Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-01-16

D
of expansion and extravaganza, was
rapidly increased far beyond the real
necessities of its consumers, and just
here a lesson is pointed out that should
be carefully needed, and the effect Of
over production bc avoided in the fu.
ture. 1t will be remembered that the
financial crisis commenced in Septem-
ber, 1873, some time before operations
commenced in the woods for the CON-
ing season, and had our own people
then fully appreciated the true state OF
affairs, and curtailed their operations
as they have since done, much of the
disaster that followed would have been
averted, and the ruinous decline would
have been checked as soon as il reach.
ed reasonable basis under the chang
ed condition Of commercial affairs.
There was no leading branch Of indus
try in so favorable q condition TO sus.
pend portion of its production than
the numbering business, at that time.
lis operators had sustained no losses,
and with no other capital invested than
the cost of their land, or the value oi
the stumpage; with no costly build.
ings, machinery or improvements that
we're better running at loss, than
rusting or rotting in idleness.
Until the Spring OF 1874, eight
months after the crisis set in there
was no over stock on the market, and
prices opened and were maintained at
but slight decline from the previous
Spring, until about two-thirds of the
stock of square timber was disposed of.
The market then came to stand still,
mill.men refusing to make further pur-
chases; owners and dealers were com
PEELED to carry over the balance of uh.
sold stock, and from that point com
menced the decline and losses of the
producer dealer and manufacturer. 1t
is now obvious that had the stock for
1874 been cut down, our lumbermen
would have realized fair prices for all
the stock taken down that year, and
been saved from the loss of many thou.
sands of dollars on the stock carried
over, as well as saving the eastern buy
ers and mill.men from the great loss
sustained by them in cutting out their
stocks on & rapidly declining market,
and prices for subsequent stocks would
have furnished somo reward instead of
the constant and steady decline in
prices that followed, and are now 80
low as TO scarcely pay the labor en-
gagged in preparing and taking it into
market, and would have insured sales
on better payments and less doubtful
paper.
Owing to the conservative policy of
many of the large operators in dimin.
isbing production, together with lack
of ircshets 10 run considerable por.
ton of the timber RATED last season,
the eastern dealers and miI.men have
worked off the greater portion of the
old stock, leaving the market compar.
atively bare SO far as Susquehanna tim.
Der is concerned, and were it not for
the yellow pine produced along the
south Atlantic coast, that has been
flooding the markets of the North,
seeking at ruinously low prices I'm out.
let for ITS surplus stock, large quanti-
ties OF which had before been consum-
cd in the South American States, there
might be some reasonable prospect of
an Improvement in the white pine
trade.
If the policy Of light stocks should
be persisted in a year or two longer,
thcrc can be no question but that it
will result in speedy return Of better
prices. While there has been no ma
terial advance in the price of sawed
lumber, or bill stuff, yet, it is the opin.
ion of experienced operators that the
bottom has been touched, and q
healthier trade is in store, should prop.
er prudence and caution be exercised.
But our people should not be misled
into the idea OF realizing increased
prices for the present, particularly
with an increased stock for while il
is true the market il somewhat relicv-
ed Of its surplus, yet, it's limits have
been wonderfully contracted during
the last few years.
The necessities of the people all over
the country have driven them to the
most rigid economy, and improvements
both public and private, are almost en-.
tircly suspended. Purchases are on.
ly made from actual necessity, and the
competition among buyers has almos,
entirely ceased.
From Lock Haven to Harrisburg
out Of eighteen bill mills running foul
years ago, only six are now left in tn,
trade, and we believe among formel
customers east Of Port Deposit, th,
proportion is even greater 30 tha
more than two.thirds Of our old Gus
toners have either suspended or gon,
out Of the business, together with th,
fact that while there have bc,n som,
slight indications Of revival in busi
ness, yet, no other great staple ha
given any evidence Of advancing prices
nor can be expected, with confidence
lstill unrestored and rotten and dishon