vi:^j^m^:;;^m^:j^^ii-^^ 



flfflwoM RecoS 



Published In ihe 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 Editor 

 Hu Maxwell. Technical Editor 



Entire Seventh Floor Ellsworth Budding 

 337 So. Dearborn Street, CHICAGO 

 Telephones: Harrison 8086-8087-8088 



Vol, XXXVIII 



CHICAGO, JULY 25, 1914 



No. 



■Ti<TOMti;5i»:wiTOi<tm!:):o!TOi;jigi aTOiiu.^^ 



Review and Outlook 



General Market Conditions 



THERE I,S WITHOUT DOUBT A HEAI/l'llIKK TO.XE in all 

 business circles at this time than there was two weeks ago. 

 This could be attributed to various causes, but very likely lias 

 resulted in part at least from the attitude which the administra- 

 tion seems to be showing toward its regulation of big business. 

 Also, the definite jiromise of an early announcement regarding the 

 eastern freight rate proposition has had its bearing on the general 

 situation. A strong factor probably is the continued good reports 

 coming in from farming sections with the entire likelihood that 

 that vast purchasing power is going to get into swing when 

 returns from the record-breaking crops come in. 



Regardless of causes, there is more optimism expressed at present 

 than there has been for some time and the expressions of antici- 

 pation of good business in the fall are becoming more and more 

 unanimous. There are still those, of course, who are of the opinion 

 that nothing good will result while the democratic administration 

 is in power, but business men in general seem inclined to believe 

 differently regardless of their political convictions. 



In the lumber business this tone is manifested more in the favor- 

 able expression on the part of buyers than in increased orders. 

 Orders continue to come in probably in slightly increased numbers, 

 but without 'very much change in proportion, but buyers in all 

 parts of the country are talking in an entirely different mood than 

 they did some time ago. 



In furniture lines there is real justification for this tone in the 

 •developments at expositions in various cities in the Middle West 

 and East. In almost all of the large markets there are more buyers 

 this year than have ever been in attendance and as a consequence 

 furniture manufacturers are congratulating themselves on the be- 

 lief that they will have good business in the fall. Of course, this 

 will mean an active awakening in demand for hardwood products. 



The railroads seem to feel that they can not afford to wait any 

 longer for necessary repairs and as a result several of them have 

 recently placed orders of excellent magnitude for cars and other 

 equipment. With a few of the important systems adopting this 

 policy it will naturally follow within a short time that the other 

 roads will do likewise. This result would unquestionably be very 

 much appreciated. 



Stock conditions are still good, although there is, of course, 

 some accumulation at southern points with the resulting tendency 

 to sacrifice values for the sake of orders. In this respect northern 

 operators are probably in a more favorable condition than are 

 southern operators, as owing to the shortage in log supply last 

 winter they did not manufacture nearly so much stock as they had 



anticipated. A sumniarv of prices which are now being received for 

 northern lumber indicates that they are not nearly so far off as 

 had been thought. In fact the average hardwood value now ranges 

 probably not more than $1.50 below the unusually good prices which 

 carried a year ago. 



In southern woods the slightly stronger interest in gum which 

 has been reported from certain centers seems to have become gen- 

 eral. Gum stocks are moving fairly well both in upper and lower 

 grades. The poorer classes of lumber generally are having the 

 best calls these days as box people are still very active. Such 

 stock as goes into wagon construction Is actively taken up, as wagon 

 manufacturers are almost unanimously in good shape and doing 

 an excellent business resulting from farmers' increased necessity 

 contingent upon harvesting the excellent crops. 



Hardwood Record has expressed itself before as convinced of an 

 entire likelihood of first-class developments in the fall and repeats 

 that assertion, of course with the idea in mind that such an 

 increase will not be immediate and out of proportion, but will be a 

 gradual awakening of interest in all lines of commodities and a 

 slow working back to more normal conditions. 



The Cover Picture 



JOHN WESLEY, THE FOUrNDER OF METHODISM, gave a 

 ^ place in history to tlie live oak tree, which appears in the cover 

 picture illustrating this issue of Hardwood Record. Tradition re- 

 lates that under this tree the celebrated missionary preached his first 

 sermon in America. His own account of it does not say a sermon 

 was preached there, but that there were "thanks" and "prayers." 

 His diary, under date of February 6, 17.36, says: 



' ' About eight in the morning we first set foot on American ground. 

 It was a small, uninhabited island over against Tybee. Mr. Ogel- 

 thorpe led us to a rising ground, where we all kneeled down to give 

 thanks. He then took boat for Savannah. When the rest of the 

 people were come on shore we called our little flock together to 

 prayers." 



The place has been identified as Seminole Island, South Carolina, 

 and no one questions the correctness of the identification, and the 

 tree is also equally well known. The cover illustration is from a 

 photograph secured a short time ago by the Field Museum of Natural 

 History, Chicago. 



John Wesley was there one hundred and seventy-eight years ago. 

 He was then thirty-three years old, and was at the beginning of a 

 memorable missionary work. He had come to America with an over- 

 flowing zeal to christianize the Indians. He was not long in tackling 

 the job, which proved harder than he had anticipated. He insisted 

 upon expounding scholastic theology to the benighted heathen, and 



