so 



HARDWOOD RECORD 



August 25, 1919 



The CHICAGO 



APPROVED PORTABLE 



Watchman's 

 Clock 



with its special Walthain movement, its lock 

 stations and its superior quality throughout, is 

 especially desirable for mills and factories and 

 for either indoor or out-door patrol. 



Write for booklet 



CHICAGO WATCHMAN'S CLOCK WORKS 



No. 9 Church Street, NEW YORK 

 1SZ6 So. Wabash Ave.. CHICAGO 



the slightest difficulty, there is no good reason why the shippers should 

 take chances on the foreign market. So far nothing has developed to Indi- 

 cate a narrowing of the inquiry at home, and the outlook for a continu- 

 ance of business on a highly profitable basis is regarded as excellent. 



BUSS-COOK OAK GO. 



BLISSVILLE, ARKANSAS 



MANUFA CTURERS 



Oak Mouldings, Casing, Base and Interior 

 Trim. Also Dixie Brand Oak Flooring. 



As Well As 



OAK, ASH and GUM LUMBER 



Can furnish anything in Oak, air dried 

 or kiln dried, rough or dressed 



MIXED ORDERS OUR SPECIALTY 



VESTAL LUMBER 

 & MFG. COMPANY 



INCORPORATED 



Soft Textured Oak 



Poplar 



Black Walnut 



Tenn. Red Cedar 



KNOXVILLE, TENNESSEE 



BAND MILLS AT VESTAL 



A SUBURB OF KNOXVILLE 



FONDE, KY. 



COLUMBUS 



Strength is the chief characteristic of the hardwood trade in Columbus 

 and central Ohio territory. Buying is about equally distributed between 

 the retail trade and factories. Prices are constantly advancing and 

 strength is noted on all side-s. Prices are expected to go still higher as 

 stocks become increasingly scarce. 



Factories making implements, boxes and vehicles are good purchasers. 

 Their orders are larger and many of these plants are making efforts to 

 accumulate a surplus stock. But slowness in the movement, caused by 

 car shortage, is holding up many shipments and most of the factories are 

 operating from hand to mouth. Car stocks are also in good demand and 

 special items are exceptionally strong. 



Retail stocks are generally light in every section and dealers are anxious 

 to secure stocks to take care of the building operations. Building Is grow- 

 ing better on all sides and quite a few new projects are announced. Dwell- 

 ings and apartments constitute the bulk of the new work. Rural dealers 

 are especially short in stocks. 



Prices are extremely high and all recent advances are well maintained. 

 Oak prices are higher and the same is true of poplar and chestnut quota- 

 tions. In fact all grades are moving active and the tendency is upward. 



MEMPHIS 



The hardwood market continues in very strong position, largely because 

 of the excellent demand and the comparatively limited supply of dry lum- 

 ber. While production is increasing to a moderate extent, demand itself 

 is expanding quite as fast, with the result that the strained relations be- 

 tween supply and demand arc not becoming appreciably lessened. Hard- 

 wood manufacturers and distributers report that they are able to sell 

 everything they can offer and to do so at about the maximum level of the 

 season. Prices appear to be altogether in favor of the seller. However, it 

 is uoteworthy that the market seems more stable around the present level. 

 This finds striking reflection in the fact that fluctuations are less pro- 

 nounced th.'tn they were a short time ago. Hardwood interests are pleased 

 with this development which they regard as a wholesome one. The strain 

 of an advancing or quickly changing market is quite pronounced. There 

 is uncertainty as to what .should be done and there is always the prospect 

 that what is done may be wrong. There were many instances of this 

 sort during the advance in the spring and early summer. Those who sold 

 were sorry they had done so, even if they did not sell more than a week 

 ahead. Now lumber can be sold with some assurance that prices are pretty 

 close to the maxinuun and with a feeling of increased confidence on the 

 part of both buyer and seller. .\s a result, there is more disposition to 

 accept orders a little ahead. Sellers are remaining reasonably close to 

 shore even yet but this is due as much to scarcity of hardwood lumber as to 

 anything eBse. There appears to be no disposition whatever on the part 

 of either manufacturers or distributers to sell what they do not actually 

 possess or are in a very fair way of possessing. This policy of caution is 

 born of the knowledge that both the production of hardwood and its pur- 

 chase in the open market are attended by unusual uncertainty and there- 

 fore by risks which are not properly commercial. 



Domestic interests are by far the larger buyers. They are, in fact, tak- 

 ing practically all of the hardwood lumber now changing hands. Export 

 business is almost at a standstill in lumber just as it is in cotton, steel, 

 iron and other raw materials. Exchange rates are extremely unfavorable 

 for the buyer in Kurope and the latter is staying out of the market to a 

 far greater degree than anticipated. Foreign governments, notably those 

 of England, France and Belgium, are not making any apparent effort to 

 correct present ineqiu^lities of exchange, presumably because the countries 

 in question do not care to have their business interests further increase 

 the heavy "trade balance" that already lies against them as between them- 

 selves and the United States. The case of Germany is quite disappointing. 

 That country announces that it will not allow any gold exports for 12 

 months which is only another way of saying that .\merican materials sold 

 to German buyers must be sold on credit arrangements covering a period 

 of one year. Hardwood lumber interests here are not willing to undertake 

 business with Germany or any other country on such terms. They would 

 not even do business with the people of the United States on such long 

 credit, despite the fact that the United States is the most prosperous 

 nation in the world at the present time. Thus, between the scarcity of dry 

 stock available for export anil the unfavorable exchange situation, the 

 volume of export business in hardwood lumber is gradually shrinking, with 

 resultant decrease in interest on the part of exporters in the United States 

 and particularly In the southern field. 



In the meantime, whole.sale interests are the largest buyers in America. 

 Next come the furniture manufacturers who are closely followed by auto- 

 mobile interests and manufacturers of hardwood flooring and other in- 

 terior finish. Vehicle manufacturers and makers of agricultural Imple- 

 ments are in the market in a rather large way while railroads are buying 

 moderatel.v. There is also a very satisfactory demand from retail yards 

 as a result of activity in building circles. As a matter of fact, there seems 

 to be no doubt whatever over the ability of .American industry to absorb 



