46. 



HARDWOOD RECORD 



Local liardwood men look for present condi 

 tions to continue throughout the fall and -nin 

 ter. with the .■xc^ption tliat prices will lil<el; 

 go highei-. 



BVANSVILLB 



The hardwood market iu this seetiuii con- 

 tinues to improve, more activity in tlie mar- 

 ket being noticed than at any time this year. 

 Prices are lidding their own; in fact, a slight 

 advance has been noticed on some grades of 

 oak. Business with the local furniture fac- 

 tories is picking up, and it is thought the 

 fall trade will be the best they have had for 

 sume time. It is also noticeable that tlie 

 railroads arc also getting in line for their 

 r e.iuiremcnts. It seems that this branch of 

 the lumber business lias suffered more than 

 any other, and it is gratifying to know that 

 the railroads are coming around. The de- 

 mand for iilain oak is stronger than for some 

 time past. Poplar is also i.iekins up. Quar- 



Business conditions in this section show 

 material improvement as reflected in tlie fi- 

 nancial statement of the banks, in bank clear- 

 ings, in building operatipns and in the in- 



reased volume of business in almost every 

 line. It is doubtful if the cotton crop outlook 

 is quite as favorable as it was a short time 

 ago. The crop has deteriorated considerably 

 throughout this section but, as prospects 

 wore unusually brilliant two or three weeks 

 ago, the loss in condition still leaves pros- 

 ].octs for a vory Inife yield. The movement 



"' eotto!, 1. ..-• I.. moderate scale, but 



"''"'■ enough proportions 



' ' '"'' tw ,. ith the handling of 



aniii.i n, ,.i. , ,,. , ,;,i,,,s. In other words, 

 most ol III.- raiiToa.ls aie still able to supply 

 necessary cars for the prompt handling of 

 shipment.'?. The steel and iron business in 

 the southern field is very active and most of 

 tlie plants which were closed down have 

 > ither resumed operations or propose to do 

 ~o at an early date. All reports received 

 here indicate a marked increase in tlie vol- 

 ume of business being done in yellow pine. 

 The liardwood lumber business has improved 

 to some extent, but is still comparatively 

 slow. Buyers who return from northern and 

 western markets state that the prospect is 

 brightening somewhat and that there is a 

 good demand not tar distant. Some hold to 

 iho belief tliat there will not be material 

 improvement until the presidential election 

 is out of the way, while others think that 

 iliere will l)c- a gradual gain in the volume of 



■ 111' -^ 1" ii'i . that lime. 



' '<•■' I n.unding production show very 



Manufacturers are still evin- 



- ' .li i"-iii..n to go rather slow in the 



i-iati.in of tlieir mills and the amount of 

 hardwood lumber now being produced is ex- 



• ptionally small. Occasionally a plant ic- 

 umes and some of the companies wliich lia\'f 



• ases on limber are forced to run their mills 

 M that they may get the timber oft within 



(lie time prescribed in their contracts. Aside 

 irom such, however, the number is particular- 

 ly small and the trade goes into the winter 

 with the lightest amount of timber in sight 

 for many years. 



. There lias been no improvement of im- 

 Ijortance in export conditions. The amount 

 of consigned stock on the other side is re- 

 iiorted to be still large and more recent ad- 

 ■ices from competent authorities indicate 

 hat the bankers are disposed to cut dow^n 

 ledits as much us possible and to keep eveiy- 



have righted themselves. The amount of lum- 

 ber being sent abroad on direct sale at thie 

 lime is exceptionally small and leading ex- 

 porters here do not expect material change 

 for the better at an early date. 



The demand for hardwood lumber is still 

 improving and the volume of business is 

 slowly returning to normal. The demand, 

 however, is somewhat spasmodic and is con- 

 tined to special kinds of lumber rather than 

 applicable to the entire list of hardwoods. 

 Buyers are encountering some difficulty in 

 their efforts to purchase lumber at very low 

 prices, and this fact is beginning to be re- 

 Hected in a general advancing tendency. Pro- 

 duction continues on a rather small scale, 

 but gives slight evidence of increasing with 

 the return of more favorable market condi- 

 tions. The stock of low-grade lumber of all 

 kinds is rather full in the Memphis terri- 

 tory and the demand therefor is disappoint- 

 ing. The higher grades, however, are gener- 

 ally in fair to good request, and most of the 

 business being put through is in these. The 

 demand from export cliannels is very light 

 and no material improvement is indicated in 

 that direction for the near future. Leading 

 exporters themselves are authority for this 

 \iew. They are doing a very small per cent- 

 age of normal volume in export lines, finding 

 generally a more satisfactory market in the 

 L'nited States. 



There is an excellent demand for plain red 

 and white oak, particularly in inch stock. The 

 supply of this is comparatively light and prices 

 are firm. Sales arc reported on a basis of 

 $.18 for inch plain red and at $40 for the same 

 style of plain white. This is quite an ad- 

 vance over the recent level. Prices are f. o. b. 

