HARDWOOD RECORD 



37 



was a visitor at the ooace of the F. C. Moore 

 Lumber Company November 18. 



K. C. Moore, president of the F. C. Moore 

 Lumber Company, says that business Is dull and 

 that there Is little doln.? In the selling line. 



Mr. Ogden, now sales agent for the Krug Lum- 

 ber Company, will go with Alccc Stewart the 

 1st of December. Mr. Ugdon has been with the 

 Krug Lumber Company for about a year, but 

 was formerly with Mr. Stewart. 



W. W. Dings of the Garretson-Greason Lumber 

 Company Is out on a selling trip for the com- 

 pany, lie reports quite a fair trade, although 

 he tlnds conditions in the country far from satls- 

 toctory. 



George E. Cottrlll, secretary of the American 

 Hardwood Lumber Company, says they arc plac- 

 ing orders right along, although they arc not 

 as large as usual for this season of the year. 



The Steele & Hibbind Lumber Company reports 

 conditions somewhat unsatisfactory, although 

 they are doing quite a nice business. 



The Hardware and Woodenwarc Company of 

 New York has been authorized to do business 

 In Missouri and will employ $345,000 of a capi- 

 tal of *S.T50,000 here. 



Thomas W. Fry. secretary of the Charles F. 

 Luehrmann Hardwood Lumber Company, re- 

 turned recently from New York, where he went 

 to meet Mrs. Fry, who has been spending sev- 

 eral months in Europe. 



W. K. Chivvis says while business is far from 

 satisfactory he is shipping a fair amount of lum- 

 ber, particularly walnut, which Is his specialty. 



S. C. Major, connected with the S. C. Major 

 Lumber Compauy of Memphis, was a visitor in 

 the city a few days ago. 



The Blytheville (Ark.) furniture and wagon 

 stock mill of the Little Lumber Company started 

 up early in November. The mill has a capacity 

 of 30,000 feet dally. 



Quite a number of hardwood men attended 

 the regular monthly meeting of the 'Yellow 

 Plners" held November 12 at the Washington 

 Hotel. -Mter a delightful course dinner a busi- 

 ness meeting was held. The hardwood men 

 were particularly interested, because the matter 

 of consolidating the yellow pine interests and 

 the hardwood came up. It is proposed to form 

 a regular lumbermen's club of the two interests. 

 Three yellow pine dealers and two hardwood 

 dealers, the latter being W. A. Bonsack and 

 George E. Uibbard, were named as a committee 

 to draw up a constitution and hy-laws for the 

 new club and to report later. The Idea is to 

 bare a club similar to those at Memphis and 

 Cincinnati. The club will not only be a social 

 one but will look after any matters that may 

 come up In which both the yellow pine and 

 hardwood trades are interested. 



Memphis. 

 There Is some Improvement lu the financial 

 Situation here and this is encouraging the lum- 

 ber trade to look for a return in the near future 

 of normal conditions. It is still difficult for 

 manufacturers of hardwood lumber to secure the 

 necessary money to finance operations, with the 

 result that most of the plants In this territory 

 are closed down, pending further developments. 

 This curtailment is very extensive, more so than 

 Is generally recognized by the consuming trade. 

 Figures complied by Secretary Lewis Dostcr of 

 the Hardwood .Manufacturers' Association show 

 that the loss In the hardwood territory approxi- 

 mates 2,500,000 feet dally, or about 66 per cent 

 of the normal production for this time of year. 

 His returns embrace reports from 142 mills, 

 and of this numl)er 107 have closed down, while 

 others have signified their intention of doing so 

 In the near future unless there Is Improvement 

 In the financial situation. With this reduction 

 In output there Is no chance of there being a 

 surplus of stock that would have a depressing 

 effect on values. There Is not much business In 

 progress and not a great deal Is anticipated in 

 the immediate future. Manufacturers and whole- 



salers, however, are not particularly anxious to 

 make large sales Just now. Collections are slow 

 and the fact that lumber Is sold does not ma- 

 terially help the situation If there Is no money 

 forthcoming in payment therefor. There have 

 been some few cancellations, but the majority 

 of the trade will not stand for anything of the 

 kind. They point out that their forward de- 

 livery sales have been made In good faith and 

 that they are unable to see any moral or legal 

 leason why the buyer should be allowed to order 

 cancellations. They further point out that In 

 some previous Instances they have been hard 

 hit by having to fill engagements Into which 

 tliey had entered, and are hence indisposed to 

 release buyers who were unwilling to release 

 them when conditions were reversed. Lumber- 

 men here are perfectly willing to hold up ship- 

 ment of lumber until such time as the buyer 

 desires it forwarded, as this does not release 

 the buyer from taking stock in' the end and is 

 fair to all concerned. 



A most Interesting meeting of the Lumber- 

 men's Club was held here at the Hotel Gayoso 

 November 16. The attendance was large and 

 there were several guests, including John H. 

 Watkins, vice president of the Bank of Commerce 

 and Trust Company, who addrescd the club on 

 "Flexible Currency," and James F. Hunter, vice 

 president of the I'nion and Planters' Bank and 

 Trust Compauy, who made an extemporaneous 

 talk on local conditions. Mr.. Watkins, in ad- 

 dressing the meeting, reviewed the systems pre- 

 vailing in the older countries of Europe and 

 showed wherein they undertake to make their 

 currency system somewhat elastic, a duty which 

 the United States government does not attempt. 

 He pointed out the evils of the dearth of cur- 

 rency, ^uch as is now being experienced, but he 

 also dwelt upon the fact that a redundancy of 

 money would be just about as bad, because lead- 

 ing to overspeculatlon and extravagance in every 

 branch of business. 



