Abnormal Business Conditions in 1919 ial 
260 260 
250 250 
240 240 
230 230 
220 220 
210 210 
4 IN EASTERN MARKETS 200 
aaa COMPUTED ON THE GOLD BASIS 
190 
Note 1920 figures are for first 3 months only 190 
WHOLESALE PRICES-WHITE PINE 
13ST QUALITY —/ INCH 
LESALE PRICES 
MAPLE 
13ST QUALITY - 1 INCH 
WHOLESALE PRICES = 
SPRUCE AVERAGE PRICE 
IST QUALITY -—1 INCH OF LUMBER r 
1840 1845 1850 1855 1860 1865 1870 1875 1880 1865 1690 1895 1900 1905 1910 195 1920 
The rocketing price of white pine and other essential woods in 1920 is a 
landmark in the forest economics of America. On account of the short- 
age of houses it resulted in misery for millions of Americans. An ample 
and well distributed supply of lumber was needed as never before. 
Should we restore the forests or idly await another catastrophe? 
