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Publifhed in the Interest of the American Hardwood Forests, the Products tKereof. and Logging, Saw 

 Mill and Wood-working Machinery, on the 10th and 25th of each Month, by 



THE HARDWOOD COMPANY 



Henry H. Gibson, President 



Burdis Anderson. Sec'y and Treas. 



Entire Seventh Floor Ellsworth Building 

 537 So. Dearborn Street, CHICAGO 



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Vol. XXXIV 



CHICAGO, AUGUST 25, 1912 



No. 4 



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General Meu-ket Conditions 



It cannot be said that the last fortnight has brought about any 

 material apparent change in the basis of demand and price. There 

 is, however, a noticeable improvement in the strengthening of tbi' 

 spirit of the business world. Trade conditions in all lines are being 

 constantly reported increasingly active with the resultant effect 

 that the country in general has at last obtained practically a 

 normal condition of mind. 



The last ten days have brought out government reports and 

 authoritative reports from private sources which have shown won- 

 derful prospects for general business prosperity. In the lumber 

 business various associations have reported optimistically as to 

 present and future demand and prices. The main reason why there 

 has not been a more pronounced increase in actual business dur- 

 ing the past week or two is because the requirements for dry 

 stock cannot be met by lumber on hand. This is a condition which 

 is being faced in most of the important hardwood sections of the 

 country. With continued activity in the building trades and 

 resultant big demands on the manufacturers of interior finish, there 

 is also coming a decided improvement in the factory trade. 



The requirements of white ash, chestnut, poplar, gum and quar- 

 tered oak have been so decidedly on the increase during the past 

 week or ten days that there is no other deduction feasible than 

 that the factory trade is awakening to the necessity of buying 

 now. It is common knowledge that their stocks have been prac- 

 tically nil for a long time and the buyers seemingly have been 

 affected by two conditions becoming acute in the immediate past. 

 The first reason for their actively re-entering the hardwood mar- 

 ket is that they have become convinced of the actual scarce 

 condition of desirable stock. A few weeks ago they took the 

 salesman's statement of continued increase in price with a grain of 

 salt, really believing that by holding out a short time they would 

 be able to realize more favorable figures, but with the continued 

 firm condition of general market prices and the continued assurance 

 that the supply will not be adequate to meet the demand for 

 several months, they have become thoroughly convinced of the 

 advisability of buying now. 



Another contributing factor is the generally conceded probability 

 of a serious car shortage with the moving of abnormal crops from 

 the West. The agitation in this direction has been so insistent and 

 so general that the astute buyer and shipper has become thor- 

 oughly imbued with a desire to avoid any unnecessary complica- 

 tions in future shipments. 



It may be that the steadily advancing level of prices on plain oak 

 has had some effect on the market for quartered oak. At any rate 

 wholesale distributors of this line of stock report substantial 

 improvement in its market. While there is apparent no startling 

 jump in prices there is a more generally desirable demand. 



The foreign trade promises to be even brisker than it has been, 

 as the dock strike in London has been successfully settled and 

 embargoes on shipments from American ports to London have beei. 

 lifted. Return to normal shipping conditions will not be accom- 

 plished for a few weeks at least on account of extreme congestion 

 in Loudon. 



Scottish markets have been somewhat flooded with American 

 goods on account of the London strike, which resulted in shunting 

 boats ou up to Scotch jjorts. Basically speaking, however, foreign 

 markets are in excellent shape and will offer a steady outlet for 

 large quantities of the better grades of American wood products. 



There continues to be an apparent scarcity of timber at southern 

 mills. There is no immediate prospect that they will be able to 

 manufacture enough stock to equalize supply and demand for 

 southern hardwoods. Lumber is of course coming in constantly, 

 but dry stocks are really no more plentiful than they were early in 

 the summer. Wholesalers everywhere are exercising considerable 

 caution in placing orders unless they are absolutely assured of 

 delivery of shipments. 



^ectionallj' there seems to be no particularly favored part of the 

 country in regard to general lumber trade conditions. In the East 

 there is reported an optimistic spirit while in the middle west and 

 southern points an almost universal tone of optimism prevails. The 

 occasional kickers probably have sold short and want to cover their 

 sales with profit by maintaining a low level of prices at the mills, 

 but these instances are rare and have no effect on the general condi- 

 tion of the trade. 



SUBSCRIPTION TERMS: In the United States and its possessions, 

 and Canada, $2.00 the year; in foreign countries, $1.00 extra postage. 



In conformity with the rules of the postoffice department, subscrip- 

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Instructions for renewal, discontinuance, or change of address, 

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Both display and classified advertising rates furnished upon 

 ipplication. 



Advertising copy must be received five days in advance of public** 

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Telephones:— Harrison 8086-8087-8088, 



Advertising Representatives; Jacob Holtzman, 5254 Larchwood Ave- 

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 cago, III. 



Entered as second-class matter May 26, 1902, at the postoffice at <rhi- 

 cago, lU., under act of March 3, 1879, 



