HARDWOOD RECORD 



47 



August in point of orders taken and amount of 

 lumber shipped. Although business is not as 

 brisk as it has been, local manufacturers have 

 no liicli coming, as nearly all the mills are busy 

 running full time and lumber is moving. The 

 election is having very little effect on local 

 trade conditions, as they are as good as could 

 be expected considering existing conditions, and 

 it is the general opinion that business will go 

 right along improving until we get back to our 

 former status. The demand for quartered white 

 oak is still in the lead, although it seems that 

 red oak is in good demand. I'lain oak is get- 

 ting better and it is thought this wood will he 

 in much better demand soon. Logs are coming 

 in more plentifully now than at any time during 

 the summer, and it is thought will be plentiful 



Busii 



conditions tbrouglioiit the Memphis 

 show imprcjvement, and thi.s 

 is equally applicable to the greater part of the 

 South. The demand for hardwood lumber, espe- 

 cially in the upper grades, is gradually getting 

 better and practically every member of the trade 

 is inclined to take a rather more optimistic view 

 of the outlook. There is a marked increase in 

 the number of inquiries and in some instances 

 there is a request for iow-grade lumber. The 

 yellow pine mills say they are enjoying a very 

 satisfactory volume of business. Certainly more 

 mills are resuming in the yellow pine belt and 

 some of those which were running on short time 

 are returning to fuller hours, Ilardwood mills, 

 too, are resuming in some instances, though 

 some manufacturers hold the view that the im- 

 provement has not yet become extensive enough 

 to warrant any such action. Financial condi- 

 tions generally are reported as iiu-.iiiiai;ins and 

 there is plenty of money for /inin iii_ ili, immv.- 

 ment of the cotton crop as w. Ii . - i m^ 



of the lumber and other busiih : n^. 



Kates for money are comparaU\ ■ ;.^ >--i~:, . lUiUd- 

 ing operations throughout the Memphis territory 

 are increasing and in Memphis proper the out- 

 look is most satisfactory to those engaged in the 

 building trades. The steel and iron business 

 has recently improved to such extent that some 

 manufacturers have withdrawn from the market 

 for the remainder of the year, having sold all 

 they expect to make during the next three 

 months. A good demand is reported for the 

 first quarter of 1909 and all connected with the 

 steel and iron industry are disposed to take an 

 optimistic view of the future. The railroads are 

 enjoying increased traffic and are put to the 

 severest test to supply sufficient equipment to 

 take care of the freight now offering. The car 

 repair plants are being operated on full time and 

 in some instances the railroad companies are 

 finding it necessary, because of the early indi- 

 cated need for more cars, to let out some of their 

 repair work te private foundry companies. The 

 lumber people are not yet confronted with any 

 peculiar shortage of cars, but they realize that, 

 with any appreciable increase in the volume of 

 their business just at the time when the move- 

 ment of cotton is of record proportions, a car 

 shortage of a very serious character would be 

 only a logical development. For this reason 

 they are disposed to urge upon consumers of 

 hardwood lumber the advisability of placing or- 

 ders now for immediate shipment so that this 

 trouble and the consequent delay may be avoided. 

 The indications are for a smaller cotton crop 

 than a short time ago, the best ideas of the 

 trade being around 12,000,000 to 13,000,000 

 bales, but the hot weather in the latter part of 

 August and early in September has forced such 

 rapid opening that receipts at interior towns 

 and the ports are close to the record for this 

 time of the year. 



The improvement in hardwood lumber is less 

 pronounced than some of the trade anticipated 

 and there are not a few who hold to the belief 



that the political outlook is a factor in this 

 slowness. There is an element of uncertainty 

 regarding who will he the next president that 

 makes many important consumers of hardwood 

 lumber dispostd to remain close to shore, with 

 the result that purchasers are as a rule confined 

 to more pressing needs. There are few orders 

 being booked for forward delivery. Export 

 demand for hardwood lumber is rather quiet at 

 the moment, though the yellow piners say they 

 are enjoying a very satisfactory outlet through 

 foreign trade channels. The best demand in the 

 hardwood line right now is for plain oak in 

 the upper grades of both red and white, in 

 which there is a rather pronounced shortage. 

 There is some movement in common, too, but 

 this is rather quiet as compared with that in 

 the upper grades. Quartered oak is firmer and 

 there is a fairly active demand for the upper 

 grades and some for common quartered red. 

 The supply of firsts and .seconds is not large 

 and some manufacturers are advancing their 

 prices slightly. The demand for ash in all grades 

 continues rather slow, while there is only a 

 moderate call for cypress outside of shops and 

 selects. This lumber, with respect to the distri- 

 bution of inquiries and demand, is rather the 

 opposite of most other items for sale in this 

 market. There is some demand for red gum in 

 firsts and seconds and a moderate movement is 

 noted in clear saps. The lower grades are 

 rather heavy yet and the demand for these is 

 comparatively quiet except at a price which 

 m^st manufacturers are unwilling to accept at 

 the moment. The production of upper grades is 

 very light as compared with that of the lower, 

 owing to the disappointing returns in the way of 

 upper grades from the logs now being cut. Cot- 

 tonwood is increasing in its movement slowly. 

