floMwol RocoM 



Published Irv the Interest of Ha.rdwood Lumber, Arrverico^n Ha.rdwood Forests, Wood Verveer Industry, Ha^rdwood Flooring, 

 HsLrdwood Interior Finish, Wood CKennlca..Is, S&w Mill a..nd Woodworking MaLcKlnety. 



Vol. XXX. 



CHICAGO, MAY 25, 1910. 



No. 3. 



Published on the lOlh and 25lh of each month by 



THE HARDWOOD COMPANY 



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



Sixth Floor, Ellsworth BIdg.» 355 Dearborn Street, Chicago. 111. 

 Telephones Harrison 8086-8087 -808S 



Eastern Territory - 

 Northern Territory 

 Southern Territory - 



REPRESENTATIVES 



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



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



H. C. Haner, Gehrinn Hotel, Memphis, Tenn. 



TERMS OF ANNUAL SUBSCRIPTION 

 In the United States, Canada, Philippine Islands and Mexico - $2.00 



In ail other countries in Universal Postal Union ... 3.00 



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

 ihe 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 



HICKORY HANDLE MANUFACTURERS' ASSOCIATION. 



A meeting of the Hickory Handle Manufacturers' Associa- 

 tion will he held at the Gayoso Hotel, Memphis, Tenn., on 

 Thursday, May 26. T. R. Clendinen, President. 



J. E. Duffield, Secretary. 



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. O. AGLER, President. 



NATIONAL VENEER & PANEL MANUFACTURERS' 

 The semi-annual meeting of the National Veneer & Panel 

 Manufacturers' Association will be held at the Southern 

 Hotel, St. Louis, Mo., Tuesday and Wednesday, June 14 

 and 15. 



P. B. RAYMOND, President. 

 E. H. DEFEBAUGH, Secretary. 



General Market Conditions 



There has bei'ii no iiianifi'st cbauge in general hardwood market 

 conditions during the last fortnight. There still is an element of 

 hesitancy about large purchases prevailing in all sections, but trade 

 in the East is dragging more than in any other part of the country. 

 In the aggregate there is a fair volume of sales, but it is iu com- 

 paratively small requisitions. 



The decline in demand has not yet lowered prices to any extent, 

 on any of the standard hardwoods, save perhaps quarter-sawed white 

 oak, in which there is evidence of quite a little weakening. The good 

 end of poplar and cottonwood, especially in wide sizes, still main- 

 tains a high range of values. The demand for plain-sawed firsts 



and seconds white and red oak is still in excess of the supply. The 

 good end of northern birch and maple is such a negative quantity 

 in first hands that prices are very firm. 



Medium and low grades of nearly all varieties of luuiljcr are 

 the ones most affected by the decadence in demand. 



There is nothing in the situation that warrants the belief that 

 there will be a material lowering in lumber values, because at present 

 average prices, manufacturers are securing but a very small profit 

 on their output. 



Timber values have gone up so high and the increase in labor and 

 general manufacturing cost has been so marked that it is doubtful 

 if, in the general aggregate, lumber will ever be sold at any material 

 reduction from prices that have prevailed during the last three 

 months. 



The average manufacturer will very sensibly decrease his output 

 or suspend operations entirely rather than suffer the loss that will 

 result from operating on full time, and overstocking the market. 



In very few items, except No. 2 and No. 3, is there any excess 

 stock over even the moderate requirements of the present time, and 

 there is every indication of improving business conditions that 

 will bring abount an unusual call for hardwoods by August. To 

 be sure at present the furniture business is dragging, but the 

 demand for hardwood interior finish and for hardwood flooring 

 is so strong that the situation will be helped out materially. 



The railroads are still exercising extreme conservatism about plac- 

 ing any considerable orders for construction material and no large 

 volume of business can be looked for from this source for some 

 months to come. 



There is nothing iu the general situation that should alarm any 

 business man, and especially any hardwood lumberman. The financial 

 condition of the country from nearly every viewpoint is all right, 

 and the present retarding of business may be traced entirely to 

 political influences. It is a ease of too much politics and too much 

 uncertainty concerning them. 



It is doubtful if the tariff law enacted last winter has very 

 much to do with the general proposition. No one contends that it 

 is the best possible law that could have been enacted, but it has 

 not menaced the general business situation any more than the 

 predecessors of this order of legislation. 



It is simply a case of too much politics, and business will soon 

 recover from this. ' 



Consumption and Supply of Northern Hardwoods 



Bruce Odell, of Cadillac, chairman of the Market Conditions Com- 

 mittee of the Michigan Hardwood Manufacturers' Association, has 

 recently issued a brochure on the above subject which is of more 

 than passing interest. Mr. Odell avers that the government, various 

 lumber and other newspapers, have talked knowingly on this sub- 

 ject and often published statistics that are mere guesses, so lacking 

 in accuracy as to be of little value as a basis for determining the 

 future business policy of lumbermen. 



Mr. Odell has secured reports that represent fairly seventy-five 

 per cent of the stumpage owned in Michigan, and from a careful 

 study of these reports he makes the deduction that thirteen Michi- 

 gan manufacturers will have exhausted their timber holdings within 

 three years; nineteen in five years; twenty-sis in seven years; thirty- 



