Published in the Interest of HaLrdwood Lumber, Americtt.n Hai.rdwood Forests, Wood Veneer Industry. Ha.rd>vood Flooring, 

 HsLrdwood Interior Flrklsh, Wood CKemlc&Is, Sa^Mtr Mill OLnd WoodwrerklnC MeLoKlnery. 



NEW 

 BOTAr 



Vol. XXX. 



CHICAGO, SEPTEMBER 25, 1910. 



No. 11. 



Published on the lOlh and 23lh 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 



Eastern Territor> - - Jacob HoUzman, 5254 Larchwood Ave.. Philadelphia. Pa, 



\orthern Territory - - - E. W. Meeker, 355 Dearborn St.. Chicago. III. 



Southern Territory - - - - H. C. Haner. Gayoso Hotel, Memphis, Tenn. 



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

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General Market Conditions 



That the same eoudition of uncertainty and indecision which 

 has prevailed all summer is still in evidence in the general busi- 

 ness situation cannot be denied. That the country is in the throes 

 of what promises to be serious political upheaval seems evident 

 from all quarters, and yet it is true that in many branches of 

 business and particularly in the lumber and kindred industries, 

 the trade has evinced au increasing callousness as far as being 

 afCected by the uncertain political manoeuvers is concerned. From 

 all over the country come promises of better conditions in the 

 near future, baclied by actual records of increased sales during 

 the past two weeks. For instance, in the cooperage business 

 there seems every reason for an optimistic view of the situation. 

 A generally firm market is evident in all quarters, especially in 

 tight cooperage, while many firms report a scarcity and high 

 prices of stocks. The same can be said of the box factories which 

 are doing a xevy fair business, taking into consideration the time 

 of the year and various other adverse conditions. 



Reports are constantly coming in from the manufacturers of 

 cheap furniture and kindred lines that they have placed unusually 

 large orders in the last two or three weeks, a good many of them 

 being in the nature of rush business. In fact, it seems that in 

 almost all lines of the consuming trade they have come to realize 

 that their stocks are too low to be safe. 



Eeports from various association secretaries also substantiate 

 other evidences of favorable trade. From the South comes word 

 that low grades at almost all points have been fairly well cleaned 

 up. This may in part be due to the vigorous campaign on behalf 

 of low-grade stock of certain varieties of southern timber, but 

 it is also a fact that the general line of buyers has been in posi- 

 tion to place unusually substantial orders. Similar conditions are 



evident in the Kuith. siiilo.-. actually show that there has been an 

 enormous production of lumber this year, probably a record, but 

 that consumption has exceeded the production. This should not 

 be taken to indicate, however, that an increase in production 

 would be profitable, as it would without a doubt immediately re- 

 act against prices, and a generally favorable market condition. 



Indications from, the East and the South are encouraging. Stocks 

 are short in the eastern market and the consumers are beginning 

 to prick up their ears for stocks. At the southern points those 

 mills which can secure a steady supply of timber are turning out 

 their full output and show no evidence of curtailment. 



Fi-om a financial point of view, while many concerns are com- 

 plaining of the receipt of paper instead of cash, still the general 

 money situation shows an upward trend. Salesmen traveling 

 through the West for large Chicago bond houses report an opti- 

 mistic sentiment on the part of the country bankers, who seem 

 more favorably impressed with the money situation than they 

 have for several months, and while their cash resources are still 

 in demand by the farmers for crop moving purposes, and they 

 cannot as yet see their way clear to tie themselves up with any 

 considerable bond investments, still they seem to feel that the}' 

 are about through asking for credit from their reserve corre- 

 spondents. 



The market for railroad bonds is fair, the adverse railmad agi- 

 tation creating a feeling among buyers that the inability of the 

 railroads to increase their source of profit while advancing wages 

 would affect prices adversely. On the other hand, the railroads 

 are reporting an increase in traffic. Final settlement in favor of 

 the railroads in the long disputed Minnesota case, which has been 

 handed down Ijy the United States Circuit Court of Appeals, has 

 reacted favorably on stocks of those roads directly affected, though 

 others have shared the stimulus. 



On the whole, with the money situation on a fair basis, a good 

 average crop and generally healthy business conditions in oLher 

 lines, there seems no economic reason why the political situation 

 should long have a detrimental effect on the business of the 

 country. 



A Worthy Resolution 



"Whereas, a large amount of forest material is unmarki^ted 

 because it is not of sufficient value to pay the current freight 

 rates and is therefore wasted and lost forever to the lumber sup- 

 ply of the country and the tonnage of the railroads; therefore be it 



"Kesolved, That we request the railroads of the United States 

 to give serious consideration to the adoption of some plan by 

 which the low grades of forest products may be moved to market, 

 thereby maintaining and perpetuating the lumber supply of the 

 country and the business of the railroads themselves. ' ' 



Such was the resolution suggested by Manager Leonard Bronson 

 of the National Lumber Manufacturers' Association at the recent 

 meeting of the Northern Hemlock & Hardwood Manufacturers' 

 Association at Milwaukee. The resolution was the outcome of 

 an effort on the part of Mr. Bronson to secure the indorsement 

 of the Hemlock and Hardwood Association of the plan whereby 



