HARDWOOD RECORD 



curtailed, though the foreign movement is rather larger than had been 

 supposed it 'would be under the circumstances, it is only natural that 

 the efforts to place stocks in the domestic markets should be redoubled. 

 This has given rise to some pressure not before in evidence, but on the 

 other hand some of the consumers are showing greater requirements. The 

 furuiture manufacturers are buying rather more freely than they did in 

 the early part of the summer and there is less hesitancy about placing 

 orders in other directions. No advance in the quotations is to be re-i 

 ported, and the returns in the main are not in excess of modest figures. 

 Of a part of the trade It may even be said that it failed to yield reasona- 

 ble profits. On the other hand, there appears to be no doubt of the 

 fact that the stoek.s at the mills have t)een reduced to rather narrow 

 proportions. Mills arc reported to be closing down in many instances, 

 but this is not due so much to an accumulation of lumber as to the 

 uncertainty of the outlook. Large producing sections are in the posi- 

 tion of just about being able to meet the wants developed, and the actual 

 surplus of stocks is restricted. This applies to oak, poplar and most 

 of the other woods in general use, Some grades of chestnut are mov- 

 ing with considerable freedom, while others are pronouncedly quiet. 

 Sound wormy Is in rather better shape than might have been supposed, 

 and the output of the mills seems to be taken up as fast as It can 

 be gotten ready for the market. The export business is by no means 

 dead, although the unsettled flnancial conditions tend to make the 

 shippers very cautious. Still, every steamer that goes out of this port 

 with a general cargo carries quantities of lumber, among them oak planks 

 in fair quantities. The shippers have confidence in the ability of the 

 receivers to meet the drafts, and the Indications are that the forward- 

 ings wlH increase. 



=■< TOLEDO y 



There has been little if any change in the hardwood situation here 

 during the past couple of w.i-eks. There is no great amount of buying 

 for investment purposes, but the demands of the regular market for 

 immediate use have been fully up to the standard for this season of the 

 year. Railroads are using a little more lumber, but at that are way below 

 their usual activity. Prices remain practically unchanged and are show- 

 ing no further weakness. Poplar is in good demand and is holding firm. 

 The rural buying has not been as active yet as it is expected will he the 

 case a little later on in the season when farmers begin letting go of their 

 crops. Thus far there has been a great tendency on the part of farmers 

 to hold their grain for hisber prices. During the past week or two this 

 tendency seems to have 1. 1 n ^Mi.i,«iiat broken into and a good deal of 

 grain of sunerlative q\inlii\ i.i- i mi Tnaking its appearance on the local 



market. Building opn-Mi.m- ..., ii,- good and the Willys-Overland 



Automobile factory Is uKaiii --taiiinL: up in good shape. It is the inten- 

 tion of Mr. Willys, head of the concern, to put out 75.000 machines this 

 year, and improvements have just been completed on this mammoth 

 factory which will make this intention possible. The local building opera- 

 tions continue active. 



< INDIANAPOLIS > 



There has been no material chant^e in the liardwood situation in this 

 vicinity during the last two weeks. Business is of smaller volume than 

 it was this time last year and at that time the trade was below normal. 

 It is possible that big grain yields over the state may result in some 

 improvement in the hardwood business in certain parts of the state later 

 In the fail. 



There is as yet no shortage In imported hardwoods, although any 

 pronounced activity in buying would develop a shortage before long. 

 Dealers are buying to meet immediate needs only and most of the manu- 

 facturing concerns using hardwoods are operating with reduced forces. 

 Building operations are still on the decline. 



=■< MEMPHIS >.= 



The export situation looks a little brighter. A number of exporters here 

 are sending cargoes of lumber to Liverpool and other ports of the United 

 Kingdom. .\s a general rule, this represents transactions which were put 

 through before the war broke out. It is notable, however, that some new 

 business with Great Britain has been done within the past ten days. At 

 least three firms here have made sales. It is understood that the principal 

 buyer is the British government, which is Importing southern hardwood;! 

 for use in connection with the maintenance of its artillery trauspoitaiion 

 facilities. There has been very little buying on the part of private interests 

 and not much is expected in that direction in the near future. The mere 

 fact, however, that cargoes are going forward and that some new business 

 is being done is accepted as quite encouraging. No business whatever is 

 attempted with any of the other foreign nations now encraged in war, 

 owing to the extn iii>' liU iiivilved and owing to the depleted buying power 

 of the peoples .1 iln^i uiuiun^. 



The domestic' ii ;jiimu ,]...■< not show a great amount of change. There 

 is perhaps a littl. iii< ir iii,,uiry. hut shipments are on a somewhat restricted 

 scale. It is rcco-Miized that the flnancial situation is improving somewhat 

 and that the outlook for business is decidedly bettor. It is anticipated 

 that there will be a considerable increase in th- volume of domestic business 

 In the near future, but it is recognized that so far no great increase has 

 materialized. Collections are reported unusually slow on the part of those 



who have been making sales and it is notable that easy terms arc sought 

 by many buyers who have heretofore been in the habit of paying promptly 

 for their lumber. So far as prices are concerned, there has been very 

 little variation. It is not so much a question of price as of demand. The 

 people who are in the market for lumber are paying the prices demanded 

 therefor and are not asking many, if any, concessions. There are not 

 many who want to operate, however, and the fact that sellers are unwilling 

 to make reductions, in order to move their stock, makes largely for the 

 steadiness with which prices are maintained. 



