Lumber Industry Shows Appreciable lmproyement

But Stocks are Excessive and Reduction is Most

lmportant Problem

Washington, Sept. 25.-During the past four weeks, lumber orders at the sawmills have increased appreciably over the record of previous weeks of 1932, as reported by 650 leading mills of the,country to the National Lumber Manufacturers Association. The week ended September 3, 1932, orders were reported of 187,536,000 feet; the following week, even though including the Labor Day holiday, of. I7O,103,000 feet; the week ended September 17, of 188,921,ffiO feet, these being the highest weeks of 1932 to date and comparing with 139,275,000 feet, the average of the first 37 weeks of the year.

Lumber orders at the mills for the four weeks werc 92 per cent of last year with the following weekly relationship -79 per,cent; 91 per cent; 100 per cent ; 100 per cent. September 1931 began the major downward movement of last year but comparisons with 1930 show an encourag'ing trend. Orders received in 1932 in the four weeks ended September 17 were 28 per ,cent below those of corresponding weeks of 1930, against similar comparison with 1930 in May of 56 per ,cent below and in June of 49 per cent below.

Lumber produ'ction in the four weeks ended September t7, 1932, averaged 110,526,000 feet, compared with weekly average of 111,595,000 feet for the year to date. This was 22 per cent of the capacity of the reporting mills. Similar percentage during ,corresponding four weeks in 1931 was 35 per cent; in 1930, 49 per cent. Lumber orders in the same four weeks' ,comparisons were 35 per cent of capacity in 7932;38 per cent in 1931 ; 48 per cent in 1930.

Encouraging Progress in Lumber Demand

"In the light of these reports", says Wilson Compton, Secretary and Manager of the National Lumber Manufa'cturers Association, "there is ground for the encouraging belief that the lumber industry is emerging from the depths of the trough but there is no justification for any presen't in,crease in production. The industry's stocks are still excessive and the further reduction of stocks continues the industry's most important problem. The price increases which are heralding an upturn are as yet slight compared with what they must be to equal even the cost of production. The progress so far made is primarily the result of better balance between production and consumption encouraged and guided throughout the industry by the recommendations made public by the U. S. Timber Conservation Board; and the principal advantages so far gained will be lost if produ,ction is needlessly started until more evidence of substantial and continuing increase in actual lunrber consumption is at hand."

Source of Orders

It is indicated by reports to the National Lumber Manufacturers Association that there has been more recent buying by the retailers than any other class of trade, somewhat earlier activity in the South than in other sections, although the West is now showing appreciable upturn, and probably more demand in rural and small town sections than in urban centers. Some city yards, however, report considerable selling for repair and remodelling. Some of the increase is obviously seasonal. Fall repair work and remodelling is to be expected but not since 1929 has there been so substantial ah in,crease in orders at the mills as during the past four weeks.

Just how much of the retail trade is due to actual orders from consumers or definite prospects of increasing demand and how much to the effort to replenish low yard stocks while prices are at bottom levels, is problematical. In the South the increased activity on the part of retailers is said to be predicated upon anticipated building, due to the higher prices of cotton and some farm products.

Considerable lumber is in demand for industrial building, particularly for textile plants in the South. Small house construction is reported to be the chief sour,ce of demand in the Central West. Resumption of publi,c works construction is inspiring some lumber orders, including form lumber. There is no quantity buying by the railroads but lumber stocks in the hands of the roads are so depleted that "Railway Purchases and Stores" in its September issue, gives warning that "when any sizable car building or repair programs get under way, the roads may find themselves competing strongly with each other for the small stock of car lumber that may be available."

Sash and Door Demand

True to the seasonal trend, sash and door factories in certain districts have been more active in the past two or three weeks than for many months. Shingle manufacturers are feeling a heavier demand and are getting somewhat higher prices than a month ago. The market for oak and maple flooring is improving.

Some of the larger hardwood consumers, as furniture and automobile plants, are anticipating their future requirements, many stimulating the market with active inquiries if not by substantial purchases.

The lumber export trade, which has been running about 50 per cent below last year for softwoods and 25 per cent below for hardwoods during the summer, has not as yet shown much change in the South. Some increase in new business going to the Douglas fir mills in the first two weeks of September was in export trade, a revival in Japanese buying being reported.

Lumberman Makes Good Recovery

R. O. Wilson, of the R. O. Wilson Lumber Co., recently made an automobile trip to Southern California in company with Ralph and Carl Moore of the Moore Mill & Lumber Co. Mr. Wilson is getting into good shape again after his enforced absence from his office for some time due to a severe automobile accident.

Directors for Home Loan Bank Named

With the announcement at Washington on September 24 of the appointment of the eleven directors for the Twelfth District Federal lfome Loan Bank, preparations for the opening of the bank at Los Angeles on O.ctober 15 have be_ gun. The Twelfth District embraces California. Nevada. Arizona and Hawaii.

Nine of the directors, under the law. must be connected with the home finarrcing business and their suc.cessors must be officers or directors of institutions which own stock in the bank. Membership in the bank is limited to building and loan associations, savings and loan asso,ciations, co_ operative banks, homestead associations, insurance com_ panies, and savings banks, to which the property owner seeking the toan must go.

The directors named for the Twelfth District branch bank are: Adolph Schlei,cher, president of the I-os Angeles Chamber of Commerce; H. V. Ketcherside, Long Beach, president of the commonwealth Building and Loan Association ; Robert Odell, San Francisco, Pacific State Savings and Loan Company; George O. Davis, president of the White House Department Store, San Francis,co; Edwin M. Einstein, Fresno Guarantee-Loan Association : perrv T. Tompkins, Berkeley Guarantee Building and Loan Association; Harry S. Wanzer, Sacramento Capital Building and Loan Association; .J. Lester Miller, San Jose Nucleus Building and Loan Association; A. M. Franklin, Tucson, Ariz., Citizens' Building and Loan Association; R. M. Tobin, San Francisco, Hibernia Savings and Loan Association; C. H. Wade, Los Angeles, State Mutual Builcling and Loan Association.

Joseph R. Halstead

Funeral services for Joseph R. Halstead, widely known lumberman, who was killed in an automobile accident in Phoenix, Ariz., Saturday evening, September 24, were held at Los Angeles, Wednesday afternoon, September 28. He was given military honors having served with the army overseas during the World War. He was the son of J. D. Halstead of Los Angeles, head of the J. D. Halstead Lumber Co. He was forty-four years of age and was a native of Missouri.

Mr. Halstead was vice-president of the J. D. Halstead Lumber Co. who operates a line of retail lumber yards in Arizona, and also have yards in Los Angeles. He made his home in Phoenix, Ariz., where the company started their first yard in 1909, and he was in charge of the company's Arizona interests. During the World War, he served with the Twentieth Engineers overseas; he enlisted as a private and when he left the service he had the rank of First Lieutenant.

He is survived by his widow, Mrs. Edna Haas Halstead; his father and mother, Mr. and Mrs. J. D. Halstead; two brothers, A. E. and Ray Halstead, and a sister, Mrs. H. O. Wagers.

Veights 10 to 20 lbs.

Priced at ll00 and up.