The Birmingham age-herald., 1920-10-04


 late, but a prominent merchant esti- mates the shrinkage in the value of sugar alone at $250, ,000,000, on the basis of stocks of 100000 tons in the country, and coffee importers place the losses sustained in that trade at s150O0,0O0
 Nor are all the pessimistic reports colt cerned with financial troubles. The nor nal working force at the Toledo plants of the Willys-Overland Company has been reduced from 12,0O0 and 14,0Oo to 2,000, with a possibility that part-time operation will be instituted to give em- ployment to 4,5O0 workers laid off last week. Other makers of motors and ac- cessories are curtailing operations
 MOTOR TRADE
 But. if these are indications of breezes blowing in one direction there are also signs of other breezes blowing contrariwise. From the leading mo- tor centers it is reported that price re- Auctions have stimulated sales consid- erahly. A steady though slow better ment in the tone of the silk and fur markets is apparent. General business is slightly curtailed by the hesitancy of retailers, but bank clearings reported to Bradstreets during the past week were AT per cent above last year out side of New York, the principal center of depression, though S.6 per cent be- low last year for the country as a whole. Orders of the Westinghouse Company for power machinery are at high records and where power is being installed industrial activity assuredly is anticipated. Testimony to increased efficiency of labor is coming in and q western manufacturer states that he has pared his working force by 4.000 men at the expense of an amazingly small reduction in output
 EASIER MONEY The far-sighted who apprehend the salutary effects of a decline in the cost of living can also find much to cheer them in the improvement in the credit supply, for which the heavy inflow of gold from Europe is in large part re- sponsible Total gold imports for Sep tember were approximately $60,000, 900, and 1t is reported from London that there is to be no change in the cour- ageous policy of the British govern ment of exporting gold to New York as fast as it can be obtained from South America.
 There are other evidences of easier money For the first time in months speculation is heard as to the possible eate for cutting rates paper. An ! unusually large number of new bond and note issues have been put on the market and quickly sold. A $20,000, 900 loan to Norway was floated with such SuCCeSS t1dI UneIe IS d growing Del1eI that foreign loans of equal standing could be sold at a lower interest rate, and an unconfirmed report has it that Great Britain will apply here for credit after the maturity of the Anglo French loan October 15. The bond market has been strong and exceptionally active, and advancing bond prices and declin- ing commodity prices, the exact reverse of conditions during wartime expan- cinn furnish thamS nIynS nnfah1n evil dence that we are returning to the much desired state of "normalcy." Consolation can be found even in the decline of corn below $1, for 1t will IT can a reduction of not far from S1, 600, 900, 900 in the amount of credit reeded to market the crop, it is likely to give the live stock industry needed stimulation and with such an enor- nous yield to swell money receipts the decline in the anticipated purchasing power of the farmers will not be par ticularly serious.
 Some relief for housing shortage, the most serious social problem in the country. is forecast by cuts in building material prices and a Chicago landlord has voluntarily reduced his rents by ten per cent, though he is nrobably two years ahead of his fellows. There is additional significance in the fact that the enrolment in our American col leges and universities this autumn is estimated at 25o,ooO. compared with .00O the year before the war.
 Consciousness of depression is acute Necessary losses are distasteful to busl- ness men, who have found it all too easy to make money and the prospect of unemployment is frightening to workers, who have found it all too easy to command and spend high wages. But neither losses nor unemployment are likely to be on the extensiye scale which may seem to anticipate.
 It is impossible to believe that any thing very serious can happen to a country whose people are showing at last the return of the spirit of work and save, which has so long been de- sired.
 ,TRICS