The Montgomery advertiser., 1909-05-17
The Curtailment of Yeilow
Pine Must Come Immediately

the mill out OF debt, only more impeil-
Ping In the matter OF curtailment. II Is
not given to many men TO figure on the
inside OF such colossal deals az have
been several of those put forward In
recent years In the yellow pine busi-
ness, but as the big can frequently be
judged In the little. and as a part Is a
sample of the whole. 1t may be said
that the creditor can usually see his
true interest more quickly than II can
be pointed out to him. and that though
In some cases there may be grasping
men, or grssping banks. which think
they see opportunity in the distress of
others, as a general proposition 1t may
be put down that the man who holds
the debt Is the one most afraid Of the
wreck ahead.
III the men who now complain that
they cannot shut down because of In
terest charges and sinking fund re-
quirements would manifest the same
Napoleonic ability In dealing with their
finance ministers as they exhibited
when their mammoth operations were
formulated there should be no difiiculty
In arriving at an agreement on the OBJ
vious and sensible basis that the inter
ests Of both will be subserved by leav-
ing the timber in the woods. A Ma
poleon was more needed at Leipsic
than at Marengo.
There Is as, little excuse for the
mill in debt as the mill out OF debt to
continue to cut lumber. much of which
under the most favorable conditions af-
fecting the sales ONCE must be mar
keted at a level of the lowest quota
lions made-prices that would involve
an actual loss even IL the timber cosk
nothing and the mill with which It is
manufactured represented not a cent
Of investment. This is the point to
which these lowest quotations have
gone. Can they go any lowerf
"Of all the singular excuses that
have been put forward by men for con-
tinuing to operate full time is that
they were shut down for 80 many
months last yeaf and that, therefore.
they viii now continue to operate
This seems based on some sort of
vague idea of tit for tat. or OF getting
even with somebody--that having done
an obviously sensible thing one time
removes the necessity for doing IL u
second time. II is hard to see validity
in this reasoning. The mill man who
shuts down for any period and for any
reason suffers loss and Inconvenience
but IL he does 1t only to escape q heav-
Ter loss there Is no reason why he
should not do II as often as the me-
cessities require. unless the yellow
pine manufacturers can bring them
selves to a general recognition that the
production OF lumber must be held
down to what the country will absorb,
| 1t will always. except at\intervals of
brief duration, as In the past be sold
at an actual loss. viewing saw milling
strictly as q manufacturing PROPOSE
ton Invested OF all features OF stump
age enhancements This has been the
| history OF the business in the South. A
just valuation put upon the timber. the
manufacture of yellow pine into lum-
| Der may be said to have always been
| at loss 1t will continue 10 be until
| recognition comes that the country can
! absorb only so much and that produc-
| ton beyond this means loss.
I'VE have hope and confidence that
| curtailment sufficient to escape disas.
ter will occur. The next few weeks
| will determine. The present strain
cannot endure. The consumption un-
der the circumstances is all that could
be reasonably expected and a contin-
/ ued moderate increase Is all that can
1 be counted on for months to come
| There Is not the remotest hope OF any
sudden thing occurring to increase II
| The sole remedy 10 in reducing the
amount produced.
The present plan of daily reports
OF what the mills are doing offers hope
] 1t Is the best step the manufacturers
have ever taken. It would be better II
i more mills were reporting. Doubtless
j more will report as the service is bet
/ ter understood. But even with the re
ports now being received the situation
is clearly disclosed.
1T is prompt action that is callee
! for"