The Birmingham age-herald., 1921-07-18
Conferences on Irish Question and NaUaL Disarmament Are Important to Business Men
High Prices of Steel and Coal Are Main Obstacles to Reconstructive Period Now in Effect, With Buyers
 Holding Aloof and Hoping for Drop Soon

the Presidents outspoken opposition to the measure and business is be- coming almost normal as the crops approach maturity.
 There are, however, two industries that are exceptions to this statement. In both the hope of lower prices restraints present buying One is the steel industry. The other is coal. In so far as steel is concerned pro- crastination is unlikely to do much harm The manufacturers are used to extremes of activity and dullness and can adjust their affairs accord ingly.
 Shortage of Coal
 But the winter shortage of coal that is to be expected unless consum- CTS soon commence buying is not to be so complacently contemplated. Last autumn when the country was almost l panicky in it's fear of a winter coal famine and people were being stam- peded into paying outrageous prices | l repeatedly pointed out in these let ters that there would be enough coal i to go round But this year the po- stion Is different. We entered the spring with comparatively light stocks, the production of bitumi ous and anthracite since January 1 Is 62,- 900, 900 tons behind last year, and if the winter should be severe and in- dustrlal activity revives as Is likely there may be a fuel shortage that will cause great distress and loss Making due allowance for high freights and labor soft coal is now relatively low, and thosa who would be wise in time will in my judgmen, do well to hive a substantial portion of their requirements at once.
 As to a revival of business 1t may be said that it has already com menced in the textile markets Ir six out of seven large cotton com mission concerns visited this week was told that the demand for immedi- ate delivery was In excess of the supply and that there was a very no- ticeable increase in buying for ex- port to East India and China. This as was pointed out last week Is ir part due to the government report or the cotton acreage, which indicates that the south has at last learned tc CO., operate in controlling the size oi the crop, but 1t also reflects the world wide shortage of cotton goods that has resulted from underproduc- tion in Europe during the war and since.
 Cables from Liverpool and Man chester are almost unanimous In pre- dieting sustained activity In the Lancashire cotton trade now that the coal strike Is ended and the opera lives have accepted a reduction 1T wages.
 Textile Trade
 But tho textile trade Is not the only one from which quickened activity i' reported The shoe industry is pick ing up, and the Endicott Johnson company Is operating at full capacity to fill orders that are said to be 2' to 50 per cent above those of the cor responding period last year. Briefly there Is steady though "handto to mouth" demand for all essentials ex cept coal that are cheap, but there l. no anticipatory buying as yet. ant stocks must be low everywhere. Reports to the credit clearing hous indicate a rduction of only A pc cent ip the money value of the mer chandise sold during the week end ing July 15, and bank clearings 10 the same week as compiled by Brad street arc but 264 per cent unde last year. These figures, as I hay so often pointed out, mean that nor ! goods are changing hands, and whil | the profits made are not as large in the extravagant days of the wal it Is plain that there is no lack business A corporate report that 1 | interestingly corrobative of this viey Is that of the American 1elephon