“In writing paper I should estimate that 95 per cent is sold through the jobbers. In book paper I should say not over 33½ per cent is sold through jobbers. In news paper probably not over 10 per cent is sold through jobbers. In wrapping paper I should say about 95 per cent is sold through jobbers. In box boards probably not over 25 per cent is sold by jobbers. Tissue paper, perhaps 25 per cent is sold through jobbers. (The balance is sold direct to manufacturers who re-manufacture it, like toilet paper manufacturers).” The indications therefore are, that the very large consumers of printing papers buy direct from the mills, as do many of the large manufacturers of commodities composed largely of paper. The printers who in the aggregate consume large quantities of writing, catalog, and miscellaneous printing paper, but whose orders are composed principally of many small items, buy almost wholly from the paper jobbers. In localities far removed from the Mills, the jobber very naturally occupies a more conspicuous position than elsewhere, and his superior facilities for handling the business make him a stronger factor than in the markets adjacent to the mills, and enable him to handle much of the largest business to advantage. In the _New England Letter_ issued in January, 1913, by the First National Bank of Boston, the following interesting statement was made in regard to paper. “The Paper trade is essentially a hand-to-mouth trade in all branches except the news print department. In general, purchases are made only as required, and fluctuations in price effect but slightly the demand. In short, an analysis of the production of the Paper Mills of the country, taking into consideration stocks on hand, is specially significant as an index of current trade conditions. The situation is shown by the following table which gives an idea of the paper output, the stocks on hand, and the number of days’ supply available for November, 1912. _Output and Stocks for November, 1912, of American Paper (in tons)_