Mr. Watkins made no attempt to conceal that 

 (he currency system in tiie United States is de- 

 fective and believed that congressional action 

 should be taken looking toward its improvement. 

 He suggested the establishment of the old United 

 States bank as a solution of the present difficulty, 

 but the plan which lie really favored was to 

 confer upon the national banks the power to 

 issue their notes based upon their capital. He 

 believed that a tax should be placed upon these 

 notes at the rate of about 2i.i per cent, and that 

 when the need for their circulation had passed 

 the tax should be increased so as to force their 

 withdrawals from circulation. 



Mr. Hunter confined his remarks largely to the 

 local situation. He made a strong plea for ac- 

 ceptance of the cashiers' checks at full face 

 value. He said that there would not be the 

 slightest risk in accepting these checks, because 

 they are redeemed by the banks within one or 

 two days after their issuance. Mr. Hunter be- 

 lieved in the issuance of currency by state banks 

 against Tennessee bonds, suggesting that the pro- 

 hibitive tax of 10 per cent levied on state insti- 

 tutions by the government be withdrawn. He 

 thought that if this course were pursued there 

 would be enough money realized in Tennessee to 

 entirely relieve conditions now prevailing 

 throughout the state. 



A detailed report showing the reduction of 

 output Incident to the closing down of mills In 

 the hardwood territory was read. This was pro- 

 vided by Secretary Lewis Doster of the Hard- 

 wood Manufacturers' Association, and Indicated 

 that there was a reduction of about 2,500,000 

 feet per day, or about 06 per cent of the normal 

 output. The returns of .Mr. Doster also sug- 

 gested that there would be further curtailment 

 on the part of some of the mills If conditions 

 did not soon show improvement. President 

 Burgess was of the opinion that these figures 

 should he given publicity in order that consum- 

 ers might know to Just what extent production 

 was being curtailed and In order that they might 



learn for their own satisfaction that there was 

 no chance for an accumulation of hardwood lum- 

 ber sutlUIent to bring about a depression In 

 prices. He suggested that some of the offers 

 he was receiving for lumber Indicated that those 

 who made them were certainly not In touch with 

 conditions prevailing In the hardwood producing 

 field. 



A number of reports, which were to have been 

 made at this meeting, owing to the time taken 

 up by the addresses, W'Te allowed to go over to 

 another meeting. 



Frank Lyons, special examiner for the Inter- 

 state Commerce Commission, spent some time 

 here recently hearing testimony In the case of 

 the J. W. Thompson Lurcher Company et al. vs. 

 the Illinois Central, Y'azoo & Mississippi Valley 

 and Missouri I'aciflc Iron Mountain systems. The 

 testimony will be filed with the Interstate Com- 

 merce Commission and this body will base its 

 verdict thereon. A number of prominent hard- 

 wood and cooperage interests Joined with the 

 J. W. 'I'hoijipson Lumber Company in the com- 

 plaint and suit was filed some time ago. I'he 

 suit is based upon the raise of 2 cents per 100 

 pounds on hardwood lumber, with exception of 

 gum, from 10 to 12 cents from Memphis to 

 New Orleans in January, 1004. 



Superintendent Price of the American Car and 

 Foundry Company at Binghamptou is authority 

 lor the statement that there is no truth in the 

 leport that the company is preparing to shut 

 down. He states that there are plenty of orders 

 in hand for the present and that there are 

 enough orders on the books to keep the com- 

 pany running on full time until next spring. 

 Lmployes of the company are accepting the 

 cashiers' checks and this is greatly facilitating 

 the settlement of iiayrolis. 



Fresident Kavanaugh of the Deep Water Ways 

 Association has announced the appointment of 

 the following Memphlans as delegates to the Na- 

 tional Itlvers and Harbors Congress and as part 

 of the committee to present to Congress the 

 iesoluli<>ns adopted at the Memphis meeting of 

 that organization ; S. M. Neely, J. S. Warren. 

 W. S. Knight, W. II. Russe, Mayor James H. 

 -Malone, M. T. Brown. J. S. Rawlings and L. T. 

 Kavanaugh. In this connection it may be said 

 that the Lumbermen's Club has authorized Presi- 

 dent Burgess to appoint three members to attend 

 the meeting of the National Rivers and Harbors 

 Congress at Washington, D. C, December 4, 5 

 and 6. The club as an organization is a mem- 

 ber of this association. 



A. N. Thompson, vice president of the Bel- 

 grade Lumber Company, states that the mill 

 of the company at Belzoni has been closed down 

 but that work Is progressing rapidly on the 

 railroad the company is building from its mill 

 site to its timber land. This will be about 

 three and one half miles long and will be com- 

 pleted within the next few weeks. The com- 

 pany is busy getting out timber and will have 

 a good supply when it is ready for operation 

 again. 



The Three States Lumber Company Is making 

 repairs at several of its mills and will have 

 these In splendid condition when ready to begin 

 operation again. The company Is loading out 

 considerable quantities of lumber tor shipment 

 on old orders. 



Moses Katz, vice president of the E. Sond- 

 helmer Company, has been spending some days 

 at the local oiliccs of the concern. Max Sond- 

 heimer, president of the compauy, is in Chi- 

 cago, where he is looking after the Interests 

 of the firm. 



J. W. Thompson, president of the J. W. Thomp- 

 son Lumber Company, Is Inclined to take a 

 rather optimistic view of the situation. He 

 admits that business is rather quiet, but he sees 

 no possibility of any accumulation of lumber, 

 and says that business is far from dead. 



Among the recent visitors to Memphis were : 

 George Stoneman of the Stoneman-Zearing Lum- 

 ber Company, De Vails Bluff, Ark. ; Capt. J. J. 

 White of the J. J. White Lumber Company, Mc- 



