RESULTS OF OUR FOREST POLICY 349 



admit that but for the new White Pine Association there would prob- 

 ably have been a lot of cutting that has not developed now.'"^ 



"Half a dozen operators control practically all the hemlock that 

 comes to this market, and from all the information I can gain the 

 present price is being maintained, with no prospect of a break. The 

 present of $17 will not be lower this season, in the opinion of those 

 most interested. In fact, holders of hemlock state with confidence 

 that they have the situation fully in hand."^* 



Regarding the cypress market, some of the following quotations 

 from the lumber journals are significant of the situation in 1901 : 



"Prices are up to the full list, the cypress representatives here 

 stating that not a foot is being sold under the agreed prices." 



"Prices are unchanged and they will remain so for some time to 

 come. Full list is ruling absolutely." 



"Prices remain steady and the list goes in this territory at least." 



"Every order is placed at full list prices." 



"List is rigidly maintained." 



"Prices are at list, as they have been all this season." 



"The advance made two weeks ago is being obtained in all in- 

 stances." 



"Cypress is selling at full list and the firmness of the market is not 

 questioned in any quarter." 



"Prices are being maintained everywhere with the most scrupulous 

 fidelity to the list." 



Such a situation as this has been very common in the cypress 

 market, although in times of depression and slack demand, as, for 

 instance, in the latter part of 1907 and in 1908, there was plenty of 

 evidence that the cypress list was not strictly maintained. 



Much of this evidence must be discounted heavily. Trade journals 

 and officials in the lumber associations are often enthusiastic pro- 

 moters of cooperative activity, and are prone to exaggerate its effec- 

 tiveness. Many lumbermen were doubtless themselves mistaken as to 

 the effect of their price activities. Even with due allowance for exag- 

 geration, however, the evidence presented clearly indicates that price 

 lists have sometimes had an influence. It is probably in a falling 



33 Am. Lumberman, Apr. 9, 1904, 57. 



34 N. Y. Lumber Trade Journal, Jan. 1, 1904, 9. 