 Memphis. Stock thicker than one inch is in 

 Only fair request, and the supply is gener- 

 ally relatively more plentiful than inch stock. 

 There is a good demand also for quartered 

 sawn red and white oak in the higher grades. 

 The lower grades of oak, plain and quar- 

 tered, are comparatively slow, and there is no 

 scarcity at the moment. Cypress shows con- 

 siderable improvement in shops. There is a 

 particularly good request reported for 1% 

 inch, which is comparatively scarce. Selects 

 and the upper grades, however, show no ma- 

 terial improvement. The demand is rather 

 slow and the movement is small. Prices, too, 

 are rather unsatisfactory. There is improve- 

 ment in the demand for boxboards and firsts 

 and seconds Cottonwood. The carriage manu- 

 facturers are taking some of the latter, pref- 

 erably 1x12 inch and up and 1^x8x12 inch. 

 Prices, too, show some improvement. Box- 

 bo.ards are being sold around J41 to $42 per 

 ihcusand, f. o. b. cars here. The lower grades, 

 too, are in request, but there is a compaia- 

 tively small amount of these for sale, espe- 

 cially among box manufacturers who con- 

 sume the bulk of their output in their own 

 factories. Gum is rather slow in all grades. 

 ■| he improvement in yellow pine has not gone 

 lai enough to remove this lumber as a strong 

 er.mpetitor of gum, and this is given by some 

 of the trade as one of the reasons for the 

 < I mparative dullness. Ash is slow of sale 

 and is one of the really disappointing features 

 of the list. There was quite a demand re- 

 cently for thick ash in certain dimensions, but 

 there is very little evidence now of any marked 

 aelivity even in this. The sale of poplar is 

 not large, but there is demand enough to 

 ; offerings at a very satisfactory 



NASHVILLE 



over the outlook for the future. The month of 

 August just ended shows in many instances 

 twice as much business done as in July.' The 

 wholesalers and consumers are on the market 

 after lumber again. Stocks are light both at 

 mill points and distributing centers. Quartered 

 oak is In good demand. There is as usual no sur- 

 plus supply of it. Plain oak is coming into 

 its own again, and the situation with poplar 

 shows steady improvement. Everything, in fact, 

 looks good just at this writing. 



It is the general opiniMii among lumbermen 

 that trade will continue lo pick up and that 

 business will resume its former status early next 

 year. It is believed that ihe presidential elec- 

 tion will have some influence on business and 

 ihat when it is over business will be given an 

 impetus. Trade has been slightly better of 

 late, with a stronger demand and little change 

 in prices. The yards are all pretty well stocked, 

 though nearly all of the mills are running. 

 Much lumber is being shipped from the rural 

 districts, having been hauled to the railroads. 



LOUISVILLE 



The general tone of the Lodisvillc market 

 is quiet, though a more cheerful outlook is 

 being taken. The demand for lumber on the 

 Hart of the manufacturers is expected to grow 

 stronger in the near future, and a confi- 

 dent feeling is being produced as a result 

 among the dealers, ISeports to the effect 

 that more building is expected than has been 

 recorded of late are also having a good effect 

 on the market. A. gradual improvement, lead- 

 ing back to the active conditions which pre- 

 ceded the panic of last fall, seems to be anti- 

 cipated generally. As a result of the ex- 

 pectations of brisker trade, the output in the 

 producing districts is not being seriously cur- 

 tailed. 



The dull season with furniture and piano 

 manufacturers has caused the veneer trade to 

 remain quiet, and few of the local mills 

 are operating more than half time. The 

 llooring trade is picking up steadily, the West 

 Iiarticularly showing an improvement, though 

 business from the Kast Is still quiet. The 

 mahogany industry is quiet in the matter of 

 sales, but confidence is expressed that in a 

 few months the normal output will be re- 

 sumed. Meanwhile the regular shipments 

 from the ptiints of production are being re- 

 ceived. The dimension stock trade is also 

 quiet at present, but in line with other 

 branches a slight improvement is noted and 

 a stronger tone is expected to develop. 



In spite of the inactivity in most lines, 

 prices are being maintained, and in the case 

 of white oak and some other lines the trend 

 if anything is upward. 



}(- optimism pervades the local market 



10. All the dealers report business to 



lip right along — in fact, everyone 



sell with the present and enthusiastic 



The sale of liardwood lumber continues to im- 

 prove as a whole, although the manufacturers 

 of this district are experiencing and reporting 

 botli good and poor weeks. Business docs not 

 come very steadily but is continuing to look 

 better. There Is every reason to believe that 

 buying win continue to get hcnvicr until it will 

 be back to normal conditions. In both quar- 

 teicd white and plain oak, there is more of a 

 demand than heretofore. The greater majority 

 ef the mills along the Ohio river are shut down 

 on account of the very low water, which is lower 

 ibon it has been known to be since 1888. Sev- 

 ern! of the mills will be unable to operate for 

 .several weeks on account of the shortage iu log 

 supply due to the low water. 



