HARDWOOD RECORD 



^ MatiJiWiWiTOiroiOTiiaMWiMt^ ^ 



The Hardwood Market 



=< CHICAGO >- 



Among the rather meager developments locally in the last couple of 

 weeks, tlie one most indicative is the motion adopted at the recent 

 meetins of the investment bankers of Chicaso who formally and deflnitely 

 decided that in place of general retrenchment and a halting policy, they 

 would adopt the policy of doing everything within their moans to 

 stinuilate business, and to foster an active return of more normal conditions 

 In all fields. This occurrence alone is of great significance as the invest- 

 ment bankers collectively are really behind practically every big pro.iect 

 which is of Importance to commercial and industrial Chicago. Consequently 

 with this attitude as to the oflScIal policy of the association, investment 

 Interests can look with allayed fear to the future. 



The lumber business itself is practically without a new developtnent 

 cither as to demand or price. What little change has been noted has been 

 rather favorable, there being sufliclent improvement in tlie tone of the 

 consuming factories to make it noticeable. 



Plans for building developments have been held up, to a considerable 

 degree, by caution of the banking interests, but a great deal of money will 

 go into construction at this time mainly because of the very condition to 

 which everyone is objecting, namely, lower prices for raw material. This 

 consideration would not seem on the face of it to be particularly momen- 

 tous, but there is unquestionably a great deal of construction work put 

 through in periods of dull times for that very reason. The importance 

 of this condition would be that a steady output will be maintained regard- 

 less of general circumstances. 



There is nothing very exciting in the line of increased business, large 

 orders or high prices, but on the other hand there are no developments 

 any more depressing than conditions which existed two weeks ago. It is 

 an extremely encouraging fact to contemplate that any change must 

 necessarily be for the better, and there really seems a distinct undercurrent 

 in this direction, v.-hich is already beginning to set in. When once sucli 

 change is started. It will gather momentum with astonishing rapidity. In 

 the meantime, Chicago lumbermen are to be congratulated on the sane 

 way in which they are facing the situation. 



=-< NEW YORK >-= 



The New York hardwood market is going along on a less than normal 

 basis and keen competition features most of the going business. Prices 

 are far from satisfaclory aud collections are very slow, all of which creates 

 au atmosphere of gloom. At wholesale some report a quickening in demand 

 and a good measure of inquiry, but these of course have a larger field 

 of activity. Prices are subject to some cutting but the range has been so 

 low for a long time that this feature is less talked about. 



--<, BUFFALO >•-- 



The hardwood trade has not improved to any extent during the past 

 two weeks aud there is still evidence of much hesitation among buy- 

 ers. Furniture and other woodworking concerns ordinarily taking a 

 pretty fair amount of stock at this time are curtailing their purchase^ 

 quite generally. A visitor to some of the furniture factories states that 

 he notes that tbeir show rooms contain a good deal smaller line than in 

 some years, and it is felt that it will not be profitable to carry large 

 stocks uutil business in general improves. 



Prices are affected considerably and competition is such that an even 

 larger amount of shopping around than usual is being done by buyers, 

 even though their wants may be small. Maple is said to be holding up 

 as well as anything. Some weakness lias been manifest in plain oak, 

 but wholesalers say that it is a little firmer now than it was several 

 weeks ago. The flooring trade is reported fair, but scarcely up to the 

 average ye.ir. Business is running largely to the cheaper sorts of flooring. 



•< PHILADELPHIA >■ 



There have been no unlooked for developments in the hardwood situa- 

 tion during the last fortnight — a slight shading here and there, perbaps, 

 but not of sufficient importance to affect the market. The stocks are ap- 

 parently in safe hands and there is evidently no inclination to force the 

 market at this time. Wholesale consumers are in the market only for 

 special requirements and for mixed car lots, and stock buying for obvious 

 reasons is delayed. The leading railroads have decided not to attempt 

 any new extension or construction work during the next year, conse- 

 quently the effect on the volume of lumber moving will be considerable. 

 All contracts closed and those under way will be carried out, for which 

 inquiries as to stocks and prices have recently been placed on the boards 

 and some fair bookings have resulted. Seemingly it would be difficult 

 to locate an optimist with so many depressing conditions arising from 

 the foreign upheaval to face, but it is surprising to note the strong 



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