HARDWOOD RECORD 



45 



maud is a little better, but inauufacturing operations are not being re 

 Humed to any great extent. Tlji'ii' is :i tindcmv to work off stock on 

 hand before making more. 



=•< MEMPHIS >• 



Tbe South is in thu iiilijst oL unusual '.vc'itbtr Tor this time of year. 

 It began snowing December la and the ground has been pretty well 

 covered since that time. It Is now raining all over this territory and, 

 while the snow has disappeared, the ground is thoroughly soaked with 

 water from the ruin and the melting of the snow. It is practically out 

 ^Jf the question to make any progresH whatever with logging operations 

 and those manufacturers of hardwood lumber who have not already 

 made arrangements for their timber supply are practically at a staml 

 ■Still. Fortunately, those who are making an effort to operate theii- 

 plants have a moderate supply of logs on hand and they will probably be 

 able to run for a while. The point which Is being emphasized by 

 hardwood interests here, however, is the Impossibility of conducting 

 fresh logging operations and the certainty of exhaustion of supply when 

 The present cut has been converted into lumber. 



It Is probable that there has been some increase in the amount ol 

 hardwood lumber being produced in Memphis during the past three or 

 four weeks. Several firms liere have resumed operations either in whole 

 or in part and it is estim.'ite-d that the output Is something like thirty- 

 flvt per cent of normal. The Gayoso I-umber Company is running day 

 and night in New South' Memphis. The Memphis Band Mill Company is 

 also running again. One or two other firms in that part of Memphis 

 have put their macliinery in motion again. There has also been some in 

 crease In manufacturing operations in North Memphis, including the 

 plant of Russe & Burgess, Inc., and the Green Kiver Lumber Company. 

 But even with this Increase in output there Is no gain in stocks. This 

 is due to the fact that shipments have been on an Increasing scale 

 during the past few weeks and that any excess in production has been 

 easily taken care of thereby. 



Business in hardwood lumber at the moment Is comparatively quiet. 

 This is due to the close proximity of the holidays. The end of the year 

 Is near at hand and the taking of Inventories has already begun amohg 

 -consuming and distributing Interests. As a consequence a great deal of 

 lumber which has been sold during the past few weeks has been ordered 

 held up until after the first of the year. This condition nearly always 

 obtains at this season and has occasioned no particular surprise thi- 

 year. As a general rule there is a more optimistic feeling among pro 

 dueers of hardwood lumber. They believe there will be a decided in 

 crease in the volume of business after the new year and that prices will 

 show an upward tendency. The known .scarcity of southern hardwoods, 

 together with the lack of anything approximating the usual supply of 

 timber, is looked upon as a strong potential influence in bringing aboui 

 better values. No boom is expected. Such a development would in- 

 deed occasion very great surprise if it materialized, but there is a strong 

 disposition to look for a nearer return to normal conditions so far as 

 the domestic situation is concerned. There is very little prospect for 

 foreign business of consequence, especially with Europe, for the reason 

 That freight room is not only very scarce but it is also commanding an 

 abnormal premium over anything ever witnessed by hardwood Interests 

 here. 



The position of the various items has shown no particular change. 

 There has recently been more demand for plain oak than heretofore ano 

 prices on this are somewhat firmer. Plain oak declined more as a re 

 suit of the unsettled conditions following the European war than quar 

 tered oak and It is much more disposed to recover than the latter. The 

 lower grades of cottonwood and gum continue in good demand as the 

 box manufacturers are still operating on full time. Prices are perhaps 

 a shade firmer on this class of lumber but there has been no special ad- 

 vance recorded. More inquiry is reported for red gum and there has 

 been some increase in sales of this lumber. Sap gum is also moving at 

 a reasonably rapid rate. The demand for ash Is fair, with offerings 

 somewhat restricted. A very good call is noted for cypress and ship 

 ments of this lumber have been relatively large recently. The upper 

 grades of cottonwood are in only moderate demand. 



=■< NASHVILLE >•- 



=■< BRISTOL >■-- 



There have been no important features in the liurdwood lumber market 

 the past two weeks. The iioliday quiet is now being experienced with 

 light volume of trade. Shippers have had some orders all along, but they 

 have been small, showing that buyers have been pursuing a hand-to-mouth 

 policy. Local hardwood men favor maintaining prices, as they do not 

 think business can be forced by cutting values. The demand has been 

 for oak, ash, poplar, chestnut and other lines. Local building Is very 

 -quiet, making retail trade small. Furniture, flooring and box factories 

 have been slowing up for the holidays. Local firms look forward con- 

 fidently to better business next year. 



The situation in this section is decidedly more encouraging within 

 tbe past few weeks. Tbe hardwood manufacturers and dealers are now 

 confident that business will show marked improvement after the first 

 of tbe year. This conviction is causing several large manufacturers 



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115-117 S. Wabash Avenue 



CHICAGO, ILLINOIS 



