HARDWOOD RECORD 



to adjust his business affairs accoidiniily. The money market Is tijjlil and 

 colleetlons are slow. Ituildlui; operations are delayed for lack oX.enjjJliil 

 ns the banks contlnne to curtail loans on these Investments. Ucporls on 

 the lulll stock sll nation show affairs well under control, with no fear of 

 a penernl slump In prices as the stock pile Is rather under than over 

 normal and would soon be depleted at the llrst rush for stnlT. 



Oak holds steady; eheslnut Is fair; maple keeps a good reputation: 

 basswood. birch, elm and ash are In fair demand : poplar um hanciil : 

 mahogany and veneer acllve. 



•< PITTSBURGH >■ 



lUiylni: bai dropped off iimsi.l,r;ilily iliiriii'; llie past two weeks. Vanl 

 trade is winding up the season. Hardwood consuming factories are still 

 buying considerable lumber but not so much as In the summer. Railroads 

 have cut down their requisitions and are apparently waiting on the de- 

 cision of the Interstate Commerce Commission regarding their application 

 for a Ave per cent Increase in their rates. If this is granted whole- 

 salers here believe that there will be a sharp increase in railroad buying 

 of lumber. Prices on hardwood lumber, especially on oak and ash, are 

 high and firm. Some mnple is being sold nt higher prices than prevailed 

 in the summer. 



=-< BOSTON >.= 



Anrther uneventful two werks luis l>i en recorded in the Boston hard- 

 wood lumber market. For some time past dealers have been looking for 

 an Improvement in demand but they are beginning to be more or less 

 discouraged. The large bu.vers are operating only as they need supplies 

 and with prices on a high level it is not to be expected that the small 

 consumers will anticipate their wants. There Is no sign of any lower 

 values right away. All of the reports received from mill points indi- 

 cate that stocks of good lumber are in small sui>ply and that the man- 

 ufacturei'S are firm in their ideas for firm to steady prices. The retail 

 yards are doing a fair amount of business and are using up the stocks 

 of hardwood lumber that they have on band, yet cannot be induced to 

 buy far ahead of nearby wants. It is reported that there are fewer lots 

 of hardwood lumber being offered to consumers direct than was the case 

 a few months aso. The result is that buyers arc making more inquiries 

 from the wholesale dealers than they were. 



Whitewood and gum appear to be the easiest In prices. Quartered and 

 plain oak are In very fair call and hold firm in price. Cypress has been 

 selling in a moderate way. Brown ash is firm. Walnut is in demand 

 with offerings small. 



=-< BALTIMORE >= 



The hardwood business has not been productive of important changes 

 during the past two weeks. Orders are coming in rather more freely than 

 might be supposed in view of all the circumstances, and prices are hold- 

 ing their own fairly well, though some casing off is said to have taken 

 place and there is some feeling of hesitancy among the buyers. It is the 

 effect upon trade genei-aliy which is reflected in the hardwood business. 

 No one yet knows just what effect the tariff will have upon commerce 

 and industrial activities and to what extent the demand will be stimulated 

 or retarded for manufactured goods. As a consequence everyone is hold- 

 ing off as much as possible. The currency situation also tends to create 

 uncertainty. Bankers are contracting their credits and the hardwood 

 men. along with others, find themselves obliged to handle their resources 

 with care. Money is more or less tight, and the range of transactions 

 is narrowed accordingly. 



Notwithstanding the.se drawbacks, however, little complaint as to the 

 volume of business is heard among the hardwood men. There is no 

 scarcity of lumber, but the offerings do not indicate congestion, with the 

 exception of some divisions of the export business, where the available 

 stocks are far more liberal than could be desired. A decided reduction. 

 however, has taken i)lace even there, and a better feeling prevails. With 

 the ocean freights within reasonable limits, exporters would be in a posi- 

 tion to make shipments at a profit, while now the increase in the rates 

 during the year more than counterbalances the advances which forels" 

 buyers are willing tc pay. It is stated by the mill men that the excess in 

 production at the present time is below that of corresponding periods of 

 other years, and that they will enter upon the winter season, with its 

 checks upon the output, with smaller supplies than usual. This is regarderl 

 as an Indication favorable to an advance unless the conditions outsidr 

 the trade that have been alluded to should be of a character to counterai i 

 the inherent strength of the hardwood lumber market. 



=-< COLUMBUS y- 



While the season Is fast waning', still tlie demand for hardwoods in 

 this section Is steady. Factories and yards are good buyers and tie' 

 trade Is pretty evenly divided between tlie two sources. Prices are firm. 

 no marked weakness having appeared, and the outlook for the future Is 

 not bad. 



Factories making furniture, vehicles and Implements are buying hard- 

 wood stocks steadily although their orders are not very large. Aut.i 

 mobile factories are buying wide sizes of poplar. Since building oprra 

 tions are continuing active, the demand from yards Is Incrensing althoui 

 they do not want large stocks because of the opproach of the stock-takhiL- 

 perlod. Dry stocks are rather light and this Is believed to be one of Die 



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MANUFACTURERS 



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 Milwaukee, Wisconsin 



