HARDWOOD RECORD 



53 



ers' statemcDts of prospects. Quite a little lumber has been placed locally 

 during the last couple of weeks, and it is gratifying to note that several 

 companies have landed business with some of the railroads. 



Local concerns in common with others are endeavoring to contract for 

 stocks for 191.'), which is a reasonably sure evidence that they anticipate 

 much stronger prices after the first of the year. Of course the inventory 

 season is holding up the placing of orders for the most part and will 

 continue to do so to a very considerable extent. 



The building situation is not especially gratifying, but with the easing 

 of the money market there is much more interest in building investment 

 than there has been, this being In common with improvement in financial 

 investment in many other lines. 



Already there are a few orders being placed at more favorable prices, 

 although this condition is not at all general. However, on the whole the 

 local trade is rather pleased with the situation, especially with the pros- 

 pects for 1915. 



V E 



-< NEW YORK >= 



There has been nothing more startling than a further reduction in 

 price on some hardwood items to feature the local market since last 

 writing. There had been a deal of optimistic talk and even some cases 

 of increased demand and every one was making the statement that prices 

 had reached rock bottom and due to advance. But now we find that 

 some dealers continue to use the knife and have evidently forgotten the 

 element of profit in the conduct of their business. Plain oak has come 

 In for the greatest cut, some recent quotations being .$2 and $3 below 

 those of two weeks ago. Maple and beech have also shown some reduc- 

 tions. Current demand is unsteady and there appears to be no difliculty 

 in securing all the stock called for by present needs. The immediate 

 outlook is not for any great amount of buying, though many are freely 

 predicting a return to prosperity with early spring. 



=■< BUFFALO y 



E E 



New business Is slow to develop at the hardwood yards, and aside from 

 occasional special orders there is not much change from the dullness of 

 a month ago. Some wholesalers say their trade is less active than a 

 month ago and it is the exception to find a yard that has any greater 

 amount of business than several weeks ago. General improvement is ex- 

 pected to start a little after the new year. 



No improvement has occurred in the building situation, and the banks 

 are still loaning money under restrictions. As soon as this policy is' 

 changed, it is likely that Buffalo wll have a good run of building work, 

 as everybody in the real estate business seems to think that it is only 

 a matter of a short time before construction work starts up actively. 

 Large projects are being kept in abeyance and the total permits show a 

 less cost than usual for this city. 



Oak and maple are the chief woods in demand and prices are some- 

 what depressed, owing to competition, but not much decline has lately 

 occurred. Thick stock is particularly wanted. Poplar has not shown up 

 well lately in amount of sales. Quartered oak is one of the firmest woods 

 in the market, though it is not selling actively at present. A pretty 

 tair demand exists for cypress for finish and for tank building. 



•< PHILADELPHIA > 



Although there has been no significant change in the hardwood trading 

 from a fortnight ago, a strongly rooted optimism prevails as to the out- 

 look for a magnified advance at the opening of the new year. Inquiries 

 have been somewhat more liberal resulting in a considerable number of 

 desirable orders for immediate shipment. In some cases fair prices have 

 been obtained, but on the whole a restrained buying is noticeable in spite 

 of tempting offers. Mill stocks are gradually growing smaller and a 

 stiffening in some lines is reported, but such is not the case in the con- 

 suming market. Building work, although still below last year's figures, 

 has been of sufficient volume to keep up a fair activity in building lumber 

 and the supply industries. Box makers hold fairly busy and now that 

 numerous factories manufacturing textile goods, shoes and many other 

 products for the foreign market are booking larger orders, the box men 

 are beginning to see the silver lining to the dark cloud. 



In the hardwood market prices on the whole have been fairly steady ; 

 plain and quartered oak are leaders, with a fairly strong stand in values. 

 Most of the other woods in the better grades have shown no inclination 

 to move up. In the low grades, with the exception of those used in the 

 furniture trade, there has been a fair volume of trading and reasonably 

 fair prices. Owing to the depressed condition of trade an overplus 

 accumulation of stock in manufactured goods is noticeable in the furni- 

 ture factories. Investigation among the large department stores has 

 shown that the mouth of October, which is signalized (OT its enormous 

 volume of sales in large furniture, has fallen considerably behind the 

 usual month's total of sales, which has been a severe blow to the manu- 

 facturers. 



Although the money market is making matters a little easier, there is 

 still a large number of buyers who are obliged to ask assistance from 

 their creditors to carry them along nntil after the first of the year. But 

 notwithstanding these various impediments an unquenchable optimism 

 obtains, which tends to sustain the business man through what he con- 

 siders an ever lessening gap between bad and good business. 



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