HARDWOOD RECORD 



43 



The merging of the Bethlehem Steel Corpora- 

 tion and its allied concerna, with the Harlan & 

 Holllngsworth Company, ship and car builders, of 

 Wilmington. Del., for the purpose of carrying 

 en extensively the building of steel passenger 

 and freight cars in the latter city, and which 

 means increased investments and the enlarging 

 of plant and capacity is an indication unmis- 

 takable of a return of confidence in financial con- 

 ditions. Stocks at yards and first hands are 

 none too hcav.v, with the exception of common 

 grades and culls, and there is prospect of an 

 early diminution of the latter, now that there 

 is considerable buying of this material by box 

 makers. Upper grades of all hardwoods main- 

 tain good prices, with a tendency to rise higher, 

 as inquiries are rapidly increasing and some 

 really good sales are being consummated. The 

 prophecy of a car shortage, from reports com- 

 ing in, bids fair to become a verity, and those 

 who have not forgotten past struggles with this 

 barrier to trade are quietly replenishing their 

 stocks. The furniture factories are waking up 

 and huyins has begun all along the line. Tak- 

 ing an all around view of things the prospect for 

 good business is more flattering than for a long 

 time back. 



PITTSBURO 



To 



up the exact shade ut Improvement 

 ia the I'ittsburg lumber market, from week to 

 week, is a very difficult proposition this summer. 

 The flurry of enthusiasm that overtook local 

 wholesalers early in July subsided very quickly, 

 and It must be admitted that the gain in busi- 

 ness has not been so marked as dealers hoped 

 for at that time. This week reports in general 

 show that things are in a very quiet state. 

 Considerable buying of stock orders is being 

 done, but the orders are all small and there 

 is no disposition to engage In a general buying 

 movement. 



The demand from the yards in this imme- 

 diate vicinity is small and mixed carload lots 

 have the preference in the business. Very little 

 can be said as to the Improvement in the de- 

 mand for building lumber in any district which 

 is supplied from the Pittsburg market. Except- 

 ing the coal mining operations and railroad and 

 trolley projects, there is nothing to excite any 

 particular degree of buying Interest. Building 

 projects in the city are looking better, especially 

 in a prospective way, hut they are not going 

 to ripen soon enough to do the lumber business 

 very much good before late in the fall. Three 

 examples of this are to be seen just now, namely : 

 the letting of the contracts for the 2.5-story 

 Oliver skyscraper and the 12-story May building 

 and the taking of bids for the 25-story KIrst 

 National Bank building. These projects and 

 others of less importance are bound to bring 

 about a good demand for hardwoods a lev/ 

 months later, but for the present they will do 

 nothing to relieve the stagnant condition of the 

 market. Prices of hardwoods are stationary, 

 with stocks not accumulating to any great ex- 

 tent. White oak and poplar are the two excep- 

 tions to. the general rule. 



White oak Is In good demand. In fact, the 

 best grades are scarce enough to warrant whole- 

 salers in asking prices a little above list. Pop- 

 lar is keeping the same steady gait in quota- 

 tions which it has held for more than a year 

 and there Is little prospect for any weakening 

 In demand or prices. The minor hardwoods, 

 which are used extensively by the factory trades, 

 are selling fairly well, but not in sufficient quan- 

 tities to push up the market price. Country 

 mills In general are running except In cases 

 where scarcity of water has stopped their opera- 

 tions. 



I BOSTON -^-^— 



is that the recovery from the dull period is not 

 as rapid as it was thought it would be. Many 

 anticipated a good demand by the first of Sep- 

 tember, but they realize now that the date of 

 renewed activity is still several weeks off at 

 least. Boston dealers about all agree that there 

 is a stealy gain in business. Inquiries are much 

 more numerous and for larger lots, but actual 

 purchases are still confined chiefly to immediate 

 wants. More activity is reported from manu- 

 facturers of furniture. The latter have booked 

 good orders and are reported as running their 

 plants with a larger force and more hours a 

 week. Most of the veneer manufacturing plants 

 are running. Dealers report a fair demand, but 

 state it is uneven. Business for a few days will 

 resemble old times, only to be followed by a 

 qui.^t period again. 



Prices are gradually hardening a little. Low 

 grades are still easy and buyers can place orders 

 for large or small lots at low prices, but the 

 better grades are well held and in some Instances 

 at higher prices. The call for quartered oak is 

 fair. Some dealers are holding 1-inch ones and 

 twos at higher prices than others and can 

 make sales. We have heard of sales from $80 

 to $S5. Business at the top figure has not been 

 large. The call for plain oak is not brisk, but 

 prices have stiffened on good stock. Offerings of 

 chestnut in this market are fairly large and a 

 few shippers are anxious to sell and have named 

 low prices. This does not appear to induce free 

 buying, however. Ash Is well held for the most 

 part. Hickory is in good call, with stocks small. 

 There is very little change in whitewood, cypress 

 or North Carolina pine, although some manufac- 

 turers are holding for better prices. 



MEMPHIS 



Crop conditions in iije Alempuis territory are 

 magnificent. The outlook is for the best cotton 

 crop in the Memphis district in recent years. 

