flaMwol ReoJM 



Published In the Interest of Hak.rd^vood Lumber, Ame'ic&.n Ha>.rdwood Forests. Wood Veneer Tndvistrv. HaLrdwood Flooring. 

 Ha.rd^vood Interior Finish, Wood CKefnlcCkls, S&^w Mill aLnd Woodworking MaLcKlnery. 



Vol. XXX. 



CHICAGO, JUNE 25, 1910. 



No. 5. 



Published on the lOlh and 25lh of each month by 



THE HARDWOOD COMPANY 



HENRY H. GIB ON. Presidenl LOUIS L. JACQUES, Sec'y and Treas. 



Sixth Floor, Ellsworth Bldg., 355 Dearborn Street. Chicago, 111. 



Telephones Harrison 8086-8087-8088 



Eastern Territory ■ 

 Northern Terrjtory 

 Southern Territory 



REPRESENTATIVES 



Jacob Holtzman, 5254 Larchwood Ave, Philadelphia, Pa. 



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



H. C. Hancr, Gayoso Hotel, Memphis, Tenn. 



TERMS OF ANNUAL SUBSCRIPTION 

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



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 Postoflice 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. 



General Market Conditions 



With the settlement of trouble between the government ;iud rail 

 roads on the proposed immediate advance in freight rates, there 

 has been, a renaissance of business in hardwood lumber. There have 

 been a few large transactions, and a multitude of small ones which 

 have made business generally look better. 



There is not a full tide of hardwood distribution at the present time; 

 but everything points to an increased demand as the season advances, 

 and it is especially noticeable that prices are being well maintained. 



Of course, the larger portion of the call is for the good end of stock 

 but there is a fair distribution of Xo. 2 and No. 3 Common as 

 well. 



In southern woods, plain red and white oak and the good end of 

 poplar are the items in most urgent demand, and anyone having 

 this class of stock to offer has no difficulty in effecting sales. Cot- 

 tonwood, especially wide stock, and first and seconds red gum. are 

 also good sellers at increasing values. 



In northern woods, birch and maple are clearly the leaders, and 

 there seems to be an increased call from the furniture and interior 

 trim trades for birch. The stock of many maple flooring factories 

 is so limited that every block of desirable inch maple is promptly 

 picked up. There is also considerable movement in thick maple. 



The call for basswood and gray elm earlier in the season has 

 thinned out practically all the dry .stock in first hands. 



On the whole there is a downward trend in the surplus of idle 

 ears, which is indicative that there is not a strong traffic movement 

 at the present time. A week ago there was a surplus of 129,508 

 freight cars of all kinds, based on a report of one hundred and 

 fifty-nine railroads. This is the largest since last August, and is 

 the high water mark in the slack movement of freight which began 

 last September. The most material gain is in box cars, which in 

 apparent over the entire country. On the other hand, it is shown 



tli.it 'HIS have been loaded more heavily thus far this year than 

 ever before. 



There is still a disposition on the part of a good many lumber 

 manufacturers to keep up a full tide of output, and of course there 

 is danger of overstocking the market in many items. The more 

 conservative operators are reducing their cuts materially. 



There is a comparatively light demand from the railroads and 

 large corporations. Apparently a great number of them are hedg- 

 ing, although the majority are sadly in need of lumber supplies. 



The chief telegraph and telephone companies are also holding up 

 shipments in poles for which they have contracted. It is alleged 

 that the International Harvester Company, one of the largest buyers 

 of hardwoods in the country, has enough holdings and outstanding 

 purchases of lumber to take care of its factories for more than 

 a year to come. This means that this concern will probably buy 

 little stock for some time, unless prices tempt it into further pur- 

 chases. 



Trade is fair in hardwood doors and interior trim, but still there 

 is a decadence in building operations as compared with a year ago. 



Tlie hardwood flooring trade is from fair to good, and most of the 

 factories in oak and maple flooring are running full time. 



The veneer and panel manufacturers are leasonably busy Imt they 

 are working on sales made at such ;i low price range as to be 

 realizing but little profit. 



The furniture trade is unmistakeably dull and manufacturers are 

 simply keeping their plants going with the hojie that during the 

 July exposition sales, a considerable volume of business will be de- 

 veloped. If tliis does not transpire undeniably a good many plants 

 will run on short time or close down altogether. 



The export trade is only moderate in demand, and quite unsatis- 

 factory in prices realized. The relatively high price of American oak 

 has caused English and continental buyers to seek supplies in Japan. 

 It is not contended that Japanese oak is by any means of as good 

 quality as American oak, and especially is not desirable for structural 

 ]iurposes, but considerable of the Ja])anese wood makes very fair 

 furniture material and is being quite extensively used on the other 

 side of the Atlantic. Some stray cargoes of this wood also have 

 reached the Pacific Coast, which militates against a large volume of 

 oak business from the Mississippi Valley to Coast points. 



On the whole there is nothing alarming in the situation, and there 

 is a general hopefulness that business will improve as the year 

 advances. 



There is nothing disturbing in monetary att'airs just now. and 

 rates of interest are ruling pretty low. but it must be recalled that 

 a big crop is in sight, and the banking interests of the country 

 are going to be taxed very heavily to supply funds for moving grain. 

 Therefore the average borrower will be obliged to shape himself to 

 take care of a good share of his obligations early in the fall, if he 

 would keep himself in good repute with his bankers. 



For the Integrity of the Trade 



President E. M. Carrier of the Hardwood Jlanufactiirers' Associa- 

 tion has issued a circular to members of that organization dealing 

 with the evil of the prevailing practice of mixing grades for buyers, 



