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HARDWOOD RECORD 



stocks are small and good timber scarce, but 

 rather think when reaction sets In prices of the 

 higher grades will go up. Yours very truly, 



D'Heub & Swain Lujibek CaiiPANY. 



PITTSBCKO, Pa., Dec. 13. — Editor IlAItDWOOD 



IlEConD : The late trouble. In our minds, has 

 been "a bankers' panic." The consumptive de- 

 mands of the country are not materially less, 

 consequently It will be necessary for dealers to 

 replenish tlielr stocks at an early date, which 

 seems to be (Ixed In the minds of many people 

 as shortly after the lirst of the year. A very 

 slight Increase in the demand will take care of 

 the occasional stocks offered at a sacrifice. As 

 a result, stlffer quotations will obtain. We do 

 not look for booming conditions, but we believe 

 that the slight hardening of prices will cause 

 many consumers to buy more freely. We see 

 no reason why the hardwood business should 

 not be on a stable basis shortly after the first 

 of the year, and continue so until after the 

 election. Yours very truly, 



ITe.ndekson Lumber Company, 



J. F. Henderson. 



St. Louis, Mo., Dec. 13. — Editor IIaiidwood 

 Record : Answering your favor of December 

 12th, we feel that, while the hardwood lumber 

 business may not resume normal conditions in 

 the immediate future, the present situation is 

 greatly improved over that of thirty days ago. 

 We may, therefore, be excused for feeling some- 

 what optimistic with regard to the situation for 

 1908. 



Notwithstanding the recent reversal in busi- 

 ness conditions, we find, upon the whole, that 

 our shipments for the current year will exceed 

 by fully 10 per cent those of 190C ; our stock 

 of lumber is considerably less and, as the cost 

 of manufacture has steadily increased, we do 

 not feel inclined to sacrifice any of the hard- 

 woods wbicli we have accumulated. 



Certainly, it other manufacturers of hardwoods 

 feel as we do, nothing but an absolute lack of 

 demand can keep us all from doing a good, if 

 not normal, business next year. Yours truly, 

 Garetson-Gkeason Lumber CojirANY, 



J. S. Garetson, President. 



PHiL.iDELPHiA, Dcc. 14. — Editor Hardwood 

 Record : We are in receipt of your esteemed 

 favor of December 12. We would say that our 

 stock of liardwood is well balanced, considering 

 the condition of trade, and we have so much 

 confidence in the future values of hardwood that 

 we have not been attempting to meet some of 

 the quotations of which we have heard. We be- 

 lieve that as confidence returns to the people 

 and trade conditions resume their normal aspect, 

 which they are bound to do after the opening 

 of the new year, the demand for stocks will 

 be such as to sustain the proper values of bard- 

 wood. Considering the natural requirements of 

 the building trade and the manufacturing trade 

 of this country for hardwoods, we are firmly 

 convinced that the prices at which hardwoods 

 liave been selling during the past year have not 

 been too high in any sense ; in fact, some of 

 them have been, if anything, too low. When it 

 is considered that in 1899 the product of the 

 entire United States in oak was about 4.500,000,- 

 000 feet and in 1906 this output was reduced to 

 about 2,800.000,000 feet, and that in 1S99 the 

 production of poplar was about 1,100,000,000 

 feet and that in 1906 it was reduced to about 

 700,000,000 feet, and in 1907 there was less 

 produced than In 1906, this is certainly evidence 

 that the supply of hardwoods is being reduced. 

 It is a well known fact that Ohio and Indiana, 

 which were only a short time ago centers of the 

 hardwood industry, have been so depleted of 

 hardwoods that they have ceased to be an im- 

 portant factor, and therefore two states that 

 formerly were large producers of hardwoods are 

 no longer extensively cutting hardwoods, but 

 the real production of hardwoods to any extent 

 has gradually narrowed down to Michigan and 

 Wisconsin in the Northwest and Mississippi and 



some sections of states in the lower Mississippi 

 valley and those states Identified with the lower 

 Appalachian range of mountains. It ttierefore 

 becomes very evident to anyone who will go 

 Into a close study of the matter that hardwood 

 stumpage is sure to be property that will have 

 very Increased value, and on that account any 

 manufacturer of hardwood who Is able to carry 

 bis timber Is not justified in sacrificing it and 

 selling It at low prices. Respectfully. 



WiSTAR, UNDERHILL & Co. 



Mk.mi'iiis, Tenn., Dec. 14. — Editor Hardwood 

 Record ! Yours of the 12th at hand. You ask 

 for our opinion as to what the near future will 

 be in the hardwood lumber line. When this 

 l!nanclal scare came on we suppose there was 

 close to 90 per cent of the mills in this district 

 shut down. We believe these mills produced 70 

 per cent of the lumber produced in this dis- 

 trict. 'J'lie majority of tlicse mills, wheu they 

 shut down, did so expecting not to start up 

 before the lirst of the year. From conversations 

 with a good many of the millmen, we find out 

 that very few of them will start now before 

 spring. On top of this, from now on we can 

 only expect bad weather for logging until late in 

 the spring. 



The past summer and fall has been the best 

 season for logging and sawmilling in the i)ast 

 four years, and there is no doubt it brought out 

 a large amount of lumber and logs. Yet with all 

 of this the stocks are not normal, and we know 

 of no one that has large stocks of good lumber. 

 The lumber was sold about as fast as it was 

 produced. 



