October 25, 1921 



HARDWOOD RECORD 



57 



weeks from favoring tbe buyer to favoring the seller. Buyers are be^u- 

 nlng to realize that they have let a golilea opportunity to stocli up witli 

 lumber on practically their own terms pass and they are now placing 

 orders by wire and phone on terms named largely by the seller. The 

 right-about-face on the part of the hardwood market has not been any- 

 thing lilie as pronounced as in the case of cotton but developments in this 

 direction have proceeded far enough to Justify the belief that the present 

 increased demand, combined with the decreased supply will eventuate in 

 a still further advance in quotations. Gilmer Winston, vice-president 

 of the Union & Planters Bank & Trust Company, one of the largest 

 financial institutions in Memphis, recently told members of the Lumber- 

 men's Club of Memphis, that lumber would probably duplicate the per- 

 formance of the South's leading staple crop and his forecast has already 

 materialized to a striking degree. 



Export business is increasing and it is anticipated by exporters here 

 that the sharp decline in ocean freight rates on hardwood lumber and 

 forest products, reported elsewhere in this issue of HARDWOOD Record. 

 will stimulate further increase in demand from European sources, despite 

 the very unfavorable impression created by the unsettled position of 

 foreign, exchange and the new low level to which the mark in Germany 

 has fallen. It is conservatively estimated that exports from the South- 

 ern field have amounted to approximately 12,500,000 feet since Septem- 

 ber 1. The American Overseas Forwarding Company alone is booking 

 space for about 2,250,000 feet each week and officials of this agency say 

 they anticipate further expansion as a result of the much more favor- 

 able ocean freight rates. 



There is nothing to indicate expansion in manufacturing operations. 

 Some firms owning timber close to their mills and operating their own 

 railroad equipment are showing a disposition to resume the production 

 of lumber. Some firms whose timber moves on a short haul over common 

 carriers are likewise increasing their output somewhat. The broad fact 

 remains, however, that those whose timber must be transported long 

 distances on present freight rates have their hands completely tied for 

 the reason that, despite the advance in prices, log run lumber will not 

 bring a high enough quotation to admit of a reasonable profit. There is 

 also the consideration that lumber manufactured from logs transported 

 on present freight rates would be under a tremendous handicap if there 

 should be as large a reduction in freight rates as is now believed to be 

 pending. The majority of producers are, therefore, awaiting the decision 

 of the Interstate Commerce Commission before making any general plans 

 looking to either logging or manufacturing operations. Although this 

 is the time of year when logs ought to be brought out against winter and 

 spring requirements, the fact remains that very little is being done and 

 that the period during which maximum results may be accomplished is 

 rapidly drawing to^ a close. The decision of the commission is expected 

 around November 1 but even if it comes that early it is questionable 

 whether or not it will be in time to enable those owning timber lands 

 to make substantial headway in piling up log reserves. Logging crews 

 are wholly disorganized and they must be brought together and equipped 

 after the decision is handed down. It will take time to do this. It 

 should also be borne in mind, according to lumber producers here, that 

 the firms now closed down have no logs at their mills, with the result 

 that logs must be brought out for current operations before any progress 

 can be made in building up reserves. Thus, from whatever angle the 

 proposition is viewed, the outlook for adequate log supplies as well as 

 for adequate lumber production is far from reassuring. 



In the meanwhile it is generally conceded that sales and shipments are 

 appreciably larger than current production, with the result that daily 

 inroads are being made on stocks of southern hardwoods. The shortage 

 of the higher grades is very pronounced, as already suggested, while tbe 

 surplus of Nos. 2 and 3 common is being steadily reduced. This condi- 

 tion, together with tbe broadening demand, is largely responsible for the 

 general disposition of the trade to look for a further advance in prices. 



LOUISVILLE 



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i Plab & Qtd. Red & White I 



OAK 



The general situation is much improved, and is expected to continue 

 that way well into December, unless consumers start reducing stocks on 

 account of inventory, or unless the threatened railroad strike interferes 

 •with movement. General opinion is that spring business will be active. 

 Collections are better. Poplar siding is moving better. There has been 

 some demand for box boards. Gum, walnut, oak, poplar and ash have 

 all been moving more freely. First and seconds are scarce in all woods, 

 and even No. 1 common is not as easy to secure as could be desired liy 

 the buyer. However, the lower grades are moving better, and even sap 

 gum is now moving, after a long period in which it was a very slow- 

 seller. While there has been some increase in production the past few- 

 months it hasn't been great enough to cause much change in the general 

 situation, as consumption is said to be steadily larger than production, 

 especially in high grades. 



ST. LOUIS 



Market conditions here are much better. The market is described by 

 some as being more "nervous" now than at any time lately. Prices are 

 advancing. Business is better generally than at any time since August 

 when the upturn started. 



Gum and first and second oak are in most demand with common oak 



Even 



Soft 



I Color AND OTHER Texture | 

 I HARDWOODS | 



I Soft Yellow Poplar I 



MADE (MR) RIGHT 



I OAK FLOORING | 



i PROMPT SHIPMENTS | 



i The MOWBRAY I 



I & ROBINSON CO. I 



= ( INCOBPOB ATBD ) = 



I CINCINNATI, OHIO | 



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Care All the Way 

 Through 



For years this firm has operated on a 

 solid basis of conservatism. Care has 

 characterized its every department. In 

 log selection only the best is accepted; 

 in manufacturing, quality outweighs 

 quantity. 



Soft textured oak ideal for good furni- 

 ture, splendid walnut, a fine stock of 

 poplar, chestnut, gum, hickory, maple, 

 elm, Cottonwood, beech and quartered 

 sycamore make available to any line of 

 woodworking a thoroughly reliable source 

 of raw material. 



Quick shipment, domestic or export, 

 straight or mixed cars, all N. H. L. A. 

 grades. 



Try Stimson the Next Time 



J. V. Stimson & Q>. 



Manufacturers of Fine Hardwoods 



OWENSBORO KENTUGRY 