 .\ll advices also indicate that the yield of corn 

 will be above the average. With the splendid 

 crop prospects the South should be exception- 

 ally prosperous during the coming season, and 

 about the only thing that can prevent this is 

 a very low price for cotton. Banking Interests 

 in the city take a most cheerful view of the 

 financial outlook as a result of the bright pros- 

 pects, and there Is an optimistic feeling in all 

 quarters on this account. Lumbermen arc also 

 pleased with this development, which means 

 prosperity among the agricultural element and 

 which increases greatly the buying power in 

 lumber, but more particularly in the predicts 

 made therefrom. 



I*roduction of hardwood lumber continues on 

 a most limited scale and (here is no prospect 

 for any decided change in this respect soon, 

 ilost manufacturers are disposed to remain close 

 to shore and are running only on partial time 

 at best. It is probable that not more than 25 

 per cent of the productive capacity of the Mem- 

 phis territory is engaged at present. Now and 

 then a company begins getting out timber lu 

 the belief that trade conditions are improving 

 enough to justify such action, but such is the 

 exception which proves the rule of inactivity 

 along this line. The statement is made on the 

 most conservative authority that the amount of 

 lodging in progress In the Memphis territory is 

 the smallest In ten years at this period. Manu- 

 facturers appear to he a great deal more inter- 

 ested In disposing of the stock they now have 

 on hand than In putting more lumber on sticks. 

 Furthermore, they believe that standing timber 

 is worth more to them in the woods than It is 

 cut up Into lumber, it is a rather noteworthy 

 fact that, with all the depression which has pre- 

 vailed In hai'dwood lumber In every part of the 

 country, there has been virtually no reduction 

 whatever in the price of desirable standing 

 timber and timber land. 



The demand for hardwood lumber Is moder- 

 ately active, but there is some discouragement 



over the fact that business Is not increasing with 

 greater rapidity. The general outlook, however, 

 appears brighter to the local lumbermen and 

 they are hopeful that the delayed reaction will 

 come very soon. Buyers are finding increasing 

 difficulty in picking up bargains, as most of the 

 cheap lumber has been sold. The stock here 

 now is in rather strong hands and there is no 

 disposition to press anything for sale. Prices 

 are holding fairly steady as a rule and there is 

 a slightly advancing tendency in evidence in 

 some directions. The export demand Is very 

 light and not much improvement is expected 

 from that quarter in the near future. Keports 

 of trade conditions abroad are very discouraging 

 not only in lumber but in other lines, and this 

 is looked upon as a rather serious feature of the 

 foreign situation. Attention is called to the re- 

 port elsewhere giving the views of one of the 

 larger timber brokers in Liverpool. The trade 

 here does not expect much improvement in that 

 quarter soon. The domestic trade Is furnishing 

 all the improvement noted. There is an excel- 

 lent demand for the higher grades of plain and 

 quartered red oak as well as white oak, but the 

 movement in the lower grades is only moderately 

 large. The demand appears still to be rather 

 light, while there is considerable accumulation 

 of both common and cull. The movement in ash 

 is slow, though there has been some business ' 

 put through recently in wide stock running in 

 thickness from one to four inches. The general 

 run of ash is slow and prices are not altogether 

 satisfactory. There is not much doing in cy- 

 press, either, while the movement in poplar is 

 restricted by the small amount available. Prices 

 on poplar are good. (Jum is not selling at all 

 freely in any grade, and it is not expected that 

 there will be any large quantity going forward 

 until the advance in yellow pine has reached a 

 point where tlJis lumber does not play such an 

 Important part as a substitute for gum. This 

 is the view some of the prominent members of 

 the trade here take. The demand for cotton- 

 wood in the higher grades remains slow and the 

 volume of business is small. Holdings are 

 rather full, but there is not any great quantity 

 available at concessions from the recent prices 

 thereog, most holders believing that values will 

 be better and that the wise thing to do is to 

 hold. There is not much low-grade cottonwood 

 offered for sale in the open market and the tone 

 on the lower grades is perhaps a shade better 

 than that on the higher. The production of 

 hardwood lumber is very light and there is no 

 indication of a decided increase soon. Manufac- 

 turers are staying close to shore and what may 

 develop into a strong factor is the small amount 

 of timber being cut in the woods. Logging op- 

 erations are exceptionally light and in the event 

 of bad weather this fall there may be some 

 trouble among buyers on this score. 



SAQINAW VALLEY 



Lumber is moving some and there is a much 

 better tone to the market. This is the general 

 sentiment of the trade. All are talking optimis- 

 tically. There is considerable Inquiry for floor- 

 ing and plants are all In motion. One or two 

 manufacturers report orders coming In freely 

 the last two weeks. Stocks are not excessive 

 and prices are not being talked much. 



— — NASHVILLE |— ^— 



This Is vacation time with the lumbermen as 

 well as with other mortals, and admittedly this 

 gladsome, lazy season has had Its effect in de- 

 creasing somewhat the volume of business that 

 would otherwise be done. At the same time 

 there are no evidences of a setback in the steady 

 improvement which began six weeks ago and 

 has continued uninterruptedly. The hardwood 

 market is firm, with a tendency to strengthen 

 prices on the lower grades. Poplar and oak are 

 still In excellent demand and at high prices, 



