RMmi RocoM 



Copyright, The Hardwood Comtanv. \',j\ 



Published in the Interest of the American Hardwood Forests, the Products thereof, and Logging, Saw 

 Mill and Woodworking Machinery, on the 10th and 25th of each Month, by 



THE HARDWOOD COMPANY 



Edwin W. Meeker, Vice Pres. and Editor 

 H. F. Ake, Secretary-Treasurer 



Lloyu p. RoiiKRTSON, Associate Editor 



Seventh Floor, Ellsworth Building 

 537 So. Dearborn St., CHICAGO 

 Telephone : HARRISON 8087 



Vol. LII 



CHICAGO, JULY 25, 1921 



No. 7 



General Market Conditions 



THE TEADE IS TODAY A CAMP DIVIDED against itself in- 

 sofar as its opinion on market prospects is concerned. Either 

 a sad falling off in individual business has discounted the indi- 

 vidual's optimism or on the other hand an ability to overlook cur- 

 rent happenings in favor of more basic tendencies is influencing 

 the individual minds in the industry towards further discourage- 

 ment or greater encouragement. Briefly summarized the market 

 has resolved it.self into one of rather inconsistent properties with 

 certain items relatively strong, others exceedingly weak. The de- 

 plorable shape in which low grades are found is counteracted in a 

 measure by a fairly consistent holding in the upper grades, par- 

 ticularly selects and firsts and seconds. Opinion of conditions now 

 seems to revolve about whether or not the scarcity of selects and 

 better will be sufficiently strong to resist the depressing effect 

 of the constantly downward tendency of other stocks. The out- 

 come will be determined by the decree of lumber purchases result- 

 ing from the very encouraging results of July furniture markets. 



The markets now are a matter of history and the sales facts 

 may be viewed with sufficiently definite perspective to gain some 

 measure of intelligent deduction therefrom. So far as bulk is 

 concerned, both in the Grand Enpids and Chicago markets, they 

 have been apparently on a normal basis. Experienced furniture 

 men have contended that not for many years have there been such 

 genuine values offered for the money asked. Better and more 

 refreshing designs, more painstaking construction and rock bottom 

 prices were influences which converted a record-breaking attend 

 ance of potential buyers into actual buyers. In some cases manu- 

 facturers accomplished actual sales that will carry their produc- 

 tion practically up to January markets, and while here and there 

 certain exhibitors whose lines and prices did not happen to striki; 

 the buyer's fancy were short on business, the average exhibitor 

 went away pretty well satisfied that he had done even nmre than 

 he expected. 



Regardless of the specific voUinic of sales accomplished, however, 



both the record-breaking attendance and the number of orders 



placed, even though they were small, were apparently valuable in 



^ that they clearly demonstrated the existence of a hopeful degree 



cvi of buying jiower throughout the country. Retailers were in attend- 



^ auce as usual from all sections and while the buying was, of course, 



^_^ in keeping with the demand in the respective territories, it was 



fairly uniform and consistent in its extent for each district. 



Hardwood Record believes that special emphasis should be put 011 



-3 



the number of buyers who attended the shows a.s any marked 

 degree of discouragement with a total lack of response in retail 

 sales surely would have kept a large percentage of those who did 

 attend at home. In other words, the very full attendance unques- 

 tionably indicates a satisfactory turnover of what stocks the 

 retailer has been taking in. 



Developments have not been especially pronounced in the matter 

 of adjustment of railroad and government relations, although many 

 of the repair shops have been reopened of late and with the almost 

 certain surety that the settlement with the railroads will be 

 effected, the outlook in that particular is really encouraging. 



Inasmuch as those influences that make for good business are 

 regaining their footing one by one and not concertedly, and as 

 they too are but gradually approaching betterment, the process of 

 returning good times will stretch out over a considerable period. 

 For instance, while furniture conditions apparently are progressing, 

 it is not reasonable to expect any wholesale reopening of building 

 construction until all matters of cost, including labor, are spe- 

 cifically worked out. In the meantime a very handsome volume of 

 small construction is going on but any big deals requiring large 

 investments of business and investors' capital are delayed pending 

 full and final adjustment of cost of construction. 



Hardwood Record maintains its opinion that the trend is in 

 the right direction and that even though the prices are low, 

 rehabilitation of industries is definitely under way and many of 

 the fundamental problems are either solved or well under way to 

 .solution. Hardwood Record believes that the balance of "this 

 year will see some gradual but sound improvement and that the 

 substantial steps towards a full return movement will materialize 

 possibly by next spring. 



How to Win the Economic War 



--p HOUGH WITHOUT THK " POMP AXD PANOPLY ' ' UK WAR, 

 A and the tears and carnage, the post-war conflict of the peoples 

 of the world is none the less fierce. As a result of the long military 

 struggle existence has iK'en rendered tremendously more difficult for 

 all hinnanity, and survival demands correspondingly more desperate 

 exertion. This sequel to the actual armed clash of peoples will con- 

 tinue to be a gruelling battle for perhaps a generation— until the 

 peoples have retrieved the waste of war — and during that period it 

 will be more difiicult to maintain one's place in the sun than it was 

 in the easy-going days before the incident at Sarajevo. 



These thoughts are promiited by an address which Secretary of 



