practically without exception, however, the more representative men 

 of the trade figure that the months to come will not see any break in 

 prices, offering as substantial proof of that view the depleted stocks 

 in consumers' and yardmen's hands, and also a continued lack of 

 accumulation at the mills, and in hardwoods, more especially in north- 

 ern hardwoods, prices are holding out as firmly as could be expected. 

 The evi<lence continues to point to a uniform maintenance on about 

 the present price level. 



The policy of watchful waiting as instituted by the administration 

 at Washington and the handling of the Mexican situation, is becoming 

 the policy of business interests throughout the count ry. The unusual 

 number of unemployed in all the large centers, cutting down the buy- 

 ing power of the populace, is unquestionably having a great deal to 

 do with the consumers' market for various commodities, and all lines 

 of trade are beginning to feel this pinch. The result is uncertainty 

 as to the wisdom of preceding on normal lines and consequent hesita- 

 tion in making advance of any particular consequence in any direc- 

 tion. Proposed legislation involving anti-trust measures and other 

 matters that have come up at Washington continue to constitute the 

 chief mar on the horizon. 



Business men generally have decided to operate conservatively until 

 they see just what this cloud means, whether it will produce storm 

 or whether it is simply a passing cloud going before a period of bright 

 sunshine. At any rate, the attitude of business men generally is that 

 the government should hold off any further work of this kind until 

 more normal conditions have presented themselves, so that business 

 will not be too greatly shocked by a deluge of legislative evolution 

 resulting in too great a change in business policy and methods. 



The hardwood condition in most sections continues inactive with 

 a liberal sprinkling of orders which, however, in the most part result 

 in a considerable accumulation. For the most part in the large cities 



building has not licon .so satisfactory as had been anticipali'd, :uid as 

 a result the yardmen are not putting in any great quantities of stock. 



The factory trade is continuing its policy of short time buying and 

 small orders, which is probably the result both of unsatisfactory condi- 

 tions in their own trade and the belief in the possibility of hard- 

 wood prices breaking. It is safe to predict that they will bo dis- 

 appointed in the latter assumption. 



The northern hardwood situation is pretty concisely set forth in the 

 following summary of market conditions as reported at recent con- 

 ventions of the Michigan and Wisconsin manufacturers: 



Reviewing the report of the Michigan Hardwood Manufacturers ' 

 Association elsewhere in this issue, maple lumber shows very favorable 

 conditions from the lake shippers' report. Sixteen members report 

 on hand 1.5,164,000 feet as against 15,367,000 feet one year ago. The 

 same sixteen shippers report sales of 29,906,000 against 26,890,000 

 of last year, which leaves an average of 2,-316,000 yet to sell. 



Three, large shippers, non-members of the association, who cut 

 7,000,000 feet of flooring last year are out of business, thus reducing 

 the lake shipment stocks 9,316,000 feet. 



The prices hold firm. All available lumber for flooring by the rail 

 shippers sold at last year's figures or better. The flooring business 

 is in good condition and the manufacturer is fully able to pay the 

 prices which prevaUed last year. 



A number of jobbers ' yard stocks have been discontinued and there 

 are comparatively few stocks in the hands of middlemen which con- 

 sunrers can draw upon for rough lumber. 



Woodworking factories are running and depleting their reserves, 

 which will necessitate buying additional stock. A rather good indica- 

 tion of the present condition of maple is that the estimate made on 

 January 1 is 8,000,000 feet over the estimate shown on April 1, and 

 if an estimate were made at the present time this surplus would 

 no doubt show from 2.5,000,000 to 30,000,000 feet. 



Summarizing, the general situation continues to be slow but sound, 

 with conservatism the keynote and with the probability that present 

 conditions will maintain for several months to come. 



The Cover Picture 



THE COVER PICTURE illustrating this issue of Hardwood 

 Record represents a scene outside the borders of the United 

 States, but it is one familiar to many persons who have had occa- 

 sion to cross the Selkirk mountains of British Columbia by way 

 of the Canadian Pacific Railroad. The photograph is from the 

 collection of the Field Museum, Chicago. 



The region lies at too great an elevation to show the typical 

 timber of British Columbia. There are firs and pines of good form 



