Apiii in, 1919 



HARDWOOD RECORD 



22a 



The Business Barometer 



Things Every Business Man Should K 



Happenings in Basic Industries 



Steel. — By agreement of leading steel producers with tlie gov- 

 er>!2i8nt steel prices are cut an average of about $12 a ton below 

 the prices of 1917. Average agreed upon is $63 for eight basic 

 steel products, compared with government price of $70.75 last 

 year, a high of $116.69 in July, 1917, a high pre-war price of $40.63, 

 and a 1914 low of $30.97. 



Director General Hines, of the Eailway Administration, refused 

 to accept the price reductions agreed upon, and a new conference 

 has resulted. 



Representatives of 96 per cent of nut, bolt and rivet manufac- 

 turers of the United States and Canada have agreed to reductions 

 of 20 to 40 per cent in their products, without any reduction in 

 wages. 



Eeport of United States Steel Corporation for 1918 shows total 

 »iet earnings for year of $158,631,8.56.20 after deducting interest, 

 depreciation and charges; $88,107,052.16 less than 1917. Company 

 paid 14 per cent on common stock in 1918. Balance carried to sur- 

 plus, $aS,935,350.32, making total surplus of $466,888,421.38. 



Coal. — Bituminous coal operators, after conference with Federal 

 Industrial Board on prices, broke off discussion, charging lack of 

 cooperation in attempt to arrive at a fair price. Specifically, they 

 charge attempt of Railroad Administration to secure coal for rail- 

 roads at figures below cost, making prices to the public higher. 



Lumber. — Representatives of the lumber industry, in conference 

 with Industrial Board of Department of Commerce, will adjust lum- 

 ber prices, based on cost figures from all sections and other con- 

 siderations. It is understood that lumber and other price arrange- 

 ments have the approval of Department of Justice. 



Copper. — War Department has reached agreement with copper 

 producers by which 100,000,000 pounds of government copper will 

 be disposed of at market prices during next fifteen months, through 

 the United Metal Selling Company, organized to handle the deal, 

 at 5,000,000 pounds a month for the first ten months, and 10,000,000 

 pounds a month thereafter. A price agreement is also under dis- 

 cussion. 



Building. — Information compiled by Department of Labor shows 

 public and other building projects of a total value of $1,708,738,936 

 planned, as follows: Paving, sewers, public buildings, etc., 3,226 

 projects, $1,249,548,825; business buildings, factories, apartments, 

 railroads, etc., 2,999 projects, $459,190,111. 



Railroads 



War Finance Corporation has sold $200,000,000 five per cent one- 

 year bonds to secure funds for railroad and other purposes. The 

 bonds are virtually tax free, and were taken immediately through 

 federal reserve banks. 



Director General Hines, in an address at Pittsburgh, emphasized 

 Tue intention of Railroad Administration to proceed with program 

 of improvements, in order to keep roads in repair and employ labor. 

 Eventual return to private operation of roads was suggested by him, 

 with government supervision. ' 



War Finance Corporation has been making advances to railroads 

 to meet current requirements, secured by certificates of indebted- 

 ness issued to railroads by Railroad Administration. 



Analysis of 1918 railway earnings made by Bureau Railway 

 Economics shows deficit of $214,000,000, of which $150,000,000, or 

 70 per cent, is chargeable to eastern roads, and $72,000,000 to 

 western roads, while southern roads earned a surplus of $8,500,000 

 above government guarantee. 



Report of 1918 operation of British railroads by government, 

 according tx> American Association of Railway Executives, shows 

 deficit of $190,000,000, compared with surplus of $250,000,000 for 



now 



the year before, under private operation. Wages increased 160 

 per cent, passenger rates 50 per cent. 



Exports 

 Exports of foodstuffs during 1918 were 5,005,987,010 pounds, 

 including 2,500,000,000 pounds of pork and 1,250,000,000 pounds of 

 beef; January, 1919, 434,812,025 pounds of food exports, an increase 

 of 215,210,785 pounds over January, 1918. 



February exports, just announced, amount to $588,000,000 to all 

 countries, an increase of 43 per cent over February, 1918. Eight 

 months ending with February, exports were $4,386,000,000, com- 

 pared with $3,862,000,000 for corresponding period. 



Exports of gold are going almost entirely to Latin-America, silver 

 to Great Britain. 



Export figures for eight months of fiscal year show large increases 

 in breadstuffs (50 per cent) and cottonseed oil (100 per cent), a 

 slight decrease in volume of cotton, but increase in value, on 

 account of high price, and a decrease in volume and increase in 

 value of petroleum products. 



Permanent export, commerce and marine committee of Ameri- 

 can Bankers' Association established in New York, John McHugh 

 of New York, chairman. 



Miscellaneous 

 Unemployment estimated by Judge Gary of U. S. Steel (March 

 28) at 400,000 for entire United States. 



Dissolution of Corn Products Refining Company as a trust decreed 

 by Federal Court in New York, with sale of all but three plants. 

 The company agreed to the decree; estimated proceeds of sales equal 

 $15 a share of its stock. 



War Department has sold $200,000,000 of surplus war materials 

 to forejgn governments. 



Conference of southern bankers, planters and ofScials at Memphis 

 agrees to reduce cotton acreage this year by 27 to 30 per cent. 



Commercial stocks of wheat estimated by Department of Agri- 

 culture at 197,277,000 bushels, 308 per cent of 1918 figure. 



War Department announces 263,026,000 pounds of wool in hands 

 of government March 29, not including 300,000 bales of Australian 

 wool also owned. 



Food Administration licensing of meat packers terminated by 

 proclamation of President, effective April 1. 



Lines of Postal-Telegraph-Cable Company taken under entire 

 control by Postmaster General Burleson, officers charged vnth 

 obstructing government operation. President Mackay and other 

 olBeers deny charges. 



Postmaster General Burleson announces 20 per cent increase in 

 telegraph rates, effective April 1. 



War savings stamps sales in January aggregated $48,399,000, Ohio- 

 leading in total and Vermont in per capita sales. 



Dow-Jones bond average for March declined to 70.78, compared 

 with 67.79 in September, 1918 — the low level since 1914. 



The Making of Crutches 



The makers of crutches in Canada are unable to compete with manu- 

 facturers of that article in the United States. They are produced on 

 our side of the line and are shipped to Canada at a cost below what 

 the Canadians can make them for. New Hampshire is the leading 

 crutch-making state, and before the war it consumed 590,000 feet of 

 wood yearly in the manufacture of this article, which was more than 

 half of the total for the whole United States. The leading crutch 

 woods in New Hampshire before the war were yellow birch, paper 

 birch, sugar maple, hickory, lancewood, rosewood and cherry. These 

 are named in the order of quantities used. No mahogany is listed 

 as crutch material in the United States, yet it is a fact that some of 

 this wood is used. 



