The Birmingham age-herald., 1921-01-03
Finances StabiIizing as Prices Continue Downward
 Toward Normal Valuations
(Continued from page one)

grades, apparently ,.oding their best to- bacco until after the holidays, in the
 hope of better prices" Export demand l for leaf tobacco is very small, Wnhe manufacturers stocks are reported large, and their purchases have been kept al la minimum The la ackening of demand
 for manufactured goods continues, witn
 the result that some factories are cioseu,
 while others are ming only on pet'
 time The decreased demand is most mo- | iticeable in the case If cigars, and the re- l tailers' orders are laliihs OIL Il" NoiA9s quence
 1 Although a slight increase in the puy- linz of cotton by New England mills Las 1 occurred during the last month pur-
 chases have been below normal Whiie mills in the Carolinas are said to nave
 been out of the market for some tune.
 Tn view of the limited demand and inc size of the crop. it is not surpflslnS that price declines have been contin'l- ously recorded. New England mills are estimated to have been operating at even lower capacity during the hid He of December than during the previous
 month. and it is estimated that in 'ias> ten county, North Carolina, where the fine yarn industry of the Richmo ond district is largely concentrated, the mills have closed down entirely. HIGH BUILDING COSTS High wage levels and high prlces Of building materials continued to ham per resumption of building, the Ricn- mond district showing a decrease, Of l 54.6 per cent in the value of permits,sas compared with November, and the At llanta district showed a general trend downward although few cities sho ved 1 increases.
 Production of lumber has declined generally. In the Richmond district many mills have closed entirely, while in the Atlanta district some impro ye- ment is shown. Operations are ~esum- ! Ing in many Alabama mills, and nurn- lber in New Orleans are expected 70 re- sume after the holidays. Increased de- mand for southern pine has taken placce, and in consequence prices have strengthened
 | Stronger banking conditions were re- ported by the Boston district, where the 1 liquidation in commodities, while 'ras> | tic, was said to have been on the whole orderly. Easier money rates were re- ported by the New York district, to- gether with the sharpest price declines
 of the present movement reduced man. ufacturing volume and export trade,
 but an adequate supply of banking ac- commodation.
 1 The Philadelphia district reported lit tie change is conditions from the rre- ceding month, manufacturing md wholesale lines being quiet while tho retail trade was declared larger shan for December. 1919 LOAN LIQUIDATION Liquidation of bank loans was de- scribed as progressing favorably in he Chicago district, the report from which said farmers were suffering from low prices. Retail trade held up well in that district
 Apathy in buying was reported from St. Louis. though price cuts have zone lower. Unemployment increased, but transportation improved and banking conditions became better.
 l The Kansas City area reported a slowing down of business in nearly ell lines. but general belief was ex pressed that conditions soon would be lighted, and a foundation be laid for decidedly better business.
 In the Dallas district large carry> over both of debts and commodities into 1921 was forecast. Movement of
 goods decreased pretty generally, there but retail trade held up we'll.
 San francisco reported retaii>,trade good, wholesaling less active. crops moving steadily to market; live stock and allied interests in favorable l osi-
 ton, and financial prospects favorable.