44 



HAKDWOOD RECOKU 



AuKusl lU, I'Jl.' 



FARRIS HARDWOOD LUMBER CO. 



Muiufacturar* Band-aawa 



SOUTHERN HARDWOODS 



NASHVILLE. TENN. 



DUGAN LUMBER CO. 



rod sSp";;;' Hardwood Lumber 



MEMPHIS TENNESSEE 



Mutual Fire Insurance 



Best Indemnity at Lowett Net Cott 

 Can B« Obtained From 



Boston, Mass. 



The Lumber Mutual Fire Insurance Company, 



The Lumbermen's Mutual Insurance Company, 



Mansfield, Ohio. 



The Pennsylvania Lumbermen's Mutual Fire Insurance Company, 



Philadelphia, Pa. 



The Indiana Lumbermen's Mutual Insurance Company, 



Indianapolis, Ind. 



The Central Manufacturers' Mutual Insurance Company, 



Van Wert, Ohio 



"The only time I ever lost money 

 on a timber investment was when 

 I did not make the investment," 

 said a lumberman who owned bil - 

 lions of feet of choice stumpage. 



An excellent way for you to lose money is 

 not to buy timber NOW. 



A few choice tracts of timber of excellent 

 quality, blocked up by men who expected to 

 cut it themselves, are on the market. 



There are not many of them, but the offer- 

 ings are sufficiently attractive to make inves- 

 tigation worth while. 



Write us about ^our needs 



James D. Lacey CB, Co 



Timber Land Factors 



CHICAGO, ILL.. 1750 McCormlck Building. 

 PORTLAND, ORE.. 1313 Northwestern Bank BuUdmr. 

 SEATTLE, WASH., 1009 White Bnilding. 



Kb ).|;:iiih' ani'c i>.v tlicniHclviK, Imt liii|iortniit 

 ThUH, <•!>•' hiinlwniHl iniiii, who linK Imtii roni- 



h.ivliiB lieon iillii«.-.l I., niu vi i i..« wliMo the Bintc of nncprtnlnt.v |>ri<- 

 \:ill.il. and tlii'lr ni'i><lH iin- uo» . ..niHimii'llnKly nuKiiuiitiil. ."^o fur tlio 

 ■ TioliKlonK linvo iniulf no lipndwii^. Imt il ••■in mil l>" i-iild Ihiil n rco-Biilon 

 h:m tiikiii pliico. Ilio K>'ii<Tiil rni.i. ■! ;• !■ • ■ 1.. Iliu- nilli.T llniiiT tlinii Ix-- 

 fiirc, nud the sellers arc oble In inrmv liiMuii.'S lu oblnln tlielr IlKUrcN. 

 lor thill ninttcr. It hiiH not Ihiii m (|iii-Htliiii lit iiii.v time so miirh of 

 -I'tUnif adequate returns ni of UikIIiii,' inkers for lumber. A bu.vcr who 

 i.ully wnntitl some lumber was nlvviiyn wlllltiu' t" I'liy n fnir llKure. Tbnt 



I lip Ileitis of the huyera are Wori' liiii lime and positive Ih liidlrnted by 



1 Ircuiiislniiies wlllnnit mucl 

 enoiicb In the iiKurei^nte 

 liellitl. Iifiiiusi' of (xceptlonnl eoiidltlniK lo •itop sollcltiiiK <iriler» nlmiint 

 entirely, lins kept Bolus iilmost n« well ns lie did before solely Uirough 

 orderK tliat have come in the malls on the slrenctb of eHtiilillHhed relations 

 .iiid without addllloiial effort. This speaks well for the Inherent stn-DKth 

 <i( the tinde ns far as tbc BCllliiR end Is ronrerned. The mlllmcn ali>o 

 L.it n hiriier nuuilier of Inquiries, and except In cases where special loU 

 ■ •n band for sonn- lime are to be moved, and an oxcepllonnl price Is made 

 !.i move them, and the values realized are eneouraslni;. This applies lo 

 chestnut and poplar as well as to oak and otberMvoods, poplar In partleii- 

 lar hnvinc shown very uratlfylni; recuperative power <if late. 



