June 



1919 



HARDWOOD RECORD 



47 



market is showing its unusual strength rather because of this 

 scarcity than because of the abnormal demand for hardwood lum- 

 ber. He has no fault to find with demand. This, he points out, 

 is quite large, especially from England, Belgium, Italy, France and 

 the Scandinavian countries. On the other hand, he says that, tak- 

 ing tlie Memphis and valley territories as a whole, production dur- 

 ing the past six or eight months, has not been in excess of 35 to 

 40 jior cent of normal, with the result that there is comparatively 

 little lumber available, normally speaking, for either domestic or 

 foreign use. 



Mr. Russe saj's that the United Kingdom is a large buyer of 

 American hardwoods and that the position of the market in that 

 country is quite strong. He adds, however, that there has been 

 so much lumber consigned to Antwerji that that market is not in 

 as Iiealtliy condition as a short time ago. He said: 



I am rather of the opinion that the trade as a whole does not appreciate 

 the extent to which hardwoods have been exported since the armistice. 

 I have just returned from an extended trip through the North and East 

 and I found that a very large percentage of the lumber bought from 

 southern nninufacturers and distributers, presumably for domestic use, 

 had bi. on sent to the United Kingdom and other countries. As a result, 



domestic stocks throughout the Xorth and East are surprisingly light. 



The question of financing is looming larger in the export situa- 

 tion than at any time since the armistice was signed. This applies 

 to both cotton and lumber. The cotton people here are financing 

 their shipments, in many instances, until actual delivery is effected. 

 This means that payment is not demanded until the cotton is 

 actually delivered. They are finding that this is materially increas- 

 ing their shipments because foreign interests, generally speaking, 

 are not in position to buy on "usual terms" of 60 to 90-day drafts 

 attached to bills of lading. Organization is being perfected among 

 cotton interests to facilitate purchase of cotton abroad by arrang- 

 ing credits and there is a possibility that lumber interests will have 

 to resort to the same plan if they are to sell as much lumber to 

 European buyers as they are now counting upon. There is not the 

 slightest question of demand. The need for hardwood lumber 

 abroad is just as urgent as is the need for cotton. But it is pointed 

 out that purchases of both will be restricted unless financial ar- 

 rangements can be made that will result in the establishment of 

 terms that are Workable for foreign buyers under present abnormal 

 credit conditions. 



J. S. Williams, Comptroller of Currency, states that widespread national 

 prosperity is shown in the general increase in applications for charters 

 for national banks and for increases in capital of existing banks. 



Warning is issued that attempts to include Red Cross and other con- 

 tributions to reduce income and excess profits taxes of corporations will 

 make such corporations liable to a penalty of five per cent. 



The director of sales and surplus material announces from Washington 

 that .$279,056,000 have been realized from the sale of surplus war mate- 

 rials in this country between January 1 and May 30. This represents 

 80 per cent of the original cost. 



Reports of emigration of American farmers are refuted in the state- 

 ment by the agricultural department that instead of the millions reported 

 to have taken land elsewhere, the aggregate shows that fewer than 60.000 

 farmers have left this country for all countries of the world, including 

 Canada, iu the past ten years. 



The senate June 18 passed .$36,000,000 agricultural measure. Senate 

 bill carries about $4,000,000 more than provided by house. Principal 

 increase was from $1,000,000 to ?2,500,000 for agricultural extension work 

 with state colleges under Lever law. 



Both senate and house June IS voted for measures adopted to terminate, 

 when period of summer time ends next October 26, operating of daylight 

 £aving law inaugurated as war measure. 



Representative Upshaw introduced resolution June IS asking congres- 

 sional investigation of the strike of telephone and telegraph workers. 



According to statistics branch, since armistice and up to May 10. 207,400 

 tons of ordnance have been returned to United States. This may be com- 

 pared with a total shipment to France in October of 100,200 tons, of which 

 all but 6S,448 tons were raw materials furnished French in replacement of 

 ordnance to be delivered to A. E. F. 



Capt. T. T. Craven, chief of Naval Aviation, urged before senate naval 

 committee June IS increases of $20,000,000 in $15,000,000 aviation appro- 

 priation carried in 1920 navy appropriation bill as passed by house. 



Director General Hines stated June IS that failure of Congress to pro- 

 vide more than $750,000,000 for administration's revolving fund would 

 present new problems of financing roads within a few months. 



