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Copyright. Tiii: IlARDvvnon (_o.\l^•A^^, i q.> i 



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 



Edwin W. Meeker, Vice Pres. and Editor 

 H. F. Ake, Secretary-Treasurer 



Seventh Floor Ellsworth Building 

 537 So. Dearborn St.. CHICAGO 

 Telephone : Harrison -8087 



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Vol. L 



CHICAGO, FEBRUARY 25, 1921 



No. 9 



(SEW Y»KK 

 SOT.-VNICAL 



Review and Outlook 



General Market Conditions 



ADMITTEDLY THE CURRENT DEPRESSION is a state of miua. 

 The public stopped buying, and now the publie lias ri'achei .i 

 point where it stands awestruck at its own liaudiwork. Just as tlie 

 psychological factor brought the abrupt swing downwards, so it is 

 now necessary to change the country over to give the average man 

 assurance that there is really nothing of which to be afraid, for the 

 average man is wary after his experiences of the past few years, 

 and his confidence will be won back only by gradual processes and 

 assurances that can be made to stick. Being convinced that the 

 resumption of good business is strictly dependent upon improved 

 confidence, Hardwood Recced believes that the purpose of this 

 department will be best served by giving specific citations of 

 evidence that the long pull upward has actually begun. This 

 issue, therefore, will be devoted to such opinions and scattered 

 liappenings as will bear out our contention. 



Hardwood Record firmly believes that the first tinge of light 

 coming before the new sunrise is beginning to show. Evidences 

 supporting this statement are as yet almost intangible, but reports 

 of improvement and specific instances of more inquiries and more 

 sales are so widespread that they can not be overlooked. This 

 observation of improvement is based on many evidences, including 

 a careful analysis of all printed and verbal statements bearing on 

 conditions; on our own observations and discussions with members 

 uf the industry in various parts of the country, and on the reported 

 analyses of market conditions coming from our responsible corre- 

 spondent in all the big lumber centers of the country. 



As the purpose of this market report is to give as many specific 

 facts as possible supporting our contention that evidences of 

 slightly improved business are now so general as to prove their 

 bona fide character, it is our conception that an assembling of 

 statements coming from those correspondents will be of exceptional 

 value. AVe take pleasure, therefore, in giving these reports just as 

 they have come to us. It must be borne in mind that our corre- 

 spondents are all carefully picked for their experience and contact 

 with lumbermen and the only instructions they have are to report 

 conditions just as truthfully as it is possible for them to get them. 

 The significance of these statements is that the returning evidence 

 of slight optimism has been simultaneous from all parts of the 

 country. 



Boston is the first market coming to our attention, which states 

 that the trade is a little better than it was and a better feeling 

 prevails on the part of some. Continuing, the Boston correspondent 



says: "Of the improved demand noted in this market probably 

 a good third is from the furniture people, as an analysis of daily 

 orders received from a few firms the past fortnight shows." 



Indianapolis is even more definite in his statement about return- 

 ing confidence. We quote from the Indianapolis report as follows: 



Slowl.v, but surely, the denianH for harihvooil is increasing both in 

 Indianapolis anil throughout the central district of Indiana. Dealers and 

 distributors say the number of inquiries that have been received during 

 the past few weeks has lead to an increased demand and the continuance 

 of these inquiries leads the trade to believe that when spring opens there 

 will be a good demand. Stocks for the most part are low, dealers tailing 

 to buy. The general tendency appears to be to pay more attention to the 

 balancing of the stock than to the quantities on hand. Dealers say the 

 improved transportation situation, together with the increase of supply 

 over demand at the mills, has made it possible to buy when stocks are 

 needed and speculation is not necessary. Inchistrics report an increased 

 number of inquiries for their products and they are increasing slightly the 

 amount of production. The automobile body plants here are expecting to 

 resume operations during the next month, if not on the same scale as 

 formerly, at least nearly so. 



From the Evansville district comes the encouraging statement 

 that fewer men are now out of employment than a month or two 

 ago, and that the furniture manufacturers believe things to be 

 looking up, and that the furniture show they will hold in April 

 will be of great benefit. The box factories, too, are doing a little 

 better business. In fact, most of the wood-consuming factories in 

 that territory are running on better time, and while but few are run- 

 ning at full capacity, they are making much better time than they 

 were in December. 



From a staff correspondent representing the great southern pro- 

 ducing territory, the word is not generally optimistic, but he does 

 make the definite statement that some business is passing and 

 inquiries are becoming rather more general and that is specifically 

 Hardwood Record's contention. One large manufacturer in that 

 territorj' states that he has seen a definitely improved demand for 

 interior trim and finish and further states that inquiries in general 

 are more extensive in character than heretofore, indicating that 

 some of the larger consuming interests regard the market as strong 

 enough to justify their taking on requirements for some time. 



Report from the Columbus market is specific and to the point. 

 Our correspondent 's observation of actual conditions in that district 

 can be summed up in the following excerpt from his report: 



There is more strength and activity displayed in the hardwood trade 

 in central Ohio territory during the past fortnight. This is shown by a 

 large increase in the number of inquiries which have been receivei' both 

 from retailers and manufacturing concerns. .V distinct improvement in 

 the tone is reported and it is believed that the worst of the slump is over. 

 Optimism is taking the place of pessimism and it is thought that the 



