The Birmingham age-herald., 1920-08-10


 Corn, No. 2 yellow.....,.. 2.3l% l,6o
 Cotton, middling ......... .4375 10
 Cotton, Oct. delivery..... .S25 Soo' Print cloths, yard. ......... .los4 10
 Silk, Sinshui No. 7......... lI.So o.2o
 Rubber, crude ............. oo ..9.a Hides, No. l.. native...... Al z9
 Wool. Ohio common...... 50 -2n
 Sugar, raw ................ .z5oi 'lnzS @ Coffe, Rio No. 7............ 169s .lo'i This comparison presages consider able reduction in the cost of living as soon as it can be reflected in retail prices, and it is to that extent salutary. But the fact that prices have declined so much is not a valid reason for ex- pecting that they will continue to de- cline. When a fashion becomes universal it is almost certain to change ana pes smism. is undoubtedly very fashionable at present. Lord Rothschild when urged to buy some shares which had already ! advanced sharply answered that trees never grow to the sky and the converse is equally true There is always point at which factors of depression which have already had effect become nopera- tive. This point is usually reached when their force becomes widely recognlzeu' This generalization rather than any specific evidence of present eagerness 10 buy must be the main reliance Of the 
 FOREIGN SECURITIES
 | The decline in foreign exchange preclpi- tated by the onrush of the soviets car ried sterling last week to s369A, it's low est since February The abnormal sem sitiveness of exchange to political condi- lions. which causes it to fluctuate vio- lently on every rumor or trouble, is cue directly 10 the failure to develop stable and permanent means of financing our foreign trade to replace the present nap hazard methods, which compel specuia- tion in a business that already has too many uncertainties to contend with. IL is remarkable that our foreign trade has kent up as we'll as it his. Credit for financing imports is difficult to obtain and in view of the comparative quiet ness of domestic markets importers are buying cautiously of foreign goods, a condition which figures for coming months seem certain to reflect.
 Rank clearings outside of New York skew a gain of 2.1 per cent over last year: for the country as whole 'oss of s.6 per cent is reported. Trade Keeps up better in the Great Lakes district than in any other part of the country and if buyers of iron and steel. which continue strong spots in the markets showed the procrastination which char acterizes many merchandising lines tne current talk or repression Hi5He pos7oS''N
 more convincing ring.
 There are some distinctly encourasfns deyelopments to report. among which the greater abundance of call money In New Yorl, last week ranks first in importance I. begins to look as if the money iend- CTS had overstayed their market ana there are indications that time funds will soon be easier to obtain, natura result of the decline in commodity prices a1a1 hU last week. which seem more likely to Dc permanent than the heights reached or the subsequent rebound. there will bf reouired about S400. ,0O0 less to finance l the wheat crop than at the quotations l of three months ago., $500, ,00O,Ooo less fol I corn. and sS50 900 000 less for oats II addition brokers loans have been reduced
 by liquidation in securities 10 hail i what they were a year ago.
 1 The $l5O, 900 of back pay due the raii road employees is now being disburset and will soon pass into circulation Th' equipment and improvements needed D! l the roads will cost them $I0c,ooo0O, ac 1 cording to figures submitted to the lhter | state commerce commission last Aprii Contracts for this work will be let soon making an addition to the business turn over which will employ an equivalen amount of labor and materials.
 MERCHANTS MORE CONFIDENT | Although we are beginning to hea | seasonal reports of dry weather, tn | crop prospect is unimpaired and re | tail merchants are. becoming nor | confident and are beginning to visi | markets which are generally poorl | stocked with goods and in which muc buying would speedily advance pricel Some overextended spectators i cotton goods have commenced to fec the emetic effect of the money string 1 ency. but while cancellations and re sales are much talked of they hay probably been exaggerated. The news | papers give more space 70 one con
 paratively unimportant failure than {