Wall Street Journal states that Canada has loaned European countries 

 $100,000,000 for purchase of Canadian commodities for reconstruction 

 purposes, one-fifth for new materials, one-flfth for foodstuffs and three- 

 fifths for manufactured goods. 



A Paris special to New York Tribune states that largest commercial 

 transaction in history will be concluded in few days between United States 

 and French governments. Transaction will cover sale to France of prac- 

 tically entire overseas property of A. E. F., costing $1,500,000,000, at price 

 not divulged. Property includes largest ice plant in world, Bordeaux 

 harbor improvements, warehouses, etc. 



Rome dispatch states that general strikes throughout Italy have termi- 

 nated and the projected strike at Rome has been abandoned. 



Senate military committee June 20 made provisions for appropriation 

 of $92,000 for purchase of Curtiss-Ellwood aviation plant at Buffalo ; 

 $3,260,000 for purchase of Dayton-Wright airplane factory, Dayton, O. ; 

 $3,500,000 for purchase of a dirigible landing field and hangars in Bur- 

 lington County, New Jersey, and $470,000 for purchase of Rockwell Field, 

 San Diego, Cal. 



Representative Kelly (Ind.) introduced resolution June 19 proposing in 

 joint resolution a national conference for consideration of industrial prob- 

 lems and adjustment of differences between capital and labor. It provides 

 that President be authorized and directed to call a national conference. 



Jos. H. Choate, Jr., counsel for Chemical Foundation, Inc., told the 

 house ways and means committee June 19, in urging a licensing system for 

 protection of American dye industry, that German dye interests barred 

 from France and England look to America and China for disposal of their 

 large surplus output manufactured during war. 



Office of surgeon general announces that the Division of Physical Recon- 

 struction has charge of rehabilitation of disabled soldiers and sailors. 

 Educational work is being carried on in forty-two hospitals designated 

 as reconstruction centers. A staff of 2,362 persons is emplo.ved. 



Secretary Daniels, appearing before senate naval committee June 19, 

 to urge an increase in appropriation for naval aviation from $15,000,000 

 fixed by house to $35,000,000, vigorously opposed proposals that air serv- 

 ices of anny, navy and postofflce departments be consolidated under a 

 cabinet officer. 



According to Bureau of Foreign and Domestic Commerce, exports for 

 May totaled $606,000,000, a falling off of $108,000,000 from record set in 

 April, but an increase of $55,000,000 over May, 1919. 



The United States Employment Service states that the labor surplus 

 in the United States jumped from 227,777 for week ending June 7 to 

 241,046 for week ending June 14. Reports were received from 100 cities. 



At a meeting in Paris June 19 the Supreme Economic Council decided 

 that the resumption of private trade relations with Germany during the 

 blockade is a question for competent authorities of each country to decide, 

 but that each countrj' must inform the others what action it has taken. 



The Imperial Commercial Association has been formed in London. Its 

 chief object is to safeguard British trade and British traders wherever 

 their interests are assailed, and to promote their interest generally. 



Von Wiegand. in cable to New York Sun, states that Germany has organ- 

 ized National Emigration Office to promote exodus of German males to 

 prevent wide unemployment following expected crippling of industry, 

 merchant marine and reduction of army and navy. 



Boxwood in England 



It may not be generally known that a considerable quantity of boxwood 

 Is produced in England. It is the same species as that growing in Turkey, 

 but it comes from plantings in England, usually from trimmings. As much 

 as $50,000 worth has been marketed in one year; but the output in recent 

 years has not been up to the former quantity. The wood grown in Eng- 

 land weighs SO pounds a cubic foot, and is as heavy as that grown in 

 Turkey and as satisfactory for every use for which it has been tried. It is 

 used for mathematical Instruments, engravers' blocks, rollers for skates, 

 and shuttles for textile machines. It Is quite expensive. That used for 

 engravers' blocks may sell for a dollar a square foot, and choice plec3S at 

 even higher prices. 



Little Advance in Land Values 



According to a report recently made by one of the bureaus of th« 

 Department of Labor, land values have not shared in the general advance 

 since 1913. Some increase has taken place but it has not been in propor- 

 tion to values generally. This conclusion is based on values placed on city 

 lots for taxation purposes, and the same state of affairs may not eilst 

 for farm property. 



