TIMBER DEPLETION, PRICES, EXPORTS, AND OWNERSHIP. 



45 



The result was that hardwood lumber was bid up to unprece- 

 dented prices. The market became extremely erratic and un- 

 stable. Several species such as ash practically disappeared 

 from the market. Quotations often did not hold good over- 

 night. It was not uncommon for cars of hardwood lumber to 

 net the owners profits of $50 to $100 and over per 1,000 feet. 

 As an example, a jobber who had bought a car of quarter-sawed 

 oak from a small mill operator for less than $100 per thou- 

 sand Immediately sold it for $400 per 1,000 feet. 



Wholesale and retail prices in 1920 of a number of the more 

 important hardwoods in relation to prices prevailing in previous 

 years are shown in Table 12. The growing scarcity and high 

 prices of oak are probably of greatest concern, because it is 

 used by such a great variety of industries and consumers. 

 The cut of oak reached its peak with the decade between 1899 

 and 1909. For the two years mentioned the cut was identical 

 and amounted to nearly 4i billion feet. Since 1909 there has 

 been a general falling off in production, and in 1917 the cut 

 had dropped to a total of 2 billion and was only 44 per cent 

 of the cut in 1909. 



The lower Mississippi Valley holds the last large reserves of 

 oak timber in the United States. The cut in these States de- 

 creased from about 715 million feet in 1909 to about 470 million 

 feet in 1917. In 1913 the wholesale price of F A S quartered 

 white oak, used generally by the furniture and musical instru- 

 ment manufacturers, was about $80 per thousand. In February, 

 1920, it had risen to about $300, and was difficult to procure at 

 that price. To manufacture quartered oak first quality, large 

 sized, straight-grained logs are required, which are obtained only 

 from old growth or virgin timber. Quality depletion of timber 

 is important in this case. 



TABLE 12. Wholesale and retail prices of hardwood lumber at 

 various points throughout the United States. 



WHOLESALE PRICES (DOLLARS PER 1,000 FEET). 



i February, 1915. 



> February, 1913. 



TABLE 12. Wholesale and retail prices of hardwood lumber at 

 various points throughout the United States Continued. 



RETAIL PRICES (DOLLARS PER 1,000 FEET). 



i February, 1913. 



Red gum, which 20 years ago was considered a weed tree 

 and little cut for lumber, commands a wholesale price of $200 

 per thousand for F A S figured and $180 for FAS plain. 

 Plain oak flooring in 1913 in Ohio cities retailed for about $75 

 per 1,000 feet. In March, 1920, the same material brought 

 $300 per 1,000 feet. White ash trim F A S in 1913 retailed 

 for $72 per 1,000 feet To-day it is very difficult to procure 

 and quotations are not generally available; however, sales 

 have been made at $265 and over per 1,000 feet. Maple floor- 

 ing in 1913 retailed for $60 and in March, 1920, for $240. 

 Yellow poplar F A S in 1913 retailed for $70 and in February, 

 1920, for $225. 



Wholesale prices for hardwoods in the eastern markets are 

 therefore characterized by more continuously rising prices and 

 much less pronounced price levels than for softwoods. This is 

 the logical result of the distribution of hardwoods, the larger 

 bodies of which merge into each other and are less distinct than 

 the principal softwood regions. The center of hardwood produc- 

 tion has therefore moved gradually away from the center of con- 

 sumption. The $10 wholesale price for first quality white oak 

 of 1855 had, by the early months of 1920, reached $230, and the 

 prices of other species had increased proportionately. Without 

 minimizing other factors that have affected prices, the effect of 

 depletion is not less clear or pronounced than in the case of the 

 softwoods. 



PLENTIFUL AND DEPLETED SPECIES. 



The foregoing increases illustrate the effect of growing 

 scarcity and regional forest exhaustion upon the price move- 

 ments of species of general and special use. This is further 

 brought out graphically in figure 16, which shows the price 

 trend of walnut, a species of limited quantity and special use, 



