The Birmingham age-herald., 1921-07-25

1 hHF pulJ Afs--N J-f II autumnal shortage in many lines of manufactured goods is indicated as 8 result of the industrial underproduc- tion during the last few months. Here is, for instance, plenty of raw sugar but a scarcity of the refined article which has in consequence ad- vanced to 5.90 cents 6 pound, while the Federal Refining company admits that it is oversold and cannot for the present accept further orders At 1 the convention of the National Can ners' association in Chicago the opinion generally expressed was that canned goods. including particularly tomatoes, peas, corn and salmon, would be much higher because the summers pack was far below normal.
 The bulletin of the United States Potash Producers association warns consumers of this important chemi- cal that stocks are so low that high CT prices seem inevitable. Secretary Hoover confirms what I said last week regarding coal in a letter he has written to the public utilities companies, warning them that there is every indication that there has been undue slackness in the pur- chase of coal which may accumulate to large demands in the autumn" He adds that he is convinced that the price of bituminous coal at the mines is not too high at present."
 l Textile Trade
 Jn-the textile trade the innroye- ment noted last week continues, and at the opening" of the Amoskeag company's spring line of cotton goods last Monday the response from buy CTS is described as being lone of the most remarkable known in dry goods history, as before noon it became apparent that the company's whole spring product would be under order by the end of the day, because cut ters were ordering three to four times the quantity taken a year ago." We'll informed merchants Say that they expect equal eagerness to buy at the opening of the American Wool en company's spring lines next week. In the ready made clothing market similar conditions are reported A buyer from Billings. Mon, whose lib- eral purchases attracted attention, explained that "our stock has been reduced to nothing"
 Silk is firm and in good demand. The trade reports notice a hardening tendency in the tea market. Hides and calfskins are higher The inn provement in the shoe industry con- tinues. and even the supply of Christ mas toys with which forehanded de- partment stores must now provide themselves Is said to be altogether i,,, J T,, aa1 tr,l, l,a business being booked is still smail. but the Iron Age is encouraged by the ready response of buyers to the price -cutting In progress" and there Is very little doubt that there is a large vacuum, to fill which large or ders will be placed when prices have been stabilized at the lower levels generally expected,
 Copper Market
 Copper and building materials, in- cluding lumber, are almost the only articles of importance for which better demand cannot be reported but copper is quite steady at 12M cents, anG it Is not to be expected that the commercial recovery that is now so evident will find expression in the building trade until later on, when contractors will commence to buy against the construction work that will probably be undertaken next spring unless some unforeseen set back should occur
 With such cheerful reports from the commercial markets it is not sur prising that the stock market should have been steady, and that some Of the industrial stocks, including the securities of the sugar companies, should have advanced Speculation has, however, been dull. for many of those who might make it active are away.
 There has nevertheless been some quiet buying of the railway stocks for the improved conditions in the transportation industry are daily be- coming more evident and the indi- cations are that it's entire capacity will soon be profitably employed in moving the maturing crops and the commodities for which their proceeds will be exchanged. It is not. how ever, possible that Henry Ford may force their hand by his action in re- ducing freight rates by 20 per cent and raising the minimum wage to $6 day on his Detroit Toledo and 1ronton railway. Whatever may be thought of Ford's political and social philosophy. it must be admitted that he knows how to play a lone hand" in business.
 Demand for Securities
 distinct improvement in the de- mand for the securities of public util- ity companies is also to be noted now that fares are up and wages are coming down. In the market for bonds, which Is non speculative, the improvement in investment conditions is more definitely manifest than in stocks. Prices are gradually creep ing up, and the supply of bonds that can be bought upon better than [ per cent basis Is being rapidly de- pleted
 The news from Washington, though tranquilizing, is not stimulating, as there is as yet nothing to indicate that Congress is bestirring itself to readjust the burden of taxation that is so galling. There was, however, some indications that even the most tariff-bound republicans are revolt ing against the absurdities of the Fordney bill. The valuation clause is being ridiculed by many of the staunchest party newspapers. The duty on petroleum has been rejected by the House Ex-Governor Douglas of Massachusetts. himself a shoe manufacturer. points out that 40 per cent of the hides consumed in the United States are imported. while the remaining 60 per cent are produced by the packers. and asks for whose benefit duty on hides that will in- crease the cost of shoes is proposed. In answer to this question the House has put hides on the free list
 Perhaps In time we shall get rea- sonably sane tariff bill, but the pity of 1t all is the time that it will take and there are many republicans who are now demanding that the whole measure shall be sent back to the