The Birmingham age-herald., 1920-11-29
By THEODORE H. PRICE, tEditor Commerce and Finance

By THEODORE H. PRICE.
 Editor Commerce and Finance.) NCopyright, Theodore H. Price Publish .' fishing Corporation.)
 New York, November 2S.-(Special.) It is to be doubted whether America ate its turkey and>celebrated it's distinctive holiday in very thankful spirit last week. Our blessings are many and our opportunities are innumerable. hut the pam to which we have been subjected Dy the recent decline in prices has not 1elt us in an entirely grateful mood.
 put the storm is subsiding the weather is clearing, and it is possible TOT us so get our bearings and estimate tne damage that has been done. The snlp Of business has not foundered or gone ashore and while some of her crew may nave been seriously injured, the !aeaities have been few and those who nave been hurt are being nursed back to health again by financial specialists or great reputation. Some surgery and anputation has been necessary, but it is surprising that the gale did so little narm and with favoring breezes we should soon be on our course again.
 The mercury in the financial barome- ter IS rising, for at All per cent the reserve ratio of the federal reserve ---~S W oS hl6 ACT ldSL week llan It has been TOT many months and there is' every reason to expect a still higher figure soon.
 Call money has loaned as low as 4h per cent. The deposits of the savings banks Of the state of New York, which now exceed s2,5o0, 900, 900, show an in- crease of 10 per cent in the last 12 months, and what is more significant, q gam or rom to per cent within the last three months
 LESS EXTRAVAGANCES
 AS the loudly proclaimed reductions Tn prices have not made much impress sion on the cost of living until very recently these figures must be accepted as indicating less extravaga gance and greater thrift. The result may be un- peasant for those who profited while the people were ''splurging," but in the slons run the effect will be salutary. on the stock exchange prices have re- covered somewhat and none of the fail- ures predicted have occurred, although 1t is generally understood that the holdings of some over-extended specu- lators have been taken over en bloc by bankers syndieates. Some castles in the air may have been demolished in the process, but no real wealth has been destroyed, and while the transfers involved may have a personal interest for the persons concerned and their fol- lowers. they are otherwise without sig nificance.
 One of the most encouraging inci- dents of the week has been the sharp advance in Liberty bonds, reflecting as 1t does the expectation of a permanent " easier money market and an early Reduction in the federal reserve rate for rediscounts.
 - Of course, there are some unfavora- nle items in the weeks news. Cotton and wheat have both made new low records. Thirteen banks in North Da- skota have been closed in the last 10 days, lNt whether their suspension is due to the unsound fiscal policy im- posed upon the state by the Nonpar- tisan league or to individually reck- less management is not clear.
 SOUTH AND COTTON
 In the south the decline in cotton and the difficulty of marketing the { large stock of low grades left over from last season present problems that ! Nstill vex the bankers. A solution for them has not yet been found and the genius who can devise plan by which cotton can be exchanged for European products that we can use will perform a very great service to all concerned The textile manufacturers of New Eng land are reported to be considering general reduction of 20 per cent in wages which may, if agreed to, result in the stoppage of some machinery, but William M. Wood, president of the American Woolen company, asserts that 'it is only question of time when there will be a famine in cloth and some people will have to pay much