November 10. 1920 



HARDWOOD RECORD 



57 



urahly benefited by the Republican managomont of national and inter- 

 national affairs and that there is a better day ahead. 



Inquiries are being received every day. Some of them are of a sub- 

 stantial character, while others are on such a low basis as to be wholly 

 impracticable. But, while there are perhaps mare inquiries than noted 

 during the past several weeks, the indisputable fact remains that there is 

 less business in progress, so far as new orders and bookings are con- 

 cerned, than was ever known at this time of the year. All members of the 

 trade concede this. Domestic consumers and distributers alike are appar- 

 ently determined not to accumulate any considerable quantity of lumber 

 now, pending further developments in the price position of the market, 

 and pending further developments in the situation from the standpoint of 

 probable or possible outlets for their own raw materials or their own 

 finished products. There appears to be complete lack of confidence, so far 

 as consumers and distributers are concerned, even in present price levels, 

 which represent a shrinkage of approximately 50 per cent compared with 

 the maximum values commanded by lumber in the late winter and early 

 spring. And it is conceded that there must be returning confidence before 

 the lumber industi\v or any allied industry stands on really a firm founda- 

 tion. Immediate needs are being filled, but there is not the slightest 

 disposition on the part of any interest in this country to anticipate its 

 requirements. 



And the same attitude is being displayed by foreign countries so far as 

 their requirements in American hardwoods are concerned. The strike 

 of British coal miners has been settled and this is viewed as a favoring 

 circumstance. But it is pointed out that so little time has elapsed that 

 there could be no reflection of the elimination of this disturbance so soon. 

 Exporters are doing very little business in southern hardwoods, and they 

 report that they are unable to interest foreign buyers even in a small 

 way at the moment. Some are cabling firm offers, but very few of these 

 are on a price basis that is satisfactory to foreign buyers. In the mean- 

 time the normal percentage of exports is being severely cut, and this 

 means th«t just that much more lumber is left for domestic interests 

 to consume. 



Shipments of southern hardwoods are on a fairly large scale, but they 

 represent, to an unusually large degree, the filling of old orders. With so 

 few new orders being booked, it necessarily follows that shipments on cur- 

 rent orders are very small. The transportation situation is much improved. 

 There are very few embargoes. There are more car.s than there have been 

 for many months. But this improvement is just a little late from the 

 standpoint of shippers of hardwood lumber. They have very few orders 

 on which to ship, with the result that their car requirements are very 

 limited. It avails them little, in fact, that the transportation situation 

 is better. 



The improved car supply is helping manufacturers who have large quan- 

 tities of logs awaiting transportation to their mills, but comparatively 

 few of the manufacturers in the Memphis territory occupy this position. 

 Where logs are offering they are being moved with greater dispatch. But 

 the quantity offering is very small compared witli normal. Most of the 

 manufacturers of hardwood lumber here decided some time ago to dis- 

 continue further logging operations, and the logs awaiting loading are 

 those that were prepared for shipment during the summer and early fall. 

 It may be stated, on reliable authority, that there are fewer logs being 

 prepared for shipment to mills in the valley territory, including Memphis, 

 than was ever known at this time of the year. It may also be stated, in 

 the same connection, that production of southern hardwoods is probably 

 not greater than 33 Vj per cent of normal, with the certainty that during 

 the next two or three weeks it will sink to 10 to 15 per cent of normal. 

 Plants are going on the idle list every day in the valley area as logs on 

 hand are converted into lumber. The lumbermen in this city, acting 

 separately and independently, decided upon a general plan of curtailment 

 of both logging and manufacturing operations some time ago, as announced 

 in Hardwood Record, and they are, generally speaking, closing down 

 their plants in accordance with this policy just as quickly as logs on 

 hand have been converted into lumber. Quite a number still have logs 

 on hand, and this accounts for the fact that actual curtailment is not 

 even greater than indicated. 



Curtailment is not confined wholly to manufacturers of lumber. The 

 Kelsey Wheel Company, one of the largest woodworking plants in the 

 South, has laid off its entire force and closed down all of its machinery 

 with the exception of one side of its band mill. The latter will be kept in 

 operation until logs and timber now on hand have been worked up. This 

 company is engaged in the manufacture of spokes, rims and other wheel 

 parts for the automobile industry. The management has made no state- 

 ment as to the cause for shutting down the wheel plant, but it is under- 

 stood that lack of orders is directly responsible for this course. Closing 

 of the plant has thrown approximately 1,100 men out of employment. 

 Some other woodworking plants here are curtailing operations, too. because 

 of slack business, and are seizing the present opportunity to make exten- 

 sive repairs. Even the box industry has slowed down considerably dur- 

 ing the past two or three weeks. It represented the one bright spot in the 

 situation in Memphis for a while after general lethargy manifested itself. 

 It may be noted, in connection with the general situation, that labor 

 is more plentiful and that it can be had at considerably lower cost than 

 heretofore. One of the largest manufacturers of hardwood lumber and 

 veneers here, James E. Stark of James E. Stark & Company, has posted 

 notice at his plant that nobody, in the unskilled class, will be paid more 

 than .^3 per day. Mr. Stark is also authority for the statement that 



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BAND MILLS 

 Owensboro, Ky. Gampbellsville, Ky. 



