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HARDWOOD RECORD 



October 25. VrM 



The CHICAGO 



APPROVED PORTABLE 



Watchman's 

 Clock 



with its special Waltham movement, its lock 

 stations and its superior quality throughout, is 

 especially desirable for mtUs and factories and 

 for either in-door or out-door patrol. 



Write for booklet 



CHICAGO WATCHMAN'S CLOCK WORKS 



No. 9 Church Street. NEW YORK 

 1S26 So. Wabub Ave., CHICAGO 



FOR SALE 



Southern Hardwoods 



OAK, GUM, ASH, ELM, 

 MAPLE, CYPRESS, 

 HICKORY, POPLAR 



WRITE OR WIRE 



Jerome Hardwood Lumber Co. 



JEROME, ARKANSAS 



WE SHIP STRAIGHT OR MIXED CARS OF FLOOR- 

 ING. OAK, ASH, CYPRESS AND GUM LUMBER 



VESTAL LUMBER 

 & MFG. COMPANY 



INCORPORATED 



Soft Textured Oak 



Poplar 



Black Walnut 



Tenn. Red Cedar 



KNOXVILLE, TENNESSEE 



BAND MILLS AT VESTAL 



A SUBURB OF KNOXVILI.£ 



FONDE, KY. 



BUFFALO 



Tlio hardwodd tradi- show^ uo chauge from last mouth, with little lum- 

 ber moving and prices uncertain. Most all buyers are holding off for tht- 

 time being and their requirements are limited. Industrial business con- 

 tinues unsettled and, though a little improvement is looked for after the 

 ('lection, it is expected to be some time before normal conditions arise. 

 Local yards are reporting some cutting of prices by the mills, and in some 

 cases there seems to be much anxiety to sell. Local yards are not dis- 

 posed to Qut prices, feeling that it will be much wiser to await a better 

 market, which ought to be forthcoming before long. 



Buffalo is not being much set back by a slowing up in busim-ss, owing 

 to the diversified character of industries here, but in other places, where 

 the chief dependence is placed upon one or two lines of trade, there is 

 much curtailment of output and therefore of hardwood buying. The 

 automobile trade is not counted on to show much activity in the near 

 future, while furniture business is also said to be depressed. 



COLUMBUS 



The hardwood trade has been rather quiet and featureless during the 

 past fortnight. Trade is restricted to present needs and there is no dis- 

 position to buy for the future. This is true not only of retailers but also 

 of purchasing agents of factories. There is a feeling that prices will go 

 lower, and as a result prospective purchasers are still holding off. The 

 tone of the trade is not as good as formerly, as there is a rather wide range 

 to quotations. 



Retail stocks are not large in any section, according to reports received 

 from travelers. But buying is limited to present needs, as stocking for the 

 future is practically unknown. Some stocks are broken and orders to 

 replace these are the principal features. But buying on the part of yards 

 is the best feature, as factories are not buying to any extent. Box con- 

 cerns are the best, taking basswood and low grade poplar. Implement 

 and vehicle concerns are not in the market to any extent, and the same 

 is true of furniture factories. 



Shipments are coming out better, a.s railroad transportation has im- 

 proved. But certain complaints of car shortage are again heard, and the 

 situation is not as satisfactory as formerly. Dry stocks in the hands of 

 manufacturers are increasing and production at many of the mills has 

 been reduced as a consequence. 



Prices are irregular in many ways. A range of from $10 to $15 and 

 even more i.s apparent when the price question is canvassed. Plain and 

 quartered oak are both holding up fairly well. High grade poplar is 

 probably the strongest feature. Chestnut is quiet and the same is true 

 of basswnod. with the exception of the lower grades. 



BALTIMORE 



Conditions in the hardwood trade here are about as they have been of 

 late, with the trend of the quotations still downward, and with intending 

 purchasers naturally moved by the further easing off to hold back as long 

 as possible. No one is making purchases for possible or probable future 

 needs, transactions being deferred until the last moment in the expectation 

 that the market will go lower. It is precisely the uncertainty as to what 

 the trade will do that is the principal drawback to activity at this time, 

 a putting off of orders being always a development of a declining price. 

 Meanwhile, even though it is to be assumed that the consumption has also 

 been to some extent checked, it is a reasonable supposition that the stocks 

 in the hands of the consumers have been and are being steadily reduced, 

 so that the technical position of hardwoods has been actually improved, 

 despite the discouraging state of the business. Furthermore, account must 

 be taken of the fact that the sharp recessions which have taken place, have 

 prompted the mills to curtail production, so that any increase in the 

 demand will find stocks generally much smaller than they have been, 

 which makes a rebound in the list entirely possible. For the present, to be 

 sure, the hardwoods appear to be under more or less pressure, with the 

 sellers finding the tables turned on them, compared with some months ago, 

 especially last April, which was the high water mark of the boom. Those 

 who desire to dispose of stocks now are obliged to take about what the 

 buyer wants to give, whereas during the height of the rush to get lumber 

 it was a case of grabbing lumber at any figure which the seller might 

 happen to name. The readjustment that is taking place, naturally enough, 

 causes more or less apprehension, lest the process of deflation be unduly 

 accelerated or carried too far. The trade, however, until now seems to 

 have escaped real unsettlement and is relatively in good shape. One of 

 the most encouraging aspects of the situation is to be found in the com- 

 paratively small stocks everywhere encountered. There are no such 

 accumulations at the mills as would tend to make the task of these estab- 

 lishments in carrying such stocks too heavy to bear. To be sure, margins 

 of profit have been heavily scaled or they have disappeared entirely. But 

 the outlook is promising, and production costs are also being reduced, so 

 that there is a prospect of costs and returns being brought into a better 

 relation before long. The export business al.so, is very quiet, with the 

 foreign buyers manifesting few wants. But the foreign situation, like- 

 wise, is thus undergoing improvement, and the ground is being prepared 

 lor a revival. 



