HARDWOOD RECORD 



4.S 



liampered to a considerable extent by the ap- 

 proaching election. While there is no great ex- 

 citement or alarm as to the probable outcome, 

 there is the usual hesitaucy in the matter of 

 anticipating business wants in the way o£ sup- 

 plies to any large extent. On the other hand, 

 there is a larger purchasing power to the mar- 

 ket with the approach of fall than there was 

 during the summer, and prices are ruling firmer 

 in sympathy, but there is still '-that something" 

 still present which prevents a normal expression 

 of trading in the retail and consuming lines, and 

 as election is close at hand there is little likeli- 

 hood that these features of the market will 

 change much until that event is passed. But 

 even under such conditions there are phases 

 which indicate that things are making for a 

 decided revival when the time comes. This is 

 specially true in the matter of supplies in the 

 hands of dealers and consumers. They have 

 never been so low on the average as at present. 

 Here and tlierc a dealer has taken advantage of 

 the low priced bargains during the spring and 

 summer, but a vast ma.lority are short to the 

 limit. These are conditions which cannot help 

 but provide a decided impetus to trade in the 

 wholesale market when the change does come, 

 and at the same time send prices upward by 

 reason of lack of sufficient supplies at mill 

 points to stock everybody up at once. 



There is some business doing all the while and 

 prices are today firmer and higher than sixty 

 days ago on some items, and while the whole- 

 salers could do more andihe yards as well, there 

 is a satisfaction and couteutment present that 

 there are good times and better things ahead 

 and are not far distant, either. 



Poplar, oak, ash, chestnut and basswood are 

 firm on a fair sale and only medium supplies, 

 while the balance of the list fluctuate slightly 

 for lack of demand. 



quite a while jl liiM :il m m ;,:in 



is in sight now. Tbc li.^inl lall iiiipun tmcui i.-, 

 not in sight and it may be true that it is not 

 to be looked for in hardwood lumber, but rather 

 in lumber that is used to cover houses with. 



rine and hemlock are takiug >ip nio^l "f Hn' 

 attention of the buyers, who say ihai ii will 

 need to be later in the year fur ih-' mi ioiimikI 

 ing stir to take place in hardwo.nl. Imi ii will 

 do so at the right time, for the need of the 

 woods is quite large and appears to be growing 

 in a healthy way, but there is no speculative 

 buying as yet. , 



The reports from the Southwest are very en- 

 couraging, so far' as demand goes. It now seems 

 that the buyers are really in earnest there and 



must have more stock :i( ■^ i ii !- ii » ■••■t 



the ease in the markci -i , - .| 



ought to spread this w:i\ -ii i! ' n i •■ 



is not much effort here I ■ i im i ra -c i ... K aLiain-i 

 any such a revival of traile. as tliere is stuck 

 enough as yet. 



The relative activity of the woods is as be- 

 fore, with oak and poplar leading, plain oak 

 being more plentiful than quartered, and other 

 w^oods showing more or less improvement, chest- 

 nut, birch and white ash being slowest. 



PHILADELPHIA 



'riir-re is tangible evidence, from tlu- reports 

 coming in from all sides, that the turning point 

 in trading has been reached at last and that a 

 steady progression may be looked for from 

 now on. 



The Pennsylvania and Reading railroads, the 

 Seaboard Air Line and several others are rush- 

 ing repairs and placing orders for supplies and 

 rolling stock. The furniture factories, though 



somewhat cautious as yet, are buying. Millwork 

 plants, interior finish and flooring concerns show 

 activity with a promising outlook. The fact 

 that John Wanamaker of this city has been able 

 to create a mortgage of $6,000,000 for building 

 purposes is a sure sign that money is easier and 

 that the trust companies are again seeking in- 

 vestments, which move has already given con- 

 siderable impetus to building. A number of 

 plans are now being consummated for operation 

 work to commence at once, and it is predicted 

 that 1909 will see a prodigious activity in a 

 line so seriously interrupted by the panic. Stocks 

 at mill points, especially of the better grades, 

 are scarce, and there is a stiffening tendency all 

 along the line in values. It is predicted that in 

 the near future available stock of high-grade 

 material will command decidedly higher prices. 

 The hardwood situation, viewed from all 

 points, gives general satisfaction. With one or 

 two exceptions, in which there has been a move 

 upward, the prices generally have held steady 

 with every indicatiou of an early rise. The 

 prophecy of a possible scramble for stock is 

 already being verified, and it is more than likely 

 that some one is going to get left. 



Those which usually run on special orders are 

 down almost without exception. The other is 

 that country mills have been un.ible for weeks 

 to get sufficient water to operate with. On this 

 account it is pretty certain that by winter hard- 

 wood stocks will be low, and if demand keeps 

 on picking up as it has done since August 1 

 higher prices are bound to result. 



Kxtreme dry weather, bad forest fires, no 

 water for the mills, red-hot political fever and 

 many absentees on late vacations — these things 

 are not strictly conducive to real prosperity in 

 the lumber business. In spite of them the trade 

 is beginning to smile. If the wholesalers of 

 Pittsburg could be lined up to-day and each 

 asked the question, "How's your business?" the 

 entire class from A to Z would answer, "Better." 