Some lumber is still l)cing manufactured in Memphis and the Memphl,< 

 territory, but it is probably not more than thirty per cent of normal. 

 Curtailment is in force on a rather large scale. Most of the ti-'nber which 

 was gotten out before tin war ilivriDped in Europe has already been 

 converted into lumber ami. wiili ir ...rinleiion. and with the demand some- 

 what restricted, there is v ■r\ [iiih Im unlive for further operations on the 

 part of manufacturing fiiiii>. M<i..i ..r the mills wliich had logging contracts 

 have been able to take care of lliesi' or have succeeded in abrogating them 

 altogether. Some few are still in force, and where this is the case, it is 

 necessary to continue milling operations. Most of the wholesale dealers 

 who had contracts to take the output of certain mills in this territory have 

 likewise been able, as a rule, to get these cancelled or very greatly 

 modified. In all instances where they have neither been cancelled nor 

 modified, the mills whose output is Involved arc still running. Curtailment 

 is to be still further carried out In the near future unless there is a 

 decided change in sentiment, as well as market conditions. It Is probable 

 that the amount of lumber being produced in this section by the first of 

 October will be the smallest ever witnessed. 



=•< NASHVILLE >■= 



No material change has been noted In 

 the past two weeks. It is believed thai 

 lie more pronounced as the big plants gi 

 logs. .\t present operations are fairly 

 sawing day and night, but a member of 

 be continued more than thirty days and 

 large supply of logs held. Fair demand is mentioned for oaks, and pop- 

 lar, ash, hickory, chestnut and other lines are moving, but buyers are 

 purchasing only for current needs. A good demand for oak fioorlng 

 Is one bright spot in the trade. Strong firms hold out for good prices, 

 though conditions are. bound to depress values to some extent. 



hardwood situation during 



tailiii.iit ..r production will 

 .i:^h «it!i iiresent stocks of 

 < "iif Mg local plant Is 

 ..,i„|,;,i,> said this will not 

 ing done on account of the 



=•< BRISTOL >= 



Many of the mills in this section are closing down, on account of the 

 dullness in trade. Shipments are light and while the immediate outlook 

 is not good, lumbermen expect Improvement in busiu'^s .luiiUL: 'lie fall, as 

 business adjusts itself to changed conditions. Th.n i- i i liim ..f uncer- 

 tainty about the situation but business has not iill n "if rih.u^li lo give 

 ground for fear of general demoralization. A numl..r 'i ilir mills that are 

 idle have closed on account of the tying up of foreign commerce but others 

 are Idle for a different reason. Some little exporting is being done from 

 this section, despite the European war. 



=-< LOUISVILLE >- 



A more hopeful tone pervades the local hardwood market, in view of 

 the fact that peace prospects have become a little more clearly defined, 

 even if actual consummation of peace does not appear to be at hand. The 

 conclusion of the European war or the' adjustment of American- business 

 to present conditions will make the lumber trade satisfactory, and 



developments an pn.. liiiLr along both lines. While many consuming 



branches are t.niii"i ii i il , .lull, prospects are reported to be improving. The 

 fact that the lariiM i- i-^ in .-i" >"us Is expected to stimulate the Implement, 

 vehicle and furnitnr.- liii. s, and also to move a good deal of building 

 lumber. Backing conditions are satisfactory, considering the great strain 

 under which financial interests have been placed, and this Is making it 

 possible to work under much more comfortable conditions than might 

 have been expected. Poplar and quartered oak are the best movers at 

 present. A somewhat improved demand for plain oak is in evidence. 

 Sound wormy chestnut is not so active as it was. Red gum Is rather 

 slow. Cottonwood is In good call. 



=-< MILWAUKEE >■- 



News from the northern Wisconsin lumber country indicates that most 

 of the sawmills in this section of the northwest will be operated con- 

 servatively during the next few months if the European war continues. 

 Most of the mills have discontinued their night shifts and will endeavor 

 to keep down their output to a point where stocks will not be piled up 

 to any great extent. This conservative attitude on the part of Wisconsin 

 lumber manufacturers Is well Illustrated by the following letter received 

 by R. S. Kellogg, Wausau, Wis., secretary of the Northern Hemlock and 

 liardwood Manufacturers' Association, from one of Ihe largest operators 

 In the state ; 



"It will probably te of interest to you to know that this company 

 has closed down the night run of Its plant. The situation resulting from 

 the European war has raised the price of all supplies that enter into the 

 cost of logging and sawing, M'hile the demand for our product has been 



