The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1920-12-29
BUSINESS SLUMP
DRAWING TO CLOSE

There is a more confident, or al
least a more hopeful, feeling in mos
trade circles than there was few
weeks ago, says the Philadelphia Rec
ord in it's weekly review of busines:
conditions. The writer continues: In
dustrial leaders who assembled II
Washington for the second reunion
of the war industries board were al
most a unit in the opinion that tho
business slump is drawing to a close
and that a great revival of busincs:
will mark 1921.
But the course of business has lot
changed perceptibly yet, what has
occurred is the belief that the de-
cline has nearly reached bottom. But
all the movements of the last few
months are still apparent. Factories
close or reduce their working time
Wage declines occur. In the New
England textile trade the employers
are contemplating wage cut of % Il
per cent. Christmas shopping has
done something to relieve the condi'
ton of retail trade, but it is per-
ceptibly less than the usual holiday
shopping. People are not so flush as
they were a year ago, when they
were spending money freely for the
most expensive articles. A good
many people are out of employment
The rest began economizing, and are
still practicing thrift.
Prices still tend downward. Dun's
Review reports for the thirty-frst
consecutive week of declining prices
73 declines and II advances. Iron
and steel prices are lower. A little
recovery in dry goods has spent it.
self, and prices tend back to the
lower level. The hide market re-
ports no business of moment. There
is a little more encouragement in
leather because shoe shops that have
been closed have resumed. The SEN
timent has improved in shoes, but
actual business has not changed
much.
Bank clearings last week were con-
siderably lower than the preceding
week, of last year, and clearings for
November are S.5 per cent. less than
last year, but as the decline outside
of New York is only 1.2 per cent. it is
evident that the greater part of the
decline has occurred in New York,
where it is presumably due mainly
to decreased Stock Exchange opera
tions.
On nearly all items the prices of
the independent steel producers are
down to those of the Steel Corpora
ton. Production of pig in Novem-
Der was more than 10 per cent. less
than in October. Thirty-three fur
naces were blown out in November.
Buying of pig iron is confined to
small lots taken by consumers whose
habits is to buy from hand to mouth
A New York selling agent for Vir-
ginia furnaces offered No. 2 foun-
dry at Sal base, but lost the bust
ness to setter who quoted $39'
Birmingham reports dearth of new
business, except in nails and some
other w.re products. New business in
Youngstown is very light, though
though small amounts of sheets, bars
triplate and strip steel .. rae being
placed. Plate buying is. especially
weak. Sheet makers who do moi
make their own bars are waiting fol
lower price for bars than SAT
There are large inquiries from the
oil fields for pipe. Cutting of stee
prices in New York has failed tc
revive business,
Cotton speculation has been on g
moderate scale, but for time al
higher prices. On Saturday the cot
ton market in New York was with
out much interest, but decline OF
20 points or more was followed by
recovery of most of this. Final bid:
showed small losses for the day. Ths
New York wool market is marking
time. In Boston more wool is being
sold, but at loss in price. Sales o1
print cloth in Fall River amounted