The Birmingham age-herald., 1921-04-04
By THEORDoRE H. PRICE
 Editor. Comerce and Finance Theodore H. Price Pub.

l last six or eight months, although it has considered itself sicker than when it was in extremis during the war. This often is the case, for we frequently feel weaker after the crisis of the disease has been passed than we did when our lives hung in the balance.
 It is said that the stock ticker talks" and during the past week it seems to have been insisting that the worst is over. Not a few industrial corporations have passed or reduced their dividends in order to offset inventory losses and the stocks particularly involved have de- clined accordingly, but the general mar ket has not been adversely affected, while it responded instantly to the news that the common stock of the American Telephone and Telegraph company had been put upon per cent basis There are, however, many who think that the company has made serious mistake in increasing it's dividends at time when l it is trying to advance it's rates in New York and elsewhere by as much as 30 per cent
 Railroad securities have been quies- cent without weakness upon the theory that with everybody from President Harding down working to get the trans- portation industry out of it's present pre- dicament relief cannot be far off. For the first time in the history of the coun- try the railroad managers have joined with the public in insisting that a reduc- tion in rates is desirable. The number of idle freight cars on March 23 was the largest in the history of the railroads.
 This is partly due to the buyers strike or something like it which is reported by those who operate the bituminous coal mines. I am informed that coal can now be bought on very favorable terms. Last autumn when the country was in a panic over the prospective coal famine that was so well advertised l ad- viSed consumers not to get excited De- cause I believed that the scarcity was exaggerated. l now advise against un- due procrastinaton in buying the coal that vii be required next winter, as the result will be an under-production at the mines that may bring about real famine The time to buy is when sellers are anxious to dispose of their wares, and if the business revival that I ex- pect Is realized it may be that it will be difficult to haul the coal that is bought late in the season,
 | THE RETAIL TRADE l The figures of the nations retail trade for February as compiled by the federal reserve banks continue to confute the pessmists. As measured in money they show an average gain of II per cent over the same month last year. This means of course, substantial Increase in volume In other words, the Amer ican people are spending as much as they did last year in the city shops ana getting more for their money.
 The mail order business seems to pc picking up also, for Sears. Roeouck @ Co. report that their sales in March were only p per cent under last year, whereas the decrease in February was over 50 per cent.
 In the wholesale trade conditions are spotted. but the cheerful reports out number the gloomy ones. Garment man facturers are making plans LOT prish | fall season, and a large manuiacturei of women's ready-to-wear clothing teiis me that he has already sold hls -entlre production up to next Septemper' ine area of activity in the cotton gooos trade is widening and the larger woolen manufacturers profess themselves sur nrised at the records they are receiv- inr betternent in the steel industry is grldgingly admitted by some or tne manufacturers but the Iron Age seems rather skeptical of the reported puyihs following the widely advertised revlsai in the motor business, and insists liia. the automobile factories are workins at not over 25 per cent or capa.ms. Henry Ford, who gets more free adVer- tis;nr than any other man in America is nevertheless reasserting his optimism and declares that indications arg everywhere manifest that the bottom V, the business depression has been reacneu and passed and the trend Of industry ID now upward"
 SURPLUS COPPER
 | Ii is alleged that there IS suIp,us of 900. .00o 900 pounds of copper Tn SSH, and that 10 of the important mines are
 Ia,,,- or nartially shut down. The rr,ca of conner is nevertheless tending inward. and some sales at 1S cents are reported. . .+a.dv
 The market for raw cotton IS steauy ,,non the continued expectation or iarse reduction in acreage, failing wnlch
 savare decline would seem to be uii- avoidable. Cereals, including wheat pecially, have shown some Weahness'
 is coming to be realized that the aoVsh.e in railway rates is a heaVy hiiu.op inc western farmer, increasing as IL ooes Inc cost of getting his grain 10 ene | saahoard and imparing his aplilty ~ comnete with other countries, especlanv | A rgentina in the export traue. in ruination of the southwestern liuie a,.,. bv a cold snap is reported lroin on. e.aa .,a hut if may be that the damaseu s-,,;t can he saved by applying h'tle salt to these seasonal reports or oisaS- ter. arou, satis- faotorv A few more wage reductious ,',,,a haen made and accepted py tne a,,,nIoves but in at least one estaonsn- ,nent the pay has been raised. ihe NY ASoo Knitting mills of Hazleton' e., announce an increase of from 0 10 " cents day. The increase has been voi- untarilv allowed to compensate Tor ductions made when business was ouii' It is denied that w. G. McAdoo nas any interest in this concern.
 An organization of commercial trav- elers in Texas is campaigning for re- duction in hotel and restaurant cnarses' This is a movement that should pc en- couraged am glad to give puphcity to it
 Bank clearings for the dull Easter week were 37.1 below last year. In the lmoney market the tendency is still to- ward easier conditions, though pankers heinz human beings, like every one eise' are reluctant to cut profits.
 1 The going rate for call loans in New York has been 6 to per cent on the stock exchange and per cent on 'n. street" can't explain this discrepancy except upon the theory that stock p,on. CTS want pretext for ehargins enen customers the higher rate. Ilme ioans on security and good commerciai pap1 l can now be placed at per cent. ! l the vfederal reserve ratio shows iur- | f1ft