On account of this financial scare there has 

 been a great deal of lumber exported in the past 

 six weeks, and as a rule this lumber that was 

 exported has been of the best grades. We do 

 not expect any big trade the coming year, but 

 unless we have a dry open spring and summer, 

 we believe the demand will be bigger than the 

 supply of the better grades of lumber. This 

 being the case, we do not see much chance for 

 low prices in the spring, and believe that good 

 hardwoods will hold their own. In the past six 

 weeks there have been some very low offers of 

 lumber, with very few takers, and we think 

 there is no use in making cut prices under the 

 present circumstances. 



We expect to see lower prices for the lower 



grades of lumber for a few months, but on the 



better grades we see no reason why every dealer 



and manufacturer should not realize their price. 



Yours truly, 



Goodlaxder-Robertson Lumber Company. 



Pittsburg, Pa., Dec. 14. — Editor Hardwood 

 Record : We are In receipt of yours of the 

 12th, and note contents of same carefully. We 

 agree with you to a certain extent in your re- 

 marks, and trust that the argument advanced 

 by you may be fully realized. Yours truly. 

 The Nicola Lumber Company, 



T. M. Bettinger, Secretary. 



Cincinnati, Ohio, Dec. 14. — Editor Hardwood 

 Record : Replying to your favor of the 12th 

 inst., we beg to say that while we feel that there 

 will be a considerable change for the better in 

 business after the first of the year, yet we do 

 not think it will be anything like it has been 

 in the past two or tliree years. We honestly be- 

 lieve that it is going to take some time for 

 business to recover itself, notwithstanding the 

 fact that our banker friends tell us that every- 

 thing is all right now. Husiness is going to be 

 done on a much more conservative basis from 

 the banker down to the manufacturer, and one 

 very bad feature of the case is that so many 

 of the laboring class are at present out of em- 

 ployment. We find that consumers of lumber 

 have a very fair stock of lumber on hand, and 

 with but few orders, and, as we see it, they 

 will be very conservative in their buying for the 

 next six months. Yours truly, 



DuiiLMEiER Brothers, 



W. F. Duhlmeier. 



New Y'ork, N. Y., Dec. 14. — Editor Hardwood 

 Reord : I have your favor of the 12th. 



The hardwood altvmtlon is simply rotten over 

 liere, and I believe on account of the 

 rottenness uncovered recently in two or 

 three different groups of alleged higli finan- 

 ciers, that we arc affected more than any 

 other part of the country. No one seems to be 

 able to give any reason wli.v there is nothing 

 doing at the present time in the hardwood busi- 

 ness. I am in hopes that the situation will 

 clear up aflcr the first of the year. I believe 

 that the hardwood business will be much better 

 in sixty days from now than it is at the present 

 time, and there is certainly lots of room for 

 improvement. Yours very truly, 



Sam E. Baku. 



Baltimore, Md., Dec. 14. — Editor Hardwood 

 Record: Replying to your letter of the 12th 

 inst.. we would say that in our opinion the hard- 

 wood lumber business is in a very strong position 

 and we think that the trade at large recognizes 

 that this is the case. The fact that 75 per cent 

 of the smaller mills and a large percentage of 

 the larger mills have been shut down, moans in 

 our opinion that the manufacture of hardwood 

 lumber during the past fall season is not more than 

 one-third of what it w'as this time last year, 

 and as the mills continue to shut down the pro- 

 duction during this winter will be practically 

 nothing, .almost all the stock for delivery to 

 Ibe trade between now and the first of next 

 April is already at the railroad. This means a 

 very short supply, and even if the demand is less 

 than normal, the market should retain its pres- 

 ent position. 



We especially note your article on the export 

 business in your issue of tlie lOtb inst. Your 

 article is very timely and will be of interest to 

 all concerned to prevent indiscriminate consign- 

 ing of lumber during the present conditions, as 

 this will meet with the result of enormous losses 

 to the shippers. 



Anticipating the attention that will be turned 

 to the export business on account of the dullness 

 in this country, the steamship companies have 

 advanced the freight rates from Norfolk and 

 Baltimore at an average of 3 cents per hun- 

 dred pounds, and in addition to this, we find a 

 heavy slump in prices abroad, and all our ex- 

 port brokers are advising us of tiie immense 

 number of consigned shipments that are arriving. 



It looks as though things were getting in 

 good shape for an ".\merican slaughter" by our 

 foreign cousins, and when it comes to a good 

 first-class job of slaughter, our foreign cousins 

 hold all records. 



We personally are shipping only on orders, of 

 which we are getting very few at the present 

 time. Where we anticipate the improvement is 

 in our domestic business, as noted above. 



We think that by your laying such articles as 

 yours of the 10th inst. before your readers and 

 the hardwood public, you will be doing the whole 

 trade a distinct benefit. Yours truly. 



Richard P. Baer & Co. 



Memphis, Tenn., Dec. 14. — Editor Hardwood 

 Record: Replying to your letter of the 12th, 

 asking for our opinion on the hardwood situation, 

 we v>ish to say that, from the number of In- 

 quiries and some few oiders we have received 

 the past week, we feel very much encouraged 

 over future prospects. I think that the few 

 hardwood people who have been offering stock 

 at very low prices recently will regret it before 

 the first of February. In my opinion, very few 

 of the large consumers have any amount of stock 

 ahead and are ouly buying from hand to mouth 

 until after January 1, when they expect condi- 

 tions to become' more settled and. while I do not 

 anticipate the demand for lumber that there was 

 last year, I believe that those who wait too long 

 to buy will find very little dry lumber In stock 

 and prices higher, as nearly all of the large 

 mills have curtailed their output and most of 

 the small ones have been forced to shut down, 



