MffllwolReM 



IBRX 



Published In the Interest of Ha^rdwood Lumber, AmerlceLn Hakrd^vood Forests, Wood Verteer InSustry, Ha.rdwood Flooring, 



Ha^rdwood Interior Finish, Wood CKenr\icai.Is, Sa^w Mill ai.nd Wood%vorkine Machinery. (iAK. 



Vol. XXX. 



CHICAGO, JUNE 10, 1910. 



No. 4. 



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 Bldg., 355 Dearborn Street, Chicago. 111. 

 Telephones Harrison 8086-8087-8088 



REPRESENTATIVES 



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



C. F. Dedekam. 355 Dearborn St., Chicago 



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



Eastern Territory - 

 Northern Territory 

 oulhern Territory ■ 



TERMS OF ANNUAL SUBSCRIPTION 

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In 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, 111., 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 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 is stQI a manifest hesitancy on the part of buyers of hard- 

 woods in making any considerable purchases of stock. There is small 

 room for optimism save of the most conservative character in the 

 present business and financial situation. 



The railroad rate embroglio, added to the necessary heavy export 

 of gold and to the uncertain feeling in the minds of most eastern 

 financiers, finds reflection in the lumber business. This condition is 

 further entangled by the political outlook; the government's legal 

 proceedings against railroads enjoining an advance in freight rates, 

 all of which tend to bewilder and unnerve those who direct the prin- 

 cipal moves of capital. 



Hardwood trade conditions in the middle West are in better shape 

 than in the extreme East, although that is not saving much. Trade 

 in the chief commercial centers like Chicago Ues largely in the wagon 

 load business, and in the aggregate this is considerable. 



The strongest sellers are the plain oaks in firsts and seconds and 

 No. 1 common, and the good grades and wide widths of poplar. 



Plain white oak seems to be strong in the Chicago market at $51. 

 Corresponding values are achieved in other localities. There seems to 

 be a growing excess over demand for quarter-sawed oak and prices 

 have declined a little. 



On the whole hardwood values are well maintained the country over 

 and undoubtedly will be, as manufacturers fully realize that they 



can not accept any less than current prices for their product and leave 

 a margin of profit. 



General stumpage values and notably log prices paid by those 

 depending on outside sources of supply have reached a high range, 

 .■ind it is only by close economy in production and fine manipulation 

 that manufacturers get back a new dollar for an old one. 



The idea is gaining ground that there is a likelihood of an over- 

 stock in hardwoods, but such is not yet the case. It would seem to be 

 wisdom on the part of hardwood manufacturers to curtail production 

 for some months to come if they wish to maintain the present sell- 

 ing values. 



Optimists, and the average manufacturer is an optimist, contend 

 that with the adjournment of Congress, business will again settle 

 down to a normal trend and that there is a mighty good prospect 

 for an exceptionally good fall trade. There is nothing in the general 

 condition of the country that would warrant any other prognostication. 



The furniture trade is undeniably dull at the present time, and 

 manufacturers are making few purchases of lumber. The lack of 

 distribution among this class of trade is having a marked effect on 

 general lumber sales, as the furniture trade is a large factor in 

 hardwood consumption. 



On the other hand the general building business is in good shape, 

 showing but little diminution from a year ago, and there is an 

 increased prevalence towards the use of hard'.voods in interior finish 

 in all classes of buildings. 



Notwithstanding adverse railroad legislation prevailing at the 

 present time a good many of the principal companies are buying 

 considerable repair and structural material, and while threats are 

 made by some railroad magnates that they will curtail or suspend 

 these expenditures, it is deemed more of a threat than possible 

 actuality. Railroads have bought so sparingly for several years past 

 that their immediate necessities will require the use of a good deal 

 of hardwood lumber and timber forthwith. 



The hardwood flooring trade is passably good both in oak and ' 

 maple, and the present current values are fairly profitable to the 

 factories. 



There seems to be an increased call for mahogany and Circassian 

 walnut and a growing demand for black walnut for substitution in 

 Circassian furniture. Prices on mahogany still range remarkably low 

 considering the high type of (he wood and the prices obtained for 

 the finished furniture and interior finish. 



The average veneer and panel factory is reasonably busy at a 

 rather low range of prices. 



Firsts and seconds red gum in workable condition is pretty nearly 

 out of the market, but there is still a fair stock of sap gum in first 

 hands. The domestic trade has just come to know the value of this 

 wood, and doubtless it will soon become one of the most prominent 

 features in hardwood manufacture and distribution. The automobile 

 people are commencing to experiment with gum panel stock as a sub- 

 stitute for other varieties of wood, and in the event that they should 

 elect to use gum in the production of automobile bodies it will 

 materially assist in the distribution of this wood. 



Forest Conservation 



The method of carrying on lumber operations in the major portion 

 of the hardwood area of the United States makes forest conservation 



