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Co^yriijht, The Hardwood Company, 1919 



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 



Edgar H. Defebaugh, President 

 Edwin W. iVIeeker, IVIanaging Editor 

 Hu iVIaxwell, Technical Editor 



Seventh Floor Ellsworth Building 

 537 So. Dearborn St., CHICAGO 

 Telephones: Harrison 8O86-8O0/ 



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Vol. XLVI. 



Chicago, April 10, 1919 



No. 12 



General Market Conditions 



No SINGLE FKATI'RE of reeoiistructioii lias been given more 

 discussion than the slow development in building. The build- 

 ing industry affects so many people and so vitally that the slack- 

 ness in the building trades has become a paramount national issue. 



It seems though that while discussion has been almost feverish, 

 and while the population as a whole has been considerably wrought 

 up over the situation, building plans have gone quietly on and now 

 that figures have been collected, the result shows not only a con- 

 sistent improvement since the first of the year, but a figure for 

 March that makes a very agreeable comparison with normal. As 

 a matter of fact the private work projected since the first of the 

 year will alone reach sufficient proportions to warrant a feeling of 

 distinct satisfaction. Coming so early in the discussion of building 

 costs and their effect upon the progress of the industry, the result 

 so far attained is surely encouraging. It really has only been for 

 the last few weeks that the propaganda, urging prospective build- 

 ers to forget vain hopes of greatly reduced building costs and start 

 work, has shown organized effort. Those who know the situation 

 are unanimous in the opinion that this propaganda is based on 

 absolute fact; that pre-war building costs will not be attained and 

 that it is foolish to postpone construction in anticipation of greatly 

 lowered cost figures. 



The "build now" jn'opaganda has taken the form of advertising, 

 of exhibits, of lectures, of personal talks and all toward the same 

 goal that the people at large may build now. With results so far 

 secured through the campaign in this more or less disordered form, 

 as it has so far been carried on, it is reasonable to expect far 

 greater returns from a well organized propaganda which is now 

 taking shape. It is conceded that the only thing necessary is to 

 bring people to the realization that the present cost of building is 

 approximately stable for a year or two to accomplish the objects 

 of the "build now" campaign. 



Thus those selling lumber and those selling goods such as trim, 

 doors and other articles made from lumber may reasonably expect 

 that the immediate future market within the building industries 

 will be of rapidly increasing proportions. 

 , Two months ago the furniture industry was in a remarkable 

 ■ state of uncertainty. Very few furniture manufacturers were in 

 any way sure of their ground and the industry was in a distinctly 

 unsatisfactory position. Today the same factories which two months 

 ago were buying practically nothing are finding it very difficult to 

 fill their requirements in some materials, and as a matter of actual 

 fact are willing to jiay almost any reasonable price for many 



articles, particularly in hardwood lumber. The same condition 

 holds true of other raw materials going into the furniture industry, 

 and taken as a whole the furniture business is distinctly good. 



It can hardly be said that the automobile business is holding 

 quite up to the standards promised by the exceedingly good start 

 made at the end of the war. In fact, it is stated that the industry 

 is considering the advisability of holding down production to a 

 degree at least. The reason for this is of course obvious. An 

 automobile represents such a substantial investment that many 

 people who might otherwise buy figure they would be justified in 

 waiting as any reduction in the price of an automobile would of 

 necessity have to be of substantial enough proportions to make the 

 saving worth while for the prospective purchaser. Furthermore 

 here is a standard article in which stables such as metals make up 

 a good part of the cost. The unsatisfactory outcome of the read- 

 justment of steel prices necessarily has led the country to wonder 

 just how far. down the metal prices really could go. As the advanc- 

 ing cost of automobiles has been attributed to a considerable ex- 

 tent to advancing steel costs, the average man will obviously con- 

 sider that as there seem to be prospects for a still farther drop in 

 the price of steel, he is justified in waiting for a cut in automobile 

 prices. Therefore with this hesitation the business is not holding 

 up so briskly as it started out, although it is likely that sales will 

 practically keep pace with increasing production capacity. 



For the most part other lines of woodworking are showing a dis- 

 tinctly strong condition and it can be anticipated with reasonable 

 assurance, that the government will at an early date provide the 

 means whereby all purchasing fields in which the government is 

 interested, such as railroad construction and repairs, government 

 housing, road and bridge building and other lines may proceed 

 with rapid expansion. 



Figures on lumber production are showing more authentic and 

 concrete form every day. Keports from the North now reflect a 

 concrete idea of the amount of lumber which will there be pro- 

 duced. The ultimate showing in logging is more favorable than 

 was anticipated a month or two ago as the late snows and freezing 

 greatly helped the log input. However, authentic figures now com- 

 piled show as an absolute maximum only seventy per cent of normal 

 log input and hence of prospective lumber production. 



The southern logging situation has been getting worse rather 

 than better, and as matters now stand the input of logs throughout 

 the entire southern region is hardly going to come up to the fifty 

 per cent figure. 



In the face of these conditions there has still been a slight re- 



