HARDWOOD RECORD 



37 



ill Imrdnood manufiutiirlnf: nnil me buying stock 

 rieely with tlie iilea tbat business will be active 

 Willi the approach of spilnc. and with the 

 marked curtailment In hardwood production sup- 

 plies are goin$r to be short and prices hlsh. Ot 

 . ourse. there Is no Indication ot anything ap- 

 proachinK a boom for next year, because it Is 

 presidential year, which is always more or less 

 apathetic, but prospects are good, as reports are 

 heard here dally of returning conlidence and ac- 

 tivity. Another Important factor In support of 

 purchases now Is the fact that hardwood sup- 

 plies have not been excessive during the past 

 few months, as Is shown by the firm range of 

 prices. Prices have fallen o(t but little locally, 

 and the situation seems to be such, both current 

 and prospective, as to lead holders of hardwood 

 stocks to appreciate that they have a good asset, 

 so that there Is less tendency to force the market 

 than Is generally the case under similar condi- 

 tions. 



I'lain and quartered oak are in very lair de- 

 mand, but supplies are suflicieut to keep prices 

 from advancing. Ash and chestnut are firm, and 

 offerings are quite easily absorbed. Supplies are 

 limited. Birch and maple are in fair demand. 

 but there is ample stock offering lor current 

 wants. Some are inclined to believe that stocks 

 are fairly plentiful, but such is not the case, as 

 the tendency has been to winter as little stock 

 as possible, both in view of the tinauclal situ- 

 .ation as well as high prices at which hardwood 

 has been held. This will lead to quite a large 

 amount of rush car orders during the winter 

 luuuths if we have an open winter, and a rea- 

 sonable readjustment of business conditions. 



Fhiladelpliia. 



Iteports coming in from all along the line in- 

 <llcate a much better feeling among the hard- 

 wood men. and buyers, though still a little 

 cautious, now realize that the country is far 

 from the disastrous condition feared during the 

 recent financial disturbance. For a truth, sales- 

 men are getting more orders than they naturally 

 anticipated, which is proof that confidence is 

 being rapidly restored. There are generally a 

 few small manufacturers at such times who, 

 being unable to carry over their stock, are forced 

 to sell at most any price to obtain the needed 

 cash, but it Is to be regretted that some of the 

 larger concerns have been so misguided as to 

 make the same mistake. The action is pro- 

 nounced not only by the wholesalers and manu- 

 facttirers but by the buyers as well as abso- 

 lutely unnecessary, as the present condition ot 

 hardwoods at the mill centers does not justify 

 such a sacrifice at this time, and the well-posted 

 hardwood men confidently state that those now 

 forcing the market in this way will surely regret 

 it later on, as the outlook for early spring and, 

 in tact, for 100b, is unmistakably very promis- 

 ing. 



The woodworking concerns have slacked up 

 somewhat, but are still consuming a fair quan- 

 tity of lumber, and every preparation is being 

 made to be In shape for a good spring business. 

 Unfortunately complaints are continually heard 

 of the undependable car service. Values on 

 the whole are steady ; what little fiuctuatlou 

 there has been was brought on through the lack 

 of judgment on the part of a few scared manu- 

 facturers. 



Baltimore. 



The quiet that has settled upon the lumber 

 trade Is accentuated by the approach of the 

 holidays. Manufacturers are making arrange- 

 ments, or have already done so, to meet pre- 

 vailing conditions. Many of them have shut 

 down their plants temporarily to prevent stocks 

 from piling up, bad weather having hastened 

 this decision. It is now feared that the avail- 

 able stocks will be so reduced that it consum- 

 ers enter the market in force In the spring, as 

 now seems likely, there will be a marked scarcity 

 of lamber, which will send prices up quickly. 



.N'liwlthstandlng the slack Inquiry ot the past 



month nr two quotations on good oak have been 

 well maintained, the low grades alone being 

 easy. This Is also the case with sound wormy 

 chestnut, common ash and similar stocks, which 

 move at a low level and arc being offered In 

 fairly large quantities. ICven these stocks would 

 command very acceptable figures but for the fact 

 that the demand has been affected by the gen- 

 eral business situation. The one exception in 

 the prevailing uneventfulness is po[ilar. which 

 has been moving In fair volume and brings ac- 

 ceptable i)rlces. 



The exporters are not doing much at the pres- 

 ent time. .\part from the limited inquiry 

 abroad, the ample stocks held on the other side 

 ot the Atlantic, and the differences between the 

 foreign brokers and buyers and the American 

 shippers affects the demand. The transatlantic 

 rate question is also Influencing business, tend- 

 ing to check the movement until some agreement 

 has been reached. 



Bay City and Saginaw. 



Pittsburg. 



Considering the time ot year - nobody exi)ecls 

 to do much business in December — the financial 

 trouble, the fact that industrial operations have 

 been tied up temporarily on every- side and that 

 cars have been altogether too few business is 

 not so bad. Some good orders are being booked. 

 The majority of firms are working their forces 

 hard, which shows that they have abundant con- 

 fidence in the situation and believe that effort 

 rightly dii'ected now will bring a harvest ot 

 good returns after the first of the year. Nat- 

 urally the retail yards are Buying very little 

 lumber this month. It is stock taking time and 

 they, as v\ell as many manufacturers, are let- 

 ting their stocks run down for the annual in- 

 ventory. Building operations have been pretty 

 well wound up for this year, and contractors are 

 not expected to tal;e off any large amount of 

 lumber until January. The bulk of the business 

 being booked is from the country towns, which 

 seem to have escaped in larger measure the ill 

 effects ot the present depression and from many 

 of which good results are being obtained from 

 hard hustling. 



