The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1921-09-14
SAYS THE TRADE is UPWARD.

4
ton generally.
/ Among other things Mr.. Clews
says:
| "One of the best evidences of the
turn toward more stable condition
of affairs is seen in the fact that prices
have evidently been approaching a
more fixed condition. The CONNER
cial indexes for the month of August
now show that slight average adj
vance has taken place during that
period. This advance is still less than
a point, but is significant for what it
indicates. There will still be adjust
ments to be made in some branches of
business where the level has not ac-
commodated itself to general condi-
tons. On the average, however, the
surrent price level has evidently
touched bottom on this movements
fact which should give much greater
| assurance in. Che making of forward
purchases. In ONE lines, goods have
already been distinctly advanced
where the low level previously reach
ed was manifestly out of harmony
with costs. Elsewhere, accumulated
stocks of various products must prob
ably be disposed Of before there can
be any permanent change for the bet
ter.
Authorities now generally agree
that the liquidation of credit is well
toward its last stages. Recession In
the portfolios of federal reserve and
member banks is apparently slowing
down. In the Southern and Western
districts, where there has been
large body of frozen loans, the pro-
cess of settling obligations to the
banks is now going forward with
greater rapidity, due to the steady
marketing of the current crops and
the disposal of old holdings at prices
that are decidedly better than those
which have prevailed for some time
past. This Is conspicuously true for
the cotton region, where the unex-
pectedly low output has clearly estab.
lished q permanently better selling
prices for the staple, even though the
extreme quotations consequent upon
the announcement of the govern
nents estimate may not be sustain
cd, as the experience OF the past
week has shown. The influx OF gold
continues to add to the technical
strength OF the banking system; and,
rs long as 1t continues, seems likely
To insure a maintenance OF rates no
higher than those now In force. Bill
holdings of the reserve banks in.
creased to about $1,553, 900, O0O or
about $26,000,000 above last weeks
report. With loans of member banks
greatly reduced conditions are fav-
orable for decided loosening of
credit during the autumn, and this Is
clearly just beginning. Secretary Mel.
Ion shows his belief In the better
credit outlook by his offer OF $780,
100000 In new certificates OF indebt-
edness and notes at rate Ia of /
per cent. below that fixed on the last
corresponding issue.
The various foreign maturities fail.
ing due here during the autumn and
the necessity OF providing dollars with
which to pay for goods shipped to
Continental countries, however. nee
essariiy work against any early i'm.
provement OF exchange quotations
pending the re-establishment Of a bet.
ter balance between imports and ex
ports. Worse financial conditions IN
Germany are against the quotation of
the mark, which is under one cent.
An increased demand for stocks
with stronger prices and better tone
IN all branches, has been the conspicu.
Gus feature of the market during the
past week, IL is evident that there IL
W reason to believe the market sit.
uation Is as a whole upon more
substantial footing than at any time
fer many months past. The greater
part of the daily transactions are stin
between traders. but even here II Is
said that sentiment has undergone a
decided change for the better. This
is shown in the absence of pessimissic
reports which were being so freely
circulated short time ago. II can
now be stated without fear OF contra.
diction that liquidation has run It's
course; that plenty Of money Is oh.
tainahle on fair terms. and that the
trade situation is undergoing improve.
ment week By week. Stocks picked
up on moderate reactions from now ON
therefore. ought not to be attended
with any considerable risk. II should
be horne in mind that October for
many years has favored the bulls
PRISON BLESSINGS FOR THE