24 



HARDWOOD RECORD 



December 10, 1920 



Cable Address: SAPERSTONE, NEW YORK 



BAND SAWN HARDWOODS 



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SERVICE 



LIVERPOOL HARDWOOD COMPANY, Inc. 



Branch Office, Memphis, Tenn. 



NEW YORK CITY 



News from the National Capital 



No Water Rate Increases 



There will be no immediate increase in water rates on lumber 

 from Virginia, the Interstate Commerce Commission announced. 



The Commission has issued an order, suspending from December 

 15, until April 14, 1921, the operation of a proposed schedule of the 

 Pennsylvania Eailroad which provided for the cancellation of an 

 increase in water competitive rates on lumber and articles taking 

 the same rates, carloads, from Portsmouth and other Virginia points 

 to Newark, Communipaw, Bridgeton and other points in New Jer- 

 sey on the Central Railroad of New Jersey, the increases varying 

 from 1.4 to 7 cents per 100 pounds. 



Plan to Use German Wealth 



Washington officials and New York bankers and foreign traders 

 have under tentative consideration a plan to utilize the vast amount 

 of property owned by German nationals, but sequestered during 

 the war by the American Government, as a basis for a great trade 

 credit which will permit resumption of active business intercourse 

 and relieve the American market of embarrassing surpluses. 



The extent of the German-owned property in the hands of the 

 Alien Property Custodian is estimated at $405,000,000. Of this sum 

 it is believed that property worth $105,000,000 was improperly 

 seized and this is in process of release from custody. This leaves 

 property worth $300,000,000, which, under the law, is to be held in 

 custody until a peace with Germany is concluded. 



Conferences have been held between New York bankers and 

 traders and high Government officials on the advisability of con 

 verting this great pool of wealth into a fund to guarantee German 



jiurchases in this market. Business men are of the opinion that the 

 American market is badly in need of just this sort of stimulant. 



While no announcement of an official nature has, as yet, been 

 made, it is understood that Attorney General Palmer, who also 

 served as Alien Property Custodian during the war, has examined 

 the plan and found no legal objections to it. 



Bernard Barueh and Henry Morgantliau are reported tj) have 

 been in Washington recently discussing the plan with important 

 officials of the Government. 



Business Further Depressed 



Marked declines in commodity prices, accompanied by lessened 

 activity in manufacturing, reduction in buying power, and in- 

 creases in the number of unemployed are reported by the Federal 

 Reserve Board in its review of business conditions throughout the 

 country for the month of November. 



The report states that so far there is no evidence of any revival 

 of activity in the lumber industry, as contracts continue to fall off 

 and new orders to decline in volume, despite price recessions. In 

 District No. 1 (Boston) some lumber mills have closed down en- 

 tirely and curtailments are general in the absence of demand. 

 Prices are said to be from 25 to 40 per cent below previous levels. 

 In District No. 6 (Atlanta), a number of mills are closed, ship- 

 ments are exceeding orders and production, and stocks are being 

 reduced in consequence. The 143 mills belonging to the Southern 

 Pine Association have a normal weekly production of 90,837,000 

 feet, but the output for the week ending October 29 was only 

 {ContiiiKiiI on iin(if 2(1 1 