Trices are not buoyant, but they are steady. 

 Very few cases of cutting in hardwoods are re- 

 ported. Oak has wavered somcwlial for llie past 

 two months In the lower grades, but It is no 

 worse now than in November. I'oplar has not 

 shown any disposition to let down in cost to the 

 retailer or manufacturer. The handle and spoke 

 factories are all busy in this section, and the 

 fact that a number of such concerns are start- 

 ing up this winter in western Pennsylvania and 

 West Virginia gives plenty of hope that the 

 minor hardwoods will find a ready sale next 

 year. 



Buffalo. 



The lumber trade seems to be on the mend, 

 most of the hardwood dealers saying that they 

 find the demand increasing steadily, so that It 

 all is well there ought to be a gooil movement 

 of all sorts ot lumber by next mouth. There 

 is little buying Just now, as no one cares to 

 put new stock in yard to take Inventory on at 

 the end ot the year. 



It Is now the plan to let the demand take 

 care of Itself till after the Inventories are 

 taken. It at that time consumption has not 

 fallen off any more there will be active buying. 

 The idea of consumers that they will be able 

 to get lumber next year at less than this year's 

 prices must be overcome, tor there Is no reason 

 for supposing that it will ever be produced for 

 less than it is now, and the growing scarcity 

 of timber is always reason enough for holding 

 up prices. 



It Is not ot much account to discuss various 

 sorts of lumber now. Everything In the trade 

 so entirely depends on the money market that 

 the fact that poplar, ash and elm are very 

 scarce and plain oak, birch and maple arc quite 

 plenty are minor matters. 



There Is nothing doing of cuuseqiKii' >' ii-i 

 now. Kvcryhody Is holding off and WHltlug for 

 the clouds to roll by. It Is the general .senti- 

 ment that conditions will shortly get back to a 

 normal basis, though for some time on more 

 conservative lines. Stocks are not exceiislve and 

 the trade could hardly have been found In better 

 condition for a flurry. Prices so far us ascer- 

 tained have not IxK^n marked down at all and 

 dealers and manufacturers say there are no 

 signs ot a material reduction. Not much In the 

 way ot business Is looked for until ibe beginning 

 of the year, when the trade will put on Its work- 

 ing clothes once more. Considerable new busi- 

 ness Is being scheduled for the ensuing year, and 

 this Industry stands as fair show as any other 

 In Michigan. 



Colombos. 



.\ slight improvement has developed In the 

 hardwood market within the past fortnight. 

 While dealers are still buying In limited quanll- 

 lles, orders arc more f re<iuent and prospects for 

 the future are quite bright. Collections show 

 improvement, but they arc still not what Is de- 

 sired. 



The tendency is to curtail buying until after 

 the first of the year, when the financial situ- 

 ation is expected to be cleared and the Invoice 

 period past. Car lot orders are Infrequent, but 

 still some of the manufacturers report a num- 

 ber of them. Shipments have been more regu- 

 lar, owing to the better car supply, which is 

 now all that can be desired. Prices are firm, 

 despite the unfavorable features of the market. 

 In some quarters there is cutting, but on the 

 wliole the quotations are unchanged from two 

 weeks back. 



Poplar is the strongest item on the market. 

 The supply on hand is limited and as a result 

 dealers are trying to increase their stocks In 

 that line. Prices are firm and firsts and sec- 

 onds are quoted at $54 f. o. b. Ohio river. 

 The other grades are quoted on that basis. Oak 

 especially in some lines Is strong and prices arc 

 firm. There Is some demand for elm, maple, 

 ash, hickory and cypress. 



Indianapolis. 



Ilardwood men are still waiting relief from 

 the financial stringency, and as a result are 

 doing little business. Building has fallen in the 

 last month, and many ot the largest concerns 

 using hardwoods for manufacturing purposes arc 

 either closed down or arc working with small 

 forces. A number of concerns have reopened 

 within the last few days, but hardly enough to 

 make any appreciable change in market condi- 

 tions. The market has a downward tendency, 

 although there has been no decided change In 

 prices. Dealers as a rule have small stocks on 

 hand. _ 



Cincinnati. 



Trade in iiardwoods during the past tew weeks 

 has been rather (lulet. Dealers report that a 

 number ot orders have been postponed, and some 

 have been canceled. The present monetary situ- 

 ation has greatly harassed business and dealers 

 do not look for any change in the situation un- 

 til after the first of the year, when It is gener- 

 ally thought that money will case op a bit. 

 The amount of stock on hand Is ample, and 

 receipts of lumber during the last month have 

 exceeded the inquiry. .\ number of the local 

 mills have reduced their time, while several 

 of them will close down as soon as the logs on 

 hand are cut. Money rates arc expected to case 

 up about the first of the year, and the Oemaud 

 will soon pick up then, and gradually show on 

 Increase until spring, when It Is expected to 

 return to Its old level. 



St. Lonls. 



Hardwood lumber dealers report the situation 

 about what it was two weeks ago. Buying Is 

 being done to a small extent, but It la tAr from 