Kxportcrs advise caution In the mailer of making shipmenls. The 

 foreicn business Is surrounded wllii so many lillllciiltles that complication* 

 almost naturally occur, and tlic experienced shipper In these days does not 

 count his prollts until he has the money actually in hand. There are so 

 mduy possibilities which may upset rnleulatlons that It Is, never safe to- 

 Ugure In advance what a Khlpmeiit will net. the lumbermen being In the 

 position of the Kraln i?Ki)orters. who get their money before the sialn 

 actually leaves the UnlUnl States. Heports are also belnc rccelvi?d that 

 stocks on the other side have shown a tendenoy to Increase, the forward- 

 ings havlns beeu heavier than the refiuiremenlsi abroad. This, It Is said, 

 has resulted In .some additions In the supplies and tended to an easinf; off 

 in the quotations. On the other hand, infonnailon Is available of exten- 

 sive shipments made and of a receptive foreign market, which Is kept from 

 sassing by the prevailing scarcity of ocean tohnage. In the main the- 

 loreign situation may he reearded as promlsinc. 



=-< COLUMBUS >- 



The hardwood market in Coluinlms and central Ohio has been fairly 

 active during the past fortnight. Buying on the part of retailers Is by 

 far the best feature of the market. Some buying Is being done by fac- 

 tories making furniture and vehicles, but the large bulk is with thc- 

 ictail trade. The tone of the market is fairly good from every stand- 

 point and prospects for the future are believed to be good. 



Stocks in the hands of retailers are not very large. Building opera- 

 tions arc still fairly active and that requires retailers to enter the 

 market to replenish their stocks. There is no disposition to accumulate 

 stocks at this lime because of the rather unsettled condition of the 

 market. Shipments are coming nut promptly from all sections. Trices 

 are generally well maintained at the levels svhich have prevailed for 

 some time. Reports sliow there is some cutting to force trade where 

 stocks have accumulated, but this is not sufflclent to demoralize the 

 market. The volume of business is fair. 



Dry stocks in the bands of mill owners are not very large and this Is 

 taken as an indication that prices will not decline at this time. Manu- 

 facturers arc not pushing production very actively now, as they are eon- 

 tent to play a waiting game. 



Both quartered and plain oak are in fair demand and prices are un- 

 changed. Chestnut. Is one of the strongest points In the market. I'oplar 

 is still rather active and the demand for the lower grades ,is especially 

 good. .Vsh and basswood are in good demand and other hardwoods are 

 unchanged. 



.•< TOLEDO y- 



The hardwood situation hero is fair. The caU for hardwoods from the 

 building trades is strong, as Toledo is running ahead of former years. 

 Home building Is very active and considerable hardwoods are used in the 

 modern houses. There arc also a number of due school buildings where 

 considerable hardwoods arc bein;; used and much investment building is 

 now in progress. Automobile factories are splendid customers while furni- 

 ture factories are running about as usual for this season of the year. 

 This applies to other vehicle concerns also. Kallroads are not buying much 

 but for all that are much more active than they have been. Prices are 

 not holding specially firm, the law of supply and demand holding sway. 

 Maple and elm are in strongest demand just now. 



< INDIANAPOLIS > 



Except for a few more inqulri. s, which may develop some business a 

 little later on, there is nothing new in the local hardwood situation. The 

 demand is approximately the same as it has been for several weeks and 

 there has been no marked change in prices. 



Greatly reduced activity In building operations continues to seriously 

 affect the demand for hardwoods for interior trim, while concerns using 

 liardwoods in manufacturing are not seeing the improvement in trade they 

 had expected. 



Walnut continues In strong demand and there is much difficulty in. 



