20 



HARDWOOD RECORD 



that there are forty-three furniture factories in Grand Rapids, 

 Mich., employing ]5,000 skilled workmen, producing more furniture 

 than any other city in the world. 



As a matter of fact, there are more than one hundred furniture 

 factories in Chicago which employ more than 50,000 operators, and 

 make approximately $30,000,000 worth of furniture annually, as 

 against an annual production in Grand Rapids of a little more tliau 

 l|i7,000,000. Chicago is the chief furniture manufacturing city in the 

 world; Grand Rapids stands second in the list, and is a good deal of 

 a furniture-producing center at that. 



English Hardwood Market for 1909 



In b-pite of the revival of trade during the past few montlis, last 

 year will be remembered as very disappointing to hardwood inter- 

 ests. Conditions in the general building trades have improved but 

 little, and the same can be said of cabinet industries. The builders 

 of ships and rolling-stock have done a limited and slow business 

 during the year. 



Particularly noticeable in the 

 mahogany business was the lim- 

 ited import trade, which is con- 

 sidered to be the lightest in the 

 last twelve years. This condi- 

 tion may be attributed to several 

 reasons, chief of which, per- 

 l\aps, is the fact that but poor 

 prices were realized for ship- 

 ments in the previous year. Also 

 the increase in American <le- 

 nmnd, togethej" with the insuf- 

 ficient water in many districts 

 of manufacture, which resulte<l 

 in the holding up of many logs, 

 are responsible to a smaller de- 

 gree. It resulted, therefore, that 

 the demand exceeded the supply. 



The beginning of the year 

 showed fairly firm prices, which 

 were maintained without any 

 very evident increase until fall, 

 when the limitation of the sup- 

 ply caused a gradual but steady 

 advance of prices in general. 

 This continued up to the end of 

 the year, when prices were list- 

 ed at fully 20 per cent higher 

 than the same period the year 

 before. The supply of Hon- 

 d u r a s mahogany showed a 

 marked decrease over the pro- 

 duction of the previous year, the import being reported as the small- 

 est on record since 1903. What material came in was not only of 

 poor quality, but was overstocked with small and crooked logs, which, 

 while readily adapted to the manufacture of cabinets, chairs and 

 other furniture, will only find a sufficient market when the rates are 

 low enough to compete with other varieties. 



On the contrary, the importation of Mexican wood was about 

 double that of 1908. The demand for logs of good quality was un- 

 fluctuating. Shipments on the whole, however, were rather below 

 the average as to grade. They were also below the usual size and 

 were poorly hewn. 



There was one specially heavy sMpment of Nicaraguan logs, at 

 London, which consisted of 2,815 round sticks. In keeping with the 

 other shipments, these logs were of poor growth, were usually 

 unshapely and crooked, and often badly split. The best of this 

 shipment was easily disposed of, but the poorer logs were still in 

 the hands of the brokers at the end of the year. 



The first shipments of Panama logs from the West Coast, in the 



last four years, were recently received in London. While of rather 

 unsound condition, these logs sold at a good figure. 



Two consignments of squared Columbian mahogany logs were 

 imported during the year. Owing to the badly weathered condition 

 in which tliey were received, only moderate prices were realized. The 

 second shipment, especially, contained logs of excellent dimensions, 

 and in good condition aside from the weathering referred to. 



The importation of Costa Biean wood showed practically no varia- 

 tions from that of the previous year. The logs were about the same 

 as to condition and manufacture, but were rather smaller in size 

 than the usual shipments. Tliere was no trouble in disposing of 

 the stock. 



The greatly increased American demand for Cuban mahogany 

 resulted in a large decrease in the Liverpool and London importa- 

 tions, the total figure being about one-third of that for 1908. The 

 beginning of the year showed a heavy stock on hand, which, together 

 with two cargoes arriving in the spring and autumn, have supplied 

 the market throughout the year. The market has been fairly steady, 



though there was a slight weak- 

 ening the beginning of summer. 

 This was soon reversed, however, 

 the steady advance continuing up 

 to the end of the year. The con- 

 sumption of Cuban wood has 

 been unusually steady, there being 

 a considerable increase in deliv- 

 ery over that of the last three 

 years. 



The year shows a large de- 

 crease in the supply of African 

 mahogany, there being only 

 about one-third as many logs 

 received as in 1908. The wood 

 was generally of indifferent char- 

 acter, a large percentage being 

 small, crooked, or unsound and 

 weathered logs. 



The demand for American wal- 

 nut logs has been uninterrupted 

 during the entire year. The sup- 

 ply, however, has been entirely 

 inadequate, and the small ship- 

 ments which arrived were usually 

 of inferior quality. The import 

 of lumber has, however, been 

 fair as to quantity, but the 

 waning interest in this wood has 

 already been productive of a de- 

 creased demand, and hence pro- 

 duction. Medium grades found 

 the strongest market, though the 

 trade in general was steady, and prices firm and unfluctuating, 

 except for culls. 



The demand for American quartered oak. in boards and in thick 

 stock, has been fairly good, though somewhat cheeked by the increase 

 in shippers' quotations. The supply was never excessive, and there- 

 fore the prices were maintained without any considerable fluctuation. 

 Omng to the increased price of quartered oak as well as to the 

 increased call from cabinet manufacturers, the demand for plain oak, 

 both red and white, has showed a decided increase. In spite of the 

 large consumption, however, there was an overabundance of low- 

 grade stock at times, with consequent unsteadiness of prices. The 

 upper grades, however, were never quite equal in quantity to the 

 demand, and ju-ices were always steady in that line. 



The Financial Situation 



The most singular phase of the financial situation in New York 

 is that although the banks are loaned up, loans exceed deposits, and 

 Wall Street has commenced to send gold abroad, interest rates remain 



