flalwooil Rocoa. 



Published lr\ the Interest of H&rdwood Lumber, Arrverica.n Ha.rdwood Forests, Wood Veneer Industry. H&rdwood Flooring, 'JAKUe! 

 Ha^rd^rood Interior Finish, Wood CKemlcaLls, Sslvit Mill BLnd Woodworking MaLcKlmexy. 



Vol. XXIX. 



CHICAGO, FEBRUARY 25, 1910. 



No. 9. 



Published on the lOlh and 25ih of each monlh by 



THE HARDWOOD COMPANY 



HENRY H. GIBSON, President LOUIS L. JACQUES, Scc'y and Treas. 



Sixth Floor, Ellsworth BIdg.. 355 Dearborn Street, Chicago, III. 

 Telephones Harrison 8086-8087-8088 



Eastern Territory - 

 Vorthern Territory 

 southern Territory - 



REPRESENTATIVES 



Jacob Holtzman. 5254 Larchwood Ave., Philadelphia, Pa. 



- C. F. Dcdekam. 355 Dearborn St., Chicaeo 



- - E. \\'. Meeker. 355 Dearborn St.. Chicago 



TERMS OF ANNUAL SUBSCRIPTION 

 In the United Slates, Canada, Philippine Islands and Mexico . $2.00 



[n all other countries in Universal Postal Union .... 3.00 



Subscriptions are payable in advance, and in default of written orders to 

 the contrary are continued at our option. 



Entered as second-class matter May 26, 1902, at the Postoffice at Chi- 

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



Advertising copy must be received five days in advance of 

 publication date. Advertising rates on application. 



Coming Association Meetings 



NATIONAL WHOLESALE LUMBER DEALEKS' 

 ASSOCIATION 

 The next annual meeting of thLs association will be held at 

 the Sinton Hotel, Cincinnati, Ohio, on Wednesday and 

 Thursday, March 2 and 3, 1910. 



E. F. PERRY, GEORGE F. CRAIG, 



Secretary. President. 



NATIONAL LUMBER MANUFACTURERS' ASS'N. 



The Board of Governors of the above association have 

 fixed the dates for the 1910 annual meeting for April 19 and 

 20 at New Orleans, La. 



GEORGE K. SMITH, EDWARD HINES. 



Secretary. President. 



NATIONAL HARDWOOD LUMBER ASSOCIATION. 



The next annual meeting of this organization will be held 

 at the Seelbach Hotel, Louisville. Ky.. Thursday and Friday, 

 June 9 and 10, 1910. 



F. F. FISH, Secretary. O. 0. AGLER, President. 



General Market Conditions 



General commercial conditions, including the marketing of hard- 

 wood lumber, are not yet exactly roseate. This fact is disappoint- 

 ing but true. Undeniably the business public has had faith in im- 

 proved trade that has proved unwarranted by conditions that have 

 manifested themselves during the last two months. 



There was ever3^ prospect at the commencement of winter that 

 there would be an immediate and forceful revival of business, with 

 all woodworking factories on the verge of a business boom, and 

 that things would move up to a high plane of activity. 



However, the country has experienced the most rigorous weather 

 that has been encountered for years. Out of -door emploj'ment has 



been practically impossible in many sections by reason of the in- 

 clemency of the winter, involving as it has heavy snow and sleet 

 storms and blizzards. The railroads have been in a state of block- 

 ade for months. Freight yards were congested and there has 

 been no certainty of the m.ovement of freight. 



The uncertaintj- of current legislation by congress has been an- 

 other serious handicap to business, and the result of the tariff 

 legislation of the last congress has been disastrous to many com- 

 mercial interests. The cost of living has increased to such an ex- 

 tent that it has menaced good business relations between employers 

 and employes on the present wage scale. This is not only true of 

 railroads and corporations in general, but also of the lumber trade. 



Generally, furniture sales, which are regarded as a barometer of 

 hardwood consumption to a considerable extent, were disappoint- 

 ing, and a good many manufacturers report a cancellation or sus- 

 pension of orders of a good many sales made during that period. 



Anticipated building of freight cars by the railroads has not 

 materialized. As a matter of fact, the railroads are hedging and 

 generally their finances are in such shape that they have not 

 dared to forward any investments that were not absolutely neces- 

 sary for the carrying on of their present business. 



Of all lines of lumber production, hardwoods are in far better 

 shape than any other. Stocks are short in all kinds of lumber 

 from No. 1 common and better, and there is no marked surplus in 

 No. 2 and culls. The sales of the early winter have cleaned up 

 practically all the dry good stock in hardwoods that there was in 

 the country, either directly to the consuming trade or to jobbers. 

 Therefore there is very little hardwood stock of any kind in first 

 hands in shipping condition. Prices remain firm, and in some items 

 have an advancing tendency, but actual sales and shipments are 

 not keeping up with any regularity. The hardwood business the 

 country over is very "spotted" in character. 



The hardwood flooring people in both oak and maple are gen- 

 erally only fairly busy, although some of them report a slackening 

 in trade, while a few have a good deal of business in sight. The 

 interior finish contingent is also fairly well supplied with orders, 

 with comparatively little in sight for the remote future. The 

 veneer trade shows improvement in spots, and is dragging in others. 



In connection with this analysis of the rather peculiar condi- 

 tions prevailing, it should be said that there are a good many 

 bright spots on the commercial map. Bank clearings in Chicago 

 during the past week were close to high record, the total checks 

 exchanged being $307,103,744. This is an increase of $47,000,000, 

 or eighteen per cent over the clearings of the corresponding week 

 of last year. This would indicate a liberal gain, and shows more 

 activity in general business than prevailed early in the month. 



The New York bank statement of last week showed an increase 

 of $1,500,000 in the excess reserves, raising the total held by the 

 banks over the legal reserve required to $26,103,000. This com- 

 pares with a surplus of $14,272,000 a year ago and $32,468,-5.50 two 

 years ago. Changes in the deposit and loan items during the week 

 were insignificant as compared with the totals. 



The hardwood situation is well in hand, and if manufacturers 

 hold their output down to normal, there is every reason to believe 

 that lumber will be closely bought up at current or even a higher 

 scale of values than prevails today. 



