HARDWOOD RECORD 



21 



economy and conservatism to a success that would warrant the 

 assumption that the bonds and the interest thereon will be met 

 promptly at maturity? 



It may be said in conclusion that no one individual is competent 

 to pass on all these propositions. It requires, first, the opinion of an 

 expert attorney; second, the verified opinion of expert cruisers; 

 third, the expert opinion of a competent judge of wood physics; 

 fourth, the expert advice of a competent lumber operator familiar 

 with the engineering difficulties and cost of lumber operations in 

 the section involved. 



Therefore, the Record wishes to issue another warning to inves- 

 tors, that tliey thoroughly acquaint themselves with all these 

 facts, and be sure that the proposed investment is a worthy one 

 before they turn loose their money. 



Hardwood Manufacture in Michigan 



In I he state ol .Micliigan there are approximately one hun- 

 dred manufacturers of hardwood lumber, both big and little. 

 As a geuei'al propositon the hardwoods of Michigan in comparison 

 with tlie general run of hardwoods are a low-grade product. While 

 poplar, oak, cottonwood, ash and hickory attain an average value 

 that is profitable and satisfactory, even at the present and reason- 

 ably increased price of maple and birch, the northern manufac- 

 turer is not getting nearly as high an average price per thousand 

 for his stock as the producer of the leading southern woods. 



Hardwood manufacture in Michigan at the present price at 

 which hardwood stumpage is changing hands is not a remarkably 

 profitable undertaking. As a matter of fact, if it were not for 

 the close utilization of Michigan forests and the ingenuity and 

 thoroughness with which a large portion of the forest and sawmill 

 waste is utilized, there would be mighty little money today iu 

 manufacturing hardwood in that state. The only reason that 

 Michigan and the northern country generally are on the hardwood 

 commercial map at all is from the fact that they have a market 

 for their jiroduct very close to points of production. The average 

 freight rate on Michigan lumber runs very little above ten cents 

 a hundred, which enables manufacturers to sell at a price that 

 nets a little profit even on shipping culls. 



What the future holds for northern hardwood production is 

 somewhat conjectural. In Michigan, owing to the exhaustion of 

 stumpage owned by small operators, probably at least half of 

 the hundred present operators will be out of business within six 

 years, which will reduce the total output of the state within that 

 time at least twenty-five per cent. The remaining larger operators 

 are generally equipped with a source of timber supply to last 

 tlic lu for an average of from ten to fifteen years. With the com- 

 paratively lecent awakening to the intrinsic merit and value of 

 standard northern hardwoods, notably maple and birch, it may 

 be that a sufficiently high range of prices may be attained for 

 these woods to cover the carrying charges on five-dollar stumpage, 

 but an increased price will be necessary if much profit is to be 

 secured from manufacturing these woods in that locality during 

 the remaining period of their existence. 



The prices on grey elm, black ash, rock elm and basswood in 

 the northern country are still ridiculously low as compared with 

 the prices obtained for southern woods of similar character. To 

 the wonderful development of the maple flooring business may 

 be attributed the present and prospective advance in maple lum- 

 ber to a considerable extent, and to the high price of oak and the 

 substitution of birch in furniture making may be attributed the 

 increasing price obtained for birch. It seems singular that the 

 splendid basswood of Michigan and Wisconsin does not bring 

 more money. As a matter of fact a higher price is being secured 

 for the lower quality basswood of the Appalachian country than 

 for that of the North. The grey elm of the North is one of the 

 truly splendid hardwoods of the country, and still it is not receiv- 

 ing the attention from buyers that it should, and is way below 

 its intrinsic worth at the present price schedule. The same obser- 

 vations can be made concerning black asli and rock elm. These 



four woods named are of inferior quality and importance to maple 

 and birch in the general aggregate, but still their low price is 

 worthy of comment. 



A Suggestion 



In tlie light of recent events the Eecord would respectfully sug- 

 gest to the National Hardwood Lumber Association the considera- 

 tion of the following preamble and resolutions at its next 

 meeting: 



Whereas, The National Hardwood Lumber Association 

 was organized with singleness of purpose to further the best 

 interests of all branches of the hardwood industry; and 



Whereas, This organization has always maintained this 

 tenet without rings, bossism-or ward politics in methods; 

 and 



Whereas, All members are in true harmony on the sub- 

 ject of its inspection rules and methods of their applica- 

 tion; that they are thoroughly convinced that these rules 

 are the only just and logical ones that should or could be 

 used by the hardwood trade, as within this organization lies 

 all the brains and talent that are competent to make and 

 interpret inspection rules; and 



Whereas, This organization is and alwa^'s has been open 

 and above board in all its transactions between buyers and 

 sellers; it never has permitted an issuance of certified cer- 

 tificates of inspection before the lumber was inspected; 

 that all its meetings have been open to free discussion on 

 the floor on the part of all hardwood lumbermen; that they . 

 have been open to free and untrammeled report of affairs 

 as they actually transpired; and that the public has been 

 supplied with a complete and unexpurgated report of all 

 such transactions; and 



Whereas,. One Lucius E. Fuller lias become a self- 

 appointed mouthpiece of this organization, and that by 

 reason of his pervej;,sion of facts and awkward handling of 

 the truth, his utterances have led the a.ssociatiou into mani- 

 fest and unmistakable difficulties; and 



Whereas, The said Lucius Fuller has recently broken his 

 left leg; therefore be it 



Resolved, That, without in any wise wishing to disparage 

 the wisdom of Divine Providence, to the minds of the mem- 

 bers of this organization it would have been much better if 

 the said Lucius Ftiller's right arm had been broken rather 

 than his left leg; and furthermore be it 



Eesolved, That ihe said Lucius Fuller be requested to 

 "beat it." 



The Pinchot-Ballinger Case 



The committee appointed from the two houses of Congress to 

 investigate Secretary Ballinger and to clear him as they go of 

 the charges promulgated by Glavis is going on its merry way. 

 Undeniably the effort was originally intended as a whitewashing 

 enterprise on behalf of Secretary Ballinger, but unfortunately 

 sundry buckets of tar have been dropped into the whitewash, with 

 the result that the secretary's escape with au immaculate coat 

 is somewhat conjectural at the present time. The public is pretty 

 well cnuvinced that ex-Chief Forester Pinchot is all right, also 

 Cflavis, Imt they have another guess coming on Ballinger. 



The Wholesalers' Annual 



Present indications are for a splendid attendance at the eighteenth 

 annual of the National Wholesale Lumber Dealers' Association to be 

 held at the Sinton Hotel, Cincinnati, on Wednesday and Thursday, 

 March 2 and '^. At the regular sessions various reports will be pre- 

 sented and important matters discussed. Elaborate entertainment 

 features have been planned and, altogether, this will undoubtedly be 

 one of the most successful annuals ever held by the organization. 



At this convention Hardwood Record will ha\e an office, where 

 the Selling Lumber by Mail System and the Gibson Tally Books will 

 he iin exliibition. 