 Most of this, however, is in rather strong hands 

 and there is absence of any decided pressure to 

 sell. A canvass of the situation here reveals the 

 fact that the greatest shortage in production 

 is noted in Cottonwood lumber, and those who 

 are holding are taking this course because of 

 this fact and because of their belief that better 

 prices will be available later. The amount of 

 Cottonwood timber now being cut is strikingly 

 light. There is some improvement reported in 

 the demand for box shooks and the greater por- 

 tion of the low-grade stock will be used in the 

 box factories of the larger manufacturers of 

 Cottonwood. This leaves a comparatively light 

 supply for the open market and prices show a 

 slightly hardening tendency. 



LOUISVILLE 



The Louisville market may Ije described as 

 being consenative and steady. There is a 

 general feeling that business is to improve, 

 though it is admitted that it will hardly be 

 until after the presidential election is out of 

 the way. Prices are being maintained by all 

 dealers, and it is reported by some that the 

 prices for red and white oak have shown a 

 tendency to rise. 



Another statement indicating confidence in 

 the market was made by a local dealer who 

 declared that he is sorry he made so many 

 sales of his high-grade lots of lumber during 

 the worst depression, since prices have now 

 become strong again, and he has few lots of 

 high-grade stuff, and much poor stuff, left. 



Th.j maniifaotiiri-rs appear to be ordering 

 onh- Willi III. >■ li.ed for immediate use, and 

 the> li,i\. api' 11. ntly exhausted their stocks. 

 TlK-y will lia\.; to begin buying shortly in 

 large quantities, most dealers believe, and so 

 they are getting their stocks in readiness to 

 take care of all demands. The increase in 

 inquiries is also an indication of a strengthen- 

 ing market, even though many of these in- 

 quiries do not result in sales. 



Building is improving in Louisville, and this 

 has had a tendency to increase local sales. 

 In fact, Louisville dealers say that their sales 



of lumber here have been larger than at the 

 same period last year. 



The veneering mills are operating with short 

 forces, but the flooring outlook is improved 

 owing to the increase in construction work. 

 Sales of mahogany are slightly better than 

 before. The dimension stock trade has shown 

 some improvement, with inquirie 

 and more orders anticipated. 



BRISTOL 



The lumber trade is reported slightly better 

 here, with indications that the steady improve- 

 meui that has characterized the market for the 

 past few weeks will continue through the fall 

 and winter. It is the general opinion that trade 

 will be much better during the coming spring 

 and that next year business will be about re- 

 stored to its former status. 



The best feeling prevails among the lumber- 

 men around here as to the outlook, and the pre- 

 diction is unanimously made that things will 

 soon be much better. However there is now 

 much more body to trade than the statements 

 of those in the trade would seem to indicate, 

 notwithstanding the apparent dullness. 



The railroads are taking advantage of the 

 dullness and putting their rolling stock in bet- 

 ter shape. They all expect to face another car 

 shortage next year, though there has not as yet 

 been any signs that the supply of transportation 

 equipment will be short soon. 



It is expected that many of the mills will 

 run through the winter, despite the fact that 

 the yards are pretty well stocked now. Ship- 

 ments are being made right along and the ex- 

 port trade is said to be showing signs of sub- 

 stantial improvement. 



ASHLAND 



During the past two weeks there has. been 

 very little change in the hardwood situation 

 in this market. Oak seems to be holding its 

 own, especially in the higher grades. Some 

 of the large construction and car building 

 companies are placing a number of contracts 

 for plain sawn and bill oak, making the de- 

 mand a little better. On the other hand, the 

 large furniture and implement factories seem 

 inclined to withhold their large orders for 

 some time, and it looks very much as though 

 they will not place their large orders until 

 probably the fore part of the coming: winter. 

 Rough poplar continues to be in good de- 

 mand, and especially panel stock. Wagon- 

 box boards are in no great demand at this 

 time, as most of the large wagon manufac- 

 turers have on a reasonable supply, but as 

 soon as they resume full operations the de- 

 mand is sure to increase and prices get bet- 

 ter. Ash, basswood and other hardwoods are 

 about the same as they have been for the 

 past month, prices remaining the same. 



ST. LOUIS 



The hardwood situation continues to improve. 

 Because of the strong condition that hardwood 

 is showing, the manufacturers and distributers 

 are not inclined to sell as they did a short time 

 ago. The distributers are thinking more of get- 

 ting in stock than they are of letting go. They 

 are anxious to got ready for the big business 

 that they anticipate this fall. All are placing 

 orders as fast as they can and several already 

 have large stocks in their yards in expectation 

 of the trade in sight. First and second plain 

 red oak is very scarce, and so is quartered white 

 oak. These two items will be in good demand 

 later and will bring good prices. The higher 

 grades in all classes of hardwoods are scarce, and 

 so are, in fact, the lower grades, but the demand 

 for the latter is not so great. Consumers, while 



