The Birmingham age-herald., 1920-12-27

| idly that it would not decline with other commodities.
 Two reductions in the price of crude oil and several in the price of gasoline
 have nevertheless been announced re- gently. In this connection it should be noted that the Canadian Pacific rail- road has recently decided to transform it's oil burning locomotives and ships to coal burners and that Lord Pirrie, head of Harland & Wolff, has recently stated that the construction of oil burning ships has been overdone.
 Our foreign trade figures for Novem-
 Der will disappoint the pessimists, showing as they do an excess of ex-
 ports valued at s354,000,000. For the eleven months ending November 30 our exports and imports are both the largest on record, but the former exceed the latter by $2,4s4, 100000, which is a sur prise to those who had expected that the decline in foreign exchange would make 1t difficult for us to sell more than we bought abroad.
 The Christmas trade at the depart
 ment stores is said to be up to expecta- tons, but no definite figures are avail able.
 STEEL MILL CAPACITY It IS asserted that 50 per cent of the
 steel making and rolling mill capacity
 VI thS NShhtiy VIII Dc SHut QOWn some
 time after the New Year, but the accu-
 racy of this prediction is doubtful and
 there are some who profess to believe
 mat II IS being given currency to in-
 duce the men to accept the wage re-
 auctions which have been posted in
 many plants. In the textile districts of New England wages are also being re- duced by an average estimated at 221
 per cent.
 
 rom the middle west and ocean freight
 rates are distinctly lower, reflecting the decreased traffic due to the business reaction. The returns are incomplete. | but the railroad earnings reported for November and December show gains in the gross averaging well over 25 per cent. It remains to be seen how much of this increase will be absorbed by the increase in expenses. In this connec- | tion it is interesting to note that the Canadian Pacific has just announced a reduction of 10 De rcent in passenger fares, which were advanced 20 per cent last September.
 VALUE OF FARM CROPS The total value of the countrys im- portant farm crops is estimated by the
 department of agriculture at s9,14S,419- 900. which is s5,000, 000,000 less than the value of the same crops in 1919 The decrease is entirely due to the decline in prices, as the aggregate production | Is rather larger than last year Bank clearings for the week ended Thursday, as reported to Bradstreet's s. show gain of 91 per cent over the corresponding week last year, which in- cluded the Christmas holiday The daily average was lower. Failures dropped to 337. compared with A the | previous week, v in 1919. and 100 in 1918.
 | There has been a small bank failure in London and some unsettlement on | the stock exchange there. where not a few of the war-made millionaires are supposed to have sustained heavy losses.
 In Europe as in America, the Christ mas season will not be an altogether happy period for many. and yet as we look back upon the experience of the last six years and recall our feelings
 when in September, 1914, the German
 army threatened Paris and the world s
 civilization, we may perhaps realize that
 what we are now passing through is as
 nothing in comparison to the agony of
 spirit that we have known and sur
 vived and that long as day follows
 night it will be true that ii is darkest
 before the dawn.
 There is point below which the barometer has never been known to fall. When that point is reached, and We must be nearing it, nature always finds way to Ce-est a hlish the norma l.