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Published in (he Interest of the American Hardwood Forests, the Products thereof, and Logging. Saw 

 Mill and Wood- Working Machinery, on the lOlh and 25th of each Month, by 



THE HARDWOOD COMPANY 



Edgar H. Defebaugh, President 

 Edwin W. Meeker. Managing Edit 

 Hu Maxwell. Technical Editor 



Entire Seventh Floor Ellsworth Building 

 337 So. Dearborn Street, CHICAGO 

 Telephones! Harrison 8086-8087-8088 



LIBRARY 



lEW YORI 

 I OTANICi^ 



Vol. XXXVIII CHICAGO, JUNE 25, 1914 No. 5 



Review and Outlook 



D 



General Market Conditions 



URING THE LAST WEEK or ten days there has been a distinct 

 but conservative upper temleney in the general hardwood lumber 

 market. This tendency to greater activity has been more apparent 

 in the middle-western states than in the East and it is true it has 

 been spotty, but nevertheless it can be said that the middle-western 

 markets all the way from northern-most points to Memphis have 

 been favored with a greater number of inquiries and a noticeable 

 stimulation in actual hardwood sales. 



It is difficult to explain satisfactorily this development, for most 

 of tlie orders are not of a contract character but designed merely to 

 take care of the actual requirements of consumers. It may be this 

 results from a considerable number of consuming factories simul- 

 taneously reaching the point where they actuaOy were compelled to 

 buy lumber, and it seems rather probable that this increase in 

 inquiries results more from this coincident condition than it does 

 from any change of policy regarding buying on the part of the 

 hardwood consuming trade. 



Nevertheless the improved aspect is an apparent factor and is 

 welcomed "by the hardwood trade. Hardwood Record, however, would 

 not want to commit itself regarding this development as an indica- 

 tion that there will be a really improved opening up of hardwood 

 demand until the fall months, for, as stated, it seems likely that 

 this stimulated condition follows from the reasons above noted. 



It may be, however, that the recent decision which was more or 

 less favorable to the railroads, regarding their request for a five 

 per cent increase, is having some effect upon the general situation. 

 This hardly seems probable as yet. 



As stated, this condition is much more apparent in the MidtUe 

 West than in the East, although even in that section, which is dis- 

 tinctly quiet, there is a spotty report of the same nature. It is an 

 entirely logical deduction that it will eventually be felt in the eastern 

 states, and if it is it wUl be bound to have its effect upon the volume 

 of sales of hardwood lumber. However, as the domestic market now 

 stands, the hardwood demand continues to be spotty and the increase 

 in inquiries is along the same lines as have been previous inquiries; 

 that is, for relatively small orders in greater numbers which, however, 

 if coming at frequent enough intervals, will result in a considerably 

 increased volume. In the meantime, of course, the actual cost of 

 securing business is greater than it has been for some little time. 



Regarding the eastern situation, hardwood men in those centers are 

 affected very considerably by continued depression in the export 

 business. Report on May shipments shows that trade in that month 

 is very much off figures for May of a year ago, although there is a 

 favorable indication seen in the fact that May exports were slightly 



over the exports for April. However, the condition abroad seems to 

 be unfavorable, but hardwood exporters are expressing themselves 

 as believing that the situation has reached its lowest ebb and that 

 the next change will be a favorable one. 



Generally speaking, with the exception of a slight depression in 

 oak and a continued feeling of betterment in the gum situation, the 

 developments as regards the various members of the hardwood family 

 are about the same as formerly. There does not seem to be any 

 logical reason why the relative condition should alter materially in 

 the next few months and it is not at all likely that this change will 

 come to pass. 



A gratifying feature of the situation is the continued maintenance 

 of a reasonably fair level of prices, though, of course, the market level 

 is not what it was hoped it would be at this time of the year. Still, 

 considering the actual condition of demand, hardwood lumbermen 

 should not feel unduly discouraged regarding prices they are getting 

 for their stock. 



With a considerable number of mills in the various hardwood pro- 

 ducing sections shut down for substantial periods of time, with the 

 present healthy condition of stocks, there not being any remarkable 

 accumulation at any point, and with the entire probability that 

 actual demand for hardwood lumber will be considerably augmented 

 in the fall months, the indications are that when the stimulus comes 

 hardwood values will be very materially strengthened. 



The Convention 



THE FEATURE which stands out more prominently than all others 

 in mentaUy reverting back to the National Hardwood Lumber 

 Association convention at Buffalo last week is the real earnest and 

 enthusiastic spirit which prevailed both in the convention sessions and 

 in the gatherings in the lobby of the hotel between and after sessions. 

 While the actual attendance at the convention was for various rea- 

 sons not so great as has been the attendance at other similar affairs 

 in the past, the close interest with which the participants in the 

 convention sessions followed the deyelopments was quite unusual. 

 This attendance was chiefly remarkable for its consistent staying at 

 the proceedings until the various sessions were completed. In no 

 session was there any marked vacancy in the convention hall and as 

 a result the impressions gained during this convention will unques- 

 tionably be more marked than those gained at almost any previous 

 national convention of this body. 



Aside from the unsurpassed social features offered by the associa- 

 tion as a body and by the Buffalo lumbermen as hosts, the distinct 

 development was the report of the grading rules committee which 

 showed iio change except from the installation of three rules, which 