 Some of them say, "A whole lot better." Every- 

 body admits that the turn in the tide has fairly 

 come and that everywhere — except, perhaps, in 

 Pittsburg — and in every line of manufacturing 

 and industrial activity, a little lumber is being 

 bought. These littles added together make 

 .■niiii;;li laisiness to more than pay expeiises of 

 ih. niia-c tiim. This is a condition which has 

 ina .M 111 Id- months, and now that things are 



-■ :^ i.iM.i nearly every big firm in the city 



IS irer to admit that it will be highty well satis- 

 fled if the books show a case of break even 

 September 1. 



Hardwoods are sharing in this general iu- 



ing prosperity. These concerns have very low 

 stocks and they are now apparently getting in 

 shape to load up for next year's supply. Many 

 of them which have been rimning only two or 

 three days a week are now running from four to 

 six days per week and are using more stocks 

 accordingly. The demauii f..r haialwood finish 

 IS siill ^l..\v. V.Tv liitl.' is to be expected from 

 I'iii-iaiiL: |iri>iMa- alMiiij ilii-. line before January 

 1 Willi.' Ill,' iHiiliiiim -iiualion here is slowly 

 liuliiiii- iisi'li, ilii' prMJiiais will not be in shape 



to do 111'* liai'lw i I rade much good for a few 



months. In aililiii"ii to the five big blocks which 

 are now uuilff \\a\ downtown, two more big 

 business blocks have been announced this week 

 on which work will be started this fall. Con- 

 tracts have also been awarded lately for three 

 residences to cost from $75,000 to $100,000 ■ 

 each. These straws show that among a certain 

 class of builders confidence is pretty well estab- 

 lished again, and they indicate, too, that the 

 dealers in fine hardwood luml>er have something 

 to hope for a little later on. 



The call for hardwood mining stock is fairly 

 good, Ijut it is a case of every buyer hunting 

 bargains. Purchasing agents seem determined to 

 push prices down to an unprofitable point for 

 the wholesalers, and as yet the stocks are large 

 enough to keep the wholesalers cutting prices to 

 meet this demand. Only a fair proportion of 

 the hardwood mills are running for Iwo reasons: 



BOSTON 



The local demand for hardwoods continues 

 gradually to increase. Sales follow upon in- 

 quiry more quickly than has been usual of 

 late, notwithstanding the fact that sellers 

 have in most instances adopted a rather 

 firmer attitude as to prices, and the whole 

 atmosphere of the market is more buoyant, 

 or perhaps we had better say less enerva- 

 ting, for even the optimists are willing to ad- 

 mit that there is still great room for im- 

 provement. Buyers are not so timid as they 

 were, but they can hardly yet be termed 

 courageous. Their faith in a bright future 

 is still at times of a wavering sort. 



As to the character of the call tor quar- 

 tered oak, the testimony of the trade differs 

 somewhat. Those who deal in such lumber 

 merely as a side line say that customers are 

 still few and indifferent, but mercliants who 

 make a specialty of it. and their evidence 

 is naturally the most valuable, declare that 

 buyers' interest during the last tew weeks 

 has increased perceptibly and is still growing. 

 Plain oak is not yet active, but it is attract- 

 ing more attention than in the early part of 

 the summer, and purchasers in search of 

 bargains have to look for them longer. 



The better grades of whitewood are still 

 held with great confidence. Holders are not 

 in the least disconcerted by the rather slow 

 demand, but seem to think that only a mod- 

 erate quickening in the call would mean a 

 further appreciation. There has been no de- 

 cided change in the market for either brown 

 or white ash since last report. In elm local 

 trade is of very insignificant proportions. 

 North Carolina pine is no doubt firmer. The 

 furious slashing of price indulged in by some 

 dealers here not so very long ago seems to 

 be a matter of history. The weather in the 

 producing districts has of late interfered ma- 

 terially with the operation of the mills and 

 supplies are not so large. Some merchants 

 here are disposed to complain that they can- 

 not always secure as prompt delivery as they 

 would like. 



BALTIMORE 



There is no change of special moment in the 

 hardwood trade of this section beyond a gradual 

 upward movement in both the demand and 

 prices. The buying is characterized by somewhat 

 greater freedom than has been the case, while 

 the trend of values is toward a higher level. 

 Nearly all the firms and corporations here re- 

 port greater activity and a better tone, and state 

 that the outlook is very encouraging. Con 

 servatism, however, still continues to dominat' 

 tlie trade. Yardmen are chary about placing 

 orders and as a rule they go no farther than to 

 provide for the more Immediate necessities. An 

 extensive restocking is still to come, although 

 the range of prices holds out strong induce- 

 ments in this direction. This hesitancy is, per- 

 haps, attributable in part to the progress of the 

 national campaign, which diverts attention from 

 other matters and raises just sufficient uncer- 

 tainty to impart a halting touch to the trade. 

 The outcome seems to be in less doubt than in 

 other election years, but the effect is, neverthe- 

 less, much the same. Hence the restoration of 

 the former status will be slower than seemed 

 likely earlier in the year. Progress, however, 

 appears to be continuous, and a feeling of hope- 

 fulness prevails throughout the trade. Some of 



