The Birmingham age-herald., 1921-04-11
Greatest Manufacturers Declare MdustriaLs Are
 Registering Improvement
Theodore H. Price, in Exhaustive Review of American Business, Insists That Situation Has Passed Worst and
 Chances for Better Times Are Decidedly Bright

the high rates are curtailing traffic ant
 that the high wages mean employmen
 for fewer men. California fruit is nov
 being brought to New York by watel
 through the Panama canal because raj
 rates are prohibitive, and Florida cab
 pages are being allowed to rot in tn, fields because they will only bring S1.0
 per crate in New York, while the rGi
 freight from Florida here is $1 pel
 crate. It Is alleged that an increasing
 minority of the railroad workers arc
 willing to accept a reduction Tn wages and solution of the problem arrived
 at by mutual concession is much to be desired
 Perhaps it is to be hoped for The pa tlent IS meantime in great pain while | the doctors prescribed under tho
 Esch-Cummins bill are consulting There 1 IS, however, some encouragements in the l March freight movement which is larger
 than in 1919 though below the record oi
 l920 The cars. loaded in March each
 year compare as follows: 1921 2,79O coo
 1920, 3,SS5,O0o; 1919. 2,7S9, ,5S7
 Pig iron production in March was the smallest on. record in proportion to the | country S capacity, being estimated al ! l,59e5S2 tons, as compared with 3,375, ,sUl tons lat year which was nearly a maxi
 mum. The demand for steel is neverthe- | less somewhat better and large orders for building, which is commencing to be more active. are thought to be awaiting the reduction in price that is expected from the United States Steel corporation upon Judge Gary's return. Lumber pro- duction in Oregon and Washington was 4 per cent below normal in March, but the producers there are optimistically confident of an early improvement in the demand
 WHEAT AND COTTON
 With July wheat in Chicago down to $l.l, the market was not much affected, and, in fact, improved slightly on a government report indicating a condition of 9l for winter wheat. The indicated crop is 621 100000 bushels, which com pares with maximum of 1000 bush els in 1919.
 The cotton market has been under the shadow of the English coal strike and has declined and advanced as Lancashire was despondent or cheerful over the outcome. Private letters from the south express less confidence in the drastic reduction in acreage earlier promised Without it the holders and producers of cotton will be in a parlous condition, for there is but little hope of any immediate i'm provement in the export demand. The International Federation of Cotton Spin ners estimates that about 14lz per cent Of the worlds cotton spindles were idle January 3l. The following are the more important figures of it's midseason re- port: Total worlds spindles, 151, ,65S S54; total active, 129,642, 80; worlds cotton consumption six months ending January sl Gall growths), 7,72o,44e bales; spinners stocks, January 31, 3,644122 bales
 Neither the various conferences held in Washington nor the war finance cor poration has as yet been able to do much for King Cotton and, like many other kings, his position seems to be rather uncertain at present, The American dry goods trade is nevertheless quite cheer ful, and there is steady demand, not only for cotton goods, but for wooden and silk fabrics also The textile trade seems to have definitely turned the cor her about month ago. The American Printing company of Fall River an nounces that it's sales for the quarter ending March 31 were the largest in it's history for the period
 The figures of the F. w. Dodge com pany indicate decided revival in build ing activity in March. Contracts award ed during that month in 25 northeastern states amounted to S164, 194 900, an in- crease of 63 per cent over February. The gain is mainly due to the increase in small projects
 Ocean freights are again tending down. ward as a result of the competition ot tramps and outside lines that are not bound by the "conference rates" agreed to last week.
 The news from abroad deals chiefly with the English coal strike At this writing the prospect of an early settle ment it somewhat beclouded, but neither foreign exchange nor the financial. mar kets in London indicate any serious mis- givings as to the political strategy of Lloyd George or his skill in compromise. Those who have heard the Sunday so- cialists declaim in Hyde Park do not take the cabled reports of revolution in Great Britain too seriously. The Bank of England rate has not been reduced and still stands at per cent. It is understood that the British budget for next year will include f42, 100000 for in- terest on the British debt due the United States.
 The weekly statement of the Bank of France, published last Thursday, shows an increase of 260,1a,000 francs in the circulation" which means that total of 3S, ,695, ,5S8.0a0 paper francs are now out standing in France. This is almost, if not quite, the maximum. The gold held against this paper and the other liabili- ties of the bank amounts to only 5504,- S29,000 francs.
 The amount of German paper money in circulation increased from 49 bii- lion to 80 billion marks during the year 1920 The exact figures are.
 Reichasbank notes .35, ,69S, 400 900 6S ,SQ5 OC
 Reichasbank notes December 31 19l3, 3o, 696, 400. 900 marks; December 31 1920, 63,- S05, ,0o0, 900 marks. Darleshnskassen notes. December B. 1919, 3,7S1 10000 marks; De-. cember. 31. 1920, .12,03S, 900 marks. Total, December 31, 1919, 49, ,479, GOO, 900 marks; De- cember a, 1920. s0SS. 300, 900 marks.
 A lot of paper money issued by the banks of Bavaria, Saxony, Wurttemberg and Baden is also in circulation in Ger many. The total of all sorts is unknown. but it probably exceeds 100 billion marks. against which the Rischsbank is known to hold only 1,0e1, ,000000 gold marks.
 These figures are published for the benefit of the many fatuous Americans who are still being persuaded to buy for eign paper money as speculation. Un- less the alchemists stone is found. the printed promises they are buying will not be redeemed in geologic year.
 Private advices from Mexico indicate that the Obregon government is having a rather uphill fight to maintain itself. but reliable information is difficult to obtain. The contest would seem to be between the foreign oil men rather than the Mexicans themselves.
 There is a lot of other unimportant news ] could chronicle, but it's very un- would emphasize the com parative triviality of our present trou- bies and the recuperative power that is always latent and is now making itself felt in human affairs in general and American affairs in particular NEW ALLIED CUSTOMS