E. A. r.ANG. CHICAGO. ILL. IUKKCTOK THOMAS W. I'KV, ST. LOUIS, MO.. MRECTUlt " ■"' \VKL<S. I'nuCTOU, ARK.. DIRECTOR 



I'loinr. chairman ; W. 

 DeLancy. J. A. Hempbill, 



Perkins, 

 Watroud. 



Robertson, chairman ; 



Gary, J. M. 



Membership Committee— 

 Mark H. Brown, H. W. Baker 

 J. C. Stunkle. L. James. 



Finance Cummittee — F. 

 Pricbard. 



TECHXiCiL Resejlbch COMMITTEE — R. M. Carrier, chairman ; W. A. Gil- 

 christ, L P. DuBose, Fred K. Conn, C. D. Hendrickson. 



Complaints Committee — W. C. Bonner, chairman : W. H. Chapman. 

 H. L. McGhee, J. F, McSweyn. W. L. Crenshaw, B. F. Dulweber. 



Following is a list of the initial membership: 



Bayou Land & Lumber Company. Liudsey. Miss. 



E. Sondheimer Company. Sondheimer, La. 



Lansing Company, Parkin, Ark. 



McLean Hardwood Lumber Company. Memphis. Tenn. 



J. H. Bonner & Sons, Quigley, Ark. 



Chapman & Dewey Lumber Company. Memphis. Tenn. 



Taylor Brothers, Lunstord, Ark. 



Fischer Lumber Company, Kewanee, Mo. 



J. TV. Wheeler & Co., Madison, Ark. 



Moore & McFerren. Memphis and Ros.';. Ark. 



Alexander Brothers, Belzoni. Miss. 



Lamb-Fish Lumber Company, Charleston. Miss, 



Crenshaw-Gary Lumber Company. Richey, Miss. 



Baker Lumber Compan.v. Turrell. Ark. 



Himmelberger-Harrison Lumber Company. Cape Girardeau, Mo. 



H.vde Lumber Company. South Bend. Ind. 



D. T. McKeithan Lumber Company. Columbus. O. 



Paepckc Leicht Lumber Company, Chicago, 111. 



Carrier Lumber & ilanutacturing Company. Sardis. Miss. 



George C. Brown & Company, Proctor, Ark. 



Bellgrade Lumber Company, Memphis, Tenn. 



Three States Lumber Company, Memphis. Tenn. 



Green River Lumber Company. Memphis. Tenn. 



C. D. Hendrickson Lumber Company, Memphis. Tenn. 

 Wisconsin Lumber Company. Chicago. 111. 

 Anderson-Tully Company. Memphis. Tenn. 



Chas. F. Lnehrmann Hardwood Lumber Company, St. Ix)nis. Mo. 

 The John Dulweber Company. Cincinnati, O. 

 Kentucky Lumber Company, Sulligent, Ala. 

 Mark H. Brown Lumber Compan.v. Mounds, Ark. 

 Louisville Veneer Mills, Louisville, Ky. 



Following is the list of concerns represented at the meeting, but 

 not as yet signed up as members: 

 Archer Lumber Company. Helena. Ark. 

 Baker-Matthews Manufacturing Compan.v. Sikcston, Mo. 

 J. E. Bell Lumber Company. Lambert. Miss. 

 Bennett Hardwood Lumber Company. Memphis. Tenn. 

 W. P. Brown & Sons Lumber Company. Louisville. Ky. 

 H. W. Darby, Holcomb. Miss. 

 W. W. Gar.v, Inverness, Miss. 



D. H. Hall Lumber Company. Xew Albany, Miss. 

 J. F. Mclntyre & Sons. Inc.. Pine Blurt, Ark. 

 May Brothers. Memphis. Tenn. 



Memphis Band Mill Company. Memphis. Tenn. 

 Moorhead Manufacturing Company. Moorhead, Aliss. 

 Richland Parish Lumber Company. Louisville, Ky. 

 Sunflower Lumber Company. Clorksdale, Miss. 

 James Thompson Lumber Company. Vincent and Mounds. .Ark. 

 VandenBoom-Stimson Lumber Company. Memphis, Tenn, 

 J. W. Wardlow. Pocohontas. Miss. 

 —20— 



DIRECTOR 



Expert View of Export Conditions 



.Tohn L. Aleock. of John L. Alcoek He Co.. Baltimore, ild., returned 

 last week from a six weeks ' trip to Europe and talked interestingly 

 about market conditions on the other side. He went over strictly for 

 business and gave aU of his time to a study of the situation in the 

 different countries visited, which included the United Kingdom, Ger- 

 many and France. Mr. Aleock is a close observer and liis opinions, 

 therefore, possess exceptional value. Speaking of the United Kingdom, 

 he said that the trade was quiet, with prices relatively low because of 

 large accumulations there. Stocks of lumber and logs had been going 

 forward in such volume that the buyers had come to look for an easing 

 off and had delayed placing orders in the expectation that this could 

 be done on a lower basis. In addition, the requirements had not been 

 especially large, so that the general effect was to depress values. Fur- 

 thermore, American woods were encountering a greater competition 

 from the woods of other countries. Japanese oak, Mr. Aleock found, 

 was entering the British markets in increased volume and was held at 

 prices that made it a serious competitor of American oak. It was of 

 a good white color, singularly free from pin worm holes, .and found 

 much favor. The invasion by this Japanese oak would have to be 

 taken into account by the American shippers in their calculations. 



The trade in Germany had been and continued unsatisfactory, the 

 demand being restricted and the buyers being indisposed to place 

 orders. Germany had gone through something of a financial crisis 

 within the past six or eight months. That country. Mr. Aleock ex- 

 plained, had financed the war of Turkey with the Balkan countries, 

 which took larger sums out of the country, this money being withheld 

 from other channels into which it would hare gone but for the needs 

 of the Ottoman Empire. Furthermore, the outcome of the conflict 

 made it very doubtful if any of the loans would ever come tjack, thus 

 further straining the resources of the country and causing the bankers 

 to draw in wherever they could. Something like a real monetary 

 stringency had prevailed in Germany, credits were narrowed and enter- 

 prises generally found themselves on short rations, so to speak. The 

 buyers were not in a position to place orders for lumber with the same 

 freedom as before, and the effect generally had been unfortunate. In 

 addition, there is a large supply of logs in Germany. Mr. Aleock 

 stated that while he was in Hamburg not less than 18,000 walnut logs 

 were on the market, a number greater than almost at any previous 

 time. More or less congestion also prevailed in other centers, and the 

 outlook was anything but bright. In France, trade was better, and 

 values had been less unfavorably influenced there than almost any 

 where else. The improvement, however, did not exceed moderate pro- 

 portions and left room for gain. Mr. Aleock spent a busy six weeks 

 while away, but the frequent change of scene and other things proved 

 of decided benefit to him, and he came back feeling in fine shape. 



About the simplest way to increase the capacity of a single band 

 hardwood mill making lots of boards is to add a resaw. 



